アメリカンファイナンシャルグループの適時開示・決算・その他

AMERICAN FINANCIAL GROUP, INC.

Date: August 5, 2026

/s/ Joseph C. Alter

Joseph C. Alter

Vice President

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio

1-13653

31-1544320

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


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

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

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

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

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

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

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


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

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

Emerging growth company ☐

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

Section 2 - Financial Information

Item 2.02

Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2026 and the availability of the Investor Supplement on the Company’s website. The press release was issued on August 4, 2026. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and both 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 August 4, 2026, reporting American Financial Group Inc. results for the quarter ended June 30, 2026.

99.2		Investor Supplement – Second Quarter 2026

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

SIGNATURES

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

EX-99.1 2 d124182dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces Second Quarter Results

•

Net earnings per share of $2.99; includes $0.17 per share income from non-core items

•

Second quarter core net operating earnings per share of $2.82

•

Record second quarter pretax P&C operating income of $350 million

•

Second quarter annualized ROE of 20.3%; core operating ROE of 19.2%

•

Second quarter growth in net written premiums of 6%

•

Overall average renewal rate increases, excluding workers’ compensation, of approximately 5%

CINCINNATI – August 4, 2026 – American Financial Group, Inc. (NYSE: AFG) today reported 2026 second quarter net earnings of $248 million ($2.99 per share) compared to $174 million ($2.07 per share) for the 2025 second quarter. Net earnings included after-tax non-core gains of $14 million ($0.17 per share). By comparison, net earnings for the 2025 second quarter included after-tax non-core losses of $5 million ($0.07 per share loss). Annualized return on equity was 20.3% and 15.0% for the second quarters of 2026 and 2025, 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 $234 million ($2.82 per share) for the 2026 second quarter, compared to $179 million ($2.14 per share) in the 2025 second quarter. The year-over-year increase reflects higher underwriting profit and higher returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 second quarters may be found in the table below. Core net operating earnings for the second quarters of 2026 and 2025 generated annualized returns on equity of 19.2% and 15.5%, respectively, which is calculated excluding AOCI.


	Three months ended June 30,
Components of Pretax Core Operating Earnings	2026			2025			2026		2025		2026			2025
In millions, except per share amounts	Before Impact of						Alternative				Core Net Operating
	Alternative Investments						Investments				Earnings, as reported
P&C Pretax Core Operating Earnings	$	300		$	265		$	50	$	8	$	350		$	273
Other expenses		(26	)		(27	)		—		—		(26	)		(27	)
Holding company interest expense		(24	)		(19	)		—		—		(24	)		(19	)

Pretax Core Operating Earnings		250			219			50		8		300			227
Related provision for income taxes		56			46			10		2		66			48

Core Net Operating Earnings	$	194		$	173		$	40	$	6	$	234		$	179

Core Operating Earnings Per Share	$	2.34		$	2.07		$	0.48	$	0.07	$	2.82		$	2.14
Weighted Avg Diluted Shares Outstanding		83.0			83.5			83.0		83.5		83.0			83.5

AFG’s book value per share was $58.14 at June 30, 2026. AFG repurchased $26 million of its Common Stock (average price of $129.85 per share) and paid cash dividends of $0.88 per share during the second quarter. For the three and six months ended June 30, 2026, AFG’s growth in book value per share plus dividends was 4.8% and 6.3%, respectively.

Book value per share excluding AOCI was $59.85 at June 30, 2026. For the three and six months ended June 30, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 5.0% and 8.1%, respectively.

Page 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. 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 June 30,					Six months ended June 30,
	2026		2025			2026			2025
Components of net earnings:
Core operating earnings before income taxes	$	300	$	227		$	557		$	421
Pretax non-core items:
Realized gains (losses)		16		2			(2	)		5

Earnings before income taxes		316		229			555			426
Provision for income taxes:
Core operating earnings		66		48			117			90
Non-core items		2		7			(1	)		8

Total provision for income taxes		68		55			116			98

Net earnings	$	248	$	174		$	439		$	328

Net earnings:
Core net operating earnings^(a)	$	234	$	179		$	440		$	331
Non-core items:
Realized gains (losses)		14		2			(1	)		4
Other		—		(7	)		—			(7	)

Net earnings	$	248	$	174		$	439		$	328

Components of earnings per share:
Core net operating earnings^(a)	$	2.82	$	2.14		$	5.29		$	3.96
Non-core items:
Realized gains (losses)		0.17		0.02			(0.01	)		0.05
Other		—		(0.09	)		—			(0.09	)

Diluted net earnings per share	$	2.99	$	2.07		$	5.28		$	3.92

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

Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “AFG’s strong underwriting margins, healthy premium growth and higher P&C net investment income set a new second quarter record for pretax P&C operating income. This level of performance contributed to an annualized core operating return on equity of 19%. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy enable us to continue to create value for our shareholders.

Messrs. Lindner continued: “AFG continued to have significant excess capital at June 30, 2026. 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.”

Page 2

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a 91.5% combined ratio in the second quarter of 2026, an improvement of 1.6 points from the 93.1% reported in the second quarter of 2025. Second quarter 2026 results include 1.8 points related to catastrophe losses, compared to 2.3 points in the 2025 second quarter. Second quarter 2026 results benefited from 3.4 points of favorable prior year reserve development, compared to 0.7 points in the second quarter of 2025.

Underwriting profit was $144 million for the 2026 second quarter compared to $114 million for the 2025 second quarter. Higher year-over-year underwriting profit in our Property and Transportation Group was the driver of this increase.

Second quarter 2026 gross and net written premiums were up 7% and 6%, respectively, when compared to the second quarter of 2025. This quarterly increase highlights the benefit of diversification across our 36 businesses, particularly as some markets in the P&C industry have softened. We achieved year-over-year premium growth in each of our Specialty P&C Groups overall as a result of new business opportunities, a favorable renewal rate environment, and increased exposures – while maintaining discipline and focusing on underwriting profitability.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up 5% on average for the quarter, consistent with pricing increases achieved in the first quarter. Average renewal rates including workers’ compensation were up approximately 4% overall, about a point higher than the previous quarter. We believe we are achieving overall renewal rate increases that enable us to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of $57 million in the second quarter of 2026, compared to $27 million in the second quarter of 2025, reflecting higher underwriting profit in our transportation and agricultural businesses. Catastrophe losses in this group were $12 million in both the second quarters of 2026 and 2025. Overall, the businesses in the Property and Transportation Group achieved a 90.3% calendar year combined ratio in the second quarter, an improvement of 4.9 points from the comparable period in 2025.

Second quarter 2026 gross and net written premiums in this group were 8% and 5% higher, respectively, than the comparable prior year. The increase is primarily attributable to growth in crop insurance products with higher premium cessions, along with new business opportunities, higher exposures, and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 8% in the second quarter of 2026, two points higher than the pricing achieved in this group for the first quarter of 2026.

The Specialty Casualty Group reported underwriting profit of $45 million in the second quarter of 2026, compared to $49 million in the second quarter of 2025. Higher profitability in our general liability businesses focused on energy, construction and environmental risks, along with our excess and surplus and targeted markets businesses, was more than offset by lower profitability in our workers compensation and executive and professional liability businesses. Underwriting profitability in our workers’ compensation and professional liability businesses continues to be very strong. The businesses in the Specialty Casualty Group achieved a solid 94.5% calendar year combined ratio in the second quarter of 2026, 0.6 points higher than the 93.9% reported in the comparable period in 2025.

Second quarter 2026 gross and net written premiums in this group increased 5% and 6%, respectively, when compared to the same prior year period. New business opportunities, increased exposures and higher rates drove the year-over-year increase in many of our Specialty Casualty businesses. Excluding workers’ compensation, renewal pricing for this group was up approximately 4% in the second quarter. Pricing in this group, including workers’ compensation, was up about 2%.

Page 3

The Specialty Financial Group reported an underwriting profit of $42 million in the second quarter of 2026, compared to $38 million in the second quarter of 2025, due primarily to higher underwriting profitability in our financial institutions, fidelity / crime, and surety businesses. Catastrophe losses for this group were $10 million in the second quarter of 2026 compared to $19 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported a combined ratio of 85.6% for the second quarter of 2026, 0.5 points better than the 86.1% reported in the comparable period in 2025.

Second quarter 2026 gross and net written premiums were both up 10% in this group when compared to the prior year period, primarily due to growth in our financial institutions business. Renewal pricing in this group decreased less than 1% in the second quarter, reflecting the strong margins earned on these businesses overall.

Carl Lindner III stated, “I am very pleased with the 44% increase in underwriting profit in the first six months of the year, and happy to see our teams executing on opportunities to grow while achieving renewal rate increases that are helping us meet targeted returns. These results position us well as we enter the second half of the year.”

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 – Net investment income in our property and casualty insurance operations for the three months ended June 30, 2026 established a new second quarter record, increasing 23% year-over-year. The year-over-year increase was primarily attributable to higher yields on our portfolio of alternative investments. Property and casualty net investment income excluding the impact of alternative investments was flat when compared to the 2025 second quarter.

The annualized return on alternative investments was approximately 7.1% for the 2026 second quarter compared to 1.2% 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, 2025, was approximately 11%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

In April 2026, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the third quarter of 2026. AFG currently expects to recognize a pretax core operating gain of approximately $125 million on the sale. This transaction was not contemplated in AFG’s original business plan assumptions.

Non-Core Net Realized Gains (Losses) – AFG recorded second quarter 2026 net realized gains of $14 million ($0.17 per share) after tax, which included $10 million ($0.12 per share) in after-tax net gains to adjust equity securities that the Company continued to own at June 30, 2026, to fair value. By comparison, AFG recorded second quarter 2025 net realized gains of $2 million ($0.02 per share) after tax.

After-tax unrealized losses related to fixed maturities were $116 million at June 30, 2026. Our portfolio continues to be high quality, with 97% of our fixed maturity portfolio rated investment grade and 98% 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.

Page 4

About American Financial Group, Inc.

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

Forward Looking Statements

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

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; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.

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

Conference Call

The Company will hold a conference call to discuss 2026 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 5, 2026. Event registration and access provides 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.

Page 5

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

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

Contact:

Diane P. Weidner, IRC, CPA (inactive)

Vice President – Investor & Media Relations

513-369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

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

AFG2026-12

Page 6

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)


	Three months ended June 30,					Six months ended June 30,
	2026		2025			2026			2025
Revenues
Net earned premiums	$	1,694	$	1,647		$	3,303		$	3,227
Net investment income		221		184			408			357
Realized gains (losses) on securities		16		2			(2	)		5
Income of managed investment entities:
Investment income		69		68			136			144
Gain (loss) on change in fair value of assets/liabilities		1		(4	)		(19	)		(7	)
Other income		29		27			58			54

Total revenues		2,030		1,924			3,884			3,780
Costs and expenses
Losses & loss adjustment expenses		1,000		1,007			1,906			1,972
Commissions and other underwriting expenses		560		534			1,116			1,064
Interest charges on borrowed money		24		19			47			38
Expenses of managed investment entities		58		60			116			128
Other expenses		72		75			144			152

Total costs and expenses		1,714		1,695			3,329			3,354

Earnings before income taxes		316		229			555			426
Provision for income taxes		68		55			116			98

Net earnings	$	248	$	174		$	439		$	328

Diluted earnings per common share	$	2.99	$	2.07		$	5.28		$	3.92

Average number of diluted shares		83.0		83.5			83.1			83.7


Selected Balance Sheet Data:	June 30, 2026		December 31, 2025
Total Cash and investments	$	17,069	$	17,182
Long-term debt	$	1,821	$	1,820
Shareholders’ equity^(b)	$	4,821	$	4,820
Shareholders’ equity (excluding AOCI)	$	4,963	$	4,870
Book value per share^(b)	$	58.14	$	57.78
Book value per share (excluding AOCI)	$	59.85	$	58.38
Common Shares Outstanding		82.9		83.4

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

Page 7

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)


	Three months ended June 30,						Pct. Change			Six months ended June 30,						Pct. Change
	2026			2025						2026			2025
Gross written premiums	$	2,850		$	2,653			7	%	$	5,285		$	4,944			7	%

Net written premiums	$	1,915		$	1,803			6	%	$	3,579		$	3,414			5	%

Ratios (GAAP):
Loss & LAE ratio		58.9	%		61.1	%					57.6	%		61.1	%
Underwriting expense ratio		32.6	%		32.0	%					33.3	%		32.5	%

Specialty Combined Ratio		91.5	%		93.1	%					90.9	%		93.6	%

Combined Ratio – P&C Segment		91.6	%		93.1	%					91.0	%		93.6	%

Supplemental Information ^(c):
Gross Written Premiums:
Property & Transportation	$	1,351		$	1,247			8	%	$	2,350		$	2,144			10	%
Specialty Casualty		1,119			1,062			5	%		2,208			2,130			4	%
Specialty Financial		380			344			10	%		727			670			9	%

	$	2,850		$	2,653			7	%	$	5,285		$	4,944			7	%

Net Written Premiums:
Property & Transportation	$	797		$	759			5	%	$	1,393		$	1,322			5	%
Specialty Casualty		812			765			6	%		1,601			1,537			4	%
Specialty Financial		306			279			10	%		585			555			5	%

	$	1,915		$	1,803			6	%	$	3,579		$	3,414			5	%

Combined Ratio (GAAP):
Property & Transportation		90.3	%		95.2	%					89.1	%		94.0	%
Specialty Casualty		94.5	%		93.9	%					95.1	%		95.8	%
Specialty Financial		85.6	%		86.1	%					82.8	%		86.5	%
Aggregate Specialty Group		91.5	%		93.1	%					90.9	%		93.6	%

	Three months ended June 30,									Six months ended June 30,
	2026			2025						2026			2025
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(42	)	$	(13	)				$	(89	)	$	(32	)
Specialty Casualty		(1	)		10						(1	)		22
Specialty Financial		(14	)		(9	)					(37	)		(22	)

Specialty Group		(57	)		(12	)					(127	)		(32	)
Other		2			1						2			1

Total Reserve Development	$	(55	)	$	(11	)				$	(125	)	$	(31	)

Points on Combined Ratio:
Property & Transportation		(7.0	)		(2.2	)					(8.0	)		(3.0	)
Specialty Casualty		(0.1	)		1.2						(0.1	)		1.4
Specialty Financial		(5.1	)		(3.2	)					(6.5	)		(3.9	)
Aggregate Specialty Group		(3.4	)		(0.7	)					(3.9	)		(1.0	)
Total P&C Segment		(3.3	)		(0.7	)					(3.8	)		(1.0	)

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Core Operating Earnings before Income Taxes:
P&C Insurance Segment	$	350		$	273		$	659		$	519
Interest and other corporate expenses		(50	)		(46	)		(102	)		(98	)

Core operating earnings before income taxes		300			227			557			421
Related income taxes		66			48			117			90

Core net operating earnings	$	234		$	179		$	440		$	331

b)	Shareholders’ Equity at June 30, 2026, includes ($142 million) ($1.71 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share loss) at December 31, 2025.

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 and excess liability; general liability for the energy, construction and environmental industries; executive and professional liability; specialty coverages in targeted markets, and workers’ compensation insurance.

•

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

Page 9

EX-99.2 3 d124182dex992.htm EX-99.2 EX-99.2

Exhibit 99.2




		American Financial Group, Inc.
		Investor Supplement - Second Quarter 2026
		August 4, 2026
		American Financial Group, Inc.
		Corporate Headquarters
		Great American Insurance Group Tower 301 E Fourth Street
		Cincinnati, OH 45202 513 579 6739


American Financial Group, Inc.
Table of Contents - Investor Supplement - Second Quarter 2026


Section	Page

Table of Contents - Investor Supplement - Second Quarter 2026		2
Financial Highlights		3
Summary of Earnings		4
Earnings Per Share Summary		5

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

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

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


Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2026			19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025			20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2026			21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025			22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2026			23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025			24
G. Real Estate-Related Investments 6/30/2026			25
H. Real Estate-Related Investments 12/31/2025			26

Page 2


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Highlights
Net earnings	$	248		$	191		$	299		$	215		$	174		$	439		$	328
Core net operating earnings		234			206			305			224			179			440			331
Total assets		33,034			32,353			32,642			33,834			30,669			33,034			30,669
Shareholders’ equity, excluding AOCI (a)		4,963			4,805			4,870			4,803			4,648			4,963			4,648
Property and Casualty net written premiums		1,915			1,664			1,444			2,252			1,803			3,579			3,414
Per share data
Diluted earnings per share	$	2.99		$	2.29		$	3.58		$	2.58		$	2.07		$	5.28		$	3.92
Core net operating earnings per share		2.82			2.47			3.65			2.69			2.14			5.29			3.96
Book value per share, excluding AOCI (a)		59.85			57.83			58.38			57.59			55.74			59.85			55.74
Dividends per common share		0.88			2.38			2.88			0.80			0.80			3.26			3.60
Financial ratios
Annualized return on equity (b)		20.3	%		15.8	%		24.7	%		18.2	%		15.0	%		18.0	%		14.1	%
Annualized core operating return on equity (b)		19.2	%		17.0	%		25.2	%		19.0	%		15.5	%		18.0	%		14.3	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%
Underwriting expense ratio		32.6	%		34.0	%		25.5	%		25.8	%		32.0	%		33.3	%		32.5	%

Combined ratio - Specialty		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%

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

(b)	Excludes accumulated other comprehensive income.

Page 3


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance
Underwriting profit	$	142		$	156		$	284		$	138		$	113		$	298		$	207
Net investment income		221			168			171			205			179			389			349
Other income (expense)		(13	)		(15	)		(15	)		(15	)		(19	)		(28	)		(37	)

Property and Casualty Insurance operating earnings		350			309			440			328			273			659			519
Interest expense of parent holding companies		(24	)		(23	)		(23	)		(19	)		(19	)		(47	)		(38	)
Other expense		(26	)		(29	)		(31	)		(29	)		(27	)		(55	)		(60	)

Pretax core operating earnings		300			257			386			280			227			557			421
Income tax expense		66			51			81			56			48			117			90

Core net operating earnings		234			206			305			224			179			440			331
Non-core items, net of tax:
Realized gains (losses) on securities		14			(15	)		(6	)		10			2			(1	)		4
Realized gain on subsidiaries		—			—			—			1			—			—			—
Special A&E charges - Former Railroad and Manufacturing operations		—			—			—			(20	)		—			—			—
Other non-core items		—			—			—			—			(7	)		—			(7	)

Net earnings	$	248		$	191		$	299		$	215		$	174		$	439		$	328

Page 4


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


	Three Months Ended														Six Months Ended
	6/30/26		3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Core net operating earnings	$	234	$	206		$	305		$	224		$	179		$	440		$	331

Net earnings	$	248	$	191		$	299		$	215		$	174		$	439		$	328

Average number of diluted shares		83.026		83.263			83.411			83.397			83.488			83.144			83.664
Diluted earnings per share:
Core net operating earnings per share	$	2.82	$	2.47		$	3.65		$	2.69		$	2.14		$	5.29		$	3.96
Realized gains (losses) on securities		0.17		(0.18	)		(0.07	)		0.12			0.02			(0.01	)		0.05
Realized gain on subsidiaries		—		—			—			0.01			—			—			—
Special A&E charges - Former Railroad and Manufacturing operations		—		—			—			(0.24	)		—			—			—
Other non-core items		—		—			—			—			(0.09	)		—			(0.09	)

Diluted earnings per share	$	2.99	$	2.29		$	3.58		$	2.58		$	2.07		$	5.28		$	3.92

Page 5


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Transportation	$	57		$	65		$	216		$	55		$	27		$	122		$	64
Specialty Casualty		45			34			27			33			49			79			69
Specialty Financial		42			57			44			51			38			99			75

Underwriting profit - Specialty		144			156			287			139			114			300			208
Other core charges, included in loss and LAE		(2	)		—			(3	)		(1	)		(1	)		(2	)		(1	)

Underwriting profit - Property and Casualty Insurance	$	142		$	156		$	284		$	138		$	113		$	298		$	207

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		31			35			4			23			38			66			110

Total current accident year catastrophe losses	$	31		$	35		$	4		$	23		$	38		$	66		$	110

Prior year loss reserve development (favorable) / adverse	$	(55	)	$	(70	)	$	(27	)	$	(23	)	$	(11	)	$	(125	)	$	(31	)

Combined ratio:
Property and Transportation		90.3	%		87.6	%		70.6	%		94.1	%		95.2	%		89.1	%		94.0	%
Specialty Casualty		94.5	%		95.8	%		96.7	%		95.8	%		93.9	%		95.1	%		95.8	%
Specialty Financial		85.6	%		80.0	%		83.0	%		81.1	%		86.1	%		82.8	%		86.5	%
Combined ratio - Specialty		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%
Other core charges		0.1	%		0.1	%		0.2	%		0.1	%		0.0	%		0.1	%		0.0	%

Combined ratio		91.6	%		90.4	%		84.3	%		93.1	%		93.1	%		91.0	%		93.6	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		93.1	%		92.5	%		85.5	%		93.0	%		91.5	%		92.8	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.5	%		58.5	%		60.0	%		67.2	%		59.5	%		59.5	%		58.7	%
Prior accident year loss reserve development		(3.3	%)		(4.3	%)		(1.5	%)		(1.1	%)		(0.7	%)		(3.8	%)		(1.0	%)
Current accident year catastrophe losses		1.8	%		2.2	%		0.3	%		1.2	%		2.3	%		2.0	%		3.4	%

Loss and LAE ratio		59.0	%		56.4	%		58.8	%		67.3	%		61.1	%		57.7	%		61.1	%

Page 6


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	2,850		$	2,435		$	2,085		$	3,665		$	2,653		$	5,285		$	4,944
Ceded reinsurance premiums		(935	)		(771	)		(641	)		(1,413	)		(850	)		(1,706	)		(1,530	)

Net written premiums		1,915			1,664			1,444			2,252			1,803			3,579			3,414
Change in unearned premiums		(221	)		(55	)		362			(239	)		(156	)		(276	)		(187	)

Net earned premiums		1,694			1,609			1,806			2,013			1,647			3,303			3,227
Loss and LAE		998			906			1,058			1,354			1,006			1,904			1,971
Underwriting expense		552			547			461			520			527			1,099			1,048

Underwriting profit	$	144		$	156		$	287		$	139		$	114		$	300		$	208

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		31			35			4			23			38			66			110

Total current accident year catastrophe losses	$	31		$	35		$	4		$	23		$	38		$	66		$	110

Prior year loss reserve development (favorable) / adverse	$	(57	)	$	(70	)	$	(30	)	$	(24	)	$	(12	)	$	(127	)	$	(32	)

Combined ratio:
Loss and LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%
Underwriting expense ratio		32.6	%		34.0	%		25.5	%		25.8	%		32.0	%		33.3	%		32.5	%

Combined ratio		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%

Combined ratio excl. catastrophe losses and prior year reserve development		93.1	%		92.5	%		85.5	%		93.0	%		91.5	%		92.8	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.5	%		58.5	%		60.0	%		67.2	%		59.5	%		59.5	%		58.7	%
Prior accident year loss reserve development		(3.4	%)		(4.4	%)		(1.6	%)		(1.2	%)		(0.7	%)		(3.9	%)		(1.0	%)
Current accident year catastrophe losses		1.8	%		2.2	%		0.2	%		1.2	%		2.3	%		2.0	%		3.4	%

Loss and LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%

Page 7


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	1,351		$	999		$	612		$	1,975		$	1,247		$	2,350		$	2,144
Ceded reinsurance premiums		(554	)		(403	)		(214	)		(924	)		(488	)		(957	)		(822	)

Net written premiums		797			596			398			1,051			759			1,393			1,322
Change in unearned premiums		(207	)		(70	)		337			(116	)		(183	)		(277	)		(246	)

Net earned premiums		590			526			735			935			576			1,116			1,076
Loss and LAE		369			301			417			728			387			670			698
Underwriting expense		164			160			102			152			162			324			314

Underwriting profit	$	57		$	65		$	216		$	55		$	27		$	122		$	64

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		12			12			—			4			12			24			22

Total current accident year catastrophe losses	$	12		$	12		$	—		$	4		$	12		$	24		$	22

Prior year loss reserve development (favorable) / adverse	$	(42	)	$	(47	)	$	(20	)	$	(11	)	$	(13	)	$	(89	)	$	(32	)

Combined ratio:
Loss and LAE ratio		62.6	%		57.1	%		56.8	%		77.8	%		67.2	%		60.1	%		64.9	%
Underwriting expense ratio		27.7	%		30.5	%		13.8	%		16.3	%		28.0	%		29.0	%		29.1	%

Combined ratio		90.3	%		87.6	%		70.6	%		94.1	%		95.2	%		89.1	%		94.0	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.2	%		94.4	%		73.4	%		94.8	%		95.4	%		94.9	%		94.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		67.5	%		63.9	%		59.6	%		78.5	%		67.4	%		65.9	%		65.8	%
Prior accident year loss reserve development		(7.0	%)		(9.0	%)		(2.7	%)		(1.1	%)		(2.2	%)		(8.0	%)		(3.0	%)
Current accident year catastrophe losses		2.1	%		2.2	%		(0.1	%)		0.4	%		2.0	%		2.2	%		2.1	%

Loss and LAE ratio		62.6	%		57.1	%		56.8	%		77.8	%		67.2	%		60.1	%		64.9	%

Page 8


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	1,119		$	1,089		$	1,153		$	1,337		$	1,062		$	2,208		$	2,130
Ceded reinsurance premiums		(307	)		(300	)		(357	)		(423	)		(297	)		(607	)		(593	)

Net written premiums		812			789			796			914			765			1,601			1,537
Change in unearned premiums		2			10			16			(104	)		34			12			56

Net earned premiums		814			799			812			810			799			1,613			1,593
Loss and LAE		525			517			558			541			516			1,042			1,052
Underwriting expense		244			248			227			236			234			492			472

Underwriting profit	$	45		$	34		$	27		$	33		$	49		$	79		$	69

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		9			11			(3	)		8			7			20			34

Total current accident year catastrophe losses	$	9		$	11		$	(3	)	$	8		$	7		$	20		$	34

Prior year loss reserve development (favorable) / adverse	$	(1	)	$	—		$	(1	)	$	(1	)	$	10		$	(1	)	$	22

Combined ratio:
Loss and LAE ratio		64.6	%		64.7	%		68.7	%		66.8	%		64.5	%		64.6	%		66.1	%
Underwriting expense ratio		29.9	%		31.1	%		28.0	%		29.0	%		29.4	%		30.5	%		29.7	%

Combined ratio		94.5	%		95.8	%		96.7	%		95.8	%		93.9	%		95.1	%		95.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		93.6	%		94.4	%		97.1	%		94.9	%		91.8	%		93.9	%		92.3	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.7	%		63.3	%		69.1	%		65.9	%		62.4	%		63.4	%		62.6	%
Prior accident year loss reserve development		(0.1	%)		0.0	%		(0.1	%)		(0.1	%)		1.2	%		(0.1	%)		1.4	%
Current accident year catastrophe losses		1.0	%		1.4	%		(0.3	%)		1.0	%		0.9	%		1.3	%		2.1	%

Loss and LAE ratio		64.6	%		64.7	%		68.7	%		66.8	%		64.5	%		64.6	%		66.1	%

Page 9


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	380		$	347		$	320		$	353		$	344		$	727		$	670
Ceded reinsurance premiums		(74	)		(68	)		(70	)		(66	)		(65	)		(142	)		(115	)

Net written premiums		306			279			250			287			279			585			555
Change in unearned premiums		(16	)		5			9			(19	)		(7	)		(11	)		3

Net earned premiums		290			284			259			268			272			574			558
Loss and LAE		104			88			83			85			103			192			221
Underwriting expense		144			139			132			132			131			283			262

Underwriting profit	$	42		$	57		$	44		$	51		$	38		$	99		$	75

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		10			12			7			11			19			22			54

Total current accident year catastrophe losses	$	10		$	12		$	7		$	11		$	19		$	22		$	54

Prior year loss reserve development (favorable) / adverse	$	(14	)	$	(23	)	$	(9	)	$	(12	)	$	(9	)	$	(37	)	$	(22	)

Combined ratio:
Loss and LAE ratio		35.6	%		31.2	%		32.0	%		31.8	%		38.1	%		33.4	%		39.6	%
Underwriting expense ratio		50.0	%		48.8	%		51.0	%		49.3	%		48.0	%		49.4	%		46.9	%

Combined ratio		85.6	%		80.0	%		83.0	%		81.1	%		86.1	%		82.8	%		86.5	%

Combined ratio excl. catastrophe losses and prior year reserve development		87.3	%		83.7	%		83.5	%		81.7	%		82.0	%		85.5	%		80.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		37.3	%		34.9	%		32.5	%		32.4	%		34.0	%		36.1	%		33.8	%
Prior accident year loss reserve development		(5.1	%)		(7.9	%)		(3.0	%)		(4.7	%)		(3.2	%)		(6.5	%)		(3.9	%)
Current accident year catastrophe losses		3.4	%		4.2	%		2.5	%		4.1	%		7.3	%		3.8	%		9.7	%

Loss and LAE ratio		35.6	%		31.2	%		32.0	%		31.8	%		38.1	%		33.4	%		39.6	%

Page 10


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


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
Assets:
Total cash and investments	$	17,069		$	17,143		$	17,182		$	16,761		$	16,049		$	15,994
Recoverables from reinsurers		5,267			5,303			5,528			5,565			4,733			4,945
Prepaid reinsurance premiums		1,375			1,211			1,089			1,443			1,256			1,105
Agents’ balances and premiums receivable		2,046			1,670			1,641			2,034			1,946			1,589
Deferred policy acquisition costs		366			334			333			349			345			316
Assets of managed investment entities		4,142			3,987			4,050			3,972			3,833			3,848
Other receivables		1,117			1,058			1,212			2,075			877			855
Other assets		1,325			1,320			1,280			1,308			1,325			1,337
Goodwill		327			327			327			327			305			305

Total assets	$	33,034		$	32,353		$	32,642		$	33,834		$	30,669		$	30,294

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	14,842		$	14,914		$	15,094		$	15,079		$	13,834		$	13,970
Unearned premiums		4,297			3,911			3,736			4,450			4,026			3,710
Payable to reinsurers		1,133			1,065			1,195			1,578			1,152			1,028
Liabilities of managed investment entities		3,993			3,854			3,907			3,834			3,685			3,726
Long-term debt		1,821			1,820			1,820			1,820			1,476			1,476
Other liabilities		2,127			2,111			2,070			2,343			1,980			1,992

Total liabilities		28,213			27,675			27,822			29,104			26,153			25,902
Shareholders’ equity:
Common stock		83			83			83			83			83			84
Capital surplus		1,434			1,428			1,430			1,421			1,414			1,409
Retained earnings		3,446			3,294			3,357			3,299			3,151			3,078
Unrealized gains (losses) - fixed maturities		(112	)		(100	)		(22	)		(43	)		(101	)		(141	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(4	)		(1	)		(2	)		(3	)		(5	)		(7	)
Other comprehensive income (loss), net of tax		(26	)		(26	)		(26	)		(27	)		(26	)		(31	)

Total shareholders’ equity		4,821			4,678			4,820			4,730			4,516			4,392

Total liabilities and equity	$	33,034		$	32,353		$	32,642		$	33,834		$	30,669		$	30,294

Page 11


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


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
Shareholders’ equity	$	4,821		$	4,678		$	4,820		$	4,730		$	4,516		$	4,392
Accumulated other comprehensive income (loss)		(142	)		(127	)		(50	)		(73	)		(132	)		(179	)

Shareholders’ equity, excluding AOCI		4,963			4,805			4,870			4,803			4,648			4,571
Goodwill		327			327			327			327			305			305
Intangibles		179			184			189			192			193			198

Tangible shareholders’ equity, excluding AOCI	$	4,457		$	4,294		$	4,354		$	4,284		$	4,150		$	4,068

Common shares outstanding		82.917			83.086			83.422			83.401			83.386			83.668
Book value per share:
Book value per share	$	58.14		$	56.30		$	57.78		$	56.72		$	54.15		$	52.50
Book value per share, excluding AOCI		59.85			57.83			58.38			57.59			55.74			54.63
Tangible, excluding AOCI		53.76			51.69			52.20			51.38			49.77			48.62
Market capitalization
AFG’s closing common share price	$	139.94		$	127.71		$	136.68		$	145.72		$	126.21		$	131.34
Market capitalization	$	11,603		$	10,611		$	11,402		$	12,153		$	10,524		$	10,989
Price / Book value per share, excluding AOCI		2.34			2.21			2.34			2.53			2.26			2.40

Page 12


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


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
AFG senior obligations	$	1,173		$	1,173		$	1,173		$	1,173		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

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

Total principal amount of long-term debt		1,848			1,848			1,848			1,848			1,498			1,498
Shareholders’ equity		4,821			4,678			4,820			4,730			4,516			4,392
Accumulated other comprehensive income (loss)		(142	)		(127	)		(50	)		(73	)		(132	)		(179	)

Total capital, excluding AOCI	$	6,811		$	6,653		$	6,718		$	6,651		$	6,146		$	6,069

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.1	%		27.8	%		27.5	%		27.8	%		24.4	%		24.7	%
Excluding subordinated debt		17.2	%		17.6	%		17.5	%		17.6	%		13.4	%		13.6	%

Page 13


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


	Three Months Ended										Six Months Ended
	6/30/26		3/31/26		12/31/25		9/30/25		6/30/25		6/30/26		6/30/25
Property and Casualty Insurance
Paid Losses (GAAP)	$	1,014	$	888	$	984	$	936	$	931	$	1,902	$	1,898


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,528		$	6,354		$	6,354		$	6,173		$	5,935		$	5,853
Parent and other subsidiaries		(1,565	)		(1,549	)		(1,484	)		(1,370	)		(1,287	)		(1,282	)

AFG GAAP Equity (excluding AOCI)	$	4,963		$	4,805		$	4,870		$	4,803		$	4,648		$	4,571

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,083		$	1,083		$	1,081		$	1,004		$	1,004		$	1,004

Page 14


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


	Carrying Value - June 30, 2026
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,164	$	274	$	—		$	1,438		9	%
Fixed maturities - Available for sale		11,173		85		—			11,258		66	%
Fixed maturities - Trading		80		—		—			80		1	%
Equity securities - Common stocks		371		—		—			371		2	%
Equity securities - Perpetual preferred		408		—		—			408		2	%
Investments accounted for using the equity method		2,434		3		—			2,437		14	%
Mortgage loans		920		—		—			920		5	%
Real estate and other investments		200		106		(149	)		157		1	%

Total cash and investments	$	16,750	$	468	$	(149	)	$	17,069		100	%


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

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

Page 15


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


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	147		$	141		$	138		$	135		$	140		$	288		$	277
Equity securities		5			10			6			6			15			15			21
Other investments (a)		25			27			27			27			23			52			44

Gross investment income excluding alternative investments		177			178			171			168			178			355			342
Gross investment income from alternative investments (b)		50			(3	)		6			43			8			47			20

Total gross investment income		227			175			177			211			186			402			362
Investment expenses		(6	)		(7	)		(6	)		(6	)		(7	)		(13	)		(13	)

Total net investment income	$	221		$	168		$	171		$	205		$	179		$	389		$	349

Average cash and investments (c)	$	16,916		$	16,855		$	16,520		$	16,095		$	15,921		$	16,868		$	15,894

Average yield - overall portfolio, net (d)		5.23	%		3.99	%		4.14	%		5.09	%		4.50	%		4.61	%		4.39	%
Average yield - fixed maturities before inv expenses (d)		5.13	%		5.04	%		5.11	%		5.12	%		5.24	%		5.10	%		5.19	%
AFG consolidated net investment income:
Property & Casualty	$	221		$	168		$	171		$	205		$	179		$	389		$	349
Parent & other		9			6			7			6			7			15			12
Consolidate CLOs		(9	)		13			5			(6	)		(2	)		4			(4	)

Total net investment income	$	221		$	187		$	183		$	205		$	184		$	408		$	357

Average cash and investments (c)	$	17,240		$	17,240		$	17,013		$	16,496		$	16,175		$	17,230		$	16,152

Average yield - overall portfolio, net (d)		5.13	%		4.34	%		4.30	%		4.97	%		4.55	%		4.74	%		4.42	%
Average yield - fixed maturities before inv expenses (d)		5.12	%		5.05	%		5.11	%		5.11	%		5.24	%		5.11	%		5.20	%

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

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

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

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

Page 16


American Financial Group, Inc.
Alternative Investments
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	2		$	1		$	16		$	8		$	3		$	5
Equity securities MTM through investment income (a)		2			(10	)		(12	)		(6	)		4			(8	)		4
Investments accounted for using the equity method (b)		38			18			22			27			(6	)		56			7
AFG managed CLOs (eliminated in consolidation)		9			(13	)		(5	)		6			2			(4	)		4

Total Property & Casualty	$	50		$	(3	)	$	6		$	43		$	8		$	47		$	20

Investments
Fixed maturities MTM through investment income	$	34		$	31		$	44		$	30		$	55		$	34		$	55
Equity securities MTM through investment income (a)		221			190			211			243			233			221			233
Investments accounted for using the equity method (b)		2,434			2,440			2,419			2,381			2,338			2,434			2,338
AFG managed CLOs (eliminated in consolidation)		149			133			143			138			148			149			148

Total Property & Casualty	$	2,838		$	2,794		$	2,817		$	2,792		$	2,774		$	2,838		$	2,774

Annualized Return - Property & Casualty		7.1	%		(0.4	%)		0.9	%		6.2	%		1.2	%		3.3	%		1.5	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	2		$	1		$	16		$	8		$	3		$	5
Equity securities MTM through investment income (a)		2			(10	)		(12	)		(6	)		4			(8	)		4
Investments accounted for using the equity method (b)		38			18			22			27			(6	)		56			7
AFG managed CLOs (eliminated in consolidation)		9			(13	)		(5	)		6			2			(4	)		4

Total AFG Consolidated	$	50		$	(3	)	$	6		$	43		$	8		$	47		$	20

Investments
Fixed maturities MTM through investment income	$	34		$	31		$	44		$	30		$	55		$	34		$	55
Equity securities MTM through investment income (a)		221			190			211			243			233			221			233
Investments accounted for using the equity method (b)		2,437			2,443			2,421			2,383			2,341			2,437			2,341
AFG managed CLOs (eliminated in consolidation)		149			133			143			138			148			149			148

Total AFG Consolidated	$	2,841		$	2,797		$	2,819		$	2,794		$	2,777		$	2,841		$	2,777

Annualized Return - AFG Consolidated		7.1	%		(0.4	%)		0.9	%		6.2	%		1.2	%		3.3	%		1.5	%

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

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

Page 17


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


June 30, 2026	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	144	$	143	$	(1	)		1	%		1	%
States, municipalities and political subdivisions		795		773		(22	)		7	%		5	%
Foreign government		299		301		2			3	%		2	%
Residential mortgage-backed securities		3,280		3,183		(97	)		28	%		19	%
Collateralized loan obligations		1,099		1,096		(3	)		10	%		6	%
Other asset-backed securities		2,604		2,567		(37	)		22	%		15	%
Corporate and other bonds		3,259		3,275		16			29	%		19	%

Total AFG consolidated	$	11,480	$	11,338	$	(142	)		100	%		67	%


Approximate duration - P&C			3.4 years
Approximate duration - P&C including cash			3.1 years


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

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


Approximate duration - P&C			3.3 years
Approximate duration - P&C including cash			2.9 years

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

Page 18


Appendix A
American Financial Group, Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
6/30/2026
($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	6	$	146	$	236	$	2,704	$	1,082	$	927	$	13	$	5,114		45	%
AA		137		596		18		317		14		363		211		1,656		15	%
A		—		21		40		60		—		747		1,011		1,879		17	%
BBB		—		8		4		26		—		492		1,787		2,317		20	%

Subtotal - Investment grade		143		771		298		3,107		1,096		2,529		3,022		10,966		97	%
BB		—		—		—		1		—		4		131		136		1	%
B		—		—		—		1		—		1		25		27		0	%
CCC, CC, C		—		—		—		23		—		2		3		28		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		25		—		7		159		191		1	%
Not Rated (b)		—		2		3		51		—		31		94		181		2	%

Total	$	143	$	773	$	301	$	3,183	$	1,096	$	2,567	$	3,275	$	11,338		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	143	$	760	$	232	$	3,073	$	1,035	$	1,993	$	1,228	$	8,464		77	%
2		—		8		—		25		—		483		1,776		2,292		21	%

Subtotal		143		768		232		3,098		1,035		2,476		3,004		10,756		98	%
3		—		—		—		1		—		4		130		135		1	%
4		—		—		—		—		—		5		53		58		1	%
5		—		—		—		12		—		1		39		52		0	%
6		—		—		—		1		—		3		4		8		0	%

Subtotal		—		—		—		14		—		13		226		253		2	%
Total insurance companies	$	143	$	768	$	232	$	3,112	$	1,035	$	2,489	$	3,230	$	11,009		100	%

No NAIC designation (c)		—		—		—		—		—		26		15		41
Non-Insurance and Foreign Companies (d)		—		5		69		71		61		52		30		288

Total	$	143	$	773	$	301	$	3,183	$	1,096	$	2,567	$	3,275	$	11,338

(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, 12% are NAIC 4 and 82% do not have a designation.

For Corp/Oth, 13% are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.

For Total, 27% are NAIC 1, 14% NAIC 4, 25% NAIC 5 and 17% 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 19


Appendix B
American Financial Group, Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2025
($ in millions)


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

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

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

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


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

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

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

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

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

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

(b)	For ABS, 39% are NAIC 1 and 52% do not have a designation.

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

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

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

(d)	99% are investment grade rated.

Page 20


Appendix C
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
6/30/2026
($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Utilities		Other Financials		Autos		Consumer		Healthcare		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		5		5		30		60		10		33		—		25		20		23		211		6	%
A		88		168		77		147		152		64		99		49		30		137		1,011		31	%
BBB		717		267		135		52		89		58		46		47		38		338		1,787		55	%

Subtotal		810		440		253		259		251		155		145		121		88		500		3,022		92	%
BB		9		8		5		—		—		20		17		11		5		56		131		4	%
B		—		—		7		—		—		—		—		10		5		3		25		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		1		2		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		9		8		12		—		—		20		17		21		11		61		159		5	%
Not Rated (b)		5		—		1		6		—		22		—		18		33		9		94		3	%

Total	$	824	$	448	$	266	$	265	$	251	$	197	$	162	$	160	$	132	$	570	$	3,275		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Utilities		Other Financials		Autos		Consumer		Healthcare		Other		Total		% Total
1	$	93	$	170	$	117	$	205	$	162	$	100	$	99	$	71	$	50	$	161	$	1,228		38	%
2		721		265		132		51		87		58		44		47		38		333		1,776		55	%

Subtotal		814		435		249		256		249		158		143		118		88		494		3,004		93	%
3		4		8		3		—		—		19		17		13		15		51		130		4	%
4		—		—		9		—		—		—		—		29		8		7		53		2	%
5		—		—		1		—		—		9		—		—		21		8		39		1	%
6		—		—		—		—		—		1		—		—		—		3		4		0	%

Subtotal		4		8		13		—		—		29		17		42		44		69		226		7	%
Total insurance companies	$	818	$	443	$	262	$	256	$	249	$	187	$	160	$	160	$	132	$	563	$	3,230		100	%

No NAIC designation (c)		—		—		—		5		—		10		—		—		—		—		15
Non-Insurance and Foreign Companies		6		5		4		4		2		—		2		—		—		7		30

Total	$	824	$	448	$	266	$	265	$	251	$	197	$	162	$	160	$	132	$	570	$	3,275

(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)	13% of not rated securities are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.

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

Page 21


Appendix D
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2025
($ in millions)


	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Consumer		Autos		Healthcare		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		—		32		58		5		30		10		49		—		15		23		222		6	%
A		179		70		155		52		48		151		51		101		36		155		998		29	%
BBB		264		94		53		769		160		90		41		55		39		333		1,898		56	%

Subtotal		443		196		266		826		249		251		141		156		90		513		3,131		91	%
BB		6		—		—		—		4		—		9		18		3		82		122		4	%
B		2		—		—		—		—		—		7		—		5		6		20		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		8		—		—		—		4		—		16		18		8		91		145		5	%
Not Rated (b)		—		25		6		—		2		—		28		1		43		31		136		4	%

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Consumer		Autos		Healthcare		Other		Total		% Total
1	$	176	$	104	$	211	$	57	$	88	$	161	$	101	$	101	$	50	$	181	$	1,230		37	%
2		261		70		52		763		157		88		48		54		38		330		1,861		55	%

Subtotal		437		174		263		820		245		249		149		155		88		511		3,091		92	%
3		7		24		—		—		4		—		16		18		27		78		174		5	%
4		2		—		—		—		—		—		18		—		5		10		35		1	%
5		—		10		—		—		1		—		2		—		20		29		62		2	%
6		—		1		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		35		—		—		5		—		36		18		52		117		272		8	%
Total insurance companies	$	446	$	209	$	263	$	820	$	250	$	249	$	185	$	173	$	140	$	628	$	3,363		100	%

No NAIC designation (c)		—		11		6		—		—		—		—		—		—		—		17
Non-Insurance and Foreign Companies		5		1		3		6		5		2		—		2		1		7		32

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412

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

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

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

Page 22


Appendix E
American Financial Group, Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
6/30/2026
($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Auto		Single Family Rental		Secured Financing		Commercial Real Estate		Other		Total		% Total
Investment Grade
AAA	$	—	$	282	$	—	$	230	$	24	$	104	$	89	$	—	$	73	$	125	$	927		36	%
AA		50		50		136		57		11		—		—		29		—		30		363		15	%
A		10		15		155		—		195		—		—		54		—		318		747		29	%
BBB		428		—		—		—		4		—		—		1		—		59		492		19	%

Subtotal		488		347		291		287		234		104		89		84		73		532		2,529		99	%
BB		—		—		—		—		1		—		—		1		—		2		4		0	%
B		—		—		—		—		—		—		—		1		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		3		—		—		2		—		2		7		0	%
Not Rated (b)		—		—		—		—		3		—		—		—		—		28		31		1	%

Total	$	488	$	347	$	291	$	287	$	240	$	104	$	89	$	86	$	73	$	562	$	2,567		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Auto		Single Family Rental		Secured Financing		Commercial Real Estate		Other		Total		% Total
1	$	60	$	339	$	274	$	286	$	229	$	100	$	87	$	83	$	67	$	468	$	1,993		80	%
2		421		—		—		—		3		—		—		1		—		58		483		20	%

Subtotal		481		339		274		286		232		100		87		84		67		526		2,476		100	%
3		—		—		—		—		1		—		—		1		—		2		4		0	%
4		—		—		—		—		—		—		—		1		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		5		—		—		2		—		6		13		0	%
Total insurance companies	$	481	$	339	$	274	$	286	$	237	$	100	$	87	$	86	$	67	$	532	$	2,489		100	%

No NAIC designation		—		—		—		—		1		—		—		—		—		25		26
Non-Insurance and Foreign Companies		7		8		17		1		2		4		2		—		6		5		52

Total	$	488	$	347	$	291	$	287	$	240	$	104	$	89	$	86	$	73	$	562	$	2,567

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

(b)	12% of not rated securities are NAIC 4 and 82% do not have a designation.

Page 23


Appendix F
American Financial Group, Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
($ in millions)


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

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

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

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


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

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

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

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

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

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

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

Page 24


Appendix G
American Financial Group, Inc.
Real Estate-Related Investments
6/30/2026
($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,231		88	%		92	%		96	%
Fund Investments		95		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		11		1	%		—			—
Land Development		1		0	%		—			—

Total	$	1,399		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		51	%	$	—
Marina		35		35	%		—
Office Building		12		12	%		—
Land		2		2	%		—

Total	$	99		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	662		72	%		66	%
Hospitality		159		17	%		42	%
Marina		52		6	%		52	%
Office		47		5	%		98	%

Total	$	920		100	%		63	%

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

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

(b)	Occupancy as of 6/30/2026

(c)	Collections for April - June

Page 25


Appendix H
American Financial Group, Inc.
Real Estate-Related Investments
12/31/2025
($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)


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

Total	$	1,431		100	%

Real Estate


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

Total	$	102		100	%	$	—

Mortgage Loans


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

Total	$	947		100	%		63	%

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

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

(b)	Occupancy as of 12/31/2025

(c)	Collections for October - December

Page 26