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American Financial Group, Inc.

Investor Supplement - Third Quarter 2025

November 4, 2025

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Third Quarter 2025


Section		Page
Table of Contents - Investor Supplement - Third Quarter 2025			2
Financial Highlights			3
Summary of Earnings			4
Earnings Per Share Summary			5

Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)			6
Specialty - Underwriting Results (GAAP)			7
Property and Transportation - Underwriting Results (GAAP)			8
Specialty Casualty - Underwriting Results (GAAP)			9
Specialty Financial - Underwriting Results (GAAP)			10

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet			11
Book Value Per Share and Price / Book Summary			12
Capitalization			13
Additional Supplemental Information			14

Consolidated Investment Supplement
Total Cash and Investments			15
Net Investment Income			16
Alternative Investments			17
Fixed Maturities - By Security Type - AFG Consolidated			18

Appendix
A.	Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2025		19
B.	Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024		20
C.	Corporate Securities by Credit Rating & NAIC Designation by Industry 9/30/2025		21
D.	Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024		22
E.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2025		23
F.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
G.	Real Estate-Related Investments 9/30/2025		25
H.	Real Estate-Related Investments 12/31/2024		26

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Highlights
Net earnings	$	215		$	174		$	154		$	255		$	181		$	543		$	632
Core net operating earnings		224			179			152			262			194			555			640
Total assets		33,834			30,669			30,294			30,836			32,591			33,834			32,591
Shareholders’ equity, excluding AOCI (a)		4,803			4,648			4,571			4,706			4,844			4,803			4,844
Property and Casualty net written premiums		2,252			1,803			1,611			1,460			2,353			5,666			5,679

Per share data
Diluted earnings per share	$	2.58		$	2.07		$	1.84		$	3.03		$	2.16		$	6.50		$	7.54
Core net operating earnings per share		2.69			2.14			1.81			3.12			2.31			6.65			7.63
Book value per share, excluding AOCI (a)		57.59			55.74			54.63			56.03			57.71			57.59			57.71
Dividends per common share		0.80			0.80			2.80			4.80			0.71			4.40			4.63

Financial ratios
Annualized return on equity (b)		18.2	%		15.0	%		13.3	%		21.3	%		15.2	%		15.5	%		18.0	%
Annualized core operating return on equity (b)		19.0	%		15.5	%		13.1	%		21.9	%		16.2	%		15.8	%		18.3	%

Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		67.2	%		61.1	%		61.0	%		63.7	%		69.5	%		63.4	%		63.1	%
Underwriting expense ratio		25.8	%		32.0	%		33.0	%		25.3	%		24.8	%		29.9	%		28.8	%

Combined ratio - Specialty		93.0	%		93.1	%		94.0	%		89.0	%		94.3	%		93.3	%		91.9	%

(a)	A reconciliation to the GAAP measure is on page 12.

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Property and Casualty Insurance
Underwriting profit	$	138		$	113		$	94		$	202		$	115		$	345		$	418
Net investment income		205			179			170			195			195			554			589
Other income (expense)		(15	)		(19	)		(18	)		(19	)		(19	)		(52	)		(57	)

Property and Casualty Insurance operating earnings		328			273			246			378			291			847			950
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(19	)		(57	)		(57	)
Other expense		(29	)		(27	)		(33	)		(29	)		(27	)		(89	)		(85	)

Pretax core operating earnings		280			227			194			330			245			701			808
Income tax expense		56			48			42			68			51			146			168

Core net operating earnings		224			179			152			262			194			555			640
Non-core items, net of tax:
Realized gains (losses) on securities		10			2			2			(7	)		(2	)		14			7
Realized gain on subsidiaries		1			—			—			—			—			1			—
Special A&E charges - Former Railroad and Manufacturing operations		(20	)		—			—			—			(11	)		(20	)		(11	)
Other non-core items		—			(7	)		—			—			—			(7	)		(4	)

Net earnings	$	215		$	174		$	154		$	255		$	181		$	543		$	632

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Nine Months Ended
	9/30/25			6/30/25			3/31/25		12/31/24			9/30/24			9/30/25			9/30/24
Core net operating earnings	$	224		$	179		$	152	$	262		$	194		$	555		$	640

Net earnings	$	215		$	174		$	154	$	255		$	181		$	543		$	632

Average number of diluted shares		83.397			83.488			83.842		83.966			83.939			83.574			83.882

Diluted earnings per share:
Core net operating earnings per share	$	2.69		$	2.14		$	1.81	$	3.12		$	2.31		$	6.65		$	7.63
Realized gains (losses) on securities		0.12			0.02			0.03		(0.09	)		(0.02	)		0.17			0.09
Realized gain on subsidiaries		0.01			—			—		—			—			0.01			—
Special A&E charges - Former Railroad and Manufacturing operations		(0.24	)		—			—		—			(0.13	)		(0.24	)		(0.13	)
Other non-core items		—			(0.09	)		—		—			—			(0.09	)		(0.05	)

Diluted earnings per share	$	2.58		$	2.07		$	1.84	$	3.03		$	2.16		$	6.50		$	7.54

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Property and Transportation	$	55		$	27		$	37		$	81		$	33		$	119		$	133
Specialty Casualty		33			49			20			69			63			102			210
Specialty Financial		51			38			37			54			21			126			79

Underwriting profit - Specialty		139			114			94			204			117			347			422
Other core charges, included in loss and LAE		(1	)		(1	)		—			(2	)		(2	)		(2	)		(4	)

Underwriting profit - Property and Casualty Insurance	$	138		$	113		$	94		$	202		$	115		$	345		$	418


Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	1		$	—		$	—		$	1
Catastrophe losses		23			38			72			20			90			133			160

Total current accident year catastrophe losses	$	23		$	38		$	72		$	21		$	90		$	133		$	161

Prior year loss reserve development (favorable) / adverse	$	(23	)	$	(11	)	$	(20	)	$	36		$	(15	)	$	(54	)	$	(100	)


Combined ratio:
Property and Transportation		94.1	%		95.2	%		92.5	%		89.5	%		96.8	%		94.1	%		93.5	%
Specialty Casualty		95.8	%		93.9	%		97.6	%		91.4	%		92.1	%		95.7	%		91.1	%
Specialty Financial		81.1	%		86.1	%		87.0	%		80.7	%		92.3	%		84.8	%		89.5	%
Combined ratio - Specialty		93.0	%		93.1	%		94.0	%		89.0	%		94.3	%		93.3	%		91.9	%
Other core charges		0.1	%		0.0	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%

Combined ratio		93.1	%		93.1	%		94.1	%		89.1	%		94.4	%		93.4	%		91.9	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		93.0	%		91.5	%		90.8	%		86.1	%		90.7	%		91.9	%		90.8	%


Loss and LAE components:
Current accident year, excluding catastrophe losses		67.2	%		59.5	%		57.8	%		60.8	%		65.9	%		62.0	%		62.0	%
Prior accident year loss reserve development		(1.1	%)		(0.7	%)		(1.3	%)		1.9	%		(0.7	%)		(1.0	%)		(1.9	%)
Current accident year catastrophe losses		1.2	%		2.3	%		4.6	%		1.1	%		4.4	%		2.5	%		3.0	%

Loss and LAE ratio		67.3	%		61.1	%		61.1	%		63.8	%		69.6	%		63.5	%		63.1	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Gross written premiums	$	3,665		$	2,653		$	2,291		$	2,043		$	3,748		$	8,609		$	8,490
Ceded reinsurance premiums		(1,413	)		(850	)		(680	)		(583	)		(1,395	)		(2,943	)		(2,811	)

Net written premiums		2,252			1,803			1,611			1,460			2,353			5,666			5,679
Change in unearned premiums		(239	)		(156	)		(31	)		390			(298	)		(426	)		(493	)

Net earned premiums		2,013			1,647			1,580			1,850			2,055			5,240			5,186
Loss and LAE		1,354			1,006			965			1,179			1,428			3,325			3,270
Underwriting expense		520			527			521			467			510			1,568			1,494

Underwriting profit	$	139		$	114		$	94		$	204		$	117		$	347		$	422

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	1		$	—		$	—		$	1
Catastrophe losses		23			38			72			20			90			133			160

Total current accident year catastrophe losses	$	23		$	38		$	72		$	21		$	90		$	133		$	161

Prior year loss reserve development (favorable) / adverse	$	(24	)	$	(12	)	$	(20	)	$	34		$	(17	)	$	(56	)	$	(104	)

Combined ratio:
Loss and LAE ratio		67.2	%		61.1	%		61.0	%		63.7	%		69.5	%		63.4	%		63.1	%
Underwriting expense ratio		25.8	%		32.0	%		33.0	%		25.3	%		24.8	%		29.9	%		28.8	%

Combined ratio		93.0	%		93.1	%		94.0	%		89.0	%		94.3	%		93.3	%		91.9	%

Combined ratio excl. catastrophe losses and prior year reserve development		93.0	%		91.5	%		90.8	%		86.1	%		90.7	%		91.9	%		90.8	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		67.2	%		59.5	%		57.8	%		60.8	%		65.9	%		62.0	%		62.0	%
Prior accident year loss reserve development		(1.2	%)		(0.7	%)		(1.3	%)		1.8	%		(0.8	%)		(1.1	%)		(2.0	%)
Current accident year catastrophe losses		1.2	%		2.3	%		4.5	%		1.1	%		4.4	%		2.5	%		3.1	%

Loss and LAE ratio		67.2	%		61.1	%		61.0	%		63.7	%		69.5	%		63.4	%		63.1	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Gross written premiums	$	1,975		$	1,247		$	897		$	585		$	2,107		$	4,119		$	4,150
Ceded reinsurance premiums		(924	)		(488	)		(334	)		(177	)		(956	)		(1,746	)		(1,712	)

Net written premiums		1,051			759			563			408			1,151			2,373			2,438
Change in unearned premiums		(116	)		(183	)		(63	)		357			(162	)		(362	)		(377	)

Net earned premiums		935			576			500			765			989			2,011			2,061
Loss and LAE		728			387			311			531			784			1,426			1,441
Underwriting expense		152			162			152			153			172			466			487

Underwriting profit	$	55		$	27		$	37		$	81		$	33		$	119		$	133

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	1		$	—		$	—		$	—
Catastrophe losses		4			12			10			9			34			26			56

Total current accident year catastrophe losses	$	4		$	12		$	10		$	10		$	34		$	26		$	56

Prior year loss reserve development (favorable) / adverse	$	(11	)	$	(13	)	$	(19	)	$	(2	)	$	(14	)	$	(43	)	$	(94	)

Combined ratio:
Loss and LAE ratio		77.8	%		67.2	%		62.1	%		69.5	%		79.4	%		70.9	%		69.9	%
Underwriting expense ratio		16.3	%		28.0	%		30.4	%		20.0	%		17.4	%		23.2	%		23.6	%

Combined ratio		94.1	%		95.2	%		92.5	%		89.5	%		96.8	%		94.1	%		93.5	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.8	%		95.4	%		94.4	%		88.5	%		94.5	%		94.9	%		95.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		78.5	%		67.4	%		64.0	%		68.5	%		77.1	%		71.7	%		71.8	%
Prior accident year loss reserve development		(1.1	%)		(2.2	%)		(3.9	%)		(0.2	%)		(1.4	%)		(2.1	%)		(4.6	%)
Current accident year catastrophe losses		0.4	%		2.0	%		2.0	%		1.2	%		3.7	%		1.3	%		2.7	%

Loss and LAE ratio		77.8	%		67.2	%		62.1	%		69.5	%		79.4	%		70.9	%		69.9	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Gross written premiums	$	1,337		$	1,062		$	1,068		$	1,126		$	1,297		$	3,467		$	3,417
Ceded reinsurance premiums		(423	)		(297	)		(296	)		(353	)		(380	)		(1,016	)		(944	)

Net written premiums		914			765			772			773			917			2,451			2,473
Change in unearned premiums		(104	)		34			22			32			(120	)		(48	)		(102	)

Net earned premiums		810			799			794			805			797			2,403			2,371
Loss and LAE		541			516			536			541			519			1,593			1,504
Underwriting expense		236			234			238			195			215			708			657

Underwriting profit	$	33		$	49		$	20		$	69		$	63		$	102		$	210

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		8			7			27			(6	)		17			42			40

Total current accident year catastrophe losses	$	8		$	7		$	27		$	(6	)	$	17		$	42		$	41

Prior year loss reserve development (favorable) / adverse	$	(1	)	$	10		$	12		$	44		$	6		$	21		$	(7	)

Combined ratio:
Loss and LAE ratio		66.8	%		64.5	%		67.6	%		67.2	%		65.1	%		66.3	%		63.4	%
Underwriting expense ratio		29.0	%		29.4	%		30.0	%		24.2	%		27.0	%		29.4	%		27.7	%

Combined ratio		95.8	%		93.9	%		97.6	%		91.4	%		92.1	%		95.7	%		91.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.9	%		91.8	%		92.6	%		86.7	%		89.3	%		93.1	%		89.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		65.9	%		62.4	%		62.6	%		62.5	%		62.3	%		63.7	%		62.0	%
Prior accident year loss reserve development		(0.1	%)		1.2	%		1.6	%		5.4	%		0.8	%		0.9	%		(0.3	%)
Current accident year catastrophe losses		1.0	%		0.9	%		3.4	%		(0.7	%)		2.0	%		1.7	%		1.7	%

Loss and LAE ratio		66.8	%		64.5	%		67.6	%		67.2	%		65.1	%		66.3	%		63.4	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Gross written premiums	$	353		$	344		$	326		$	332		$	344		$	1,023		$	923
Ceded reinsurance premiums		(66	)		(65	)		(50	)		(53	)		(59	)		(181	)		(155	)

Net written premiums		287			279			276			279			285			842			768
Change in unearned premiums		(19	)		(7	)		10			1			(16	)		(16	)		(14	)

Net earned premiums		268			272			286			280			269			826			754
Loss and LAE		85			103			118			107			125			306			325
Underwriting expense		132			131			131			119			123			394			350

Underwriting profit	$	51		$	38		$	37		$	54		$	21		$	126		$	79

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		11			19			35			17			39			65			64

Total current accident year catastrophe losses	$	11		$	19		$	35		$	17		$	39		$	65		$	64

Prior year loss reserve development (favorable) / adverse	$	(12	)	$	(9	)	$	(13	)	$	(8	)	$	(9	)	$	(34	)	$	(3	)

Combined ratio:
Loss and LAE ratio		31.8	%		38.1	%		41.1	%		38.1	%		46.5	%		37.1	%		43.1	%
Underwriting expense ratio		49.3	%		48.0	%		45.9	%		42.6	%		45.8	%		47.7	%		46.4	%

Combined ratio		81.1	%		86.1	%		87.0	%		80.7	%		92.3	%		84.8	%		89.5	%

Combined ratio excl. catastrophe losses and prior year reserve development		81.7	%		82.0	%		79.7	%		77.5	%		81.2	%		81.1	%		81.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		32.4	%		34.0	%		33.8	%		34.9	%		35.4	%		33.4	%		35.0	%
Prior accident year loss reserve development		(4.7	%)		(3.2	%)		(4.6	%)		(2.9	%)		(3.3	%)		(4.2	%)		(0.4	%)
Current accident year catastrophe losses		4.1	%		7.3	%		11.9	%		6.1	%		14.4	%		7.9	%		8.5	%

Loss and LAE ratio		31.8	%		38.1	%		41.1	%		38.1	%		46.5	%		37.1	%		43.1	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Assets:
Total cash and investments	$	16,761		$	16,049		$	15,994		$	15,852		$	15,741		$	15,261
Recoverables from reinsurers		5,565			4,733			4,945			5,176			5,217			4,157
Prepaid reinsurance premiums		1,443			1,256			1,105			1,013			1,346			1,143
Agents’ balances and premiums receivable		2,034			1,946			1,589			1,532			1,995			1,909
Deferred policy acquisition costs		349			345			316			320			340			328
Assets of managed investment entities		3,972			3,833			3,848			4,140			4,332			4,695
Other receivables		2,075			877			855			1,123			1,989			758
Other assets		1,308			1,325			1,337			1,375			1,326			1,357
Goodwill		327			305			305			305			305			305

Total assets	$	33,834		$	30,669		$	30,294		$	30,836		$	32,591		$	29,913

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	15,079		$	13,834		$	13,970		$	14,179		$	14,206		$	12,607
Unearned premiums		4,450			4,026			3,710			3,584			4,320			3,816
Payable to reinsurers		1,578			1,152			1,028			1,191			1,620			1,176
Liabilities of managed investment entities		3,834			3,685			3,726			3,965			4,168			4,536
Long-term debt		1,820			1,476			1,476			1,475			1,475			1,475
Other liabilities		2,343			1,980			1,992			1,976			2,094			1,919

Total liabilities	$	29,104		$	26,153		$	25,902		$	26,370		$	27,883		$	25,529
Shareholders’ equity:
Common stock	$	83		$	83		$	84		$	84		$	84		$	84
Capital surplus		1,421			1,414			1,409			1,411			1,400			1,392
Retained earnings		3,299			3,151			3,078			3,211			3,360			3,239
Unrealized gains (losses) - fixed maturities		(43	)		(101	)		(141	)		(202	)		(100	)		(290	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(3	)		(5	)		(7	)		(10	)		(7	)		(20	)
Other comprehensive income (loss), net of tax		(27	)		(26	)		(31	)		(28	)		(29	)		(21	)

Total shareholders’ equity		4,730			4,516			4,392			4,466			4,708			4,384

Total liabilities and equity	$	33,834		$	30,669		$	30,294		$	30,836		$	32,591		$	29,913

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
Shareholders’ equity	$	4,730		$	4,516		$	4,392		$	4,466		$	4,708		$	4,384
Accumulated other comprehensive income (loss)		(73	)		(132	)		(179	)		(240	)		(136	)		(331	)

Shareholders’ equity, excluding AOCI		4,803			4,648			4,571			4,706			4,844			4,715
Goodwill		327			305			305			305			305			305
Intangibles		192			193			198			203			199			204

Tangible shareholders’ equity, excluding AOCI	$	4,284		$	4,150		$	4,068		$	4,198		$	4,340		$	4,206

Common shares outstanding		83.401			83.386			83.668			83.978			83.923			83.897
Book value per share:
Book value per share	$	56.72		$	54.15		$	52.50		$	53.18		$	56.10		$	52.25
Book value per share, excluding AOCI		57.59			55.74			54.63			56.03			57.71			56.19
Tangible, excluding AOCI		51.38			49.77			48.62			49.98			51.72			50.13
Market capitalization
AFG’s closing common share price	$	145.72		$	126.21		$	131.34		$	136.93		$	134.60		$	123.02
Market capitalization	$	12,153		$	10,524		$	10,989		$	11,499		$	11,296		$	10,321
Price / Book value per share, excluding AOCI		2.53			2.26			2.40			2.44			2.33			2.19

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
AFG senior obligations	$	1,173		$	823		$	823		$	823		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	1,173		$	823		$	823		$	823		$	823		$	823
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt	$	1,848		$	1,498		$	1,498		$	1,498		$	1,498		$	1,498
Shareholders’ equity		4,730			4,516			4,392			4,466			4,708			4,384
Accumulated other comprehensive income (loss)		(73	)		(132	)		(179	)		(240	)		(136	)		(331	)

Total capital, excluding AOCI	$	6,651		$	6,146		$	6,069		$	6,204		$	6,342		$	6,213

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.8	%		24.4	%		24.7	%		24.1	%		23.6	%		24.1	%
Excluding subordinated debt		17.6	%		13.4	%		13.6	%		13.3	%		13.0	%		13.2	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Nine Months Ended
	9/30/25		6/30/25		3/31/25		12/31/24		9/30/24		9/30/25		9/30/24
Property and Casualty Insurance
Paid Losses (GAAP)	$	936	$	931	$	967	$	1,179	$	897	$	2,834	$	2,855


	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			6/30/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,173		$	5,935		$	5,853		$	5,962		$	6,150		$	5,919
Parent and other subsidiaries		(1,370	)		(1,287	)		(1,282	)		(1,256	)		(1,306	)		(1,204	)

AFG GAAP Equity (excluding AOCI)	$	4,803		$	4,648		$	4,571		$	4,706		$	4,844		$	4,715

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,004		$	1,004		$	1,004		$	1,004		$	946		$	946

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - September 30, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,367	$	475	$	—		$	1,842		11	%
Fixed maturities - Available for sale		10,415		103		—			10,518		63	%
Fixed maturities - Trading		80		—		—			80		1	%
Equity securities - Common stocks		384		—		—			384		2	%
Equity securities - Perpetual preferred		416		—		—			416		2	%
Investments accounted for using the equity method		2,381		2		—			2,383		14	%
Mortgage loans		975		—		—			975		6	%
Real estate and other investments		193		108		(138	)		163		1	%

Total cash and investments	$	16,211	$	688	$	(138	)	$	16,761		100	%


	Carrying Value -December 31, 2024
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,105	$	301	$	—		$	1,406		9	%
Fixed maturities - Available for sale		10,356		42		—			10,398		66	%
Fixed maturities - Trading		76		—		—			76		0	%
Equity securities - common stocks		336		—		—			336		2	%
Equity securities - perpetual preferred		415		—		—			415		3	%
Investments accounted for using the equity method		2,275		2		—			2,277		14	%
Mortgage loans		791		—		—			791		5	%
Real estate and other investments		229		98		(174	)		153		1	%

Total cash and investments	$	15,583	$	443	$	(174	)	$	15,852		100	%

Page 15

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	135		$	140		$	137		$	134		$	134		$	412		$	398
Equity securities		6			15			6			9			6			27			20
Other investments (a)		27			23			21			24			25			71			63

Gross investment income excluding alternative investments		168			178			164			167			165			510			481
Gross investment income from alternative investments (b)		43			8			12			33			36			63			125

Total gross investment income		211			186			176			200			201			573			606
Investment expenses		(6	)		(7	)		(6	)		(5	)		(6	)		(19	)		(17	)

Total net investment income	$	205		$	179		$	170		$	195		$	195		$	554		$	589

Average cash and investments (c)	$	16,095		$	15,921		$	15,881		$	15,718		$	15,447		$	15,988		$	15,389

Average yield - overall portfolio, net (d)		5.09	%		4.50	%		4.28	%		4.96	%		5.05	%		4.62	%		5.10	%
Average yield - fixed maturities before inv expenses (d)		5.12	%		5.24	%		5.13	%		5.09	%		5.06	%		5.17	%		5.01	%
AFG consolidated net investment income:
Property & Casualty core	$	205		$	179		$	170		$	195		$	195		$	554		$	589
Parent & other		6			7			5			7			7			18			22
Consolidate CLOs		(6	)		(2	)		(2	)		(8	)		(2	)		(10	)		(25	)

Total net investment income	$	205		$	184		$	173		$	194		$	200		$	562		$	586

Average cash and investments (c)	$	16,496		$	16,175		$	16,140		$	15,987		$	15,748		$	16,318		$	15,682

Average yield - overall portfolio, net (d)		4.97	%		4.55	%		4.29	%		4.85	%		5.08	%		4.59	%		4.98	%
Average yield - fixed maturities before inv expenses (d)		5.11	%		5.24	%		5.13	%		5.10	%		5.08	%		5.17	%		5.03	%

(a)	Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.

(b)	Investment income on alternative investments is detailed on page 17.

(c)	Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances.

(d)	Average yield is calculated by dividing investment income for the period by the average balance.

Page 16

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/25			6/30/25			3/31/25			12/31/24			9/30/24			9/30/25			9/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	16		$	8		$	(3	)	$	12		$	8		$	21		$	10
Equity securities MTM through investment income (a)		(6	)		4			—			12			20			(2	)		45
Investments accounted for using the equity method (b)		27			(6	)		13			1			6			34			45
AFG managed CLOs (eliminated in consolidation)		6			2			2			8			2			10			25

Total Property & Casualty	$	43		$	8		$	12		$	33		$	36		$	63		$	125

Investments
Fixed maturities MTM through investment income	$	30		$	55		$	50		$	75		$	51		$	30		$	51
Equity securities MTM through investment income (a)		243			233			232			222			563			243			563
Investments accounted for using the equity method (b)		2,381			2,338			2,324			2,275			1,909			2,381			1,909
AFG managed CLOs (eliminated in consolidation)		138			148			122			174			163			138			163

Total Property & Casualty	$	2,792		$	2,774		$	2,728		$	2,746		$	2,686		$	2,792		$	2,686

Annualized Return - Property & Casualty		6.2	%		1.2	%		1.8	%		4.9	%		5.4	%		3.0	%		6.5	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	16		$	8		$	(3	)	$	12		$	8		$	21		$	10
Equity securities MTM through investment income (a)		(6	)		4			—			12			20			(2	)		45
Investments accounted for using the equity method (b)		27			(6	)		13			1			6			34			45
AFG managed CLOs (eliminated in consolidation)		6			2			2			8			2			10			25

Total AFG Consolidated	$	43		$	8		$	12		$	33		$	36		$	63		$	125

Investments
Fixed maturities MTM through investment income	$	30		$	55		$	50		$	75		$	51		$	30		$	51
Equity securities MTM through investment income (a)		243			233			232			222			563			243			563
Investments accounted for using the equity method (b)		2,383			2,341			2,326			2,277			1,911			2,383			1,911
AFG managed CLOs (eliminated in consolidation)		138			148			122			174			163			138			163

Total AFG Consolidated	$	2,794		$	2,777		$	2,730		$	2,748		$	2,688		$	2,794		$	2,688

Annualized Return - AFG Consolidated		6.2	%		1.2	%		1.8	%		4.9	%		5.4	%		3.0	%		6.5	%

(a)	AFG records holding gains and losses in net investment income on certain securities classified at purchase as “fair value through net investment income.”

(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to market through net income.

Page 17

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


September 30, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	170	$	170	$	—			2	%		1	%
States, municipalities and political subdivisions		877		853		(24	)		8	%		5	%
Foreign government		314		318		4			3	%		2	%
Residential mortgage-backed securities		2,387		2,311		(76	)		22	%		14	%
Collateralized loan obligations		1,101		1,100		(1	)		10	%		7	%
Other asset-backed securities		2,420		2,403		(17	)		23	%		14	%
Corporate and other bonds		3,383		3,443		60			32	%		21	%

Total AFG consolidated	$	10,652	$	10,598	$	(54	)		100	%		64	%

Approximate duration - P&C

3.1 years

Approximate duration - P&C including cash

2.7 years


December 31, 2024	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	176	$	173	$	(3	)		2	%		1	%
States, municipalities and political subdivisions		905		859		(46	)		8	%		5	%
Foreign government		283		284		1			3	%		2	%
Residential mortgage-backed securities		2,121		1,989		(132	)		19	%		13	%
Collateralized loan obligations		1,239		1,237		(2	)		12	%		8	%
Other asset-backed securities		2,457		2,407		(50	)		22	%		15	%
Corporate and other bonds		3,548		3,525		(23	)		34	%		22	%

Total AFG consolidated	$	10,729	$	10,474	$	(255	)		100	%		66	%

Approximate duration - P&C

3.1 years

Approximate duration - P&C including cash

2.8 years

(a)	Book Value is amortized cost, net of allowance for expected credit losses.

Page 18

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

9/30/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	2	$	162	$	277	$	2,039	$	1,051	$	789	$	13	$	4,333		41	%
AA		168		653		14		90		46		326		178		1,475		14	%
A		—		28		22		70		3		702		970		1,795		17	%
BBB		—		8		4		28		—		518		1,952		2,510		24	%

Subtotal - Investment grade		170		851		317		2,227		1,100		2,335		3,113		10,113		96	%
BB		—		—		—		1		—		4		159		164		2	%
B		—		—		—		2		—		1		33		36		0	%
CCC, CC, C		—		—		—		26		—		2		1		29		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		29		—		7		193		229		2	%
Not Rated (b)		—		2		1		55		—		61		137		256		2	%

Total	$	170	$	853	$	318	$	2,311	$	1,100	$	2,403	$	3,443	$	10,598		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	170	$	839	$	253	$	2,200	$	1,026	$	1,802	$	1,172	$	7,462		73	%
2		—		8		—		31		—		504		1,939		2,482		24	%

Subtotal		170		847		253		2,231		1,026		2,306		3,111		9,944		97	%
3		—		—		—		2		—		5		184		191		2	%
4		—		—		—		—		—		1		48		49		0	%
5		—		—		—		13		—		2		57		72		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		16		—		11		290		317		3	%
Total insurance companies	$	170	$	847	$	253	$	2,247	$	1,026	$	2,317	$	3,401	$	10,261		100	%

No NAIC designation (c)		—		—		—		—		—		29		11		40
Non-Insurance and Foreign Companies (d)		—		6		65		64		74		57		31		297

Total	$	170	$	853	$	318	$	2,311	$	1,100	$	2,403	$	3,443	$	10,598

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	For ABS, 47% are NAIC 1 and 48% do not have a designation.

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

For Total, 33% are NAIC 1, 12% NAIC 3, 27% NAIC 5 and 16% do not have a designation.

(c)	Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d)	98% are investment grade rated.

Page 19

Appendix B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2024

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	342	$	264	$	1,717	$	1,166	$	856	$	14	$	4,359		42	%
AA		173		469		9		92		66		305		175		1,289		12	%
A		—		38		5		69		4		649		925		1,690		16	%
BBB		—		8		6		20		—		519		1,990		2,543		24	%

Subtotal - Investment grade		173		857		284		1,898		1,236		2,329		3,104		9,881		94	%
BB		—		—		—		2		—		7		167		176		2	%
B		—		—		—		2		—		2		33		37		0	%
CCC, CC, C		—		—		—		28		—		3		14		45		1	%
D		—		—		—		—		—		—		12		12		0	%

Subtotal - Non-Investment grade		—		—		—		32		—		12		226		270		3	%
Not Rated (b)		—		2		—		59		1		66		195		323		3	%

Total	$	173	$	859	$	284	$	1,989	$	1,237	$	2,407	$	3,525	$	10,474		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	173	$	846	$	237	$	1,898	$	1,220	$	1,810	$	1,119	$	7,303		71	%
2		—		8		—		20		—		508		1,988		2,524		25	%

Subtotal		173		854		237		1,918		1,220		2,318		3,107		9,827		96	%
3		—		—		—		8		—		7		172		187		2	%
4		—		—		—		—		—		2		59		61		1	%
5		—		—		—		6		—		4		127		137		1	%
6		—		—		—		1		—		2		16		19		0	%

Subtotal		—		—		—		15		—		15		374		404		4	%
Total insurance companies	$	173	$	854	$	237	$	1,933	$	1,220	$	2,333	$	3,481	$	10,231		100	%

No NAIC designation (c)		—		—		—		—		1		25		8		34
Non-Insurance and Foreign Companies (d)		—		5		47		56		16		49		36		209

Total	$	173	$	859	$	284	$	1,989	$	1,237	$	2,407	$	3,525	$	10,474

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies 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.

(d)	98% are investment grade rated.

Page 20

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

9/30/2025

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Autos		Consumer		Healthcare		REITs		Retailers		Basic Industry		Capital Goods		Media		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		5		—		48		23		5		32		—		37		15		—		10		—		—		—		3		178		5	%
A		37		192		154		43		139		63		101		51		36		53		21		16		30		3		31		970		28	%
BBB		796		261		53		161		90		95		66		49		39		60		45		85		45		15		92		1,952		57	%

Subtotal		838		453		255		238		234		190		167		137		90		113		76		101		75		18		128		3,113		90	%
BB		34		7		—		4		—		—		18		11		2		6		36		11		1		22		7		159		5	%
B		4		2		—		—		—		—		—		7		10		—		—		—		4		6		—		33		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		1		—		—		—		—		—		—		1		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		38		9		—		4		—		—		18		18		13		6		36		11		5		28		7		193		6	%
Not Rated (b)		—		—		7		1		—		29		1		18		41		5		11		—		2		20		2		137		4	%

Total	$	876	$	462	$	262	$	243	$	234	$	219	$	186	$	173	$	144	$	124	$	123	$	112	$	82	$	66	$	137	$	3,443		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Autos		Consumer		Healthcare		REITs		Retailers		Basic Industry		Capital Goods		Media		Other		Total		% Total
1	$	42	$	189	$	200	$	76	$	144	$	108	$	101	$	91	$	51	$	53	$	31	$	16	$	33	$	3	$	34	$	1,172		34	%
2		792		258		52		157		88		95		66		55		38		60		44		82		44		14		94		1,939		57	%

Subtotal		834		447		252		233		232		203		167		146		89		113		75		98		77		17		128		3,111		91	%
3		34		7		—		4		—		—		17		18		26		6		36		6		1		22		7		184		6	%
4		4		2		—		—		—		—		—		7		9		—		12		4		4		6		—		48		1	%
5		—		—		—		1		—		10		—		2		19		5		—		—		—		20		—		57		2	%
6		—		—		—		—		—		1		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		38		9		—		5		—		11		17		27		54		11		48		10		5		48		7		290		9	%
Total insurance companies	$	872	$	456	$	252	$	238	$	232	$	214	$	184	$	173	$	143	$	124	$	123	$	108	$	82	$	65	$	135	$	3,401		100	%

No NAIC designation (c)		—		—		7		—		—		4		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		4		6		3		5		2		1		2		—		1		—		—		4		—		1		2		31

Total	$	876	$	462	$	262	$	243	$	234	$	219	$	186	$	173	$	144	$	124	$	123	$	112	$	82	$	66	$	137	$	3,443

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	14% of not rated securities are NAIC 1, 22% NAIC 3 and 41% NAIC 5.

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

Page 21

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2024

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Other Financials		Utilities		Consumer		Autos		Healthcare		REITs		Basic Industry		Retailers		Capital Goods		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	Asset Managers		Banking		Technology		Insurance		Other Financials		Utilities		Consumer		Autos		Healthcare		REITs		Basic Industry		Retailers		Capital Goods		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 rate a security, the rating displayed is the second lowest.

(b)	9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.

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

Page 22

Appendix E

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

9/30/2025

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		TruPS		Triple Net Lease		Aircraft		Railcar		Commercial Real Estate		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	119	$	213	$	16	$	—	$	149	$	—	$	95	$	69	$	128	$	789		33	%
AA		76		138		14		17		29		—		20		—		—		32		326		14	%
A		10		3		15		152		169		—		66		—		—		287		702		29	%
BBB		436		—		—		16		6		—		2		—		—		58		518		21	%

Subtotal		522		260		242		201		204		149		88		95		69		505		2,335		97	%
BB		—		—		—		2		—		—		1		—		—		1		4		0	%
B		—		—		—		1		—		—		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		2		—		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		5		—		—		1		—		—		1		7		0	%
Not Rated (b)		—		—		—		4		—		—		29		—		—		28		61		3	%

Total	$	522	$	260	$	242	$	210	$	204	$	149	$	118	$	95	$	69	$	534	$	2,403		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		TruPS		Triple Net Lease		Aircraft		Railcar		Commercial Real Estate		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	258	$	237	$	184	$	183	$	139	$	114	$	92	$	67	$	442	$	1,802		78	%
2		426		—		—		15		6		—		1		—		—		56		504		22	%

Subtotal		512		258		237		199		189		139		115		92		67		498		2,306		100	%
3		—		—		—		1		—		—		2		—		—		2		5		0	%
4		—		—		—		1		—		—		—		—		—		—		1		0	%
5		—		—		—		1		—		—		—		—		—		1		2		0	%
6		—		—		—		3		—		—		—		—		—		—		3		0	%

Subtotal		—		—		—		6		—		—		2		—		—		3		11		0	%
Total insurance companies	$	512	$	258	$	237	$	205	$	189	$	139	$	117	$	92	$	67	$	501	$	2,317		100	%

No NAIC designation		—		—		—		1		—		—		1		—		—		27		29
Non-Insurance and Foreign Companies		10		2		5		4		15		10		—		3		2		6		57

Total	$	522	$	260	$	242	$	210	$	204	$	149	$	118	$	95	$	69	$	534	$	2,403

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	47% of not rated securities are NAIC 1 and 48% do not have a designation.

Page 23

Appendix F

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

12/31/2024

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	258	$	191	$	46	$	—	$	7	$	17	$	125	$	69	$	143	$	856		36	%
AA		75		—		14		130		25		4		25		—		—		32		305		12	%
A		10		—		17		18		156		118		65		—		—		265		649		27	%
BBB		427		—		—		—		6		21		1		—		—		64		519		22	%

Subtotal		512		258		222		194		187		150		108		125		69		504		2,329		97	%
BB		—		—		—		—		—		5		1		—		—		1		7		0	%
B		—		—		—		—		—		2		—		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		—		10		1		—		—		1		12		0	%
Not Rated (b)		—		—		—		—		—		2		33		—		—		31		66		3	%

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	536	$	2,407		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	85	$	240	$	219	$	191	$	179	$	127	$	139	$	121	$	67	$	442	$	1,810		77	%
2		416		—		—		—		6		21		1		—		—		64		508		22	%

Subtotal		501		240		219		191		185		148		140		121		67		506		2,318		99	%
3		—		—		—		—		—		4		2		—		—		1		7		1	%
4		—		—		—		—		—		2		—		—		—		—		2		0	%
5		—		—		—		—		—		3		—		—		—		1		4		0	%
6		—		—		—		—		—		2		—		—		—		—		2		0	%

Subtotal		—		—		—		—		—		11		2		—		—		2		15		1	%
Total insurance companies	$	501	$	240	$	219	$	191	$	185	$	159	$	142	$	121	$	67	$	508	$	2,333		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		25		25
Non-Insurance and Foreign Companies		11		18		3		3		2		3		—		4		2		3		49

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	536	$	2,407

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	57% of not rated securities are NAIC 1 and 38% do not have a designation.

Page 24

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

9/30/2025

($ in millions)

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


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,246		88	%		92	%		96	%
Fund Investments		102		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		17		1	%		91	%		100	%
Marina		16		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,422		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	53		52	%	$	—
Marina		35		35	%		—
Office Building		12		11	%		—
Land		2		2	%		—

Total	$	102		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		71	%		66	%
Hospitality		186		19	%		45	%
Marina		52		5	%		52	%
Office		49		5	%		98	%

Total	$	975		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 9/30/2025 (c) Collections for July-September

Page 25

Appendix H

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2024

($ in millions)

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


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,222		88	%		92	%		97	%
Fund Investments		93		7	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		17		1	%		91	%		100	%
Marina		16		1	%		—			—
Hospitality		10		1	%		—			—
Land Development		6		0	%		—			—

Total	$	1,392		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		35		37	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	96		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
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 table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/2024

(c)	Collections for October - December

Page 26