AMERICAN FINANCIAL GROUP INC

Overview

American Financial Group, Inc. (AFG) is a Cincinnati-based insurance holding company whose principal business is specialty property-and-casualty insurance, conducted through Great American Insurance Group. Its core focus is serving specialist insurance markets and helping policyholders manage distinct risks through insurance and risk-sharing solutions.[1]

AFG’s principal business segments are property and transportation, specialty casualty, and specialty financial, with products spanning areas such as crop and farm insurance, commercial property, transportation, liability, workers’ compensation, surety, and trade credit.[2] The company reports approximately 75 office locations worldwide.[3] For the year ended December 31, 2025, AFG reported total revenues of $8.174 billion and approximately 8,500 employees.[4] [1]+3

Products & services

American Financial Group’s insurance products include federally reinsured multi-peril crop insurance, crop-hail and other named-peril coverage, equine mortality, and farm, ranch and agribusiness insurance. Named agribusiness offerings include AgriPak®, AgriCOM® and DairyPak®. Its property and transportation products also cover commercial property, builders’ risk, contractors’ equipment, marine cargo, buses and trucks, specialized trucking physical damage, boats, marinas and excursion vessels.[2]+2

Specialty casualty offerings include excess-and-surplus, umbrella and excess liability; directors’ and officers’ and errors-and-omissions coverage; general liability for areas including contracting, energy and environmental risks; and workers’ compensation. Specialty financial products include fidelity and crime, surety, lender risk-management and trade-credit insurance. FCIA’s trade-credit offerings include multibuyer and single-buyer, contract-related and political-risk coverages, as well as financing and receivables products for financial institutions.[2]+3

For the year ended December 31, 2025, AFG reported $10.694 billion in consolidated property-and-casualty gross written premiums. Statutory premiums included $3.062 billion for special property, $1.941 billion for other liability—occurrence, $1.394 billion for workers’ compensation, and $933 million for commercial auto/truck liability/medical. The company also reported $98 million in fees from ancillary services, including workplace-safety programs and premium financing.[2][10] [2]+6

Geographic presence

American Financial Group’s insurance operations are centered in the United States, with international insurance subsidiaries domiciled in the United Kingdom, Ireland, Mexico, Bermuda and the Cayman Islands, and branch operations in Canada and Singapore. The FY2025 filing does not provide a country- or region-level revenue or premium breakdown.[11][4]

AFG is headquartered in Cincinnati, Ohio, and leases office and storage facilities in numerous U.S. and international cities. Its filing also reports that affiliates occupy space in downtown Cincinnati, while insurance subsidiaries own and occupy properties in Richfield, Ohio, and Lakeland, Florida.[12][13] The company website reports approximately 8,700 employees and about 75 office locations worldwide, but does not provide a geographic breakdown of employees or offices.[14] [11]+4

Business segments

AFG’s 2025 Form 10-K reports two segments: Property and casualty insurance, and Other. By 2025 revenue before realized gains and losses, Property and casualty insurance contributed approximately 95.3% ($7.783 billion of $8.163 billion), while Other contributed 4.7% ($380 million). Other primarily comprises holding-company assets and costs, rather than an insurance business.[15]+3

Within Property and casualty insurance, AFG describes three Specialty sub-segments: Property and transportation, covering specialty transportation, marine, agricultural-related products, and commercial property; Specialty casualty, covering liability, professional, workers’ compensation, and related specialty products; and Specialty financial, covering lending and leasing risk-management programs, fidelity and surety, and trade credit. Based on 2025 net earned premiums for these sub-segments, their approximate shares of the Specialty total were 39.0% ($2.746 billion), 45.6% ($3.215 billion), and 15.4% ($1.085 billion), respectively. These are shares of Specialty net earned premiums, not of company revenue.[19][18] [15]+11

Company history

American Financial Group’s roots include German American Insurance Company, founded in 1872 and renamed Great American Insurance Company in 1918. AFG’s corporate predecessor, American Financial, was founded by Carl H. Lindner Jr. in 1959. In 1973, Lindner acquired majority ownership of Great American’s parent, National General Corporation; in 1974, that company merged into American Financial Corporation, which sold many non-insurance assets and sharpened its insurance focus.[20]+2

In 1995, American Financial Corporation combined with American Premier Underwriters to form publicly traded American Financial Group; a 1997 reorganization established the holding-company structure. AFG later simplified its corporate structure by merging with subsidiary American Financial Corporation in 2003.[20]+3

AFG expanded its property-and-casualty operations with the 2014 purchase of Summit Holding Southeast and, in 2023, the acquisition of Crop Risk Services. It completed the sale of its annuity businesses to MassMutual in 2021. In 2025, Great American acquired Radion Health, its exclusive medical stop-loss managing general underwriter since 2022, and announced a new employer-health benefits business.[26]+3 [20]+9

Sources

• AMERICAN FINANCIAL GROUP INC — Full financial report (2025 Y)
  12 citations

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• www.afginc.com[14]
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• ir.afginc.com[21]
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