美国金融 2026年一季度报告

April 29, 2026 Net earnings per share of$2.29; includes ($0.18) per share loss from after-tax non-core itemsCore net operating earnings per share of$2.47, an increase of 36% year-over-yearFirst quarter annualized ROE of 15.8%; core net operating ROE of 17.0%First quarter Specialty P&C underwriting profit increased 66% year-over-yearCapital returned to shareholders in the first quarter was approximately$259 million, including$125 millioninspecial dividends and$60 millionin share repurchasesDefinitive agreements reached for sale ofCharleston Harbor Resort& Marina; expected core pretax gain of$125million, with closing in the second or third quarter of 2026. CINCINNATI--(BUSINESS WIRE)--Apr. 29, 2026--American Financial Group, Inc.(NYSE: AFG) today reported 2026 first quarternet earnings of$191 million($2.29per share) compared to$154 million($1.84per share) for the 2025 first quarter. Net earningsincluded after-tax non-core net realized losses on securities of$15 million($0.18per share loss). By comparison, net earnings forthe 2025 first quarter included net after-tax gains of$2 million($0.03per share). Annualized return on equity was 15.8% and13.3% for the first quarters of 2026 and 2025, respectively, and is calculated excluding accumulated other comprehensive income(AOCI). Other details may be found in the table on the following page. Core net operating earnings were$206 million($2.47per share) for the 2026 first quarter compared to$152 million($1.81pershare) in the 2025 first quarter. The year-over-year increase reflects higher property and casualty (P&C) insurance underwritingprofit, which was partially offset by lower returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025first quarters may be found in the table below. Core net operating earnings for the first quarters of 2026 and 2025 generatedannualized returns on equity of 17.0% and 13.1%, respectively, which is calculated excluding AOCI. Components of Pretax Core OperatingEarnings In millions, except per share amounts AFG’s book value per share was$56.30atMarch 31, 2026. AFG repurchased$60 millionof its Common Stock (average price of$127.12per share) and paid cash dividends of$2.38per share during the first quarter, including a$1.50per share specialdividend paid in February. For the three months endedMarch 31, 2026, AFG’s growth in book value per share plus dividends was1.6%. Book value per share excluding AOCI was$57.83per share atMarch 31, 2026, compared to$58.38at the end of 2025. For thethree months endedMarch 31, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 3.1%. AFG’s net earnings, determined in accordance withU.S.generally accepted accounting principles (GAAP), include certain itemsthat 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 the Company by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operatingtrends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results becauseit believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used byAFG’s management as a basis for strategic planning and forecasting. In millions, except per share amounts Net earnings Net earnings:Core net operating earnings(a)Non-core items:Realized gains (losses) Net earnings Components of earnings per share:Core net operating earnings(a)Non-core items:Realized gains (losses) Diluted net earnings per share Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release. S. Craig Lindnerand Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report acore net operating ROE of 17% in the first quarter. Our specialty P&C businesses produced strong underwriting profitability againsta backdrop of lower returns in our alternative investments portfolio. We returned nearly$260 millionto our shareholders through acombination of regular dividends, special dividends and share repurchases. Our entrepreneurial, opportunistic culture anddisciplined operating philosophy continue to position us well for long-term success.” Messrs. Lindner continued: “AFG continued to have significant excess capital atMarch 31, 2026. Returning capital to shareholdersin the form of regular and special cash dividends and through opportunistic share repurchases is an important and effectivecomponent of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identifythe potential for healthy, profitable or