Jun 2026 (Q2 FY26) — Aug 5, 2026
American Financial Group Q2 FY26 — Record P&C Operating Income and Strong Underwriting
Read the full callAmerican Financial Group (AFG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
American Financial Group earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,030 | +5.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.6 | +3.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 248 | +42.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
2 of 6 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Return on alternative investments | approximately 8% | Dec 2025 | The annualized return on alternative investments was approximately 7.1% for the 2026 second quarter compared to 1.2% for the prior year quarter. | At Risk |
| Combined ratio | approximately 92.5% | Dec 2025 | our Specialty Property and Casualty insurance businesses produced a 91.5% combined ratio in the second quarter of 2026, an improvement of 1.6 points from the 93.1% reported in the second quarter of last year. | On Track |
4 of AMERICAN FINANCIAL GROUP INC's 21 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Set a new second quarter record for pre-tax property and casualty operating income, driven by strong underwriting margins, healthy premium growth, and higher net investment income.
- Core net operating earnings of $2.82 per share in Q2 FY26, a 32% increase from the prior year period.
- Achieved an annualized core operating return on equity of 19.2% in Q2 FY26.
- Net investment income at P&C operations increased 23% year-over-year, establishing a new second quarter record.
- Specialty Property and Casualty businesses produced a 91.5% combined ratio in Q2 FY26, an improvement of 1.6 points from the prior year.
Qualified
- California workers' comp business is not performing well, although it represents only 14% of their workers' comp portfolio.
- Renewal pricing in the Specialty Financial Group decreased less than 1% in Q2 FY26, reflecting strong margins but a slight rate decline.
- Social inflation remains a concern, leading to continued conservative initial loss picks, particularly in Specialty Casualty lines.
Price
$145.73 +0.07% · +$0.1
Performance +3.5% 1Y
1Y: $140.8 on 14 Oct 2025 → $145.73. High $146.73 (5 Aug 2026), low $124.18 (20 Mar 2026).
- Previous close
- $145.63
- 52-week range
- $124.18 – $146.73
- One year
- +6.78%
Overview
- Symbol
- AFG
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 6 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Return on alternative investments | approximately 8% | Dec 2025 | The annualized return on alternative investments was approximately 7.1% for the 2026 second quarter compared to 1.2% for the prior year quarter. | At Risk |
| Combined ratio | approximately 92.5% | Dec 2025 | our Specialty Property and Casualty insurance businesses produced a 91.5% combined ratio in the second quarter of 2026, an improvement of 1.6 points from the 93.1% reported in the second quarter of last year. | On Track |
Claimed
- Set a new second quarter record for pre-tax property and casualty operating income, driven by strong underwriting margins, healthy premium growth, and higher net investment income.
- Core net operating earnings of $2.82 per share in Q2 FY26, a 32% increase from the prior year period.
- Achieved an annualized core operating return on equity of 19.2% in Q2 FY26.
- Net investment income at P&C operations increased 23% year-over-year, establishing a new second quarter record.
- Specialty Property and Casualty businesses produced a 91.5% combined ratio in Q2 FY26, an improvement of 1.6 points from the prior year.
Qualified
- California workers' comp business is not performing well, although it represents only 14% of their workers' comp portfolio.
- Renewal pricing in the Specialty Financial Group decreased less than 1% in Q2 FY26, reflecting strong margins but a slight rate decline.
- Social inflation remains a concern, leading to continued conservative initial loss picks, particularly in Specialty Casualty lines.
The full ledger
Open AMERICAN FINANCIAL GROUP INC’s full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
American Financial Group earnings calls (AFG)
Financials
What the filings say
Net profit, year on year: +43% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,369 | 2,149 | 1,856 | 1,924 | 2,331 | 2,063 | 1,854 | 2,030 |
| Operating profit | 229 | 320 | 197 | 229 | 268 | 379 | 239 | 316 |
| Operating margin | 9.7% | 14.9% | 10.6% | 11.9% | 11.5% | 18.4% | 12.9% | 15.6% |
| Interest | 19 | 19 | 19 | 19 | 19 | 23 | 23 | 24 |
| Net profit | 181 | 255 | 154 | 174 | 215 | 299 | 191 | 248 |
| EPS ($ per share) | 2.16 | — | 1.84 | 2.07 | 2.58 | — | 2.29 | 2.99 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 89 | 90 | 86 | 85 | 85 | 84 | 84 | 83 |
| Total liabilities | 58,484 | 63,861 | 66,921 | 23,919 | 24,779 | 25,529 | 26,370 | 27,822 |
| Total assets | 63,456 | 70,130 | 73,710 | 28,931 | 28,831 | 29,787 | 30,836 | 32,642 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,083 | 2,456 | 2,183 | 1,714 | 1,153 | 1,970 | 1,152 | 1,533 |
| Cash from investing | -5,350 | -3,065 | -1,564 | -436 | -1,051 | 414 | 95 | -835 |
| Cash from financing | 2,444 | 1,408 | -123 | -1,957 | -1,361 | -2,031 | -1,066 | -377 |
| Net cash flow | -823 | 799 | 496 | -679 | -1,259 | 353 | 181 | 321 |
Insider filings
48 filings between Nov 7, 2025 and Sep 16, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$16.04M
9 sales by 6 insiders
Compensation
not trading decisions- 15
- Award — granted as compensation
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 14 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| LINDNER CARL H III | — | $12.99M | Aug 26, 2026 |
| Thompson David Lawrence Jr | — | $1.54M | Jun 23, 2026 |
| Hertzman Brian S. | — | $611.3K | Sep 2, 2026 |
| Weiss Mark A | — | $407.2K | Aug 6, 2026 |
| Gillis Michelle A | — | $312.3K | Jun 24, 2026 |
| VON LEHMAN JOHN I | — | $184.0K | Sep 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 16, 2026 | Thompson David Lawrence Jr President of Subsidiary | Other | 30,363 | $0 |
| Sep 16, 2026 | Thompson David Lawrence Jr President of Subsidiary | Other | 119,914 | $0 |
| Sep 14, 2026 | VON LEHMAN JOHN I Director | Sale | 1,279 | $184.0K |
| Sep 2, 2026 | Hertzman Brian S. SVP, CFO | Sale | 950 | $135.7K |
| Aug 26, 2026 | LINDNER CARL H III Co-CEO | Sale | 81,373 | $11.74M |
| Aug 24, 2026 | LINDNER CARL H III Co-CEO | Sale | 8,627 | $1.25M |
| Aug 6, 2026 | Weiss Mark A Sr. VP & General Counsel | Sale | 2,813 | $407.2K |
| Jun 24, 2026 | Gillis Michelle A Senior Vice President | Sale | 2,247 | $312.3K |
| Jun 23, 2026 | Thompson David Lawrence Jr President of Subsidiary | Sale | 11,370 | $1.54M |
| Jun 1, 2026 | Martin Mary Beth Director | Award | 1,299 | $0 |
| Jun 1, 2026 | Nwankwo Evans N Director | Award | 1,299 | $0 |
| Jun 1, 2026 | Murray Amy Y Director | Award | 1,299 | $0 |
| Jun 1, 2026 | Newport Roger K Director | Award | 1,299 | $0 |
| Jun 1, 2026 | JOSEPH GREGORY G Director | Award | 1,299 | $0 |
| Jun 1, 2026 | VERITY WILLIAM W Director | Award | 1,299 | $0 |
| Jun 1, 2026 | VON LEHMAN JOHN I Director | Award | 1,299 | $0 |
| Feb 27, 2026 | Hertzman Brian S. SVP, CFO | Sale | 1,663 | $222.3K |
| Feb 26, 2026 | Thompson David Lawrence Jr President of Subsidiary | Award | 4,706 | $0 |
| Feb 26, 2026 | Weiss Mark A Sr. VP & General Counsel | Award | 3,012 | $0 |
| Feb 26, 2026 | Lindner Stephen Craig Jr Director | Award | 3,389 | $0 |
| Feb 26, 2026 | LINDNER S CRAIG Co-CEO | Award | 11,294 | $0 |
| Feb 26, 2026 | LINDNER CARL H III Co-CEO | Award | 11,294 | $0 |
| Feb 26, 2026 | BERDING JOHN B President | Award | 8,847 | $0 |
| Feb 26, 2026 | Hertzman Brian S. SVP, CFO | Award | 3,163 | $0 |
| Feb 26, 2026 | Gillis Michelle A Senior Vice President | Award | 3,012 | $0 |
| Feb 23, 2026 | LINDNER CARL H III Co-CEO | Tax withheld | 3,810 | $494.7K |
| Feb 23, 2026 | Weiss Mark A Sr. VP & General Counsel | Tax withheld | 658 | $85.4K |
| Feb 23, 2026 | Gillis Michelle A Senior Vice President | Tax withheld | 730 | $94.8K |
| Feb 23, 2026 | BERDING JOHN B President | Tax withheld | 2,050 | $266.2K |
| Feb 23, 2026 | Thompson David Lawrence Jr President of Subsidiary | Tax withheld | 1,098 | $142.6K |
| Feb 23, 2026 | Lindner Stephen Craig Jr Director | Tax withheld | 761 | $98.8K |
| Feb 23, 2026 | LINDNER S CRAIG Co-CEO | Tax withheld | 3,300 | $428.5K |
| Feb 22, 2026 | Hertzman Brian S. SVP, CFO | Tax withheld | 727 | $94.4K |
| Jan 28, 2026 | Lindner Stephen Craig Jr Director | Gift | 147 | $0 |
| Jan 28, 2026 | Lindner Stephen Craig Jr Director | Gift | 276 | $0 |
| Jan 28, 2026 | Lindner Stephen Craig Jr Director | Gift | 441 | $0 |
| Dec 29, 2025 | Gillis Michelle A Senior Vice President | Gift | 542 | $0 |
| Dec 18, 2025 | Lindner Stephen Craig Jr Director | Gift | 44 | $0 |
| Dec 18, 2025 | Thompson David Lawrence Jr President of Subsidiary | Gift | 828 | $0 |
| Dec 16, 2025 | LINDNER CARL H III Co-CEO | Gift | 403 | $0 |
| Dec 15, 2025 | Lindner Stephen Craig Jr Director | Gift | 276 | $0 |
| Dec 15, 2025 | Lindner Stephen Craig Jr Director | Gift | 828 | $0 |
| Dec 15, 2025 | Lindner Stephen Craig Jr Director | Gift | 276 | $0 |
| Dec 15, 2025 | LINDNER S CRAIG Co-CEO | Gift | 3,342 | $0 |
| Dec 9, 2025 | LINDNER CARL H III Co-CEO | Gift | 37,424 | $0 |
| Dec 3, 2025 | Lindner Stephen Craig Jr Director | Gift | 574 | $0 |
| Dec 3, 2025 | Lindner Stephen Craig Jr Director | Gift | 574 | $0 |
| Nov 7, 2025 | Hertzman Brian S. SVP, CFO | Sale | 1,777 | $253.2K |
| Sep 3, 2025 | Murray Amy Y Director | Sale | 920 | $125.7K |
| Sep 2, 2025 | Weiss Mark A Sr. VP & General Counsel | Gift | 467 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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