On this page of StockholderLetter.com we present the latest annual shareholder letter from AMERICAN FINANCIAL GROUP INC — ticker symbol AFG. Reading current and past AFG letters to shareholders can bring important insights into the investment thesis.


2024 Highlights RECORD GROSS WRITTEN PREMIUMS SPECIALTY P&C GROUP GAAP COMBINED RATIO 10.5B 91.2 RECORD NET WRITTEN PREMIUMS CORE OPERATING RETURN ON EQUITY 7.1B 19.3 1 RECORD P&C NET INVESTMENT INCOME 2 0 24 A N N UA L R E P O R T 784M
S. Craig Lindner (left) and Carl H. Lindner III 2 A M E R I C A N F I N A N C I A L G R O U P, I N C . CO - CHIEF E XECUTIVE OFFICERS
TO OUR FELLOW SHAREHOLDERS Insurance is critical to a thriving economy. Public and private businesses, non-profit and social service organizations and other commercial entities rely on it to recover and restore operations following covered losses, enabling them to get back to work and serve their customers. As an insurer intent on meeting the unique risk management needs of its customers, we believe our longevity and success are the result of our long-standing commitment to specialization, innovation, and customer focus all factors that help to ensure we are ready when our policyholders need us most. Our portfolio of Specialty property and casualty (P&C) insurance businesses dates back more than 150 years. Maintaining consistent and strong financial performance is crucial to ensuring the ongoing trust and confidence of our policyholders, agents, shareholders and business partners. Throughout 2024, our P&C insurance businesses continued to perform well in a favorable P&C market, producing healthy underwriting profitability and record premiums. Our in-house team of investment professionals skillfully navigated a higher interest rate environment and strategically managed duration, resulting in record P&C net investment income. With a talented team and a strong stron ab bout tthe foundation, we are excited about possibilities that lie ahead and nd d remain rem dedicated to delivering exceptional ceeptio on value to our stakeholders. Reported full-year net earnings of $887 million, or $10.57 per diluted share, generating During 2024, AFG: a strong return on equity of 19.0% Produced full-year core net operating earnings of $902 million, or $10.75 per diluted share, and a core operating return on equity of 19.3% Grew book value per share, excluding Accumulated Other Comprehensive Income (AOCI), to $56.03 as of December 31, 2024 Delivered $10.74 per share in total value creation, measured as the change in book value per share excluding AOCI plus dividends an impressive 19.6% 10-YEAR VIEW OF TOTAL VALUE CREATION (Growth in BVPS, excluding AOCI + Dividends) As of December 31 $90 80 11% CAGR 70 60 50 40 30 2014 9 3 2015 2016 2 0 24 A N N UA L R E P O R T 2017 2018 2019 2020 2021 2022 2023 2024
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/3/2023 AFG Stockholder Letter
 • stockholder letter icon 4/4/2024 AFG Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon AFG Benford's Law Stock Score = 99


AFG Shareholder/Stockholder Letter Transcript:



2024
Highlights
RECORD GROSS
WRITTEN PREMIUMS
SPECIALTY P&C GROUP
GAAP COMBINED RATIO


10.5B 91.2
RECORD NET
WRITTEN PREMIUMS
CORE OPERATING
RETURN ON EQUITY


7.1B 19.3
1
RECORD P&C NET
INVESTMENT INCOME
2 0 24 A N N UA L R E P O R T
784M

S. Craig Lindner (left) and Carl H. Lindner III
2
A M E R I C A N F I N A N C I A L G R O U P, I N C .
CO - CHIEF E XECUTIVE OFFICERS

TO OUR FELLOW SHAREHOLDERS
Insurance is critical to a thriving economy. Public and private
businesses, non-profit and social service organizations and
other commercial entities rely on it to recover and restore
operations following covered losses, enabling them to get
back to work and serve their customers.
As an insurer intent on meeting the unique risk management needs of its customers, we believe
our longevity and success are the result of our long-standing commitment to specialization,
innovation, and customer focus   all factors that help to ensure we are ready when our
policyholders need us most. Our portfolio of Specialty property and casualty (P&C) insurance
businesses dates back more than 150 years.
Maintaining consistent and strong financial performance is crucial to ensuring the ongoing
trust and confidence of our policyholders, agents, shareholders and business partners.
Throughout 2024, our P&C insurance businesses continued to perform well in a favorable
P&C market, producing healthy underwriting profitability and record premiums. Our in-house
team of investment professionals skillfully navigated a higher interest rate environment and
strategically managed duration, resulting in record P&C net investment income.
With a talented team and a strong
stron
ab
bout tthe
foundation, we are excited about
possibilities that lie ahead and
nd
d remain
rem
dedicated to delivering exceptional
ceeptio
on
value to our stakeholders.
Reported full-year net earnings of $887 million, or $10.57 per diluted share, generating
During 2024, AFG:

a strong return on equity of 19.0%

Produced full-year core net operating earnings of $902 million, or $10.75 per diluted
share, and a core operating return on equity of 19.3%

Grew book value per share, excluding Accumulated Other Comprehensive Income (AOCI),
to $56.03 as of December 31, 2024

Delivered $10.74 per share in total value creation, measured as the change in book
value per share excluding AOCI plus dividends   an impressive 19.6%
10-YEAR VIEW OF TOTAL VALUE CREATION (Growth in BVPS, excluding AOCI + Dividends)
As of December 31
$90
80
11%
CAGR
70
60
50
40
30
2014
9
3
2015
2016
2 0 24 A N N UA L R E P O R T
2017
2018
2019
2020
2021
2022
2023
2024



shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 

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