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American Financial Group Executive Compensation (FY25)

AFG · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
S. Craig Lindner
Median of the other named officers
$2,661,106
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): May 21, 2026
13 filings cited on this page
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American Financial Group brief$1,500Get the executive brief
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250 figures on this page: 239 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
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.
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?
S. Craig Lindner was paid $11,148,296 in total compensation as Co-Chief Executive Officer (Co-Principal Executive Officer) for fiscal 2025.
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. Companies named in the Compensation Peer Group include Arch Capital Group Ltd., Assurant Inc., Axis Capital Holdings Limited, Cincinnati Financial Corporation and CNA Financial Corp., among others. The Comparison Companies names American International Group, Inc., Employers Holdings, Inc., Fairfax Financial Holdings Limited, Global Indemnity Group, LLC and Horace Mann Educators Corp., 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 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Carl Lindner III
Co-Chief Executive Officer (Co-Principal Executive Officer)
◇—◇—◇—◇◇
S. Craig Lindner
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
◇—◇—◇—◇◇
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 (Co-Principal Executive Officer)
◇—◇—◇—◇— not reconciled
John B. Berding
President of AFG and American Money Management Corporation
◇—◇—◇—◇◇
David Thompson
President and Chief Operating Officer of Great American Insurance Group
◇—◇—◇—◇— not reconciled
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
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
◇—◇—◇—◇◇
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 2023, 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
John BerdingRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Mark WeissRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
David ThompsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Carl Lindner IIIRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Brian HertzmanRSU◇◇——
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
◇◇————◇
Amy Y. Murray
◇◇————◇
Roger K. Newport
◇◇————◇
William W. Verity
◇◇————◇
Mary Beth Martin
◇◇————◇
John I. Von Lehman
◇◇————◇
Evans N. Nwankwo
◇◇————◇
David L. Thompson, Craig Lindner Jr, S. Craig Lindner, John B. Berding and Carl H. Lindner III 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◇
Nominating and governance chair◇
Board meeting fee◇
Committee meeting fee◇
Equity is delivered as restricted stock units.

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
Compensation Peer Group
  • Arch Capital Group Ltd. ACGL
  • Assurant Inc. AIZ
  • Axis Capital Holdings Limited AXS
  • 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
Comparison Companies
  • American International Group, Inc. AIG
  • Employers Holdings, Inc. EMP
  • Fairfax Financial Holdings Limited FFH
  • Global Indemnity Group, LLC GBLI
  • Horace Mann Educators Corp. HMN
  • Old Republic International Corporation ORI
  • ProAssurance Corporation PRA
  • Safety Insurance Group, Inc. SAF

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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- Carl Lindner III (Co-Chief Executive Officer (Co-Principal Executive Officer)), FY2025 total compensation $11,042,543 (base salary $1,250,000) [exec_comp, SEC accession 0001140361-26-013118, filed 2026-04-03]

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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.
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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.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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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.
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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.
250 figures on this page: 239 cited to the filing that reported them, 11 calculated from figures it prints.
239 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
    Director Compensation and Stock Ownership Guidelines · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
  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. 0001140361-23-025407
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001140361-22-020028
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001140361-21-018282
  9. 0001140361-20-012167
  10. 0000892251-19-000041
  11. 0000892251-18-000050
  12. 0000892251-17-000068
  13. 0000892251-16-000225
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Velarion, “American Financial Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/AFG (accessed 2026).
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13 filings cited on this page
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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.Assurant Inc.Axis Capital Holdings LimitedChubb LimitedCincinnati Financial CorporationCNA Financial Corp.Hartford Insurance Group, Inc.Markel CorporationRenaissanceRe Holdings Ltd.RLI Corp.Selective Insurance Group, Inc.The Hanover Insurance Group, Inc.The Travelers Companies, Inc.W. R. Berkley CorporationAmerican International Group, Inc.Global Indemnity Group, LLCHorace Mann Educators Corp.Old Republic International CorporationProAssurance Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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