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American Financial Group Executive Compensation (FY25)

AFG · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
221 figures on this page: 210 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Carl Lindner III was paid $11,042,543 in total compensation as Co-Chief Executive Officer for fiscal 2025, and Lindner III's total moved 4.6% lower from the $11,570,029 reported for fiscal 2024. The disclosed chief executive pay ratio for fiscal 2025 is 100:1, against median employee compensation of $110,944. The say-on-pay proposal drew 96.5% of votes cast for or against in favor at the meeting held May 20, 2026 for fiscal 2025. The disclosed peer group names Arch Capital Group Ltd., Assurant Inc., Axis Capital Holdings Limited, Chubb Limited and Cincinnati Financial Corporation, among others.
Chief executive, fiscal 2025
◇
Carl Lindner III
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Carl Lindner III: $11,570,029 → $11,042,543 (4.6% lower)
Say-on-pay support: 92.6% → 96.5% (3.9 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is American Financial Group's chief executive and what were they paid?
Carl Lindner III was paid $11,042,543 in total compensation as Co-Chief Executive Officer for fiscal 2025. Lindner III's total moved 4.6% lower from the $11,570,029 reported for fiscal 2024.
What was American Financial Group's say-on-pay result?
The say-on-pay proposal drew 96.5% of votes cast for or against in favor at the meeting held May 20, 2026 for fiscal 2025.
Which companies are in American Financial Group's peer group?
The disclosed peer group names Arch Capital Group Ltd., Assurant Inc., Axis Capital Holdings Limited, Chubb Limited and Cincinnati Financial Corporation, among others.
What is American Financial Group's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 100:1, against median employee compensation of $110,944.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
S. Craig Lindner
Co-Chief Executive Officer (Co-Principal Executive Officer)
◇—◇—◇—◇◇
Carl Lindner III
Co-Chief Executive Officer (Co-Principal Executive Officer)
◇—◇—◇—◇◇
John Berding
President of AFG and American Money Management
◇—◇—◇—◇◇
David Thompson
President and Chief Operating Officer of Great American Insurance Group
◇—◇—◇—◇◇
Brian Hertzman
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Mark Weiss
Senior Vice President and General Counsel
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl H. Lindner III
Co-Chief Executive Officer
◇—◇—◇—◇◇
S. Craig Lindner
Co-Chief Executive Officer
◇—◇—◇—◇◇
John B. Berding
President of AFG and American Money Management Corporation
◇—◇—◇—◇◇
David L. Thompson, Jr.
President and Chief Operating Officer of Great American Insurance Group
◇—◇—◇—◇◇
Brian S. Hertzman
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇— not reconciled
Mark A. Weiss
Senior Vice President and General Counsel
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Lindner III
Co-Chief Executive Officer
◇—◇—◇—◇◇
John Berding
President of AFG and American Money Management Corporation
◇—◇—◇—◇◇
David Thompson
President and Chief Operating Officer of Great American Insurance Group
◇—◇—◇—◇◇
Brian Hertzman
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Mark Weiss
Senior Vice President and General Counsel
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian S. HertzmanRSU◇——◇——◇
Carl H. Lindner IIIRSU◇——◇——◇
David L. ThompsonRSU◇——◇——◇
John B. BerdingRSU◇——◇——◇
Mark A. WeissRSU◇——◇——◇
S. Craig LindnerRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Mark WeissRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Brian HertzmanRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
David ThompsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John BerdingRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Carl LindnerRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gregory G. Joseph
Lead independent director
◇◇————◇
Roger K. Newport
◇◇————◇
Amy Y. Murray
◇◇————◇
Mary Beth Martin
◇◇————◇
William W. Verity
◇◇————◇
John I. Von Lehman
◇◇————◇
Evans N. Nwankwo
◇◇————◇
Carl H. Lindner III, S. Craig Lindner, Craig Lindner Jr, David L. Thompson and John B. Berding served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Equity is delivered as Restricted Stock.
Stock ownership guideline: 3x annual retainer ($435,000)

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Arch Capital Group Ltd. ACGL
  • Assurant Inc. AIZ
  • Axis Capital Holdings Limited AXS
  • Chubb Limited CB
  • Cincinnati Financial Corporation CINF
  • CNA Financial Corp. CNA
  • Hartford Insurance Group, Inc. HIG
  • Markel Corporation MKL
  • RenaissanceRe Holdings Ltd. RNR
  • RLI Corp. RLI
  • Selective Insurance Group, Inc. SIGI
  • The Hanover Insurance Group, Inc. THG
  • The Travelers Companies, Inc. TRV
  • W. R. Berkley Corporation WRB

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 20, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 22, 2019=◇◇◇
2017May 22, 2018=◇◇◇
2016May 23, 2017=◇◇◇
2015May 17, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact American Financial Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where American Financial Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
221 figures on this page: 210 cited to the filing that reported them, 11 calculated from figures it prints.
210 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001140361-26-022469
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001140361-26-013118
    2025 Director Compensation · 2025 Director Compensation Schedule · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0001140361-25-020332
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001140361-25-012231
    Summary Compensation Table
  5. 0001140361-24-027426
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001140361-24-017965
    Summary Compensation Table
  7. 0001140361-23-025407
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001140361-22-020028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001140361-21-018282
  10. 0001140361-20-012167
  11. 0000892251-19-000041
  12. 0000892251-18-000050
  13. 0000892251-17-000068
  14. 0000892251-16-000225
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Velarion, “American Financial Group executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/AFG (accessed 2026).
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers American Financial Group discloses

The companies named in AFG's own disclosed peer group.

Arch Capital Group Ltd.Axis Capital Holdings LimitedChubb LimitedCNA Financial Corp.Hartford Insurance Group, Inc.Markel CorporationRenaissanceRe Holdings Ltd.Selective Insurance Group, Inc.The Hanover Insurance Group, Inc.The Travelers Companies, Inc.W. R. Berkley Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy