EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - First Quarter 2026

April 29, 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 - First Quarter 2026


Section	Page
Table of Contents - Investor Supplement - First 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. FixedMaturities by Credit Rating & NAIC Designation by Type 3/31/2026		19
B. FixedMaturities by Credit Rating & NAIC Designation by Type 12/31/2025		20
C. CorporateSecurities by Credit Rating & NAIC Designation by Industry 3/31/2026		21
D. CorporateSecurities by Credit Rating & NAIC Designation by Industry 12/31/2025		22
E. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type 3/31/2026		23
F. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025		24
G. RealEstate-Related Investments 3/31/2026		25
H. RealEstate-Related Investments 12/31/2025		26

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Highlights
Net earnings	$	191		$	299		$	215		$	174		$	154		$	842		$	887
Core net operating earnings		206			305			224			179			152			860			902
Total assets		32,353			32,642			33,834			30,669			30,294			32,642			30,836
Shareholders’ equity, excluding AOCI (a)		4,805			4,870			4,803			4,648			4,571			4,870			4,706
Property and Casualty net written premiums		1,664			1,444			2,252			1,803			1,611			7,110			7,139
Per share data
Diluted earnings per share	$	2.29		$	3.58		$	2.58		$	2.07		$	1.84		$	10.08		$	10.57
Core net operating earnings per share		2.47			3.65			2.69			2.14			1.81			10.29			10.75
Book value per share, excluding AOCI (a)		57.83			58.38			57.59			55.74			54.63			58.38			56.03
Dividends per common share		2.38			2.88			0.80			0.80			2.80			7.28			9.43
Financial ratios
Annualized return on equity (b)		15.8	%		24.7	%		18.2	%		15.0	%		13.3	%		17.8	%		19.0	%
Annualized core operating return on equity (b)		17.0	%		25.2	%		19.0	%		15.5	%		13.1	%		18.2	%		19.3	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		56.3	%		58.6	%		67.2	%		61.1	%		61.0	%		62.2	%		63.3	%
Underwriting expense ratio		34.0	%		25.5	%		25.8	%		32.0	%		33.0	%		28.8	%		27.9	%

Combined ratio - Specialty		90.3	%		84.1	%		93.0	%		93.1	%		94.0	%		91.0	%		91.2	%

(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															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Property and Casualty Insurance
Underwriting profit	$	156		$	284		$	138		$	113		$	94		$	629		$	620
Net investment income		168			171			205			179			170			725			784
Other income (expense)		(15	)		(15	)		(15	)		(19	)		(18	)		(67	)		(76	)

Property and Casualty Insurance operating earnings		309			440			328			273			246			1,287			1,328
Interest expense of parent holding companies		(23	)		(23	)		(19	)		(19	)		(19	)		(80	)		(76	)
Other expense		(29	)		(31	)		(29	)		(27	)		(33	)		(120	)		(114	)

Pretax core operating earnings		257			386			280			227			194			1,087			1,138
Income tax expense		51			81			56			48			42			227			236

Core net operating earnings		206			305			224			179			152			860			902
Non-core items, net of tax:
Realized gains (losses) on securities		(15	)		(6	)		10			2			2			8			—
Realized gain on subsidiaries		—			—			1			—			—			1			—
Special A&E charges - Former Railroad and Manufacturing operations		—			—			(20	)		—			—			(20	)		(11	)
Other non-core items		—			—			—			(7	)		—			(7	)		(4	)

Net earnings	$	191		$	299		$	215		$	174		$	154		$	842		$	887

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25		12/31/25			12/31/24
Core net operating earnings	$	206		$	305		$	224		$	179		$	152	$	860		$	902

Net earnings	$	191		$	299		$	215		$	174		$	154	$	842		$	887

Average number of diluted shares		83.263			83.411			83.397			83.488			83.842		83.533			83.903
Diluted earnings per share:
Core net operating earnings per share	$	2.47		$	3.65		$	2.69		$	2.14		$	1.81	$	10.29		$	10.75
Realized gains (losses) on securities		(0.18	)		(0.07	)		0.12			0.02			0.03		0.11			—
Realized gain on subsidiaries		—			—			0.01			—			—		0.01			—
Special A&E charges - Former Railroad and Manufacturing operations		—			—			(0.24	)		—			—		(0.24	)		(0.13	)
Other non-core items		—			—			—			(0.09	)		—		(0.09	)		(0.05	)

Diluted earnings per share	$	2.29		$	3.58		$	2.58		$	2.07		$	1.84	$	10.08		$	10.57

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Property and Transportation	$	65		$	216		$	55		$	27		$	37		$	335		$	214
Specialty Casualty		34			27			33			49			20			129			279
Specialty Financial		57			44			51			38			37			170			133

Underwriting profit - Specialty		156			287			139			114			94			634			626
Other core charges, included in loss and LAE		—			(3	)		(1	)		(1	)		—			(5	)		(6	)

Underwriting profit - Property and Casualty Insurance	$	156		$	284		$	138		$	113		$	94		$	629		$	620

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	2
Catastrophe losses		35			4			23			38			72			137			180

Total current accident year catastrophe losses	$	35		$	4		$	23		$	38		$	72		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(70	)	$	(27	)	$	(23	)	$	(11	)	$	(20	)	$	(81	)	$	(64	)

Combined ratio:
Property and Transportation		87.6	%		70.6	%		94.1	%		95.2	%		92.5	%		87.8	%		92.4	%
Specialty Casualty		95.8	%		96.7	%		95.8	%		93.9	%		97.6	%		96.0	%		91.2	%
Specialty Financial		80.0	%		83.0	%		81.1	%		86.1	%		87.0	%		84.4	%		87.2	%
Combined ratio - Specialty		90.3	%		84.1	%		93.0	%		93.1	%		94.0	%		91.0	%		91.2	%
Other core charges		0.1	%		0.2	%		0.1	%		0.0	%		0.1	%		0.0	%		0.0	%

Combined ratio		90.4	%		84.3	%		93.1	%		93.1	%		94.1	%		91.0	%		91.2	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		92.5	%		85.5	%		93.0	%		91.5	%		90.8	%		90.3	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		58.5	%		60.0	%		67.2	%		59.5	%		57.8	%		61.5	%		61.7	%
Prior accident year loss reserve development		(4.3	%)		(1.5	%)		(1.1	%)		(0.7	%)		(1.3	%)		(1.1	%)		(0.9	%)
Current accident year catastrophe losses		2.2	%		0.3	%		1.2	%		2.3	%		4.6	%		1.8	%		2.5	%

Loss and LAE ratio		56.4	%		58.8	%		67.3	%		61.1	%		61.1	%		62.2	%		63.3	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Gross written premiums	$	2,435		$	2,085		$	3,665		$	2,653		$	2,291		$	10,694		$	10,533
Ceded reinsurance premiums		(771	)		(641	)		(1,413	)		(850	)		(680	)		(3,584	)		(3,394	)

Net written premiums		1,664			1,444			2,252			1,803			1,611			7,110			7,139
Change in unearned premiums		(55	)		362			(239	)		(156	)		(31	)		(64	)		(103	)

Net earned premiums		1,609			1,806			2,013			1,647			1,580			7,046			7,036
Loss and LAE		906			1,058			1,354			1,006			965			4,383			4,449
Underwriting expense		547			461			520			527			521			2,029			1,961

Underwriting profit	$	156		$	287		$	139		$	114		$	94		$	634		$	626

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	2
Catastrophe losses		35			4			23			38			72			137			180

Total current accident year catastrophe losses	$	35		$	4		$	23		$	38		$	72		$	137		$	182

Prior year loss reserve development (favorable) / adverse	$	(70	)	$	(30	)	$	(24	)	$	(12	)	$	(20	)	$	(86	)	$	(70	)

Combined ratio:
Loss and LAE ratio		56.3	%		58.6	%		67.2	%		61.1	%		61.0	%		62.2	%		63.3	%
Underwriting expense ratio		34.0	%		25.5	%		25.8	%		32.0	%		33.0	%		28.8	%		27.9	%

Combined ratio		90.3	%		84.1	%		93.0	%		93.1	%		94.0	%		91.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		92.5	%		85.5	%		93.0	%		91.5	%		90.8	%		90.2	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		58.5	%		60.0	%		67.2	%		59.5	%		57.8	%		61.4	%		61.7	%
Prior accident year loss reserve development		(4.4	%)		(1.6	%)		(1.2	%)		(0.7	%)		(1.3	%)		(1.2	%)		(1.0	%)
Current accident year catastrophe losses		2.2	%		0.2	%		1.2	%		2.3	%		4.5	%		2.0	%		2.6	%

Loss and LAE ratio		56.3	%		58.6	%		67.2	%		61.1	%		61.0	%		62.2	%		63.3	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Gross written premiums	$	999		$	612		$	1,975		$	1,247		$	897		$	4,731		$	4,735
Ceded reinsurance premiums		(403	)		(214	)		(924	)		(488	)		(334	)		(1,960	)		(1,889	)

Net written premiums		596			398			1,051			759			563			2,771			2,846
Change in unearned premiums		(70	)		337			(116	)		(183	)		(63	)		(25	)		(20	)

Net earned premiums		526			735			935			576			500			2,746			2,826
Loss and LAE		301			417			728			387			311			1,843			1,972
Underwriting expense		160			102			152			162			152			568			640

Underwriting profit	$	65		$	216		$	55		$	27		$	37		$	335		$	214

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		12			—			4			12			10			26			65

Total current accident year catastrophe losses	$	12		$	—		$	4		$	12		$	10		$	26		$	66

Prior year loss reserve development (favorable) / adverse	$	(47	)	$	(20	)	$	(11	)	$	(13	)	$	(19	)	$	(63	)	$	(96	)

Combined ratio:
Loss and LAE ratio		57.1	%		56.8	%		77.8	%		67.2	%		62.1	%		67.1	%		69.8	%
Underwriting expense ratio		30.5	%		13.8	%		16.3	%		28.0	%		30.4	%		20.7	%		22.6	%

Combined ratio		87.6	%		70.6	%		94.1	%		95.2	%		92.5	%		87.8	%		92.4	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.4	%		73.4	%		94.8	%		95.4	%		94.4	%		89.1	%		93.5	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.9	%		59.6	%		78.5	%		67.4	%		64.0	%		68.4	%		70.9	%
Prior accident year loss reserve development		(9.0	%)		(2.7	%)		(1.1	%)		(2.2	%)		(3.9	%)		(2.3	%)		(3.4	%)
Current accident year catastrophe losses		2.2	%		(0.1	%)		0.4	%		2.0	%		2.0	%		1.0	%		2.3	%

Loss and LAE ratio		57.1	%		56.8	%		77.8	%		67.2	%		62.1	%		67.1	%		69.8	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Gross written premiums	$	1,089		$	1,153		$	1,337		$	1,062		$	1,068		$	4,620		$	4,543
Ceded reinsurance premiums		(300	)		(357	)		(423	)		(297	)		(296	)		(1,373	)		(1,297	)

Net written premiums		789			796			914			765			772			3,247			3,246
Change in unearned premiums		10			16			(104	)		34			22			(32	)		(70	)

Net earned premiums		799			812			810			799			794			3,215			3,176
Loss and LAE		517			558			541			516			536			2,151			2,045
Underwriting expense		248			227			236			234			238			935			852

Underwriting profit	$	34		$	27		$	33		$	49		$	20		$	129		$	279

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe losses		11			(3	)		8			7			27			39			34

Total current accident year catastrophe losses	$	11		$	(3	)	$	8		$	7		$	27		$	39		$	35

Prior year loss reserve development (favorable) / adverse	$	—		$	(1	)	$	(1	)	$	10		$	12		$	20		$	37

Combined ratio:
Loss and LAE ratio		64.7	%		68.7	%		66.8	%		64.5	%		67.6	%		66.9	%		64.4	%
Underwriting expense ratio		31.1	%		28.0	%		29.0	%		29.4	%		30.0	%		29.1	%		26.8	%

Combined ratio		95.8	%		96.7	%		95.8	%		93.9	%		97.6	%		96.0	%		91.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.4	%		97.1	%		94.9	%		91.8	%		92.6	%		94.1	%		89.0	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.3	%		69.1	%		65.9	%		62.4	%		62.6	%		65.0	%		62.2	%
Prior accident year loss reserve development		0.0	%		(0.1	%)		(0.1	%)		1.2	%		1.6	%		0.6	%		1.2	%
Current accident year catastrophe losses		1.4	%		(0.3	%)		1.0	%		0.9	%		3.4	%		1.3	%		1.0	%

Loss and LAE ratio		64.7	%		68.7	%		66.8	%		64.5	%		67.6	%		66.9	%		64.4	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Gross written premiums	$	347		$	320		$	353		$	344		$	326		$	1,343		$	1,255
Ceded reinsurance premiums		(68	)		(70	)		(66	)		(65	)		(50	)		(251	)		(208	)

Net written premiums		279			250			287			279			276			1,092			1,047
Change in unearned premiums		5			9			(19	)		(7	)		10			(7	)		(13	)

Net earned premiums		284			259			268			272			286			1,085			1,034
Loss and LAE		88			83			85			103			118			389			432
Underwriting expense		139			132			132			131			131			526			469

Underwriting profit	$	57		$	44		$	51		$	38		$	37		$	170		$	133

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		12			7			11			19			35			72			81

Total current accident year catastrophe losses	$	12		$	7		$	11		$	19		$	35		$	72		$	81

Prior year loss reserve development (favorable) / adverse	$	(23	)	$	(9	)	$	(12	)	$	(9	)	$	(13	)	$	(43	)	$	(11	)

Combined ratio:
Loss and LAE ratio		31.2	%		32.0	%		31.8	%		38.1	%		41.1	%		35.9	%		41.8	%
Underwriting expense ratio		48.8	%		51.0	%		49.3	%		48.0	%		45.9	%		48.5	%		45.4	%

Combined ratio		80.0	%		83.0	%		81.1	%		86.1	%		87.0	%		84.4	%		87.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		83.7	%		83.5	%		81.7	%		82.0	%		79.7	%		81.7	%		80.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		34.9	%		32.5	%		32.4	%		34.0	%		33.8	%		33.2	%		35.0	%
Prior accident year loss reserve development		(7.9	%)		(3.0	%)		(4.7	%)		(3.2	%)		(4.6	%)		(3.9	%)		(1.1	%)
Current accident year catastrophe losses		4.2	%		2.5	%		4.1	%		7.3	%		11.9	%		6.6	%		7.9	%

Loss and LAE ratio		31.2	%		32.0	%		31.8	%		38.1	%		41.1	%		35.9	%		41.8	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
Assets:
Total cash and investments	$	17,143		$	17,182		$	16,761		$	16,049		$	15,994		$	15,852
Recoverables from reinsurers		5,303			5,528			5,565			4,733			4,945			5,176
Prepaid reinsurance premiums		1,211			1,089			1,443			1,256			1,105			1,013
Agents’ balances and premiums receivable		1,670			1,641			2,034			1,946			1,589			1,532
Deferred policy acquisition costs		334			333			349			345			316			320
Assets of managed investment entities		3,987			4,050			3,972			3,833			3,848			4,140
Other receivables		1,058			1,212			2,075			877			855			1,123
Other assets		1,320			1,280			1,308			1,325			1,337			1,375
Goodwill		327			327			327			305			305			305

Total assets	$	32,353		$	32,642		$	33,834		$	30,669		$	30,294		$	30,836

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	14,914		$	15,094		$	15,079		$	13,834		$	13,970		$	14,179
Unearned premiums		3,911			3,736			4,450			4,026			3,710			3,584
Payable to reinsurers		1,065			1,195			1,578			1,152			1,028			1,191
Liabilities of managed investment entities		3,854			3,907			3,834			3,685			3,726			3,965
Long-term debt		1,820			1,820			1,820			1,476			1,476			1,475
Other liabilities		2,111			2,070			2,343			1,980			1,992			1,976

Total liabilities		27,675			27,822			29,104			26,153			25,902			26,370
Shareholders’ equity:
Common stock		83			83			83			83			84			84
Capital surplus		1,428			1,430			1,421			1,414			1,409			1,411
Retained earnings		3,294			3,357			3,299			3,151			3,078			3,211
Unrealized gains (losses) - fixed maturities		(100	)		(22	)		(43	)		(101	)		(141	)		(202	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(1	)		(2	)		(3	)		(5	)		(7	)		(10	)
Other comprehensive income (loss), net of tax		(26	)		(26	)		(27	)		(26	)		(31	)		(28	)

Total shareholders’ equity		4,678			4,820			4,730			4,516			4,392			4,466

Total liabilities and equity	$	32,353		$	32,642		$	33,834		$	30,669		$	30,294		$	30,836

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
Shareholders’ equity	$	4,678		$	4,820		$	4,730		$	4,516		$	4,392		$	4,466
Accumulated other comprehensive income (loss)		(127	)		(50	)		(73	)		(132	)		(179	)		(240	)

Shareholders’ equity, excluding AOCI		4,805			4,870			4,803			4,648			4,571			4,706
Goodwill		327			327			327			305			305			305
Intangibles		184			189			192			193			198			203

Tangible shareholders’ equity, excluding AOCI	$	4,294		$	4,354		$	4,284		$	4,150		$	4,068		$	4,198

Common shares outstanding		83.086			83.422			83.401			83.386			83.668			83.978
Book value per share:
Book value per share	$	56.30		$	57.78		$	56.72		$	54.15		$	52.50		$	53.18
Book value per share, excluding AOCI		57.83			58.38			57.59			55.74			54.63			56.03
Tangible, excluding AOCI		51.69			52.20			51.38			49.77			48.62			49.98
Market capitalization
AFG’s closing common share price	$	127.71		$	136.68		$	145.72		$	126.21		$	131.34		$	136.93
Market capitalization	$	10,611		$	11,402		$	12,153		$	10,524		$	10,989		$	11,499
Price / Book value per share, excluding AOCI		2.21			2.34			2.53			2.26			2.40			2.44

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
AFG senior obligations	$	1,173		$	1,173		$	1,173		$	823		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

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

Total principal amount of long-term debt		1,848			1,848			1,848			1,498			1,498			1,498
Shareholders’ equity		4,678			4,820			4,730			4,516			4,392			4,466
Accumulated other comprehensive income (loss)		(127	)		(50	)		(73	)		(132	)		(179	)		(240	)

Total capital, excluding AOCI	$	6,653		$	6,718		$	6,651		$	6,146		$	6,069		$	6,204

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.8	%		27.5	%		27.8	%		24.4	%		24.7	%		24.1	%
Excluding subordinated debt		17.6	%		17.5	%		17.6	%		13.4	%		13.6	%		13.3	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)	$	888		$	984		$	936		$	931		$	967		$	3,818		$	4,034


	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,354		$	6,354		$	6,173		$	5,935		$	5,853		$	5,962
Parent and other subsidiaries		(1,549	)		(1,484	)		(1,370	)		(1,287	)		(1,282	)		(1,256	)

AFG GAAP Equity (excluding AOCI)	$	4,805		$	4,870		$	4,803		$	4,648		$	4,571		$	4,706

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

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - March 31, 2026
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,115	$	238	$	—		$	1,353		8	%
Fixed maturities - Available for sale		11,274		123		—			11,397		66	%
Fixed maturities - Trading		80		—		—			80		1	%
Equity securities - Common stocks		363		—		—			363		2	%
Equity securities - Perpetual preferred		390		—		—			390		2	%
Investments accounted for using the equity method		2,440		3		—			2,443		14	%
Mortgage loans		961		—		—			961		6	%
Real estate and other investments		186		103		(133	)		156		1	%

Total cash and investments	$	16,809	$	467	$	(133	)	$	17,143		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															Twelve Months Ended
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	141		$	138		$	135		$	140		$	137		$	550		$	532
Equity securities		10			6			6			15			6			33			29
Other investments (a)		27			27			27			23			21			98			87

Gross investment income excluding alternative investments		178			171			168			178			164			681			648
Gross investment income from alternative investments (b)		(3	)		6			43			8			12			69			158

Total gross investment income		175			177			211			186			176			750			806
Investment expenses		(7	)		(6	)		(6	)		(7	)		(6	)		(25	)		(22	)

Total net investment income	$	168		$	171		$	205		$	179		$	170		$	725		$	784

Average cash and investments (c)	$	16,855		$	16,520		$	16,095		$	15,921		$	15,881		$	16,144		$	15,479

Average yield - overall portfolio, net (d)		3.99	%		4.14	%		5.09	%		4.50	%		4.28	%		4.49	%		5.06	%
Average yield - fixed maturities before inv expenses (d)		5.04	%		5.11	%		5.12	%		5.24	%		5.13	%		5.13	%		5.02	%
AFG consolidated net investment income:
Property & Casualty core	$	168		$	171		$	205		$	179		$	170		$	725		$	784
Parent & other		6			7			6			7			5			25			29
Consolidate CLOs		13			5			(6	)		(2	)		(2	)		(5	)		(33	)

Total net investment income	$	187		$	183		$	205		$	184		$	173		$	745		$	780

Average cash and investments (c)	$	17,240		$	17,013		$	16,496		$	16,175		$	16,140		$	16,496		$	15,767

Average yield - overall portfolio, net (d)		4.34	%		4.30	%		4.97	%		4.55	%		4.29	%		4.52	%		4.95	%
Average yield - fixed maturities before inv expenses (d)		5.05	%		5.11	%		5.11	%		5.24	%		5.13	%		5.13	%		5.04	%

(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
	3/31/26			12/31/25			9/30/25			6/30/25			3/31/25			12/31/25			12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	2		$	1		$	16		$	8		$	(3	)	$	22		$	22
Equity securities MTM through investment income (a)		(10	)		(12	)		(6	)		4			—			(14	)		57
Investments accounted for using the equity method (b)		18			22			27			(6	)		13			56			46
AFG managed CLOs (eliminated in consolidation)		(13	)		(5	)		6			2			2			5			33

Total Property & Casualty	$	(3	)	$	6		$	43		$	8		$	12		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	31		$	44		$	30		$	55		$	50		$	44		$	75
Equity securities MTM through investment income (a)		190			211			243			233			232			211			222
Investments accounted for using the equity method (b)		2,440			2,419			2,381			2,338			2,324			2,419			2,275
AFG managed CLOs (eliminated in consolidation)		133			143			138			148			122			143			174

Total Property & Casualty	$	2,794		$	2,817		$	2,792		$	2,774		$	2,728		$	2,817		$	2,746

Annualized Return - Property & Casualty		(0.4	%)		0.9	%		6.2	%		1.2	%		1.8	%		2.5	%		6.1	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	2		$	1		$	16		$	8		$	(3	)	$	22		$	22
Equity securities MTM through investment income (a)		(10	)		(12	)		(6	)		4			—			(14	)		57
Investments accounted for using the equity method (b)		18			22			27			(6	)		13			56			46
AFG managed CLOs (eliminated in consolidation)		(13	)		(5	)		6			2			2			5			33

Total AFG Consolidated	$	(3	)	$	6		$	43		$	8		$	12		$	69		$	158

Investments
Fixed maturities MTM through investment income	$	31		$	44		$	30		$	55		$	50		$	44		$	75
Equity securities MTM through investment income (a)		190			211			243			233			232			211			222
Investments accounted for using the equity method (b)		2,443			2,421			2,383			2,341			2,326			2,421			2,277
AFG managed CLOs (eliminated in consolidation)		133			143			138			148			122			143			174

Total AFG Consolidated	$	2,797		$	2,819		$	2,794		$	2,777		$	2,730		$	2,819		$	2,748

Annualized Return - AFG Consolidated		(0.4	%)		0.9	%		6.2	%		1.2	%		1.8	%		2.5	%		6.1	%

(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, 2026	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	150	$	150	$	—			1	%		1	%
States, municipalities and political subdivisions		820		791		(29	)		7	%		5	%
Foreign government		302		303		1			3	%		2	%
Residential mortgage-backed securities		3,245		3,160		(85	)		28	%		18	%
Collateralized loan obligations		1,181		1,180		(1	)		10	%		7	%
Other asset-backed securities		2,603		2,575		(28	)		22	%		15	%
Corporate and other bonds		3,302		3,318		16			29	%		19	%

Total AFG consolidated	$	11,603	$	11,477	$	(126	)		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

3/31/2026

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	7	$	154	$	250	$	2,708	$	1,158	$	855	$	12	$	5,144		45	%
AA		143		606		18		275		19		367		221		1,649		14	%
A		—		21		31		72		3		758		1,030		1,915		17	%
BBB		—		8		4		26		—		513		1,785		2,336		20	%

Subtotal - Investment grade		150		789		303		3,081		1,180		2,493		3,048		11,044		96	%
BB		—		—		—		1		—		4		116		121		1	%
B		—		—		—		1		—		1		18		20		0	%
CCC, CC, C		—		—		—		23		—		2		3		28		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		25		—		7		137		169		1	%
Not Rated (b)		—		2		—		54		—		75		133		264		3	%

Total	$	150	$	791	$	303	$	3,160	$	1,180	$	2,575	$	3,318	$	11,477		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	150	$	778	$	237	$	3,051	$	1,081	$	1,962	$	1,270	$	8,529		77	%
2		—		8		—		25		—		503		1,759		2,295		21	%

Subtotal		150		786		237		3,076		1,081		2,465		3,029		10,824		98	%
3		—		—		—		1		—		5		149		155		1	%
4		—		—		—		1		—		5		36		42		0	%
5		—		—		—		12		—		1		57		70		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		15		—		14		243		272		2	%
Total insurance companies	$	150	$	786	$	237	$	3,091	$	1,081	$	2,479	$	3,272	$	11,096		100	%

No NAIC designation (c)		—		—		—		—		—		40		16		56
Non-Insurance and Foreign Companies (d)		—		5		66		69		99		56		30		325

Total	$	150	$	791	$	303	$	3,160	$	1,180	$	2,575	$	3,318	$	11,477

(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 53% do not have a designation.

For Corp/Oth, 18% are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.

For Total, 33% are NAIC 1, 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)	99% 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

3/31/2026

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		Healthcare		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	1	$	12		0	%
AA		5		—		62		30		10		33		43		—		15		23		221		7	%
A		88		174		150		77		152		64		45		102		35		143		1,030		31	%
BBB		720		268		52		144		89		78		40		50		38		306		1,785		54	%

Subtotal		813		442		264		262		251		175		128		152		88		473		3,048		92	%
BB		—		8		—		4		—		—		8		17		4		75		116		3	%
B		—		2		—		—		—		—		7		—		4		5		18		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		10		—		4		—		—		15		17		8		83		137		4	%
Not Rated (b)		5		—		6		2		—		25		30		1		33		31		133		4	%

Total	$	818	$	452	$	270	$	268	$	251	$	200	$	173	$	170	$	129	$	587	$	3,318		100%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		Healthcare		Other		Total		% Total
1	$	93	$	170	$	210	$	117	$	162	$	101	$	91	$	102	$	50	$	174	$	1,270		39	%
2		719		266		51		143		87		58		46		49		38		302		1,759		54	%

Subtotal		812		436		261		260		249		159		137		151		88		476		3,029		93	%
3		—		8		—		3		—		19		16		17		16		70		149		5	%
4		—		2		—		—		—		—		19		—		5		10		36		1	%
5		—		—		—		1		—		11		1		—		20		24		57		1	%
6		—		—		—		—		—		1		—		—		—		—		1		0	%

Subtotal		—		10		—		4		—		31		36		17		41		104		243		7	%
Total insurance companies	$	812	$	446	$	261	$	264	$	249	$	190	$	173	$	168	$	129	$	580	$	3,272		100	%

No NAIC designation (c)		—		—		6		—		—		10		—		—		—		—		16
Non-Insurance and Foreign Companies		6		6		3		4		2		—		—		2		—		7		30

Total	$	818	$	452	$	270	$	268	$	251	$	200	$	173	$	170	$	129	$	587	$	3,318

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

(b)	18% of not rated securities are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% 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

3/31/2026

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Secured Financing		Single Family Rental		Auto		Commercial Real Estate		Other		Total		% Total
Investment Grade
AAA	$	—	$	258	$	—	$	196	$	25	$	—	$	91	$	89	$	89	$	107	$	855		33	%
AA		69		51		112		60		14		30		—		—		—		31		367		14	%
A		10		16		167		3		191		58		—		—		—		313		758		30	%
BBB		440		—		5		—		7		1		—		—		—		60		513		20	%

Subtotal		519		325		284		259		237		89		91		89		89		511		2,493		97	%
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		29		—		—		—		43		75		3	%

Total	$	519	$	325	$	284	$	259	$	243	$	120	$	91	$	89	$	89	$	556	$	2,575		100%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Secured Financing		Single Family Rental		Auto		Commercial Real Estate		Other		Total		% Total
1	$	79	$	317	$	262	$	257	$	228	$	117	$	88	$	84	$	83	$	447	$	1,962		79	%
2		432		—		5		—		6		1		—		—		—		59		503		21	%

Subtotal		511		317		267		257		234		118		88		84		83		506		2,465		100	%
3		—		—		—		—		1		1		—		—		—		3		5		0	%
4		—		—		—		—		—		1		—		—		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		5		2		—		—		—		7		14		0	%
Total insurance companies	$	511	$	317	$	267	$	257	$	239	$	120	$	88	$	84	$	83	$	513	$	2,479		100	%

No NAIC designation		—		—		—		—		1		—		—		—		—		39		40
Non-Insurance and Foreign Companies		8		8		17		2		3		—		3		5		6		4		56

Total	$	519	$	325	$	284	$	259	$	243	$	120	$	91	$	89	$	89	$	556	$	2,575

(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 53% 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

3/31/2026

($ 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	$	1,245		88	%		92	%		96	%
Fund Investments		100		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		17		1	%		88	%		100	%
Marina		15		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,418		100	%

Real Estate


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

Total	$	100		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	703		73	%		66	%
Hospitality		160		17	%		42	%
Marina		52		5	%		52	%
Office		46		5	%		98	%

Total	$	961		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 3/31/2026

(c)	Collections for January - March

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