American Financial Group, Inc., an insurance holding company, provides specialty property and casualty insurance products in the United States. It offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers' compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance. The company sells its property and casualty insurance products through independent insurance agents and brokers. American Financial Group, Inc. was founded in 1872 and is headquartered in Cincinnati, Ohio.
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1. Chubb for highly niche commercial insurance.
2. The Berkshire Hathaway of specialized insurance.
3. Like Travelers, but focused on very specific commercial risks.
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- Property & Casualty Insurance: Provides coverage for physical property (e.g., auto, home, commercial property) and protection against legal liability resulting from accidents or damages to others.
- Annuities: Offers financial products that provide a guaranteed stream of income, often for retirement, in exchange for a lump-sum payment or series of payments.
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American Financial (symbol: AFG) primarily sells insurance products to other companies.
For an insurance holding company like American Financial Group, which specializes in commercial property and casualty insurance, its customer base consists of a vast and diversified array of businesses across numerous industries. Therefore, AFG does not have "major customer companies" in the sense of a few identifiable entities that contribute a significant portion of its revenue, nor does it publicly disclose the names of its corporate policyholders due to the nature of its business and client confidentiality.
Consequently, it is not possible to list specific customer company names with symbols as they are neither applicable (due to revenue diversification) nor publicly available for an insurer of this type.
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Carl H. Lindner III Co-Chief Executive Officer and Director
Carl H. Lindner III was elected Co-Chief Executive Officer of American Financial Group in January 2005. He has served as Co-President and a director since March 1996 and has been principally responsible for the property and casualty insurance operations since 1987. Mr. Lindner began working at American Financial Group in 1975, which his father, Carl H. Lindner Jr., acquired two years prior. He has been Chairman of Great American Insurance Company since 1987. In 2015, he co-founded FC Cincinnati and serves as its chief executive officer and majority owner.
S. Craig Lindner Co-Chief Executive Officer and Director
S. Craig Lindner was elected Co-Chief Executive Officer of American Financial Group in January 2005. He has served as Co-President and a director since March 1996. From 1999 until the sale of the business in May 2021, he served as Chief Executive Officer of Great American Financial Resources, Inc., a wholly-owned subsidiary of AFG that marketed traditional fixed and indexed annuities. Mr. Lindner also oversees the investment portfolios of AFG and its affiliated companies and has worked in various roles within the AFG affiliated companies since 1977. He previously served as president of American Money Management Corporation and on the boards of directors of several public companies, including National City Corporation, Provident Financial Group, Inc., Citicasters, Inc., and Spelling Entertainment Group, Inc.
Brian S. Hertzman Senior Vice President and Chief Financial Officer
Brian S. Hertzman was elected Senior Vice President and Chief Financial Officer of American Financial Group in August 2020. Prior to this role, he served as Vice President and Controller of AFG, with responsibility for oversight of accounting policies and procedures and financial reporting. Mr. Hertzman joined AFG in 1991 and has held positions of increasing responsibility within the company's finance and accounting areas during his over 30-year tenure. He is a Certified Public Accountant (CPA) in the State of Ohio (inactive).
John B. Berding President and Director
John B. Berding was elected President of American Financial Group in June 2023. He has also served as President of American Money Management Corporation (AMMC) since January 2011, AFG’s subsidiary providing investment management services. Mr. Berding has spent his entire career of over 35 years as an investment professional with the company and its affiliates, holding various investment-related executive positions with AMMC and other AFG subsidiaries.
Michelle A. Gillis Senior Vice President, Chief Human Resources Officer and Chief Administrative Officer
Michelle A. Gillis was appointed Chief Human Resources Officer in 2022 and elected Senior Vice President of American Financial Group in March 2013. Since March 2012, she has served as Vice President and Chief Administrative Officer, with responsibilities for Human Resources, Corporate Communications, Real Estate, and various shared service areas. Ms. Gillis joined Great American Insurance Company in 2004 and held various senior human resource management positions. Prior to joining AFG, she served in senior human resources leadership roles with Fifth Third Bank.
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The following clear emerging threats have been identified for American Financial Group (AFG):
1. Emergence of AI-driven, Direct-to-Business Specialty Insurance Platforms: This threat involves new entrants or digitally agile incumbent competitors leveraging advanced artificial intelligence, machine learning, and big data analytics to offer highly efficient, precise, and potentially lower-cost underwriting and claims management for specialty commercial risks. These platforms could bypass traditional broker networks and AFG's established, expertise-driven underwriting model, directly targeting AFG's niche markets such as transportation, agriculture, or professional liability. Evidence includes significant venture capital investment in commercial insurtechs (e.g., Coalition for cyber, At-Bay for tech E&O), pilot programs demonstrating efficiency gains, and a growing emphasis on alternative data sources for risk assessment, which could erode AFG's competitive advantage in its specialized segments.
2. Shift towards Digital-First, Low-Cost Retirement Income Solutions: This threat concerns the increasing consumer preference for transparent, low-cost, and digitally accessible retirement income solutions that may offer alternatives to traditional fixed and indexed annuities. The rise of sophisticated robo-advisors, integrated financial planning platforms, and new retirement income products with simpler fee structures could divert assets away from AFG's annuity business. Evidence includes the sustained growth of digital investment platforms, the increasing market share of low-cost index funds and ETFs, and a demographic shift towards younger retirees who are more comfortable with digital financial tools and skeptical of complex, commission-based products, potentially impacting AFG's traditional distribution channels and product appeal.
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American Financial Group (AFG) primarily operates in the property and casualty (P&C) insurance and annuity markets. The company focuses on providing specialized commercial products for businesses through its Great American Insurance Group, offering a wide range of coverages including property and transportation, specialty casualty, and specialty financial products.
Here are the addressable market sizes for AFG's main products and services:
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U.S. Property and Casualty (P&C) Insurance Market: The U.S. property and casualty insurance market was valued at approximately USD 1.10 trillion in 2025. This market is projected to grow to USD 1.33 trillion by 2030, with a compound annual growth rate (CAGR) of 3.96%. Another estimate placed the U.S. P&C insurance market at USD 1.0 trillion in 2025. The broader global property and casualty insurance market was valued at USD 3.97 trillion in 2024 and is expected to reach USD 8.81 trillion by 2034.
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U.S. Specialty Insurance Market: The U.S. specialty insurance market is estimated to reach USD 29.15 billion in 2025. Globally, the specialty insurance market was valued at USD 101.15 billion in 2024 and is projected to grow to USD 112.77 billion in 2025, with a projected CAGR of 13.1% to reach USD 266.15 billion by 2032. Another source indicates the global specialty insurance market stood at USD 134.6 billion in 2025 and is expected to expand to USD 215.8 billion by 2030.
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U.S. Annuity Market: Total annuity sales in the U.S. reached a record USD 432.4 billion in 2024. Projections for total annuity sales in 2025 range between USD 364 billion and USD 410 billion. The U.S. annuity market value is expected to reach USD 388.42 billion by 2029, growing at a CAGR of 5.98%.
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Here are 3-5 expected drivers of future revenue growth for American Financial Group (AFG) over the next 2-3 years:
- Growth in Net Written Premiums from Specialty Property & Casualty Businesses: American Financial Group projects a 5% increase in net written premiums for 2025, building on strong performance in its Specialty Property and Casualty Insurance segments. The company's focus on specialized commercial products for businesses is a core part of this strategy.
- Disciplined Underwriting and Pricing Strength: AFG consistently emphasizes disciplined underwriting and pricing strength. This is evidenced by 37 consecutive quarters of renewal rate increases, contributing to revenue growth.
- Strategic Investments, Acquisitions, and Organic Growth in Specialty Niche Markets: The company remains optimistic about future growth opportunities through strategic investments and acquisitions in its core businesses. AFG also aims for profitable organic growth and expansion in specialty niche markets.
- New Business Opportunities and Favorable Renewal Pricing: Primary drivers of growth include new business opportunities and favorable renewal pricing in several of AFG's targeted marketed businesses. Additionally, an increase in M&A activity has contributed to growth in its mergers and acquisitions business.
- Rebound in Premium Growth from New Business Units and Underwriting Actions: American Financial Group anticipates a rebound in premium growth for 2026, with optimism driven by new business units and underwriting actions.
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Share Repurchases
- American Financial Group repurchased approximately $50 million of its common stock year-to-date through February 27, 2025, at an average price of $123.83 per share.
- During 2021, the company repurchased 2,777,684 shares of its Common Stock for $319 million.
- In May 2021, AFG's Board of Directors authorized the repurchase of five million additional shares.
Share Issuance
- The number of shares outstanding has generally declined, with 0.084 billion shares outstanding as of June 30, 2025, a 0.48% decline year-over-year.
- American Financial Group's shares outstanding decreased by 1.06% in 2024 from 2023, and by 0.59% in 2023 from 2022.
Outbound Investments
- AFG strategically deploys capital into its core businesses to identify potential for healthy, profitable organic growth and opportunities to expand specialty niche businesses through acquisitions and start-ups.
- The company's capital management strategy includes seeking to grow through bolt-on or start-up businesses and making strategic acquisitions.
- Premium growth in 2024 was bolstered by crop insurance acquisitions.
