The earnings call presented a mixed picture with strong underwriting margins and increased net investment income being positive aspects. However, these were tempered by lower core net operating earnings and challenges in alternative investments. While shareholder returns were notable, the increased combined ratio in some segments highlights ongoing challenges.

Company Guidance -

Q3 2025

During the American Financial Group's (AFG) second quarter 2025 earnings call, the company reported an annualized core operating return on equity of 15.5%, with core net operating earnings of $2.14 per share, down from $2.56 per share in the prior year. Underwriting margins in their Specialty Property & Casualty insurance businesses were strong, and net investment income, excluding alternative investments, rose by 10% year-over-year due to higher interest rates. AFG returned over $100 million to shareholders through dividends and share repurchases. The combined ratio for their Specialty Property & Casualty Insurance businesses was 93.1%, slightly higher than the previous year. The company saw a 10% increase in gross written premiums and a 7% increase in net written premiums compared to the prior year. Fixed maturities, comprising about two-thirds of AFG's portfolio, yielded 5.75% compared to 5.2% in the prior year. Challenges in multifamily investments led to a $30 million dip in alternative investment returns, although long-term expectations for returns are at 10% or better. AFG's focus remains on capital deployment opportunities, maintaining a strong financial position, and achieving a 6% growth in book value per share, excluding AOCI plus dividends, for the first half of 2025.

Strong Underwriting Margins

The Specialty Property & Casualty insurance businesses maintained strong underwriting margins with a combined ratio of 93.1% in the second quarter of 2025.

Increase in Net Investment Income

Excluding alternative investments, net investment income increased by 10% year-over-year due to higher interest rates and higher balances of invested assets.

Shareholder Returns

Over $100 million was returned to shareholders during the second quarter of 2025 through regular dividends and share repurchases.

Specialty Financial Group Performance

The Specialty Financial group reported a combined ratio of 86.1%, which is 3.6 points better than the same period in 2024, reflecting higher year-over-year underwriting profitability.

Growth in Premiums

Gross and net written premiums increased by 10% and 7%, respectively, compared to the second quarter of 2024, indicating robust growth in the Specialty Property & Casualty businesses.

American Financial Group (AFG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AFG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	2.29 / -	2.31	―	―	―
Aug 05, 2025	2025 (Q2)	2.08 / 2.14	2.56	-16.41% (-0.42)
May 06, 2025	2025 (Q1)	2.03 / 1.81	2.76	-34.42% (-0.95)
Feb 04, 2025	2024 (Q4)	3.10 / 3.12	2.84	9.86% (+0.28)
Nov 05, 2024	2024 (Q3)	2.47 / 2.31	2.45	-5.71% (-0.14)
Aug 06, 2024	2024 (Q2)	2.47 / 2.56	2.38	7.56% (+0.18)
May 01, 2024	2024 (Q1)	2.70 / 2.76	2.89	-4.50% (-0.13)
Feb 06, 2024	2023 (Q4)	2.90 / 2.84	2.99	-5.02% (-0.15)
Nov 01, 2023	2023 (Q3)	2.47 / 2.45	2.24	9.37% (+0.21)
Aug 02, 2023	2023 (Q2)	2.78 / 2.38	2.85	-16.49% (-0.47)

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
Aug 05, 2025	$124.32	$127.66	+2.69%
May 06, 2025	$129.16	$121.23	-6.14%
Feb 04, 2025	$132.22	$123.98	-6.23%
Nov 05, 2024	$119.66	$125.63	+4.99%

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 Oct 29, 2025, After Close (Confirmed).

What is American Financial Group (AFG) earnings time?

American Financial Group (AFG) earnings time is at Oct 29, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is AFG EPS forecast?

AFG EPS forecast for the fiscal quarter 2025 (Q3) is 2.29.

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