المجموعة المالية الأمريكية (AFG): نموذج الأعمال التجارية

في المشهد المعقد للخدمات المالية، تبرز شركة American Financial Group, Inc. (AFG) كقوة استراتيجية، حيث تعمل بدقة على صياغة نموذج أعمالها للتنقل في عالم التأمين وإدارة المخاطر المعقد. ومن خلال الاستفادة من شبكة متطورة من الشراكات والتقنيات المتطورة وعروض القيمة المبتكرة، وضعت مجموعة الدخيل المالية نفسها كلاعب ديناميكي في سوق التأمين على الممتلكات والتأمين ضد الحوادث. يكشف هذا الاستكشاف لنموذج الأعمال الخاص بالمجموعة المالية عن الآليات المعقدة التي تقود نجاح الشركة، ويقدم رؤى حول كيفية إنشاء القيمة وتقديمها والحصول عليها في نظام بيئي مالي دائم التطور.

American Financial Group, Inc. (AFG) – نموذج الأعمال: الشراكات الرئيسية

شركات التأمين وإعادة التأمين لتقاسم المخاطر

تحتفظ مجموعة أي أف جي بشراكات استراتيجية مع العديد من مقدمي خدمات إعادة التأمين لإدارة التعرض للمخاطر. اعتبارًا من عام 2022، شملت شراكات إعادة التأمين الخاصة بالشركة ما يلي:

شريك إعادة التأمين	نوع العلاقة	النسبة المئوية المقدرة لتقاسم المخاطر
ميونيخ ري	فائض إعادة التأمين على الخسارة	22%
سويس ري	إعادة التأمين النسبي	18%
لويدز لندن	إعادة التأمين المتخصصة	15%

وكلاء ووسطاء التأمين المستقلون

تشمل شبكة توزيع AFG ما يلي:

• ما يقرب من 15000 وكيل تأمين مستقل على الصعيد الوطني
• هيكل العمولة المباشرة يتراوح بين 10-25% على أساس خط الإنتاج
• تكامل منصة المبيعات الرقمية لـ 85% من شبكة الوكلاء

مقدمو تكنولوجيا الخدمات المالية

تشمل الشراكات التكنولوجية الرئيسية ما يلي:

مزود التكنولوجيا	الخدمة	الاستثمار السنوي
برنامج سلك التوجيه	أنظمة التأمين الأساسية	12.4 مليون دولار
قوة المبيعات	منصة إدارة علاقات العملاء	7.6 مليون دولار
مايكروسوفت أزور	البنية التحتية السحابية	9.2 مليون دولار

شركات الاستثمار وإدارة الأصول

الشراكات الاستثمارية لمجموعة AFG اعتبارًا من عام 2022:

• بلاك روك: أصول مُدارة بقيمة 2.3 مليار دولار
• الطليعة: 1.7 مليار دولار من الأصول المدارة
• شركة ستيت ستريت جلوبال أدفايزرز: أصول مُدارة بقيمة 1.5 مليار دولار

مقدمو الخدمات القانونية والاستشارية

شراكات الخدمات المهنية:

شركة	نوع الخدمة	قيمة العقد السنوي
ديلويت	الاستشارات المالية	4.8 مليون دولار
برايس ووترهاوس كوبرز	الامتثال التنظيمي	3.6 مليون دولار
يوم جونز	الخدمات القانونية	2.9 مليون دولار

American Financial Group, Inc. (AFG) - نموذج الأعمال: الأنشطة الرئيسية

اكتتاب التأمين على الممتلكات والحوادث

في عام 2023، حقق قطاع التأمين على الممتلكات والحوادث في مجموعة الدخيل المالية 5.9 مليار دولار أمريكي من صافي الأقساط المكتتبة. تعمل الشركة من خلال منصات تأمين متخصصة متعددة.

قطاع التأمين	صافي الأقساط المكتوبة	قطاع السوق
الملكية المتخصصة & إصابة	5.9 مليار دولار	الأسواق التجارية والمتخصصة
المعاش والتأمين على الحياة	1.2 مليار دولار	منتجات التقاعد الفردية

تقييم المخاطر وإدارتها

تتبع AFG نهجًا متطورًا لإدارة المخاطر من خلال:

• تقنيات النمذجة التنبؤية المتقدمة
• خوارزميات تسجيل المخاطر الخاصة
• إرشادات الاكتتاب الشاملة

إدارة المحافظ الاستثمارية

اعتبارًا من الربع الرابع من عام 2023، بلغ إجمالي محفظة استثمارات مجموعة الدخيل المالية 44.3 مليار دولار أمريكي، مع التخصيص التالي:

فئة الاستثمار	القيمة	النسبة المئوية
الأوراق المالية ذات الاستحقاق الثابت	37.6 مليار دولار	84.9%
الأوراق المالية	4.2 مليار دولار	9.5%
استثمارات أخرى	2.5 مليار دولار	5.6%

معالجة المطالبات وتسويتها

في عام 2023، قامت مجموعة الدخيل المالية بمعالجة وتسوية المطالبات بالخصائص التالية:

• إجمالي المطالبات التي تمت معالجتها: 325,000
• متوسط وقت تسوية المطالبات: 18 يومًا
• معدل حل المطالبات: 94.5%

عمليات الاندماج والاستحواذ الاستراتيجية

أكملت مجموعة الدخيل المالية عمليات استحواذ استراتيجية بقيمة إجمالية قدرها 620 مليون دولار أمريكي في عام 2023، مع التركيز على منصات التأمين المتخصصة والأعمال التكميلية.

هدف الاستحواذ	قيمة الصفقة	التركيز الاستراتيجي
منصة التأمين المتخصصة	420 مليون دولار	توسعة الخطوط التجارية
شركة خدمات التكنولوجيا	200 مليون دولار	قدرات التحول الرقمي

American Financial Group, Inc. (AFG) - نموذج الأعمال: الموارد الرئيسية

رأس مال واحتياطيات مالية قوية

اعتبارًا من الربع الثالث من عام 2023، أعلنت المجموعة المالية الأمريكية عن إجمالي أصول بقيمة 53.8 مليار دولار. وبلغت حقوق المساهمين في الشركة 10.1 مليار دولار. وبلغ إجمالي قيمة المحفظة الاستثمارية حوالي 44.4 مليار دولار.

المقياس المالي	المبلغ (الربع الثالث 2023)
إجمالي الأصول	53.8 مليار دولار
حقوق المساهمين	10.1 مليار دولار
المحفظة الاستثمارية	44.4 مليار دولار

فرق الإدارة والاكتتاب ذات الخبرة

التكوين القيادي الرئيسي:

• كارل هـ. ليندنر الثالث - رئيس مجلس الإدارة
• إس كريج ليندنر - الرئيس التنفيذي المشارك
• بول أ. لافين - المدير المالي

تكنولوجيا نمذجة المخاطر والتحليلات المتقدمة

يستخدم AFG تقنيات متطورة لتقييم المخاطر أنظمة النمذجة التنبؤية الملكية. بلغ الاستثمار التكنولوجي السنوي في منصات إدارة المخاطر حوالي 37 مليون دولار في عام 2022.

محفظة منتجات التأمين المتنوعة

قطاع التأمين	إجمالي الأقساط المكتتبة (2022)
التأمين على الممتلكات والحوادث	4.2 مليار دولار
التأمين التخصصي	2.8 مليار دولار
المعاش والتأمين على الحياة	1.5 مليار دولار

تصنيفات ائتمانية قوية واستقرار مالي

التصنيفات الائتمانية اعتبارًا من عام 2023:

• صباحا الأفضل: أ (ممتاز)
• قياسي & الفقراء: أ-
• موديز: A3

American Financial Group, Inc. (AFG) - نموذج الأعمال: عروض القيمة

حلول تأمينية شاملة لقطاعات السوق المتنوعة

تقدم مجموعة أي أف جي منتجات التأمين عبر قطاعات متعددة ذات أداء مالي محدد:

قطاع التأمين	2023 إجمالي الأقساط المكتتبة
الملكية & إصابة	7.2 مليار دولار
إصابة التخصص	3.5 مليار دولار
المعاش & التأمين على الحياة	1.8 مليار دولار

استراتيجيات إدارة المخاطر المخصصة

يوفر AFG إدارة المخاطر المتخصصة من خلال:

• حلول تأمينية تجارية مصممة خصيصاً
• خبرة السوق المتخصصة في القطاعات المتخصصة
• تقنيات الاكتتاب المتقدمة

أسعار تنافسية وحماية مالية

تعكس استراتيجية التسعير القوة المالية:

المقياس المالي	2023 القيمة
إجمالي الإيرادات	12.4 مليار دولار
صافي الدخل	1.6 مليار دولار
هامش التشغيل	14.2%

معالجة سريعة وفعالة للمطالبات

مقاييس كفاءة معالجة المطالبات:

• متوسط وقت حل المطالبات: 14 يومًا
• معدل تقديم المطالبات الرقمية: 78%
• تصنيف رضا العملاء: 4.6/5

أداء مالي قوي وقيمة للمساهمين

مؤشرات قيمة المساهمين:

مقياس المساهمين	أداء 2023
سعر السهم	$135.47
عائد الأرباح	2.3%
القيمة السوقية	16.8 مليار دولار

American Financial Group, Inc. (AFG) - نموذج الأعمال: علاقات العملاء

تفاعلات الوكيل الشخصي

تحتفظ المجموعة المالية الأمريكية بشبكة من 1,247 وكيل تأمين متخصص عبر 48 ولاية اعتبارًا من عام 2023. يتعامل هؤلاء الوكلاء مع متوسط 173 حساباً للعملاء سنويا، وتوفير خدمة العملاء الشخصية.

مقاييس تفاعل الوكيل	الأداء السنوي
متوسط تفاعلات العميل لكل وكيل	237 تفاعلا
متوسط وقت الحل	2.4 يوم
معدل رضا العملاء	87.3%

منصات خدمة العملاء الرقمية

تدير AFG بنية تحتية رقمية شاملة لخدمة العملاء مع إحصائيات المشاركة الرقمية التالية:

• مستخدمو المنصة الإلكترونية: 672 ألف حساب نشط
• تنزيلات تطبيقات الهاتف المحمول: 418.000
• متوسط وقت التفاعل الرقمي: 12.7 دقيقة
• معدل حل طلبات الخدمة الرقمية: 94.2%

استشارات سياسة التأمين المخصصة

توفر الشركة مشاورات سياسية مخصصة مع الخدمات المتخصصة التالية:

نوع الاستشارة	الحجم السنوي
مراجعات السياسة الفردية	214,500
استشارات التأمين التجاري	87,300
جلسات تقييم المخاطر	56,700

مراجعة السياسة المنتظمة ومراسلات التجديد

تجري مجموعة AFG عمليات مراجعة منهجية للسياسات باستخدام مقاييس الاتصال التالية:

• إشعارات تجديد البوليصة السنوية المرسلة: 1,346,000
• تذكيرات التجديد الآلي: 92.7% من الاتصالات
• نسبة نجاح تجديد السياسة: 78.5%

إدارة حساب الخدمة الذاتية عبر الإنترنت

توفر منصات الخدمة الذاتية الرقمية للعملاء إمكانات شاملة لإدارة الحساب:

ميزة الخدمة الذاتية	إحصائيات الاستخدام
تعديلات السياسة عبر الإنترنت	247,600 معاملة سنوية
تقديمات المطالبات الرقمية	189,300 طلب سنوي
إدارة الدفع	412,700 معاملة عبر الإنترنت

American Financial Group, Inc. (AFG) - نموذج الأعمال: القنوات

شبكات وكلاء التأمين المستقلين

اعتبارًا من عام 2022، عملت AFG مع ما يقرب من 25000 وكيل تأمين مستقل في جميع أنحاء الولايات المتحدة. وقد حقق هؤلاء الوكلاء 7.2 مليار دولار من إجمالي الأقساط من خلال شبكتهم.

نوع القناة	مجموع الوكلاء	حجم مميز
شبكة الوكلاء المستقلين	25,000	7.2 مليار دولار

فريق المبيعات المباشرة

تحتفظ AFG بقوة مبيعات مباشرة قوامها 1,450 مندوب مبيعات محترفًا اعتبارًا من عام 2023. وقد حقق فريق المبيعات المباشرة التابع لهم 3.5 مليار دولار من الأقساط السنوية.

متري فريق المبيعات	رقم
إجمالي مندوبي المبيعات المباشرة	1,450
قسط المبيعات المباشرة السنوية	3.5 مليار دولار

منصات التأمين عبر الإنترنت

عالجت المنصة الرقمية للشركة 2.3 مليون عرض أسعار للتأمين عبر الإنترنت في عام 2022، بمعدل تحويل 18.6%.

• حجم الاقتباس عبر الإنترنت: 2.3 مليون
• معدل التحويل عبر الإنترنت: 18.6%
• إيرادات المنصة الرقمية: 1.2 مليار دولار

تطبيقات الهاتف المحمول

كان لدى تطبيق الهاتف المحمول الخاص بـ AFG 675000 مستخدم نشط في عام 2023، مع إجراء 42% من أنشطة إدارة السياسات من خلال منصة الهاتف المحمول.

متري منصة المحمول	القيمة
مستخدمو تطبيقات الهاتف المحمول النشطون	675,000
إدارة السياسات عبر الهاتف المحمول	42%

دعم مركز الاتصال

تدير الشركة 12 مركز اتصال يضم 2800 ممثل لخدمة العملاء، وتتعامل مع 4.5 مليون تفاعل مع العملاء سنويًا.

• إجمالي مراكز الاتصال: 12
• ممثلو خدمة العملاء: 2,800
• تفاعلات العملاء السنوية: 4.5 مليون

American Financial Group, Inc. (AFG) - نموذج الأعمال: شرائح العملاء

المؤسسات التجارية التجارية

تخدم AFG الشركات التجارية في العديد من الصناعات من خلال حلول التأمين المتخصصة. اعتبارًا من عام 2023، حقق القطاع التجاري للشركة ما يقرب من 4.2 مليار دولار أمريكي من أقساط التأمين المكتتبة المباشرة.

قطاع الصناعة	حصة السوق المقدرة	حجم مميز
التصنيع	22%	924 مليون دولار
النقل	18%	756 مليون دولار
البناء	15%	630 مليون دولار

مستهلكو التأمين على الممتلكات الفردية والحوادث

تستهدف مجموعة أي أف جي المستهلكين الأفراد من خلال منتجات تأمين الخطوط الشخصية. ويمثل قطاع التأمين الشخصي حوالي 35% من إجمالي محفظة التأمين للشركة.

• متوسط قيمة السياسة: 1,250 دولارًا
• إجمالي عدد السياسات الفردية: 750.000
• التغطية الجغرافية: 48 ولاية

عملاء السوق المتوسطة والشركات الكبيرة

تتخصص شركة AFG في تقديم حلول تأمينية شاملة لعملاء الشركات المتوسطة والكبيرة. وفي عام 2023، حقق هذا القطاع 3.8 مليار دولار من الأقساط السنوية.

حجم العميل	النطاق المميز السنوي	عدد العملاء
منتصف السوق	500000 دولار - 5 ملايين دولار	2500 عميل
الشركات الكبيرة	5 ملايين دولار - 50 مليون دولار	350 عميل

قطاعات سوق التأمين المتخصصة

قامت مجموعة أي أف جي بتطوير منتجات تأمين متخصصة تستهدف قطاعات محددة من السوق. وساهم قسم التأمين المتخصص بمبلغ 2.1 مليار دولار في أقساط التأمين لعام 2023.

• تأمين الخطوط الزائدة والفائضة
• تغطية الممتلكات المتخصصة
• حلول فريدة لإدارة المخاطر

الأفراد ذوي الثروات العالية

تقدم مجموعة أي أف جي منتجات تأمينية مخصصة للعملاء من أصحاب الثروات العالية الذين لديهم احتياجات معقدة لإدارة المخاطر. ويمثل هذا القطاع حوالي 12% من إجمالي محفظة التأمين للشركة.

شريحة ثروة العميل	متوسط قيمة السياسة	القسط السنوي
5 ملايين دولار - 20 مليون دولار صافي القيمة	3.5 مليون دولار	$75,000
20 مليون دولار - 50 مليون دولار صافي القيمة	7.2 مليون دولار	$150,000

American Financial Group, Inc. (AFG) - نموذج الأعمال: هيكل التكلفة

مطالبات التأمين والتسويات

بالنسبة للسنة المالية 2022، أعلنت المجموعة عن إجمالي الخسائر المتكبدة ونفقات تسوية الخسائر بقيمة 4.87 مليار دولار عبر قطاعات التأمين التابعة لها.

قطاع التأمين	تكلفة المطالبات (2022)
الممتلكات والخسائر	3.2 مليار دولار
التأمين التخصصي	1.1 مليار دولار
قطاع المعاشات	570 مليون دولار

تعويضات ومزايا الموظفين

وفي عام 2022، بلغ إجمالي نفقات تعويضات ومزايا الموظفين في مجموعة أيه أف جي 789 مليون دولار.

• متوسط راتب الموظف: 95.000 دولار
• إجمالي عدد الموظفين: 6,200
• توزيع مزايا الموظفين: 22% من إجمالي التعويضات

استثمارات التكنولوجيا والبنية التحتية

استثمرت مجموعة AFG 142 مليون دولار في البنية التحتية التكنولوجية والتحول الرقمي في عام 2022.

فئة الاستثمار التكنولوجي	مبلغ الإنفاق
البنية التحتية لتكنولوجيا المعلومات	68 مليون دولار
الأمن السيبراني	37 مليون دولار
تطوير المنصات الرقمية	37 مليون دولار

مصاريف التسويق والمبيعات

وبلغ إجمالي نفقات التسويق والمبيعات لشركة AFG في عام 2022 215 مليون دولار.

• التسويق الرقمي: 62 مليون دولار
• الإعلان التقليدي: 83 مليون دولار
• عمولة المبيعات والحوافز: 70 مليون دولار

أقساط إعادة التأمين

بلغ إجمالي أقساط إعادة التأمين المدفوعة لشركة AFG في عام 2022 612 مليون دولار.

نوع إعادة التأمين	مبلغ القسط
إعادة التأمين على الممتلكات	276 مليون دولار
إعادة التأمين ضد الحوادث	224 مليون دولار
إعادة التأمين المتخصصة	112 مليون دولار

American Financial Group, Inc. (AFG) - نموذج الأعمال: تدفقات الإيرادات

أقساط التأمين على الممتلكات

إجمالي أقساط التأمين على الممتلكات لعام 2022: 2.58 مليار دولار

قطاع التأمين على الممتلكات	أقساط 2022
الملكية المتخصصة	1.23 مليار دولار
الملكية القياسية	1.35 مليار دولار

أقساط التأمين ضد الحوادث

إجمالي أقساط التأمين ضد الحوادث لعام 2022: 3.47 مليار دولار

فئات التأمين ضد الحوادث	أقساط 2022
المسؤولية التجارية	2.14 مليار دولار
المسؤولية الشخصية	1.33 مليار دولار

دخل الاستثمار من المحفظة

إجمالي الدخل الاستثماري لعام 2022: 1.92 مليار دولار

• استثمارات الاستحقاق الثابت: 1.45 مليار دولار
• الأوراق المالية: 370 مليون دولار
• استثمارات أخرى: 105 مليون دولار

مبيعات منتجات التأمين المتخصصة

إجمالي إيرادات منتجات التأمين التخصصي: 1.65 مليار دولار

خط إنتاج متخصص	إيرادات 2022
الزائدة & خطوط الفائض	892 مليون دولار
التأمين على المحاصيل المتخصصة	758 مليون دولار

إيرادات عقود إعادة التأمين

إجمالي إيرادات عقود إعادة التأمين لعام 2022: 647 مليون دولار

• إعادة التأمين على الممتلكات: 378 مليون دولار
• إعادة التأمين ضد الحوادث: 269 مليون دولار

American Financial Group, Inc. (AFG) - Canvas Business Model: Value Propositions

The core value proposition of American Financial Group is simple: we take on the complex, specialty risks that most insurers avoid, and we do it profitably. You get access to deep, decentralized expertise, which translates into stability and superior returns-a combined ratio of 93.0% for Specialty P&C in Q3 2025 proves the discipline is real.

Tailored insurance solutions for complex, niche risks

You aren't buying a generic policy; you're getting a solution crafted for your specific, often unique, risk profile. American Financial Group focuses on over 30 specialty property and casualty (P&C) businesses, where deep underwriting expertise is the competitive edge. This focus lets us price risk accurately, even in volatile segments like Excess Liability or Environmental, instead of relying on broad market averages.

For example, in the third quarter of 2025, the Specialty Financial Group, which includes financial institutions and surety, achieved an exceptional combined ratio of just 81.1%. That figure tells you we understand those niche markets defintely well. This is not a volume play; it's an expertise play.

• Aviation: Specialized coverage for aircraft and related operations.
• Environmental: Protecting against pollution and remediation costs.
• Specialty Construction: Tailored policies for unique building projects.
• Financial Institution Services: Coverage for banks, credit unions, and other financial entities.

Financial stability and certainty for policyholders

An insurance policy is a promise, and its value is only as good as the financial strength behind it. Our promise is backed by a fortress balance sheet. For you, the policyholder, this means certainty that a claim-even a large one-will be paid promptly. The core P&C subsidiaries, operating under the Great American Insurance Group brand, hold a Financial Strength Rating (FSR) of A+ (Superior) from A.M. Best, affirmed in late 2024. Standard & Poor's also affirmed its 'A+' financial strength rating on the core P&C subsidiaries as recently as March 2025. That is a top-tier rating.

High-quality, responsive claims service

The true test of an insurer is the claims process. With American Financial Group, our claims service is managed by specialists who understand the complexity of your niche policy, not just a general adjuster. This specialized knowledge speeds up resolution and reduces friction. While we don't publish average claim cycle times, the financial results speak to the quality of our claims and reserving process.

Here's the quick math: in the third quarter of 2025, our Specialty P&C operations benefited from 1.2 points of favorable prior year reserve development. This favorable development means we consistently set aside the right amount of money for claims initially, which is a sign of excellent claims handling and reserving discipline. You want an insurer whose initial loss estimate is accurate, not one that has to constantly adjust reserves upward.

Deep industry knowledge across multiple specialty markets

Our value comes from having over 30 distinct specialty businesses, each run by entrepreneurial teams who are experts in their specific market. This decentralized model ensures that the person underwriting your policy understands your business better than a generalist ever could. This is why our underwriting performance remains strong even when the broader P&C market faces headwinds.

The combined ratio for the overall Specialty P&C segment was 93.0% in Q3 2025. A combined ratio below 100% means the underwriting operation is profitable before considering investment income. This consistent profitability is a direct result of our deep, specialized knowledge across a wide range of niche markets.

Consistent, strong returns for shareholders

For investors, the value proposition centers on disciplined capital management and superior returns. Our strategy is to generate strong core operating earnings and return excess capital through special dividends. The 2025 core net operating Earnings Per Share (EPS) is projected to be approximately $10.50. This performance drives shareholder value.

The company declared a special cash dividend of $2.00 per share in November 2025, reflecting the continued strong financial results. This focus on returning capital is a key differentiator.

Key 2025 Financial Metric	Value/Projection	Value Proposition Link
Projected Core Net Operating EPS (2025)	Approximately $10.50	Consistent, Strong Returns for Shareholders
Special Dividend Declared (Nov 2025)	$2.00 per share	Consistent, Strong Returns for Shareholders
Core P&C Subsidiary A.M. Best FSR	A+ (Superior)	Financial Stability and Certainty for Policyholders
Specialty P&C Combined Ratio (Q3 2025)	93.0%	Tailored Solutions & Deep Industry Knowledge
Specialty Financial Group Combined Ratio (Q3 2025)	81.1%	Deep Industry Knowledge Across Specialty Markets

American Financial Group, Inc. (AFG) - Canvas Business Model: Customer Relationships

American Financial Group, Inc. (AFG) maintains a dual-pronged customer relationship strategy: high-touch, expert-driven service for its complex commercial specialty clients and distribution partners, complemented by efficient digital self-service tools for routine administration.

This hybrid model is essential to support the Specialty Property & Casualty (P&C) operations, which generated an underwriting profit of $139 million in the third quarter of 2025, demonstrating the value of specialized, long-term relationships in niche markets.

Direct relationships with large commercial clients

AFG's focus on specialized commercial P&C products means relationships with large clients are direct and consultative, moving beyond transactional sales. This is not a mass-market, low-touch model; it's built on deep industry knowledge and customized risk solutions.

The business model empowers local decision-making across the over 35 diversified businesses within the Specialty P&C Group, which facilitates an agile and personalized relationship with businesses facing unique financial risk exposures.

Long-term, high-touch support for brokers and agents

The primary distribution channel for AFG's specialty products is independent agents and brokers, so the relationship model is designed to make them highly effective. This support is long-term and focuses on deep product expertise.

For instance, the Crop Division provides agents with a comprehensive training program offering over 400 classes in multiple locations to ensure they stay current in the ever-changing crop insurance industry. This investment in agent capability is a core relationship strategy.

Key digital tools support this agent-centric model:

• Agent Portal: Provides 24/7 access for agents to retrieve, save, and email policy documents, print client loss runs, and view billing information.
• GreatAg® and GreatAg® Mobile: Secure portals for crop insurance agents to access policy terms, claims, CIMS (Crop Insurance Management System), and generate quotes on-the-go.

Personalized service for complex claims

For specialty commercial insurance, the moment of truth is the claim, especially for complex losses like excess casualty or professional liability. AFG maintains a highly specialized claims team to handle these intricate issues.

Great American Custom Claims Services staff emphasizes personal, specialized service, with experienced claims staff averaging over 27 years in the industry. They are licensed, specialized claims professionals who can handle claims in all 50 states and globally. That's defintely a high bar for expertise.

This specialized service is critical for managing the higher loss exposures in the Specialty Casualty Group, which reported an underwriting profit of $49 million in Q2 2025.

Dedicated account managers for key accounts

The specialization across AFG's divisions-Property and Transportation, Specialty Casualty, and Specialty Financial-necessitates dedicated underwriting and account management teams who understand specific niche risks.

The divisional structure, like Great American Custom, is explicitly focused on long-term client relationships and provides a single point of contact for customized business solutions, particularly for complex coverages like excess casualty and umbrella.

Digital self-service tools for basic policy administration

While the core relationship is high-touch, AFG uses digital tools to automate routine tasks, freeing up specialty underwriters and agents to focus on complex risk management.

The company has invested over $50 million in digital transformation initiatives to enhance customer experiences and improve operational efficiency. This investment supports 24/7 online claim reporting platforms across various divisions, making the initial claim submission easy for both agents and policyholders.

A tangible example of this digital service is the policyholder payment system. Effective December 1, 2025, policyholders using the Pay My Bill service via credit card will incur a 2.99% processing fee, a clear operational detail of the digital service cost structure.

Relationship Type	Primary Mechanism	2025 Operational/Financial Impact
Direct Commercial Client	Consultative, Specialized Underwriting	Supports Specialty P&C Underwriting Profit of $139 million (Q3 2025)
Broker/Agent Support	Agent Portal, GreatAg® Mobile, Training Programs	Over 400 training classes offered to agents (Crop Division)
Complex Claims	Specialized Claims Professionals	Claims staff averages over 27 years of industry experience
Basic Administration	Online Claim Reporting, Pay My Bill Portal	Credit card payment processing fee of 2.99% effective December 1, 2025

American Financial Group, Inc. (AFG) - Canvas Business Model: Channels

American Financial Group's (AFG) channels are a deliberately specialized, multi-pronged distribution network built to handle the complexity of niche commercial property and casualty (P&C) risks. The core strategy is to maintain a vast, high-touch independent agent network while simultaneously leveraging wholesale and digital channels to drive efficiency and access hard-to-place business.

This hybrid approach is critical for AFG to achieve its projected 5% growth in net written premiums (NWP) for the 2025 fiscal year, aiming for approximately $7.455 billion in total NWP, up from the $7.1 billion reported in 2024. The channel mix is the engine for that profitable growth.

Network of over 2,500 independent agents and brokers

The backbone of the Great American Insurance Group's distribution is its extensive network of independent agents and brokers. This channel is primarily responsible for placing the majority of AFG's standard and specialized commercial P&C business, relying on the agent's local knowledge and client relationship to select profitable risks.

This network, which consists of well over 2,500 appointed agencies, provides the necessary local presence to service the company's 35+ niche businesses. The independent agent model is a significant capital-light advantage, allowing AFG to maintain a broad geographic footprint without the overhead of a fully captive sales force. To be fair, managing a network this large requires constant training and technology support to keep underwriting quality high.

Wholesale brokers for hard-to-place risks

AFG utilizes wholesale brokers and excess and surplus (E&S) lines specialists to access risks that fall outside the appetite or capacity of its standard independent retail agents. This is a crucial channel for maintaining underwriting discipline in volatile or unique markets.

The Specialty Casualty Group, for instance, often relies on this channel for higher-hazard or complex liability placements. This channel allows the company to participate in high-margin, specialized business while maintaining a strong overall combined ratio, which stood at 93.0% for Specialty P&C operations in the third quarter of 2025. This focus on underwriting profit is defintely a core competency.

Direct sales force for specific large accounts

While AFG is primarily an agency carrier, a focused, internal direct sales force is maintained for specific large accounts, particularly within certain specialty divisions. This direct channel is often reserved for high-premium, highly technical lines or for businesses where a direct relationship is mandated by the client's structure, such as certain captive insurance programs or large financial institutions.

The Specialty Financial Group, which saw a 16% increase in gross written premiums in Q1 2025, benefits from this direct access model, especially for its financial institutions business, where direct engagement with corporate risk managers is essential.

Digital platforms for agent-facing policy management

AFG's digital channel is focused entirely on empowering its agents and brokers, not bypassing them. The primary tool is the Great American Agent Portal, a single sign-on platform that streamlines the entire policy lifecycle for the independent agent.

The platform provides self-service capabilities for the agent, including:

• Quoting, binding, and issuing policies for select lines.
• Accessing policy documents and loss runs.
• Checking real-time billing and claims status.

Additionally, the company offers a Developer Portal that provides Application Programming Interfaces (APIs) to allow large agency partners to integrate Great American Insurance Group's systems directly into their own agency management systems, increasing efficiency and reducing errors.

Strategic partnerships with MGAs

Strategic partnerships with Managing General Agents (MGAs) and Managing General Underwriters (MGUs) are a critical part of AFG's Alternative Distribution strategy, allowing for rapid entry into new niche markets. These partnerships leverage the MGA's specialized underwriting expertise and distribution reach without AFG having to build the infrastructure from scratch.

A prime example is the acquisition of Crop Risk Services in 2023, a major crop insurance general agent. This move cemented Great American Insurance Group's position as the fifth largest provider of multi-peril crop insurance in the U.S., a business line that significantly impacts the Property and Transportation Group's premium volume and growth figures.

Here's a quick map of the channel structure and its financial impact:

Channel Type	Primary Function	Target Customer Segment	2025 Financial Context (Q3)
Independent Agents (Retail)	Standard and Niche P&C Placement	Small to Mid-Sized Businesses (SMBs)	Drives the majority of the projected $7.455 billion NWP.
Wholesale Brokers / E&S	Accessing Hard-to-Place/Complex Risks	High-Hazard, Unique, or Large Commercial Accounts	Supports the Specialty Casualty Group's profitability, contributing to a 93.0% combined ratio.
Strategic Partnerships (MGAs/MGUs)	Niche Market Entry and Expertise Leverage	Specialized Industries (e.g., Crop, Transportation)	The Crop business, run through a general agent model, is a major contributor to the Property and Transportation Group.
Direct Sales Force	Large, Technical Account Servicing	Financial Institutions, Large Corporate Risks	Critical for the Specialty Financial Group, which saw 16% GWP growth in Q1 2025.

For your next step, you should analyze how the $167 million special dividend declared in November 2025, funded by this profitable channel mix, impacts AFG's capital flexibility for future MGA acquisitions.

American Financial Group, Inc. (AFG) - Canvas Business Model: Customer Segments

You're looking to understand exactly who American Financial Group, Inc. (AFG) serves, and the answer is clear: AFG targets businesses with complex, non-standard risks that the general insurance market often avoids. This focus on specialty property and casualty (P&C) insurance allows them to command better pricing and achieve superior underwriting margins, which is why their annualized core operating return on equity hit an impressive 19.0% in Q3 2025.

The entire business model hinges on deep expertise within niche markets, meaning their customer segments are highly defined and require specialized coverage-it's less about volume and more about the quality of the risk they take on. This targeted approach is evident in the performance of their three core segments, which collectively generated an underwriting profit of $139 million in the third quarter of 2025.

Here's a quick look at the core segments and their Q3 2025 underwriting profitability, showing where AFG is making its money right now:

Specialty P&C Group	Q3 2025 Underwriting Profit (in millions)	Key Customer Focus
Property and Transportation	$55 million	Commercial Transportation, Marine, Agriculture, Commercial Property
Specialty Casualty	$33 million	Mid-to-Large Commercial, Executive/Professional Liability, Workers' Compensation
Specialty Financial	$51 million	Lending/Leasing Institutions, Surety, Trade Credit

To be fair, the Specialty Casualty Group saw its underwriting profit drop by over 47% from the prior year's quarter, down to $33 million, due to continued pressure from social inflation in excess liability lines, so they are defintely focused on re-pricing that risk.

Mid-to-large-sized commercial businesses with unique risk profiles

This is AFG's bread and butter-companies that need coverage beyond what the standard (admitted) market offers, often found in the excess and surplus (E&S) lines. They are looking for tailored policies for specific, often hard-to-place risks. The Specialty Casualty Group, which includes E&S lines, targets these accounts, providing general liability, professional liability, and umbrella/excess liability.

Their focus is on customized programs for small- to mid-sized businesses, but the real margin is in the larger, more complex accounts that require significant limits. This segment's underwriting profit of $33 million in Q3 2025, despite being lower than prior periods, still reflects the value of their specialized underwriting expertise in these complex commercial lines.

Transportation, marine, and energy companies

These customers are primarily served by the Property and Transportation Group. They require specific coverage for assets constantly in motion or in high-risk environments. This group delivered a strong underwriting profit of $55 million in Q3 2025, a significant 66.7% increase year-over-year, partly due to lower catastrophe losses.

The target customers here include:

• Commercial trucking and bus operators needing physical damage and liability coverage.
• Companies operating in inland and ocean marine, covering cargo and hulls.
• Energy and other commercial property coverages that fall into specialty niches.

This segment's net written premiums saw a slight decrease in Q3 2025, indicating AFG's strategic non-renewal of underperforming accounts to maintain profitability, which is a classic specialty insurer move.

Financial institutions requiring specialized liability coverage

The Specialty Financial Group is the primary home for these customers, and it was AFG's strongest performer in Q3 2025, with an underwriting profit of $51 million. This was a massive 142.9% increase from the prior year, driven by strong performance in financial institutions and surety businesses.

The customers are lending and leasing institutions that need protection for their financial products and collateral. This includes:

• Lending and leasing institutions needing risk management insurance programs.
• Banks and other institutions requiring collateral and lender-placed mortgage property insurance.
• Businesses that rely on surety and fidelity products for contractual or legal obligations.

The Specialty Casualty Group also serves financial institutions indirectly through executive liability (Directors & Officers insurance) and professional liability (Errors & Omissions insurance) coverages.

Individuals with high-value assets (through certain subsidiaries)

While AFG's main focus is commercial, they do touch the high-net-worth (HNW) individual market through specialty lines that cover unique, high-value personal risks. This is often done via their excess and surplus lines within the Specialty Casualty Group, which is a growing market for HNW insurance globally, expected to reach $115.41 billion in 2025.

These customers are looking for:

• Umbrella liability insurance with very high limits, protecting against major lawsuits.
• High-value homeowners insurance for luxury properties and unique collections.
• Specialty coverages like yacht and aviation insurance, which align with AFG's transportation niches.

AFG's ability to underwrite complex, non-standard risks makes them a natural fit for the unique needs of wealthy clients who often find standard coverage insufficient.

Agricultural and construction sectors

AFG segments these customers across two different groups. The agricultural customers, primarily farmers and agribusinesses, are a key part of the Property and Transportation Group, relying on AFG for crop insurance and other agricultural-related products.

The construction sector is a major consumer of two other AFG products:

• Surety Bonds: Handled by the Specialty Financial Group, these guarantee performance on construction contracts.
• Workers' Compensation: A core offering of the Specialty Casualty Group, providing mandatory coverage for construction employees.

The workers' compensation business within Specialty Casualty continues to be a strong performer, even as other lines in that group face challenges, helping to stabilize the overall segment's profitability.

American Financial Group, Inc. (AFG) - Canvas Business Model: Cost Structure

You need to see where every dollar goes to truly understand American Financial Group, Inc.'s (AFG) profitability, and in the insurance business, the cost structure is all about managing risk and distribution. AFG's model is not about being the low-cost provider; it's about being a high-value, specialty underwriter, so its costs are naturally concentrated in claims, commissions, and the talent needed to price complex risks correctly. The expense ratio for their Specialty P&C operations stood at 32% in the second quarter of 2025, a slight increase from the prior year, which tells you the cost of doing business is rising.

Here's the quick math on AFG's primary cost drivers for the first half of the 2025 fiscal year, which frames your near-term risk assessment:

Cost Category	Amount (Six Months Ended June 30, 2025)	Notes
Losses & Loss Adjustment Expenses	$1,972 million	The largest variable cost, driven by claim severity and catastrophe events.
Commissions & Other Underwriting Expenses	$1,064 million	Includes agent/broker commissions and policy acquisition costs.
Expenses of Managed Investment Entities	$128 million	Direct costs associated with managing the investment portfolio.
Other Expenses (Regulatory, IT, General)	$153 million	Includes compliance, technology, and administrative overhead.

Significant underwriting expenses (agent commissions, policy acquisition)

The cost of acquiring and servicing a policy-the underwriting expense-is a major fixed-variable cost. For the first six months of 2025, AFG reported $1,064 million in Commissions and other underwriting expenses. This number is defintely tied to their net earned premiums of approximately $3.23 billion for the same period. The expense ratio is projected to increase slightly for the full year 2025, a key trend to watch, due to two factors: higher broker commissions and lower ceding commissions from reinsurers. This means AFG is paying more to distribution channels and retaining more risk/premium, which shifts the cost balance.

Claims and loss adjustment expenses

This is the single largest and most volatile cost component. For the first half of 2025, Losses and loss adjustment expenses totaled $1,972 million. This expense is the core of the insurance business, covering the actual payouts on claims and the administrative costs of processing them (Loss Adjustment Expenses). The major near-term risk here is catastrophe exposure.

• Full-year 2025 guidance includes an estimated $60 million to $70 million in losses specifically from California wildfires.
• The combined ratio-a measure of underwriting profitability-was 93.1% in Q2 2025, up 2.6 points year-over-year, largely due to higher catastrophe losses.
• Social inflation, or the rising cost of claims due to factors like larger jury awards, is also driving up loss severity, particularly in older accident years, forcing AFG to increase reserves.

Compensation for highly specialized underwriters and analysts

While a specific line item for 'specialized compensation' isn't broken out, AFG's business model depends on niche expertise, which means high labor costs are embedded in their overall expense base. They aren't selling simple, commoditized policies; they are pricing complex, specialty risks in areas like executive liability and financial institutions. The need for top-tier underwriters and actuaries who can accurately price these risks is non-negotiable, and their compensation is a significant driver of the expense ratio.

• AFG's underwriting success is a direct function of this highly-paid talent.
• The compensation is a fixed-to-variable cost, with base salaries being fixed and performance bonuses (tied to underwriting profit) being variable.

Investment management fees for the $20 billion portfolio

AFG is a major investor as well as an insurer. While the prompt mentions a $20 billion portfolio, the actual reported size of the investment portfolio was approximately $15.9 billion as of late 2024. Managing a portfolio of this size, which includes a significant portion in alternative investments, is expensive. The direct cost is captured in the Expenses of managed investment entities, which totaled $128 million for the first six months of 2025. This cost is the fee paid to external and internal managers to generate the net investment income, which is a crucial component of AFG's overall profit.

Regulatory compliance and IT infrastructure costs

These are the necessary, largely fixed overhead costs for operating a modern, regulated financial firm. They fall primarily under the 'Other expenses' line item, which amounted to approximately $153 million for the first half of 2025. Given the increasing complexity of data privacy laws and cybersecurity threats, plus the ongoing regulatory scrutiny in the insurance sector, you should expect this cost to trend upward. This is an area where AFG must spend to stay compliant and competitive.

• IT infrastructure upgrades are essential to support the sophisticated modeling used by specialty underwriters.
• Compliance costs are non-discretionary.

American Financial Group, Inc. (AFG) - Canvas Business Model: Revenue Streams

The revenue streams for American Financial Group, Inc. (AFG) are fundamentally two-fold: the core underwriting profits from its specialty insurance business and the substantial income generated by its diversified investment portfolio. For 2025, the company's revenue is heavily weighted toward premium growth and a solid, high-quality fixed-income portfolio.

You need to look at both the insurance side and the investment side; they are equally critical to AFG's financial strength. The total revenue for the twelve months ending June 30, 2025, was approximately $8.298 billion, showing a 3.04% increase year-over-year.

Net written premiums from specialty P&C segments, estimated at $8.5 billion in 2025

The primary revenue engine for American Financial Group is the collection of net written premiums (NWP) from its Specialty Property & Casualty (P&C) segments, which operate through the Great American Insurance Group. The company's 2025 business plan projected a 5% growth in NWP from the 2024 reported total of $7.1 billion.

Here's the quick math: that 5% growth target puts the 2025 projected NWP at approximately $7.455 billion. This premium growth is driven by increased exposures, new business opportunities, and a favorable rate environment, especially in the transportation businesses.

The first half of 2025 already showed strong premium generation, with the P&C segment reporting a total of $3.414 billion in net written premiums through June 30, 2025. The Specialty P&C segments are broken down into three main groups, each contributing to the total premium stream:

• Property and Transportation Group: Focuses on niche property, marine, and transportation lines.
• Specialty Casualty Group: Includes workers' compensation and excess liability.
• Specialty Financial Group: Covers executive liability and financial institutions business.

Net investment income from fixed-income and equity holdings

The second major revenue stream comes from the 'float'-the premiums collected but not yet paid out as claims-which American Financial Group invests conservatively. The net investment income (NII) for the first six months of 2025 totaled approximately $349 million. For the second quarter of 2025 alone, NII was $179 million.

The portfolio is managed to prioritize capital preservation and liquidity, which is why 65% of the $16.049 billion investment portfolio as of June 30, 2025, is allocated to investment-grade fixed maturities. Higher interest rates have been a tailwind; net investment income, excluding the volatile alternative investments, increased 10% year-over-year in the second quarter of 2025.

The company's 2025 business plan assumes a reinvestment rate of approximately 5.75%, a key factor in projecting future NII.

Realized investment gains from the portfolio

Realized investment gains are a non-core, but still significant, component of total earnings, stemming from the sale of invested assets. These gains can be volatile, but they provide a capital boost. For the first half of 2025, American Financial Group recorded a total of $4 million in after-tax net realized gains, with $2 million in Q1 2025 and another $2 million in Q2 2025.

Here is a snapshot of the realized gains for the first two quarters of 2025:

Period	After-Tax Net Realized Gains (Losses)
Q1 2025	$2 million
Q2 2025	$2 million
Year-to-Date (H1 2025)	$4 million

The alternative investments portfolio, which includes real estate funds and private equity, is a key driver of potential gains, with a long-term expectation of annual returns averaging 10% or better, although the annualized return was a muted 1.2% for the 2025 second quarter.

Fee income from certain services or joint ventures

While the vast majority of revenue is from premiums and investments, American Financial Group also generates fee income. This stream is minor compared to the core insurance and investment operations, but it still contributes to overall revenue. These fees are typically derived from services like policy administration or other value-added services. We don't have a specific 2025 dollar amount, but it's a standard, ancillary income source for an insurer of this scale.

Foreign exchange gains (minor)

Foreign exchange gains are a minor, non-core component of revenue, primarily resulting from the revaluation of foreign-denominated assets and liabilities. Given the company's primary focus on the US specialty P&C market, this revenue stream is typically small and subject to currency fluctuations, so it defintely doesn't move the needle like premiums do.