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American Financial Group, Inc.

Investor Supplement - Fourth Quarter 2025

February 3, 2026

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 - Fourth Quarter 2025


Section	Page
Table of Contents - Investor Supplement - Fourth 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 12/31/2025		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 12/31/2025		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 12/31/2025		23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
G. Real Estate-Related Investments 12/31/2025		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															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Highlights
Net earnings	$	299		$	215		$	174		$	154		$	255		$	842		$	887
Core net operating earnings		305			224			179			152			262			860			902
Total assets		32,659			33,834			30,669			30,294			30,836			32,659			30,836
Shareholders’ equity, excluding AOCI (a)		4,870			4,803			4,648			4,571			4,706			4,870			4,706
Property and Casualty net written premiums		1,444			2,252			1,803			1,611			1,460			7,110			7,139
Per share data
Diluted earnings per share	$	3.58		$	2.58		$	2.07		$	1.84		$	3.03		$	10.08		$	10.57
Core net operating earnings per share		3.65			2.69			2.14			1.81			3.12			10.29			10.75
Book value per share, excluding AOCI (a)		58.38			57.59			55.74			54.63			56.03			58.38			56.03
Dividends per common share		2.88			0.80			0.80			2.80			4.80			7.28			9.43
Financial ratios
Annualized return on equity (b)		24.7	%		18.2	%		15.0	%		13.3	%		21.3	%		17.8	%		19.0	%
Annualized core operating return on equity (b)		25.2	%		19.0	%		15.5	%		13.1	%		21.9	%		18.2	%		19.3	%
Property and Casualty combined ratio—Specialty:
Loss & LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%
Underwriting expense ratio		25.5	%		25.8	%		32.0	%		33.0	%		25.3	%		28.8	%		27.9	%

Combined ratio - Specialty		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%

(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															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance
Underwriting profit	$	284		$	138		$	113		$	94		$	202		$	629		$	620
Net investment income		171			205			179			170			195			725			784
Other income (expense)		(15	)		(15	)		(19	)		(18	)		(19	)		(67	)		(76	)

Property and Casualty Insurance operating earnings		440			328			273			246			378			1,287			1,328
Interest expense of parent holding companies		(23	)		(19	)		(19	)		(19	)		(19	)		(80	)		(76	)
Other expense		(31	)		(29	)		(27	)		(33	)		(29	)		(120	)		(114	)

Pretax core operating earnings		386			280			227			194			330			1,087			1,138
Income tax expense		81			56			48			42			68			227			236

Core net operating earnings		305			224			179			152			262			860			902
Non-core items, net of tax:
Realized gains (losses) on securities		(6	)		10			2			2			(7	)		8			—
Realized gain on subsidiaries		—			1			—			—			—			1			—
Special A&E charges - Former Railroad and Manufacturing operations		—			(20	)		—			—			—			(20	)		(11	)
Other non-core items		—			—			(7	)		—			—			(7	)		(4	)

Net earnings	$	299		$	215		$	174		$	154		$	255		$	842		$	887

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25		12/31/24			12/31/25			12/31/24
Core net operating earnings	$	305		$	224		$	179		$	152	$	262		$	860		$	902

Net earnings	$	299		$	215		$	174		$	154	$	255		$	842		$	887

Average number of diluted shares		83.411			83.397			83.488			83.842		83.966			83.533			83.903
Diluted earnings per share:
Core net operating earnings per share	$	3.65		$	2.69		$	2.14		$	1.81	$	3.12		$	10.29		$	10.75
Realized gains (losses) on securities		(0.07	)		0.12			0.02			0.03		(0.09	)		0.11			—
Realized gain on subsidiaries		—			0.01			—			—		—			0.01			—
Special A&E charges - Former Railroad and Manufacturing operations		—			(0.24	)		—			—		—			(0.24	)		(0.13	)
Other non-core items		—			—			(0.09	)		—		—			(0.09	)		(0.05	)

Diluted earnings per share	$	3.58		$	2.58		$	2.07		$	1.84	$	3.03		$	10.08		$	10.57

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Transportation	$	216		$	55		$	27		$	37		$	81		$	335		$	214
Specialty Casualty		27			33			49			20			69			129			279
Specialty Financial		44			51			38			37			54			170			133

Underwriting profit - Specialty		287			139			114			94			204			634			626
Other core charges, included in loss and LAE		(3	)		(1	)		(1	)		—			(2	)		(5	)		(6	)

Underwriting profit - Property and Casualty Insurance	$	284		$	138		$	113		$	94		$	202		$	629		$	620

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	2
Catastrophe losses		4			23			38			72			20			137			180

Total current accident year catastrophe losses	$	4		$	23		$	38		$	72		$	21		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(27	)	$	(23	)	$	(11	)	$	(20	)	$	36		$	(81	)	$	(64	)

Combined ratio:
Property and Transportation		70.6	%		94.1	%		95.2	%		92.5	%		89.5	%		87.8	%		92.4	%
Specialty Casualty		96.7	%		95.8	%		93.9	%		97.6	%		91.4	%		96.0	%		91.2	%
Specialty Financial		83.0	%		81.1	%		86.1	%		87.0	%		80.7	%		84.4	%		87.2	%
Combined ratio - Specialty		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%
Other core charges		0.2	%		0.1	%		0.0	%		0.1	%		0.1	%		0.0	%		0.0	%

Combined ratio		84.3	%		93.1	%		93.1	%		94.1	%		89.1	%		91.0	%		91.2	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		85.5	%		93.0	%		91.5	%		90.8	%		86.1	%		90.3	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.0	%		67.2	%		59.5	%		57.8	%		60.8	%		61.5	%		61.7	%
Prior accident year loss reserve development		(1.5	%)		(1.1	%)		(0.7	%)		(1.3	%)		1.9	%		(1.1	%)		(0.9	%)
Current accident year catastrophe losses		0.3	%		1.2	%		2.3	%		4.6	%		1.1	%		1.8	%		2.5	%

Loss and LAE ratio		58.8	%		67.3	%		61.1	%		61.1	%		63.8	%		62.2	%		63.3	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	2,085		$	3,665		$	2,653		$	2,291		$	2,043		$	10,694		$	10,533
Ceded reinsurance premiums		(641	)		(1,413	)		(850	)		(680	)		(583	)		(3,584	)		(3,394	)

Net written premiums		1,444			2,252			1,803			1,611			1,460			7,110			7,139
Change in unearned premiums		362			(239	)		(156	)		(31	)		390			(64	)		(103	)

Net earned premiums		1,806			2,013			1,647			1,580			1,850			7,046			7,036
Loss and LAE		1,058			1,354			1,006			965			1,179			4,383			4,449
Underwriting expense		461			520			527			521			467			2,029			1,961

Underwriting profit	$	287		$	139		$	114		$	94		$	204		$	634		$	626

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	2
Catastrophe losses		4			23			38			72			20			137			180

Total current accident year catastrophe losses	$	4		$	23		$	38		$	72		$	21		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(30	)	$	(24	)	$	(12	)	$	(20	)	$	34		$	(86	)	$	(70	)

Combined ratio:
Loss and LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%
Underwriting expense ratio		25.5	%		25.8	%		32.0	%		33.0	%		25.3	%		28.8	%		27.9	%

Combined ratio		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		85.5	%		93.0	%		91.5	%		90.8	%		86.1	%		90.2	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.0	%		67.2	%		59.5	%		57.8	%		60.8	%		61.4	%		61.7	%
Prior accident year loss reserve development		(1.6	%)		(1.2	%)		(0.7	%)		(1.3	%)		1.8	%		(1.2	%)		(1.0	%)
Current accident year catastrophe losses		0.2	%		1.2	%		2.3	%		4.5	%		1.1	%		2.0	%		2.6	%

Loss and LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	612		$	1,975		$	1,247		$	897		$	585		$	4,731		$	4,735
Ceded reinsurance premiums		(214	)		(924	)		(488	)		(334	)		(177	)		(1,960	)		(1,889	)

Net written premiums		398			1,051			759			563			408			2,771			2,846
Change in unearned premiums		337			(116	)		(183	)		(63	)		357			(25	)		(20	)

Net earned premiums		735			935			576			500			765			2,746			2,826
Loss and LAE		417			728			387			311			531			1,843			1,972
Underwriting expense		102			152			162			152			153			568			640

Underwriting profit	$	216		$	55		$	27		$	37		$	81		$	335		$	214

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	1
Catastrophe losses		—			4			12			10			9			26			65

Total current accident year catastrophe losses	$	—		$	4		$	12		$	10		$	10		$	26		$	66

Prior year loss reserve development (favorable) / adverse	$	(20	)	$	(11	)	$	(13	)	$	(19	)	$	(2	)	$	(63	)	$	(96	)

Combined ratio:
Loss and LAE ratio		56.8	%		77.8	%		67.2	%		62.1	%		69.5	%		67.1	%		69.8	%
Underwriting expense ratio		13.8	%		16.3	%		28.0	%		30.4	%		20.0	%		20.7	%		22.6	%

Combined ratio		70.6	%		94.1	%		95.2	%		92.5	%		89.5	%		87.8	%		92.4	%

Combined ratio excl. catastrophe losses and prior year reserve development		73.4	%		94.8	%		95.4	%		94.4	%		88.5	%		89.1	%		93.5	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		59.6	%		78.5	%		67.4	%		64.0	%		68.5	%		68.4	%		70.9	%
Prior accident year loss reserve development		(2.7	%)		(1.1	%)		(2.2	%)		(3.9	%)		(0.3	%)		(2.3	%)		(3.4	%)
Current accident year catastrophe losses		(0.1	%)		0.4	%		2.0	%		2.0	%		1.3	%		1.0	%		2.3	%

Loss and LAE ratio		56.8	%		77.8	%		67.2	%		62.1	%		69.5	%		67.1	%		69.8	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	1,153		$	1,337		$	1,062		$	1,068		$	1,126		$	4,620		$	4,543
Ceded reinsurance premiums		(357	)		(423	)		(297	)		(296	)		(353	)		(1,373	)		(1,297	)

Net written premiums		796			914			765			772			773			3,247			3,246
Change in unearned premiums		16			(104	)		34			22			32			(32	)		(70	)

Net earned premiums		812			810			799			794			805			3,215			3,176
Loss and LAE		558			541			516			536			541			2,151			2,045
Underwriting expense		227			236			234			238			195			935			852

Underwriting profit	$	27		$	33		$	49		$	20		$	69		$	129		$	279

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		(3	)		8			7			27			(6	)		39			34

Total current accident year catastrophe losses	$	(3	)	$	8		$	7		$	27		$	(6	)	$	39		$	35

Prior year loss reserve development (favorable) / adverse	$	(1	)	$	(1	)	$	10		$	12		$	44		$	20		$	37

Combined ratio:
Loss and LAE ratio		68.7	%		66.8	%		64.5	%		67.6	%		67.2	%		66.9	%		64.4	%
Underwriting expense ratio		28.0	%		29.0	%		29.4	%		30.0	%		24.2	%		29.1	%		26.8	%

Combined ratio		96.7	%		95.8	%		93.9	%		97.6	%		91.4	%		96.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		97.1	%		94.9	%		91.8	%		92.6	%		86.7	%		94.1	%		89.0	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		69.1	%		65.9	%		62.4	%		62.6	%		62.5	%		65.0	%		62.2	%
Prior accident year loss reserve development		(0.1	%)		(0.1	%)		1.2	%		1.6	%		5.4	%		0.6	%		1.2	%
Current accident year catastrophe losses		(0.3	%)		1.0	%		0.9	%		3.4	%		(0.7	%)		1.3	%		1.0	%

Loss and LAE ratio		68.7	%		66.8	%		64.5	%		67.6	%		67.2	%		66.9	%		64.4	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	320		$	353		$	344		$	326		$	332		$	1,343		$	1,255
Ceded reinsurance premiums		(70	)		(66	)		(65	)		(50	)		(53	)		(251	)		(208	)

Net written premiums		250			287			279			276			279			1,092			1,047
Change in unearned premiums		9			(19	)		(7	)		10			1			(7	)		(13	)

Net earned premiums		259			268			272			286			280			1,085			1,034
Loss and LAE		83			85			103			118			107			389			432
Underwriting expense		132			132			131			131			119			526			469

Underwriting profit	$	44		$	51		$	38		$	37		$	54		$	170		$	133

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		7			11			19			35			17			72			81

Total current accident year catastrophe losses	$	7		$	11		$	19		$	35		$	17		$	72		$	81

Prior year loss reserve development (favorable) / adverse	$	(9	)	$	(12	)	$	(9	)	$	(13	)	$	(8	)	$	(43	)	$	(11	)

Combined ratio:
Loss and LAE ratio		32.0	%		31.8	%		38.1	%		41.1	%		38.1	%		35.9	%		41.8	%
Underwriting expense ratio		51.0	%		49.3	%		48.0	%		45.9	%		42.6	%		48.5	%		45.4	%

Combined ratio		83.0	%		81.1	%		86.1	%		87.0	%		80.7	%		84.4	%		87.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		83.5	%		81.7	%		82.0	%		79.7	%		77.5	%		81.7	%		80.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		32.5	%		32.4	%		34.0	%		33.8	%		34.9	%		33.2	%		35.0	%
Prior accident year loss reserve development		(3.0	%)		(4.7	%)		(3.2	%)		(4.6	%)		(3.0	%)		(3.9	%)		(1.1	%)
Current accident year catastrophe losses		2.5	%		4.1	%		7.3	%		11.9	%		6.2	%		6.6	%		7.9	%

Loss and LAE ratio		32.0	%		31.8	%		38.1	%		41.1	%		38.1	%		35.9	%		41.8	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
Assets:
Total cash and investments	$	17,182		$	16,761		$	16,049		$	15,994		$	15,852		$	15,741
Recoverables from reinsurers		5,545			5,565			4,733			4,945			5,176			5,217
Prepaid reinsurance premiums		1,089			1,443			1,256			1,105			1,013			1,346
Agents’ balances and premiums receivable		1,641			2,034			1,946			1,589			1,532			1,995
Deferred policy acquisition costs		333			349			345			316			320			340
Assets of managed investment entities		4,050			3,972			3,833			3,848			4,140			4,332
Other receivables		1,212			2,075			877			855			1,123			1,989
Other assets		1,280			1,308			1,325			1,337			1,375			1,326
Goodwill		327			327			305			305			305			305

Total assets	$	32,659		$	33,834		$	30,669		$	30,294		$	30,836		$	32,591

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	15,111		$	15,079		$	13,834		$	13,970		$	14,179		$	14,206
Unearned premiums		3,736			4,450			4,026			3,710			3,584			4,320
Payable to reinsurers		1,201			1,578			1,152			1,028			1,191			1,620
Liabilities of managed investment entities		3,907			3,834			3,685			3,726			3,965			4,168
Long-term debt		1,820			1,820			1,476			1,476			1,475			1,475
Other liabilities		2,064			2,343			1,980			1,992			1,976			2,094

Total liabilities		27,839			29,104			26,153			25,902			26,370			27,883
Shareholders’ equity:
Common stock		83			83			83			84			84			84
Capital surplus		1,430			1,421			1,414			1,409			1,411			1,400
Retained earnings		3,357			3,299			3,151			3,078			3,211			3,360
Unrealized gains (losses) - fixed maturities		(22	)		(43	)		(101	)		(141	)		(202	)		(100	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(2	)		(3	)		(5	)		(7	)		(10	)		(7	)
Other comprehensive income (loss), net of tax		(26	)		(27	)		(26	)		(31	)		(28	)		(29	)

Total shareholders’ equity		4,820			4,730			4,516			4,392			4,466			4,708

Total liabilities and equity	$	32,659		$	33,834		$	30,669		$	30,294		$	30,836		$	32,591

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
Shareholders’ equity	$	4,820		$	4,730		$	4,516		$	4,392		$	4,466		$	4,708
Accumulated other comprehensive income (loss)		(50	)		(73	)		(132	)		(179	)		(240	)		(136	)

Shareholders’ equity, excluding AOCI		4,870			4,803			4,648			4,571			4,706			4,844
Goodwill		327			327			305			305			305			305
Intangibles		189			192			193			198			203			199

Tangible shareholders’ equity, excluding AOCI	$	4,354		$	4,284		$	4,150		$	4,068		$	4,198		$	4,340

Common shares outstanding		83.422			83.401			83.386			83.668			83.978			83.923
Book value per share:
Book value per share	$	57.78		$	56.72		$	54.15		$	52.50		$	53.18		$	56.10
Book value per share, excluding AOCI		58.38			57.59			55.74			54.63			56.03			57.71
Tangible, excluding AOCI		52.20			51.38			49.77			48.62			49.98			51.72
Market capitalization
AFG’s closing common share price	$	136.68		$	145.72		$	126.21		$	131.34		$	136.93		$	134.60
Market capitalization	$	11,402		$	12,153		$	10,524		$	10,989		$	11,499		$	11,296
Price / Book value per share, excluding AOCI		2.34			2.53			2.26			2.40			2.44			2.33

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


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

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

Total principal amount of long-term debt		1,848			1,848			1,498			1,498			1,498			1,498
Shareholders’ equity		4,820			4,730			4,516			4,392			4,466			4,708
Accumulated other comprehensive income (loss)		(50	)		(73	)		(132	)		(179	)		(240	)		(136	)

Total capital, excluding AOCI	$	6,718		$	6,651		$	6,146		$	6,069		$	6,204		$	6,342

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.5	%		27.8	%		24.4	%		24.7	%		24.1	%		23.6	%
Excluding subordinated debt		17.5	%		17.6	%		13.4	%		13.6	%		13.3	%		13.0	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)	$	984		$	936		$	931		$	967		$	1,179		$	3,818		$	4,034


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,334		$	6,173		$	5,935		$	5,853		$	5,962		$	6,150
Parent and other subsidiaries		(1,464	)		(1,370	)		(1,287	)		(1,282	)		(1,256	)		(1,306	)

AFG GAAP Equity (excluding AOCI)	$	4,870		$	4,803		$	4,648		$	4,571		$	4,706		$	4,844

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,081		$	1,004		$	1,004		$	1,004		$	1,004		$	946

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - December 31, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,377	$	350	$	—		$	1,727		10	%
Fixed maturities - Available for sale		10,923		129		—			11,052		64	%
Fixed maturities - Trading		91		—		—			91		1	%
Equity securities - Common stocks		365		—		—			365		2	%
Equity securities - Perpetual preferred		420		—		—			420		2	%
Investments accounted for using the equity method		2,419		2		—			2,421		14	%
Mortgage loans		947		—		—			947		6	%
Real estate and other investments		199		103		(143	)		159		1	%

Total cash and investments	$	16,741	$	584	$	(143	)	$	17,182		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															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	138		$	135		$	140		$	137		$	134		$	550		$	532
Equity securities		6			6			15			6			9			33			29
Other investments (a)		27			27			23			21			24			98			87

Gross investment income excluding alternative investments		171			168			178			164			167			681			648
Gross investment income from alternative investments (b)		6			43			8			12			33			69			158

Total gross investment income		177			211			186			176			200			750			806
Investment expenses		(6	)		(6	)		(7	)		(6	)		(5	)		(25	)		(22	)

Total net investment income	$	171		$	205		$	179		$	170		$	195		$	725		$	784

Average cash and investments (c)	$	16,520		$	16,095		$	15,921		$	15,881		$	15,718		$	16,144		$	15,479

Average yield - overall portfolio, net (d)		4.14	%		5.09	%		4.50	%		4.28	%		4.96	%		4.49	%		5.06	%
Average yield - fixed maturities before inv expenses (d)		5.11	%		5.12	%		5.24	%		5.13	%		5.09	%		5.13	%		5.02	%
AFG consolidated net investment income:
Property & Casualty core	$	171		$	205		$	179		$	170		$	195		$	725		$	784
Parent & other		7			6			7			5			7			25			29
Consolidate CLOs		5			(6	)		(2	)		(2	)		(8	)		(5	)		(33	)

Total net investment income	$	183		$	205		$	184		$	173		$	194		$	745		$	780

Average cash and investments (c)	$	17,013		$	16,496		$	16,175		$	16,140		$	15,987		$	16,496		$	15,767

Average yield - overall portfolio, net (d)		4.30	%		4.97	%		4.55	%		4.29	%		4.85	%		4.52	%		4.95	%
Average yield - fixed maturities before inv expenses (d)		5.11	%		5.11	%		5.24	%		5.13	%		5.10	%		5.13	%		5.04	%

(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															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	16		$	8		$	(3	)	$	12		$	22		$	22
Equity securities MTM through investment income (a)		(12	)		(6	)		4			—			12			(14	)		57
Investments accounted for using the equity method (b)		22			27			(6	)		13			1			56			46
AFG managed CLOs (eliminated in consolidation)		(5	)		6			2			2			8			5			33

Total Property & Casualty	$	6		$	43		$	8		$	12		$	33		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	44		$	30		$	55		$	50		$	75		$	44		$	75
Equity securities MTM through investment income (a)		211			243			233			232			222			211			222
Investments accounted for using the equity method (b)		2,419			2,381			2,338			2,324			2,275			2,419			2,275
AFG managed CLOs (eliminated in consolidation)		143			138			148			122			174			143			174

Total Property & Casualty	$	2,817		$	2,792		$	2,774		$	2,728		$	2,746		$	2,817		$	2,746

Annualized Return - Property & Casualty		0.9	%		6.2	%		1.2	%		1.8	%		4.9	%		2.5	%		6.1	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	16		$	8		$	(3	)	$	12		$	22		$	22
Equity securities MTM through investment income (a)		(12	)		(6	)		4			—			12			(14	)		57
Investments accounted for using the equity method (b)		22			27			(6	)		13			1			56			46
AFG managed CLOs (eliminated in consolidation)		(5	)		6			2			2			8			5			33

Total AFG Consolidated	$	6		$	43		$	8		$	12		$	33		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	44		$	30		$	55		$	50		$	75		$	44		$	75
Equity securities MTM through investment income (a)		211			243			233			232			222			211			222
Investments accounted for using the equity method (b)		2,421			2,383			2,341			2,326			2,277			2,421			2,277
AFG managed CLOs (eliminated in consolidation)		143			138			148			122			174			143			174

Total AFG Consolidated	$	2,819		$	2,794		$	2,777		$	2,730		$	2,748		$	2,819		$	2,748

Annualized Return - AFG Consolidated		0.9	%		6.2	%		1.2	%		1.8	%		4.9	%		2.5	%		6.1	%

(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 )


December 31, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	160	$	161	$	1			1	%		1	%
States, municipalities and political subdivisions		853		835		(18	)		7	%		5	%
Foreign government		301		303		2			3	%		2	%
Residential mortgage-backed securities		2,807		2,747		(60	)		25	%		16	%
Collateralized loan obligations		1,162		1,160		(2	)		10	%		7	%
Other asset-backed securities		2,534		2,525		(9	)		23	%		14	%
Corporate and other bonds		3,354		3,412		58			31	%		20	%

Total AFG consolidated	$	11,171	$	11,143	$	(28	)		100	%		65	%

Approximate duration - P&C		3.3 years
Approximate duration - P&C including cash		2.9 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

12/31/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	161	$	255	$	2,475	$	1,137	$	831	$	13	$	4,872		44	%
AA		161		644		14		87		20		349		222		1,497		13	%
A		—		21		30		75		3		743		998		1,870		17	%
BBB		—		8		4		27		—		520		1,898		2,457		22	%

Subtotal - Investment grade		161		834		303		2,664		1,160		2,443		3,131		10,696		96	%
BB		—		—		—		2		—		5		122		129		1	%
B		—		—		—		1		—		1		20		22		0	%
CCC, CC, C		—		—		—		25		—		2		3		30		1	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		28		—		8		145		181		2	%
Not Rated (b)		—		1		—		55		—		74		136		266		2	%

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	161	$	822	$	239	$	2,639	$	1,059	$	1,906	$	1,230	$	8,056		75	%
2		—		8		—		26		—		509		1,861		2,404		22	%

Subtotal		161		830		239		2,665		1,059		2,415		3,091		10,460		97	%
3		—		—		—		1		—		5		174		180		2	%
4		—		—		—		1		—		5		35		41		0	%
5		—		—		—		13		—		1		62		76		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		16		—		14		272		302		3	%
Total insurance companies	$	161	$	830	$	239	$	2,681	$	1,059	$	2,429	$	3,363	$	10,762		100	%

No NAIC designation (c)		—		—		—		—		—		39		17		56
Non-Insurance and Foreign Companies (d)		—		5		64		66		101		57		32		325

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143

(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, 39% are NAIC 1 and 52% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation.

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

(d)	99% 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

12/31/2025

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Retailers		Consumer		REITs		Basic Industry		Capital Goods		Autos		Healthcare		Media		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		—		32		58		5		30		10		10		49		—		—		—		—		15		—		13		222		6	%
A		179		70		155		52		48		151		23		51		55		16		31		101		36		—		30		998		29	%
BBB		264		94		53		769		160		90		45		41		56		79		45		55		39		15		93		1,898		56	%

Subtotal		443		196		266		826		249		251		78		141		111		95		76		156		90		15		138		3,131		91	%
BB		6		—		—		—		4		—		36		9		6		8		1		18		3		25		6		122		4	%
B		2		—		—		—		—		—		—		7		—		—		—		—		5		6		—		20		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		8		—		—		—		4		—		36		16		6		8		4		18		8		31		6		145		5	%
Not Rated (b)		—		25		6		—		2		—		—		28		5		2		2		1		43		20		2		136		4	%

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	114	$	185	$	122	$	105	$	82	$	175	$	141	$	66	$	146	$	3,412		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Retailers		Consumer		REITs		Basic Industry		Capital Goods		Autos		Healthcare		Media		Other		Total		% Total
1	$	176	$	104	$	211	$	57	$	88	$	161	$	33	$	101	$	55	$	16	$	33	$	101	$	50	$	—	$	44	$	1,230		37	%
2		261		70		52		763		157		88		45		48		56		77		44		54		38		14		94		1,861		55	%

Subtotal		437		174		263		820		245		249		78		149		111		93		77		155		88		14		138		3,091		92	%
3		7		24		—		—		4		—		36		16		6		4		1		18		27		25		6		174		5	%
4		2		—		—		—		—		—		—		18		—		4		—		—		5		6		—		35		1	%
5		—		10		—		—		1		—		—		2		5		1		3		—		20		20		—		62		2	%
6		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		35		—		—		5		—		36		36		11		9		4		18		52		51		6		272		8	%
Total insurance companies	$	446	$	209	$	263	$	820	$	250	$	249	$	114	$	185	$	122	$	102	$	81	$	173	$	140	$	65	$	144	$	3,363		100	%

No NAIC designation (c)		—		11		6		—		—		—		—		—		—		—		—		—		—		—		—		17
Non-Insurance and Foreign Companies		5		1		3		6		5		2		—		—		—		3		1		2		1		1		2		32

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	114	$	185	$	122	$	105	$	82	$	175	$	141	$	66	$	146	$	3,412

(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)	12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% 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

12/31/2025

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	231	$	170	$	—	$	15	$	—	$	113	$	93	$	92	$	117	$	831		33	%
AA		76		51		82		64		15		30		—		—		—		31		349		14	%
A		10		16		3		169		175		63		—		—		—		307		743		29	%
BBB		439		—		—		5		14		1		—		—		—		61		520		21	%

Subtotal		525		298		255		238		219		94		113		93		92		516		2,443		97	%
BB		—		—		—		—		2		1		—		—		—		2		5		0	%
B		—		—		—		—		1		—		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		5		1		—		—		—		2		8		0	%
Not Rated (b)		—		—		—		—		3		29		—		—		—		42		74		3	%

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	290	$	252	$	219	$	203	$	121	$	106	$	90	$	87	$	452	$	1,906		79	%
2		431		—		—		5		13		1		—		—		—		59		509		21	%

Subtotal		517		290		252		224		216		122		106		90		87		511		2,415		100	%
3		—		—		—		—		1		2		—		—		—		2		5		0	%
4		—		—		—		—		1		—		—		—		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		6		2		—		—		—		6		14		0	%
Total insurance companies	$	517	$	290	$	252	$	224	$	222	$	124	$	106	$	90	$	87	$	517	$	2,429		100	%

No NAIC designation		—		—		—		—		2		—		—		—		—		37		39
Non-Insurance and Foreign Companies		8		8		3		14		3		—		7		3		5		6		57

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525

(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)	39% of not rated securities are NAIC 1 and 52% 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

12/31/2025

($ 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	$	1,250		87	%		91	%		96	%
Fund Investments		105		8	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,431		100	%

Real Estate



Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	52		51	%	$	—
Marina		35		34	%		—
Office Building		13		13	%		—
Land		2		2	%		—

Total	$	102		100	%	$	—

Mortgage Loans



Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		73	%		66	%
Hospitality		160		17	%		42	%
Marina		52		5	%		52	%
Office		47		5	%		98	%

Total	$	947		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 12/31/2025

(c)	Collections for October - December

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