Exhibit 99.2

  American Financial Group, Inc.   Investor Supplement - Fourth Quarter 2015   February 2, 2016   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 2015

Section	Page
Table of Contents - Investor Supplement - Fourth Quarter 2015		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 Earnings (GAAP)		12
Detail of Annuity Benefits Expense (GAAP)		13
Net Spread on Fixed Annuities (GAAP)		14
Annuity Premiums (Statutory)		15
Fixed Annuity Benefits Accumulated (GAAP)		16
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		17
Book Value Per Share and Price / Book Summary		18
Capitalization		19
Additional Supplemental Information		20
Consolidated Investment Supplement
Total Cash and Investments		21
Net Investment Income		22
Fixed Maturities - By Security Type - AFG Consolidated		23
Fixed Maturities - By Security Type Portfolio		24
Fixed Maturities - Credit Rating		25
Mortgage-Backed Securities - AFG Consolidated		26
Mortgage-Backed Securities Portfolio		27
Mortgage-Backed Securities - Credit Rating		28
Appendix
A. Fixed Maturities - Credit Rating by Type		29

2

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Highlights
Core net operating earnings	$	136		$	123		$	115		$	112		$	122		$	486		$	439
Net earnings		129			63			141			19			127			352			452
Total assets		49,859			50,557			49,424			48,307			47,535			49,859			47,535
Adjusted shareholders’ equity (a)		4,314			4,279			4,345			4,267			4,277			4,314			4,277
Property and Casualty net written premiums		1,056			1,319			1,026			926			1,025			4,327			4,020
Annuity statutory premiums		1,107			1,321			899			813			971			4,140			3,696
Per share data
Core net operating earnings per share	$	1.52		$	1.38		$	1.28		$	1.25		$	1.35		$	5.44		$	4.82
Diluted earnings per share		1.45			0.71			1.57			0.21			1.41			3.94			4.97
Adjusted book value per share (a)		49.33			49.01			49.63			48.55			48.76			49.33			48.76
Cash dividends per common share		1.280			0.250			0.250			0.250			1.250			2.030			1.910
Financial ratios
Annualized core operating return on equity (b)		12.7	%		11.6	%		10.9	%		10.8	%		11.7	%		11.5	%		10.7	%
Annualized return on equity (b)		12.1	%		5.9	%		13.4	%		1.8	%		12.1	%		8.3	%		11.0	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		61.8	%		64.5	%		61.0	%		60.8	%		64.0	%		62.2	%		63.7	%
Underwriting expense ratio		29.2	%		28.4	%		33.9	%		32.8	%		28.6	%		30.9	%		30.2	%
Combined ratio - Specialty		91.0	%		92.9	%		94.9	%		93.6	%		92.6	%		93.1	%		93.9	%
Net spread on fixed annuities:
Net interest spread		2.53	%		2.80	%		2.77	%		2.67	%		2.64	%		2.69	%		2.78	%
Net spread earned:
Before impact of fair value accounting		1.31	%		1.37	%		1.21	%		1.49	%		1.54	%		1.35	%		1.56	%
Impact of fair value accounting (c)		0.08	%		(0.35	%)		0.18	%		(0.28	%)		(0.14	%)		(0.09	%)		(0.15	%)
After impact of fair value accounting		1.39	%		1.02	%		1.39	%		1.21	%		1.40	%		1.26	%		1.41	%

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

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

(c) Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

3

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Property and Casualty Insurance
Underwriting profit	$	100		$	82		$	50		$	60		$	79		$	292		$	236
Net investment income		74			83			83			79			75			319			294
Other expense		(11	)		(12	)		(12	)		(10	)		(13	)		(45	)		(54	)
Property and Casualty Insurance operating earnings		163			153			121			129			141			566			476
Annuity earnings		101			67			88			75			85			331			328
Run-off Long-Term Care and Life (losses)/earnings		—			6			4			4			(7	)		14			(10	)
Interest expense of parent holding companies		(16	)		(18	)		(19	)		(19	)		(19	)		(72	)		(69	)
Other expense		(29	)		(19	)		(20	)		(22	)		(16	)		(90	)		(74	)
Pre-tax core operating earnings		219			189			174			167			184			749			651
Income tax expense		83			66			59			55			62			263			212
Core net operating earnings		136			123			115			112			122			486			439
Non-core items, net of tax:
Loss on sale of long-term care business		(3	)		—			—			(105	)		—			(108	)		—
Gain on sale of hotel and apartment property		10			—			26			—			—			36			—
Other realized gains (losses)		(14	)		(6	)		—			12			5			(8	)		32
Significant A&E charges:
Property and Casualty Insurance run-off operations		—			(44	)		—			—			—			(44	)		(15	)
Former Railroad and Manufacturing operations		—			(8	)		—			—			—			(8	)		(4	)
Other		—			(2	)		—			—			—			(2	)		—
Net earnings	$	129		$	63		$	141		$	19		$	127		$	352		$	452

4

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

	Three Months Ended													Twelve Months Ended
	12/31/15			09/30/15			06/30/15		03/31/15			12/31/14		12/31/15			12/31/14
Core net operating earnings	$	136		$	123		$	115	$	112		$	122	$	486		$	439
Net earnings	$	129		$	63		$	141	$	19		$	127	$	352		$	452
Average number of diluted shares		89.228			89.343			89.503		89.377			89.772		89.362			90.960
Diluted earnings per share:
Core net operating earnings per share	$	1.52		$	1.38		$	1.28	$	1.25		$	1.35	$	5.44		$	4.82
Loss on sale of long-term care business		(0.03	)		—			—		(1.18	)		—		(1.21	)		—
Gain on sale of hotel and apartment property		0.11			—			0.29		—			—		0.40			—
Other realized gains (losses)		(0.15	)		(0.06	)		—		0.14			0.06		(0.08	)		0.36
Significant A&E charges:
Property and Casualty Insurance run-off operations		—			(0.49	)		—		—			—		(0.49	)		(0.17	)
Former Railroad and Manufacturing operations		—			(0.09	)		—		—			—		(0.09	)		(0.04	)
Other		—			(0.03	)		—		—			—		(0.03	)		—
Diluted earnings per share	$	1.45		$	0.71		$	1.57	$	0.21		$	1.41	$	3.94		$	4.97

5

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Property and Transportation	$	34		$	20		$	(13	)	$	7		$	22		$	48		$	21
Specialty Casualty		50			31			37			28			36			146			136
Specialty Financial		15			26			24			22			18			87			64
Other Specialty		1			7			3			3			3			14			16
Underwriting profit - Specialty		100			84			51			60			79			295			237
Other core charges, included in loss and LAE		—			2			1			—			—			3			1
Underwriting profit - Core		100			82			50			60			79			292			236
Special A&E charges, included in loss and LAE		—			(67	)		—			—			—			(67	)		(24	)
Underwriting profit - Property and Casualty Insurance	$	100		$	15		$	50		$	60		$	79		$	225		$	212
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		9			10			10			6			3			35			28
Total current accident year catastrophe losses	$	9		$	10		$	10		$	6		$	3		$	35		$	28
Prior year loss reserve development (favorable) / adverse	$	(5	)	$	55		$	(10	)	$	(7	)	$	10		$	33		$	6
Combined ratio:
Property and Transportation		92.4	%		96.2	%		104.0	%		97.7	%		94.6	%		96.9	%		98.7	%
Specialty Casualty		90.2	%		93.8	%		92.7	%		94.2	%		92.9	%		92.7	%		92.3	%
Specialty Financial		88.7	%		80.6	%		81.0	%		81.7	%		85.6	%		83.1	%		86.5	%
Other Specialty		97.1	%		67.3	%		88.0	%		89.3	%		86.9	%		85.5	%		83.4	%
Combined ratio - Specialty		91.0	%		92.9	%		94.9	%		93.6	%		92.6	%		93.1	%		93.9	%
Other core charges		0.0	%		0.1	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%
Special A&E charges		0.0	%		5.7	%		0.0	%		0.0	%		0.0	%		1.6	%		0.6	%
Combined ratio		91.0	%		98.7	%		94.9	%		93.7	%		92.6	%		94.7	%		94.5	%
Combined ratio excl. catastrophe and prior year development		90.6	%		93.2	%		95.0	%		93.8	%		91.4	%		93.1	%		93.7	%
Loss and LAE components - property and casualty insurance
Current accident year, excluding catastrophe loss		61.4	%		64.8	%		61.1	%		61.0	%		62.8	%		62.2	%		63.5	%
Prior accident year loss reserve development		(0.4	%)		4.6	%		(1.1	%)		(0.7	%)		1.0	%		0.8	%		0.1	%
Current accident year catastrophe loss		0.8	%		0.9	%		1.0	%		0.6	%		0.2	%		0.8	%		0.7	%
Loss and LAE ratio		61.8	%		70.3	%		61.0	%		60.9	%		64.0	%		63.8	%		64.3	%

6

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Gross written premiums	$	1,356		$	1,962		$	1,318		$	1,196		$	1,303		$	5,832		$	5,477
Ceded reinsurance premiums		(300	)		(643	)		(292	)		(270	)		(278	)		(1,505	)		(1,457	)
Net written premiums		1,056			1,319			1,026			926			1,025			4,327			4,020
Change in unearned premiums		64			(146	)		(41	)		20			36			(103	)		(142	)
Net earned premiums		1,120			1,173			985			946			1,061			4,224			3,878
Loss and LAE		693			756			600			576			679			2,625			2,469
Underwriting expense		327			333			334			310			303			1,304			1,172
Underwriting profit	$	100		$	84		$	51		$	60		$	79		$	295		$	237
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		9			10			10			6			3			35			28
Total current accident year catastrophe losses	$	9		$	10		$	10		$	6		$	3		$	35		$	28
Prior year loss reserve development (favorable) / adverse	$	(5	)	$	(14	)	$	(11	)	$	(7	)	$	10		$	(37	)	$	(19	)
Combined ratio:
Loss and LAE ratio		61.8	%		64.5	%		61.0	%		60.8	%		64.0	%		62.2	%		63.7	%
Underwriting expense ratio		29.2	%		28.4	%		33.9	%		32.8	%		28.6	%		30.9	%		30.2	%
Combined ratio		91.0	%		92.9	%		94.9	%		93.6	%		92.6	%		93.1	%		93.9	%
Combined ratio excl. catastrophe and prior year development		90.6	%		93.2	%		95.0	%		93.8	%		91.4	%		93.1	%		93.7	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		61.4	%		64.8	%		61.1	%		61.0	%		62.8	%		62.2	%		63.5	%
Prior accident year loss reserve development		(0.4	%)		(1.2	%)		(1.1	%)		(0.8	%)		1.0	%		(0.8	%)		(0.5	%)
Current accident year catastrophe loss		0.8	%		0.9	%		1.0	%		0.6	%		0.2	%		0.8	%		0.7	%
Loss and LAE ratio		61.8	%		64.5	%		61.0	%		60.8	%		64.0	%		62.2	%		63.7	%

7

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Gross written premiums	$	515		$	1,064		$	500		$	376		$	482		$	2,455		$	2,342
Ceded reinsurance premiums		(137	)		(456	)		(138	)		(88	)		(109	)		(819	)		(776	)
Net written premiums		378			608			362			288			373			1,636			1,566
Change in unearned premiums		64			(91	)		(35	)		25			42			(37	)		(22	)
Net earned premiums		442			517			327			313			415			1,599			1,544
Loss and LAE		317			391			240			211			299			1,159			1,155
Underwriting expense		91			106			100			95			94			392			368
Underwriting profit (loss)	$	34		$	20		$	(13	)	$	7		$	22		$	48		$	21
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		3			7			7			4			2			21			20
Total current accident year catastrophe losses	$	3		$	7		$	7		$	4		$	2		$	21		$	20
Prior year loss reserve development (favorable) / adverse	$	8		$	(2	)	$	6		$	3		$	3		$	15		$	16
Combined ratio:
Loss and LAE ratio		71.7	%		75.7	%		73.2	%		67.5	%		72.2	%		72.4	%		74.9	%
Underwriting expense ratio		20.7	%		20.5	%		30.8	%		30.2	%		22.4	%		24.5	%		23.8	%
Combined ratio		92.4	%		96.2	%		104.0	%		97.7	%		94.6	%		96.9	%		98.7	%
Combined ratio excl. catastrophe and prior year development		89.9	%		95.1	%		100.2	%		95.4	%		93.7	%		94.7	%		96.4	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		69.2	%		74.6	%		69.4	%		65.2	%		71.3	%		70.2	%		72.6	%
Prior accident year loss reserve development		1.8	%		(0.4	%)		1.7	%		1.1	%		0.6	%		0.9	%		1.0	%
Current accident year catastrophe loss		0.7	%		1.5	%		2.1	%		1.2	%		0.3	%		1.3	%		1.3	%
Loss and LAE ratio		71.7	%		75.7	%		73.2	%		67.5	%		72.2	%		72.4	%		74.9	%

8

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Gross written premiums	$	661		$	734		$	661		$	683		$	660		$	2,739		$	2,529
Ceded reinsurance premiums		(158	)		(189	)		(158	)		(182	)		(162	)		(687	)		(665	)
Net written premiums		503			545			503			501			498			2,052			1,864
Change in unearned premiums		12			(42	)		—			(11	)		1			(41	)		(99	)
Net earned premiums		515			503			503			490			499			2,011			1,765
Loss and LAE		315			323			311			316			325			1,265			1,107
Underwriting expense		150			149			155			146			138			600			522
Underwriting profit	$	50		$	31		$	37		$	28		$	36		$	146		$	136
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			1			1			1			1			4			4
Total current accident year catastrophe losses	$	1		$	1		$	1		$	1		$	1		$	4		$	4
Prior year loss reserve development (favorable) / adverse	$	(7	)	$	3		$	(7	)	$	—		$	14		$	(11	)	$	(7	)
Combined ratio:
Loss and LAE ratio		61.1	%		64.2	%		61.9	%		64.4	%		65.1	%		62.9	%		62.7	%
Underwriting expense ratio		29.1	%		29.6	%		30.8	%		29.8	%		27.8	%		29.8	%		29.6	%
Combined ratio		90.2	%		93.8	%		92.7	%		94.2	%		92.9	%		92.7	%		92.3	%
Combined ratio excl. catastrophe and prior year development		91.4	%		92.9	%		94.0	%		93.9	%		89.9	%		93.0	%		92.5	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		62.3	%		63.3	%		63.2	%		64.1	%		62.1	%		63.2	%		62.9	%
Prior accident year loss reserve development		(1.4	%)		0.6	%		(1.4	%)		0.0	%		2.9	%		(0.5	%)		(0.4	%)
Current accident year catastrophe loss		0.2	%		0.3	%		0.1	%		0.3	%		0.1	%		0.2	%		0.2	%
Loss and LAE ratio		61.1	%		64.2	%		61.9	%		64.4	%		65.1	%		62.9	%		62.7	%

9

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Gross written premiums	$	179		$	164		$	157		$	137		$	160		$	637		$	605
Ceded reinsurance premiums		(27	)		(27	)		(21	)		(22	)		(29	)		(97	)		(117	)
Net written premiums		152			137			136			115			131			540			488
Change in unearned premiums		(15	)		(6	)		(7	)		5			(10	)		(23	)		(19	)
Net earned premiums		137			131			129			120			121			517			469
Loss and LAE		46			36			36			36			42			154			159
Underwriting expense		76			69			69			62			61			276			246
Underwriting profit	$	15		$	26		$	24		$	22		$	18		$	87		$	64
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		5			1			2			1			—			9			3
Total current accident year catastrophe losses	$	5		$	1		$	2		$	1		$	—		$	9		$	3
Prior year loss reserve development (favorable) / adverse	$	(5	)	$	(8	)	$	(8	)	$	(9	)	$	(4	)	$	(30	)	$	(17	)
Combined ratio:
Loss and LAE ratio		32.8	%		27.7	%		27.7	%		30.4	%		34.5	%		29.7	%		33.9	%
Underwriting expense ratio		55.9	%		52.9	%		53.3	%		51.3	%		51.1	%		53.4	%		52.6	%
Combined ratio		88.7	%		80.6	%		81.0	%		81.7	%		85.6	%		83.1	%		86.5	%
Combined ratio excl. catastrophe and prior year development		88.8	%		85.8	%		85.2	%		88.5	%		88.8	%		87.1	%		89.5	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		32.9	%		32.9	%		31.9	%		37.2	%		37.7	%		33.7	%		36.9	%
Prior accident year loss reserve development		(3.6	%)		(5.8	%)		(6.2	%)		(7.3	%)		(3.3	%)		(5.7	%)		(3.7	%)
Current accident year catastrophe loss		3.5	%		0.6	%		2.0	%		0.5	%		0.1	%		1.7	%		0.7	%
Loss and LAE ratio		32.8	%		27.7	%		27.7	%		30.4	%		34.5	%		29.7	%		33.9	%

10

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Gross written premiums	$	1		$	—		$	—		$	—		$	1		$	1		$	1
Ceded reinsurance premiums		22			29			25			22			22			98			101
Net written premiums		23			29			25			22			23			99			102
Change in unearned premiums		3			(7	)		1			1			3			(2	)		(2	)
Net earned premiums		26			22			26			23			26			97			100
Loss and LAE		15			6			13			13			13			47			48
Underwriting expense		10			9			10			7			10			36			36
Underwriting profit	$	1		$	7		$	3		$	3		$	3		$	14		$	16
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		—			1			—			—			—			1			1
Total current accident year catastrophe losses	$	—		$	1		$	—		$	—		$	—		$	1		$	1
Prior year loss reserve development (favorable) / adverse	$	(1	)	$	(7	)	$	(2	)	$	(1	)	$	(3	)	$	(11	)	$	(11	)
Combined ratio:
Loss and LAE ratio		61.0	%		29.4	%		52.4	%		54.4	%		49.6	%		49.4	%		47.9	%
Underwriting expense ratio		36.1	%		37.9	%		35.6	%		34.9	%		37.3	%		36.1	%		35.5	%
Combined ratio		97.1	%		67.3	%		88.0	%		89.3	%		86.9	%		85.5	%		83.4	%
Combined ratio excl. catastrophe and prior year development		98.1	%		97.6	%		93.2	%		96.6	%		97.4	%		96.4	%		92.8	%

11

American Financial Group, Inc. Annuity Earnings (GAAP) ($ in millions)

	Three Months Ended													Twelve Months Ended
	12/31/15		09/30/15			06/30/15		03/31/15			12/31/14			12/31/15			12/31/14
Net investment income	$	309	$	317		$	306	$	292		$	285		$	1,224		$	1,136
Guaranteed withdrawal benefit fees		12		11			10		10			9			43			34
Policy charges and other miscellaneous income		11		13			14		17			24			55			63
Total revenues		332		341			330		319			318			1,322			1,233
Annuity benefits expense		189		208			151		184			157			732			648
Acquisition expenses		20		44			62		37			59			163			175
Other expenses		22		22			29		23			17			96			82
Total costs and expenses		231		274			242		244			233			991			905
Core Annuity earnings before income taxes	$	101	$	67		$	88	$	75		$	85		$	331		$	328
Detail of core Annuity earnings before income taxes
Core earnings before income taxes and impact of fair value accounting	$	96	$	89		$	77	$	92		$	93		$	354		$	362
Impact of fair value accounting (a)		5		(22	)		11		(17	)		(8	)		(23	)		(34	)
Core Annuity earnings before income taxes	$	101	$	67		$	88	$	75		$	85		$	331		$	328

(a) Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

12

American Financial Group, Inc. Detail of Annuity Benefits Expense (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Detail of annuity benefits expense:
Interest credited - fixed	$	138		$	135		$	131		$	128		$	127		$	532		$	497
Interest credited - fixed component of variable annuities		1			2			2			1			1			6			6
Change in expected death and annuitization reserve		5			5			5			4			4			19			18
Amortization of sales inducements		6			6			7			7			6			26			26
Guaranteed withdrawal benefit reserve (a)		15			20			16			12			11			63			41
Change in other benefit reserves		5			3			12			2			1			22			12
Unlockings (b)		19			—			—			—			(11	)		19			(11	)
Subtotal before impact of fair value accounting		189			171			173			154			139			687			589
Embedded derivative mark-to-market (c)		88			(130	)		(19	)		50			87			(11	)		240
Equity option mark-to-market		(88	)		167			(3	)		(20	)		(69	)		56			(181	)
Subtotal impact of fair value accounting		—			37			(22	)		30			18			45			59
Total annuity benefits expense	$	189		$	208		$	151		$	184		$	157		$	732		$	648

(a) 3rd quarter of 2015 increase relates to a significant change in the stock market.

(b) Includes unlockings for fixed indexed annuity embedded derivative reserves, sales inducement asset and other reserves. Does not include unlocking income of $29 million in 2015 and charge of $10 million in 2014 for deferred policy acquisition costs and unearned revenue reserves. These unlockings are included in acquisition expenses and other income, respectively. In total, AFG recorded an unlocking expense reduction of $10 million in 2015 and $1 million in 2014.

(c) Excludes unlocking impact of $28 million in 2015 and ($58) million in 2014.

13

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Average fixed annuity investments (at amortized cost)	$	26,401		$	25,642		$	24,711		$	23,943		$	23,334		$	25,174		$	22,391
Average annuity benefits accumulated		26,048			25,316			24,474			23,752			23,104			24,898			22,119
Investments in excess of annuity benefits accumulated	$	353		$	326		$	237		$	191		$	230		$	276		$	272
As % of average annuity benefits accumulated (except as noted)
Net investment income (as % of investments)		4.65	%		4.92	%		4.91	%		4.83	%		4.85	%		4.83	%		5.03	%
Interest credited		(2.12	%)		(2.12	%)		(2.14	%)		(2.16	%)		(2.21	%)		(2.14	%)		(2.25	%)
Net interest spread on fixed annuities		2.53	%		2.80	%		2.77	%		2.67	%		2.64	%		2.69	%		2.78	%
Policy charges and other miscellaneous income		0.15	%		0.16	%		0.17	%		0.24	%		0.18	%		0.18	%		0.18	%
Other annuity benefit expenses, net		(0.31	%)		(0.36	%)		(0.49	%)		(0.25	%)		(0.20	%)		(0.35	%)		(0.28	%)
Acquisition expenses		(0.75	%)		(0.65	%)		(0.98	%)		(0.59	%)		(0.65	%)		(0.74	%)		(0.67	%)
Other expenses		(0.32	%)		(0.34	%)		(0.43	%)		(0.36	%)		(0.28	%)		(0.36	%)		(0.34	%)
Change in fair value of derivatives		0.02	%		(0.59	%)		0.35	%		(0.50	%)		(0.31	%)		(0.18	%)		(0.27	%)
Unlockings		0.07	%		0.00	%		0.00	%		0.00	%		0.02	%		0.02	%		0.01	%
Net spread earned on fixed annuities - core		1.39	%		1.02	%		1.39	%		1.21	%		1.40	%		1.26	%		1.41	%
Average annuity benefits accumulated	$	26,048		$	25,316		$	24,474		$	23,752		$	23,104		$	24,898		$	22,119
Net spread earned on fixed annuities		1.39	%		1.02	%		1.39	%		1.21	%		1.40	%		1.26	%		1.41	%
Earnings on fixed annuity benefits accumulated	$	91		$	65		$	85		$	72		$	81		$	313		$	312
Investments in excess of annuity benefits accumulated	$	353		$	326		$	237		$	191		$	230		$	276		$	272
Net investment income (as % of investments)		4.65	%		4.92	%		4.91	%		4.83	%		4.85	%		4.83	%		5.03	%
Earnings on investments in excess of annuity benefits accumulated	$	4		$	4		$	3		$	2		$	3		$	13			14
Variable annuity earnings		6			(2	)		—			1			1			5			2
Earnings before income taxes - core	$	101		$	67		$	88		$	75		$	85		$	331		$	328
Detail of net spread earned on fixed annuities - core
Net spread earned core - before impact of fair value accounting		1.31	%		1.37	%		1.21	%		1.49	%		1.54	%		1.35	%		1.56	%
Impact of fair value accounting (a)		0.08	%		(0.35	%)		0.18	%		(0.28	%)		(0.14	%)		(0.09	%)		(0.15	%)
Net spread earned core - after impact of fair value accounting		1.39	%		1.02	%		1.39	%		1.21	%		1.40	%		1.26	%		1.41	%

(a) Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

14

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

	Three Months Ended										Twelve Months Ended
	12/31/15		09/30/15		06/30/15		03/31/15		12/31/14		12/31/15		12/31/14
Retail single premium annuities - indexed	$	494	$	617	$	404	$	349	$	405	$	1,864	$	1,533
Retail single premium annuities - fixed		18		22		18		12		19		70		101
Financial institutions single premium annuities - indexed		462		554		369		356		426		1,741		1,489
Financial institutions single premium annuities - fixed		72		71		48		38		61		229		332
Education market - fixed and indexed annuities		51		47		49		47		49		194		194
Subtotal fixed annuity premiums		1,097		1,311		888		802		960		4,098		3,649
Variable annuities		10		10		11		11		11		42		47
Total annuity premiums	$	1,107	$	1,321	$	899	$	813	$	971	$	4,140	$	3,696

15

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

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Beginning fixed annuity reserves	$	25,725		$	24,906		$	24,042		$	23,462		$	22,745		$	23,462		$	20,679
Premiums		1,097			1,311			888			802			960			4,098			3,649
Federal Home Loan Bank advances		45			—			300			—			—			345			—
Surrenders, benefits and other withdrawals		(515	)		(526	)		(471	)		(420	)		(464	)		(1,932	)		(1,673	)
Sale of subsidiaries		(261	)		—			—			—			—			(261	)		—
Interest and other annuity benefit expenses:
Interest credited		138			135			131			128			127			532			497
Embedded derivative mark-to-market		88			(130	)		(19	)		50			87			(11	)		240
Change in other benefit reserves		35			29			35			20			18			119			81
Unlockings		19			—			—			—			(11	)		19			(11	)
Ending fixed annuity reserves	$	26,371		$	25,725		$	24,906		$	24,042		$	23,462		$	26,371		$	23,462
Reconciliation to annuity benefits accumulated:
Ending fixed annuity reserves	$	26,371		$	25,725		$	24,906		$	24,042		$	23,462		$	26,371		$	23,462
Impact of unrealized investment gains on reserves		64			113			107			179			111			64			111
Fixed component of variable annuities		187			188			190			190			191			187			191
Annuity benefits accumulated per balance sheet	$	26,622		$	26,026		$	25,203		$	24,411		$	23,764		$	26,622		$	23,764
Annualized surrenders and other withdrawals as a % of beginning reserves		8.0	%		8.4	%		7.8	%		7.2	%		8.2	%		8.2	%		8.1	%

16

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

	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			09/30/14
Assets:
Total cash and investments	$	37,736		$	38,132		$	37,644		$	37,384		$	36,210		$	35,151
Recoverables from reinsurers		2,636			3,151			3,075			3,046			3,238			3,134
Prepaid reinsurance premiums		480			604			499			475			469			587
Agents’ balances and premiums receivable		937			976			959			864			889			901
Deferred policy acquisition costs		1,184			993			965			756			821			858
Assets of managed investment entities		4,047			3,613			3,629			3,279			3,108			2,946
Other receivables		820			1,241			660			641			910			1,140
Variable annuity assets (separate accounts)		608			595			655			667			662			649
Other assets		1,212			1,051			1,137			994			1,027			985
Goodwill		199			201			201			201			201			201
Total assets	$	49,859		$	50,557		$	49,424		$	48,307		$	47,535		$	46,552
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	8,127		$	8,061		$	7,744		$	7,636		$	7,872		$	7,645
Unearned premiums		2,060			2,238			2,004			1,936			1,956			2,114
Annuity benefits accumulated		26,622			26,026			25,203			24,411			23,764			23,044
Life, accident and health reserves		705			2,159			2,156			2,195			2,175			2,098
Payable to reinsurers		591			724			511			494			645			673
Liabilities of managed investment entities		3,781			3,287			3,309			2,952			2,819			2,625
Long-term debt		1,020			880			1,024			1,061			1,061			1,062
Variable annuity liabilities (separate accounts)		608			595			655			667			662			649
Other liabilities		1,575			1,681			1,834			1,855			1,527			1,564
Total liabilities	$	45,089		$	45,651		$	44,440		$	43,207		$	42,481		$	41,474
Shareholders’ equity:
Common stock	$	87		$	87		$	88		$	88		$	88		$	88
Capital surplus		1,214			1,195			1,183			1,173			1,152			1,150
Appropriated retained earnings		—			—			—			—			(2	)		2
Unappropriated retained earnings		2,987			2,981			2,968			2,886			2,914			2,946
Unrealized gains - fixed maturities		278			445			457			656			604			602
Unrealized gains - equities		54			44			130			143			139			124
Other comprehensive income, net of tax		(28	)		(28	)		(24	)		(23	)		(16	)		(8	)
Total shareholders’ equity		4,592			4,724			4,802			4,923			4,879			4,904
Noncontrolling interests		178			182			182			177			175			174
Total liabilities and equity	$	49,859		$	50,557		$	49,424		$	48,307		$	47,535		$	46,552

17

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

	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			09/30/14
Shareholders’ equity	$	4,592		$	4,724		$	4,802		$	4,923		$	4,879		$	4,904
Appropriated retained earnings		—			—			—			—			2			(2	)
Shareholders’ equity, excluding appropriated retained earnings		4,592			4,724			4,802			4,923			4,881			4,902
Unrealized (gains) on fixed maturities		(278	)		(445	)		(457	)		(656	)		(604	)		(602	)
Adjusted shareholders’ equity		4,314			4,279			4,345			4,267			4,277			4,300
Goodwill		(199	)		(201	)		(201	)		(201	)		(201	)		(201	)
Intangibles		(49	)		(51	)		(53	)		(55	)		(57	)		(63	)
Tangible adjusted shareholders’ equity	$	4,066		$	4,027		$	4,091		$	4,011		$	4,019		$	4,036
Common shares outstanding		87.474			87.327			87.540			87.886			87.709			88.491
Book value per share:
Excluding appropriated retained earnings (a)	$	52.50		$	54.10		$	54.86		$	56.01		$	55.65		$	55.39
Adjusted (b)		49.33			49.01			49.63			48.55			48.76			48.59
Tangible, adjusted (c)		46.49			46.12			46.73			45.63			45.82			45.61
Market capitalization
AFG’s closing common share price	$	72.08		$	68.91		$	65.04		$	64.15		$	60.72		$	57.89
Market capitalization	$	6,305		$	6,018		$	5,694		$	5,638		$	5,326		$	5,123
Price / Adjusted book value ratio		1.46			1.41			1.31			1.32			1.25			1.19

(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.

18

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

	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			09/30/14
AFG senior obligations	$	708		$	708		$	840		$	840		$	840		$	840
Borrowings drawn under credit facility		—			—			—			—			—			—
Obligations of subsidiaries - other		12			12			12			12			12			12
Debt excluding subordinated debt & debt secured by real estate	$	720		$	720		$	852		$	852		$	852		$	852
AFG subordinated debentures		300			150			150			150			150			150
Obligations of subsidiaries - secured by real estate		—			10			22			59			59			60
Payable to subsidiary trusts - subordinated		—			—			—			—			—			—
Total Long-term debt	$	1,020		$	880		$	1,024		$	1,061		$	1,061		$	1,062
Shareholders’ equity		4,592			4,724			4,802			4,923			4,879			4,904
Noncontrolling interests		178			182			182			177			175			174
Less:
Appropriated retained earnings		—			—			—			—			2			(2	)
Unrealized gains related to fixed maturity investments		(278	)		(445	)		(457	)		(656	)		(604	)		(602	)
Total adjusted capital	$	5,512		$	5,341		$	5,551		$	5,505		$	5,513		$	5,536
Less:
Obligations of subsidiaries - secured by real estate		—			(10	)		(22	)		(59	)		(59	)		(60	)
Total adjusted capital excluding obligations secured by real estate	$	5,512		$	5,331		$	5,529		$	5,446		$	5,454		$	5,476
Ratio of debt to total adjusted capital:
Including subordinated debt & debt secured by real estate		18.5	%		16.5	%		18.4	%		19.3	%		19.2	%		19.2	%
Excluding subordinated debt & debt secured by real estate		13.1	%		13.5	%		15.4	%		15.6	%		15.6	%		15.6	%

19

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

	Three Months Ended										Twelve Months Ended
	12/31/15		09/30/15		06/30/15		03/31/15		12/31/14		12/31/15		12/31/14
Property and Casualty Insurance
Paid Losses (GAAP)	$	675	$	585	$	526	$	617	$	562	$	2,403	$	2,130

	12/31/15		09/30/15		06/30/15		03/31/15		12/31/14		09/30/14
Statutory Surplus
Property and Casualty Insurance	$	2,488	$	2,356	$	2,399	$	2,340	$	2,286	$	2,206
AFG’s principal annuity subsidiaries (total adjusted capital)	$	1,918	$	1,816	$	1,911	$	1,861	$	1,822	$	1,818
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	434	$	315	$	315	$	315	$	315	$	335
Annuity and Run-off		375		358		358		358		358		275
Total	$	809	$	673	$	673	$	673	$	673	$	610

20

American Financial Group, Inc. Total Cash and Investments ($ in millions)

	Carrying Value - December 31, 2015
	Property and Casualty Insurance		Annuity and Run-off			Parent and Other Non- Insurance		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	708	$	282		$	230	$	—		$	1,220		3	%
Fixed maturities - Available for sale		6,784		25,486			14		—			32,284		85	%
Fixed maturities - Trading		140		114			—		—			254		1	%
Equity securities		1,182		488			49		—			1,719		5	%
Policy loans		—		201			—		—			201		0	%
Mortgage loans		191		876			—		—			1,067		3	%
Real estate and other investments		457		781			18		(265	)		991		3	%
Total cash and investments	$	9,462	$	28,228		$	311	$	(265	)	$	37,736		100	%
Unrealized gain/(loss) on equity securities	$	87	$	(3	)	$	—	$	—		$	84
	Carrying Value - December 31, 2014
	Property and Casualty Insurance		Annuity and Run-off			Parent and Other Non- Insurance		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	693	$	320		$	330	$	—		$	1,343		4	%
Fixed maturities - Available for sale		6,409		24,313			12		—			30,734		85	%
Fixed maturities - Trading		138		128			—		—			266		1	%
Equity securities		1,190		460			46		—			1,696		4	%
Policy loans		—		228			—		—			228		1	%
Mortgage loans		229		888			—		—			1,117		3	%
Real estate and other investments		358		747			10		(289	)		826		2	%
Total cash and investments	$	9,017	$	27,084		$	398	$	(289	)	$	36,210		100	%
Unrealized gain/(loss) on equity securities	$	169	$	49		$	—	$	—		$	218

21

American Financial Group, Inc. Net Investment Income ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/15			09/30/15			06/30/15			03/31/15			12/31/14			12/31/15			12/31/14
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities - Available for sale	$	63		$	62		$	62		$	61		$	58		$	248		$	223
Fixed maturities - Trading		—			—			—			4			2			4			8
Equity securities		14			12			12			10			11			48			40
Equity in investees		(1	)		7			3			1			1			10			8
Other investments		—			4			8			5			5			17			22
Gross investment income		76			85			85			81			77			327			301
Investment expenses		(2	)		(2	)		(2	)		(2	)		(2	)		(8	)		(7	)
Total net investment income	$	74		$	83		$	83		$	79		$	75		$	319		$	294
Average cash and investments (a)	$	9,113		$	8,984		$	8,956		$	8,775		$	8,485		$	8,956		$	7,849
Average yield (b)		3.25	%		3.70	%		3.71	%		3.60	%		3.54	%		3.56	%		3.75	%
Fixed Annuity:
Gross Investment Income
Fixed maturities - Available for sale	$	294		$	288		$	277		$	267		$	264		$	1,126		$	1,037
Fixed maturities - Trading		—			—			—			—			—			—			—
Equity securities		6			5			5			5			4			21			16
Equity in investees		2			11			1			2			2			16			68
Other investments		7			14			23			18			14			62			9
Gross investment income		309			318			306			292			284			1,225			1,130
Investment expenses		(2	)		(3	)		(2	)		(3	)		(1	)		(10	)		(4	)
Total net investment income	$	307		$	315		$	304		$	289		$	283		$	1,215		$	1,126
Average cash and investments (a)	$	26,401		$	25,642		$	24,711		$	23,943		$	23,334		$	25,174		$	22,391
Average yield (b)		4.65	%		4.92	%		4.91	%		4.83	%		4.85	%		4.83	%		5.03	%
AFG consolidated net investment income:
Property & Casualty	$	74		$	83		$	83		$	79		$	75		$	319		$	294
Annuity and Run-off:
Fixed Annuity		307			315			304			289			283			1,215			1,126
Variable Annuity		2			2			2			3			2			9			10
Run-off		19			20			21			20			20			80			82
Other		3			2			(1	)		—			3			4			6
Consolidate CLOs		11			3			(5	)		(3	)		1			6			(17	)
Total net investment income	$	416		$	425		$	404		$	388		$	384		$	1,633		$	1,501

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

(b) Average yield is calculated by dividing investment income for the quarter by the average cash and investment balance over the quarter.

22

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

December 31, 2015	Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	319		$	321	$	2			1	%		1	%
States, municipalities and political subdivisions		6,671			6,885		214			21	%		18	%
Foreign government		225			232		7			1	%		1	%
Residential mortgage-backed securities		3,241			3,534		293			11	%		9	%
Commercial mortgage-backed securities		2,112			2,188		76			7	%		6	%
Asset-backed securities		4,961			4,934		(27	)		15	%		13	%
Corporate and other bonds		14,290			14,444		154			44	%		38	%
Total AFG consolidated	$	31,819		$	32,538	$	719			100	%		86	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.74	%
Net of investment expense (a)		4.69	%
Approximate average life and duration:
Approximate average life		6.5 years
Approximate duration		5 years
December 31, 2014	Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	361		$	367	$	6			1	%		1	%
States, municipalities and political subdivisions		6,423			6,777		354			22	%		19	%
Foreign government		267			277		10			1	%		1	%
Residential mortgage-backed securities		4,053			4,449		396			14	%		12	%
Commercial mortgage-backed securities		2,300			2,457		157			8	%		7	%
Asset-backed securities		3,874			3,889		15			13	%		11	%
Corporate and other bonds		12,062			12,784		722			41	%		35	%
Total AFG consolidated	$	29,340		$	31,000	$	1,660			100	%		86	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.75	%
Net of investment expense (a)		4.71	%
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.

23

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

	December 31, 2015											December 31, 2014
	Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value			Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value
Property and Casualty Insurance:
US Government and government agencies	$	255		$	257	$	2			4	%	$	276		$	280	$	4			4	%
States, municipalities and political subdivisions		2,807			2,891		84			42	%		2,624			2,726		102			42	%
Foreign government		213			219		6			3	%		250			257		7			4	%
Residential mortgage-backed securities		893			932		39			13	%		973			1,032		59			16	%
Commercial mortgage-backed securities		209			213		4			3	%		243			252		9			4	%
Asset-backed securities		1,453			1,442		(11	)		21	%		1,059			1,057		(2	)		16	%
Corporate and other bonds		979			970		(9	)		14	%		916			943		27			14	%
Property and Casualty Insurance	$	6,809		$	6,924	$	115			100	%	$	6,341		$	6,547	$	206			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		3.82	%										3.81	%
Net of investment expense (a)		3.71	%										3.71	%
Tax equivalent, net of investment expense (b)		4.31	%										4.33	%
Approximate average life and duration:
Approximate average life		5 years											4.5 years
Approximate duration		4 years											3.5 years
	December 31, 2015											December 31, 2014
	Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value			Amortized Cost			Fair Value		Unrealized Gain (Loss)			% of Fair Value
Annuity and Run-off:
US Government and government agencies	$	62		$	62	$	—			0	%	$	85		$	87	$	2			0	%
States, municipalities and political subdivisions		3,864			3,994		130			15	%		3,799			4,051		252			17	%
Foreign government		12			13		1			0	%		17			20		3			0	%
Residential mortgage-backed securities		2,347			2,590		243			10	%		3,079			3,405		326			14	%
Commercial mortgage-backed securities		1,903			1,975		72			8	%		2,057			2,205		148			9	%
Asset-backed securities		3,508			3,492		(16	)		14	%		2,815			2,832		17			12	%
Corporate and other bonds		13,311			13,474		163			53	%		11,146			11,841		695			48	%
Total Annuity and Run-off	$	25,007		$	25,600	$	593			100	%	$	22,998		$	24,441	$	1,443			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.98	%										5.00	%
Net of investment expense (a)		4.94	%										4.98	%
Approximate average life and duration:
Approximate average life		6.5 years											7 years
Approximate duration		5.5 years											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.

24

American Financial Group, Inc. Fixed Maturities - Credit Rating ($ in millions)

	December 31, 2015
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	6,519	$	6,655	$	136			20	%
AA		6,785		6,954		169			21	%
A		7,780		7,969		189			25	%
BBB		7,478		7,507		29			23	%
Subtotal - Investment grade		28,562		29,085		523			89	%
BB		790		765		(25	)		3	%
B		438		417		(21	)		1	%
Other (b)		2,029		2,271		242			7	%
Total	$	31,819	$	32,538	$	719			100	%

97% of the fixed maturity portfolio is NAIC designated 1 or 2.

	December 31, 2014
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	6,680	$	6,936	$	256		22	%
AA		6,053		6,342		289		21	%
A		7,526		7,966		440		26	%
BBB		5,289		5,603		314		18	%
Subtotal - Investment grade		25,548		26,847		1,299		87	%
BB		807		834		27		3	%
B		428		440		12		1	%
Other (b)		2,557		2,879		322		9	%
Total	$	29,340	$	31,000	$	1,660		100	%

97% of the fixed maturity portfolio is NAIC designated 1 or 2.

(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) See Appendix A (pg 29) for more information.

25

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

December 31, 2015	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	260	$	269	$	9		5	%		1	%
Prime (Non-Agency)		1,489		1,651		162		29	%		4	%
Alt-A		794		872		78		15	%		2	%
Subprime		698		742		44		13	%		2	%
Commercial		2,112		2,188		76		38	%		6	%
Total AFG consolidated	$	5,353	$	5,722	$	369		100	%		15	%

• 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 82%; Alt-A 77%; Subprime 85%; CMBS 99%.

• The average FICO score of our residential MBS securities is - Prime 741; Alt-A 711; Subprime 637.

• 99.7% of our Commercial MBS portfolio is investment-grade rated (85% AAA) and the average subordination for this group of assets is 40%.

• The approximate average life by collateral type is - Residential 4.5 years; Commercial 3 years.

December 31, 2014	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	315	$	327	$	12		5	%		1	%
Prime (Non-Agency)		1,923		2,135		212		31	%		6	%
Alt-A		948		1,054		106		15	%		3	%
Subprime		867		933		66		13	%		2	%
Commercial		2,300		2,457		157		36	%		7	%
Total AFG consolidated	$	6,353	$	6,906	$	553		100	%		19	%

26

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

Property and Casualty Insurance:	December 31, 2015
	Amortized				Unrealized		% of			% of Inv
By Asset Type	Cost		Fair Value		Gain (Loss)		Fair Value			Portfolio
Residential
Agency	$	151	$	153	$	2		13	%		2	%
Prime (Non-Agency)		218		231		13		20	%		2	%
Alt-A		241		257		16		23	%		3	%
Subprime		283		291		8		25	%		3	%
Commercial		209		213		4		19	%		2	%
Total	$	1,102	$	1,145	$	43		100	%		12	%
	December 31, 2014
	Amortized				Unrealized		% of			% of Inv
By Asset Type	Cost		Fair Value		Gain (Loss)		Fair Value			Portfolio
Residential
Agency	$	185	$	189	$	4		15	%		2	%
Prime (Non-Agency)		238		255		17		20	%		3	%
Alt-A		250		272		22		21	%		3	%
Subprime		300		316		16		24	%		3	%
Commercial		243		252		9		20	%		3	%
Total	$	1,216	$	1,284	$	68		100	%		14	%
Annuity and Run-off:	December 31, 2015
	Amortized				Unrealized		% of			% of Inv
By Asset Type	Cost		Fair Value		Gain (Loss)		Fair Value			Portfolio
Residential
Agency	$	109	$	116	$	7		3	%		0	%
Prime (Non-Agency)		1,270		1,408		138		31	%		5	%
Alt-A		553		615		62		13	%		2	%
Subprime		415		451		36		10	%		2	%
Commercial		1,903		1,975		72		43	%		7	%
Total	$	4,250	$	4,565	$	315		100	%		16	%
	December 31, 2014
	Amortized				Unrealized		% of			% of Inv
By Asset Type	Cost		Fair Value		Gain (Loss)		Fair Value			Portfolio
Residential
Agency	$	130	$	138	$	8		3	%		1	%
Prime (Non-Agency)		1,684		1,868		184		33	%		7	%
Alt-A		698		782		84		14	%		3	%
Subprime		567		617		50		11	%		2	%
Commercial		2,057		2,205		148		39	%		8	%
Total	$	5,136	$	5,610	$	474		100	%		21	%

27

American Financial Group, Inc. Mortgage-Backed Securities - Credit Rating ($ in millions)

	December 31, 2015
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	2,409	$	2,494	$	85		43	%
AA		255		263		8		5	%
A		329		345		16		6	%
BBB		272		292		20		5	%
Subtotal - investment grade		3,265		3,394		129		59	%
BB		253		258		5		5	%
B		305		311		6		5	%
Other		1,530		1,759		229		31	%
Total	$	5,353	$	5,722	$	369		100	%

97% of the mortgage-backed security portfolio has an NAIC 1 designation.

	December 31, 2014
	Amortized				Unrealized		% of
By Credit Rating (a)	Cost		Fair Value		Gain (Loss)		Fair Value
Investment grade
AAA	$	2,764	$	2,932	$	168		43	%
AA		346		362		16		5	%
A		484		512		28		7	%
BBB		216		235		19		3	%
Subtotal - investment grade		3,810		4,041		231		58	%
BB		334		347		13		5	%
B		368		380		12		6	%
Other		1,841		2,138		297		31	%
Total	$	6,353	$	6,906	$	553		100	%

97% of the mortgage-backed security portfolio has an NAIC 1 designation.

(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.

28

Appendix A American Financial Group, Inc. Fixed Maturities - Credit Rating by Type ($ in millions)

	Fair Value - December 31, 2015
By Credit Rating (a)	US Gov		Munis		Frgn gov		RMBS		CMBS		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	262	$	1,607	$	138	$	640	$	1,854	$	1,986	$	168	$	6,655		20	%
AA		44		4,488		32		151		112		1,239		888		6,954		21	%
A		—		569		62		173		172		1,252		5,741		7,969		25	%
BBB		—		92		—		248		44		429		6,694		7,507		23	%
Subtotal - Investment grade		306		6,756		232		1,212		2,182		4,906		13,491		29,085		89	%
BB		—		20		—		258		—		14		473		765		3	%
B		—		—		—		306		6		2		103		417		1	%
CCC, CC, C		—		9		—		894		—		4		11		918		3	%
D		—		—		—		445		—		—		3		448		1	%
Subtotal - Non-Investment grade		—		29		—		1,903		6		20		590		2,548		8	%
Not Rated		15		100		—		419		—		8		363		905		3	%
Total	$	321	$	6,885	$	232	$	3,534	$	2,188	$	4,934	$	14,444	$	32,538		100	%
	Fair Value - December 31, 2014
By Credit Rating (a)	US Gov		Munis		Frgn gov		RMBS		CMBS		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	308	$	1,510	$	167	$	838	$	2,094	$	1,852	$	167	$	6,936		22	%
AA		59		4,250		39		238		123		834		799		6,342		21	%
A		—		789		65		323		190		871		5,728		7,966		26	%
BBB		—		101		6		192		43		220		5,041		5,603		18	%
Subtotal - Investment grade		367		6,650		277		1,591		2,450		3,777		11,735		26,847		87	%
BB		—		17		—		347		—		18		452		834		3	%
B		—		—		—		373		7		1		59		440		1	%
CCC, CC, C		—		—		—		1,167		—		7		9		1,183		4	%
D		—		—		—		429		—		—		—		429		1	%
Subtotal - Non-Investment grade		—		17		—		2,316		7		26		520		2,886		9	%
Not Rated		—		110		—		542		—		86		529		1,267		4	%
Total	$	367	$	6,777	$	277	$	4,449	$	2,457	$	3,889	$	12,784	$	31,000		100	%

(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.

29