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American Financial Group AFG Life policy reserves

Life policy reserves at other companies

Corebridge Financial logo
Corebridge FinancialCRBG
$740M+12.5%
Corebridge Financial logo
Corebridge FinancialCRBG
$740M+12.5%
American Financial Group logo
American Financial GroupAFG
$300M+6.0%
American Financial Group logo
American Financial GroupAFG
$300M+6.0%
CNO Financial Group logo
CNO Financial GroupCNO
$364M+11.4%
CNO Financial Group logo
CNO Financial GroupCNO
$364M+11.4%

Other financials

Income statement

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Revenue$2.0B+5.5%
Operating income$316.0M+38.0%
Net income$248.0M+42.5%
EPS (diluted)$2.99+44.4%

Balance sheet

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Cash & equivalents$1.4B+13.4%
Total debt$2.0B+19.3%
Total equity$4.8B+6.8%
Total assets$33.0B+7.7%

Cash flow

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Operating cash flow$92.0M-51.8%

Valuation

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Market cap$12.19B+14.3%
Enterprise value$12.78B+15.2%
P/E12.8×-1.2×
P/S1.5×+0.2×

Profitability

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Operating margin14.5%+2.8pp
Net margin11.5%+2.3pp

Returns & leverage

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Return on equity20.4%+3.2pp
Debt / equity0.4×0.0×

Where this comes from

Reported directly by American Financial Group in its filing.

Tagged under the XBRL concept us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsPolicyholderLiabilities.

The source filing: American Financial Group’s 10-K, filed February 25, 2026.

Filed
Feb 25, 2026, 3:19 PM EST
Fiscal year
FY2025
Accession
0001042046-26-000010
Line item20252024
Deferred tax assets:
Federal net operating loss carryforwards$8$2
Foreign underwriting losses910
Insurance claims and reserves300283
Employee benefits117114
Lease liabilities4145
Other, net2920
Total deferred tax assets before valuation allowance504474

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

FAQ

What is American Financial Group's life policy reserves?
American Financial Group (AFG) reported life policy reserves of $300M in Q4 2025.
How has American Financial Group's life policy reserves changed year-over-year?
American Financial Group's life policy reserves increased by 6.0% year-over-year, from $283M to $300M.
What is the long-term trend for American Financial Group's life policy reserves?
Over 5 years (2020 to 2025), American Financial Group's life policy reserves has grown at a 4.6% compound annual growth rate (CAGR), from $240M to $300M.
What does life policy reserves mean?
These reserves represent the tax impact of timing differences between the recognition of insurance policy expenses for financial reporting versus tax purposes. It reflects the deferred tax benefit associated with long-term insurance liabilities. This metric is critical for understanding the tax-adjusted valuation of insurance underwriting obligations.

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