American Financial Group, Inc. reported its results for the fourth quarter and full year of 2024. For Q4, net earnings were $255 million, or $3.03 per share, compared to $263 million, or $3.13 per share, in the same period of 2023. The decrease in net earnings was primarily due to non-core realized losses of $7 million ($0.09 per share) in Q4 2024, compared to net after-tax non-core realized gains of $25 million ($0.29 per share) in Q4 2023.

For the full year of 2024, net earnings per share rose to $10.57, compared to $10.05 in 2023. Return on equity (ROE) for the year was 19.0%, up from 18.8% in 2023.

Core net operating earnings for Q4 2024 were $262 million, or $3.12 per share, compared to $238 million, or $2.84 per share, in Q4 2023. This increase was driven by higher P&C net investment income, particularly improved returns on alternative investments, though partially offset by lower P&C underwriting profit. The core net operating earnings generated returns on equity of 19.3% for 2024, slightly down from 19.8% in 2023.

American Financial Group also announced that its overall average renewal rate increased by 8%, excluding workers’ compensation. For the full year, the company returned approximately $791 million in total capital to shareholders, which includes $545 million ($6.50 per share) in special dividends.