With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

Based out of Cincinnati, Ohio, this financing group controls multiple divisions in insurance and financing, such as the Great American Insurance Company and Great American Financial Resources.

This year's Fortune 500 marks the 66th running of the list.

Based in Cincinnati, American Financial is a holding company for a range of businesses that provide insurance and annuity products.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Founded in 1959, American Financial Group (AFG) is a conglomerate of insurers, including Great American Insurance, which brings in the lion's share of the publicly traded company’s revenue. AFG insurers provide customers with a wide swath of policies. These include horse mortality coverage, protection against crime-related losses, and workers’ compensation insurance.

Q2 2026

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Q4 2025

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Q2 2025

Q1 2025

Q4 2024

American Financial Group (AFG): Company Profile, Stock Price, News, Rankings

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American Financial Group

american financial group

Good day, and thank you for standing by. Welcome to the American Financial Group 2025 third quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Diane Weidner, Vice President, Investor Relations. Please go ahead.

Good morning, and welcome to American Financial Group's third quarter 2025 earnings results conference call. We released our results yesterday afternoon. Our press release, investor supplement, and webcast presentation are posted on AFG's website under the Investor Relations section. These materials will be referenced during portions of today's call. I'm joined this morning by Carl Lindner III and Craig Lindner, Co-CEOs of American Financial Group, and Brian Hertzman, AFG CFO. Before I turn the discussion over to Carl, I would like to draw your attention to the notes on slide two of our webcast. Some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risks and uncertainties that could cause our actual results and/or financial condition to differ materially from these statements.

A detailed description of these risks and uncertainties can be found in AFG's filings with the Securities and Exchange Commission, which are also available on our website. We may include references to core net operating earnings, a non-GAAP financial measure, in our remarks or in responses to questions. A reconciliation of net earnings to core net operating earnings is included in our earnings release. Finally, if you're reading a transcript of this call, please note that it may not be authorized to review for accuracy, and as a result, it may contain factual or transcription errors that could materially alter the intent or meaning of our statements. Now, I'm pleased to turn the call over to Carl Lindner III to discuss our results.

Good morning. I'll begin by sharing a few highlights of AFG's 2025 third quarter results after which Craig and I will walk through more details. We'll then open it up for Q&A with Craig, Brian, and I will be happy to respond to your questions. We're pleased to report an annualized core operating return on equity of 19% for the third quarter. Our underwriting margins in our specialty property and casualty insurance businesses were strong. Net investment income increased by 5% year-over-year despite muted returns from our alternative investment portfolio when compared to the long-term historical performance of those investments. Our compelling mix of specialty insurance businesses, entrepreneurial culture, disciplined operating philosophy, and an astute team of in-house investment professionals continue to position us well for the future and enable us to continue to create value for our shareholders.

Craig and I thank God, our talented management team, and our great employees for helping us to achieve these results. I'll now turn the discussion over to Craig to walk us through some of the details.

Thank you, Carl. Please turn to slides three and four for third quarter highlights. AFG reported core net operating earnings of $2.69 per share compared to $2.31 per share in a prior year period. A 16% increase. I'll begin with an overview of AFG's investment portfolio, investment performance, and share a few comments about AFG's financial position, capital, and liquidity. The details surrounding our $16.8 billion portfolio are presented on slides five and six. Net investment income in our property and casualty insurance operations for the three months ended September 30, 2025, increased 5% year-over-year as a result of higher interest rates and higher balances of invested assets. As shown on slide six, nearly 2/3 of our portfolio is invested in fixed maturities. In the current interest rate environment, we're able to invest in fixed maturity securities at yields of approximately 5.25%.

The duration of our PNC fixed maturity portfolio, including cash and cash equivalents, was 2.7 years at September 30, 2025. The annualized return on alternative investments in our PNC portfolio was approximately 6.2% for the 2025 third quarter compared to 5.4% for the prior year quarter. Although the overall return on our multifamily investments continued to be tempered by challenges within the broader economic environment, we're seeing evidence of recovery. Strong occupancy and return to historical levels of lease renewals and more stability in the overall rental rate environment contribute to improving conditions despite a prolonged softer market caused by excess supply of new properties in several of our targeted regions. Importantly, a large portion of our portfolio of multifamily properties is located in desirable geographies with strong job and wage growth.

Although the supply of properties in these locations is elevated as compared to historical levels, new starts have declined significantly and at a faster pace than in other regions. We believe the tightening supply and a significantly reduced development pipeline will drive higher rental and occupancy rates and improve results by the end of 2026. Longer term, we continue to be optimistic regarding the prospects of attractive returns from our overall alternative investment portfolio with an expectation of annual returns averaging 10% or better. Please turn to slide seven, where you'll find a summary of AFG's financial position at September 30, 2025. During the third quarter, we returned $66 million to our shareholders through the payment of a regular quarterly dividend. In October, AFG's regular quarterly dividend was increased 10% over the previously declared rate to $0.88 per share and paid on October 24th, 2025.

In conjunction with our earnings release, we declared a special dividend of $2 per share payable on November 26, 2025, to shareholders of record on November 17th, 2025. The aggregate amount of special dividends will be approximately $167 million. With this special dividend, the company has declared $54 per share or $4.6 billion in special dividends since the beginning of 2021. Carl and I consider these special dividends to be an important component of total shareholder return. We expect our operations to continue to generate significant excess capital throughout the remainder of 2025 and into 2026, which provides ample opportunity for acquisitions, special dividends, or share repurchases over the next year. We evaluate the best alternatives for capital deployment on a regular basis. We continue to view total value creation as measured by growth in book value plus dividends as an important measure of performance over the longer term.

For the nine months ended September 30, 2025, AFG's growth in book value per share, excluding AOCI plus dividends, was nearly 11%. I now turn the call over to Carl to discuss the results of our PNC operations.

Thank you, Craig. Please turn to slides eight and nine of the webcast, which include an overview of our third quarter results. Our commitment to underwriting discipline and prudent growth was evident in the solid performance of our property and casualty businesses in the third quarter. We're finding attractive opportunities to grow our specialty property and casualty businesses despite walking away from challenging market conditions in a few of the markets or poorly performing accounts. I'm pleased with the overall underwriting profitability in our specialty property and casualty businesses in the third quarter of this year and remain confident about the strength of our reserves. A continued favorable pricing environment, increased exposures, and new business opportunities enabled us to selectively grow our specialty property and casualty businesses.

Although the timing of reporting of crop acreage by our insureds shifted some crop premium from the third quarter to the second quarter, as we discussed on last quarter's call, this tempered premium growth in the third quarter. We continue to expect premium growth for the full year in 2025 in below single digits. In addition to organic growth opportunities and evaluating acquisitions, we always try to maintain a pipeline of startups that have the potential to become new business units in our portfolio of specialty businesses. Taking an early look at next year, we currently project 2026 premium growth to rebound as we're optimistic about the growth from these startups and the near completion of numerous underwriting actions taken in our specialty casualty businesses.

Turning to slide eight, you'll see that underwriting profit in our specialty property and casualty insurance businesses grew 19% and generated a 93 combined ratio in the third quarter of 2025, an improvement of 1.3 points from the prior year period. Results for the 2025 third quarter include 1.2 points related to catastrophe losses compared to 4.4 points in last year's third quarter. Third quarter 2025 results benefited from 1.2 points of favorable prior year reserve development compared to 0.8 points in the third quarter of 2024. Third quarter gross and net written premiums were down 2% and 4% respectively when compared to the third quarter of last year. Excluding our crop business, gross written premiums grew 3% and net written premiums were flat year-over-year. Average renewal pricing across our property and casualty group was up approximately 5% in the third quarter, both including and excluding workers' comp.

We've reported overall renewal rate increases for 37 consecutive quarters, and we believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed our targeted returns. Now I'd like to turn to slide nine to review a few highlights from each of our specialty property and casualty business groups. Details are included in our earnings release, so I'll focus on summary results here. The businesses in the property and transportation group achieved a solid 94.1 combined ratio in the third quarter of 2025, an improvement of 2.7 points from the comparable 2024 period. This group's third quarter 2025 combined ratio included 0.4 of a point attributed to catastrophe losses compared to 3.7 points in the 2024 third quarter, which was the primary driver of the improved year-over-year profitability.

Third quarter 2025 gross and net written premiums in this group were 6% and 9% lower respectively than the comparable prior year period. As mentioned before, the earlier reporting of crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year decrease, particularly when compared to later reporting of acreage the previous year. Excluding the crop business, gross written premiums in this group grew by 2% and net written premiums were flat. We continue to see new business opportunities, a favorable rate environment, and increased exposures in our transportation businesses. Overall, renewal rates in this group increased 6% on average in the third quarter of 2025. We continue to remain focused on rate adequacy, particularly in our commercial auto liability line of business, where rates were up approximately 11% in the third quarter. In our crop business.

Harvest pricing for corn and soybeans settled 10% and 2% lower respectively than spring discovery pricing, which is well within acceptable ranges, and yield expectations are steady. Based on these factors, we continue to anticipate an average crop year. Our third quarter results reflect an element of seasonality, as most of our crop insurance premiums are earned in AFG's third quarter but booked at a more conservative combined ratio until the fourth quarter. Over the coming weeks, we'll have better visibility into actual yields and claim activity in our MPCI businesses, and we'll also have a clear indication of the performance of our private products business. With this more complete picture, we'll record the majority of our calendar year crop profitability in the fourth quarter, as is our standard practice. The businesses in our specialty casualty group achieved a 95.8.

Calendar year combined ratio overall in the third quarter, 3.7 percentage points higher than the 92.1 reported in the comparable period in 2024. Third quarter, gross written premiums increased 3%, net written premiums were flat compared to the same prior year period. Primary drivers of growth included new business opportunities and favorable renewal pricing, and several of our targeted marketed businesses and an increase in M&A activity that contributed to growth in our mergers and acquisitions business. This growth was tempered by lower premiums in our excess and surplus executive liability and social services businesses. Overall renewal pricing in this group was up approximately 7% during the third quarter, an increase of about a point from the previous quarter. Average renewal pricing, excluding workers' comp, was up approximately 8%. In line with pricing in the second quarter.

I'm pleased that we again achieved renewal rate increases in the mid-teens in our most social inflation-exposed businesses, including our social services and excess liability businesses. In addition, our workers' compensation businesses collectively achieved a modest pricing increase during the quarter. A favorable trend. Several businesses in this group, particularly our excess liability businesses, have been navigating the challenges of social inflation for several years and have demonstrated their nimbleness and resilience through this cycle. Over the last five years, one of our largest excess liability businesses has decreased aggregate limits by 25% while more than doubling premium, primarily as a result of rate increases. We're continuing to exercise discipline through the use of predictive analytics, risk selection, and careful coordination between our underwriting, actuarial, and claims professionals to ensure that our businesses are earning targeted returns.

Now, the specialty financial group continued to achieve excellent underwriting margins and reported a combined ratio of 81.1 for the third quarter of 2025, 11.2 percentage points better than the comparable period in 2024. These results reflect 4.1 percentage points related to catastrophe losses compared to 14.4 percentage points in the prior year period, contributing to higher year-over-year underwriting profitability in our financial institutions business. Third quarter gross and net written premiums in this group were up 3% and 1% respectively when compared to the prior year period. The growth is primarily attributed to our growth in our financial institutions business and our Great American Europe business, which designs and delivers a broad portfolio of innovative and customized insurance programs across the U.K. and Europe. Net written premiums were tempered by our decision to cede more of the coastal exposed property business in our lender services business.

Renewal pricing in this group was down approximately 2% in the third quarter, reflecting the strong margins earned overall in these businesses. Craig and I are proud of our history of long-term value creation. We have years of experience navigating economic and insurance cycles. Our insurance professionals continue to exercise their specialty property and casualty knowledge and experience to successfully compete in a dynamic marketplace. Our in-house investment team has been both strategic and opportunistic in the management of our $17 billion investment portfolio. One of our greatest strengths is finding opportunities in times of uncertainty. We're well-positioned to continue to build long-term value for our shareholders for the remainder of 2025 and beyond. Now we'll open the lines for the Q&A portion of today's call, and Craig and Brian and I will be happy to respond to your questions.

Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by. We will compile the Q&A roster. Our first question comes from the line of Michael Zaremski of BMO Capital Markets. Your line is now open.

Hi, thanks. Good morning, everybody. First question on capital management. We clearly saw the special dividend announcement, but curious why there were no buybacks or not material buybacks in the quarter. Last quarter, you had done buybacks and valuation was not too dissimilar from the average this quarter is my understanding. Just curious, any color there? Do you expect repurchases to resume depending on, I guess, your answer?

Yeah. Mike, this is Craig. What I would say is if you look at our history of purchases, we become very active when the stock is trading at a very significant discount to what we believe is the appropriate value. There have been periods when we have repurchased very large amounts of shares. A period back in, I think it was 2008 through 2010, we repurchased around 30% of our shares at a very attractive level. I would not read too much into one quarter's repurchases or lack of repurchases. What I would say is we have retained a lot of dry powder to be able to take advantage of the opportunity to repurchase shares if it presents itself.

Okay. That's helpful, Craig. Pivoting to the operating environment on the P&C side. I thought it was a good comment to hear, but I thought it was a bit surprising, at least we got some reaction last night from investors when you said pricing was about 5% with and without comp. You believe you're achieving rate in excess of prospective loss trends just because many companies, and I think if you look at triangles too, would kind of estimate loss trend is north of 5%. Any commentary you'd like to elaborate there on in terms of my assumption there?

I can't speak for other companies. I can speak for us. An overall 5% price increase is still exceeding our prospective loss ratio trends. We have a decent chunk of our business in workers' comp where loss ratio trends are really pretty benign. A lot of other businesses, we have a very diverse portfolio. Not all of our businesses reflect a casualty loss ratio trend in that. I can only speak for our own mix of business and what our own actuaries tell us.

Got it. Just. That's helpful, Carl. Sticking to kind of loss trend and pricing, if we can kind of try to laser in on some of the lines of business that have been causing more friction over the past year for you all in the industry. Obviously, appreciate your ROE, AFG's ROE is industry-leading, but if we think about the social inflationary lines of business. Are we seeing pricing which has been accelerating kind of stopping its acceleration trend? Do you believe the loss cost trend is kind of remaining stable, or are we continuing to see some upwards bias? It's looking at the underlying loss ratio, and especially casualty, for example, the trend line there moving a bit north. Thanks.

Again, with 30 businesses. We adjust loss ratio trends every quarter. We do actuarial evaluations and evaluations of the business. Some loss ratio trends improve. Other loss ratio trends, particularly in social inflation-exposed businesses, we're very careful about trying to be conservative enough to set our pricing in that. I think not a lot of changes. I don't think over the past couple of quarters in overall loss ratio trends in that. Some businesses would have improved. Some businesses would have increased a little bit. In our case, the part of our business where we had a slight decline was in our specialty financial business, and particularly in our lender-priced property business, which, at the big margins that that business had earned for us, and after multi-years of pretty significant rate increase, it's not surprising that there was some plateauing of price on that business in that.

Compared to what a lot of the E&S market and some of the large property guys are seeing with price change, I'll take a couple percent decline on our lender-priced property business over the chunk of business that's seeing double-digit declines, if you understand what I'm saying. I think that was one of the main drivers of our pricing being a little bit lower in that. I think what I am happy about is the pricing in our specialty casualty excluding comp is still up 8% in the quarter. To boot, I'm very pleased that we saw some price increase in our overall workers' comp, particularly being led by California in that, clearly. I think the California will probably only get better. Brian, you were telling me that they're going to be taking an 11% increase in, was it September 1? Yeah, effective.

Yeah. I think that's the price increase there in California should just get better in that. Hope that gives you a little color.

Thank you. Our next question comes from the line of Andrew Andersen of Jefferies. Your line is now open.

Hey, good afternoon. Good morning. Maybe just back on the workers' comp, it was good to see that price tick up. It sounds like California could see some further momentum. Perhaps we could touch on some other geographies. Are you seeing some pricing tick up a little bit elsewhere?

In our strategic comp business, which is a fairly sizable business, there was some positive price change there also. In that, I think in the Southeast and the Summit business, continues to be some kind of a mid-single-digit price decline in that.

Okay. Maybe a bigger picture, macro question just on crop. Pricing on corn and soybeans has been coming in for a couple of years. I suppose that can partially be due to some change in trade policies. I would be interested in hearing your thoughts just kind of on the outlook, maybe intermediate term for crop premium and crop pricing as kind of trading with global partners changes.

I think you probably need a pretty good crystal ball trying to figure that out. You would think that probably the trade aspect of soybeans is probably being reflected in the futures prices at this point, which would lead you to believe that premium should be stable or maybe even increasing. Corn, when you look at futures prices into 2026, looks to be pretty stable against spring discovery prices this year in that. That said, we do not know until the actual 30-day average in the first quarter next year establishes spring discovery prices in that. What I have seen so far, it seems like prices should be stable, or if there is an improvement in the China relationship with the U.S., maybe soybean pricing continues to improve more.

Thank you. As a reminder to ask a question, you'll need to press star one one. Our next question comes from the line of Meyer Shields of Keefe, Bruyette & Woods. Your line is now open.

Great. Thank you so much. I also had two questions on crop. The first, I completely understand the comments about written premium having moved to the second quarter. I'm wondering whether there was a higher percentage of earned premiums in property and transportation this year rather than last year as a contributor to the higher attritional loss ratio.

Hi, this is Brian. If you remember last year at this time, we were feeling pretty optimistic about the potential for an above-average crop year. In the fourth quarter, there was some variation in harvest by county that caused us to end up at more of an average crop year. We booked a little bit more crop income last year in the third quarter than we did this year in the third quarter. This year in the third quarter, we have about half of our crop premium earned for the year in the quarter booked at close to 100% combined ratio. If you pull out all the noise from crop, our ex-year loss ratio for property and transportation actually improved due to lower frequency in our transportation and marine businesses.

If you kind of put the noise of crop to the side, we did see an improvement there in the loss ratio.

Okay. That's very helpful. Thanks. I'm just wondering, bigger picture in crop. There's a new participating insurance company over the last couple of years. Is that having any impact on the amount of premium you're getting from agents or maybe some agents moving along? I don't know how mobile we should think of that premium as being.

Oh, I think it probably impacts us marginally on that. What our guys would say is they're probably getting some of the business that we'd be least excited about.

Okay. No, that's helpful. Thank you so much.

Thank you. As a reminder, to ask a question, you'll need to press star one one. Please stand by while we wait for the questions. One moment, please. Okay. I'm showing no further questions at this time. I'll go ahead and turn the call back over to Diane Weidner for closing remarks.

Thank you all for participating today. We appreciate your questions and look forward to talking to you again next quarter when we share our fourth quarter results. Hope you have a great day.

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

American Financial Group (AFG) Q3 2025 Earnings Call Transcript

Company Participants