EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - First Quarter 2025

May 6, 2025

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 2025


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

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

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

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

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2025		19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024		20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2025		21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024		22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2025		23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
G. Real Estate-Related Investments 3/31/2025		25
H. Real Estate-Related Investments 12/31/2024		26

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Highlights
Net earnings	$	154		$	255		$	181		$	209		$	242		$	887		$	852
Core net operating earnings		152			262			194			215			231			902			895
Total assets		30,294			30,836			32,591			29,913			30,001			30,836			29,787
Shareholders’ equity, excluding AOCI (a)		4,571			4,706			4,844			4,715			4,555			4,706			4,577
Property and Casualty net written premiums		1,611			1,460			2,353			1,692			1,634			7,139			6,692
Per share data
Diluted earnings per share	$	1.84		$	3.03		$	2.16		$	2.49		$	2.89		$	10.57		$	10.05
Core net operating earnings per share		1.81			3.12			2.31			2.56			2.76			10.75			10.56
Book value per share, excluding AOCI (a)		54.63			56.03			57.71			56.19			54.32			56.03			54.72
Dividends per common share		2.80			4.80			0.71			0.71			3.21			9.43			8.10
Financial ratios
Annualized return on equity (b)		13.3	%		21.3	%		15.2	%		18.0	%		21.2	%		19.0	%		18.8	%
Annualized core operating return on equity (b)		13.1	%		21.9	%		16.2	%		18.5	%		20.2	%		19.3	%		19.8	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		61.0	%		63.7	%		69.5	%		59.1	%		58.6	%		63.3	%		61.5	%
Underwriting expense ratio		33.0	%		25.3	%		24.8	%		31.4	%		31.5	%		27.9	%		28.8	%

Combined ratio - Specialty		94.0	%		89.0	%		94.3	%		90.5	%		90.1	%		91.2	%		90.3	%

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

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Property and Casualty Insurance
Underwriting profit	$	94		$	202		$	115		$	150		$	153		$	620		$	631
Net investment income		170			195			195			189			205			784			729
Other income (expense)		(18	)		(19	)		(19	)		(20	)		(18	)		(76	)		(56	)

Property and Casualty Insurance operating earnings		246			378			291			319			340			1,328			1,304
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(19	)		(76	)		(76	)
Other expense		(33	)		(29	)		(27	)		(27	)		(31	)		(114	)		(101	)

Pretax core operating earnings		194			330			245			273			290			1,138			1,127
Income tax expense		42			68			51			58			59			236			232

Core net operating earnings		152			262			194			215			231			902			895
Non-core items, net of tax:
Realized gains (losses) on securities		2			(7	)		(2	)		(2	)		11			—			(28	)
Realized loss on subsidiaries		—			—			—			(4	)		—			(4	)		(4	)
Special A&E charges - Former Railroad and Manufacturing operations		—			—			(11	)		—			—			(11	)		(12	)
Gain (loss) on retirement of debt		—			—			—			—			—			—			1

Net earnings	$	154		$	255		$	181		$	209		$	242		$	887		$	852

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended													Twelve Months Ended
	3/31/25		12/31/24			9/30/24			6/30/24			3/31/24		12/31/24			12/31/23
Core net operating earnings	$	152	$	262		$	194		$	215		$	231	$	902		$	895

Net earnings	$	154	$	255		$	181		$	209		$	242	$	887		$	852

Average number of diluted shares		83.842		83.966			83.939			83.912			83.795		83.903			84.774
Diluted earnings per share:
Core net operating earnings per share	$	1.81	$	3.12		$	2.31		$	2.56		$	2.76	$	10.75		$	10.56
Realized gains (losses) on securities		0.03		(0.09	)		(0.02	)		(0.02	)		0.13		—			(0.33	)
Realized loss on subsidiaries		—		—			—			(0.05	)		—		(0.05	)		(0.04	)
Special A&E charges - Former Railroad and Manufacturing operations		—		—			(0.13	)		—			—		(0.13	)		(0.15	)
Gain (loss) on retirement of debt		—		—			—			—			—		—			0.01

Diluted earnings per share	$	1.84	$	3.03		$	2.16		$	2.49		$	2.89	$	10.57		$	10.05

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Property and Transportation	$	37		$	81		$	33		$	40		$	60		$	214		$	174
Specialty Casualty		20			69			63			86			61			279			348
Specialty Financial		37			54			21			25			33			133			111

Underwriting profit - Specialty		94			204			117			151			154			626			633
Other core charges, included in loss and LAE		—			(2	)		(2	)		(1	)		(1	)		(6	)		(2	)

Underwriting profit - Property and Casualty Insurance	$	94		$	202		$	115		$	150		$	153		$	620		$	631

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	—		$	—		$	1		$	2		$	3
Catastrophe losses		72			20			90			36			34			180			162

Total current accident year catastrophe losses	$	72		$	21		$	90		$	36		$	35		$	182		$	165

Prior year loss reserve development (favorable) / adverse	$	(20	)	$	36		$	(15	)	$	(35	)	$	(50	)	$	(64	)	$	(224	)

Combined ratio:
Property and Transportation		92.5	%		89.5	%		96.8	%		92.7	%		88.5	%		92.4	%		93.1	%
Specialty Casualty		97.6	%		91.4	%		92.1	%		89.1	%		92.2	%		91.2	%		88.8	%
Specialty Financial		87.0	%		80.7	%		92.3	%		89.7	%		86.6	%		87.2	%		87.2	%
Combined ratio - Specialty		94.0	%		89.0	%		94.3	%		90.5	%		90.1	%		91.2	%		90.3	%
Other core charges		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%		0.0	%		0.1	%

Combined ratio		94.1	%		89.1	%		94.4	%		90.5	%		90.1	%		91.2	%		90.4	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		90.8	%		86.1	%		90.7	%		90.5	%		91.1	%		89.6	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		57.8	%		60.8	%		65.9	%		59.1	%		59.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		(1.3	%)		1.9	%		(0.7	%)		(2.2	%)		(3.2	%)		(0.9	%)		(3.4	%)
Current accident year catastrophe losses		4.6	%		1.1	%		4.4	%		2.2	%		2.2	%		2.5	%		2.6	%

Loss and LAE ratio		61.1	%		63.8	%		69.6	%		59.1	%		58.6	%		63.3	%		61.6	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Gross written premiums	$	2,291		$	2,043		$	3,748		$	2,406		$	2,336		$	10,533		$	9,656
Ceded reinsurance premiums		(680	)		(583	)		(1,395	)		(714	)		(702	)		(3,394	)		(2,964	)

Net written premiums		1,611			1,460			2,353			1,692			1,634			7,139			6,692
Change in unearned premiums		(31	)		390			(298	)		(107	)		(88	)		(103	)		(161	)

Net earned premiums		1,580			1,850			2,055			1,585			1,546			7,036			6,531
Loss and LAE		965			1,179			1,428			936			906			4,449			4,015
Underwriting expense		521			467			510			498			486			1,961			1,883

Underwriting profit	$	94		$	204		$	117		$	151		$	154		$	626		$	633

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	—		$	—		$	1		$	2		$	3
Catastrophe losses		72			20			90			36			34			180			162

Total current accident year catastrophe losses	$	72		$	21		$	90		$	36		$	35		$	182		$	165

Prior year loss reserve development (favorable) / adverse	$	(20	)	$	34		$	(17	)	$	(36	)	$	(51	)	$	(70	)	$	(226	)

Combined ratio:
Loss and LAE ratio		61.0	%		63.7	%		69.5	%		59.1	%		58.6	%		63.3	%		61.5	%
Underwriting expense ratio		33.0	%		25.3	%		24.8	%		31.4	%		31.5	%		27.9	%		28.8	%

Combined ratio		94.0	%		89.0	%		94.3	%		90.5	%		90.1	%		91.2	%		90.3	%

Combined ratio excl. catastrophe losses and prior year reserve development		90.8	%		86.1	%		90.7	%		90.5	%		91.1	%		89.6	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		57.8	%		60.8	%		65.9	%		59.1	%		59.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		(1.3	%)		1.8	%		(0.8	%)		(2.3	%)		(3.3	%)		(1.0	%)		(3.4	%)
Current accident year catastrophe losses		4.5	%		1.1	%		4.4	%		2.3	%		2.3	%		2.6	%		2.5	%

Loss and LAE ratio		61.0	%		63.7	%		69.5	%		59.1	%		58.6	%		63.3	%		61.5	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Gross written premiums	$	897		$	585		$	2,107		$	1,084		$	959		$	4,735		$	4,146
Ceded reinsurance premiums		(334	)		(177	)		(956	)		(394	)		(362	)		(1,889	)		(1,560	)

Net written premiums		563			408			1,151			690			597			2,846			2,586
Change in unearned premiums		(63	)		357			(162	)		(138	)		(77	)		(20	)		(36	)

Net earned premiums		500			765			989			552			520			2,826			2,550
Loss and LAE		311			531			784			351			306			1,972			1,773
Underwriting expense		152			153			172			161			154			640			603

Underwriting profit	$	37		$	81		$	33		$	40		$	60		$	214		$	174

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	—		$	—		$	—		$	1		$	2
Catastrophe losses		10			9			34			13			9			65			54

Total current accident year catastrophe losses	$	10		$	10		$	34		$	13		$	9		$	66		$	56

Prior year loss reserve development (favorable) / adverse	$	(19	)	$		(2)	$	(14	)	$	(34	)	$	(46	)	$	(96	)	$	(82	)

Combined ratio:
Loss and LAE ratio		62.1	%		69.5	%		79.4	%		63.7	%		58.7	%		69.8	%		69.5	%
Underwriting expense ratio		30.4	%		20.0	%		17.4	%		29.0	%		29.8	%		22.6	%		23.6	%

Combined ratio		92.5	%		89.5	%		96.8	%		92.7	%		88.5	%		92.4	%		93.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.4	%		88.5	%		94.5	%		96.6	%		95.6	%		93.5	%		94.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		64.0	%		68.5	%		77.1	%		67.6	%		65.8	%		70.9	%		70.6	%
Prior accident year loss reserve development		(3.9	%)		(0.2	%)		(1.3	%)		(6.3	%)		(8.8	%)		(3.4	%)		(3.2	%)
Current accident year catastrophe losses		2.0	%		1.2	%		3.6	%		2.4	%		1.7	%		2.3	%		2.1	%

Loss and LAE ratio		62.1	%		69.5	%		79.4	%		63.7	%		58.7	%		69.8	%		69.5	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Gross written premiums	$	1,068		$	1,126		$	1,297		$	1,023		$	1,097		$	4,543		$	4,368
Ceded reinsurance premiums		(296	)		(353	)		(380	)		(270	)		(294	)		(1,297	)		(1,199	)

Net written premiums		772			773			917			753			803			3,246			3,169
Change in unearned premiums		22			32			(120	)		38			(20	)		(70	)		(57	)

Net earned premiums		794			805			797			791			783			3,176			3,112
Loss and LAE		536			541			519			483			502			2,045			1,914
Underwriting expense		238			195			215			222			220			852			850

Underwriting profit	$	20		$	69		$	63		$	86		$	61		$	279		$	348

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	1		$	1		$	1
Catastrophe losses		27			(6	)		17			5			18			34			58

Total current accident year catastrophe losses	$	27		$		(6)	$	17		$	5		$	19		$	35		$	59

Prior year loss reserve development (favorable) / adverse	$	12		$	44		$	6		$	(2	)	$	(11	)	$	37		$	(111	)

Combined ratio:
Loss and LAE ratio		67.6	%		67.2	%		65.1	%		61.0	%		64.2	%		64.4	%		61.5	%
Underwriting expense ratio		30.0	%		24.2	%		27.0	%		28.1	%		28.0	%		26.8	%		27.3	%

Combined ratio		97.6	%		91.4	%		92.1	%		89.1	%		92.2	%		91.2	%		88.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		92.6	%		86.7	%		89.3	%		88.7	%		91.2	%		88.9	%		90.5	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		62.6	%		62.5	%		62.3	%		60.6	%		63.2	%		62.1	%		63.2	%
Prior accident year loss reserve development		1.6	%		5.4	%		0.7	%		(0.2	%)		(1.4	%)		1.2	%		(3.6	%)
Current accident year catastrophe losses		3.4	%		(0.7	%)		2.1	%		0.6	%		2.4	%		1.1	%		1.9	%

Loss and LAE ratio		67.6	%		67.2	%		65.1	%		61.0	%		64.2	%		64.4	%		61.5	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Gross written premiums	$	326		$	332		$	344		$	299		$	280		$	1,255		$	1,142
Ceded reinsurance premiums		(50	)		(53	)		(59	)		(50	)		(46	)		(208	)		(205	)

Net written premiums		276			279			285			249			234			1,047			937
Change in unearned premiums		10			1			(16	)		(7	)		9			(13	)		(68	)

Net earned premiums		286			280			269			242			243			1,034			869
Loss and LAE		118			107			125			102			98			432			328
Underwriting expense		131			119			123			115			112			469			430

Underwriting profit	$	37		$	54		$	21		$	25		$	33		$	133		$	111

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		35			17			39			18			7			81			50

Total current accident year catastrophe losses	$	35		$	17		$	39		$	18		$	7		$	81		$	50

Prior year loss reserve development (favorable) / adverse	$	(13	)	$	(8	)	$		(9)	$	—		$	6		$	(11	)	$	(33	)

Combined ratio:
Loss and LAE ratio		41.1	%		38.1	%		46.5	%		42.1	%		40.5	%		41.8	%		37.8	%
Underwriting expense ratio		45.9	%		42.6	%		45.8	%		47.6	%		46.1	%		45.4	%		49.4	%

Combined ratio		87.0	%		80.7	%		92.3	%		89.7	%		86.6	%		87.2	%		87.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		79.7	%		77.5	%		81.2	%		82.4	%		81.0	%		80.4	%		85.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		33.8	%		34.9	%		35.4	%		34.8	%		34.9	%		35.0	%		35.8	%
Prior accident year loss reserve development		(4.6	%)		(2.9	%)		(3.2	%)		0.0	%		2.4	%		(1.0	%)		(3.7	%)
Current accident year catastrophe losses		11.9	%		6.1	%		14.3	%		7.3	%		3.2	%		7.8	%		5.7	%

Loss and LAE ratio		41.1	%		38.1	%		46.5	%		42.1	%		40.5	%		41.8	%		37.8	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
Assets:
Total cash and investments	$	15,994		$	15,852		$	15,741		$	15,261		$	15,254		$	15,263
Recoverables from reinsurers		4,945			5,176			5,217			4,157			4,510			4,477
Prepaid reinsurance premiums		1,105			1,013			1,346			1,143			1,078			961
Agents’ balances and premiums receivable		1,589			1,532			1,995			1,909			1,606			1,471
Deferred policy acquisition costs		316			320			340			328			309			309
Assets of managed investment entities		3,848			4,140			4,332			4,695			4,669			4,484
Other receivables		855			1,123			1,989			758			958			1,171
Other assets		1,337			1,375			1,326			1,357			1,312			1,346
Goodwill		305			305			305			305			305			305

Total assets	$	30,294		$	30,836		$	32,591		$	29,913		$	30,001		$	29,787

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	13,970		$	14,179		$	14,206		$	12,607		$	13,050		$	13,087
Unearned premiums		3,710			3,584			4,320			3,816			3,650			3,451
Payable to reinsurers		1,028			1,191			1,620			1,176			1,078			1,186
Liabilities of managed investment entities		3,726			3,965			4,168			4,536			4,468			4,307
Long-term debt		1,476			1,475			1,475			1,475			1,475			1,475
Other liabilities		1,992			1,976			2,094			1,919			2,040			2,023

Total liabilities	$	25,902		$	26,370		$	27,883		$	25,529		$	25,761		$	25,529
Shareholders’ equity:
Common stock	$	84		$	84		$	84		$	84		$	84		$	84
Capital surplus		1,409			1,411			1,400			1,392			1,382			1,372
Retained earnings		3,078			3,211			3,360			3,239			3,089			3,121
Unrealized gains (losses) - fixed maturities		(141	)		(202	)		(100	)		(290	)		(278	)		(287	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(7	)		(10	)		(7	)		(20	)		(22	)		(17	)
Other comprehensive income (loss), net of tax		(31	)		(28	)		(29	)		(21	)		(15	)		(15	)

Total shareholders’ equity		4,392			4,466			4,708			4,384			4,240			4,258

Total liabilities and equity	$	30,294		$	30,836		$	32,591		$	29,913		$	30,001		$	29,787

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
Shareholders’ equity	$	4,392		$	4,466		$	4,708		$	4,384		$	4,240		$	4,258
Accumulated other comprehensive income (loss)		(179	)		(240	)		(136	)		(331	)		(315	)		(319	)

Shareholders’ equity, excluding AOCI		4,571			4,706			4,844			4,715			4,555			4,577
Goodwill		305			305			305			305			305			305
Intangibles		198			203			199			204			208			213

Tangible shareholders’ equity, excluding AOCI	$	4,068		$	4,198		$	4,340		$	4,206		$	4,042		$	4,059

Common shares outstanding		83.668			83.978			83.923			83.897			83.857			83.636
Book value per share:
Book value per share	$	52.50		$	53.18		$	56.10		$	52.25		$	50.57		$	50.91
Book value per share, excluding AOCI		54.63			56.03			57.71			56.19			54.32			54.72
Tangible, excluding AOCI		48.62			49.98			51.72			50.13			48.20			48.52
Market capitalization
AFG’s closing common share price	$	131.34		$	136.93		$	134.60		$	123.02		$	136.48		$	118.89
Market capitalization	$	10,989		$	11,499		$	11,296		$	10,321		$	11,445		$	9,943
Price / Book value per share, excluding AOCI		2.40			2.44			2.33			2.19			2.51			2.17

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
AFG senior obligations	$	823		$	823		$	823		$	823		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	823		$	823		$	823		$	823		$	823		$	823
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt	$	1,498		$	1,498		$	1,498		$	1,498		$	1,498		$	1,498
Shareholders’ equity		4,392			4,466			4,708			4,384			4,240			4,258
Accumulated other comprehensive income (loss)		(179	)		(240	)		(136	)		(331	)		(315	)		(319	)

Total capital, excluding AOCI	$	6,069		$	6,204		$	6,342		$	6,213		$	6,053		$	6,075

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		24.7	%		24.1	%		23.6	%		24.1	%		24.7	%		24.7	%
Excluding subordinated debt		13.6	%		13.3	%		13.0	%		13.2	%		13.6	%		13.5	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Property and Casualty Insurance
Paid Losses (GAAP)	$	967		$	1,179		$	897		$	969		$	989		$	4,034		$	3,426


	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/23
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,853		$	5,962		$	6,150		$	5,919		$	5,780		$	5,710
Parent and other subsidiaries		(1,282	)		(1,256	)		(1,306	)		(1,204	)		(1,225	)		(1,133	)

AFG GAAP Equity (excluding AOCI)	$	4,571		$	4,706		$	4,844		$	4,715		$	4,555		$	4,577

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

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - March 31, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,034	$	242	$	—		$	1,276		8	%
Fixed maturities - Available for sale		10,534		34		—			10,568		66	%
Fixed maturities - Trading		71		—		—			71		0	%
Equity securities - Common stocks		341		—		—			341		2	%
Equity securities - Perpetual preferred		429		—		—			429		3	%
Investments accounted for using the equity method		2,324		2		—			2,326		15	%
Mortgage loans		827		—		—			827		5	%
Real estate and other investments		178		100		(122	)		156		1	%

Total cash and investments	$	15,738	$	378	$	(122	)	$	15,994		100	%


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

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

Page 15

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	137		$	134		$	134		$	133		$	131		$	532		$	481
Equity securities		6			9			6			7			7			29			32
Other investments (a)		21			24			25			21			17			87			69

Gross investment income excluding alternative investments		164			167			165			161			155			648			582
Gross investment income from alternative investments (b)		12			33			36			33			56			158			163

Total gross investment income		176			200			201			194			211			806			745
Investment expenses		(6	)		(5	)		(6	)		(5	)		(6	)		(22	)		(16	)

Total net investment income	$	170		$	195		$	195		$	189		$	205		$	784		$	729

Average cash and investments (c)	$	15,881		$	15,718		$	15,447		$	15,346		$	15,331		$	15,479		$	14,753

Average yield - fixed maturities before inv expenses (d)		5.13	%		5.09	%		5.06	%		5.04	%		4.93	%		5.02	%		4.67	%
Average yield - overall portfolio, net (d)		4.28	%		4.96	%		5.05	%		4.93	%		5.35	%		5.06	%		4.94	%
AFG consolidated net investment income:
Property & Casualty core	$	170		$	195		$	195		$	189		$	205		$	784		$	729
Parent & other		5			7			7			8			7			29			40
Consolidate CLOs		(2	)		(8	)		(2	)		(9	)		(14	)		(33	)		(27	)

Total net investment income	$	173		$	194		$	200		$	188		$	198		$	780		$	742

Average cash and investments (c)	$	16,140		$	15,987		$	15,748		$	15,617		$	15,616		$	15,767		$	15,254

Average yield - overall portfolio, net (d)		4.29	%		4.85	%		5.08	%		4.82	%		5.07	%		4.95	%		4.86	%
Average yield - fixed maturities before inv expenses (d)		5.13	%		5.10	%		5.08	%		5.06	%		4.95	%		5.04	%		4.70	%

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

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

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

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

Page 16

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24			12/31/24			12/31/23
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	(3	)	$	12		$	8		$	1		$	1		$	22		$	(1	)
Equity securities MTM through investment income (a)		—			12			20			9			16			57			38
Investments accounted for using the equity method (b)		13			1			6			14			25			46			99
AFG managed CLOs (eliminated in consolidation)		2			8			2			9			14			33			27

Total Property & Casualty	$	12		$	33		$	36		$	33		$	56		$	158		$	163

Investments
Fixed maturities MTM through investment income	$	50		$	75		$	51		$	32		$	18		$	75		$	17
Equity securities MTM through investment income (a)		232			222			563			544			494			222			440
Investments accounted for using the equity method (b)		2,324			2,275			1,909			1,880			1,846			2,275			1,812
AFG managed CLOs (eliminated in consolidation)		122			174			163			158			199			174			175

Total Property & Casualty	$	2,728		$	2,746		$	2,686		$	2,614		$	2,557		$	2,746		$	2,444

Annualized Return - Property & Casualty		1.8	%		4.9	%		5.4	%		5.1	%		9.0	%		6.1	%		7.0	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	(3	)	$	12		$	8		$	1		$	1		$	22		$	(1	)
Equity securities MTM through investment income (a)		—			12			20			9			16			57			38
Investments accounted for using the equity method (b)		13			1			6			14			25			46			99
AFG managed CLOs (eliminated in consolidation)		2			8			2			9			14			33			27

Total AFG Consolidated	$	12		$	33		$	36		$	33		$	56		$	158		$	163

Investments
Fixed maturities MTM through investment income	$	50		$	75		$	51		$	32		$	18		$	75		$	17
Equity securities MTM through investment income (a)		232			222			563			544			494			222			440
Investments accounted for using the equity method (b)		2,326			2,277			1,911			1,882			1,848			2,277			1,814
AFG managed CLOs (eliminated in consolidation)		122			174			163			158			199			174			175

Total AFG Consolidated	$	2,730		$	2,748		$	2,688		$	2,616		$	2,559		$	2,748		$	2,446

Annualized Return - AFG Consolidated		1.8	%		4.9	%		5.4	%		5.1	%		8.9	%		6.1	%		7.0	%

(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 )


March 31, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	182	$	180	$	(2	)		2	%		1	%
States, municipalities and political subdivisions		921		875		(46	)		8	%		5	%
Foreign government		293		297		4			3	%		2	%
Residential mortgage-backed securities		2,222		2,118		(104	)		20	%		13	%
Commercial mortgage-backed securities		41		41		—			0	%		0	%
Collateralized loan obligations		1,246		1,241		(5	)		12	%		8	%
Other asset-backed securities		2,414		2,381		(33	)		22	%		15	%
Corporate and other bonds		3,499		3,506		7			33	%		22	%

Total AFG consolidated	$	10,818	$	10,639	$	(179	)		100	%		66	%

Approximate duration - P&C		3.0 years
Approximate duration - P&C including cash		2.8 years
December 31, 2024	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	176	$	173	$	(3	)		2	%		1	%
States, municipalities and political subdivisions		905		859		(46	)		8	%		5	%
Foreign government		283		284		1			3	%		2	%
Residential mortgage-backed securities		2,121		1,989		(132	)		19	%		13	%
Commercial mortgage-backed securities		51		51		—			0	%		0	%
Collateralized loan obligations		1,239		1,237		(2	)		12	%		8	%
Other asset-backed securities		2,406		2,356		(50	)		22	%		15	%
Corporate and other bonds		3,548		3,525		(23	)		34	%		22	%

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

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

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

Page 18

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

3/31/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	359	$	269	$	1,795	$	36	$	1,187	$	809	$	13	$	4,468		42	%
AA		180		468		10		130		4		49		312		173		1,326		13	%
A		—		38		8		69		1		4		666		912		1,698		16	%
BBB		—		8		10		34		—		—		523		1,997		2,572		24	%

Subtotal - Investment grade		180		873		297		2,028		41		1,240		2,310		3,095		10,064		95	%
BB		—		—		—		2		—		—		6		191		199		2	%
B		—		—		—		2		—		—		2		29		33		0	%
CCC, CC, C		—		—		—		28		—		—		2		11		41		0	%
D		—		—		—		—		—		—		—		9		9		0	%

Subtotal - Non-Investment grade		—		—		—		32		—		—		10		240		282		2	%
Not Rated (b)		—		2		—		58		—		1		61		171		293		3	%

Total	$	180	$	875	$	297	$	2,118	$	41	$	1,241	$	2,381	$	3,506	$	10,639		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	180	$	862	$	241	$	2,018	$	41	$	1,229	$	1,787	$	1,111	$	7,469		72	%
2		—		8		—		23		—		—		511		1,990		2,532		24	%

Subtotal		180		870		241		2,041		41		1,229		2,298		3,101		10,001		96	%
3		—		—		—		2		—		—		5		211		218		2	%
4		—		—		—		—		—		—		1		40		41		1	%
5		—		—		—		13		—		—		3		98		114		1	%
6		—		—		—		2		—		—		2		11		15		0	%

Subtotal		—		—		—		17		—		—		11		360		388		4	%
Total insurance companies	$	180	$	870	$	241	$	2,058	$	41	$	1,229	$	2,309	$	3,461	$	10,389		100	%

No NAIC designation (c)		—		—		—		—		—		1		25		11		37
Non-Insurance and Foreign Companies (d)		—		5		56		60		—		11		47		34		213

Total	$	180	$	875	$	297	$	2,118	$	41	$	1,241	$	2,381	$	3,506	$	10,639

(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, 54% are NAIC 1 and 41% do not have a designation.

For Corp/Oth, 13% are NAIC 1, 16% NAIC 2 and 50% NAIC 5.

For Total, 31% are NAIC 1, 10% NAIC 2, 34% NAIC 5 and 12% 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

12/31/2024

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	342	$	264	$	1,717	$	39	$	1,166	$	817	$	14	$	4,359		42	%
AA		173		469		9		92		11		66		294		175		1,289		12	%
A		—		38		5		69		1		4		648		925		1,690		16	%
BBB		—		8		6		20		—		—		519		1,990		2,543		24	%

Subtotal - Investment grade		173		857		284		1,898		51		1,236		2,278		3,104		9,881		94	%
BB		—		—		—		2		—		—		7		167		176		2	%
B		—		—		—		2		—		—		2		33		37		0	%
CCC, CC, C		—		—		—		28		—		—		3		14		45		1	%
D		—		—		—		—		—		—		—		12		12		0	%

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

Total	$	173	$	859	$	284	$	1,989	$	51	$	1,237	$	2,356	$	3,525	$	10,474		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	173	$	846	$	237	$	1,898	$	51	$	1,220	$	1,759	$	1,119	$	7,303		71	%
2		—		8		—		20		—		—		508		1,988		2,524		25	%

Subtotal		173		854		237		1,918		51		1,220		2,267		3,107		9,827		96	%
3		—		—		—		8		—		—		7		172		187		2	%
4		—		—		—		—		—		—		2		59		61		1	%
5		—		—		—		6		—		—		4		127		137		1	%
6		—		—		—		1		—		—		2		16		19		0	%

Subtotal		—		—		—		15		—		—		15		374		404		4	%
Total insurance companies	$	173	$	854	$	237	$	1,933	$	51	$	1,220	$	2,282	$	3,481	$	10,231		100	%

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

Total	$	173	$	859	$	284	$	1,989	$	51	$	1,237	$	2,356	$	3,525	$	10,474

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

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

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

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

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

(d)	98% are investment grade rated.

Page 20

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

3/31/2025

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		REITs		Healthcare		Retailers		Basic Industry		Capital Goods		Media		Other			Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2		$	13		0	%
AA		5		—		44		23		5		32		37		—		—		14		10		—		—		—		3			173		5	%
A		36		188		152		28		128		62		54		88		52		25		17		11		35		3		33			912		26	%
BBB		786		246		52		173		93		92		63		69		76		38		43		83		48		34		101			1,997		57	%

Subtotal		827		434		248		235		226		186		154		157		128		77		70		94		83		37		139			3,095		88	%
BB		24		7		—		4		—		2		23		18		6		5		36		33		1		23		9			191		6	%
B		4		2		—		2		—		—		8		—		—		5		—		—		3		3		2			29		1	%
CCC, CC, C		—		—		—		2		—		—		—		—		—		9		—		—		—		—		—			11		0	%
D		—		—		—		—		—		—		—		—		—		—		9		—		—		—		—			9		0	%

Subtotal		28		9		—		8		—		2		31		18		6		19		45		33		4		26		11			240		7	%
Not Rated (b)		—		3		7		12		—		31		12		1		6		43		14		—		20		20		2			171		5	%

Total	$	855	$	446	$	255	$	255	$	226	$	219	$	197	$	176	$	140	$	139	$	129	$	127	$	107	$	83	$	152		$	3,506		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		REITs		Healthcare		Retailers		Basic Industry		Capital Goods		Media		Other			Total		% Total
1	$	41	$	185	$	194	$	61	$	133	$	108	$	93	$	88	$	52	$	42	$	27	$	11	$	37	$	3	$	36		$	1,111		32	%
2		772		247		51		169		91		91		70		68		76		50		43		81		46		32		103			1,990		58	%

Subtotal		813		432		245		230		224		199		163		156		128		92		70		92		83		35		139			3,101		90	%
3		34		7		—		5		—		4		24		18		6		16		36		27		2		23		9			211		6	%
4		4		2		—		12		—		—		5		—		—		5		—		4		3		3		2			40		1	%
5		—		—		—		3		—		10		2		—		6		25		14		1		18		20		(1	)		98		3	%
6		—		—		—		—		—		1		1		—		—		—		9		—		—		—		—			11		0	%

Subtotal		38		9		—		20		—		15		32		18		12		46		59		32		23		46		10			360		10	%
Total insurance companies	$	851	$	441	$	245	$	250	$	224	$	214	$	195	$	174	$	140	$	138	$	129	$	124	$	106	$	81	$	149		$	3,461		100	%

No NAIC designation (c)		—		—		7		—		—		4		—		—		—		—		—		—		—		—		—			11
Non-Insurance and Foreign Companies		4		5		3		5		2		1		2		2		—		1		—		3		1		2		3			34

Total	$	855	$	446	$	255	$	255	$	226	$	219	$	197	$	176	$	140	$	139	$	129	$	127	$	107	$	83	$	152		$	3,506

(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, 16% NAIC 2 and 50% NAIC 5.

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

Page 21

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2024

($ in millions)


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

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

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

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


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

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

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

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

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

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

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

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

Page 22

Appendix E

American Financial Group, Inc.

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

3/31/2025

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		TruPS		Triple Net Lease		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	233	$	80	$	198	$	—	$	7	$	—	$	123	$	69	$	99	$	809		34	%
AA		76		—		149		15		29		3		20		—		—		20		312		13	%
A		10		—		3		17		162		141		69		—		—		264		666		28	%
BBB		430		—		—		—		6		21		1		—		—		65		523		22	%

Subtotal		516		233		232		230		197		172		90		123		69		448		2,310		97	%
BB		—		—		—		—		—		4		1		—		—		1		6		0	%
B		—		—		—		—		—		1		1		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		2		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		—		7		2		—		—		1		10		0	%
Not Rated (b)		—		—		—		—		—		3		33		—		—		25		61		3	%

Total	$	516	$	233	$	232	$	230	$	197	$	182	$	125	$	123	$	69	$	474	$	2,381		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		TruPS		Triple Net Lease		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	218	$	229	$	227	$	188	$	149	$	122	$	120	$	67	$	381	$	1,787		77	%
2		419		—		—		—		6		21		1		—		—		64		511		22	%

Subtotal		505		218		229		227		194		170		123		120		67		445		2,298		99	%
3		—		—		—		—		—		3		2		—		—		—		5		1	%
4		—		—		—		—		—		1		—		—		—		—		1		0	%
5		—		—		—		—		—		3		—		—		—		—		3		0	%
6		—		—		—		—		—		2		—		—		—		—		2		0	%

Subtotal		—		—		—		—		—		9		2		—		—		—		11		1	%
Total insurance companies	$	505	$	218	$	229	$	227	$	194	$	179	$	125	$	120	$	67	$	445	$	2,309		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		25		25
Non-Insurance and Foreign Companies		11		15		3		3		3		3		—		3		2		4		47

Total	$	516	$	233	$	232	$	230	$	197	$	182	$	125	$	123	$	69	$	474	$	2,381

(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)	54% of not rated securities are NAIC 1 and 41% do not have a designation.

Page 23

Appendix F

American Financial Group, Inc.

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

12/31/2024

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	258	$	191	$	46	$	—	$	7	$	17	$	125	$	69	$	104	$	817		35	%
AA		75		—		14		130		25		4		25		—		—		21		294		12	%
A		10		—		17		18		156		118		65		—		—		264		648		28	%
BBB		427		—		—		—		6		21		1		—		—		64		519		22	%

Subtotal		512		258		222		194		187		150		108		125		69		453		2,278		97	%
BB		—		—		—		—		—		5		1		—		—		1		7		0	%
B		—		—		—		—		—		2		—		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		3		—		—		—		—		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

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

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	485	$	2,356		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	85	$	240	$	219	$	191	$	179	$	127	$	139	$	121	$	67	$	391	$	1,759		77	%
2		416		—		—		—		6		21		1		—		—		64		508		22	%

Subtotal		501		240		219		191		185		148		140		121		67		455		2,267		99	%
3		—		—		—		—		—		4		2		—		—		1		7		1	%
4		—		—		—		—		—		2		—		—		—		—		2		0	%
5		—		—		—		—		—		3		—		—		—		1		4		0	%
6		—		—		—		—		—		2		—		—		—		—		2		0	%

Subtotal		—		—		—		—		—		11		2		—		—		2		15		1	%
Total insurance companies	$	501	$	240	$	219	$	191	$	185	$	159	$	142	$	121	$	67	$	457	$	2,282		100	%

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

Total	$	512	$	258	$	222	$	194	$	187	$	162	$	142	$	125	$	69	$	485	$	2,356

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

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

Page 24

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

3/31/2025

($ 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	$	1,254		88	%		92	%		97	%
Fund Investments		99		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		17		1	%		86	%		100	%
Marina		16		1	%		—			—
Hospitality		11		1	%		—			—
Land Development		5		0	%		—			—

Total	$	1,429		100	%


Real Estate
Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	49		51	%	$	—
Marina		36		37	%		—
Office Building		10		10	%		—
Land		2		2	%		—

Total	$	97		100	%	$	—


Mortgage Loans
Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	605		73	%		66	%
Hospitality		121		15	%		49	%
Marina		52		6	%		52	%
Office		49		6	%		98	%

Total	$	827		100	%		64	%

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

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

(b)	Occupancy as of 3/31/25

(c)	Collections for January - March

Page 25

Appendix H

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2024

($ in millions)


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

Total	$	1,392		100	%


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

Total	$	96		100	%	$	—


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

Total	$	791		100	%		64	%

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

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

(b)	Occupancy as of 12/31/24

(c)	Collections for October - December

Page 26