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): May 1, 2024

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio	1-13653	31-1544320
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
301 East Fourth Street, Cincinnati, OH		45202
(Address of principal executive offices)		(Zip Code)

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2024 and the availability of the Investor Supplement on the Company’s website. The press release was issued on May 1, 2024. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

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

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

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

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

Exhibit No.	Description
99.1	Earnings Release dated May 1, 2024, reporting American Financial Group Inc. results for the quarter ended March 31, 2024.
99.2	Investor Supplement – First Quarter 2024
104	Cover page Interactive Date File (embedded within Inline XBRL document)

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: May 2, 2024	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

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EX-99.1

Exihibit 99.1

American Financial Group, Inc. Announces First Quarter Results

• Net earnings per share of $2.89; includes $0.13 per share from after-tax non-core items

• First quarter core net operating earnings per share of $2.76

• First quarter annualized ROE of 21.2%; core operating ROE of 20.2%

• First quarter Specialty calendar year combined ratio 90.1%; 8% growth in net written premiums; renewal rate increases excluding workers’ compensation of 8%

CINCINNATI – May 1, 2024 – American Financial Group, Inc. (NYSE: AFG) today reported 2024 first quarter net earnings of $242 million ($2.89 per share) compared to $212 million ($2.49 per share) for the 2023 first quarter. Net earnings for the 2024 first quarter included after-tax non-core net realized gains on securities of $11 million ($0.13 per share). Comparatively, net earnings in the 2023 first quarter included after-tax non-core net realized losses on securities of $37 million ($0.42 per share loss) and a $2 million gain ($0.02 per share) on retirement of debt. Annualized return on equity was 21.2% and 18.9% for the first quarters of 2024 and 2023, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $231 million ($2.76 per share) for the 2024 first quarter compared to $247 million ($2.89 per share) in the 2023 first quarter. The year-over-year decrease reflects lower returns in AFG’s alternative investment portfolio when compared to the strong performance of this portfolio in the prior year period. Additional details for the 2024 and 2023 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2024 and 2023 generated annualized returns on equity of 20.2% and 22.0%, respectively, which is calculated excluding AOCI.

	Three Months Ended March 31,
Components of Pretax Core Operating Earnings	2024			2023			2024		2023		2024			2023
In millions, except per share amounts	Before Impact of Alternative Investments						Alternative Investments				Core Net Operating Earnings, as reported
P&C Pretax Core Operating Earnings	$	284		$	272		$	56	$	78	$	340		$	350
Other expenses		(31	)		(23	)		—		—		(31	)		(23	)
Holding company interest expense		(19	)		(19	)		—		—		(19	)		(19	)
Pretax Core Operating Earnings		234			230			56		78		290			308
Related provision for income taxes		47			45			12		16		59			61
Core Net Operating Earnings	$	187		$	185		$	44	$	62	$	231		$	247
Core Operating Earnings Per Share	$	2.23		$	2.17		$	0.53	$	0.72	$	2.76		$	2.89
Weighted Avg Diluted Shares Outstanding		83.8			85.4			83.8		85.4		83.8			85.4

AFG’s book value per share was $50.57 at March 31, 2024. AFG paid cash dividends of $3.21 per share during the first quarter, including a $2.50 per share special dividend paid in February. For the three months ended March 31, 2024, AFG’s growth in book value per share plus dividends was 5.6%.

Book value per share excluding AOCI was $54.32 per share at March 31, 2024, compared to $54.72 at the end of 2023. For the three months ended March 31, 2024, AFG’s growth in book value per share excluding AOCI plus dividends was 5.1%.

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

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AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.

In millions, except per share amounts	Three months ended March 31,
	2024		2023
Components of net earnings:
Core operating earnings before income taxes	$	290	$	308
Pretax non-core items:
Realized gains (losses) on securities		14		(46	)
Gain on retirement of debt		—		2
Earnings before income taxes		304		264
Provision (credit) for income taxes:
Core operating earnings		59		61
Non-core items		3		(9	)
Total provision for income taxes		62		52
Net earnings	$	242	$	212
Net earnings:
Core net operating earnings(a)	$	231	$	247
Non-core items:
Realized gains (losses) on securities		11		(37	)
Gain on retirement of debt		—		2
Net earnings	$	242	$	212
Components of earnings per share:
Core net operating earnings(a)	$	2.76	$	2.89
Non-core Items:
Realized gains (losses) on securities		0.13		(0.42	)
Gain on retirement of debt		—		0.02
Diluted net earnings per share	$	2.89	$	2.49

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

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report a first quarter annualized core operating return on equity of 20% and year-over-year growth in net written premiums of 8%. In addition to strong underwriting margins in our specialty P&C insurance businesses, higher interest rates increased net investment income, excluding alternatives. We continue to be pleased with the performance of our alternative investment portfolio, where returns exceeded our expectations during the quarter. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to serve us well as we start the year.

Messrs. Lindner continued: “AFG continued to have significant excess capital at March 31, 2024. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”

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Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a strong 90.1% combined ratio in the first quarter of 2024, 0.9 points higher than the 89.2% reported in the first quarter of 2023. First quarter 2024 results include 2.3 points related to catastrophe losses, compared to 2.2 points in the 2023 first quarter. First quarter 2024 results benefited from 3.3 points of favorable prior year reserve development, compared to 4.5 points in the first quarter of 2023. Underwriting profit was $154 million for the 2024 first quarter compared to $155 million in the first quarter of the prior period.

Gross and net written premiums were both up 8% in the 2024 first quarter compared to the prior year quarter. Year-over-year growth was reported within each of the Specialty P&C groups as a result of additional crop premiums from the Crop Risk Services (CRS) acquisition, new business opportunities, increased exposures, and a good renewal rate environment.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up 8% for the quarter, accelerating about 1% from the previous quarter. Including workers’ compensation, renewal rates were up 6% overall, in line with the previous quarter. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of $56 million in the first quarter of 2024 compared to $43 million in the first quarter of 2023. The improved profitability was due primarily to higher year-over-year underwriting profit in our property & inland marine business. Catastrophe losses in this group were $8 million in the first quarter of 2024, compared to $19 million in the first quarter of 2023. The businesses in the Property and Transportation Group achieved an 89.0% calendar year combined ratio overall in the first quarter of 2024, an improvement of 2.0 points from the 91.0% reported in the comparable 2023 period.

First quarter 2024 gross and net written premiums in this group were 10% and 7% higher, respectively, than the comparable prior year period. Additional crop premium associated with the CRS acquisition as well as new business opportunities, a favorable rate environment and strong account retentions in our commercial auto and ocean marine businesses were the primary drivers of the increase in premiums. Overall renewal rates in this group increased approximately 9% on average in the first quarter of 2024, an increase of about 2 points from the previous quarter.

The Specialty Casualty Group reported an underwriting profit of $74 million in the first quarter of 2024 compared to $88 million in the comparable 2023 period. Higher year-over-year underwriting profit in our workers’ compensation businesses was more than offset by lower underwriting profit in our excess and surplus lines and excess liability businesses and loss activity within a few accounts in our social services business. Catastrophe losses for this group were $16 million in the first quarter of 2024 compared to $3 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a strong 89.8% calendar year combined ratio in the first quarter of 2024, 2.3 points higher than the 87.5% reported in the comparable period in 2023.

First quarter 2024 gross and net written premiums increased 3% and 4%, respectively, when compared to the same prior year period. While most of the businesses in this group reported premium growth during the first quarter, the higher year-over-year premiums resulted primarily from growth in our excess & surplus lines and excess liability businesses as a result of rate increases and new business opportunities. Higher rates, strong account retention and new business opportunities in several of our targeted markets businesses contributed to the year-over-year growth to a lesser extent. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 8%; overall renewal rates in this group were up about 5% in the first quarter of 2024, with both measures up about 1% from renewal pricing in the previous quarter.

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The Specialty Financial Group reported an underwriting profit of $33 million in the first quarter of 2024, compared to $26 million in the comparable 2023 period. The increase was primarily the result of higher underwriting profit in our financial institutions business. Catastrophe losses for this group were $8 million in the first quarter of 2024 compared to $4 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported an 86.3% combined ratio for the first quarter of 2024, an improvement of 0.2 points from the comparable period in 2023.

Gross and net written premiums increased by 26% and 27%, respectively, in the 2024 first quarter when compared to the same 2023 period. While most businesses in this group reported year-over-year growth, our financial institutions business was the primary driver of the higher premiums. Renewal pricing in this group was up approximately 7% in the first quarter, about 2 points lower than the previous quarter.

Carl Lindner III stated, “The year is off to a great start. Our specialty P&C businesses produced very good underwriting margins, pricing remains strong and we continue to find opportunities to grow our Specialty P&C businesses through increasing exposures and new opportunities. Nearly all the businesses in our diversified Specialty P&C portfolio met or exceeded our targeted returns.”

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

Investments

Net Investment Income – For the quarter ended March 31, 2024, property and casualty net investment income was approximately 1% lower than the comparable 2023 period. Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2024, increased 16% year-over-year as a result of the impact of higher interest rates and higher balances of invested assets. The annualized return on alternative investments was approximately 9.0% for the 2024 first quarter compared to 14.2% for the prior year quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments, and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2023, was approximately 13%.

Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2024 net realized gains of $11 million ($0.13 per share) after tax, which included $15 million ($0.18 per share) in after-tax net gains to adjust equity securities that the Company continued to own at March 31, 2024, to fair value. By comparison, AFG recorded first quarter 2023 net realized losses of $37 million ($0.42 per share loss) after tax.

After-tax unrealized losses related to fixed maturities were $300 million at March 31, 2024. Our portfolio continues to be high quality, with 94% of our fixed maturity portfolio rated investment grade and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

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

About American Financial Group, Inc.

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

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Forward Looking Statements

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

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

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 2024 first quarter results at 11:30 a.m. (ET) tomorrow, Thursday, May 2, 2024. There are two ways to access the call.

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

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

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

Contact:

Diane P. Weidner, IRC

Vice President – Investor & Media 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.

AFG2024-11

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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 March 31,
	2024		2023
Revenues
P&C insurance net earned premiums	$	1,546	$	1,437
Net investment income		198		217
Realized gains (losses) on securities		14		(46	)
Income of managed investment entities:
Investment income		99		104
Gain (loss) on change in fair value of assets/liabilities		10		(4	)
Other income		39		32
Total revenues		1,906		1,740
Costs and expenses
P&C insurance losses & expenses		1,415		1,293
Interest charges on borrowed money		19		19
Expenses of managed investment entities		92		95
Other expenses		76		69
Total costs and expenses		1,602		1,476
Earnings before income taxes		304		264
Provision for income taxes		62		52
Net earnings	$	242	$	212
Diluted earnings per common share	$	2.89	$	2.49
Average number of diluted shares		83.8		85.4

Selected Balance Sheet Data:	March 31, 2024	December 31, 2023
Total cash and investments	$ 15,254	$	15,263
Long-term debt	$ 1,475	$	1,475
Shareholders’ equity(b)	$ 4,240	$	4,258
Shareholders’ equity (excluding AOCI)	$ 4,555	$	4,577
Book value per share(b)	$ 50.57	$	50.91
Book value per share (excluding AOCI)	$ 54.32	$	54.72
Common Shares Outstanding	83.9		83.6

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

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

	Three months ended March 31,						Pct. Change
	2024			2023
Gross written premiums	$	2,336		$	2,155			8	%
Net written premiums	$	1,634		$	1,519			8	%
Ratios (GAAP):
Loss & LAE ratio		58.6	%		57.0	%
Underwriting expense ratio		31.5	%		32.2	%
Specialty Combined Ratio		90.1	%		89.2	%
Combined Ratio – P&C Segment		90.1	%		89.3	%
Supplemental Information:(c)
Gross Written Premiums:
Property & Transportation	$	959		$	872			10	%
Specialty Casualty		1,097			1,061			3	%
Specialty Financial		280			222			26	%
	$	2,336		$	2,155			8	%
Net Written Premiums:
Property & Transportation	$	591		$	552			7	%
Specialty Casualty		751			722			4	%
Specialty Financial		234			184			27	%
Other		58			61			(5	%)
	$	1,634		$	1,519			8	%
Combined Ratio (GAAP):
Property & Transportation		89.0	%		91.0	%
Specialty Casualty		89.8	%		87.5	%
Specialty Financial		86.3	%		86.5	%
Aggregate Specialty Group		90.1	%		89.2	%
				Three months ended March 31,
				2024			2023
Reserve Development (Favorable)/Adverse:
Property & Transportation				$	(43	)	$	(37	)
Specialty Casualty					(17	)		(27	)
Specialty Financial					6			(3	)
Other Specialty					3			3
Specialty Group					(51	)		(64	)
Other					1			1
Total Reserve Development				$	(50	)	$	(63	)
Points on Combined Ratio:
Property & Transportation					(8.3	)		(7.8	)
Specialty Casualty					(2.3	)		(3.8	)
Specialty Financial					2.3			(1.4	)
Aggregate Specialty Group					(3.3	)		(4.5	)
Total P&C Segment					(3.2	)		(4.4	)

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

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AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

	Three months ended March 31,
	2024			2023
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	340		$	350
Interest and other corporate expenses		(50	)		(42	)
Core operating earnings before income taxes		290			308
Related income taxes		59			61
Core net operating earnings	$	231		$	247

b) Shareholders’ Equity at March 31, 2024, includes $315 million ($3.75 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to $319 million ($3.81 per share loss) in Accumulated Other Comprehensive Income (Loss) at December 31, 2023.

c) Supplemental Notes:

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

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

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

• Other includes an internal reinsurance facility.

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EX-99.2

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - First Quarter 2024 May 1, 2024 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 - First Quarter 2024 1 Section Page Table of Contents - Investor Supplement - First Quarter 2024....................................................................................................................... 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 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet........................................................................................................................................................................... 12 Book Value Per Share and Price / Book Summary......................................................................................................................................... 13 Capitalization................................................................................................................................................................................................... 14 Additional Supplemental Information............................................................................................................................................................... 15 Consolidated Investment Supplement Total Cash and Investments............................................................................................................................................................................ 16 Net Investment Income................................................................................................................................................................................... 17 Alternative Investments................................................................................................................................................................................... 18 Fixed Maturities - By Security Type - AFG Consolidated................................................................................................................................ 19 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2024............................................................................................... 20 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023............................................................................................. 21 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2024................................................................................... 22 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2023................................................................................. 23 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2024................................................................. 24 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023............................................................... 25 G. Real Estate-Related Investments 3/31/2024............................................................................................................................................. 26 H. Real Estate-Related Investments 12/31/2023........................................................................................................................................... 27 Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/2024 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Highlights Net earnings $ 242 $ 263 $ 177 $ 200 $ 212 $ 852 $ 898 Core net operating earnings 231 238 208 202 247 895 993 Total assets 30,001 29,787 30,825 29,048 28,481 29,787 28,831 Shareholders' equity, excluding AOCI (a) 4,555 4,577 4,551 4,504 4,392 4,577 4,595 Property and Casualty net written premiums 1,634 1,445 2,061 1,667 1,519 6,692 6,206 Per share data Diluted earnings per share $ 2.89 $ 3.13 $ 2.09 $ 2.34 $ 2.49 $ 10.05 $ 10.53 Core net operating earnings per share 2.76 2.84 2.45 2.38 2.89 10.56 11.63 Book value per share, excluding AOCI (a) 54.32 54.72 54.09 53.07 51.57 54.72 53.93 Dividends per common share 3.21 2.21 0.63 0.63 4.63 8.10 14.31 Financial ratios Annualized return on equity (b) 21.2% 23.0% 15.7% 17.9% 1 8.9% 18.8% 19.2% Annualized core operating return on equity (b) 20.2% 20.9% 18.3% 18.2% 2 2.0% 19.8% 21.2% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 58.6% 60.7% 66.7% 60.2% 5 7.0% 61.5% 59.6% Underwriting expense ratio 31.5% 27.0% 25.5% 31.7% 3 2.2% 28.8% 27.6% Combined ratio - Specialty 90.1% 87.7% 92.2% 91.9% 8 9.2% 90.3% 87.2% (a) A reconciliation to the GAAP measure is on page 13. (b) Excludes accumulated other comprehensive income. Page 3

American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Property and Casualty Insurance Underwriting profit $ 153 $ 211 $ 142 $ 124 $ 154 $ 631 $ 776 Net investment income 205 161 170 191 207 729 683 Other income (expense) (18) (15) (14) (16) (11) (56) (40) Property and Casualty Insurance operating earnings 340 357 298 299 350 1 ,304 1 ,419 Interest expense of parent holding companies (19) (19) (19) (19) (19) (76) (85) Other expense (31) (34) (22) (22) (23) (101) (86) Pretax core operating earnings 290 304 257 258 308 1 ,127 1 ,248 Income tax expense 59 66 49 56 61 232 255 Core net operating earnings 231 238 208 202 247 895 993 Non-core items, net of tax: Realized gains (losses) on securities 11 25 (15) (1) (37) (28) (92) Realized loss on subsidiaries - - (4) - - (4) - Special A&E charges - Former Railroad and Manufacturing operations - - (12) - - (12) - Gain (loss) on retirement of debt - - - (1) 2 1 (7) Other non-core items - - - - - - 4 Net earnings $ 242 $ 263 $ 177 $ 200 $ 212 $ 852 $ 898 Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Core net operating earnings $ 231 $ 238 $ 208 $ 202 $ 247 $ 895 $ 993 Net earnings $ 242 $ 263 $ 177 $ 200 $ 212 $ 852 $ 898 Average number of diluted shares 83.795 83.817 84.745 85.172 85.378 84.774 85.324 Diluted earnings per share: Core net operating earnings per share $ 2.76 $ 2.84 $ 2.45 $ 2.38 $ 2.89 $ 10.56 $ 11.63 Realized gains (losses) on securities 0.13 0.29 (0.17) (0.02) (0.42) (0.33) (1.06) Realized loss on subsidiaries - - (0.04) - - (0.04) - Special A&E charges - Former Railroad and Manufacturing operations - - (0.15) - - (0.15) - Gain (loss) on retirement of debt - - - (0.02) 0.02 0.01 (0.09) Other non-core items - - - - - - 0.05 Diluted earnings per share $ 2.89 $ 3.13 $ 2.09 $ 2.34 $ 2.49 $ 10.05 $ 10.53 Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Property and Transportation $ 56 $ 67 $ 42 $ 32 $ 43 $ 184 $ 208 Specialty Casualty 74 114 78 95 88 375 500 Specialty Financial 33 45 29 10 26 110 114 Other Specialty (9) (14) (6) (14) (2) (36) (42) Underwriting profit - Specialty 154 212 143 123 155 633 780 Other core charges, included in loss and LAE (1) (1) (1) 1 (1) (2) (4) Underwriting profit - Property and Casualty Insurance $ 153 $ 211 $ 142 $ 124 $ 154 $ 631 $ 776 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 1 $ - $ 2 $ - $ 3 $ 5 Catastrophe losses 34 24 56 51 31 162 88 Total current accident year catastrophe losses $ 35 $ 25 $ 56 $ 53 $ 31 $ 165 $ 93 Prior year loss reserve development (favorable) / adverse $ (50) $ (56) $ (43) $ (62) $ (63) $ (224) $ (285) Combined ratio: Property and Transportation 89.0% 90.3% 94.8% 94.2% 91.0% 92.8% 91.7% Specialty Casualty 89.8% 84.6% 89.4% 86.6% 87.5% 87.0% 81.2% Specialty Financial 86.3% 81.3% 87.6% 95.0% 86.5% 87.3% 83.7% Other Specialty 116.9% 118.9% 109.8% 122.2% 103.5% 113.9% 117.1% Combined ratio - Specialty 90.1% 87.7% 92.2% 91.9% 89.2% 90.3% 87.2% Other core charges 0.0% 0.1% 0.1% (0.2%) 0.1% 0.1% 0.1% Combined ratio 90.1% 87.8% 92.3% 91.7% 89.3% 90.4% 87.3% P&C combined ratio excl. catastrophe losses and prior year reserve development 91.1% 89.6% 91.5% 92.4% 91.5% 91.2% 90.4% Loss and LAE components: Current accident year, excluding catastrophe losses 59.6% 62.6% 66.0% 60.7% 59.3% 62.4% 62.8% Prior accident year loss reserve development (3.2%) (3.2%) (2.3%) (4.2%) ( 4.4%) (3.4%) (4.7%) Current accident year catastrophe losses 2.2% 1.4% 3.1% 3.5% 2.2% 2.6% 1.6% Loss and LAE ratio 58.6% 60.8% 66.8% 60.0% 57.1% 61.6% 59.7% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Gross written premiums $ 2,336 $ 1,992 $ 3,140 $ 2,369 $ 2,155 $ 9,656 $ 9,057 Ceded reinsurance premiums ( 702) ( 547) ( 1,079) ( 702) (636) (2,964) (2,851) Net written premiums 1,634 1,445 2,061 1,667 1,519 6,692 6,206 Change in unearned premiums ( 88) 287 ( 206) ( 160) (82) (161) (121) Net earned premiums 1,546 1,732 1,855 1,507 1,437 6,531 6,085 Loss and LAE 906 1,052 1,238 906 819 4,015 3,625 Underwriting expense 486 468 474 478 463 1,883 1,680 Underwriting profit $ 154 $ 212 $ 143 $ 123 $ 155 $ 633 $ 780 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 1 $ - $ 2 $ - $ 3 $ 5 Catastrophe losses 34 24 56 51 31 162 88 Total current accident year catastrophe losses $ 35 $ 25 $ 56 $ 53 $ 31 $ 165 $ 93 Prior year loss reserve development (favorable) / adverse $ ( 51) $ ( 57) $ ( 44) $ ( 61) $ (64) $ (226) $ (289) Combined ratio: Loss and LAE ratio 5 8.6% 6 0.7% 6 6.7% 6 0.2% 57.0% 61.5% 59.6% Underwriting expense ratio 3 1.5% 2 7.0% 2 5.5% 3 1.7% 32.2% 28.8% 27.6% Combined ratio 9 0.1% 8 7.7% 9 2.2% 9 1.9% 89.2% 90.3% 87.2% Specialty combined ratio excl. catastrophe losses and prior year reserve development 9 1.1% 8 9.6% 9 1.5% 9 2.4% 91.5% 91.2% 90.4% Loss and LAE components: Current accident year, excluding catastrophe losses 5 9.6% 6 2.6% 6 6.0% 6 0.7% 59.3% 62.4% 62.8% Prior accident year loss reserve development (3.3%) (3.3%) (2.3%) (4.0%) (4.5%) (3.4%) (4.7%) Current accident year catastrophe losses 2 .3% 1 .4% 3 .0% 3 .5% 2.2% 2.5% 1.5% Loss and LAE ratio 5 8.6% 6 0.7% 6 6.7% 6 0.2% 57.0% 61.5% 59.6% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Gross written premiums $ 959 $ 623 $ 1,592 $ 1,059 $ 872 $ 4,146 $ 4,060 Ceded reinsurance premiums ( 368) ( 197) ( 687) ( 391) ( 320) (1,595) (1,545) Net written premiums 591 426 905 668 552 2,551 2,515 Change in unearned premiums ( 78) 256 ( 77) ( 134) ( 77) (32) (28) Net earned premiums 513 682 828 534 475 2,519 2,487 Loss and LAE 304 470 636 346 289 1,741 1,735 Underwriting expense 153 145 150 156 143 594 544 Underwriting profit $ 56 $ 67 $ 42 $ 32 $ 43 $ 184 $ 208 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ 2 $ - $ - $ - $ 2 $ 3 Catastrophe losses 8 3 14 15 19 51 42 Total current accident year catastrophe losses $ 8 $ 5 $ 14 $ 15 $ 19 $ 53 $ 45 Prior year loss reserve development (favorable) / adverse $ ( 43) $ ( 12) $ ( 14) $ ( 21) $ ( 37) $ (84) $ (92) Combined ratio: Loss and LAE ratio 5 9.2% 6 9.0% 7 6.8% 6 4.8% 6 0.9% 69.2% 69.8% Underwriting expense ratio 2 9.8% 2 1.3% 1 8.0% 2 9.4% 3 0.1% 23.6% 21.9% Combined ratio 8 9.0% 9 0.3% 9 4.8% 9 4.2% 9 1.0% 92.8% 91.7% Combined ratio excl. catastrophe losses and prior year reserve development 9 5.6% 9 1.5% 9 4.8% 9 5.1% 9 4.8% 94.1% 93.5% Loss and LAE components: Current accident year, excluding catastrophe losses 6 5.8% 7 0.2% 7 6.8% 6 5.7% 6 4.7% 70.5% 71.6% Prior accident year loss reserve development (8.3%) (1.8%) (1.7%) (3.8%) (7.8%) ( 3.3%) ( 3.7%) Current accident year catastrophe losses 1 .7% 0 .6% 1 .7% 2 .9% 4 .0% 2.0% 1.9% Loss and LAE ratio 5 9.2% 6 9.0% 7 6.8% 6 4.8% 6 0.9% 69.2% 69.8% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Gross written premiums $ 1,097 $ 1,069 $ 1,226 $ 1,012 $ 1 ,061 $ 4 ,368 $ 4 ,115 Ceded reinsurance premiums ( 346) ( 369) ( 397) ( 319) (339) (1,424) (1,387) Net written premiums 751 700 829 693 722 2 ,944 2 ,728 Change in unearned premiums ( 21) 37 ( 95) 18 (18) (58) (69) Net earned premiums 730 737 734 711 704 2 ,886 2 ,659 Loss and LAE 457 438 463 421 417 1 ,739 1 ,453 Underwriting expense 199 185 193 195 199 772 706 Underwriting profit $ 74 $ 114 $ 78 $ 95 $ 88 $ 375 $ 500 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ ( 1) $ - $ 2 $ - $ 1 $ - Catastrophe losses 15 9 17 6 3 35 11 Total current accident year catastrophe losses $ 16 $ 8 $ 17 $ 8 $ 3 $ 36 $ 11 Prior year loss reserve development (favorable) / adverse $ ( 17) $ ( 37) $ ( 22) $ ( 24) $ (27) $ (110) $ (190) Combined ratio: Loss and LAE ratio 6 2.5% 5 9.6% 6 3.1% 5 9.2% 59.2% 60.3% 54.7% Underwriting expense ratio 2 7.3% 2 5.0% 2 6.3% 2 7.4% 28.3% 26.7% 26.5% Combined ratio 8 9.8% 8 4.6% 8 9.4% 8 6.6% 87.5% 87.0% 81.2% Combined ratio excl. catastrophe losses and prior year reserve development 8 9.9% 8 8.5% 9 0.0% 8 9.0% 90.9% 89.6% 87.9% Loss and LAE components: Current accident year, excluding catastrophe losses 6 2.6% 6 3.5% 6 3.7% 6 1.6% 62.6% 62.9% 61.4% Prior accident year loss reserve development (2.3%) (5.0%) (2.9%) (3.4%) (3.8%) (3.8%) (7.2%) Current accident year catastrophe losses 2 .2% 1 .1% 2 .3% 1 .0% 0.4% 1.2% 0.5% Loss and LAE ratio 6 2.5% 5 9.6% 6 3.1% 5 9.2% 59.2% 60.3% 54.7% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Gross written premiums $ 280 $ 300 $ 322 $ 298 $ 222 $ 1,142 $ 882 Ceded reinsurance premiums ( 46) ( 50) ( 61) ( 58) ( 38) ( 207) ( 171) Net written premiums 234 250 261 240 184 935 711 Change in unearned premiums 9 ( 6) ( 29) ( 45) 12 ( 68) ( 13) Net earned premiums 243 244 232 195 196 867 698 Loss and LAE 98 85 93 79 71 328 238 Underwriting expense 112 114 110 106 99 429 346 Underwriting profit $ 33 $ 45 $ 29 $ 10 $ 26 $ 110 $ 114 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ 3 Catastrophe losses 8 4 22 19 4 49 33 Total current accident year catastrophe losses $ 8 $ 4 $ 22 $ 19 $ 4 $ 49 $ 36 Prior year loss reserve development (favorable) / adverse $ 6 $ ( 8) $ ( 10) $ ( 11) $ ( 3) $ ( 32) $ ( 47) Combined ratio: Loss and LAE ratio 4 0.2% 3 4.8% 3 9.8% 4 0.9% 3 6.0% 3 7.8% 3 4.1% Underwriting expense ratio 4 6.1% 4 6.5% 4 7.8% 5 4.1% 5 0.5% 4 9.5% 4 9.6% Combined ratio 8 6.3% 8 1.3% 8 7.6% 9 5.0% 8 6.5% 8 7.3% 8 3.7% Combined ratio excl. catastrophe losses and prior year reserve development 8 0.9% 8 2.7% 8 2.5% 9 1.1% 8 5.7% 8 5.3% 8 5.6% Loss and LAE components: Current accident year, excluding catastrophe losses 3 4.8% 3 6.2% 3 4.7% 3 7.0% 3 5.2% 3 5.8% 3 6.0% Prior accident year loss reserve development 2 .3% (3.4%) (4.2%) (5.7%) (1.4%) (3.7%) (6.8%) Current accident year catastrophe losses 3 .1% 2 .0% 9 .3% 9 .6% 2 .2% 5 .7% 4 .9% Loss and LAE ratio 4 0.2% 3 4.8% 3 9.8% 4 0.9% 3 6.0% 3 7.8% 3 4.1% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 58 69 66 66 61 262 252 Net written premiums 58 69 66 66 61 262 252 Change in unearned premiums 2 - ( 5) 1 1 ( 3) ( 11) Net earned premiums 60 69 61 67 62 259 241 Loss and LAE 47 59 46 60 42 207 199 Underwriting expense 22 24 21 21 22 88 84 Underwriting profit (loss) $ ( 9) $ ( 14) $ ( 6) $ ( 14) $ ( 2) $ ( 36) $ ( 42) Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ ( 1) Catastrophe losses 3 8 3 11 5 27 2 Total current accident year catastrophe losses $ 3 $ 8 $ 3 $ 11 $ 5 $ 27 $ 1 Prior year loss reserve development (favorable) / adverse $ 3 $ - $ 2 $ ( 5) $ 3 $ - $ 40 Combined ratio: Loss and LAE ratio 7 9.2% 8 2.8% 7 6.2% 9 1.1% 6 9.0% 8 0.0% 8 2.4% Underwriting expense ratio 3 7.7% 3 6.1% 3 3.6% 3 1.1% 3 4.5% 3 3.9% 3 4.7% Combined ratio 1 16.9% 1 18.9% 1 09.8% 1 22.2% 1 03.5% 1 13.9% 1 17.1% Combined ratio excl. catastrophe losses and prior year reserve development 1 06.8% 1 07.3% 1 01.2% 1 11.7% 9 2.0% 1 03.3% 1 00.1% Loss and LAE components: Current accident year, excluding catastrophe losses 6 9.1% 7 1.2% 6 7.6% 8 0.6% 5 7.5% 6 9.4% 6 5.4% Prior accident year loss reserve development 4 .8% 0 .9% 3 .7% (7.5%) 4 .0% 0 .2% 1 6.5% Current accident year catastrophe losses 5 .3% 1 0.7% 4 .9% 1 8.0% 7 .5% 1 0.4% 0 .5% Loss and LAE ratio 7 9.2% 8 2.8% 7 6.2% 9 1.1% 6 9.0% 8 0.0% 8 2.4% Page 11

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 Assets: Total cash and investments $ 15,254 $ 15,263 $ 14,794 $ 14,489 $ 14,451 $ 14,512 Recoverables from reinsurers 4,510 4,477 4,421 3,852 3, 838 3,977 Prepaid reinsurance premiums 1,078 961 1,223 1,112 1, 021 917 Agents' balances and premiums receivable 1,606 1,471 2,088 1,796 1, 459 1,339 Deferred policy acquisition costs 309 309 324 316 285 288 Assets of managed investment entities 4,669 4,484 4,871 5,235 5, 391 5,447 Other receivables 958 1,171 1,377 721 637 886 Other assets 1,312 1,346 1,422 1,281 1, 153 1,219 Goodwill 305 305 305 246 246 246 Total assets $ 30,001 $ 29,787 $ 30,825 $ 29,048 $ 28,481 $ 28,831 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 13,050 $ 13,087 $ 12,891 $ 11,925 $ 11,761 $ 11,974 Unearned premiums 3,650 3,451 3,997 3,686 3, 435 3,246 Payable to reinsurers 1,078 1,186 1,398 1,038 911 1,035 Liabilities of managed investment entities 4,468 4,307 4,728 5,098 5, 258 5,332 Long-term debt 1,475 1,475 1,474 1,474 1, 478 1,496 Other liabilities 2,040 2,023 2,356 1,834 1, 697 1,696 Total liabilities $ 25,761 $ 25,529 $ 26,844 $ 25,055 $ 24,540 $ 24,779 Shareholders' equity: Common stock $ 84 $ 84 $ 84 $ 85 $ 85 $ 85 Capital surplus 1,382 1,372 1,372 1,377 1, 374 1,368 Retained earnings 3,089 3,121 3,095 3,042 2, 933 3,142 Unrealized gains (losses) - fixed maturities (278) (287) (521) (464) (413) (497) Unrealized gains (losses) - fixed maturity-related cash flow hedges (22) (17) (34) (33) (21) (29) Other comprehensive income (loss), net of tax (15) (15) (15) (14) (17) (17) Total shareholders' equity 4,240 4,258 3,981 3,993 3, 941 4,052 Total liabilities and equity $ 30,001 $ 29,787 $ 30,825 $ 29,048 $ 28,481 $ 28,831 Page 12

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 Shareholders' equity $ 4,240 $ 4,258 $ 3,981 $ 3,993 $ 3,941 $ 4,052 Accumulated other comprehensive income (loss) (3 15) (3 19) (5 70) (5 11) (451) (543) Shareholders' equity, excluding AOCI 4,555 4,577 4,551 4,504 4,392 4,595 Goodwill 305 305 305 246 246 246 208 213 217 102 105 108 Intangibles $ 4,042 $ 4,059 $ 4,029 $ 4,156 $ 4,041 $ 4,241 Tangible shareholders' equity, excluding AOCI Common shares outstanding 83.857 83.636 84.136 84.859 85.172 85.204 Book value per share: Book value per share $ 50.57 $ 50.91 $ 47.31 $ 47.06 $ 46.27 $ 47.56 Book value per share, excluding AOCI 54.32 54.72 54.09 53.07 51.57 53.93 Tangible, excluding AOCI 48.20 48.52 47.89 48.97 47.45 49.78 Market capitalization AFG's closing common share price $ 136.48 $ 118.89 $ 111.67 $ 118.75 $ 121.50 $ 137.28 Market capitalization $ 11,445 $ 9,943 $ 9,395 $ 10,077 $ 10,348 $ 11,697 Price / Book value per share, excluding AOCI 2.51 2.17 2.06 2.24 2.36 2.55 Page 13

American Financial Group, Inc. Capitalization ($ in millions) 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 AFG senior obligations $ 823 $ 823 $ 823 $ 823 $ 828 $ 846 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 823 $ 823 $ 823 $ 823 $ 828 $ 846 675 675 675 675 675 675 AFG subordinated debentures Total principal amount of long-term debt $ 1,498 $ 1,498 $ 1,498 $ 1,498 $ 1,503 $ 1,521 Shareholders' equity 4,240 4,258 3,981 3,993 3,941 4 ,052 (3 15) (3 19) (5 70) (5 11) (451) (543) Accumulated other comprehensive income (loss) Total capital, excluding AOCI $ 6,053 $ 6,075 $ 6,049 $ 6,002 $ 5,895 $ 6 ,116 Ratio of debt to total capital, excluding AOCI: Including subordinated debt 24.7% 24.7% 24.8% 25.0% 25.5% 2 4.9% Excluding subordinated debt 13.6% 13.5% 13.6% 13.7% 14.0% 1 3.8% Page 14

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Property and Casualty Insurance $ 989 $ 938 $ 805 $ 802 $ 881 $ 3,426 $ 3,082 Paid Losses (GAAP) 3/31/2024 12/31/23 9/30/23 6/30/23 3/31/23 12/31/22 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,780 $ 5,710 $ 5,786 $ 5,581 $ 5,392 $ 5,433 (1,225) (1,133) (1,235) (1,077) ( 1,000) ( 838) Parent and other subsidiaries $ 4,555 $ 4,577 $ 4,551 $ 4,504 $ 4,392 $ 4,595 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 946 $ 946 $ 887 $ 887 $ 887 $ 887 Page 15

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - March 31, 2024 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 878 $ 209 $ - $ 1,087 7% Fixed maturities - Available for sale 10,259 112 - 10,371 68% Fixed maturities - Trading 57 - - 57 0% Equity securities - Common stocks 629 - - 629 4% Equity securities - Perpetual preferred 411 - - 411 3% Investments accounted for using the equity method 1,846 2 - 1,848 12% Mortgage loans 722 - - 722 5% Real estate and other investments 235 93 (199) 129 1% Total cash and investments $ 15,037 $ 416 $ (199) $ 15,254 100% Carrying Value - December 31, 2023 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 940 $ 285 $ - $ 1,225 8% Fixed maturities - Available for sale 10,225 152 - 10,377 68% Fixed maturities - Trading 57 - - 57 0% Equity securities - common stocks 586 - - 586 4% Equity securities - perpetual preferred 432 - - 432 3% Investments accounted for using the equity method 1,812 2 - 1,814 12% Mortgage loans 643 - - 643 4% Real estate and other investments 211 93 (175) 129 1% Total cash and investments $ 14,906 $ 532 $ (175) $ 15,263 100% Page 16

American Financial Group, Inc. Net Investment Income ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 131 $ 131 $ 121 $ 117 $ 112 $ 481 $ 358 Equity securities 7 7 8 8 9 32 35 Other investments (a) 17 21 19 16 13 69 40 Gross investment income excluding alternative investments 155 159 148 141 134 582 433 Gross investment income from alternative investments (b) 56 5 25 55 78 163 265 Total gross investment income 211 164 173 196 212 745 698 Investment expenses (6) (3) (3) (5) ( 5) (16) (15) Total net investment income $ 205 $ 161 $ 170 $ 191 $ 207 $ 729 $ 683 Average cash and investments (c) $ 15,331 $ 15,227 $ 14,899 $ 14,498 $ 14,350 $ 14,753 $ 14,048 Average yield - fixed maturities before inv expenses (d) 4.93% 4.99% 4.68% 4.62% 4.40% 4. 67% 3. 63% Average yield - overall portfolio, net (d) 5.35% 4.23% 4.56% 5.27% 5.77% 4.94% 4.86% Average tax equivalent yield - overall portfolio, net (d) 5.42% 4.31% 4.63% 5.34% 5.83% 5. 01% 4. 96% AFG consolidated net investment income: Property & Casualty core $ 205 $ 161 $ 170 $ 191 $ 207 $ 729 $ 683 Parent & other 7 7 10 12 11 40 24 Consolidate CLOs (14) (9) (12) (5) ( 1) (27) 10 Total net investment income $ 198 $ 159 $ 168 $ 198 $ 217 $ 742 $ 717 Average cash and investments (c) $ 15,616 $ 15,540 $ 15,264 $ 15,025 $ 15,058 $ 15,254 $ 15,231 Average yield - overall portfolio, net (d) 5.07% 4.09% 4.40% 5.27% 5.76% 4.86% 4.71% Average yield - fixed maturities before inv expenses (d) 4.95% 5.01% 4.74% 4.67% 4.43% 4. 70% 3. 54% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Investment income on alternative investments is detailed on page 18. (c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (d) Average yield is calculated by dividing investment income for the period by the average balance. Page 17

American Financial Group, Inc. Alternative Investments ($ in millions) Three Months Ended Twelve Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 12/31/23 12/31/22 Property and Casualty Insurance: Net Investment Income Convertible fixed maturities MTM through investment income $ 1 $ (2) $ (11) $ 8 $ 4 $ (1 ) $ - Equity securities MTM through investment income (a) 16 1 7 14 16 38 8 Investments accounted for using the equity method (b) 25 (3) 17 28 57 99 267 AFG managed CLOs (eliminated in consolidation) 14 9 12 5 1 27 (1 0) Total Property & Casualty $ 56 $ 5 $ 25 $ 55 $ 78 $ 163 $ 265 Investments Convertible fixed maturities MTM through investment income $ 18 $ 17 $ 17 $ 28 $ 19 $ 17 $ - Equity securities MTM through investment income (a) 494 440 411 423 377 440 332 Investments accounted for using the equity method (b) 1,846 1,812 1,806 1,755 1,732 1,812 1,699 AFG managed CLOs (eliminated in consolidation) 199 175 143 136 132 175 115 Total Property & Casualty $ 2,557 $ 2,444 $ 2,377 $ 2,342 $ 2,260 $ 2,444 $ 2,146 Annualized Return - Property & Casualty 9.0% 0.8% 4.2% 9.6% 14.2% 7.0% 13.2% AFG Consolidated: Net Investment Income Convertible fixed maturities MTM through investment income $ 1 $ (2) $ (11) $ 8 $ 4 $ (1) $ - Equity securities MTM through investment income (a) 16 1 7 14 16 38 8 Investments accounted for using the equity method (b) 25 (3) 17 28 57 99 267 AFG managed CLOs (eliminated in consolidation) 14 9 12 5 1 27 (10) Total AFG Consolidated $ 56 $ 5 $ 25 $ 55 $ 78 $ 163 $ 265 Investments Convertible fixed maturities MTM through investment income $ 18 $ 17 $ 17 $ 28 $ 19 $ 17 $ - Equity securities MTM through investment income (a) 494 440 411 423 377 440 332 Investments accounted for using the equity method (b) 1,848 1,814 1,807 1,756 1,733 1,814 1,700 AFG managed CLOs (eliminated in consolidation) 199 175 143 136 132 175 115 Total AFG Consolidated $ 2,559 $ 2,446 $ 2,378 $ 2,343 $ 2,261 $ 2,446 $ 2,147 Annualized Return - AFG Consolidated 8.9% 0.8% 4.2% 9.6% 14.2% 7.0% 13.2% (a) AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as fair value through net investment income. (b) The majority of AFG's investments accounted for using the equity method mark their underlying assets to market through net income. Page 18

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment March 31, 2024 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 206 $ 199 $ (7) 2% 1% States, municipalities and political subdivisions 949 910 (39) 8% 6% Foreign government 293 288 (5) 3% 2% Residential mortgage-backed securities 1,805 1,674 (131) 16% 11% Commercial mortgage-backed securities 72 72 - 1% 0% Collateralized loan obligations 1,602 1,593 (9) 15% 10% Other asset-backed securities 2,463 2,374 (89) 23% 16% Corporate and other bonds 3,390 3,318 (72) 32% 22% Total AFG consolidated $ 10,780 $ 10,428 $ ( 352) 100% 68% Approximate duration - P&C 3.1 years Approximate duration - P&C including cash 2.9 years % of Unrealized % of Investment December 31, 2023 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 243 $ 236 $ (7) 2% 2% States, municipalities and political subdivisions 1,014 984 (30) 9% 6% Foreign government 288 282 (6) 3% 2% Residential mortgage-backed securities 1,787 1,658 ( 129) 16% 11% Commercial mortgage-backed securities 75 74 (1) 1% 0% Collateralized loan obligations 1,706 1,687 (19) 16% 11% Other asset-backed securities 2,472 2,362 ( 110) 23% 15% Corporate and other bonds 3,212 3,151 (61) 30% 21% Total AFG consolidated $ 10,797 $ 10,434 $ ( 363) 100% 68% Approximate duration - P&C 3.2 years Approximate duration - P&C including cash 2.9 years (a) Book Value is amortized cost, net of allowance for expected credit losses. Page 19

Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2024 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 358 $ 268 $ 1,433 $ 64 $ 1,454 $ 940 $ 22 $ 4,539 43% AA 199 500 9 95 7 128 246 162 1,346 13% A - 42 5 38 1 9 558 905 1,558 15% BBB - 8 6 9 - - 502 1,841 2,366 23% Subtotal - Investment grade 199 908 288 1,575 72 1,591 2,246 2,930 9,809 94% BB - - - 2 - - 7 191 200 2% B - - - 3 - - 2 73 78 1% CCC, CC, C - - - 30 - - 4 17 51 0% D - - - 2 - - - - 2 0% Subtotal - Non-Investment grade - - - 37 - - 13 281 331 3% Not Rated (b) - 2 - 62 - 2 115 107 288 3% Total $ 199 $ 910 $ 288 $ 1,674 $ 72 $ 1,593 $ 2,374 $ 3,318 $ 10,428 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 199 $ 896 $ 235 $ 1,608 $ 71 $ 1,538 $ 1,770 $ 1,125 $ 7,442 73% 2 - 8 - 7 - - 491 1,823 2,329 23% Subtotal 199 904 235 1,615 71 1,538 2,261 2,948 9,771 96% 3 - - - 1 - - 7 198 206 2% 4 - - - - - - 1 69 70 1% 5 - - - 6 - - 8 64 78 1% 6 - - - 2 - - - - 2 0% Subtotal - - - 9 - - 16 331 356 4% Total insurance companies $ 199 $ 904 $ 235 $ 1,624 $ 71 $ 1,538 $ 2,277 $ 3,279 $ 10,127 100% No NAIC designation (c) - - - - - 2 12 7 21 Non-Insurance and Foreign Companies (d) - 6 53 50 1 53 85 32 280 Total $ 199 $ 910 $ 288 $ 1,674 $ 72 $ 1,593 $ 2,374 $ 3,318 $ 10,428 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 86% are NAIC 1 and 10% do not have a designation. For Corp/Oth, 24% are NAIC 1, 22% NAIC 2, 43% NAIC 5 and 7% do not have a designation. For Total, 61% are NAIC 1, 9% NAIC 2, 19% NAIC 5 and 7% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 98% are investment grade rated. Page 20

Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 371 $ 261 $ 1,425 $ 63 $ 1,500 $ 961 $ 23 $ 4,604 44% AA 236 560 10 99 7 173 261 160 1,506 15% A - 44 5 26 1 13 542 839 1,470 14% BBB - 7 6 4 - - 474 1,740 2,231 21% Subtotal - Investment grade 236 982 282 1,554 71 1,686 2,238 2,762 9,811 94% BB - - - 2 3 - 7 195 207 2% B - - - 4 - - 2 67 73 1% CCC, CC, C - - - 29 - - 5 7 41 0% D - - - 4 - - - - 4 0% Subtotal - Non-Investment grade - - - 39 3 - 14 269 325 3% Not Rated (b) - 2 - 65 - 1 110 120 298 3% Total $ 236 $ 984 $ 282 $ 1,658 $ 74 $ 1,687 $ 2,362 $ 3,151 $ 10,434 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 236 $ 977 $ 230 $ 1,606 $ 71 $ 1,633 $ 1,799 $ 1,043 $ 7,595 74% 2 - 7 - 2 - - 474 1,769 2,252 22% Subtotal 236 984 230 1,608 71 1,633 2,273 2,812 9,847 96% 3 - - - 1 3 - 8 195 207 2% 4 - - - 1 - - 1 61 63 1% 5 - - - 3 - - 9 67 79 1% 6 - - - 5 - - - - 5 0% Subtotal - - - 10 3 - 18 323 354 4% Total insurance companies $ 236 $ 984 $ 230 $ 1,618 $ 74 $ 1,633 $ 2,291 $ 3,135 $ 10,201 100% No NAIC designation (c) - - - - - 1 9 11 21 Non-Insurance and Foreign Companies (d) - - 52 40 - 53 62 5 212 Total $ 236 $ 984 $ 282 $ 1,658 $ 74 $ 1,687 $ 2,362 $ 3,151 $ 10,434 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 87% are NAIC 1 and 8% do not have a designation. For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation. For Total, 58% are NAIC 1, 9% NAIC 2, 21% NAIC 5 and 7% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 98% are investment grade rated. Page 21

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2024 ($ in millions) Fair Value By Industry Asset Other Basic Capital Managers Banking Technology Insurance Consumer Financials Utilities REITs Autos Retailers Industry Goods Media Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ 11 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 11 $ 22 1% AA 5 - 16 43 39 28 5 - - 10 - - - 16 162 5% A 33 177 56 147 56 46 113 52 76 17 11 40 3 78 905 27% BBB 673 214 143 46 66 102 75 77 66 52 114 47 45 121 1, 841 55% Subtotal 711 391 226 236 161 176 193 129 142 79 125 87 48 226 2,930 88% BB 23 6 23 3 28 3 - - 5 40 14 2 28 16 191 6% B - 2 2 - 11 8 - - 4 27 - 4 - 15 73 2% CCC, CC, C - - 2 - - - - - - - - - - 15 17 1% D - - - - - - - - - - - - - - - 0% Subtotal 23 8 27 3 39 11 - - 9 67 14 6 28 46 281 9% Not Rated (b) - - 4 7 17 10 - 28 - - - 6 20 15 107 3% Total $ 734 $ 399 $ 257 $ 246 $ 217 $ 197 $ 193 $ 157 $ 151 $ 146 $ 139 $ 99 $ 96 $ 287 $ 3,318 100% Fair Value By Industry Asset Other Basic Capital NAIC designation Managers Banking Technology Insurance Consumer Financials Utilities REITs Autos Retailers Industry Goods Media Other Total % Total 1 $ 59 $ 174 $ 83 $ 188 $ 104 $ 82 $ 117 $ 60 $ 76 $ 27 $ 11 $ 40 $ 3 $ 101 $ 1, 125 34% 2 650 213 139 44 70 102 74 90 65 50 110 46 44 126 1, 823 56% Subtotal 709 387 222 232 174 184 191 150 141 77 121 86 47 227 2, 948 90% 3 23 6 24 3 33 5 - - 5 41 13 2 28 15 198 6% 4 - 2 1 - 6 8 - - 4 27 - 4 - 17 69 2% 5 - - 6 - 2 - - 7 - - 1 6 20 22 64 2% 6 - - - - - - - - - - - - - - - 0% Subtotal 23 8 31 3 41 13 - 7 9 68 14 12 48 54 331 10% Total insurance companies $ 732 $ 395 $ 253 $ 235 $ 215 $ 197 $ 191 $ 157 $ 150 $ 145 $ 135 $ 98 $ 95 $ 281 $ 3,279 100% No NAIC designation (c) - - - 7 - - - - - - - - - - 7 Non-Insurance and Foreign Companies 2 4 4 4 2 - 2 - 1 1 4 1 1 6 32 Total $ 734 $ 399 $ 257 $ 246 $ 217 $ 197 $ 193 $ 157 $ 151 $ 146 $ 139 $ 99 $ 96 $ 287 $ 3,318 (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) 24% of not rated securities are NAIC 1, 22% NAIC 2, 43% NAIC 5 and 7% do not have a designation. Page 22

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2023 ($ in millions) Fair Value By Industry Asset Other Basic Capital Managers Banking Technology Insurance Consumer Financials Utilities Autos REITs Retailers Industry Media Goods Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ 11 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 12 $ 23 1% AA 5 - 18 43 39 29 5 - - 10 - - - 11 160 5% A 33 190 57 151 44 45 86 61 47 18 11 3 35 58 839 27% BBB 579 210 151 41 69 101 72 79 68 51 110 45 40 124 1, 740 55% Subtotal 617 400 237 235 152 175 163 140 115 79 121 48 75 205 2,762 88% BB 23 2 24 3 27 5 - 5 - 40 15 35 1 15 195 6% B - - 2 - 10 8 - 4 - 24 - - 4 15 67 2% CCC, CC, C - - 2 - - - - - - - - - - 5 7 0% D - - - - - - - - - - - - - - - 0% Subtotal 23 2 28 3 37 13 - 9 - 64 15 35 5 35 269 8% Not Rated (b) - - 4 11 18 10 - - 28 - - 20 6 23 120 4% Total $ 640 $ 402 $ 269 $ 249 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 263 $ 3,151 100% Fair Value By Industry Asset Other Basic Capital NAIC designation Managers Banking Technology Insurance Consumer Financials Utilities Autos REITs Retailers Industry Media Goods Other Total % Total 1 $ 38 $ 190 $ 86 $ 194 $ 92 $ 82 $ 92 $ 61 $ 55 $ 28 $ 11 $ 3 $ 35 $ 76 $ 1,043 33% 2 579 210 151 41 75 102 71 84 81 51 110 45 40 129 1, 769 57% Subtotal 617 400 237 235 167 184 163 145 136 79 121 48 75 205 2, 812 90% 3 23 2 23 3 32 6 - - - 40 14 35 2 15 195 6% 4 - - 1 - 4 8 - 4 - 24 - - 4 16 61 2% 5 - - 8 - 4 - - - 7 - 1 20 5 22 67 2% 6 - - - - - - - - - - - - - - - 0% Subtotal 23 2 32 3 40 14 - 4 7 64 15 55 11 53 323 10% Total insurance companies $ 640 $ 402 $ 269 $ 238 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 258 $ 3,135 100% No NAIC designation (c) - - - 11 - - - - - - - - - - 11 Non-Insurance and Foreign Companies - - - - - - - - - - - - - 5 5 Total $ 640 $ 402 $ 269 $ 249 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 263 $ 3,151 (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) 21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation. (c) Surplus notes that are classified as other invested assets for STAT. Page 23

Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2024 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Secured Family Triple Net Credit Rating (a) Business Real Estate Financing (c) Rental TruPS Railcar Lease Aircraft Auto Other Total % Total Investment Grade AAA $ - $ 366 $ 25 $ 197 $ 40 $ - $ 150 $ - $ 69 $ 93 $ 940 40% AA 55 6 20 - 136 - 2 5 - 22 246 10% A 10 - 78 - 19 179 24 57 - 191 558 24% BBB 391 - 1 - - 6 - 27 - 77 502 21% Subtotal 456 372 124 197 195 185 176 89 69 383 2,246 95% BB - - 1 - - - - 6 - - 7 0% B - - 1 - - - - 1 - - 2 0% CCC, CC, C - - - - - - - 4 - - 4 0% D - - - - - - - - - - - 0% Subtotal - - 2 - - - - 11 - - 13 0% Not Rated (b) - - 97 - - - - 3 - 15 115 5% Total $ 456 $ 372 $ 223 $ 197 $ 195 $ 185 $ 176 $ 103 $ 69 $ 398 $ 2,374 100% Fair Value By Collateral Type Commercial Single Whole Real Estate Secured Family Triple Net Business ABS Financing (b) Rental TruPS Railcar Lease Aircraft Auto Other Total % Total NAIC designation 1 $ 65 $ 322 $ 220 $ 191 $ 192 $ 176 $ 172 $ 59 $ 67 $ 306 $ 1,770 78% 2 381 - 1 - - 6 - 26 - 77 491 22% Subtotal 446 322 221 191 192 182 172 85 67 383 2,261 100% 3 - - 2 - - - - 5 - - 7 0% 4 - - - - - - - 1 - - 1 0% 5 - - - - - - - 8 - - 8 0% 6 - - - - - - - - - - - 0% Subtotal - - 2 - - - - 14 - - 16 0% Total insurance companies $ 446 $ 322 $ 223 $ 191 $ 192 $ 182 $ 172 $ 99 $ 67 $ 383 $ 2,277 100% No NAIC designation - - - - - - - - - 12 12 Non-Insurance and Foreign Companies 10 50 - 6 3 3 4 4 2 3 85 Total $ 456 $ 372 $ 223 $ 197 $ 195 $ 185 $ 176 $ 103 $ 69 $ 398 $ 2,374 (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) 86% of not rated securities are NAIC 1 and 10% do not have a designation. (c) Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans. Page 24

Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Secured Family Triple Net Credit Rating (a) Business Real Estate Financing (c) TruPS Rental Lease Railcar Aircraft Auto Other Total % Total Investment Grade AAA $ - $ 385 $ 24 $ 46 $ 191 $ 157 $ - $ - $ 67 $ 91 $ 961 41% AA 55 6 20 140 1 2 - 5 14 18 261 11% A 10 - 75 16 - 24 168 54 - 195 542 23% BBB 366 - 1 - - - 6 30 - 71 474 20% Subtotal 431 391 120 202 192 183 174 89 81 375 2,238 95% BB - - 1 - - - - 6 - - 7 0% B - - 1 - - - - 1 - - 2 0% CCC, CC, C - - - - - - - 5 - - 5 0% D - - - - - - - - - - - 0% Subtotal - - 2 - - - - 12 - - 14 0% Not Rated (b) - - 96 - - - - 5 - 9 110 5% Total $ 431 $ 391 $ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 384 $ 2,362 100% Fair Value By Collateral Type Commercial Single Whole Real Estate Secured Family Triple Net Business ABS Financing (c) TruPS Rental Lease Railcar Aircraft Auto Other Total % Total NAIC designation 1 $ 65 $ 331 $ 215 $ 202 $ 192 $ 183 $ 167 $ 60 $ 81 $ 303 $ 1 ,799 79% 2 366 - 1 - - - 7 30 - 70 474 21% Subtotal 431 331 216 202 192 183 174 90 81 373 2,273 100% 3 - - 2 - - - - 6 - - 8 0% 4 - - - - - - - 1 - - 1 0% 5 - - - - - - - 9 - - 9 0% 6 - - - - - - - - - - - 0% Subtotal - - 2 - - - - 16 - - 18 0% Total insurance companies $ 431 $ 331 $ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 373 $ 2,291 100% No NAIC designation - - - - - - - - - 9 9 Non-Insurance and Foreign Companies - 60 - - - - - - - 2 62 Total $ 431 $ 391 $ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 384 $ 2,362 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 87% of not rated securities are NAIC 1 and 8% do not have a designation. (c) Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans. Page 25

Appendix G American Financial Group, Inc. Real Estate-Related Investments 3/31/2024 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,190 91% 94% 97% Fund Investments 59 5% - - QOZ Fund - Development 29 2% - - Office 16 1% 90% 100% Hospitality 10 1% - - Land Development 5 - - - Total $ 1,309 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 50 52% $ - Marina 35 36% - Office Building 10 10% - Land 2 2% - Total $ 97 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 549 76% 66% Hospitality 124 17% 50% Office 49 7% 98% Total $ 722 100% 65% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 3/31/24 (c) Collections for January - March Page 26

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2023 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,205 91% 94% 97% Fund Investments 59 5% - - QOZ Fund - Development 25 2% - - Office 16 1% 88% 100% Hospitality 10 1% - - Land Development 5 - - - Total $ 1,320 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 50 52% $ - Marina 36 37% - Office Building 9 9% - Land 2 2% - Total $ 97 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 462 72% 66% Hospitality 125 19% 49% Office 56 9% 89% Total $ 643 100% 65% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/23 (c) Collections for October - December Page 27

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Document and Entity Information	May 01, 2024
Document And Entity Information [Line Items]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Amendment Flag	false
Entity Central Index Key	0001042046
Document Type	8-K
Document Period End Date	May 01, 2024
Entity Incorporation State Country Code	OH
Entity File Number	1-13653
Entity Tax Identification Number	31-1544320
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
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