# EDGAR Filing Document

**Accession Number:** 0001042046
**File Stem:** 0001193125-23-022138
**Filing Date:** 2023-2
**Character Count:** 93868
**Document Hash:** 78feee7b0bbf8860470230dd47d72791
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-022138.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001193125-23-022138

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230201

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN FINANCIAL GROUP INC
- **CENTRAL INDEX KEY:** 0001042046
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 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:** 23578826

**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="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

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

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 1, 2023

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## AMERICAN FINANCIAL GROUP, INC.

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

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

---

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

---

#### Registrant's telephone number, including area code 513-579-2121

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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:

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| | |
|:---|:---|
| **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 |

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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. &nbsp;&nbsp;&nbsp;&nbsp;☐

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#### Section 2 - Financial Information

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| | |
|:---|:---|
| **Item 2.02** | **Results Of Operations And Financial Condition.**  |

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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 fourth quarter of 2022 and the year ended December 31, 2022 and the availability of the Investor Supplement on the Company's website. The press release was issued on February 1, 2023. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and a copy of the Investor Supplement is attached as Exhibit 99.2 and are incorporated herein by reference.

#### Section 8 – Other Events

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $4.00 per share of Company Common Stock. The dividend is payable on February 28, 2023 to holders of record on February 15, 2023.

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

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(a) Financial statements of business acquired. Not applicable.

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

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| | |
|:---|:---|
| Exhibit<br>No. | Description |
| 99.1 | [Earnings Release dated February 1, 2023, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2022.](d406886dex991.htm) |
| 99.2 | [Investor Supplement – Fourth Quarter 2022](d406886dex992.htm) |
| 104 | Cover page Interactive Date File (embedded within Inline XBRL document) |

---

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#### 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.

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| | |
|:---|:---|
| **AMERICAN FINANCIAL GROUP, INC.** | **AMERICAN FINANCIAL GROUP, INC.** |
| Date: February 2, 2023 | Date: February 2, 2023 |
| By: | /s/Karl J. Grafe |
|  | Karl J. Grafe |
|  | Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g406886snap0119.jpg)

**American Financial Group, Inc. Announces Fourth Quarter and Full Year Results and Declares Special Dividend** 

**•** **Net earnings per share of $3.24 in the fourth quarter; full year net earnings per share of $10.53** 

**•** **Core net operating earnings per share of $2.99 in the fourth quarter; full year core net operating earnings per share of $11.63** 

**•** **Full year 2022 ROE of 19.2%; 2022 core operating ROE of 21.2%** 

**•** **Parent company cash and investments of approximately $876 million; excess capital of $1.41 billion at December 31, 2022** 

**•** **Full year total capital returned to shareholders of $1.23 billion, includes $1.02 billion ($12.00 per share) in special dividends** 

**•** **Special cash dividend of $4.00 per share declared; payable February 28, 2023** 

**•** **Full year 2023 core net operating earnings guidance established in the range of $11.00 - $12.00 per share** 

CINCINNATI – February 1, 2023 – American Financial Group, Inc. (NYSE: AFG) today reported 2022 fourth quarter net earnings of $276 million ($3.24 per share) compared to $355 million ($4.18 per share) in the 2021 fourth quarter. Net earnings for the 2022 fourth quarter included after-tax non-core realized gains on securities of $21 million ($0.25 per share). By comparison, net earnings for the 2021 fourth quarter included $4 million ($0.06 per share) in after-tax non-core realized gains on securities. Net earnings for the full year of 2022 were $10.53 per share, compared to $23.30 per share in 2021. Other details may be found in the table on the following page.

Core net operating earnings were $255 million ($2.99 per share) for the 2022 fourth quarter, compared to $351 million ($4.12 per share) in the 2021 fourth quarter. The year-over-year decrease was due primarily to lower returns in AFG's alternative investment portfolio, as compared to the very strong performance of this portfolio in the prior year period, and lower year-over-year underwriting profit in the crop operations. Both of these items were partially offset by higher other P&C investment income. Additional details for the 2022 and 2021 fourth quarters may be found in the table below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
| **Components of Pretax Core Operating Earnings** | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| 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 | $335 | $369 | $28 | $116 | $363 | $485 |
|  Other expenses | (25) | (24) |  |  | (25) | (24) |
|  Holding company interest expense | (20) | (23) |  |  | (20) | (23) |
|  Pretax Core Operating Earnings | 290 | 322 | 28 | 116 | 318 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related provision for income taxes | 57 | 63 | 6 | 24 | 63 | 87 |
|  **Core Net Operating Earnings** | $**233** | $**259** | $**22** | $**92** | $**255** | $**351** |
|  Core Net Operating Earnings Per Share | $2.73 | $3.04 | $0.26 | $1.08 | $2.99 | $4.12 |
|  Weighted Avg Diluted Shares Outstanding | 85.3 | 85.2 | 85.3 | 85.2 | 85.3 | 85.2 |

---

AFG's book value per share was $47.56 at December 31, 2022. AFG paid cash dividends of $2.63 per share during the fourth quarter, which included a $2.00 per share special dividend paid in November. Return on equity was 19.2% and 37.5% for the full year of 2022 and 2021, respectively. For the three months ended December 31, 2022, AFG's growth in book value per share plus dividends was 8.7%. For the twelve months ended December 31, 2022, AFG's book value per share plus dividends increased by 4.8%, reflecting very strong earnings partially offset by the increased unrealized losses on fixed maturities from the impact of rising interest rates and widening credit spreads.

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Book value per share, excluding unrealized losses related to fixed maturities, was $53.73 per share at December 31, 2022. For the three months ended December 31, 2022, AFG's growth in adjusted book value per share plus dividends was 6.3%. For the twelve months ended December 31, 2022, AFG's growth in adjusted book value per share plus dividends was 18.5%. For the full year, share repurchases totaled $11.3 million. Core operating return on equity was 21.2% and 18.6% for the full year of 2022 and 2021, respectively.

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 discontinued operations, 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>December 31, | Three months ended<br>December 31, | Twelve months ended<br>December 31, | Twelve months ended<br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  Components of net earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating earnings before income taxes | $318 | $438 | $1248 | $1232 |
| &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 | 27 | 7 | (116) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on retirement of debt | 1 |  | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  | (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; Earnings before income taxes | 346 | 445 | 1123 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision (credit) for income taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating earnings | 63 | 87 | 255 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-core items | 7 | 3 | (30) | 15 |
| &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 | 70 | 90 | 225 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net earnings from continuing operations** | **276** | **355** | **898** | **1081** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings from discontinued annuity operations |  |  |  | 914 |
|  **Net earnings** | $**276** | $**355** | $**898** | $**1995** |
|  Net earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core net operating earnings**<sup>(a)</sup>** | $255 | $351 | $993 | $993 |
|  <u>Non-core items:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on securities | 21 | 4 | (92) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on retirement of debt |  |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 4 | 1 |
|  **Net earnings from continuing operations** | **276** | **355** | **898** | **1081** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings from discontinued annuity operations |  |  |  | 914 |
|  **Net earnings** | $**276** | $**355** | $**898** | $**1995** |
|  Components of earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core net operating earnings<sup>(a)</sup> | $2.99 | $4.12 | $11.63 | $11.59 |
| &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; Realized gains (losses) on securities | 0.25 | 0.06 | (1.06) | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on retirement of debt |  |  | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 0.05 | 0.02 |
|  **Diluted net earnings per share from continuing operations** | $**3.24** | $**4.18** | $**10.53** | $**12.62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings from discontinued annuity operations | **—** | **—** | **—** | **10.68** |
|  **Diluted net earnings per share** | $**3.24** | $**4.18** | $**10.53** | $**23.30** |

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

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The Company also announced today that its Board of Directors declared a special cash dividend of $4.00 per share of American Financial Group common stock. The dividend is payable on February 28, 2023 to shareholders of record on February 15, 2023. The aggregate amount of this special dividend will be approximately $340 million. This special dividend is in addition to the Company's regular quarterly cash dividend of $0.63 per share most recently paid on January 25, 2023.

Carl H. Lindner III and S. Craig Lindner, AFG's Co-Chief Executive Officers, issued this statement: "Full year core net operating earnings were $11.63 per share, the highest ever achieved for AFG. We are very pleased with our strong performance for the 2022 fourth quarter and full year. In addition to producing an annual core operating return on equity of 21%, net written premiums grew by 11% during the year. Our talented insurance and investment professionals have executed well in a dynamic insurance industry and uncertain economic environment, positioning us well as we begin 2023.

"AFG had approximately $1.41 billion of excess capital (including parent company cash and investments of approximately $876 million) at December 31, 2022. 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 excess capital will be deployed into AFG's core businesses as we identify 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. Over the past year, we increased our quarterly dividend by 12.5% and paid special dividends of $12.00 per share. Total growth in adjusted book value plus dividends was a very strong 18.5%. We are very proud of our track record of creating long-term value for our shareholders."

Craig and Carl Lindner continued, "We have established our initial guidance for AFG's 2023 core net operating earnings in the range of $11.00 to $12.00 per share, which would produce a core return on equity of over 20% at the midpoint. Our guidance assumes a return of approximately 7% on alternative investments, compared to 13.2% earned on these investments in 2022, and an average crop year."

AFG's core earnings per share guidance excludes non-core items such as realized gains and losses and other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations.

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

The Specialty P&C insurance operations generated underwriting profit of $217 million for the 2022 fourth quarter compared to $281 million in the fourth quarter of 2021. Lower year-over-year underwriting profit in our Property and Transportation and Specialty Casualty Groups was partially offset by higher underwriting profit in our Specialty Financial Group.

The fourth quarter 2022 combined ratio was a very strong 86.6%, 5.9 points higher than the exceptionally strong 80.7% reported in the prior year, and includes a modest 0.9 points related to catastrophe losses, despite elevated industry catastrophe losses during the quarter. By comparison, catastrophe losses in the 2021 fourth quarter added 1.8 points to the combined ratio. Fourth quarter 2022 results included 3.6 points of favorable prior year reserve development, compared to 5.0 points in the fourth quarter of 2021.

Fourth quarter 2022 gross and net written premiums were up 6% and 5%, respectively, when compared to the same period in 2021. Year-over-year growth was reported within each of the Specialty P&C groups as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment.

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Average renewal pricing across our P&C Group, excluding workers' compensation, was up approximately 6% for the quarter, and up approximately 5% overall, in line with renewal rate increases reported in the prior quarter. We are continuing to achieve renewal rate increases where we need them to achieve targeted returns, and we are achieving or exceeding targeted returns in nearly all of our Specialty P&C businesses. Gross and net written premiums increased 14% and 11%, respectively, for the full year in 2022 and established new records for premium production for AFG.

The **Property and Transportation Group** reported an underwriting profit of $68 million in the fourth quarter of 2022, compared to $116 million in the comparable prior year period. The lower underwriting profit was primarily the result of average underwriting profitability in our crop insurance operations when compared to the exceptionally strong results reported in 2021. Excluding crop, the fourth quarter calendar year combined ratio in this group improved 2.8 points year-over-year, reflecting improved underwriting results in the majority of the businesses in this group. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $7 million in the fourth quarter of 2022, compared to $15 million in the comparable 2021 period, and were primarily attributable to Winter Storm Elliott. The businesses in the Property and Transportation Group achieved a 90.0% calendar year combined ratio overall in the fourth quarter, 9.5 points higher than the excellent 80.5% achieved in the comparable period in 2021.

Fourth quarter 2022 gross and net written premiums in this group were up 8% and 1%, respectively, when compared to the 2021 fourth quarter, primarily due to higher winter wheat commodity prices and new business opportunities attributed to crop products with higher cessions. Overall renewal rates in this group increased 7% on average for the fourth quarter of 2022, accelerating from the 5% rate increase reported in the prior quarter. Pricing for the full year for this group was up 6% overall.

The **Specialty Casualty Group** reported an underwriting profit of $128 million in the 2022 fourth quarter compared to $140 million in the comparable 2021 period. Higher year-over-year underwriting profits in our excess and surplus lines and excess liability businesses were more than offset by lower underwriting profitability in our workers' compensation businesses, though underwriting profitability in our workers' compensation businesses overall continues to be excellent. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $7 million and $3 million in the fourth quarters of 2022 and 2021, respectively. The businesses in the Specialty Casualty Group achieved an outstanding 81.3% calendar year combined ratio overall in the fourth quarter, 3.3 points higher than the exceptionally strong 78.0% reported in the comparable period in 2021.

Fourth quarter 2022 gross and net written premiums both increased 4% when compared to the same prior year period, with the vast majority of businesses in this group reporting growth during the quarter. New accounts and strong account retention in our social services business, increased exposures from payroll growth and new business in our workers' compensation businesses, and additional business opportunities in our E&S operations contributed to the higher year-over-year premiums. This growth was partially offset by lower premiums in our mergers & acquisitions liability and executive liability businesses. The majority of the businesses in this group achieved strong renewal pricing during the fourth quarter. Excluding workers' compensation, renewal pricing for this group was up 6% in the fourth quarter and was up 4% overall, with both measures down about 1% from the renewal pricing in the previous quarter. Pricing for this group for the full year, excluding workers' comp, was up 7%, and up 5% overall.

The **Specialty Financial Group** reported an underwriting profit of $33 million in the fourth quarter of 2022, compared to $24 million in the fourth quarter of 2021, primarily as a result of the favorable impact on underwriting results from lower than previously estimated reinstatement premiums related to Hurricane Ian. Catastrophe losses for this group, net of reinsurance and inclusive of adjusted reinstatement premiums from Hurricane Ian, were a favorable impact of $3 million in the fourth quarter of 2022, compared to losses of $6 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported an 83.1% combined ratio for the fourth quarter of 2022, an improvement of 2.4 points over the prior year period.

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Gross and net written premiums increased by 12% and 15%, respectively, in the 2022 fourth quarter when compared to the same 2021 period due primarily to the growth in our financial institutions and commercial equipment leasing business. In addition, lower than previously estimated reinstatement premiums from Hurricane Ian contributed to higher year-over-year net written premiums. Renewal pricing in this group was up 4% in the fourth quarter, consistent with rate increases in the previous quarter. Renewal pricing in this group was up 5% for the full year of 2022.

Carl Lindner III stated, "Our specialty P&C businesses closed out 2022 on a strong note, producing record full year underwriting profit and record full year pretax P&C core operating earnings. I'm especially pleased that each of our Specialty P&C sub-segments produced combined ratios of 90% or better for the fourth quarter, despite elevated industry catastrophe losses. We set new records for premium production in 2022 and are meeting or exceeding targeted returns in nearly all of our businesses."

Mr. Lindner added, "Looking toward 2023, we expect an overall calendar year combined ratio in the range of 86% to 88%, and net written premiums to be up 3% to 5% when compared to the $6.2 billion reported in 2022."

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.

**Net Investment Income** – For the quarter ended December 31, 2022, property and casualty net investment income was approximately 19% lower than the comparable 2021 period. The annualized return on alternative investments was approximately 5.3% for the 2022 fourth quarter compared to the exceptional 26.3% for the prior year quarter. 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, 2022, was approximately 14%.

Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended December 31, 2022, increased 64% year-over-year as a result of the impact of rising interest rates, enhanced by the strategic positioning of our portfolio coming into 2022 (duration of cash and fixed maturity investments of approximately 2 years) and higher balances of invested assets.

For the twelve months ended December 31, 2022, P&C net investment income was approximately 3% higher than the comparable 2021 period. The return on alternative investments was 13.2% for 2022 compared to the exceptionally strong 25.3% earned on P&C alternative investments in 2021. Excluding alternative investments, net investment income in our property and casualty insurance operations for 2022 increased 29% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets. Our guidance for 2023 assumes a return of approximately 7% on alternative investments.

**Non-Core Net Realized Gains –** AFG recorded fourth quarter 2022 net realized gains on securities of $21 million ($0.25 per share) after tax, which included $17 million ($0.19 per share) in after-tax net gains to adjust equity securities that the Company continued to own at December 31, 2022, to fair value. By comparison, AFG recorded fourth quarter 2021 net realized gains on securities of $4 million ($0.06 per share) after tax.

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After-tax unrealized losses related to fixed maturities were $526 million at December 31, 2022. Our portfolio continues to be high quality, with 92% of our fixed maturity portfolio rated investment grade and 97% 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.

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

This press release 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; 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: changes in financial, political and economic conditions, including changes in interest and inflation rates, 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 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; the impact of the conditions in the international financial markets and the global economy relating to AFG's international operations; effects on AFG's reputation, including as a result of environmental, social and governance matters; and other factors identified in AFG's filings with the Securities and Exchange Commission.

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.

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

The Company will hold a conference call to discuss 2022 fourth quarter and full year results at 11:30 a.m. (ET) tomorrow, Thursday, February 2, 2023. There are 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.

<u>Contact:</u> 

Diane P. Weidner, IRC

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>.

AFG2023-04

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

**SUMMARY OF EARNINGS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>December 31, | Three months ended<br>December 31, | Twelve months ended<br>December 31, | Twelve months ended<br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C insurance net earned premiums | $1623 | $1452 | $6085 | $5404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 168 | 209 | 717 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 27 | 7 | (116) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidiaries |  |  |  | 4 |
| &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 | 93 | 46 | 268 | 181 |
| &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 | (6) | 1 | (31) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 24 | 43 | 117 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 1929 | 1758 | 7040 | 6552 |
|  **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C insurance losses & expenses | 1413 | 1182 | 5347 | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest charges on borrowed money | 20 | 23 | 85 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses of managed investment entities | 82 | 40 | 230 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 68 | 68 | 255 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 1583 | 1313 | 5917 | 5217 |
|  Earnings from continuing operations before income taxes | 346 | 445 | 1123 | 1335 |
|  Provision for income taxes | 70 | 90 | 225 | 254 |
|  Net earnings from continuing operations | 276 | 355 | 898 | 1081 |
|  Net earnings from discontinued operations |  |  |  | 914 |
|  Net earnings | $276 | $355 | $898 | $1995 |
|  Earnings per diluted common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuing operations | $3.24 | $4.18 | $10.53 | $12.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinued annuity operations |  |  |  | 10.68 |
|  Diluted earnings | $3.24 | $4.18 | $10.53 | $23.30 |
|  Average number of diluted shares | 85.3 | 85.2 | 85.3 | 85.6 |

---

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

**SELECTED BALANCE SHEET DATA** 

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

---

| | | |
|:---|:---|:---|
| Selected Balance Sheet Data: | December 31,<br>2022 | December 31,<br>2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash and investments | $14512 | $15745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | $1496 | $1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity**<sup>(b)</sup>** | $4052 | $5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity (excluding unrealized gains/losses related to fixed maturities)**<sup>(b)</sup>** | $4578 | $4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share | $47.56 | $59.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share (excluding unrealized gains/losses related to fixed maturities) | $53.73 | $57.42 |
|  Common Shares Outstanding | 85.2 | 84.9 |

---

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

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**AMERICAN FINANCIAL GROUP, INC.** 

**SPECIALTY P&C OPERATIONS** 

**(Dollars in Millions)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended<br>December 31, | Three months ended<br>December 31, | Pct.<br>Change | Twelve months ended<br>December 31, | Twelve months ended<br>December 31, | Pct.<br>Change |
|  | 2022 | 2021 | | 2022 | 2021 | |
|  **Gross written premiums** | $1845 | $1737 | 6% | $9057 | $7946 | 14% |
|  **Net written premiums** | $1338 | $1270 | 5% | $6206 | $5573 | 11% |
|  **Ratios (GAAP):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss & LAE ratio** | 60.8% | 56.5% |  | 59.6% | 58.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Underwriting expense ratio** | 25.8% | 24.2% |  | 27.6% | 28.0% |  |
|  **Specialty Combined Ratio** | 86.6% | 80.7% |  | 87.2% | 86.4% |  |
|  **Combined Ratio – P&C Segment** | 86.5% | 80.8% |  | 87.3% | 86.5% |  |
|  **<u>Supplemental Information:<sup>(c)</sup></u>** |  |  |  |  |  |  |
|  **Gross Written Premiums:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $601 | $558 | 8% | $4060 | $3263 | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 1007 | 968 | 4% | 4115 | 3890 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 237 | 211 | 12% | 882 | 793 | 11% |
|  | $1845 | $1737 | 6% | $9057 | $7946 | 14% |
|  **Net Written Premiums:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $423 | $417 | 1% | $2515 | $2157 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 655 | 628 | 4% | 2728 | 2540 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 199 | 173 | 15% | 711 | 658 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 61 | 52 | 17% | 252 | 218 | 16% |
|  | $1338 | $1270 | 5% | $6206 | $5573 | 11% |
|  **Combined Ratio (GAAP):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | 90.0% | 80.5% |  | 91.7% | 87.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | 81.3% | 78.0% |  | 81.2% | 84.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | 83.1% | 85.5% |  | 83.7% | 85.1% |  |
|  Aggregate Specialty Group | 86.6% | 80.7% |  | 87.2% | 86.4% |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>December 31, | Three months ended<br>December 31, | Twelve months ended<br>December 31, | Twelve months ended<br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  **Reserve Development** (Favorable)/Adverse: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | $(13) | $(2) | $(92) | $(103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | (50) | (55) | (190) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | (8) | (13) | (47) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Specialty | 13 | (3) | 40 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Specialty Group** | (58) | (73) | (289) | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | (1) | 2 | 4 | 4 |
|  **Total Reserve Development** | $(59) | $(71) | $(285) | $(279) |
|  **Points on Combined Ratio:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property & Transportation | (1.8) | (0.4) | (3.7) | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Casualty | (7.3) | (8.5) | (7.2) | (5.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Financial | (4.1) | (8.2) | (6.8) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate Specialty Group | (3.6) | (5.0) | (4.7) | (5.2) |
|  Total P&C Segment | (3.6) | (4.9) | (4.7) | (5.2) |

---

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

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**AMERICAN FINANCIAL GROUP, INC.** 

**Notes to Financial Schedules** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>December 31, | Three months ended<br>December 31, | Twelve months ended<br>December 31, | Twelve months ended<br>December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  <u>Core Operating Earnings before Income Taxes:</u> |  |  |  |  |
|  P&C insurance segment | $363 | $485 | $1419 | $1390 |
|  Real estate entities and other acquired from Annuity operations\* |  |  |  | 50 |
|  Interest and other corporate expenses | (45) | (47) | (171) | (208) |
|  Core operating earnings before income taxes | 318 | 438 | 1248 | 1232 |
|  Related income taxes | 63 | 87 | 255 | 239 |
|  Core net operating earnings | $255 | $351 | $993 | $993 |

---

*\** *Income from real estate entities acquired from AFG's Annuity operations through May 31, 2021 (the effective date of the sale of the Annuity business).* 

b) Shareholders' Equity at December 31, 2022 includes $526 million ($6.17 per share) in
unrealized after-tax losses related to fixed maturities compared to $136 million ($1.60 per share) in unrealized after-tax gains related to fixed maturities at
December 31, 2021.

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

&nbsp;&nbsp;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other** includes an internal reinsurance facility.

## Exhibit 99.2

![](g406886ex99_2p1g1.jpg)

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Fourth Quarter 2022 February 1, 2023 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739

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American Financial Group, Inc. **Table of Contents** - Investor Supplement - Fourth Quarter 2022 4 Section Page **Table of Contents** - Investor Supplement - Fourth Quarter 2022.................................................................................................................. 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 Other Specialty - Underwriting Results (GAAP)............................................................................................................................................. 11 Annuity Segment Discontinued Annuity Operations.................................................................................................................................................................. 12 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet......................................................................................................................................................................... 13 Book Value Per Share and Price / Book Summary....................................................................................................................................... 14 Capitalization................................................................................................................................................................................................. 15 Additional Supplemental Information............................................................................................................................................................. 16 Consolidated Investment Supplement Total Cash and Investments.......................................................................................................................................................................... 17 Net Investment Income From Continuing Operations.................................................................................................................................... 18 Alternative Investments - Continuing Operations.......................................................................................................................................... 19 Fixed Maturities - By Security Type - AFG Consolidated............................................................................................................................... 20 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022............................................................................................ 21 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021............................................................................................ 22 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022............................................................................... 23 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021............................................................................... 24 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022.............................................................. 25 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.............................................................. 26 G. Real Estate-Related Investments 12/31/2022......................................................................................................................................... 27 H. Real Estate-Related Investments 12/31/2021.......................................................................................................................................... 28 Page 2

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American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Highlights Net earnings $276 $165 $167 $290 $355 $898 $1,995 Net earnings from continuing operations 276 165 167 290 355 898 1,081 Core net operating earnings 255 192 243 303 351 993 993 Total assets 28,831 29,532 28,084 28,762 28,931 28,831 28,931 Adjusted shareholders' equity (a) 4,578 4,515 4,401 4,948 4,876 4,578 4,876 Property and Casualty net written premiums 1,338 1,984 1,516 1,368 1,270 6,206 5,573 Per share data Diluted earnings per share $3.24 $1.93 $1.96 $3.40 $4.18 $10.53 $23.30 Diluted earnings per share from continuing operations 3.24 1.93 1.96 3.40 4.18 10.53 12.62 Core net operating earnings per share 2.99 2.24 2.85 3.56 4.12 11.63 11.59 Adjusted book value per share (a) 53.73 53.03 51.68 58.14 57.42 53.73 57.42 Dividends per common share 2.63 0.56 8.56 2.56 6.56 14.31 28.06 Financial ratios Annualized return on equity (b) 24.2% 14.7% 14.3% 23.5% 28.5% 19.2% 37.5% Annualized core operating return on equity (b) 22.3% 17.1% 20.7% 24.6% 28.1% 21.2% 18.6% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Underwriting expense ratio 25.8% 24.7% 30.4% 30.9% 24.2% 27.6% 28.0% Combined ratio - Specialty 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% (a) Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure is on page 14. (b) Excludes accumulated other comprehensive income. Page 3

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American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance Underwriting profit $218 $155 $196 $207 $279 $776 $733 Net investment income 159 145 156 223 196 683 663 Other income (expense) (14) (11) (7) (8) 10 (40) (6) Property and Casualty Insurance operating earnings 363 289 345 422 485 1,419 1,390 Real estate entities and other acquired from Annuity - - - - - - 50 Interest expense of parent holding companies (20) (19) (23) (23) (23) (85) (94) Other expense (25) (26) (14) (21) (24) (86) (114) Pretax core operating earnings 318 244 308 378 438 1,248 1,232 Income tax expense 63 52 65 75 87 255 239 Core net operating earnings 255 192 243 303 351 993 993 Non-core items, net of tax: Realized gains (losses) on securities 21 (28) (73) (12) 4 (92) 87 Gain (loss) on retirement of debt - 1 (7) (1) - (7) - Other non-core items - - 4 - - 4 1 Net earnings from continuing operations $276 $165 $167 $290 $355 $898 $1,081 Discontinued Annuity operations - - - - - - 914 Net earnings $276 $165 $167 $290 $355 $898 $1,995 Page 4

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American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Core net operating earnings $255 $192 $243 $303 $351 $993 $993 Net earnings from continuing operations $276 $165 $167 $290 $355 $898 $1,081 Net earnings $276 $165 $167 $290 $355 $898 $1,995 Average number of diluted shares - core 85.350 85.365 85.339 85.240 85.162 85.324 85.628 Average number of diluted shares - net 85.350 85.365 85.339 85.240 85.162 85.324 85.628 Diluted earnings per share: Core net operating earnings per share $2.99 $2.24 $2.85 $3.56 $4.12 $11.63 $11.59 Realized gains (losses) on securities 0.25 (0.32) (0.86) (0.14) 0.06 (1.06) 1.01 Gain (loss) on retirement of debt - 0.01 (0.08) (0.02) - (0.09) - Other non-core items - - 0.05 - - 0.05 0.02 Diluted earnings per share, continuing operations $3.24 $1.93 $1.96 $3.40 $4.18 $10.53 $12.62 Discontinued Annuity operations - - - - - - 10.68 Diluted earnings per share $3.24 $1.93 $1.96 $3.40 $4.18 $10.53 $23.30 Page 5

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American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Transportation $68 $39 $39 $62 $116 $208 $279 Specialty Casualty 128 118 130 124 140 500 377 Specialty Financial 33 15 37 29 24 114 96 Other Specialty (12) (14) (9) (7) 1 (42) (15) Underwriting profit - Specialty 217 158 197 208 281 780 737 Other core charges, included in loss and LAE 1 (3) (1) (1) (2) (4) (4) Underwriting profit - Property and Casualty Insurance $218 $155 $196 $207 $279 $776 $733 Included in results above: Current accident year COVID-19 related losses $- $- $- $- $2 $- $16 Current accident year catastrophe losses: Catastrophe reinstatement premium $(13) $18 $- $- $- $5 $12 Catastrophe losses 24 33 22 9 25 88 86 Total current accident year catastrophe losses $11 $51 $22 $9 $25 $93 $98 Prior year loss reserve development (favorable) / adverse $(59) $(53) $(85) $(88) $(71) $(285) $(279) Combined ratio: Property and Transportation 90.0% 95.4% 92.4% 85.8% 80.5% 91.7% 87.1% Specialty Casualty 81.3% 82.6% 80.1% 80.6% 78.0% 81.2% 84.3% Specialty Financial 83.1% 91.3% 78.4% 82.0% 85.5% 83.7% 85.1% Other Specialty 118.1% 122.7% 114.6% 112.9% 98.0% 117.1% 107.2% Combined ratio - Specialty 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% Other core charges (0.1%) 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% Combined ratio 86.5% 91.2% 86.0% 84.1% 80.8% 87.3% 86.5% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 89.3% 91.7% 90.5% 90.1% 83.7% 90.4% 89.6% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 63.5% 67.0% 60.1% 59.2% 59.5% 62.8% 61.6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.3% Current accident year catastrophe losses 0.8% 2.5% 1.6% 0.7% 1.8% 1.6% 1.8% Prior accident year loss reserve development (3.6%) (3.0%) (6.1%) (6.7%) (4.9%) (4.7%) (5.2%) Loss and LAE ratio 60.7% 66.5% 55.6% 53.2% 56.6% 59.7% 58.5% Page 6

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American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $1,845 $3,153 $2,123 $1,936 $1,737 $9,057 $7,946 Ceded reinsurance premiums (507) (1,169) (607) (568) (467) (2,851) (2,373) Net written premiums 1,338 1,984 1,516 1,368 1,270 6,206 5,573 Change in unearned premiums 285 (217) (123) (66) 182 (121) (169) Net earned premiums 1,623 1,767 1,393 1,302 1,452 6,085 5,404 Loss and LAE 987 1,173 773 692 820 3,625 3,153 Underwriting expense 419 436 423 402 351 1,680 1,514 Underwriting profit $217 $158 $197 $208 $281 $780 $737 Included in results above: Current accident year COVID-19 related losses $- $- $- $- $2 $- $16 Current accident year catastrophe losses: Catastrophe reinstatement premium $(13) $18 $- $- $- $5 $12 Catastrophe losses 24 33 22 9 25 88 86 Total current accident year catastrophe losses $11 $51 $22 $9 $25 $93 $98 Prior year loss reserve development (favorable) / adverse $(58) $(56) $(86) $(89) $(73) $(289) $(283) Combined ratio: Loss and LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Underwriting expense ratio 25.8% 24.7% 30.4% 30.9% 24.2% 27.6% 28.0% Combined ratio 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 89.3% 91.7% 90.5% 90.1% 83.7% 90.4% 89.6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 63.5% 67.0% 60.1% 59.2% 59.5% 62.8% 61.6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.3% Current accident year catastrophe losses 0.9% 2.5% 1.6% 0.7% 1.8% 1.5% 1.7% Prior accident year loss reserve development (3.6%) (3.1%) (6.3%) (6.8%) (5.0%) (4.7%) (5.2%) Loss and LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Page 7

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American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $601 $1,737 $962 $760 $558 $4,060 $3,263 Ceded reinsurance premiums (178) (778) (330) (259) (141) (1,545) (1,106) Net written premiums 423 959 632 501 417 2,515 2,157 Change in unearned premiums 259 (102) (127) (58) 180 (28) (13) Net earned premiums 682 857 505 443 597 2,487 2,144 Loss and LAE 489 663 327 256 394 1,735 1,394 Underwriting expense 125 155 139 125 87 544 471 Underwriting profit $68 $39 $39 $62 $116 $208 $279 Included in results above: Current accident year COVID-19 related losses $- $- $- $- $- $- $- Current accident year catastrophe losses: Catastrophe reinstatement premium $(1) $4 $- $- $- $3 $9 Catastrophe losses 8 9 19 6 15 42 49 Total current accident year catastrophe losses $7 $13 $19 $6 $15 $45 $58 Prior year loss reserve development (favorable) / adverse $(13) $(15) $(30) $(34) $(2) $(92) $(103) Combined ratio: Loss and LAE ratio 71.8% 77.3% 64.7% 57.7% 66.0% 69.8% 65.1% Underwriting expense ratio 18.2% 18.1% 27.7% 28.1% 14.5% 21.9% 22.0% Combined ratio 90.0% 95.4% 92.4% 85.8% 80.5% 91.7% 87.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.8% 95.8% 94.6% 92.1% 78.4% 93.5% 89.2% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 72.6% 77.7% 66.9% 64.0% 63.9% 71.6% 67.2% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Current accident year catastrophe losses 1.0% 1.4% 3.8% 1.5% 2.5% 1.9% 2.7% Prior accident year loss reserve development (1.8%) (1.8%) (6.0%) (7.8%) (0.4%) (3.7%) (4.8%) Loss and LAE ratio 71.8% 77.3% 64.7% 57.7% 66.0% 69.8% 65.1% Page 8

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American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $1,007 $1,184 $948 $976 $968 $4,115 $3,890 Ceded reinsurance premiums (352) (407) (302) (326) (340) (1,387) (1,350) Net written premiums 655 777 646 650 628 2,728 2,540 Change in unearned premiums 31 (100) 11 (11) 8 (69) (132) Net earned premiums 686 677 657 639 636 2,659 2,408 Loss and LAE 381 374 354 344 340 1,453 1,399 Underwriting expense 177 185 173 171 156 706 632 Underwriting profit $128 $118 $130 $124 $140 $500 $377 Included in results above: Current accident year COVID-19 related losses $- $- $- $- $1 $- $9 Current accident year catastrophe losses: Catastrophe reinstatement premium $(1) $1 $- $- $- $- $1 Catastrophe losses 8 2 - 1 3 11 9 Total current accident year catastrophe losses $7 $3 $- $1 $3 $11 $10 Prior year loss reserve development (favorable) / adverse $(50) $(42) $(49) $(49) $(55) $(190) $(140) Combined ratio: Loss and LAE ratio 55.4% 55.3% 53.9% 53.8% 53. 5% 54.7% 58.1% Underwriting expense ratio 25.9% 27.3% 26.2% 26.8% 24. 5% 26.5% 26.2% Combined ratio 81.3% 82.6% 80.1% 80.6% 78.0% 81.2% 84.3% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 87.5% 88.5% 87.5% 88.1% 85. 8% 87.9% 89.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.6% 61.2% 61.3% 61.3% 61. 3% 61.4% 63.1% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0. 2% 0.0% 0.4% Current accident year catastrophe losses 1.1% 0.4% 0.1% 0.1% 0. 5% 0.5% 0.4% Prior accident year loss reserve development (7. 3%) (6. 3%) (7. 5%) (7. 6%) (8.5%) (7.2%) (5. 8%) Loss and LAE ratio 55.4% 55.3% 53.9% 53.8% 53.5% 54.7% 58.1% Page 9

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American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $237 $232 $213 $200 $211 $882 $793 Ceded reinsurance premiums (38) (56) (36) (41) (38) (171) (135) Net written premiums 199 176 177 159 173 711 658 Change in unearned premiums (6) (5) (6) 4 (8) (13) (16) Net earned premiums 193 171 171 163 165 698 642 Loss and LAE 66 80 44 48 52 238 213 Underwriting expense 94 76 90 86 89 346 333 Underwriting profit $33 $15 $37 $29 $24 $114 $96 Included in results above: Current accident year COVID-19 related losses $- $- $- $- $1 $- $7 Current accident year catastrophe losses: Catastrophe reinstatement premium $(10) $13 $- $- $- $3 $2 Catastrophe losses 7 21 3 2 6 33 26 Total current accident year catastrophe losses $(3) $34 $3 $2 $6 $36 $28 Prior year loss reserve development (favorable) / adverse $(8) $(11) $(15) $(13) $(13) $(47) $(51) Combined ratio: Loss and LAE ratio 33.8% 47.2% 25.7% 29.4% 31.7% 34.1% 33.2% Underwriting expense ratio 49.3% 44.1% 52.7% 52.6% 53.8% 49.6% 51.9% Combined ratio 83.1% 91.3% 78.4% 82.0% 85.5% 83.7% 85.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 85.3% 82.4% 85.7% 88.9% 89.3% 85.6% 87.9% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 36.0% 38.3% 33.0% 36.3% 35.5% 36.0% 36.0% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.7% 0.0% 1.1% Current accident year catastrophe losses 1.9% 15.2% 1.5% 1.2% 3.7% 4.9% 4.1% Prior accident year loss reserve development (4.1%) (6.3%) (8.8%) (8.1%) (8. 2%) (6.8%) (8.0%) Loss and LAE ratio 33.8% 47.2% 25.7% 29.4% 31.7% 34.1% 33.2% Page 10

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American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $- $- $- $- $- $- $- Ceded reinsurance premiums 61 72 61 58 52 252 218 Net written premiums 61 72 61 58 52 252 218 Change in unearned premiums 1 (10) (1) (1) 2 (11) (8) Net earned premiums 62 62 60 57 54 241 210 Loss and LAE 51 56 48 44 34 199 147 Underwriting expense 23 20 21 20 19 84 78 Underwriting profit (loss) $(12) $(14) $(9) $(7) $1 $(42) $(15) Included in results above: Current accident year COVID-19 related losses $- $- $- $- $- $- $- Current accident year catastrophe losses: Catastrophe reinstatement premium $(1) $- $- $- $- $(1) $- Catastrophe losses 1 1 - - 1 2 2 Total current accident year catastrophe losses $- $1 $- $- $1 $1 $2 Prior year loss reserve development (favorable) / adverse $13 $12 $8 $7 $(3) $40 $11 Combined ratio: Loss and LAE ratio 83.3% 89.3% 79.6% 77.1% 61.7% 82.4% 70.0% Underwriting expense ratio 34.8% 33.4% 35.0% 35.8% 36.3% 34.7% 37.2% Combined ratio 118.1% 122.7% 114.6% 112.9% 98.0% 117.1% 107.2% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 98.5% 100.7% 101.5% 99.9% 100.4% 100.1% 100.8% Page 11

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American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Twelve Months Ended 12/31/2022 9/30/22 6/30/22 3/31/22 12/31/21 12/31/2022 12/31/21 Pretax Annuity historically reported as core operating (a) $- $- $- $- $- $- $295 Impact of fair vaule, reinsurance accounting & unlocking - - - - - - (33) Realized gains of Annuity subs - - - - - - 112 Run-off life and long-term care - - - - - - - Pretax earnings of businesses sold to Mass Mutual - - - - - - 374 Less amounts included in continuing operations - - - - - - (50) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations - - - - - - 324 Taxes - - - - - - (66) Net earnings from discontinued operations, excluding the gain on sale of discontinued operations - - - - - - 258 Gain on sale of annuity business - - - - - - 656 Net earnings from discontinued operations $- $- $- $- $- $- $914 (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for twelve months ended 12/31/21 only include earnings through the sale date. Page 12

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American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Assets: Total cash and investments $14,512 $14,322 $14,268 $15,601 $15,745 $16,387 Recoverables from reinsurers 3,977 4,108 3,567 3,478 3,519 3,523 Prepaid reinsurance premiums 917 1,180 1,006 933 834 1,028 Agents' balances and premiums receivable 1,339 1,698 1,623 1,391 1,265 1,492 Deferred policy acquisition costs 288 292 293 271 267 262 Assets of managed investment entities 5,447 5,099 5,218 5,231 5,296 5,130 Other receivables 886 1,328 740 645 857 1,097 Other assets 1,219 1,259 1,123 966 902 847 Goodwill 246 246 246 246 246 176 Total assets $28,831 $29,532 $28,084 $28,762 $28,931 $29,942 Liabilities and Equity: Unpaid losses and loss adjustment expenses $11,974 $12,067 $11,201 $10,986 $11,074 $10,991 Unearned premiums 3,246 3,785 3,397 3,206 3,041 3,415 Payable to reinsurers 1,035 1,366 971 910 920 1,146 Liabilities of managed investment entities 5,332 5,002 5,133 5,112 5,220 5,034 Long-term debt 1,496 1,533 1,542 1,917 1,964 1,964 Other liabilities 1,696 1,847 1,773 1,796 1,700 2,152 Total liabilities $24,779 $25,600 $24,017 $23,927 $23,919 $24,702 Shareholders' equity: Common stock $85 $85 $85 $85 $85 $85 Capital surplus 1,368 1,358 1,351 1,340 1,330 1,315 Retained earnings 3,142 3,091 2,979 3,541 3,478 3,680 Unrealized gains (losses) - fixed maturities (497) (554) (326) (109) 136 178 Unrealized losses - fixed maturity-related cash flow hedges (29) (29) (8) (4) - - Other comprehensive income (loss), net of tax (17) (19) (14) (18) (17) (18) Total shareholders' equity 4,052 3,932 4,067 4,835 5,012 5,240 Total liabilities and equity $28,831 $29,532 $28,084 $28,762 $28,931 $29,942 Page 13

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American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Shareholders' equity $4,052 $3,932 $4,067 $4,835 $5,012 $5,240 526 583 334 113 (136) (178) Unrealized (gains) losses related to fixed maturities Adjusted shareholders' equity 4,578 4,515 4,401 4,948 4,876 5,062 Goodwill (246) (2 46) (2 46) (2 46) (246) (176) (1 08) (1 11) (101) (1 04) (106) (29) Intangibles $4,224 $4,158 $4,054 $4,598 $4,524 $4,857 Tangible adjusted shareholders' equity Common shares outstanding 85.204 85.141 85.154 85.103 84.921 84.795 Book value per share: Book value per share $47.56 $46.18 $47.76 $56.81 $59.02 $61.80 Adjusted (a) 53.73 53.03 51.68 58.14 57.42 59.70 Tangible, adjusted (b) 49.58 48.84 47.60 54.02 53.26 57.28 Market capitalization AFG's closing common share price $137.28 $122.93 $138.81 $145.62 $137.32 $125.83 Market capitalization $11,697 $10,466 $11,820 $12,393 $11,661 $10,670 Price / Adjusted book value ratio 2.56 2.32 2.69 2.50 2.39 2.11 (a) Excludes unrealized gains (losses) related to fixed maturity investments. (b) Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles. Page 14

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American Financial Group, Inc. Capitalization ($ in millions) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 AFG senior obligations $846 $884 $893 $1,270 $1,318 $1,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $846 $884 $893 $1,270 $1,318 $1,318 675 675 675 675 675 675 AFG subordinated debentures Total principal amount of long-term debt $1,521 $1,559 $1,568 $1,945 $1,993 $1,993 Shareholders' equity 4,052 3,932 4,067 4,835 5,012 5,240 Less: 526 583 334 113 (136) (178) Unrealized (gains) losses related to fixed maturity investments $6,099 $6,074 $5,969 $6,893 $6,869 $7,055 Total adjusted capital Ratio of debt to total adjusted capital: Including subordinated debt 24.9% 25.7% 26.3% 28.2% 29.0% 28.2% Excluding subordinated debt 13.9% 14.6% 15.0% 18.4% 19.2% 18.7% Page 15

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American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance $914 $776 $678 $714 $758 $3,082 $2,777 Paid Losses (GAAP) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 GAAP Equity (excluding AOCI) Property and Casualty Insurance $5,433 $5,527 $5,399 $5,375 $5,228 $4,934 (838) (993) (984) (409) (335) 146 Parent and other subsidiaries $4,595 $4,534 $4,415 $4,966 $4,893 $5,080 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $887 $843 $843 $843 $843 $416 Page 16

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American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - December 31, 2022 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $622 $250 $- $872 6% Fixed maturities - Available for sale 9,505 590 - 10,095 70% Fixed maturities - Trading 32 - - 32 0% Equity securities - common stocks 553 - - 553 4% Equity securities - perpetual preferred 457 - - 457 3% Investments accounted for using the equity method 1,699 1 - 1,700 12% Mortgage loans 676 - - 676 4% Real estate and other investments 153 89 (115) 127 1% Total cash and investments $13,697 $930 $(115) $14,512 100% Carrying Value - December 31, 2021 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $1,529 $602 $- $2,131 13% Fixed maturities - Available for sale 9,163 1,194 - 10,357 66% Fixed maturities - Trading 28 - - 28 0% Equity securities - common stocks 500 86 - 586 4% Equity securities - perpetual preferred 456 - - 456 3% Investments accounted for using the equity method 1,517 - - 1,517 10% Mortgage loans 520 - - 520 3% Real estate and other investments 123 103 (76) 150 1% Total cash and investments $13,836 $1,985 $(76) $15,745 100% Page 17

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American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $106 $93 $81 $76 $68 $356 $280 Fixed maturities - Trading 1 - 1 - - 2 1 Equity securities - dividends 14 10 7 7 8 38 28 Equity securities - MTM 6 (7) (2) 8 14 5 48 Equity in investees 21 37 76 133 99 267 272 AFG managed CLOs - 4 (12) (2) 3 (10) 20 Other investments (a) 14 12 9 5 8 40 26 Gross investment income 162 149 160 227 200 698 675 Investment expenses (3) (4) (4) (4) (4) (15) (12) Total net investment income $159 $145 $156 $223 $196 $683 $663 Average cash and investments (b) $14,304 $14,105 $13,983 $13,858 $13,552 $14,048 $12,944 Average yield - fixed maturities before inv expenses (c) 4.15% 3.73% 3.33% 3.20% 3.04% 3.63% 3.13% Average yield - overall portfolio, net (c) 4.45% 4.11% 4.46% 6.44% 5.79% 4.86% 5.12% Average tax equivalent yield - overall portfolio, net (c) 4.53% 4.21% 4.56% 6.54% 5.92% 4.96% 5.25% AFG consolidated net investment income: Property & Casualty core $159 $145 $156 $223 $196 $683 $663 Equity in Investees (d) - - - - - - 49 Other Investments (d) - - - - - - 2 Parent & other 9 10 - 5 16 24 36 Consolidate CLOs - (4) 12 2 (3) 10 (20) Total net investment income $168 $151 $168 $230 $209 $717 $730 Average cash and investments (b) $15,083 $14,852 $15,210 $15,656 $15,867 $15,231 $14,715 Average yield - overall portfolio, net (c) 4.46% 4.07% 4.42% 5.88% 5.27% 4.71% 4.96% Average yield - fixed maturities before inv expenses (c) 4.19% 3.74% 3.17% 3.03% 2.84% 3.54% 3.02% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (c) Average yield is calculated by dividing investment income for the period by the average balance. (d) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18

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American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $7 $(5) $(2) $8 $14 $8 $48 Investments accounted for using the equity method (b) 21 37 76 133 99 267 272 AFG managed CLOs (eliminated in consolidation) - 4 (12) (2) 3 (10) 20 Total Property & Casualty $28 $36 $62 $139 $116 $265 $340 Investments Equity securities MTM through investment income (a) $332 $289 $276 $261 $234 $332 $234 Investments accounted for using the equity method (b) 1,699 1,661 1,626 1,619 1,517 1,699 1,517 AFG managed CLOs (eliminated in consolidation) 115 97 85 119 76 115 76 Total Property & Casualty $2,146 $2,047 $1,987 $1,999 $1,827 $2,146 $1,827 5.3% 7.1% 12.4% 29.1% 26.3% 13.2% 25.3% Annualized Return - Property & Casualty Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $7 $(5) $(2) $8 $14 $8 $48 Investments accounted for using the equity method (b)(c) 21 37 76 133 99 267 321 AFG managed CLOs (eliminated in consolidation) - 4 (12) (2) 3 (10) 20 Total Continuing operations $28 $36 $62 $139 $116 $265 $389 Investments Equity securities MTM through investment income (a) $332 $289 $276 $261 $234 $332 $234 Investments accounted for using the equity method (b) 1,700 1,661 1,626 1,619 1,517 1,700 1,517 AFG managed CLOs (eliminated in consolidation) 115 97 85 119 76 115 76 Total Continuing operations $2,147 $2,047 $1,987 $1,999 $1,827 $2,147 $1,827 Annualized Return - Continuing operations 5.3% 7.1% 12.4% 29.1% 26.3% 13.2% 24.0% (a) AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other 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. (c) Includes investment income on real estate-related partnerships retained by AFG from the sale of the annuity business. Page 19

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American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions) % of Unrealized % of Investment December 31, 2022 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $233 $219 $(14) 2% 2% States, municipalities and political subdivisions 1,234 1,186 (48) 12% 8% Foreign government 266 252 (14) 2% 2% Residential mortgage-backed securities 1,755 1,598 (157) 16% 11% Commercial mortgage-backed securities 88 85 (3) 1% 1% Collateralized loan obligations 1,987 1,921 (66) 19% 13% Other asset-backed securities 2,428 2,245 (183) 22% 15% Corporate and other bonds 2,766 2,621 (145) 26% 18% Total AFG consolidated $10,757 $10,127 $(630) 100% 70% Approximate duration - P&C 3.1 years Approximate duration - P&C including cash 2.9 years % of Unrealized % of Investment December 31, 2021 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $216 $216 $- 2% 1% States, municipalities and political subdivisions 1,758 1,832 74 18% 12% Foreign government 273 271 (2) 2% 2% Residential mortgage-backed securities 915 960 45 9% 6% Commercial mortgage-backed securities 102 104 2 1% 1% Collateralized loan obligations 1,642 1,643 1 16% 10% Other asset-backed securities 2,670 2,676 6 26% 17% Corporate and other bonds 2,636 2,683 47 26% 17% Total AFG consolidated $10,212 $10,385 $173 100% 66% Approximate duration - P&C 2.4 years Approximate duration - P&C including cash 2.1 years (a) Book Value is amortized cost, net of allowance for expected credit losses. Page 20

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Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $219 $477 $239 $1,317 $63 $1,708 $860 $24 $4,907 49% AA - 648 9 6 14 169 347 163 1,356 13% A - 50 4 76 2 41 475 670 1,318 13% BBB - 7 - - 3 - 443 1,287 1,740 17% Subtotal - Investment grade 219 1,182 252 1,399 82 1,918 2,125 2,144 9,321 92% BB - - - 8 3 - 8 200 219 2% B - - - 8 - - 1 51 60 1% CCC, CC, C - - - 103 - - 5 1 109 1% D - - - 8 - - - - 8 0% Subtotal - Non-Investment grade - - - 127 3 - 14 252 396 4% Not Rated (b) - 4 - 72 - 3 106 225 410 4% Total $219 $1,186 $252 $1,598 $85 $1,921 $2,245 $2,621 $10,127 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $219 $1,178 $213 $1,506 $82 $1,627 $1,657 $878 $7,360 78% 2 - 8 - 11 - - 443 1,310 1,772 19% Subtotal 219 1,186 213 1,517 82 1,627 2,100 2,188 9,132 97% 3 - - - 1 3 - 8 239 251 3% 4 - - - - - - 1 46 47 0% 5 - - - 3 - - 10 22 35 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 5 3 - 19 307 334 3% Total insurance companies $219 $1,186 $213 $1,522 $85 $1,627 $2,119 $2,495 $9,466 100% Total non-insurance (c) - - 39 76 - 294 126 126 661 Total $219 $1,186 $252 $1,598 $85 $1,921 $2,245 $2,621 $10,127 (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, 95% are NAIC 1 and 5% are NAIC 5. For Corp/Oth, 53% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3. For Total, 46% are NAIC 1, 7% NAIC 2, 9% NAIC 3 and 31% are held by non-insurance companies. (c) 76% are investment grade rated. Page 21

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Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $216 $745 $260 $654 $73 $1,428 $1,330 $50 $4,756 46% AA - 1,010 - 7 15 149 420 179 1,780 17% A - 60 - 19 1 56 416 675 1,227 12% BBB - 9 1 4 12 9 274 1,062 1,371 13% Subtotal - Investment grade 216 1,824 261 684 101 1,642 2,440 1,966 9,134 88% BB - - - 11 3 - 4 144 162 2% B - - - 14 - - 9 14 37 0% CCC, CC, C - - - 138 - - - 7 145 1% D - - - 19 - - - - 19 0% Subtotal - Non-Investment grade - - - 182 3 - 13 165 363 3% Not Rated (b) - 8 10 94 - 1 223 552 888 9% Total $216 $1,832 $271 $960 $104 $1,643 $2,676 $2,683 $10,385 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $216 $1,822 $246 $892 $101 $1,172 $1,935 $1,157 $7,541 83% 2 - 9 - 3 - 9 274 1,082 1,377 15% Subtotal 216 1,831 246 895 101 1,181 2,209 2,239 8,918 98% 3 - - - 3 3 - 4 146 156 2% 4 - - - 1 - - 9 20 30 0% 5 - - - 8 - 1 2 29 40 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 13 3 1 15 195 227 2% Total insurance companies $216 $1,831 $246 $908 $104 $1,182 $2,224 $2,434 $9,145 100% Total non-insurance (c) - 1 25 52 - 461 452 249 1,240 Total $216 $1,832 $271 $960 $104 $1,643 $2,676 $2,683 $10,385 (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, 87% are NAIC 1 and 12% are held by non-insurance companies. For Corp/Oth, 47% are NAIC 1, 4% NAIC 2 and 44% are held by non-insurance companies. For Total, 61% are NAIC 1, 3% NAIC 2 and 31% are held by non-insurance companies. (c) 75% are investment grade rated. Page 22

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Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total Investment Grade AAA $- $- $- $10 $- $- $- $- $- $- $- $- $- $14 $24 1% AA - - 23 39 21 48 - 5 - - - - 16 11 163 6% A 52 144 43 54 129 29 54 17 3 - 42 45 - 58 670 26% BBB 442 214 90 105 27 44 63 32 83 32 30 22 17 86 1,287 49% Subtotal 494 358 156 208 177 121 117 54 86 32 72 67 33 169 2,144 82% BB 22 - 12 23 1 22 2 49 8 34 11 1 5 10 200 7% B - - - 3 1 26 - - - - 4 4 - 13 51 2% CCC, CC, C - - - - - 1 - - - - - - - - 1 0% D - - - - - - - - - - - - - - - 0% Subtotal 22 - 12 26 2 49 2 49 8 34 15 5 5 23 252 9% Not Rated (b) 1 - 120 11 16 25 12 - 2 23 - 3 1 11 225 9% Total $517 $358 $288 $245 $195 $195 $131 $103 $96 $89 $87 $75 $39 $203 $2,621 100% Fair Value By Industry Asset Other Basic Capital NAIC designation Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total 1 $52 $144 $79 $103 $150 $88 $54 $22 $3 $- $42 $45 $16 $80 $878 35% 2 443 213 91 105 29 48 75 32 83 32 30 24 17 88 1, 310 53% Subtotal 495 357 170 208 179 136 129 54 86 32 72 69 33 168 2,188 88% 3 22 - 12 29 2 27 2 49 10 54 11 2 6 13 239 9% 4 - - - 5 - 24 - - - - 4 4 - 9 46 2% 5 - - - 3 - 8 - - - 3 - - - 8 22 1% 6 - - - - - - - - - - - - - - - 0% Subtotal 22 - 12 37 2 59 2 49 10 57 15 6 6 30 307 12% Total insurance companies $517 $357 $182 $245 $181 $195 $131 $103 $96 $89 $87 $75 $39 $198 $2,495 100% Total non-insurance - 1 106 - 14 - - - - - - - - 5 126 Total $517 $358 $288 $245 $195 $195 $131 $103 $96 $89 $87 $75 $39 $203 $2,621 (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 Other Financials, 88% are held by non-insurance companies and 11% are NAIC 1. For the total, 52% are held by non-insurance companies, 12% are NAIC 1, 11% NAIC 2 and 15% NAIC 3. Page 23

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Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021 ($ in millions) Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total Credit Rating (a) Investment Grade AAA $- $- $- $16 $- $- $9 $- $- $10 $13 $- $2 $50 2% AA 13 - 27 47 35 - 17 - 35 2 - - 3 179 7% A 104 37 90 26 116 55 44 57 21 22 23 46 34 675 25% BBB 102 319 204 75 17 88 22 63 30 39 32 12 59 1,062 39% Subtotal 219 356 321 164 168 143 92 120 86 73 68 58 98 1,966 73% BB 4 5 - 35 3 11 44 - 9 9 - 2 22 144 5% B - - - 3 - 4 5 - - 2 - - - 14 1% CCC, CC, C - - - - - - 2 - - - - - 5 7 0% D - - - - - - - - - - - - - - 0% Subtotal 4 5 - 38 3 15 51 - 9 11 - 2 27 165 6% Not Rated (b) 483 10 - - 10 - 15 6 - 6 - 2 20 552 21% Total $706 $371 $321 $202 $181 $158 $158 $126 $95 $90 $68 $62 $145 $2 ,683 100% Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total NAIC designation 1 $356 $37 $118 $88 $151 $55 $73 $57 $56 $35 $36 $46 $49 $1,157 48% 2 103 329 203 75 17 88 27 63 30 39 32 14 62 1,082 44% Subtotal 459 366 321 163 168 143 100 120 86 74 68 60 111 2,239 92% 3 4 5 - 33 3 11 44 6 9 8 - 2 21 146 6% 4 4 - - 3 1 4 5 - - 3 - - - 20 1% 5 3 - - 3 - - 9 - - 5 - - 9 29 1% 6 - - - - - - - - - - - - - - 0% Subtotal 11 5 - 39 4 15 58 6 9 16 - 2 30 195 8% Total insurance companies $470 $371 $321 $202 $172 $158 $158 $126 $95 $90 $68 $62 $141 $2 ,434 100% Total non-insurance 236 - - - 9 - - - - - - - 4 249 Total $706 $371 $321 $202 $181 $158 $158 $126 $95 $90 $68 $62 $145 $2 ,683 (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 Other Financials, 50% are NAIC 1 and 49% are held by non-insurance companies. For the Total, 47% are NAIC 1, 4% NAIC 2, and 44% are held by non-insurance companies. Page 24

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Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022 ($ in millions) Fair Value By Collateral Type Single Mortgage Commercial Whole Secured Triple Net Family Servicer Consumer Real Estate Business TruPS Financing (c) Lease Rental Railcar Aircraft Receivables Loans Auto Other Total % Total Credit Rating (a) Investment Grade AAA $456 $- $40 $25 $138 $156 $- $- $5 $8 $3 $29 $860 38% AA 8 60 186 25 21 11 - 7 - 12 13 4 347 16% A - 4 7 34 8 - 160 38 - 33 - 191 475 21% BBB - 326 - 1 - - 6 26 62 - - 22 443 20% Subtotal 464 390 233 85 167 167 166 71 67 53 16 246 2,125 95% BB - - - 1 - - - 7 - - - - 8 0% B - - - - - - - 1 - - - - 1 0% CCC, CC, C - - - - - - - 5 - - - - 5 0% D - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 13 - - - - 14 0% Not Rated (b) - - - 95 - - - 5 - - - 6 106 5% Total $464 $390 $233 $181 $167 $167 $166 $89 $67 $53 $16 $252 $2,245 100% Fair Value By Collateral Type Commercial Secured Single Mortgage Real Estate Whole Financing Triple Net Family Servicer Consumer NAIC designation ABS Business TruPS (b) Lease Rental Railcar Aircraft Receivables Loans Auto Other Total % Total 1 $358 $64 $233 $179 $167 $166 $160 $46 $5 $34 $16 $229 $1,657 78% 2 - 326 - 1 - - 6 26 62 - - 22 443 21% Subtotal 358 390 233 180 167 166 166 72 67 34 16 251 2,100 99% 3 - - - 1 - - - 7 - - - - 8 0% 4 - - - - - - - 1 - - - - 1 0% 5 - - - - - - - 9 - - - 1 10 1% 6 - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 17 - - - 1 19 1% Total insurance companies $358 $390 $233 $181 $167 $166 $166 $89 $67 $34 $16 $252 $2,119 100% Total non-insurance 106 - - - - 1 - - - 19 - - 126 Total $464 $390 $233 $181 $167 $167 $166 $89 $67 $53 $16 $252 $2,245 (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) 95% of not rated securities are NAIC 1 and 4% are NAIC 5. (c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages. Page 25

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Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total Credit Rating (a) Investment Grade AAA $690 $25 $181 $- $- $128 $- $89 $- $33 $39 $145 $1 ,330 50% AA 8 67 20 40 167 23 - 25 9 46 - 15 420 16% A - 44 7 4 20 - 132 11 54 35 - 109 416 16% BBB - 1 - 159 - - - - 42 - 62 10 274 10% Subtotal 698 137 208 203 187 151 132 125 105 114 101 279 2,440 92% BB - 1 - - - - - - 3 - - - 4 0% B - 1 - - - - - - 8 - - - 9 0% CCC, CC, C - - - - - - - - - - - - - 0% D - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 11 - - - 13 0% Not Rated (b) - 157 - - - - - - 3 - - 63 223 8% Total $698 $296 $208 $203 $187 $151 $132 $125 $119 $114 $101 $342 $2,676 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total NAIC designation 1 $504 $267 $49 $44 $187 $151 $132 $125 $63 $106 $39 $268 $1 ,935 87% 2 - 1 - 159 - - - - 42 - 62 10 274 12% Subtotal 504 268 49 203 187 151 132 125 105 106 101 278 2,209 99% 3 - 1 - - - - - - 3 - - - 4 0% 4 - 1 - - - - - - 8 - - - 9 1% 5 - - - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 13 - - - 15 1% Total insurance companies $504 $270 $49 $203 $187 $151 $132 $125 $118 $106 $101 $278 $2,224 100% Total non-insurance 194 26 159 - - - - - 1 8 - 64 452 Total $698 $296 $208 $203 $187 $151 $132 $125 $119 $114 $101 $342 $2,676 (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) 87% of not rated securities are NAIC 1 and 12% are held by non-insurance companies. (c) Secured Financings are privately placed funding agreements secured by assets including Bank Loans, Single Family Rental properties, and other Commercial Loans and Leases. Page 26

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Appendix G American Financial Group, Inc. Real Estate-Related Investments 12/31/2022 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $1,127 92% 95% 98% Fund Investments 52 4% - - QOZ Fund - Development 19 2% - - Office 15 1% 93% 100% Hospitality 9 1% - - Land Development 6 0% - - Student Housing 1 0% - - Total $1,229 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $50 52% $- Marina 35 36% - Office Building 10 10% - Land 2 2% - Hotel - 0% - Total $97 100% $- Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $491 73% 67% Hospitality 127 19% 52% Office 58 8% 89% Retail - 0% - Total $676 100% 66% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/22 (c) Collections for October - December Page 27

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Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2021 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $1,000 88% 96% 98% Fund Investments 43 4% - - Student Housing 30 3% 94% 98% Land - Development 19 2% - - QOZ Fund - Development 15 1% - - Office 15 1% 81% 100% Hospitality 8 1% - - Total $1,130 100% Real Estate % of Property Type Book Value Book Value Debt Marina $53 42% $- Resort & Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2 2% - Total $125 100% $- Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Hospitality $316 61% 67% Multi-family 146 28% 54% Office 58 11% 73% Retail - 0% 0% Total $520 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.5 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/21 (c) Collections for October - December (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 28