Q3 2025 American Financial Group Inc Earnings Call Transcript
Key Points
- American Financial Group Inc (AFG) reported an annualized core operating return on equity of 19% for the third quarter.
- Core net operating earnings increased by 16% year over year, reaching $2.69 per share.
- Net investment income increased by 5% year over year due to higher interest rates and balances of invested assets.
- The company declared a special dividend of $2 per share, contributing to a total of $54 per share in special dividends since 2021.
- AFG's Specialty Property and Casualty insurance businesses achieved a 93% combined ratio, showing improved underwriting profitability.
- The overall return on multifamily investments was tempered by challenges in the broader economic environment.
- Third-quarter gross and net written premiums were down 2% and 4%, respectively, compared to the previous year.
- The Specialty Casualty group reported a higher combined ratio of 95.8%, up 3.7 points from the previous year.
- Renewal pricing in the Specialty Financial Group was down approximately 2% in the third quarter.
- The company experienced a decrease in premiums in excess and surplus, executive liability, and social services businesses.
Good day, and thank you for standing by. Welcome to the American Financial Group 2025 third-quarter results conference call. (Operator Instructions)
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's 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
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