Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 39

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 39
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 Prospectus
<div align='center'>**Debt Securities, Common Stock, Preferred Stock, Warrants,**</div>

#### Depositary Shares, Purchase Contracts and Units
**We may offer to the public and sell from time to time in one or more offerings (i) debt securities, (ii) shares of common stock, (iii) shares of preferred stock, (iv) warrants to purchase common stock, preferred stock or debt securities, (v) depositary shares representing fractional interests in preferred stock, (vi) purchase contracts representing an obligation to purchase any of the securities referred to herein, or (vii) units, comprised of two or more of any of the securities referred to herein, in any combination. We will provide you specific terms of these securities in supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest.

We may offer these securities from time to time in amounts, at prices and on other terms to be determined at the time of offering. We may offer and sell these securities to or through underwriters, dealers or agents, or directly to investors, on a continuous or delayed basis. We reserve the sole right to accept, and we and any agents, dealers and underwriters reserve the right to reject, in whole or in part, any proposed purchase of securities. The supplements to this prospectus will provide the specific terms of the plan of distribution.

This prospectus may not be used to offer and sell securities unless accompanied by a prospectus supplement. In addition, selling securityholders to be named in a prospectus supplement may offer and sell from time to time securities in such amounts as set forth in a prospectus supplement. Unless otherwise set forth in a prospectus supplement, we will not receive any proceeds from the sale of securities by any selling securityholders.

Our common stock is listed on the New York Stock Exchange under the symbol “AFG.” Each prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange.

Investing in our securities involves risks. See “Risk Factors” beginning on page**

#### 3
**and those included in our reports filed with the Securities and Exchange Commission and in any applicable prospectus supplement before investing in any of our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

<div align='center'>The date of this prospectus is