---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-202327"
form_type: "8-K"
ticker: "AFG"
cik: "0001042046"
company_name: "AMERICAN FINANCIAL GROUP INC"
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T07:00:06.348074+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# AFG Q2 core EPS $2.38, down from $2.85; FY guidance cut to $10.15-$11.15

## Summary
- Net earnings $200M ($2.34 EPS) vs $167M ($1.96) in Q2 2022; core NOE $202M ($2.38).
- Full year 2023 core EPS guidance lowered to $10.15-$11.15 from $11.00-$12.00 due to catastrophe losses.
- Specialty P&C underwriting profit fell to $123M from $197M; combined ratio 91.9% vs 85.8%.
- Net written premiums up 10% YoY; renewal pricing up ~5% ex workers' comp; guidance raised to 5-8% growth.
- Book value per share $47.06; adjusted book $52.90; $700M excess capital after CRS acquisition.

## SEC filing metadata
- accession: 0001193125-23-202327
- form_type: 8-K
- ticker: AFG
- cik: 0001042046
- company_name: AMERICAN FINANCIAL GROUP INC
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1042046/000119312523202327/0001193125-23-202327-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042046/000119312523202327/d531353d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-202327
- JSON: https://secwatch.observer/filing/0001193125-23-202327.json
- Plain text: https://secwatch.observer/filing/0001193125-23-202327.txt

## Key facts
- Earnings Releases
  AMERICAN FINANCIAL GROUP INC reported the second quarter of 2023 results: net income $200 million ($2.34 per share), EPS $2.34. Guidance lowered.
  - Period: the second quarter of 2023
  - Net income: $200 million ($2.34 per share)
  - EPS: $2.34
  - Guidance: lowered
  - Result: reported results
  source text: American Financial Group, Inc. Announces Second Quarter Results • Net earnings per share of $2.34; includes $0.04 per share loss from after-tax non-core items • Second quarter core net operating earnings per share of $2.38 • Second quarter annualized ROE of 17.9%; core operating ROE of 18.2% • Net written premiums up 10% year-over-year; 5% renewal rate increases excluding workers’ compensation • Full year 2023 core net operating earnings guidance revised to $10.15 to $11.15 per share, from $11.00 to $12.00 per share estimated previously
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042046/000119312523202327/0001193125-23-202327-index.htm

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