--- title: "American Financial | 10-Q: FY2026 Q1 Revenue: USD 1.854 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285603943.md" datetime: "2026-05-07T19:34:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285603943.md) - [en](https://longbridge.com/en/news/285603943.md) - [zh-HK](https://longbridge.com/zh-HK/news/285603943.md) --- # American Financial | 10-Q: FY2026 Q1 Revenue: USD 1.854 B Revenue: As of FY2026 Q1, the actual value is USD 1.854 B. EPS: As of FY2026 Q1, the actual value is USD 2.29, missing the estimate of USD 2.578. EBIT: As of FY2026 Q1, the actual value is USD 262 M. ### Property and Casualty Insurance Segment #### Pretax Earnings Pretax earnings for the Property and Casualty Insurance segment were $309 million for the first three months of 2026, marking an increase of $63 million (26%) from $246 million in the first three months of 2025. #### Gross Written Premiums (GWP) GWP increased by $144 million (6%) to $2.44 billion for the first three months of 2026, up from $2.29 billion for the same period in 2025. #### Net Written Premiums (NWP) NWP rose by $53 million (3%) to $1.66 billion for the first three months of 2026, from $1.61 billion in the first three months of 2025. #### Net Earned Premiums Net earned premiums for the segment were $1.609 billion in the first three months of 2026, an increase of 2% from $1.580 billion in the comparable 2025 period. #### Underwriting Gain The underwriting gain for the segment was $156 million in the first three months of 2026, a 66% increase from $94 million in the first three months of 2025. #### Combined Ratio The combined ratio for Specialty lines improved to 90.3% in the first three months of 2026 from 94.0% in the first three months of 2025, representing a decrease of 3.7 percentage points. The aggregate combined ratio, including exited lines, was 90.4% in 2026 compared to 94.1% in 2025. **Loss and LAE Ratio**: Decreased to 56.3% in the first three months of 2026 from 61.0% in 2025, a -4.7 percentage point change. **Underwriting Expense Ratio**: Increased to 34.0% in the first three months of 2026 from 33.0% in 2025, a 1.0 percentage point change. #### Net Investment Income Net investment income for the segment was $168 million in the first three months of 2026, a -1% decrease from $170 million in the first three months of 2025. ### Property and Transportation Sub-segment #### Net Earned Premiums Net earned premiums were $526 million in Q1 2026, compared to $500 million in Q1 2025. #### Underwriting Profit Underwriting profit was $65 million in Q1 2026, compared to $37 million in Q1 2025. #### Gross Written Premiums Gross written premiums were $999 million in Q1 2026, an 11% increase from $897 million in Q1 2025. #### Reinsurance Premiums Ceded Reinsurance premiums ceded were - $403 million (40% of GWP) in Q1 2026, compared to - $334 million (37% of GWP) in Q1 2025. ### Specialty Casualty Sub-segment #### Net Earned Premiums Net earned premiums were $799 million in Q1 2026, compared to $794 million in Q1 2025. #### Underwriting Profit Underwriting profit was $34 million in Q1 2026, compared to $20 million in Q1 2025. #### Gross Written Premiums Gross written premiums were $1,089 million in Q1 2026, a 2% increase from $1,068 million in Q1 2025. #### Reinsurance Premiums Ceded Reinsurance premiums ceded were - $300 million (28% of GWP) in Q1 2026, compared to - $296 million (28% of GWP) in Q1 2025. ### Specialty Financial Sub-segment #### Net Earned Premiums Net earned premiums were $284 million in Q1 2026, compared to $286 million in Q1 2025. #### Underwriting Profit Underwriting profit was $57 million in Q1 2026, compared to $37 million in Q1 2025. #### Gross Written Premiums Gross written premiums were $347 million in Q1 2026, a 6% increase from $326 million in Q1 2025. #### Reinsurance Premiums Ceded Reinsurance premiums ceded were - $68 million (20% of GWP) in Q1 2026, compared to - $50 million (15% of GWP) in Q1 2025. ### Other Segment #### Earnings Before Income Taxes Earnings before income taxes were - $52 million for both the first three months of 2026 and 2025. ### Cash Flow #### Net Cash Provided by Operating Activities Net cash provided by operating activities totaled $474 million for the first three months of 2026, compared to $342 million for the same period in 2025. Excluding managed investment entities, operating cash flow was $312 million in Q1 2026 versus $300 million in Q1 2025. #### Net Cash Provided by (Used in) Investing Activities Net cash provided by (used in) investing activities was - $613 million for the first three months of 2026, compared to $23 million provided in the first three months of 2025. Excluding managed investment entities, investing activities resulted in a - $440 million use of cash in Q1 2026 compared to - $195 million in Q1 2025. #### Net Cash Used in Financing Activities Net cash used in financing activities was - $235 million for the first three months of 2026, compared to - $495 million for the same period in 2025. #### Net Change in Cash and Cash Equivalents Net change in cash and cash equivalents was - $374 million for the first three months of 2026, compared to - $130 million for the same period in 2025. ### Capital Structure and Liquidity #### Debt to Total Capital Ratio Including subordinated debt, the debt to total capital ratio for American Financial Group, Inc. was 27.8% at March 31, 2026, compared to 27.5% at December 31, 2025. Excluding subordinated debt, the ratio was 17.6% at March 31, 2026, compared to 17.5% at December 31, 2025. #### Parent Company Liquidity As of March 31, 2026, 美国金融集团 held approximately $408 million in cash and investments and has access to a $450 million revolving credit facility expiring in June 2028, with no amounts borrowed. #### Share Repurchases and Dividends In the first three months of 2026, \[美国金融集团\] repurchased 466,097 shares of its Common Stock for $60 million and paid a special cash dividend of $125 million ($1.50 per share). ### Outlook Management anticipates overall premium growth and strong underwriting results in the current property and casualty insurance market. They also expect improved returns on alternative investments, starting in the second half of 2026, to positively impact net investment income. \[美国金融集团\] believes its strong financial position and current liquidity will enable it to address future challenges, with its insurance subsidiaries maintaining capital at or above required levels and the parent company having no debt maturities until 2030. ### Related Stocks - [AFG.US](https://longbridge.com/en/quote/AFG.US.md) ## Related News & Research - [First Trust Advisors LP Acquires 257,522 Shares of American Financial Group, Inc. $AFG](https://longbridge.com/en/news/294033795.md) - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md) - [Ciena's Q3 2026 Earnings: What to Expect](https://longbridge.com/en/news/293952665.md) - [Equatorial Energia updates financial calendar for 2026 disclosures](https://longbridge.com/en/news/294368263.md) - [International Paper Q2 2026 Earnings Preview](https://longbridge.com/en/news/294266740.md)