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Specialty property-casualty insurer focused on niche commercial insurance lines, plus annuity products.
Specialty property-casualty insurer focused on niche commercial insurance lines, plus annuity products.
Earns by choosing narrow specialty commercial risks to insure under the Great American Insurance Group name, collecting premiums and investing them until claims are paid. The annuity side earns the gap between what it credits policyholders and what its investments return.
Moat: narrow (process know-how). Long-running focus on niche specialty commercial lines where underwriting expertise limits new entrants.
Headquarters: Cincinnati, Ohio, United States · Founded: 1959 · Employees: 8,500
Size American Financial (AFG) is a United States Financials company (Property/Casualty Insurance) with a market value of $12.8B, the 667th largest of 3,117 United States companies the cockpit tracks. Shares closed at $154.55 on 6 Nov 2026.
Performance Over six months the shares gained 17.7%, against +17.3% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +3.1%); the operating margin is 15.3% (peer median 14.0%).
Valuation It trades at 2.67× book value against a peer median of 2.04× (7th most expensive of 21).
Credit American Financial has 3 bonds outstanding ($1.17B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 107 bp.
Short interest Short interest is 2.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.43B | $8.12B | $8.28B | $7.73B | $6.77B |
| Revenue growth | — | -2% | +7% | +14% | — |
| Net income | $1.02B | $842M | $887M | $852M | $898M |
| Free cash flow | n/a | $1.40B | $1.02B | $1.90B | $1.07B |
| Capital expenditure | n/a | $135M | $133M | $72.0M | $86.0M |
| Total debt | $1.82B | $2.04B | $1.71B | $1.67B | $1.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| American Financial AFG | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% |
| W. R. Berkley WRB | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% |
| Cincinnati Financial CINF | $28.5B | +15% | +10% | 17% | 1.76× | 10.6% |
| Travelers Companies (The) TRV | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.8% | +9.6% | 9th lowest of 21 |
| 6-month return | +17.7% | +17.3% | 9th highest of 21 |
| Return on equity | 18.1% | 14.4% | 9th highest of 21 |
| Price / book | 2.67× | 2.04× | 7th most expensive of 21 |
| Trailing P/E | 12.6× | 13.3× | 9th cheapest of 19 |
| ROE the price implies | 15.1% | 11.2% | 5th most demanding of 21 |
| Bond spread | 107 bp | 105 bp | 6th widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| American Financial AFG | United States | $12.8B | +18% | +3% | 18% | 2.67× | 15.1% | n/a |
| Erie Indemnity ERIE | United States | $12.7B | +26% | +2% | 24% | 4.98× | 19.7% | 23.7% |
| RenaissanceRe RNR | United States | $14.0B | +16% | -21% | 13% | 1.34× | 7.5% | 13.4% |
| Insurance Australia IAG.AX | Australia | $14.4B | +17% | +9% | 14% | 2.87× | 13.1% | 14.0% |
| Assurant AIZ | United States | $15.1B | +29% | +9% | 44% | 2.60× | 14.6% | 44.2% |
| Everest EG | United States | $15.2B | +18% | -9% | 13% | 1.08× | 6.6% | 12.8% |
| Admiral ADM.L | United Kingdom | $16.1B | +23% | 0% | 46% | 8.04× | 33.5% | 45.6% |
| SamsungF&MIns 000810.KS | South Korea | $17.2B | +31% | +5% | 8% | 0.71× | 4.8% | 8.1% |
| Hanover Insurance THG | United States | $8.35B | +28% | +5% | 22% | 2.43× | 11.2% | 21.8% |
| Loews L | United States | $22.2B | +5% | +3% | 8% | 1.22× | 8.3% | 8.1% |
| Scor SCR.PA | France | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% | 18.8% |
| Markel MKL | United States | $23.7B | +7% | -1% | 10% | 1.28× | 9.2% | 9.6% |
| Definity Financial DFY.TO | Canada | $6.47B | +14% | +35% | 12% | 2.13× | 7.6% | 11.7% |
| Hagerty HGTY | United States | $6.18B | +79% | +1% | 5% | 8.42× | 53.7% | 4.6% |
| QBE Insurance QBE.AX | Australia | $27.7B | +19% | +3% | 19% | 2.37× | 11.3% | 19.1% |
| Selective Insurance SIGI | United States | $5.87B | +17% | +4% | 15% | 1.81× | 9.1% | 14.7% |
| MGIC Investment MTG | United States | $5.87B | +7% | -2% | 14% | 1.18× | 8.9% | 13.9% |
| Sampo SAMPO.HE | Finland | $29.1B | +10% | +2% | 16% | 3.60× | 11.3% | 16.5% |
| Hartford (The) HIG | United States | $35.8B | +1% | +4% | 23% | 1.94× | 11.3% | 22.7% |
| Mercury General MCY | United States | $4.58B | -17% | +5% | 26% | 1.63× | 13.7% | 25.5% |
| Accelerant ARX | United States | $4.32B | +19% | +55% | -380% | 6.01× | 23.2% | -380.1% |
American Financial has 3 bonds outstanding with $1.17B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 6.07%, a spread of 107 bp over government bonds.