Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 55

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 55
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 top 37.5% of plan companies. |

| (4) | Book value per share growth must exceed that of all plan companies. |

Under the long-term growth in book value per share component, if the Company’s growth in book value per share over the three-year performance period placed it in the fourth (lowest) quartile of the plan companies, no award for the metric would be payable to any participant. If the Company’s growth in book value per share exceeded all plan companies, each participant would receive the maximum amount payable for the metric (200% of the target amount). If the Company’s growth in book value per share exceeded the fourth (lowest) quartile of the plan companies but did not exceed that of all plan companies, each participant would be entitled to an award (expressed as a percentage of target) calculated by applying straight-line interpolation for growth in book value per share between 0% (for being in the fourth (lowest) quartile of plan companies) and 200% (for growth in book value per share exceeding all

| 2025 Proxy Statement | American Financial Group53 |

TABLE OF CONTENTS Compensation Discussion and Analysis

plan companies). In order for a participant to receive the target amount, the Company’s growth in book value per share must be in the top 37.5% of the plan companies. As provided in the Senior Executive LTIC, two plan companies that were acquired during the three-year performance period were excluded when calculating awards. After excluding these four companies, the plan companies for the three-year period ended December 31, 2024, were:

| 1.American International Group, Inc. |
| 2.Arch Capital Group Ltd.            |
| 3.Assurant, Inc.                     |
| 4.Axis Capital Holdings Ltd.         |
| 5.Chubb Limited                      |
| 6.Cincinnati Financial Corp.         |
| 7.CNA Financial Corporation          |
| 8.Employers Holdings, Inc.           |
| 9.Fairfax Financial Holdings Limited |
| 10.Global Indemnity Group, LLC       |
| 11.The Hanover Insurance Group, Inc. |

| 12.The Hartford Financial Services Group, Inc. |
| 13.Horace Mann Educators Corp.                 |
| 14.Markel Corporation                          |
| 15.Old Republic International Corporation      |
| 16.ProAssurance Corporation                    |
| 17.RenaissanceRe Holdings Ltd.                 |
| 18.RLI