The earnings call highlighted strong underwriting margins and premium growth in the Specialty P&C segment, along with increased shareholder returns. However, these positives were offset by decreased core net operating earnings, lower returns on alternative investments, and challenges in certain business lines due to social inflation. The balance between highlights and lowlights suggests a cautious outlook.

Company Guidance -

Q3 2025

During the American Financial Group's 2025 Second Quarter Earnings Results Conference Call, the company reported an annualized core operating return on equity of 15.5%, despite challenges from alternative investments. Core net operating earnings were $2.14 per share, a decrease from $2.56 per share in the same period last year. The quarter saw a 10% year-over-year increase in net investment income, excluding alternative investments, due to higher interest rates and increased invested assets. Specialty Property & Casualty insurance businesses achieved a combined ratio of 93.1%, with 2.3 points related to catastrophe losses. Gross and net written premiums increased by 10% and 7% year-over-year, respectively. AFG returned over $100 million to shareholders through dividends and share repurchases. Despite a decrease in returns from alternative investments, the company remains optimistic about achieving annual returns averaging 10% or better and expects the current inventory of multifamily investments to be absorbed over the next 12 months.

Strong Underwriting Margins and Investment Income

Underwriting margins in the Specialty Property & Casualty insurance businesses were strong, and higher interest rates increased net investment income, excluding alternatives, by 10% year-over-year.

Shareholder Returns

Returned over $100 million to shareholders through regular dividends and share repurchases in the second quarter of 2025.

Premium Growth in Specialty P&C

Specialty Property & Casualty businesses generated a 93.1% combined ratio, with gross and net written premiums up 10% and 7%, respectively, compared to the second quarter of 2024.

Improved Pricing in Workers' Compensation

Workers' compensation renewal rates in California increased by 5% in the second quarter, with an approved 8.7% increase effective September 2025.

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

Daily Earnings Calendar >

AFG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	2.25 / -	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 2.25.

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