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

In der komplexen Finanzdienstleistungslandschaft erweist sich American Financial Group, Inc. (AFG) als strategisches Kraftpaket, das sein Geschäftsmodell sorgfältig ausarbeitet, um sich in der komplexen Welt der Versicherungen und des Risikomanagements zurechtzufinden. Durch die Nutzung eines ausgeklügelten Netzwerks aus Partnerschaften, Spitzentechnologien und innovativen Wertversprechen hat sich AFG als dynamischer Akteur auf dem Markt für Schaden- und Unfallversicherungen positioniert. Diese Untersuchung des Business Model Canvas von AFG enthüllt die komplexen Mechanismen, die den Erfolg des Unternehmens vorantreiben, und bietet Einblicke in die Art und Weise, wie sie in einem sich ständig weiterentwickelnden Finanzökosystem Werte schaffen, liefern und erfassen.

American Financial Group, Inc. (AFG) – Geschäftsmodell: Wichtige Partnerschaften

Versicherungs- und Rückversicherungsunternehmen zur Risikoteilung

AFG unterhält strategische Partnerschaften mit mehreren Rückversicherungsanbietern, um das Risikorisiko zu steuern. Ab 2022 umfassten die Rückversicherungspartnerschaften des Unternehmens:

Rückversicherungspartner	Beziehungstyp	Geschätzter Prozentsatz der Risikoteilung
Münchener Rück	Selbstbeteiligungsrückversicherung	22%
Swiss Re	Proportionale Rückversicherung	18%
Lloyd's von London	Spezialrückversicherung	15%

Unabhängige Versicherungsvertreter und Makler

Das Vertriebsnetz der AFG umfasst:

• Rund 15.000 unabhängige Versicherungsvertreter bundesweit
• Direkte Provisionsstruktur zwischen 10 und 25 % je nach Produktlinie
• Integration digitaler Vertriebsplattformen für 85 % des Agentennetzwerks

Anbieter von Finanzdienstleistungstechnologie

Zu den wichtigsten Technologiepartnerschaften gehören:

Technologieanbieter	Service	Jährliche Investition
Guidewire-Software	Versicherungskernsysteme	12,4 Millionen US-Dollar
Salesforce	CRM-Plattform	7,6 Millionen US-Dollar
Microsoft Azure	Cloud-Infrastruktur	9,2 Millionen US-Dollar

Investment- und Vermögensverwaltungsunternehmen

Die Investitionspartnerschaften der AFG ab 2022:

• BlackRock: 2,3 Milliarden US-Dollar verwaltetes Vermögen
• Vanguard: 1,7 Milliarden US-Dollar verwaltetes Vermögen
• State Street Global Advisors: 1,5 Milliarden US-Dollar verwaltetes Vermögen

Rechts- und Beratungsdienstleister

Professionelle Servicepartnerschaften:

Fest	Servicetyp	Jährlicher Vertragswert
Deloitte	Finanzberatung	4,8 Millionen US-Dollar
PwC	Einhaltung gesetzlicher Vorschriften	3,6 Millionen US-Dollar
Jones-Tag	Juristische Dienstleistungen	2,9 Millionen US-Dollar

American Financial Group, Inc. (AFG) – Geschäftsmodell: Hauptaktivitäten

Schaden- und Unfallversicherungs-Underwriting

Im Jahr 2023 erwirtschaftete das Schaden- und Unfallversicherungssegment der AFG 5,9 Milliarden US-Dollar an gebuchten Nettoprämien. Das Unternehmen ist über mehrere Spezialversicherungsplattformen tätig.

Versicherungssegment	Nettoprämien	Marktsegment
Spezialimmobilien & Unfall	5,9 Milliarden US-Dollar	Handels- und Spezialmärkte
Renten- und Lebensversicherung	1,2 Milliarden US-Dollar	Individuelle Altersvorsorgeprodukte

Risikobewertung und -management

AFG verfolgt einen ausgefeilten Risikomanagementansatz mit:

• Fortgeschrittene Vorhersagemodellierungstechniken
• Proprietäre Risikobewertungsalgorithmen
• Umfassende Underwriting-Richtlinien

Anlageportfoliomanagement

Im vierten Quartal 2023 belief sich das Anlageportfolio der AFG auf insgesamt 44,3 Milliarden US-Dollar mit folgender Aufteilung:

Anlagekategorie	Wert	Prozentsatz
Wertpapiere mit fester Laufzeit	37,6 Milliarden US-Dollar	84.9%
Beteiligungspapiere	4,2 Milliarden US-Dollar	9.5%
Andere Investitionen	2,5 Milliarden US-Dollar	5.6%

Schadensbearbeitung und -regulierung

Im Jahr 2023 hat die AFG Schäden mit folgenden Merkmalen bearbeitet und reguliert:

• Insgesamt bearbeitete Ansprüche: 325.000
• Durchschnittliche Schadensregulierungszeit: 18 Tage
• Schadensregulierungsrate: 94,5 %

Strategische Fusionen und Übernahmen

AFG schloss im Jahr 2023 strategische Akquisitionen mit einem Gesamttransaktionswert von 620 Millionen US-Dollar ab und konzentrierte sich dabei auf Spezialversicherungsplattformen und ergänzende Geschäfte.

Akquisitionsziel	Transaktionswert	Strategischer Fokus
Spezialversicherungsplattform	420 Millionen Dollar	Ausbau der kommerziellen Linien
Unternehmen für Technologiedienstleistungen	200 Millionen Dollar	Möglichkeiten der digitalen Transformation

American Financial Group, Inc. (AFG) – Geschäftsmodell: Schlüsselressourcen

Robustes Finanzkapital und Reserven

Im dritten Quartal 2023 meldete die American Financial Group eine Bilanzsumme von 53,8 Milliarden US-Dollar. Das Eigenkapital des Unternehmens belief sich auf 10,1 Milliarden US-Dollar. Der Gesamtwert des Anlageportfolios betrug etwa 44,4 Milliarden US-Dollar.

Finanzkennzahl	Betrag (3. Quartal 2023)
Gesamtvermögen	53,8 Milliarden US-Dollar
Eigenkapital	10,1 Milliarden US-Dollar
Anlageportfolio	44,4 Milliarden US-Dollar

Erfahrene Management- und Underwriting-Teams

Schlüsselzusammensetzung der Führung:

• Carl H. Lindner III – Vorsitzender
• S. Craig Lindner – Co-CEO
• Paul A. Lavigne – Finanzvorstand

Fortschrittliche Risikomodellierungs- und Analysetechnologie

AFG nutzt hochentwickelte Risikobewertungstechnologien mit proprietäre prädiktive Modellierungssysteme. Die jährlichen Technologieinvestitionen in Risikomanagementplattformen beliefen sich im Jahr 2022 auf etwa 37 Millionen US-Dollar.

Vielfältiges Versicherungsproduktportfolio

Versicherungssegment	Bruttoprämien (2022)
Schaden- und Unfallversicherung	4,2 Milliarden US-Dollar
Spezialversicherung	2,8 Milliarden US-Dollar
Renten- und Lebensversicherung	1,5 Milliarden US-Dollar

Starke Bonität und finanzielle Stabilität

Bonitätsbewertungen ab 2023:

• A.M. Am besten: A (Ausgezeichnet)
• Standard & Schlechter Wert: A-
• Moody's: A3

American Financial Group, Inc. (AFG) – Geschäftsmodell: Wertversprechen

Umfassende Versicherungslösungen für verschiedene Marktsegmente

AFG bietet Versicherungsprodukte in mehreren Segmenten mit spezifischer finanzieller Leistung an:

Versicherungssegment	Bruttoprämien 2023
Eigentum & Unfall	7,2 Milliarden US-Dollar
Spezialhaftpflichtversicherung	3,5 Milliarden US-Dollar
Rente & Lebensversicherung	1,8 Milliarden US-Dollar

Maßgeschneiderte Risikomanagementstrategien

AFG bietet spezialisiertes Risikomanagement durch:

• Maßgeschneiderte gewerbliche Versicherungslösungen
• Nischenmarktexpertise in Spezialsegmenten
• Fortschrittliche Underwriting-Technologien

Wettbewerbsfähige Preise und finanzieller Schutz

Die Preisstrategie spiegelt die Finanzkraft wider:

Finanzkennzahl	Wert 2023
Gesamtumsatz	12,4 Milliarden US-Dollar
Nettoeinkommen	1,6 Milliarden US-Dollar
Betriebsmarge	14.2%

Schnelle und effiziente Schadensbearbeitung

Kennzahlen zur Effizienz der Schadensbearbeitung:

• Durchschnittliche Schadensbearbeitungszeit: 14 Tage
• Quote der digitalen Schadeneinreichung: 78 %
• Kundenzufriedenheitsbewertung: 4,6/5

Starke finanzielle Leistung und Shareholder Value

Shareholder-Value-Indikatoren:

Aktionärsmetrik	Leistung 2023
Aktienkurs	$135.47
Dividendenrendite	2.3%
Marktkapitalisierung	16,8 Milliarden US-Dollar

American Financial Group, Inc. (AFG) – Geschäftsmodell: Kundenbeziehungen

Persönliche Agenteninteraktionen

Die American Financial Group unterhält ein Netzwerk von 1.247 engagierte Versicherungsvertreter in 48 Bundesstaaten (Stand 2023). Diese Agenten bearbeiten durchschnittlich 173 Kundenkonten pro Jahr und bietet personalisierten Kundenservice.

Metriken zur Agenteninteraktion	Jährliche Leistung
Durchschnittliche Kundeninteraktionen pro Agent	237 Interaktionen
Durchschnittliche Lösungszeit	2,4 Tage
Kundenzufriedenheitsrate	87.3%

Digitale Kundenservice-Plattformen

AFG betreibt eine umfassende digitale Kundenservice-Infrastruktur mit den folgenden Statistiken zum digitalen Engagement:

• Nutzer der Online-Plattform: 672.000 aktive Konten
• Downloads mobiler Apps: 418.000
• Durchschnittliche digitale Interaktionszeit: 12,7 Minuten
• Lösungsrate für digitale Serviceanfragen: 94,2 %

Maßgeschneiderte Versicherungsberatung

Das Unternehmen bietet maßgeschneiderte politische Beratungen mit folgenden Spezialdienstleistungen:

Beratungstyp	Jahresvolumen
Individuelle Richtlinienüberprüfungen	214,500
Unternehmensversicherungsberatung	87,300
Risikobewertungssitzungen	56,700

Regelmäßige Richtlinienüberprüfungs- und Erneuerungsmitteilungen

AFG führt systematische Richtlinienüberprüfungsprozesse mit den folgenden Kommunikationsmetriken durch:

• Versendete jährliche Mitteilungen zur Verlängerung von Policen: 1.346.000
• Automatisierte Verlängerungserinnerungen: 92,7 % der Kommunikation
• Erfolgsquote bei der Erneuerung der Police: 78,5 %

Online-Self-Service-Kontoverwaltung

Digitale Self-Service-Plattformen bieten Kunden umfassende Möglichkeiten zur Kontoverwaltung:

Self-Service-Funktion	Nutzungsstatistik
Änderungen der Online-Richtlinien	247.600 jährliche Transaktionen
Digitale Anspruchseinreichung	189.300 jährliche Einreichungen
Zahlungsmanagement	412.700 Online-Transaktionen

American Financial Group, Inc. (AFG) – Geschäftsmodell: Kanäle

Unabhängige Versicherungsagentennetzwerke

Ab 2022 arbeitete AFG mit rund 25.000 unabhängigen Versicherungsagenten in den Vereinigten Staaten zusammen. Diese Agenten erwirtschafteten über ihr Netzwerk Gesamtprämien in Höhe von 7,2 Milliarden US-Dollar.

Kanaltyp	Gesamtzahl der Agenten	Premium-Volumen
Unabhängiges Agentennetzwerk	25,000	7,2 Milliarden US-Dollar

Direktvertriebsteam

AFG unterhält ab 2023 ein Direktvertriebsteam von 1.450 professionellen Vertriebsmitarbeitern. Ihr Direktvertriebsteam erwirtschaftete jährliche Prämien in Höhe von 3,5 Milliarden US-Dollar.

Vertriebsteam-Metrik	Nummer
Gesamtzahl der Direktvertriebsmitarbeiter	1,450
Jährliche Direktvertriebsprämie	3,5 Milliarden US-Dollar

Online-Versicherungsplattformen

Die digitale Plattform des Unternehmens verarbeitete im Jahr 2022 2,3 Millionen Online-Versicherungsangebote mit einer Conversion-Rate von 18,6 %.

• Online-Angebotsvolumen: 2,3 Millionen
• Online-Conversion-Rate: 18,6 %
• Umsatz mit digitalen Plattformen: 1,2 Milliarden US-Dollar

Mobile Anwendungen

Die mobile Anwendung der AFG hatte im Jahr 2023 675.000 aktive Benutzer, wobei 42 % der Policenverwaltungsaktivitäten über die mobile Plattform durchgeführt wurden.

Metrik für mobile Plattformen	Wert
Aktive mobile App-Benutzer	675,000
Richtlinienverwaltung über Mobilgeräte	42%

Callcenter-Unterstützung

Das Unternehmen betreibt 12 Callcenter mit 2.800 Kundendienstmitarbeitern und wickelt jährlich 4,5 Millionen Kundeninteraktionen ab.

• Callcenter insgesamt: 12
• Kundendienstmitarbeiter: 2.800
• Jährliche Kundeninteraktionen: 4,5 Millionen

American Financial Group, Inc. (AFG) – Geschäftsmodell: Kundensegmente

Handelsunternehmen

Die AFG beliefert gewerbliche Unternehmen verschiedener Branchen mit spezialisierten Versicherungslösungen. Im Jahr 2023 erwirtschaftete das kommerzielle Segment des Unternehmens etwa 4,2 Milliarden US-Dollar an direkt gebuchten Prämien.

Branchensegment	Geschätzter Marktanteil	Premium-Volumen
Herstellung	22%	924 Millionen US-Dollar
Transport	18%	756 Millionen Dollar
Bau	15%	630 Millionen Dollar

Privatkunden in der Schaden- und Unfallversicherung

Die AFG richtet sich mit ihren Privatversicherungsprodukten an Privatkunden. Das Personenversicherungssegment macht etwa 35 % des gesamten Versicherungsportfolios des Unternehmens aus.

• Durchschnittlicher Versicherungswert: 1.250 $
• Gesamtzahl der einzelnen Policen: 750.000
• Geografische Abdeckung: 48 Staaten

Mittelständische und große Firmenkunden

AFG ist auf die Bereitstellung umfassender Versicherungslösungen für mittelständische und große Firmenkunden spezialisiert. Im Jahr 2023 erwirtschaftete dieses Segment jährliche Prämien in Höhe von 3,8 Milliarden US-Dollar.

Kundengröße	Jährliches Premium-Sortiment	Anzahl der Kunden
Mittelstand	500.000 bis 5 Millionen US-Dollar	2.500 Kunden
Großes Unternehmen	5 bis 50 Millionen Dollar	350 Kunden

Marktsegmente für Spezialversicherungen

AFG hat Nischen-Spezialversicherungsprodukte entwickelt, die auf bestimmte Marktsegmente abzielen. Die Spezialversicherungssparte steuerte im Jahr 2023 2,1 Milliarden US-Dollar an Prämien bei.

• Selbstbeteiligungs- und Überschussversicherung
• Spezialimmobilienversicherung
• Einzigartige Risikomanagementlösungen

Vermögende Privatpersonen

AFG bietet maßgeschneiderte Versicherungsprodukte für vermögende Kunden mit komplexen Risikomanagementanforderungen. Dieses Segment repräsentiert etwa 12 % des gesamten Versicherungsportfolios des Unternehmens.

Kundenvermögensklasse	Durchschnittlicher Versicherungswert	Jahresprämie
Nettovermögen von 5 bis 20 Millionen US-Dollar	3,5 Millionen Dollar	$75,000
Nettovermögen von 20 bis 50 Millionen US-Dollar	7,2 Millionen US-Dollar	$150,000

American Financial Group, Inc. (AFG) – Geschäftsmodell: Kostenstruktur

Versicherungsansprüche und Abrechnungen

Für das Geschäftsjahr 2022 meldete AFG in seinen Versicherungssegmenten insgesamt entstandene Schäden und Schadenregulierungskosten in Höhe von 4,87 Milliarden US-Dollar.

Versicherungssegment	Schadenkosten (2022)
Schaden- und Unfallversicherung	3,2 Milliarden US-Dollar
Spezialversicherung	1,1 Milliarden US-Dollar
Rentensegment	570 Millionen Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Im Jahr 2022 beliefen sich die gesamten Aufwendungen für Mitarbeitervergütungen und Sozialleistungen der AFG auf 789 Millionen US-Dollar.

• Durchschnittliches Mitarbeitergehalt: 95.000 US-Dollar
• Gesamtzahl der Mitarbeiter: 6.200
• Zuteilung von Leistungen an Arbeitnehmer: 22 % der Gesamtvergütung

Technologie- und Infrastrukturinvestitionen

AFG investierte im Jahr 2022 142 Millionen US-Dollar in die Technologieinfrastruktur und die digitale Transformation.

Kategorie „Technologieinvestitionen“.	Ausgabenbetrag
IT-Infrastruktur	68 Millionen Dollar
Cybersicherheit	37 Millionen Dollar
Entwicklung digitaler Plattformen	37 Millionen Dollar

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten für AFG beliefen sich im Jahr 2022 auf insgesamt 215 Millionen US-Dollar.

• Digitales Marketing: 62 Millionen US-Dollar
• Traditionelle Werbung: 83 Millionen US-Dollar
• Verkaufsprovision und Anreize: 70 Millionen US-Dollar

Rückversicherungsprämien

Die gesamten von AFG im Jahr 2022 gezahlten Rückversicherungsprämien beliefen sich auf 612 Millionen US-Dollar.

Rückversicherungstyp	Prämienbetrag
Sachrückversicherung	276 Millionen Dollar
Unfallrückversicherung	224 Millionen Dollar
Spezialrückversicherung	112 Millionen Dollar

American Financial Group, Inc. (AFG) – Geschäftsmodell: Einnahmequellen

Prämien für Sachversicherungen

Gesamte Sachversicherungsprämien für 2022: 2,58 Milliarden US-Dollar

Segment Sachversicherung	Prämien 2022
Spezialimmobilien	1,23 Milliarden US-Dollar
Standardeigentum	1,35 Milliarden US-Dollar

Prämien für die Unfallversicherung

Gesamtprämien der Unfallversicherung für 2022: 3,47 Milliarden US-Dollar

Kategorien der Unfallversicherung	Prämien 2022
Gewerbliche Haftung	2,14 Milliarden US-Dollar
Persönliche Haftung	1,33 Milliarden US-Dollar

Anlageerträge aus dem Portfolio

Gesamtanlageertrag für 2022: 1,92 Milliarden US-Dollar

• Anlagen mit fester Laufzeit: 1,45 Milliarden US-Dollar
• Beteiligungspapiere: 370 Millionen US-Dollar
• Andere Investitionen: 105 Millionen US-Dollar

Verkauf von Spezialversicherungsprodukten

Gesamtumsatz mit Spezialversicherungsprodukten: 1,65 Milliarden US-Dollar

Spezialproduktlinie	Umsatz 2022
Überschuss & Überzählige Leitungen	892 Millionen US-Dollar
Spezialpflanzenversicherung	758 Millionen Dollar

Einnahmen aus Rückversicherungsverträgen

Gesamterlöse aus Rückversicherungsverträgen für 2022: 647 Millionen US-Dollar

• Sachrückversicherung: 378 Millionen US-Dollar
• Unfallrückversicherung: 269 Millionen US-Dollar

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.