American Financial Group
Underwrites specialty commercial property-and-casualty risks through Great American Insurance Group.
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Profile
Underwrites specialty commercial property-and-casualty insurance through Great American Insurance Group across Property and transportation, Specialty casualty, and Specialty financial lines. A decentralized group of more than 35 niche businesses earns premiums and invests insurance capital, while catastrophe losses, claim trends, reserve development, and pricing shape results.
Underwrites specialty commercial property-and-casualty insurance through Great American Insurance Group, with more than 35 businesses organized into Property and transportation, Specialty casualty, and Specialty financial lines. The portfolio is run from Cincinnati and centers on narrowly defined commercial markets rather than mass-market personal insurance.
Uses decentralized specialty underwriting alongside investment management and capital deployment, adding selected niches through acquisitions and internal start-ups while exiting businesses that no longer fit. Selling the annuity business left specialty P&C as the operating core.
Performance depends on catastrophe losses, claim frequency and severity, social inflation, reserve development, and the pricing and renewal conditions achieved across specialty lines.
Company facts
Key statistics
Year to date +6.5% · Average volume (30d) 348.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Piper Sandler | Reiterate | Neutral | $140 | $156 | |
| May 26, 2026 | Piper Sandler | Reiterate | Neutral | $135 | $140 | |
| Jan 15, 2026 | Wells Fargo | Target | $165 | |||
| Nov 11, 2025 | Jefferies | Target | $142 | |||
| Feb 7, 2025 | Keefe, Bruyette & Woods | Downgrade | Outperform | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $2.32 | $2.82 | +21.6% | $1.85B | $1.92B | +3.3% | +4.36% |
| Apr 29, 2026Q1 FY26 | $2.55 | $2.47 | −3.1% | $1.70B | $1.66B | −2.2% | +2.97% |
| Feb 3, 2026Q4 FY25 | $3.18 | $3.65 | +14.8% | $1.90B | $1.44B | −23.9% | −3.12% |
| Nov 4, 2025Q3 FY25 | $2.52 | $2.69 | +6.7% | $1.98B | $2.30B | +16.5% | +2.80% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.84B | $1.93B | $2.30B | $2.04B | $1.84B | $1.99B | |
| Gross profit | $280.0M | $329.0M | $359.0M | $462.0M | $316.0M | $992.0M | |
| Operating income | $197.0M | $229.0M | $268.0M | $379.0M | $239.0M | $316.0M | |
| Net income | $154.0M | $174.0M | $215.0M | $299.0M | $191.0M | $248.0M | |
| Diluted EPS | $1.84 | $2.08 | $2.58 | $3.59 | $2.29 | $2.99 | |
| Gross margin | 15.2% | 17.0% | 15.6% | 22.6% | 17.2% | 49.8% | |
| Operating margin | 10.7% | 11.9% | 11.6% | 18.6% | 13.0% | 15.9% |
Fiscal years (4-quarter sums)FY21 $6.01B · FY22 $6.77B · FY23 $7.73B · FY24 $8.28B · FY25 $8.12B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.28B · Total debt $1.82B · Total assets $33.03B · Shareholders' equity $4.82B
Dividends
Raised for 23 straight years — most recently to $0.88 from $0.80 in Oct 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 15, 2026 | Jul 15 | Jul 24 | $0.88 | |
| Apr 15, 2026 | Apr 15 | Apr 24 | $0.88 | |
| Feb 13, 2026 | Feb 16 | Feb 25 | $1.50 | special dividend |
| Jan 15, 2026 | Jan 15 | Jan 27 | $0.88 | |
| Nov 17, 2025 | Nov 17 | Nov 26 | $2.00 | special dividend |
| Oct 15, 2025 | Oct 15 | Oct 24 | $0.88 | raised from $0.80 |
| Jul 15, 2025 | Jul 15 | Jul 25 | $0.80 | |
| Apr 15, 2025 | Apr 15 | Apr 25 | $0.80 |
Ownership
Shares outstanding 83.09M · Float 68.64M · 82.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.71M | 9.28% | 13F | Aug 7, 2026 |
| FMR LLC | 5.47M | 6.58% | 13F | Aug 13, 2026 |
| S. Craig Lindner | 5.14M | 6.20% | 13D | Apr 15, 2026 |
| Vanguard Portfolio Management LLC | 3.58M | 4.31% | 13F | Aug 13, 2026 |
| State Street Corp | 3.08M | 3.71% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Carl H. Iii Lindner | director, officer: Co-CEO | −81,373 | $144.28 |
| Aug 24, 2026 | Carl H. Iii Lindner | director, officer: Co-CEO | −8,627 | $144.66 |
| Aug 6, 2026 | Mark A. Weiss | officer: Sr. VP & General Counsel | −2,813 | $144.76 |
| Jun 24, 2026 | Michelle A. Gillis | officer: Senior Vice President | −2,247 | $139.00 |
| Jun 23, 2026 | David Lawrence Jr Thompson | director, officer: President of Subsidiary | −11,370 | $135.05 |
Peers
- W. R. Berkley
Broad specialty commercial overlap across casualty and transportation
- Chubb
Scaled rival in crop and specialty commercial P&C insurance
- Travelers
Large commercial-lines rival in casualty, transport, and surety
- Markel Group
Specialty underwriter across liability, marine, programs, and surety
- RLI
Niche specialty rival in excess casualty, transport, and surety
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Financial Group | $143.62 | +0.05% | $11.93B | 12.5 | 11.4 | 1.5 | −0.5% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Markel Group | $1,818.69 | −0.07% | $22.53B | 10.0 | 15.8 | 1.3 | +17.6% |
| RLI | $64.31 | +0.03% | $5.90B | 13.5 | 23.8 | 3.0 | +16.0% |
| Median | 12.0 | 14.5 | 1.6 | +1.2% |