AFG Q2 net earnings $2.07 per share down from $2.49; core EPS $2.14, annualized ROE 15.0%

AMERICAN FINANCIAL GROUP INC

2025-Q2 EPS reported $3.92 revenue$3,780,000,000

Net earnings $174M ($2.07 diluted EPS) vs $209M ($2.49) in Q2 2024; core net operating earnings $179M ($2.14).
Specialty P&C combined ratio worsened to 93.1% from 90.5% a year ago; underwriting profit fell to $114M from $151M.
Net written premiums up 7% (5% ex-crop); average renewal rate ex-workers' comp ~7%.
Capital returned $107M including $39M share repurchases in Q2; book value ex AOCI $55.74.
Alternative investment return 1.2% annualized vs 5.1% in prior-year quarter; overall net investment income up 10% ex-alternatives.

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