Equibles

8-K

AMERICAN FINANCIAL GROUP INC (AFG)

8-K 2025-05-07 For: 2025-05-06
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2025

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio 1-13653 31-1544320
(State or other jurisdiction<br> <br>of incorporation) (Commission<br> <br>File Number) (IRS Employer<br> <br>Identification No.)
301 East Fourth Street, Cincinnati, OH 45202
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(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 513-579-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange<br>on which registered
Common Stock AFG New York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059 AFGB New York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059 AFGC New York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060 AFGD New York Stock Exchange
4.5% Subordinated Debentures due September 15, 2060 AFGE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2025 and the availability of the Investor Supplement on the Company’s website. The press release was issued on May 6, 2025. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of business acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
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(c) Shell company transactions. Not applicable
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(d) Exhibits
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Exhibit No. Description
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99.1 Earnings Release dated May 6, 2025, reporting American Financial Group Inc. results for the quarter ended March 31, 2025.
99.2 Investor Supplement – First Quarter 2025
104 Cover page Interactive Date File (embedded within Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMERICAN FINANCIAL GROUP, INC.
Date: May 7, 2025 By: /s/ Joseph C. Alter
Joseph C. Alter
Vice President

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EX-99.1

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces First Quarter Results

• Net earnings per share of $1.84; includes $0.03 per share fromafter-tax non-core items
• Core net operating earnings per share of $1.81
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• First quarter annualized ROE of 13.3%; core operating ROE of 13.1%
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• Overall average renewal rate increases excluding workers’ compensation of 7%
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• Capital returned to shareholders in the first quarter was approximately $292 million, includes$167 million in special dividends and $58 million in share repurchases
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CINCINNATI – May 6, 2025 – American Financial Group, Inc. (NYSE: AFG) today reported 2025 first quarter net earnings of $154 million ($1.84 per share) compared to $242 million ($2.89 per share) for the 2024 first quarter. Net earnings included after-tax non-core net realized gains on securities of $2 million ($0.03 per share) in the 2025 first quarter and $11 million ($0.13 per share) in the 2024 first quarter. Annualized return on equity was 13.3% and 21.2% for the first quarters of 2025 and 2024, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $152 million ($1.81 per share) for the 2025 first quarter compared to $231 million ($2.76 per share) in the 2024 first quarter. The year-over-year decrease reflects lower property and casualty (P&C) insurance underwriting profit and lower returns in AFG’s alternative investment portfolio. Additional details for the 2025 and 2024 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2025 and 2024 generated annualized returns on equity of 13.1% and 20.2%, respectively, which is calculated excluding AOCI.

Three Months Ended March 31,
Components of Pretax Core Operating Earnings 2025 2024 2025 2024 2025 2024
In millions, except per share amounts Before Impact of Alternative Core Net Operating
Alternative Investments Investments Earnings, as reported
P&C Pretax Core Operating Earnings $ 234 $ 284 $ 12 $ 56 $ 246 $ 340
Other expenses (33 ) (31 ) — — (33 ) (31 )
Holding company interest expense (19 ) (19 ) — — (19 ) (19 )
Pretax Core Operating Earnings 182 234 12 56 194 290
Related provision for income taxes 39 47 3 12 42 59
Core Net Operating Earnings $ 143 **** $ 187 **** $ 9 $ 44 $ 152 **** $ 231 ****
Core Operating Earnings Per Share $ 1.70 $ 2.23 $ 0.11 $ 0.53 $ 1.81 $ 2.76
Weighted Avg Diluted Shares Outstanding 83.8 83.8 83.8 83.8 83.8 83.8

AFG’s book value per share was $52.50 at March 31, 2025. AFG paid cash dividends of $2.80 per share during the first quarter, including a $2.00 per share special dividend paid in March. For the three months ended March 31, 2025, AFG’s growth in book value per share plus dividends was 4.0%.

Book value per share excluding AOCI was $54.63 per share at March 31, 2025, compared to $56.03 at the end of 2024. For the three months ended March 31, 2025, AFG’s growth in book value per share excluding AOCI plus dividends was 2.5%.

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AFG’s net earnings, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.

In millions, except per share amounts Three months ended<br>March 31,
2025 2024
Components of net earnings:
Core operating earnings before income taxes $ 194 $ 290
Pretax non-core items:
Realized gains 3 14
Earnings before income taxes 197 304
Provision for income taxes:
Core operating earnings 42 59
Non-core items 1 3
Total provision for income taxes 43 62
Net earnings $ 154 $ 242
Net earnings:
Core net operating earnings^(a)^ $ 152 $ 231
Non-core items:
Realized gains 2 11
Net earnings $ 154 $ 242
Components of earnings per share:
Core net operating earnings^(a)^ $ 1.81 $ 2.76
Non-core Items:
Realized gains 0.03 0.13
Diluted net earnings per share $ 1.84 $ 2.89

Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “Our first quarter results were solid in the face of elevated industry catastrophe losses and heightened levels of economic volatility. In addition, we returned over $290 million to our shareholders during the first quarter of 2025 through a combination of regular dividends, special dividends and share repurchases. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to serve us well in environments such as these, and position us for long-term success.”

Messrs. Lindner continued: “AFG continued to have significant excess capital at March 31, 2025. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a 94.0% combined ratio in the first quarter of 2025, 3.9 points higher than the 90.1% reported in the first quarter of 2024. First quarter 2025 results include 4.5 points related to catastrophe losses, due primarily to losses from the California wildfires. By comparison, catastrophe losses added 2.3 points to the combined ratio in the 2024 first quarter. First quarter 2025 results benefited from 1.3 points of favorable prior year reserve development, compared to 3.3 points in the first quarter of 2024. Underwriting profit was $94 million for the 2025 first quarter compared to $154 million in the comparable 2024 period. Higher year-over-year underwriting profit in our Specialty Financial Group was more than offset by lower underwriting profit in our Property and Transportation and Specialty Casualty Groups.

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First quarter 2025 gross and net written premiums were 2% and 1% lower, respectively, than the comparable period in 2024. We continue to achieve year-over-year premium growth in selected businesses as a result of a combination of new business opportunities, a good renewal rate environment, and increased exposures. However, strategic decisions to optimize long-term results, including the non-renewal of certain under-performing accounts, and proactive underwriting measures to address the impact of social inflation and competitive market conditions in selected lines of business tempered growth in the quarter.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 7% for the quarter. Including workers’ compensation, renewal rates were up 5% overall. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.

Historically, AFG has reported results from its internal reinsurance facility that assumes business from several of our Specialty P&C businesses as the Specialty-Other Group. Beginning in the first quarter of 2025, we are presenting the results of the business assumed by our internal reinsurance facility within the same groups as the ceding businesses. The overall results for AFG’s Specialty Property & Casualty Insurance Operations are not impacted by this reclassification. Comparable prior year results have been recast accordingly. We believe this presentation better reflects the performance of the underlying operating businesses, is consistent with how management views and evaluates results, and enhances our financial reporting.

The Property and TransportationGroup reported an underwriting profit of $37 million in the first quarter of 2025 compared to $60 million in the first quarter of 2024. The decrease was due primarily to lower year-over-year underwriting profit in our crop insurance business and the impact of particularly strong 2024 results in our property & inland marine business. Catastrophe losses in this group were $10 million in the first quarter of 2025, compared to $9 million in the first quarter of 2024. The businesses in the Property and Transportation Group achieved a 92.5% calendar year combined ratio overall in the first quarter of 2025, 4.0 points higher than the 88.5% reported in the comparable 2024 period.

First quarter 2025 gross and net written premiums in this group were both 6% lower than the comparable prior year period*.* The decrease was primarily due to the non-renewal of a few large policies in our agricultural and transportation businesses coupled with elevated pricing competition in our transportation businesses. These decreases were partially offset by new business opportunities, a favorable rate environment and higher exposures. Overall renewal rates in this group increased approximately 7% on average in the first quarter of 2025.

The Specialty Casualty Group reported an underwriting profit of $20 million in the first quarter of 2025 compared to $61 million in the comparable 2024 period, reflecting lower underwriting profit in our workers’ compensation and executive liability businesses and higher catastrophe losses. Underwriting profitability in our workers’ compensation and executive liability businesses continues to be strong despite the lower year-over-year profitability. Catastrophe losses for this group were $27 million in the first quarter of 2025 compared to $19 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a 97.6% calendar year combined ratio in the first quarter of 2025, 5.4 points higher than the 92.2% reported in the comparable period in 2024.

First quarter 2025 gross and net written premiums decreased 3% and 4%, respectively, when compared to the same prior year period. The lower year-over-year premiums were primarily attributed to our excess liability, executive liability, and workers’ compensation businesses, and were partially offset by higher year-over-year premiums in our mergers & acquisitions business and new business opportunities and favorable renewal pricing in several of our other businesses. Excluding our workers’ compensation businesses, renewal rates in this group were up 9%; overall renewal rates in this group were up about 6% in the first quarter of 2025.

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The Specialty Financial Group reported an underwriting profit of $37 million in the first quarter of 2025, compared to $33 million in the comparable 2024 period. Favorable prior year reserve development and improved accident year results were partially offset by higher year-over-year catastrophe losses. Catastrophe losses for this group were $35 million in the first quarter of 2025 and were attributed primarily to the California wildfires. By comparison, catastrophe losses in this group in the first quarter of 2024 were $7 million. This group continued to achieve excellent underwriting margins and reported an 87.0% combined ratio for the first quarter of 2025, only 0.4 points higher than the comparable period in 2024 despite the elevated catastrophe losses.

Gross and net written premiums increased by 16% and 18%, respectively, in the 2025 first quarter when compared to the same 2024 period, primarily due to growth in our financial institutions business. Renewal pricing in this group was up approximately 2% in the first quarter.

Carl Lindner III stated, “Our Specialty P&C businesses performed well during the first quarter of 2025 despite elevated catastrophe losses stemming from the California wildfires. Maintaining underwriting discipline has been paramount, as several of our businesses faced heightened price competition during the quarter. We achieved strong rate increases in our most social inflation-exposed lines of businesses and non-renewed several larger accounts with unfavorable loss experience. While these actions moderated our growth this quarter, they have positioned us for future success. We continue to expect premium growth for the full year in 2025. The vast majority of the businesses in our diversified Specialty P&C portfolio met or exceeded our targeted returns.”

Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.

Investments

Net Investment Income – Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2025, increased 6% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 17% lower than the comparable 2024 period.

The annualized return on alternative investments was approximately 1.8% for the 2025 first quarter compared to 9.0% for the prior year quarter, due primarily to a decline in the fair value of several underlying investments within our traditional private equity portfolio. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. Elevated economic uncertainty affecting broad-based equity markets could continue to temper returns in AFG’s traditional private equity portfolio in 2025.

The average annual return on alternative investments over the five calendar years ended December 31, 2024, was approximately 12%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

In March 2025, AFG announced that it had reached agreements to sell the Charleston Harbor Resort & Marina. Assuming the successful completion of the diligence period and satisfaction of other customary conditions, the transaction is expected to close in the third quarter of 2025. AFG currently expects to recognize an after-tax core operating gain of approximately $100 million ($1.20 per share) on the sale. This transaction was not contemplated in AFG’s original business plan assumptions.

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Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2025 net realized gains of $2 million ($0.03 per share) after tax, which included $5 million ($0.06 per share) in after-tax net gains to adjust equity securities that the Company continued to own at March 31, 2025, to fair value. By comparison, AFG recorded first quarter 2024 net realized gains of $11 million ($0.13 per share) after tax.

After-tax unrealized losses related to fixed maturities were $148 million at March 31, 2025. Our portfolio continues to be high quality, with 95% of our fixed maturity portfolio rated investment grade and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

Forward Looking Statements

This press release, and any related oral statements, contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company’s expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of

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other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

Conference Call

The Company will hold a conference call to discuss 2025 first quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, May 7, 2025. There are two ways to access the call.

Participants should register for the call here now, or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.

The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.

A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.

Contact:

Diane P. Weidner, IRC, CPA (inactive)

Vice President – Investor & Media Relations

(513) 369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

#

(Financial summaries follow)

This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

Three months ended<br>March 31,
2025 2024
Revenues
Net earned premiums $ 1,580 $ 1,546
Net investment income 173 198
Realized gains on securities 3 14
Income of managed investment entities:
Investment income 76 99
Gain (loss) on change in fair value of assets/liabilities (3 ) 10
Other income 27 39
Total revenues 1,856 1,906
Costs and expenses
Losses & loss adjustment expenses 965 912
Commissions and other underwriting expenses 530 503
Interest charges on borrowed money 19 19
Expenses of managed investment entities 68 92
Other expenses 77 76
Total costs and expenses 1,659 1,602
Earnings before income taxes 197 304
Provision for income taxes 43 62
Net earnings $ 154 **** $ 242
Diluted earnings per common share $ 1.84 $ 2.89
Average number of diluted shares 83.8 83.8
Selected Balance Sheet Data: March 31, 2025 December 31, 2024
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Total cash and investments $ 15,994 $ 15,852
Long-term debt $ 1,476 $ 1,475
Shareholders’ equity**^(b)^** $ 4,392 $ 4,466
Shareholders’ equity (excluding AOCI) $ 4,571 $ 4,706
Book value per share**^(b)^** $ 52.50 $ 53.18
Book value per share (excluding AOCI) $ 54.63 $ 56.03
Common Shares Outstanding 83.7 84.0

Footnote (b) is contained in the accompanying Notes to Financial Schedules at the end of this release.

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

Three months ended<br>March 31, Pct.<br>Change
2025 2024
Gross written premiums $ 2,291 $ 2,336 (2 %)
Net written premiums $ 1,611 $ 1,634 (1 %)
Ratios (GAAP):
Loss & LAE ratio 61.0 % 58.6 %
Underwriting expense ratio 33.0 % 31.5 %
Specialty Combined Ratio 94.0 % 90.1 %
Combined Ratio – P&C Segment 94.1 % 90.1 %
SupplementalInformation:^(c)^
Gross Written Premiums:
Property & Transportation $ 897 $ 959 (6 %)
Specialty Casualty 1,068 1,097 (3 %)
Specialty Financial 326 280 16 %
$ 2,291 $ 2,336 (2 %)
Net Written Premiums:
Property & Transportation $ 563 $ 597 (6 %)
Specialty Casualty 772 803 (4 %)
Specialty Financial 276 234 18 %
$ 1,611 $ 1,634 (1 %)
Combined Ratio (GAAP):
Property & Transportation 92.5 % 88.5 %
Specialty Casualty 97.6 % 92.2 %
Specialty Financial 87.0 % 86.6 %
Aggregate Specialty Group 94.0 % 90.1 %
Three months ended<br>March 31,
2025 2024
Reserve Development (Favorable)/Adverse:
Property & Transportation $ (19 ) $ (46 )
Specialty Casualty 12 (11 )
Specialty Financial (13 ) 6
Specialty Group **** (20 ) (51 )
Other — 1
Total Reserve Development **** $ (20 ) $ (50 )
Points on Combined Ratio: ****
Property & Transportation (3.9 ) (8.8 )
Specialty Casualty 1.6 (1.4 )
Specialty Financial (4.6 ) 2.4
Aggregate Specialty Group (1.3 ) (3.3 )
Total P&C Segment (1.3 ) (3.2 )

Footnote (c) is contained in the accompanying Notes to Financial Schedules at the end of this release.

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AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a) Components of core net operating earnings (in millions):
Three months ended<br>March 31,
--- --- --- --- --- --- ---
2025 2024
Core Operating Earnings before Income Taxes:
P&C insurance segment $ 246 $ 340
Interest and other corporate expenses (52 ) (50 )
Core operating earnings before income taxes 194 290
Related income taxes 42 59
Core net operating earnings $ 152 $ 231
b) Shareholders’ Equity at March 31, 2025, includes ($179) million ($2.13 per share loss) in Accumulated<br>Other Comprehensive Income (Loss) compared to ($240 million) ($2.85 per share loss) in Accumulated Other Comprehensive Income (Loss) at December 31, 2024.
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c) Supplemental Notes:
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• Property & Transportation includes primarily physical damage and liability coverage<br>for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages.
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• Specialty Casualty includes primarily excess and surplus, general liability, executive liability,<br>professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance.<br>
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• Specialty Financial includes risk management insurance programs for lending and leasing institutions<br>(including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance.
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EX-99.2

Exhibit 99.2

American Financial Group, Inc.<br><br><br><br> <br>Investor Supplement - First Quarter 2025<br><br><br><br> <br>May 6, 2025<br><br><br><br> <br>American Financial Group, Inc.<br><br><br>Corporate Headquarters<br> <br>Great American Insurance Group<br>Tower<br> <br>301 E Fourth Street<br> <br>Cincinnati, OH 45202<br><br><br>513 579 6739
American Financial Group, Inc.<br> <br>Tableof Contents - Investor Supplement - First Quarter 2025
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Section Page
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Table of Contents - Investor Supplement - First Quarter 2025 2
Financial Highlights 3
Summary of Earnings 4
Earnings Per Share Summary 5
Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP) 6
Specialty - Underwriting Results (GAAP) 7
Property and Transportation - Underwriting Results (GAAP) 8
Specialty Casualty - Underwriting Results (GAAP) 9
Specialty Financial - Underwriting Results (GAAP) 10
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet 11
Book Value Per Share and Price / Book Summary 12
Capitalization 13
Additional Supplemental Information 14
Consolidated Investment Supplement
Total Cash and Investments 15
Net Investment Income 16
Alternative Investments 17
Fixed Maturities - By Security Type - AFG Consolidated 18
Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2025 19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024 20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>3/31/2025 21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>12/31/2024 22
E.  Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral<br>Type 3/31/2025 23
F.  Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral<br>Type 12/31/2024 24
G. Real Estate-Related Investments 3/31/2025 25
H. Real Estate-Related Investments 12/31/2024 26

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American Financial Group, Inc.<br><br><br>Financial Highlights<br> <br>(in millions, except per share<br>information)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Highlights
Net earnings $ 154 $ 255 $ 181 $ 209 $ 242 $ 887 $ 852
Core net operating earnings 152 262 194 215 231 902 895
Total assets 30,294 30,836 32,591 29,913 30,001 30,836 29,787
Shareholders’ equity, excluding AOCI (a) 4,571 4,706 4,844 4,715 4,555 4,706 4,577
Property and Casualty net written premiums 1,611 1,460 2,353 1,692 1,634 7,139 6,692
Per share data
Diluted earnings per share $ 1.84 $ 3.03 $ 2.16 $ 2.49 $ 2.89 $ 10.57 $ 10.05
Core net operating earnings per share 1.81 3.12 2.31 2.56 2.76 10.75 10.56
Book value per share, excluding AOCI (a) 54.63 56.03 57.71 56.19 54.32 56.03 54.72
Dividends per common share 2.80 4.80 0.71 0.71 3.21 9.43 8.10
Financial ratios
Annualized return on equity (b) 13.3 % 21.3 % 15.2 % 18.0 % 21.2 % 19.0 % 18.8 %
Annualized core operating return on equity (b) 13.1 % 21.9 % 16.2 % 18.5 % 20.2 % 19.3 % 19.8 %
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio 61.0 % 63.7 % 69.5 % 59.1 % 58.6 % 63.3 % 61.5 %
Underwriting expense ratio 33.0 % 25.3 % 24.8 % 31.4 % 31.5 % 27.9 % 28.8 %
Combined ratio - Specialty 94.0 % 89.0 % 94.3 % 90.5 % 90.1 % 91.2 % 90.3 %
(a) A reconciliation to the GAAP measure is on page 12.
--- ---
(b) Excludes accumulated other comprehensive income.
--- ---

Page 3

American Financial Group, Inc.<br><br><br>Summary of Earnings<br> <br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Property and Casualty Insurance
Underwriting profit $ 94 $ 202 $ 115 $ 150 $ 153 $ 620 $ 631
Net investment income 170 195 195 189 205 784 729
Other income (expense) (18 ) (19 ) (19 ) (20 ) (18 ) (76 ) (56 )
Property and Casualty Insurance operating earnings 246 378 291 319 340 1,328 1,304
Interest expense of parent holding companies (19 ) (19 ) (19 ) (19 ) (19 ) (76 ) (76 )
Other expense (33 ) (29 ) (27 ) (27 ) (31 ) (114 ) (101 )
Pretax core operating earnings 194 330 245 273 290 1,138 1,127
Income tax expense 42 68 51 58 59 236 232
Core net operating earnings **** 152 **** **** 262 **** **** 194 **** **** 215 **** **** 231 **** **** 902 **** **** 895 ****
Non-core items, net of tax:
Realized gains (losses) on securities 2 (7 ) (2 ) (2 ) 11 — (28 )
Realized loss on subsidiaries — — — (4 ) — (4 ) (4 )
Special A&E charges - Former Railroad and Manufacturing operations — — (11 ) — — (11 ) (12 )
Gain (loss) on retirement of debt — — — — — — 1
Net earnings $ 154 **** $ 255 **** $ 181 **** $ 209 **** $ 242 **** $ 887 **** $ 852 ****

Page 4

American Financial Group, Inc.<br><br><br>Earnings Per Share Summary<br> <br>(in millions, except per share<br>information)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Core net operating earnings $ 152 $ 262 **** $ 194 **** $ 215 **** $ 231 $ 902 **** $ 895 ****
Net earnings $ 154 $ 255 **** $ 181 **** $ 209 **** $ 242 $ 887 **** $ 852 ****
Average number of diluted shares 83.842 83.966 83.939 83.912 83.795 83.903 84.774
Diluted earnings per share:
Core net operating earnings per share $ 1.81 $ 3.12 **** $ 2.31 **** $ 2.56 **** $ 2.76 $ 10.75 **** $ 10.56 ****
Realized gains (losses) on securities 0.03 (0.09 ) (0.02 ) (0.02 ) 0.13 — (0.33 )
Realized loss on subsidiaries — — — (0.05 ) — (0.05 ) (0.04 )
Special A&E charges - Former Railroad and Manufacturing operations — — (0.13 ) — — (0.13 ) (0.15 )
Gain (loss) on retirement of debt — — — — — — 0.01
Diluted earnings per share $ 1.84 $ 3.03 **** $ 2.16 **** $ 2.49 **** $ 2.89 $ 10.57 **** $ 10.05 ****

Page 5

American Financial Group, Inc.<br><br><br>Property and Casualty Insurance - Summary Underwriting Results (GAAP)<br><br><br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Property and Transportation $ 37 $ 81 $ 33 $ 40 $ 60 $ 214 $ 174
Specialty Casualty 20 69 63 86 61 279 348
Specialty Financial 37 54 21 25 33 133 111
Underwriting profit - Specialty **** 94 **** **** 204 **** **** 117 **** **** 151 **** **** 154 **** **** 626 **** **** 633 ****
Other core charges, included in loss and LAE — (2 ) (2 ) (1 ) (1 ) (6 ) (2 )
Underwriting profit - Property and Casualty Insurance $ 94 **** $ 202 **** $ 115 **** $ 150 **** $ 153 **** $ 620 **** $ 631 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ 1 $ — $ — $ 1 $ 2 $ 3
Catastrophe losses 72 20 90 36 34 180 162
Total current accident year catastrophe losses $ 72 $ 21 $ 90 $ 36 $ 35 $ 182 $ 165
Prior year loss reserve development (favorable) / adverse $ (20 ) $ 36 $ (15 ) $ (35 ) $ (50 ) $ (64 ) $ (224 )
Combined ratio:
Property and Transportation 92.5 % 89.5 % 96.8 % 92.7 % 88.5 % 92.4 % 93.1 %
Specialty Casualty 97.6 % 91.4 % 92.1 % 89.1 % 92.2 % 91.2 % 88.8 %
Specialty Financial 87.0 % 80.7 % 92.3 % 89.7 % 86.6 % 87.2 % 87.2 %
Combined ratio - Specialty **** 94.0 % **** 89.0 % **** 94.3 % **** 90.5 % **** 90.1 % **** 91.2 % **** 90.3 %
Other core charges 0.1 % 0.1 % 0.1 % 0.0 % 0.0 % 0.0 % 0.1 %
Combined ratio **** 94.1 % **** 89.1 % **** 94.4 % **** 90.5 % **** 90.1 % **** 91.2 % **** 90.4 %
P&C combined ratio excl. catastrophe losses and prior year reserve development 90.8 % 86.1 % 90.7 % 90.5 % 91.1 % 89.6 % 91.2 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 57.8 % 60.8 % 65.9 % 59.1 % 59.6 % 61.7 % 62.4 %
Prior accident year loss reserve development (1.3 %) 1.9 % (0.7 %) (2.2 %) (3.2 %) (0.9 %) (3.4 %)
Current accident year catastrophe losses 4.6 % 1.1 % 4.4 % 2.2 % 2.2 % 2.5 % 2.6 %
Loss and LAE ratio **** 61.1 % **** 63.8 % **** 69.6 % **** 59.1 % **** 58.6 % **** 63.3 % **** 61.6 %

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Gross written premiums $ 2,291 $ 2,043 $ 3,748 $ 2,406 $ 2,336 $ 10,533 $ 9,656
Ceded reinsurance premiums (680 ) (583 ) (1,395 ) (714 ) (702 ) (3,394 ) (2,964 )
Net written premiums 1,611 1,460 2,353 1,692 1,634 7,139 6,692
Change in unearned premiums (31 ) 390 (298 ) (107 ) (88 ) (103 ) (161 )
Net earned premiums 1,580 1,850 2,055 1,585 1,546 7,036 6,531
Loss and LAE 965 1,179 1,428 936 906 4,449 4,015
Underwriting expense 521 467 510 498 486 1,961 1,883
Underwriting profit $ 94 **** $ 204 **** $ 117 **** $ 151 **** $ 154 **** $ 626 **** $ 633 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ 1 $ — $ — $ 1 $ 2 $ 3
Catastrophe losses 72 20 90 36 34 180 162
Total current accident year catastrophe losses $ 72 $ 21 $ 90 $ 36 $ 35 $ 182 $ 165
Prior year loss reserve development (favorable) / adverse $ (20 ) $ 34 $ (17 ) $ (36 ) $ (51 ) $ (70 ) $ (226 )
Combined ratio:
Loss and LAE ratio 61.0 % 63.7 % 69.5 % 59.1 % 58.6 % 63.3 % 61.5 %
Underwriting expense ratio 33.0 % 25.3 % 24.8 % 31.4 % 31.5 % 27.9 % 28.8 %
Combined ratio **** 94.0 % **** 89.0 % **** 94.3 % **** 90.5 % **** 90.1 % **** 91.2 % **** 90.3 %
Combined ratio excl. catastrophe losses and prior year reserve development 90.8 % 86.1 % 90.7 % 90.5 % 91.1 % 89.6 % 91.2 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 57.8 % 60.8 % 65.9 % 59.1 % 59.6 % 61.7 % 62.4 %
Prior accident year loss reserve development (1.3 %) 1.8 % (0.8 %) (2.3 %) (3.3 %) (1.0 %) (3.4 %)
Current accident year catastrophe losses 4.5 % 1.1 % 4.4 % 2.3 % 2.3 % 2.6 % 2.5 %
Loss and LAE ratio **** 61.0 % **** 63.7 % **** 69.5 % **** 59.1 % **** 58.6 % **** 63.3 % **** 61.5 %

Page 7

American Financial Group, Inc.<br><br><br>Property and Transportation - Underwriting Results (GAAP)<br><br><br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Gross written premiums $ 897 $ 2,107 $ 1,084 $ 959 $ 4,735 $ 4,146
Ceded reinsurance premiums (334 ) ) (956 ) (394 ) (362 ) (1,889 ) (1,560 )
Net written premiums 563 1,151 690 597 2,846 2,586
Change in unearned premiums (63 ) (162 ) (138 ) (77 ) (20 ) (36 )
Net earned premiums 500 989 552 520 2,826 2,550
Loss and LAE 311 784 351 306 1,972 1,773
Underwriting expense 152 172 161 154 640 603
Underwriting profit $ 37 **** **** $ 33 **** $ 40 **** $ 60 **** $ 214 **** $ 174 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ 1 $ 2
Catastrophe losses 10 34 13 9 65 54
Total current accident year catastrophe losses $ 10 $ 34 $ 13 $ 9 $ 66 $ 56
Prior year loss reserve development (favorable) / adverse $ (19 ) (2) $ (14 ) $ (34 ) $ (46 ) $ (96 ) $ (82 )
Combined ratio:
Loss and LAE ratio 62.1 % % 79.4 % 63.7 % 58.7 % 69.8 % 69.5 %
Underwriting expense ratio 30.4 % % 17.4 % 29.0 % 29.8 % 22.6 % 23.6 %
Combined ratio **** 92.5 % % **** 96.8 % **** 92.7 % **** 88.5 % **** 92.4 % **** 93.1 %
Combined ratio excl. catastrophe losses and prior year reserve development 94.4 % % 94.5 % 96.6 % 95.6 % 93.5 % 94.2 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 64.0 % % 77.1 % 67.6 % 65.8 % 70.9 % 70.6 %
Prior accident year loss reserve development (3.9 %) %) (1.3 %) (6.3 %) (8.8 %) (3.4 %) (3.2 %)
Current accident year catastrophe losses 2.0 % % 3.6 % 2.4 % 1.7 % 2.3 % 2.1 %
Loss and LAE ratio **** 62.1 % % **** 79.4 % **** 63.7 % **** 58.7 % **** 69.8 % **** 69.5 %

All values are in US Dollars.

Page 8

American Financial Group, Inc.<br><br><br>Specialty Casualty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Gross written premiums $ 1,068 $ 1,297 $ 1,023 $ 1,097 $ 4,543 $ 4,368
Ceded reinsurance premiums (296 ) ) (380 ) (270 ) (294 ) (1,297 ) (1,199 )
Net written premiums 772 917 753 803 3,246 3,169
Change in unearned premiums 22 (120 ) 38 (20 ) (70 ) (57 )
Net earned premiums 794 797 791 783 3,176 3,112
Loss and LAE 536 519 483 502 2,045 1,914
Underwriting expense 238 215 222 220 852 850
Underwriting profit $ 20 **** **** $ 63 **** $ 86 **** $ 61 **** $ 279 **** $ 348 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ 1 $ 1 $ 1
Catastrophe losses 27 ) 17 5 18 34 58
Total current accident year catastrophe losses $ 27 (6) $ 17 $ 5 $ 19 $ 35 $ 59
Prior year loss reserve development (favorable) / adverse $ 12 $ 6 $ (2 ) $ (11 ) $ 37 $ (111 )
Combined ratio:
Loss and LAE ratio 67.6 % % 65.1 % 61.0 % 64.2 % 64.4 % 61.5 %
Underwriting expense ratio 30.0 % % 27.0 % 28.1 % 28.0 % 26.8 % 27.3 %
Combined ratio **** 97.6 % % **** 92.1 % **** 89.1 % **** 92.2 % **** 91.2 % **** 88.8 %
Combined ratio excl. catastrophe losses and prior year reserve development 92.6 % % 89.3 % 88.7 % 91.2 % 88.9 % 90.5 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 62.6 % % 62.3 % 60.6 % 63.2 % 62.1 % 63.2 %
Prior accident year loss reserve development 1.6 % % 0.7 % (0.2 %) (1.4 %) 1.2 % (3.6 %)
Current accident year catastrophe losses 3.4 % %) 2.1 % 0.6 % 2.4 % 1.1 % 1.9 %
Loss and LAE ratio **** 67.6 % % **** 65.1 % **** 61.0 % **** 64.2 % **** 64.4 % **** 61.5 %

All values are in US Dollars.

Page 9

American Financial Group, Inc.<br><br><br>Specialty Financial - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Gross written premiums $ 326 $ 332 $ 299 $ 280 $ 1,255 $ 1,142
Ceded reinsurance premiums (50 ) (53 ) ) (50 ) (46 ) (208 ) (205 )
Net written premiums 276 279 249 234 1,047 937
Change in unearned premiums 10 1 ) (7 ) 9 (13 ) (68 )
Net earned premiums 286 280 242 243 1,034 869
Loss and LAE 118 107 102 98 432 328
Underwriting expense 131 119 115 112 469 430
Underwriting profit $ 37 **** $ 54 **** **** $ 25 **** $ 33 **** $ 133 **** $ 111 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ — $ —
Catastrophe losses 35 17 18 7 81 50
Total current accident year catastrophe losses $ 35 $ 17 $ 18 $ 7 $ 81 $ 50
Prior year loss reserve development (favorable) / adverse $ (13 ) $ (8 ) (9) $ — $ 6 $ (11 ) $ (33 )
Combined ratio:
Loss and LAE ratio 41.1 % 38.1 % % 42.1 % 40.5 % 41.8 % 37.8 %
Underwriting expense ratio 45.9 % 42.6 % % 47.6 % 46.1 % 45.4 % 49.4 %
Combined ratio **** 87.0 % **** 80.7 % % **** 89.7 % **** 86.6 % **** 87.2 % **** 87.2 %
Combined ratio excl. catastrophe losses and prior year reserve development 79.7 % 77.5 % % 82.4 % 81.0 % 80.4 % 85.2 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 33.8 % 34.9 % % 34.8 % 34.9 % 35.0 % 35.8 %
Prior accident year loss reserve development (4.6 %) (2.9 %) %) 0.0 % 2.4 % (1.0 %) (3.7 %)
Current accident year catastrophe losses 11.9 % 6.1 % % 7.3 % 3.2 % 7.8 % 5.7 %
Loss and LAE ratio **** 41.1 % **** 38.1 % % **** 42.1 % **** 40.5 % **** 41.8 % **** 37.8 %

All values are in US Dollars.

Page 10

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets:
Total cash and investments $ 15,994 $ 15,852 $ 15,741 $ 15,261 $ 15,254 $ 15,263
Recoverables from reinsurers 4,945 5,176 5,217 4,157 4,510 4,477
Prepaid reinsurance premiums 1,105 1,013 1,346 1,143 1,078 961
Agents’ balances and premiums receivable 1,589 1,532 1,995 1,909 1,606 1,471
Deferred policy acquisition costs 316 320 340 328 309 309
Assets of managed investment entities 3,848 4,140 4,332 4,695 4,669 4,484
Other receivables 855 1,123 1,989 758 958 1,171
Other assets 1,337 1,375 1,326 1,357 1,312 1,346
Goodwill 305 305 305 305 305 305
Total assets $ 30,294 **** $ 30,836 **** $ 32,591 **** $ 29,913 **** $ 30,001 **** $ 29,787 ****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses $ 13,970 $ 14,179 $ 14,206 $ 12,607 $ 13,050 $ 13,087
Unearned premiums 3,710 3,584 4,320 3,816 3,650 3,451
Payable to reinsurers 1,028 1,191 1,620 1,176 1,078 1,186
Liabilities of managed investment entities 3,726 3,965 4,168 4,536 4,468 4,307
Long-term debt 1,476 1,475 1,475 1,475 1,475 1,475
Other liabilities 1,992 1,976 2,094 1,919 2,040 2,023
Total liabilities $ 25,902 **** $ 26,370 **** $ 27,883 **** $ 25,529 **** $ 25,761 **** $ 25,529 ****
Shareholders’ equity:
Common stock $ 84 $ 84 $ 84 $ 84 $ 84 $ 84
Capital surplus 1,409 1,411 1,400 1,392 1,382 1,372
Retained earnings 3,078 3,211 3,360 3,239 3,089 3,121
Unrealized gains (losses) - fixed maturities (141 ) (202 ) (100 ) (290 ) (278 ) (287 )
Unrealized gains (losses) - fixed maturity-related cash flow hedges (7 ) (10 ) (7 ) (20 ) (22 ) (17 )
Other comprehensive income (loss), net of tax (31 ) (28 ) (29 ) (21 ) (15 ) (15 )
Total shareholders’ equity **** 4,392 **** **** 4,466 **** **** 4,708 **** **** 4,384 **** **** 4,240 **** **** 4,258 ****
Total liabilities and equity $ 30,294 **** $ 30,836 **** $ 32,591 **** $ 29,913 **** $ 30,001 **** $ 29,787 ****

Page 11

American Financial Group, Inc.<br> <br>BookValue Per Share and Price / Book Summary<br> <br>(in millions, except per share information)
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shareholders’ equity $ 4,392 **** $ 4,466 **** $ 4,708 **** $ 4,384 **** $ 4,240 **** $ 4,258 ****
Accumulated other comprehensive income (loss) (179 ) (240 ) (136 ) (331 ) (315 ) (319 )
Shareholders’ equity, excluding AOCI **** 4,571 **** **** 4,706 **** **** 4,844 **** **** 4,715 **** **** 4,555 **** **** 4,577 ****
Goodwill 305 305 305 305 305 305
Intangibles 198 203 199 204 208 213
Tangible shareholders’ equity, excluding AOCI $ 4,068 **** $ 4,198 **** $ 4,340 **** $ 4,206 **** $ 4,042 **** $ 4,059 ****
Common shares outstanding 83.668 83.978 83.923 83.897 83.857 83.636
Book value per share:
Book value per share $ 52.50 **** $ 53.18 **** $ 56.10 **** $ 52.25 **** $ 50.57 **** $ 50.91 ****
Book value per share, excluding AOCI **** 54.63 **** **** 56.03 **** **** 57.71 **** **** 56.19 **** **** 54.32 **** **** 54.72 ****
Tangible, excluding AOCI **** 48.62 **** **** 49.98 **** **** 51.72 **** **** 50.13 **** **** 48.20 **** **** 48.52 ****
Market capitalization
AFG’s closing common share price $ 131.34 $ 136.93 $ 134.60 $ 123.02 $ 136.48 $ 118.89
Market capitalization $ 10,989 $ 11,499 $ 11,296 $ 10,321 $ 11,445 $ 9,943
Price / Book value per share, excluding AOCI 2.40 2.44 2.33 2.19 2.51 2.17

Page 12

American Financial Group, Inc.<br><br><br>Capitalization<br> <br>($ in millions)
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AFG senior obligations $ 823 $ 823 $ 823 $ 823 $ 823 $ 823
Borrowings drawn under credit facility — — — — — —
Debt excluding subordinated debt $ 823 **** $ 823 **** $ 823 **** $ 823 **** $ 823 **** $ 823 ****
AFG subordinated debentures 675 675 675 675 675 675
Total principal amount of long-term debt $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,498 ****
Shareholders’ equity 4,392 4,466 4,708 4,384 4,240 4,258
Accumulated other comprehensive income (loss) (179 ) (240 ) (136 ) (331 ) (315 ) (319 )
Total capital, excluding AOCI $ 6,069 **** $ 6,204 **** $ 6,342 **** $ 6,213 **** $ 6,053 **** $ 6,075 ****
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt **** 24.7 % **** 24.1 % **** 23.6 % **** 24.1 % **** 24.7 % **** 24.7 %
Excluding subordinated debt **** 13.6 % **** 13.3 % **** 13.0 % **** 13.2 % **** 13.6 % **** 13.5 %

Page 13

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
Three Months Ended Twelve MonthsEnded
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Property and Casualty Insurance
Paid Losses (GAAP) $ 967 $ 1,179 $ 897 $ 969 $ 989 $ 4,034 $ 3,426
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23
GAAP Equity (excluding AOCI)
Property and Casualty Insurance $ 5,853 $ 5,962 $ 6,150 $ 5,919 $ 5,780 $ 5,710
Parent and other subsidiaries (1,282 ) (1,256 ) (1,306 ) (1,204 ) (1,225 ) (1,133 )
AFG GAAP Equity (excluding AOCI) $ 4,571 $ 4,706 $ 4,844 $ 4,715 $ 4,555 $ 4,577
Allowable dividends without regulatory approval
Property and Casualty Insurance $ 1,004 $ 1,004 $ 946 $ 946 $ 946 $ 946

Page 14

American Financial Group, Inc.<br> <br>TotalCash and Investments<br> <br>($ in millions)
Carrying Value - March 31, 2025
--- --- --- --- --- --- --- --- --- --- --- --- ---
Property andCasualtyInsurance Parent &Other ConsolidateCLOs Total AFGConsolidated % ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents $ 1,034 $ 242 $ — $ 1,276 8 %
Fixed maturities - Available for sale 10,534 34 — 10,568 66 %
Fixed maturities - Trading 71 — — 71 0 %
Equity securities - Common stocks 341 — — 341 2 %
Equity securities - Perpetual preferred 429 — — 429 3 %
Investments accounted for using the equity method 2,324 2 — 2,326 15 %
Mortgage loans 827 — — 827 5 %
Real estate and other investments 178 100 (122 ) 156 1 %
Total cash and investments $ 15,738 $ 378 $ (122 ) $ 15,994 **** 100 %
Carrying Value - December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Property andCasualtyInsurance Parent &Other ConsolidateCLOs Total AFGConsolidated % ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents $ 1,105 $ 301 $ — $ 1,406 9 %
Fixed maturities - Available for sale 10,356 42 — 10,398 66 %
Fixed maturities - Trading 76 — — 76 0 %
Equity securities - common stocks 336 — — 336 2 %
Equity securities - perpetual preferred 415 — — 415 3 %
Investments accounted for using the equity method 2,275 2 — 2,277 14 %
Mortgage loans 791 — — 791 5 %
Real estate and other investments 229 98 (174 ) 153 1 %
Total cash and investments $ 15,583 $ 443 $ (174 ) $ 15,852 **** 100 %

Page 15

American Financial Group, Inc.<br> <br>NetInvestment Income<br> <br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities $ 137 $ 134 $ 134 $ 133 $ 131 $ 532 $ 481
Equity securities 6 9 6 7 7 29 32
Other investments (a) 21 24 25 21 17 87 69
Gross investment income excluding alternative investments **** 164 **** **** 167 **** **** 165 **** **** 161 **** **** 155 **** **** 648 **** **** 582 ****
Gross investment income from alternative investments (b) 12 33 36 33 56 158 163
Total gross investment income **** 176 **** **** 200 **** **** 201 **** **** 194 **** **** 211 **** **** 806 **** **** 745 ****
Investment expenses (6 ) (5 ) (6 ) (5 ) (6 ) (22 ) (16 )
Total net investment income $ 170 **** $ 195 **** $ 195 **** $ 189 **** $ 205 **** $ 784 **** $ 729 ****
Average cash and investments (c) $ 15,881 **** $ 15,718 **** $ 15,447 **** $ 15,346 **** $ 15,331 **** $ 15,479 **** $ 14,753 ****
Average yield - fixed maturities before inv expenses (d) 5.13 % 5.09 % 5.06 % 5.04 % 4.93 % 5.02 % 4.67 %
Average yield - overall portfolio, net (d) 4.28 % 4.96 % 5.05 % 4.93 % 5.35 % 5.06 % 4.94 %
AFG consolidated net investment income:
Property & Casualty core $ 170 $ 195 $ 195 $ 189 $ 205 $ 784 $ 729
Parent & other 5 7 7 8 7 29 40
Consolidate CLOs (2 ) (8 ) (2 ) (9 ) (14 ) (33 ) (27 )
Total net investment income $ 173 **** $ 194 **** $ 200 **** $ 188 **** $ 198 **** $ 780 **** $ 742 ****
Average cash and investments (c) $ 16,140 **** $ 15,987 **** $ 15,748 **** $ 15,617 **** $ 15,616 **** $ 15,767 **** $ 15,254 ****
Average yield - overall portfolio, net (d) 4.29 % 4.85 % 5.08 % 4.82 % 5.07 % 4.95 % 4.86 %
Average yield - fixed maturities before inv expenses (d) 5.13 % 5.10 % 5.08 % 5.06 % 4.95 % 5.04 % 4.70 %
(a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.<br>
--- ---
(b) Investment income on alternative investments is detailed on page 17.
--- ---
(c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the<br>five quarters balances.
--- ---
(d) Average yield is calculated by dividing investment income for the period by the average balance.<br>
--- ---

Page 16

American Financial Group, Inc.<br><br><br>Alternative Investments<br> <br>($ in millions)
Three Months Ended Twelve MonthsEnded
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income $ (3 ) $ 12 $ 8 $ 1 $ 1 $ 22 $ (1 )
Equity securities MTM through investment income (a) — 12 20 9 16 57 38
Investments accounted for using the equity method (b) 13 1 6 14 25 46 99
AFG managed CLOs (eliminated in consolidation) 2 8 2 9 14 33 27
Total Property & Casualty $ 12 **** $ 33 **** $ 36 **** $ 33 **** $ 56 **** $ 158 **** $ 163 ****
Investments
Fixed maturities MTM through investment income $ 50 $ 75 $ 51 $ 32 $ 18 $ 75 $ 17
Equity securities MTM through investment income (a) 232 222 563 544 494 222 440
Investments accounted for using the equity method (b) 2,324 2,275 1,909 1,880 1,846 2,275 1,812
AFG managed CLOs (eliminated in consolidation) 122 174 163 158 199 174 175
Total Property & Casualty $ 2,728 **** $ 2,746 **** $ 2,686 **** $ 2,614 **** $ 2,557 **** $ 2,746 **** $ 2,444 ****
Annualized Return - Property & Casualty **** 1.8 % **** 4.9 % **** 5.4 % **** 5.1 % **** 9.0 % **** 6.1 % **** 7.0 %
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income $ (3 ) $ 12 $ 8 $ 1 $ 1 $ 22 $ (1 )
Equity securities MTM through investment income (a) — 12 20 9 16 57 38
Investments accounted for using the equity method (b) 13 1 6 14 25 46 99
AFG managed CLOs (eliminated in consolidation) 2 8 2 9 14 33 27
Total AFG Consolidated $ 12 **** $ 33 **** $ 36 **** $ 33 **** $ 56 **** $ 158 **** $ 163 ****
Investments
Fixed maturities MTM through investment income $ 50 $ 75 $ 51 $ 32 $ 18 $ 75 $ 17
Equity securities MTM through investment income (a) 232 222 563 544 494 222 440
Investments accounted for using the equity method (b) 2,326 2,277 1,911 1,882 1,848 2,277 1,814
AFG managed CLOs (eliminated in consolidation) 122 174 163 158 199 174 175
Total AFG Consolidated $ 2,730 **** $ 2,748 **** $ 2,688 **** $ 2,616 **** $ 2,559 **** $ 2,748 **** $ 2,446 ****
Annualized Return - AFG Consolidated **** 1.8 % **** 4.9 % **** 5.4 % **** 5.1 % **** 8.9 % **** 6.1 % **** 7.0 %
(a) AFG records holding gains and losses in net investment income on certain securities classified at purchase as<br>“fair value through net investment income.”
--- ---
(b) The majority of AFG’s investments accounted for using the equity method mark their underlying assets to<br>market through net income.
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Page 17

American Financial Group, Inc.<br> <br>FixedMaturities - By Security Type - AFG Consolidated<br> <br>($ in millions )
March 31, 2025 Book Value (a) Fair Value UnrealizedGain (Loss) % ofFair Value % ofInvestmentPortfolio
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
US Government and government agencies $ 182 $ 180 $ (2 ) 2 % 1 %
States, municipalities and political subdivisions 921 875 (46 ) 8 % 5 %
Foreign government 293 297 4 3 % 2 %
Residential mortgage-backed securities 2,222 2,118 (104 ) 20 % 13 %
Commercial mortgage-backed securities 41 41 — 0 % 0 %
Collateralized loan obligations 1,246 1,241 (5 ) 12 % 8 %
Other asset-backed securities 2,414 2,381 (33 ) 22 % 15 %
Corporate and other bonds 3,499 3,506 7 33 % 22 %
Total AFG consolidated $ 10,818 $ 10,639 $ (179 ) **** 100 % **** 66 %
Approximate duration - P&C 3.0 years
Approximate duration - P&C including cash 2.8 years
December 31, 2024 Book Value (a) Fair Value UnrealizedGain (Loss) % of FairValue % ofInvestmentPortfolio
US Government and government agencies $ 176 $ 173 $ (3 ) 2 % 1 %
States, municipalities and political subdivisions 905 859 (46 ) 8 % 5 %
Foreign government 283 284 1 3 % 2 %
Residential mortgage-backed securities 2,121 1,989 (132 ) 19 % 13 %
Commercial mortgage-backed securities 51 51 — 0 % 0 %
Collateralized loan obligations 1,239 1,237 (2 ) 12 % 8 %
Other asset-backed securities 2,406 2,356 (50 ) 22 % 15 %
Corporate and other bonds 3,548 3,525 (23 ) 34 % 22 %
Total AFG consolidated $ 10,729 $ 10,474 $ (255 ) **** 100 % **** 66 %
Approximate duration - P&C 3.1 years
Approximate duration - P&C including cash 2.8 years
(a) Book Value is amortized cost, net of allowance for expected credit losses.
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Appendix A<br> <br>American Financial Group,Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>3/31/2025<br> <br>($ in millions)
Fair Value by Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total
Investment grade
AAA $ — $ 359 $ 269 $ 1,795 $ 36 $ 1,187 $ 809 $ 13 $ 4,468 42 %
AA 180 468 10 130 4 49 312 173 1,326 13 %
A — 38 8 69 1 4 666 912 1,698 16 %
BBB — 8 10 34 — — 523 1,997 2,572 24 %
Subtotal - Investment grade 180 873 297 2,028 41 1,240 2,310 3,095 10,064 95 %
BB — — — 2 — — 6 191 199 2 %
B — — — 2 — — 2 29 33 0 %
CCC, CC, C — — — 28 — — 2 11 41 0 %
D — — — — — — — 9 9 0 %
Subtotal - Non-Investment grade — — — 32 — — 10 240 282 2 %
Not Rated (b) — 2 — 58 — 1 61 171 293 3 %
Total $ 180 $ 875 $ 297 $ 2,118 $ 41 $ 1,241 $ 2,381 $ 3,506 $ 10,639 **** 100 %
Fair Value by Type
NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total
1 $ 180 $ 862 $ 241 $ 2,018 $ 41 $ 1,229 $ 1,787 $ 1,111 $ 7,469 72 %
2 — 8 — 23 — — 511 1,990 2,532 24 %
Subtotal 180 870 241 2,041 41 1,229 2,298 3,101 10,001 96 %
3 — — — 2 — — 5 211 218 2 %
4 — — — — — — 1 40 41 1 %
5 — — — 13 — — 3 98 114 1 %
6 — — — 2 — — 2 11 15 0 %
Subtotal — — — 17 — — 11 360 388 4 %
Total insurance companies $ 180 $ 870 $ 241 $ 2,058 $ 41 $ 1,229 $ 2,309 $ 3,461 $ 10,389 **** 100 %
No NAIC designation (c) — — — — — 1 25 11 37
Non-Insurance and Foreign Companies (d) — 5 56 60 — 11 47 34 213
Total $ 180 $ 875 $ 297 $ 2,118 $ 41 $ 1,241 $ 2,381 $ 3,506 $ 10,639
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) For ABS, 54% are NAIC 1 and 41% do not have a designation.
--- ---

For Corp/Oth, 13% are NAIC 1, 16% NAIC 2 and 50% NAIC 5.

For Total, 31% are NAIC 1, 10% NAIC 2, 34% NAIC 5 and 12% do not have a designation.

(c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.<br>
(d) 98% are investment grade rated.
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Page 19

Appendix B<br> <br>American Financial Group,Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>12/31/2024<br> <br>($ in millions)
Fair Value by Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total
Investment grade
AAA $ — $ 342 $ 264 $ 1,717 $ 39 $ 1,166 $ 817 $ 14 $ 4,359 42 %
AA 173 469 9 92 11 66 294 175 1,289 12 %
A — 38 5 69 1 4 648 925 1,690 16 %
BBB — 8 6 20 — — 519 1,990 2,543 24 %
Subtotal - Investment grade 173 857 284 1,898 51 1,236 2,278 3,104 9,881 94 %
BB — — — 2 — — 7 167 176 2 %
B — — — 2 — — 2 33 37 0 %
CCC, CC, C — — — 28 — — 3 14 45 1 %
D — — — — — — — 12 12 0 %
Subtotal - Non-Investment grade — — — 32 — — 12 226 270 3 %
Not Rated (b) — 2 — 59 — 1 66 195 323 3 %
Total $ 173 $ 859 $ 284 $ 1,989 $ 51 $ 1,237 $ 2,356 $ 3,525 $ 10,474 **** 100 %
Fair Value by Type
NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total
1 $ 173 $ 846 $ 237 $ 1,898 $ 51 $ 1,220 $ 1,759 $ 1,119 $ 7,303 71 %
2 — 8 — 20 — — 508 1,988 2,524 25 %
Subtotal 173 854 237 1,918 51 1,220 2,267 3,107 9,827 96 %
3 — — — 8 — — 7 172 187 2 %
4 — — — — — — 2 59 61 1 %
5 — — — 6 — — 4 127 137 1 %
6 — — — 1 — — 2 16 19 0 %
Subtotal — — — 15 — — 15 374 404 4 %
Total insurance companies $ 173 $ 854 $ 237 $ 1,933 $ 51 $ 1,220 $ 2,282 $ 3,481 $ 10,231 **** 100 %
No NAIC designation (c) — — — — — 1 25 8 34
Non-Insurance and Foreign Companies (d) — 5 47 56 — 16 49 36 209
Total $ 173 $ 859 $ 284 $ 1,989 $ 51 $ 1,237 $ 2,356 $ 3,525 $ 10,474
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) For ABS, 57% are NAIC 1 and 38% do not have a designation.
--- ---

For Corp/Oth, 9% are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.

For Total, 29% are NAIC 1, 8% NAIC 2, 10% NAIC 4, 37% NAIC 5 and 11% do not have a designation.

(c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.<br>
(d) 98% are investment grade rated.
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Page 20

Appendix C<br> <br>American Financial Group,Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>3/31/2025<br> <br>($ in millions)
Fair Value By Industry
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) AssetManagers Banking Insurance Technology Utilities OtherFinancials Consumer Autos REITs Healthcare Retailers BasicIndustry CapitalGoods Media Other Total % Total
Investment Grade
AAA $ — $ — $ — $ 11 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 2 $ 13 0 %
AA 5 — 44 23 5 32 37 — — 14 10 — — — 3 173 5 %
A 36 188 152 28 128 62 54 88 52 25 17 11 35 3 33 912 26 %
BBB 786 246 52 173 93 92 63 69 76 38 43 83 48 34 101 1,997 57 %
Subtotal 827 434 248 235 226 186 154 157 128 77 70 94 83 37 139 3,095 88 %
BB 24 7 — 4 — 2 23 18 6 5 36 33 1 23 9 191 6 %
B 4 2 — 2 — — 8 — — 5 — — 3 3 2 29 1 %
CCC, CC, C — — — 2 — — — — — 9 — — — — — 11 0 %
D — — — — — — — — — — 9 — — — — 9 0 %
Subtotal 28 9 — 8 — 2 31 18 6 19 45 33 4 26 11 240 7 %
Not Rated (b) — 3 7 12 — 31 12 1 6 43 14 — 20 20 2 171 5 %
Total $ 855 $ 446 $ 255 $ 255 $ 226 $ 219 $ 197 $ 176 $ 140 $ 139 $ 129 $ 127 $ 107 $ 83 $ 152 **** $ 3,506 **** 100 %
Fair Value By Industry
NAIC designation AssetManagers Banking Insurance Technology Utilities OtherFinancials Consumer Autos REITs Healthcare Retailers BasicIndustry CapitalGoods Media Other Total % Total
1 $ 41 $ 185 $ 194 $ 61 $ 133 $ 108 $ 93 $ 88 $ 52 $ 42 $ 27 $ 11 $ 37 $ 3 $ 36 $ 1,111 32 %
2 772 247 51 169 91 91 70 68 76 50 43 81 46 32 103 1,990 58 %
Subtotal 813 432 245 230 224 199 163 156 128 92 70 92 83 35 139 3,101 90 %
3 34 7 — 5 — 4 24 18 6 16 36 27 2 23 9 211 6 %
4 4 2 — 12 — — 5 — — 5 — 4 3 3 2 40 1 %
5 — — — 3 — 10 2 — 6 25 14 1 18 20 (1 ) 98 3 %
6 — — — — — 1 1 — — — 9 — — — — 11 0 %
Subtotal 38 9 — 20 — 15 32 18 12 46 59 32 23 46 10 360 10 %
Total insurance companies $ 851 $ 441 $ 245 $ 250 $ 224 $ 214 $ 195 $ 174 $ 140 $ 138 $ 129 $ 124 $ 106 $ 81 $ 149 **** $ 3,461 **** 100 %
No NAIC designation (c) — — 7 — — 4 — — — — — — — — — 11
Non-Insurance and Foreign Companies 4 5 3 5 2 1 2 2 — 1 — 3 1 2 3 34
Total $ 855 $ 446 $ 255 $ 255 $ 226 $ 219 $ 197 $ 176 $ 140 $ 139 $ 129 $ 127 $ 107 $ 83 $ 152 **** $ 3,506
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) 13% of not rated securities are NAIC 1, 16% NAIC 2 and 50% NAIC 5.
--- ---
(c) Surplus notes that are classified as other invested assets for STAT.
--- ---

Page 21

Appendix D<br> <br>American Financial Group,Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>12/31/2024<br> <br>($ in millions)
Fair Value By Industry
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) AssetManagers Banking Technology Insurance OtherFinancials Utilities Consumer Autos Healthcare REITs BasicIndustry Retailers CapitalGoods Media Other Total % Total
Investment Grade
AAA $ — $ — $ 11 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3 $ 14 0 %
AA 5 — 22 44 32 5 39 — 14 — — 10 — — 4 175 5 %
A 40 186 28 150 67 122 56 95 30 47 11 17 40 3 33 925 26 %
BBB 767 242 172 51 83 92 64 68 31 75 110 38 47 45 105 1,990 57 %
Subtotal 812 428 233 245 182 219 159 163 75 122 121 65 87 48 145 3,104 88 %
BB 24 6 8 — 2 — 22 5 5 6 13 36 1 30 9 167 5 %
B 4 2 2 — — — 11 — 9 — — — 4 — 1 33 1 %
CCC, CC, C — — 2 — — — — — 12 — — — — — — 14 0 %
D — — — — — — — — — — — 12 — — — 12 0 %
Subtotal 28 8 12 — 2 — 33 5 26 6 13 48 5 30 10 226 6 %
Not Rated (b) — — 16 7 43 — 12 2 47 8 — 15 23 20 2 195 6 %
Total $ 840 $ 436 $ 261 $ 252 $ 227 $ 219 $ 204 $ 170 $ 148 $ 136 $ 134 $ 128 $ 115 $ 98 $ 157 $ 3,525 **** 100 %
Fair Value By Industry
NAIC designation AssetManagers Banking Technology Insurance OtherFinancials Utilities Consumer Autos Healthcare REITs BasicIndustry Retailers CapitalGoods Media Other Total % Total
1 $ 45 $ 183 $ 61 $ 191 $ 113 $ 127 $ 94 $ 95 $ 46 $ 47 $ 11 $ 27 $ 40 $ 3 $ 36 $ 1,119 32 %
2 763 239 168 50 83 90 71 66 43 75 107 37 47 44 105 1,988 57 %
Subtotal 808 422 229 241 196 217 165 161 89 122 118 64 87 47 141 3,107 89 %
3 24 6 8 1 4 — 27 5 6 6 8 36 2 30 9 172 5 %
4 4 2 12 — — — 6 2 24 — 4 — 4 — 1 59 2 %
5 — — 7 — 24 — 2 — 28 8 1 15 21 20 1 127 4 %
6 — — — — 2 — 1 — — — — 12 — — 1 16 0 %
Subtotal 28 8 27 1 30 — 36 7 58 14 13 63 27 50 12 374 11 %
Total insurance companies $ 836 $ 430 $ 256 $ 242 $ 226 $ 217 $ 201 $ 168 $ 147 $ 136 $ 131 $ 127 $ 114 $ 97 $ 153 $ 3,481 **** 100 %
No NAIC designation (c) — — — 7 1 — — — — — — — — — — 8
Non-Insurance and Foreign Companies 4 6 5 3 — 2 3 2 1 — 3 1 1 1 4 36
Total $ 840 $ 436 $ 261 $ 252 $ 227 $ 219 $ 204 $ 170 $ 148 $ 136 $ 134 $ 128 $ 115 $ 98 $ 157 $ 3,525
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) 9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.
--- ---
(c) Surplus notes that are classified as other invested assets for STAT.
--- ---

Page 22

Appendix E<br> <br>American Financial Group,Inc.<br> <br>Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br><br><br>3/31/2025<br> <br>($ in millions)
Fair Value By Collateral Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) WholeBusiness CommercialReal Estate TruPS Triple NetLease Railcar Aircraft SecuredFinancing SingleFamilyRental Auto Other Total % Total
Investment Grade
AAA $ — $ 233 $ 80 $ 198 $ — $ 7 $ — $ 123 $ 69 $ 99 $ 809 34 %
AA 76 — 149 15 29 3 20 — — 20 312 13 %
A 10 — 3 17 162 141 69 — — 264 666 28 %
BBB 430 — — — 6 21 1 — — 65 523 22 %
Subtotal 516 233 232 230 197 172 90 123 69 448 2,310 97 %
BB — — — — — 4 1 — — 1 6 0 %
B — — — — — 1 1 — — — 2 0 %
CCC, CC, C — — — — — 2 — — — — 2 0 %
D — — — — — — — — — — — 0 %
Subtotal — — — — — 7 2 — — 1 10 0 %
Not Rated (b) — — — — — 3 33 — — 25 61 3 %
Total $ 516 $ 233 $ 232 $ 230 $ 197 $ 182 $ 125 $ 123 $ 69 $ 474 $ 2,381 **** 100 %
Fair Value By Collateral Type
NAIC designation WholeBusiness CommercialReal Estate TruPS Triple NetLease Railcar Aircraft SecuredFinancing SingleFamilyRental Auto Other Total % Total
1 $ 86 $ 218 $ 229 $ 227 $ 188 $ 149 $ 122 $ 120 $ 67 $ 381 $ 1,787 77 %
2 419 — — — 6 21 1 — — 64 511 22 %
Subtotal 505 218 229 227 194 170 123 120 67 445 2,298 99 %
3 — — — — — 3 2 — — — 5 1 %
4 — — — — — 1 — — — — 1 0 %
5 — — — — — 3 — — — — 3 0 %
6 — — — — — 2 — — — — 2 0 %
Subtotal — — — — — 9 2 — — — 11 1 %
Total insurance companies $ 505 $ 218 $ 229 $ 227 $ 194 $ 179 $ 125 $ 120 $ 67 $ 445 $ 2,309 **** 100 %
No NAIC designation — — — — — — — — — 25 25
Non-Insurance and Foreign Companies 11 15 3 3 3 3 — 3 2 4 47
Total $ 516 $ 233 $ 232 $ 230 $ 197 $ 182 $ 125 $ 123 $ 69 $ 474 $ 2,381
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) 54% of not rated securities are NAIC 1 and 41% do not have a designation.
--- ---

Page 23

Appendix F<br> <br>American Financial Group,Inc.<br> <br>Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br><br><br>12/31/2024<br> <br>($ in millions)
Fair Value By Collateral Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) WholeBusiness CommercialReal Estate Triple NetLease TruPS Railcar Aircraft SecuredFinancing SingleFamilyRental Auto Other Total % Total
Investment Grade
AAA $ — $ 258 $ 191 $ 46 $ — $ 7 $ 17 $ 125 $ 69 $ 104 $ 817 35 %
AA 75 — 14 130 25 4 25 — — 21 294 12 %
A 10 — 17 18 156 118 65 — — 264 648 28 %
BBB 427 — — — 6 21 1 — — 64 519 22 %
Subtotal 512 258 222 194 187 150 108 125 69 453 2,278 97 %
BB — — — — — 5 1 — — 1 7 0 %
B — — — — — 2 — — — — 2 0 %
CCC, CC, C — — — — — 3 — — — — 3 0 %
D — — — — — — — — — — — 0 %
Subtotal — — — — — 10 1 — — 1 12 0 %
Not Rated (b) — — — — — 2 33 — — 31 66 3 %
Total $ 512 $ 258 $ 222 $ 194 $ 187 $ 162 $ 142 $ 125 $ 69 $ 485 $ 2,356 **** 100 %
Fair Value By Collateral Type
NAIC designation WholeBusiness CommercialReal Estate Triple NetLease TruPS Railcar Aircraft SecuredFinancing SingleFamilyRental Auto Other Total % Total
1 $ 85 $ 240 $ 219 $ 191 $ 179 $ 127 $ 139 $ 121 $ 67 $ 391 $ 1,759 77 %
2 416 — — — 6 21 1 — — 64 508 22 %
Subtotal 501 240 219 191 185 148 140 121 67 455 2,267 99 %
3 — — — — — 4 2 — — 1 7 1 %
4 — — — — — 2 — — — — 2 0 %
5 — — — — — 3 — — — 1 4 0 %
6 — — — — — 2 — — — — 2 0 %
Subtotal — — — — — 11 2 — — 2 15 1 %
Total insurance companies $ 501 $ 240 $ 219 $ 191 $ 185 $ 159 $ 142 $ 121 $ 67 $ 457 $ 2,282 **** 100 %
No NAIC designation — — — — — — — — — 25 25
Non-Insurance and Foreign Companies 11 18 3 3 2 3 — 4 2 3 49
Total $ 512 $ 258 $ 222 $ 194 $ 187 $ 162 $ 142 $ 125 $ 69 $ 485 $ 2,356
(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
--- ---
(b) 57% of not rated securities are NAIC 1 and 38% do not have a designation.
--- ---

Page 24

Appendix G<br> <br>American Financial Group,Inc.<br> <br>Real Estate-Related Investments<br><br><br>3/31/2025<br> <br>($ in millions)
Investments accounted for using equity method (RealEstate Funds/Investments) (a)
--- --- --- --- --- --- --- --- --- --- --- ---
Investment Type Book Value % of<br>Book Value Occupancy (b) Collection Rate (c)
Multi-family $ 1,254 88 % 92 % 97 %
Fund Investments 99 7 % — —
QOZ Fund - Development 27 2 % — —
Office 17 1 % 86 % 100 %
Marina 16 1 % — —
Hospitality 11 1 % — —
Land Development 5 0 % — —
Total $ 1,429 **** 100 %
Real Estate
Property Type Book Value % ofBook Value Debt
Resort & Marina $ 49 51 % $ —
Marina 36 37 % —
Office Building 10 10 % —
Land 2 2 % —
Total $ 97 **** 100 % $ — ****
Mortgage Loans
Property Type Book Value % ofBook Value Loan ToValue
Multifamily $ 605 73 % 66 %
Hospitality 121 15 % 49 %
Marina 52 6 % 52 %
Office 49 6 % 98 %
Total $ 827 **** 100 % **** 64 %

Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b) Occupancy as of 3/31/25
--- ---
(c) Collections for January - March
--- ---

Page 25

Appendix H<br> <br>American Financial Group,Inc.<br> <br>Real Estate-Related Investments<br><br><br>12/31/2024<br> <br>($ in millions)
Investments accounted for using equity method (RealEstate Funds/Investments) (a)
--- --- --- --- --- --- --- --- --- --- --- ---
Investment Type Book Value % of<br>Book Value Occupancy (b) Collection Rate (c)
Multi-family $ 1,222 88 % 92 % 97 %
Fund Investments 93 7 % — —
QOZ Fund - Development 28 2 % — —
Office 17 1 % 91 % 100 %
Marina 16 1 % — —
Hospitality 10 1 % — —
Land Development 6 0 % — —
Total $ 1,392 **** 100 %
Real Estate
Property Type Book Value % ofBook Value Debt
Resort & Marina $ 50 52 % $ —
Marina 35 37 % —
Office Building 9 9 % —
Land 2 2 % —
Total $ 96 **** 100 % $ — ****
Mortgage Loans
Property Type Book Value % ofBook Value Loan ToValue
Multifamily $ 568 72 % 65 %
Hospitality 122 15 % 49 %
Marina 52 7 % 52 %
Office 49 6 % 98 %
Total $ 791 **** 100 % **** 64 %

Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b) Occupancy as of 12/31/24
--- ---
(c) Collections for October - December
--- ---

Page 26

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