American Financial Group Q4 EPS Jumps 17% to $3.65, Revenues Fall 2.7% to $2B
American Financial Group posted Q4 net operating earnings per share of $3.65, beating consensus by 14.8% and rising 17% year over year, driven by strong property and transportation underwriting profits. Fourth-quarter revenues declined 2.7% to $2 billion due to lower net investment income, missing estimates by 1.4%.
1. EPS Performance
American Financial Group delivered net operating earnings per share of $3.65 in Q4 2025, a 17% increase year over year that topped consensus estimates by 14.8%. Underwriting profit in the property and transportation segment was the primary driver of the bottom-line outperformance.
2. Revenue Decline
Total fourth-quarter revenues fell 2.7% to $2.0 billion, missing consensus estimates by 1.4%. The decline stemmed from lower net investment income as yields on invested assets decelerated in the period.
3. Underwriting Profit Drivers
Strong results in the property and transportation insurance operations underpinned underwriting gains, offsetting pressure from weaker investment returns and higher operating expenses. This segment’s performance cushioned the company against slowing top-line growth.