AMERICAN FINANCIAL GROUP INC

AFG, AFGB, AFGC, AFGD, AFGE · Fire, Marine & Casualty Insurance · 83.1M shares · -2%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $195M (gross $213M, SBC $18M)

Reference price $139.00 · est. market cap ~$11.5B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B76

American Financial Group — specialty P&C insurer with strong returns.

Strengths

ROE 17.5% (59th pct), interest coverage 13.4x (89th)
Large investment portfolio (90th); disciplined specialty niches

Risks

Revenue/earnings down modestly
Catastrophe and reserve exposure

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $1.7B cash & investments
Revenue declineRevenue -10.1% YoY
Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $1.9B2025-09-30 · $2.3B2025-12-31 · $2.1B2026-03-31 · $1.9B

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

13.1%

Net margin

10.3%

Return on equity

17.5%

Return on assets

2.6%

ROIC

12.8%

Revenue growth (QoQ)

-10.1%

Net-income growth

-5.1%

Debt / equity

0.4×

Net debt / EBITDA

0.1×

Interest coverage

13.4×

EBITDA

$1.2B

Tangible book value

$4.3B

Cash & investments

$1.7B

Stock comp / revenue

0.2%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-24	Gillis Michelle A	Sell	2.2K	$139.00
2026-06-23	Thompson David Lawrence Jr	Sell	11K	$135.05
2026-06-01	Martin Mary Beth	Grant	1.3K	—
2026-06-01	Newport Roger K	Grant	1.3K	—
2026-06-01	Murray Amy Y	Grant	1.3K	—
2026-06-01	VERITY WILLIAM W	Grant	1.3K	—
2026-06-01	VON LEHMAN JOHN I	Grant	1.3K	—
2026-06-01	JOSEPH GREGORY G	Grant	1.3K	—
2026-06-01	Nwankwo Evans N	Grant	1.3K	—
2026-02-27	Hertzman Brian S.	Sell	1.7K	$133.70
2026-02-26	LINDNER S CRAIG	Grant	11K	—
2026-02-26	Lindner Stephen Craig Jr	Grant	3.4K	—
2026-02-26	Weiss Mark A	Grant	3.0K	—
2026-02-26	Thompson David Lawrence Jr	Grant	4.7K	—
2026-02-26	Hertzman Brian S.	Grant	3.2K	—
2026-02-26	Gillis Michelle A	Grant	3.0K	—
2026-02-26	BERDING JOHN B	Grant	8.8K	—
2026-02-26	LINDNER CARL H III	Grant	11K	—
2026-02-23	LINDNER CARL H III	Tax withheld	3.8K	$129.85
2026-02-23	LINDNER S CRAIG	Tax withheld	3.3K	$129.85
2026-02-23	Lindner Stephen Craig Jr	Tax withheld	761	$129.85
2026-02-23	Thompson David Lawrence Jr	Tax withheld	1.1K	$129.85
2026-02-23	BERDING JOHN B	Tax withheld	2.0K	$129.85
2026-02-23	Gillis Michelle A	Tax withheld	730	$129.85
2026-02-23	Weiss Mark A	Tax withheld	658	$129.85
2026-02-22	Hertzman Brian S.	Tax withheld	727	$129.85
2026-01-28	Lindner Stephen Craig Jr	Gift	276	—
2026-01-28	Lindner Stephen Craig Jr	Gift	441	—
2026-01-28	Lindner Stephen Craig Jr	Gift	147	—
2025-12-29	Gillis Michelle A	Gift	542	—
2025-12-18	Lindner Stephen Craig Jr	Gift	44	—
2025-12-18	Thompson David Lawrence Jr	Gift	828	—
2025-12-16	LINDNER CARL H III	Gift	403	—
2025-12-15	Lindner Stephen Craig Jr	Gift	276	—
2025-12-15	LINDNER S CRAIG	Gift	3.3K	—
2025-12-15	Lindner Stephen Craig Jr	Gift	276	—
2025-12-15	Lindner Stephen Craig Jr	Gift	828	—
2025-12-09	LINDNER CARL H III	Gift	37K	—
2025-12-03	Lindner Stephen Craig Jr	Gift	574	—
2025-12-03	Lindner Stephen Craig Jr	Gift	574	—
2025-11-07	Hertzman Brian S.	Sell	1.8K	$142.51
2025-09-03	Murray Amy Y	Sell	920	$136.63
2025-09-02	Weiss Mark A	Gift	467	—
2025-08-21	Lindner Stephen Craig Jr	Sell	10K	$134.31
2025-08-04	LINDNER S CRAIG	Gift	109K	—
2025-08-04	LINDNER CARL H III	Gift	109K	—
2025-06-24	Weiss Mark A	Gift	200	—
2025-06-01	JOSEPH GREGORY G	Grant	1.4K	—
2025-06-01	Martin Mary Beth	Grant	1.4K	—
2025-06-01	Murray Amy Y	Grant	1.4K	—
2025-06-01	Newport Roger K	Grant	1.4K	—
2025-06-01	VERITY WILLIAM W	Grant	1.4K	—
2025-06-01	VON LEHMAN JOHN I	Grant	1.4K	—
2025-06-01	Nwankwo Evans N	Grant	1.4K	—
2025-03-18	VON LEHMAN JOHN I	Sell	2.5K	$125.67
2025-02-24	LINDNER S CRAIG	I	17K	$120.20
2025-02-23	LINDNER CARL H III	Tax withheld	5.0K	$120,165.00
2025-02-23	LINDNER S CRAIG	Tax withheld	4.7K	$120.17
2025-02-23	Weiss Mark A	Tax withheld	749	$120.17
2025-02-23	Thompson David Lawrence Jr	Tax withheld	965	$120.17
2025-02-23	Gillis Michelle A	Tax withheld	885	$120.17
2025-02-23	Lindner Stephen Craig Jr	Tax withheld	809	$120.17
2025-02-23	BERDING JOHN B	Tax withheld	2.6K	$120.17
2025-02-23	Hertzman Brian S.	Tax withheld	788	$120.17
2025-02-21	BERDING JOHN B	I	2.5K	$119.82
2025-02-20	JOSEPH GREGORY G	Buy	3.0K	$121.00
2025-02-19	Lindner Stephen Craig Jr	Grant	3.7K	—
2025-02-19	BERDING JOHN B	Grant	9.6K	—
2025-02-19	Gillis Michelle A	Grant	3.3K	—
2025-02-19	LINDNER S CRAIG	Grant	12K	—
2025-02-19	Thompson David Lawrence Jr	Grant	4.9K	—
2025-02-19	LINDNER CARL H III	Grant	12K	—
2025-02-19	Weiss Mark A	Grant	3.3K	—
2025-02-19	Hertzman Brian S.	Grant	3.3K	—

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-21	Shareholder vote	filing ↗
2026-04-30	ResultsReg FDExhibits	filing ↗
2026-02-18	Exec/director changeExhibits	filing ↗
2026-02-04	ResultsOtherExhibits	filing ↗
2025-12-05	OtherExhibits	filing ↗
2025-11-05	ResultsOtherExhibits	filing ↗
2025-09-23	OtherExhibits	filing ↗
2025-08-06	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-21	2026-05-20	0001140361-26-022469 ↗
10-Q	2026-05-07	2026-03-31	0001042046-26-000014 ↗
8-K	2026-04-30	2026-04-29	0001193125-26-193922 ↗
10-K	2026-02-25	2025-12-31	0001042046-26-000010 ↗
8-K	2026-02-18	2026-02-13	0001140361-26-006031 ↗
8-K	2026-02-04	2026-02-03	0001193125-26-036749 ↗
8-K	2025-12-05	2025-12-03	0001140361-25-044459 ↗
10-Q	2025-11-06	2025-09-30	0001042046-25-000035 ↗
8-K	2025-11-05	2025-11-04	0001193125-25-265722 ↗
8-K	2025-09-23	2025-09-16	0001140361-25-035826 ↗
10-Q	2025-08-07	2025-06-30	0001042046-25-000024 ↗
8-K	2025-08-06	2025-08-05	0001193125-25-173998 ↗