AMERICAN FINANCIAL GROUP INC (AFG) financial statements: income statement, balance sheet and cash flow
AMERICAN FINANCIAL GROUP INC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), AMERICAN FINANCIAL GROUP INC reported revenue of $8.2B (-1.8% year on year) and net income of $842.0M (-5.1% year on year).
Income statement
AMERICAN FINANCIAL GROUP INC income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earned premiums
$7.0B
$7.0B
—
—
Net investment income
$745.0M
$780.0M
$742.0M
$717.0M
Securities
$10.0M
$0
($36.0M)
($116.0M)
Subsidiaries
$1.0M
—
—
—
Investment income
$283.0M
$380.0M
$421.0M
$268.0M
Gain (loss) on change in fair value of assets/liabilities
($26.0M)
$4.0M
$27.0M
($31.0M)
Other income
$115.0M
$124.0M
$146.0M
$117.0M
Total revenues
$8.2B
$8.3B
$7.8B
$7.0B
Losses and loss adjustment expenses
$4.4B
$4.5B
$4.0B
$3.6B
Commissions and other underwriting expenses
$2.1B
$2.0B
$1.9B
$1.7B
Interest charges on borrowed money
$80.0M
$76.0M
$76.0M
$85.0M
Expenses of managed investment entities
$241.0M
$338.0M
$405.0M
$230.0M
Other expenses
$333.0M
$319.0M
$305.0M
$255.0M
Total costs and expenses
$7.1B
$7.2B
$6.8B
$5.9B
Earnings before income taxes
$1.1B
$1.1B
$1.1B
$1.1B
Provision for income taxes
$231.0M
$237.0M
$221.0M
$225.0M
Net Earnings
$842.0M
$887.0M
$852.0M
$898.0M
Basic (USD per share)
$10.08
$10.57
$10.06
$10.55
Diluted (USD per share)
$10.08
$10.57
$10.05
$10.53
Basic (shares)
83.5M
83.9M
84.7M
85.1M
Diluted (shares)
83.5M
83.9M
84.8M
85.3M
AMERICAN FINANCIAL GROUP INC income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net earned premiums
$1.7B
$1.6B
$2.0B
$1.6B
Net investment income
$221.0M
$187.0M
$205.0M
$184.0M
Realized gains (losses) on securities
$16.0M
($18.0M)
$12.0M
$2.0M
Investment income
$69.0M
$67.0M
$70.0M
$68.0M
Gain (loss) on change in fair value of assets/liabilities
$1.0M
($20.0M)
$0
($4.0M)
Other income
$29.0M
$29.0M
$30.0M
$27.0M
Total revenues
$2.0B
$1.9B
$2.3B
$1.9B
Losses and loss adjustment expenses
$1.0B
$906.0M
$1.4B
$1.0B
Commissions and other underwriting expenses
$560.0M
$556.0M
$529.0M
$534.0M
Interest charges on borrowed money
$24.0M
$23.0M
$19.0M
$19.0M
Expenses of managed investment entities
$58.0M
$58.0M
$61.0M
$60.0M
Other expenses
$72.0M
$72.0M
$99.0M
$75.0M
Total costs and expenses
$1.7B
$1.6B
$2.1B
$1.7B
Earnings before income taxes
$316.0M
$239.0M
$268.0M
$229.0M
Provision for income taxes
$68.0M
$48.0M
$53.0M
$55.0M
Net Earnings
$248.0M
$191.0M
$215.0M
$174.0M
Total basic earnings (USD per share)
$2.99
$2.29
$2.58
$2.07
Total diluted earnings (USD per share)
$2.99
$2.29
$2.58
$2.07
Basic (shares)
83.0M
83.3M
83.4M
83.5M
Diluted (shares)
83.0M
83.3M
83.4M
83.5M
Balance sheet
AMERICAN FINANCIAL GROUP INC balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.7B
$1.4B
$1.2B
$872.0M
Fixed maturities, available for sale at fair value (amortized cost — $11,101 and $10,687; allowance for expected credit losses of $21 and $34)
$11.1B
$10.4B
$10.4B
$10.1B
Fixed maturities, trading at fair value
$91.0M
$76.0M
$57.0M
$32.0M
Equity securities, at fair value
$785.0M
$751.0M
$1.0B
$1.0B
Investments accounted for using the equity method
$2.4B
$2.3B
$1.8B
$1.7B
Mortgage loans
$947.0M
$791.0M
$643.0M
$676.0M
Real estate and other investments
$159.0M
$153.0M
$129.0M
$127.0M
Total cash and investments
$17.2B
$15.9B
$15.3B
$14.5B
Recoverables from reinsurers
$5.5B
$5.2B
$4.5B
$4.0B
Prepaid reinsurance premiums
$1.1B
$1.0B
$961.0M
$917.0M
Agents’ balances and premiums receivable
$1.6B
$1.5B
$1.5B
$1.3B
Deferred policy acquisition costs
$333.0M
$320.0M
$309.0M
$288.0M
Assets of managed investment entities
$4.0B
$4.1B
$4.5B
—
Other receivables
$1.2B
$1.1B
$1.2B
$886.0M
Other assets
$1.3B
$1.4B
$1.3B
$1.2B
Goodwill
$327.0M
$305.0M
$305.0M
$246.0M
Total assets
$32.6B
$30.8B
$29.8B
$28.8B
Unpaid losses and loss adjustment expenses
$15.1B
$14.2B
$13.1B
$12.0B
Unearned premiums
$3.7B
$3.6B
$3.5B
$3.2B
Payable to reinsurers
$1.2B
$1.2B
$1.2B
$1.0B
Liabilities of managed investment entities
$3.9B
$4.0B
$4.3B
—
Long-term debt
$1.8B
$1.5B
$1.5B
$1.5B
Other liabilities
$2.1B
$2.0B
$2.0B
$1.7B
Total liabilities
$27.8B
$26.4B
$25.5B
$24.8B
Common Stock, no par value — 200,000,000 shares authorized — 83,422,202 and 83,978,258 shares outstanding
83.0M
84.0M
84.0M
85.0M
Capital surplus
$1.4B
$1.4B
$1.4B
$1.4B
Retained earnings
$3.4B
$3.2B
$3.1B
$3.1B
Accumulated other comprehensive income (loss), net of tax
($50.0M)
($240.0M)
($319.0M)
($543.0M)
Shareholders’ equity
$4.8B
$4.5B
$4.3B
$4.1B
Total liabilities and shareholders’ equity
$32.6B
$30.8B
$29.8B
$28.8B
AMERICAN FINANCIAL GROUP INC balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.4B
$1.4B
$1.8B
$1.3B
Fixed maturities, available for sale at fair value (amortized cost — $11,425 and $11,101; allowance for expected credit losses of $25 and $21)
$11.3B
$11.4B
$10.5B
$10.5B
Fixed maturities, trading at fair value
$80.0M
$80.0M
$80.0M
$82.0M
Equity securities, at fair value
$779.0M
$753.0M
$800.0M
$800.0M
Investments accounted for using the equity method
$2.4B
$2.4B
$2.4B
$2.3B
Mortgage loans
$920.0M
$961.0M
$975.0M
$909.0M
Real estate and other investments
$157.0M
$156.0M
$163.0M
$160.0M
Total cash and investments
$17.1B
$17.1B
$16.8B
$16.0B
Recoverables from reinsurers
$5.3B
$5.3B
$5.6B
$4.7B
Prepaid reinsurance premiums
$1.4B
$1.2B
$1.4B
$1.3B
Agents’ balances and premiums receivable
$2.0B
$1.7B
$2.0B
$1.9B
Deferred policy acquisition costs
$366.0M
$334.0M
$349.0M
$345.0M
Assets of managed investment entities
$4.1B
$4.0B
$4.0B
$3.8B
Other receivables
$1.1B
$1.1B
$2.1B
$877.0M
Other assets
$1.3B
$1.3B
$1.3B
$1.3B
Goodwill
$327.0M
$327.0M
$327.0M
$305.0M
Total assets
$33.0B
$32.4B
$33.8B
$30.7B
Unpaid losses and loss adjustment expenses
$14.8B
$14.9B
$15.1B
$13.8B
Unearned premiums
$4.3B
$3.9B
$4.5B
$4.0B
Payable to reinsurers
$1.1B
$1.1B
$1.6B
$1.2B
Liabilities of managed investment entities
$4.0B
$3.9B
$3.8B
$3.7B
Long-term debt
$1.8B
$1.8B
$1.8B
$1.5B
Other liabilities
$2.1B
$2.1B
$2.3B
$2.0B
Total liabilities
$28.2B
$27.7B
$29.1B
$26.2B
Common Stock, no par value — 200,000,000 shares authorized — 82,916,648 and 83,422,202 shares outstanding
83.0M
83.0M
83.0M
83.0M
Capital surplus
$1.4B
$1.4B
$1.4B
$1.4B
Retained earnings
$3.4B
$3.3B
$3.3B
$3.2B
Accumulated other comprehensive income (loss), net of tax
($142.0M)
($127.0M)
($73.0M)
($132.0M)
Total shareholders’ equity
$4.8B
$4.7B
$4.7B
$4.5B
Total liabilities and shareholders’ equity
$33.0B
$32.4B
$33.8B
$30.7B
Cash flow statement
AMERICAN FINANCIAL GROUP INC cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$842.0M
$887.0M
$852.0M
—
Depreciation and amortization
$86.0M
$81.0M
$78.0M
$100.0M
Realized (gains) losses on investing activities
($12.0M)
$0
$38.0M
$110.0M
Net (purchases) sales of trading securities
$7.0M
($26.0M)
($5.0M)
($2.0M)
Reinsurance and other receivables
($628.0M)
($769.0M)
($794.0M)
($644.0M)
Other assets
$62.0M
$10.0M
($19.0M)
($138.0M)
Insurance claims and reserves
$1.1B
$1.2B
$1.3B
$1.1B
Payable to reinsurers
$3.0M
$5.0M
$151.0M
$115.0M
Other liabilities
$44.0M
($153.0M)
$72.0M
($69.0M)
Managed investment entities’ assets/liabilities
$70.0M
($80.0M)
$305.0M
($183.0M)
Other operating activities, net
($7.0M)
($28.0M)
($26.0M)
($139.0M)
Net cash provided by operating activities
$1.5B
$1.2B
$2.0B
$1.2B
Fixed maturities
($3.0B)
($2.1B)
($2.0B)
($4.4B)
Equity securities
($65.0M)
($187.0M)
($146.0M)
($239.0M)
Mortgage loans
($211.0M)
($191.0M)
$0
($273.0M)
Other investments
($224.0M)
($247.0M)
($150.0M)
($141.0M)
Real estate, property and equipment
($135.0M)
($133.0M)
($72.0M)
($86.0M)
Businesses
($7.0M)
($9.0M)
($234.0M)
($10.0M)
Maturities and redemptions of fixed maturities
$2.4B
$2.1B
$1.3B
$2.5B
Repayments of mortgage loans
$51.0M
$41.0M
$34.0M
$118.0M
Sales of fixed maturities
$124.0M
$124.0M
$650.0M
$1.3B
Sales of equity securities
$120.0M
$179.0M
$164.0M
$174.0M
Sales of other investments
$57.0M
$107.0M
$78.0M
$141.0M
Sales of real estate, property and equipment
$2.0M
$30.0M
$3.0M
$31.0M
Cash and cash equivalents of businesses acquired
$3.0M
$0
—
—
Purchases of investments
($2.1B)
($1.9B)
($1.5B)
($1.5B)
Proceeds from sales and redemptions of investments
$2.1B
$2.3B
$2.2B
$1.3B
Other investing activities, net
$7.0M
($5.0M)
($6.0M)
($4.0M)
Net cash provided by (used in) investing activities
($835.0M)
$95.0M
$414.0M
($1.1B)
Additional long-term borrowings
$344.0M
—
—
$0
Reductions of long-term debt
$0
$0
($21.0M)
($477.0M)
Issuances of Common Stock
$12.0M
$17.0M
$15.0M
$16.0M
Repurchases of Common Stock
($99.0M)
$0
($213.0M)
($11.0M)
Cash dividends paid on Common Stock
($606.0M)
($788.0M)
($684.0M)
($1.2B)
Issuances of managed investment entities’ liabilities
$3.0B
$2.3B
$670.0M
$1.2B
Retirements of managed investment entities’ liabilities
($3.0B)
($2.6B)
($1.8B)
($882.0M)
Net cash used in financing activities
($377.0M)
($1.1B)
($2.0B)
($1.4B)
Net Change in Cash and Cash Equivalents
$321.0M
$181.0M
$353.0M
($1.3B)
Cash and cash equivalents at beginning of year
$1.4B
$1.2B
$872.0M
$2.1B
Cash and cash equivalents at end of year
$1.7B
$1.4B
$1.2B
$872.0M
AMERICAN FINANCIAL GROUP INC cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net earnings
$439.0M
$191.0M
$543.0M
$328.0M
Depreciation and amortization
$49.0M
$25.0M
$64.0M
$44.0M
Realized gains on investing activities
($4.0M)
$13.0M
($19.0M)
($6.0M)
Net sales of trading securities
$11.0M
$12.0M
$6.0M
$2.0M
Reinsurance and other receivables
($335.0M)
$228.0M
($2.3B)
$45.0M
Other assets
($46.0M)
($27.0M)
$14.0M
$2.0M
Insurance claims and reserves
$309.0M
($5.0M)
$1.8B
$97.0M
Payable to reinsurers
($62.0M)
($130.0M)
$386.0M
($39.0M)
Other liabilities
$43.0M
($3.0M)
$173.0M
$29.0M
Managed investment entities’ assets/liabilities
$146.0M
$162.0M
$104.0M
$33.0M
Other operating activities, net
$16.0M
$8.0M
($15.0M)
($2.0M)
Net cash provided by operating activities
$566.0M
$474.0M
$749.0M
$533.0M
Fixed maturities
($1.5B)
($1.0B)
($1.5B)
($1.0B)
Equity securities
($85.0M)
($38.0M)
($20.0M)
($11.0M)
Mortgage loans
($15.0M)
($15.0M)
($279.0M)
($145.0M)
Other investments
($81.0M)
($38.0M)
($171.0M)
($122.0M)
Real estate, property and equipment
($58.0M)
($17.0M)
($99.0M)
($58.0M)
Maturities and redemptions of fixed maturities
$1.1B
$570.0M
$1.6B
$996.0M
Repayments of mortgage loans
$41.0M
$0
$94.0M
$25.0M
Sales of fixed maturities
$48.0M
$48.0M
$78.0M
$46.0M
Sales of equity securities
$96.0M
$46.0M
$83.0M
$15.0M
Sales of other investments
$78.0M
$24.0M
$38.0M
$26.0M
Sales of real estate, property and equipment
$7.0M
$7.0M
$2.0M
$2.0M
Purchases of investments
($797.0M)
($415.0M)
($1.6B)
($837.0M)
Proceeds from sales and redemptions of investments
$567.0M
$242.0M
$1.6B
$1.2B
Other investing activities, net
($3.0M)
$0
$1.0M
($2.0M)
Net cash provided by (used in) investing activities
($582.0M)
($613.0M)
($71.0M)
$59.0M
Issuances of Common Stock
$5.0M
$2.0M
$9.0M
$7.0M
Repurchases of Common Stock
($86.0M)
($60.0M)
($98.0M)
($97.0M)
Cash dividends paid on Common Stock
($271.0M)
($198.0M)
($367.0M)
($301.0M)
Issuances of managed investment entities’ liabilities
$446.0M
$391.0M
$2.5B
$1.1B
Retirements of managed investment entities’ liabilities