Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 3

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 3
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 because it believes this provides a more comparable measure of its continuing business. A reconciliation of net earnings attributable to shareholders to core net operating earnings can be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations — General” on page 48 of AFG’s Annual Report on Form 10-K for the year ended December 31, 2024. |

| (2) | Based on core net operating earnings and using a five-quarter average of ending shareholders’ equity excluding accumulated other comprehensive income. |

| (3) | Commercial lines industry data based on AM Best’s Market Segment Report – February 20, 2025. |

| (4) | Ratings of the Company’s U.S.-based property and casualty insurance companies, where rated. |

| 42025 Proxy Statement | American Financial Group |

TABLE OF CONTENTS

Corporate Governance Highlights Corporate Governance Summary

| Board          
 Independence   
 and Leadership |     |                                                                                                                    |     | All key board committees (Audit, Compensation and Corporate Governance) are chaired by and entirely comprised of independent directors. |
|                |     | Lead independent director empowered with broadly defined authorities and responsibilities.                         |     |                                                                                                                                         |
|                |     | Regular (at least quarterly) executive sessions of independent directors chaired by our lead independent director. |     |                                                                                                                                         |
|                |     | Regular (at least twice annually) independent director executive sessions with the Co-CEOs.                        |     |                                                                                                                                         |
|                |     | Strong board oversight of enterprise risk.                                                                         |     |                                                                                                                                         |

| Shareholder 
 Rights      |     |                                                      |     | Individual directors tender resignation if they fail to receive a majority of votes cast. |
|             |     | Shareholders have a right to call a special meeting. |     |                                                                                           |
|             |     | No poison pill.                                      |     |                                                                                           |

| Board         
 Effectiveness |     |                                                                                                                                                                   |     | Our Corporate Governance guidelines provide that we will consider Board candidates with a broad range of expertise, experience and qualifications, including candidates from both corporate positions and non-traditional environments such as government, academia and nonprofit organizations. |
|               |     | Our Board consists of directors with a wide variety of skills, experience and attributes.                                                                         |     |                                                                                                                                                                                                                                                                                                  |
|               |     | Our Board and Board committees undertake a robust annual self-evaluation conducted by an outside third-party.                                                     |     |                                                                                                                                                                                                                                                                                                  |
|               |     | Comprehensive