AFG Q2 net earnings $2.99/share, core $2.82; record P&C operating income $350M

AMERICAN FINANCIAL GROUP INC

Net earnings $248M ($2.99 diluted EPS) vs $174M ($2.07) YoY; core net operating earnings $234M ($2.82) vs $179M ($2.14).
Record Q2 pretax P&C operating income $350M; underwriting profit $144M (combined ratio 91.5% vs 93.1% YoY).
Net written premiums up 6% YoY; average renewal rate increases ~5% excluding workers' comp.
Annualized ROE 20.3%, core operating ROE 19.2%; book value per share ex-AOCI $59.85.
Expects ~$125M pretax gain from sale of Charleston Harbor Resort & Marina, closing Q3 2026.

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