---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-114450"
form_type: "8-K"
ticker: "AFG"
cik: "0001042046"
company_name: "AMERICAN FINANCIAL GROUP INC"
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T06:42:41.449812+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-114450
- form_type: 8-K
- ticker: AFG
- cik: 0001042046
- company_name: AMERICAN FINANCIAL GROUP INC
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042046/000119312525114450/0001193125-25-114450-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042046/000119312525114450/d932101d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-114450
- JSON: https://secwatch.observer/filing/0001193125-25-114450.json
- Plain text: https://secwatch.observer/filing/0001193125-25-114450.txt

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