EX-99.2

EX-99.2 3 d919412dex992.htm EX-99.2 EX-99.2

Exhibit 99.2


		American Financial Group, Inc.
		Investor Supplement - Fourth Quarter 2024
		February 4, 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 - Fourth Quarter 2024


Section	Page
Table of Contents - Investor Supplement - Fourth Quarter 2024		2
Financial Highlights		3
Summary of Earnings		4
Earnings Per Share Summary		5

Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)		6
Specialty - Underwriting Results (GAAP)		7
Property and Transportation - Underwriting Results (GAAP)		8
Specialty Casualty - Underwriting Results (GAAP)		9
Specialty Financial - Underwriting Results (GAAP)		10
Other Specialty - Underwriting Results (GAAP)		11

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		12
Book Value Per Share and Price / Book Summary		13
Capitalization		14
Additional Supplemental Information		15

Consolidated Investment Supplement
Total Cash and Investments		16
Net Investment Income		17
Alternative Investments		18
Fixed Maturities - By Security Type - AFG Consolidated		19

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024		20
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023		21
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024		22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2023		23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023		25
G. Real Estate-Related Investments 12/31/2024		26
H. Real Estate-Related Investments 12/31/2023		27

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Highlights
Net earnings	$	255		$	181		$	209		$	242		$	263		$	887		$	852
Core net operating earnings		262			194			215			231			238			902			895
Total assets		30,850			32,591			29,913			30,001			29,787			30,850			29,787
Shareholders’ equity, excluding AOCI (a)		4,706			4,844			4,715			4,555			4,577			4,706			4,577
Property and Casualty net written premiums		1,460			2,353			1,692			1,634			1,445			7,139			6,692
Per share data
Diluted earnings per share	$	3.03		$	2.16		$	2.49		$	2.89		$	3.13		$	10.57		$	10.05
Core net operating earnings per share		3.12			2.31			2.56			2.76			2.84			10.75			10.56
Book value per share, excluding AOCI (a)		56.03			57.71			56.19			54.32			54.72			56.03			54.72
Dividends per common share		4.80			0.71			0.71			3.21			2.21			9.43			8.10
Financial ratios
Annualized return on equity (b)		21.3	%		15.2	%		18.0	%		21.2	%		23.0	%		19.0	%		18.8	%
Annualized core operating return on equity (b)		21.9	%		16.2	%		18.5	%		20.2	%		20.9	%		19.3	%		19.8	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		63.7	%		69.5	%		59.1	%		58.6	%		60.7	%		63.3	%		61.5	%
Underwriting expense ratio		25.3	%		24.8	%		31.4	%		31.5	%		27.0	%		27.9	%		28.8	%

Combined ratio - Specialty		89.0	%		94.3	%		90.5	%		90.1	%		87.7	%		91.2	%		90.3	%

(a)	A reconciliation to the GAAP measure is on page 13.

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance
Underwriting profit	$	202		$	115		$	150		$	153		$	211		$	620		$	631
Net investment income		195			195			189			205			161			784			729
Other income (expense)		(19	)		(19	)		(20	)		(18	)		(15	)		(76	)		(56	)

Property and Casualty Insurance operating earnings		378			291			319			340			357			1,328			1,304
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(19	)		(76	)		(76	)
Other expense		(29	)		(27	)		(27	)		(31	)		(34	)		(114	)		(101	)

Pretax core operating earnings		330			245			273			290			304			1,138			1,127
Income tax expense		68			51			58			59			66			236			232

Core net operating earnings		262			194			215			231			238			902			895
Non-core items, net of tax:
Realized gains (losses) on securities		(7	)		(2	)		(2	)		11			25			—			(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	$	255		$	181		$	209		$	242		$	263		$	887		$	852

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended													Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24		12/31/23		12/31/24			12/31/23
Core net operating earnings	$	262		$	194		$	215		$	231	$	238	$	902		$	895

Net earnings	$	255		$	181		$	209		$	242	$	263	$	887		$	852

Average number of diluted shares		83.966			83.939			83.912			83.795		83.817		83.903			84.774
Diluted earnings per share:
Core net operating earnings per share	$	3.12		$	2.31		$	2.56		$	2.76	$	2.84	$	10.75		$	10.56
Realized gains (losses) on securities		(0.09	)		(0.02	)		(0.02	)		0.13		0.29		—			(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	$	3.03		$	2.16		$	2.49		$	2.89	$	3.13	$	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
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Transportation	$	82		$	34		$	39		$	56		$	67		$	211		$	184
Specialty Casualty		82			76			108			74			114			340			375
Specialty Financial		54			22			25			33			45			134			110
Other Specialty		(14	)		(15	)		(21	)		(9	)		(14	)		(59	)		(36	)

Underwriting profit - Specialty		204			117			151			154			212			626			633
Other core charges, included in loss and LAE		(2	)		(2	)		(1	)		(1	)		(1	)		(6	)		(2	)

Underwriting profit - Property and Casualty Insurance	$	202		$	115		$	150		$	153		$	211		$	620		$	631

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	1		$	1		$	2		$	3
Catastrophe losses		20			90			36			34			24			180			162

Total current accident year catastrophe losses	$	21		$	90		$	36		$	35		$	25		$	182		$	165

Prior year loss reserve development (favorable) / adverse	$	36		$	(15	)	$	(35	)	$	(50	)	$	(56	)	$	(64	)	$	(224	)

Combined ratio:
Property and Transportation		89.2	%		96.5	%		92.9	%		89.0	%		90.3	%		92.4	%		92.8	%
Specialty Casualty		89.0	%		90.0	%		85.4	%		89.8	%		84.6	%		88.5	%		87.0	%
Specialty Financial		80.7	%		91.9	%		89.7	%		86.3	%		81.3	%		87.1	%		87.3	%
Other Specialty		124.7	%		123.9	%		132.1	%		116.9	%		118.9	%		124.4	%		113.9	%
Combined ratio - Specialty		89.0	%		94.3	%		90.5	%		90.1	%		87.7	%		91.2	%		90.3	%
Other core charges		0.1	%		0.1	%		0.0	%		0.0	%		0.1	%		0.0	%		0.1	%

Combined ratio		89.1	%		94.4	%		90.5	%		90.1	%		87.8	%		91.2	%		90.4	%

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

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.8	%		65.9	%		59.1	%		59.6	%		62.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		1.9	%		(0.7	%)		(2.2	%)		(3.2	%)		(3.2	%)		(0.9	%)		(3.4	%)
Current accident year catastrophe losses		1.1	%		4.4	%		2.2	%		2.2	%		1.4	%		2.5	%		2.6	%

Loss and LAE ratio		63.8	%		69.6	%		59.1	%		58.6	%		60.8	%		63.3	%		61.6	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	2,043		$	3,748		$	2,406		$	2,336		$	1,992		$	10,533		$	9,656
Ceded reinsurance premiums		(583	)		(1,395	)		(714	)		(702	)		(547	)		(3,394	)		(2,964	)

Net written premiums		1,460			2,353			1,692			1,634			1,445			7,139			6,692
Change in unearned premiums		390			(298	)		(107	)		(88	)		287			(103	)		(161	)

Net earned premiums		1,850			2,055			1,585			1,546			1,732			7,036			6,531
Loss and LAE		1,179			1,428			936			906			1,052			4,449			4,015
Underwriting expense		467			510			498			486			468			1,961			1,883

Underwriting profit	$	204		$	117		$	151		$	154		$	212		$	626		$	633

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	1		$	1		$	2		$	3
Catastrophe losses		20			90			36			34			24			180			162

Total current accident year catastrophe losses	$	21		$	90		$	36		$	35		$	25		$	182		$	165

Prior year loss reserve development (favorable) / adverse	$	34		$	(17	)	$	(36	)	$	(51	)	$	(57	)	$	(70	)	$	(226	)

Combined ratio:
Loss and LAE ratio		63.7	%		69.5	%		59.1	%		58.6	%		60.7	%		63.3	%		61.5	%
Underwriting expense ratio		25.3	%		24.8	%		31.4	%		31.5	%		27.0	%		27.9	%		28.8	%

Combined ratio		89.0	%		94.3	%		90.5	%		90.1	%		87.7	%		91.2	%		90.3	%

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

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.8	%		65.9	%		59.1	%		59.6	%		62.6	%		61.7	%		62.4	%
Prior accident year loss reserve development		1.8	%		(0.8	%)		(2.3	%)		(3.3	%)		(3.3	%)		(1.0	%)		(3.4	%)
Current accident year catastrophe losses		1.1	%		4.4	%		2.3	%		2.3	%		1.4	%		2.6	%		2.5	%

Loss and LAE ratio		63.7	%		69.5	%		59.1	%		58.6	%		60.7	%		63.3	%		61.5	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	585		$	2,107		$	1,084		$	959		$	623		$	4,735		$	4,146
Ceded reinsurance premiums		(186	)		(967	)		(403	)		(368	)		(197	)		(1,924	)		(1,595	)

Net written premiums		399			1,140			681			591			426			2,811			2,551
Change in unearned premiums		357			(159	)		(138	)		(78	)		256			(18	)		(32	)

Net earned premiums		756			981			543			513			682			2,793			2,519
Loss and LAE		523			777			348			304			470			1,952			1,741
Underwriting expense		151			170			156			153			145			630			594

Underwriting profit	$	82		$	34		$	39		$	56		$	67		$	211		$	184

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	—		$	2		$	1		$	2
Catastrophe losses		9			34			13			8			3			64			51

Total current accident year catastrophe losses	$	10		$	34		$	13		$	8		$	5		$	65		$	53

Prior year loss reserve development (favorable) / adverse	$	(3	)	$	(15	)	$	(33	)	$	(43	)	$	(12	)	$	(94	)	$	(84	)

Combined ratio:
Loss and LAE ratio		69.3	%		79.3	%		64.0	%		59.2	%		69.0	%		69.9	%		69.2	%
Underwriting expense ratio		19.9	%		17.2	%		28.9	%		29.8	%		21.3	%		22.5	%		23.6	%

Combined ratio		89.2	%		96.5	%		92.9	%		89.0	%		90.3	%		92.4	%		92.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		88.4	%		94.4	%		96.7	%		95.6	%		91.5	%		93.5	%		94.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		68.5	%		77.2	%		67.8	%		65.8	%		70.2	%		71.0	%		70.5	%
Prior accident year loss reserve development		(0.5	%)		(1.5	%)		(6.2	%)		(8.3	%)		(1.8	%)		(3.4	%)		(3.3	%)
Current accident year catastrophe losses		1.3	%		3.6	%		2.4	%		1.7	%		0.6	%		2.3	%		2.0	%

Loss and LAE ratio		69.3	%		79.3	%		64.0	%		59.2	%		69.0	%		69.9	%		69.2	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	1,126		$	1,297		$	1,023		$	1,097		$	1,069		$	4,543		$	4,368
Ceded reinsurance premiums		(401	)		(434	)		(319	)		(346	)		(369	)		(1,500	)		(1,424	)

Net written premiums		725			863			704			751			700			3,043			2,944
Change in unearned premiums		29			(119	)		35			(21	)		37			(76	)		(58	)

Net earned premiums		754			744			739			730			737			2,967			2,886
Loss and LAE		495			473			428			457			438			1,853			1,739
Underwriting expense		177			195			203			199			185			774			772

Underwriting profit	$	82		$	76		$	108		$	74		$	114		$	340		$	375

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	1		$	(1	)	$	1		$	1
Catastrophe losses		(5	)		16			5			15			9			31			35

Total current accident year catastrophe losses	$	(5	)	$	16		$	5		$	16		$	8		$	32		$	36

Prior year loss reserve development (favorable) / adverse	$	36		$	(4	)	$	(25	)	$	(17	)	$	(37	)	$	(10	)	$	(110	)

Combined ratio:
Loss and LAE ratio		65.6	%		63.6	%		58.0	%		62.5	%		59.6	%		62.4	%		60.3	%
Underwriting expense ratio		23.4	%		26.4	%		27.4	%		27.3	%		25.0	%		26.1	%		26.7	%

Combined ratio		89.0	%		90.0	%		85.4	%		89.8	%		84.6	%		88.5	%		87.0	%

Combined ratio excl. catastrophe losses and prior year reserve development		85.0	%		88.3	%		88.2	%		89.9	%		88.5	%		87.8	%		89.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		61.6	%		61.9	%		60.8	%		62.6	%		63.5	%		61.7	%		62.9	%
Prior accident year loss reserve development		4.8	%		(0.6	%)		(3.5	%)		(2.3	%)		(5.0	%)		(0.4	%)		(3.8	%)
Current accident year catastrophe losses		(0.8	%)		2.3	%		0.7	%		2.2	%		1.1	%		1.1	%		1.2	%

Loss and LAE ratio		65.6	%		63.6	%		58.0	%		62.5	%		59.6	%		62.4	%		60.3	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	332		$	344		$	299		$	280		$	300		$	1,255		$	1,142
Ceded reinsurance premiums		(53	)		(60	)		(51	)		(46	)		(50	)		(210	)		(207	)

Net written premiums		279			284			248			234			250			1,045			935
Change in unearned premiums		—			(15	)		(7	)		9			(6	)		(13	)		(68	)

Net earned premiums		279			269			241			243			244			1,032			867
Loss and LAE		106			124			101			98			85			429			328
Underwriting expense		119			123			115			112			114			469			429

Underwriting profit	$	54		$	22		$	25		$	33		$	45		$	134		$	110

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		17			39			17			8			4			81			49

Total current accident year catastrophe losses	$	17		$	39		$	17		$	8		$	4		$	81		$	49

Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(9	)	$	—		$	6		$	(8	)	$	(11	)	$	(32	)

Combined ratio:
Loss and LAE ratio		38.1	%		46.1	%		42.1	%		40.2	%		34.8	%		41.6	%		37.8	%
Underwriting expense ratio		42.6	%		45.8	%		47.6	%		46.1	%		46.5	%		45.5	%		49.5	%

Combined ratio		80.7	%		91.9	%		89.7	%		86.3	%		81.3	%		87.1	%		87.3	%

Combined ratio excl. catastrophe losses and prior year reserve development		77.4	%		80.9	%		82.3	%		80.9	%		82.7	%		80.4	%		85.3	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		34.8	%		35.1	%		34.7	%		34.8	%		36.2	%		34.9	%		35.8	%
Prior accident year loss reserve development		(2.9	%)		(3.4	%)		0.1	%		2.3	%		(3.4	%)		(1.1	%)		(3.7	%)
Current accident year catastrophe losses		6.2	%		14.4	%		7.3	%		3.1	%		2.0	%		7.8	%		5.7	%

Loss and LAE ratio		38.1	%		46.1	%		42.1	%		40.2	%		34.8	%		41.6	%		37.8	%

Page 10

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		57			66			59			58			69			240			262

Net written premiums		57			66			59			58			69			240			262
Change in unearned premiums		4			(5	)		3			2			—			4			(3	)

Net earned premiums		61			61			62			60			69			244			259
Loss and LAE		55			54			59			47			59			215			207
Underwriting expense		20			22			24			22			24			88			88

Underwriting profit (loss)	$	(14	)	$	(15	)	$	(21	)	$	(9	)	$	(14	)	$	(59	)	$	(36	)

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		(1	)		1			1			3			8			4			27

Total current accident year catastrophe losses	$	(1	)	$	1		$	1		$	3		$	8		$	4		$	27

Prior year loss reserve development (favorable) / adverse	$	9		$	11		$	22		$	3		$	—		$	45		$	—

Combined ratio:
Loss and LAE ratio		89.5	%		89.0	%		95.3	%		79.2	%		82.8	%		88.3	%		80.0	%
Underwriting expense ratio		35.2	%		34.9	%		36.8	%		37.7	%		36.1	%		36.1	%		33.9	%

Combined ratio		124.7	%		123.9	%		132.1	%		116.9	%		118.9	%		124.4	%		113.9	%

Combined ratio excl. catastrophe losses and prior year reserve development		110.8	%		104.7	%		94.1	%		106.8	%		107.3	%		104.1	%		103.3	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		75.6	%		69.8	%		57.3	%		69.1	%		71.2	%		68.0	%		69.4	%
Prior accident year loss reserve development		14.6	%		18.2	%		37.4	%		4.8	%		0.9	%		18.8	%		0.2	%
Current accident year catastrophe losses		(0.7	%)		1.0	%		0.6	%		5.3	%		10.7	%		1.5	%		10.4	%

Loss and LAE ratio		89.5	%		89.0	%		95.3	%		79.2	%		82.8	%		88.3	%		80.0	%

Page 11

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
Assets:
Total cash and investments	$	15,852		$	15,741		$	15,261		$	15,254		$	15,263		$	14,794
Recoverables from reinsurers		5,188			5,217			4,157			4,510			4,477			4,421
Prepaid reinsurance premiums		1,013			1,346			1,143			1,078			961			1,223
Agents’ balances and premiums receivable		1,535			1,995			1,909			1,606			1,471			2,088
Deferred policy acquisition costs		320			340			328			309			309			324
Assets of managed investment entities		4,139			4,332			4,695			4,669			4,484			4,871
Other receivables		1,123			1,989			758			958			1,171			1,377
Other assets		1,375			1,326			1,357			1,312			1,346			1,422
Goodwill		305			305			305			305			305			305

Total assets	$	30,850		$	32,591		$	29,913		$	30,001		$	29,787		$	30,825

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	14,190		$	14,206		$	12,607		$	13,050		$	13,087		$	12,891
Unearned premiums		3,588			4,320			3,816			3,650			3,451			3,997
Payable to reinsurers		1,191			1,620			1,176			1,078			1,186			1,398
Liabilities of managed investment entities		3,964			4,168			4,536			4,468			4,307			4,728
Long-term debt		1,475			1,475			1,475			1,475			1,475			1,474
Other liabilities		1,976			2,094			1,919			2,040			2,023			2,356

Total liabilities	$	26,384		$	27,883		$	25,529		$	25,761		$	25,529		$	26,844
Shareholders’ equity:
Common stock	$	84		$	84		$	84		$	84		$	84		$	84
Capital surplus		1,411			1,400			1,392			1,382			1,372			1,372
Retained earnings		3,211			3,360			3,239			3,089			3,121			3,095
Unrealized gains (losses) - fixed maturities		(202	)		(100	)		(290	)		(278	)		(287	)		(521	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(10	)		(7	)		(20	)		(22	)		(17	)		(34	)
Other comprehensive income (loss), net of tax		(28	)		(29	)		(21	)		(15	)		(15	)		(15	)

Total shareholders’ equity		4,466			4,708			4,384			4,240			4,258			3,981

Total liabilities and equity	$	30,850		$	32,591		$	29,913		$	30,001		$	29,787		$	30,825

Page 12

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
Shareholders’ equity	$	4,466		$	4,708		$	4,384		$	4,240		$	4,258		$	3,981
Accumulated other comprehensive income (loss)		(240	)		(136	)		(331	)		(315	)		(319	)		(570	)

Shareholders’ equity, excluding AOCI		4,706			4,844			4,715			4,555			4,577			4,551
Goodwill		305			305			305			305			305			305
Intangibles		203			199			204			208			213			217

Tangible shareholders’ equity, excluding AOCI	$	4,198		$	4,340		$	4,206		$	4,042		$	4,059		$	4,029

Common shares outstanding		83.978			83.923			83.897			83.857			83.636			84.136
Book value per share:
Book value per share	$	53.18		$	56.10		$	52.25		$	50.57		$	50.91		$	47.31
Book value per share, excluding AOCI		56.03			57.71			56.19			54.32			54.72			54.09
Tangible, excluding AOCI		49.98			51.72			50.13			48.20			48.52			47.89
Market capitalization
AFG’s closing common share price	$	136.93		$	134.60		$	123.02		$	136.48		$	118.89		$	111.67
Market capitalization	$	11,499		$	11,296		$	10,321		$	11,445		$	9,943		$	9,395
Price / Book value per share, excluding AOCI		2.44			2.33			2.19			2.51			2.17			2.06

Page 13

American Financial Group, Inc.

Capitalization

($ in millions)


	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
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		4,466			4,708			4,384			4,240			4,258			3,981
Accumulated other comprehensive income (loss)		(240	)		(136	)		(331	)		(315	)		(319	)		(570	)

Total capital, excluding AOCI	$	6,204		$	6,342		$	6,213		$	6,053		$	6,075		$	6,049

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		24.1	%		23.6	%		24.1	%		24.7	%		24.7	%		24.8	%
Excluding subordinated debt		13.3	%		13.0	%		13.2	%		13.6	%		13.5	%		13.6	%

Page 14

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			12/31/24			12/31/23
Property and Casualty Insurance
Paid Losses (GAAP)	$	1,179		$	897		$	969		$	989		$	938		$	4,034		$	3,426


	12/31/24			9/30/24			6/30/24			3/31/24			12/31/23			9/30/23
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,962		$	6,150		$	5,919		$	5,780		$	5,710		$	5,786
Parent and other subsidiaries		(1,256	)		(1,306	)		(1,204	)		(1,225	)		(1,133	)		(1,235	)

AFG GAAP Equity (excluding AOCI)	$	4,706		$	4,844		$	4,715		$	4,555		$	4,577		$	4,551

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,004		$	946		$	946		$	946		$	946		$	887

Page 15

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	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	%


	Carrying Value - December 31, 2023
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	940	$	285	$	—		$	1,225		8	%
Fixed maturities - Available for sale		10,225		152		—			10,377		68	%
Fixed maturities - Trading		57		—		—			57		0	%
Equity securities - common stocks		586		—		—			586		4	%
Equity securities - perpetual preferred		432		—		—			432		3	%
Investments accounted for using the equity method		1,812		2		—			1,814		12	%
Mortgage loans		643		—		—			643		4	%
Real estate and other investments		211		93		(175	)		129		1	%

Total cash and investments	$	14,906	$	532	$	(175	)	$	15,263		100	%

Page 16

American Financial Group, Inc.

Net Investment Income

($ in millions)


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

Gross investment income excluding alternative investments		167			165			161			155			159			648			582
Gross investment income from alternative investments (b)		33			36			33			56			5			158			163

Total gross investment income		200			201			194			211			164			806			745
Investment expenses		(5	)		(6	)		(5	)		(6	)		(3	)		(22	)		(16	)

Total net investment income	$	195		$	195		$	189		$	205		$	161		$	784		$	729

Average cash and investments (c)	$	15,718		$	15,447		$	15,346		$	15,331		$	15,227		$	15,479		$	14,753

Average yield - fixed maturities before inv expenses (d)		5.09	%		5.06	%		5.04	%		4.93	%		4.99	%		5.02	%		4.67	%
Average yield - overall portfolio, net (d)		4.96	%		5.05	%		4.93	%		5.35	%		4.23	%		5.06	%		4.94	%
Average tax equivalent yield - overall portfolio, net (d)		5.03	%		5.10	%		4.98	%		5.42	%		4.31	%		5.13	%		5.01	%
AFG consolidated net investment income:
Property & Casualty core	$	195		$	195		$	189		$	205		$	161		$	784		$	729
Parent & other		7			7			8			7			7			29			40
Consolidate CLOs		(8	)		(2	)		(9	)		(14	)		(9	)		(33	)		(27	)

Total net investment income	$	194		$	200		$	188		$	198		$	159		$	780		$	742

Average cash and investments (c)	$	15,987		$	15,748		$	15,617		$	15,616		$	15,540		$	15,767		$	15,254

Average yield - overall portfolio, net (d)		4.85	%		5.08	%		4.82	%		5.07	%		4.09	%		4.95	%		4.86	%
Average yield - fixed maturities before inv expenses (d)		5.10	%		5.08	%		5.06	%		4.95	%		5.01	%		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 18.

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

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

Page 17

American Financial Group, Inc.

Alternative Investments

($ in millions)


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

Total Property & Casualty	$	33		$	36		$	33		$	56		$	5		$	158		$	163

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

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

Annualized Return - Property & Casualty		4.9	%		5.4	%		5.1	%		9.0	%		0.8	%		6.1	%		7.0	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	12		$	8		$	1		$	1		$	(2	)	$	22		$	(1	)
Equity securities MTM through investment income (a)		12			20			9			16			1			57			38
Investments accounted for using the equity method (b)		1			6			14			25			(3	)		46			99
AFG managed CLOs (eliminated in consolidation)		8			2			9			14			9			33			27

Total AFG Consolidated	$	33		$	36		$	33		$	56		$	5		$	158		$	163

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

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

Annualized Return - AFG Consolidated		4.9	%		5.4	%		5.1	%		8.9	%		0.8	%		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 18

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


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
December 31, 2023	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	243	$	236	$	(7	)		2	%		2	%
States, municipalities and political subdivisions		1,014		984		(30	)		9	%		6	%
Foreign government		288		282		(6	)		3	%		2	%
Residential mortgage-backed securities		1,787		1,658		(129	)		16	%		11	%
Commercial mortgage-backed securities		75		74		(1	)		1	%		0	%
Collateralized loan obligations		1,706		1,687		(19	)		16	%		11	%
Other asset-backed securities		2,472		2,362		(110	)		23	%		15	%
Corporate and other bonds		3,212		3,151		(61	)		30	%		21	%

Total AFG consolidated	$	10,797	$	10,434	$	(363	)		100	%		68	%

Approximate duration - P&C		3.2 years
Approximate duration - P&C including cash		2.9 years

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

Page 19

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

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 B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2023

($ 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	$	—	$	371	$	261	$	1,425	$	63	$	1,500	$	961	$	23	$	4,604		44	%
AA		236		560		10		99		7		173		261		160		1,506		15	%
A		—		44		5		26		1		13		542		839		1,470		14	%
BBB		—		7		6		4		—		—		474		1,740		2,231		21	%

Subtotal - Investment grade		236		982		282		1,554		71		1,686		2,238		2,762		9,811		94	%
BB		—		—		—		2		3		—		7		195		207		2	%
B		—		—		—		4		—		—		2		67		73		1	%
CCC, CC, C		—		—		—		29		—		—		5		7		41		0	%
D		—		—		—		4		—		—		—		—		4		0	%

Subtotal - Non-Investment grade		—		—		—		39		3		—		14		269		325		3	%
Not Rated (b)		—		2		—		65		—		1		110		120		298		3	%

Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	236	$	977	$	230	$	1,606	$	71	$	1,633	$	1,799	$	1,043	$	7,595		74	%
2		—		7		—		2		—		—		474		1,769		2,252		22	%

Subtotal		236		984		230		1,608		71		1,633		2,273		2,812		9,847		96	%
3		—		—		—		1		3		—		8		195		207		2	%
4		—		—		—		1		—		—		1		61		63		1	%
5		—		—		—		3		—		—		9		67		79		1	%
6		—		—		—		5		—		—		—		—		5		0	%

Subtotal		—		—		—		10		3		—		18		323		354		4	%
Total insurance companies	$	236	$	984	$	230	$	1,618	$	74	$	1,633	$	2,291	$	3,135	$	10,201		100	%

No NAIC designation (c)		—		—		—		—		—		1		9		11		21
Non-Insurance and Foreign Companies (d)		—		—		52		40		—		53		62		5		212

Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434

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

(b)	For ABS, 87% are NAIC 1 and 8% do not have a designation.

For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.

For Total, 58% are NAIC 1, 9% NAIC 2, 21% NAIC 5 and 7% do not have a designation.

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

(d)	98% are investment grade rated.

Page 21

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

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.

Page 22

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2023

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		Autos		REITs		Retailers		Basic Industry		Media		Capital Goods		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	23		1	%
AA		5		—		18		43		39		29		5		—		—		10		—		—		—		11		160		5	%
A		33		190		57		151		44		45		86		61		47		18		11		3		35		58		839		27	%
BBB		579		210		151		41		69		101		72		79		68		51		110		45		40		124		1,740		55	%

Subtotal		617		400		237		235		152		175		163		140		115		79		121		48		75		205		2,762		88	%
BB		23		2		24		3		27		5		—		5		—		40		15		35		1		15		195		6	%
B		—		—		2		—		10		8		—		4		—		24		—		—		4		15		67		2	%
CCC, CC, C		—		—		2		—		—		—		—		—		—		—		—		—		—		5		7		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		23		2		28		3		37		13		—		9		—		64		15		35		5		35		269		8	%
Not Rated (b)		—		—		4		11		18		10		—		—		28		—		—		20		6		23		120		4	%

Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		Autos		REITs		Retailers		Basic Industry		Media		Capital Goods		Other		Total		% Total
1	$	38	$	190	$	86	$	194	$	92	$	82	$	92	$	61	$	55	$	28	$	11	$	3	$	35	$	76	$	1,043		33	%
2		579		210		151		41		75		102		71		84		81		51		110		45		40		129		1,769		57	%

Subtotal		617		400		237		235		167		184		163		145		136		79		121		48		75		205		2,812		90	%
3		23		2		23		3		32		6		—		—		—		40		14		35		2		15		195		6	%
4		—		—		1		—		4		8		—		4		—		24		—		—		4		16		61		2	%
5		—		—		8		—		4		—		—		—		7		—		1		20		5		22		67		2	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		23		2		32		3		40		14		—		4		7		64		15		55		11		53		323		10	%
Total insurance companies	$	640	$	402	$	269	$	238	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	258	$	3,135		100	%

No NAIC designation (c)		—		—		—		11		—		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		—		—		—		—		—		—		—		—		—		—		—		—		—		5		5

Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151

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

(b)	21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.

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

Page 23

Appendix E

American Financial Group, Inc.

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

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 (c)		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 (b)		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.

(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans.

Page 24

Appendix F

American Financial Group, Inc.

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

12/31/2023

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		Secured Financing (c)		TruPS		Single Family Rental		Triple Net Lease		Railcar		Aircraft		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	385	$	24	$	46	$	191	$	157	$	—	$	—	$	67	$	91	$	961		41	%
AA		55		6		20		140		1		2		—		5		14		18		261		11	%
A		10		—		75		16		—		24		168		54		—		195		542		23	%
BBB		366		—		1		—		—		—		6		30		—		71		474		20	%

Subtotal		431		391		120		202		192		183		174		89		81		375		2,238		95	%
BB		—		—		1		—		—		—		—		6		—		—		7		0	%
B		—		—		1		—		—		—		—		1		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		5		—		—		5		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		2		—		—		—		—		12		—		—		14		0	%
Not Rated (b)		—		—		96		—		—		—		—		5		—		9		110		5	%

Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		Secured Financing (c)		TruPS		Single Family Rental		Triple Net Lease		Railcar		Aircraft		Auto		Other		Total		% Total
1	$	65	$	331	$	215	$	202	$	192	$	183	$	167	$	60	$	81	$	303	$	1,799		79	%
2		366		—		1		—		—		—		7		30		—		70		474		21	%

Subtotal		431		331		216		202		192		183		174		90		81		373		2,273		100	%
3		—		—		2		—		—		—		—		6		—		—		8		0	%
4		—		—		—		—		—		—		—		1		—		—		1		0	%
5		—		—		—		—		—		—		—		9		—		—		9		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		2		—		—		—		—		16		—		—		18		0	%
Total insurance companies	$	431	$	331	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	373	$	2,291		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		9		9
Non-Insurance and Foreign Companies		—		60		—		—		—		—		—		—		—		2		62

Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362

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

(b)	87% of not rated securities are NAIC 1 and 8% do not have a designation.

(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans.

Page 25

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

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

Appendix H

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2023

($ in millions)


Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,205		91	%		94	%		97	%
Fund Investments		59		5	%		—			—
QOZ Fund - Development		25		2	%		—			—
Office		16		1	%		88	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		0	%		—			—

Total	$	1,320		100	%


Real Estate
Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		36		37	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	97		100	%	$	—


Mortgage Loans
Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	462		72	%		66	%
Hospitality		125		19	%		49	%
Office		56		9	%		89	%

Total	$	643		100	%		65	%

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

(a)	Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/23

(c)	Collections for October - December

Page 27