AFGMEDIUM SIGNALFINANCIAL10-K

AFG reported strong 33% operating cash flow growth alongside increased debt financing and enhanced catastrophe risk management capabilities.

The substantial improvement in operating cash flow generation combined with higher debt levels suggests AFG is investing in growth opportunities while maintaining strong liquidity. The company's enhanced catastrophe risk disclosures and bond financing indicate more sophisticated risk management as they expand their property and casualty operations.

Comparing 2026-02-25 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

AFG demonstrated strong operational performance with operating cash flow surging 33% to $1.5B, while total debt increased 23% to $1.8B and cash reserves grew 22% to $1.7B. The synchronized growth in cash generation, debt, and cash holdings suggests the company is strategically leveraging its balance sheet to fund expansion while maintaining substantial liquidity buffers. This financial profile indicates a company in growth mode with improved operational efficiency and conservative cash management.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+33.1%
$1.2B→$1.5B

Operating cash flow surged 33.1% — exceptional cash generation, highest quality earnings signal.

Total Debt
Balance Sheet
+23.4%
$1.5B→$1.8B

Debt rose 23.4% — additional borrowing for investment or operations; monitor coverage ratios.

Cash & Equivalents
Balance Sheet
+22.8%
$1.4B→$1.7B

Cash grew 22.8% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-25
ADDED
Ratings Gross Written Premiums AM Best S P Insurance Group Great American Insurance A+ A+ $ 8,211 National Interstate A+ not rated 1,256 Summit (Bridgefield Casualty and Bridgefield Employers) A+ A+ 599 Republic Indemnity A+ A+ 188 Mid-Continent Casualty A+ A+ 206 Other 234 $ 10,694 The primary objectives of AFG s property and casualty insurance operations are to achieve solid underwriting profitability and provide excellent service to its policyholders and agents.
(*) The source of the commercial lines industry ratios is 2026 A.M.
Total losses (net of reinsurance) to AFG s insurance operations from current accident year catastrophes were $137 million in 2025, $180 million in 2024 and $162 million in 2023 and are included in the table above.
In addition to traditional reinsurance, AFG has purchased coverage through a fully collateralized catastrophe bond.
AFG s net exposure to a catastrophic earthquake or windstorm that industry models indicate should statistically occur once in every 500 years (a 500-year event ) is less than 3% of AFG s Shareholders Equity.
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REMOVED
changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S.
In July 2023, AFG completed the acquisition of Crop Risk Services ( CRS ) from American International Group.
CRS is a primary crop insurance general agent based in Decatur, Illinois, and it was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums.
As a result of the acquisition, AFG remained the fifth ranked writer of U.S.
owned participant in the United States multi-peril crop insurance program.
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