Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 16

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 16
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 long as any such additional senior notes have the same tenor and terms (including, without limitation, rights to receive accrued and unpaid interest as the senior notes then outstanding), so that such additional senior notes shall be consolidated with, form a single series with and increase the aggregate principal amount of the senior notes, provided that such additional senior notes shall be fungible for U.S. federal income tax purposes with the previously issued senior notes.

#### Ranking
The senior notes will be senior unsecured obligations of AFG and will rank equal in right of payment to all of our other senior unsecured indebtedness. In addition, we are structured as a holding company and conduct most of our business operations through our subsidiaries. The senior notes will be effectively subordinated to all existing and future indebtedness and other liabilities and obligations of our subsidiaries, which are distinct legal entities having no obligation to pay any amounts pursuant to the senior notes or to make funds available.

We are not restricted under the terms of the senior notes from incurring additional debt or repurchasing our securities. In addition, the indenture does not contain any covenants which require us to achieve or maintain any minimum financial results relating to our financial position or results of operations. Our ability to incur additional debt and take a number of other actions that are not limited by the terms of the senior notes could have the effect of diminishing our ability to make payments on the senior notes when due.

As of June 30, 2025, we had $820 million aggregate principal amount of outstanding senior indebtedness, a total of $450 million available under our bank credit facility, and approximately $3 million in miscellaneous other debt outstanding. The senior notes will be structurally subordinate to all liabilities of our subsidiaries. Our insurance subsidiaries have customary liabilities associated with insurance policies issued by those subsidiaries (generally claims), reinsurance obligations and other trade payables and expenses. As of June 30, 2025, our insurance subsidiaries had reserves for claims of approximately $13.8 billion. See “Risk Factors - The senior notes will be effectively subordinated to the liabilities of our subsidiaries.” Senior indebtedness does not include obligations to trade creditors created or assumed by us in the ordinary course of business, which will rank pari passu with the senior notes in right of payment upon liquidation.

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Limitation on Liens The indenture provides that, so long as any debt securities are outstanding, neither we nor any of our restricted subsidiaries may, directly