AFG Q1 net EPS $1.84 vs $2.89 YoY; core EPS $1.81; combined ratio 94.0% (up 3.9 pts)

AMERICAN FINANCIAL GROUP INC

2025-Q1 EPS reported $1.84 revenue$1,856,000,000

Net earnings $154M ($1.84/diluted share) vs $242M ($2.89) in Q1 2024; core net operating earnings $152M ($1.81) vs $231M ($2.76).
Specialty P&C combined ratio 94.0%, up from 90.1%, driven by California wildfire catastrophe losses (4.5 pts).
Underwriting profit fell to $94M from $154M; gross written premiums down 2% YoY; renewal pricing ex-workers comp up 7%.
Net investment income down ~17% YoY; alternative investments returned 1.8% annualized vs 9.0% in prior-year quarter.
Expects ~$100M after-tax gain ($1.20/share) from Charleston Harbor Resort & Marina sale, closing expected Q3 2025.

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