Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 14

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 14
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 business operations; |

| • | AFG is subject to comprehensive regulation, and its ability to earn profits may be restricted by these regulations; |

| • | As a holding company, AFG is dependent on the operations of its insurance company subsidiaries to meet its obligations and pay future dividends; |

| • | AFG could be adversely impacted by changes to the U.S. Federal income tax laws; and |

| • | New accounting rules or changes to existing accounting standards could adversely impact AFG’s reported results of operations. |

General Risk Factors

| • | Certain shareholders exercise substantial control over AFG’s affairs, which may impede a change of control transaction; |

| • | AFG’s business and operations may be negatively impacted by its and its business partners’ failure to recruit and retain key employees; and |

| • | The price of AFG Common Stock may fluctuate significantly, which may make it difficult for holders to resell common stock when they want or at a price they find attractive. |

S-9

#### TABLE OF CONTENTS

### USE OF PROCEEDS
We expect to receive approximately $344 million in net proceeds from the sale of the senior notes in this offering, after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds of this offering for general corporate purposes, which may include repurchases of our outstanding common shares.

Pending application of the net proceeds, we may invest them in marketable securities.

<div align='center'>S-10</div>

TABLE OF CONTENTS

CAPITALIZATION The following table sets forth our consolidated capitalization as of June 30, 2025 on an actual basis and as adjusted to give effect to the offering of senior notes pursuant to this prospectus supplement. The table below should be read together with the detailed information and financial statements appearing in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus.

|                                                  |     | As of June 30, 2025 |     |                |
|:-------------------------------------------------|:----|--------------------:|:----|---------------:|
|                                                  |     |          Historical |     | As Adjusted(1) |
|                                                  |     |        -in millions |     |                |
| Direct Senior Obligations of AFG:                |     |                     |     |                |
| 4.500% Senior Notes due June 2047                |     |                $567 |     |           $567 |
| 5.25%