American Financial Group (AFG)
NYSE:AFG
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Earnings Data
Report Date
Aug 11, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
2.37Last Year’s EPS
2.14Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: AFG reported strong underwriting performance across its specialty insurance businesses, a 36% YoY increase in core net operating earnings per share, a 17% annualized ROE for the quarter, premium growth and sustained renewal-rate momentum, substantial shareholder returns, and a forthcoming ~$125 million pretax gain from the planned asset sale. Key risks discussed included short-term mark-to-market losses in CLOs/alternatives, modest expense-ratio pressure from strategic investments and contingent commissions, some competitive pressure in excess & surplus lines, and modest private-credit exposure; management characterizes these risks as manageable given portfolio structure and capital generation. On balance, the positive underwriting and capital-management developments materially outweigh the quarter-specific investment volatility and other headwinds.Company Guidance
Strong Core Earnings and ROE
Core net operating earnings of $2.47 per share for Q1 2026, a 36% increase year-over-year; annualized core operating return on equity of 17% for the quarter.
Underwriting Improvement Across Specialty P&C
Specialty Property & Casualty underwriting profit rose 66% YoY; combined ratio improved to 90.3% in Q1 2026 from 94.0% in Q1 2025 (improvement of 3.7 points), aided by lower catastrophe impact (2.2 pts vs 4.5 pts) and favorable prior-year reserve development (4.4 pts vs 1.3 pts).
Premium Growth and Durable Pricing Momentum
Overall gross written premiums up 6% and net written premiums up 3% YoY for Q1 2026. Average renewal rates across the P&C group (ex-workers' comp) increased ~5% for the quarter (including workers' comp ~3%). Renewal rate increases reported for 39 consecutive quarters.
Segment-Level Strength — Property & Transportation
Property & Transportation group produced an excellent calendar year combined ratio of 87.6% vs 92.5% a year ago (improvement of 4.9 pts); gross and net written premiums in the group increased 11% and 6% YoY, driven by crop insurance and transportation exposures; group rates up ~6% on average.
Commercial Auto Progress
Commercial auto produced a small underwriting profit in Q1 2026 after extensive prior rate actions; commercial auto liability rates were up approximately 14% in the quarter.
Specialty Casualty and Financial Group Improvements
Specialty Casualty combined ratio improved to 95.8% from 97.6% (down 1.8 pts); gross and net written premiums up 2% YoY. Specialty Financial group combined ratio improved by ~7 points YoY; gross written premiums +6% and net written premiums +1% YoY.
Investment Portfolio and Yield Environment
Total investment portfolio of $17.1 billion; ~2/3 invested in fixed maturities with yields around 5.25% and P&C fixed maturity duration of 3.1 years. Excluding alternatives, net investment income at P&C increased ~8% YoY due primarily to higher invested asset balances.
Capital Return and Balance Sheet Actions
Returned nearly $260 million to shareholders in Q1 2026, including $60 million in share repurchases (avg ~ $127/share), a $1.50 per share special dividend and a $0.88 regular dividend. Growth in book value per share (ex-AOCI) plus dividends was 3.1% for the quarter.
Planned Strategic Disposition with Material Gain
Definitive agreements reached to sell Charleston Harbor Resort and Marina; AFG expects to recognize a pretax core operating gain of approximately $125 million on the sale, with closing targeted in Q2 or Q3 2026.
Prudent Private Credit Positioning
Direct private credit exposure approximately $250 million (1.5% of investments) and indirect exposure (investment-grade BDC/private credit bonds) ~ $800 million (<5% of investments); management reports market value of private credit exposure approximately equal to cost and describes significant structural protections in many holdings.
AFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | $129.42 | $133.27 | +2.97% |
Feb 03, 2026 | $127.87 | $123.87 | -3.12% |
Nov 10, 2025 | $136.77 | $136.88 | +0.08% |
Aug 05, 2025 | $118.78 | $121.97 | +2.69% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does American Financial Group (AFG) report earnings?
American Financial Group (AFG) is schdueled to report earning on Aug 11, 2026, After Close (Confirmed).
What is American Financial Group (AFG) earnings time?
American Financial Group (AFG) earnings time is at Aug 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is AFG EPS forecast?
AFG EPS forecast for the fiscal quarter 2026 (Q2) is 2.37.