$AFG · AMERICAN FINANCIAL GROUP INC
AFG's 8-K (Items 2.02, 8.01) reports Q3 FY2026 net earnings of $282M ($3.40/share) vs $215M ($2.58/share) a year ago, with record core net operating earnings of $329M ($3.97/share), up 48%. Total revenues were $2.583B vs $2.331B. The board declared a one-time $3.50/share special cash dividend (~$290M aggregate) payable Nov 25, 2026 to holders of record Nov 16, 2026.
- Record Q3 pretax P&C operating income of $406M, up from $328M a year ago.
- Q3 net written premiums grew 9% YoY; overall renewal rates up ~6% ex-workers' comp.
- Annualized core operating ROE hit 26.0% vs 19.0% in Q3 2025.
- Special dividend of $3.50/share (~$290M) declared, on top of $0.97 regular quarterly dividend.
- Book value per share ex-AOCI rose to $62.29; $400M after-tax unrealized losses on fixed maturities.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Record core earnings plus a $290M special dividend signal strong capital generation and shareholder-return momentum.
Specialty P&C insurers are benefiting from a favorable renewal-rate environment; AFG's 93.8% combined ratio and 26% core ROE stand out versus peers.
Rising interest rates pressured book value (change in BVPS plus dividends was -0.2% for Q3); $400M after-tax unrealized losses on fixed maturities. Specialty Financial combined ratio deteriorated 11.4 points on an isolated European large loss.