Company: AFGC
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012231
Chunk: 42

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 42
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 Ltd. |

| • | RLI Corp. |

| • | Selective Insurance Group, Inc. |

| • | The Travelers Companies, Inc. |

| • | W. R. Berkley Corporation |

Based upon all these factors, the Compensation Committee believes it is in AFG shareholders’ best long-term interest to ensure that the overall level of compensation is competitive with companies in the Compensation Peer Group. The Compensation Committee’s decisions concerning the specific 2024 compensation elements for the Co-CEOs were made within this framework. The Compensation Committee also considered each Co-CEO’s performance and prior-year salary, incentive awards and other compensation. In all cases, specific decisions involving 2024 compensation were ultimately based upon the Compensation Committee’s judgment about the Co-CEOs’ performance, potential future contributions and about whether each payment or award would provide an appropriate incentive and reward for performance that sustains and enhances long-term shareholder value without subjecting the Company to inappropriate or unreasonable risk. Based on its review, the Compensation Committee found the NEOs’ total compensation to be reasonable and consistent with the pay-for-performance objectives of the Company’s compensation programs.

| 2025 Proxy Statement | American Financial Group43 |

TABLE OF CONTENTS Compensation Discussion and Analysis Compensation Risk Analysis The Compensation Committee has reviewed the risk profile of the components of AFG’s executive compensation programs, including the performance objectives and target and maximum levels used in connection with incentive awards. The Company analyzes and structures its overall compensation program to discourage excessive risk-taking through a balanced use of compensation vehicles and metrics with an overall goal of delivering sustained long-term shareholder value while aligning executives’ interests with those of shareholders. Further, our program makes a substantial portion of each NEO’s compensation contingent on delivering performance results that benefit our shareholders. The Compensation Committee believes that AFG’s executive compensation programs incentivize the appropriate level of risk-taking behavior by its NEOs needed to grow the business, while encouraging prudent decision-making that focuses on both short-term and long-term results. Absence of Change in Control or Employment Agreements; “Double Trigger” Equity Awards Neither of the Co-CEOs or any other NEO is a party to an employment or other agreement providing for severance or change in control payments. Awards under the Company’s shareholder-approved equity incentive plan do not provide for automatic acceleration of awards for any participant, including the NEOs. These awards include a “double trigger,” which means that, if the awards are assumed by the surviving entity in the change of control, vesting of the awards will not accelerate