美国金融 2026年四季度报告

February 3, 2026 Fourth quarter net earnings per share of$3.58; core net operating earnings per share of$3.65Full year net earnings per share of$10.08; core net operating earnings per share of$10.29Fourth quarter underwriting profit increased 41% year-over-year and set a new quarterly recordFull year 2025 ROE of 17.8%; 2025 core operating ROE of 18.2%Total capital returned to shareholders during 2025 was$707 million; includes$334 million($4.00 per share) inspecial dividends and$99 millionin share repurchasesBoard of Directors declares$1.50per share special dividend, payableFebruary 25, 2026 CINCINNATI--(BUSINESS WIRE)--Feb. 3, 2026--American Financial Group, Inc.(NYSE: AFG) today reported 2025 fourth quarternet earnings of$299 million($3.58per share) compared to$255 million($3.03per share) in the 2024 fourth quarter. Net earningsfor the 2025 fourth quarter included net after-tax non-core realized losses of$6 million($0.07per share loss). By comparison, netearnings for the 2024 fourth quarter included net after-tax non-core realized losses of$7 million($0.09per share loss). Netearnings for the full year of 2025 were$10.08per share, compared to$10.57per share in 2024. Return on equity was 17.8% and Core net operating earnings were$305 million($3.65per share) for the 2025 fourth quarter, compared to$262 million($3.12pershare) in the 2024 fourth quarter. The year-over-year increase reflects record quarterly underwriting profit, which was partially Core net operating earnings generated returns on equity of 18.2% and 19.3% for the full years of 2025 and 2024, respectively,calculated excluding AOCI. Book value per share excluding AOCI was$58.38atDecember 31, 2025. For the three and twelve months endedDecember 31,2025, AFG’s growth in book value per share excluding AOCI plus dividends was 6.4% and 17.2%, respectively. AFG’s net earnings, determined in accordance withU.S.generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to corenet operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management,financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of theCompany by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operating The Company also announced today that its Board of Directors has declared a special cash dividend of$1.50per share ofAmerican Financial Groupcommon stock. The dividend is payable onFebruary 25, 2026, to shareholders of record onFebruary16, 2026. The aggregate amount of this special dividend will be approximately$125 million. This special dividend is in addition to Carl H. Lindner III andS. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We are extremely pleased witha strong finish to 2025, reporting fourth quarter underwriting profit that increased an impressive 41% year over year – our highestquarterly underwriting profit ever – and a core operating ROE that exceeded 18% for the full year. We are thankful to God and Messrs. Lindner continued: “AFG continued to have significant excess capital atDecember 31, 2025. Returning capital toshareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important andeffective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses aswe identify potential for healthy, profitable organic growth, and opportunities to expandour specialty niche businesses throughacquisitions and start-ups that meet our target return thresholds. We are proud of our strong record of capital management and during 2025.” Although AFG does not provide earnings guidance, we expect that performance in line with assumptions underlying our 2026business plan would result in 2026 core operating earnings per share of approximately$11.00and generate a core operatingreturn on equity excluding AOCI of approximately 18%. These assumptions include growth in net written premiums of 3% to 5% Specialty Property and Casualty Insurance Operations The Specialty P&C insurance operations generated an outstanding 84.1% combined ratio in the fourth quarter of 2025, a 4.9 pointimprovement from the 89.0% reported in the prior year quarter. Fourth quarter results include 0.2 points related to catastrophelosses compared to 1.1 points in the 2024 fourth quarter. Fourth quarter 2025 results benefitted from 1.6 points of favorable prioryear reserve development, compared to 1.8 points of adverse prior year reserve development in the fourth quarter of 2024. Fourth quarter 2025 gross written premiums were up 2% and net written premiums were down 1% when compared to the sameperiod in 2024.Gross written premiums increased 2% and net written premiums we