Company: AFGC
Filing Date: 2025-09-17
Form Type: 424B5
Source: 0001140361-25-035246
Chunk: 6

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-09-17
Form: 424B5
Chunk 6
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 subsidiaries may incur.

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TABLE OF CONTENTS

The Offering The following is a brief summary of certain terms of this offering. For a more complete description of the terms of the senior notes, see “Description of Senior Notes” in this prospectus supplement. Issuer American Financial Group, Inc. Securities Offered $350,000,000 aggregate principal amount of 5.000% senior notes due September 23, 2035. Use of Proceeds We intend to use the net proceeds of this offering for general corporate purposes, which may include repurchases of our outstanding common shares. Pending application of the net proceeds, we may invest them in marketable securities. See “Use of Proceeds.” Maturity The senior notes will mature on September 23, 2035. Interest The senior notes will bear interest at 5.000% per year. Interest on the senior notes will be payable semi-annually in arrears on March 23 and September 23 of each year, beginning on March 23, 2026. Interest will accrue from and including September 23, 2025. Optional Redemption Prior to June 23, 2035 (three months prior to their maturity date) (the “Par Call Date”), we may redeem the senior notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

| (1) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the senior notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, and |

| (2) | 100% of the principal amount of the senior notes to be redeemed, |

plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the Par Call Date, we may redeem the senior notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest thereon to the redemption date. See “Description of Senior Notes - Optional Redemption of the Senior