Equibles

8-K

AMERICAN FINANCIAL GROUP INC (AFG)

8-K 2025-08-06 For: 2025-08-05
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): August 5, 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
--- ---
(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)
--- ---
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
--- ---
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 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 second quarter of 2025 and the availability of the Investor Supplement on the Company’s website. The press release was issued on August 5, 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.
--- ---
(c) Shell company transactions. Not applicable
--- ---
(d) Exhibits
--- ---
Exhibit No. Description
--- ---
99.1 Earnings Release dated August 5, 2025, reporting American Financial Group Inc. results for the quarter ended June 30, 2025.
99.2 Investor Supplement – Second Quarter 2025
104 Cover page Interactive Date File (embedded within Inline XBRL document)

2

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: August 6, 2025 By: /s/ Joseph C. Alter
Joseph C. Alter
Vice President

3

EX-99.1

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces Second Quarter Results

• Net earnings per share of $2.07; includes $0.07 per share loss fromnon-core items
• Second quarter core net operating earnings per share of $2.14
--- ---
• Second quarter annualized ROE of 15.0%; core operating ROE of 15.5%
--- ---
• Overall average renewal rate increases excluding workers’ compensation of approximately 7%<br>
--- ---
• Capital returned to shareholders in the second quarter was approximately $107 million, including$39 million in share repurchases
--- ---

CINCINNATI – August 5, 2025 – American Financial Group, Inc. (NYSE: AFG) today reported 2025 second quarter net earnings of $174 million ($2.07 per share) compared to $209 million ($2.49 per share) for the 2024 second quarter. Net earnings for the 2025 second quarter included after-tax non-core losses of $5 million ($0.07 per share loss) compared to $6 million ($0.07 per share loss) in the 2024 second quarter. Annualized return on equity was 15.0% and 18.0% for the second 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 $179 million ($2.14 per share) for the 2025 second quarter, compared to $215 million ($2.56 per share) in the 2024 second quarter. The year-over-year decrease reflects lower underwriting profit and lower returns on alternative investments. Additional details for the 2025 and 2024 second quarters may be found in the table below. Core net operating earnings for the second quarters of 2025 and 2024 generated annualized returns on equity of 15.5% and 18.5%, respectively, which is calculated excluding AOCI.

Three Months Ended June 30,
Components of Pretax Core Operating Earnings 2025 2024 2025 2024 2025 2024
In millions, except per share amounts Before Impact of<br>Alternative Investments Alternative<br>Investments Core Net Operating<br>Earnings, as reported
P&C Pretax Core Operating Earnings $ 265 $ 286 $ 8 $ 33 $ 273 $ 319
Other expenses (27 ) (27 ) — — (27 ) (27 )
Holding company interest expense (19 ) (19 ) — — (19 ) (19 )
Pretax Core Operating Earnings 219 240 8 33 227 273
Related provision for income taxes 46 51 2 7 48 58
Core Net Operating Earnings $ 173 **** $ 189 **** $ 6 $ 26 $ 179 **** $ 215 ****
Core Operating Earnings Per Share $ 2.07 $ 2.25 $ 0.07 $ 0.31 $ 2.14 $ 2.56
Weighted Avg Diluted Shares Outstanding 83.5 83.9 83.5 83.9 83.5 83.9

AFG’s book value per share was $54.15 at June 30, 2025. AFG paid cash dividends of $0.80 per share during the second quarter. For the three months ended June 30, 2025, AFG’s growth in book value per share plus dividends was 4.7% and year to date, growth in book value per share plus dividends was 8.6%.

Book value per share excluding AOCI was $55.74 at June 30, 2025. For the three months ended June 30, 2025, AFG’s growth in book value per share excluding AOCI plus dividends was 3.5%. Year to date, growth in book value per share excluding AOCI plus dividends was 5.9%.

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

Page 1

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>June 30, Six months ended<br>June 30,
2025 2024 2025 2024
Components of net earnings:
Core operating earnings before income taxes $ 227 $ 273 $ 421 $ 563
Pretax non-core items:
Realized gains (losses) on securities 2 (2 ) 5 12
Earnings before income taxes 229 271 426 575
Provision for income taxes:
Core operating earnings 48 58 90 117
Non-core items 7 4 8 7
Total provision for income taxes 55 62 98 124
Net earnings $ 174 **** $ 209 **** $ 328 **** $ 451 ****
Net earnings:
Core net operating earnings^(a)^ $ 179 $ 215 $ 331 $ 446
Non-core items:
Realized gains (losses) on securities 2 (2 ) 4 9
Other (7 ) (4 ) (7 ) (4 )
Net earnings $ 174 **** $ 209 **** $ 328 **** $ 451 ****
Components of earnings per share:
Core net operating earnings^(a)^ $ 2.14 $ 2.56 $ 3.96 $ 5.32
Non-core Items:
Realized gains (losses) on securities 0.02 (0.02 ) 0.05 0.11
Other (0.09 ) (0.05 ) (0.09 ) (0.05 )
Diluted net earnings per share $ 2.07 **** $ 2.49 **** $ 3.92 **** $ 5.38 ****

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

Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report an annualized core operating return on equity of 15.5% despite muted quarterly returns from alternative investments. Overall underwriting margins in our specialty P&C insurance businesses were strong, and higher interest rates increased net investment income, excluding alternatives, by 10% year over year. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy enable us to continue to create value for our shareholders.

Messrs. Lindner continued: “AFG continued to have significant excess capital at June 30, 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 93.1% combined ratio in the second quarter of 2025, 2.6 points higher than the 90.5% reported in the second quarter of 2024. Second quarter 2025 results include 2.3 points related to catastrophe losses, consistent with results in the 2024 second quarter. Second quarter 2025 results benefited from 0.7 points of favorable prior year reserve development, compared to 2.3 points in the second quarter of 2024. Underwriting profit was $114 million for the 2025 second quarter compared to $151 million in the second quarter of the prior period. Higher year-over-year underwriting profit in our Specialty Financial Group was more than offset by lower underwriting profit in our Specialty Casualty and Property and Transportation Groups.

Page 2

Second quarter 2025 gross and net written premiums were up 10% and 7%, respectively, when compared to the second quarter of 2024. Earlier reporting of crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year increase, particularly when compared to later reporting of acreage at this same time the previous year. Excluding the crop business, gross and net written premiums grew 6% and 5%, respectively. We continue to achieve year-over-year premium growth in our Specialty P&C business overall as a result of new business opportunities, a good renewal rate environment, and increased exposures.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 7% for the quarter, consistent with pricing increases achieved in the first quarter. Including workers’ compensation, renewal rates were up approximately 6% overall, about a point higher than the previous quarter. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.

The Property andTransportation Group reported an underwriting profit of $27 million in the second quarter of 2025, compared to $40 million in the second quarter of 2024, reflecting the impact of particularly strong crop results in the 2024 quarter. Catastrophe losses in this group were $12 million in the second quarter of 2025, compared to $13 million in the second quarter of 2024. Overall, the businesses in the Property and Transportation Group achieved a 95.2% calendar year combined ratio in the second quarter, 2.5 points higher than the comparable period in 2024.

Second quarter 2025 gross and net written premiums in this group were 15% and 10% higher, respectively, than the comparable prior year. Earlier reporting of crop acreage compared to 2024, which impacts the timing of crop premiums, contributed to higher second quarter premiums in this group. Excluding the crop business, gross and net written premiums in this group grew by 6% and 5%, respectively. Increased exposures, new business opportunities and a favorable rate environment contributed to growth in our transportation businesses. Overall renewal rates in this group increased 8% on average in the second quarter of 2025, a point higher than the pricing achieved in this group for the first quarter of 2025.

The Specialty Casualty Group reported underwriting profit of $49 million in the second quarter of 2025, compared to $86 million in the second quarter of 2024, reflecting lower underwriting profit in our excess and surplus businesses and social services business. Underwriting profitability in our workers’ compensation businesses continues to be very strong and was slightly higher than the 2024 quarter. The businesses in the Specialty Casualty Group achieved a solid 93.9% calendar year combined ratio in the second quarter of 2025, 4.8 points higher than the very strong 89.1% reported in the comparable period in 2024.

Second quarter 2025 gross and net written premiums increased 4% and 2%, respectively, when compared to the same prior year period. Higher year-over-year premiums in our mergers & acquisitions business and growth across a variety of other businesses in this group resulting from new business opportunities, higher rates and strong policy retention were partially offset by lower premiums due to a challenging market in our directors’ & officers’ liability business. In addition, we continued to non-renew certain housing and daycare accounts in our social services businesses. Excluding our workers’ compensation businesses, renewal rates for this group were up approximately 8% in the second quarter. Overall renewal rates in this group including workers’ compensation were up about 6% and consistent with the first quarter of 2025.

The Specialty Financial Group reported an underwriting profit of $38 million in the second quarter of 2025, compared to $25 million in the second quarter of 2024, reflecting higher year-over-year underwriting profitability, particularly in our financial institutions and surety businesses. Catastrophe losses for this group were $19 million in the second quarter of 2025 compared to $18 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported a combined ratio of 86.1% for the second quarter of 2025, 3.6 points better than the 89.7% reported in the comparable period in 2024.

Page 3

Second quarter 2025 gross and net written premiums were up 15% and 12% in this group, respectively, when compared to the prior year period, primarily due to growth in our financial institutions business. Renewal pricing in this group was flat during the quarter.

Carl Lindner III stated, “Overall underwriting profitability was strong in our Specialty P&C businesses in the second quarter of 2025, and we remain confident about the strength of our reserves. A continued favorable pricing environment and new business opportunities enabled us to grow our Specialty P&C businesses, and we continue to expect premium growth for the full year in 2025. I am especially pleased that we achieved double digit rate increases in our most social inflation-exposed lines of businesses.”

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 June 30, 2025, increased 10% year-over-year as a result of higher interest rates and higher average balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 5% lower than the comparable 2024 period.

The annualized return on alternative investments was approximately 1.2% for the 2025 second quarter compared to 5.1% for the prior year quarter. The impact on rental rates and occupancy from a surge in new apartment supply in certain otherwise strong markets reduced the fair value of some multi-family investments and tempered the performance of our alternative investment portfolio in the second quarter of 2025. 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. The average annual return on alternative investments over the five calendar years ended December 31, 2024, was approximately 12%. We continue to remain optimistic regarding the prospects of attractive returns over the long term from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

Non-Core Net Realized Gains (Losses) – AFG recorded second quarter 2025 net realized gains of $2 million ($0.02 per share) after tax, which included $7 million ($0.08 per share) in after-tax net gains to adjust equity securities that the Company continued to own at June 30, 2025, to fair value. By comparison, AFG recorded second quarter 2024 net realized losses of $2 million ($0.02 per share loss) after tax.

After-tax unrealized losses related to fixed maturities were $106 million at June 30, 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.

Page 4

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; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, 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 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 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 6, 2025. Event registration and access provides 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.

Page 5

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.

AFG2025-18

Page 6

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Revenues
Net earned premiums $ 1,647 $ 1,585 $ 3,227 $ 3,131
Net investment income 184 188 357 386
Realized gains (losses) on securities 2 (2 ) 5 12
Income of managed investment entities:
Investment income 68 98 144 197
Gain (loss) on change in fair value of assets/liabilities (4 ) 4 (7 ) 14
Other income 27 27 54 66
Total revenues 1,924 1,900 3,780 3,806
Costs and expenses
Losses and loss adjustment expenses 1,007 937 1,972 1,849
Commissions and other underwriting expenses 534 506 1,064 1,009
Interest charges on borrowed money 19 19 38 38
Expenses of managed investment entities 60 90 128 182
Other expenses 75 77 152 153
Total costs and expenses 1,695 1,629 3,354 3,231
Earnings before income taxes 229 271 426 575
Provision for income taxes 55 62 98 124
Net earnings $ 174 **** $ 209 **** $ 328 **** $ 451
Diluted earnings per common share $ 2.07 $ 2.49 $ 3.92 $ 5.38
Average number of diluted shares 83.5 83.9 83.7 83.9
Selected Balance Sheet Data: June 30, 2025 December 31, 2024
--- --- --- --- ---
Total cash and investments $ 16,049 $ 15,852
Long-term debt $ 1,476 $ 1,475
Shareholders’ equity^(b)^ $ 4,516 $ 4,466
Shareholders’ equity (excluding AOCI) $ 4,648 $ 4,706
Book value per share^(b)^ $ 54.15 $ 53.18
Book value per share (excluding AOCI) $ 55.74 $ 56.03
Common Shares Outstanding 83.4 84.0

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

Page 7

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

Three months ended<br>June 30, Pct.<br>Change Six months ended<br>June 30, Pct.<br>Change
2025 2024 2025 2024
Gross written premiums $ 2,653 $ 2,406 10 % $ 4,944 $ 4,742 4 %
Net written premiums $ 1,803 $ 1,692 7 % $ 3,414 $ 3,326 3 %
Ratios (GAAP):
Loss & LAE ratio 61.1 % 59.1 % 61.1 % 58.8 %
Underwriting expense ratio 32.0 % 31.4 % 32.5 % 31.4 %
Specialty Combined Ratio 93.1 % 90.5 % 93.6 % 90.2 %
Combined Ratio – P&C Segment 93.1 % 90.5 % 93.6 % 90.3 %
SupplementalInformation:^(c)^
Gross Written Premiums:
Property & Transportation $ 1,247 $ 1,084 15 % $ 2,144 $ 2,043 5 %
Specialty Casualty 1,062 1,023 4 % 2,130 2,120 - %
Specialty Financial 344 299 15 % 670 579 16 %
$ 2,653 $ 2,406 10 % $ 4,944 $ 4,742 4 %
Net Written Premiums:
Property & Transportation $ 759 $ 690 10 % $ 1,322 $ 1,287 3 %
Specialty Casualty 765 753 2 % 1,537 1,556 (1 %)
Specialty Financial 279 249 12 % 555 483 15 %
$ 1,803 $ 1,692 7 % $ 3,414 $ 3,326 3 %
Combined Ratio (GAAP):
Property & Transportation 95.2 % 92.7 % 94.0 % 90.6 %
Specialty Casualty 93.9 % 89.1 % 95.8 % 90.7 %
Specialty Financial 86.1 % 89.7 % 86.5 % 88.1 %
Aggregate Specialty Group 93.1 % 90.5 % 93.6 % 90.2 %
Three months ended June 30, Six months ended June 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Reserve Development (Favorable)/Adverse:
Property & Transportation $ (13 ) $ (34 ) $ (32 ) $ (80 )
Specialty Casualty 10 (2 ) 22 (13 )
Specialty Financial (9 ) — (22 ) 6
Specialty Group (12 ) (36 ) (32 ) (87 )
Other 1 1 1 2
Total Reserve Development $ (11 ) $ (35 ) $ (31 ) $ (85 )
Points on Combined Ratio:
Property & Transportation (2.2 ) (6.3 ) (3.0 ) (7.5 )
Specialty Casualty 1.2 (0.2 ) 1.4 (0.8 )
Specialty Financial (3.2 ) 0.1 (3.9 ) 1.3
Aggregate Specialty Group (0.7 ) (2.3 ) (1.0 ) (2.8 )
Total P&C Segment (0.7 ) (2.2 ) (1.0 ) (2.7 )

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a) Components of core net operating earnings (in millions):
Three months ended<br>June 30, Six months ended<br>June 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2025 2024 2025 2024
Core Operating Earnings before Income Taxes:
P&C insurance segment $ 273 $ 319 $ 519 $ 659
Interest and other corporate expenses (46 ) (46 ) (98 ) (96 )
Core operating earnings before income taxes 227 273 421 563
Related income taxes 48 58 90 117
Core net operating earnings $ 179 $ 215 $ 331 $ 446
b) Shareholders’ Equity at June 30, 2025, includes ($132 million) ($1.59 per share loss) in Accumulated<br>Other Comprehensive Income (Loss) compared to ($240 million) ($2.85 per share loss) at December 31, 2024.
--- ---
c) Supplemental Notes:
--- ---
• 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.
--- ---
• 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>
--- ---
• 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.
--- ---

Page 9

EX-99.2

Exhibit 99.2

American Financial Group, Inc.<br><br><br>Investor Supplement - Second Quarter 2025<br> <br><br><br><br>August 5, 2025<br> <br><br><br><br>American Financial Group, Inc.<br> <br>Corporate Headquarters<br><br><br>Great American Insurance Group Tower<br> <br>301 E Fourth Street<br><br><br>Cincinnati, OH 45202<br> <br>513 579 6739
American Financial Group, Inc.<br><br><br>Table of Contents - Investor Supplement - Second Quarter 2025
---
Section Page
--- --- ---
Table of Contents - Investor Supplement - Second 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 6/30/2025 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 6/30/2025 21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024 22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>6/30/2025 23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>12/31/2024 24
G. Real Estate-Related Investments 6/30/2025 25
H. Real Estate-Related Investments 12/31/2024 26

Page 2

American Financial Group, Inc.<br><br><br>Financial Highlights<br> <br>(in millions, except per share<br>information)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Highlights
Net earnings $ 174 $ 154 $ 255 $ 181 $ 209 $ 328 $ 451
Core net operating earnings 179 152 262 194 215 331 446
Total assets 30,669 30,294 30,836 32,591 29,913 30,669 29,913
Shareholders’ equity, excluding AOCI (a) 4,648 4,571 4,706 4,844 4,715 4,648 4,715
Property and Casualty net written premiums 1,803 1,611 1,460 2,353 1,692 3,414 3,326
Per share data
Diluted earnings per share $ 2.07 $ 1.84 $ 3.03 $ 2.16 $ 2.49 $ 3.92 $ 5.38
Core net operating earnings per share 2.14 1.81 3.12 2.31 2.56 3.96 5.32
Book value per share, excluding AOCI (a) 55.74 54.63 56.03 57.71 56.19 55.74 56.19
Dividends per common share 0.80 2.80 4.80 0.71 0.71 3.60 3.92
Financial ratios
Annualized return on equity (b) 15.0 % 13.3 % 21.3 % 15.2 % 18.0 % 14.1 % 19.5 %
Annualized core operating return on equity (b) 15.5 % 13.1 % 21.9 % 16.2 % 18.5 % 14.3 % 19.3 %
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio 61.1 % 61.0 % 63.7 % 69.5 % 59.1 % 61.1 % 58.8 %
Underwriting expense ratio 32.0 % 33.0 % 25.3 % 24.8 % 31.4 % 32.5 % 31.4 %
Combined ratio - Specialty 93.1 % 94.0 % 89.0 % 94.3 % 90.5 % 93.6 % 90.2 %
(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 Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Property and Casualty Insurance
Underwriting profit $ 113 $ 94 $ 202 $ 115 $ 150 $ 207 $ 303
Net investment income 179 170 195 195 189 349 394
Other income (expense) (19 ) (18 ) (19 ) (19 ) (20 ) (37 ) (38 )
Property and Casualty Insurance operating earnings 273 246 378 291 319 519 659
Interest expense of parent holding companies (19 ) (19 ) (19 ) (19 ) (19 ) (38 ) (38 )
Other expense (27 ) (33 ) (29 ) (27 ) (27 ) (60 ) (58 )
Pretax core operating earnings 227 194 330 245 273 421 563
Income tax expense 48 42 68 51 58 90 117
Core net operating earnings 179 152 262 194 215 331 446
Non-core items, net of tax:
Realized gains (losses) on securities 2 2 (7 ) (2 ) (2 ) 4 9
Other non-core items (7 ) — — — (4 ) (7 ) (4 )
Special A&E charges - Former Railroad and Manufacturing operations — — — (11 ) — — —
Net earnings $ 174 $ 154 $ 255 $ 181 $ 209 $ 328 $ 451

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 Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Core net operating earnings $ 179 $ 152 $ 262 $ 194 $ 215 $ 331 $ 446
Net earnings $ 174 $ 154 $ 255 $ 181 $ 209 $ 328 $ 451
Average number of diluted shares 83.488 83.842 83.966 83.939 83.912 83.664 83.853
Diluted earnings per share:
Core net operating earnings per share $ 2.14 $ 1.81 $ 3.12 $ 2.31 $ 2.56 $ 3.96 $ 5.32
Realized gains (losses) on securities 0.02 0.03 (0.09 ) (0.02 ) (0.02 ) 0.05 0.11
Other non-core items (0.09 ) — — — (0.05 ) (0.09 ) (0.05 )
Special A&E charges - Former Railroad and Manufacturing operations — — — (0.13 ) — — —
Diluted earnings per share $ 2.07 $ 1.84 $ 3.03 $ 2.16 $ 2.49 $ 3.92 $ 5.38

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 Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Property and Transportation $ 27 $ 37 $ 81 $ 33 $ 40 $ 64 $ 100
Specialty Casualty 49 20 69 63 86 69 147
Specialty Financial 38 37 54 21 25 75 58
Underwriting profit - Specialty 114 94 204 117 151 208 305
Other core charges, included in loss and LAE (1 ) — (2 ) (2 ) (1 ) (1 ) (2 )
Underwriting profit - Property and Casualty Insurance $ 113 $ 94 $ 202 $ 115 $ 150 $ 207 $ 303
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ 1 $ — $ — $ — $ 1
Catastrophe losses 38 72 20 90 36 110 70
Total current accident year catastrophe losses $ 38 $ 72 $ 21 $ 90 $ 36 $ 110 $ 71
Prior year loss reserve development (favorable) / adverse $ (11 ) $ (20 ) $ 36 $ (15 ) $ (35 ) $ (31 ) $ (85 )
Combined ratio:
Property and Transportation 95.2 % 92.5 % 89.5 % 96.8 % 92.7 % 94.0 % 90.6 %
Specialty Casualty 93.9 % 97.6 % 91.4 % 92.1 % 89.1 % 95.8 % 90.7 %
Specialty Financial 86.1 % 87.0 % 80.7 % 92.3 % 89.7 % 86.5 % 88.1 %
Combined ratio - Specialty 93.1 % 94.0 % 89.0 % 94.3 % 90.5 % 93.6 % 90.2 %
Other core charges 0.0 % 0.1 % 0.1 % 0.1 % 0.0 % 0.0 % 0.1 %
Combined ratio 93.1 % 94.1 % 89.1 % 94.4 % 90.5 % 93.6 % 90.3 %
P&C combined ratio excl. catastrophe losses and prior year reserve development 91.5 % 90.8 % 86.1 % 90.7 % 90.5 % 91.2 % 90.7 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 59.5 % 57.8 % 60.8 % 65.9 % 59.1 % 58.7 % 59.3 %
Prior accident year loss reserve development (0.7 %) (1.3 %) 1.9 % (0.7 %) (2.2 %) (1.0 %) (2.7 %)
Current accident year catastrophe losses 2.3 % 4.6 % 1.1 % 4.4 % 2.2 % 3.4 % 2.3 %
Loss and LAE ratio 61.1 % 61.1 % 63.8 % 69.6 % 59.1 % 61.1 % 58.9 %

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Gross written premiums $ 2,653 $ 2,291 $ 2,043 $ 3,748 $ 2,406 $ 4,944 $ 4,742
Ceded reinsurance premiums (850 ) (680 ) (583 ) (1,395 ) (714 ) (1,530 ) (1,416 )
Net written premiums 1,803 1,611 1,460 2,353 1,692 3,414 3,326
Change in unearned premiums (156 ) (31 ) 390 (298 ) (107 ) (187 ) (195 )
Net earned premiums 1,647 1,580 1,850 2,055 1,585 3,227 3,131
Loss and LAE 1,006 965 1,179 1,428 936 1,971 1,842
Underwriting expense 527 521 467 510 498 1,048 984
Underwriting profit $ 114 $ 94 $ 204 $ 117 $ 151 $ 208 $ 305
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ 1 $ — $ — $ — $ 1
Catastrophe losses 38 72 20 90 36 110 70
Total current accident year catastrophe losses $ 38 $ 72 $ 21 $ 90 $ 36 $ 110 $ 71
Prior year loss reserve development (favorable) / adverse $ (12 ) $ (20 ) $ 34 $ (17 ) $ (36 ) $ (32 ) $ (87 )
Combined ratio:
Loss and LAE ratio 61.1 % 61.0 % 63.7 % 69.5 % 59.1 % 61.1 % 58.8 %
Underwriting expense ratio 32.0 % 33.0 % 25.3 % 24.8 % 31.4 % 32.5 % 31.4 %
Combined ratio 93.1 % 94.0 % 89.0 % 94.3 % 90.5 % 93.6 % 90.2 %
Combined ratio excl. catastrophe losses and prior year reserve development 91.5 % 90.8 % 86.1 % 90.7 % 90.5 % 91.2 % 90.7 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 59.5 % 57.8 % 60.8 % 65.9 % 59.1 % 58.7 % 59.3 %
Prior accident year loss reserve development (0.7 %) (1.3 %) 1.8 % (0.8 %) (2.3 %) (1.0 %) (2.8 %)
Current accident year catastrophe losses 2.3 % 4.5 % 1.1 % 4.4 % 2.3 % 3.4 % 2.3 %
Loss and LAE ratio 61.1 % 61.0 % 63.7 % 69.5 % 59.1 % 61.1 % 58.8 %

Page 7

American Financial Group, Inc.<br><br><br>Property and Transportation - Underwriting Results (GAAP)<br><br><br>($ in millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Gross written premiums $ 1,247 $ 897 $ 585 $ 2,107 $ 1,084 $ 2,144 $ 2,043
Ceded reinsurance premiums (488 ) (334 ) (177 ) (956 ) (394 ) (822 ) (756 )
Net written premiums 759 563 408 1,151 690 1,322 1,287
Change in unearned premiums (183 ) (63 ) 357 (162 ) (138 ) (246 ) (215 )
Net earned premiums 576 500 765 989 552 1,076 1,072
Loss and LAE 387 311 531 784 351 698 657
Underwriting expense 162 152 153 172 161 314 315
Underwriting profit $ 27 $ 37 $ 81 $ 33 $ 40 $ 64 $ 100
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ 1 $ — $ — $ — $ —
Catastrophe losses 12 10 9 34 13 22 22
Total current accident year catastrophe losses $ 12 $ 10 $ 10 $ 34 $ 13 $ 22 $ 22
Prior year loss reserve development (favorable) / adverse $ (13 ) $ (19 ) $ (2 ) $ (14 ) $ (34 ) $ (32 ) $ (80 )
Combined ratio:
Loss and LAE ratio 67.2 % 62.1 % 69.5 % 79.4 % 63.7 % 64.9 % 61.2 %
Underwriting expense ratio 28.0 % 30.4 % 20.0 % 17.4 % 29.0 % 29.1 % 29.4 %
Combined ratio 95.2 % 92.5 % 89.5 % 96.8 % 92.7 % 94.0 % 90.6 %
Combined ratio excl. catastrophe losses and prior year reserve development 95.4 % 94.4 % 88.5 % 94.5 % 96.6 % 94.9 % 96.1 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 67.4 % 64.0 % 68.5 % 77.1 % 67.6 % 65.8 % 66.7 %
Prior accident year loss reserve development (2.2 %) (3.9 %) (0.2 %) (1.3 %) (6.3 %) (3.0 %) (7.5 %)
Current accident year catastrophe losses 2.0 % 2.0 % 1.2 % 3.6 % 2.4 % 2.1 % 2.0 %
Loss and LAE ratio 67.2 % 62.1 % 69.5 % 79.4 % 63.7 % 64.9 % 61.2 %

Page 8

American Financial Group, Inc.<br><br><br>Specialty Casualty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Gross written premiums $ 1,062 $ 1,068 $ 1,126 $ 1,297 $ 1,023 $ 2,130 $ 2,120
Ceded reinsurance premiums (297 ) (296 ) (353 ) (380 ) (270 ) (593 ) (564 )
Net written premiums 765 772 773 917 753 1,537 1,556
Change in unearned premiums 34 22 32 (120 ) 38 56 18
Net earned premiums 799 794 805 797 791 1,593 1,574
Loss and LAE 516 536 541 519 483 1,052 985
Underwriting expense 234 238 195 215 222 472 442
Underwriting profit $ 49 $ 20 $ 69 $ 63 $ 86 $ 69 $ 147
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ — $ — $ 1
Catastrophe losses 7 27 (6 ) 17 5 34 23
Total current accident year catastrophe losses $ 7 $ 27 $ (6 ) $ 17 $ 5 $ 34 $ 24
Prior year loss reserve development (favorable) / adverse $ 10 $ 12 $ 44 $ 6 $ (2 ) $ 22 $ (13 )
Combined ratio:
Loss and LAE ratio 64.5 % 67.6 % 67.2 % 65.1 % 61.0 % 66.1 % 62.6 %
Underwriting expense ratio 29.4 % 30.0 % 24.2 % 27.0 % 28.1 % 29.7 % 28.1 %
Combined ratio 93.9 % 97.6 % 91.4 % 92.1 % 89.1 % 95.8 % 90.7 %
Combined ratio excl. catastrophe losses and prior year reserve development 91.8 % 92.6 % 86.7 % 89.3 % 88.7 % 92.3 % 90.0 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 62.4 % 62.6 % 62.5 % 62.3 % 60.6 % 62.6 % 61.9 %
Prior accident year loss reserve development 1.2 % 1.6 % 5.4 % 0.7 % (0.2 %) 1.4 % (0.8 %)
Current accident year catastrophe losses 0.9 % 3.4 % (0.7 %) 2.1 % 0.6 % 2.1 % 1.5 %
Loss and LAE ratio 64.5 % 67.6 % 67.2 % 65.1 % 61.0 % 66.1 % 62.6 %

Page 9

American Financial Group, Inc.<br><br><br>Specialty Financial - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Gross written premiums $ 344 $ 326 $ 332 $ 344 $ 299 $ 670 $ 579
Ceded reinsurance premiums (65 ) (50 ) (53 ) (59 ) (50 ) (115 ) (96 )
Net written premiums 279 276 279 285 249 555 483
Change in unearned premiums (7 ) 10 1 (16 ) (7 ) 3 2
Net earned premiums 272 286 280 269 242 558 485
Loss and LAE 103 118 107 125 102 221 200
Underwriting expense 131 131 119 123 115 262 227
Underwriting profit $ 38 **** $ 37 **** $ 54 **** $ 21 **** $ 25 **** $ 75 **** $ 58 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ — $ — $ —
Catastrophe losses 19 35 17 39 18 54 25
Total current accident year catastrophe losses $ 19 $ 35 $ 17 $ 39 $ 18 $ 54 $ 25
Prior year loss reserve development (favorable) / adverse $ (9 ) $ (13 ) $ (8 ) $ (9 ) $ — $ (22 ) $ 6
Combined ratio:
Loss and LAE ratio 38.1 % 41.1 % 38.1 % 46.5 % 42.1 % 39.6 % 41.3 %
Underwriting expense ratio 48.0 % 45.9 % 42.6 % 45.8 % 47.6 % 46.9 % 46.8 %
Combined ratio **** 86.1 % **** 87.0 % **** 80.7 % **** 92.3 % **** 89.7 % **** 86.5 % **** 88.1 %
Combined ratio excl. catastrophe losses and prior year reserve development 82.0 % 79.7 % 77.5 % 81.2 % 82.4 % 80.7 % 81.6 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 34.0 % 33.8 % 34.9 % 35.4 % 34.8 % 33.8 % 34.8 %
Prior accident year loss reserve development (3.2 %) (4.6 %) (2.9 %) (3.2 %) 0.1 % (3.9 %) 1.3 %
Current accident year catastrophe losses 7.3 % 11.9 % 6.1 % 14.3 % 7.2 % 9.7 % 5.2 %
Loss and LAE ratio **** 38.1 % **** 41.1 % **** 38.1 % **** 46.5 % **** 42.1 % **** 39.6 % **** 41.3 %

Page 10

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets:
Total cash and investments $ 16,049 $ 15,994 $ 15,852 $ 15,741 $ 15,261 $ 15,254
Recoverables from reinsurers 4,733 4,945 5,176 5,217 4,157 4,510
Prepaid reinsurance premiums 1,256 1,105 1,013 1,346 1,143 1,078
Agents’ balances and premiums receivable 1,946 1,589 1,532 1,995 1,909 1,606
Deferred policy acquisition costs 345 316 320 340 328 309
Assets of managed investment entities 3,833 3,848 4,140 4,332 4,695 4,669
Other receivables 877 855 1,123 1,989 758 958
Other assets 1,325 1,337 1,375 1,326 1,357 1,312
Goodwill 305 305 305 305 305 305
Total assets $ 30,669 **** $ 30,294 **** $ 30,836 **** $ 32,591 **** $ 29,913 **** $ 30,001 ****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses $ 13,834 $ 13,970 $ 14,179 $ 14,206 $ 12,607 $ 13,050
Unearned premiums 4,026 3,710 3,584 4,320 3,816 3,650
Payable to reinsurers 1,152 1,028 1,191 1,620 1,176 1,078
Liabilities of managed investment entities 3,685 3,726 3,965 4,168 4,536 4,468
Long-term debt 1,476 1,476 1,475 1,475 1,475 1,475
Other liabilities 1,980 1,992 1,976 2,094 1,919 2,040
Total liabilities $ 26,153 **** $ 25,902 **** $ 26,370 **** $ 27,883 **** $ 25,529 **** $ 25,761 ****
Shareholders’ equity:
Common stock $ 83 $ 84 $ 84 $ 84 $ 84 $ 84
Capital surplus 1,414 1,409 1,411 1,400 1,392 1,382
Retained earnings 3,151 3,078 3,211 3,360 3,239 3,089
Unrealized gains (losses) - fixed maturities (101 ) (141 ) (202 ) (100 ) (290 ) (278 )
Unrealized gains (losses) - fixed maturity-related cash flow hedges (5 ) (7 ) (10 ) (7 ) (20 ) (22 )
Other comprehensive income (loss), net of tax (26 ) (31 ) (28 ) (29 ) (21 ) (15 )
Total shareholders’ equity 4,516 4,392 4,466 4,708 4,384 4,240
Total liabilities and equity $ 30,669 $ 30,294 $ 30,836 $ 32,591 $ 29,913 $ 30,001

Page 11

American Financial Group, Inc.<br><br><br>Book Value Per Share and Price / Book Summary<br> <br>(in<br>millions, except per share information)
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shareholders’ equity $ 4,516 $ 4,392 $ 4,466 $ 4,708 $ 4,384 $ 4,240
Accumulated other comprehensive income (loss) (132 ) (179 ) (240 ) (136 ) (331 ) (315 )
Shareholders’ equity, excluding AOCI 4,648 4,571 4,706 4,844 4,715 4,555
Goodwill 305 305 305 305 305 305
Intangibles 193 198 203 199 204 208
Tangible shareholders’ equity, excluding AOCI $ 4,150 $ 4,068 $ 4,198 $ 4,340 $ 4,206 $ 4,042
Common shares outstanding 83.386 83.668 83.978 83.923 83.897 83.857
Book value per share:
Book value per share $ 54.15 $ 52.50 $ 53.18 $ 56.10 $ 52.25 $ 50.57
Book value per share, excluding AOCI 55.74 54.63 56.03 57.71 56.19 54.32
Tangible, excluding AOCI 49.77 48.62 49.98 51.72 50.13 48.20
Market capitalization
AFG’s closing common share price $ 126.21 $ 131.34 $ 136.93 $ 134.60 $ 123.02 $ 136.48
Market capitalization $ 10,524 $ 10,989 $ 11,499 $ 11,296 $ 10,321 $ 11,445
Price / Book value per share, excluding AOCI 2.26 2.40 2.44 2.33 2.19 2.51

Page 12

American Financial Group, Inc.<br><br><br>Capitalization<br> <br>($ in millions)
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
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 4,516 4,392 4,466 4,708 4,384 4,240
Accumulated other comprehensive income (loss) (132 ) (179 ) (240 ) (136 ) (331 ) (315 )
Total capital, excluding AOCI $ 6,146 $ 6,069 $ 6,204 $ 6,342 $ 6,213 $ 6,053
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt 24.4 % 24.7 % 24.1 % 23.6 % 24.1 % 24.7 %
Excluding subordinated debt 13.4 % 13.6 % 13.3 % 13.0 % 13.2 % 13.6 %

Page 13

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Property and Casualty Insurance
Paid Losses (GAAP) $ 931 $ 967 $ 1,179 $ 897 $ 969 $ 1,898 $ 1,958
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance $ 5,935 $ 5,853 $ 5,962 $ 6,150 $ 5,919 $ 5,780
Parent and other subsidiaries (1,287 ) (1,282 ) (1,256 ) (1,306 ) (1,204 ) (1,225 )
AFG GAAP Equity (excluding AOCI) $ 4,648 $ 4,571 $ 4,706 $ 4,844 $ 4,715 $ 4,555
Allowable dividends without regulatory approval
Property and Casualty Insurance $ 1,004 $ 1,004 $ 1,004 $ 946 $ 946 $ 946

Page 14

American Financial Group, Inc.<br><br><br>Total Cash and Investments<br> <br>($ in millions)
Carrying Value - June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- ---
Property andCasualtyInsurance Parent &Other ConsolidateCLOs Total AFGConsolidated % ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents $ 995 $ 273 $ — $ 1,268 8 %
Fixed maturities - Available for sale 10,461 28 — 10,489 65 %
Fixed maturities - Trading 82 — — 82 1 %
Equity securities - Common stocks 389 — — 389 2 %
Equity securities - Perpetual preferred 411 — — 411 2 %
Investments accounted for using the equity method 2,338 3 — 2,341 15 %
Mortgage loans 909 — — 909 6 %
Real estate and other investments 205 103 (148 ) 160 1 %
Total cash and investments $ 15,790 $ 407 $ (148 ) $ 16,049 **** 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><br>Net Investment Income<br> <br>($ in millions)
Three Months Ended Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities $ 140 $ 137 $ 134 $ 134 $ 133 $ 277 $ 264
Equity securities 15 6 9 6 7 21 14
Other investments (a) 23 21 24 25 21 44 38
Gross investment income excluding alternative investments **** 178 **** **** 164 **** **** 167 **** **** 165 **** **** 161 **** **** 342 **** **** 316 ****
Gross investment income from alternative investments (b) 8 12 33 36 33 20 89
Total gross investment income **** 186 **** **** 176 **** **** 200 **** **** 201 **** **** 194 **** **** 362 **** **** 405 ****
Investment expenses (7 ) (6 ) (5 ) (6 ) (5 ) (13 ) (11 )
Total net investment income $ 179 **** $ 170 **** $ 195 **** $ 195 **** $ 189 **** $ 349 **** $ 394 ****
Average cash and investments (c) $ 15,921 **** $ 15,881 **** $ 15,718 **** $ 15,447 **** $ 15,346 **** $ 15,894 **** $ 15,321 ****
Average yield - overall portfolio, net (d) 4.50 % 4.28 % 4.96 % 5.05 % 4.93 % 4.39 % 5.14 %
Average yield - fixed maturities before inv expenses (d) 5.24 % 5.13 % 5.09 % 5.06 % 5.04 % 5.19 % 4.99 %
AFG consolidated net investment income:
Property & Casualty core $ 179 $ 170 $ 195 $ 195 $ 189 $ 349 $ 394
Parent & other 7 5 7 7 8 12 15
Consolidate CLOs (2 ) (2 ) (8 ) (2 ) (9 ) (4 ) (23 )
Total net investment income $ 184 **** $ 173 **** $ 194 **** $ 200 **** $ 188 **** $ 357 **** $ 386 ****
Average cash and investments (c) $ 16,175 **** $ 16,140 **** $ 15,987 **** $ 15,748 **** $ 15,617 **** $ 16,152 **** $ 15,620 ****
Average yield - overall portfolio, net (d) 4.55 % 4.29 % 4.85 % 5.08 % 4.82 % 4.42 % 4.94 %
Average yield - fixed maturities before inv expenses (d) 5.24 % 5.13 % 5.10 % 5.08 % 5.06 % 5.20 % 5.01 %
(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 Six Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income $ 8 $ (3 ) $ 12 $ 8 $ 1 $ 5 $ 2
Equity securities MTM through investment income (a) 4 — 12 20 9 4 25
Investments accounted for using the equity method (b) (6 ) 13 1 6 14 7 39
AFG managed CLOs (eliminated in consolidation) 2 2 8 2 9 4 23
Total Property & Casualty $ 8 **** $ 12 **** $ 33 **** $ 36 **** $ 33 **** $ 20 **** $ 89 ****
Investments
Fixed maturities MTM through investment income $ 55 $ 50 $ 75 $ 51 $ 32 $ 55 $ 32
Equity securities MTM through investment income (a) 233 232 222 563 544 233 544
Investments accounted for using the equity method (b) 2,338 2,324 2,275 1,909 1,880 2,338 1,880
AFG managed CLOs (eliminated in consolidation) 148 122 174 163 158 148 158
Total Property & Casualty $ 2,774 **** $ 2,728 **** $ 2,746 **** $ 2,686 **** $ 2,614 **** $ 2,774 **** $ 2,614 ****
Annualized Return - Property & Casualty **** 1.2 % **** 1.8 % **** 4.9 % **** 5.4 % **** 5.1 % **** 1.5 % **** 7.0 %
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income $ 8 $ (3 ) $ 12 $ 8 $ 1 $ 5 $ 2
Equity securities MTM through investment income (a) 4 — 12 20 9 4 25
Investments accounted for using the equity method (b) (6 ) 13 1 6 14 7 39
AFG managed CLOs (eliminated in consolidation) 2 2 8 2 9 4 23
Total AFG Consolidated $ 8 **** $ 12 **** $ 33 **** $ 36 **** $ 33 **** $ 20 **** $ 89 ****
Investments
Fixed maturities MTM through investment income $ 55 $ 50 $ 75 $ 51 $ 32 $ 55 $ 32
Equity securities MTM through investment income (a) 233 232 222 563 544 233 544
Investments accounted for using the equity method (b) 2,341 2,326 2,277 1,911 1,882 2,341 1,882
AFG managed CLOs (eliminated in consolidation) 148 122 174 163 158 148 158
Total AFG Consolidated $ 2,777 **** $ 2,730 **** $ 2,748 **** $ 2,688 **** $ 2,616 **** $ 2,777 **** $ 2,616 ****
Annualized Return - AFG Consolidated **** 1.2 % **** 1.8 % **** 4.9 % **** 5.4 % **** 5.1 % **** 1.5 % **** 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.
--- ---

Page 17

American Financial Group, Inc.<br><br><br>Fixed Maturities - By Security Type - AFG Consolidated<br> <br>($<br>in millions)
June 30, 2025 Book Value (a) Fair Value UnrealizedGain (Loss) % ofFair Value % ofInvestmentPortfolio
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
US Government and government agencies $ 188 $ 188 $ — 2 % 1 %
States, municipalities and political subdivisions 910 868 (42 ) 8 % 5 %
Foreign government 319 322 3 3 % 2 %
Residential mortgage-backed securities 2,313 2,217 (96 ) 21 % 14 %
Collateralized loan obligations 1,090 1,088 (2 ) 10 % 7 %
Other asset-backed securities 2,428 2,406 (22 ) 23 % 15 %
Corporate and other bonds 3,451 3,482 31 33 % 22 %
Total AFG consolidated $ 10,699 $ 10,571 $ (128 ) **** 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) % ofFair Value % 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 %
Collateralized loan obligations 1,239 1,237 (2 ) 12 % 8 %
Other asset-backed securities 2,457 2,407 (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.
--- ---

Page 18

Appendix A<br><br><br>American Financial Group, Inc.<br> <br>Fixed Maturities byCredit Rating & NAIC Designation by Type<br> <br>6/30/2025<br><br><br>($ in millions)
Fair Value by Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total
Investment grade
AAA $ 2 $ 165 $ 286 $ 1,942 $ 1,035 $ 796 $ 12 $ 4,238 40 %
AA 186 655 13 91 49 314 174 1,482 14 %
A — 38 18 69 4 691 927 1,747 17 %
BBB — 8 4 29 — 531 1,981 2,553 24 %
Subtotal - Investment grade 188 866 321 2,131 1,088 2,332 3,094 10,020 95 %
BB — — — 1 — 5 179 185 2 %
B — — — 1 — 2 34 37 0 %
CCC, CC, C — — — 27 — 2 11 40 0 %
D — — — — — — — — 0 %
Subtotal - Non-Investment grade — — — 29 — 9 224 262 2 %
Not Rated (b) — 2 1 57 — 65 164 289 3 %
Total $ 188 $ 868 $ 322 $ 2,217 $ 1,088 $ 2,406 $ 3,482 $ 10,571 **** 100 %
Fair Value by Type
NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total
1 $ 188 $ 854 $ 255 $ 2,109 $ 1,081 $ 1,802 $ 1,126 $ 7,415 72 %
2 — 8 — 26 — 519 1,972 2,525 24 %
Subtotal 188 862 255 2,135 1,081 2,321 3,098 9,940 96 %
3 — — — 3 — 6 202 211 2 %
4 — — — — — 1 47 48 1 %
5 — — — 13 — 3 91 107 1 %
6 — — — 2 — 2 1 5 0 %
Subtotal — — — 18 — 12 341 371 4 %
Total insurance companies $ 188 $ 862 $ 255 $ 2,153 $ 1,081 $ 2,333 $ 3,439 $ 10,311 **** 100 %
No NAIC designation (c) — — — — — 28 11 39
Non-Insurance and Foreign Companies (d) — 6 67 64 7 45 32 221
Total $ 188 $ 868 $ 322 $ 2,217 $ 1,088 $ 2,406 $ 3,482 $ 10,571
(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, 51% are NAIC 1 and 44% do not have a designation.
--- ---

For Corp/Oth, 12% are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% NAIC 5.

For Total, 32% are NAIC 1, 5% NAIC 2, 11% NAIC 3, 32% NAIC 5 and 14% 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.
--- ---

Page 19

Appendix B<br><br><br>American Financial Group, Inc.<br> <br>Fixed Maturities byCredit Rating & NAIC Designation by Type<br> <br>12/31/2024<br><br><br>($ in millions)
Fair Value by Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total
Investment grade
AAA $ — $ 342 $ 264 $ 1,717 $ 1,166 $ 856 $ 14 $ 4,359 42 %
AA 173 469 9 92 66 305 175 1,289 12 %
A — 38 5 69 4 649 925 1,690 16 %
BBB — 8 6 20 — 519 1,990 2,543 24 %
Subtotal - Investment grade 173 857 284 1,898 1,236 2,329 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 $ 1,237 $ 2,407 $ 3,525 $ 10,474 **** 100 %
Fair Value by Type
NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total
1 $ 173 $ 846 $ 237 $ 1,898 $ 1,220 $ 1,810 $ 1,119 $ 7,303 71 %
2 — 8 — 20 — 508 1,988 2,524 25 %
Subtotal 173 854 237 1,918 1,220 2,318 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 $ 1,220 $ 2,333 $ 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 $ 1,237 $ 2,407 $ 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.
--- ---

Page 20

Appendix C
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>6/30/2025
($ in millions)
Fair Value By Industry
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CreditRating (a) AssetManagers Banking Insurance Technology Utilities OtherFinancials Consumer Autos Healthcare REITs BasicIndustry CapitalGoods Retailers Media Other Total % Total
Investment Grade
AAA $ — $ — $ — $ 11 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ 12 0 %
AA 5 — 44 23 5 32 37 — 15 — — — 10 — 3 174 5 %
A 36 190 153 29 137 62 50 89 25 52 11 36 21 3 33 927 27 %
BBB 803 258 53 174 90 92 60 66 38 59 84 47 44 14 99 1,981 57 %
Subtotal 844 448 250 237 232 186 147 155 78 111 95 83 75 17 136 3,094 89 %
BB 24 6 — 4 — 2 21 17 5 — 25 2 36 30 7 179 5 %
B 4 2 — 2 — — 13 — 5 — — 4 — 3 1 34 1 %
CCC, CC, C — — — 2 — — — — 9 — — — — — — 11 0 %
D — — — — — — — — — — — — — — — — 0 %
Subtotal 28 8 — 8 — 2 34 17 19 — 25 6 36 33 8 224 6 %
Not Rated (b) — — 7 1 — 29 26 1 39 12 — 27 — 20 2 164 5 %
Total $ 872 $ 456 $ 257 $ 246 $ 232 $ 217 $ 207 $ 173 $ 136 $ 123 $ 120 $ 116 $ 111 $ 70 $ 146 $ 3,482 **** 100 %
Fair Value By Industry
NAICdesignation AssetManagers Banking Insurance Technology Utilities OtherFinancials Consumer Autos Healthcare REITs BasicIndustry CapitalGoods Retailers Media Other Total % Total
1 $ 42 $ 187 $ 195 $ 62 $ 142 $ 107 $ 90 $ 89 $ 42 $ 52 $ 11 $ 37 $ 31 $ 3 $ 36 $ 1,126 33 %
2 798 255 51 170 88 93 70 65 38 59 80 47 44 14 100 1,972 57 %
Subtotal 840 442 246 232 230 200 160 154 80 111 91 84 75 17 136 3,098 90 %
3 24 6 — 5 — 2 22 17 27 6 20 2 36 29 6 202 6 %
4 4 2 — 1 — — 23 — 5 — 4 4 — 3 1 47 1 %
5 — — — 3 — 10 1 — 24 6 1 25 — 20 1 91 3 %
6 — — — — — 1 — — — — — — — — — 1 0 %
Subtotal 28 8 — 9 — 13 46 17 56 12 25 31 36 52 8 341 10 %
Total insurance companies $ 868 $ 450 $ 246 $ 241 $ 230 $ 213 $ 206 $ 171 $ 136 $ 123 $ 116 $ 115 $ 111 $ 69 $ 144 $ 3,439 **** 100 %
No NAIC designation (c) — — 7 — — 4 — — — — — — — — — 11
Non-Insurance and Foreign Companies 4 6 4 5 2 — 1 2 — — 4 1 — 1 2 32
Total $ 872 $ 456 $ 257 $ 246 $ 232 $ 217 $ 207 $ 173 $ 136 $ 123 $ 120 $ 116 $ 111 $ 70 $ 146 $ 3,482
(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) 12% of not rated securities are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% 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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CreditRating (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
NAICdesignation 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>6/30/2025<br> <br>($ in millions)
Fair Value By Collateral Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) WholeBusiness TruPS Triple NetLease Railcar Aircraft CommercialReal Estate SecuredFinancing SingleFamilyRental Auto Other Total % Total
Investment Grade
AAA $ — $ 102 $ 194 $ — $ 7 $ 177 $ — $ 111 $ 69 $ 136 $ 796 33 %
AA 76 150 14 29 3 — 20 — — 22 314 13 %
A 10 3 17 160 155 — 65 — — 281 691 29 %
BBB 446 — — 6 18 — 1 — — 60 531 22 %
Subtotal 532 255 225 195 183 177 86 111 69 499 2,332 97 %
BB — — — — 2 — 1 — — 2 5 0 %
B — — — — 1 — 1 — — — 2 0 %
CCC, CC, C — — — — 2 — — — — — 2 0 %
D — — — — — — — — — — — 0 %
Subtotal — — — — 5 — 2 — — 2 9 0 %
Not Rated (b) — — — — 4 — 33 — — 28 65 3 %
Total $ 532 $ 255 $ 225 $ 195 $ 192 $ 177 $ 121 $ 111 $ 69 $ 529 $ 2,406 **** 100 %
Fair Value By Collateral Type
NAIC designation WholeBusiness TruPS Triple NetLease Railcar Aircraft CommercialReal Estate SecuredFinancing SingleFamilyRental Auto Other Total % Total
1 $ 86 $ 252 $ 222 $ 186 $ 163 $ 165 $ 118 $ 108 $ 67 $ 435 $ 1,802 77 %
2 435 — — 6 17 — 1 — — 60 519 22 %
Subtotal 521 252 222 192 180 165 119 108 67 495 2,321 99 %
3 — — — — 3 — 2 — — 1 6 1 %
4 — — — — 1 — — — — — 1 0 %
5 — — — — 2 — — — — 1 3 0 %
6 — — — — 2 — — — — — 2 0 %
Subtotal — — — — 8 — 2 — — 2 12 0 %
Total insurance companies $ 521 $ 252 $ 222 $ 192 $ 188 $ 165 $ 121 $ 108 $ 67 $ 497 $ 2,333 **** 100 %
No NAIC designation — — — — 1 — — — — 27 28
Non-Insurance and Foreign Companies 11 3 3 3 3 12 — 3 2 5 45
Total $ 532 $ 255 $ 225 $ 195 $ 192 $ 177 $ 121 $ 111 $ 69 $ 529 $ 2,406
(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) 51% of not rated securities are NAIC 1 and 44% 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 $ 143 $ 856 36 %
AA 75 — 14 130 25 4 25 — — 32 305 12 %
A 10 — 17 18 156 118 65 — — 265 649 27 %
BBB 427 — — — 6 21 1 — — 64 519 22 %
Subtotal 512 258 222 194 187 150 108 125 69 504 2,329 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 $ 536 $ 2,407 **** 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 $ 442 $ 1,810 77 %
2 416 — — — 6 21 1 — — 64 508 22 %
Subtotal 501 240 219 191 185 148 140 121 67 506 2,318 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 $ 508 $ 2,333 **** 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 $ 536 $ 2,407
(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>6/30/2025<br> <br>($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)

Investment Type Book Value % of<br>Book Value Occupancy (b) Collection Rate (c)
Multi-family $ 1,240 88 % 92 % 97 %
Fund Investments 100 7 % — —
QOZ Fund - Development 27 2 % — —
Office 17 1 % 91 % 100 %
Marina 16 1 % — —
Hospitality 11 1 % — —
Land Development 2 0 % — —
Total $ 1,413 **** 100 %
Real Estate
Property Type Book Value % of<br>Book Value Debt
Resort & Marina $ 52 52 % $ —
Marina 35 35 % —
Office Building 11 11 % —
Land 3 2 % —
Total $ 101 **** 100 % $ — ****
Mortgage Loans ****
Property Type Book Value % of<br>Book Value Loan To<br>Value
Multifamily $ 688 76 % 66 %
Hospitality 121 13 % 48 %
Marina 51 6 % 52 %
Office 49 5 % 98 %
Total $ 909 **** 100 % **** 65 %

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 6/30/25
--- ---
(c) Collections for April - June
--- ---

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 (Real Estate 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 % of BookValue Debt
Resort & Marina $ 50 52 % $ —
Marina 35 37 % —
Office Building 9 9 % —
Land 2 2 % —
Total $ 96 **** 100 % $ — ****
Mortgage Loans
Property Type Book Value % of BookValue 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

Report a Problem

Category
Description
Email (optional, for follow-up)