Equibles

8-K

AMERICAN FINANCIAL GROUP INC (AFG)

8-K 2024-02-07 For: 2024-02-06
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2024

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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

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

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

Title of each class Trading<br><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 2023 and the year ended December 31, 2023 and the availability of the Investor Supplement on the Company’s website. The press release was issued on February 6, 2024. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

Section 8 - Other Events

Item 8.01 Other Events.

In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $2.50 per share of Company Common Stock. The dividend is payable on February 28, 2024 to holders of record on February 16, 2024.

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 February 6, 2024, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2023.
99.2 Investor Supplement - Fourth 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: February 7, 2024 By: /s/ Karl J. Grafe
Karl J. Grafe
Vice President

3

EX-99.1

Exhibit 99.1

LOGO

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

• Net earnings per share of $3.13 in the fourth quarter; full year net earnings per share of $10.05
• Core net operating earnings per share of $2.84 in the fourth quarter; full year core net operating earningsper share of $10.56
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• Full year 2023 ROE of 18.8%; 2023 core operating ROE of 19.8%
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• Specialty Property & Casualty fourth quarter calendar year combined ratio of 87.7%
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• Full year total capital returned to shareholders approximately $900 million, includes $466 million($5.50 per share) in special dividends
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• Special cash dividend of $2.50 per share declared; payable February 28, 2024
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CINCINNATI – February 6, 2024 – American Financial Group, Inc. (NYSE: AFG) today reported 2023 fourth quarter net earnings of $263 million ($3.13 per share) compared to $276 million ($3.24 per share) in the 2022 fourth quarter. Net earnings for the 2023 fourth quarter included net after-tax non-core realized gains of $25 million ($0.29 per share). By comparison, net earnings for the 2022 fourth quarter included net after-tax non-core realized gains of $21 million ($0.25 per share). Net earnings for the full year of 2023 were $10.05 per share, compared to $10.53 per share in 2022. Other details may be found in the table on the following page.

Core net operating earnings were $238 million ($2.84 per share) for the 2023 fourth quarter, compared to $255 million ($2.99 per share) in the 2022 fourth quarter. The year-over-year decrease reflects lower returns in AFG’s alternative investment portfolio. Additional details for the 2023 and 2022 fourth quarters may be found in the table below.

Three Months Ended December 31,
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 $ 352 $ 335 $ 5 $ 28 $ 357 $ 363
Other expenses (34 ) (25 ) — — (34 ) (25 )
Holding company interest expense (19 ) (20 ) — — (19 ) (20 )
Pretax Core Operating Earnings 299 290 5 28 304 318
Related provision for income taxes 65 57 1 6 66 63
Core Net Operating Earnings $ 234 **** $ 233 **** $ 4 $ 22 $ 238 **** $ 255 ****
Core Operating Earnings Per Share $ 2.79 $ 2.73 $ 0.05 $ 0.26 $ 2.84 $ 2.99
Weighted Avg Diluted Shares Outstanding 83.8 85.3 83.8 85.3 83.8 85.3

AFG’s book value per share was $50.91 at December 31, 2023. AFG paid cash dividends of $2.21 per share during the fourth quarter – which included a $1.50 per share special dividend paid in November – and repurchased $60 million of its common stock at an average price per share of $110.23. For the three months ended December 31, 2023, AFG’s growth in book value per share plus dividends was 12.3%. For the twelve months ended December 31, 2023, AFG’s book value per share plus dividends increased by 24.1%. For the full year, share repurchases totaled $213 million. Return on equity was 18.8% and 19.2% for the full years of 2023 and 2022, respectively, and is calculated based on a five-quarter average of ending shareholders’ equity, excluding AOCI.

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Adjusted book value per share, which excludes unrealized gains (losses) related to fixed maturities, was $54.54 per share at December 31, 2023. For the three months ended December 31, 2023, AFG’s growth in adjusted book value per share plus dividends was 5.3%. For the twelve months ended December 31, 2023, AFG’s growth in adjusted book value per share plus dividends was 16.6%. Core operating return on equity was 19.8% and 21.2% for the full years of 2023 and 2022, respectively and is calculated based on a five-quarter average of ending shareholders’ equity, excluding AOCI.

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,
2023 2022 2023 2022
Components of net earnings:
Core operating earnings before income taxes $ 304 $ 318 $ 1,127 $ 1,248
Pretax non-core items:
Realized gains (losses) 31 27 (40 ) (116 )
Gain (loss) on retirement of debt — 1 1 (9 )
Special A&E charges — — (15 ) —
Earnings before income taxes 335 346 1,073 1,123
Provision (credit) for income taxes:
Core operating earnings 66 63 232 255
Non-core items 6 7 (11 ) (30 )
Total provision for income taxes 72 70 221 225
Net earnings $ 263 $ 276 $ 852 **** $ 898 ****
Net earnings:
Core net operating earnings^(a)^ $ 238 $ 255 $ 895 $ 993
Non-core items:
Realized gains (losses) 25 21 (32 ) (92 )
Gain (loss) on retirement of debt — — 1 (7 )
Special A&E charges — — (12 ) —
Other — — — 4
Net earnings $ 263 $ 276 $ 852 **** $ 898 ****
Components of earnings per share:
Core net operating earnings^(a)^ $ 2.84 $ 2.99 $ 10.56 $ 11.63
Non-core Items:
Realized gains (losses) 0.29 0.25 (0.37 ) (1.06 )
Gain (loss) on retirement of debt — — 0.01 (0.09 )
Special A&E Charges — — (0.15 ) —
Other — — — 0.05
Diluted net earnings per share $ 3.13 $ 3.24 $ 10.05 **** $ 10.53 ****

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 our strong performance in the 2023 fourth quarter and full year. In addition to producing an annual core operating return on equity of nearly 20%, net written premiums grew by 8% during the year*.* Excellent underwriting results, strong investment performance 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 2024.”

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Messrs. Lindner continued: “AFG continued to have significant excess capital at December 31, 2023. 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 $5.50 per share. Growth in adjusted book value plus dividends was a very strong 16.6% during 2023.”

The Company also announced today that its Board of Directors declared a special cash dividend of $2.50 per share of American Financial Group common stock. The dividend is payable on February 28, 2024, to shareholders of record on February 16, 2024. The aggregate amount of this special dividend will be approximately $210 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.71 per share most recently paid on January 25, 2024.

For many years, AFG has established a range of core net operating earnings per share guidance for the new year and provided various other guidance measures as part of its fourth quarter earnings release. After reviewing industry and peer practices and following a number of discussions with analysts and shareholders, we have decided that beginning in 2024, we will cease providing guidance. Our focus has always been on long-term shareholder value creation by generating strong returns on equity that grow book value per share and we believe that this change aligns with that focus.

As we continue to evaluate our disclosures going forward, for 2024 we expect that performance in line with the assumptions underlying our 2024 business plan would result in core operating earnings per share of approximately $11.00 and generate a core operating return on equity excluding AOCI of approximately 20%. These assumptions include 8% growth in net written premiums compared to 2023, a similar combined ratio to the strong result in 2023, a reinvestment rate of approximately 5.5%, and a return of approximately 6% on our $2.4 billion portfolio of alternative investments.

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a very strong 87.7% combined ratio in the fourth quarter of 2023, 1.1 points higher than the 86.6% reported in the prior year. Fourth quarter results include 1.4 points related to catastrophe losses, compared to 0.9 points in the 2022 fourth quarter. Fourth quarter 2023 results benefited from 3.3 points of favorable prior year reserve development, compared to 3.6 points in the fourth quarter of 2022. Underwriting profit was $212 million for the 2023 fourth quarter compared to $217 million in the fourth quarter of 2022. Lower year-over-year underwriting profit in our Specialty Casualty and Property and Transportation Groups was partially offset by higher underwriting profit in our Specialty Financial Group.

Fourth quarter 2023 gross and net written premiums were both up 8% when compared to the same period in 2022. Year-over-year growth was reported within each of the Specialty P&C groups as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment. Gross and net written premiums increased 7% and 8%, respectively, for the full year in 2023 and established new records for premium production for AFG.

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

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The Property and Transportation Group reported an underwriting profit of $67 million in the fourth quarter of 2023, compared to $68 million in the comparable prior year period. Below average underwriting profitability in our crop insurance operations was largely offset by higher year-over year underwriting profits in our property & inland marine and our non-crop agricultural businesses. Catastrophe losses in this group were $5 million in the fourth quarter of 2023, compared to $7 million in the prior year period. The businesses in the Property and Transportation Group achieved a 90.3% calendar year combined ratio overall in the fourth quarter, in line with the 90.0% achieved in the comparable period in 2022. Excluding crop, the fourth quarter calendar year combined ratio in this group improved three points year-over-year.

Fourth quarter 2023 gross and net written premiums in this group were up 4% and 1%, respectively, when compared to the 2022 fourth quarter, due primarily to slightly higher crop premium related to the CRS acquisition, which was partially offset by the timing of renewals in several of our transportation businesses. Overall renewal rates in this group increased 7% on average for the fourth quarter of 2023, a point higher than the previous quarter. Pricing for the full year for this group was up 6% overall.

The Specialty Casualty Group reported an underwriting profit of $114 million in the 2023 fourth quarter compared to $128 million in the comparable 2022 period. Higher year-over-year underwriting profits in our workers’ compensation and executive liability businesses were more than offset by lower underwriting profit in our excess and surplus lines business. Catastrophe losses for this group were $8 million and $7 million in the fourth quarters of 2023 and 2022, respectively. The businesses in the Specialty Casualty Group achieved an exceptionally strong 84.6% calendar year combined ratio overall in the fourth quarter, 3.3 points higher than the 81.3% reported in the comparable period in 2022.

Fourth quarter 2023 gross and net written premiums increased 6% and 7%, respectively, when compared to the same prior year period. New business opportunities and increased exposures in our excess & surplus lines operations and increased exposures from payroll growth in our workers’ compensation businesses led to higher year-over-year premiums, with nearly all of the businesses in this group reporting growth during the quarter. This growth was partially offset by lower premiums in our D&O businesses. Excluding workers’ compensation, renewal pricing for this group was up 7% in the fourth quarter and was up 4% overall, with both measures down about 1% from the renewal pricing in the previous quarter. Pricing for this group for the full year, excluding workers’ compensation, was up 6%, and up 4% overall.

The Specialty Financial Group reported an underwriting profit of $45 million in the fourth quarter of 2023, compared to $33 million in the fourth quarter of 2022, primarily as a result of higher underwriting profit in our financial institutions business. Catastrophe losses for this group were $4 million in the fourth quarter of 2023, compared to a favorable impact of $3 million in the fourth quarter of 2022 that resulted from adjusted reinstatement premiums related to Hurricane Ian. This group continued to achieve excellent underwriting margins and reported an outstanding 81.3% combined ratio for the fourth quarter of 2023, an improvement of 1.8 points over the prior year period.

Gross and net written premiums increased by 27% and 26%, respectively, in the 2023 fourth quarter when compared to the same 2022 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 9% in the fourth quarter, accelerating four points from the previous quarter. Renewal pricing in this group was up 5% for the full year of 2023.

Carl Lindner III stated, “Our specialty P&C businesses closed out 2023 on a strong note. Underwriting margins continue to be very good, and we are seeing opportunities to grow our Specialty P&C businesses through increasing exposures, new opportunities, and a continued favorable pricing environment. 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 2023.”

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

Investments

Net Investment Income – For the quarter ended December 31, 2023, property and casualty net investment income was approximately 1% 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 December 31, 2023, increased 19% 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 0.8% for the 2023 fourth quarter compared to 5.3% 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.

For the twelve months ended December 31, 2023, P&C net investment income was approximately 7% higher than the comparable 2022 period. The return on alternative investments was 7.0% for 2023 compared to 13.2% earned on P&C alternative investments in 2022. Excluding alternative investments, net investment income in our property and casualty insurance operations for 2023 increased 35% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets. The average annual return on alternative investments over the five calendar years ended December 31, 2023, was approximately 13%.

Non-Core Net Realized Gains (Losses) – AFG recorded fourth quarter 2023 net realized gains of $25 million ($0.29 per share) after tax, which included $22 million ($0.26 per share) in after-tax net gains to adjust equity securities that the Company continued to own at December 31, 2023, to fair value. AFG recorded net realized gains of $21 million ($0.25 per share) after tax in the comparable 2022 period.

After-tax unrealized losses related to fixed maturities were $304 million at December 31, 2023. 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.

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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 fourth quarter and full year results at 11:30 a.m. (ET) tomorrow, Wednesday, February 7, 2024. 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.

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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.

AFG2024-04

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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>December 31, Twelve months ended<br>December 31,
2023 2022 2023 2022
Revenues
P&C insurance net earned premiums $ 1,732 $ 1,623 $ 6,531 $ 6,085
Net investment income 159 168 742 717
Realized gains (losses) 31 27 (40 ) (116 )
Income of managed investment entities:
Investment income 100 93 421 268
Gain (loss) on change in fair value of assets/liabilities 15 (6 ) 27 (31 )
Other income 46 24 146 117
Total revenues 2,083 1,929 7,827 7,040
Costs and expenses
P&C insurance losses & expenses 1,549 1,413 5,968 5,347
Interest charges on borrowed money 19 20 76 85
Expenses of managed investment entities 102 82 405 230
Other expenses 78 68 305 255
Total costs and expenses 1,748 1,583 6,754 5,917
Earnings before income taxes 335 346 1,073 1,123
Provision for income taxes 72 70 221 225
Net earnings $ 263 $ 276 **** $ 852 **** $ 898 ****
Diluted earnings per common share $ 3.13 $ 3.24 $ 10.05 $ 10.53
Average number of diluted shares 83.8 85.3 84.8 85.3
Selected Balance Sheet Data: December 31,<br>2023 December 31,<br>2022
--- --- --- --- ---
Total cash and investments $ 15,263 $ 14,512
Long-term debt $ 1,475 $ 1,496
Shareholders’ equity**^(b)^** $ 4,258 $ 4,052
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)^(b)^ $ 4,562 $ 4,578
Book value per share**^(b)^** $ 50.91 $ 47.56
Book value per share (excluding unrealized gains/losses related to fixed maturities)^(b)^ $ 54.54 $ 53.73
Common Shares Outstanding 83.6 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>December 31, Pct. Twelve months ended<br>December 31, Pct.
2023 2022 Change 2023 2022 Change
Gross written premiums $ 1,992 $ 1,845 8 % $ 9,656 $ 9,057 7 %
Net written premiums $ 1,445 $ 1,338 8 % $ 6,692 $ 6,206 8 %
Ratios (GAAP):
Loss & LAE ratio 60.7 % 60.8 % 61.5 % 59.6 %
Underwriting expense ratio 27.0 % 25.8 % 28.8 % 27.6 %
Specialty Combined Ratio 87.7 % 86.6 % 90.3 % 87.2 %
Combined Ratio – P&C Segment 87.8 % 86.5 % 90.4 % 87.3 %
SupplementalInformation:^(c)^
Gross Written Premiums:
Property & Transportation $ 623 $ 601 4 % $ 4,146 $ 4,060 2 %
Specialty Casualty 1,069 1,007 6 % 4,368 4,115 6 %
Specialty Financial 300 237 27 % 1,142 882 29 %
$ 1,992 $ 1,845 8 % $ 9,656 $ 9,057 7 %
Net Written Premiums:
Property & Transportation $ 426 $ 423 1 % $ 2,551 $ 2,515 1 %
Specialty Casualty 700 655 7 % 2,944 2,728 8 %
Specialty Financial 250 199 26 % 935 711 32 %
Other 69 61 13 % 262 252 4 %
$ 1,445 $ 1,338 8 % $ 6,692 $ 6,206 8 %
Combined Ratio (GAAP):
Property & Transportation 90.3 % 90.0 % 92.8 % 91.7 %
Specialty Casualty 84.6 % 81.3 % 87.0 % 81.2 %
Specialty Financial 81.3 % 83.1 % 87.3 % 83.7 %
Aggregate Specialty Group 87.7 % 86.6 % 90.3 % 87.2 %
Three months ended<br>December 31, Twelve months ended<br>December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2023 2022 2023 2022
Reserve Development (Favorable)/Adverse:
Property & Transportation $ (12 ) $ (13 ) $ (84 ) $ (92 )
Specialty Casualty (37 ) (50 ) (110 ) (190 )
Specialty Financial (8 ) (8 ) (32 ) (47 )
Other Specialty — 13 — 40
Specialty Group (57 ) (58 ) (226 ) (289 )
Other 1 (1 ) 2 4
Total Reserve Development $ (56 ) $ (59 ) $ (224 ) $ (285 )
Points on Combined Ratio:
Property & Transportation (1.8 ) (1.8 ) (3.3 ) (3.7 )
Specialty Casualty (5.0 ) (7.3 ) (3.8 ) (7.2 )
Specialty Financial (3.4 ) (4.1 ) (3.7 ) (6.8 )
Aggregate Specialty Group (3.3 ) (3.6 ) (3.4 ) (4.7 )
Total P&C Segment (3.2 ) (3.6 ) (3.4 ) (4.7 )

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

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AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a) Components of core net operating earnings (dollars in millions):
Three months ended<br>December 31, Twelve months ended<br>December 31,
--- --- --- --- --- --- --- --- --- --- --- --- ---
2023 2022 2023 2022
Core Operating Earnings before Income Taxes:
P&C insurance segment $ 357 $ 363 $ 1,304 $ 1,419
Interest and other corporate expenses (53 ) (45 ) (177 ) (171 )
Core operating earnings before income taxes 304 318 1,127 1,248
Related income taxes 66 63 232 255
Core net operating earnings $ 238 $ 255 $ 895 $ 993
b) Shareholders’ Equity at December 31, 2023, includes $304 million ($3.63 per share) in unrealized<br>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.
Investor Supplement - Fourth Quarter 2023
February 6, 2024
American Financial Group, Inc.
Corporate Headquarters
Great American Insurance Group Tower<br><br><br>301 E Fourth Street
Cincinnati, OH 45202<br><br><br>513 579 6739
American Financial Group, Inc.<br><br><br>Table of Contents - Investor Supplement - Fourth Quarter 2023
---
Section Page
--- --- ---
Table of Contents - Investor Supplement - Fourth 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 12/31/2023 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 12/31/2023 22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>12/31/2023 24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type<br>12/31/2022 25
G. Real Estate-Related Investments 12/31/2023 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 Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/2023 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Highlights
Net earnings $ 263 $ 177 $ 200 $ 212 $ 276 $ 852 $ 898
Core net operating earnings 238 208 202 247 255 895 993
Total assets 29,787 30,825 29,048 28,481 28,831 29,787 28,831
Adjusted shareholders’ equity (a) 4,562 4,536 4,490 4,375 4,578 4,562 4,578
Property and Casualty net written premiums 1,445 2,061 1,667 1,519 1,338 6,692 6,206
Per share data
Diluted earnings per share $ 3.13 $ 2.09 $ 2.34 $ 2.49 $ 3.24 $ 10.05 $ 10.53
Core net operating earnings per share 2.84 2.45 2.38 2.89 2.99 10.56 11.63
Adjusted book value per share (a) 54.54 53.90 52.90 51.37 53.73 54.54 53.73
Dividends per common share 2.21 0.63 0.63 4.63 2.63 8.10 14.31
Financial ratios
Annualized return on equity (b) 23.0 % 15.7 % 17.9 % 18.9 % 24.2 % 18.8 % 19.2 %
Annualized core operating return on equity (b) 20.9 % 18.3 % 18.2 % 22.0 % 22.3 % 19.8 % 21.2 %
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio 60.7 % 66.7 % 60.2 % 57.0 % 60.8 % 61.5 % 59.6 %
Underwriting expense ratio 27.0 % 25.5 % 31.7 % 32.2 % 25.8 % 28.8 % 27.6 %
Combined ratio - Specialty 87.7 % 92.2 % 91.9 % 89.2 % 86.6 % 90.3 % 87.2 %
(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 Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Property and Casualty Insurance
Underwriting profit $ 211 $ 142 $ 124 $ 154 $ 218 $ 631 $ 776
Net investment income 161 170 191 207 159 729 683
Other income (expense) (15 ) (14 ) (16 ) (11 ) (14 ) (56 ) (40 )
Property and Casualty Insurance operating earnings 357 298 299 350 363 1,304 1,419
Interest expense of parent holding companies (19 ) (19 ) (19 ) (19 ) (20 ) (76 ) (85 )
Other expense (34 ) (22 ) (22 ) (23 ) (25 ) (101 ) (86 )
Pretax core operating earnings 304 257 258 308 318 1,127 1,248
Income tax expense 66 49 56 61 63 232 255
Core net operating earnings **** 238 **** **** 208 **** **** 202 **** **** 247 **** **** 255 **** **** 895 **** **** 993 ****
Non-core items, net of tax:
Realized gains (losses) on securities 25 (15 ) (1 ) (37 ) 21 (28 ) (92 )
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 (7 )
Other non-core items — — — — — — 4
Net earnings $ 263 **** $ 177 **** $ 200 **** $ 212 **** $ 276 **** $ 852 **** $ 898 ****

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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Core net operating earnings $ 238 $ 208 **** $ 202 **** $ 247 **** $ 255 $ 895 **** $ 993 ****
Net earnings $ 263 $ 177 **** $ 200 **** $ 212 **** $ 276 $ 852 **** $ 898 ****
Average number of diluted shares 83.817 84.745 85.172 85.378 85.350 84.774 85.324
Diluted earnings per share:
Core net operating earnings per share $ 2.84 $ 2.45 **** $ 2.38 **** $ 2.89 **** $ 2.99 $ 10.56 **** $ 11.63 ****
Realized gains (losses) on securities 0.29 (0.17 ) (0.02 ) (0.42 ) 0.25 (0.33 ) (1.06 )
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 (0.09 )
Other non-core items — — — — — — 0.05
Diluted earnings per share $ 3.13 $ 2.09 **** $ 2.34 **** $ 2.49 **** $ 3.24 $ 10.05 **** $ 10.53 ****

Page 5

American Financial Group, Inc.<br><br><br>Property and Casualty Insurance - Summary Underwriting Results (GAAP)<br><br><br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Property and Transportation $ 67 $ 42 $ 32 $ 43 $ 68 $ 184 $ 208
Specialty Casualty 114 78 95 88 128 375 500
Specialty Financial 45 29 10 26 33 110 114
Other Specialty (14 ) (6 ) (14 ) (2 ) (12 ) (36 ) (42 )
Underwriting profit - Specialty **** 212 **** **** 143 **** **** 123 **** **** 155 **** **** 217 **** **** 633 **** **** 780 ****
Other core charges, included in loss and LAE (1 ) (1 ) 1 (1 ) 1 (2 ) (4 )
Underwriting profit - Property and Casualty Insurance $ 211 **** $ 142 **** $ 124 **** $ 154 **** $ 218 **** $ 631 **** $ 776 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ 1 $ — $ 2 $ — $ (13 ) $ 3 $ 5
Catastrophe losses 24 56 51 31 24 162 88
Total current accident year catastrophe losses $ 25 $ 56 $ 53 $ 31 $ 11 $ 165 $ 93
Prior year loss reserve development (favorable) / adverse $ (56 ) $ (43 ) $ (62 ) $ (63 ) $ (59 ) $ (224 ) $ (285 )
Combined ratio:
Property and Transportation 90.3 % 94.8 % 94.2 % 91.0 % 90.0 % 92.8 % 91.7 %
Specialty Casualty 84.6 % 89.4 % 86.6 % 87.5 % 81.3 % 87.0 % 81.2 %
Specialty Financial 81.3 % 87.6 % 95.0 % 86.5 % 83.1 % 87.3 % 83.7 %
Other Specialty 118.9 % 109.8 % 122.2 % 103.5 % 118.1 % 113.9 % 117.1 %
Combined ratio - Specialty **** 87.7 % **** 92.2 % **** 91.9 % **** 89.2 % **** 86.6 % **** 90.3 % **** 87.2 %
Other core charges 0.1 % 0.1 % (0.2 %) 0.1 % (0.1 %) 0.1 % 0.1 %
Combined ratio **** 87.8 % **** 92.3 % **** 91.7 % **** 89.3 % **** 86.5 % **** 90.4 % **** 87.3 %
P&C combined ratio excl. catastrophe losses and prior year reserve development 89.6 % 91.5 % 92.4 % 91.5 % 89.3 % 91.2 % 90.4 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 62.6 % 66.0 % 60.7 % 59.3 % 63.5 % 62.4 % 62.8 %
Current accident year catastrophe losses 1.4 % 3.1 % 3.5 % 2.2 % 0.8 % 2.6 % 1.6 %
Prior accident year loss reserve development (3.2 %) (2.3 %) (4.2 %) (4.4 %) (3.6 %) (3.4 %) (4.7 %)
Loss and LAE ratio **** 60.8 % **** 66.8 % **** 60.0 % **** 57.1 % **** 60.7 % **** 61.6 % **** 59.7 %

Page 6

American Financial Group, Inc.<br><br><br>Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Gross written premiums $ 1,992 $ 3,140 $ 2,369 $ 2,155 $ 1,845 $ 9,656 $ 9,057
Ceded reinsurance premiums (547 ) (1,079 ) (702 ) (636 ) (507 ) (2,964 ) (2,851 )
Net written premiums 1,445 2,061 1,667 1,519 1,338 6,692 6,206
Change in unearned premiums 287 (206 ) (160 ) (82 ) 285 (161 ) (121 )
Net earned premiums 1,732 1,855 1,507 1,437 1,623 6,531 6,085
Loss and LAE 1,052 1,238 906 819 987 4,015 3,625
Underwriting expense 468 474 478 463 419 1,883 1,680
Underwriting profit $ 212 **** $ 143 **** $ 123 **** $ 155 **** $ 217 **** $ 633 **** $ 780 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ 1 $ — $ 2 $ — $ (13 ) $ 3 $ 5
Catastrophe losses 24 56 51 31 24 162 88
Total current accident year catastrophe losses $ 25 $ 56 $ 53 $ 31 $ 11 $ 165 $ 93
Prior year loss reserve development (favorable) / adverse $ (57 ) $ (44 ) $ (61 ) $ (64 ) $ (58 ) $ (226 ) $ (289 )
Combined ratio:
Loss and LAE ratio 60.7 % 66.7 % 60.2 % 57.0 % 60.8 % 61.5 % 59.6 %
Underwriting expense ratio 27.0 % 25.5 % 31.7 % 32.2 % 25.8 % 28.8 % 27.6 %
Combined ratio **** 87.7 % **** 92.2 % **** 91.9 % **** 89.2 % **** 86.6 % **** 90.3 % **** 87.2 %
Specialty combined ratio excl. catastrophe losses and prior year reserve development 89.6 % 91.5 % 92.4 % 91.5 % 89.3 % 91.2 % 90.4 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 62.6 % 66.0 % 60.7 % 59.3 % 63.5 % 62.4 % 62.8 %
Current accident year catastrophe losses 1.4 % 3.0 % 3.5 % 2.2 % 0.9 % 2.5 % 1.5 %
Prior accident year loss reserve development (3.3 %) (2.3 %) (4.0 %) (4.5 %) (3.6 %) (3.4 %) (4.7 %)
Loss and LAE ratio **** 60.7 % **** 66.7 % **** 60.2 % **** 57.0 % **** 60.8 % **** 61.5 % **** 59.6 %

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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Gross written premiums $ 623 $ 1,592 $ 1,059 $ 872 $ 601 $ 4,146 $ 4,060
Ceded reinsurance premiums (197 ) (687 ) (391 ) (320 ) (178 ) (1,595 ) (1,545 )
Net written premiums 426 905 668 552 423 2,551 2,515
Change in unearned premiums 256 (77 ) (134 ) (77 ) 259 (32 ) (28 )
Net earned premiums 682 828 534 475 682 2,519 2,487
Loss and LAE 470 636 346 289 489 1,741 1,735
Underwriting expense 145 150 156 143 125 594 544
Underwriting profit $ 67 **** $ 42 **** $ 32 **** $ 43 **** $ 68 **** $ 184 **** $ 208 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ 2 $ — $ — $ — $ (1 ) $ 2 $ 3
Catastrophe losses 3 14 15 19 8 51 42
Total current accident year catastrophe losses $ 5 $ 14 $ 15 $ 19 $ 7 $ 53 $ 45
Prior year loss reserve development (favorable) / adverse $ (12 ) $ (14 ) $ (21 ) $ (37 ) $ (13 ) $ (84 ) $ (92 )
Combined ratio:
Loss and LAE ratio 69.0 % 76.8 % 64.8 % 60.9 % 71.8 % 69.2 % 69.8 %
Underwriting expense ratio 21.3 % 18.0 % 29.4 % 30.1 % 18.2 % 23.6 % 21.9 %
Combined ratio **** 90.3 % **** 94.8 % **** 94.2 % **** 91.0 % **** 90.0 % **** 92.8 % **** 91.7 %
Combined ratio excl. catastrophe losses and prior year reserve development 91.5 % 94.8 % 95.1 % 94.8 % 90.8 % 94.1 % 93.5 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 70.2 % 76.8 % 65.7 % 64.7 % 72.6 % 70.5 % 71.6 %
Current accident year catastrophe losses 0.6 % 1.7 % 2.9 % 4.0 % 1.0 % 2.0 % 1.9 %
Prior accident year loss reserve development (1.8 %) (1.7 %) (3.8 %) (7.8 %) (1.8 %) (3.3 %) (3.7 %)
Loss and LAE ratio **** 69.0 % **** 76.8 % **** 64.8 % **** 60.9 % **** 71.8 % **** 69.2 % **** 69.8 %

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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Gross written premiums $ 1,069 $ 1,226 $ 1,012 $ 1,061 $ 1,007 $ 4,368 $ 4,115
Ceded reinsurance premiums (369 ) (397 ) (319 ) (339 ) (352 ) (1,424 ) (1,387 )
Net written premiums 700 829 693 722 655 2,944 2,728
Change in unearned premiums 37 (95 ) 18 (18 ) 31 (58 ) (69 )
Net earned premiums 737 734 711 704 686 2,886 2,659
Loss and LAE 438 463 421 417 381 1,739 1,453
Underwriting expense 185 193 195 199 177 772 706
Underwriting profit $ 114 **** $ 78 **** $ 95 **** $ 88 **** $ 128 **** $ 375 **** $ 500 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ (1 ) $ — $ 2 $ — $ (1 ) $ 1 $ —
Catastrophe losses 9 17 6 3 8 35 11
Total current accident year catastrophe losses $ 8 $ 17 $ 8 $ 3 $ 7 $ 36 $ 11
Prior year loss reserve development (favorable) / adverse $ (37 ) $ (22 ) $ (24 ) $ (27 ) $ (50 ) $ (110 ) $ (190 )
Combined ratio:
Loss and LAE ratio 59.6 % 63.1 % 59.2 % 59.2 % 55.4 % 60.3 % 54.7 %
Underwriting expense ratio 25.0 % 26.3 % 27.4 % 28.3 % 25.9 % 26.7 % 26.5 %
Combined ratio **** 84.6 % **** 89.4 % **** 86.6 % **** 87.5 % **** 81.3 % **** 87.0 % **** 81.2 %
Combined ratio excl. catastrophe losses and prior year reserve development 88.5 % 90.0 % 89.0 % 90.9 % 87.5 % 89.6 % 87.9 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 63.5 % 63.7 % 61.6 % 62.6 % 61.6 % 62.9 % 61.4 %
Current accident year catastrophe losses 1.1 % 2.3 % 1.0 % 0.4 % 1.1 % 1.2 % 0.5 %
Prior accident year loss reserve development (5.0 %) (2.9 %) (3.4 %) (3.8 %) (7.3 %) (3.8 %) (7.2 %)
Loss and LAE ratio **** 59.6 % **** 63.1 % **** 59.2 % **** 59.2 % **** 55.4 % **** 60.3 % **** 54.7 %

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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Gross written premiums $ 300 $ 322 $ 298 $ 222 $ 237 $ 1,142 $ 882
Ceded reinsurance premiums (50 ) (61 ) (58 ) (38 ) (38 ) (207 ) (171 )
Net written premiums 250 261 240 184 199 935 711
Change in unearned premiums (6 ) (29 ) (45 ) 12 (6 ) (68 ) (13 )
Net earned premiums 244 232 195 196 193 867 698
Loss and LAE 85 93 79 71 66 328 238
Underwriting expense 114 110 106 99 94 429 346
Underwriting profit $ 45 **** $ 29 **** $ 10 **** $ 26 **** $ 33 **** $ 110 **** $ 114 ****
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ (10 ) $ — $ 3
Catastrophe losses 4 22 19 4 7 49 33
Total current accident year catastrophe losses $ 4 $ 22 $ 19 $ 4 $ (3 ) $ 49 $ 36
Prior year loss reserve development (favorable) / adverse $ (8 ) $ (10 ) $ (11 ) $ (3 ) $ (8 ) $ (32 ) $ (47 )
Combined ratio:
Loss and LAE ratio 34.8 % 39.8 % 40.9 % 36.0 % 33.8 % 37.8 % 34.1 %
Underwriting expense ratio 46.5 % 47.8 % 54.1 % 50.5 % 49.3 % 49.5 % 49.6 %
Combined ratio **** 81.3 % **** 87.6 % **** 95.0 % **** 86.5 % **** 83.1 % **** 87.3 % **** 83.7 %
Combined ratio excl. catastrophe losses and prior year reserve development 82.7 % 82.5 % 91.1 % 85.7 % 85.3 % 85.3 % 85.6 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 36.2 % 34.7 % 37.0 % 35.2 % 36.0 % 35.8 % 36.0 %
Current accident year catastrophe losses 2.0 % 9.3 % 9.6 % 2.2 % 1.9 % 5.7 % 4.9 %
Prior accident year loss reserve development (3.4 %) (4.2 %) (5.7 %) (1.4 %) (4.1 %) (3.7 %) (6.8 %)
Loss and LAE ratio **** 34.8 % **** 39.8 % **** 40.9 % **** 36.0 % **** 33.8 % **** 37.8 % **** 34.1 %

Page 10

American Financial Group, Inc.<br><br><br>Other Specialty - Underwriting Results (GAAP)<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Gross written premiums $ — $ — $ — $ — $ — $ — $ —
Ceded reinsurance premiums 69 66 66 61 61 262 252
Net written premiums 69 66 66 61 61 262 252
Change in unearned premiums — (5 ) 1 1 1 (3 ) (11 )
Net earned premiums 69 61 67 62 62 259 241
Loss and LAE 59 46 60 42 51 207 199
Underwriting expense 24 21 21 22 23 88 84
Underwriting profit (loss) $ (14 ) $ (6 ) $ (14 ) $ (2 ) $ (12 ) $ (36 ) $ (42 )
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium $ — $ — $ — $ — $ (1 ) $ — $ (1 )
Catastrophe losses 8 3 11 5 1 27 2
Total current accident year catastrophe losses $ 8 $ 3 $ 11 $ 5 $ — $ 27 $ 1
Prior year loss reserve development (favorable) / adverse $ — $ 2 $ (5 ) $ 3 $ 13 $ — $ 40
Combined ratio:
Loss and LAE ratio 82.8 % 76.2 % 91.1 % 69.0 % 83.3 % 80.0 % 82.4 %
Underwriting expense ratio 36.1 % 33.6 % 31.1 % 34.5 % 34.8 % 33.9 % 34.7 %
Combined ratio **** 118.9 % **** 109.8 % **** 122.2 % **** 103.5 % **** 118.1 % **** 113.9 % **** 117.1 %
Combined ratio excl. catastrophe losses and prior year reserve development 107.3 % 101.2 % 111.7 % 92.0 % 98.5 % 103.3 % 100.1 %
Loss and LAE components:
Current accident year, excluding catastrophe losses 71.2 % 67.6 % 80.6 % 57.5 % 63.7 % 69.4 % 65.4 %
Current accident year catastrophe losses 0.9 % 4.9 % 18.0 % 7.5 % 0.7 % 0.2 % 0.5 %
Prior accident year loss reserve development 10.7 % 3.7 % (7.5 %) 4.0 % 18.9 % 10.4 % 16.5 %
Loss and LAE ratio **** 82.8 % **** 76.2 % **** 91.1 % **** 69.0 % **** 83.3 % **** 80.0 % **** 82.4 %

Page 11

American Financial Group, Inc.<br><br><br>Consolidated Balance Sheet<br> <br>($ in millions)
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 9/30/22
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Assets:
Total cash and investments $ 15,263 $ 14,794 $ 14,489 $ 14,451 $ 14,512 $ 14,322
Recoverables from reinsurers 4,477 4,421 3,852 3,838 3,977 4,108
Prepaid reinsurance premiums 961 1,223 1,112 1,021 917 1,180
Agents’ balances and premiums receivable 1,471 2,088 1,796 1,459 1,339 1,698
Deferred policy acquisition costs 309 324 316 285 288 292
Assets of managed investment entities 4,484 4,871 5,235 5,391 5,447 5,099
Other receivables 1,171 1,377 721 637 886 1,328
Other assets 1,346 1,422 1,281 1,153 1,219 1,259
Goodwill 305 305 246 246 246 246
Total assets $ 29,787 **** $ 30,825 **** $ 29,048 **** $ 28,481 **** $ 28,831 **** $ 29,532 ****
Liabilities and Equity:
Unpaid losses and loss adjustment expenses $ 13,087 $ 12,891 $ 11,925 $ 11,761 $ 11,974 $ 12,067
Unearned premiums 3,451 3,997 3,686 3,435 3,246 3,785
Payable to reinsurers 1,186 1,398 1,038 911 1,035 1,366
Liabilities of managed investment entities 4,307 4,728 5,098 5,258 5,332 5,002
Long-term debt 1,475 1,474 1,474 1,478 1,496 1,533
Other liabilities 2,023 2,356 1,834 1,697 1,696 1,847
Total liabilities $ 25,529 **** $ 26,844 **** $ 25,055 **** $ 24,540 **** $ 24,779 **** $ 25,600 ****
Shareholders’ equity:
Common stock $ 84 $ 84 $ 85 $ 85 $ 85 $ 85
Capital surplus 1,372 1,372 1,377 1,374 1,368 1,358
Retained earnings 3,121 3,095 3,042 2,933 3,142 3,091
Unrealized gains (losses) - fixed maturities (287 ) (521 ) (464 ) (413 ) (497 ) (554 )
Unrealized gains (losses) - fixed maturity-related cash flow hedges (17 ) (34 ) (33 ) (21 ) (29 ) (29 )
Other comprehensive income (loss), net of tax (15 ) (15 ) (14 ) (17 ) (17 ) (19 )
Total shareholders’ equity **** 4,258 **** **** 3,981 **** **** 3,993 **** **** 3,941 **** **** 4,052 **** **** 3,932 ****
Total liabilities and equity $ 29,787 **** $ 30,825 **** $ 29,048 **** $ 28,481 **** $ 28,831 **** $ 29,532 ****

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)
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 9/30/22
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shareholders’ equity $ 4,258 **** $ 3,981 **** $ 3,993 **** $ 3,941 **** $ 4,052 **** $ 3,932 ****
Unrealized (gains) losses related to fixed maturities 304 555 497 434 526 583
Adjusted shareholders’ equity **** 4,562 **** **** 4,536 **** **** 4,490 **** **** 4,375 **** **** 4,578 **** **** 4,515 ****
Goodwill (305 ) (305 ) (246 ) (246 ) (246 ) (246 )
Intangibles (213 ) (217 ) (102 ) (105 ) (108 ) (111 )
Tangible adjusted shareholders’ equity $ 4,044 **** $ 4,014 **** $ 4,142 **** $ 4,024 **** $ 4,224 **** $ 4,158 ****
Common shares outstanding 83.636 84.136 84.859 85.172 85.204 85.141
Book value per share:
Book value per share $ 50.91 **** $ 47.31 **** $ 47.06 **** $ 46.27 **** $ 47.56 **** $ 46.18 ****
Adjusted (a) **** 54.54 **** **** 53.90 **** **** 52.90 **** **** 51.37 **** **** 53.73 **** **** 53.03 ****
Tangible, adjusted (b) **** 48.35 **** **** 47.71 **** **** 48.80 **** **** 47.25 **** **** 49.58 **** **** 48.84 ****
Market capitalization
AFG’s closing common share price $ 118.89 $ 111.67 $ 118.75 $ 121.50 $ 137.28 $ 122.93
Market capitalization $ 9,943 $ 9,395 $ 10,077 $ 10,348 $ 11,697 $ 10,466
Price / Adjusted book value ratio 2.18 2.07 2.24 2.37 2.56 2.32
(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)
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 9/30/22
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AFG senior obligations $ 823 $ 823 $ 823 $ 828 $ 846 $ 884
Borrowings drawn under credit facility — — — — — —
Debt excluding subordinated debt $ 823 **** $ 823 **** $ 823 **** $ 828 **** $ 846 **** $ 884 ****
AFG subordinated debentures 675 675 675 675 675 675
Total principal amount of long-term debt $ 1,498 **** $ 1,498 **** $ 1,498 **** $ 1,503 **** $ 1,521 **** $ 1,559 ****
Shareholders’ equity 4,258 3,981 3,993 3,941 4,052 3,932
Less:
Unrealized (gains) losses related to fixed maturity investments 304 555 497 434 526 583
Total adjusted capital $ 6,060 **** $ 6,034 **** $ 5,988 **** $ 5,878 **** $ 6,099 **** $ 6,074 ****
Ratio of debt to total adjusted capital:
Including subordinated debt **** 24.7 % **** 24.8 % **** 25.0 % **** 25.6 % **** 24.9 % **** 25.7 %
Excluding subordinated debt **** 13.6 % **** 13.6 % **** 13.7 % **** 14.1 % **** 13.9 % **** 14.6 %

Page 14

American Financial Group, Inc.<br><br><br>Additional Supplemental Information<br> <br>($ in<br>millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Property and Casualty Insurance
Paid Losses (GAAP) $ 938 $ 805 $ 802 $ 881 $ 914 $ 3,426 $ 3,082
12/31/2023 9/30/23 6/30/23 3/31/23 12/31/22 9/30/22
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
GAAP Equity (excluding AOCI)
Property and Casualty Insurance $ 5,710 $ 5,786 $ 5,581 $ 5,392 $ 5,433 $ 5,527
Parent and other subsidiaries (1,133 ) (1,235 ) (1,077 ) (1,000 ) (838 ) (993 )
AFG GAAP Equity (excluding AOCI) $ 4,577 $ 4,551 $ 4,504 $ 4,392 $ 4,595 $ 4,534
Allowable dividends without regulatory approval
Property and Casualty Insurance $ 946 $ 887 $ 887 $ 887 $ 887 $ 843

Page 15

American Financial Group, Inc.<br><br><br>Total Cash and Investments<br> <br>($ in millions)
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 %
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>NetInvestment Income<br> <br>($ in millions)
Three Months Ended Twelve Months Ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities $ 131 $ 121 $ 117 $ 112 $ 107 $ 481 $ 358
Equity securities 7 8 8 9 13 32 35
Other investments (a) 21 19 16 13 14 69 40
Gross investment income excluding alternative investments **** 159 **** **** 148 **** **** 141 **** **** 134 **** **** 134 **** **** 582 **** **** 433 ****
Gross investment income from alternative investments (b) 5 25 55 78 28 163 265
Total gross investment income **** 164 **** **** 173 **** **** 196 **** **** 212 **** **** 162 **** **** 745 **** **** 698 ****
Investment expenses (3 ) (3 ) (5 ) (5 ) (3 ) (16 ) (15 )
Total net investment income $ 161 **** $ 170 **** $ 191 **** $ 207 **** $ 159 **** $ 729 **** $ 683 ****
Average cash and investments (c) $ 15,227 **** $ 14,899 **** $ 14,498 **** $ 14,350 **** $ 14,304 **** $ 14,753 **** $ 14,048 ****
Average yield - fixed maturities before inv expenses (d) 4.99 % 4.68 % 4.62 % 4.40 % 4.15 % 4.67 % 3.63 %
Average yield - overall portfolio, net (d) 4.23 % 4.56 % 5.27 % 5.77 % 4.45 % 4.94 % 4.86 %
Average tax equivalent yield - overall portfolio, net (d) 4.31 % 4.63 % 5.34 % 5.83 % 4.53 % 5.01 % 4.96 %
AFG consolidated net investment income:
Property & Casualty core $ 161 $ 170 $ 191 $ 207 $ 159 $ 729 $ 683
Parent & other 7 10 12 11 9 40 24
Consolidate CLOs (9 ) (12 ) (5 ) (1 ) — (27 ) 10
Total net investment income $ 159 **** $ 168 **** $ 198 **** $ 217 **** $ 168 **** $ 742 **** $ 717 ****
Average cash and investments (c) $ 15,540 **** $ 15,264 **** $ 15,025 **** $ 15,058 **** $ 15,083 **** $ 15,254 **** $ 15,231 ****
Average yield - overall portfolio, net (d) 4.09 % 4.40 % 5.27 % 5.76 % 4.46 % 4.86 % 4.71 %
Average yield - fixed maturities before inv expenses (d) 5.01 % 4.74 % 4.67 % 4.43 % 4.19 % 4.70 % 3.54 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 12/31/23 12/31/22
Property and Casualty Insurance:
Net Investment Income
Convertible fixed maturities MTM through investment income $ (2 ) $ (11 ) $ 8 $ 4 $ — $ (1 ) $ —
Equity securities MTM through investment income (a) 1 7 14 16 7 38 8
Investments accounted for using the equity method (b) (3 ) 17 28 57 21 99 267
AFG managed CLOs (eliminated in consolidation) 9 12 5 1 — 27 (10 )
Total Property & Casualty $ 5 **** $ 25 **** $ 55 **** $ 78 **** $ 28 **** $ 163 **** $ 265 ****
Investments
Convertible fixed maturities MTM through investment income $ 17 $ 17 $ 28 $ 19 $ — $ 17 $ —
Equity securities MTM through investment income (a) 440 411 423 377 332 440 332
Investments accounted for using the equity method (b) 1,812 1,806 1,755 1,732 1,699 1,812 1,699
AFG managed CLOs (eliminated in consolidation) 175 143 136 132 115 175 115
Total Property & Casualty $ 2,444 **** $ 2,377 **** $ 2,342 **** $ 2,260 **** $ 2,146 **** $ 2,444 **** $ 2,146 ****
Annualized Return - Property & Casualty **** 0.8 % **** 4.2 % **** 9.6 % **** 14.2 % **** 5.3 % **** 7.0 % **** 13.2 %
AFG Consolidated:
Net Investment Income
Convertible fixed maturities MTM through investment income $ (2 ) $ (11 ) $ 8 $ 4 $ — $ (1 ) $ —
Equity securities MTM through investment income (a) 1 7 14 16 7 38 8
Investments accounted for using the equity method (b) (3 ) 17 28 57 21 99 267
AFG managed CLOs (eliminated in consolidation) 9 12 5 1 — 27 (10 )
Total AFG Consolidated $ 5 **** $ 25 **** $ 55 **** $ 78 **** $ 28 **** $ 163 **** $ 265 ****
Investments
Convertible fixed maturities MTM through investment income $ 17 $ 17 $ 28 $ 19 $ — $ 17 $ —
Equity securities MTM through investment income (a) 440 411 423 377 332 440 332
Investments accounted for using the equity method (b) 1,814 1,807 1,756 1,733 1,700 1,814 1,700
AFG managed CLOs (eliminated in consolidation) 175 143 136 132 115 175 115
Total AFG Consolidated $ 2,446 **** $ 2,378 **** $ 2,343 **** $ 2,261 **** $ 2,147 **** $ 2,446 **** $ 2,147 ****
Annualized Return - AFG Consolidated **** 0.8 % **** 4.2 % **** 9.6 % **** 14.2 % **** 5.3 % **** 7.0 % **** 13.2 %
(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.
--- ---

Page 18

American Financial Group, Inc.<br><br><br>Fixed Maturities - By Security Type - AFG Consolidated<br> <br>($<br>in millions )
December 31, 2023 Book Value(a) Fair Value UnrealizedGain (Loss) % of FairValue % 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
December 31, 2022 Book Value(a) Fair Value UnrealizedGain (Loss) % of<br>Fair 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>12/31/2023<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 $ — $ 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 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 0
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.
--- ---

Page 21

Appendix C<br> <br>American FinancialGroup, 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 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% 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>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 EstateABS SecuredFinancing (c) TruPS SingleFamilyRental Triple NetLease 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.
--- ---

Page 24

Appendix F<br> <br>American FinancialGroup, Inc.<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.
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(b) 95% of not rated securities are NAIC 1 and 5% are NAIC 5.
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(c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental<br>properties, Bank Loans, and Commercial and Residential mortgages.
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Page 25

Appendix G<br> <br>American FinancialGroup, Inc.<br> <br>Real Estate-Related Investments<br><br><br>12/31/2023<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 $ 1,205 91 % 94 % 97 %
Fund Investments 59 5 % — —
QOZ Fund - Development 25 2 % — —
Office 16 1 % 88 % 100 %
Hospitality 10 1 % — —
Land Development 5 — — —
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 % ofBook Value Loan To Value
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
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(c) Collections for October - December
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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 % 89 %
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
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(c) Collections for October - December
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Page 27

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