AMERICAN FINANCIAL GROUP INC AFG
American Financial Group, Inc. ("AFG" or the "Company") is an insurance holding company. Through the operations of Great American Insurance Group, AFG is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. AFG's in-house team of investment professionals oversees the Company's investment portfolio. The members of the Great American Insurance Group have been in business for over 150 years. Management believes that over 55% of the 2025 gross written premiums in AFG's Specialty property and casualty group are produced by businesses that rank in the "top 10" amongst competitors based on gross written premiums.
AFG's address is 301 East Fourth Street, Cincinnati, Ohio 45202; its phone number is (513) 579-2121. SEC filings, news releases, AFG's Code of Ethics applicable to directors, officers and employees, AFG's Corporate Social Responsibility Report and other information may be accessed free of charge through AFG's website at: www.AFGinc.com. (Information on or accessible through AFG's website is not part of this Form 10-K.) See Note C — "Segments of Operations" to the financial statements for information on AFG's assets, revenues and earnings before income taxes by segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.17B | $8.32B | $7.83B | $7.04B | $6.55B | $5.77B | $6.21B | $7.15B | $6.87B | $6.50B |
| SG&A | $2.06B | $2.01B | $1.94B | $1.72B | $1.55B | $1.62B | — | — | — | — |
| Operating income | $1.07B | $1.12B | $1.07B | $1.12B | $1.33B | $339.0M | $634.0M | $639.0M | $724.0M | $787.0M |
| Interest expense | $80.0M | $76.0M | $76.0M | $85.0M | $94.0M | $88.0M | $68.0M | $62.0M | $85.0M | $77.0M |
| Pre-tax income | $1.07B | $1.12B | $1.07B | $1.12B | $2.25B | $848.0M | $1.11B | $639.0M | $724.0M | $787.0M |
| Income tax | $231.0M | $237.0M | $221.0M | $225.0M | $254.0M | $25.0M | $143.0M | $122.0M | $247.0M | $119.0M |
| Net income | $842.0M | $887.0M | $852.0M | $898.0M | $2.00B | $732.0M | $897.0M | $530.0M | $475.0M | $649.0M |
| EPS, basic | 10.08 | 10.57 | 10.06 | 10.55 | 23.44 | 8.25 | 9.98 | 5.95 | 5.40 | 7.47 |
| EPS, diluted | 10.08 | 10.57 | 10.05 | 10.53 | 23.30 | 8.20 | 9.85 | 5.85 | 5.28 | 7.33 |
| Shares, diluted (wtd. avg.) | $83.5M | $83.9M | $84.8M | $85.3M | $85.6M | $89.2M | $91.0M | $90.6M | $89.8M | $88.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.73B | $1.41B | $1.23B | $872.0M | $2.13B | $2.81B | $2.31B | $1.51B | $2.34B | $2.11B |
| Goodwill | $327.0M | $305.0M | $305.0M | $246.0M | $246.0M | $176.0M | $176.0M | $176.0M | $199.0M | $199.0M |
| Other intangibles | $189.0M | $203.0M | $213.0M | $108.0M | $106.0M | $34.0M | $43.0M | $54.0M | $26.0M | $34.0M |
| Total assets | $32.64B | $30.84B | $29.79B | $28.83B | $28.93B | $73.71B | $70.13B | $63.46B | $60.66B | $55.07B |
| Long-term debt | $1.82B | $1.48B | $1.48B | $1.50B | $1.96B | $1.96B | $1.47B | $1.30B | $1.30B | $1.28B |
| Total liabilities | $27.82B | $26.37B | $25.53B | $24.78B | $23.92B | $66.92B | $63.86B | $58.48B | $55.32B | $50.15B |
| Total equity | $4.82B | $4.47B | $4.26B | $4.05B | $5.01B | $6.79B | $6.27B | $4.97B | $5.33B | $4.92B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.53B | $1.15B | $1.97B | $1.15B | $1.71B | $2.18B | $2.46B | $2.08B | $1.80B | $1.15B |
| Depreciation and amortisation | $86.0M | $81.0M | $78.0M | $100.0M | $187.0M | $299.0M | $259.0M | $210.0M | $107.0M | $134.0M |
| Investing cash flow | -$835.0M | $95.0M | $414.0M | -$1.05B | -$436.0M | -$1.56B | -$3.06B | -$5.35B | -$3.29B | -$2.98B |
| Financing cash flow | -$377.0M | -$1.07B | -$2.03B | -$1.36B | -$1.96B | -$123.0M | $1.41B | $2.44B | $1.72B | $2.72B |
| Dividends paid | $606.0M | $788.0M | $684.0M | $1.21B | $2.37B | $334.0M | $444.0M | $394.0M | $417.0M | $185.0M |
| Buybacks | $99.0M | $0 | $213.0M | $11.0M | $319.0M | $313.0M | $0 | $6.0M | $0 | $133.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001042046-26-000010.
Others in SIC 6331
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|---|---|---|---|---|
| CB | Chubb Ltd | $132.49B | 13.3x | 6.5% |
| PGR | PROGRESSIVE CORP/OH/ | $127.29B | 11.4x | 16.3% |
| TRV | TRAVELERS COMPANIES, INC. | $77.04B | 13.5x | 5.2% |
| ALL | ALLSTATE CORP | $65.63B | 6.8x | 5.6% |
| AIG | AMERICAN INTERNATIONAL GROUP, INC. | $39.85B | 14.0x | -1.7% |
| HIG | HARTFORD INSURANCE GROUP, INC. | $37.48B | 10.4x | 3.3% |
| ACGL | ARCH CAPITAL GROUP LTD. | $33.47B | 8.5x | 14.3% |
| CINF | CINCINNATI FINANCIAL CORP | $26.26B | 11.3x | 11.4% |