American Financial Group (AFG)
Underwrites specialty commercial property-and-casualty risks through Great American Insurance Group.
Something off on this page? Send us feedback.
Underwrites specialty commercial property-and-casualty insurance through Great American Insurance Group across Property and transportation, Specialty casualty, and Specialty financial lines. A decentralized group of more than 35 niche businesses earns premiums and invests insurance capital, while catastrophe losses, claim trends, reserve development, and pricing shape results.
Underwrites specialty commercial property-and-casualty insurance through Great American Insurance Group, with more than 35 businesses organized into Property and transportation, Specialty casualty, and Specialty financial lines. The portfolio is run from Cincinnati and centers on narrowly defined commercial markets rather than mass-market personal insurance.
Uses decentralized specialty underwriting alongside investment management and capital deployment, adding selected niches through acquisitions and internal start-ups while exiting businesses that no longer fit. Selling the annuity business left specialty P&C as the operating core.
Performance depends on catastrophe losses, claim frequency and severity, social inflation, reserve development, and the pricing and renewal conditions achieved across specialty lines.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | Piper Sandler | Reiterate | Rating: —Target: $140 | Target: $156 |
| May 26, 2026 | Piper Sandler | Reiterate | Rating: —Target: $135 | Target: $140 |
| Jan 15, 2026 | Wells Fargo | Target | Target: — | Target: $165 |
| Nov 11, 2025 | Jefferies | Target | Target: — | Target: $142 |
| Feb 7, 2025 | Keefe, Bruyette & Woods | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.28B · Total debt $1.82B · Total assets $33.03B · Shareholders' equity $4.82B
- Revenue
- $1.99B
- Operating income
- $316.0M
- Net income
- $248.0M
HistoryDividendAnnual yield
| Institutions | 72.45% | 60.08M shares | |
|---|---|---|---|
| 521 holders · as of Jun 30, 2026 | |||
| Insiders | 15.05% | 12.48M shares | |
| 15 holders · as of Sep 18, 2026 | |||
| Other | 12.50% | 10.36M shares | |
| remainder | |||
82.92M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.30% | 7.71M | as of Jun 30, 2026 |
Carl H. Iii Lindner1,2Insiderdirector, officer: Co-CEO | 6.72% | 5.66M | filed Aug 26, 2026 |
FMR LLCInstitution | 6.59% | 5.47M | as of Jun 30, 2026 |
S. Craig Lindner3Insiderdirector, officer: Co-CEO | 6.20% | 5.14M | filed Apr 15, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.32% | 3.58M | as of Jun 30, 2026 |
- Carl H. Iii Lindner's transaction reports restate only vehicles that traded; the 2026 ownership statement (5.66M) less the 90.0K net shares sold since is used instead.
- Carl H. Iii Lindner reports a block also reported by State Street Corp; it is counted once, under State Street Corp.
- S. Craig Lindner's transaction reports restate only vehicles that traded; the 2026 ownership statement (5.14M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | John I. von Lehman | director | −1,279 | $143.84 |
| Sep 2, 2026 | Brian S. Hertzman | officer: SVP, CFO | −950 | $142.87 |
| Aug 26, 2026 | Carl H. Iii Lindner | director, officer: Co-CEO | −81,373 | $144.28 |
| Aug 24, 2026 | Carl H. Iii Lindner | director, officer: Co-CEO | −8,627 | $144.66 |
| Aug 6, 2026 | Mark A. Weiss | officer: Sr. VP & General Counsel | −2,813 | $144.76 |
- W. R. Berkley
Broad specialty commercial overlap across casualty and transportation
- Chubb
Scaled rival in crop and specialty commercial P&C insurance
- Travelers
Large commercial-lines rival in casualty, transport, and surety
- Markel Group
Specialty underwriter across liability, marine, programs, and surety
- RLI
Niche specialty rival in excess casualty, transport, and surety
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Financial Group | $141.32 | +0.61% | $11.67B | 12.3 | 11.3 | 1.4 | −0.5% |
| W. R. Berkley | $68.46 | +0.42% | $25.38B | 14.0 | 14.5 | 1.4 | +1.2% |
| Chubb | $338.20 | +0.72% | $129.54B | 11.8 | 12.1 | 2.1 | −1.3% |
| Travelers | $365.95 | +1.09% | $75.51B | 9.7 | 12.2 | 1.5 | −4.8% |
| Markel Group | $1,763.38 | +0.00% | $21.85B | 9.7 | 15.4 | 1.3 | +17.6% |
| RLI | $58.03 | −0.17% | $5.33B | 12.2 | 21.5 | 2.7 | +16.0% |
| Median | 11.8 | 14.5 | 1.5 | +1.2% |