Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 0

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 0
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TABLE OF CONTENTS

Filed Pursuant to Rule 424(b)(5) Registration No. 333-277425 PROSPECTUS SUPPLEMENT (To Prospectus Dated February 27, 2024) $350,000,000 5.000% Senior Notes due 2035 We are offering $350,000,000 aggregate principal amount of 5.000% senior notes due 2035 (the “senior notes”). Interest on the senior notes is payable semi-annually in arrears on March 23 and September 23 of each year, beginning on March 23, 2026. The senior notes will mature on September 23, 2035. We may redeem some or all of the notes at any time, and from time to time, at the applicable redemption prices described in this prospectus supplement. See “Description of Senior Notes — Optional Redemption of the Senior Notes.” The senior notes will be unsecured senior obligations of our company and will rank equally with all of our other unsecured senior indebtedness. The senior notes will be issued only in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The senior notes are a new issue of securities with no established trading market. We do not intend to apply to list the senior notes on any securities exchange or on any automated dealer quotation system. Investing in the senior notes involves risks that are described in “Risk Factors” beginning on page S- 4of this prospectus supplement, page 3of the accompanying prospectus and in Item 1A “Risk Factors” beginning on page 17 of our Annual Report on Form 10-K for the year ended December 31, 2024. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

|                                     |     | Per Senior Note |     |        Total |
| Public Offering Price(1)            |     | 99.162%         |     | $347,067,000 |
| Underwriting discount               |     | 0.650%          |     |   $2,275,000 |
| Proceeds, before expenses, to us(1) |     | 98.512%         |     | $344,792,000 |

| (1) | Plus accrued interest, if any, from September