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): February 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> <br>of incorporation)	(Commission<br> <br>File Number)	(IRS Employer<br> <br>Identification No.)
301 East Fourth Street, Cincinnati, OH	45202
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(Address of principal executive offices)	(Zip Code)

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:
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Title of each class	Trading<br> <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 fourth quarter of 2024 and the year ended December 31, 2024 and the availability of the Investor Supplement on the Company’s website. The press release was issued on February 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.

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.
---	---
Exhibit<br>No.	Description
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99.1	Earnings Release dated February 4, 2025, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2024.
99.2	Investor Supplement – Fourth Quarter 2024
104	Cover page Interactive Date File (embedded within Inline XBRL document)

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: February 5, 2025	By:	/s/ Joseph C. Alter
		Joseph C. Alter
		Vice President

EX-99.1

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces Fourth Quarter and Full Year Results

•	Net earnings per share of $3.03 in the fourth quarter; full year net earnings per share of $10.57
•	Core net operating earnings per share of $3.12 in the fourth quarter; full year core net operating earningsper share of $10.75
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•	Full year 2024 ROE of 19.0%; 2024 core operating ROE of 19.3%
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•	Overall average renewal rate increases excluding workers’ compensation of 8%
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•	Full year total capital returned to shareholders approximately $791 million, includes $545 million($6.50 per share) in special dividends
---	---

CINCINNATI – February 4, 2025 – American Financial Group, Inc. (NYSE: AFG) today reported 2024 fourth quarter net earnings of $255 million ($3.03 per share) compared to $263 million ($3.13 per share) in the 2023 fourth quarter. Net earnings for the 2024 fourth quarter included net after-tax non-core realized losses of $7 million ($0.09 per share loss). By comparison, net earnings for the 2023 fourth quarter included net after-tax non-core realized gains of $25 million ($0.29 per share). Net earnings for the full year of 2024 were $10.57 per share, compared to $10.05 per share in 2023. Return on equity was 19.0% and 18.8% for the full years of 2024 and 2023, 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 $262 million ($3.12 per share) for the 2024 fourth quarter, compared to $238 million ($2.84 per share) in the 2023 fourth quarter. The year-over-year increase reflects higher P&C net investment income, including improved returns on alternative investments, partially offset by lower P&C underwriting profit. Additional details for the 2024 and 2023 fourth quarters may be found in the table below. Core net operating earnings generated returns on equity of 19.3% and 19.8% for the full years of 2024 and 2023, respectively, calculated excluding AOCI.

	Three Months Ended December 31,
Components of Pretax Core Operating Earnings	2024			2023			2024		2023		2024			2023
In millions, except per share amounts	Before Impact of						Alternative				Core Net Operating
	Alternative Investments						Investments				Earnings, as reported
P&C Pretax Core Operating Earnings	$	345		$	352		$	33	$	5	$	378		$	357
Other expenses		(29	)		(34	)		—		—		(29	)		(34	)
Holding company interest expense		(19	)		(19	)		—		—		(19	)		(19	)
Pretax Core Operating Earnings		297			299			33		5		330			304
Related provision for income taxes		61			65			7		1		68			66
Core Net Operating Earnings	$	236	****	$	234	****	$	26	$	4	$	262	****	$	238	****
Core Operating Earnings Per Share	$	2.81		$	2.79		$	0.31	$	0.05	$	3.12		$	2.84
Weighted Avg Diluted Shares Outstanding		84.0			83.8			84.0		83.8		84.0			83.8

AFG’s book value per share was $53.18 at December 31, 2024. AFG paid cash dividends of $4.80 per share during the fourth quarter, which included a $4.00 per share special dividend paid in November. For the three and twelve months ended December 31, 2024, AFG’s growth in book value per share plus dividends was 3.4% and 23.0%, respectively.

Book value per share excluding AOCI was $56.03 at December 31, 2024. For the three and twelve months ended December 31, 2024, AFG’s growth in book value per share excluding AOCI plus dividends was 5.4% and 19.6%, respectively.

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>December 31,					Twelve months ended<br>December 31,
	2024			2023		2024			2023
Components of net earnings:
Core operating earnings before income taxes	$	330		$	304	$	1,138		$	1,127
Pretax non-core items:
Realized gains (losses)		(10	)		31		—			(40	)
Gain on retirement of debt		—			—		—			1
Special A&E charges		—			—		(14	)		(15	)
Earnings before income taxes		320			335		1,124			1,073
Provision (credit) for income taxes:
Core operating earnings		68			66		236			232
Non-core items		(3	)		6		1			(11	)
Total provision for income taxes		65			72		237			221
Net earnings	$	255	****	$	263	$	887	****	$	852	****
Net earnings:
Core net operating earnings^(a)^	$	262		$	238	$	902		$	895
Non-core items:
Realized gains (losses)		(7	)		25		(4	)		(32	)
Gain on retirement of debt		—			—		—			1
Special A&E charges		—			—		(11	)		(12	)
Net earnings	$	255	****	$	263	$	887	****	$	852	****
Components of earnings per share:
Core net operating earnings^(a)^	$	3.12		$	2.84	$	10.75		$	10.56
Non-core Items:
Realized gains (losses)		(0.09	)		0.29		(0.05	)		(0.37	)
Gain on retirement of debt		—			—		—			0.01
Special A&E Charges		—			—		(0.13	)		(0.15	)
Diluted net earnings per share	$	3.03	****	$	3.13	$	10.57	****	$	10.05	****

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

Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We are very pleased with AFG’s performance in the 2024 fourth quarter and full year. In addition to producing an annual core operating return on equity in excess of 19%, net written premiums grew by 7% during the year*.* Excellent underwriting results, record P&C net investment income and effective capital management enable us to continue to create long-term value for our shareholders. We are thankful for our talented insurance and investment professionals, who have positioned us well as we enter 2025. Our thoughts and prayers continue to include those who have been impacted by the devastation caused by the wildfires in Southern California. We are grateful to our claims professionals and insurance specialists who are helping our policyholders recover, restore their businesses and rebuild their communities.”

Messrs. Lindner continued: “AFG continued to have significant excess capital at December 31, 2024. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify 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. Over the past year, we increased our quarterly dividend by 12.7% and paid special dividends of $6.50 per share. Growth in book value per share (excluding AOCI) plus dividends was a very strong 20% during 2024.”

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While AFG does not provide earnings guidance, for 2025 we expect that performance in line with the assumptions underlying our 2025 business plan would result in core operating earnings per share of approximately $10.50 and generate a very strong core operating return on equity excluding AOCI of approximately 18%. These assumptions include 5% growth in net written premiums compared to 2024, a 92.5% calendar year combined ratio, a reinvestment rate of approximately 5.75%, and a return of approximately 8% on our $2.7 billion portfolio of alternative investments. Our current estimate for losses related to the Southern California wildfires is $60 to $70 million, acknowledging that this remains a developing situation. This range is embedded in our 2025 assumptions.

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a strong 89.0% combined ratio in the fourth quarter of 2024, 1.3 points higher than the 87.7% reported in the prior year quarter. Fourth quarter results include 1.1 points related to catastrophe losses (primarily the result of Hurricane Milton), compared to 1.4 points in the 2023 fourth quarter. Fourth quarter 2024 results include 1.8 points of adverse prior year reserve development, compared to 3.3 points of favorable prior year reserve development in the fourth quarter of 2023. Underwriting profit was $204 million for the 2024 fourth quarter compared to $212 million in the fourth quarter of 2023. Higher underwriting profit in our Property and Transportation and Specialty Financial Groups was more than offset by lower year-over-year underwriting profit in our Specialty Casualty Group, which was impacted by adverse prior year reserve development in certain social inflation-exposed businesses.

Fourth quarter 2024 gross and net written premiums were up 3% and 1%, respectively, when compared to the same period in 2023. Gross and net written premiums increased 9% and 7%, respectively, for the full year in 2024 and established new records for premium production for AFG. We continue to achieve year-over-year premium growth as a result of a combination of new business opportunities, a good renewal rate environment, and increased exposures in many of our businesses.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 8% for the quarter. Including workers’ compensation, renewal rates were up approximately 7% overall; both measures were in line with renewal rates in the previous quarter. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of $82 million in the fourth quarter of 2024, compared to $67 million in the comparable prior year period. The improvement was attributable to higher year-over-year underwriting profitability in our crop insurance operations. Catastrophe losses in this group were $10 million in the fourth quarter of 2024, compared to $5 million in the prior year period. The businesses in the Property and Transportation Group achieved a strong 89.2% calendar year combined ratio overall in the fourth quarter, an improvement of 1.1 points over the 90.3% achieved in the comparable period in 2023.

Fourth quarter 2024 gross and net written premiums in this group were both down 6% from the comparable prior year period. The decrease was primarily due to the impact of lower year-over-year commodity pricing on winter wheat premiums, coupled with elevated pricing competition and the non-renewal of certain under-performing accounts in our transportation businesses. Overall renewal rates in this group increased 7% on average for the fourth quarter of 2024, in line with pricing the previous quarter. Pricing for the full year for this group was up 8% overall.

Page 3

The Specialty Casualty Group reported an underwriting profit of $82 million in the 2024 fourth quarter compared to $114 million in the comparable 2023 period. Higher year-over-year underwriting profits in our targeted markets businesses were more than offset by lower underwriting profit in our excess liability, workers’ compensation, and executive liability businesses. Underwriting profitability in our workers’ compensation and executive liability businesses continues to be excellent despite the lower year-over-year profitability in these businesses. Catastrophe losses for this group, including the impact of lower than previously anticipated estimated losses from Hurricane Helene, had a favorable impact of $5 million in the fourth quarter of 2024, compared to catastrophe losses of $8 million in the fourth quarter of 2023. The businesses in the Specialty Casualty Group achieved a very strong 89.0% calendar year combined ratio overall in the fourth quarter, 4.4 points higher than the excellent 84.6% reported in the comparable period in 2023.

Fourth quarter 2024 gross and net written premiums in this group increased 5% and 4%, respectively, when compared to the same prior year period. The primary drivers of growth were new business opportunities and favorable renewal pricing in several of our targeted markets businesses and in our excess & surplus lines business. Our mergers & acquisitions business also benefited from an increase in M&A activity. This growth was tempered by lower year-over-year workers’ compensation premiums. Excluding workers’ compensation, fourth quarter gross and net written premiums in this group both grew 8% year over year. Excluding workers’ compensation, renewal pricing for this group was up 11% in the fourth quarter, an improvement of about a point from the previous quarter. Pricing in this group, including workers’ compensation, was up 8%, in line with the third quarter. For the full year, pricing in this group excluding workers’ compensation was 9%.

The Specialty Financial Group reported an underwriting profit of $54 million in the fourth quarter of 2024, compared to $45 million in the fourth quarter of 2023, primarily as a result of higher underwriting profit in our financial institutions business. Catastrophe losses for this group were $17 million in the fourth quarter of 2024, compared to $4 million in the fourth quarter of 2023. This group continued to achieve excellent underwriting margins and reported an outstanding 80.7% combined ratio for the fourth quarter of 2024, an improvement of 0.6 points over the prior year period.

Gross and net written premiums in this group increased by 11% and 12%, respectively, in the 2024 fourth quarter when compared to the same 2023 period, primarily due to growth in our financial institutions business. Renewal pricing in this group was up 3% in the fourth quarter and up 6% for the full year of 2024.

Carl Lindner III stated, “We closed 2024 on a strong note, with each of our Specialty P&C businesses reporting fourth quarter calendar year combined ratios less than 90%. In addition to these strong underwriting margins, we are finding opportunities to grow through new business opportunities, a continued favorable pricing environment and increased exposures. Nearly all the businesses in our diversified Specialty P&C portfolio continue to meet or exceed targeted returns, and we set new records for premium production in 2024. We continue to feel confident about the strength of our reserves, and I am especially pleased that we achieved a fourth quarter average renewal rate increase of 11% in our Specialty Casualty Group, excluding workers’ compensation, which is our most social inflation-exposed group of businesses.”

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

Investments

NetInvestment Income – For the quarter ended December 31, 2024, property and casualty net investment income was approximately 21% higher than the comparable 2023 period as a result of improved returns on alternative investments and the impact of rising interest rates and higher balances of invested assets. The annualized return on alternative investments was approximately 4.9% for the 2024 fourth quarter compared to 0.8% 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.

Page 4

For the twelve months ended December 31, 2024, P&C net investment income was approximately 8% higher than the comparable 2023 period due primarily to the impact of rising interest rates and higher balances of invested assets. The return on alternative investments was 6.1% for 2024 compared to 7.0% earned on P&C alternative investments in 2023. The average annual return on alternative investments over the five calendar years ended December 31, 2024, was approximately 12%.

Non-Core Net Realized Gains (Losses) – AFG recorded fourth quarter 2024 net realized losses of $7 million ($0.09 per share) after tax, which included less than $1 million ($0.01 per share) in after-tax net losses to adjust equity securities that the Company continued to own at December 31, 2024, to fair value. AFG recorded net realized gains of $25 million ($0.29 per share) after tax in the comparable 2023 period.

After-tax unrealized losses related to fixed maturities were $212 million at December 31, 2024. Our portfolio continues to be high quality, with 94% of our fixed maturity portfolio rated investment grade and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

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

About American Financial Group, Inc.

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

Forward Looking Statements

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

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; 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,

Page 5

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 2024 fourth quarter and full year results at 11:30 a.m. (ET) tomorrow, Wednesday, February 5, 2025. There are two ways to access the call.

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

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

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

Contact:

Diane P. Weidner, IRC, CPA (inactive)

Vice President - Investor & Media Relations

513-369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

#

(Financial summaries follow)

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

AFG2025-04

Page 6

AMERICAN FINANCIAL GROUP, INC., AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended<br>December 31,				Twelve months ended<br>December 31,
	2024		2023		2024
Revenues
P&C insurance net earned premiums	$	1,850	$	1,732	$	7,036	6,531
Net investment income		194		159		780	742
Realized gains (losses) on:
Securities		(10		31		—	(36	)
Subsidiaries		—		—		—	(4	)
Income of managed investment entities:
Investment income		84		100		380	421
Gain (loss) on change in fair value of assets/liabilities		(1		15		4	27
Other income		32		46		124	146
Total revenues		2,149		2,083		8,324	7,827
Costs and expenses
P&C insurance losses & expenses		1,661		1,549		6,467	5,968
Interest charges on borrowed money		19		19		76	76
Expenses of managed investment entities		71		102		338	405
Other expenses		78		78		319	305
Total costs and expenses		1,829		1,748		7,200	6,754
Earnings before income taxes		320		335		1,124	1,073
Provision for income taxes		65		72		237	221
Net earnings	$	255	$	263	$	887	852	****
Diluted earnings per common share	$	3.03	$	3.13	$	10.57	10.05
Average number of diluted shares		84.0		83.8		83.9	84.8
Selected Balance Sheet Data:	December 31, 2024				December 31, 2023
Total cash and investments		15,852				15,263
Long-term debt		1,475				1,475
Shareholders’ equity^(b)^		4,466				4,258
Shareholders’ equity (excluding AOCI)		4,706				4,577
Book value per share^(b)^		53.18				50.91
Book value per share (excluding AOCI)		56.03				54.72
Common Shares Outstanding		84.0				83.6

All values are in US Dollars.

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>December 31,						Pct.<br>Change			Twelve months<br>ended December 31,
	2024			2023						2024			2023
Gross written premiums	$	2,043		$	1,992			3	%	$	10,533		$	9,656		9	%
Net written premiums	$	1,460		$	1,445			1	%	$	7,139		$	6,692		7	%
Ratios (GAAP):
Loss & LAE ratio		63.7	%		60.7	%					63.3	%		61.5	%
Underwriting expense ratio		25.3	%		27.0	%					27.9	%		28.8	%
Specialty Combined Ratio		89.0	%		87.7	%					91.2	%		90.3	%
Combined Ratio – P&C Segment		89.1	%		87.8	%					91.2	%		90.4	%
SupplementalInformation:^(c)^
Gross Written Premiums:
Property & Transportation	$	585		$	623			(6	%)	$	4,735		$	4,146		14	%
Specialty Casualty		1,126			1,069			5	%		4,543			4,368		4	%
Specialty Financial		332			300			11	%		1,255			1,142		10	%
	$	2,043		$	1,992			3	%	$	10,533		$	9,656		9	%
Net Written Premiums:
Property & Transportation	$	399		$	426			(6	%)	$	2,811		$	2,551		10	%
Specialty Casualty		725			700			4	%		3,043			2,944		3	%
Specialty Financial		279			250			12	%		1,045			935		12	%
Other		57			69			(17	%)		240			262		(8	%)
	$	1,460		$	1,445			1	%	$	7,139		$	6,692		7	%
Combined Ratio (GAAP):
Property & Transportation		89.2	%		90.3	%					92.4	%		92.8	%
Specialty Casualty		89.0	%		84.6	%					88.5	%		87.0	%
Specialty Financial		80.7	%		81.3	%					87.1	%		87.3	%
Aggregate Specialty Group		89.0	%		87.7	%					91.2	%		90.3	%
	Three months ended<br>December 31,						Twelve months ended<br>December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(3	)	$	(12	)	$	(94	)	$	(84	)
Specialty Casualty		36			(37	)		(10	)		(110	)
Specialty Financial		(8	)		(8	)		(11	)		(32	)
Other Specialty		9			—			45			—
Specialty Group		34			(57	)		(70	)		(226	)
Other		2			1			6			2
Total Reserve Development	$	36		$	(56	)	$	(64	)	$	(224	)
Points on Combined Ratio:
Property & Transportation		(0.5	)		(1.8	)		(3.4	)		(3.3	)
Specialty Casualty		4.8			(5.0	)		(0.4	)		(3.8	)
Specialty Financial		(2.9	)		(3.4	)		(1.1	)		(3.7	)
Aggregate Specialty Group		1.8			(3.3	)		(1.0	)		(3.4	)
Total P&C Segment		1.9			(3.2	)		(0.9	)		(3.4	)

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a)	Components of core net operating earnings (dollars in millions):
	Three months ended<br>December 31,						Twelve months ended<br>December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---
	2024			2023			2024			2023
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	378		$	357		$	1,328		$	1,304
Interest and other corporate expenses		(48	)		(53	)		(190	)		(177	)
Core operating earnings before income taxes		330			304			1,138			1,127
Related income taxes		68			66			236			232
Core net operating earnings	$	262		$	238		$	902		$	895
b)	Shareholders’ Equity at December 31, 2024, includes ($240 million) ($2.85 per share loss) in<br>Accumulated Other Comprehensive Income (Loss) compared to ($319 million) ($3.81 per share loss) at December 31, 2023.
---	---
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 9

EX-99.2

Exhibit 99.2

American Financial Group, Inc.
Investor Supplement - Fourth Quarter 2024
February 4, 2025
American Financial Group, Inc.
Corporate Headquarters
Great American Insurance Group Tower<br> <br>301 E<br>Fourth Street
Cincinnati, OH 45202<br> <br>513 579<br>6739
American Financial Group, Inc.<br> <br>Tableof Contents - Investor Supplement - Fourth Quarter 2024
---
Section	Page
---	---	---
Table of Contents - Investor Supplement - Fourth Quarter 2024		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 12/31/2024		20
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023		21
C. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>12/31/2024		22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry<br>12/31/2023		23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral<br>Type 12/31/2024		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral<br>Type 12/31/2023		25
G. Real Estate-Related Investments 12/31/2024		26
H. Real Estate-Related Investments 12/31/2023		27

Page 2

American Financial Group, Inc.<br><br><br>Financial Highlights<br> <br>(in millions, except per share<br>information)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Highlights
Net earnings	$	255		$	181		$	209		$	242		$	263		$	887		$	852
Core net operating earnings		262			194			215			231			238			902			895
Total assets		30,850			32,591			29,913			30,001			29,787			30,850			29,787
Shareholders’ equity, excluding AOCI (a)		4,706			4,844			4,715			4,555			4,577			4,706			4,577
Property and Casualty net written premiums		1,460			2,353			1,692			1,634			1,445			7,139			6,692
Per share data
Diluted earnings per share	$	3.03		$	2.16		$	2.49		$	2.89		$	3.13		$	10.57		$	10.05
Core net operating earnings per share		3.12			2.31			2.56			2.76			2.84			10.75			10.56
Book value per share, excluding AOCI (a)		56.03			57.71			56.19			54.32			54.72			56.03			54.72
Dividends per common share		4.80			0.71			0.71			3.21			2.21			9.43			8.10
Financial ratios
Annualized return on equity (b)		21.3	%		15.2	%		18.0	%		21.2	%		23.0	%		19.0	%		18.8	%
Annualized core operating return on equity (b)		21.9	%		16.2	%		18.5	%		20.2	%		20.9	%		19.3	%		19.8	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		63.7	%		69.5	%		59.1	%		58.6	%		60.7	%		63.3	%		61.5	%
Underwriting expense ratio		25.3	%		24.8	%		31.4	%		31.5	%		27.0	%		27.9	%		28.8	%
Combined ratio - Specialty		89.0	%		94.3	%		90.5	%		90.1	%		87.7	%		91.2	%		90.3	%
(a)	A reconciliation to the GAAP measure 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															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance
Underwriting profit	$	202		$	115		$	150		$	153		$	211		$	620		$	631
Net investment income		195			195			189			205			161			784			729
Other income (expense)		(19	)		(19	)		(20	)		(18	)		(15	)		(76	)		(56	)
Property and Casualty Insurance operating earnings		378			291			319			340			357			1,328			1,304
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(19	)		(76	)		(76	)
Other expense		(29	)		(27	)		(27	)		(31	)		(34	)		(114	)		(101	)
Pretax core operating earnings		330			245			273			290			304			1,138			1,127
Income tax expense		68			51			58			59			66			236			232
Core net operating earnings	****	262	****	****	194	****	****	215	****	****	231	****	****	238	****	****	902	****	****	895	****
Non-core items, net of tax:
Realized gains (losses) on securities		(7	)		(2	)		(2	)		11			25			—			(28	)
Realized loss on subsidiaries		—			—			(4	)		—			—			(4	)		(4	)
Special A&E charges - Former Railroad and Manufacturing operations		—			(11	)		—			—			—			(11	)		(12	)
Gain (loss) on retirement of debt		—			—			—			—			—			—			1
Net earnings	$	255	****	$	181	****	$	209	****	$	242	****	$	263	****	$	887	****	$	852	****

Page 4

American Financial Group, Inc.<br><br><br>Earnings Per Share Summary<br> <br>(in millions, except per share<br>information)
	Three Months Ended													Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24		12/31/23		12/31/24			12/31/23
Core net operating earnings	$	262	****	$	194	****	$	215	****	$	231	$	238	$	902	****	$	895	****
Net earnings	$	255	****	$	181	****	$	209	****	$	242	$	263	$	887	****	$	852	****
Average number of diluted shares		83.966			83.939			83.912			83.795		83.817		83.903			84.774
Diluted earnings per share:
Core net operating earnings per share	$	3.12	****	$	2.31	****	$	2.56	****	$	2.76	$	2.84	$	10.75	****	$	10.56	****
Realized gains (losses) on securities		(0.09	)		(0.02	)		(0.02	)		0.13		0.29		—			(0.33	)
Realized loss on subsidiaries		—			—			(0.05	)		—		—		(0.05	)		(0.04	)
Special A&E charges - Former Railroad and Manufacturing operations		—			(0.13	)		—			—		—		(0.13	)		(0.15	)
Gain (loss) on retirement of debt		—			—			—			—		—		—			0.01
Diluted earnings per share	$	3.03	****	$	2.16	****	$	2.49	****	$	2.89	$	3.13	$	10.57	****	$	10.05	****

Page 5

American Financial Group, Inc.<br><br><br>Property and Casualty Insurance - Summary Underwriting Results (GAAP)<br><br><br>($ in millions)<br> <br>****
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Transportation	$	82		$	34		$	39		$	56		$	67		$	211		$	184
Specialty Casualty		82			76			108			74			114			340			375
Specialty Financial		54			22			25			33			45			134			110
Other Specialty		(14	)		(15	)		(21	)		(9	)		(14	)		(59	)		(36	)
Underwriting profit - Specialty	****	204	****	****	117	****	****	151	****	****	154	****	****	212	****	****	626	****	****	633	****
Other core charges, included in loss and LAE		(2	)		(2	)		(1	)		(1	)		(1	)		(6	)		(2	)
Underwriting profit - Property and Casualty Insurance	$	202	****	$	115	****	$	150	****	$	153	****	$	211	****	$	620	****	$	631	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	1		$	1		$	2		$	3
Catastrophe losses		20			90			36			34			24			180			162
Total current accident year catastrophe losses	$	21		$	90		$	36		$	35		$	25		$	182		$	165
Prior year loss reserve development (favorable) / adverse	$	36		$	(15	)	$	(35	)	$	(50	)	$	(56	)	$	(64	)	$	(224	)
Combined ratio:
Property and Transportation		89.2	%		96.5	%		92.9	%		89.0	%		90.3	%		92.4	%		92.8	%
Specialty Casualty		89.0	%		90.0	%		85.4	%		89.8	%		84.6	%		88.5	%		87.0	%
Specialty Financial		80.7	%		91.9	%		89.7	%		86.3	%		81.3	%		87.1	%		87.3	%
Other Specialty		124.7	%		123.9	%		132.1	%		116.9	%		118.9	%		124.4	%		113.9	%
Combined ratio - Specialty	****	89.0	%	****	94.3	%	****	90.5	%	****	90.1	%	****	87.7	%	****	91.2	%	****	90.3	%
Other core charges		0.1	%		0.1	%		0.0	%		0.0	%		0.1	%		0.0	%		0.1	%
Combined ratio	****	89.1	%	****	94.4	%	****	90.5	%	****	90.1	%	****	87.8	%	****	91.2	%	****	90.4	%
P&C combined ratio excl. catastrophe losses and prior year reserve development		86.1	%		90.7	%		90.5	%		91.1	%		89.6	%		89.6	%		91.2	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		60.8	%		65.9	%		59.1	%		59.6	%		62.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		1.9	%		(0.7	%)		(2.2	%)		(3.2	%)		(3.2	%)		(0.9	%)		(3.4	%)
Current accident year catastrophe losses		1.1	%		4.4	%		2.2	%		2.2	%		1.4	%		2.5	%		2.6	%
Loss and LAE ratio	****	63.8	%	****	69.6	%	****	59.1	%	****	58.6	%	****	60.8	%	****	63.3	%	****	61.6	%

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)<br> <br>****
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	2,043		$	3,748		$	2,406		$	2,336		$	1,992		$	10,533		$	9,656
Ceded reinsurance premiums		(583	)		(1,395	)		(714	)		(702	)		(547	)		(3,394	)		(2,964	)
Net written premiums		1,460			2,353			1,692			1,634			1,445			7,139			6,692
Change in unearned premiums		390			(298	)		(107	)		(88	)		287			(103	)		(161	)
Net earned premiums		1,850			2,055			1,585			1,546			1,732			7,036			6,531
Loss and LAE		1,179			1,428			936			906			1,052			4,449			4,015
Underwriting expense		467			510			498			486			468			1,961			1,883
Underwriting profit	$	204	****	$	117	****	$	151	****	$	154	****	$	212	****	$	626	****	$	633	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	1		$	1		$	2		$	3
Catastrophe losses		20			90			36			34			24			180			162
Total current accident year catastrophe losses	$	21		$	90		$	36		$	35		$	25		$	182		$	165
Prior year loss reserve development (favorable) / adverse	$	34		$	(17	)	$	(36	)	$	(51	)	$	(57	)	$	(70	)	$	(226	)
Combined ratio:
Loss and LAE ratio		63.7	%		69.5	%		59.1	%		58.6	%		60.7	%		63.3	%		61.5	%
Underwriting expense ratio		25.3	%		24.8	%		31.4	%		31.5	%		27.0	%		27.9	%		28.8	%
Combined ratio	****	89.0	%	****	94.3	%	****	90.5	%	****	90.1	%	****	87.7	%	****	91.2	%	****	90.3	%
Combined ratio excl. catastrophe losses and prior year reserve development		86.1	%		90.7	%		90.5	%		91.1	%		89.6	%		89.6	%		91.2	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		60.8	%		65.9	%		59.1	%		59.6	%		62.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		1.8	%		(0.8	%)		(2.3	%)		(3.3	%)		(3.3	%)		(1.0	%)		(3.4	%)
Current accident year catastrophe losses		1.1	%		4.4	%		2.3	%		2.3	%		1.4	%		2.6	%		2.5	%
Loss and LAE ratio	****	63.7	%	****	69.5	%	****	59.1	%	****	58.6	%	****	60.7	%	****	63.3	%	****	61.5	%

Page 7

American Financial Group, Inc.<br><br><br>Property and Transportation - Underwriting Results (GAAP)<br><br><br>($ in millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	585		$	2,107		$	1,084		$	959		$	623		$	4,735		$	4,146
Ceded reinsurance premiums		(186	)		(967	)		(403	)		(368	)		(197	)		(1,924	)		(1,595	)
Net written premiums		399			1,140			681			591			426			2,811			2,551
Change in unearned premiums		357			(159	)		(138	)		(78	)		256			(18	)		(32	)
Net earned premiums		756			981			543			513			682			2,793			2,519
Loss and LAE		523			777			348			304			470			1,952			1,741
Underwriting expense		151			170			156			153			145			630			594
Underwriting profit	$	82	****	$	34	****	$	39	****	$	56	****	$	67	****	$	211	****	$	184	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	—		$	2		$	1		$	2
Catastrophe losses		9			34			13			8			3			64			51
Total current accident year catastrophe losses	$	10		$	34		$	13		$	8		$	5		$	65		$	53
Prior year loss reserve development (favorable) / adverse	$	(3	)	$	(15	)	$	(33	)	$	(43	)	$	(12	)	$	(94	)	$	(84	)
Combined ratio:
Loss and LAE ratio		69.3	%		79.3	%		64.0	%		59.2	%		69.0	%		69.9	%		69.2	%
Underwriting expense ratio		19.9	%		17.2	%		28.9	%		29.8	%		21.3	%		22.5	%		23.6	%
Combined ratio	****	89.2	%	****	96.5	%	****	92.9	%	****	89.0	%	****	90.3	%	****	92.4	%	****	92.8	%
Combined ratio excl. catastrophe losses and prior year reserve development		88.4	%		94.4	%		96.7	%		95.6	%		91.5	%		93.5	%		94.1	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		68.5	%		77.2	%		67.8	%		65.8	%		70.2	%		71.0	%		70.5	%
Prior accident year loss reserve development		(0.5	%)		(1.5	%)		(6.2	%)		(8.3	%)		(1.8	%)		(3.4	%)		(3.3	%)
Current accident year catastrophe losses		1.3	%		3.6	%		2.4	%		1.7	%		0.6	%		2.3	%		2.0	%
Loss and LAE ratio	****	69.3	%	****	79.3	%	****	64.0	%	****	59.2	%	****	69.0	%	****	69.9	%	****	69.2	%

Page 8

American Financial Group, Inc.<br><br><br>Specialty Casualty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	1,126		$	1,297		$	1,023		$	1,097		$	1,069		$	4,543		$	4,368
Ceded reinsurance premiums		(401	)		(434	)		(319	)		(346	)		(369	)		(1,500	)		(1,424	)
Net written premiums		725			863			704			751			700			3,043			2,944
Change in unearned premiums		29			(119	)		35			(21	)		37			(76	)		(58	)
Net earned premiums		754			744			739			730			737			2,967			2,886
Loss and LAE		495			473			428			457			438			1,853			1,739
Underwriting expense		177			195			203			199			185			774			772
Underwriting profit	$	82	****	$	76	****	$	108	****	$	74	****	$	114	****	$	340	****	$	375	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	1		$	(1	)	$	1		$	1
Catastrophe losses		(5	)		16			5			15			9			31			35
Total current accident year catastrophe losses	$	(5	)	$	16		$	5		$	16		$	8		$	32		$	36
Prior year loss reserve development (favorable) / adverse	$	36		$	(4	)	$	(25	)	$	(17	)	$	(37	)	$	(10	)	$	(110	)
Combined ratio:
Loss and LAE ratio		65.6	%		63.6	%		58.0	%		62.5	%		59.6	%		62.4	%		60.3	%
Underwriting expense ratio		23.4	%		26.4	%		27.4	%		27.3	%		25.0	%		26.1	%		26.7	%
Combined ratio	****	89.0	%	****	90.0	%	****	85.4	%	****	89.8	%	****	84.6	%	****	88.5	%	****	87.0	%
Combined ratio excl. catastrophe losses and prior year reserve development		85.0	%		88.3	%		88.2	%		89.9	%		88.5	%		87.8	%		89.6	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		61.6	%		61.9	%		60.8	%		62.6	%		63.5	%		61.7	%		62.9	%
Prior accident year loss reserve development		4.8	%		(0.6	%)		(3.5	%)		(2.3	%)		(5.0	%)		(0.4	%)		(3.8	%)
Current accident year catastrophe losses		(0.8	%)		2.3	%		0.7	%		2.2	%		1.1	%		1.1	%		1.2	%
Loss and LAE ratio	****	65.6	%	****	63.6	%	****	58.0	%	****	62.5	%	****	59.6	%	****	62.4	%	****	60.3	%

Page 9

American Financial Group, Inc.<br><br><br>Specialty Financial - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	332		$	344		$	299		$	280		$	300		$	1,255		$	1,142
Ceded reinsurance premiums		(53	)		(60	)		(51	)		(46	)		(50	)		(210	)		(207	)
Net written premiums		279			284			248			234			250			1,045			935
Change in unearned premiums		—			(15	)		(7	)		9			(6	)		(13	)		(68	)
Net earned premiums		279			269			241			243			244			1,032			867
Loss and LAE		106			124			101			98			85			429			328
Underwriting expense		119			123			115			112			114			469			429
Underwriting profit	$	54	****	$	22	****	$	25	****	$	33	****	$	45	****	$	134	****	$	110	****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		17			39			17			8			4			81			49
Total current accident year catastrophe losses	$	17		$	39		$	17		$	8		$	4		$	81		$	49
Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(9	)	$	—		$	6		$	(8	)	$	(11	)	$	(32	)
Combined ratio:
Loss and LAE ratio		38.1	%		46.1	%		42.1	%		40.2	%		34.8	%		41.6	%		37.8	%
Underwriting expense ratio		42.6	%		45.8	%		47.6	%		46.1	%		46.5	%		45.5	%		49.5	%
Combined ratio	****	80.7	%	****	91.9	%	****	89.7	%	****	86.3	%	****	81.3	%	****	87.1	%	****	87.3	%
Combined ratio excl. catastrophe losses and prior year reserve development		77.4	%		80.9	%		82.3	%		80.9	%		82.7	%		80.4	%		85.3	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		34.8	%		35.1	%		34.7	%		34.8	%		36.2	%		34.9	%		35.8	%
Prior accident year loss reserve development		(2.9	%)		(3.4	%)		0.1	%		2.3	%		(3.4	%)		(1.1	%)		(3.7	%)
Current accident year catastrophe losses		6.2	%		14.4	%		7.3	%		3.1	%		2.0	%		7.8	%		5.7	%
Loss and LAE ratio	****	38.1	%	****	46.1	%	****	42.1	%	****	40.2	%	****	34.8	%	****	41.6	%	****	37.8	%

Page 10

American Financial Group, Inc.<br> <br>OtherSpecialty - Underwriting Results (GAAP)<br> <br>($ in millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		57			66			59			58			69			240			262
Net written premiums		57			66			59			58			69			240			262
Change in unearned premiums		4			(5	)		3			2			—			4			(3	)
Net earned premiums		61			61			62			60			69			244			259
Loss and LAE		55			54			59			47			59			215			207
Underwriting expense		20			22			24			22			24			88			88
Underwriting profit (loss)	$	(14	)	$	(15	)	$	(21	)	$	(9	)	$	(14	)	$	(59	)	$	(36	)
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		(1	)		1			1			3			8			4			27
Total current accident year catastrophe losses	$	(1	)	$	1		$	1		$	3		$	8		$	4		$	27
Prior year loss reserve development (favorable) / adverse	$	9		$	11		$	22		$	3		$	—		$	45		$	—
Combined ratio:
Loss and LAE ratio		89.5	%		89.0	%		95.3	%		79.2	%		82.8	%		88.3	%		80.0	%
Underwriting expense ratio		35.2	%		34.9	%		36.8	%		37.7	%		36.1	%		36.1	%		33.9	%
Combined ratio	****	124.7	%	****	123.9	%	****	132.1	%	****	116.9	%	****	118.9	%	****	124.4	%	****	113.9	%
Combined ratio excl. catastrophe losses and prior year reserve development		110.8	%		104.7	%		94.1	%		106.8	%		107.3	%		104.1	%		103.3	%
Loss and LAE components:
Current accident year, excluding catastrophe losses		75.6	%		69.8	%		57.3	%		69.1	%		71.2	%		68.0	%		69.4	%
Prior accident year loss reserve development		14.6	%		18.2	%		37.4	%		4.8	%		0.9	%		18.8	%		0.2	%
Current accident year catastrophe losses		(0.7	%)		1.0	%		0.6	%		5.3	%		10.7	%		1.5	%		10.4	%
Loss and LAE ratio	****	89.5	%	****	89.0	%	****	95.3	%	****	79.2	%	****	82.8	%	****	88.3	%	****	80.0	%

Page 11

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Assets:
Total cash and investments	$	15,852		$	15,741		$	15,261		$	15,254		$	15,263		$	14,794
Recoverables from reinsurers		5,188			5,217			4,157			4,510			4,477			4,421
Prepaid reinsurance premiums		1,013			1,346			1,143			1,078			961			1,223
Agents’ balances and premiums receivable		1,535			1,995			1,909			1,606			1,471			2,088
Deferred policy acquisition costs		320			340			328			309			309			324
Assets of managed investment entities		4,139			4,332			4,695			4,669			4,484			4,871
Other receivables		1,123			1,989			758			958			1,171			1,377
Other assets		1,375			1,326			1,357			1,312			1,346			1,422
Goodwill		305			305			305			305			305			305
Total assets	$	30,850	****	$	32,591	****	$	29,913	****	$	30,001	****	$	29,787	****	$	30,825	****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	14,190		$	14,206		$	12,607		$	13,050		$	13,087		$	12,891
Unearned premiums		3,588			4,320			3,816			3,650			3,451			3,997
Payable to reinsurers		1,191			1,620			1,176			1,078			1,186			1,398
Liabilities of managed investment entities		3,964			4,168			4,536			4,468			4,307			4,728
Long-term debt		1,475			1,475			1,475			1,475			1,475			1,474
Other liabilities		1,976			2,094			1,919			2,040			2,023			2,356
Total liabilities	$	26,384	****	$	27,883	****	$	25,529	****	$	25,761	****	$	25,529	****	$	26,844	****
Shareholders’ equity:
Common stock	$	84		$	84		$	84		$	84		$	84		$	84
Capital surplus		1,411			1,400			1,392			1,382			1,372			1,372
Retained earnings		3,211			3,360			3,239			3,089			3,121			3,095
Unrealized gains (losses) - fixed maturities		(202	)		(100	)		(290	)		(278	)		(287	)		(521	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(10	)		(7	)		(20	)		(22	)		(17	)		(34	)
Other comprehensive income (loss), net of tax		(28	)		(29	)		(21	)		(15	)		(15	)		(15	)
Total shareholders’ equity	****	4,466	****	****	4,708	****	****	4,384	****	****	4,240	****	****	4,258	****	****	3,981	****
Total liabilities and equity	$	30,850	****	$	32,591	****	$	29,913	****	$	30,001	****	$	29,787	****	$	30,825	****

Page 12

American Financial Group, Inc.<br> <br>BookValue Per Share and Price / Book Summary<br> <br>(in millions, except per share information)
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Shareholders’ equity	$	4,466	****	$	4,708	****	$	4,384	****	$	4,240	****	$	4,258	****	$	3,981	****
Accumulated other comprehensive income (loss)		(240	)		(136	)		(331	)		(315	)		(319	)		(570	)
Shareholders’ equity, excluding AOCI	****	4,706	****	****	4,844	****	****	4,715	****	****	4,555	****	****	4,577	****	****	4,551	****
Goodwill		305			305			305			305			305			305
Intangibles		203			199			204			208			213			217
Tangible shareholders’ equity, excluding AOCI	$	4,198	****	$	4,340	****	$	4,206	****	$	4,042	****	$	4,059	****	$	4,029	****
Common shares outstanding		83.978			83.923			83.897			83.857			83.636			84.136
Book value per share:
Book value per share	$	53.18	****	$	56.10	****	$	52.25	****	$	50.57	****	$	50.91	****	$	47.31	****
Book value per share, excluding AOCI	****	56.03	****	****	57.71	****	****	56.19	****	****	54.32	****	****	54.72	****	****	54.09	****
Tangible, excluding AOCI		49.98			51.72			50.13			48.20			48.52			47.89
Market capitalization
AFG’s closing common share price	$	136.93		$	134.60		$	123.02		$	136.48		$	118.89		$	111.67
Market capitalization	$	11,499		$	11,296		$	10,321		$	11,445		$	9,943		$	9,395
Price / Book value per share, excluding AOCI		2.44			2.33			2.19			2.51			2.17			2.06

Page 13

American Financial Group, Inc.<br><br><br>Capitalization<br> <br>($ in millions)
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
AFG senior obligations	$	823		$	823		$	823		$	823		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—
Debt excluding subordinated debt	$	823	****	$	823	****	$	823	****	$	823	****	$	823	****	$	823	****
AFG subordinated debentures		675			675			675			675			675			675
Total principal amount of long-term debt	$	1,498	****	$	1,498	****	$	1,498	****	$	1,498	****	$	1,498	****	$	1,498	****
Shareholders’ equity		4,466			4,708			4,384			4,240			4,258			3,981
Accumulated other comprehensive income (loss)		(240	)		(136	)		(331	)		(315	)		(319	)		(570	)
Total capital, excluding AOCI	$	6,204	****	$	6,342	****	$	6,213	****	$	6,053	****	$	6,075	****	$	6,049	****
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt	****	24.1	%	****	23.6	%	****	24.1	%	****	24.7	%	****	24.7	%	****	24.8	%
Excluding subordinated debt	****	13.3	%	****	13.0	%	****	13.2	%	****	13.6	%	****	13.5	%	****	13.6	%

Page 14

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance
Paid Losses (GAAP)	$	1,179		$	897		$	969		$	989		$	938		$	4,034		$	3,426
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,962		$	6,150		$	5,919		$	5,780		$	5,710		$	5,786
Parent and other subsidiaries		(1,256	)		(1,306	)		(1,204	)		(1,225	)		(1,133	)		(1,235	)
AFG GAAP Equity (excluding AOCI)	$	4,706		$	4,844		$	4,715		$	4,555		$	4,577		$	4,551
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,004		$	946		$	946		$	946		$	946		$	887

Page 15

American Financial Group, Inc.<br> <br>TotalCash and Investments<br> <br>($ in millions)
	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	%
	Carrying Value - December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
	Property andCasualtyInsurance		Parent &Other		ConsolidateCLOs			Total AFGConsolidated		% ofInvestmentPortfolio
Total cash and investments:
Cash and cash equivalents	$	940	$	285	$	—		$	1,225		8	%
Fixed maturities - Available for sale		10,225		152		—			10,377		68	%
Fixed maturities - Trading		57		—		—			57		0	%
Equity securities - common stocks		586		—		—			586		4	%
Equity securities - perpetual preferred		432		—		—			432		3	%
Investments accounted for using the equity method		1,812		2		—			1,814		12	%
Mortgage loans		643		—		—			643		4	%
Real estate and other investments		211		93		(175	)		129		1	%
Total cash and investments	$	14,906	$	532	$	(175	)	$	15,263	****	100	%

Page 16

American Financial Group, Inc.<br> <br>NetInvestment Income<br> <br>($ in millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	134		$	134		$	133		$	131		$	131		$	532		$	481
Equity securities		9			6			7			7			7			29			32
Other investments (a)		24			25			21			17			21			87			69
Gross investment income excluding alternative investments	****	167	****	****	165	****	****	161	****	****	155	****	****	159	****	****	648	****	****	582	****
Gross investment income from alternative investments (b)		33			36			33			56			5			158			163
Total gross investment income	****	200	****	****	201	****	****	194	****	****	211	****	****	164	****	****	806	****	****	745	****
Investment expenses		(5	)		(6	)		(5	)		(6	)		(3	)		(22	)		(16	)
Total net investment income	$	195	****	$	195	****	$	189	****	$	205	****	$	161	****	$	784	****	$	729	****
Average cash and investments (c)	$	15,718	****	$	15,447	****	$	15,346	****	$	15,331	****	$	15,227	****	$	15,479	****	$	14,753	****
Average yield - fixed maturities before inv expenses (d)		5.09	%		5.06	%		5.04	%		4.93	%		4.99	%		5.02	%		4.67	%
Average yield - overall portfolio, net (d)		4.96	%		5.05	%		4.93	%		5.35	%		4.23	%		5.06	%		4.94	%
Average tax equivalent yield - overall portfolio, net (d)		5.03	%		5.10	%		4.98	%		5.42	%		4.31	%		5.13	%		5.01	%
AFG consolidated net investment income:
Property & Casualty core	$	195		$	195		$	189		$	205		$	161		$	784		$	729
Parent & other		7			7			8			7			7			29			40
Consolidate CLOs		(8	)		(2	)		(9	)		(14	)		(9	)		(33	)		(27	)
Total net investment income	$	194	****	$	200	****	$	188	****	$	198	****	$	159	****	$	780	****	$	742	****
Average cash and investments (c)	$	15,987	****	$	15,748	****	$	15,617	****	$	15,616	****	$	15,540	****	$	15,767	****	$	15,254	****
Average yield - overall portfolio, net (d)		4.85	%		5.08	%		4.82	%		5.07	%		4.09	%		4.95	%		4.86	%
Average yield - fixed maturities before inv expenses (d)		5.10	%		5.08	%		5.06	%		4.95	%		5.01	%		5.04	%		4.70	%
(a)	Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.<br>
---	---
(b)	Investment income on alternative investments is detailed on page 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>
---	---

Page 17

American Financial Group, Inc.<br><br><br>Alternative Investments<br> <br>($ in millions)
	Three Months Ended															Twelve Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	12		$	8		$	1		$	1		$	(2	)	$	22		$	(1	)
Equity securities MTM through investment income (a)		12			20			9			16			1			57			38
Investments accounted for using the equity method (b)		1			6			14			25			(3	)		46			99
AFG managed CLOs (eliminated in consolidation)		8			2			9			14			9			33			27
Total Property & Casualty	$	33	****	$	36	****	$	33	****	$	56	****	$	5	****	$	158	****	$	163	****
Investments
Fixed maturities MTM through investment income	$	75		$	51		$	32		$	18		$	17		$	75		$	17
Equity securities MTM through investment income (a)		222			563			544			494			440			222			440
Investments accounted for using the equity method (b)		2,275			1,909			1,880			1,846			1,812			2,275			1,812
AFG managed CLOs (eliminated in consolidation)		174			163			158			199			175			174			175
Total Property & Casualty	$	2,746	****	$	2,686	****	$	2,614	****	$	2,557	****	$	2,444	****	$	2,746	****	$	2,444	****
Annualized Return - Property & Casualty	****	4.9	%	****	5.4	%	****	5.1	%	****	9.0	%	****	0.8	%	****	6.1	%	****	7.0	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	12		$	8		$	1		$	1		$	(2	)	$	22		$	(1	)
Equity securities MTM through investment income (a)		12			20			9			16			1			57			38
Investments accounted for using the equity method (b)		1			6			14			25			(3	)		46			99
AFG managed CLOs (eliminated in consolidation)		8			2			9			14			9			33			27
Total AFG Consolidated	$	33	****	$	36	****	$	33	****	$	56	****	$	5	****	$	158	****	$	163	****
Investments
Fixed maturities MTM through investment income	$	75		$	51		$	32		$	18		$	17		$	75		$	17
Equity securities MTM through investment income (a)		222			563			544			494			440			222			440
Investments accounted for using the equity method (b)		2,277			1,911			1,882			1,848			1,814			2,277			1,814
AFG managed CLOs (eliminated in consolidation)		174			163			158			199			175			174			175
Total AFG Consolidated	$	2,748	****	$	2,688	****	$	2,616	****	$	2,559	****	$	2,446	****	$	2,748	****	$	2,446	****
Annualized Return - AFG Consolidated	****	4.9	%	****	5.4	%	****	5.1	%	****	8.9	%	****	0.8	%	****	6.1	%	****	7.0	%
(a)	AFG records holding gains and losses in net investment income on certain securities classified at purchase as<br>“fair value through net investment income.”
---	---
(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to<br>market through net income.
---	---

Page 18

American Financial Group, Inc.<br> <br>FixedMaturities - By Security Type - AFG Consolidated<br> <br>($ in millions )
December 31, 2024	Book Value (a)		Fair Value		UnrealizedGain (Loss)			% ofFair Value			% ofInvestmentPortfolio
---	---	---	---	---	---	---	---	---	---	---	---	---	---
US Government and government agencies	$	176	$	173	$	(3	)		2	%		1	%
States, municipalities and political subdivisions		905		859		(46	)		8	%		5	%
Foreign government		283		284		1			3	%		2	%
Residential mortgage-backed securities		2,121		1,989		(132	)		19	%		13	%
Commercial mortgage-backed securities		51		51		—			0	%		0	%
Collateralized loan obligations		1,239		1,237		(2	)		12	%		8	%
Other asset-backed securities		2,406		2,356		(50	)		22	%		15	%
Corporate and other bonds		3,548		3,525		(23	)		34	%		22	%
Total AFG consolidated	$	10,729	$	10,474	$	(255	)	****	100	%	****	66	%
Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.8 years
December 31, 2023	Book Value (a)		Fair Value		UnrealizedGain (Loss)			% ofFair Value			% ofInvestmentPortfolio
US Government and government agencies	$	243	$	236	$	(7	)		2	%		2	%
States, municipalities and political subdivisions		1,014		984		(30	)		9	%		6	%
Foreign government		288		282		(6	)		3	%		2	%
Residential mortgage-backed securities		1,787		1,658		(129	)		16	%		11	%
Commercial mortgage-backed securities		75		74		(1	)		1	%		0	%
Collateralized loan obligations		1,706		1,687		(19	)		16	%		11	%
Other asset-backed securities		2,472		2,362		(110	)		23	%		15	%
Corporate and other bonds		3,212		3,151		(61	)		30	%		21	%
Total AFG consolidated	$	10,797	$	10,434	$	(363	)	****	100	%	****	68	%
Approximate duration - P&C		3.2 years
Approximate duration - P&C including cash		2.9 years
(a)	Book Value is amortized cost, net of allowance for expected credit losses.
---	---

Page 19

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

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

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

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

Page 20

Appendix B<br> <br>American Financial Group,Inc.<br> <br>Fixed Maturities by Credit Rating & NAIC Designation by Type<br><br><br>12/31/2023<br> <br>($ in millions)
	Fair Value by Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	371	$	261	$	1,425	$	63	$	1,500	$	961	$	23	$	4,604		44	%
AA		236		560		10		99		7		173		261		160		1,506		15	%
A		—		44		5		26		1		13		542		839		1,470		14	%
BBB		—		7		6		4		—		—		474		1,740		2,231		21	%
Subtotal - Investment grade		236		982		282		1,554		71		1,686		2,238		2,762		9,811		94	%
BB		—		—		—		2		3		—		7		195		207		2	%
B		—		—		—		4		—		—		2		67		73		1	%
CCC, CC, C		—		—		—		29		—		—		5		7		41		0	%
D		—		—		—		4		—		—		—		—		4		0	%
Subtotal - Non-Investment grade		—		—		—		39		3		—		14		269		325		3	%
Not Rated (b)		—		2		—		65		—		1		110		120		298		3	%
Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434	****	100	%
	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	236	$	977	$	230	$	1,606	$	71	$	1,633	$	1,799	$	1,043	$	7,595		74	%
2		—		7		—		2		—		—		474		1,769		2,252		22	%
Subtotal		236		984		230		1,608		71		1,633		2,273		2,812		9,847		96	%
3		—		—		—		1		3		—		8		195		207		2	%
4		—		—		—		1		—		—		1		61		63		1	%
5		—		—		—		3		—		—		9		67		79		1	%
6		—		—		—		5		—		—		—		—		5		0	%
Subtotal		—		—		—		10		3		—		18		323		354		4	%
Total insurance companies	$	236	$	984	$	230	$	1,618	$	74	$	1,633	$	2,291	$	3,135	$	10,201	****	100	%
No NAIC designation (c)		—		—		—		—		—		1		9		11		21
Non-Insurance and Foreign Companies (d)		—		—		52		40		—		53		62		5		212
Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434
(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, 87% are NAIC 1 and 8% do not have a designation.
---	---

For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.

For Total, 58% are NAIC 1, 9% NAIC 2, 21% NAIC 5 and 7% 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 21

Appendix C<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.
---	---

Page 22

Appendix D<br> <br>American Financial Group,Inc.<br> <br>Corporate Securities by Credit Rating & NAIC Designation by Industry<br><br><br>12/31/2023<br> <br>($ in millions)
	Fair Value By Industry
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	AssetManagers		Banking		Technology		Insurance		Consumer		OtherFinancials		Utilities		Autos		REITs		Retailers		BasicIndustry		Media		CapitalGoods		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	23		1	%
AA		5		—		18		43		39		29		5		—		—		10		—		—		—		11		160		5	%
A		33		190		57		151		44		45		86		61		47		18		11		3		35		58		839		27	%
BBB		579		210		151		41		69		101		72		79		68		51		110		45		40		124		1,740		55	%
Subtotal		617		400		237		235		152		175		163		140		115		79		121		48		75		205		2,762		88	%
BB		23		2		24		3		27		5		—		5		—		40		15		35		1		15		195		6	%
B		—		—		2		—		10		8		—		4		—		24		—		—		4		15		67		2	%
CCC, CC, C		—		—		2		—		—		—		—		—		—		—		—		—		—		5		7		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		23		2		28		3		37		13		—		9		—		64		15		35		5		35		269		8	%
Not Rated (b)		—		—		4		11		18		10		—		—		28		—		—		20		6		23		120		4	%
Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151	****	100	%
	Fair Value By Industry
NAIC designation	AssetManagers		Banking		Technology		Insurance		Consumer		OtherFinancials		Utilities		Autos		REITs		Retailers		BasicIndustry		Media		CapitalGoods		Other		Total		% Total
1	$	38	$	190	$	86	$	194	$	92	$	82	$	92	$	61	$	55	$	28	$	11	$	3	$	35	$	76	$	1,043		33	%
2		579		210		151		41		75		102		71		84		81		51		110		45		40		129		1,769		57	%
Subtotal		617		400		237		235		167		184		163		145		136		79		121		48		75		205		2,812		90	%
3		23		2		23		3		32		6		—		—		—		40		14		35		2		15		195		6	%
4		—		—		1		—		4		8		—		4		—		24		—		—		4		16		61		2	%
5		—		—		8		—		4		—		—		—		7		—		1		20		5		22		67		2	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		23		2		32		3		40		14		—		4		7		64		15		55		11		53		323		10	%
Total insurance companies	$	640	$	402	$	269	$	238	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	258	$	3,135	****	100	%
No NAIC designation (c)		—		—		—		11		—		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		—		—		—		—		—		—		—		—		—		—		—		—		—		5		5
Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151
(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)	21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.<br>
---	---
(c)	Surplus notes that are classified as other invested assets for STAT.
---	---

Page 23

Appendix E<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 (c)		SingleFamilyRental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	258	$	191	$	46	$	—	$	7	$	17	$	125	$	69	$	104	$	817		35	%
AA		75		—		14		130		25		4		25		—		—		21		294		12	%
A		10		—		17		18		156		118		65		—		—		264		648		28	%
BBB		427		—		—		—		6		21		1		—		—		64		519		22	%
Subtotal		512		258		222		194		187		150		108		125		69		453		2,278		97	%
BB		—		—		—		—		—		5		1		—		—		1		7		0	%
B		—		—		—		—		—		2		—		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		—		—		—		10		1		—		—		1		12		0	%
Not Rated (b)		—		—		—		—		—		2		33		—		—		31		66		3	%
Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	485	$	2,356	****	100	%
	Fair Value By Collateral Type
NAIC designation	WholeBusiness		CommercialReal Estate		Triple NetLease		TruPS		Railcar		Aircraft		SecuredFinancing (b)		SingleFamilyRental		Auto		Other		Total		% Total
1	$	85	$	240	$	219	$	191	$	179	$	127	$	139	$	121	$	67	$	391	$	1,759		77	%
2		416		—		—		—		6		21		1		—		—		64		508		22	%
Subtotal		501		240		219		191		185		148		140		121		67		455		2,267		99	%
3		—		—		—		—		—		4		2		—		—		1		7		1	%
4		—		—		—		—		—		2		—		—		—		—		2		0	%
5		—		—		—		—		—		3		—		—		—		1		4		0	%
6		—		—		—		—		—		2		—		—		—		—		2		0	%
Subtotal		—		—		—		—		—		11		2		—		—		2		15		1	%
Total insurance companies	$	501	$	240	$	219	$	191	$	185	$	159	$	142	$	121	$	67	$	457	$	2,282	****	100	%
No NAIC designation		—		—		—		—		—		—		—		—		—		25		25
Non-Insurance and Foreign Companies		11		18		3		3		2		3		—		4		2		3		49
Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	485	$	2,356
(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies<br>rate a security, the rating displayed is the second lowest.
---	---
(b)	57% of not rated securities are NAIC 1 and 38% do not have a designation.
---	---
(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties<br>and Bank Loans.
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Appendix F<br> <br>American Financial Group,Inc.<br> <br>Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br><br><br>12/31/2023<br> <br>($ in millions)
	Fair Value By Collateral Type
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Credit Rating (a)	WholeBusiness		CommercialReal Estate		SecuredFinancing (c)		TruPS		SingleFamilyRental		Triple NetLease		Railcar		Aircraft		Auto		Other		Total		%Total
Investment Grade
AAA	$	—	$	385	$	24	$	46	$	191	$	157	$	—	$	—	$	67	$	91	$	961		41	%
AA		55		6		20		140		1		2		—		5		14		18		261		11	%
A		10		—		75		16		—		24		168		54		—		195		542		23	%
BBB		366		—		1		—		—		—		6		30		—		71		474		20	%
Subtotal		431		391		120		202		192		183		174		89		81		375		2,238		95	%
BB		—		—		1		—		—		—		—		6		—		—		7		0	%
B		—		—		1		—		—		—		—		1		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		5		—		—		5		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		2		—		—		—		—		12		—		—		14		0	%
Not Rated (b)		—		—		96		—		—		—		—		5		—		9		110		5	%
Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362	****	100	%
	Fair Value By Collateral Type
NAIC designation	WholeBusiness		CommercialReal Estate		Secured<br>Financing (c)		TruPS		SingleFamilyRental		Triple Net<br>Lease		Railcar		Aircraft		Auto		Other		Total		%Total
1	$	65	$	331	$	215	$	202	$	192	$	183	$	167	$	60	$	81	$	303	$	1,799		79	%
2		366		—		1		—		—		—		7		30		—		70		474		21	%
Subtotal		431		331		216		202		192		183		174		90		81		373		2,273		100	%
3		—		—		2		—		—		—		—		6		—		—		8		0	%
4		—		—		—		—		—		—		—		1		—		—		1		0	%
5		—		—		—		—		—		—		—		9		—		—		9		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		—		2		—		—		—		—		16		—		—		18		0	%
Total insurance companies	$	431	$	331	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	373	$	2,291	****	100	%
No NAIC designation		—		—		—		—		—		—		—		—		—		9		9
Non-Insurance and Foreign Companies		—		60		—		—		—		—		—		—		—		2		62
Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362
(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)	87% of not rated securities are NAIC 1 and 8% do not have a designation.
---	---
(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties<br>and Bank Loans.
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Appendix G<br> <br>American Financial Group,Inc.<br> <br>Real Estate-Related Investments<br><br><br>12/31/2024<br> <br>($ in millions)
Investments accounted for using equity method (RealEstate Funds/Investments) (a)
---	---	---	---	---	---	---	---	---	---	---	---
Investment Type	Book Value		% ofBook 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		% ofBook Value			Loan ToValue
Multifamily	$	568		72	%		65	%
Hospitality		122		15	%		49	%
Marina		52		7	%		52	%
Office		49		6	%		98	%
Total	$	791	****	100	%	****	64	%

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

(a)	Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this<br>table only relate to real estate funds/investments.
(b)	Occupancy as of 12/31/24
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(c)	Collections for October - December
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Appendix H<br> <br>American Financial Group,Inc.<br> <br>Real Estate-Related Investments<br><br><br>12/31/2023<br> <br>($ in millions)
Investments accounted for using equity method (RealEstate Funds/Investments) (a)
---	---	---	---	---	---	---	---	---	---	---	---
Investment Type	Book Value		% of<br>Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,205		91	%		94	%		97	%
Fund Investments		59		5	%		—			—
QOZ Fund - Development		25		2	%		—			—
Office		16		1	%		88	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		0	%		—			—
Total	$	1,320	****	100	%
Real Estate
Property Type	Book Value		% of<br>Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		36		37	%		—
Office Building		9		9	%		—
Land		2		2	%		—
Total	$	97	****	100	%	$	—	****
Mortgage Loans
Property Type	Book Value		% of<br>Book Value			Loan ToValue
Multifamily	$	462		72	%		66	%
Hospitality		125		19	%		49	%
Office		56		9	%		89	%
Total	$	643	****	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 12/31/23
---	---
(c)	Collections for October - December
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