---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-173998"
form_type: "8-K"
ticker: "AFG"
cik: "0001042046"
company_name: "AMERICAN FINANCIAL GROUP INC"
filed_at: "2025-08-06T23:59:59+00:00"
generated_at: "2026-05-17T18:49:36.127661+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-173998
- form_type: 8-K
- ticker: AFG
- cik: 0001042046
- company_name: AMERICAN FINANCIAL GROUP INC
- filed_at: 2025-08-06T23:59:59+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/1042046/000119312525173998/0001193125-25-173998-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042046/000119312525173998/d70239d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-173998
- JSON: https://secwatch.observer/filing/0001193125-25-173998.json
- Plain text: https://secwatch.observer/filing/0001193125-25-173998.txt

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