# EDGAR Filing Document

**Accession Number:** 0001042046
**File Stem:** 0001193125-25-173998
**Filing Date:** 2025-8
**Character Count:** 115381
**Document Hash:** 263a20ec45ea5509b8ae2e1611562e44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173998.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001193125-25-173998

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FINANCIAL GROUP INC
- **CENTRAL INDEX KEY:** 0001042046
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 311544320
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13653
- **FILM NUMBER:** 251187455

**BUSINESS ADDRESS:**
- **STREET 1:** GREAT AMERICAN INSURANCE GROUP TOWER
- **STREET 2:** 301 E. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 5135792121

**MAIL ADDRESS:**
- **STREET 1:** GREAT AMERICAN INSURANCE GROUP TOWER
- **STREET 2:** 301 E. 4TH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN FINANCIAL GROUP HOLDINGS INC
- **DATE OF NAME CHANGE:** 19970709

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): August 5, 2025

## AMERICAN FINANCIAL GROUP, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ohio** | **1-13653** | **31-1544320** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **301 East Fourth Street, Cincinnati, OH** | **45202** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: 513-579-2121
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange<br>on which registered** |
| Common Stock AFG | New York Stock Exchange |
| 5.875% Subordinated Debentures due March 30, 2059 AFGB | New York Stock Exchange |
| 5.125% Subordinated Debentures due December 15, 2059 AFGC | New York Stock Exchange |
| 5.625% Subordinated Debentures due June 1, 2060 AFGD | New York Stock Exchange |
| 4.5% Subordinated Debentures due September 15, 2060 AFGE | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Section 2 - Financial Information

#### Item 2.02 Results Of Operations And Financial Condition.
Reference is made to the press release of American Financial Group, Inc. (the "Company") relating to the announcement of the Company's results of operations for the second quarter of 2025 and the availability of the Investor Supplement on the Company's website. The press release was issued on August 5, 2025. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the "Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

#### Section 9 - Financial Statements and Exhibits

#### Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of business acquired. Not applicable.

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [Earnings Release dated August 5, 2025, reporting American Financial Group Inc. results for the quarter ended June 30, 2025.](d70239dex991.htm) |
| 99.2 | [Investor Supplement – Second Quarter 2025](d70239dex992.htm) |
| 104 | Cover page Interactive Date File (embedded within Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **AMERICAN FINANCIAL GROUP, INC.** | **AMERICAN FINANCIAL GROUP, INC.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: August 6, 2025 | By: | /s/ Joseph C. Alter |
|  |  | Joseph C. Alter |
|  |  | Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g70239snap1.jpg)

**American Financial Group, Inc. Announces Second Quarter Results** 

• **Net earnings per share of $2.07; includes $0.07 per share loss from non-core items** 

• **Second quarter core net operating earnings per share of $2.14** 

• **Second quarter annualized ROE of 15.0%; core operating ROE of 15.5%** 

• **Overall average renewal rate increases excluding workers' compensation of approximately 7%** 

• **Capital returned to shareholders in the second quarter was approximately $107 million, including $39 million in share repurchases** 

CINCINNATI – August 5, 2025 – American Financial Group, Inc. (NYSE: AFG) today reported 2025 second quarter net earnings of $174 million ($2.07 per share) compared to $209 million ($2.49 per share) for the 2024 second quarter. Net earnings for the 2025 second quarter included after-tax non-core losses of $5 million ($0.07 per share loss) compared to $6 million ($0.07 per share loss) in the 2024 second quarter. Annualized return on equity was 15.0% and 18.0% for the second quarters of 2025 and 2024, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $179 million ($2.14 per share) for the 2025 second quarter, compared to $215 million ($2.56 per share) in the 2024 second quarter. The year-over-year decrease reflects lower underwriting profit and lower returns on alternative investments. Additional details for the 2025 and 2024 second quarters may be found in the table below. Core net operating earnings for the second quarters of 2025 and 2024 generated annualized returns on equity of 15.5% and 18.5%, respectively, which is calculated excluding AOCI.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, |
| **Components of Pretax Core Operating Earnings** | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| *In millions, except per share amounts* | Before Impact of<br>Alternative Investments | Before Impact of<br>Alternative Investments | Alternative<br>Investments | Alternative<br>Investments | Core Net Operating<br>Earnings, as reported | Core Net Operating<br>Earnings, as reported |
|  P&C Pretax Core Operating Earnings | $265 | $286 | $8 | $33 | $273 | $319 |
|  Other expenses | (27) | (27) |  |  | (27) | (27) |
|  Holding company interest expense | (19) | (19) |  |  | (19) | (19) |
|  Pretax Core Operating Earnings | 219 | 240 | 8 | 33 | 227 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related provision for income taxes | 46 | 51 | 2 | 7 | 48 | 58 |
|  **Core Net Operating Earnings** | $**173** | $**189** | $**6** | $**26** | $**179** | $**215** |
|  Core Operating Earnings Per Share | $2.07 | $2.25 | $0.07 | $0.31 | $2.14 | $2.56 |
|  Weighted Avg Diluted Shares Outstanding | 83.5 | 83.9 | 83.5 | 83.9 | 83.5 | 83.9 |

---

AFG's book value per share was $54.15 at June 30, 2025. AFG paid cash dividends of $0.80 per share during the second quarter. For the three months ended June 30, 2025, AFG's growth in book value per share plus dividends was 4.7% and year to date, growth in book value per share plus dividends was 8.6%.

Book value per share excluding AOCI was $55.74 at June 30, 2025. For the three months ended June 30, 2025, AFG's growth in book value per share excluding AOCI plus dividends was 3.5%. Year to date, growth in book value per share excluding AOCI plus dividends was 5.9%.

AFG's net earnings, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings

------

agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of 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 because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG's management as a basis for strategic planning and forecasting.

---

| | | | | |
|:---|:---|:---|:---|:---|
| In millions, except per share amounts | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  Components of net earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating earnings before income taxes | $227 | $273 | $421 | $563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Pretax non-core items:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on securities | 2 | (2) | 5 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings before income taxes | 229 | 271 | 426 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating earnings | 48 | 58 | 90 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-core items | 7 | 4 | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total provision for income taxes | 55 | 62 | 98 | 124 |
|  **Net earnings** | $**174** | $**209** | $**328** | $**451** |
|  Net earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core net operating earnings<sup>(a)</sup> | $179 | $215 | $331 | $446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-core items:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on securities | 2 | (2) | 4 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (7) | (4) | (7) | (4) |
|  **Net earnings** | $**174** | $**209** | $**328** | $**451** |
|  Components of earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core net operating earnings<sup>(a)</sup> | $2.14 | $2.56 | $3.96 | $5.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-core Items:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on securities | 0.02 | (0.02) | 0.05 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (0.09) | (0.05) | (0.09) | (0.05) |
|  **Diluted net earnings per share** | $**2.07** | $**2.49** | $**3.92** | $**5.38** |

---

*Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.*

Carl H. Lindner III and S. Craig Lindner, AFG's Co-Chief Executive Officers, issued this statement: "We are pleased to report an annualized core operating return on equity of 15.5% despite muted quarterly returns from alternative investments. Overall underwriting margins in our specialty P&C insurance businesses were strong, and higher interest rates increased net investment income, excluding alternatives, by 10% year over year. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy enable us to continue to create value for our shareholders.

Messrs. Lindner continued: "AFG continued to have significant excess capital at June 30, 2025. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG's core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds."

**<u>Specialty Property and Casualty Insurance Operations</u>**

The Specialty P&C insurance operations generated a 93.1% combined ratio in the second quarter of 2025, 2.6 points higher than the 90.5% reported in the second quarter of 2024. Second quarter 2025 results include 2.3 points related to catastrophe losses, consistent with results in the 2024 second quarter. Second quarter 2025 results benefited from 0.7 points of favorable prior year reserve development, compared to 2.3 points in the second quarter of 2024. Underwriting profit was $114 million for the 2025 second quarter compared to $151 million in the second quarter of the prior period. Higher year-over-year underwriting profit in our Specialty Financial Group was more than offset by lower underwriting profit in our Specialty Casualty and Property and Transportation Groups.

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Second quarter 2025 gross and net written premiums were up 10% and 7%, respectively, when compared to the second quarter of 2024. Earlier reporting of crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year increase, particularly when compared to later reporting of acreage at this same time the previous year. Excluding the crop business, gross and net written premiums grew 6% and 5%, respectively. We continue to achieve year-over-year premium growth in our Specialty P&C business overall as a result of new business opportunities, a good renewal rate environment, and increased exposures.

Average renewal pricing across our P&C Group, excluding workers' compensation, was up approximately 7% for the quarter, consistent with pricing increases achieved in the first quarter. Including workers' compensation, renewal rates were up approximately 6% overall, about a point higher than the previous quarter. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.

The **Property and Transportation Group** reported an underwriting profit of $27 million in the second quarter of 2025, compared to $40 million in the second quarter of 2024, reflecting the impact of particularly strong crop results in the 2024 quarter. Catastrophe losses in this group were $12 million in the second quarter of 2025, compared to $13 million in the second quarter of 2024. Overall, the businesses in the Property and Transportation Group achieved a 95.2% calendar year combined ratio in the second quarter, 2.5 points higher than the comparable period in 2024.

Second quarter 2025 gross and net written premiums in this group were 15% and 10% higher, respectively, than the comparable prior year. Earlier reporting of crop acreage compared to 2024, which impacts the timing of crop premiums, contributed to higher second quarter premiums in this group. Excluding the crop business, gross and net written premiums in this group grew by 6% and 5%, respectively. Increased exposures, new business opportunities and a favorable rate environment contributed to growth in our transportation businesses. Overall renewal rates in this group increased 8% on average in the second quarter of 2025, a point higher than the pricing achieved in this group for the first quarter of 2025.

The **Specialty Casualty Group** reported underwriting profit of $49 million in the second quarter of 2025, compared to $86 million in the second quarter of 2024, reflecting lower underwriting profit in our excess and surplus businesses and social services business. Underwriting profitability in our workers' compensation businesses continues to be very strong and was slightly higher than the 2024 quarter. The businesses in the Specialty Casualty Group achieved a solid 93.9% calendar year combined ratio in the second quarter of 2025, 4.8 points higher than the very strong 89.1% reported in the comparable period in 2024.

Second quarter 2025 gross and net written premiums increased 4% and 2%, respectively, when compared to the same prior year period. Higher year-over-year premiums in our mergers & acquisitions business and growth across a variety of other businesses in this group resulting from new business opportunities, higher rates and strong policy retention were partially offset by lower premiums due to a challenging market in our directors' & officers' liability business. In addition, we continued to non-renew certain housing and daycare accounts in our social services businesses. Excluding our workers' compensation businesses, renewal rates for this group were up approximately 8% in the second quarter. Overall renewal rates in this group including workers' compensation were up about 6% and consistent with the first quarter of 2025.

The **Specialty Financial Group** reported an underwriting profit of $38 million in the second quarter of 2025, compared to $25 million in the second quarter of 2024, reflecting higher year-over-year underwriting profitability, particularly in our financial institutions and surety businesses. Catastrophe losses for this group were $19 million in the second quarter of 2025 compared to $18 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported a combined ratio of 86.1% for the second quarter of 2025, 3.6 points better than the 89.7% reported in the comparable period in 2024.

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Second quarter 2025 gross and net written premiums were up 15% and 12% in this group, respectively, when compared to the prior year period, primarily due to growth in our financial institutions business. Renewal pricing in this group was flat during the quarter.

Carl Lindner III stated, "Overall underwriting profitability was strong in our Specialty P&C businesses in the second quarter of 2025, and we remain confident about the strength of our reserves. A continued favorable pricing environment and new business opportunities enabled us to grow our Specialty P&C businesses, and we continue to expect premium growth for the full year in 2025. I am especially pleased that we achieved double digit rate increases in our most social inflation-exposed lines of businesses."

Further details about AFG's Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.

**<u>Investments</u>**

**Net Investment Income** – Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended June 30, 2025, increased 10% year-over-year as a result of higher interest rates and higher average balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 5% lower than the comparable 2024 period.

The annualized return on alternative investments was approximately 1.2% for the 2025 second quarter compared to 5.1% for the prior year quarter. The impact on rental rates and occupancy from a surge in new apartment supply in certain otherwise strong markets reduced the fair value of some multi-family investments and tempered the performance of our alternative investment portfolio in the second quarter of 2025. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2024, was approximately 12%. We continue to remain optimistic regarding the prospects of attractive returns over the long term from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

**Non-Core Net Realized Gains (Losses)** – AFG recorded second quarter 2025 net realized gains of $2 million ($0.02 per share) after tax, which included $7 million ($0.08 per share) in after-tax net gains to adjust equity securities that the Company continued to own at June 30, 2025, to fair value. By comparison, AFG recorded second quarter 2024 net realized losses of $2 million ($0.02 per share loss) after tax.

After-tax unrealized losses related to fixed maturities were $106 million at June 30, 2025. Our portfolio continues to be high quality, with 95% of our fixed maturity portfolio rated investment grade and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners' designation of NAIC 1 or 2, its highest two categories.

More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.

<u>**About American Financial Group, Inc.**</u> 

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

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**<u>Forward Looking Statements</u>**

This press release, and any related oral statements, contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the "Risk Factors" section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG's investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG's business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG's credit ratings or the financial strength ratings assigned by major ratings agencies to AFG's operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG's international operations.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

**<u>Conference Call</u>**

The Company will hold a conference call to discuss 2025 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 6, 2025. Event registration and access provides two ways to access the call.

Participants should register for the call <u>here</u> now or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique PIN to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.

The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: <u>https://www.afginc.com/news-and-events/event-calendar</u>. Alternatively, you can choose **Events** from the Investor Relations page at <u>www.AFGinc.com</u>.

A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.

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<u>Contact:</u> 

Diane P. Weidner, IRC, CPA (inactive)

Vice President – Investor & Media Relations

513-369-5713

<u>Websites:</u> 

<u>www.AFGinc.com</u> 

<u>www.GreatAmericanInsuranceGroup.com</u> 

\# \# \#

(Financial summaries follow)

This earnings release and AFG's Quarterly Investor Supplement are available in the Investor Relations section of AFG's website: <u>www.AFGinc.com</u>.

AFG2025-18

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**AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES** 

**SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA** 

**(In Millions, Except Per Share Data)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | $1647 | $1585 | $3227 | $3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 184 | 188 | 357 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on securities | 2 | (2) | 5 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income of managed investment entities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income | 68 | 98 | 144 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on change in fair value of assets/liabilities | (4) | 4 | (7) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 27 | 27 | 54 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1924 | 1900 | 3780 | 3806 |
|  **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses | 1007 | 937 | 1972 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions and other underwriting expenses | 534 | 506 | 1064 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest charges on borrowed money | 19 | 19 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses of managed investment entities | 60 | 90 | 128 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 75 | 77 | 152 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 1695 | 1629 | 3354 | 3231 |
|  Earnings before income taxes | 229 | 271 | 426 | 575 |
|  Provision for income taxes | 55 | 62 | 98 | 124 |
|  **Net earnings** | $**174** | $**209** | $**328** | $**451** |
|  Diluted earnings per common share | $2.07 | $2.49 | $3.92 | $5.38 |
|  Average number of diluted shares | 83.5 | 83.9 | 83.7 | 83.9 |

---

---

| | | |
|:---|:---|:---|
| <u>Selected Balance Sheet Data</u>: | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and investments | $16049 | $15852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | $1476 | $1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity<sup>(b)</sup> | $4516 | $4466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity (excluding AOCI) | $4648 | $4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share<sup>(b)</sup> | $54.15 | $53.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share (excluding AOCI) | $55.74 | $56.03 |
|  Common Shares Outstanding | 83.4 | 84.0 |

---

*Footnote (b) is contained in the accompanying Notes to Financial Schedules at the end of this release.*

------

**AMERICAN FINANCIAL GROUP, INC.** 

**SPECIALTY P&C OPERATIONS** 

**(Dollars in Millions)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30, | Three months ended<br>June 30, | Pct.<br>Change | Six months ended<br>June 30, | Six months ended<br>June 30, | Pct.<br>Change |
|  | 2025 | 2024 | | 2025 | 2024 | |
|  **Gross written premiums** | $2653 | $2406 | 10% | $4944 | $4742 | 4% |
|  **Net written premiums** | $1803 | $1692 | 7% | $3414 | $3326 | 3% |
|  **Ratios (GAAP):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss & LAE ratio** | 61.1% | 59.1% |  | 61.1% | 58.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Underwriting expense ratio** | 32.0% | 31.4% |  | 32.5% | 31.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Specialty Combined Ratio** | 93.1% | 90.5% |  | 93.6% | 90.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Combined Ratio – P&C Segment** | 93.1% | 90.5% |  | 93.6% | 90.3% |  |
|  **<u>Supplemental Information:</u><sup>(c)</sup>** |  |  |  |  |  |  |
|  **Gross Written Premiums:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $1247 | $1084 | 15% | $2144 | $2043 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 1062 | 1023 | 4% | 2130 | 2120 | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 344 | 299 | 15% | 670 | 579 | 16% |
|  | $2653 | $2406 | 10% | $4944 | $4742 | 4% |
|  **Net Written Premiums:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $759 | $690 | 10% | $1322 | $1287 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 765 | 753 | 2% | 1537 | 1556 | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 279 | 249 | 12% | 555 | 483 | 15% |
|  | $1803 | $1692 | 7% | $3414 | $3326 | 3% |
|  **Combined Ratio (GAAP):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | 95.2% | 92.7% |  | 94.0% | 90.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 93.9% | 89.1% |  | 95.8% | 90.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 86.1% | 89.7% |  | 86.5% | 88.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Specialty Group | 93.1% | 90.5% |  | 93.6% | 90.2% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  **Reserve Development** (Favorable)/Adverse: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $(13) | $(34) | $(32) | $(80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 10 | (2) | 22 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | (9) |  | (22) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Group | (12) | (36) | (32) | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | 1 | 1 | 2 |
|  **Total Reserve Development** | $(11) | $(35) | $(31) | $(85) |
|  **Points on Combined Ratio:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | (2.2) | (6.3) | (3.0) | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 1.2 | (0.2) | 1.4 | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | (3.2) | 0.1 | (3.9) | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Specialty Group | (0.7) | (2.3) | (1.0) | (2.8) |
|  Total P&C Segment | (0.7) | (2.2) | (1.0) | (2.7) |

---

*Footnote (c) is contained in the accompanying Notes to Financial Schedules at the end of this release.*

------

**AMERICAN FINANCIAL GROUP, INC.** 

**Notes to Financial Schedules** 

a) Components of core net operating earnings (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>June 30, | Three months ended<br>June 30, | Six months ended<br>June 30, | Six months ended<br>June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  <u>Core Operating Earnings before Income Taxes:</u> |  |  |  |  |
|  P&C insurance segment | $273 | $319 | $519 | $659 |
|  Interest and other corporate expenses | (46) | (46) | (98) | (96) |
|  Core operating earnings before income taxes | 227 | 273 | 421 | 563 |
|  Related income taxes | 48 | 58 | 90 | 117 |
|  Core net operating earnings | $179 | $215 | $331 | $446 |

---

b) Shareholders' Equity at June 30, 2025, includes ($132 million) ($1.59 per share loss) in Accumulated
Other Comprehensive Income (Loss) compared to ($240 million) ($2.85 per share loss) at December 31, 2024.

c) <u>Supplemental Notes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Property & Transportation** includes primarily physical damage and liability coverage
for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Specialty Casualty** includes primarily excess and surplus, general liability, executive liability,
professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers' compensation insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Specialty Financial** includes risk management insurance programs for lending and leasing institutions
(including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance.

## Exhibit 99.2

**Exhibit 99.2** 

---

| | |
|:---|:---|
| ![LOGO](g70239g0806044036492.jpg) | <br>**American Financial Group, Inc.**<br> **Investor Supplement - Second Quarter 2025**<br>**August 5, 2025**<br>American Financial Group, Inc.<br> **Corporate Headquarters**<br> Great American Insurance Group Tower<br> 301 E Fourth Street<br> Cincinnati, OH 45202<br> 513 579 6739 |

---

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Table of Contents - Investor Supplement - Second Quarter 2025** | ![LOGO](g70239snap2.jpg) |

---

---

| | |
|:---|:---|
| **Section** | **Page** |
|  **Table of Contents** - Investor Supplement - Second Quarter 2025 | 2 |
|  Financial Highlights | 3 |
|  Summary of Earnings | 4 |
|  Earnings Per Share Summary | 5 |
|  **Property and Casualty Insurance Segment** |  |
|  Property and Casualty Insurance - Summary Underwriting Results (GAAP) | 6 |
|  Specialty - Underwriting Results (GAAP) | 7 |
|  Property and Transportation - Underwriting Results (GAAP) | 8 |
|  Specialty Casualty - Underwriting Results (GAAP) | 9 |
|  Specialty Financial - Underwriting Results (GAAP) | 10 |
|  **Consolidated Balance Sheet / Book Value / Debt** |  |
|  Consolidated Balance Sheet | 11 |
|  Book Value Per Share and Price / Book Summary | 12 |
|  Capitalization | 13 |
|  Additional Supplemental Information | 14 |
|  **Consolidated Investment Supplement** |  |
|  Total Cash and Investments | 15 |
|  Net Investment Income | 16 |
|  Alternative Investments | 17 |
|  Fixed Maturities - By Security Type - AFG Consolidated | 18 |
|  **Appendix** |  |
| A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2025 | 19 |
| B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024 | 20 |
| C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2025 | 21 |
| D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024 | 22 |
| E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2025 | 23 |
| F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024 | 24 |
| G. Real Estate-Related Investments 6/30/2025 | 25 |
| H. Real Estate-Related Investments 12/31/2024 | 26 |

---

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Financial Highlights**<br> (in millions, except per share information) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  **<u>Highlights</u>** |  |  |  |  |  |  |  |
|  Net earnings | $174 | $154 | $255 | $181 | $209 | $328 | $451 |
|  Core net operating earnings | 179 | 152 | 262 | 194 | 215 | 331 | 446 |
|  Total assets | 30669 | 30294 | 30836 | 32591 | 29913 | 30669 | 29913 |
|  Shareholders' equity, excluding AOCI (a) | 4648 | 4571 | 4706 | 4844 | 4715 | 4648 | 4715 |
|  Property and Casualty net written premiums | 1803 | 1611 | 1460 | 2353 | 1692 | 3414 | 3326 |
|  **<u>Per share data</u>** |  |  |  |  |  |  |  |
|  Diluted earnings per share | $2.07 | $1.84 | $3.03 | $2.16 | $2.49 | $3.92 | $5.38 |
|  Core net operating earnings per share | 2.14 | 1.81 | 3.12 | 2.31 | 2.56 | 3.96 | 5.32 |
|  Book value per share, excluding AOCI (a) | 55.74 | 54.63 | 56.03 | 57.71 | 56.19 | 55.74 | 56.19 |
|  Dividends per common share | 0.80 | 2.80 | 4.80 | 0.71 | 0.71 | 3.60 | 3.92 |
|  **<u>Financial ratios</u>** |  |  |  |  |  |  |  |
|  Annualized return on equity (b) | 15.0% | 13.3% | 21.3% | 15.2% | 18.0% | 14.1% | 19.5% |
|  Annualized core operating return on equity (b) | 15.5% | 13.1% | 21.9% | 16.2% | 18.5% | 14.3% | 19.3% |
|  Property and Casualty combined ratio - Specialty: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss & LAE ratio | 61.1% | 61.0% | 63.7% | 69.5% | 59.1% | 61.1% | 58.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting expense ratio | 32.0% | 33.0% | 25.3% | 24.8% | 31.4% | 32.5% | 31.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio - Specialty | 93.1% | 94.0% | 89.0% | 94.3% | 90.5% | 93.6% | 90.2% |

---

(a) A reconciliation to the GAAP measure is on page 12.

(b) Excludes accumulated other comprehensive income.

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Summary of Earnings**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Property and Casualty Insurance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting profit | $113 | $94 | $202 | $115 | $150 | $207 | $303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 179 | 170 | 195 | 195 | 189 | 349 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) | (19) | (18) | (19) | (19) | (20) | (37) | (38) |
|  Property and Casualty Insurance operating earnings | 273 | 246 | 378 | 291 | 319 | 519 | 659 |
|  Interest expense of parent holding companies | (19) | (19) | (19) | (19) | (19) | (38) | (38) |
|  Other expense | (27) | (33) | (29) | (27) | (27) | (60) | (58) |
|  Pretax core operating earnings | 227 | 194 | 330 | 245 | 273 | 421 | 563 |
|  Income tax expense | 48 | 42 | 68 | 51 | 58 | 90 | 117 |
|  **Core net operating earnings** | **179** | **152** | **262** | **194** | **215** | **331** | **446** |
|  Non-core items, net of tax: |  |  |  |  |  |  |  |
|  Realized gains (losses) on securities | 2 | 2 | (7) | (2) | (2) | 4 | 9 |
|  Other non-core items | (7) |  |  |  | (4) | (7) | (4) |
|  Special A&E charges - Former Railroad and Manufacturing operations |  |  |  | (11) |  |  |  |
|  **Net earnings** | $**174** | $**154** | $**255** | $**181** | $**209** | $**328** | $**451** |

---

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Earnings Per Share Summary**<br> (in millions, except per share information) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  **Core net operating earnings** | $**179** | $**152** | $**262** | $**194** | $**215** | $**331** | $**446** |
|  **Net earnings** | $**174** | $**154** | $**255** | $**181** | $**209** | $**328** | $**451** |
|  Average number of diluted shares | 83.488 | 83.842 | 83.966 | 83.939 | 83.912 | 83.664 | 83.853 |
|  <u>Diluted earnings per share:</u> |  |  |  |  |  |  |  |
|  **Core net operating earnings per share** | $**2.14** | $**1.81** | $**3.12** | $**2.31** | $**2.56** | $**3.96** | $**5.32** |
|  Realized gains (losses) on securities | 0.02 | 0.03 | (0.09) | (0.02) | (0.02) | 0.05 | 0.11 |
|  Other non-core items | (0.09) |  |  |  | (0.05) | (0.09) | (0.05) |
|  Special A&E charges - Former Railroad and Manufacturing operations |  |  |  | (0.13) |  |  |  |
|  **Diluted earnings per share** | $**2.07** | $**1.84** | $**3.03** | $**2.16** | $**2.49** | $**3.92** | $**5.38** |

---

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Property and Casualty Insurance - Summary Underwriting Results (GAAP)**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Property and Transportation | $27 | $37 | $81 | $33 | $40 | $64 | $100 |
|  Specialty Casualty | 49 | 20 | 69 | 63 | 86 | 69 | 147 |
|  Specialty Financial | 38 | 37 | 54 | 21 | 25 | 75 | 58 |
|  **Underwriting profit - Specialty** | **114** | **94** | **204** | **117** | **151** | **208** | **305** |
|  Other core charges, included in loss and LAE | (1) |  | (2) | (2) | (1) | (1) | (2) |
|  **Underwriting profit - Property and Casualty Insurance** | $**113** | $**94** | $**202** | $**115** | $**150** | $**207** | $**303** |
|  Included in results above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe reinstatement premium | $— | $— | $1 | $— | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses | 38 | 72 | 20 | 90 | 36 | 110 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current accident year catastrophe losses | $38 | $72 | $21 | $90 | $36 | $110 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year loss reserve development (favorable) / adverse | $(11) | $(20) | $36 | $(15) | $(35) | $(31) | $(85) |
|  Combined ratio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and Transportation | 95.2% | 92.5% | 89.5% | 96.8% | 92.7% | 94.0% | 90.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 93.9% | 97.6% | 91.4% | 92.1% | 89.1% | 95.8% | 90.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 86.1% | 87.0% | 80.7% | 92.3% | 89.7% | 86.5% | 88.1% |
|  **Combined ratio - Specialty**  | **93.1%** | **94.0%** | **89.0%** | **94.3%** | **90.5%** | **93.6%** | **90.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other core charges | 0.0% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% |
|  **Combined ratio** | **93.1%** | **94.1%** | **89.1%** | **94.4%** | **90.5%** | **93.6%** | **90.3%** |
|  P&C combined ratio excl. catastrophe losses and prior year reserve development | 91.5% | 90.8% | 86.1% | 90.7% | 90.5% | 91.2% | 90.7% |
|  Loss and LAE components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year, excluding catastrophe losses | 59.5% | 57.8% | 60.8% | 65.9% | 59.1% | 58.7% | 59.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior accident year loss reserve development | (0.7%) | (1.3%) | 1.9% | (0.7%) | (2.2%) | (1.0%) | (2.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | 2.3% | 4.6% | 1.1% | 4.4% | 2.2% | 3.4% | 2.3% |
|  **Loss and LAE ratio** | **61.1%** | **61.1%** | **63.8%** | **69.6%** | **59.1%** | **61.1%** | **58.9%** |

---

------

---

| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Specialty - Underwriting Results (GAAP)**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Gross written premiums | $2653 | $2291 | $2043 | $3748 | $2406 | $4944 | $4742 |
|  Ceded reinsurance premiums | (850) | (680) | (583) | (1395) | (714) | (1530) | (1416) |
|  Net written premiums | 1803 | 1611 | 1460 | 2353 | 1692 | 3414 | 3326 |
|  Change in unearned premiums | (156) | (31) | 390 | (298) | (107) | (187) | (195) |
|  Net earned premiums | 1647 | 1580 | 1850 | 2055 | 1585 | 3227 | 3131 |
|  Loss and LAE | 1006 | 965 | 1179 | 1428 | 936 | 1971 | 1842 |
|  Underwriting expense | 527 | 521 | 467 | 510 | 498 | 1048 | 984 |
|  **Underwriting profit** | $**114** | $**94** | $**204** | $**117** | $**151** | $**208** | $**305** |
|  Included in results above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe reinstatement premium | $— | $— | $1 | $— | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses | 38 | 72 | 20 | 90 | 36 | 110 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current accident year catastrophe losses | $38 | $72 | $21 | $90 | $36 | $110 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year loss reserve development (favorable) / adverse | $(12) | $(20) | $34 | $(17) | $(36) | $(32) | $(87) |
|  Combined ratio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and LAE ratio | 61.1% | 61.0% | 63.7% | 69.5% | 59.1% | 61.1% | 58.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting expense ratio | 32.0% | 33.0% | 25.3% | 24.8% | 31.4% | 32.5% | 31.4% |
|  **Combined ratio** | **93.1%** | **94.0%** | **89.0%** | **94.3%** | **90.5%** | **93.6%** | **90.2%** |
|  Combined ratio excl. catastrophe losses and prior year reserve development | 91.5% | 90.8% | 86.1% | 90.7% | 90.5% | 91.2% | 90.7% |
|  Loss and LAE components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year, excluding catastrophe losses | 59.5% | 57.8% | 60.8% | 65.9% | 59.1% | 58.7% | 59.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior accident year loss reserve development | (0.7%) | (1.3%) | 1.8% | (0.8%) | (2.3%) | (1.0%) | (2.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | 2.3% | 4.5% | 1.1% | 4.4% | 2.3% | 3.4% | 2.3% |
|  **Loss and LAE ratio** | **61.1%** | **61.0%** | **63.7%** | **69.5%** | **59.1%** | **61.1%** | **58.8%** |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Property and Transportation - Underwriting Results (GAAP)**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Gross written premiums | $1247 | $897 | $585 | $2107 | $1084 | $2144 | $2043 |
|  Ceded reinsurance premiums | (488) | (334) | (177) | (956) | (394) | (822) | (756) |
|  Net written premiums | 759 | 563 | 408 | 1151 | 690 | 1322 | 1287 |
|  Change in unearned premiums | (183) | (63) | 357 | (162) | (138) | (246) | (215) |
|  Net earned premiums | 576 | 500 | 765 | 989 | 552 | 1076 | 1072 |
|  Loss and LAE | 387 | 311 | 531 | 784 | 351 | 698 | 657 |
|  Underwriting expense | 162 | 152 | 153 | 172 | 161 | 314 | 315 |
|  **Underwriting profit** | $**27** | $**37** | $**81** | $**33** | $**40** | $**64** | $**100** |
|  Included in results above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe reinstatement premium | $— | $— | $1 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses | 12 | 10 | 9 | 34 | 13 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current accident year catastrophe losses | $12 | $10 | $10 | $34 | $13 | $22 | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year loss reserve development (favorable) / adverse | $(13) | $(19) | $(2) | $(14) | $(34) | $(32) | $(80) |
|  Combined ratio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and LAE ratio | 67.2% | 62.1% | 69.5% | 79.4% | 63.7% | 64.9% | 61.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting expense ratio | 28.0% | 30.4% | 20.0% | 17.4% | 29.0% | 29.1% | 29.4% |
|  **Combined ratio** | **95.2%** | **92.5%** | **89.5%** | **96.8%** | **92.7%** | **94.0%** | **90.6%** |
|  Combined ratio excl. catastrophe losses and prior year reserve development | 95.4% | 94.4% | 88.5% | 94.5% | 96.6% | 94.9% | 96.1% |
|  Loss and LAE components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year, excluding catastrophe losses | 67.4% | 64.0% | 68.5% | 77.1% | 67.6% | 65.8% | 66.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior accident year loss reserve development | (2.2%) | (3.9%) | (0.2%) | (1.3%) | (6.3%) | (3.0%) | (7.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | 2.0% | 2.0% | 1.2% | 3.6% | 2.4% | 2.1% | 2.0% |
|  **Loss and LAE ratio** | **67.2%** | **62.1%** | **69.5%** | **79.4%** | **63.7%** | **64.9%** | **61.2%** |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Specialty Casualty - Underwriting Results (GAAP)**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Gross written premiums | $1062 | $1068 | $1126 | $1297 | $1023 | $2130 | $2120 |
|  Ceded reinsurance premiums | (297) | (296) | (353) | (380) | (270) | (593) | (564) |
|  Net written premiums | 765 | 772 | 773 | 917 | 753 | 1537 | 1556 |
|  Change in unearned premiums | 34 | 22 | 32 | (120) | 38 | 56 | 18 |
|  Net earned premiums | 799 | 794 | 805 | 797 | 791 | 1593 | 1574 |
|  Loss and LAE | 516 | 536 | 541 | 519 | 483 | 1052 | 985 |
|  Underwriting expense | 234 | 238 | 195 | 215 | 222 | 472 | 442 |
|  **Underwriting profit** | $**49** | $**20** | $**69** | $**63** | $**86** | $**69** | $**147** |
|  Included in results above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe reinstatement premium | $— | $— | $— | $— | $— | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses | 7 | 27 | (6) | 17 | 5 | 34 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current accident year catastrophe losses | $7 | $27 | $(6) | $17 | $5 | $34 | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year loss reserve development (favorable) / adverse | $10 | $12 | $44 | $6 | $(2) | $22 | $(13) |
|  Combined ratio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and LAE ratio | 64.5% | 67.6% | 67.2% | 65.1% | 61.0% | 66.1% | 62.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting expense ratio | 29.4% | 30.0% | 24.2% | 27.0% | 28.1% | 29.7% | 28.1% |
|  **Combined ratio** | **93.9%** | **97.6%** | **91.4%** | **92.1%** | **89.1%** | **95.8%** | **90.7%** |
|  Combined ratio excl. catastrophe losses and prior year reserve development | 91.8% | 92.6% | 86.7% | 89.3% | 88.7% | 92.3% | 90.0% |
|  Loss and LAE components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year, excluding catastrophe losses | 62.4% | 62.6% | 62.5% | 62.3% | 60.6% | 62.6% | 61.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior accident year loss reserve development | 1.2% | 1.6% | 5.4% | 0.7% | (0.2%) | 1.4% | (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | 0.9% | 3.4% | (0.7%) | 2.1% | 0.6% | 2.1% | 1.5% |
|  **Loss and LAE ratio** | **64.5%** | **67.6%** | **67.2%** | **65.1%** | **61.0%** | **66.1%** | **62.6%** |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Specialty Financial - Underwriting Results (GAAP)**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  Gross written premiums | $344 | $326 | $332 | $344 | $299 | $670 | $579 |
|  Ceded reinsurance premiums | (65) | (50) | (53) | (59) | (50) | (115) | (96) |
|  Net written premiums | 279 | 276 | 279 | 285 | 249 | 555 | 483 |
|  Change in unearned premiums | (7) | 10 | 1 | (16) | (7) | 3 | 2 |
|  Net earned premiums | 272 | 286 | 280 | 269 | 242 | 558 | 485 |
|  Loss and LAE | 103 | 118 | 107 | 125 | 102 | 221 | 200 |
|  Underwriting expense | 131 | 131 | 119 | 123 | 115 | 262 | 227 |
|  **Underwriting profit** | $**38** | $**37** | $**54** | $**21** | $**25** | $**75** | $**58** |
|  Included in results above: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe reinstatement premium | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses | 19 | 35 | 17 | 39 | 18 | 54 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current accident year catastrophe losses | $19 | $35 | $17 | $39 | $18 | $54 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior year loss reserve development (favorable) / adverse | $(9) | $(13) | $(8) | $(9) | $— | $(22) | $6 |
|  Combined ratio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss and LAE ratio | 38.1% | 41.1% | 38.1% | 46.5% | 42.1% | 39.6% | 41.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting expense ratio | 48.0% | 45.9% | 42.6% | 45.8% | 47.6% | 46.9% | 46.8% |
|  **Combined ratio** | **86.1%** | **87.0%** | **80.7%** | **92.3%** | **89.7%** | **86.5%** | **88.1%** |
|  Combined ratio excl. catastrophe losses and prior year reserve development | 82.0% | 79.7% | 77.5% | 81.2% | 82.4% | 80.7% | 81.6% |
|  Loss and LAE components: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year, excluding catastrophe losses | 34.0% | 33.8% | 34.9% | 35.4% | 34.8% | 33.8% | 34.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior accident year loss reserve development | (3.2%) | (4.6%) | (2.9%) | (3.2%) | 0.1% | (3.9%) | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year catastrophe losses | 7.3% | 11.9% | 6.1% | 14.3% | 7.2% | 9.7% | 5.2% |
|  **Loss and LAE ratio** | **38.1%** | **41.1%** | **38.1%** | **46.5%** | **42.1%** | **39.6%** | **41.3%** |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Consolidated Balance Sheet**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** |
|  **Assets:** |  |  |  |  |  |  |
|  Total cash and investments | $16049 | $15994 | $15852 | $15741 | $15261 | $15254 |
|  Recoverables from reinsurers | 4733 | 4945 | 5176 | 5217 | 4157 | 4510 |
|  Prepaid reinsurance premiums | 1256 | 1105 | 1013 | 1346 | 1143 | 1078 |
|  Agents' balances and premiums receivable | 1946 | 1589 | 1532 | 1995 | 1909 | 1606 |
|  Deferred policy acquisition costs | 345 | 316 | 320 | 340 | 328 | 309 |
|  Assets of managed investment entities | 3833 | 3848 | 4140 | 4332 | 4695 | 4669 |
|  Other receivables | 877 | 855 | 1123 | 1989 | 758 | 958 |
|  Other assets | 1325 | 1337 | 1375 | 1326 | 1357 | 1312 |
|  Goodwill | 305 | 305 | 305 | 305 | 305 | 305 |
|  **Total assets** | $**30669** | $**30294** | $**30836** | $**32591** | $**29913** | $**30001** |
|  **Liabilities and Equity:** |  |  |  |  |  |  |
|  Unpaid losses and loss adjustment expenses | $13834 | $13970 | $14179 | $14206 | $12607 | $13050 |
|  Unearned premiums | 4026 | 3710 | 3584 | 4320 | 3816 | 3650 |
|  Payable to reinsurers | 1152 | 1028 | 1191 | 1620 | 1176 | 1078 |
|  Liabilities of managed investment entities | 3685 | 3726 | 3965 | 4168 | 4536 | 4468 |
|  Long-term debt | 1476 | 1476 | 1475 | 1475 | 1475 | 1475 |
|  Other liabilities | 1980 | 1992 | 1976 | 2094 | 1919 | 2040 |
|  **Total liabilities** | $**26153** | $**25902** | $**26370** | $**27883** | $**25529** | $**25761** |
|  **Shareholders' equity:** |  |  |  |  |  |  |
|  Common stock | $83 | $84 | $84 | $84 | $84 | $84 |
|  Capital surplus | 1414 | 1409 | 1411 | 1400 | 1392 | 1382 |
|  Retained earnings | 3151 | 3078 | 3211 | 3360 | 3239 | 3089 |
|  Unrealized gains (losses) - fixed maturities | (101) | (141) | (202) | (100) | (290) | (278) |
|  Unrealized gains (losses) - fixed maturity-related cash flow hedges | (5) | (7) | (10) | (7) | (20) | (22) |
|  Other comprehensive income (loss), net of tax | (26) | (31) | (28) | (29) | (21) | (15) |
|  **Total shareholders' equity** | **4516** | **4392** | **4466** | **4708** | **4384** | **4240** |
|  **Total liabilities and equity** | $**30669** | $**30294** | $**30836** | $**32591** | $**29913** | $**30001** |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Book Value Per Share and Price / Book Summary**<br> (in millions, except per share information) | ![LOGO](g70239snap2.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** |
|  **Shareholders' equity** | $**4516** | $**4392** | $**4466** | $**4708** | $**4384** | $**4240** |
|  Accumulated other comprehensive income (loss) | (132) | (179) | (240) | (136) | (331) | (315) |
|  **Shareholders' equity, excluding AOCI** | **4648** | **4571** | **4706** | **4844** | **4715** | **4555** |
|  Goodwill | 305 | 305 | 305 | 305 | 305 | 305 |
|  Intangibles | 193 | 198 | 203 | 199 | 204 | 208 |
|  **Tangible shareholders' equity, excluding AOCI** | $**4150** | $**4068** | $**4198** | $**4340** | $**4206** | $**4042** |
|  Common shares outstanding | 83.386 | 83.668 | 83.978 | 83.923 | 83.897 | 83.857 |
|  <u>**Book value per share:**</u> |  |  |  |  |  |  |
|  **Book value per share** | $**54.15** | $**52.50** | $**53.18** | $**56.10** | $**52.25** | $**50.57** |
|  **Book value per share, excluding AOCI** | **55.74** | **54.63** | **56.03** | **57.71** | **56.19** | **54.32** |
|  **Tangible, excluding AOCI** | **49.77** | **48.62** | **49.98** | **51.72** | **50.13** | **48.20** |
|  <u>**Market capitalization**</u> |  |  |  |  |  |  |
|  AFG's closing common share price | $126.21 | $131.34 | $136.93 | $134.60 | $123.02 | $136.48 |
|  Market capitalization | $10524 | $10989 | $11499 | $11296 | $10321 | $11445 |
|  Price / Book value per share, excluding AOCI | 2.26 | 2.40 | 2.44 | 2.33 | 2.19 | 2.51 |

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| | |
|:---|:---|
| <br> **American Financial Group, Inc.**<br> **Capitalization**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** |
|  AFG senior obligations | $823 | $823 | $823 | $823 | $823 | $823 |
|  Borrowings drawn under credit facility |  |  |  |  |  |  |
|  **Debt excluding subordinated debt** | $**823** | $**823** | $**823** | $**823** | $**823** | $**823** |
|  AFG subordinated debentures | 675 | 675 | 675 | 675 | 675 | 675 |
|  **Total principal amount of long-term debt** | $**1498** | $**1498** | $**1498** | $**1498** | $**1498** | $**1498** |
|  Shareholders' equity | 4516 | 4392 | 4466 | 4708 | 4384 | 4240 |
|  Accumulated other comprehensive income (loss) | (132) | (179) | (240) | (136) | (331) | (315) |
|  **Total capital, excluding AOCI** | $**6146** | $**6069** | $**6204** | $**6342** | $**6213** | $**6053** |
|  **Ratio of debt to total capital, excluding AOCI:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Including subordinated debt** | **24.4%** | **24.7%** | **24.1%** | **23.6%** | **24.1%** | **24.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Excluding subordinated debt** | **13.4%** | **13.6%** | **13.3%** | **13.0%** | **13.2%** | **13.6%** |

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| | |
|:---|:---|
| **American Financial Group, Inc.**<br> **Additional Supplemental Information**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  **<u>Property and Casualty Insurance</u>** |  |  |  |  |  |  |  |
|  Paid Losses (GAAP) | $931 | $967 | $1179 | $897 | $969 | $1898 | $1958 |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **3/31/24** |  |
|  **<u>GAAP Equity (excluding AOCI)</u>** |  |  |  |  |  |  |  |
|  Property and Casualty Insurance | $5935 | $5853 | $5962 | $6150 | $5919 | $5780 |  |
|  Parent and other subsidiaries | (1287) | (1282) | (1256) | (1306) | (1204) | (1225) |  |
|  AFG GAAP Equity (excluding AOCI) | $4648 | $4571 | $4706 | $4844 | $4715 | $4555 |  |
|  **<u>Allowable dividends without regulatory approval</u>** |  |  |  |  |  |  |  |
|  Property and Casualty Insurance | $1004 | $1004 | $1004 | $946 | $946 | $946 |  |

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| | |
|:---|:---|
| **American Financial Group, Inc.**<br> **Total Cash and Investments**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Carrying Value - June 30, 2025** | **Carrying Value - June 30, 2025** | **Carrying Value - June 30, 2025** | **Carrying Value - June 30, 2025** | **Carrying Value - June 30, 2025** |
|  | **Property and<br>Casualty<br>Insurance** | **Parent &<br>Other** | **Consolidate<br>CLOs** | **Total AFG<br>Consolidated** | **% of<br>Investment<br>Portfolio** |
|  **Total cash and investments:** |  |  |  |  |  |
|  Cash and cash equivalents | $995 | $273 | $— | $1268 | 8% |
|  Fixed maturities - Available for sale | 10461 | 28 |  | 10489 | 65% |
|  Fixed maturities - Trading | 82 |  |  | 82 | 1% |
|  Equity securities - Common stocks | 389 |  |  | 389 | 2% |
|  Equity securities - Perpetual preferred | 411 |  |  | 411 | 2% |
|  Investments accounted for using the equity method | 2338 | 3 |  | 2341 | 15% |
|  Mortgage loans | 909 |  |  | 909 | 6% |
|  Real estate and other investments | 205 | 103 | (148) | 160 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cash and investments** | $**15790** | $**407** | $**(148)** | $**16049** | **100%** |
|  | **Carrying Value - December 31, 2024** | **Carrying Value - December 31, 2024** | **Carrying Value - December 31, 2024** | **Carrying Value - December 31, 2024** | **Carrying Value - December 31, 2024** |
|  | **Property and<br>Casualty<br>Insurance** | **Parent &<br>Other** | **Consolidate<br>CLOs** | **Total AFG<br>Consolidated** | **% of<br>Investment<br>Portfolio** |
|  **Total cash and investments:** |  |  |  |  |  |
|  Cash and cash equivalents | $1105 | $301 | $— | $1406 | 9% |
|  Fixed maturities - Available for sale | 10356 | 42 |  | 10398 | 66% |
|  Fixed maturities - Trading | 76 |  |  | 76 | 0% |
|  Equity securities - common stocks | 336 |  |  | 336 | 2% |
|  Equity securities - perpetual preferred | 415 |  |  | 415 | 3% |
|  Investments accounted for using the equity method | 2275 | 2 |  | 2277 | 14% |
|  Mortgage loans | 791 |  |  | 791 | 5% |
|  Real estate and other investments | 229 | 98 | (174) | 153 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total cash and investments** | $**15583** | $**443** | $**(174)** | $**15852** | **100%** |

---

------

---

| | |
|:---|:---|
| **American Financial Group, Inc.**<br> **Net Investment Income**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  **<u>Property and Casualty Insurance:</u>** |  |  |  |  |  |  |  |
|  **Gross investment income excluding alternative investments** |  |  |  |  |  |  |  |
|  Fixed maturities | $140 | $137 | $134 | $134 | $133 | $277 | $264 |
|  Equity securities | 15 | 6 | 9 | 6 | 7 | 21 | 14 |
|  Other investments (a) | 23 | 21 | 24 | 25 | 21 | 44 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross investment income excluding alternative investments** | **178** | **164** | **167** | **165** | **161** | **342** | **316** |
|  Gross investment income from alternative investments (b) | 8 | 12 | 33 | 36 | 33 | 20 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total gross investment income** | **186** | **176** | **200** | **201** | **194** | **362** | **405** |
|  Investment expenses | (7) | (6) | (5) | (6) | (5) | (13) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net investment income** | $**179** | $**170** | $**195** | $**195** | $**189** | $**349** | $**394** |
|  **Average cash and investments (c)** | $**15921** | $**15881** | $**15718** | $**15447** | $**15346** | $**15894** | $**15321** |
|  Average yield - overall portfolio, net (d) | 4.50% | 4.28% | 4.96% | 5.05% | 4.93% | 4.39% | 5.14% |
|  Average yield - fixed maturities before inv expenses (d) | 5.24% | 5.13% | 5.09% | 5.06% | 5.04% | 5.19% | 4.99% |
|  **<u>AFG consolidated net investment income:</u>** |  |  |  |  |  |  |  |
|  Property & Casualty core | $179 | $170 | $195 | $195 | $189 | $349 | $394 |
|  Parent & other | 7 | 5 | 7 | 7 | 8 | 12 | 15 |
|  Consolidate CLOs | (2) | (2) | (8) | (2) | (9) | (4) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net investment income** | $**184** | $**173** | $**194** | $**200** | $**188** | $**357** | $**386** |
|  **Average cash and investments (c)** | $**16175** | $**16140** | $**15987** | $**15748** | $**15617** | $**16152** | $**15620** |
|  Average yield - overall portfolio, net (d) | 4.55% | 4.29% | 4.85% | 5.08% | 4.82% | 4.42% | 4.94% |
|  Average yield - fixed maturities before inv expenses (d) | 5.24% | 5.13% | 5.10% | 5.08% | 5.06% | 5.20% | 5.01% |

---

(a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.

(b) Investment income on alternative investments is detailed on page 17.

(c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.

(d) Average yield is calculated by dividing investment income for the period by the average balance.

------

---

| | |
|:---|:---|
| **American Financial Group, Inc.**<br> **Alternative Investments**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **6/30/25** | **3/31/25** | **12/31/24** | **9/30/24** | **6/30/24** | **6/30/25** | **6/30/24** |
|  **<u>Property and Casualty Insurance:</u>** |  |  |  |  |  |  |  |
|  **Net Investment Income** |  |  |  |  |  |  |  |
|  Fixed maturities MTM through investment income | $8 | $(3) | $12 | $8 | $1 | $5 | $2 |
|  Equity securities MTM through investment income (a) | 4 |  | 12 | 20 | 9 | 4 | 25 |
|  Investments accounted for using the equity method (b) | (6) | 13 | 1 | 6 | 14 | 7 | 39 |
|  AFG managed CLOs (eliminated in consolidation) | 2 | 2 | 8 | 2 | 9 | 4 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Property & Casualty** | $**8** | $**12** | $**33** | $**36** | $**33** | $**20** | $**89** |
|  **Investments** |  |  |  |  |  |  |  |
|  Fixed maturities MTM through investment income | $55 | $50 | $75 | $51 | $32 | $55 | $32 |
|  Equity securities MTM through investment income (a) | 233 | 232 | 222 | 563 | 544 | 233 | 544 |
|  Investments accounted for using the equity method (b) | 2338 | 2324 | 2275 | 1909 | 1880 | 2338 | 1880 |
|  AFG managed CLOs (eliminated in consolidation) | 148 | 122 | 174 | 163 | 158 | 148 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Property & Casualty** | $**2774** | $**2728** | $**2746** | $**2686** | $**2614** | $**2774** | $**2614** |
|  **Annualized Return - Property & Casualty** | **1.2%** | **1.8%** | **4.9%** | **5.4%** | **5.1%** | **1.5%** | **7.0%** |
|  **<u>AFG Consolidated:</u>** |  |  |  |  |  |  |  |
|  **Net Investment Income** |  |  |  |  |  |  |  |
|  Fixed maturities MTM through investment income | $8 | $(3) | $12 | $8 | $1 | $5 | $2 |
|  Equity securities MTM through investment income (a) | 4 |  | 12 | 20 | 9 | 4 | 25 |
|  Investments accounted for using the equity method (b) | (6) | 13 | 1 | 6 | 14 | 7 | 39 |
|  AFG managed CLOs (eliminated in consolidation) | 2 | 2 | 8 | 2 | 9 | 4 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total AFG Consolidated** | $**8** | $**12** | $**33** | $**36** | $**33** | $**20** | $**89** |
|  **Investments** |  |  |  |  |  |  |  |
|  Fixed maturities MTM through investment income | $55 | $50 | $75 | $51 | $32 | $55 | $32 |
|  Equity securities MTM through investment income (a) | 233 | 232 | 222 | 563 | 544 | 233 | 544 |
|  Investments accounted for using the equity method (b) | 2341 | 2326 | 2277 | 1911 | 1882 | 2341 | 1882 |
|  AFG managed CLOs (eliminated in consolidation) | 148 | 122 | 174 | 163 | 158 | 148 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total AFG Consolidated** | $**2777** | $**2730** | $**2748** | $**2688** | $**2616** | $**2777** | $**2616** |
|  **Annualized Return - AFG Consolidated** | **1.2%** | **1.8%** | **4.9%** | **5.4%** | **5.1%** | **1.5%** | **7.0%** |

---

(a) AFG records holding gains and losses in net investment income on certain securities classified at purchase as
"fair value through net investment income."

(b) The majority of AFG's investments accounted for using the equity method mark their underlying assets to
market through net income.

------

---

| | |
|:---|:---|
| **American Financial Group, Inc.**<br> **Fixed Maturities - By Security Type - AFG Consolidated**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Book Value (a)** | **Fair Value** | **Unrealized<br>Gain (Loss)** | **% of<br>Fair Value** | **% of<br>Investment<br>Portfolio** |
|  US Government and government agencies | $188 | $188 | $— | 2% | 1% |
|  States, municipalities and political subdivisions | 910 | 868 | (42) | 8% | 5% |
|  Foreign government | 319 | 322 | 3 | 3% | 2% |
|  Residential mortgage-backed securities | 2313 | 2217 | (96) | 21% | 14% |
|  Collateralized loan obligations | 1090 | 1088 | (2) | 10% | 7% |
|  Other asset-backed securities | 2428 | 2406 | (22) | 23% | 15% |
|  Corporate and other bonds | 3451 | 3482 | 31 | 33% | 22% |
|  **Total AFG consolidated** | $**10699** | $**10571** | $**(128)** | **100%** | **66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximate duration - P&C | 3.0 years |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximate duration - P&C including cash | 2.8 years |  |  |  |  |
| **December 31, 2024** | **Book Value (a)** | **Fair Value** | **Unrealized<br>Gain (Loss)** | **% of<br>Fair Value** | **% of<br>Investment<br>Portfolio** |
|  US Government and government agencies | $176 | $173 | $(3) | 2% | 1% |
|  States, municipalities and political subdivisions | 905 | 859 | (46) | 8% | 5% |
|  Foreign government | 283 | 284 | 1 | 3% | 2% |
|  Residential mortgage-backed securities | 2121 | 1989 | (132) | 19% | 13% |
|  Collateralized loan obligations | 1239 | 1237 | (2) | 12% | 8% |
|  Other asset-backed securities | 2457 | 2407 | (50) | 22% | 15% |
|  Corporate and other bonds | 3548 | 3525 | (23) | 34% | 22% |
|  **Total AFG consolidated** | $**10729** | $**10474** | $**(255)** | **100%** | **66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximate duration - P&C | 3.1 years |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximate duration - P&C including cash | 2.8 years |  |  |  |  |

---

(a) Book Value is amortized cost, net of allowance for expected credit losses.

------

---

| | |
|:---|:---|
| **Appendix A**<br> **American Financial Group, Inc.**<br> **Fixed Maturities by Credit Rating & NAIC Designation by Type**<br> **6/30/2025**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** |
| **Credit Rating (a)** | **US Gov** | **Munis** | **Frgn Gov** | **RMBS** | **CLOs** | **ABS** | **Corp/Oth** | **Total** | **% Total** |
|  Investment grade |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $2 | $165 | $286 | $1942 | $1035 | $796 | $12 | $4238 | 40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 186 | 655 | 13 | 91 | 49 | 314 | 174 | 1482 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A |  | 38 | 18 | 69 | 4 | 691 | 927 | 1747 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB |  | 8 | 4 | 29 |  | 531 | 1981 | 2553 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Investment grade | 188 | 866 | 321 | 2131 | 1088 | 2332 | 3094 | 10020 | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB |  |  |  | 1 |  | 5 | 179 | 185 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B |  |  |  | 1 |  | 2 | 34 | 37 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  |  | 27 |  | 2 | 11 | 40 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  |  |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Non-Investment grade |  |  |  | 29 |  | 9 | 224 | 262 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  | 2 | 1 | 57 |  | 65 | 164 | 289 | 3% |
|  **Total** | $**188** | $**868** | $**322** | $**2217** | $**1088** | $**2406** | $**3482** | $**10571** | **100%** |
|  | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** |
| **NAIC designation** | **US Gov** | **Munis** | **Frgn Gov** | **RMBS** | **CLOs** | **ABS** | **Corp/Oth** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $188 | $854 | $255 | $2109 | $1081 | $1802 | $1126 | $7415 | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |  | 8 |  | 26 |  | 519 | 1972 | 2525 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 188 | 862 | 255 | 2135 | 1081 | 2321 | 3098 | 9940 | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |  |  |  | 3 |  | 6 | 202 | 211 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |  |  |  |  |  | 1 | 47 | 48 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  |  | 13 |  | 3 | 91 | 107 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  | 2 |  | 2 | 1 | 5 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  | 18 |  | 12 | 341 | 371 | 4% |
|  Total insurance companies | $**188** | $**862** | $**255** | $**2153** | $**1081** | $**2333** | $**3439** | $**10311** | **100%** |
|  No NAIC designation (c) |  |  |  |  |  | 28 | 11 | 39 |  |
|  Non-Insurance and Foreign Companies (d) |  | 6 | 67 | 64 | 7 | 45 | 32 | 221 |  |
|  **Total** | $**188** | $**868** | $**322** | $**2217** | $**1088** | $**2406** | $**3482** | $**10571** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) For ABS, 51% are NAIC 1 and 44% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% NAIC 5.

For Total, 32% are NAIC 1, 5% NAIC 2, 11% NAIC 3, 32% NAIC 5 and 14% do not have a designation.

(c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d) 98% are investment grade rated.

------

---

| | |
|:---|:---|
| **Appendix B**<br> **American Financial Group, Inc.**<br> **Fixed Maturities by Credit Rating & NAIC Designation by Type**<br> **12/31/2024**<br> ($ in millions) | ![LOGO](g70239g13y71.jpg) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** |
| **Credit Rating (a)** | **US Gov** | **Munis** | **Frgn Gov** | **RMBS** | **CLOs** | **ABS** | **Corp/Oth** | **Total** | **% Total** |
|  Investment grade |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | $342 | $264 | $1717 | $1166 | $856 | $14 | $4359 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 173 | 469 | 9 | 92 | 66 | 305 | 175 | 1289 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A |  | 38 | 5 | 69 | 4 | 649 | 925 | 1690 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB |  | 8 | 6 | 20 |  | 519 | 1990 | 2543 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Investment grade | 173 | 857 | 284 | 1898 | 1236 | 2329 | 3104 | 9881 | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB |  |  |  | 2 |  | 7 | 167 | 176 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B |  |  |  | 2 |  | 2 | 33 | 37 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  |  | 28 |  | 3 | 14 | 45 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  | 12 | 12 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal - Non-Investment grade |  |  |  | 32 |  | 12 | 226 | 270 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  | 2 |  | 59 | 1 | 66 | 195 | 323 | 3% |
|  **Total** | $**173** | $**859** | $**284** | $**1989** | $**1237** | $**2407** | $**3525** | $**10474** | **100%** |
|  | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** | **Fair Value by Type** |
| **NAIC designation** | **US Gov** | **Munis** | **Frgn Gov** | **RMBS** | **CLOs** | **ABS** | **Corp/Oth** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $173 | $846 | $237 | $1898 | $1220 | $1810 | $1119 | $7303 | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |  | 8 |  | 20 |  | 508 | 1988 | 2524 | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 173 | 854 | 237 | 1918 | 1220 | 2318 | 3107 | 9827 | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |  |  |  | 8 |  | 7 | 172 | 187 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |  |  |  |  |  | 2 | 59 | 61 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  |  | 6 |  | 4 | 127 | 137 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  | 1 |  | 2 | 16 | 19 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  | 15 |  | 15 | 374 | 404 | 4% |
|  Total insurance companies | $**173** | $**854** | $**237** | $**1933** | $**1220** | $**2333** | $**3481** | $**10231** | **100%** |
|  No NAIC designation (c) |  |  |  |  | 1 | 25 | 8 | 34 |  |
|  Non-Insurance and Foreign Companies (d) |  | 5 | 47 | 56 | 16 | 49 | 36 | 209 |  |
|  **Total** | $**173** | $**859** | $**284** | $**1989** | $**1237** | $**2407** | $**3525** | $**10474** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) For ABS, 57% are NAIC 1 and 38% do not have a designation.

For Corp/Oth, 9% are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.

For Total, 29% are NAIC 1, 8% NAIC 2, 10% NAIC 4, 37% NAIC 5 and 11% do not have a designation.

(c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d) 98% are investment grade rated.

------

---

| | |
|:---|:---|
| **Appendix C** | ![LOGO](g70239dsp33.jpg) |
| **American Financial Group, Inc.** | ![LOGO](g70239dsp33.jpg) |
| **Corporate Securities by Credit Rating & NAIC Designation by Industry**<br> **6/30/2025** | ![LOGO](g70239dsp33.jpg) |
| ($ in millions) | ![LOGO](g70239dsp33.jpg) |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** |
| **Credit<br>Rating (a)** | **Asset<br>Managers** | **Banking** | **Insurance** | **Technology** | **Utilities** | **Other<br>Financials** | **Consumer** | **Autos** | **Healthcare** | **REITs** | **Basic<br>Industry** | **Capital<br>Goods** | **Retailers** | **Media** | **Other** | **Total** | **% Total** |
|  Investment Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | $— | $— | $11 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $1 | $12 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 5 |  | 44 | 23 | 5 | 32 | 37 |  | 15 |  |  |  | 10 |  | 3 | 174 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 36 | 190 | 153 | 29 | 137 | 62 | 50 | 89 | 25 | 52 | 11 | 36 | 21 | 3 | 33 | 927 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 803 | 258 | 53 | 174 | 90 | 92 | 60 | 66 | 38 | 59 | 84 | 47 | 44 | 14 | 99 | 1981 | 57% |
|  Subtotal | 844 | 448 | 250 | 237 | 232 | 186 | 147 | 155 | 78 | 111 | 95 | 83 | 75 | 17 | 136 | 3094 | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | 24 | 6 |  | 4 |  | 2 | 21 | 17 | 5 |  | 25 | 2 | 36 | 30 | 7 | 179 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | 4 | 2 |  | 2 |  |  | 13 |  | 5 |  |  | 4 |  | 3 | 1 | 34 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  |  | 2 |  |  |  |  | 9 |  |  |  |  |  |  | 11 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0% |
|  Subtotal | 28 | 8 |  | 8 |  | 2 | 34 | 17 | 19 |  | 25 | 6 | 36 | 33 | 8 | 224 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  |  | 7 | 1 |  | 29 | 26 | 1 | 39 | 12 |  | 27 |  | 20 | 2 | 164 | 5% |
|  **Total** | $**872** | $**456** | $**257** | $**246** | $**232** | $**217** | $**207** | $**173** | $**136** | $**123** | $**120** | $**116** | $**111** | $**70** | $**146** | $**3482** | **100%** |
|  | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** |
| **NAIC<br>designation** | **Asset<br>Managers** | **Banking** | **Insurance** | **Technology** | **Utilities** | **Other<br>Financials** | **Consumer** | **Autos** | **Healthcare** | **REITs** | **Basic<br>Industry** | **Capital<br>Goods** | **Retailers** | **Media** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 | $42 | $187 | $195 | $62 | $142 | $107 | $90 | $89 | $42 | $52 | $11 | $37 | $31 | $3 | $36 | $1126 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | 798 | 255 | 51 | 170 | 88 | 93 | 70 | 65 | 38 | 59 | 80 | 47 | 44 | 14 | 100 | 1972 | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 840 | 442 | 246 | 232 | 230 | 200 | 160 | 154 | 80 | 111 | 91 | 84 | 75 | 17 | 136 | 3098 | 90% |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 | 24 | 6 |  | 5 |  | 2 | 22 | 17 | 27 | 6 | 20 | 2 | 36 | 29 | 6 | 202 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4 | 4 | 2 |  | 1 |  |  | 23 |  | 5 |  | 4 | 4 |  | 3 | 1 | 47 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  |  | 3 |  | 10 | 1 |  | 24 | 6 | 1 | 25 |  | 20 | 1 | 91 | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  | 1 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 28 | 8 |  | 9 |  | 13 | 46 | 17 | 56 | 12 | 25 | 31 | 36 | 52 | 8 | 341 | 10% |
|  Total insurance companies | $**868** | $**450** | $**246** | $**241** | $**230** | $**213** | $**206** | $**171** | $**136** | $**123** | $**116** | $**115** | $**111** | $**69** | $**144** | $**3439** | **100%** |
|  No NAIC designation (c) |  |  | 7 |  |  | 4 |  |  |  |  |  |  |  |  |  | 11 |  |
|  Non-Insurance and Foreign Companies | 4 | 6 | 4 | 5 | 2 |  | 1 | 2 |  |  | 4 | 1 |  | 1 | 2 | 32 |  |
|  **Total** | $**872** | $**456** | $**257** | $**246** | $**232** | $**217** | $**207** | $**173** | $**136** | $**123** | $**120** | $**116** | $**111** | $**70** | $**146** | $**3482** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) 12% of not rated securities are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% NAIC 5.

(c) Surplus notes that are classified as other invested assets for STAT.

------

---

| | |
|:---|:---|
| **Appendix D**<br> **American Financial Group, Inc.**<br> **Corporate Securities by Credit Rating & NAIC Designation by Industry**<br> **12/31/2024**<br> ($ in millions) | ![LOGO](g70239dsp33.jpg)  |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** |
| **Credit<br>Rating (a)** | **Asset<br>Managers** | **Banking** | **Technology** | **Insurance** | **Other<br>Financials** | **Utilities** | **Consumer** | **Autos** | **Healthcare** | **REITs** | **Basic<br>Industry** | **Retailers** | **Capital<br>Goods** | **Media** | **Other** | **Total** | **% Total** |
|  Investment Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | $— | $11 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $3 | $14 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 5 |  | 22 | 44 | 32 | 5 | 39 |  | 14 |  |  | 10 |  |  | 4 | 175 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 40 | 186 | 28 | 150 | 67 | 122 | 56 | 95 | 30 | 47 | 11 | 17 | 40 | 3 | 33 | 925 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 767 | 242 | 172 | 51 | 83 | 92 | 64 | 68 | 31 | 75 | 110 | 38 | 47 | 45 | 105 | 1990 | 57% |
|  Subtotal | 812 | 428 | 233 | 245 | 182 | 219 | 159 | 163 | 75 | 122 | 121 | 65 | 87 | 48 | 145 | 3104 | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB | 24 | 6 | 8 |  | 2 |  | 22 | 5 | 5 | 6 | 13 | 36 | 1 | 30 | 9 | 167 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B | 4 | 2 | 2 |  |  |  | 11 |  | 9 |  |  |  | 4 |  | 1 | 33 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  | 2 |  |  |  |  |  | 12 |  |  |  |  |  |  | 14 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  |  |  |  |  |  | 12 |  |  |  | 12 | 0% |
|  Subtotal | 28 | 8 | 12 |  | 2 |  | 33 | 5 | 26 | 6 | 13 | 48 | 5 | 30 | 10 | 226 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  |  | 16 | 7 | 43 |  | 12 | 2 | 47 | 8 |  | 15 | 23 | 20 | 2 | 195 | 6% |
|  **Total** | $**840** | $**436** | $**261** | $**252** | $**227** | $**219** | $**204** | $**170** | $**148** | $**136** | $**134** | $**128** | $**115** | $**98** | $**157** | $**3525** | **100%** |
|  | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** | **Fair Value By Industry** |
| **NAIC<br>designation** | **Asset<br>Managers** | **Banking** | **Technology** | **Insurance** | **Other<br>Financials** | **Utilities** | **Consumer** | **Autos** | **Healthcare** | **REITs** | **Basic<br>Industry** | **Retailers** | **Capital<br>Goods** | **Media** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 | $45 | $183 | $61 | $191 | $113 | $127 | $94 | $95 | $46 | $47 | $11 | $27 | $40 | $3 | $36 | $1119 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | 763 | 239 | 168 | 50 | 83 | 90 | 71 | 66 | 43 | 75 | 107 | 37 | 47 | 44 | 105 | 1988 | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 808 | 422 | 229 | 241 | 196 | 217 | 165 | 161 | 89 | 122 | 118 | 64 | 87 | 47 | 141 | 3107 | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 | 24 | 6 | 8 | 1 | 4 |  | 27 | 5 | 6 | 6 | 8 | 36 | 2 | 30 | 9 | 172 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4 | 4 | 2 | 12 |  |  |  | 6 | 2 | 24 |  | 4 |  | 4 |  | 1 | 59 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  | 7 |  | 24 |  | 2 |  | 28 | 8 | 1 | 15 | 21 | 20 | 1 | 127 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  |  | 2 |  | 1 |  |  |  |  | 12 |  |  | 1 | 16 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 28 | 8 | 27 | 1 | 30 |  | 36 | 7 | 58 | 14 | 13 | 63 | 27 | 50 | 12 | 374 | 11% |
|  Total insurance companies | $**836** | $**430** | $**256** | $**242** | $**226** | $**217** | $**201** | $**168** | $**147** | $**136** | $**131** | $**127** | $**114** | $**97** | $**153** | $**3481** | **100%** |
|  No NAIC designation (c) |  |  |  | 7 | 1 |  |  |  |  |  |  |  |  |  |  | 8 |  |
|  Non-Insurance and Foreign Companies | 4 | 6 | 5 | 3 |  | 2 | 3 | 2 | 1 |  | 3 | 1 | 1 | 1 | 4 | 36 |  |
|  **Total** | $**840** | $**436** | $**261** | $**252** | $**227** | $**219** | $**204** | $**170** | $**148** | $**136** | $**134** | $**128** | $**115** | $**98** | $**157** | $**3525** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) 9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.

(c) Surplus notes that are classified as other invested assets for STAT.

------

---

| | |
|:---|:---|
| **Appendix E**<br> **American Financial Group, Inc.**<br> **Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type**<br> **6/30/2025**<br> ($ in millions) | ![LOGO](g70239dsp33.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** |
| **Credit Rating (a)** | **Whole<br>Business** | **TruPS** | **Triple Net<br>Lease** | **Railcar** | **Aircraft** | **Commercial<br>Real Estate** | **Secured<br>Financing** | **Single<br>Family<br>Rental** | **Auto** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Grade |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | $102 | $194 | $— | $7 | $177 | $— | $111 | $69 | $136 | $796 | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 76 | 150 | 14 | 29 | 3 |  | 20 |  |  | 22 | 314 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 10 | 3 | 17 | 160 | 155 |  | 65 |  |  | 281 | 691 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 446 |  |  | 6 | 18 |  | 1 |  |  | 60 | 531 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 532 | 255 | 225 | 195 | 183 | 177 | 86 | 111 | 69 | 499 | 2332 | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB |  |  |  |  | 2 |  | 1 |  |  | 2 | 5 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B |  |  |  |  | 1 |  | 1 |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  |  |  | 2 |  |  |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  |  |  |  |  |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  |  | 5 |  | 2 |  |  | 2 | 9 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  |  |  |  | 4 |  | 33 |  |  | 28 | 65 | 3% |
|  **Total** | $**532** | $**255** | $**225** | $**195** | $**192** | $**177** | $**121** | $**111** | $**69** | $**529** | $**2406** | **100%** |
|  | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** |
| **NAIC designation** | **Whole<br>Business** | **TruPS** | **Triple Net<br>Lease** | **Railcar** | **Aircraft** | **Commercial<br>Real Estate** | **Secured<br>Financing** | **Single<br>Family<br>Rental** | **Auto** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $86 | $252 | $222 | $186 | $163 | $165 | $118 | $108 | $67 | $435 | $1802 | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | 435 |  |  | 6 | 17 |  | 1 |  |  | 60 | 519 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 521 | 252 | 222 | 192 | 180 | 165 | 119 | 108 | 67 | 495 | 2321 | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |  |  |  |  | 3 |  | 2 |  |  | 1 | 6 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |  |  |  |  | 1 |  |  |  |  |  | 1 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  |  |  | 2 |  |  |  |  | 1 | 3 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  |  | 2 |  |  |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  |  | 8 |  | 2 |  |  | 2 | 12 | 0% |
|  Total insurance companies | $**521** | $**252** | $**222** | $**192** | $**188** | $**165** | $**121** | $**108** | $**67** | $**497** | $**2333** | **100%** |
|  No NAIC designation |  |  |  |  | 1 |  |  |  |  | 27 | 28 |  |
|  Non-Insurance and Foreign Companies | 11 | 3 | 3 | 3 | 3 | 12 |  | 3 | 2 | 5 | 45 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $**532** | $**255** | $**225** | $**195** | $**192** | $**177** | $**121** | $**111** | $**69** | $**529** | $**2406** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) 51% of not rated securities are NAIC 1 and 44% do not have a designation.

------

---

| | |
|:---|:---|
| **Appendix F**<br> **American Financial Group, Inc.**<br> **Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type**<br> **12/31/2024**<br> ($ in millions) | ![LOGO](g70239dsp33.jpg) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** |
| **Credit Rating (a)** | **Whole<br>Business** | **Commercial<br>Real Estate** | **Triple Net<br>Lease** | **TruPS** | **Railcar** | **Aircraft** | **Secured<br>Financing** | **Single<br>Family<br>Rental** | **Auto** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Grade |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAA | $— | $258 | $191 | $46 | $— | $7 | $17 | $125 | $69 | $143 | $856 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AA | 75 |  | 14 | 130 | 25 | 4 | 25 |  |  | 32 | 305 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A | 10 |  | 17 | 18 | 156 | 118 | 65 |  |  | 265 | 649 | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBB | 427 |  |  |  | 6 | 21 | 1 |  |  | 64 | 519 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 512 | 258 | 222 | 194 | 187 | 150 | 108 | 125 | 69 | 504 | 2329 | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BB |  |  |  |  |  | 5 | 1 |  |  | 1 | 7 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B |  |  |  |  |  | 2 |  |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC, CC, C |  |  |  |  |  | 3 |  |  |  |  | 3 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D |  |  |  |  |  |  |  |  |  |  |  | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  |  |  | 10 | 1 |  |  | 1 | 12 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Rated (b) |  |  |  |  |  | 2 | 33 |  |  | 31 | 66 | 3% |
|  **Total** | $**512** | $**258** | $**222** | $**194** | $**187** | $**162** | $**142** | $**125** | $**69** | $**536** | $**2407** | **100%** |
|  | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** | **Fair Value By Collateral Type** |
| **NAIC designation** | **Whole<br>Business** | **Commercial<br>Real Estate** | **Triple Net<br>Lease** | **TruPS** | **Railcar** | **Aircraft** | **Secured<br>Financing** | **Single<br>Family<br>Rental** | **Auto** | **Other** | **Total** | **% Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | $85 | $240 | $219 | $191 | $179 | $127 | $139 | $121 | $67 | $442 | $1810 | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | 416 |  |  |  | 6 | 21 | 1 |  |  | 64 | 508 | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 501 | 240 | 219 | 191 | 185 | 148 | 140 | 121 | 67 | 506 | 2318 | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |  |  |  |  |  | 4 | 2 |  |  | 1 | 7 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |  |  |  |  |  | 2 |  |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |  |  |  |  |  | 3 |  |  |  | 1 | 4 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |  |  |  |  |  | 2 |  |  |  |  | 2 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal |  |  |  |  |  | 11 | 2 |  |  | 2 | 15 | 1% |
|  Total insurance companies | $**501** | $**240** | $**219** | $**191** | $**185** | $**159** | $**142** | $**121** | $**67** | $**508** | $**2333** | **100%** |
|  No NAIC designation |  |  |  |  |  |  |  |  |  | 25 | 25 |  |
|  Non-Insurance and Foreign Companies | 11 | 18 | 3 | 3 | 2 | 3 |  | 4 | 2 | 3 | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $**512** | $**258** | $**222** | $**194** | $**187** | $**162** | $**142** | $**125** | $**69** | $**536** | $**2407** |  |

---

(a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.

(b) 57% of not rated securities are NAIC 1 and 38% do not have a designation.

------

---

| | |
|:---|:---|
| **Appendix G**<br> **American Financial Group, Inc.**<br> **Real Estate-Related Investments**<br> **6/30/2025**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

---

**<u>Investments accounted for using equity method (Real Estate Funds/Investments) (a)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Book Value** | **% of**<br>**Book Value** | **Occupancy (b)** | **Collection Rate (c)** |
|  Multi-family | $1240 | 88% | 92% | 97% |
|  Fund Investments | 100 | 7% |  |  |
|  QOZ Fund - Development | 27 | 2% |  |  |
|  Office | 17 | 1% | 91% | 100% |
|  Marina | 16 | 1% |  |  |
|  Hospitality | 11 | 1% |  |  |
|  Land Development | 2 | 0% |  |  |
|  **Total** | $**1413** | **100%** |  |  |
| **<u>Real Estate</u>** |  |  |  |  |
| **Property Type** | **Book Value** | **% of**<br>**Book Value** | **Debt** |  |
|  Resort & Marina | $52 | 52% | $— |  |
|  Marina | 35 | 35% |  |  |
|  Office Building | 11 | 11% |  |  |
|  Land | 3 | 2% |  |  |
|  **Total** | $**101** | **100%** | $**—** |  |
| <br> **Mortgage Loans** | <br> **Mortgage Loans** | <br> **Mortgage Loans** |  |  |
| **Property Type** | **Book Value** | **% of**<br>**Book Value** | **Loan To**<br>**Value** |  |
|  Multifamily | $688 | 76% | 66% |  |
|  Hospitality | 121 | 13% | 48% |  |
|  Marina | 51 | 6% | 52% |  |
|  Office | 49 | 5% | 98% |  |
|  **Total** | $**909** | **100%** | **65%** |  |

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Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this
table only relate to real estate funds/investments.

(b) Occupancy as of 6/30/25

(c) Collections for April - June

------

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| | |
|:---|:---|
| **Appendix H**<br> **American Financial Group, Inc.**<br> **Real Estate-Related Investments**<br> **12/31/2024**<br> ($ in millions) | ![LOGO](g70239snap2.jpg) |

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**<u>Investments accounted for using equity method (Real Estate Funds/Investments) (a)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Book Value** | **% of**<br>**Book Value** | **Occupancy (b)** | **Collection Rate (c)** |
|  Multi-family | $1222 | 88% | 92% | 97% |
|  Fund Investments | 93 | 7% |  |  |
|  QOZ Fund - Development | 28 | 2% |  |  |
|  Office | 17 | 1% | 91% | 100% |
|  Marina | 16 | 1% |  |  |
|  Hospitality | 10 | 1% |  |  |
|  Land Development | 6 | 0% |  |  |
|  **Total** | $**1392** | **100%** |  |  |
| **<u>Real Estate</u>** |  |  |  |  |
| **Property Type** | **Book Value** | **% of Book<br>Value** | **Debt** |  |
|  Resort & Marina | $50 | 52% | $— |  |
|  Marina | 35 | 37% |  |  |
|  Office Building | 9 | 9% |  |  |
|  Land | 2 | 2% |  |  |
|  **Total** | $**96** | **100%** | $**—** |  |
| <br> **<u>Mortgage Loans</u>** |  |  |  |  |
| **Property Type** | **Book Value** | **% of Book<br>Value** | **Loan To<br>Value** |  |
|  Multifamily | $568 | 72% | 65% |  |
|  Hospitality | 122 | 15% | 49% |  |
|  Marina | 52 | 7% | 52% |  |
|  Office | 49 | 6% | 98% |  |
|  **Total** | $**791** | **100%** | **64%** |  |

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Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this
table only relate to real estate funds/investments.

(b) Occupancy as of 12/31/24

(c) Collections for October - December