8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2014

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))

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2014 and the availability of the Investor Supplement on the Company’s website. The press release was issued on July 28, 2014. 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.

The information contained herein 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 July 28, 2014, reporting American Financial Group Inc. results for the quarter ended June 30, 2014.
99.2	Investor Supplement – Second Quarter 2014

2

SIGNATURES

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

	AMERICAN FINANCIAL GROUP, INC.
Date: July 29, 2014
	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

3

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces Second Quarter Results

• Core net operating earnings $1.07 per share, up 11% from the comparable 2013 period

• Adjusted book value $47.95 per share at June 30, 2014; up 4% since year end

• Full year 2014 core net operating earnings guidance unchanged at $4.50 - $4.90 per share

Cincinnati, Ohio – July 28, 2014 – American Financial Group, Inc. (NYSE/NASDAQ: AFG) today reported 2014 second quarter net earnings attributable to shareholders of $106 million ($1.15 per share) compared to $110 million ($1.20 per share) for the 2013 second quarter. After-tax net realized gains were $7 million ($0.08 per share) in the second quarter of 2014 compared to $26 million ($0.28 per share) in the comparable prior year period. Book value per share, excluding appropriated retained earnings and unrealized gains on fixed maturities, increased by $1.16 to $47.95 per share during the second quarter of 2014. Annualized return on equity was 10.3% and 11.5% for the second quarters of 2014 and 2013, respectively.

Core net operating earnings were $99 million ($1.07 per share) for the 2014 second quarter, compared to $87 million ($0.96 per share) in the 2013 second quarter. Higher operating income in our Specialty Property and Casualty (“P&C”) insurance operations as well as slightly higher earnings in our Annuity segment contributed to these results. Core net operating earnings for the second quarters of 2014 and 2013 generated annualized core returns on equity of 9.6% and 9.2%, respectively.

During the second quarter of 2014, AFG repurchased approximately 345,000 shares of common stock for $20 million (average price per share of $57.95).

AFG’s net earnings attributable to shareholders, 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 following table identifies such items and reconciles net earnings attributable to shareholders to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends.

In millions, except per share amounts	Three months ended June 30,					Six months ended June 30,
	2014		2013			2014		2013
Components of net earnings attributable to shareholders:
Core net operating earnings(a)	$	99	$	87		$	190	$	171
Realized gains		7		26			19		62
ELNY guaranty fund assessments		—		(3	)		—		(3	)
Net earnings attributable to shareholders	$	106	$	110		$	209	$	230
Components of Earnings Per Share:
Core net operating earnings	$	1.07	$	0.96		$	2.07	$	1.88
Realized gains		0.08		0.28			0.21		0.68
ELNY guaranty fund assessments		—		(0.04	)		—		(0.04	)
Diluted Earnings Per Share	$	1.15	$	1.20		$	2.28	$	2.52

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

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Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We were pleased to see AFG’s second quarter core operating earnings per share increase by 11% year over year as a result of solid results in our specialty P&C group and continued strong earnings in our annuity segment.

“At June 30, 2014, AFG had approximately $740 million of excess capital (including parent company cash of approximately $240 million). We will make opportunistic share repurchases and return capital to shareholders through dividends. We will also continue to invest excess capital when we see potential for healthy, profitable organic growth and through acquisitions and start-ups that meet our target return thresholds.

“Based on results for the first six months of 2014, we continue to expect core net operating earnings in 2014 to be between $4.50 and $4.90 per share. Our core earnings per share guidance excludes non-core items such as realized gains and losses, as well as other significant items that may not be indicative of ongoing operations.”

Specialty Property and Casualty Insurance Operations

The P&C specialty insurance operations generated an underwriting profit of $29 million in the 2014 second quarter, compared to $21 million in the second quarter of 2013. The combined ratio was 96.9%, a slight improvement from the comparable prior year period. Improved year-over-year underwriting results in our property and transportation group and lower catastrophe losses were partially offset by lower underwriting profit in our specialty casualty group. Catastrophe losses were $10 million (1.1 points on the combined ratio), compared to $19 million (2.6 points) in the 2013 second quarter.

Gross and net written premiums were up 24% and 33%, respectively, for the second quarter of 2014, when compared to the second quarter of 2013. The 2014 results include premiums from Summit, AFG’s specialty workers’ compensation subsidiary, from the date of acquisition on April 1, 2014. Excluding Summit premiums, growth in gross and net written premiums was 11% and 15%, respectively, due primarily to strong premium growth in other businesses within our specialty casualty group.

Further details about AFG’s specialty P&C operations may be found in the accompanying schedules.

The Property and Transportation Group reported an underwriting loss of $18 million in the second quarter of 2014, compared to an underwriting loss of $31 million in the second quarter of 2013. The 2014 second quarter underwriting loss was primarily due to adverse prior year reserve development in our National Interstate subsidiary. Improved accident year results and lower catastrophe losses in the second quarter of 2014 more than offset higher adverse prior year reserve development. Catastrophe losses were $8 million for this group during the second quarter of 2014. By comparison, catastrophe losses for the second quarter of 2013 were $18 million.

Gross and net written premiums for the second quarter of 2014 were 10% and 8% higher, respectively, than the comparable 2013 period. Crop premiums reported in the second quarter of 2014 are consistent with average historical results, whereas crop premiums reported in the second quarter of 2013 were lower than historical trends due to delayed acreage reporting from insureds as a result of excess moisture and late planting of corn and soybean crops. Excluding our crop insurance business, gross written premiums increased by 5% and net written premiums increased by 4%. Pricing in this group was up approximately 6% on average for the quarter, and includes a 9% increase in National Interstate’s renewal rates.

The Specialty Casualty Group reported an underwriting profit of $30 million in the second quarter of 2014, compared to $32 million in the second quarter of 2013. Higher underwriting profitability in our workers’ compensation businesses was offset by lower underwriting profits in our international and

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general liability lines of business. Additionally, lower favorable reserve development year-over-year in our excess and surplus lines and executive liability businesses impacted these results.

Gross and net written premiums for the second quarter of 2014 were up 49% and 76%, respectively, when compared to the second quarter of 2013, and include Summit’s results since April 1, 2014. Excluding premiums from Summit, gross and net premiums grew by 18% and 29%, respectively. As discussed in the first quarter of 2014, net written premiums were impacted by a 2013 timing difference in reinsurance ceded in our international businesses. Excluding the premiums from Summit and the impact of the timing change, net written premiums in this group grew 19%. While all businesses in this group reported growth, our workers’ compensation, excess and surplus lines, and targeted markets businesses were primary drivers of the higher premiums. New business opportunities, increased exposures on existing accounts and sustained pricing increases have driven the growth in our workers’ compensation businesses. Organic growth, coupled with the benefit from rate increases over multiple quarters have contributed to higher premiums in our excess and surplus businesses. Pricing in this group was up approximately 3% on average for the quarter.

The Specialty Financial Group reported underwriting profit of $15 million in both the second quarters of 2014 and 2013. Most of the businesses in this group achieved excellent underwriting margins during the second quarter of 2014.

Gross written premiums were down 5%, while net written premiums were up 3% during the 2014 second quarter when compared to the same 2013 period. Growth in gross written premiums was tempered by the October 2013 sale of a service contract business, which ceded all of its premiums under reinsurance contracts. Net written premiums increased primarily as a result of growth in our fidelity/crime and surety businesses, partially offset by lower premiums in lender-placed mortgage property insurance offered by our financial institutions business. Renewal pricing in this group was down approximately 1% for the second quarter.

Carl Lindner III stated: “Our specialty P&C businesses produced solid results overall during the second quarter, with continued strong growth in our specialty casualty group. We are excited to see growth in several of our new niches and the opportunistic expansion of existing businesses. I am disappointed, however, with the poor results reported during the quarter in our property and transportation group, particularly within our 51%-owned National Interstate subsidiary. We remain committed to our culture of underwriting discipline and achieving the necessary rate increases to strengthen the underwriting profitability of this group overall.

“Based on premium growth across our P&C book of business during the first six months of 2014, we continue to expect net written premium growth for the full year of 2014 to be between 17% and 21%. We have adjusted our premium guidance up in our specialty casualty group, and lowered expectations slightly in our property and transportation and specialty financial groups. This guidance reflects the inclusion of nine months of Summit premiums. Overall renewal pricing was up about 3% during the quarter. Our objective remains to achieve an increase of 3% to 4% in the specialty group’s overall average renewal rates in 2014.”

Annuity Segment

AFG’s annuity operations contributed $84 million in pretax core earnings in the second quarter of 2014 compared to $82 million in the second quarter of 2013, an increase of $2 million or 2%. AFG’s 2014 earnings continue to benefit from growth in annuity assets. While AFG’s average annuity investments grew nearly 20% over the last year, the impact of this growth was offset by (i) the runoff of higher yielding investments and (ii) the impact that fluctuations in interest rates in the second quarters of 2014 and 2013 had on the accounting for fixed-indexed annuities.

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In the second quarter of 2014, the interest rate index used by AFG to discount certain fixed-indexed annuity reserves generally decreased 15 to 25 basis points versus AFG’s assumption that interest rates would rise; this difference had a negative impact on AFG’s earnings due to the fair value accounting prescribed for fixed-indexed annuities. Conversely, in the second quarter of 2013, the interest rate index used by AFG generally increased 70 to 80 basis points, which was much higher than previously assumed by AFG; this difference between actual and previously assumed interest rates resulted in a favorable impact on AFG’s earnings.

As a result of the above, AFG’s net spread earned was 1.46% in the second quarter of 2014, a decrease of 19 basis points from the comparable previous year period. See the accompanying schedules for additional information about spreads for AFG’s fixed annuity operations.

The Annuity segment reported statutory premiums of $949 million in the second quarter of 2014, an increase of 10% from the comparable prior year period, but slightly lower than the first quarter of 2014. The year-over-year increase was largely the result of growth in sales of fixed-indexed annuities in the financial institutions market.

Craig Lindner stated, “I continue to be pleased with our strong annuity earnings. Based on the results through the first six months of 2014, assuming no significant change in interest rates or the stock market, we continue to expect that the full year 2014 core pretax annuity operating earnings will be flat compared to the $328 million reported for the full year of 2013. Significant changes in interest rates and/or the stock market could lead to significant positive or negative impacts on the Annuity segment’s results.”

In addressing premiums, Mr. Lindner said, “The second half of last year was a very strong period of fixed and fixed-indexed annuity sales for both AFG and the industry, which we attribute primarily to the rising interest rate environment in 2013. That sales pace has declined in the first six months of 2014, which we attribute primarily to the decreasing interest rate environment this year. As a result, based on information currently available, we now expect that premiums for the full year of 2014 will be 5% to 10% lower than the $4 billion achieved for the full year in 2013.”

More information about premiums and the results of operations for our Annuity segment may be found in our Quarterly Investor Supplement, which is posted on our website.

Run-off Long-Term Care and Life Segment

AFG’s run-off long-term care and life segment incurred a pretax core operating loss of $2 million in the second quarter of 2014, the same amount as reported in the comparable prior year period. While AFG’s run-off long-term care business essentially broke even in the first half of 2014, AFG’s run-off life segment experienced worse than expected mortality, after reinsurance.

Investments

AFG recorded second quarter 2014 net realized gains on securities of $7 million after tax and after deferred acquisition costs (DAC), compared to $26 million in the comparable prior year period. Unrealized gains on fixed maturities were $656 million, after tax, after DAC at June 30, 2014, an increase of $215 million since year-end. Our portfolio continues to be high quality, with 86% of our fixed maturity portfolio rated investment grade and 97% with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

Second quarter 2014 P&C net investment income was approximately 17% higher than the comparable 2013 period, reflecting the investment of cash received in connection with the Summit acquisition.

Page 4

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 with assets of approximately $45 billion. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. 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 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 and investment activities; recoverability of asset values; expected losses and the adequacy of reserves for long-term care, 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; AFG’s ability to estimate accurately the likelihood, magnitude and timing of any losses in connection with investments in the non-agency residential mortgage market; 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; regulatory actions (including changes in statutory accounting rules); 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 civil unrest and other major losses; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims and AFG’s run-off long-term care business; availability of reinsurance and ability of reinsurers to pay their obligations; trends in persistency, mortality and morbidity; competitive pressures, including those in the annuity distribution channels, 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 our operating subsidiaries; and other factors identified in our 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.

Conference Call

The Company will hold a conference call to discuss 2014 second quarter results at 11:30 a.m. (ET) tomorrow, Tuesday, July 29, 2014. Toll-free telephone access will be available by dialing 1-877-459-8719 (international dial-in 424-276-6843). The conference ID for the live call is 67319962. Please dial in five to ten minutes prior to the scheduled start time of the call.

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A replay will be available two hours following the completion of the call and will remain available until 11:59 p.m. (ET) on August 5, 2014. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 67319962.

The conference call and accompanying webcast slides will also be broadcast live over the Internet. To listen to the call via the Internet, go to the Investor Relations page on AFG’s website, www.AFGinc.com, and follow the instructions at the Webcasts and Presentations link.

The archived webcast will be available immediately after the call via the same link on the Investor Relations page until August 5, 2014 at 11:59 p.m. (ET). An archived audio MP3 file will be available within 24 hours of the call.

Contact:

Diane P. Weidner

Asst. Vice President – Investor Relations

(513) 369-5713

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.

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Revenues
P&C insurance net earned premiums	$	931		$	709		$	1,685		$	1,396
Life, accident & health net earned premiums		27			28			55			58
Net investment income		379			332			740			658
Realized gains		12			41			31			98
Income (loss) of managed investment entities:
Investment income		27			32			55			66
Loss on change in fair value of assets/liabilities		(10	)		(28	)		(10	)		(36	)
Other income		26			25			47			47
Total revenues		1,392			1,139			2,603			2,287
Costs and expenses
P&C insurance losses & expenses		902			690			1,598			1,334
Annuity, life, accident & health benefits & expenses		246			210			492			420
Interest charges on borrowed money		17			18			35			36
Expenses of managed investment entities		21			24			41			46
Other expenses		76			71			146			150
Total costs and expenses		1,262			1,013			2,312			1,986
Earnings before income taxes		130			126			291			301
Provision for income taxes(b)		47			49			101			111
Net earnings including noncontrolling interests		83			77			190			190
Less: Net earnings (loss) attributable to noncontrolling interests		(23	)		(33	)		(19	)		(40	)
Net earnings attributable to shareholders	$	106		$	110		$	209		$	230
Diluted Earnings per Common Share	$	1.15		$	1.20		$	2.28		$	2.52
Average number of diluted shares		91.6			91.5			91.6			91.3

Selected Balance Sheet Data:	June 30, 2014		December 31, 2013
Total cash and investments	$	34,843	$	31,313
Long-term debt	$	912	$	913
Shareholders’ equity(c)	$	4,954	$	4,550
Shareholders’ equity (excluding appropriated retained earnings and unrealized gains/losses on fixed maturities)(c)	$	4,298	$	4,109
Book Value Per Share:
Excluding appropriated retained earnings	$	55.27	$	50.83
Excluding appropriated retained earnings and unrealized gains/losses on fixed maturities	$	47.95	$	45.90
Common Shares Outstanding		89.6		89.5

Footnotes (b) and (c) are 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 June 30,						Pct. Change			Six months ended June 30,						Pct. Change
	2014			2013						2014			2013
Gross written premiums	$	1,291		$	1,041			24	%	$	2,315		$	1,966			18	%
Net written premiums	$	998		$	749			33	%	$	1,753		$	1,453			21	%
Ratios (GAAP):
Loss & LAE ratio		64.6	%		60.3	%					61.1	%		58.4	%
Underwriting expense ratio		32.3	%		36.7	%					33.6	%		36.6	%
Combined Ratio		96.9	%		97.0	%					94.7	%		95.0	%
Supplemental Information:(d)
Gross Written Premiums:
Property & Transportation	$	489		$	446			10	%	$	865		$	798			8	%
Specialty Casualty		655			440			49	%		1,162			870			34	%
Specialty Financial		147			155			(5	%)		288			298			(3	%)
	$	1,291		$	1,041			24	%	$	2,315		$	1,966			18	%
Net Written Premiums:
Property & Transportation	$	353		$	328			8	%	$	637		$	604			5	%
Specialty Casualty		499			283			76	%		830			578			44	%
Specialty Financial		120			117			3	%		236			230			3	%
Other		26			21			24	%		50			41			22	%
	$	998		$	749			33	%	$	1,753		$	1,453			21	%
Combined Ratio (GAAP):
Property & Transportation		105.5	%		110.3	%					102.0	%		103.5	%
Specialty Casualty		93.6	%		88.4	%					91.2	%		90.5	%
Specialty Financial		87.6	%		86.6	%					89.3	%		87.6	%
Aggregate Specialty Group		96.9	%		97.0	%					94.7	%		95.0	%

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	22		$	3		$	18		$	(3	)
Specialty Casualty		(4	)		(22	)		(28	)		(38	)
Specialty Financial		(2	)		—			(3	)		(6	)
Other		(2	)		(5	)		(5	)		(10	)
	$	14		$	(24	)	$	(18	)	$	(57	)
Points on Combined Ratio:
Property & Transportation		6.6			1.2			2.9			(0.4	)
Specialty Casualty		(0.8	)		(8.0	)		(3.6	)		(7.1	)
Specialty Financial		(1.8	)		(0.7	)		(1.2	)		(2.8	)
Aggregate Specialty Group		1.4			(3.4	)		(1.1	)		(4.1	)

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

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AMERICAN FINANCIAL GROUP, INC.

ANNUITY SEGMENT

(Dollars in Millions)

Components of Statutory Premiums

	Three months ended June 30,				Pct. Change			Six months ended June 30,				Pct. Change
	2014		2013					2014		2013
Annuity Premiums:
Financial Institutions
Single Premium	$	459	$	287		60	%	$	939	$	481		95	%
Retail Single Premium		428		509		(16	%)		853		869		(2	%)
Education Market - 403(b)		49		52		(6	%)		99		107		(7	%)
Variable Annuities		13		13		—			25		28		(11	%)
Total Annuity Premiums	$	949	$	861		10	%	$	1,916	$	1,485		29	%
Annuity Premiums by Product Type:
Fixed-Indexed Annuities	$	787	$	661		19	%	$	1,559	$	1,097		42	%
Traditional Fixed Annuities		149		187		(20	%)		332		360		(8	%)
Variable Annuities		13		13		—			25		28		(11	%)
Total Annuity Premiums	$	949	$	861		10	%	$	1,916	$	1,485		29	%

Components of Core Operating Earnings Before Income Taxes

	Three months ended June 30,				Pct. Change			Six months ended June 30,				Pct. Change
	2014		2013					2014		2013
Revenues:
Net investment income	$	289	$	257		12	%	$	564	$	505		12	%
Other income		19		15		27	%		37		29		28	%
Total revenues		308		272		13	%		601		534		13	%
Costs and Expenses:
Annuity benefits		166		120		38	%		334		254		31	%
Acquisition expenses		37		48		(23	%)		68		79		(14	%)
Other expenses		21		22		(5	%)		42		43		(2	%)
Total costs and expenses		224		190		18	%		444		376		18	%
Core operating earnings before income taxes	$	84	$	82		2	%	$	157	$	158		(1	%)

Supplemental Fixed Annuity Information (excludes fixed annuity portion of variable annuity business)

	Three months ended June 30,									Six months ended June 30,
	2014			2013			Change*			2014			2013			Change*
Average Fixed Annuity Reserves	$	21,829		$	18,151			20	%	$	21,448		$	17,829			20	%
Net Interest Spread		2.92	%		3.02	%		(0.10	%)		2.87	%		3.00	%		(0.13	%)
Net Spread Earned		1.46	%		1.65	%		(0.19	%)		1.38	%		1.61	%		(0.23	%)

* Calculated as a percentage change for dollars and an arithmetic difference for percentages.

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AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	97		$	82		$	205		$	178
Annuity segment		84			82			157			158
Run-off long-term care and life segment		(2	)		(2	)		(4	)		(3	)
Interest & other corporate expense		(37	)		(39	)		(78	)		(84	)
Core operating earnings before income taxes		142			123			280			249
Related income taxes		43			36			90			78
Core net operating earnings	$	99		$	87		$	190		$	171

b) Earnings before income taxes includes $18 million in non-deductible losses attributable to noncontrolling interests related to managed investment entities in both the second quarter and first six months of 2014 and $31 million and $42 million in the second quarter and first six months of 2013, respectively.

c) Shareholders’ Equity at June 30, 2014 includes $656 million ($7.32 per share) in unrealized after-tax gains on fixed maturities and $31 million ($0.35 per share) of retained earnings appropriated to managed investment entities. Shareholder’s Equity at December 31, 2013 includes $441 million ($4.93 per share) in unrealized after-tax gains on fixed maturities and $49 million ($0.55 per share) of retained earnings appropriated to managed investment entities. The appropriated retained earnings will ultimately inure to the benefit of the debt holders of the investment entities managed by AFG.

d) Supplemental Notes:

• Property & Transportation includes primarily physical damage and liability coverage for buses, trucks and recreational vehicles, inland and ocean marine, agricultural-related products and other 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 leasing and financing institutions (including collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance.

• Other includes an internal reinsurance facility.

Page 10

EX-99.2

Exhibit 99.2

	American Financial Group, Inc.
	Investor Supplement - Second Quarter 2014
	July 28, 2014
	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 - Second Quarter 2014

Section	Page
Table of Contents - Investor Supplement - Second Quarter 2014		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
Annuity Results of Operations (GAAP)		12
Net Spread on Fixed Annuities (GAAP)		13
Annuity Premiums (Statutory)		14
Fixed Annuity Benefits Accumulated (GAAP)		15
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		16
Book Value Per Share and Price / Book Summary		17
Capitalization		18
Additional Supplemental Information		19
Consolidated Investment Supplement
Total Cash and Investments and Quarterly Net Investment Income		20
Fixed Maturities - By Security Type - AFG Consolidated		21
Fixed Maturities - By Security Type Portfolio		22
Fixed Maturities - Credit Rating and NAIC Designation		23
Mortgage-Backed Securities - AFG Consolidated		24
Mortgage-Backed Securities Portfolio		25
Mortgage-Backed Securities - Credit Rating and NAIC Designation		26

2

American Financial Group, Inc. Financial Highlights (in millions, except per share information)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Highlights
Core net operating earnings	$	99		$	91		$	117		$	97		$	87		$	190		$	171
Net earnings		106			103			158			83			110			209			230
Total assets		45,355			42,770			42,087			40,947			39,414			45,355			39,414
Adjusted shareholders’ equity (a)		4,298			4,191			4,109			4,048			3,978			4,298			3,978
Property and Casualty net written premiums		998			755			821			1,067			749			1,753			1,453
Annuity statutory premiums		949			967			1,381			1,167			861			1,916			1,485
Per share data
Core net operating earnings per share	$	1.07		$	1.00		$	1.28		$	1.06		$	0.96		$	2.07		$	1.88
Diluted earnings per share		1.15			1.13			1.73			0.92			1.20			2.28			2.52
Adjusted book value per share (a)		47.95			46.79			45.90			45.36			44.78			47.95			44.78
Cash dividends per common share		0.220			0.220			1.220			0.195			0.195			0.440			0.390
Financial ratios
Annualized core operating return on equity (b)		9.6	%		9.1	%		11.8	%		10.0	%		9.2	%		9.3	%		9.1	%
Annualized return on equity (b)		10.3	%		10.3	%		16.0	%		8.6	%		11.5	%		10.3	%		12.2	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		64.6	%		56.9	%		62.4	%		66.1	%		60.3	%		61.1	%		58.4	%
Underwriting expense ratio		32.3	%		35.3	%		28.9	%		27.4	%		36.7	%		33.6	%		36.6	%
Combined ratio - Specialty		96.9	%		92.2	%		91.3	%		93.5	%		97.0	%		94.7	%		95.0	%
Net spread on fixed annuities:
Net interest spread		2.92	%		2.81	%		2.86	%		2.89	%		3.02	%		2.87	%		3.00	%
Net spread earned		1.46	%		1.30	%		1.67	%		1.50	%		1.65	%		1.38	%		1.61	%

(a) Excludes appropriated retained earnings and unrealized gains related to fixed maturity investments.

(b) Excludes appropriated retained earnings and accumulated other comprehensive income.

3

American Financial Group, Inc. Summary of Earnings ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Property and Casualty Insurance
Underwriting profit	$	29		$	58		$	75		$	62		$	19		$	87		$	62
Net investment income		76			67			67			65			65			143			131
Other expense		(8	)		(17	)		(11	)		(14	)		(2	)		(25	)		(15	)
Property and Casualty Insurance operating earnings		97			108			131			113			82			205			178
Annuity earnings		84			73			92			78			82			157			158
Run-off Long-Term Care and Life losses		(2	)		(2	)		(3	)		(4	)		(2	)		(4	)		(3	)
Interest expense of parent holding companies		(16	)		(17	)		(17	)		(17	)		(17	)		(33	)		(34	)
Other expense		(21	)		(24	)		(28	)		(22	)		(22	)		(45	)		(50	)
Pre-tax core operating earnings		142			138			175			148			123			280			249
Income tax expense		43			47			58			51			36			90			78
Core net operating earnings		99			91			117			97			87			190			171
Non-core items, net of tax:
Realized gains		7			12			41			35			26			19			62
Significant A&E charges:
Property and Casualty Insurance run-off operations		—			—			—			(35	)		—			—			—
Former Railroad and Manufacturing operations		—			—			—			(14	)		—			—			—
ELNY guaranty fund assessments charge (a)		—			—			—			—			(3	)		—			(3	)
Net earnings	$	106		$	103		$	158		$	83		$	110		$	209		$	230

(a) The ELNY guaranty fund assessments charge represent guaranty fund assessments in connection with the insolvency and liquidation of Executive Life Insurance Company of New York, an unaffiliated life insurance company.

4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information)

	Three Months Ended												Six Months Ended
	06/30/14		03/31/14		12/31/13		09/30/13			06/30/13			06/30/14		06/30/13
Core net operating earnings	$	99	$	91	$	117	$	97		$	87		$	190	$	171
Net earnings	$	106	$	103	$	158	$	83		$	110		$	209	$	230
Average number of diluted shares		91.593		91.621		91.438		91.014			91.472			91.607		91.260
Diluted earnings per share:
Core net operating earnings per share	$	1.07	$	1.00	$	1.28	$	1.06		$	0.96		$	2.07	$	1.88
Realized gains		0.08		0.13		0.45		0.40			0.28			0.21		0.68
Significant A&E charges:
Property and Casualty Insurance run-off operations		—		—		—		(0.39	)		—			—		—
Former Railroad and Manufacturing operations		—		—		—		(0.15	)		—			—		—
ELNY guaranty fund assessments charge (a)		—		—		—		—			(0.04	)		—		(0.04	)
Diluted earnings per share	$	1.15	$	1.13	$	1.73	$	0.92		$	1.20		$	2.28	$	2.52

(a) The ELNY guaranty fund assessments charge represent guaranty fund assessments in connection with the insolvency and liquidation of Executive Life Insurance Company of New York, an unaffiliated life insurance company.

5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Property and Transportation	$	(18	)	$	6		$	17		$	16		$	(31	)	$	(12	)	$	(21	)
Specialty Casualty		30			38			32			19			32			68			51
Specialty Financial		15			10			17			22			15			25			28
Other Specialty		2			5			9			5			5			7			11
Underwriting profit - Specialty		29			59			75			62			21			88			69
Other charges, included in loss and LAE		—			1			—			—			2			1			7
Underwriting profit - Core		29			58			75			62			19			87			62
Special A&E charges, included in loss and LAE		—			—			—			(54	)		—			—			—
Underwriting profit (loss) - Property and Casualty Insurance	$	29		$	58		$	75		$	8		$	19		$	87		$	62
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	1		$	—		$	1
Catastrophe loss		10			12			1			2			18			22			28
Total current accident year catastrophe losses	$	10		$	12		$	1		$	1		$	19		$	22		$	29
Loss reserve development (favorable) / adverse	$	14		$	(31	)	$	(5	)	$	40		$	(22	)	$	(17	)	$	(50	)
Combined ratio:
Property and Transportation		105.5	%		98.1	%		95.8	%		97.1	%		110.3	%		102.0	%		103.5	%
Specialty Casualty		93.6	%		87.8	%		89.7	%		93.4	%		88.4	%		91.2	%		90.5	%
Specialty Financial		87.6	%		91.0	%		85.2	%		82.3	%		86.6	%		89.3	%		87.6	%
Other Specialty		89.0	%		79.9	%		60.4	%		70.7	%		74.0	%		84.6	%		72.6	%
Combined ratio - Specialty		96.9	%		92.2	%		91.3	%		93.5	%		97.0	%		94.7	%		95.0	%
Other core charges		0.0	%		0.0	%		0.1	%		(0.1	%)		0.2	%		0.0	%		0.5	%
Special A&E charges		0.0	%		0.0	%		0.0	%		5.7	%		0.0	%		0.1	%		0.0	%
Combined ratio		96.9	%		92.2	%		91.4	%		99.1	%		97.2	%		94.8	%		95.5	%
Loss and LAE components - property and casualty insurance
Current accident year, excluding catastrophe loss		62.1	%		59.4	%		62.8	%		67.4	%		61.1	%		60.9	%		60.4	%
Prior accident year development		1.4	%		(4.1	%)		(0.4	%)		4.2	%		(3.2	%)		(1.0	%)		(3.6	%)
Current accident year catastrophe loss		1.1	%		1.6	%		0.1	%		0.1	%		2.6	%		1.3	%		2.1	%
Loss and LAE ratio		64.6	%		56.9	%		62.5	%		71.7	%		60.5	%		61.2	%		58.9	%

6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Gross written premiums	$	1,291		$	1,024		$	1,071		$	1,768		$	1,041		$	2,315		$	1,966
Ceded reinsurance premiums		(293	)		(269	)		(250	)		(701	)		(292	)		(562	)		(513	)
Net written premiums		998			755			821			1,067			749			1,753			1,453
Change in unearned premiums		(67	)		(1	)		38			(118	)		(40	)		(68	)		(57	)
Net earned premiums		931			754			859			949			709			1,685			1,396
Loss and LAE		602			428			537			626			428			1,030			816
Underwriting expense		300			267			247			261			260			567			511
Underwriting profit	$	29		$	59		$	75		$	62		$	21		$	88		$	69
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	1		$	—		$	1
Catastrophe loss		10			12			1			2			18			22			28
Total current accident year catastrophe losses	$	10		$	12		$	1		$	1		$	19		$	22		$	29
Loss reserve development (favorable) / adverse	$	14		$	(32	)	$	(5	)	$	(13	)	$	(24	)	$	(18	)	$	(57	)
Combined ratio:
Loss and LAE ratio		64.6	%		56.9	%		62.4	%		66.1	%		60.3	%		61.1	%		58.4	%
Underwriting expense ratio		32.3	%		35.3	%		28.9	%		27.4	%		36.7	%		33.6	%		36.6	%
Combined ratio		96.9	%		92.2	%		91.3	%		93.5	%		97.0	%		94.7	%		95.0	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		62.1	%		59.5	%		62.8	%		67.4	%		61.1	%		60.9	%		60.4	%
Prior accident year development		1.4	%		(4.2	%)		(0.5	%)		(1.4	%)		(3.4	%)		(1.1	%)		(4.1	%)
Current accident year catastrophe loss		1.1	%		1.6	%		0.1	%		0.1	%		2.6	%		1.3	%		2.1	%
Loss and LAE ratio		64.6	%		56.9	%		62.4	%		66.1	%		60.3	%		61.1	%		58.4	%

7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Gross written premiums	$	489		$	376		$	447		$	1,147		$	446		$	865		$	798
Ceded reinsurance premiums		(136	)		(92	)		(98	)		(553	)		(118	)		(228	)		(194	)
Net written premiums		353			284			349			594			328			637			604
Change in unearned premiums		(29	)		17			61			(77	)		(27	)		(12	)		(10	)
Net earned premiums		324			301			410			517			301			625			594
Loss and LAE		248			201			307			407			236			449			428
Underwriting expense		94			94			86			94			96			188			187
Underwriting profit (loss)	$	(18	)	$	6		$	17		$	16		$	(31	)	$	(12	)	$	(21	)
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	1		$	—		$	1
Catastrophe loss		8			9			—			—			17			17			27
Total current accident year catastrophe losses	$	8		$	9		$	—		$	(1	)	$	18		$	17		$	28
Loss reserve development (favorable) / adverse	$	22		$	(4	)	$	3		$	(1	)	$	3		$	18		$	(3	)
Combined ratio:
Loss and LAE ratio		76.4	%		67.0	%		74.9	%		78.8	%		78.5	%		71.9	%		72.1	%
Underwriting expense ratio		29.1	%		31.1	%		20.9	%		18.3	%		31.8	%		30.1	%		31.4	%
Combined ratio		105.5	%		98.1	%		95.8	%		97.1	%		110.3	%		102.0	%		103.5	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		67.1	%		65.3	%		74.1	%		79.1	%		71.6	%		66.3	%		67.9	%
Prior accident year development		6.6	%		(1.1	%)		0.8	%		(0.2	%)		1.2	%		2.9	%		(0.4	%)
Current accident year catastrophe loss		2.7	%		2.8	%		0.0	%		(0.1	%)		5.7	%		2.7	%		4.6	%
Loss and LAE ratio		76.4	%		67.0	%		74.9	%		78.8	%		78.5	%		71.9	%		72.1	%

8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Gross written premiums	$	655		$	507		$	459		$	461		$	440		$	1,162		$	870
Ceded reinsurance premiums		(156	)		(176	)		(138	)		(136	)		(157	)		(332	)		(292	)
Net written premiums		499			331			321			325			283			830			578
Change in unearned premiums		(32	)		(18	)		(11	)		(36	)		(6	)		(50	)		(42	)
Net earned premiums		467			313			310			289			277			780			536
Loss and LAE		300			172			183			174			148			472			296
Underwriting expense		137			103			95			96			97			240			189
Underwriting profit	$	30		$	38		$	32		$	19		$	32		$	68		$	51
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			1			—			1			—			2			—
Total current accident year catastrophe losses	$	1		$	1		$	—		$	1		$	—		$	2		$	—
Loss reserve development (favorable) / adverse	$	(4	)	$	(24	)	$	2		$	(4	)	$	(22	)	$	(28	)	$	(38	)
Combined ratio:
Loss and LAE ratio		64.3	%		55.0	%		59.0	%		60.3	%		53.4	%		60.5	%		55.3	%
Underwriting expense ratio		29.3	%		32.8	%		30.7	%		33.1	%		35.0	%		30.7	%		35.2	%
Combined ratio		93.6	%		87.8	%		89.7	%		93.4	%		88.4	%		91.2	%		90.5	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		65.0	%		62.3	%		58.5	%		61.4	%		61.2	%		63.9	%		62.3	%
Prior accident year development		(0.8	%)		(7.7	%)		0.5	%		(1.2	%)		(8.0	%)		(3.6	%)		(7.1	%)
Current accident year catastrophe loss		0.1	%		0.4	%		0.0	%		0.1	%		0.2	%		0.2	%		0.1	%
Loss and LAE ratio		64.3	%		55.0	%		59.0	%		60.3	%		53.4	%		60.5	%		55.3	%

9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Gross written premiums	$	147		$	141		$	164		$	160		$	155		$	288		$	298
Ceded reinsurance premiums		(27	)		(25	)		(32	)		(36	)		(38	)		(52	)		(68	)
Net written premiums		120			116			132			124			117			236			230
Change in unearned premiums		(4	)		1			(13	)		(3	)		(4	)		(3	)		(1	)
Net earned premiums		116			117			119			121			113			233			229
Loss and LAE		40			45			42			37			37			85			79
Underwriting expense		61			62			60			62			61			123			122
Underwriting profit	$	15		$	10		$	17		$	22		$	15		$	25		$	28
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			2			1			1			1			3			1
Total current accident year catastrophe losses	$	1		$	2		$	1		$	1		$	1		$	3		$	1
Loss reserve development (favorable) / adverse	$	(2	)	$	(1	)	$	(4	)	$	(4	)	$	—		$	(3	)	$	(6	)
Combined ratio:
Loss and LAE ratio		35.3	%		37.9	%		34.2	%		31.2	%		32.9	%		36.6	%		34.4	%
Underwriting expense ratio		52.3	%		53.1	%		51.0	%		51.1	%		53.7	%		52.7	%		53.2	%
Combined ratio		87.6	%		91.0	%		85.2	%		82.3	%		86.6	%		89.3	%		87.6	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		36.3	%		37.1	%		36.7	%		33.7	%		32.9	%		36.7	%		36.7	%
Prior accident year development		(1.8	%)		(0.7	%)		(3.2	%)		(3.2	%)		(0.7	%)		(1.2	%)		(2.8	%)
Current accident year catastrophe loss		0.8	%		1.5	%		0.7	%		0.7	%		0.7	%		1.1	%		0.5	%
Loss and LAE ratio		35.3	%		37.9	%		34.2	%		31.2	%		32.9	%		36.6	%		34.4	%

10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Gross written premiums	$	—		$	—		$	1		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		26			24			18			24			21			50			41
Net written premiums		26			24			19			24			21			50			41
Change in unearned premiums		(2	)		(1	)		1			(2	)		(3	)		(3	)		(4	)
Net earned premiums		24			23			20			22			18			47			37
Loss and LAE		14			10			5			8			7			24			13
Underwriting expense		8			8			6			9			6			16			13
Underwriting profit	$	2		$	5		$	9		$	5		$	5		$	7		$	11
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		—			—			—			—			—			—			—
Total current accident year catastrophe losses	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Loss reserve development (favorable) / adverse	$	(2	)	$	(3	)	$	(6	)	$	(4	)	$	(5	)	$	(5	)	$	(10	)
Combined ratio:
Loss and LAE ratio		53.2	%		45.8	%		28.3	%		35.0	%		35.1	%		49.6	%		34.4	%
Underwriting expense ratio		35.8	%		34.1	%		32.1	%		35.7	%		38.9	%		35.0	%		38.2	%
Combined ratio		89.0	%		79.9	%		60.4	%		70.7	%		74.0	%		84.6	%		72.6	%

11

American Financial Group, Inc. Annuity Results of Operations (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Net investment income	$	289		$	275		$	270		$	259		$	257		$	564		$	505
Guaranteed withdrawal benefit fees		8			8			7			7			6			16			11
Policy charges and other miscellaneous income		11			10			14			10			9			21			18
Total revenues		308			293			291			276			272			601			534
Annuity benefits		166			168			137			140			120			334			254
Acquisition expenses		37			31			35			35			48			68			79
Other expenses		21			21			27			23			22			42			43
Total costs and expenses		224			220			199			198			190			444			376
Earnings before income taxes - core		84			73			92			78			82			157			158
ELNY guaranty fund assessments charge (a)		—			—			—			—			(5	)		—			(5	)
Earnings before income taxes	$	84		$	73		$	92		$	78		$	77		$	157		$	153
Detail of annuity benefits above:
Interest credited - fixed	$	123		$	121		$	118		$	113		$	111		$	244		$	220
Interest credited - fixed component of variable annuities		2			1			1			2			1			3			3
Change in expected death and annuitization reserve		5			4			5			4			6			9			10
Amortization of sales inducements		6			7			7			8			8			13			15
Guaranteed withdrawal benefit reserve		10			8			10			10			10			18			18
Change in other benefit reserves		5			3			1			2			3			8			4
Embedded derivative mark-to-market		78			54			74			33			(3	)		132			77
Equity option mark-to-market		(63	)		(30	)		(85	)		(32	)		(16	)		(93	)		(93	)
Unlockings		—			—			6			—			—			—			—
Total annuity benefits	$	166		$	168		$	137		$	140		$	120		$	334		$	254

(a) The ELNY guaranty fund assessments charge represent guaranty fund assessments in connection with the insolvency and liquidation of Executive Life Insurance Company of New York, an unaffiliated life insurance company.

12

American Financial Group, Inc. Net Spread on Fixed Annuities (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Average fixed annuity investments (at amortized cost)	$	22,098		$	21,402		$	20,524		$	19,519		$	18,615		$	21,750		$	18,280
Average annuity benefits accumulated		21,829			21,066			20,092			19,035			18,151			21,448			17,829
Investments in excess of annuity benefits accumulated	$	269		$	336		$	432		$	484		$	464		$	302		$	451
As % of average annuity benefits accumulated (except as noted)
Net investment income (as % of investments)		5.18	%		5.10	%		5.21	%		5.27	%		5.45	%		5.14	%		5.46	%
Interest credited		(2.26	%)		(2.29	%)		(2.35	%)		(2.38	%)		(2.43	%)		(2.27	%)		(2.46	%)
Net interest spread on fixed annuities		2.92	%		2.81	%		2.86	%		2.89	%		3.02	%		2.87	%		3.00	%
Policy charges and other miscellaneous income		0.14	%		0.13	%		0.22	%		0.15	%		0.13	%		0.14	%		0.14	%
Other annuity benefit expenses, net		(0.33	%)		(0.27	%)		(0.31	%)		(0.38	%)		(0.46	%)		(0.29	%)		(0.41	%)
Acquisition expenses		(0.64	%)		(0.55	%)		(0.75	%)		(0.72	%)		(1.00	%)		(0.60	%)		(0.85	%)
Other expenses		(0.36	%)		(0.37	%)		(0.53	%)		(0.44	%)		(0.43	%)		(0.37	%)		(0.44	%)
Change in fair value of derivatives		(0.27	%)		(0.45	%)		0.22	%		0.00	%		0.39	%		(0.37	%)		0.17	%
Unlockings		0.00	%		0.00	%		(0.04	%)		0.00	%		0.00	%		0.00	%		0.00	%
Net spread earned on fixed annuities - core		1.46	%		1.30	%		1.67	%		1.50	%		1.65	%		1.38	%		1.61	%
Average annuity benefits accumulated	$	21,829		$	21,066		$	20,092		$	19,035		$	18,151		$	21,448		$	17,829
Net spread earned on fixed annuities		1.46	%		1.30	%		1.67	%		1.50	%		1.65	%		1.38	%		1.61	%
Earnings on fixed annuity benefits accumulated	$	80		$	68		$	84		$	72		$	75		$	148		$	144
Investments in excess of annuity benefits accumulated	$	269		$	336		$	432		$	484		$	464		$	302		$	451
Net investment income (as % of investments)		5.18	%		5.10	%		5.21	%		5.27	%		5.45	%		5.14	%		5.46	%
Earnings on investments in excess of annuity benefits accumulated	$	3		$	5		$	6		$	6		$	6		$	8		$	12
Variable annuity earnings		1			—			2			—			1			1			2
Earnings before income taxes - core		84			73			92			78			82			157			158
ELNY guaranty fund assessments charge (a)		—			—			—			—			(5	)		—			(5	)
Earnings before income taxes	$	84		$	73		$	92		$	78		$	77		$	157		$	153

(a) The ELNY guaranty fund assessments represent guaranty fund assessments charge in connection with the insolvency and liquidation of Executive Life Insurance Company of New York, an unaffiliated life insurance company.

13

American Financial Group Annuity Premiums (Statutory) ($ in millions)

	Three Months Ended										Six months ended
	06/30/14		03/31/14		12/31/13		09/30/13		06/30/13		06/30/14		06/30/13
Retail single premium annuities - indexed	$	403	$	386	$	565	$	509	$	472	$	789	$	805
Retail single premium annuities - fixed		25		39		53		48		37		64		64
Financial institutions single premium annuities - indexed		364		366		498		352		169		730		252
Financial institutions single premium annuities - fixed		95		114		201		198		118		209		229
Education market - 403(b) fixed and indexed annuities		49		50		51		49		52		99		107
Subtotal fixed annuity premiums		936		955		1,368		1,156		848		1,891		1,457
Variable annuities		13		12		13		11		13		25		28
Total annuity premiums	$	949	$	967	$	1,381	$	1,167	$	861	$	1,916	$	1,485

14

American Financial Group, Inc. Fixed Annuity Benefits Accumulated (GAAP) ($ in millions)

	Three Months Ended															Six Months Ended
	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			06/30/14			06/30/13
Beginning fixed annuity reserves	$	21,453		$	20,679		$	19,505		$	18,564		$	17,737		$	20,679		$	17,274
Premiums		936			955			1,368			1,156			848			1,891			1,457
Federal Home Loan Bank advances		—			—			—			—			200			—			200
Surrenders, benefits and other withdrawals		(408	)		(375	)		(408	)		(381	)		(352	)		(783	)		(704	)
Interest and other annuity benefit expenses:
Interest credited		123			121			118			113			111			244			220
Embedded derivative mark-to-market		78			54			74			33			(3	)		132			77
Change in other benefit reserves		23			19			18			20			23			42			40
Unlockings		—			—			4			—			—			—			—
Ending fixed annuity reserves	$	22,205		$	21,453		$	20,679		$	19,505		$	18,564		$	22,205		$	18,564
Reconciliation to annuity benefits accumulated:
Ending fixed annuity reserves	$	22,205		$	21,453		$	20,679		$	19,505		$	18,564		$	22,205		$	18,564
Impact of unrealized investment gains on reserves		117			97			71			84			87			117			87
Fixed component of variable annuities		194			194			194			196			197			194			197
Annuity benefits accumulated per balance sheet	$	22,516		$	21,744		$	20,944		$	19,785		$	18,848		$	22,516		$	18,848
Annualized surrenders and other withdrawals as a % of beginning reserves		7.6	%		7.3	%		8.4	%		8.2	%		7.9	%		7.6	%		8.2	%

15

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions)

	06/30/14			03/31/14			12/31/13			09/30/13		06/30/13			03/31/13
Assets:
Total cash and investments	$	34,843		$	32,727		$	31,313		$	29,921	$	29,262		$	29,084
Recoverables from reinsurers		3,107			2,969			3,157			3,138		3,044			3,083
Prepaid reinsurance premiums		489			438			408			662		520			466
Agents’ balances and premiums receivable		902			735			739			801		754			649
Deferred policy acquisition costs		806			890			975			867		818			565
Assets of managed investment entities		2,799			2,723			2,888			2,779		2,973			3,285
Other receivables		527			524			854			1,078		422			384
Variable annuity assets (separate accounts)		681			666			665			629		608			614
Other assets		1,001			913			903			887		828			824
Goodwill		200			185			185			185		185			185
Total assets	$	45,355		$	42,770		$	42,087		$	40,947	$	39,414		$	39,139
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	7,370		$	6,134		$	6,410		$	6,441	$	6,098		$	6,238
Unearned premiums		1,911			1,788			1,757			2,047		1,789			1,697
Annuity benefits accumulated		22,516			21,744			20,944			19,785		18,848			18,075
Life, accident and health reserves		2,082			2,039			2,008			2,011		2,017			2,021
Payable to reinsurers		445			400			508			601		367			250
Liabilities of managed investment entities		2,499			2,413			2,567			2,429		2,603			2,880
Long-term debt		912			913			913			913		949			950
Variable annuity liabilities (separate accounts)		681			666			665			629		608			614
Other liabilities		1,781			1,700			1,546			1,381		1,497			1,506
Total liabilities	$	40,197		$	37,797		$	37,318		$	36,237	$	34,776		$	34,231
Shareholders’ equity:
Common stock	$	90		$	90		$	90		$	89	$	89		$	90
Capital surplus		1,152			1,138			1,123			1,109		1,088			1,090
Appropriated retained earnings		31			49			49			45		33			64
Unappropriated retained earnings		2,913			2,842			2,777			2,729		2,664			2,620
Unrealized gains - fixed maturities		656			556			441			449		462			719
Unrealized gains - equities		149			129			121			119		138			146
Other comprehensive income, net of tax		(6	)		(8	)		(2	)		2		(1	)		4
Total shareholders’ equity		4,985			4,796			4,599			4,542		4,473			4,733
Noncontrolling interests		173			177			170			168		165			175
Total liabilities and equity	$	45,355		$	42,770		$	42,087		$	40,947	$	39,414		$	39,139

16

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information)

	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			03/31/13
Shareholders’ equity	$	4,985		$	4,796		$	4,599		$	4,542		$	4,473		$	4,733
Appropriated retained earnings		(31	)		(49	)		(49	)		(45	)		(33	)		(64	)
Shareholders’ equity, excluding appropriated retained earnings		4,954			4,747			4,550			4,497			4,440			4,669
Unrealized (gains) on fixed maturities		(656	)		(556	)		(441	)		(449	)		(462	)		(719	)
Adjusted shareholders’ equity		4,298			4,191			4,109			4,048			3,978			3,950
Goodwill		(200	)		(185	)		(185	)		(185	)		(185	)		(185	)
Intangibles		(66	)		(27	)		(22	)		(26	)		(29	)		(33	)
Tangible adjusted shareholders’ equity	$	4,032		$	3,979		$	3,902		$	3,837		$	3,764		$	3,732
Common shares outstanding		89.618			89.589			89.513			89.224			88.821			89.883
Book value per share:
Excluding appropriated retained earnings (a)	$	55.27		$	52.99		$	50.83		$	50.40		$	49.98		$	51.94
Adjusted (b)		47.95			46.79			45.90			45.36			44.78			43.94
Tangible, adjusted (c)		44.99			44.42			43.59			43.00			42.38			41.52
Market capitalization
AFG’s closing common share price	$	59.56		$	57.71		$	57.72		$	54.06		$	48.91		$	47.38
Market capitalization	$	5,338		$	5,170		$	5,167		$	4,823		$	4,344		$	4,259
Price / Adjusted book value ratio		1.24			1.23			1.26			1.19			1.09			1.08

(a) Excludes appropriated retained earnings.

(b) Excludes appropriated retained earnings and unrealized gains related to fixed maturity investments.

(c) Excludes appropriated retained earnings, unrealized gains related to fixed maturity investments, goodwill and intangibles.

17

American Financial Group, Inc. Capitalization ($ in millions)

	06/30/14			03/31/14			12/31/13			09/30/13			06/30/13			03/31/13
Direct obligations of AFG	$	840		$	840		$	840		$	840		$	840		$	840
Direct obligations of subsidiaries		72			73			73			73			89			90
Payable to subsidiary trusts		—			—			—			—			20			20
Long-term debt	$	912		$	913		$	913		$	913		$	949		$	950
Obligations secured by real estate		(60	)		(61	)		(61	)		(61	)		(62	)		(62	)
Debt excluding obligations secured by real estate	$	852		$	852		$	852		$	852		$	887		$	888
Total capital (a)	$	6,039		$	5,837		$	5,633		$	5,578		$	5,554		$	5,794
Total capital excluding obligations secured by real estate (a)		5,979			5,776			5,572			5,517			5,492			5,732
Total adjusted capital (b)	$	5,383		$	5,281		$	5,192		$	5,129		$	5,092		$	5,074
Total adjusted capital excluding obligations secured by real estate (b)		5,323			5,220			5,131			5,068			5,030			5,012
Ratio of debt to total capital (a):
Including debt secured by real estate		15.1	%		15.6	%		16.2	%		16.4	%		17.1	%		16.4	%
Excluding debt secured by real estate		14.2	%		14.8	%		15.3	%		15.4	%		16.2	%		15.5	%
Ratio of debt to total adjusted capital (b):
Including debt secured by real estate		16.9	%		17.3	%		17.6	%		17.8	%		18.6	%		18.7	%
Excluding debt secured by real estate		16.0	%		16.3	%		16.6	%		16.8	%		17.6	%		17.7	%

(a) Includes long-term debt, noncontrolling interests and shareholders’ equity, excluding appropriated retained earnings.

(b) Includes long-term debt, noncontrolling interests and shareholders’ equity, excluding appropriated retained earnings and unrealized gains related to fixed maturity investments.

18

American Financial Group, Inc. Additional Supplemental Information ($ in millions)

	Three Months Ended										Six months ended
	06/30/14		03/31/14		12/31/13		09/30/13		06/30/13		06/30/14		06/30/13
Property and Casualty Insurance
Paid Losses (GAAP)	$	530	$	510	$	577	$	417	$	520	$	1,040	$	877

	06/30/14		03/31/14		12/31/13		09/30/13		06/30/13		03/31/13
Statutory Surplus
Property and Casualty Insurance	$	2,227	$	1,981	$	1,896	$	2,133	$	2,096	$	2,090
AFG’s principal annuity subsidiaries (total adjusted capital)	$	1,751	$	1,688	$	1,661	$	1,590	$	1,517	$	1,483
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	335	$	335	$	335	$	237	$	237	$	237
Annuity and Run-off		275		275		275		158		158		158
Total	$	610	$	610	$	610	$	395	$	395	$	395

19

American Financial Group, Inc. Total Cash and Investments and Quarterly Net Investment Income June 30, 2014 ($ in millions)

	Carrying Value
	Property and Casualty Insurance		Annuity and Run-off		Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,189	$	653	$	274	$	—		$	2,116		6	%
Fixed maturities - Available for sale		5,895		23,081		12		—			28,988		83	%
Fixed maturities - Trading		224		119		—		—			343		1	%
Equity securities		1,007		423		43		—			1,473		4	%
Policy loans		—		233		—		—			233		1	%
Mortgage loans		152		768		—		—			920		3	%
Real estate and other investments		323		706		9		(268	)		770		2	%
Total cash and investments	$	8,790	$	25,983	$	338	$	(268	)	$	34,843		100	%

	Property and Casualty Insurance			Annuity and Run-off		Other		Consolidate CLOs			Total AFG Consolidated
Total quarterly net investment income:
Fixed maturities - Available for sale	$	55		$	279	$	—	$	—		$	334
Fixed maturities - Trading		3			1		—		—			4
Equity securities		10			4		2		—			16
Equity in investees		3			4		—		—			7
Other investments		6			20		—		(7	)		19
Gross investment income		77			308		2		(7	)		380
Investment expenses		(1	)		—		—		—			(1	)
Total net investment income	$	76		$	308	$	2	$	(7	)	$	379

	Equity Securities
	Cost		Fair Value		Unrealized Gain (Loss)
Annuity and Run-off	$	369	$	423	$	54
Property and Casualty Insurance		826		1,007		181
Other		43		43		—
Total AFG consolidated	$	1,238	$	1,473	$	235

20

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated June 30, 2014 ($ in millions )

	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	377		$	383	$	6		1	%		1	%
States, municipalities and political subdivisions		6,010			6,259		249		21	%		18	%
Foreign government		253			263		10		1	%		1	%
Residential mortgage-backed securities		4,284			4,694		410		16	%		14	%
Commercial mortgage-backed securities		2,396			2,589		193		9	%		7	%
Asset-backed securities		3,189			3,223		34		11	%		9	%
Corporate bonds
Manufacturing		2,221			2,370		149		8	%		7	%
Banks, lending and credit institutions		2,218			2,364		146		8	%		7	%
Gas and electric services		1,289			1,422		133		5	%		4	%
Insurance and insurance related		798			867		69		3	%		2	%
Other corporate		4,595			4,897		302		17	%		14	%
Total AFG consolidated	$	27,630		$	29,331	$	1,701		100	%		84	%
Annuity and Run-off	$	21,726		$	23,200		1,474		79	%		66	%
Property and Casualty Insurance		5,903			6,119		216		21	%		18	%
Other		1			12		11		0	%		0	%
Total AFG consolidated	$	27,630		$	29,331	$	1,701		100	%		84	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		5.02	%
Net of investment expense (a)		5.02	%
Approximate average life and duration:
Approximate average life		6.5 years
Approximate duration		5 years

(a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

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American Financial Group, Inc. Fixed Maturities - By Security Type Portfolio June 30, 2014 ($ in millions )

	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value
Annuity and Run-off:
US Government and government agencies	$	86		$	87	$	1		0	%
States, municipalities and political subdivisions		3,546			3,703		157		16	%
Foreign government		17			19		2		0	%
Residential mortgage-backed securities		3,345			3,688		343		16	%
Commercial mortgage-backed securities		2,170			2,350		180		10	%
Asset-backed securities		2,365			2,396		31		11	%
Corporate debt		10,197			10,957		760		47	%
Total Annuity and Run-off	$	21,726		$	23,200	$	1,474		100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		5.24	%
Net of investment expense (a)		5.26	%
Approximate average life and duration:
Approximate average life		7 years
Approximate duration		5 years
	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value
Property and Casualty Insurance:
US Government and government agencies	$	291		$	296	$	5		5	%
States, municipalities and political subdivisions		2,464			2,556		92		42	%
Foreign government		236			244		8		4	%
Residential mortgage-backed securities		938			994		56		16	%
Commercial mortgage-backed securities		226			239		13		4	%
Asset-backed securities		824			827		3		13	%
Corporate debt		924			963		39		16	%
Property and Casualty Insurance	$	5,903		$	6,119	$	216		100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.17	%
Net of investment expense (a)		4.08	%
Tax equivalent, net of investment expense (b)		4.68	%
Approximate average life and duration:
Approximate average life		5 years
Approximate duration		3.5 years

(a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

(b) Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield.

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American Financial Group, Inc. Fixed Maturities - Credit Rating and NAIC Designation June 30, 2014 ($ in millions)

	GAAP Data
By Credit Rating	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	6,152	$	6,404	$	252		22	%
AA		5,781		6,005		224		20	%
A		7,067		7,524		457		26	%
BBB		4,922		5,303		381		18	%
Subtotal - Investment grade		23,922		25,236		1,314		86	%
BB		724		766		42		2	%
B		475		499		24		2	%
Other		2,509		2,830		321		10	%
Total	$	27,630	$	29,331	$	1,701		100	%

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.

	Statutory Data
By NAIC Designation	Carrying Value		% of Carrying Value			Amortized Cost		Fair Value		Unrealized Gain (Loss)
NAIC 1	$	21,582		79	%	$	21,583	$	22,917	$	1,334
NAIC 2		4,848		18	%		4,848		5,212		364
		26,430		97	%		26,431		28,129		1,698
NAIC 3		520		2	%		520		548		28
NAIC 4		234		1	%		235		247		12
NAIC 5		42		0	%		42		49		7
NAIC 6		45		0	%		49		70		21
Total	$	27,271		100	%	$	27,277	$	29,043	$	1,766

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American Financial Group, Inc. Mortgage-Backed Securities - AFG Consolidated June 30, 2014 ($ in millions)

By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	326	$	334	$	8		4	%		1	%
Prime (Non-Agency)		2,084		2,305		221		32	%		7	%
Alt-A		983		1,092		109		15	%		3	%
Subprime		891		963		72		13	%		3	%
Subtotal - Residential		4,284		4,694		410		64	%		14	%
Commercial		2,396		2,589		193		36	%		7	%
Total AFG consolidated	$	6,680	$	7,283	$	603		100	%		21	%
Annuity and Run-off	$	5,515	$	6,038		523		83	%		17	%
Property and Casualty Insurance		1,164		1,233		69		17	%		4	%
Other		1		12		11		0	%		0	%
Total AFG consolidated	$	6,680	$	7,283	$	603		100	%		21	%

• Substantially all of AFG’s MBS securities are either senior tranches of securitizations or collateralized by senior tranches of securitizations.

• The average amortized cost as a percent of par is - Prime 84%; Alt-A 78%; Subprime 86%; CMBS 99%.

• The average FICO score of our residential MBS securities is - Prime 740; Alt-A 712; Subprime 641.

• 100% of our Commercial MBS portfolio is investment-grade rated (85% AAA) and the average subordination for this group assets is 39%.

• The approximate average life by collateral type is - Residential 5 years; Commercial 4 years.

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American Financial Group, Inc. Mortgage-Backed Securities Portfolio June 30, 2014 ($ in millions)

Annuity and Run-off: By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	132	$	138	$	6		2	%		1	%
Prime (Non-Agency)		1,849		2,041		192		34	%		8	%
Alt-A		746		836		90		14	%		3	%
Subprime		618		673		55		11	%		3	%
Subtotal - Residential		3,345		3,688		343		61	%		15	%
Commercial		2,170		2,350		180		39	%		9	%
Total Annuity and Run-off	$	5,515	$	6,038	$	523		100	%		24	%
Property and Casualty Insurance: By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	194	$	196	$	2		16	%		2	%
Prime (Non-Agency)		234		252		18		20	%		3	%
Alt-A		237		256		19		21	%		3	%
Subprime		273		290		17		24	%		3	%
Subtotal - Residential		938		994		56		81	%		11	%
Commercial		226		239		13		19	%		3	%
Total Property and Casualty Insurance	$	1,164	$	1,233	$	69		100	%		14	%

25

American Financial Group, Inc. Mortgage-Backed Securities - Credit Rating and NAIC Designation June 30, 2014 ($ in millions)

	GAAP data
By Credit Rating	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	2,883	$	3,075	$	192		42	%
AA		383		405		22		5	%
A		541		574		33		8	%
BBB		257		279		22		4	%
Subtotal - investment grade		4,064		4,333		269		59	%
BB		331		345		14		5	%
B		407		424		17		6	%
Other		1,878		2,181		303		30	%
Total	$	6,680	$	7,283	$	603		100	%

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.

	Statutory data
By NAIC Designation	Carrying Value		% of Carrying Value			Amortized Cost		Fair Value		Unrealized Gain (Loss)
NAIC 1	$	6,285		95	%	$	6,286	$	6,928	$	642
NAIC 2		127		2	%		127		128		1
		6,412		97	%		6,413		7,056		643
NAIC 3		45		1	%		45		46		1
NAIC 4		104		2	%		104		111		7
NAIC 5		4		0	%		4		12		8
NAIC 6		26		0	%		27		43		16
Total	$	6,591		100	%	$	6,593	$	7,268	$	675

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