美国金融 2025年二季度报告

November 4, 2025 Net earnings per share of$2.58; includes$0.11per share loss from non-core itemsThird quarter core net operating earnings of$2.69per share, a 16% increase from theprior year periodThird quarter annualized ROE of 18.2%; annualized core operating ROE of 19.0%Third quarter year-over-year growth in Specialty P&C underwriting profit of 19%Board of Directors declares$2.00per share special dividend, payableNovember 26,2025 CINCINNATI--(BUSINESS WIRE)--Nov. 4, 2025--American Financial Group, Inc.(NYSE: AFG) today reported 2025 third quarter net earnings of$215million($2.58per share) compared to$181 million($2.16per share) in the 2024 third quarter. Net earnings included net after-tax non-core items thatreduced net income by$9 million($0.11per share loss) and$13 million($0.15per share loss) in the 2025 and 2024 third quarters, respectively.Annualized return on equity was 18.2% and 15.2% for the third quarters of 2025 and 2024, respectively, and is calculated excluding accumulated othercomprehensive income (AOCI). Other details may be found in the table on the following page. Core net operating earnings were$224 million($2.69per share) for the 2025 third quarter, compared to$194 million($2.31per share) in the 2024third quarter, reflecting higher year-over-year underwriting profit and higher net investment income. Additional details for the 2025 and 2024 thirdquarters may be found in the table below. Core net operating earnings for the third quarters of 2025 and 2024 generated annualized returns on equityof 19.0% and 16.2%, respectively, which is calculated excluding AOCI. Components of Pretax Core OperatingEarnings In millions, except per share amounts AFG’s book value per share was$56.72atSeptember 30, 2025. During the third quarter of 2025, AFG paid cash dividends of$0.80per share. For thethree and nine months endedSeptember 30, 2025, AFG’s growth in book value per share plus dividends was 6.2% and 14.9%, respectively. Book value per share excluding AOCI was$57.59atSeptember 30, 2025. For the three and nine months endedSeptember 30, 2025, AFG’s growth inbook value per share excluding AOCI plus dividends was 4.8% and 10.6%, respectively. AFG’s net earnings, determined in accordance withU.S.generally accepted accounting principles (GAAP), include certain items that may not beindicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, anon-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, andinvestors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains and lossesand other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financialperformance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operatingearnings is also used by AFG’s management as a basis for strategic planning and forecasting. In millions, except per share amounts Components of net earnings: Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release. The Company also announced today that its Board of Directors has declared a special cash dividend of$2.00per share ofAmerican Financial Groupcommon stock. The dividend is payable onNovember 26, 2025, to shareholders of record onNovember 17, 2025. The aggregate amount of thisspecial dividend will be approximately$167 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of$0.88pershare most recently paid onOctober 24, 2025. With this special dividend, the Company has declared$54.00per share in special dividends since thebeginning of 2021. S. Craig Lindnerand Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased with AFG’s performance duringthe third quarter, with growth in core operating earnings per share of approximately 16% year-over-year. We achieved an annualized core operatingreturn of 19%, reflecting solid underwriting margins, P&C net investment income that increased by 5% year over year, and effective capitalmanagement. Our entrepreneurial culture and disciplined operating philosophy position us well for the future and enable us to continue to create valuefor our shareholders. Messrs. Lindner continued, “AFG continued to have significant excess capital atSeptember 30, 2025. Returning capital to shareholders in the form ofregular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital managementstrategy. In addition, our excess capital will be deployed into AFG’s core businesses as we identify potential for healthy, profitable organic growth, andopportunities to expand our specialty niche businesses t