Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 48

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 48
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, record premium production, record P&C investment income, annual core return on equity of 19.3%, and growth in book value per share plus dividends, excluding AOCI, of 19.6%. This excellent performance allowed the Company to return nearly $800 million of capital to shareholders, comprised of $246 million of regular dividends and $545 million of special dividends.

| 482025 Proxy Statement | American Financial Group |

TABLE OF CONTENTS Compensation Discussion and Analysis

When reviewing total 2024 compensation paid to the NEOs, the Compensation Committee determined that the Company’s results appropriately rewarded them under the 2024 Annual Bonus Plan with payments that were above target (112-115% of target) but below their respective maximum levels. The Compensation Committee credited the named executive officers for their leadership and believed that total 2024 compensation, principally incentive compensation earned based on Company results, was appropriate and consistent with the Company’s pay-for-performance philosophy. 2024 Say-on-Pay Vote

| AFG annually holds an advisory vote on the compensation of its NEOs, commonly referred to as a Say-on-Pay vote. Our shareholders approved the compensation of our NEOs with approximately 95% of votes cast in 2024 in favor of our Say-on-Pay resolution. The Compensation Committee believes that the result of the advisory vote is valuable in assessing its compensation decisions and considers each year’s vote in its annual review of the Company’s executive compensation programs. |

Compensation Committee Discussions with Co-CEOs Our Co-CEOs determine the compensation for the NEOs other than themselves, which is annually reviewed by Compensation Committee. The Compensation Committee evaluates and makes recommendations to the Board and the Co-CEOs with respect to incentive-compensation plans and equity-based plans. Our Co-CEOs discuss with the Compensation Committee their evaluation of the Company’s performance, their personal performance, their current and potential future compensation levels, and the reported compensation of NEOs at the Compensation Peer Group companies before the Compensation Committee determines annual and long-term incentive compensation for the Co-CEOs. Specifically, the Co-CEOs recommend consideration of AFG’s business plan in connection with annual compensation objectives and targets. The Compensation Committee considers this input in connection with its review and approval of corporate goals and objectives relevant to Co-CEO compensation, deliberation of Co-CEO performance in light of those goals and objectives, and determination of Co-CEO compensation levels based on this evaluation. The Co-CEOs believe that Mr. Berding, who serves as the Company’s