Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 8

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 8
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 you that an active trading market will be available for the senior notes or that you will be able to sell your senior notes at the price you originally paid for them or at the time you wish to sell them. Future trading prices of the senior notes will depend on many factors including, among other things, prevailing interest rates, our operating results and financial condition, our credit ratings, our future prospects and the market for similar securities. Generally, the liquidity of, and trading market for, the senior notes may also be materially and adversely affected by declines in the market for similar debt securities. Such a decline may materially and adversely affect such liquidity and trading independent of our financial performance and prospects. We may incur additional indebtedness that may adversely affect our ability to meet our financial obligations under the senior notes. The terms of the indenture and the senior notes do not impose any limitation on our or our subsidiaries’ ability to incur additional debt. We may incur additional indebtedness in the future, which could have important consequences to holders of the senior notes, including the following:

| • | we could have insufficient cash to meet our financial obligations, including our obligations under the senior notes; |

| • | our ability to obtain additional financing for working capital, contributions to the surplus of our operating insurance companies, capital expenditures or general corporate purposes may be impaired; and |

| • | a significant degree of debt could make us more vulnerable to changes in general economic conditions and also could affect the financial strength ratings of our insurance subsidiaries. |

The senior notes will be effectively subordinated to the liabilities of our subsidiaries. We have limited operations of our own and derive substantially all of our revenue and cash flow from our subsidiaries. None of our subsidiaries will guarantee the senior notes. Creditors of our subsidiaries (including policyholders and trade creditors) will generally be entitled to payment from the assets of those subsidiaries before those assets can be distributed to us. As a result, the senior notes will effectively be subordinated to the liabilities of our subsidiaries. Our insurance subsidiaries also 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 “Ranking” under Description of Senior Notes. Changes in our credit ratings or the debt markets could adversely affect the market price of the senior notes. The market price for the senior notes depends on many factors, including, among other things:

| • | our credit ratings