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 1, 2023

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> <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))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange<br> <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 third quarter of 2023 and the availability of the Investor Supplement on the Company’s website. The press release was issued on November 1, 2023. 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 $1.50 per share of Company Common Stock. The dividend is payable on November 22, 2023 to holders of record on November 13, 2023.

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 1, 2023, reporting American Financial Group Inc. results for the quarter ended September 30, 2023.
99.2	Investor Supplement – Third Quarter 2023
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: November 2, 2023	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

3

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend

•	Net earnings per share of $2.09; includes ($0.36) per share inafter-tax non-core items
•	Core net operating earnings $2.45 per share, an increase of 9% from the prior year period
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•	Third quarter annualized ROE of 15.7%; annualized core operating ROE of 18.3%
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•	7% overall renewal rate increase excluding workers’ compensation
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•	Board of Directors declares $1.50 per share special dividend, payable November 22, 2023
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•	Full year 2023 core net operating earnings guidance unchanged at $10.15 to $11.15 per share
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CINCINNATI – November 1, 2023 – American Financial Group, Inc. (NYSE: AFG) today reported 2023 third quarter net earnings of $177 million ($2.09 per share) compared to $165 million ($1.93 per share) in the 2022 third quarter. Net earnings for the 2023 third quarter included net after-tax non-core items that reduced net income by $31 million ($0.36 per share loss). By comparison, net earnings for the 2022 third quarter included after-tax non-core items that reduced net income by $27 million ($0.31 per share loss). Other details may be found in the table on the following page.

Core net operating earnings were $208 million ($2.45 per share) for the 2023 third quarter, compared to $192 million ($2.24 per share) in the 2022 third quarter. The increase was due primarily to higher year-over-year net investment income, which was partially offset by lower underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations. Additional details for the 2023 and 2022 third quarters may be found in the table below. Core net operating earnings for the third quarters of 2023 and 2022 generated annualized returns on equity of 18.3% and 17.1%, respectively.

	Three Months Ended September 30,
Components of Pretax Core Operating Earnings	2023			2022			2023		2022		2023			2022
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	$	273		$	253		$	25	$	36	$	298		$	289
Other expenses		(22	)		(26	)		—		—		(22	)		(26	)
Holding company interest expense		(19	)		(19	)		—		—		(19	)		(19	)
Pretax Core Operating Earnings		232			208			25		36		257			244
Related provision for income taxes		44			44			5		8		49			52
Core Net Operating Earnings	$	188	****	$	164	****	$	20	$	28	$	208	****	$	192	****
Core Operating Earnings Per Share	$	2.21		$	1.91		$	0.24	$	0.33	$	2.45		$	2.24
Weighted Avg Diluted Shares Outstanding		84.7			85.4			84.7		85.4		84.7			85.4

AFG’s book value per share was $47.31 at September 30, 2023. During the third quarter of 2023, AFG paid cash dividends of $0.63 per share and repurchased $86 million of its common stock at an average price per share of $112.28. For the three months ended September 30, 2023, AFG’s growth in book value per share plus dividends was 1.9% and year to date, growth in book value per share plus dividends was 11.9%. Annualized return on equity was 15.7% and 14.7% for the third quarters of 2023 and 2022, respectively.

Adjusted book value per share, which excludes unrealized gains (losses) related to fixed maturities, was $53.90 at September 30, 2023. For the three months ended September 30, 2023, AFG’s growth in adjusted book value per share plus dividends was 3.1%. Year to date, growth in adjusted book value per share plus dividends was 11.3%.

Page 1

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

In millions, except per share amounts	Three months ended<br>September 30,						Nine months ended<br>September 30,
	2023			2022			2023			2022
Components of net earnings:
Core operating earnings before income taxes	$	257		$	244		$	823		$	930
Pretax non-core items:
Realized gains (losses)		(23	)		(35	)		(71	)		(143	)
Gain (loss) on retirement of debt		—			1			1			(10	)
Special A&E charges		(15	)		—			(15	)		—
Earnings before income taxes		219			210			738			777
Provision (credit) for income taxes:
Core operating earnings		49			52			166			192
Non-core items		(7	)		(7	)		(17	)		(37	)
Total provision for income taxes		42			45			149			155
Net earnings	$	177	****	$	165	****	$	589	****	$	622	****
Net earnings:
Core net operating earnings^(a)^	$	208		$	192		$	657		$	738
Non-core items:
Realized gains (losses)		(19	)		(28	)		(57	)		(113	)
Gain (loss) on retirement of debt		—			1			1			(7	)
Special A&E charges		(12	)		—			(12	)		—
Other		—			—			—			4
Net earnings	$	177	****	$	165	****	$	589	****	$	622	****
Components of earnings per share:
Core net operating earnings^(a)^	$	2.45		$	2.24		$	7.72		$	8.65
Non-core Items:
Realized gains (losses)		(0.21	)		(0.32	)		(0.65	)		(1.32	)
Gain (loss) on retirement of debt		—			0.01			0.01			(0.09	)
Special A&E charges		(0.15	)		—			(0.15	)		—
Other		—			—			—			0.05
Diluted net earnings per share	$	2.09	****	$	1.93	****	$	6.93	****	$	7.29	****

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 $1.50 per share of American Financial Group common stock. The dividend is payable on November 22, 2023, to shareholders of record on November 13, 2023. The aggregate amount of this special dividend will be approximately $126 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.71 per share most recently paid on October 25, 2023. With this special dividend, the Company has declared $5.50 per share in special dividends in 2023.

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. We achieved an annualized core operating return of over 18% in the quarter, with strong underwriting results despite elevated catastrophe losses during the quarter. These strong results, coupled with meaningfully higher year-over-year investment income and effective capital management, enable us to continue to create value for our shareholders.

“AFG had approximately $660 million of excess capital at September 30, 2023, which includes parent company cash and investments of $364 million. 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.”

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Craig and Carl Lindner continued, “Based on the results reported in the first nine months of the year and expectations for the remainder of the year, we continue to expect AFG’s 2023 core net operating earnings to be in the range of $10.15 to $11.15 per share. Our guidance reflects our updated expectations of a below average crop year, offset by higher-than-previously expected net investment income. At the midpoint of the range, our revised guidance would produce a core return on equity of approximately 20%.”

AFG’s core earnings per share guidance excludes non-core items such as realized gains and losses and other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations.

SpecialtyProperty and Casualty Insurance Operations

The Specialty P&C insurance operations reported underwriting profit of $143 million in the 2023 third quarter, compared to $158 million in the 2022 third quarter, a 9% decrease. A higher frequency of lower severity convective storms throughout the 2023 period resulted in catastrophes losses of $56 million, compared to $51 million in the prior year period, which included the impact of Hurricane Ian. Higher year-over-year underwriting profit in our Property and Transportation and Specialty Financial Groups was more than offset by lower underwriting profit in our Specialty Casualty Group.

The third quarter 2023 combined ratio was a strong 92.2%, 1.1 points higher than the 91.1% reported in the comparable prior year period and included 3.0 points in catastrophe losses. By comparison, catastrophe losses in the third quarter of 2022 added 2.5 points to the combined ratio. Third quarter 2023 results benefitted from 2.3 points of favorable prior year reserve development, compared to 3.1 points in the third quarter of 2022.

Third quarter 2023 gross written premiums were flat and net written premiums were up 4% when compared to the third quarter of 2022, reflecting a larger percentage of crop insurance premium written in the second quarter of 2023 (rather than the third quarter of 2023 when compared to the 2022 period) due to the earlier planting of corn and soybeans, as well as the impact of lower 2023 spring commodity futures pricing and related volatility. Excluding our crop business, gross and net written premiums grew by 7% and 10%, respectively, when compared to the prior year period. Year-over-year growth was reported within most of our Specialty P&C businesses as a result of a combination of new business opportunities, increased exposures, and a good renewal rate environment. Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 7% for the quarter, two points higher than the previous quarter. Including workers’ compensation, renewal rates were up approximately 5%, one point higher than renewal increases reported in the prior quarter. We are achieving renewal rate increases in excess of prospective loss ratio trends where we need them to meet targeted returns.

The Property and Transportation Group reported 2023 third quarter underwriting profit of $42 million, compared to $39 million in the third quarter of 2022. Higher underwriting profit in our transportation, property & inland marine, and ocean marine businesses was partially offset by lower profitability in our agricultural businesses. Catastrophe losses in this group were $14 million in the third quarter of 2023, compared to $13 million in the comparable 2022 period. Overall, the businesses in the Property and Transportation Group achieved a 94.8% calendar year combined ratio in the third quarter, an improvement of 0.6 points from the comparable period in 2022.

Page 3

Gross and net written premiums for the third quarter of 2023 were 8% and 6% lower, respectively, than the comparable 2022 period. The year-over-year decrease reflects the previously discussed impacts of earlier planting of corn and soybeans and spring commodity futures pricing and related volatility on premiums in our crop insurance business. Excluding our crop business, gross and net written premiums grew by 2% and 4%, respectively, when compared to the 2022 third quarter. Most of the businesses in this group reported growth in gross and net written premium during the quarter as the result of higher rates, new business opportunities and organic growth. Overall renewal rates in this group increased 6% on average for the third quarter of 2023, consistent with renewal rates achieved in the second quarter of 2023.

The Specialty Casualty Group reported a 2023 third quarter underwriting profit of $78 million, compared to $118 million in the third quarter of 2022, reflecting lower levels of favorable prior year reserve development in our workers’ compensation businesses and lower underwriting profit in our targeted markets businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. Catastrophe losses for this group were $17 million and $3 million in the third quarters of 2023 and 2022. The businesses in the Specialty Casualty Group achieved a strong 89.4% calendar year combined ratio overall in the third quarter, 6.8 points higher than the exceptionally strong results achieved in the comparable prior year period.

Third quarter 2023 gross and net written premiums increased 4% and 7%, respectively, when compared to the same prior year period. Factors contributing to the year-over-year growth included payroll growth in our workers’ compensation businesses; new business opportunities, strong policy retention and rate increases in several of our targeted market businesses; and new business opportunities and higher policy renewals in our excess and surplus lines business. This growth was partially offset by lower year-over-year premiums in our mergers & acquisitions liability and executive liability businesses. Excluding workers’ compensation, renewal pricing for this group was up 8% in the third quarter (up 5% including workers’ compensation), a two-point improvement over the renewal pricing in the previous quarter.

The SpecialtyFinancial Group reported an underwriting profit of $29 million in the third quarter of 2023, compared to $15 million in the third quarter of 2022. The year-over-year increase was primarily the result of lower catastrophe losses attributable to our financial institutions business. Catastrophe losses for this group were $22 million in the third quarter of 2023, compared to $34 million in the prior year quarter. This group reported a combined ratio of 87.6% for the third quarter of 2023, an improvement of 3.7 points over the prior year period.

Third quarter 2023 gross and net written premiums in this group were up 39% and 48%, respectively, when compared to the prior year period. While nearly all businesses in this group reported year-over-year growth, our financial institutions business was the primary driver of the higher premiums. Renewal pricing in this group was up 5% for the quarter.

Carl Lindner III stated, “I’m pleased with our third quarter results, which included higher year-over-year operating earnings in our P&C Segment despite the higher frequency of catastrophe losses during the quarter. Underwriting margins continue to be strong, and we are seeing opportunities to grow our Specialty P&C businesses through increasing exposures, new opportunities, and a continued favorable pricing environment. Our diversified portfolio of Specialty P&C businesses continues to meet or exceed targeted returns.

Mr. Lindner added, “Based on results through the first nine months and the updated expectation of a below average crop year, we now expect an overall 2023 calendar year combined ratio in the range of 90% to 92%. We have increased our guidance for net written premiums and now expect net written premiums to be 6% to 8% higher than the $6.2 billion reported in 2022. This compares to our previous guidance of growth in the range of 5% to 8% and will establish a record for net written premiums for the year.”

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.

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A&E Reserves

During the third quarter of 2023, AFG conducted an in-depth comprehensive review of its asbestos and environmental (A&E) exposures relating to the run-off operations of its P&C Group. During the 2023 review, no new trends were identified, and recent claims activity was generally consistent with our expectations resulting from our in-depth reviews in 2022 and 2021 and our most recent external study in 2020. As a result, and consistent with the internal review in the third quarter of 2022, the 2023 review resulted in no net change to the P&C Group’s A&E reserves.

At September 30, 2023, the P&C Group’s insurance reserves include A&E reserves of $374 million, net of reinsurance recoverables. At September 30, 2023, the property and casualty insurance segment’s three-year survival ratios were 22.7 times paid losses for asbestos reserves, 18.9 times paid losses for environmental reserves and 20.8 times paid losses for total A&E reserves. These ratios compare favorably with industry data compiled by S&P Global Market Intelligence as of December 31, 2022, which indicate that industry survival ratios were 8.6 times paid losses for asbestos, 7.3 times paid losses for environmental, and 8.3 times paid losses for total A&E reserves.

The 2023 in-depth comprehensive review also encompassed reserves for asbestos and environmental exposures of our former railroad and manufacturing operations. As a result of the study, AFG recorded a special non-core A&E charge to increase its liabilities for environmental exposures by $15 million ($12 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, 2023, property and casualty net investment income was approximately 17% higher than the comparable 2022 period. Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended September 30, 2023, increased 33% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets. The annualized return on alternative investments was approximately 4.2% for the 2023 third quarter compared to 7.1% 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, 2022, was approximately 14%. Our guidance for the full year 2023 continues to assume a return of approximately 9% on alternative investments.

Non-Core Net Realized Gains (Losses) – AFG recorded third quarter 2023 net realized losses of $19 million ($0.21 per share loss) after tax, which included $6 million ($0.07 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at September 30, 2023, to fair value. AFG recorded net realized losses of $28 million ($0.32 per share loss) in the comparable 2022 period.

After-tax unrealized losses related to fixed maturities were $555 million at September 30, 2023. Our portfolio continues to be high quality, with 93% 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.

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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, 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 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; the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations; and effects on AFG’s reputation, including as a result of environmental, social and governance matters.

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 2023 third quarter results at 11:30 a.m. (ET) tomorrow, Thursday, November 2, 2023. 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.

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.

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Contact:

Diane P. Weidner, IRC

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.

AFG2023-20

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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,
	2023			2022			2023			2022
Revenues
P&C insurance net earned premiums	$	1,855		$	1,767		$	4,799		$	4,462
Net investment income		168			151			583			549
Realized gains (losses) on:
Securities		(19	)		(35	)		(67	)		(143	)
Subsidiaries		(4	)		—			(4	)		—
Income of managed investment entities:
Investment income		105			75			321			175
Gain (loss) on change in fair value of assets/liabilities		16			(5	)		12			(25	)
Other income		43			31			100			93
Total revenues		2,164			1,984			5,744			5,111
Costs and expenses
P&C insurance losses & expenses		1,736			1,621			4,419			3,934
Interest charges on borrowed money		19			19			57			65
Expenses of managed investment entities		105			62			303			148
Other expenses		85			72			227			187
Total costs and expenses		1,945			1,774			5,006			4,334
Earnings before income taxes		219			210			738			777
Provision for income taxes		42			45			149			155
Net earnings	$	177	****	$	165	****	$	589	****	$	622	****
Diluted earnings per common share	$	2.09		$	1.93		$	6.93		$	7.29
Average number of diluted shares		84.7			85.4			85.1			85.3
Selected Balance Sheet Data:	September 30,<br>2023		December 31,<br>2022
---	---	---	---	---
Total cash and investments	$	14,794	$	14,512
Long-term debt	$	1,474	$	1,496
Shareholders’ equity**^(b)^**	$	3,981	$	4,052
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)^(b)^	$	4,536	$	4,578
Book value per share**^(b)^**	$	47.31	$	47.56
Book value per share (excluding unrealized gains/losses related to fixed maturities)^(b)^	$	53.90	$	53.73
Common Shares Outstanding		84.1		85.2

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
	2023			2022						2023			2022
Gross written premiums	$	3,140		$	3,153			—	%	$	7,664		$	7,212			6	%
Net written premiums	$	2,061		$	1,984			4	%	$	5,247		$	4,868			8	%
Ratios (GAAP):
Loss & LAE ratio		66.7	%		66.4	%					61.8	%		59.1	%
Underwriting expense ratio		25.5	%		24.7	%					29.5	%		28.3	%
Specialty Combined Ratio		92.2	%		91.1	%					91.3	%		87.4	%
Combined Ratio – P&C Segment		92.3	%		91.2	%					91.3	%		87.5	%
SupplementalInformation:^(c)^
Gross Written Premiums:
Property & Transportation	$	1,592		$	1,737			(8	%)	$	3,523		$	3,459			2	%
Specialty Casualty		1,226			1,184			4	%		3,299			3,108			6	%
Specialty Financial		322			232			39	%		842			645			31	%
	$	3,140		$	3,153			—	%	$	7,664		$	7,212			6	%
Net Written Premiums:
Property & Transportation	$	905		$	959			(6	%)	$	2,125		$	2,092			2	%
Specialty Casualty		829			777			7	%		2,244			2,073			8	%
Specialty Financial		261			176			48	%		685			512			34	%
Other		66			72			(8	%)		193			191			1	%
	$	2,061		$	1,984			4	%	$	5,247		$	4,868			8	%
Combined Ratio (GAAP):
Property & Transportation		94.8	%		95.4	%					93.6	%		92.2	%
Specialty Casualty		89.4	%		82.6	%					87.8	%		81.1	%
Specialty Financial		87.6	%		91.3	%					89.6	%		83.9	%
Aggregate Specialty Group		92.2	%		91.1	%					91.3	%		87.4	%
	Three months ended<br>September 30,						Nine months ended<br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023			2022			2023			2022
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(14	)	$	(15	)	$	(72	)	$	(79	)
Specialty Casualty		(22	)		(42	)		(73	)		(140	)
Specialty Financial		(10	)		(11	)		(24	)		(39	)
Other Specialty		2			12			—			27
Specialty Group		(44	)		(56	)		(169	)		(231	)
Other		1			3			1			5
Total Reserve Development	$	(43	)	$	(53	)	$	(168	)	$	(226	)
Points on Combined Ratio:
Property & Transportation		(1.7	)		(1.8	)		(3.9	)		(4.4	)
Specialty Casualty		(2.9	)		(6.3	)		(3.4	)		(7.1	)
Specialty Financial		(4.2	)		(6.3	)		(3.8	)		(7.8	)
Aggregate Specialty Group		(2.3	)		(3.1	)		(3.5	)		(5.2	)
Total P&C Segment		(2.3	)		(3.0	)		(3.5	)		(5.1	)

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

Page 9

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,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2023			2022			2023			2022
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	298		$	289		$	947		$	1,056
Interest and other corporate expenses		(41	)		(45	)		(124	)		(126	)
Core operating earnings before income taxes		257			244			823			930
Related income taxes		49			52			166			192
Core net operating earnings	$	208		$	192		$	657		$	738
b)	Shareholders’ Equity at September 30, 2023, includes $555 million ($6.59 per share) in<br>unrealized after-tax losses related to fixed maturities compared to $526 million ($6.17 per share) in unrealized after-tax losses related to fixed maturities at<br>December 31, 2022.
---	---
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.
---	---
•	Other includes an internal reinsurance facility.
---	---

Page 10

EX-99.2

Exhibit 99.2

American Financial Group, Inc.<br> <br><br><br><br>Investor Supplement - Third Quarter 2023<br> <br><br><br><br>November 1, 2023<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 - Third Quarter 2023
---
Section	Page
---	---	---
Table of Contents - Investor Supplement - Third Quarter 2023		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
Other Specialty - Underwriting Results (GAAP)		11
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		12
Book Value Per Share and Price / Book Summary		13
Capitalization		14
Additional Supplemental Information		15
Consolidated Investment Supplement
Total Cash and Investments		16
Net Investment Income		17
Alternative Investments		18
Fixed Maturities - By Security Type - AFG Consolidated		19
Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2023		20
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022		21
C. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>9/30/2023		22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>12/31/2022		23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>9/30/2023		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>12/31/2022		25
G. Real Estate-Related Investments 9/30/2023		26
H. Real Estate-Related Investments 12/31/2022		27

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Highlights
Net earnings	$	177		$	200		$	212		$	276		$	165		$	589		$	622
Core net operating earnings		208			202			247			255			192			657			738
Total assets		30,825			29,048			28,481			28,831			29,532			30,825			29,532
Adjusted shareholders’ equity (a)		4,536			4,490			4,375			4,578			4,515			4,536			4,515
Property and Casualty net written premiums		2,061			1,667			1,519			1,338			1,984			5,247			4,868
Per share data
Diluted earnings per share	$	2.09		$	2.34		$	2.49		$	3.24		$	1.93		$	6.93		$	7.29
Core net operating earnings per share		2.45			2.38			2.89			2.99			2.24			7.72			8.65
Adjusted book value per share (a)		53.90			52.90			51.37			53.73			53.03			53.90			53.03
Dividends per common share		0.63			0.63			4.63			2.63			0.56			5.89			11.68
Financial ratios
Annualized return on equity (b)		15.7	%		17.9	%		18.9	%		24.2	%		14.7	%		17.4	%		17.6	%
Annualized core operating return on equity (b)		18.3	%		18.2	%		22.0	%		22.3	%		17.1	%		19.4	%		20.9	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		66.7	%		60.2	%		57.0	%		60.8	%		66.4	%		61.8	%		59.1	%
Underwriting expense ratio		25.5	%		31.7	%		32.2	%		25.8	%		24.7	%		29.5	%		28.3	%
Combined ratio - Specialty		92.2	%		91.9	%		89.2	%		86.6	%		91.1	%		91.3	%		87.4	%
(a)	Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure<br>is on page 13.
---	---
(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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance
Underwriting profit	$	142		$	124		$	154		$	218		$	155		$	420		$	558
Net investment income		170			191			207			159			145			568			524
Other income (expense)		(14	)		(16	)		(11	)		(14	)		(11	)		(41	)		(26	)
Property and Casualty Insurance operating earnings		298			299			350			363			289			947			1,056
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(20	)		(19	)		(57	)		(65	)
Other expense		(22	)		(22	)		(23	)		(25	)		(26	)		(67	)		(61	)
Pretax core operating earnings		257			258			308			318			244			823			930
Income tax expense		49			56			61			63			52			166			192
Core net operating earnings	****	208	****	****	202	****	****	247	****	****	255	****	****	192	****	****	657	****	****	738	****
Non-core items, net of tax:
Realized gains (losses) on securities		(15	)		(1	)		(37	)		21			(28	)		(53	)		(113	)
Realized loss on subsidiaries		(4	)		—			—			—			—			(4	)		—
Special A&E charges - Former Railroad and Manufacturing operations		(12	)		—			—			—			—			(12	)		—
Gain (loss) on retirement of debt		—			(1	)		2			—			1			1			(7	)
Other non-core items		—			—			—			—			—			—			4
Net earnings	$	177	****	$	200	****	$	212	****	$	276	****	$	165	****	$	589	****	$	622	****

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22		9/30/22			9/30/23			9/30/22
Core net operating earnings	$	208	****	$	202	****	$	247	****	$	255	$	192	****	$	657	****	$	738	****
Net earnings	$	177	****	$	200	****	$	212	****	$	276	$	165	****	$	589	****	$	622	****
Average number of diluted shares		84.745			85.172			85.378			85.350		85.365			85.096			85.315
Diluted earnings per share:
Core net operating earnings per share	$	2.45	****	$	2.38	****	$	2.89	****	$	2.99	$	2.24	****	$	7.72	****	$	8.65	****
Realized gains (losses) on securities		(0.17	)		(0.02	)		(0.42	)		0.25		(0.32	)		(0.61	)		(1.32	)
Realized loss on subsidiaries		(0.04	)		—			—			—		—			(0.04	)		—
Special A&E charges - Former Railroad and Manufacturing operations		(0.15	)		—			—			—		—			(0.15	)		—
Gain (loss) on retirement of debt		—			(0.02	)		0.02			—		0.01			0.01			(0.09	)
Other non-core items		—			—			—			—		—			—			0.05
Diluted earnings per share	$	2.09	****	$	2.34	****	$	2.49	****	$	3.24	$	1.93	****	$	6.93	****	$	7.29	****

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Transportation	$	42		$	32		$	43		$	68		$	39		$	117		$	140
Specialty Casualty		78			95			88			128			118			261			372
Specialty Financial		29			10			26			33			15			65			81
Other Specialty		(6	)		(14	)		(2	)		(12	)		(14	)		(22	)		(30	)
Underwriting profit - Specialty	****	143	****	****	123	****	****	155	****	****	217	****	****	158	****	****	421	****	****	563	****
Other core charges, included in loss and LAE		(1	)		1			(1	)		1			(3	)		(1	)		(5	)
Underwriting profit - Property and Casualty Insurance	$	142	****	$	124	****	$	154	****	$	218	****	$	155	****	$	420	****	$	558	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(13	)	$	18		$	2		$	18
Catastrophe losses		56			51			31			24			33			138			64
Total current accident year catastrophe losses	$	56		$	53		$	31		$	11		$	51		$	140		$	82
Prior year loss reserve development (favorable) / adverse	$	(43	)	$	(62	)	$	(63	)	$	(59	)	$	(53	)	$	(168	)	$	(226	)
Combined ratio:
Property and Transportation		94.8	%		94.2	%		91.0	%		90.0	%		95.4	%		93.6	%		92.2	%
Specialty Casualty		89.4	%		86.6	%		87.5	%		81.3	%		82.6	%		87.8	%		81.1	%
Specialty Financial		87.6	%		95.0	%		86.5	%		83.1	%		91.3	%		89.6	%		83.9	%
Other Specialty		109.8	%		122.2	%		103.5	%		118.1	%		122.7	%		111.9	%		116.9	%
Combined ratio - Specialty	****	92.2	%	****	91.9	%	****	89.2	%	****	86.6	%	****	91.1	%	****	91.3	%	****	87.4	%
Other core charges		0.1	%		(0.2	%)		0.1	%		(0.1	%)		0.1	%		0.0	%		0.1	%
Combined ratio	****	92.3	%	****	91.7	%	****	89.3	%	****	86.5	%	****	91.2	%	****	91.3	%	****	87.5	%
P&C combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		92.4	%		91.5	%		89.3	%		91.7	%		91.9	%		90.9	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		66.0	%		60.7	%		59.3	%		63.5	%		67.0	%		62.4	%		62.6	%
Current accident year catastrophe losses		3.1	%		3.5	%		2.2	%		0.8	%		2.5	%		2.9	%		1.7	%
Prior accident year loss reserve development		(2.3	%)		(4.2	%)		(4.4	%)		(3.6	%)		(3.0	%)		(3.5	%)		(5.1	%)
Loss and LAE ratio	****	66.8	%	****	60.0	%	****	57.1	%	****	60.7	%	****	66.5	%	****	61.8	%	****	59.2	%

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
	Three Months Ended															Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	3,140		$	2,369		$	2,155		$	1,845		$	3,153		$	7,664		$	7,212
Ceded reinsurance premiums		(1,079	)		(702	)		(636	)		(507	)		(1,169	)		(2,417	)		(2,344	)
Net written premiums		2,061			1,667			1,519			1,338			1,984			5,247			4,868
Change in unearned premiums		(206	)		(160	)		(82	)		285			(217	)		(448	)		(406	)
Net earned premiums		1,855			1,507			1,437			1,623			1,767			4,799			4,462
Loss and LAE		1,238			906			819			987			1,173			2,963			2,638
Underwriting expense		474			478			463			419			436			1,415			1,261
Underwriting profit	$	143	****	$	123	****	$	155	****	$	217	****	$	158	****	$	421	****	$	563	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(13	)	$	18		$	2		$	18
Catastrophe losses		56			51			31			24			33			138			64
Total current accident year catastrophe losses	$	56		$	53		$	31		$	11		$	51		$	140		$	82
Prior year loss reserve development (favorable) / adverse	$	(44	)	$	(61	)	$	(64	)	$	(58	)	$	(56	)	$	(169	)	$	(231	)
Combined ratio:
Loss and LAE ratio		66.7	%		60.2	%		57.0	%		60.8	%		66.4	%		61.8	%		59.1	%
Underwriting expense ratio		25.5	%		31.7	%		32.2	%		25.8	%		24.7	%		29.5	%		28.3	%
Combined ratio	****	92.2	%	****	91.9	%	****	89.2	%	****	86.6	%	****	91.1	%	****	91.3	%	****	87.4	%
Specialty combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		92.4	%		91.5	%		89.3	%		91.7	%		91.9	%		90.9	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		66.0	%		60.7	%		59.3	%		63.5	%		67.0	%		62.4	%		62.6	%
Current accident year catastrophe losses		3.0	%		3.5	%		2.2	%		0.9	%		2.5	%		2.9	%		1.7	%
Prior accident year loss reserve development		(2.3	%)		(4.0	%)		(4.5	%)		(3.6	%)		(3.1	%)		(3.5	%)		(5.2	%)
Loss and LAE ratio	****	66.7	%	****	60.2	%	****	57.0	%	****	60.8	%	****	66.4	%	****	61.8	%	****	59.1	%

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	1,592		$	1,059		$	872		$	601		$	1,737		$	3,523		$	3,459
Ceded reinsurance premiums		(687	)		(391	)		(320	)		(178	)		(778	)		(1,398	)		(1,367	)
Net written premiums		905			668			552			423			959			2,125			2,092
Change in unearned premiums		(77	)		(134	)		(77	)		259			(102	)		(288	)		(287	)
Net earned premiums		828			534			475			682			857			1,837			1,805
Loss and LAE		636			346			289			489			663			1,271			1,246
Underwriting expense		150			156			143			125			155			449			419
Underwriting profit	$	42	****	$	32	****	$	43	****	$	68	****	$	39	****	$	117	****	$	140	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	4		$	—		$	4
Catastrophe losses		14			15			19			8			9			48			34
Total current accident year catastrophe losses	$	14		$	15		$	19		$	7		$	13		$	48		$	38
Prior year loss reserve development (favorable) / adverse	$	(14	)	$	(21	)	$	(37	)	$	(13	)	$	(15	)	$	(72	)	$	(79	)
Combined ratio:
Loss and LAE ratio		76.8	%		64.8	%		60.9	%		71.8	%		77.3	%		69.2	%		69.0	%
Underwriting expense ratio		18.0	%		29.4	%		30.1	%		18.2	%		18.1	%		24.4	%		23.2	%
Combined ratio	****	94.8	%	****	94.2	%	****	91.0	%	****	90.0	%	****	95.4	%	****	93.6	%	****	92.2	%
Combined ratio excl. catastrophe losses and prior year reserve development		94.8	%		95.1	%		94.8	%		90.8	%		95.8	%		94.8	%		94.6	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		76.8	%		65.7	%		64.7	%		72.6	%		77.7	%		70.4	%		71.4	%
Current accident year catastrophe losses		1.7	%		2.9	%		4.0	%		1.0	%		1.4	%		2.7	%		2.0	%
Prior accident year loss reserve development		(1.7	%)		(3.8	%)		(7.8	%)		(1.8	%)		(1.8	%)		(3.9	%)		(4.4	%)
Loss and LAE ratio	****	76.8	%	****	64.8	%	****	60.9	%	****	71.8	%	****	77.3	%	****	69.2	%	****	69.0	%

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	1,226		$	1,012		$	1,061		$	1,007		$	1,184		$	3,299		$	3,108
Ceded reinsurance premiums		(397	)		(319	)		(339	)		(352	)		(407	)		(1,055	)		(1,035	)
Net written premiums		829			693			722			655			777			2,244			2,073
Change in unearned premiums		(95	)		18			(18	)		31			(100	)		(95	)		(100	)
Net earned premiums		734			711			704			686			677			2,149			1,973
Loss and LAE		463			421			417			381			374			1,301			1,072
Underwriting expense		193			195			199			177			185			587			529
Underwriting profit	$	78	****	$	95	****	$	88	****	$	128	****	$	118	****	$	261	****	$	372	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(1	)	$	1		$	2		$	1
Catastrophe losses		17			6			3			8			2			26			3
Total current accident year catastrophe losses	$	17		$	8		$	3		$	7		$	3		$	28		$	4
Prior year loss reserve development (favorable) / adverse	$	(22	)	$	(24	)	$	(27	)	$	(50	)	$	(42	)	$	(73	)	$	(140	)
Combined ratio:
Loss and LAE ratio		63.1	%		59.2	%		59.2	%		55.4	%		55.3	%		60.5	%		54.3	%
Underwriting expense ratio		26.3	%		27.4	%		28.3	%		25.9	%		27.3	%		27.3	%		26.8	%
Combined ratio	****	89.4	%	****	86.6	%	****	87.5	%	****	81.3	%	****	82.6	%	****	87.8	%	****	81.1	%
Combined ratio excl. catastrophe losses and prior year reserve development		90.0	%		89.0	%		90.9	%		87.5	%		88.5	%		90.0	%		88.1	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		63.7	%		61.6	%		62.6	%		61.6	%		61.2	%		62.7	%		61.3	%
Current accident year catastrophe losses		2.3	%		1.0	%		0.4	%		1.1	%		0.4	%		1.2	%		0.1	%
Prior accident year loss reserve development		(2.9	%)		(3.4	%)		(3.8	%)		(7.3	%)		(6.3	%)		(3.4	%)		(7.1	%)
Loss and LAE ratio	****	63.1	%	****	59.2	%	****	59.2	%	****	55.4	%	****	55.3	%	****	60.5	%	****	54.3	%

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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	322		$	298		$	222		$	237		$	232		$	842		$	645
Ceded reinsurance premiums		(61	)		(58	)		(38	)		(38	)		(56	)		(157	)		(133	)
Net written premiums		261			240			184			199			176			685			512
Change in unearned premiums		(29	)		(45	)		12			(6	)		(5	)		(62	)		(7	)
Net earned premiums		232			195			196			193			171			623			505
Loss and LAE		93			79			71			66			80			243			172
Underwriting expense		110			106			99			94			76			315			252
Underwriting profit	$	29	****	$	10	****	$	26	****	$	33	****	$	15	****	$	65	****	$	81	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(10	)	$	13		$	—		$	13
Catastrophe losses		22			19			4			7			21			45			26
Total current accident year catastrophe losses	$	22		$	19		$	4		$	(3	)	$	34		$	45		$	39
Prior year loss reserve development (favorable) / adverse	$	(10	)	$	(11	)	$	(3	)	$	(8	)	$	(11	)	$	(24	)	$	(39	)
Combined ratio:
Loss and LAE ratio		39.8	%		40.9	%		36.0	%		33.8	%		47.2	%		39.0	%		34.1	%
Underwriting expense ratio		47.8	%		54.1	%		50.5	%		49.3	%		44.1	%		50.6	%		49.8	%
Combined ratio	****	87.6	%	****	95.0	%	****	86.5	%	****	83.1	%	****	91.3	%	****	89.6	%	****	83.9	%
Combined ratio excl. catastrophe losses and prior year reserve development		82.5	%		91.1	%		85.7	%		85.3	%		82.4	%		86.2	%		85.7	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		34.7	%		37.0	%		35.2	%		36.0	%		38.3	%		35.6	%		35.9	%
Current accident year catastrophe losses		9.3	%		9.6	%		2.2	%		1.9	%		15.2	%		7.2	%		6.0	%
Prior accident year loss reserve development		(4.2	%)		(5.7	%)		(1.4	%)		(4.1	%)		(6.3	%)		(3.8	%)		(7.8	%)
Loss and LAE ratio	****	39.8	%	****	40.9	%	****	36.0	%	****	33.8	%	****	47.2	%	****	39.0	%	****	34.1	%

Page 10

American Financial Group, Inc.<br><br><br>Other Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
	Three Months Ended															Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		66			66			61			61			72			193			191
Net written premiums		66			66			61			61			72			193			191
Change in unearned premiums		(5	)		1			1			1			(10	)		(3	)		(12	)
Net earned premiums		61			67			62			62			62			190			179
Loss and LAE		46			60			42			51			56			148			148
Underwriting expense		21			21			22			23			20			64			61
Underwriting profit (loss)	$	(6	)	$	(14	)	$	(2	)	$	(12	)	$	(14	)	$	(22	)	$	(30	)
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—
Catastrophe losses		3			11			5			1			1			19			1
Total current accident year catastrophe losses	$	3		$	11		$	5		$	—		$	1		$	19		$	1
Prior year loss reserve development (favorable) / adverse	$	2		$	(5	)	$	3		$	13		$	12		$	—		$	27
Combined ratio:
Loss and LAE ratio		76.2	%		91.1	%		69.0	%		83.3	%		89.3	%		78.9	%		82.2	%
Underwriting expense ratio		33.6	%		31.1	%		34.5	%		34.8	%		33.4	%		33.0	%		34.7	%
Combined ratio	****	109.8	%	****	122.2	%	****	103.5	%	****	118.1	%	****	122.7	%	****	111.9	%	****	116.9	%
Combined ratio excl. catastrophe losses and prior year reserve development		101.2	%		111.7	%		92.0	%		98.5	%		100.7	%		101.7	%		100.8	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		67.6	%		80.6	%		57.5	%		63.7	%		67.3	%		68.7	%		66.1	%
Current accident year catastrophe losses		4.9	%		18.0	%		7.5	%		0.7	%		1.1	%		10.3	%		0.4	%
Prior accident year loss reserve development		3.7	%		(7.5	%)		4.0	%		18.9	%		20.9	%		(0.1	%)		15.7	%
Loss and LAE ratio	****	76.2	%	****	91.1	%	****	69.0	%	****	83.3	%	****	89.3	%	****	78.9	%	****	82.2	%

Page 11

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Assets:
Total cash and investments	$	14,794		$	14,489		$	14,451		$	14,512		$	14,322		$	14,268
Recoverables from reinsurers		4,421			3,852			3,838			3,977			4,108			3,567
Prepaid reinsurance premiums		1,223			1,112			1,021			917			1,180			1,006
Agents’ balances and premiums receivable		2,088			1,796			1,459			1,339			1,698			1,623
Deferred policy acquisition costs		324			316			285			288			292			293
Assets of managed investment entities		4,871			5,235			5,391			5,447			5,099			5,218
Other receivables		1,377			721			637			886			1,328			740
Other assets		1,422			1,281			1,153			1,219			1,259			1,123
Goodwill		305			246			246			246			246			246
Total assets	$	30,825	****	$	29,048	****	$	28,481	****	$	28,831	****	$	29,532	****	$	28,084	****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	12,891		$	11,925		$	11,761		$	11,974		$	12,067		$	11,201
Unearned premiums		3,997			3,686			3,435			3,246			3,785			3,397
Payable to reinsurers		1,398			1,038			911			1,035			1,366			971
Liabilities of managed investment entities		4,728			5,098			5,258			5,332			5,002			5,133
Long-term debt		1,474			1,474			1,478			1,496			1,533			1,542
Other liabilities		2,356			1,834			1,697			1,696			1,847			1,773
Total liabilities	$	26,844	****	$	25,055	****	$	24,540	****	$	24,779	****	$	25,600	****	$	24,017	****
Shareholders’ equity:
Common stock	$	84		$	85		$	85		$	85		$	85		$	85
Capital surplus		1,372			1,377			1,374			1,368			1,358			1,351
Retained earnings		3,095			3,042			2,933			3,142			3,091			2,979
Unrealized gains (losses) - fixed maturities		(521	)		(464	)		(413	)		(497	)		(554	)		(326	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(34	)		(33	)		(21	)		(29	)		(29	)		(8	)
Other comprehensive income (loss), net of tax		(15	)		(14	)		(17	)		(17	)		(19	)		(14	)
Total shareholders’ equity	****	3,981	****	****	3,993	****	****	3,941	****	****	4,052	****	****	3,932	****	****	4,067	****
Total liabilities and equity	$	30,825	****	$	29,048	****	$	28,481	****	$	28,831	****	$	29,532	****	$	28,084	****

Page 12

American Financial Group, Inc.<br><br><br>Book Value Per Share and Price / Book Summary<br> <br>(in<br>millions, except per share information)
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Shareholders’ equity	$	3,981	****	$	3,993	****	$	3,941	****	$	4,052	****	$	3,932	****	$	4,067	****
Unrealized (gains) losses related to fixed maturities		555			497			434			526			583			334
Adjusted shareholders’ equity	****	4,536	****	****	4,490	****	****	4,375	****	****	4,578	****	****	4,515	****	****	4,401	****
Goodwill		(305	)		(246	)		(246	)		(246	)		(246	)		(246	)
Intangibles		(217	)		(102	)		(105	)		(108	)		(111	)		(101	)
Tangible adjusted shareholders’ equity	$	4,014	****	$	4,142	****	$	4,024	****	$	4,224	****	$	4,158	****	$	4,054	****
Common shares outstanding		84.136			84.859			85.172			85.204			85.141			85.154
Book value per share:
Book value per share	$	47.31	****	$	47.06	****	$	46.27	****	$	47.56	****	$	46.18	****	$	47.76	****
Adjusted (a)	****	53.90	****	****	52.90	****	****	51.37	****	****	53.73	****	****	53.03	****	****	51.68	****
Tangible, adjusted (b)	****	47.71	****	****	48.80	****	****	47.25	****	****	49.58	****	****	48.84	****	****	47.60	****
Market capitalization
AFG’s closing common share price	$	111.67		$	118.75		$	121.50		$	137.28		$	122.93		$	138.81
Market capitalization	$	9,395		$	10,077		$	10,348		$	11,697		$	10,466		$	11,820
Price / Adjusted book value ratio		2.07			2.24			2.37			2.56			2.32			2.69
(a)	Excludes unrealized gains (losses) related to fixed maturity investments.
---	---
(b)	Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles.<br>
---	---

Page 13

American Financial Group, Inc.<br><br><br>Capitalization<br> <br>($ in millions)
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
AFG senior obligations	$	823		$	823		$	828		$	846		$	884		$	893
Borrowings drawn under credit facility		—			—			—			—			—			—
Debt excluding subordinated debt	$	823	****	$	823	****	$	828	****	$	846	****	$	884	****	$	893	****
AFG subordinated debentures		675			675			675			675			675			675
Total principal amount of long-term debt	$	1,498	****	$	1,498	****	$	1,503	****	$	1,521	****	$	1,559	****	$	1,568	****
Shareholders’ equity		3,981			3,993			3,941			4,052			3,932			4,067
Less:
Unrealized (gains) losses related to fixed maturity investments		555			497			434			526			583			334
Total adjusted capital	$	6,034	****	$	5,988	****	$	5,878	****	$	6,099	****	$	6,074	****	$	5,969	****
Ratio of debt to total adjusted capital:
Including subordinated debt	****	24.8	%	****	25.0	%	****	25.6	%	****	24.9	%	****	25.7	%	****	26.3	%
Excluding subordinated debt	****	13.6	%	****	13.7	%	****	14.1	%	****	13.9	%	****	14.6	%	****	15.0	%

Page 14

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
	Three Months Ended										Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		9/30/23		9/30/22
Property and Casualty Insurance
Paid Losses (GAAP)	$	805	$	802	$	881	$	914	$	776	$	2,488	$	2,168
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,786		$	5,581		$	5,392		$	5,433		$	5,527		$	5,399
Parent and other subsidiaries		(1,235	)		(1,077	)		(1,000	)		(838	)		(993	)		(984	)
AFG GAAP Equity (excluding AOCI)	$	4,551		$	4,504		$	4,392		$	4,595		$	4,534		$	4,415
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	887		$	887		$	887		$	887		$	843		$	843

Page 15

American Financial Group, Inc.<br><br><br>Total Cash and Investments<br> <br>($ in millions)
	Carrying Value - September 30, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
	Property andCasualtyInsurance		Parent &Other		ConsolidateCLOs			Total AFGConsolidated		% ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents	$	1,074	$	147	$	—		$	1,221		8	%
Fixed maturities - Available for sale		9,761		170		—			9,931		67	%
Fixed maturities - Trading		51		—		—			51		1	%
Equity securities - Common stocks		588		—		—			588		4	%
Equity securities - Perpetual preferred		419		—		—			419		3	%
Investments accounted for using the equity method		1,806		1		—			1,807		12	%
Mortgage loans		644		—		—			644		4	%
Real estate and other investments		181		95		(143	)		133		1	%
Total cash and investments	$	14,524	$	413	$	(143	)	$	14,794	****	100	%
	Carrying Value - December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	Property andCasualtyInsurance		Parent &Other		ConsolidateCLOs			Total AFGConsolidated		% ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents	$	622	$	250	$	—		$	872		6	%
Fixed maturities - Available for sale		9,505		590		—			10,095		70	%
Fixed maturities - Trading		32		—		—			32		0	%
Equity securities - common stocks		553		—		—			553		4	%
Equity securities - perpetual preferred		457		—		—			457		3	%
Investments accounted for using the equity method		1,699		1		—			1,700		12	%
Mortgage loans		676		—		—			676		4	%
Real estate and other investments		153		89		(115	)		127		1	%
Total cash and investments	$	13,697	$	930	$	(115	)	$	14,512	****	100	%

Page 16

American Financial Group, Inc.<br> <br><br><br><br>Net Investment Income<br> <br><br><br><br>($ in millions)
	Three Months Ended															Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	121		$	117		$	112		$	107		$	93		$	350		$	250
Equity securities		8			8			9			13			8			25			23
Other investments (a)		19			16			13			14			12			48			26
Gross investment income excluding alternative investments	****	148	****	****	141	****	****	134	****	****	134	****	****	113	****	****	423	****	****	299	****
Gross investment income from alternative investments (b)		25			55			78			28			36			158			237
Total gross investment income	****	173	****	****	196	****	****	212	****	****	162	****	****	149	****	****	581	****	****	536	****
Investment expenses		(3	)		(5	)		(5	)		(3	)		(4	)		(13	)		(12	)
Total net investment income	$	170	****	$	191	****	$	207	****	$	159	****	$	145	****	$	568	****	$	524	****
Average cash and investments (c)	$	14,899	****	$	14,498	****	$	14,350	****	$	14,304	****	$	14,105	****	$	14,624	****	$	13,981	****
Average yield - fixed maturities before inv expenses (d)		4.68	%		4.62	%		4.40	%		4.15	%		3.73	%		4.56	%		3.43	%
Average yield - overall portfolio, net (d)		4.56	%		5.27	%		5.77	%		4.45	%		4.11	%		5.18	%		5.00	%
Average tax equivalent yield - overall portfolio, net (d)		4.63	%		5.34	%		5.83	%		4.53	%		4.21	%		5.25	%		5.10	%
AFG consolidated net investment income:
Property & Casualty core	$	170		$	191		$	207		$	159		$	145		$	568		$	524
Parent & other		10			12			11			9			10			33			15
Consolidate CLOs		(12	)		(5	)		(1	)		—			(4	)		(18	)		10
Total net investment income	$	168	****	$	198	****	$	217	****	$	168	****	$	151	****	$	583	****	$	549	****
Average cash and investments (c)	$	15,264	****	$	15,025	****	$	15,058	****	$	15,083	****	$	14,852	****	$	15,161	****	$	15,254	****
Average yield - overall portfolio, net (d)		4.40	%		5.27	%		5.76	%		4.46	%		4.07	%		5.13	%		4.80	%
Average yield - fixed maturities before inv expenses (d)		4.74	%		4.67	%		4.43	%		4.19	%		3.74	%		4.60	%		3.32	%
(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 18.
---	---
(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>
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Page 17

American Financial Group, Inc.<br><br><br>Alternative Investments<br> <br>($ in millions)
	Three Months Ended															Nine MonthsEnded
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (11	)	$	8		$	4		$	—		$	—		$	1		$	—
Equity securities MTM through investment income (a)		7			14			16			7			(5	)		37			1
Investments accounted for using the equity method (b)		17			28			57			21			37			102			246
AFG managed CLOs (eliminated in consolidation)		12			5			1			—			4			18			(10	)
Total Property & Casualty	$	25	****	$	55	****	$	78	****	$	28	****	$	36	****	$	158	****	$	237	****
Investments
Convertible fixed maturities MTM through investment income	$	17		$	28		$	19		$	—		$	—		$	17		$	—
Equity securities MTM through investment income (a)		411			423			377			332			289			411			289
Investments accounted for using the equity method (b)		1,806			1,755			1,732			1,699			1,661			1,806			1,661
AFG managed CLOs (eliminated in consolidation)		143			136			132			115			97			143			97
Total Property & Casualty	$	2,377	****	$	2,342	****	$	2,260	****	$	2,146	****	$	2,047	****	$	2,377	****	$	2,047	****
Annualized Return—Property & Casualty	****	4.2	%	****	9.6	%	****	14.2	%	****	5.3	%	****	7.1	%	****	9.2	%	****	16.1	%
AFG Consolidated:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (11	)	$	8		$	4		$	—		$	—		$	1		$	—
Equity securities MTM through investment income (a)		7			14			16			7			(5	)		37			1
Investments accounted for using the equity method (b)		17			28			57			21			37			102			246
AFG managed CLOs (eliminated in consolidation)		12			5			1			—			4			18			(10	)
Total AFG Consolidated	$	25	****	$	55	****	$	78	****	$	28	****	$	36	****	$	158	****	$	237	****
Investments
Convertible fixed maturities MTM through investment income	$	17		$	28		$	19		$	—		$	—		$	17		$	—
Equity securities MTM through investment income (a)		411			423			377			332			289			411			289
Investments accounted for using the equity method (b)		1,807			1,756			1,733			1,700			1,661			1,807			1,661
AFG managed CLOs (eliminated in consolidation)		143			136			132			115			97			143			97
Total AFG Consolidated	$	2,378	****	$	2,343	****	$	2,261	****	$	2,147	****	$	2,047	****	$	2,378	****	$	2,047	****
Annualized Return—AFG Consolidated	****	4.2	%	****	9.6	%	****	14.2	%	****	5.3	%	****	7.1	%	****	9.2	%	****	16.1	%
(a)	AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and<br>similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as “fair value through net investment income.”
---	---
(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to<br>market through net income.
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Page 18

American Financial Group, Inc.<br><br><br>Fixed Maturities - By Security Type - AFG Consolidated<br> <br>($<br>in millions )
September 30, 2023	Book Value(a)		Fair Value		UnrealizedGain (Loss)			% of FairValue			% ofInvestmentPortfolio
---	---	---	---	---	---	---	---	---	---	---	---	---	---
US Government and government agencies	$	240	$	229	$	(11	)		2	%		2	%
States, municipalities and political subdivisions		986		911		(75	)		9	%		6	%
Foreign government		274		264		(10	)		3	%		2	%
Residential mortgage-backed securities		1,813		1,619		(194	)		16	%		11	%
Commercial mortgage-backed securities		78		76		(2	)		1	%		1	%
Collateralized loan obligations		1,754		1,723		(31	)		17	%		12	%
Other asset-backed securities		2,436		2,277		(159	)		23	%		15	%
Corporate and other bonds		3,060		2,883		(177	)		29	%		19	%
Total AFG consolidated	$	10,641	$	9,982	$	(659	)	****	100	%	****	68	%
Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.8 years
December 31, 2022	BookValue (a)		Fair Value		UnrealizedGain (Loss)			% ofFair Value			% ofInvestmentPortfolio
US Government and government agencies	$	233	$	219	$	(14	)		2	%		2	%
States, municipalities and political subdivisions		1,234		1,186		(48	)		12	%		8	%
Foreign government		266		252		(14	)		2	%		2	%
Residential mortgage-backed securities		1,755		1,598		(157	)		16	%		11	%
Commercial mortgage-backed securities		88		85		(3	)		1	%		1	%
Collateralized loan obligations		1,987		1,921		(66	)		19	%		13	%
Other asset-backed securities		2,428		2,245		(183	)		22	%		15	%
Corporate and other bonds		2,766		2,621		(145	)		26	%		18	%
Total AFG consolidated	$	10,757	$	10,127	$	(630	)	****	100	%	****	70	%
Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.9 years
(a)	Book Value is amortized cost, net of allowance for expected credit losses.
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Page 19

Appendix A<br> <br>American FinancialGroup, Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>9/30/2023<br> <br>($ in millions)
	Fair Value by Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	322	$	247	$	1,317	$	65	$	1,534	$	893	$	22	$	4,400		44	%
AA		229		535		9		98		7		169		298		157		1,502		15	%
A		—		44		4		27		1		18		484		788		1,366		14	%
BBB		—		8		4		—		—		—		480		1,547		2,039		20	%
Subtotal - Investment grade		229		909		264		1,442		73		1,721		2,155		2,514		9,307		93	%
BB		—		—		—		7		3		—		7		202		219		2	%
B		—		—		—		7		—		—		2		69		78		1	%
CCC, CC, C		—		—		—		91		—		—		4		6		101		1	%
D		—		—		—		8		—		—		—		2		10		0	%
Subtotal - Non-Investment grade		—		—		—		113		3		—		13		279		408		4	%
Not Rated (b)		—		2		—		64		—		2		109		90		267		3	%
Total	$	229	$	911	$	264	$	1,619	$	76	$	1,723	$	2,277	$	2,883	$	9,982	****	100	%
	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	229	$	904	$	218	$	1,561	$	73	$	1,665	$	1,699	$	983	$	7,332		75	%
2		—		7		—		9		—		—		480		1,562		2,058		21	%
Subtotal		229		911		218		1,570		73		1,665		2,179		2,545		9,390		96	%
3		—		—		—		1		3		—		7		202		213		2	%
4		—		—		—		—		—		—		2		74		76		1	%
5		—		—		—		2		—		—		9		44		55		1	%
6		—		—		—		1		—		—		—		2		3		0	%
Subtotal		—		—		—		4		3		—		18		322		347		4	%
Total insurance companies	$	229	$	911	$	218	$	1,574	$	76	$	1,665	$	2,197	$	2,867	$	9,737	****	100	%
No NAIC designation (c)		—		—		—		—		—		2		8		11		21
Non-Insurance and Foreign Companies (d)		—		—		46		45		—		56		72		5		224
Total	$	229	$	911	$	264	$	1,619	$	76	$	1,723	$	2,277	$	2,883	$	9,982
(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, 88% are NAIC 1 and 5% are NAIC 5. For Corp/Oth, 17% are NAIC 1, 23% NAIC 2, 41% NAIC 5 and 12% do not<br>have a designation. For Total, 60% are NAIC 1, 11% NAIC 2, 16% NAIC 5 and 8% 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 B<br> <br>American FinancialGroup, Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>12/31/2022<br> <br>($ in millions)
	Fair Value by Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	219	$	477	$	239	$	1,317	$	63	$	1,708	$	860	$	24	$	4,907		49	%
AA		—		648		9		6		14		169		347		163		1,356		13	%
A		—		50		4		76		2		41		475		670		1,318		13	%
BBB		—		7		—		—		3		—		443		1,287		1,740		17	%
Subtotal - Investment grade		219		1,182		252		1,399		82		1,918		2,125		2,144		9,321		92	%
BB		—		—		—		8		3		—		8		200		219		2	%
B		—		—		—		8		—		—		1		51		60		1	%
CCC, CC, C		—		—		—		103		—		—		5		1		109		1	%
D		—		—		—		8		—		—		—		—		8		0	%
Subtotal - Non-Investment grade		—		—		—		127		3		—		14		252		396		4	%
Not Rated (b)		—		4		—		72		—		3		106		225		410		4	%
Total	$	219	$	1,186	$	252	$	1,598	$	85	$	1,921	$	2,245	$	2,621	$	10,127	****	100	%
	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	219	$	1,178	$	213	$	1,506	$	82	$	1,627	$	1,657	$	878	$	7,360		78	%
2		—		8		—		11		—		—		443		1,310		1,772		19	%
Subtotal		219		1,186		213		1,517		82		1,627		2,100		2,188		9,132		97	%
3		—		—		—		1		3		—		8		239		251		3	%
4		—		—		—		—		—		—		1		46		47		0	%
5		—		—		—		3		—		—		10		22		35		0	%
6		—		—		—		1		—		—		—		—		1		0	%
Subtotal		—		—		—		5		3		—		19		307		334		3	%
Total insurance companies	$	219	$	1,186	$	213	$	1,522	$	85	$	1,627	$	2,119	$	2,495	$	9,466	****	100	%
No NAIC designation (c)		—		—		—		—		—		3		—		20		23
Non-Insurance and Foreign Companies (d)		—		—		39		76		—		291		126		106		638
Total	$	219	$	1,186	$	252	$	1,598	$	85	$	1,921	$	2,245	$	2,621	$	10,127
(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, 95% are NAIC 1 and 5% are NAIC 5.
---	---

For Corp/Oth, 44% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.

For Total, 46% are NAIC 1, 7% NAIC 2, 9% NAIC 3 and 26% are held by non-insurance companies.

(c)	Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.<br>
(d)	76% are investment grade rated.
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Page 21

Appendix C<br> <br>American FinancialGroup, Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>9/30/2023<br> <br>($ in millions)
	Fair Value By Industry
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	AssetManagers		Banking		Technology		Insurance		Consumer		OtherFinancials		Utilities		REITs		Autos		BasicIndustry		Retailers		Media		CapitalGoods		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	11	$	22		1	%
AA		5		—		17		42		39		27		5		—		—		—		9		—		—		13		157		5	%
A		32		161		55		144		45		32		73		53		68		11		17		3		38		56		788		27	%
BBB		516		192		143		34		49		88		65		70		58		108		31		44		38		111		1,547		54	%
Subtotal		553		353		226		220		133		147		143		123		126		119		57		47		76		191		2,514		87	%
BB		23		2		25		3		30		12		—		—		5		14		39		33		2		14		202		7	%
B		—		—		2		1		11		—		—		—		4		—		32		—		4		15		69		3	%
CCC, CC, C		—		—		—		—		1		—		—		—		—		—		—		—		—		5		6		0	%
D		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%
Subtotal		23		2		29		4		42		12		—		—		9		14		71		33		6		34		279		10	%
Not Rated (b)		—		—		3		10		15		10		—		13		—		1		—		20		7		11		90		3	%
Total	$	576	$	355	$	258	$	234	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	236	$	2,883	****	100	%
	Fair Value By Industry
NAIC designation	AssetManagers		Banking		Technology		Insurance		Consumer		OtherFinancials		Utilities		REITs		Autos		BasicIndustry		Retailers		Media		CapitalGoods		Other		Total		% Total
1	$	37	$	161	$	82	$	186	$	95	$	66	$	78	$	53	$	71	$	11	$	26	$	3	$	38	$	76	$	983		34	%
2		516		192		144		33		49		88		65		83		55		108		31		44		38		116		1,562		54	%
Subtotal		553		353		226		219		144		154		143		136		126		119		57		47		76		192		2,545		88	%
3		23		2		24		4		34		7		—		—		5		15		39		33		2		14		202		7	%
4		—		—		1		—		9		8		—		—		4		—		32		—		4		16		74		3	%
5		—		—		5		—		3		—		—		—		—		—		—		20		7		9		44		2	%
6		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%
Subtotal		23		2		32		4		46		15		—		—		9		15		71		53		13		39		322		12	%
Total insurance companies	$	576	$	355	$	258	$	223	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	231	$	2,867	****	100	%
No NAIC designation (c)		—		—		—		11		—		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		—		—		—		—		—		—		—		—		—		—		—		—		—		5		5
Total	$	576	$	355	$	258	$	234	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	236	$	2,883
(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)	17% of not rated securities are NAIC 1, 23% NAIC 2, 41% NAIC 5 and 12% do not have a designation.<br>
---	---

Page 22

Appendix D<br> <br>American FinancialGroup, Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>12/31/2022<br> <br>($ in millions)
	Fair Value By Industry
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	AssetManagers		Banking		OtherFinancials		Technology		Insurance		Consumer		REITs		Retailers		BasicIndustry		Media		Autos		CapitalGoods		Energy		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	24		1	%
AA		—		—		23		39		21		48		—		5		—		—		—		—		16		11		163		6	%
A		52		144		43		54		129		29		54		17		3		—		42		45		—		58		670		26	%
BBB		442		214		90		105		27		44		63		32		83		32		30		22		17		86		1,287		49	%
Subtotal		494		358		156		208		177		121		117		54		86		32		72		67		33		169		2,144		82	%
BB		22		—		12		23		1		22		2		49		8		34		11		1		5		10		200		7	%
B		—		—		—		3		1		26		—		—		—		—		4		4		—		13		51		2	%
CCC, CC, C		—		—		—		—		—		1		—		—		—		—		—		—		—		—		1		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		22		—		12		26		2		49		2		49		8		34		15		5		5		23		252		9	%
Not Rated (b)		1		—		120		11		16		25		12		—		2		23		—		3		1		11		225		9	%
Total	$	517	$	358	$	288	$	245	$	195	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	203	$	2,621	****	100	%
	Fair Value By Industry
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NAIC designation	AssetManagers		Banking		OtherFinancials		Technology		Insurance		Consumer		REITs		Retailers		BasicIndustry		Media		Autos		CapitalGoods		Energy		Other		Total		% Total
1	$	52	$	144	$	79	$	103	$	150	$	88	$	54	$	22	$	3	$	—	$	42	$	45	$	16	$	80	$	878		35	%
2		443		213		91		105		29		48		75		32		83		32		30		24		17		88		1,310		53	%
Subtotal		495		357		170		208		179		136		129		54		86		32		72		69		33		168		2,188		88	%
3		22		—		12		29		2		27		2		49		10		54		11		2		6		13		239		9	%
4		—		—		—		5		—		24		—		—		—		—		4		4		—		9		46		2	%
5		—		—		—		3		—		8		—		—		—		3		—		—		—		8		22		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		22		—		12		37		2		59		2		49		10		57		15		6		6		30		307		12	%
Total insurance companies	$	517	$	357	$	182	$	245	$	181	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	198	$	2,495	****	100	%
No NAIC designation (c)		—		—		6		—		14		—		—		—		—		—		—		—		—		—		20
Non-Insurance and Foreign Companies		—		1		100		—		—		—		—		—		—		—		—		—		—		5		106
Total	$	517	$	358	$	288	$	245	$	195	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	203	$	2,621
(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 Other Financials, 84% are held by non-insurance companies and 11%<br>are NAIC 1.
---	---

For the Total, 44% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.

(c)	Surplus notes that are classified as other invested assets for STAT.

Page 23

Appendix E<br> <br>American FinancialGroup, Inc.<br> <br>Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br><br><br>9/30/2023<br> <br>($ in millions)
	Fair Value By Collateral Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	WholeBusiness		CommercialReal Estate		TruPS		SingleFamilyRental		SecuredFinancing(c)		Railcar		TripleNetLease		Aircraft		MortgageServicerReceivables		ConsumerLoans		Other		Total		% Total
Investment Grade
AAA	$	—	$	408	$	47	$	171	$	25	$	—	$	144	$	—	$	5	$	10	$	83	$	893		40	%
AA		60		6		142		10		20		—		21		5		—		10		24		298		13	%
A		10		—		16		—		30		165		5		41		—		7		210		484		21	%
BBB		360		—		—		—		1		6		—		31		55		—		27		480		21	%
Subtotal		430		414		205		181		76		171		170		77		60		27		344		2,155		95	%
BB		—		—		—		—		1		—		—		6		—		—		—		7		0	%
B		—		—		—		—		1		—		—		1		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		4		—		—		—		4		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		—		—		2		—		—		11		—		—		—		13		0	%
Not Rated (b)		—		—		—		—		95		—		—		5		—		—		9		109		5	%
Total	$	430	$	414	$	205	$	181	$	173	$	171	$	170	$	93	$	60	$	27	$	353	$	2,277	****	100	%
	Fair Value By Collateral Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NAIC designation	WholeBusiness		CommercialReal Estate		TruPS		SingleFamilyRental		Secured<br>Financing(c)		Railcar		TripleNetLease		Aircraft		MortgageServicer<br>Receivables		ConsumerLoans		Other		Total		% Total
1	$	70	$	345	$	205	$	180	$	170	$	165	$	170	$	46	$	5	$	25	$	318	$	1,699		77	%
2		360		—		—		—		1		6		—		31		55		—		27		480		22	%
Subtotal		430		345		205		180		171		171		170		77		60		25		345		2,179		99	%
3		—		—		—		—		1		—		—		6		—		—		—		7		0	%
4		—		—		—		—		1		—		—		1		—		—		—		2		0	%
5		—		—		—		—		—		—		—		9		—		—		—		9		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		—		—		2		—		—		16		—		—		—		18		1	%
Total insurance companies	$	430	$	345	$	205	$	180	$	173	$	171	$	170	$	93	$	60	$	25	$	345	$	2,197	****	100	%
No NAIC designation		—		—		—		—		—		—		—		—		—		—		8		8
Non-Insurance and Foreign Companies		—		69		—		1		—		—		—		—		—		2		—		72
Total	$	430	$	414	$	205	$	181	$	173	$	171	$	170	$	93	$	60	$	27	$	353	$	2,277
(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)	88% of not rated securities are NAIC 1 and 5% are NAIC 5.
---	---
(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties<br>and Bank Loans.
---	---

Page 24

Appendix F<br> <br><br><br><br>American Financial Group, Inc.<br> <br><br><br><br>Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br><br><br>12/31/2022<br> <br>($ in millions)
	Fair Value By Collateral Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	CommercialReal Estate		WholeBusiness		TruPS		SecuredFinancing (c)		Triple NetLease		SingleFamilyRental		Railcar		Aircraft		MortgageServicerReceivables		ConsumerLoans		Auto		Other		Total		% Total
Investment Grade
AAA	$	456	$	—	$	40	$	25	$	138	$	156	$	—	$	—	$	5	$	8	$	3	$	29	$	860		38	%
AA		8		60		186		25		21		11		—		7		—		12		13		4		347		16	%
A		—		4		7		34		8		—		160		38		—		33		—		191		475		21	%
BBB		—		326		—		1		—		—		6		26		62		—		—		22		443		20	%
Subtotal		464		390		233		85		167		167		166		71		67		53		16		246		2,125		95	%
BB		—		—		—		1		—		—		—		7		—		—		—		—		8		0	%
B		—		—		—		—		—		—		—		1		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		—		—		—		5		—		—		—		—		5		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		—		1		—		—		—		13		—		—		—		—		14		0	%
Not Rated (b)		—		—		—		95		—		—		—		5		—		—		—		6		106		5	%
Total	$	464	$	390	$	233	$	181	$	167	$	167	$	166	$	89	$	67	$	53	$	16	$	252	$	2,245	****	100	%
	Fair Value By Collateral Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NAIC designation	CommercialReal Estate		WholeBusiness		TruPS		SecuredFinancing (c)		Triple NetLease		SingleFamilyRental		Railcar		Aircraft		MortgageServicerReceivables		ConsumerLoans		Auto		Other		Total		% Total
1	$	358	$	64	$	233	$	179	$	167	$	166	$	160	$	46	$	5	$	34	$	16	$	229	$	1,657		78	%
2		—		326		—		1		—		—		6		26		62		—		—		22		443		21	%
Subtotal		358		390		233		180		167		166		166		72		67		34		16		251		2,100		99	%
3		—		—		—		1		—		—		—		7		—		—		—		—		8		0	%
4		—		—		—		—		—		—		—		1		—		—		—		—		1		0	%
5		—		—		—		—		—		—		—		9		—		—		—		1		10		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		—		1		—		—		—		17		—		—		—		1		19		1	%
Total insurance companies	$	358	$	390	$	233	$	181	$	167	$	166	$	166	$	89	$	67	$	34	$	16	$	252	$	2,119	****	100	%
No NAIC designation		—		—		—		—		—		—		—		—		—		—		—		—		—
Non-Insurance and Foreign Companies		106		—		—		—		—		1		—		—		—		19		—		—		126
Total	$	464	$	390	$	233	$	181	$	167	$	167	$	166	$	89	$	67	$	53	$	16	$	252	$	2,245
(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)	95% of not rated securities are NAIC 1 and 5% are NAIC 5.
---	---
(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental<br>properties, Bank Loans, and Commercial and Residential mortgages.
---	---

Page 25

Appendix G<br> <br>American FinancialGroup, Inc.<br> <br>Real Estate-Related Investments<br><br><br>9/30/2023<br> <br>($ in millions)

Investments accounted for usingequity method (Real Estate Funds/Investments) (a)

Investment Type	Book Value		% of<br>Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,212		92	%		95	%		98	%
Fund Investments		59		4	%		—			—
QOZ Fund - Development		19		2	%		—			—
Office		16		1	%		88	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		0	%		—			—
Student Housing		—		0	%		—			—
Total	$	1,321	****	100	%

Real Estate

Property Type	Book Value		% of<br>Book Value			Debt
Resort & Marina	$	53		53	%	$	—
Marina		36		36	%		—
Office Building		9		9	%		—
Land		2		2	%		—
Total	$	100	****	100	%	$	—	****
Mortgage Loans
Property Type	Book Value		% of<br>Book Value			Loan To Value
Multifamily	$	461		71	%		66	%
Hospitality		126		20	%		51	%
Office		57		9	%		89	%
Total	$	644	****	100	%	****	65	%

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

(a)	Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b)	Occupancy as of 9/30/23
---	---
(c)	Collections for July—September
---	---

Page 26

Appendix H<br> <br>American FinancialGroup, Inc.<br> <br>Real Estate-Related Investments<br><br><br>12/31/2022<br> <br>($ in millions)

Investments accounted for usingequity method (Real Estate Funds/Investments) (a)

			% of
Investment Type	Book Value		Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,127		92	%		95	%		98	%
Fund Investments		52		4	%		—			—
QOZ Fund - Development		19		2	%		—			—
Office		15		1	%		93	%		100	%
Hospitality		9		1	%		—			—
Land Development		6		0	%		—			—
Student Housing		1		0	%		—			—
Total	$	1,229	****	100	%

Real Estate

			% of
Property Type	Book Value		Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		35		36	%		—
Office Building		10		10	%		—
Land		2		2	%		—
Total	$	97	****	100	%	$	—

Mortgage Loans

			% of			Loan To
Property Type	Book Value		Book Value			Value
Multifamily	$	491		73	%		67	%
Hospitality		127		19	%		52	%
Office		58		8	%		1
Total	$	676	****	100	%	****	66	%

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

(a)	Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b)	Occupancy as of 12/31/22
---	---
(c)	Collections for October - December
---	---

Page 27