AMERICAN FINANCIAL GROUP INC (Form: 8-K, Received: 02/04/2026 08:01:14)

AMERICAN FINANCIAL GROUP, INC.

Date: February 4, 2026

/s/ Joseph C. Alter

Joseph C. Alter

Vice President

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 3, 2026

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)


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

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

Registrant’s telephone number, including area code: 513-579-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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

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

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

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AFG	New York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059	AFGB	New York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059	AFGC	New York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060	AFGD	New York Stock Exchange
4.5% Subordinated Debentures due September 15, 2060	AFGE	New York Stock Exchange

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

Emerging growth company ☐

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

Section 2 – Financial Information

Item 2.02

Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the fourth quarter of 2025 and the year ended December 31, 2025 and the availability of the Investor Supplement on the Company’s website. The press release was issued on February 3, 2026. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

Section 8 – Other Events

Item 8.01

Other Events.

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 $1.50 per share of Company Common Stock. The dividend is payable on February 25, 2026 to holders of record on February 16, 2026.

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

Section 9 – Financial Statements and Exhibits

Item 9.01

Financial Statements and Exhibits.

(a)

Financial statements of business acquired. Not applicable.

(b)

Pro forma financial information. Not applicable.

(c)

Shell company transactions. Not applicable

(d)

Exhibits.


Exhibit No.		Description

99.1		Earnings Release dated February 3, 2026, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2025.

99.2		Investor Supplement – Fourth Quarter 2025

104		Cover page Interactive Date File (embedded within Inline XBRL document)

SIGNATURES

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

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces 2025 Fourth Quarter and Full Year Results and Declares Special Dividend

•

Fourth quarter net earnings per share of $3.58; core net operating earnings per share of $3.65

•

Full year net earnings per share of $10.08; core net operating earnings per share of $10.29

•

Fourth quarter underwriting profit increased 41% year-over-year and set a new quarterly record

•

Full year 2025 ROE of 17.8%; 2025 core operating ROE of 18.2%

•

Total capital returned to shareholders during 2025 was $707 million; includes $334 million ($4.00 per share) in special dividends and $99 million in share repurchases

•

Board of Directors declares $1.50 per share special dividend, payable February 25, 2026

CINCINNATI – February 3, 2026 – American Financial Group, Inc. (NYSE: AFG) today reported 2025 fourth quarter net earnings of $299 million ($3.58 per share) compared to $255 million ($3.03 per share) in the 2024 fourth quarter. Net earnings for the 2025 fourth quarter included net after-tax non-core realized losses of $6 million ($0.07 per share loss). By comparison, net earnings for the 2024 fourth quarter included net after-tax non-core realized losses of $7 million ($0.09 per share loss). Net earnings for the full year of 2025 were $10.08 per share, compared to $10.57 per share in 2024. Return on equity was 17.8% and 19.0% for the full years of 2025 and 2024, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $305 million ($3.65 per share) for the 2025 fourth quarter, compared to $262 million ($3.12 per share) in the 2024 fourth quarter. The year-over-year increase reflects record quarterly underwriting profit, which was partially offset by lower returns in our alternative investments portfolio. Additional details for the 2025 and 2024 fourth quarters may be found in the table below.

Core net operating earnings generated returns on equity of 18.2% and 19.3% for the full years of 2025 and 2024, respectively, calculated excluding AOCI.


	Three months ended December 31,
Components of Pretax Core Operating Earnings	2025			2024			2025		2024		2025			2024
In millions, except per share amounts	Before Impact of						Alternative				Core Net Operating
	Alternative Investments						Investments				Earnings, as reported
P&C Pretax Core Operating Earnings	$	434		$	345		$	6	$	33	$	440		$	378
Other expenses		(31	)		(29	)		—		—		(31	)		(29	)
Holding company interest expense		(23	)		(19	)		—		—		(23	)		(19	)

Pretax Core Operating Earnings		380			297			6		33		386			330
Related provision for income taxes		80			61			1		7		81			68

Core Net Operating Earnings	$	300		$	236		$	5	$	26	$	305		$	262

Core Operating Earnings Per Share	$	3.60		$	2.81		$	0.05	$	0.31	$	3.65		$	3.12
Weighted Avg Diluted Shares Outstanding		83.4			84.0			83.4		84.0		83.4			84.0

AFG’s book value per share was $57.78 at December 31, 2025. AFG paid cash dividends of $2.88 per share during the fourth quarter, which included a $2.00 per share special dividend paid in November. For the three and twelve months ended December 31, 2025, AFG’s growth in book value per share plus dividends was 6.9% and 22.3%, respectively.

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Book value per share excluding AOCI was $58.38 at December 31, 2025. For the three and twelve months ended December 31, 2025, AFG’s growth in book value per share excluding AOCI plus dividends was 6.4% and 17.2%, 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 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 December 31,						Twelve months ended December 31,
	2025			2024			2025			2024
Components of net earnings:
Core operating earnings before income taxes	$	386		$	330		$	1,087		$	1,138
Pretax non-core items:
Realized gains (losses)		(7	)		(10	)		11			—
Special A&E charges		—			—			(25	)		(14	)

Earnings before income taxes		379			320			1,073			1,124
Provision for income taxes:
Core operating earnings		81			68			227			236
Non-core items		(1	)		(3	)		4			1

Total provision for income taxes		80			65			231			237

Net earnings	$	299		$	255		$	842		$	887

Net earnings:
Core net operating earnings^(a)	$	305		$	262		$	860		$	902
Non-core items:
Realized gains (losses)		(6	)		(7	)		9			—
Special A&E charges		—			—			(20	)		(11	)
Other		—			—			(7	)		(4	)

Net earnings	$	299		$	255		$	842		$	887

Components of earnings per share:
Core net operating earnings^(a)	$	3.65		$	3.12		$	10.29		$	10.75
Non-core items:
Realized gains (losses)		(0.07	)		(0.09	)		0.12			—
Special A&E charges		—			—			(0.24	)		(0.13	)
Other		—			—			(0.09	)		(0.05	)

Diluted net earnings per share	$	3.58		$	3.03		$	10.08		$	10.57

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

The Company also announced today that its Board of Directors has declared a special cash dividend of $1.50 per share of American Financial Group common stock. The dividend is payable on February 25, 2026, to shareholders of record on February 16, 2026. The aggregate amount of this special dividend will be approximately $125 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.88 per share most recently paid on January 27, 2026. With this special dividend, the Company has declared $55.50 per share in special dividends since the beginning of 2021.

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Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We are extremely pleased with a strong finish to 2025, reporting fourth quarter underwriting profit that increased an impressive 41% year over year – our highest quarterly underwriting profit ever – and a core operating ROE that exceeded 18% for the full year. We are thankful to God and grateful for our talented insurance and investment professionals who have positioned us well as we enter 2026.”

Messrs. Lindner continued: “AFG continued to have significant excess capital at December 31, 2025. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify 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. We are proud of our strong record of capital management and returned over $700 million to shareholders in 2025. Over the past year, we increased our quarterly dividend by 10% and paid special dividends of $4.00 per share. Growth in book value per share excluding AOCI plus dividends was an impressive 17% during 2025.”

Although AFG does not provide earnings guidance, we expect that performance in line with assumptions underlying our 2026 business plan would result in 2026 core operating earnings per share of approximately $11.00 and generate a core operating return on equity excluding AOCI of approximately 18%. These assumptions include growth in net written premiums of 3% to 5% when compared to 2025, a 92.5% calendar year combined ratio, a reinvestment rate of approximately 5.25%, and a return of approximately 8% on our $2.8 billion portfolio of alternative investments.

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated an outstanding 84.1% combined ratio in the fourth quarter of 2025, a 4.9 point improvement from the 89.0% reported in the prior year quarter. Fourth quarter results include 0.2 points related to catastrophe losses compared to 1.1 points in the 2024 fourth quarter. Fourth quarter 2025 results benefitted from 1.6 points of favorable prior year reserve development, compared to 1.8 points of adverse prior year reserve development in the fourth quarter of 2024. Underwriting profit was a record $287 million for the 2025 fourth quarter compared to $204 million in the fourth quarter of 2024, a 41% increase. Higher underwriting profit in our Property and Transportation Group was partially offset by lower year-over-year underwriting profit in our Specialty Casualty and Specialty Financial Groups.

Fourth quarter 2025 gross written premiums were up 2% and net written premiums were down 1% when compared to the same period in 2024. Gross written premiums increased 2% and net written premiums were approximately flat for the full year 2025. We continued to benefit from the diversification across our 36 businesses and achieved premium growth in many of them as a result of a combination of new business opportunities, a good renewal rate environment, and increased exposures – while remaining disciplined and focused on underwriting profitability.

Average renewal rates across our P&C Group, excluding workers’ compensation, were up approximately 5% for the quarter, in line with the previous quarter. Average renewal rates including workers’ compensation were up approximately 4% overall. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends, allowing us to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of $216 million in the fourth quarter of 2025, compared to $81 million in the comparable prior year period, an increase of 167%. These exceptionally strong results were attributable to higher profitability in our crop insurance operations which benefitted from record yields for corn and soybeans and favorable commodity pricing trends throughout the growing season. Catastrophe losses in this group were less than $1 million in the fourth quarter of 2025, compared to $10 million in the prior year period. The businesses in the Property and Transportation Group achieved an outstanding 70.6% calendar year combined ratio overall in the fourth quarter, an improvement of 18.9 points over the 89.5% achieved in the comparable period in 2024.

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Fourth quarter 2025 gross written premiums in this group increased 5% from the comparable prior year period, while net written premiums were approximately 2% lower year-over-year. The increase in gross written premiums was due primarily to growth in crop products that are heavily ceded, and to a lesser extent, growth in a transportation captive with higher premium cessions. Overall renewal rates in this group increased approximately 6% on average for the fourth quarter of 2025, consistent with pricing in the previous quarter. Pricing for the full year for this group was up approximately 7% overall.

The Specialty Casualty Group reported an underwriting profit of $27 million in the 2025 fourth quarter compared to $69 million in the comparable 2024 period. Higher year-over-year underwriting profits in certain excess and surplus businesses and our executive liability business were more than offset by lower underwriting profitability in several of our social inflation-exposed businesses, and in our workers’ compensation and general liability businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved a 96.7% calendar year combined ratio overall in the fourth quarter, 5.3 points higher than the 91.4% reported in the comparable period in 2024.

Fourth quarter 2025 gross and net written premiums in this group increased 2% and 3%, respectively, when compared to the same prior year period. The primary drivers of growth included new business opportunities and favorable renewal pricing in our targeted markets businesses, new business opportunities in our mergers & acquisitions business, growth in our workers’ compensation businesses and new premiums from one of our start-up businesses. This growth was tempered by lower year-over-year premiums in our executive liability and excess and surplus businesses. Excluding workers’ compensation, renewal pricing for this group was up 6% in the fourth quarter. Pricing in this group, including workers’ compensation, was up about 5%. For the full year, pricing excluding workers’ compensation was up 8%.

The Specialty Financial Group reported an underwriting profit of $44 million in the fourth quarter of 2025, compared to $54 million in the fourth quarter of 2024. Higher underwriting profit in our fidelity businesses was more than offset by lower underwriting profit in our financial institutions business. Catastrophe losses for this group were $7 million in the fourth quarter of 2025, compared to $17 million in the fourth quarter of 2024. This group continued to achieve excellent underwriting margins and reported an excellent 83.0% combined ratio for the fourth quarter of 2025, 2.3 points higher than the prior year period.

Gross and net written premiums in this group decreased by 4% and 10%, respectively, in the 2025 fourth quarter when compared to the same 2024 period. Higher year-over-year premiums in our European operations were more than offset by lower premiums in our financial institutions business, which has produced very strong growth over the past several years. Net written premiums were tempered by our decision to cede more of the coastal-exposed property business in our financial institutions business beginning in the second quarter of 2025. Renewal pricing in this group was up about 1% in the fourth quarter and down approximately 1% for the full year of 2025, reflecting the strong margins overall earned on these businesses.

Carl Lindner III stated, “Our fourth quarter results were outstanding, with an overall Specialty P&C combined ratio of 84.1%. Nearly all the businesses in our diversified Specialty P&C portfolio continue to meet or exceed targeted returns, and we continue to feel confident about the strength of our reserves. I am especially pleased with the discipline and focus our leaders exemplified throughout the year; their actions position us to grow profitably as we enter 2026.”

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.

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Investments

Net Investment Income – For the quarter ended December 31, 2025, property and casualty net investment income was approximately 12% lower than the comparable 2024 period as lower returns from alternative investments more than offset the impact of higher interest rates and higher balances of invested assets. The annualized return on alternative investments was 0.9% for the 2025 fourth quarter compared to 4.9% for the prior year quarter.

For the twelve months ended December 31, 2025, P&C net investment income was approximately 8% lower than the comparable 2024 period due to lower returns on alternative investments. The return on alternative investments was 2.5% for 2025 compared to 6.1% in 2024.

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, 2025, was approximately 11%. We continue to remain optimistic regarding the prospects of attractive returns over the long term from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

Non-Core Net Realized Gains (Losses) – AFG recorded fourth quarter 2025 net realized losses of $6 million ($0.07 per share loss) after tax, which included $2 million ($0.02 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at December 31, 2025, to fair value. AFG recorded net realized losses of $7 million ($0.09 per share loss) after tax in the comparable 2024 period.

After-tax unrealized losses related to fixed maturities were $24 million at December 31, 2025. Our portfolio continues to be high quality, with 96% 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.

About American Financial Group, Inc.

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.

Forward Looking Statements

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

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

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

Conference Call

The Company will hold a conference call to discuss 2025 fourth quarter and full year results at 11:30 a.m. (ET) tomorrow, Wednesday, February 4, 2026. There are two ways to access the call.

Participants should register for the call here 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: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.

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

Contact:

Diane P. Weidner, IRC, CPA (inactive)

Vice President - Investor & Media Relations

513-369-5713

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Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.

AFG2026-04

Page 7

AMERICAN FINANCIAL GROUP, INC., AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)


	Three months ended December 31,						Twelve months ended December 31,
	2025			2024			2025			2024
Revenues
Net earned premiums	$	1,806		$	1,850		$	7,046		$	7,036
Net investment income		183			194			745			780
Realized gains (losses) on:
Securities		(7	)		(10	)		10			—
Subsidiaries		—			—			1			—
Income of managed investment entities:
Investment income		69			84			283			380
Gain (loss) on change in fair value of assets/liabilities		(19	)		(1	)		(26	)		4
Other income		31			32			115			124

Total revenues		2,063			2,149			8,174			8,324
Costs and expenses
Losses & loss adjustment expenses	$	1,061		$	1,181		$	4,388		$	4,460
Commissions and other underwriting expenses		466			480			2,059			2,007
Interest charges on borrowed money		23			19			80			76
Expenses of managed investment entities		52			71			241			338
Other expenses		82			78			333			319

Total costs and expenses		1,684			1,829			7,101			7,200

Earnings before income taxes		379			320			1,073			1,124
Provision for income taxes		80			65			231			237

Net earnings	$	299		$	255		$	842		$	887

Diluted earnings per common share	$	3.58		$	3.03		$	10.08		$	10.57

Average number of diluted shares		83.4			84.0			83.5			83.9

	December 31, 2025						December 31, 2024
Selected Balance Sheet Data:
Total Cash and investments		$17,182						$15,852
Long-term debt		$1,820						$1,475
Shareholders’ equity^(b)		$4,820						$4,466
Shareholders’ equity (excluding AOCI)		$4,870						$4,706
Book value per share^(b)		$57.78						$53.18
Book value per share (excluding AOCI)		$58.38						$56.03
Common Shares Outstanding		83.4						84.0

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

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)


	Three months ended December 31,						Pct. Change			Twelve months ended December 31,						Pct. Change
	2025			2024						2025			2024
Gross written premiums	$	2,085		$	2,043			2	%	$	10,694		$	10,533			2	%

Net written premiums	$	1,444		$	1,460			(1	%)	$	7,110		$	7,139			—	%

Ratios (GAAP):
Loss & LAE ratio		58.6	%		63.7	%					62.2	%		63.3	%
Underwriting expense ratio		25.5	%		25.3	%					28.8	%		27.9	%

Specialty Combined Ratio		84.1	%		89.0	%					91.0	%		91.2	%

Combined Ratio – P&C Segment		84.3	%		89.1	%					91.0	%		91.2	%

Supplemental Information ^(c):
Gross Written Premiums:
Property & Transportation	$	612		$	585			5	%	$	4,731		$	4,735			—	%
Specialty Casualty		1,153			1,126			2	%		4,620			4,543			2	%
Specialty Financial		320			332			(4	%)		1,343			1,255			7	%

	$	2,085		$	2,043			2	%	$	10,694		$	10,533			2	%

Net Written Premiums:
Property & Transportation	$	398		$	408			(2	%)	$	2,771		$	2,846			(3	%)
Specialty Casualty		796			773			3	%		3,247			3,246			—	%
Specialty Financial		250			279			(10	%)		1,092			1,047			4	%

	$	1,444		$	1,460			(1	%)	$	7,110		$	7,139			—	%

Combined Ratio (GAAP):
Property & Transportation		70.6	%		89.5	%					87.8	%		92.4	%
Specialty Casualty		96.7	%		91.4	%					96.0	%		91.2	%
Specialty Financial		83.0	%		80.7	%					84.4	%		87.2	%
Aggregate Specialty Group		84.1	%		89.0	%					91.0	%		91.2	%

	Three months ended December 31,									Twelve months ended December 31,
	2025			2024						2025			2024
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(20	)	$	(2	)				$	(63	)	$	(96	)
Specialty Casualty		(1	)		44						20			37
Specialty Financial		(9	)		(8	)					(43	)		(11	)

Specialty Group		(30	)		34						(86	)		(70	)
Other		3			2						5			6

Total Reserve Development	$	(27	)	$	36					$	(81	)	$	(64	)

Points on Combined Ratio:
Property & Transportation		(2.7	)		(0.3	)					(2.3	)		(3.4	)
Specialty Casualty		(0.1	)		5.4						0.6			1.2
Specialty Financial		(3.0	)		(3.0	)					(3.9	)		(1.1	)
Aggregate Specialty Group		(1.6	)		1.8						(1.2	)		(1.0	)
Total P&C Segment		(1.5	)		1.9						(1.1	)		(0.9	)

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

Page 9

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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


	Three months ended December 31,						Twelve months ended December 31,
	2025			2024			2025			2024
Core Operating Earnings before Income Taxes:
P&C Insurance Segment	$	440		$	378		$	1,287		$	1,328
Interest and other corporate expenses		(54	)		(48	)		(200	)		(190	)

Core operating earnings before income taxes		386			330			1,087			1,138
Related income taxes		81			68			227			236

Core net operating earnings	$	305		$	262		$	860		$	902

b)	Shareholders’ Equity at December 31, 2025, includes ($50 million) ($0.60 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to ($240 million) ($2.85 per share loss) at December 31, 2024.

c)	Supplemental Notes:

•

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.

•

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.

•

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.

Page 10

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Fourth Quarter 2025

February 3, 2026

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Fourth Quarter 2025


Section	Page
Table of Contents - Investor Supplement - Fourth Quarter 2025		2
Financial Highlights		3
Summary of Earnings		4
Earnings Per Share Summary		5

Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)		6
Specialty - Underwriting Results (GAAP)		7
Property and Transportation - Underwriting Results (GAAP)		8
Specialty Casualty - Underwriting Results (GAAP)		9
Specialty Financial - Underwriting Results (GAAP)		10

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		11
Book Value Per Share and Price / Book Summary		12
Capitalization		13
Additional Supplemental Information		14

Consolidated Investment Supplement
Total Cash and Investments		15
Net Investment Income		16
Alternative Investments		17
Fixed Maturities - By Security Type - AFG Consolidated		18

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025		19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024		20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025		21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024		22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025		23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
G. Real Estate-Related Investments 12/31/2025		25
H. Real Estate-Related Investments 12/31/2024		26

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Highlights
Net earnings	$	299		$	215		$	174		$	154		$	255		$	842		$	887
Core net operating earnings		305			224			179			152			262			860			902
Total assets		32,659			33,834			30,669			30,294			30,836			32,659			30,836
Shareholders’ equity, excluding AOCI (a)		4,870			4,803			4,648			4,571			4,706			4,870			4,706
Property and Casualty net written premiums		1,444			2,252			1,803			1,611			1,460			7,110			7,139
Per share data
Diluted earnings per share	$	3.58		$	2.58		$	2.07		$	1.84		$	3.03		$	10.08		$	10.57
Core net operating earnings per share		3.65			2.69			2.14			1.81			3.12			10.29			10.75
Book value per share, excluding AOCI (a)		58.38			57.59			55.74			54.63			56.03			58.38			56.03
Dividends per common share		2.88			0.80			0.80			2.80			4.80			7.28			9.43
Financial ratios
Annualized return on equity (b)		24.7	%		18.2	%		15.0	%		13.3	%		21.3	%		17.8	%		19.0	%
Annualized core operating return on equity (b)		25.2	%		19.0	%		15.5	%		13.1	%		21.9	%		18.2	%		19.3	%
Property and Casualty combined ratio—Specialty:
Loss & LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%
Underwriting expense ratio		25.5	%		25.8	%		32.0	%		33.0	%		25.3	%		28.8	%		27.9	%

Combined ratio - Specialty		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%

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

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance
Underwriting profit	$	284		$	138		$	113		$	94		$	202		$	629		$	620
Net investment income		171			205			179			170			195			725			784
Other income (expense)		(15	)		(15	)		(19	)		(18	)		(19	)		(67	)		(76	)

Property and Casualty Insurance operating earnings		440			328			273			246			378			1,287			1,328
Interest expense of parent holding companies		(23	)		(19	)		(19	)		(19	)		(19	)		(80	)		(76	)
Other expense		(31	)		(29	)		(27	)		(33	)		(29	)		(120	)		(114	)

Pretax core operating earnings		386			280			227			194			330			1,087			1,138
Income tax expense		81			56			48			42			68			227			236

Core net operating earnings		305			224			179			152			262			860			902
Non-core items, net of tax:
Realized gains (losses) on securities		(6	)		10			2			2			(7	)		8			—
Realized gain on subsidiaries		—			1			—			—			—			1			—
Special A&E charges - Former Railroad and Manufacturing operations		—			(20	)		—			—			—			(20	)		(11	)
Other non-core items		—			—			(7	)		—			—			(7	)		(4	)

Net earnings	$	299		$	215		$	174		$	154		$	255		$	842		$	887

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25		12/31/24			12/31/25			12/31/24
Core net operating earnings	$	305		$	224		$	179		$	152	$	262		$	860		$	902

Net earnings	$	299		$	215		$	174		$	154	$	255		$	842		$	887

Average number of diluted shares		83.411			83.397			83.488			83.842		83.966			83.533			83.903
Diluted earnings per share:
Core net operating earnings per share	$	3.65		$	2.69		$	2.14		$	1.81	$	3.12		$	10.29		$	10.75
Realized gains (losses) on securities		(0.07	)		0.12			0.02			0.03		(0.09	)		0.11			—
Realized gain on subsidiaries		—			0.01			—			—		—			0.01			—
Special A&E charges - Former Railroad and Manufacturing operations		—			(0.24	)		—			—		—			(0.24	)		(0.13	)
Other non-core items		—			—			(0.09	)		—		—			(0.09	)		(0.05	)

Diluted earnings per share	$	3.58		$	2.58		$	2.07		$	1.84	$	3.03		$	10.08		$	10.57

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Transportation	$	216		$	55		$	27		$	37		$	81		$	335		$	214
Specialty Casualty		27			33			49			20			69			129			279
Specialty Financial		44			51			38			37			54			170			133

Underwriting profit - Specialty		287			139			114			94			204			634			626
Other core charges, included in loss and LAE		(3	)		(1	)		(1	)		—			(2	)		(5	)		(6	)

Underwriting profit - Property and Casualty Insurance	$	284		$	138		$	113		$	94		$	202		$	629		$	620

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	2
Catastrophe losses		4			23			38			72			20			137			180

Total current accident year catastrophe losses	$	4		$	23		$	38		$	72		$	21		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(27	)	$	(23	)	$	(11	)	$	(20	)	$	36		$	(81	)	$	(64	)

Combined ratio:
Property and Transportation		70.6	%		94.1	%		95.2	%		92.5	%		89.5	%		87.8	%		92.4	%
Specialty Casualty		96.7	%		95.8	%		93.9	%		97.6	%		91.4	%		96.0	%		91.2	%
Specialty Financial		83.0	%		81.1	%		86.1	%		87.0	%		80.7	%		84.4	%		87.2	%
Combined ratio - Specialty		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%
Other core charges		0.2	%		0.1	%		0.0	%		0.1	%		0.1	%		0.0	%		0.0	%

Combined ratio		84.3	%		93.1	%		93.1	%		94.1	%		89.1	%		91.0	%		91.2	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		85.5	%		93.0	%		91.5	%		90.8	%		86.1	%		90.3	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.0	%		67.2	%		59.5	%		57.8	%		60.8	%		61.5	%		61.7	%
Prior accident year loss reserve development		(1.5	%)		(1.1	%)		(0.7	%)		(1.3	%)		1.9	%		(1.1	%)		(0.9	%)
Current accident year catastrophe losses		0.3	%		1.2	%		2.3	%		4.6	%		1.1	%		1.8	%		2.5	%

Loss and LAE ratio		58.8	%		67.3	%		61.1	%		61.1	%		63.8	%		62.2	%		63.3	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	2,085		$	3,665		$	2,653		$	2,291		$	2,043		$	10,694		$	10,533
Ceded reinsurance premiums		(641	)		(1,413	)		(850	)		(680	)		(583	)		(3,584	)		(3,394	)

Net written premiums		1,444			2,252			1,803			1,611			1,460			7,110			7,139
Change in unearned premiums		362			(239	)		(156	)		(31	)		390			(64	)		(103	)

Net earned premiums		1,806			2,013			1,647			1,580			1,850			7,046			7,036
Loss and LAE		1,058			1,354			1,006			965			1,179			4,383			4,449
Underwriting expense		461			520			527			521			467			2,029			1,961

Underwriting profit	$	287		$	139		$	114		$	94		$	204		$	634		$	626

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	2
Catastrophe losses		4			23			38			72			20			137			180

Total current accident year catastrophe losses	$	4		$	23		$	38		$	72		$	21		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(30	)	$	(24	)	$	(12	)	$	(20	)	$	34		$	(86	)	$	(70	)

Combined ratio:
Loss and LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%
Underwriting expense ratio		25.5	%		25.8	%		32.0	%		33.0	%		25.3	%		28.8	%		27.9	%

Combined ratio		84.1	%		93.0	%		93.1	%		94.0	%		89.0	%		91.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		85.5	%		93.0	%		91.5	%		90.8	%		86.1	%		90.2	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.0	%		67.2	%		59.5	%		57.8	%		60.8	%		61.4	%		61.7	%
Prior accident year loss reserve development		(1.6	%)		(1.2	%)		(0.7	%)		(1.3	%)		1.8	%		(1.2	%)		(1.0	%)
Current accident year catastrophe losses		0.2	%		1.2	%		2.3	%		4.5	%		1.1	%		2.0	%		2.6	%

Loss and LAE ratio		58.6	%		67.2	%		61.1	%		61.0	%		63.7	%		62.2	%		63.3	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	612		$	1,975		$	1,247		$	897		$	585		$	4,731		$	4,735
Ceded reinsurance premiums		(214	)		(924	)		(488	)		(334	)		(177	)		(1,960	)		(1,889	)

Net written premiums		398			1,051			759			563			408			2,771			2,846
Change in unearned premiums		337			(116	)		(183	)		(63	)		357			(25	)		(20	)

Net earned premiums		735			935			576			500			765			2,746			2,826
Loss and LAE		417			728			387			311			531			1,843			1,972
Underwriting expense		102			152			162			152			153			568			640

Underwriting profit	$	216		$	55		$	27		$	37		$	81		$	335		$	214

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	—		$	1
Catastrophe losses		—			4			12			10			9			26			65

Total current accident year catastrophe losses	$	—		$	4		$	12		$	10		$	10		$	26		$	66

Prior year loss reserve development (favorable) / adverse	$	(20	)	$	(11	)	$	(13	)	$	(19	)	$	(2	)	$	(63	)	$	(96	)

Combined ratio:
Loss and LAE ratio		56.8	%		77.8	%		67.2	%		62.1	%		69.5	%		67.1	%		69.8	%
Underwriting expense ratio		13.8	%		16.3	%		28.0	%		30.4	%		20.0	%		20.7	%		22.6	%

Combined ratio		70.6	%		94.1	%		95.2	%		92.5	%		89.5	%		87.8	%		92.4	%

Combined ratio excl. catastrophe losses and prior year reserve development		73.4	%		94.8	%		95.4	%		94.4	%		88.5	%		89.1	%		93.5	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		59.6	%		78.5	%		67.4	%		64.0	%		68.5	%		68.4	%		70.9	%
Prior accident year loss reserve development		(2.7	%)		(1.1	%)		(2.2	%)		(3.9	%)		(0.3	%)		(2.3	%)		(3.4	%)
Current accident year catastrophe losses		(0.1	%)		0.4	%		2.0	%		2.0	%		1.3	%		1.0	%		2.3	%

Loss and LAE ratio		56.8	%		77.8	%		67.2	%		62.1	%		69.5	%		67.1	%		69.8	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	1,153		$	1,337		$	1,062		$	1,068		$	1,126		$	4,620		$	4,543
Ceded reinsurance premiums		(357	)		(423	)		(297	)		(296	)		(353	)		(1,373	)		(1,297	)

Net written premiums		796			914			765			772			773			3,247			3,246
Change in unearned premiums		16			(104	)		34			22			32			(32	)		(70	)

Net earned premiums		812			810			799			794			805			3,215			3,176
Loss and LAE		558			541			516			536			541			2,151			2,045
Underwriting expense		227			236			234			238			195			935			852

Underwriting profit	$	27		$	33		$	49		$	20		$	69		$	129		$	279

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		(3	)		8			7			27			(6	)		39			34

Total current accident year catastrophe losses	$	(3	)	$	8		$	7		$	27		$	(6	)	$	39		$	35

Prior year loss reserve development (favorable) / adverse	$	(1	)	$	(1	)	$	10		$	12		$	44		$	20		$	37

Combined ratio:
Loss and LAE ratio		68.7	%		66.8	%		64.5	%		67.6	%		67.2	%		66.9	%		64.4	%
Underwriting expense ratio		28.0	%		29.0	%		29.4	%		30.0	%		24.2	%		29.1	%		26.8	%

Combined ratio		96.7	%		95.8	%		93.9	%		97.6	%		91.4	%		96.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		97.1	%		94.9	%		91.8	%		92.6	%		86.7	%		94.1	%		89.0	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		69.1	%		65.9	%		62.4	%		62.6	%		62.5	%		65.0	%		62.2	%
Prior accident year loss reserve development		(0.1	%)		(0.1	%)		1.2	%		1.6	%		5.4	%		0.6	%		1.2	%
Current accident year catastrophe losses		(0.3	%)		1.0	%		0.9	%		3.4	%		(0.7	%)		1.3	%		1.0	%

Loss and LAE ratio		68.7	%		66.8	%		64.5	%		67.6	%		67.2	%		66.9	%		64.4	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Gross written premiums	$	320		$	353		$	344		$	326		$	332		$	1,343		$	1,255
Ceded reinsurance premiums		(70	)		(66	)		(65	)		(50	)		(53	)		(251	)		(208	)

Net written premiums		250			287			279			276			279			1,092			1,047
Change in unearned premiums		9			(19	)		(7	)		10			1			(7	)		(13	)

Net earned premiums		259			268			272			286			280			1,085			1,034
Loss and LAE		83			85			103			118			107			389			432
Underwriting expense		132			132			131			131			119			526			469

Underwriting profit	$	44		$	51		$	38		$	37		$	54		$	170		$	133

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		7			11			19			35			17			72			81

Total current accident year catastrophe losses	$	7		$	11		$	19		$	35		$	17		$	72		$	81

Prior year loss reserve development (favorable) / adverse	$	(9	)	$	(12	)	$	(9	)	$	(13	)	$	(8	)	$	(43	)	$	(11	)

Combined ratio:
Loss and LAE ratio		32.0	%		31.8	%		38.1	%		41.1	%		38.1	%		35.9	%		41.8	%
Underwriting expense ratio		51.0	%		49.3	%		48.0	%		45.9	%		42.6	%		48.5	%		45.4	%

Combined ratio		83.0	%		81.1	%		86.1	%		87.0	%		80.7	%		84.4	%		87.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		83.5	%		81.7	%		82.0	%		79.7	%		77.5	%		81.7	%		80.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		32.5	%		32.4	%		34.0	%		33.8	%		34.9	%		33.2	%		35.0	%
Prior accident year loss reserve development		(3.0	%)		(4.7	%)		(3.2	%)		(4.6	%)		(3.0	%)		(3.9	%)		(1.1	%)
Current accident year catastrophe losses		2.5	%		4.1	%		7.3	%		11.9	%		6.2	%		6.6	%		7.9	%

Loss and LAE ratio		32.0	%		31.8	%		38.1	%		41.1	%		38.1	%		35.9	%		41.8	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
Assets:
Total cash and investments	$	17,182		$	16,761		$	16,049		$	15,994		$	15,852		$	15,741
Recoverables from reinsurers		5,545			5,565			4,733			4,945			5,176			5,217
Prepaid reinsurance premiums		1,089			1,443			1,256			1,105			1,013			1,346
Agents’ balances and premiums receivable		1,641			2,034			1,946			1,589			1,532			1,995
Deferred policy acquisition costs		333			349			345			316			320			340
Assets of managed investment entities		4,050			3,972			3,833			3,848			4,140			4,332
Other receivables		1,212			2,075			877			855			1,123			1,989
Other assets		1,280			1,308			1,325			1,337			1,375			1,326
Goodwill		327			327			305			305			305			305

Total assets	$	32,659		$	33,834		$	30,669		$	30,294		$	30,836		$	32,591

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	15,111		$	15,079		$	13,834		$	13,970		$	14,179		$	14,206
Unearned premiums		3,736			4,450			4,026			3,710			3,584			4,320
Payable to reinsurers		1,201			1,578			1,152			1,028			1,191			1,620
Liabilities of managed investment entities		3,907			3,834			3,685			3,726			3,965			4,168
Long-term debt		1,820			1,820			1,476			1,476			1,475			1,475
Other liabilities		2,064			2,343			1,980			1,992			1,976			2,094

Total liabilities		27,839			29,104			26,153			25,902			26,370			27,883
Shareholders’ equity:
Common stock		83			83			83			84			84			84
Capital surplus		1,430			1,421			1,414			1,409			1,411			1,400
Retained earnings		3,357			3,299			3,151			3,078			3,211			3,360
Unrealized gains (losses) - fixed maturities		(22	)		(43	)		(101	)		(141	)		(202	)		(100	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(2	)		(3	)		(5	)		(7	)		(10	)		(7	)
Other comprehensive income (loss), net of tax		(26	)		(27	)		(26	)		(31	)		(28	)		(29	)

Total shareholders’ equity		4,820			4,730			4,516			4,392			4,466			4,708

Total liabilities and equity	$	32,659		$	33,834		$	30,669		$	30,294		$	30,836		$	32,591

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
Shareholders’ equity	$	4,820		$	4,730		$	4,516		$	4,392		$	4,466		$	4,708
Accumulated other comprehensive income (loss)		(50	)		(73	)		(132	)		(179	)		(240	)		(136	)

Shareholders’ equity, excluding AOCI		4,870			4,803			4,648			4,571			4,706			4,844
Goodwill		327			327			305			305			305			305
Intangibles		189			192			193			198			203			199

Tangible shareholders’ equity, excluding AOCI	$	4,354		$	4,284		$	4,150		$	4,068		$	4,198		$	4,340

Common shares outstanding		83.422			83.401			83.386			83.668			83.978			83.923
Book value per share:
Book value per share	$	57.78		$	56.72		$	54.15		$	52.50		$	53.18		$	56.10
Book value per share, excluding AOCI		58.38			57.59			55.74			54.63			56.03			57.71
Tangible, excluding AOCI		52.20			51.38			49.77			48.62			49.98			51.72
Market capitalization
AFG’s closing common share price	$	136.68		$	145.72		$	126.21		$	131.34		$	136.93		$	134.60
Market capitalization	$	11,402		$	12,153		$	10,524		$	10,989		$	11,499		$	11,296
Price / Book value per share, excluding AOCI		2.34			2.53			2.26			2.40			2.44			2.33

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
AFG senior obligations	$	1,173		$	1,173		$	823		$	823		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt		1,173			1,173			823			823			823			823
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt		1,848			1,848			1,498			1,498			1,498			1,498
Shareholders’ equity		4,820			4,730			4,516			4,392			4,466			4,708
Accumulated other comprehensive income (loss)		(50	)		(73	)		(132	)		(179	)		(240	)		(136	)

Total capital, excluding AOCI	$	6,718		$	6,651		$	6,146		$	6,069		$	6,204		$	6,342

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.5	%		27.8	%		24.4	%		24.7	%		24.1	%		23.6	%
Excluding subordinated debt		17.5	%		17.6	%		13.4	%		13.6	%		13.3	%		13.0	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)	$	984		$	936		$	931		$	967		$	1,179		$	3,818		$	4,034


	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			9/30/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,334		$	6,173		$	5,935		$	5,853		$	5,962		$	6,150
Parent and other subsidiaries		(1,464	)		(1,370	)		(1,287	)		(1,282	)		(1,256	)		(1,306	)

AFG GAAP Equity (excluding AOCI)	$	4,870		$	4,803		$	4,648		$	4,571		$	4,706		$	4,844

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,081		$	1,004		$	1,004		$	1,004		$	1,004		$	946

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - December 31, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,377	$	350	$	—		$	1,727		10	%
Fixed maturities - Available for sale		10,923		129		—			11,052		64	%
Fixed maturities - Trading		91		—		—			91		1	%
Equity securities - Common stocks		365		—		—			365		2	%
Equity securities - Perpetual preferred		420		—		—			420		2	%
Investments accounted for using the equity method		2,419		2		—			2,421		14	%
Mortgage loans		947		—		—			947		6	%
Real estate and other investments		199		103		(143	)		159		1	%

Total cash and investments	$	16,741	$	584	$	(143	)	$	17,182		100	%


	Carrying Value - December 31, 2024
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,105	$	301	$	—		$	1,406		9	%
Fixed maturities - Available for sale		10,356		42		—			10,398		66	%
Fixed maturities - Trading		76		—		—			76		0	%
Equity securities - Common stocks		336		—		—			336		2	%
Equity securities - Perpetual preferred		415		—		—			415		3	%
Investments accounted for using the equity method		2,275		2		—			2,277		14	%
Mortgage loans		791		—		—			791		5	%
Real estate and other investments		229		98		(174	)		153		1	%

Total cash and investments	$	15,583	$	443	$	(174	)	$	15,852		100	%

Page 15

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	138		$	135		$	140		$	137		$	134		$	550		$	532
Equity securities		6			6			15			6			9			33			29
Other investments (a)		27			27			23			21			24			98			87

Gross investment income excluding alternative investments		171			168			178			164			167			681			648
Gross investment income from alternative investments (b)		6			43			8			12			33			69			158

Total gross investment income		177			211			186			176			200			750			806
Investment expenses		(6	)		(6	)		(7	)		(6	)		(5	)		(25	)		(22	)

Total net investment income	$	171		$	205		$	179		$	170		$	195		$	725		$	784

Average cash and investments (c)	$	16,520		$	16,095		$	15,921		$	15,881		$	15,718		$	16,144		$	15,479

Average yield - overall portfolio, net (d)		4.14	%		5.09	%		4.50	%		4.28	%		4.96	%		4.49	%		5.06	%
Average yield - fixed maturities before inv expenses (d)		5.11	%		5.12	%		5.24	%		5.13	%		5.09	%		5.13	%		5.02	%
AFG consolidated net investment income:
Property & Casualty core	$	171		$	205		$	179		$	170		$	195		$	725		$	784
Parent & other		7			6			7			5			7			25			29
Consolidate CLOs		5			(6	)		(2	)		(2	)		(8	)		(5	)		(33	)

Total net investment income	$	183		$	205		$	184		$	173		$	194		$	745		$	780

Average cash and investments (c)	$	17,013		$	16,496		$	16,175		$	16,140		$	15,987		$	16,496		$	15,767

Average yield - overall portfolio, net (d)		4.30	%		4.97	%		4.55	%		4.29	%		4.85	%		4.52	%		4.95	%
Average yield - fixed maturities before inv expenses (d)		5.11	%		5.11	%		5.24	%		5.13	%		5.10	%		5.13	%		5.04	%

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

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

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

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

Page 16

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/25			9/30/25			6/30/25			3/31/25			12/31/24			12/31/25			12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	16		$	8		$	(3	)	$	12		$	22		$	22
Equity securities MTM through investment income (a)		(12	)		(6	)		4			—			12			(14	)		57
Investments accounted for using the equity method (b)		22			27			(6	)		13			1			56			46
AFG managed CLOs (eliminated in consolidation)		(5	)		6			2			2			8			5			33

Total Property & Casualty	$	6		$	43		$	8		$	12		$	33		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	44		$	30		$	55		$	50		$	75		$	44		$	75
Equity securities MTM through investment income (a)		211			243			233			232			222			211			222
Investments accounted for using the equity method (b)		2,419			2,381			2,338			2,324			2,275			2,419			2,275
AFG managed CLOs (eliminated in consolidation)		143			138			148			122			174			143			174

Total Property & Casualty	$	2,817		$	2,792		$	2,774		$	2,728		$	2,746		$	2,817		$	2,746

Annualized Return - Property & Casualty		0.9	%		6.2	%		1.2	%		1.8	%		4.9	%		2.5	%		6.1	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	16		$	8		$	(3	)	$	12		$	22		$	22
Equity securities MTM through investment income (a)		(12	)		(6	)		4			—			12			(14	)		57
Investments accounted for using the equity method (b)		22			27			(6	)		13			1			56			46
AFG managed CLOs (eliminated in consolidation)		(5	)		6			2			2			8			5			33

Total AFG Consolidated	$	6		$	43		$	8		$	12		$	33		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	44		$	30		$	55		$	50		$	75		$	44		$	75
Equity securities MTM through investment income (a)		211			243			233			232			222			211			222
Investments accounted for using the equity method (b)		2,421			2,383			2,341			2,326			2,277			2,421			2,277
AFG managed CLOs (eliminated in consolidation)		143			138			148			122			174			143			174

Total AFG Consolidated	$	2,819		$	2,794		$	2,777		$	2,730		$	2,748		$	2,819		$	2,748

Annualized Return - AFG Consolidated		0.9	%		6.2	%		1.2	%		1.8	%		4.9	%		2.5	%		6.1	%

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

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

Page 17

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


December 31, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	160	$	161	$	1			1	%		1	%
States, municipalities and political subdivisions		853		835		(18	)		7	%		5	%
Foreign government		301		303		2			3	%		2	%
Residential mortgage-backed securities		2,807		2,747		(60	)		25	%		16	%
Collateralized loan obligations		1,162		1,160		(2	)		10	%		7	%
Other asset-backed securities		2,534		2,525		(9	)		23	%		14	%
Corporate and other bonds		3,354		3,412		58			31	%		20	%

Total AFG consolidated	$	11,171	$	11,143	$	(28	)		100	%		65	%

Approximate duration - P&C		3.3 years
Approximate duration - P&C including cash		2.9 years
December 31, 2024	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	176	$	173	$	(3	)		2	%		1	%
States, municipalities and political subdivisions		905		859		(46	)		8	%		5	%
Foreign government		283		284		1			3	%		2	%
Residential mortgage-backed securities		2,121		1,989		(132	)		19	%		13	%
Collateralized loan obligations		1,239		1,237		(2	)		12	%		8	%
Other asset-backed securities		2,457		2,407		(50	)		22	%		15	%
Corporate and other bonds		3,548		3,525		(23	)		34	%		22	%

Total AFG consolidated	$	10,729	$	10,474	$	(255	)		100	%		66	%

Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.8 years

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

Page 18

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	161	$	255	$	2,475	$	1,137	$	831	$	13	$	4,872		44	%
AA		161		644		14		87		20		349		222		1,497		13	%
A		—		21		30		75		3		743		998		1,870		17	%
BBB		—		8		4		27		—		520		1,898		2,457		22	%

Subtotal - Investment grade		161		834		303		2,664		1,160		2,443		3,131		10,696		96	%
BB		—		—		—		2		—		5		122		129		1	%
B		—		—		—		1		—		1		20		22		0	%
CCC, CC, C		—		—		—		25		—		2		3		30		1	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		28		—		8		145		181		2	%
Not Rated (b)		—		1		—		55		—		74		136		266		2	%

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	161	$	822	$	239	$	2,639	$	1,059	$	1,906	$	1,230	$	8,056		75	%
2		—		8		—		26		—		509		1,861		2,404		22	%

Subtotal		161		830		239		2,665		1,059		2,415		3,091		10,460		97	%
3		—		—		—		1		—		5		174		180		2	%
4		—		—		—		1		—		5		35		41		0	%
5		—		—		—		13		—		1		62		76		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		16		—		14		272		302		3	%
Total insurance companies	$	161	$	830	$	239	$	2,681	$	1,059	$	2,429	$	3,363	$	10,762		100	%

No NAIC designation (c)		—		—		—		—		—		39		17		56
Non-Insurance and Foreign Companies (d)		—		5		64		66		101		57		32		325

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143

(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, 39% are NAIC 1 and 52% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation.

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

(d)	99% are investment grade rated.

Page 19

Appendix B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2024

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	342	$	264	$	1,717	$	1,166	$	856	$	14	$	4,359		42	%
AA		173		469		9		92		66		305		175		1,289		12	%
A		—		38		5		69		4		649		925		1,690		16	%
BBB		—		8		6		20		—		519		1,990		2,543		24	%

Subtotal - Investment grade		173		857		284		1,898		1,236		2,329		3,104		9,881		94	%
BB		—		—		—		2		—		7		167		176		2	%
B		—		—		—		2		—		2		33		37		0	%
CCC, CC, C		—		—		—		28		—		3		14		45		1	%
D		—		—		—		—		—		—		12		12		0	%

Subtotal - Non-Investment grade		—		—		—		32		—		12		226		270		3	%
Not Rated (b)		—		2		—		59		1		66		195		323		3	%

Total	$	173	$	859	$	284	$	1,989	$	1,237	$	2,407	$	3,525	$	10,474		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	173	$	846	$	237	$	1,898	$	1,220	$	1,810	$	1,119	$	7,303		71	%
2		—		8		—		20		—		508		1,988		2,524		25	%

Subtotal		173		854		237		1,918		1,220		2,318		3,107		9,827		96	%
3		—		—		—		8		—		7		172		187		2	%
4		—		—		—		—		—		2		59		61		1	%
5		—		—		—		6		—		4		127		137		1	%
6		—		—		—		1		—		2		16		19		0	%

Subtotal		—		—		—		15		—		15		374		404		4	%
Total insurance companies	$	173	$	854	$	237	$	1,933	$	1,220	$	2,333	$	3,481	$	10,231		100	%

No NAIC designation (c)		—		—		—		—		1		25		8		34
Non-Insurance and Foreign Companies (d)		—		5		47		56		16		49		36		209

Total	$	173	$	859	$	284	$	1,989	$	1,237	$	2,407	$	3,525	$	10,474

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

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

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

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

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

(d)	98% are investment grade rated.

Page 20

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2025

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Retailers		Consumer		REITs		Basic Industry		Capital Goods		Autos		Healthcare		Media		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		—		32		58		5		30		10		10		49		—		—		—		—		15		—		13		222		6	%
A		179		70		155		52		48		151		23		51		55		16		31		101		36		—		30		998		29	%
BBB		264		94		53		769		160		90		45		41		56		79		45		55		39		15		93		1,898		56	%

Subtotal		443		196		266		826		249		251		78		141		111		95		76		156		90		15		138		3,131		91	%
BB		6		—		—		—		4		—		36		9		6		8		1		18		3		25		6		122		4	%
B		2		—		—		—		—		—		—		7		—		—		—		—		5		6		—		20		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		8		—		—		—		4		—		36		16		6		8		4		18		8		31		6		145		5	%
Not Rated (b)		—		25		6		—		2		—		—		28		5		2		2		1		43		20		2		136		4	%

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	114	$	185	$	122	$	105	$	82	$	175	$	141	$	66	$	146	$	3,412		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Retailers		Consumer		REITs		Basic Industry		Capital Goods		Autos		Healthcare		Media		Other		Total		% Total
1	$	176	$	104	$	211	$	57	$	88	$	161	$	33	$	101	$	55	$	16	$	33	$	101	$	50	$	—	$	44	$	1,230		37	%
2		261		70		52		763		157		88		45		48		56		77		44		54		38		14		94		1,861		55	%

Subtotal		437		174		263		820		245		249		78		149		111		93		77		155		88		14		138		3,091		92	%
3		7		24		—		—		4		—		36		16		6		4		1		18		27		25		6		174		5	%
4		2		—		—		—		—		—		—		18		—		4		—		—		5		6		—		35		1	%
5		—		10		—		—		1		—		—		2		5		1		3		—		20		20		—		62		2	%
6		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		35		—		—		5		—		36		36		11		9		4		18		52		51		6		272		8	%
Total insurance companies	$	446	$	209	$	263	$	820	$	250	$	249	$	114	$	185	$	122	$	102	$	81	$	173	$	140	$	65	$	144	$	3,363		100	%

No NAIC designation (c)		—		11		6		—		—		—		—		—		—		—		—		—		—		—		—		17
Non-Insurance and Foreign Companies		5		1		3		6		5		2		—		—		—		3		1		2		1		1		2		32

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	114	$	185	$	122	$	105	$	82	$	175	$	141	$	66	$	146	$	3,412

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

(b)	12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

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

Page 21

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2024

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Other Financials		Utilities		Consumer		Autos		Healthcare		REITs		Basic Industry		Retailers		Capital Goods		Media		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	14		0	%
AA		5		—		22		44		32		5		39		—		14		—		—		10		—		—		4		175		5	%
A		40		186		28		150		67		122		56		95		30		47		11		17		40		3		33		925		26	%
BBB		767		242		172		51		83		92		64		68		31		75		110		38		47		45		105		1,990		57	%

Subtotal		812		428		233		245		182		219		159		163		75		122		121		65		87		48		145		3,104		88	%
BB		24		6		8		—		2		—		22		5		5		6		13		36		1		30		9		167		5	%
B		4		2		2		—		—		—		11		—		9		—		—		—		4		—		1		33		1	%
CCC, CC, C		—		—		2		—		—		—		—		—		12		—		—		—		—		—		—		14		0	%
D		—		—		—		—		—		—		—		—		—		—		—		12		—		—		—		12		0	%

Subtotal		28		8		12		—		2		—		33		5		26		6		13		48		5		30		10		226		6	%
Not Rated (b)		—		—		16		7		43		—		12		2		47		8		—		15		23		20		2		195		6	%

Total	$	840	$	436	$	261	$	252	$	227	$	219	$	204	$	170	$	148	$	136	$	134	$	128	$	115	$	98	$	157	$	3,525		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Other Financials		Utilities		Consumer		Autos		Healthcare		REITs		Basic Industry		Retailers		Capital Goods		Media		Other		Total		% Total
1	$	45	$	183	$	61	$	191	$	113	$	127	$	94	$	95	$	46	$	47	$	11	$	27	$	40	$	3	$	36	$	1,119		32	%
2		763		239		168		50		83		90		71		66		43		75		107		37		47		44		105		1,988		57	%

Subtotal		808		422		229		241		196		217		165		161		89		122		118		64		87		47		141		3,107		89	%
3		24		6		8		1		4		—		27		5		6		6		8		36		2		30		9		172		5	%
4		4		2		12		—		—		—		6		2		24		—		4		—		4		—		1		59		2	%
5		—		—		7		—		24		—		2		—		28		8		1		15		21		20		1		127		4	%
6		—		—		—		—		2		—		1		—		—		—		—		12		—		—		1		16		0	%

Subtotal		28		8		27		1		30		—		36		7		58		14		13		63		27		50		12		374		11	%
Total insurance companies	$	836	$	430	$	256	$	242	$	226	$	217	$	201	$	168	$	147	$	136	$	131	$	127	$	114	$	97	$	153	$	3,481		100	%

No NAIC designation (c)		—		—		—		7		1		—		—		—		—		—		—		—		—		—		—		8
Non-Insurance and Foreign Companies		4		6		5		3		—		2		3		2		1		—		3		1		1		1		4		36

Total	$	840	$	436	$	261	$	252	$	227	$	219	$	204	$	170	$	148	$	136	$	134	$	128	$	115	$	98	$	157	$	3,525

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

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

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

Page 22

Appendix E

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

12/31/2025

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	231	$	170	$	—	$	15	$	—	$	113	$	93	$	92	$	117	$	831		33	%
AA		76		51		82		64		15		30		—		—		—		31		349		14	%
A		10		16		3		169		175		63		—		—		—		307		743		29	%
BBB		439		—		—		5		14		1		—		—		—		61		520		21	%

Subtotal		525		298		255		238		219		94		113		93		92		516		2,443		97	%
BB		—		—		—		—		2		1		—		—		—		2		5		0	%
B		—		—		—		—		1		—		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		5		1		—		—		—		2		8		0	%
Not Rated (b)		—		—		—		—		3		29		—		—		—		42		74		3	%

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	290	$	252	$	219	$	203	$	121	$	106	$	90	$	87	$	452	$	1,906		79	%
2		431		—		—		5		13		1		—		—		—		59		509		21	%

Subtotal		517		290		252		224		216		122		106		90		87		511		2,415		100	%
3		—		—		—		—		1		2		—		—		—		2		5		0	%
4		—		—		—		—		1		—		—		—		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		6		2		—		—		—		6		14		0	%
Total insurance companies	$	517	$	290	$	252	$	224	$	222	$	124	$	106	$	90	$	87	$	517	$	2,429		100	%

No NAIC designation		—		—		—		—		2		—		—		—		—		37		39
Non-Insurance and Foreign Companies		8		8		3		14		3		—		7		3		5		6		57

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525

(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)	39% of not rated securities are NAIC 1 and 52% do not have a designation.

Page 23

Appendix F

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

12/31/2024

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	258	$	191	$	46	$	—	$	7	$	17	$	125	$	69	$	143	$	856		36	%
AA		75		—		14		130		25		4		25		—		—		32		305		12	%
A		10		—		17		18		156		118		65		—		—		265		649		27	%
BBB		427		—		—		—		6		21		1		—		—		64		519		22	%

Subtotal		512		258		222		194		187		150		108		125		69		504		2,329		97	%
BB		—		—		—		—		—		5		1		—		—		1		7		0	%
B		—		—		—		—		—		2		—		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		—		10		1		—		—		1		12		0	%
Not Rated (b)		—		—		—		—		—		2		33		—		—		31		66		3	%

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	536	$	2,407		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	85	$	240	$	219	$	191	$	179	$	127	$	139	$	121	$	67	$	442	$	1,810		77	%
2		416		—		—		—		6		21		1		—		—		64		508		22	%

Subtotal		501		240		219		191		185		148		140		121		67		506		2,318		99	%
3		—		—		—		—		—		4		2		—		—		1		7		1	%
4		—		—		—		—		—		2		—		—		—		—		2		0	%
5		—		—		—		—		—		3		—		—		—		1		4		0	%
6		—		—		—		—		—		2		—		—		—		—		2		0	%

Subtotal		—		—		—		—		—		11		2		—		—		2		15		1	%
Total insurance companies	$	501	$	240	$	219	$	191	$	185	$	159	$	142	$	121	$	67	$	508	$	2,333		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		25		25
Non-Insurance and Foreign Companies		11		18		3		3		2		3		—		4		2		3		49

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	536	$	2,407

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

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

Page 24

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2025

($ in millions)


Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,250		87	%		91	%		96	%
Fund Investments		105		8	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,431		100	%

Real Estate



Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	52		51	%	$	—
Marina		35		34	%		—
Office Building		13		13	%		—
Land		2		2	%		—

Total	$	102		100	%	$	—

Mortgage Loans



Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		73	%		66	%
Hospitality		160		17	%		42	%
Marina		52		5	%		52	%
Office		47		5	%		98	%

Total	$	947		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/2025

(c)	Collections for October - December

Page 25

Appendix H

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2024

($ in millions)


Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,222		88	%		92	%		97	%
Fund Investments		93		7	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		17		1	%		91	%		100	%
Marina		16		1	%		—			—
Hospitality		10		1	%		—			—
Land Development		6		0	%		—			—

Total	$	1,392		100	%

Real Estate



Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		35		37	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	96		100	%	$	—

Mortgage Loans



Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	568		72	%		65	%
Hospitality		122		15	%		49	%
Marina		52		7	%		52	%
Office		49		6	%		98	%

Total	$	791		100	%		64	%

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

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

(b)	Occupancy as of 12/31/2024

(c)	Collections for October - December

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