What is American Financial Group's latest dividend and current dividend yield?

Did American Financial Group beat or miss consensus estimates last quarter?

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What factors drove the changes in American Financial Group's revenue and profit?

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What were the key takeaways from American Financial Group's earnings call?

What does American Financial Group do and what are its main business segments?

What is the market's earnings forecast for American Financial Group next quarter?

- **Industry-Leading ROE**: 19% annualized core operating ROE, supported by strong underwriting in Specialty Property and Casualty.
- **Dividend Strength**: 10% increase in regular dividend to $0.88/share and a special dividend of $2/share, part of $54/share in special dividends since 2021.
- **Investment Resilience**: 5.25% yield on fixed maturities and 6.2% annualized return on alternatives, with long-term 10%+ return expectations.
- **Pricing Discipline**: 5% renewal rate increases (including workers' comp) and 8% (excluding), with social inflation-exposed businesses maintaining margin focus.
- **Crop Stability**: Anticipated average 2025 crop year with stable 2026 pricing, driven by futures market trends and cautious trade policy optimism.

**【CEO Summary Section】**
- **Strong Financial Performance**: Achieved an annualized core operating return on equity (ROE) of 19% for the third quarter, driven by underwriting margins in Specialty Property and Casualty businesses. Net investment income grew 5% year-over-year, despite challenges in alternative investments.
- **Investment Portfolio Highlights**: 67% of the $16.8 billion portfolio is in fixed maturities with a yield of 5.25%. Alternative investments showed a 6.2% annualized return, with optimism for long-term returns of 10%+.
- **Shareholder Returns**: Declared a 10% increase in the regular quarterly dividend to $0.88 per share and a special dividend of $2 per share, adding to $54 per share in special dividends since 2021.

**【CFO Financial Commentary】**
- **Earnings Growth**: Core net operating earnings of $2.69 per share, up 16% year-over-year. Growth in book value per share (excluding AOCI) was nearly 11% for the first nine months.
- **Capital Management**: Maintained flexibility for future buybacks or special dividends, with $66 million returned to shareholders in Q3 and $167 million in the special dividend.
- **Portfolio Resilience**: Fixed maturity portfolio duration of 2.7 years, balancing interest rate risk. Multifamily investments showed signs of recovery with stable occupancy and lease renewals.

**【Q&A Key Highlights】**
- **Capital Allocation**: Buybacks are activated when shares trade at a significant discount; $4.6 billion in special dividends since 2021 reflect focus on shareholder returns.
- **Pricing Trends**: Overall renewal rate increases of 5% (including workers' comp) and 8% (excluding workers' comp), with social inflation-exposed businesses maintaining disciplined pricing.
- **Crop Business Outlook**: Anticipate an average crop year with stable pricing for 2026, driven by futures market stability and cautious optimism on trade policy impacts.
- **Specialty Casualty Growth**: 19% underwriting profit growth and a 93% combined ratio, benefiting from reduced catastrophe losses and favorable reserve development.


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