American Financial Group Q1 2026 Earnings Release with Strong P&C Results and Charleston Harbor Sale

American Financial Group reported strong first quarter 2026 results with core net operating earnings of $2.47 per share, a 36% year-over-year increase. The company achieved $206 million in core net operating earnings, driven by a 66% increase in Specialty P&C underwriting profit to $156 million. The combined ratio improved to 90.3% from 94.0% in the prior year quarter. AFG returned approximately $259 million to shareholders through dividends and share repurchases, including a $125 million special dividend. The company also announced a definitive agreement to sell the Charleston Harbor Resort & Marina, expecting a pretax core operating gain of approximately $125 million, with closing anticipated in Q2 or Q3 2026. Net earnings were $191 million ($2.29 per share), including $15 million in after-tax net realized losses on securities. Annualized core net operating return on equity was 17.0%, while annualized ROE was 15.8%.