Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 2

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 2
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 | Commercial lines industry data based on AM Best’s Market Segment Report – February 20, 2025. |

| 2025 Proxy Statement | American Financial Group3 |

TABLE OF CONTENTS PROXY STATEMENT SUMMARY

2024 FINANCIAL HIGHLIGHTS FINANCIAL RESULTS:

| Core Net Operating Earnings Per Share 
 (Non-GAAP)(1)                         |     | Core Operating      
 Return on Equity(2) |     | Statutory                 
 Combined Ratio(3)         |
| $10.75                                |     | 19.3%               |     | 90.9%                     |
|                                       |     |                     |     | Compared to 97.0% for the 
 commercial lines industry |

| Total Capital Returned                                                                                        
 to Shareholders                                                                                               |     | Growth in                                                                                               
 Book Value per Share                                                                                    
 + Dividends                                                                                             |     | 10-Year Total Shareholder Return                                                                   |
| $791 million                                                                                                  |     | 19.6%                                                                                                   |     | 355%                                                                                               |
| -$246 million in regular dividends                                                                            
 -$545 million in special dividends                                                                            
 -Regular dividend rate increased 12.7% in October 2024, representing 19th consecutiveannual dividend increase |     | Based on 12/31/24 book value per share (excluding AOCI) of $56.03 and 2024 dividends of $9.43 per share |     | Compared to 242% and 314%, respectively, for the S&P 500 and S&P 500 Property and Casualty Indices |

FINANCIAL STRENGTH: (4)

| A.M. Best    |
| A+(Superior) |

| Standard & Poor’s |
| A+ (Strong)       |

| Moody’s |
| A1      |

| Rated “A” Excellent or better by A.M. Best for more than 115 years |
| One of only four companies to achieve this result                  |

| (1) | AFG’s net earnings attributable to shareholders, a GAAP financial measure, include certain items that may not be indicative of its ongoing core operations. AFG believes that its core net operating earnings, a non-GAAP financial measure, provides management, financial analysts, ratings agencies and investors with an understanding of the results from the ongoing operations of the Company by excluding net realized gains and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results