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American Financial Group (AFG)’s Crop Insurance Outlook Is Shifting—Will Corn, Soybeans, and U.S.-China Trade Reset Premium Growth?

American Financial Group (AFG) reported a robust performance in the third quarter of 2025, achieving a core net operating earnings growth of 16% year-over-year to $2.69 per share. This increase underscores significant operational and managerial strengths within AFG’s Specialty Property and Casualty insurance segments. Despite challenges in the investment landscape, the company’s net investment income saw a 5% year-over-year rise, driven by favorable interest rates and increased asset balances. These results enabled AFG to maintain a strong annualized core operating return on equity of 19% during the quarter. AFG exhibited disciplined underwriting and investment strategies, which fortified its position against economic uncertainties. Key investment strategies were evident as AFG managed its $16.8 billion portfolio. Around two-thirds of this portfolio is dedicated to fixed maturities, earning a yield of approximately 5.25% in the current interest rate climate. Additionally, the alternative investments achieved a return of 6.