EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Second Quarter 2025

August 5, 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 - Second Quarter 2025


Section	Page

Table of Contents - Investor Supplement - Second 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 6/30/2025		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 6/30/2025		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 6/30/2025		23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
G. Real Estate-Related Investments 6/30/2025		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															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Highlights
Net earnings	$	174		$	154		$	255		$	181		$	209		$	328		$	451
Core net operating earnings		179			152			262			194			215			331			446
Total assets		30,669			30,294			30,836			32,591			29,913			30,669			29,913
Shareholders’ equity, excluding AOCI (a)		4,648			4,571			4,706			4,844			4,715			4,648			4,715
Property and Casualty net written premiums		1,803			1,611			1,460			2,353			1,692			3,414			3,326

Per share data
Diluted earnings per share	$	2.07		$	1.84		$	3.03		$	2.16		$	2.49		$	3.92		$	5.38
Core net operating earnings per share		2.14			1.81			3.12			2.31			2.56			3.96			5.32
Book value per share, excluding AOCI (a)		55.74			54.63			56.03			57.71			56.19			55.74			56.19

Dividends per common share		0.80			2.80			4.80			0.71			0.71			3.60			3.92

Financial ratios
Annualized return on equity (b)		15.0	%		13.3	%		21.3	%		15.2	%		18.0	%		14.1	%		19.5	%
Annualized core operating return on equity (b)		15.5	%		13.1	%		21.9	%		16.2	%		18.5	%		14.3	%		19.3	%

Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		61.1	%		61.0	%		63.7	%		69.5	%		59.1	%		61.1	%		58.8	%
Underwriting expense ratio		32.0	%		33.0	%		25.3	%		24.8	%		31.4	%		32.5	%		31.4	%

Combined ratio - Specialty		93.1	%		94.0	%		89.0	%		94.3	%		90.5	%		93.6	%		90.2	%

(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
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Property and Casualty Insurance
Underwriting profit	$	113		$	94		$	202		$	115		$	150		$	207		$	303
Net investment income		179			170			195			195			189			349			394
Other income (expense)		(19	)		(18	)		(19	)		(19	)		(20	)		(37	)		(38	)

Property and Casualty Insurance operating earnings		273			246			378			291			319			519			659

Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(19	)		(38	)		(38	)
Other expense		(27	)		(33	)		(29	)		(27	)		(27	)		(60	)		(58	)

Pretax core operating earnings		227			194			330			245			273			421			563

Income tax expense		48			42			68			51			58			90			117

Core net operating earnings		179			152			262			194			215			331			446
Non-core items, net of tax:
Realized gains (losses) on securities		2			2			(7	)		(2	)		(2	)		4			9
Other non-core items		(7	)		—			—			—			(4	)		(7	)		(4	)
Special A&E charges - Former Railroad and Manufacturing operations		—			—			—			(11	)		—			—			—

Net earnings	$	174		$	154		$	255		$	181		$	209		$	328		$	451

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Six Months Ended
	6/30/25			3/31/25		12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Core net operating earnings	$	179		$	152	$	262		$	194		$	215		$	331		$	446

Net earnings	$	174		$	154	$	255		$	181		$	209		$	328		$	451

Average number of diluted shares		83.488			83.842		83.966			83.939			83.912			83.664			83.853

Diluted earnings per share:
Core net operating earnings per share	$	2.14		$	1.81	$	3.12		$	2.31		$	2.56		$	3.96		$	5.32

Realized gains (losses) on securities		0.02			0.03		(0.09	)		(0.02	)		(0.02	)		0.05			0.11
Other non-core items		(0.09	)		—		—			—			(0.05	)		(0.09	)		(0.05	)
Special A&E charges - Former Railroad and Manufacturing operations		—			—		—			(0.13	)		—			—			—

Diluted earnings per share	$	2.07		$	1.84	$	3.03		$	2.16		$	2.49		$	3.92		$	5.38

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Property and Transportation	$	27		$	37		$	81		$	33		$	40		$	64		$	100
Specialty Casualty		49			20			69			63			86			69			147
Specialty Financial		38			37			54			21			25			75			58

Underwriting profit - Specialty		114			94			204			117			151			208			305

Other core charges, included in loss and LAE		(1	)		—			(2	)		(2	)		(1	)		(1	)		(2	)

Underwriting profit - Property and Casualty Insurance	$	113		$	94		$	202		$	115		$	150		$	207		$	303

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	1		$	—		$	—		$	—		$	1
Catastrophe losses		38			72			20			90			36			110			70

Total current accident year catastrophe losses	$	38		$	72		$	21		$	90		$	36		$	110		$	71

Prior year loss reserve development (favorable) / adverse	$	(11	)	$	(20	)	$	36		$	(15	)	$	(35	)	$	(31	)	$	(85	)

Combined ratio:
Property and Transportation		95.2	%		92.5	%		89.5	%		96.8	%		92.7	%		94.0	%		90.6	%
Specialty Casualty		93.9	%		97.6	%		91.4	%		92.1	%		89.1	%		95.8	%		90.7	%
Specialty Financial		86.1	%		87.0	%		80.7	%		92.3	%		89.7	%		86.5	%		88.1	%
Combined ratio - Specialty		93.1	%		94.0	%		89.0	%		94.3	%		90.5	%		93.6	%		90.2	%

Other core charges		0.0	%		0.1	%		0.1	%		0.1	%		0.0	%		0.0	%		0.1	%

Combined ratio		93.1	%		94.1	%		89.1	%		94.4	%		90.5	%		93.6	%		90.3	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		90.8	%		86.1	%		90.7	%		90.5	%		91.2	%		90.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		59.5	%		57.8	%		60.8	%		65.9	%		59.1	%		58.7	%		59.3	%
Prior accident year loss reserve development		(0.7	%)		(1.3	%)		1.9	%		(0.7	%)		(2.2	%)		(1.0	%)		(2.7	%)
Current accident year catastrophe losses		2.3	%		4.6	%		1.1	%		4.4	%		2.2	%		3.4	%		2.3	%

Loss and LAE ratio		61.1	%		61.1	%		63.8	%		69.6	%		59.1	%		61.1	%		58.9	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Gross written premiums	$	2,653		$	2,291		$	2,043		$	3,748		$	2,406		$	4,944		$	4,742
Ceded reinsurance premiums		(850	)		(680	)		(583	)		(1,395	)		(714	)		(1,530	)		(1,416	)

Net written premiums		1,803			1,611			1,460			2,353			1,692			3,414			3,326
Change in unearned premiums		(156	)		(31	)		390			(298	)		(107	)		(187	)		(195	)

Net earned premiums		1,647			1,580			1,850			2,055			1,585			3,227			3,131

Loss and LAE		1,006			965			1,179			1,428			936			1,971			1,842
Underwriting expense		527			521			467			510			498			1,048			984

Underwriting profit	$	114		$	94		$	204		$	117		$	151		$	208		$	305

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	1		$	—		$	—		$	—		$	1
Catastrophe losses		38			72			20			90			36			110			70

Total current accident year catastrophe losses	$	38		$	72		$	21		$	90		$	36		$	110		$	71

Prior year loss reserve development (favorable) / adverse	$	(12	)	$	(20	)	$	34		$	(17	)	$	(36	)	$	(32	)	$	(87	)

Combined ratio:
Loss and LAE ratio		61.1	%		61.0	%		63.7	%		69.5	%		59.1	%		61.1	%		58.8	%
Underwriting expense ratio		32.0	%		33.0	%		25.3	%		24.8	%		31.4	%		32.5	%		31.4	%

Combined ratio		93.1	%		94.0	%		89.0	%		94.3	%		90.5	%		93.6	%		90.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		90.8	%		86.1	%		90.7	%		90.5	%		91.2	%		90.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		59.5	%		57.8	%		60.8	%		65.9	%		59.1	%		58.7	%		59.3	%
Prior accident year loss reserve development		(0.7	%)		(1.3	%)		1.8	%		(0.8	%)		(2.3	%)		(1.0	%)		(2.8	%)
Current accident year catastrophe losses		2.3	%		4.5	%		1.1	%		4.4	%		2.3	%		3.4	%		2.3	%

Loss and LAE ratio		61.1	%		61.0	%		63.7	%		69.5	%		59.1	%		61.1	%		58.8	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Gross written premiums	$	1,247		$	897		$	585		$	2,107		$	1,084		$	2,144		$	2,043
Ceded reinsurance premiums		(488	)		(334	)		(177	)		(956	)		(394	)		(822	)		(756	)

Net written premiums		759			563			408			1,151			690			1,322			1,287
Change in unearned premiums		(183	)		(63	)		357			(162	)		(138	)		(246	)		(215	)

Net earned premiums		576			500			765			989			552			1,076			1,072

Loss and LAE		387			311			531			784			351			698			657
Underwriting expense		162			152			153			172			161			314			315

Underwriting profit	$	27		$	37		$	81		$	33		$	40		$	64		$	100

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	1		$	—		$	—		$	—		$	—
Catastrophe losses		12			10			9			34			13			22			22

Total current accident year catastrophe losses	$	12		$	10		$	10		$	34		$	13		$	22		$	22

Prior year loss reserve development (favorable) / adverse	$	(13	)	$	(19	)	$	(2	)	$	(14	)	$	(34	)	$	(32	)	$	(80	)

Combined ratio:
Loss and LAE ratio		67.2	%		62.1	%		69.5	%		79.4	%		63.7	%		64.9	%		61.2	%
Underwriting expense ratio		28.0	%		30.4	%		20.0	%		17.4	%		29.0	%		29.1	%		29.4	%

Combined ratio		95.2	%		92.5	%		89.5	%		96.8	%		92.7	%		94.0	%		90.6	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.4	%		94.4	%		88.5	%		94.5	%		96.6	%		94.9	%		96.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		67.4	%		64.0	%		68.5	%		77.1	%		67.6	%		65.8	%		66.7	%
Prior accident year loss reserve development		(2.2	%)		(3.9	%)		(0.2	%)		(1.3	%)		(6.3	%)		(3.0	%)		(7.5	%)
Current accident year catastrophe losses		2.0	%		2.0	%		1.2	%		3.6	%		2.4	%		2.1	%		2.0	%

Loss and LAE ratio		67.2	%		62.1	%		69.5	%		79.4	%		63.7	%		64.9	%		61.2	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Gross written premiums	$	1,062		$	1,068		$	1,126		$	1,297		$	1,023		$	2,130		$	2,120
Ceded reinsurance premiums		(297	)		(296	)		(353	)		(380	)		(270	)		(593	)		(564	)

Net written premiums		765			772			773			917			753			1,537			1,556
Change in unearned premiums		34			22			32			(120	)		38			56			18

Net earned premiums		799			794			805			797			791			1,593			1,574

Loss and LAE		516			536			541			519			483			1,052			985
Underwriting expense		234			238			195			215			222			472			442

Underwriting profit	$	49		$	20		$	69		$	63		$	86		$	69		$	147

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		7			27			(6	)		17			5			34			23

Total current accident year catastrophe losses	$	7		$	27		$	(6	)	$	17		$	5		$	34		$	24

Prior year loss reserve development (favorable) / adverse	$	10		$	12		$	44		$	6		$	(2	)	$	22		$	(13	)

Combined ratio:
Loss and LAE ratio		64.5	%		67.6	%		67.2	%		65.1	%		61.0	%		66.1	%		62.6	%
Underwriting expense ratio		29.4	%		30.0	%		24.2	%		27.0	%		28.1	%		29.7	%		28.1	%

Combined ratio		93.9	%		97.6	%		91.4	%		92.1	%		89.1	%		95.8	%		90.7	%

Combined ratio excl. catastrophe losses and prior year reserve development		91.8	%		92.6	%		86.7	%		89.3	%		88.7	%		92.3	%		90.0	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		62.4	%		62.6	%		62.5	%		62.3	%		60.6	%		62.6	%		61.9	%
Prior accident year loss reserve development		1.2	%		1.6	%		5.4	%		0.7	%		(0.2	%)		1.4	%		(0.8	%)
Current accident year catastrophe losses		0.9	%		3.4	%		(0.7	%)		2.1	%		0.6	%		2.1	%		1.5	%

Loss and LAE ratio		64.5	%		67.6	%		67.2	%		65.1	%		61.0	%		66.1	%		62.6	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Gross written premiums	$	344		$	326		$	332		$	344		$	299		$	670		$	579
Ceded reinsurance premiums		(65	)		(50	)		(53	)		(59	)		(50	)		(115	)		(96	)

Net written premiums		279			276			279			285			249			555			483
Change in unearned premiums		(7	)		10			1			(16	)		(7	)		3			2

Net earned premiums		272			286			280			269			242			558			485

Loss and LAE		103			118			107			125			102			221			200
Underwriting expense		131			131			119			123			115			262			227

Underwriting profit	$	38		$	37		$	54		$	21		$	25		$	75		$	58

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		19			35			17			39			18			54			25

Total current accident year catastrophe losses	$	19		$	35		$	17		$	39		$	18		$	54		$	25

Prior year loss reserve development (favorable) / adverse	$	(9	)	$	(13	)	$	(8	)	$	(9	)	$	—		$	(22	)	$	6

Combined ratio:
Loss and LAE ratio		38.1	%		41.1	%		38.1	%		46.5	%		42.1	%		39.6	%		41.3	%
Underwriting expense ratio		48.0	%		45.9	%		42.6	%		45.8	%		47.6	%		46.9	%		46.8	%

Combined ratio		86.1	%		87.0	%		80.7	%		92.3	%		89.7	%		86.5	%		88.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		82.0	%		79.7	%		77.5	%		81.2	%		82.4	%		80.7	%		81.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		34.0	%		33.8	%		34.9	%		35.4	%		34.8	%		33.8	%		34.8	%
Prior accident year loss reserve development		(3.2	%)		(4.6	%)		(2.9	%)		(3.2	%)		0.1	%		(3.9	%)		1.3	%
Current accident year catastrophe losses		7.3	%		11.9	%		6.1	%		14.3	%		7.2	%		9.7	%		5.2	%

Loss and LAE ratio		38.1	%		41.1	%		38.1	%		46.5	%		42.1	%		39.6	%		41.3	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Assets:
Total cash and investments	$	16,049		$	15,994		$	15,852		$	15,741		$	15,261		$	15,254
Recoverables from reinsurers		4,733			4,945			5,176			5,217			4,157			4,510
Prepaid reinsurance premiums		1,256			1,105			1,013			1,346			1,143			1,078
Agents’ balances and premiums receivable		1,946			1,589			1,532			1,995			1,909			1,606
Deferred policy acquisition costs		345			316			320			340			328			309
Assets of managed investment entities		3,833			3,848			4,140			4,332			4,695			4,669
Other receivables		877			855			1,123			1,989			758			958
Other assets		1,325			1,337			1,375			1,326			1,357			1,312
Goodwill		305			305			305			305			305			305

Total assets	$	30,669		$	30,294		$	30,836		$	32,591		$	29,913		$	30,001

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	13,834		$	13,970		$	14,179		$	14,206		$	12,607		$	13,050
Unearned premiums		4,026			3,710			3,584			4,320			3,816			3,650
Payable to reinsurers		1,152			1,028			1,191			1,620			1,176			1,078
Liabilities of managed investment entities		3,685			3,726			3,965			4,168			4,536			4,468
Long-term debt		1,476			1,476			1,475			1,475			1,475			1,475
Other liabilities		1,980			1,992			1,976			2,094			1,919			2,040

Total liabilities	$	26,153		$	25,902		$	26,370		$	27,883		$	25,529		$	25,761

Shareholders’ equity:
Common stock	$	83		$	84		$	84		$	84		$	84		$	84
Capital surplus		1,414			1,409			1,411			1,400			1,392			1,382
Retained earnings		3,151			3,078			3,211			3,360			3,239			3,089
Unrealized gains (losses) - fixed maturities		(101	)		(141	)		(202	)		(100	)		(290	)		(278	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(5	)		(7	)		(10	)		(7	)		(20	)		(22	)
Other comprehensive income (loss), net of tax		(26	)		(31	)		(28	)		(29	)		(21	)		(15	)

Total shareholders’ equity		4,516			4,392			4,466			4,708			4,384			4,240

Total liabilities and equity	$	30,669		$	30,294		$	30,836		$	32,591		$	29,913		$	30,001

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Shareholders’ equity	$	4,516		$	4,392		$	4,466		$	4,708		$	4,384		$	4,240
Accumulated other comprehensive income (loss)		(132	)		(179	)		(240	)		(136	)		(331	)		(315	)

Shareholders’ equity, excluding AOCI		4,648			4,571			4,706			4,844			4,715			4,555
Goodwill		305			305			305			305			305			305
Intangibles		193			198			203			199			204			208

Tangible shareholders’ equity, excluding AOCI	$	4,150		$	4,068		$	4,198		$	4,340		$	4,206		$	4,042

Common shares outstanding		83.386			83.668			83.978			83.923			83.897			83.857

Book value per share:
Book value per share	$	54.15		$	52.50		$	53.18		$	56.10		$	52.25		$	50.57
Book value per share, excluding AOCI		55.74			54.63			56.03			57.71			56.19			54.32
Tangible, excluding AOCI		49.77			48.62			49.98			51.72			50.13			48.20

Market capitalization
AFG’s closing common share price	$	126.21		$	131.34		$	136.93		$	134.60		$	123.02		$	136.48

Market capitalization	$	10,524		$	10,989		$	11,499		$	11,296		$	10,321		$	11,445

Price / Book value per share, excluding AOCI		2.26			2.40			2.44			2.33			2.19			2.51

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
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		4,516			4,392			4,466			4,708			4,384			4,240
Accumulated other comprehensive income (loss)		(132	)		(179	)		(240	)		(136	)		(331	)		(315	)

Total capital, excluding AOCI	$	6,146		$	6,069		$	6,204		$	6,342		$	6,213		$	6,053

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		24.4	%		24.7	%		24.1	%		23.6	%		24.1	%		24.7	%
Excluding subordinated debt		13.4	%		13.6	%		13.3	%		13.0	%		13.2	%		13.6	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Property and Casualty Insurance
Paid Losses (GAAP)	$	931		$	967		$	1,179		$	897		$	969		$	1,898		$	1,958


	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,935		$	5,853		$	5,962		$	6,150		$	5,919		$	5,780
Parent and other subsidiaries		(1,287	)		(1,282	)		(1,256	)		(1,306	)		(1,204	)		(1,225	)

AFG GAAP Equity (excluding AOCI)	$	4,648		$	4,571		$	4,706		$	4,844		$	4,715		$	4,555

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

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - June 30, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	995	$	273	$	—		$	1,268		8	%
Fixed maturities - Available for sale		10,461		28		—			10,489		65	%
Fixed maturities - Trading		82		—		—			82		1	%
Equity securities - Common stocks		389		—		—			389		2	%
Equity securities - Perpetual preferred		411		—		—			411		2	%
Investments accounted for using the equity method		2,338		3		—			2,341		15	%
Mortgage loans		909		—		—			909		6	%
Real estate and other investments		205		103		(148	)		160		1	%

Total cash and investments	$	15,790	$	407	$	(148	)	$	16,049		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															Six Months Ended
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	140		$	137		$	134		$	134		$	133		$	277		$	264
Equity securities		15			6			9			6			7			21			14
Other investments (a)		23			21			24			25			21			44			38

Gross investment income excluding alternative investments		178			164			167			165			161			342			316
Gross investment income from alternative investments (b)		8			12			33			36			33			20			89

Total gross investment income		186			176			200			201			194			362			405
Investment expenses		(7	)		(6	)		(5	)		(6	)		(5	)		(13	)		(11	)

Total net investment income	$	179		$	170		$	195		$	195		$	189		$	349		$	394

Average cash and investments (c)	$	15,921		$	15,881		$	15,718		$	15,447		$	15,346		$	15,894		$	15,321

Average yield - overall portfolio, net (d)		4.50	%		4.28	%		4.96	%		5.05	%		4.93	%		4.39	%		5.14	%
Average yield - fixed maturities before inv expenses (d)		5.24	%		5.13	%		5.09	%		5.06	%		5.04	%		5.19	%		4.99	%

AFG consolidated net investment income:
Property & Casualty core	$	179		$	170		$	195		$	195		$	189		$	349		$	394
Parent & other		7			5			7			7			8			12			15
Consolidate CLOs		(2	)		(2	)		(8	)		(2	)		(9	)		(4	)		(23	)

Total net investment income	$	184		$	173		$	194		$	200		$	188		$	357		$	386

Average cash and investments (c)	$	16,175		$	16,140		$	15,987		$	15,748		$	15,617		$	16,152		$	15,620

Average yield - overall portfolio, net (d)		4.55	%		4.29	%		4.85	%		5.08	%		4.82	%		4.42	%		4.94	%
Average yield - fixed maturities before inv expenses (d)		5.24	%		5.13	%		5.10	%		5.08	%		5.06	%		5.20	%		5.01	%

(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
	6/30/25			3/31/25			12/31/24			9/30/24			6/30/24			6/30/25			6/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	8		$	(3	)	$	12		$	8		$	1		$	5		$	2
Equity securities MTM through investment income (a)		4			—			12			20			9			4			25
Investments accounted for using the equity method (b)		(6	)		13			1			6			14			7			39
AFG managed CLOs (eliminated in consolidation)		2			2			8			2			9			4			23

Total Property & Casualty	$	8		$	12		$	33		$	36		$	33		$	20		$	89

Investments
Fixed maturities MTM through investment income	$	55		$	50		$	75		$	51		$	32		$	55		$	32
Equity securities MTM through investment income (a)		233			232			222			563			544			233			544
Investments accounted for using the equity method (b)		2,338			2,324			2,275			1,909			1,880			2,338			1,880
AFG managed CLOs (eliminated in consolidation)		148			122			174			163			158			148			158

Total Property & Casualty	$	2,774		$	2,728		$	2,746		$	2,686		$	2,614		$	2,774		$	2,614

Annualized Return - Property & Casualty		1.2	%		1.8	%		4.9	%		5.4	%		5.1	%		1.5	%		7.0	%

AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	8		$	(3	)	$	12		$	8		$	1		$	5		$	2
Equity securities MTM through investment income (a)		4			—			12			20			9			4			25
Investments accounted for using the equity method (b)		(6	)		13			1			6			14			7			39
AFG managed CLOs (eliminated in consolidation)		2			2			8			2			9			4			23

Total AFG Consolidated	$	8		$	12		$	33		$	36		$	33		$	20		$	89

Investments
Fixed maturities MTM through investment income	$	55		$	50		$	75		$	51		$	32		$	55		$	32
Equity securities MTM through investment income (a)		233			232			222			563			544			233			544
Investments accounted for using the equity method (b)		2,341			2,326			2,277			1,911			1,882			2,341			1,882
AFG managed CLOs (eliminated in consolidation)		148			122			174			163			158			148			158

Total AFG Consolidated	$	2,777		$	2,730		$	2,748		$	2,688		$	2,616		$	2,777		$	2,616

Annualized Return - AFG Consolidated		1.2	%		1.8	%		4.9	%		5.4	%		5.1	%		1.5	%		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)


June 30, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	188	$	188	$	—			2	%		1	%
States, municipalities and political subdivisions		910		868		(42	)		8	%		5	%
Foreign government		319		322		3			3	%		2	%
Residential mortgage-backed securities		2,313		2,217		(96	)		21	%		14	%
Collateralized loan obligations		1,090		1,088		(2	)		10	%		7	%
Other asset-backed securities		2,428		2,406		(22	)		23	%		15	%
Corporate and other bonds		3,451		3,482		31			33	%		22	%

Total AFG consolidated	$	10,699	$	10,571	$	(128	)		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	%
Collateralized loan obligations		1,239		1,237		(2	)		12	%		8	%
Other asset-backed securities		2,457		2,407		(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

6/30/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	2	$	165	$	286	$	1,942	$	1,035	$	796	$	12	$	4,238		40	%
AA		186		655		13		91		49		314		174		1,482		14	%
A		—		38		18		69		4		691		927		1,747		17	%
BBB		—		8		4		29		—		531		1,981		2,553		24	%

Subtotal - Investment grade		188		866		321		2,131		1,088		2,332		3,094		10,020		95	%
BB		—		—		—		1		—		5		179		185		2	%
B		—		—		—		1		—		2		34		37		0	%
CCC, CC, C		—		—		—		27		—		2		11		40		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		29		—		9		224		262		2	%
Not Rated (b)		—		2		1		57		—		65		164		289		3	%

Total	$	188	$	868	$	322	$	2,217	$	1,088	$	2,406	$	3,482	$	10,571		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	188	$	854	$	255	$	2,109	$	1,081	$	1,802	$	1,126	$	7,415		72	%
2		—		8		—		26		—		519		1,972		2,525		24	%

Subtotal		188		862		255		2,135		1,081		2,321		3,098		9,940		96	%
3		—		—		—		3		—		6		202		211		2	%
4		—		—		—		—		—		1		47		48		1	%
5		—		—		—		13		—		3		91		107		1	%
6		—		—		—		2		—		2		1		5		0	%

Subtotal		—		—		—		18		—		12		341		371		4	%
Total insurance companies	$	188	$	862	$	255	$	2,153	$	1,081	$	2,333	$	3,439	$	10,311		100	%

No NAIC designation (c)		—		—		—		—		—		28		11		39
Non-Insurance and Foreign Companies (d)		—		6		67		64		7		45		32		221

Total	$	188	$	868	$	322	$	2,217	$	1,088	$	2,406	$	3,482	$	10,571

(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, 51% are NAIC 1 and 44% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% NAIC 5.

For Total, 32% are NAIC 1, 5% NAIC 2, 11% NAIC 3, 32% NAIC 5 and 14% 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		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	342	$	264	$	1,717	$	1,166	$	856	$	14	$	4,359		42	%
AA		173		469		9		92		66		305		175		1,289		12	%
A		—		38		5		69		4		649		925		1,690		16	%
BBB		—		8		6		20		—		519		1,990		2,543		24	%

Subtotal - Investment grade		173		857		284		1,898		1,236		2,329		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	$	1,237	$	2,407	$	3,525	$	10,474		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	173	$	846	$	237	$	1,898	$	1,220	$	1,810	$	1,119	$	7,303		71	%
2		—		8		—		20		—		508		1,988		2,524		25	%

Subtotal		173		854		237		1,918		1,220		2,318		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	$	1,220	$	2,333	$	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	$	1,237	$	2,407	$	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 6/30/2025
($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		Healthcare		REITs		Basic Industry		Capital Goods		Retailers		Media		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	12		0	%
AA		5		—		44		23		5		32		37		—		15		—		—		—		10		—		3		174		5	%
A		36		190		153		29		137		62		50		89		25		52		11		36		21		3		33		927		27	%
BBB		803		258		53		174		90		92		60		66		38		59		84		47		44		14		99		1,981		57	%

Subtotal		844		448		250		237		232		186		147		155		78		111		95		83		75		17		136		3,094		89	%

BB		24		6		—		4		—		2		21		17		5		—		25		2		36		30		7		179		5	%
B		4		2		—		2		—		—		13		—		5		—		—		4		—		3		1		34		1	%
CCC, CC, C		—		—		—		2		—		—		—		—		9		—		—		—		—		—		—		11		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		28		8		—		8		—		2		34		17		19		—		25		6		36		33		8		224		6	%

Not Rated (b)		—		—		7		1		—		29		26		1		39		12		—		27		—		20		2		164		5	%

Total	$	872	$	456	$	257	$	246	$	232	$	217	$	207	$	173	$	136	$	123	$	120	$	116	$	111	$	70	$	146	$	3,482		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		Healthcare		REITs		Basic Industry		Capital Goods		Retailers		Media		Other		Total		% Total
1	$	42	$	187	$	195	$	62	$	142	$	107	$	90	$	89	$	42	$	52	$	11	$	37	$	31	$	3	$	36	$	1,126		33	%
2		798		255		51		170		88		93		70		65		38		59		80		47		44		14		100		1,972		57	%

Subtotal		840		442		246		232		230		200		160		154		80		111		91		84		75		17		136		3,098		90	%

3		24		6		—		5		—		2		22		17		27		6		20		2		36		29		6		202		6	%
4		4		2		—		1		—		—		23		—		5		—		4		4		—		3		1		47		1	%
5		—		—		—		3		—		10		1		—		24		6		1		25		—		20		1		91		3	%
6		—		—		—		—		—		1		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		28		8		—		9		—		13		46		17		56		12		25		31		36		52		8		341		10	%

Total insurance companies	$	868	$	450	$	246	$	241	$	230	$	213	$	206	$	171	$	136	$	123	$	116	$	115	$	111	$	69	$	144	$	3,439		100	%

No NAIC designation (c)		—		—		7		—		—		4		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		4		6		4		5		2		—		1		2		—		—		4		1		—		1		2		32

Total	$	872	$	456	$	257	$	246	$	232	$	217	$	207	$	173	$	136	$	123	$	120	$	116	$	111	$	70	$	146	$	3,482

(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, 8% NAIC 2, 18% NAIC 3 and 48% 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)

LOGO


	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

6/30/2025

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		TruPS		Triple Net Lease		Railcar		Aircraft		Commercial Real Estate		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	102	$	194	$	—	$	7	$	177	$	—	$	111	$	69	$	136	$	796		33	%
AA		76		150		14		29		3		—		20		—		—		22		314		13	%
A		10		3		17		160		155		—		65		—		—		281		691		29	%
BBB		446		—		—		6		18		—		1		—		—		60		531		22	%

Subtotal		532		255		225		195		183		177		86		111		69		499		2,332		97	%

BB		—		—		—		—		2		—		1		—		—		2		5		0	%
B		—		—		—		—		1		—		1		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		5		—		2		—		—		2		9		0	%

Not Rated (b)		—		—		—		—		4		—		33		—		—		28		65		3	%

Total	$	532	$	255	$	225	$	195	$	192	$	177	$	121	$	111	$	69	$	529	$	2,406		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		TruPS		Triple Net Lease		Railcar		Aircraft		Commercial Real Estate		Secured Financing		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	252	$	222	$	186	$	163	$	165	$	118	$	108	$	67	$	435	$	1,802		77	%
2		435		—		—		6		17		—		1		—		—		60		519		22	%

Subtotal		521		252		222		192		180		165		119		108		67		495		2,321		99	%

3		—		—		—		—		3		—		2		—		—		1		6		1	%
4		—		—		—		—		1		—		—		—		—		—		1		0	%
5		—		—		—		—		2		—		—		—		—		1		3		0	%
6		—		—		—		—		2		—		—		—		—		—		2		0	%

Subtotal		—		—		—		—		8		—		2		—		—		2		12		0	%

Total insurance companies	$	521	$	252	$	222	$	192	$	188	$	165	$	121	$	108	$	67	$	497	$	2,333		100	%

No NAIC designation		—		—		—		—		1		—		—		—		—		27		28
Non-Insurance and Foreign Companies		11		3		3		3		3		12		—		3		2		5		45

Total	$	532	$	255	$	225	$	195	$	192	$	177	$	121	$	111	$	69	$	529	$	2,406

(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)	51% of not rated securities are NAIC 1 and 44% 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	$	143	$	856		36	%
AA		75		—		14		130		25		4		25		—		—		32		305		12	%
A		10		—		17		18		156		118		65		—		—		265		649		27	%
BBB		427		—		—		—		6		21		1		—		—		64		519		22	%

Subtotal		512		258		222		194		187		150		108		125		69		504		2,329		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	$	536	$	2,407		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	$	442	$	1,810		77	%
2		416		—		—		—		6		21		1		—		—		64		508		22	%

Subtotal		501		240		219		191		185		148		140		121		67		506		2,318		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	$	508	$	2,333		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	$	536	$	2,407

(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

6/30/2025

($ 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	$	1,240		88	%		92	%		97	%
Fund Investments		100		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		17		1	%		91	%		100	%
Marina		16		1	%		—			—
Hospitality		11		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,413		100	%


Real Estate
Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	52		52	%	$	—
Marina		35		35	%		—
Office Building		11		11	%		—
Land		3		2	%		—

Total	$	101		100	%	$	—

Mortgage Loans
Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		76	%		66	%
Hospitality		121		13	%		48	%
Marina		51		6	%		52	%
Office		49		5	%		98	%

Total	$	909		100	%		65	%

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 6/30/25

(c)	Collections for April - June

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