American Financial Group Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of American Financial Group Inc (AFG) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: American Financial Group Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 8,278M vs 1,273,671M combined for its competitors (0.6% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-1.9% annualized vs trailing 12 months), vs accelerating (+3.1%) for its tracked peer group.
- Growth: American Financial Group Inc generated 5.5% revenue growth year over year in Q2 2026, vs 5.0% for its competitors combined.
- Profitability: Its 12.2% net margin compares with 15.2% for the peer group.
- Scale: American Financial Group Inc ranks #17 of 63 companies by market capitalization in the Property & Casualty Insurance industry, holding 0.6% of industry market cap.
- Peer revenue share: American Financial Group Inc accounted for 0.6% of combined revenue among its tracked peer group, up from 0.6% a year earlier.
- Peer differentiation: Revenue per employee of $0.97M compares with $1.28M for the peer group (0.8x).
- Structure: American Financial Group Inc operates in the following segments: Specialty Casualty Insurance, Specialty Property and Transportation Insurance, Specialty Financial Insurance.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AFG Sales vs. its Competitors, Q2 2026
American Financial Group Inc reported revenue growth of 5.51 % year on year in Q2 2026, above its competitors' combined revenue growth of 4.99 %.
With a net margin of 12.22 %, American Financial Group Inc reported lower profitability than its competitors (15.20 %).
American Financial Group Inc generated 0.61 % of the combined sales of its peer group, up from 0.61 % a year earlier.
API endpoints for this dataset
American Financial Group Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in American Financial Group Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across American Financial Group Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| American Financial Group Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across American Financial Group Inc's competitor groups requires a Commercial License.
For context: the Property & Casualty Insurance industry grew revenue 3.7% year over year, combined, vs 5.5% for American Financial Group Inc. American Financial Group Inc's share of combined industry revenue moved from 0.74% to 0.75%, a gain of 0.01 percentage points.
American Financial Group Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| American Financial Group Inc | Yes | No | No | No |
| Competitors combined (57) | ||||
| High-Confidence Competitors (6) | ||||
| Similar-Size Competitors (9) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 62.50 % (5 of 8) | 12.50 % (1 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AFG Stock Performance relative to its Competitors
AFG Stock Performance relative to High-Confidence Competitors
AFG Stock Performance relative to Similar-Size Competitors
AFG Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Safety Insurance Group Inc | 282.9% | Outperformed |
| 2 | Siriuspoint Ltd | 282.9% | Outperformed |
| 3 | Universal Insurance Holdings Inc | 282.9% | Outperformed |
| 4 | Travelers Companies inc | 282.9% | Outperformed |
| 5 | Hanover Insurance Group Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for American Financial Group Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
American Financial Group Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of American Financial Group Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 American Financial Group Inc |
12,827.65 | 8,278.00 |
 Progressive Corp |
132,607.69 | 91,735.00 |
 Marsh and Mclennan Companies Inc |
98,108.78 | 28,470.00 |
 Travelers Companies inc |
83,229.12 | 48,921.00 |
 The Cigna Group |
77,496.60 | 282,382.00 |
 Aon Plc |
71,314.53 | 17,707.00 |
| SUBTOTAL | 1,030,162.48 | 1,317,116.51 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on American Financial Group Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
American Financial Group Inc's Competitors Named by the Company
Competitive relationships identified from American Financial Group Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Skyward Specialty Insurance Group Inc | Company report | 85% |
| Arch Capital Group Ltd | Company report | 85% |
| Hamilton Insurance Group Ltd | Company report | 85% |
| Tiptree Inc | Company report | 85% |
| Oil States International Inc | Company report | 85% |
| Global Indemnity Group Llc | Company report | 85% |
| Horace Mann Educators Corporation | Company report | 85% |
| Unum Group | Company report | 85% |
| Donegal Group Inc | Company report | 85% |
| Assurant Inc | Company report | 85% |
| Cincinnati Financial Corporation | Company report | 85% |
| Universal Insurance Holdings Inc | Company report | 85% |
| Kingstone Companies Inc | Company report | 85% |
| Aspen Insurance Holdings Limited | Company report | 85% |
| Reinsurance Group Of America Incorporated | Company report | 85% |
| Rli Corp | Company report | 85% |
| Travelers Companies inc | Company report | 85% |
| Metlife Inc | Company report | 85% |
| Alleghany Corp | Company report | 85% |
| Mercury General Corporation | Company report | 85% |
| Enstar Group Ltd | Company report | 85% |
| W R Berkley Corp | Company report | 85% |
| Brown and Brown Inc | Company report | 85% |
| Hartford Financial Services Group Inc | Company report | 85% |
| American International Group Inc | Company report | 85% |
| United Fire Group Inc | Company report | 85% |
| James River Group Holdings Inc | Company report | 85% |
| Genworth Financial Inc | Company report | 85% |
| Old Republic International Corporation | Company report | 85% |
| Loews Corp | Company report | 85% |
| Progressive Corp | Company report | 85% |
| White Mountains Insurance Group ltd | Company report | 85% |
| Kemper Corporation | Company report | 85% |
| Axis Capital Holdings Limited | Company report | 85% |
| Renaissancere Holdings Ltd | Company report | 85% |
| Hanover Insurance Group Inc | Company report | 85% |
| Berkshire Hathaway Inc | Company report | 85% |
| The Hartford Insurance Group Inc | Company report | 85% |
| Allstate Corp | Company report | 85% |
| Markel Group Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for American Financial Group Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
American Financial Group Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| American Financial Group Inc | Specialty Casualty Insurance 43.10 % |
| Marsh and Mclennan Companies Inc | Risk 55.31 % |
| Travelers Companies inc | Business Insurance 47.23 % |
| The Cigna Group | Evernorth 86.55 % |
| Aon Plc | Risk Capital 65.40 % |
| Allstate Corp | Allstate Protection 86.96 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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American Financial Group Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| American Financial Group Inc | 12,828 | 973,882 | 112,118 |
| Progressive Corp | 132,608 | 1,834,700 | 232,440 |
| Marsh and Mclennan Companies Inc | 98,109 | 299,684 | 43,358 |
| Travelers Companies inc | 83,229 | 1,438,853 | 244,618 |
| The Cigna Group | 77,497 | 4,171,078 | 102,555 |
| Aon Plc | 71,315 | 295,117 | 65,750 |
| PEERS TOTAL | 1,017,335 | 1,275,687 | 175,453 |
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American Financial Group Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 14.78 % |
| Brown and Brown Inc | US 88.00 % |
| Ncr Atleos Corporation | United States 46.86 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
American Financial Group Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 63 companies in American Financial Group Inc's industry classification, broader than the peer set above. Market cap in millions of $.American Financial Group Inc ranks #17 of 63 companies by market capitalization in its industry, holding 0.61 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 3,627, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 2 | Chubb Limited | 142,689 | 6.89 % |
| 3 | Progressive Corp | 133,057 | 6.43 % |
| 4 | Travelers Companies inc | 85,111 | 4.11 % |
| 5 | Allstate Corp | 68,024 | 3.28 % |
| 6 | American International Group Inc | 1,234 | 5.2% |
| 7 | Arch Capital Group Ltd | 1,234 | 5.2% |
| 8 | The Hartford Insurance Group Inc | 1,234 | 5.2% |
| 9 | W R Berkley Corp | 1,234 | 5.2% |
| 10 | Cincinnati Financial Corporation | 1,234 | 5.2% |
| 11 | Markel Group Inc | 1,234 | 5.2% |
| 17 | American Financial Group Inc | 12,691 | 0.61 % |
Market cap and industry share for the rest of American Financial Group Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
American Financial Group Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 12 | Loews Corp | 22,530 | 8.85 % |
| 13 | Everest Group Ltd | 15,905 | 28.87 % |
| 14 | Assurant Inc | 15,054 | 39.96 % |
| 15 | Renaissancere Holdings Ltd | 14,432 | 30.29 % |
| 17 | American Financial Group Inc | 12,691 | 17.64 % |
| 18 | Old Republic International Corporation | 1,234 | 12.3% |
| 19 | Kinsale Capital Group Inc | 1,234 | 12.3% |
| 20 | Hanover Insurance Group Inc | 1,234 | 12.3% |
| 21 | Axis Capital Holdings Limited | 1,234 | 12.3% |
| 22 | Rli Corp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of American Financial Group Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
American Financial Group Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Property & Casualty Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (89 companies). See the full Property & Casualty Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 35.35 % | 46.05 % (avg) | -10.7 pp |
| Operating Margin | 16.42 % | industry median | +16.1 pp |
| EBITDA Margin | 25.72 % | 23.13 % (avg) | +2.6 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 0.92 % (avg) | -0.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
American Financial Group Inc's Valuation vs Competitive Position
Valuation multiples vs the Property & Casualty Insurance industry average (89 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Property & Casualty Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 11.6x | 11.7x | -0.1x |
| EV / EBITDA | 5.3x | 5.1x | +0.1x |
| P/B | 2.3x | 2.1x | +0.2x |
| Return on Equity | 20.01 % | industry aggregate | 5.30 % |
| Return on Invested Capital | 6.32 % | 8.01 % (avg) | -1.69 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
American Financial Group Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 4.15 % | 15.20 % | -3.98 % | -17.16 % | 10.96 % | 11.18 % | 6.35 % | -1.80 % |
| Operating Margin | 11.09 % | 15.59 % | 12.95 % | 22.37 % | 11.77 % | 16.30 % | 15.52 % | 15.05 % |
| Return on Invested Capital | 1.52 % | 2.19 % | 1.56 % | 4.26 % | 2.59 % | 3.79 % | 3.66 % | 5.93 % |
| P/E | 8.8x | 6.2x | 10.5x | 5.9x | 14.1x | 9.6x | 11.8x | 13.2x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
American Financial Group Inc's Strategic Group Map
American Financial Group Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
American Financial Group Inc's trailing-12-month revenue growth of -0.2% and operating margin of 16.4% compares with an average of 1.7% growth and 17.1% margin across its 8 closest peers by combined growth, margin and ROIC -- American Financial Group Inc sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
American Financial Group Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
American Financial Group Inc falls in the Dog quadrant: relative market share of 0.09x vs its largest competitor, in an industry growing revenue 5.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
American Financial Group Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 3,627 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 0.92 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on American Financial Group Inc's dedicated Suppliers and Customers pages, not here.
American Financial Group Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
American Financial Group Inc falls in the High attractiveness / Low strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
American Financial Group Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 16.1 points above the industry median.
- Return on equity 5.3 points above the industry aggregate.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.09x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
American Financial Group Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| American Financial Group Inc | 0.13 | 2.67 | 0.38 |
| Progressive Corp | 0.06 | 1.06 | 0.24 |
| Marsh and Mclennan Companies Inc | 0.52 | 1.13 | 1.36 |
| Travelers Companies inc | 0.01 | 1.08 | 0.29 |
| The Cigna Group | 0.12 | 0.82 | 0.76 |
| Aon Plc | 0.06 | 1.06 | 1.86 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
American Financial Group Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| American Financial Group Inc | Q2 2026 | +5.5 % | +42.5 % |
| Progressive Corp | Q3 2026 | +3.0 % | -2.8 % |
| Marsh and Mclennan Companies Inc | Q3 2026 | +7.9 % | +6.7 % |
| Travelers Companies inc | Q3 2026 | -0.5 % | +1.5 % |
| The Cigna Group | Q2 2026 | +6.7 % | +22.4 % |
| Aon Plc | Q3 2026 | +2.6 % | +1.3 % |
| PEERS TOTAL | +5.7 % | +29.5 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
American Financial Group Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| American Financial Group Inc | Q2 2026 | - | - |
| Progressive Corp | Q3 2026 | +1,016.0 % | +75.8 % |
| Marsh and Mclennan Companies Inc | Q3 2026 | - | +12.5 % |
| Travelers Companies inc | Q3 2026 | +0.4 % | - |
| The Cigna Group | Q2 2026 | +6.4 % | - |
| Aon Plc | Q3 2026 | - | +36.2 % |
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American Financial Group Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| American Financial Group Inc | 2.89% | 5.69% | 20.01% |
| Progressive Corp | 9.34% | 10.98% | 35.44% |
| Marsh and Mclennan Companies Inc | 6.96% | 11.21% | 27.25% |
| Travelers Companies inc | 5.82% | 8.95% | 26.20% |
| The Cigna Group | 4.44% | 6.84% | 16.41% |
| Aon Plc | 7.15% | 9.96% | 40.15% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
American Financial Group Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| American Financial Group Inc | 13.51 | 1.55 |
| Progressive Corp | 11.47 | 1.45 |
| Marsh and Mclennan Companies Inc | 24.62 | 3.45 |
| Travelers Companies inc | 10.41 | 1.70 |
| The Cigna Group | 12.45 | 0.27 |
| Aon Plc | 18.55 | 4.03 |
| PEERS AVERAGE | 5.69 | 0.78 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.