---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-133255"
form_type: "8-K"
ticker: "AFG"
cik: "0001042046"
company_name: "AMERICAN FINANCIAL GROUP INC"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-15T23:59:28.492939+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# AFG Q1 core EPS $2.89 vs $3.56 YoY; acquires Crop Risk Services from AIG

## Summary
- Core net operating earnings $247M ($2.89/share) vs $303M ($3.56) in Q1 2022, down 18.5% YoY.
- Specialty P&C combined ratio 89.2% vs 84.0% YoY; underwriting profit $155M vs $208M.
- Full-year 2023 core EPS guidance unchanged at $11.00-$12.00; combined ratio guidance raised to 87%-89%.
- Agreed to acquire Crop Risk Services from AIG; expected close Q3 2023, not material to 2023 results.
- Excess capital $1.0B; paid $4.63/share dividends including $4.00 special; repurchased $24M stock.

## SEC filing metadata
- accession: 0001193125-23-133255
- form_type: 8-K
- ticker: AFG
- cik: 0001042046
- company_name: AMERICAN FINANCIAL GROUP INC
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042046/000119312523133255/0001193125-23-133255-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042046/000119312523133255/d184880d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-133255
- JSON: https://secwatch.observer/filing/0001193125-23-133255.json
- Plain text: https://secwatch.observer/filing/0001193125-23-133255.txt

## Key facts
- Earnings Releases
  AMERICAN FINANCIAL GROUP INC reported the first quarter of 2023 results: net income $212 million ($2.49 per share), EPS $2.49. Guidance reaffirmed.
  - Period: the first quarter of 2023
  - Net income: $212 million ($2.49 per share)
  - EPS: $2.49
  - Guidance: reaffirmed
  - Result: reported results
  source text: American Financial Group, Inc. (NYSE: AFG) today reported 2023 first quarter net earnings of $212 million ($2.49 per share) compared to $290 million ($3.40 per share) for the 2022 first quarter.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042046/000119312523133255/0001193125-23-133255-index.htm

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