American Financial

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus across all key metrics: revenue of $2,030M beat the $1,748M estimate by 16.15%, while core net operating EPS of $2.82 outperformed the $2.37 consensus by 18.99%. The beat was driven by strong underwriting profitability, with the combined ratio improving to 91.6%, and a sharp recovery in alternative investment yields to 7.10%. Management reported favorable prior-year reserve development of $57M, reflecting disciplined risk selection in specialized commercial products.