American Financial Group . 5.875 % Debentures 2019-30.03.59 Global Stock Earnings Reports

Key points for investors: AFG reported solid third-quarter 2025 results driven by underwriting discipline and investment income. Core net operating earnings were $2.69 per share, up 16% year-over-year, and annualized core operating ROE was 19% for the quarter. Net investment income in P&C rose about 5% YoY as rate levels allowed higher yields (P&C fixed-maturity yields ~5.25% and portfolio duration ~2.7 years). Alternative investments returned ~6.2% annualized for the quarter; management remains optimistic on alternatives targeting ~10%+ long-term returns. The Specialty P&C combined ratio was 93% (improved vs. prior year), with group-level combined ratios: Property & Transportation ~94.1%, Specialty & Casualty ~95.8%, and Specialty Financial ~81.1%. Written premiums were roughly flat to modestly up excluding crop; AFG still expects full-year 2025 premium growth in the low single digits and anticipates premium growth to rebound in 2026 driven by start-ups and underwriting actions. Capital return remains a priority: the regular quarterly dividend was increased 10% to $0.88 and a special dividend of $2.00/share was declared (≈$167 million), part of $54/share (~$4.6 billion) of special dividends since 2021. Management expects continued excess capital through 2025–2026 and will evaluate acquisitions, repurchases or additional dividends. Highlights/risks to monitor: crop results and seasonality (most crop profitability booked in Q4), progress in multifamily alternatives (signs of recovery but still challenged in some regions), and social-inflation-exposed lines where pricing discipline and loss trends remain key drivers.