Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Expense Ratio % is the percentage of expenses associated with acquiring, underwriting, and servicing premiums to net premium earned. It indicates the efficiency of the insurance company before considering its claims and investment gains or losses.
American Financial Group's Expense Ratio % for the quarter that ended in Mar. 2026 was 34.00%
, which is higher than
25.50% for the pervious quarter ended in Dec. 2025.
American Financial Group's Expense Ratio % for the annual that ended in Dec. 2025 was 28.80%
, which is higher than
27.90% for the pervious year ended in Dec. 2024.
The historical rank and industry rank for American Financial Group's Expense Ratio % or its related term are showing as below:
AFG's Expense Ratio % is not ranked *
in the Insurance industry.
Industry Median: * Ranked among companies with meaningful Expense Ratio % only.
American Financial Group (NYSE:AFG) Expense Ratio % Explanation
Expense Ratio % is the percentage of expenses associated with acquiring, underwriting, and servicing premiums to net premium earned. It can be used to make comparisons between insurance companies as well as measure their performance. An expense ratio below 100% suggests that the premiums an insurance company earned or wrote are more than the expenses it paid to support those premiums.
However, we should keep in mind that the ratio does not indicate an ending profitability. The overall profit is also influenced by the claims, investment gains or losses and other income. The ratio can be combined with Claims Ratio % and Combined Ratio % to get an overall performance of an insurance company.
American Financial Group Expense Ratio % Related Terms
American Financial Group Expense Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Insurance - Property & Casualty subindustry, American Financial Group's Expense Ratio %, along with its competitors' market caps and Expense Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
American Financial Group (NYSE:AFG) Expense Ratio % Calculation
Expense Ratio % is calculated as:
Expense Ratio %
=
Expenses of Acquiring, Underwriting and Servicing Premiums
/
Net Premium Earned
*
100%
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Frequently Asked Questions
What does a Expense Ratio % of 34.00% mean?
American Financial Group (AFG) has a Expense Ratio % of 34.00% as of Mar. 2026. Expense Ratio is the percentage of expenses associated with acquiring, underwriting, and servicing premiums to net premium earned. View historical data on American Financial Group and its competitors.
Is American Financial Group's Expense Ratio % too high?
American Financial Group's current Expense Ratio % is 34.00%. Overall, American Financial Group has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does American Financial Group's Expense Ratio % compare to CNA and ORI?
American Financial Group's Expense Ratio % of 34.00% can be compared against companies in the Insurance industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Expense Ratio % for an Insurance company?
A good Expense Ratio % depends on the Insurance industry context. However, Expense Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Expense Ratio % mean?
A high Expense Ratio % can signal that a stock is expensive relative to its fundamentals. Expense Ratio is the percentage of expenses associated with acquiring, underwriting, and servicing premiums to net premium earned. View historical data on American Financial Group and its competitors. American Financial Group's current Expense Ratio % is 34.00%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is American Financial Group stock overvalued right now?
Based on GuruFocus' analysis, American Financial Group (AFG) is currently considered Modestly Overvalued. The stock's GF Value™ is $126.18, compared to a current price of $141.89 — trading 12.5% above its estimated fair value. The current Expense Ratio % is 34.00%. American Financial Group's overall GF Score™ is 81/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Expense Ratio % calculated?
Expense Ratio % is calculated from a company's financial statements. For American Financial Group (AFG), the current Expense Ratio % is 34.00% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is American Financial Group (AFG) Overvalued in 2026?
Based on GuruFocus' analysis, American Financial Group stock appears to be overvalued.
The current stock price of $141.89 is trading 12.5% above its estimated GF Value™ of $126.18.
GuruFocus considers American Financial Group to be Modestly Overvalued.
Key valuation signals for AFG:
Expense Ratio %: 34.00%
GF Value™: $126.18 vs. price of $141.89 (12.5% above fair value)
No single metric tells the full story. See the AFG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
American Financial Group Inc is an insurance holding company. Through its subsidiaries, it is engaged in the property and casualty insurance business, focusing on specialized commercial products for businesses. The group operates through two segments: Property and Casualty Insurance, which generates maximum revenue, and Other. The Property and Casualty Insurance segment is further divided into different sub-segments, such as Property and transportation, Specialty casualty, and Specialty financial. These sub-segments offer insurance coverage for vehicles and commercial property, customized programs for small to mid-sized businesses, workers' compensation insurance, risk management insurance programs for lending and leasing institutions, trade credit insurance, and other insurance products.
81GF Score
Get the complete analysis for AFG
Expense Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
AFG has been successfully added to your 
