Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 13

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 13
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 operations; and |

| • | AFG’s revenues could be adversely affected if it is not able to attract and retain independent agents. |

Risks Relating to Estimates, Assumptions and Valuations

| • | AFG’s property and casualty reserves may be inadequate, which could have a material adverse effect on AFG’s results of operations; |

| • | AFG uses analytical models to assist in its underwriting, reserving and reinsurance purchasing decision-making, and actual results may differ materially from the model outputs and related analyses; and |

| • | Exposure to mass tort claims could materially adversely affect AFG’s results of operations and financial condition. |

Risks Relating to Economic, Political and Global Market Conditions

| • | AFG’s investment portfolio is subject to market risk, including changes in interest rates, which could have a material adverse effect on AFG’s results of operations and financial condition; |

| • | General economic, financial market and political conditions and conditions in the markets in which AFG operates may materially adversely affect its investment portfolio, results of operations, financial condition and stock price; |

| • | AFG’s alternative investments may be illiquid and volatile in terms of value and returns, which could negatively affect AFG’s investment income and liquidity; and |

| • | AFG’s access to capital may be limited or may not be available on favorable terms. |

Risks Related to Technology, Data Security and Privacy

| • | AFG or third parties may experience difficulties with technology or data security, which could have an adverse effect on AFG’s business or reputation; and |

| • | Any failure to appropriately collect, administer and protect consumer information could adversely affect AFG’s reputation, subject AFG to fines, claims and penalties, and have a material adverse effect on AFG’s business, financial condition and results of operations. |

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Risks Related to Financial Strength, Credit and Counterparties

| • | A downgrade or potential downgrade in AFG’s financial strength and/or credit ratings by one or more rating agencies could adversely affect its business, financial condition, results of operations and/or cash flows; and |

| • | The inability to obtain reinsurance or to collect on ceded reinsurance could adversely affect AFG’s results of operations. |

Regulatory and Legal Risks

| • | AFG may suffer losses from litigation, including from effects of emerging claim and coverage issues which could materially and adversely affect AFG’s financial condition and