Equibles

8-K

AMERICAN FINANCIAL GROUP INC (AFG)

8-K 2025-11-05 For: 2025-11-04
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): November 4, 2025

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio 1-13653 31-1544320
(State or other jurisdiction<br>of incorporation) (Commission<br>File Number) (IRS Employer<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)) Securities registered pursuant to Section 12(b) of the Act:
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Title of each class Trading<br>Symbol(s) Name of each exchange<br>on which registered
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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 third quarter of 2025 and the availability of the Investor Supplement on the Company’s website. The press release was issued on November 4, 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.

Section 8 - Other Events

Item 8.01 Other Events.

In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $2.00 per share of Company Common Stock. The dividend is payable on November 26, 2025 to holders of record on November 17, 2025.

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.
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(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<br>No. Description
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99.1 Earnings Release dated November 4, 2025, reporting American Financial Group Inc. results for the quarter ended September 30, 2025.
99.2 Investor Supplement – Third 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: November 5, 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 Third Quarter Results and Declares Special Dividend

• Net earnings per share of $2.58; includes $0.11 per share loss fromnon-core items
• Third quarter core net operating earnings of $2.69 per share, a 16% increase from the prior year period<br>
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• Third quarter annualized ROE of 18.2%; annualized core operating ROE of 19.0%
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• Third quarter year-over-year growth in Specialty P&C underwriting profit of 19%
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• Board of Directors declares $2.00 per share special dividend, payable November 26, 2025<br>
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CINCINNATI – November 4, 2025 – American Financial Group, Inc. (NYSE: AFG) today reported 2025 third quarter net earnings of $215 million ($2.58 per share) compared to $181 million ($2.16 per share) in the 2024 third quarter. Net earnings included net after-tax non-core items that reduced net income by $9 million ($0.11 per share loss) and $13 million ($0.15 per share loss) in the 2025 and 2024 third quarters, respectively. Annualized return on equity was 18.2% and 15.2% for the third 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 $224 million ($2.69 per share) for the 2025 third quarter, compared to $194 million ($2.31 per share) in the 2024 third quarter, reflecting higher year-over-year underwriting profit and higher net investment income. Additional details for the 2025 and 2024 third quarters may be found in the table below. Core net operating earnings for the third quarters of 2025 and 2024 generated annualized returns on equity of 19.0% and 16.2%, respectively, which is calculated excluding AOCI.

Three months ended September 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 $ 285 $ 255 $ 43 $ 36 $ 328 $ 291
Other expenses (29 ) (27 ) — — (29 ) (27 )
Holding company interest expense (19 ) (19 ) — — (19 ) (19 )
Pretax Core Operating Earnings 237 209 43 36 280 245
Related provision for income taxes 47 43 9 8 56 51
Core Net Operating Earnings $ 190 $ 166 $ 34 $ 28 $ 224 $ 194
Core Operating Earnings Per Share $ 2.28 $ 1.98 $ 0.41 $ 0.33 $ 2.69 $ 2.31
Weighted Avg Diluted Shares Outstanding 83.4 83.9 83.4 83.9 83.4 83.9

AFG’s book value per share was $56.72 at September 30, 2025. During the third quarter of 2025, AFG paid cash dividends of $0.80 per share. For the three and nine months ended September 30, 2025, AFG’s growth in book value per share plus dividends was 6.2% and 14.9%, respectively.

Book value per share excluding AOCI was $57.59 at September 30, 2025. For the three and nine months ended September 30, 2025, AFG’s growth in book value per share excluding AOCI plus dividends was 4.8% and 10.6%, respectively.

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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 September 30, Nine months ended September 30,
2025 2024 2025 2024
Components of net earnings:
Core operating earnings before income taxes $ 280 $ 245 $ 701 $ 808
Pretax non-core items:
Realized gains (losses) 13 (2 ) 18 10
Special A&E charges (25 ) (14 ) (25 ) (14 )
Earnings before income taxes 268 229 694 804
Provision for income taxes:
Core operating earnings 56 51 146 168
Non-core items (3 ) (3 ) 5 4
Total provision for income taxes 53 48 151 172
Net earnings $ 215 $ 181 $ 543 $ 632
Net earnings:
Core net operating earnings^(a)^ $ 224 $ 194 $ 555 $ 640
Non-core items:
Realized gains (losses) 11 (2 ) 15 7
Special A&E charges (20 ) (11 ) (20 ) (11 )
Other — — (7 ) (4 )
Net earnings $ 215 $ 181 $ 543 $ 632
Components of earnings per share:
Core net operating earnings^(a)^ $ 2.69 $ 2.31 $ 6.65 $ 7.63
Non-core items:
Realized gains (losses) 0.13 (0.02 ) 0.18 0.09
Special A&E charges (0.24 ) (0.13 ) (0.24 ) (0.13 )
Other — — (0.09 ) (0.05 )
Diluted net earnings per share $ 2.58 $ 2.16 $ 6.50 $ 7.54

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

The Company also announced today that its Board of Directors has declared a special cash dividend of $2.00 per share of American Financial Group common stock. The dividend is payable on November 26, 2025, to shareholders of record on November 17, 2025. The aggregate amount of this special dividend will be approximately $167 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.88 per share most recently paid on October 24, 2025. With this special dividend, the Company has declared $54.00 per share in special dividends since the beginning of 2021.

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased with AFG’s performance during the third quarter, with growth in core operating earnings per share of approximately 16% year-over-year. We achieved an annualized core operating return of 19%, reflecting solid underwriting margins, P&C net investment income that increased by 5% year over year, and effective capital management. Our entrepreneurial culture and disciplined operating philosophy position us well for the future and enable us to continue to create value for our shareholders.

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Messrs. Lindner continued, “AFG continued to have significant excess capital at September 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 excess capital will be deployed into AFG’s core businesses as we identify 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 reported underwriting profit of $139 million in the 2025 third quarter, compared to $117 million in the 2024 third quarter, an increase of 19%. Higher underwriting profit in the Property and Transportation and Specialty Financial Groups was partially offset by lower underwriting profit in the Specialty Casualty Group. Catastrophe losses were $23 million in the 2025 third quarter, compared to $90 million in the prior year quarter.

The third quarter 2025 combined ratio was 93.0%, an improvement of 1.3 points from the 94.3% reported in the comparable prior year period and included 1.2 points in catastrophe losses. By comparison, catastrophe losses in the third quarter of 2024 added 4.4 points to the combined ratio. Third quarter 2025 results benefitted from 1.2 points of favorable prior year reserve development, compared to 0.8 points in the third quarter of 2024.

Third quarter 2025 gross and net written premiums were down 2% and 4%, respectively, when compared to the third quarter of 2024. Earlier reporting of 2025 crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year third quarter decrease, particularly when compared to later reporting of acreage in 2024. Excluding crop insurance, gross written premiums for the third quarter grew 3% and net written premiums were flat year over year. We continued to achieve premium growth in many of our businesses as a result of a combination of new business opportunities, increased exposures, and a good renewal rate environment.

Average renewal pricing across our entire P&C Group was up approximately 5% in the third quarter, both including and excluding our workers’ compensation businesses. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends, allowing us to meet or exceed targeted returns.

The Property and Transportation Group reported 2025 third quarter underwriting profit of $55 million, compared to $33 million in the third quarter of 2024, primarily due to lower catastrophe losses. Catastrophe losses in this group were $4 million (0.4 points on the combined ratio) in the third quarter of 2025, compared to $34 million (3.7 points) in the comparable 2024 period. Overall, the businesses in the Property and Transportation Group achieved a solid 94.1% calendar year combined ratio in the third quarter, an improvement of 2.7 points from the comparable period in 2024.

Third quarter 2025 gross and net written premiums in this group were 6% and 9% lower, respectively, than the comparable prior year. Earlier reporting of 2025 crop acreage, which shifted the timing of reporting of some crop premium from the third quarter to the second quarter, was the reason for the decrease. Excluding crop premiums, third quarter gross written premiums in this group grew 2% and net written premiums were flat year over year. We continued to see new business opportunities, a favorable rate environment and increased exposures in our transportation businesses. Overall renewal rates in this group increased 6% on average in the third quarter of 2025.

The Specialty Casualty Group reported 2025 third quarter underwriting profit of $33 million, compared to $63 million in the third quarter of 2024. Higher underwriting profit in our executive liability business was more than offset by lower year-over-year underwriting profit in some of social inflation exposed businesses and, to a lesser extent, our mergers & acquisitions and workers’ compensation businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. Catastrophe losses

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for this group were $8 million (1.0 point on the combined ratio) and $17 million (2.0 points) in the third quarters of 2025 and 2024. The businesses in the Specialty Casualty Group achieved a 95.8% calendar year combined ratio overall in the third quarter, 3.7 points higher than the 92.1% achieved in the comparable prior year period.

Third quarter 2025 gross written premiums increased 3% and net written premiums were flat when compared to the same prior year period. The primary drivers of growth included new business opportunities and favorable renewal pricing in several of our targeted markets businesses and an increase in M&A activity that contributed to growth in our mergers & acquisitions business. This growth was tempered by lower premiums in our excess and surplus, executive liability and social services businesses. Overall renewal pricing for this group was up approximately 7% during the third quarter and improved about a point from the renewal pricing in the previous quarter. Average renewal pricing excluding workers’ compensation was up approximately 8%, in line with pricing in the second quarter. Our workers’ compensation businesses collectively achieved a modest pricing increase in the quarter.

The Specialty Financial Group reported an underwriting profit of $51 million in the third quarter of 2025, compared to $21 million in the third quarter of 2024, primarily due to improved results in our financial institutions business – largely attributed to lower year-over-year catastrophe losses – and higher profitability in our surety and fidelity businesses. Catastrophe losses for this group were $11 million (4.1 points on the combined ratio) in the third quarter of 2025, compared to $39 million (14.4 points) in the prior year quarter. This group reported an outstanding combined ratio of 81.1% for the third quarter of 2025, an improvement of 11.2 points from the prior year period.

Third quarter 2025 gross and net written premiums in this group were up 3% and 1%, respectively, when compared to the prior year period, primarily due to growth in our financial institutions business and our European operations. Net written premiums were tempered by our decision to cede more of the coastal-exposed property business in the lender services business. Renewal pricing in this group was down 2% for the quarter, reflecting the strong margins overall earned on these businesses.

Carl Lindner III stated, “Our commitment to underwriting discipline and prudent growth were evident in the solid performance of our P&C businesses in the third quarter. I am pleased that we are achieving mid-teen rate increases in our most social inflation-exposed businesses, and we are finding attractive opportunities to grow our Specialty P&C businesses despite walking away from challenging market conditions in select markets or poorly performing accounts. Our third quarter results also reflect an element of seasonality, as most of our crop insurance premiums are earned in AFG’s third quarter but booked at a more conservative combined ratio until the fourth quarter when we have a better view of profitability for the year. Taking an early look at 2026, we currently project premium growth to rebound as we are optimistic about growth from our investment in several start-ups and the near completion of numerous underwriting actions taken in our Specialty Casualty 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.

A&E Reserves

As in prior years, during the third quarter, AFG conducted an in-depth internal review of its asbestos and environmental (A&E) exposures relating to the run-off operations of its P&C Group. During the 2025 review, no new trends were identified, and recent claims activity was generally consistent with our expectations resulting from our in-depth reviews in the prior four years, and our most recent external study in 2020. As a result, and consistent with the internal review in the third quarter of 2024, the 2025 review resulted in no net change to the P&C Group’s A&E reserves.

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At September 30, 2025, the P&C Group’s insurance reserves include A&E reserves of $353 million, net of reinsurance recoverables. At September 30, 2025, the property and casualty insurance segment’s three-year survival ratios were 22.6 times paid losses for asbestos reserves, 38.5 times paid losses for environmental reserves and 27.4 times paid losses for total A&E reserves. These ratios compare favorably with industry data compiled by AM Best as of December 31, 2024, which indicate that industry survival ratios were 8.7 times paid losses for asbestos, 7.5 times paid losses for environmental, and 8.4 times paid losses for total A&E reserves.

The 2025 in-depth comprehensive review also encompassed reserves for asbestos and environmental exposures of our former railroad and manufacturing operations. As a result of the review, AFG recorded a special non-core A&E charge to increase its liabilities for environmental exposures by $25 million ($20 million after-tax), due primarily to changes in the scope and costs of investigation and an increase in estimated remediation costs at a limited number of sites.

Investments

Net Investment Income – For the quarter ended September 30, 2025, property and casualty net investment income was approximately 5% higher than the comparable 2024 period as a result of the impact of rising interest rates and higher balances of invested assets and higher returns on alternative investments.

The annualized return on alternative investments was approximately 6.2% for the 2025 third quarter compared to 5.4% for the prior year quarter. 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 third quarter 2025 net realized gains of $11 million ($0.13 per share) after tax, which included $6 million ($0.07 per share) in after-tax net gains to adjust equity securities that the Company continued to own at September 30, 2025, to fair value. AFG recorded net realized losses of $2 million ($0.02 per share loss) in the comparable 2024 period.

After-tax unrealized losses related to fixed maturities were $46 million at September 30, 2025. Our portfolio continues to be high quality, with 96% of our fixed maturity portfolio rated investment grade and 97% 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.

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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 third quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, November 5, 2025. Simplified 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.

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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.

AFG2025-26

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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>September 30, Nine months ended<br>September 30,
2025 2024 2025 2024
Revenues
Net earned premiums $ 2,013 $ 2,055 $ 5,240 $ 5,186
Net investment income 205 200 562 586
Realized gains (losses) 13 (2 ) 18 10
Income of managed investment entities:
Investment income 70 99 214 296
Gain (loss) on change in fair value of assets/liabilities — (9 ) (7 ) 5
Other income 30 26 84 92
Total revenues 2,331 2,369 6,111 6,175
Costs and expenses
Losses & loss adjustment expenses 1,355 1,430 3,327 3,279
Commissions and other underwriting expenses 529 518 1,593 1,527
Interest charges on borrowed money 19 19 57 57
Expenses of managed investment entities 61 85 189 267
Other expenses 99 88 251 241
Total costs and expenses 2,063 2,140 5,417 5,371
Earnings before income taxes 268 229 694 804
Provision for income taxes 53 48 151 172
Net earnings $ 215 $ 181 **** $ 543 **** $ 632
Diluted earnings per common share $ 2.58 $ 2.16 $ 6.50 $ 7.54
Average number of diluted shares 83.4 83.9 83.6 83.9
Selected Balance Sheet Data: September 30, 2025 December 31, 2024
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Total Cash and investments $16,761 $15,852
Long-term debt $1,820 $1,475
Shareholders’ equity^(b)^ $4,730 $4,466
Shareholders’ equity (excluding AOCI) $4,803 $4,706
Book value per share^(b)^ $56.72 $53.18
Book value per share (excluding AOCI) $57.59 $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.

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

Three months ended<br>September 30, Pct.<br>Change Nine months ended<br>September 30, Pct.<br>Change
2025 2024 2025 2024
Gross written premiums $ 3,665 $ 3,748 (2 %) $ 8,609 $ 8,490 1 %
Net written premiums $ 2,252 $ 2,353 (4 %) $ 5,666 $ 5,679 — %
Ratios (GAAP):
Loss & LAE ratio 67.2 % 69.5 % 63.4 % 63.1 %
Underwriting expense ratio 25.8 % 24.8 % 29.9 % 28.8 %
Specialty Combined Ratio 93.0 % 94.3 % 93.3 % 91.9 %
Combined Ratio – P&C Segment 93.1 % 94.4 % 93.4 % 91.9 %
Supplemental Information^(c)^:
Gross Written Premiums:
Property & Transportation $ 1,975 $ 2,107 (6 %) $ 4,119 $ 4,150 (1 %)
Specialty Casualty 1,337 1,297 3 % 3,467 3,417 1 %
Specialty Financial 353 344 3 % 1,023 923 11 %
$ 3,665 $ 3,748 (2 %) $ 8,609 $ 8,490 1 %
Net Written Premiums:
Property & Transportation $ 1,051 $ 1,151 (9 %) $ 2,373 $ 2,438 (3 %)
Specialty Casualty 914 917 — % 2,451 2,473 (1 %)
Specialty Financial 287 285 1 % 842 768 10 %
$ 2,252 $ 2,353 (4 %) $ 5,666 $ 5,679 — %
Combined Ratio (GAAP):
Property & Transportation 94.1 % 96.8 % 94.1 % 93.5 %
Specialty Casualty 95.8 % 92.1 % 95.7 % 91.1 %
Specialty Financial 81.1 % 92.3 % 84.8 % 89.5 %
Aggregate Specialty Group 93.0 % 94.3 % 93.3 % 91.9 %
Three months ended<br>September 30, Nine months ended<br>September 30,
2025 2024 2025 2024
Reserve Development (Favorable)/Adverse:
Property & Transportation $ (11 ) $ (14 ) $ (43 ) $ (94 )
Specialty Casualty (1 ) 6 21 (7 )
Specialty Financial (12 ) (9 ) (34 ) (3 )
Specialty Group (24 ) (17 ) (56 ) (104 )
Other 1 2 2 4
Total Reserve Development $ (23 ) $ (15 ) $ (54 ) $ (100 )
Points on Combined Ratio:
Property & Transportation (1.1 ) (1.4 ) (2.1 ) (4.6 )
Specialty Casualty (0.1 ) 0.8 0.9 (0.3 )
Specialty Financial (4.7 ) (3.3 ) (4.2 ) (0.4 )
Aggregate Specialty Group (1.2 ) (0.8 ) (1.1 ) (2.0 )
Total P&C Segment (1.1 ) (0.7 ) (1.0 ) (1.9 )

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 (dollars in millions):
Three months ended<br>September 30, Nine months ended<br>September 30,
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2025 2024 2025 2024
Core Operating Earnings before Income Taxes:
P&C Insurance Segment $ 328 $ 291 $ 847 $ 950
Interest and other corporate expenses (48 ) (46 ) (146 ) (142 )
Core operating earnings before income taxes 280 245 701 808
Related income taxes 56 51 146 168
Core net operating earnings $ 224 $ 194 $ 555 $ 640
b) Shareholders’ Equity at September 30, 2025, includes ($73 million) ($0.87 per share loss) in<br>Accumulated Other Comprehensive Income (Loss) compared to ($240 million) ($2.85 per share 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.
--- ---

Page 10

EX-99.2

Exhibit 99.2

American Financial Group, Inc.<br> <br><br><br><br>Investor Supplement - Third Quarter 2025<br> <br><br><br><br>November 4, 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>Tableof Contents - Investor Supplement - Third Quarter 2025
---
Section Page
--- --- --- ---
Table of Contents - Investor Supplement - Third 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 9/30/2025 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 9/30/2025 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>9/30/2025 23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>12/31/2024 24
G. Real Estate-Related Investments 9/30/2025 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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Highlights
Net earnings $ 215 $ 174 $ 154 $ 255 $ 181 $ 543 $ 632
Core net operating earnings 224 179 152 262 194 555 640
Total assets 33,834 30,669 30,294 30,836 32,591 33,834 32,591
Shareholders’ equity, excluding AOCI (a) 4,803 4,648 4,571 4,706 4,844 4,803 4,844
Property and Casualty net written premiums 2,252 1,803 1,611 1,460 2,353 5,666 5,679
Per share data
Diluted earnings per share $ 2.58 $ 2.07 $ 1.84 $ 3.03 $ 2.16 $ 6.50 $ 7.54
Core net operating earnings per share 2.69 2.14 1.81 3.12 2.31 6.65 7.63
Book value per share, excluding AOCI (a) 57.59 55.74 54.63 56.03 57.71 57.59 57.71
Dividends per common share 0.80 0.80 2.80 4.80 0.71 4.40 4.63
Financial ratios
Annualized return on equity (b) 18.2 % 15.0 % 13.3 % 21.3 % 15.2 % 15.5 % 18.0 %
Annualized core operating return on equity (b) 19.0 % 15.5 % 13.1 % 21.9 % 16.2 % 15.8 % 18.3 %
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio 67.2 % 61.1 % 61.0 % 63.7 % 69.5 % 63.4 % 63.1 %
Underwriting expense ratio 25.8 % 32.0 % 33.0 % 25.3 % 24.8 % 29.9 % 28.8 %
Combined ratio - Specialty 93.0 % 93.1 % 94.0 % 89.0 % 94.3 % 93.3 % 91.9 %
(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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Property and Casualty Insurance
Underwriting profit $ 138 $ 113 $ 94 $ 202 $ 115 $ 345 $ 418
Net investment income 205 179 170 195 195 554 589
Other income (expense) (15 ) (19 ) (18 ) (19 ) (19 ) (52 ) (57 )
Property and Casualty Insurance operating earnings 328 273 246 378 291 847 950
Interest expense of parent holding companies (19 ) (19 ) (19 ) (19 ) (19 ) (57 ) (57 )
Other expense (29 ) (27 ) (33 ) (29 ) (27 ) (89 ) (85 )
Pretax core operating earnings 280 227 194 330 245 701 808
Income tax expense 56 48 42 68 51 146 168
Core net operating earnings **** 224 **** **** 179 **** **** 152 **** **** 262 **** **** 194 **** **** 555 **** **** 640 ****
Non-core items, net of tax:
Realized gains (losses) on securities 10 2 2 (7 ) (2 ) 14 7
Realized gain on subsidiaries 1 — — — — 1 —
Special A&E charges - Former Railroad and Manufacturing operations (20 ) — — — (11 ) (20 ) (11 )
Other non-core items — (7 ) — — — (7 ) (4 )
Net earnings $ 215 **** $ 174 **** $ 154 **** $ 255 **** $ 181 **** $ 543 **** $ 632 ****

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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Core net operating earnings $ 224 **** $ 179 **** $ 152 $ 262 **** $ 194 **** $ 555 **** $ 640 ****
Net earnings $ 215 **** $ 174 **** $ 154 $ 255 **** $ 181 **** $ 543 **** $ 632 ****
Average number of diluted shares 83.397 83.488 83.842 83.966 83.939 83.574 83.882
Diluted earnings per share:
Core net operating earnings per share $ 2.69 **** $ 2.14 **** $ 1.81 $ 3.12 **** $ 2.31 **** $ 6.65 **** $ 7.63 ****
Realized gains (losses) on securities 0.12 0.02 0.03 (0.09 ) (0.02 ) 0.17 0.09
Realized gain on subsidiaries 0.01 — — — — 0.01 —
Special A&E charges - Former Railroad and Manufacturing operations (0.24 ) — — — (0.13 ) (0.24 ) (0.13 )
Other non-core items — (0.09 ) — — — (0.09 ) (0.05 )
Diluted earnings per share $ 2.58 **** $ 2.07 **** $ 1.84 $ 3.03 **** $ 2.16 **** $ 6.50 **** $ 7.54 ****

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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Property and Transportation $ 55 $ 27 $ 37 $ 81 $ 33 $ 119 $ 133
Specialty Casualty 33 49 20 69 63 102 210
Specialty Financial 51 38 37 54 21 126 79
Underwriting profit - Specialty **** 139 **** **** 114 **** **** 94 **** **** 204 **** **** 117 **** **** 347 **** **** 422 ****
Other core charges, included in loss and LAE (1 ) (1 ) — (2 ) (2 ) (2 ) (4 )
Underwriting profit - Property and Casualty Insurance $ 138 **** $ 113 **** $ 94 **** $ 202 **** $ 115 **** $ 345 **** $ 418 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ 1 $ — $ — $ 1
Catastrophe losses 23 38 72 20 90 133 160
Total current accident year catastrophe losses $ 23 $ 38 $ 72 $ 21 $ 90 $ 133 $ 161
Prior year loss reserve development (favorable) / adverse $ (23 ) $ (11 ) $ (20 ) $ 36 $ (15 ) $ (54 ) $ (100 )
Combined ratio:
Property and Transportation 94.1 % 95.2 % 92.5 % 89.5 % 96.8 % 94.1 % 93.5 %
Specialty Casualty 95.8 % 93.9 % 97.6 % 91.4 % 92.1 % 95.7 % 91.1 %
Specialty Financial 81.1 % 86.1 % 87.0 % 80.7 % 92.3 % 84.8 % 89.5 %
Combined ratio - Specialty **** 93.0 % **** 93.1 % **** 94.0 % **** 89.0 % **** 94.3 % **** 93.3 % **** 91.9 %
Other core charges 0.1 % 0.0 % 0.1 % 0.1 % 0.1 % 0.1 % 0.0 %
Combined ratio **** 93.1 % **** 93.1 % **** 94.1 % **** 89.1 % **** 94.4 % **** 93.4 % **** 91.9 %
P&C combined ratio excl. catastrophe losses and prior year reserve development 93.0 % 91.5 % 90.8 % 86.1 % 90.7 % 91.9 % 90.8 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 67.2 % 59.5 % 57.8 % 60.8 % 65.9 % 62.0 % 62.0 %
Prior accident year loss reserve development (1.1 %) (0.7 %) (1.3 %) 1.9 % (0.7 %) (1.0 %) (1.9 %)
Current accident year catastrophe losses 1.2 % 2.3 % 4.6 % 1.1 % 4.4 % 2.5 % 3.0 %
Loss and LAE ratio **** 67.3 % **** 61.1 % **** 61.1 % **** 63.8 % **** 69.6 % **** 63.5 % **** 63.1 %

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Gross written premiums $ 3,665 $ 2,653 $ 2,291 $ 2,043 $ 3,748 $ 8,609 $ 8,490
Ceded reinsurance premiums (1,413 ) (850 ) (680 ) (583 ) (1,395 ) (2,943 ) (2,811 )
Net written premiums 2,252 1,803 1,611 1,460 2,353 5,666 5,679
Change in unearned premiums (239 ) (156 ) (31 ) 390 (298 ) (426 ) (493 )
Net earned premiums 2,013 1,647 1,580 1,850 2,055 5,240 5,186
Loss and LAE 1,354 1,006 965 1,179 1,428 3,325 3,270
Underwriting expense 520 527 521 467 510 1,568 1,494
Underwriting profit $ 139 **** $ 114 **** $ 94 **** $ 204 **** $ 117 **** $ 347 **** $ 422 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ 1 $ — $ — $ 1
Catastrophe losses 23 38 72 20 90 133 160
Total current accident year catastrophe losses $ 23 $ 38 $ 72 $ 21 $ 90 $ 133 $ 161
Prior year loss reserve development (favorable) / adverse $ (24 ) $ (12 ) $ (20 ) $ 34 $ (17 ) $ (56 ) $ (104 )
Combined ratio:
Loss and LAE ratio 67.2 % 61.1 % 61.0 % 63.7 % 69.5 % 63.4 % 63.1 %
Underwriting expense ratio 25.8 % 32.0 % 33.0 % 25.3 % 24.8 % 29.9 % 28.8 %
Combined ratio **** 93.0 % **** 93.1 % **** 94.0 % **** 89.0 % **** 94.3 % **** 93.3 % **** 91.9 %
Combined ratio excl. catastrophe losses and prior year reserve development 93.0 % 91.5 % 90.8 % 86.1 % 90.7 % 91.9 % 90.8 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 67.2 % 59.5 % 57.8 % 60.8 % 65.9 % 62.0 % 62.0 %
Prior accident year loss reserve development (1.2 %) (0.7 %) (1.3 %) 1.8 % (0.8 %) (1.1 %) (2.0 %)
Current accident year catastrophe losses 1.2 % 2.3 % 4.5 % 1.1 % 4.4 % 2.5 % 3.1 %
Loss and LAE ratio **** 67.2 % **** 61.1 % **** 61.0 % **** 63.7 % **** 69.5 % **** 63.4 % **** 63.1 %

Page 7

American Financial Group, Inc.<br><br><br>Property and Transportation - Underwriting Results (GAAP)<br><br><br>($ in millions)
Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Gross written premiums $ 1,975 $ 1,247 $ 897 $ 585 $ 2,107 $ 4,119 $ 4,150
Ceded reinsurance premiums (924 ) (488 ) (334 ) (177 ) (956 ) (1,746 ) (1,712 )
Net written premiums 1,051 759 563 408 1,151 2,373 2,438
Change in unearned premiums (116 ) (183 ) (63 ) 357 (162 ) (362 ) (377 )
Net earned premiums 935 576 500 765 989 2,011 2,061
Loss and LAE 728 387 311 531 784 1,426 1,441
Underwriting expense 152 162 152 153 172 466 487
Underwriting profit $ 55 **** $ 27 **** $ 37 **** $ 81 **** $ 33 **** $ 119 **** $ 133 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ 1 $ — $ — $ —
Catastrophe losses 4 12 10 9 34 26 56
Total current accident year catastrophe losses $ 4 $ 12 $ 10 $ 10 $ 34 $ 26 $ 56
Prior year loss reserve development (favorable) / adverse $ (11 ) $ (13 ) $ (19 ) $ (2 ) $ (14 ) $ (43 ) $ (94 )
Combined ratio:
Loss and LAE ratio 77.8 % 67.2 % 62.1 % 69.5 % 79.4 % 70.9 % 69.9 %
Underwriting expense ratio 16.3 % 28.0 % 30.4 % 20.0 % 17.4 % 23.2 % 23.6 %
Combined ratio **** 94.1 % **** 95.2 % **** 92.5 % **** 89.5 % **** 96.8 % **** 94.1 % **** 93.5 %
Combined ratio excl. catastrophe losses and prior year reserve development 94.8 % 95.4 % 94.4 % 88.5 % 94.5 % 94.9 % 95.4 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 78.5 % 67.4 % 64.0 % 68.5 % 77.1 % 71.7 % 71.8 %
Prior accident year loss reserve development (1.1 %) (2.2 %) (3.9 %) (0.2 %) (1.4 %) (2.1 %) (4.6 %)
Current accident year catastrophe losses 0.4 % 2.0 % 2.0 % 1.2 % 3.7 % 1.3 % 2.7 %
Loss and LAE ratio **** 77.8 % **** 67.2 % **** 62.1 % **** 69.5 % **** 79.4 % **** 70.9 % **** 69.9 %

Page 8

American Financial Group, Inc.<br><br><br>Specialty Casualty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Gross written premiums $ 1,337 $ 1,062 $ 1,068 $ 1,126 $ 1,297 $ 3,467 $ 3,417
Ceded reinsurance premiums (423 ) (297 ) (296 ) (353 ) (380 ) (1,016 ) (944 )
Net written premiums 914 765 772 773 917 2,451 2,473
Change in unearned premiums (104 ) 34 22 32 (120 ) (48 ) (102 )
Net earned premiums 810 799 794 805 797 2,403 2,371
Loss and LAE 541 516 536 541 519 1,593 1,504
Underwriting expense 236 234 238 195 215 708 657
Underwriting profit $ 33 **** $ 49 **** $ 20 **** $ 69 **** $ 63 **** $ 102 **** $ 210 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ — $ — $ 1
Catastrophe losses 8 7 27 (6 ) 17 42 40
Total current accident year catastrophe losses $ 8 $ 7 $ 27 $ (6 ) $ 17 $ 42 $ 41
Prior year loss reserve development (favorable) / adverse $ (1 ) $ 10 $ 12 $ 44 $ 6 $ 21 $ (7 )
Combined ratio:
Loss and LAE ratio 66.8 % 64.5 % 67.6 % 67.2 % 65.1 % 66.3 % 63.4 %
Underwriting expense ratio 29.0 % 29.4 % 30.0 % 24.2 % 27.0 % 29.4 % 27.7 %
Combined ratio **** 95.8 % **** 93.9 % **** 97.6 % **** 91.4 % **** 92.1 % **** 95.7 % **** 91.1 %
Combined ratio excl. catastrophe losses and prior year reserve development 94.9 % 91.8 % 92.6 % 86.7 % 89.3 % 93.1 % 89.7 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 65.9 % 62.4 % 62.6 % 62.5 % 62.3 % 63.7 % 62.0 %
Prior accident year loss reserve development (0.1 %) 1.2 % 1.6 % 5.4 % 0.8 % 0.9 % (0.3 %)
Current accident year catastrophe losses 1.0 % 0.9 % 3.4 % (0.7 %) 2.0 % 1.7 % 1.7 %
Loss and LAE ratio **** 66.8 % **** 64.5 % **** 67.6 % **** 67.2 % **** 65.1 % **** 66.3 % **** 63.4 %

Page 9

American Financial Group, Inc.<br><br><br>Specialty Financial - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Gross written premiums $ 353 $ 344 $ 326 $ 332 $ 344 $ 1,023 $ 923
Ceded reinsurance premiums (66 ) (65 ) (50 ) (53 ) (59 ) (181 ) (155 )
Net written premiums 287 279 276 279 285 842 768
Change in unearned premiums (19 ) (7 ) 10 1 (16 ) (16 ) (14 )
Net earned premiums 268 272 286 280 269 826 754
Loss and LAE 85 103 118 107 125 306 325
Underwriting expense 132 131 131 119 123 394 350
Underwriting profit $ 51 **** $ 38 **** $ 37 **** $ 54 **** $ 21 **** $ 126 **** $ 79 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ — $ — $ —
Catastrophe losses 11 19 35 17 39 65 64
Total current accident year catastrophe losses $ 11 $ 19 $ 35 $ 17 $ 39 $ 65 $ 64
Prior year loss reserve development (favorable) / adverse $ (12 ) $ (9 ) $ (13 ) $ (8 ) $ (9 ) $ (34 ) $ (3 )
Combined ratio:
Loss and LAE ratio 31.8 % 38.1 % 41.1 % 38.1 % 46.5 % 37.1 % 43.1 %
Underwriting expense ratio 49.3 % 48.0 % 45.9 % 42.6 % 45.8 % 47.7 % 46.4 %
Combined ratio **** 81.1 % **** 86.1 % **** 87.0 % **** 80.7 % **** 92.3 % **** 84.8 % **** 89.5 %
Combined ratio excl. catastrophe losses and prior year reserve development 81.7 % 82.0 % 79.7 % 77.5 % 81.2 % 81.1 % 81.4 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 32.4 % 34.0 % 33.8 % 34.9 % 35.4 % 33.4 % 35.0 %
Prior accident year loss reserve development (4.7 %) (3.2 %) (4.6 %) (2.9 %) (3.3 %) (4.2 %) (0.4 %)
Current accident year catastrophe losses 4.1 % 7.3 % 11.9 % 6.1 % 14.4 % 7.9 % 8.5 %
Loss and LAE ratio **** 31.8 % **** 38.1 % **** 41.1 % **** 38.1 % **** 46.5 % **** 37.1 % **** 43.1 %

Page 10

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets:
Total cash and investments $ 16,761 $ 16,049 $ 15,994 $ 15,852 $ 15,741 $ 15,261
Recoverables from reinsurers 5,565 4,733 4,945 5,176 5,217 4,157
Prepaid reinsurance premiums 1,443 1,256 1,105 1,013 1,346 1,143
Agents’ balances and premiums receivable 2,034 1,946 1,589 1,532 1,995 1,909
Deferred policy acquisition costs 349 345 316 320 340 328
Assets of managed investment entities 3,972 3,833 3,848 4,140 4,332 4,695
Other receivables 2,075 877 855 1,123 1,989 758
Other assets 1,308 1,325 1,337 1,375 1,326 1,357
Goodwill 327 305 305 305 305 305
Total assets $ 33,834 **** $ 30,669 **** $ 30,294 **** $ 30,836 **** $ 32,591 **** $ 29,913 ****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses $ 15,079 $ 13,834 $ 13,970 $ 14,179 $ 14,206 $ 12,607
Unearned premiums 4,450 4,026 3,710 3,584 4,320 3,816
Payable to reinsurers 1,578 1,152 1,028 1,191 1,620 1,176
Liabilities of managed investment entities 3,834 3,685 3,726 3,965 4,168 4,536
Long-term debt 1,820 1,476 1,476 1,475 1,475 1,475
Other liabilities 2,343 1,980 1,992 1,976 2,094 1,919
Total liabilities $ 29,104 **** $ 26,153 **** $ 25,902 **** $ 26,370 **** $ 27,883 **** $ 25,529 ****
Shareholders’ equity:
Common stock $ 83 $ 83 $ 84 $ 84 $ 84 $ 84
Capital surplus 1,421 1,414 1,409 1,411 1,400 1,392
Retained earnings 3,299 3,151 3,078 3,211 3,360 3,239
Unrealized gains (losses) - fixed maturities (43 ) (101 ) (141 ) (202 ) (100 ) (290 )
Unrealized gains (losses) - fixed maturity-related cash flow hedges (3 ) (5 ) (7 ) (10 ) (7 ) (20 )
Other comprehensive income (loss), net of tax (27 ) (26 ) (31 ) (28 ) (29 ) (21 )
Total shareholders’ equity **** 4,730 **** **** 4,516 **** **** 4,392 **** **** 4,466 **** **** 4,708 **** **** 4,384 ****
Total liabilities and equity $ 33,834 **** $ 30,669 **** $ 30,294 **** $ 30,836 **** $ 32,591 **** $ 29,913 ****

Page 11

American Financial Group, Inc.<br> <br>BookValue Per Share and Price / Book Summary<br> <br>(in millions, except per share information)
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shareholders’ equity $ 4,730 **** $ 4,516 **** $ 4,392 **** $ 4,466 **** $ 4,708 **** $ 4,384 ****
Accumulated other comprehensive income (loss) (73 ) (132 ) (179 ) (240 ) (136 ) (331 )
Shareholders’ equity, excluding AOCI **** 4,803 **** **** 4,648 **** **** 4,571 **** **** 4,706 **** **** 4,844 **** **** 4,715 ****
Goodwill 327 305 305 305 305 305
Intangibles 192 193 198 203 199 204
Tangible shareholders’ equity, excluding AOCI $ 4,284 **** $ 4,150 **** $ 4,068 **** $ 4,198 **** $ 4,340 **** $ 4,206 ****
Common shares outstanding 83.401 83.386 83.668 83.978 83.923 83.897
Book value per share:
Book value per share $ 56.72 **** $ 54.15 **** $ 52.50 **** $ 53.18 **** $ 56.10 **** $ 52.25 ****
Book value per share, excluding AOCI **** 57.59 **** **** 55.74 **** **** 54.63 **** **** 56.03 **** **** 57.71 **** **** 56.19 ****
Tangible, excluding AOCI **** 51.38 **** **** 49.77 **** **** 48.62 **** **** 49.98 **** **** 51.72 **** **** 50.13 ****
Market capitalization
AFG’s closing common share price $ 145.72 $ 126.21 $ 131.34 $ 136.93 $ 134.60 $ 123.02
Market capitalization $ 12,153 $ 10,524 $ 10,989 $ 11,499 $ 11,296 $ 10,321
Price / Book value per share, excluding AOCI 2.53 2.26 2.40 2.44 2.33 2.19

Page 12

American Financial Group, Inc.<br><br><br>Capitalization<br> <br>($ in millions)
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AFG senior obligations $ 1,173 $ 823 $ 823 $ 823 $ 823 $ 823
Borrowings drawn under credit facility — — — — — —
Debt excluding subordinated debt $ 1,173 **** $ 823 **** $ 823 **** $ 823 **** $ 823 **** $ 823 ****
AFG subordinated debentures 675 675 675 675 675 675
Total principal amount of long-term debt $ 1,848 **** $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,498 ****
Shareholders’ equity 4,730 4,516 4,392 4,466 4,708 4,384
Accumulated other comprehensive income (loss) (73 ) (132 ) (179 ) (240 ) (136 ) (331 )
Total capital, excluding AOCI $ 6,651 **** $ 6,146 **** $ 6,069 **** $ 6,204 **** $ 6,342 **** $ 6,213 ****
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt **** 27.8 % **** 24.4 % **** 24.7 % **** 24.1 % **** 23.6 % **** 24.1 %
Excluding subordinated debt **** 17.6 % **** 13.4 % **** 13.6 % **** 13.3 % **** 13.0 % **** 13.2 %

Page 13

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
Three Months Ended Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Property and Casualty Insurance
Paid Losses (GAAP) $ 936 $ 931 $ 967 $ 1,179 $ 897 $ 2,834 $ 2,855
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
GAAP Equity (excluding AOCI)
Property and Casualty Insurance $ 6,173 $ 5,935 $ 5,853 $ 5,962 $ 6,150 $ 5,919
Parent and other subsidiaries (1,370 ) (1,287 ) (1,282 ) (1,256 ) (1,306 ) (1,204 )
AFG GAAP Equity (excluding AOCI) $ 4,803 $ 4,648 $ 4,571 $ 4,706 $ 4,844 $ 4,715
Allowable dividends without regulatory approval
Property and Casualty Insurance $ 1,004 $ 1,004 $ 1,004 $ 1,004 $ 946 $ 946

Page 14

American Financial Group, Inc.<br> <br>TotalCash and Investments<br> <br>($ in millions)
Carrying Value - September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- ---
Property andCasualtyInsurance Parent &Other ConsolidateCLOs Total AFGConsolidated % ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents $ 1,367 $ 475 $ — $ 1,842 11 %
Fixed maturities - Available for sale 10,415 103 — 10,518 63 %
Fixed maturities - Trading 80 — — 80 1 %
Equity securities - Common stocks 384 — — 384 2 %
Equity securities - Perpetual preferred 416 — — 416 2 %
Investments accounted for using the equity method 2,381 2 — 2,383 14 %
Mortgage loans 975 — — 975 6 %
Real estate and other investments 193 108 (138 ) 163 1 %
Total cash and investments $ 16,211 $ 688 $ (138 ) $ 16,761 **** 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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities $ 135 $ 140 $ 137 $ 134 $ 134 $ 412 $ 398
Equity securities 6 15 6 9 6 27 20
Other investments (a) 27 23 21 24 25 71 63
Gross investment income excluding alternative investments **** 168 **** **** 178 **** **** 164 **** **** 167 **** **** 165 **** **** 510 **** **** 481 ****
Gross investment income from alternative investments (b) 43 8 12 33 36 63 125
Total gross investment income **** 211 **** **** 186 **** **** 176 **** **** 200 **** **** 201 **** **** 573 **** **** 606 ****
Investment expenses (6 ) (7 ) (6 ) (5 ) (6 ) (19 ) (17 )
Total net investment income $ 205 **** $ 179 **** $ 170 **** $ 195 **** $ 195 **** $ 554 **** $ 589 ****
Average cash and investments (c) $ 16,095 **** $ 15,921 **** $ 15,881 **** $ 15,718 **** $ 15,447 **** $ 15,988 **** $ 15,389 ****
Average yield - overall portfolio, net (d) 5.09 % 4.50 % 4.28 % 4.96 % 5.05 % 4.62 % 5.10 %
Average yield - fixed maturities before inv expenses (d) 5.12 % 5.24 % 5.13 % 5.09 % 5.06 % 5.17 % 5.01 %
AFG consolidated net investment income:
Property & Casualty core $ 205 $ 179 $ 170 $ 195 $ 195 $ 554 $ 589
Parent & other 6 7 5 7 7 18 22
Consolidate CLOs (6 ) (2 ) (2 ) (8 ) (2 ) (10 ) (25 )
Total net investment income $ 205 **** $ 184 **** $ 173 **** $ 194 **** $ 200 **** $ 562 **** $ 586 ****
Average cash and investments (c) $ 16,496 **** $ 16,175 **** $ 16,140 **** $ 15,987 **** $ 15,748 **** $ 16,318 **** $ 15,682 ****
Average yield - overall portfolio, net (d) 4.97 % 4.55 % 4.29 % 4.85 % 5.08 % 4.59 % 4.98 %
Average yield - fixed maturities before inv expenses (d) 5.11 % 5.24 % 5.13 % 5.10 % 5.08 % 5.17 % 5.03 %
(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 Nine Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 9/30/25 9/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income $ 16 $ 8 $ (3 ) $ 12 $ 8 $ 21 $ 10
Equity securities MTM through investment income (a) (6 ) 4 — 12 20 (2 ) 45
Investments accounted for using the equity method (b) 27 (6 ) 13 1 6 34 45
AFG managed CLOs (eliminated in consolidation) 6 2 2 8 2 10 25
Total Property & Casualty $ 43 **** $ 8 **** $ 12 **** $ 33 **** $ 36 **** $ 63 **** $ 125 ****
Investments
Fixed maturities MTM through investment income $ 30 $ 55 $ 50 $ 75 $ 51 $ 30 $ 51
Equity securities MTM through investment income (a) 243 233 232 222 563 243 563
Investments accounted for using the equity method (b) 2,381 2,338 2,324 2,275 1,909 2,381 1,909
AFG managed CLOs (eliminated in consolidation) 138 148 122 174 163 138 163
Total Property & Casualty $ 2,792 **** $ 2,774 **** $ 2,728 **** $ 2,746 **** $ 2,686 **** $ 2,792 **** $ 2,686 ****
Annualized Return - Property & Casualty 6.2 % 1.2 % 1.8 % 4.9 % 5.4 % 3.0 % 6.5 %
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income $ 16 $ 8 $ (3 ) $ 12 $ 8 $ 21 $ 10
Equity securities MTM through investment income (a) (6 ) 4 — 12 20 (2 ) 45
Investments accounted for using the equity method (b) 27 (6 ) 13 1 6 34 45
AFG managed CLOs (eliminated in consolidation) 6 2 2 8 2 10 25
Total AFG Consolidated $ 43 **** $ 8 **** $ 12 **** $ 33 **** $ 36 **** $ 63 **** $ 125 ****
Investments
Fixed maturities MTM through investment income $ 30 $ 55 $ 50 $ 75 $ 51 $ 30 $ 51
Equity securities MTM through investment income (a) 243 233 232 222 563 243 563
Investments accounted for using the equity method (b) 2,383 2,341 2,326 2,277 1,911 2,383 1,911
AFG managed CLOs (eliminated in consolidation) 138 148 122 174 163 138 163
Total AFG Consolidated $ 2,794 **** $ 2,777 **** $ 2,730 **** $ 2,748 **** $ 2,688 **** $ 2,794 **** $ 2,688 ****
Annualized Return - AFG Consolidated **** 6.2 % **** 1.2 % **** 1.8 % **** 4.9 % **** 5.4 % **** 3.0 % **** 6.5 %
(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>FixedMaturities - By Security Type - AFG Consolidated<br> <br>($ in millions )
September 30, 2025 Book Value (a) Fair Value UnrealizedGain (Loss) % ofFair Value % ofInvestmentPortfolio
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
US Government and government agencies $ 170 $ 170 $ — 2 % 1 %
States, municipalities and political subdivisions 877 853 (24 ) 8 % 5 %
Foreign government 314 318 4 3 % 2 %
Residential mortgage-backed securities 2,387 2,311 (76 ) 22 % 14 %
Collateralized loan obligations 1,101 1,100 (1 ) 10 % 7 %
Other asset-backed securities 2,420 2,403 (17 ) 23 % 14 %
Corporate and other bonds 3,383 3,443 60 32 % 21 %
Total AFG consolidated $ 10,652 $ 10,598 $ (54 ) **** 100 % **** 64 %
Approximate duration - P&C 3.1 years
--- ---
Approximate duration - P&C including cash 2.7 years
December 31, 2024 Book Value (a) Fair Value UnrealizedGain (Loss) % ofFair Value % of<br>InvestmentPortfolio
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
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>American Financial Group,Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>9/30/2025<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 $ 162 $ 277 $ 2,039 $ 1,051 $ 789 $ 13 $ 4,333 41 %
AA 168 653 14 90 46 326 178 1,475 14 %
A — 28 22 70 3 702 970 1,795 17 %
BBB — 8 4 28 — 518 1,952 2,510 24 %
Subtotal - Investment grade 170 851 317 2,227 1,100 2,335 3,113 10,113 96 %
BB — — — 1 — 4 159 164 2 %
B — — — 2 — 1 33 36 0 %
CCC, CC, C — — — 26 — 2 1 29 0 %
D — — — — — — — — 0 %
Subtotal - Non-Investment grade — — — 29 — 7 193 229 2 %
Not Rated (b) — 2 1 55 — 61 137 256 2 %
Total $ 170 $ 853 $ 318 $ 2,311 $ 1,100 $ 2,403 $ 3,443 $ 10,598 **** 100 %
Fair Value by Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total
1 $ 170 $ 839 $ 253 $ 2,200 $ 1,026 $ 1,802 $ 1,172 $ 7,462 73 %
2 — 8 — 31 — 504 1,939 2,482 24 %
Subtotal 170 847 253 2,231 1,026 2,306 3,111 9,944 97 %
3 — — — 2 — 5 184 191 2 %
4 — — — — — 1 48 49 0 %
5 — — — 13 — 2 57 72 1 %
6 — — — 1 — 3 1 5 0 %
Subtotal — — — 16 — 11 290 317 3 %
Total insurance companies $ 170 $ 847 $ 253 $ 2,247 $ 1,026 $ 2,317 $ 3,401 $ 10,261 **** 100 %
No NAIC designation (c) — — — — — 29 11 40
Non-Insurance and Foreign Companies (d) — 6 65 64 74 57 31 297
Total $ 170 $ 853 $ 318 $ 2,311 $ 1,100 $ 2,403 $ 3,443 $ 10,598
(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, 47% are NAIC 1 and 48% do not have a designation.
--- ---

For Corp/Oth, 14% are NAIC 1, 22% NAIC 3 and 41% NAIC 5.

For Total, 33% are NAIC 1, 12% NAIC 3, 27% NAIC 5 and 16% 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>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 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<br> <br>American Financial Group,Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>9/30/2025<br> <br>($ in millions)
Fair Value By Industry
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) AssetManagers Banking Insurance Technology Utilities OtherFinancials Autos Consumer Healthcare REITs Retailers BasicIndustry CapitalGoods Media Other Total % Total
Investment Grade
AAA $ — $ — $ — $ 11 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 2 $ 13 0 %
AA 5 — 48 23 5 32 — 37 15 — 10 — — — 3 178 5 %
A 37 192 154 43 139 63 101 51 36 53 21 16 30 3 31 970 28 %
BBB 796 261 53 161 90 95 66 49 39 60 45 85 45 15 92 1,952 57 %
Subtotal 838 453 255 238 234 190 167 137 90 113 76 101 75 18 128 3,113 90 %
BB 34 7 — 4 — — 18 11 2 6 36 11 1 22 7 159 5 %
B 4 2 — — — — — 7 10 — — — 4 6 — 33 1 %
CCC, CC, C — — — — — — — — 1 — — — — — — 1 0 %
D — — — — — — — — — — — — — — — — 0 %
Subtotal 38 9 — 4 — — 18 18 13 6 36 11 5 28 7 193 6 %
Not Rated (b) — — 7 1 — 29 1 18 41 5 11 — 2 20 2 137 4 %
Total $ 876 $ 462 $ 262 $ 243 $ 234 $ 219 $ 186 $ 173 $ 144 $ 124 $ 123 $ 112 $ 82 $ 66 $ 137 $ 3,443 **** 100 %
Fair Value By Industry
NAIC designation AssetManagers Banking Insurance Technology Utilities OtherFinancials Autos Consumer Healthcare REITs Retailers BasicIndustry CapitalGoods Media Other Total % Total
1 $ 42 $ 189 $ 200 $ 76 $ 144 $ 108 $ 101 $ 91 $ 51 $ 53 $ 31 $ 16 $ 33 $ 3 $ 34 $ 1,172 34 %
2 792 258 52 157 88 95 66 55 38 60 44 82 44 14 94 1,939 57 %
Subtotal 834 447 252 233 232 203 167 146 89 113 75 98 77 17 128 3,111 91 %
3 34 7 — 4 — — 17 18 26 6 36 6 1 22 7 184 6 %
4 4 2 — — — — — 7 9 — 12 4 4 6 — 48 1 %
5 — — — 1 — 10 — 2 19 5 — — — 20 — 57 2 %
6 — — — — — 1 — — — — — — — — — 1 0 %
Subtotal 38 9 — 5 — 11 17 27 54 11 48 10 5 48 7 290 9 %
Total insurance companies $ 872 $ 456 $ 252 $ 238 $ 232 $ 214 $ 184 $ 173 $ 143 $ 124 $ 123 $ 108 $ 82 $ 65 $ 135 $ 3,401 **** 100 %
No NAIC designation (c) — — 7 — — 4 — — — — — — — — — 11
Non-Insurance and Foreign Companies 4 6 3 5 2 1 2 — 1 — — 4 — 1 2 31
Total $ 876 $ 462 $ 262 $ 243 $ 234 $ 219 $ 186 $ 173 $ 144 $ 124 $ 123 $ 112 $ 82 $ 66 $ 137 $ 3,443
(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) 14% of not rated securities are NAIC 1, 22% NAIC 3 and 41% 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>9/30/2025<br> <br>($ in millions)
Fair Value By Collateral Type
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Credit Rating (a) WholeBusiness TruPS Triple NetLease Aircraft Railcar Commercial<br>Real Estate SecuredFinancing SingleFamilyRental Auto Other Total % Total
Investment Grade
AAA $ — $ 119 $ 213 $ 16 $ — $ 149 $ — $ 95 $ 69 $ 128 $ 789 33 %
AA 76 138 14 17 29 — 20 — — 32 326 14 %
A 10 3 15 152 169 — 66 — — 287 702 29 %
BBB 436 — — 16 6 — 2 — — 58 518 21 %
Subtotal 522 260 242 201 204 149 88 95 69 505 2,335 97 %
BB — — — 2 — — 1 — — 1 4 0 %
B — — — 1 — — — — — — 1 0 %
CCC, CC, C — — — 2 — — — — — — 2 0 %
D — — — — — — — — — — — 0 %
Subtotal — — — 5 — — 1 — — 1 7 0 %
Not Rated (b) — — — 4 — — 29 — — 28 61 3 %
Total $ 522 $ 260 $ 242 $ 210 $ 204 $ 149 $ 118 $ 95 $ 69 $ 534 $ 2,403 **** 100 %
Fair Value By Collateral Type
NAIC designation WholeBusiness TruPS Triple NetLease Aircraft Railcar Commercial<br>Real Estate SecuredFinancing SingleFamilyRental Auto Other Total % Total
1 $ 86 $ 258 $ 237 $ 184 $ 183 $ 139 $ 114 $ 92 $ 67 $ 442 $ 1,802 78 %
2 426 — — 15 6 — 1 — — 56 504 22 %
Subtotal 512 258 237 199 189 139 115 92 67 498 2,306 100 %
3 — — — 1 — — 2 — — 2 5 0 %
4 — — — 1 — — — — — — 1 0 %
5 — — — 1 — — — — — 1 2 0 %
6 — — — 3 — — — — — — 3 0 %
Subtotal — — — 6 — — 2 — — 3 11 0 %
Total insurance companies $ 512 $ 258 $ 237 $ 205 $ 189 $ 139 $ 117 $ 92 $ 67 $ 501 $ 2,317 **** 100 %
No NAIC designation — — — 1 — — 1 — — 27 29
Non-Insurance and Foreign Companies 10 2 5 4 15 10 — 3 2 6 57
Total $ 522 $ 260 $ 242 $ 210 $ 204 $ 149 $ 118 $ 95 $ 69 $ 534 $ 2,403
(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) 47% of not rated securities are NAIC 1 and 48% 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>9/30/2025<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 $ 1,246 88 % 92 % 96 %
Fund Investments 102 7 % — —
QOZ Fund - Development 27 2 % — —
Office 17 1 % 91 % 100 %
Marina 16 1 % — —
Hospitality 12 1 % — —
Land Development 2 0 % — —
Total $ 1,422 **** 100 %

Real Estate

Property Type Book Value % of<br>Book Value Debt
Resort & Marina $ 53 52 % $ —
Marina 35 35 % —
Office Building 12 11 % —
Land 2 2 % —
Total $ 102 **** 100 % $ —

Mortgage Loans

Property Type Book Value % of<br>Book Value Loan ToValue
Multifamily $ 688 71 % 66 %
Hospitality 186 19 % 45 %
Marina 52 5 % 52 %
Office 49 5 % 98 %
Total $ 975 **** 100 % **** 63 %

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

(a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b) Occupancy as of 9/30/2025 (c) Collections for July-September
--- ---

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<br>Book 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 % of<br>Book 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 12/31/2024
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(c) Collections for October - December
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