NYSE$AFG
American Financial Group Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
AFG reported net earnings of $263 million, or $3.13 per share, and core net operating earnings of $238 million, or $2.84 per share, for the fourth quarter of 2023.
American Financial Group, Inc. (AFG) reported a strong performance in Q4 2023, with net earnings of $263 million ($3.13 per share) and core net operating earnings of $238 million ($2.84 per share). The Specialty P&C operations achieved a combined ratio of 87.7%. A special cash dividend of $2.50 per share was declared.
- Net earnings per share were $3.13 in the fourth quarter.
- Core net operating earnings per share were $2.84 in the fourth quarter.
- Specialty Property & Casualty fourth quarter calendar year combined ratio was 87.7%.
- A special cash dividend of $2.50 per share was declared, payable February 28, 2024.
Headline financials
Revenue & EPS history
AFG · Revenue · Quarterly
$2.08B
Revenue by segment
AFG · $1.86B total across 1 segment · Q3 2023
- Net Earned Premiums$1.86B—100.0%
Forward guidance
Beginning in 2024, AFG will cease providing guidance. Performance in line with the assumptions underlying our 2024 business plan would result in core operating earnings per share of approximately $11.00 and generate a core operating return on equity excluding AOCI of approximately 20%.
Tailwinds
- 8% growth in net written premiums compared to 2023
- A similar combined ratio to the strong result in 2023
- A reinvestment rate of approximately 5.5%
- A return of approximately 6% on our $2.4 billion portfolio of alternative investments.
- Focus on long-term shareholder value creation by generating strong returns on equity that grow book value per share
Headwinds
- Ceasing to provide guidance beginning in 2024
- Changes in financial, political and economic conditions
- Performance of securities markets
- New legislation or declines in credit quality or credit ratings
- Levels of natural catastrophes and severe weather
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.2%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+2.8%
Avg return
30 days after
59%
40 / 68 earnings
Positive
+6.7%
Q3 2021
Best reaction
-9.0%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | -0.8% | -2.6% | |
| Q4 2025 | -0.7% | -0.5% | +0.4% | |
| Q3 2025 | +2.7% | +8.2% | +0.8% | |
| Q1 2025 | -6.3% | -5.0% | -3.7% | |
| Q4 2024 | -6.2% | -7.0% | -6.5% | |
| Q3 2024 | +5.5% | +9.4% | +13.9% | |
| Q2 2024 | +0.1% | +3.2% | +7.8% | |
| Q1 2024 | -0.1% | +1.8% | +1.7% | |
| Q4 2023 | +3.1% | +3.5% | +8.4% | |
| Q3 2023 | -0.5% | +0.9% | +6.5% | |
| Q2 2023 | -7.6% | -6.8% | -3.6% | |
| Q1 2023 | -5.8% | -5.9% | -8.4% | |
| Q4 2022 | -5.5% | -4.2% | -6.9% | |
| Q3 2022 | +0.3% | +2.0% | -2.3% | |
| Q2 2022 | -3.4% | -1.9% | -2.3% | |
| Q1 2022 | +4.8% | +1.8% | -1.4% | |
| Q4 2021 | +2.5% | +1.8% | +2.2% | |
| Q3 2021 | +6.7% | +5.2% | +0.8% | |
| Q2 2021 | +2.5% | +4.4% | +9.7% | |
| Q1 2021 | +0.9% | +3.8% | +11.3% | |
| Q4 2020 | +3.2% | +10.3% | +21.4% | |
| Q3 2020 | +0.5% | +4.1% | +25.9% | |
| Q2 2020 | +1.0% | +6.5% | +8.5% | |
| Q1 2020 | -9.0% | -17.2% | +1.4% | |
| Q4 2019 | +1.2% | +4.1% | -12.2% | |
| Q3 2019 | +0.9% | +2.8% | +7.9% | |
| Q2 2019 | +3.0% | +5.1% | +6.1% | |
| Q1 2019 | -1.0% | +0.7% | -5.1% | |
| Q4 2018 | +1.1% | -0.0% | +5.7% | |
| Q3 2018 | -0.1% | +0.1% | +2.6% | |
| Q2 2018 | +0.8% | +0.4% | -1.2% | |
| Q1 2018 | -3.9% | -2.3% | -2.5% | |
| Q4 2017 | +6.4% | -1.2% | -2.1% | |
| Q3 2017 | -3.4% | -2.5% | -0.3% | |
| Q2 2017 | +3.4% | +3.2% | +0.4% | |
| Q1 2017 | +3.7% | +1.8% | +3.2% | |
| Q4 2016 | +5.6% | +5.6% | +10.4% | |
| Q3 2016 | +2.0% | -0.3% | +11.2% | |
| Q2 2016 | -1.4% | +0.6% | +2.9% | |
| Q1 2016 | +1.6% | — | — | |
| Q4 2015 | -2.1% | — | — | |
| Q3 2015 | -2.5% | — | — | |
| Q2 2015 | +2.2% | — | — | |
| Q1 2015 | -0.5% | — | — | |
| Q4 2014 | +4.7% | — | — | |
| Q3 2014 | +1.0% | — | — | |
| Q2 2014 | -0.5% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | +0.9% | — | — | |
| Q3 2013 | +0.9% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | -0.6% | — | — | |
| Q4 2012 | +1.0% | — | — | |
| Q3 2012 | +0.3% | — | — | |
| Q2 2012 | +1.0% | — | — | |
| Q4 2008 | +3.6% | — | — | |
| Q4 2009 | +3.6% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q3 2011 | -0.8% | — | — | |
| Q4 2010 | -1.0% | — | — | |
| Q2 2011 | -1.0% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q3 2010 | -2.9% | — | — | |
| Q3 2009 | -2.9% | — | — | |
| Q2 2010 | +0.4% | — | — | |
| Q2 2009 | +0.4% | — | — |
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