---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-033708"
form_type: "8-K"
ticker: "AFG"
cik: "0001042046"
company_name: "AMERICAN FINANCIAL GROUP INC"
filed_at: "2022-02-10T23:59:59+00:00"
generated_at: "2026-06-27T09:00:51.551665+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# AFG Q4 core EPS $4.12 vs $2.01 YoY; 2022 guidance $9.75-$10.75; combined ratio 80.7%

## Summary
- Q4 2021 net earnings $4.18 per share (vs $7.93 in Q4 2020 which included $5.92 from discontinued ops).
- Core net operating earnings $4.12 per share in Q4, up from $2.01 YoY; full year core $11.59 vs $5.40.
- P&C underwriting profit record $485M in Q4; combined ratio 80.7% (incl. 5.0pt favorable reserve development).
- Full year 2022 core EPS guidance $9.75-$10.75; assumes ~10% return on alternative investments, average crop year.
- Excess capital $2.1B; paid $26.00 per share in special dividends in 2021; share repurchases $319M.

## SEC filing metadata
- accession: 0001193125-22-033708
- form_type: 8-K
- ticker: AFG
- cik: 0001042046
- company_name: AMERICAN FINANCIAL GROUP INC
- filed_at: 2022-02-10T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042046/000119312522033708/0001193125-22-033708-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042046/000119312522033708/d309717d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-033708
- JSON: https://secwatch.observer/filing/0001193125-22-033708.json
- Plain text: https://secwatch.observer/filing/0001193125-22-033708.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.