2024 Wells Fargo Financial Services Investor Conference Presentation

Specialty Property and Casualty Insurance

Wells Fargo Financial Services Investor Conference

May 14, 2024

Forward Looking Statements

Certain statements made during this presentation, as well as included in this document, are not historical facts and may be considered "forward-looking statements" and are based on estimates, assumptions and projections which management believes are reasonable but by their nature subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.

The reasons which could cause actual results and/or financial condition to differ materially from those suggested by such forward-looking statements include but are not limited to those discussed or identified from time-to-time in AFG's filings with the Securities and Exchange Commission, including the annual report on Form 10-K and the quarterly reports on Form 10-Q. We do not promise to update such forward-looking statements to reflect actual results or changes in assumptions or other factors that could affect these statements.

Core net operating earnings is a non-GAAP financial measure which sets aside items that are generally not considered to be part of ongoing operations, such as net realized gains and losses, as well as other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations. AFG believes that this non-GAAP measure is a useful tool for investors and analysts in analyzing ongoing operating trends of AFG.

A History Dating Back More Than 150 Years

We are specialists in providing P&C insurance products that help businesses manage their unique financial risks and exposures.

Approximately 55% of Specialty P&C Group gross written premium is produced by businesses with "top 10" market rankings

Superior Underwriting	Specialty P&C
Talent	Combined Ratio

7.5%	11 years
Points of COR outperformance	Consecutive years
vs. peers over 10-year period	under 94%

ended 12/31/2023
Overall Specialty P&C combined ratio of 90.3% for the twelve months ended December 31, 2023
Record premium production for the twelve months ended December 31, 2023	3

Top Tier Specialty Property & Casualty Insurer

Entrepreneurial Culture, Strategic Alignment of Interests

Market Leading P&C Insurance Specialist

Consistent Investment Outperformance

Superior Capital Management and Strong Balance Sheet

Our values form the

foundation of our business,

shape our priorities, and set our expectations for how we conduct our business, service our customers and interact with each other.

Strategic Alignment of Interests for Optimal Results

Significant Ownership

by Management

15%

25%

60%

Individual Institutional Family, Investors Investors Executives and

Retirement Plan

Unique, Incentive-Based

Programs for P&C Business

Leaders

Annual awards
- based on AY COR targets derived from ROE thresholds
- paid over 2-3 years; claw back feature
Long Term Incentive Comp (LTIC) Plan
- 5-yearmeasurement period based on AY COR targets derived from ROE thresholds
- paid out over the following 4-5 years
Attract, retain and reward key operating executives & officers

Profit Sharing for Employees

Our Profit-Sharing Plan is a key component of AFG's Total Rewards Program, rewarding eligible employees for their contributions toward overall performance

Innovator in Risk Sharing and

Alternative Risk Transfer Programs

For Policyholders and Agents

A leader in providing risk sharing alternatives to the passenger transportation, moving & storage and trucking specialty transportation industries
Through collaboration and specialized knowledge, we work with a variety of agency and group risk sharing programs in a wide range of industry segments in our Targeted Markets operations
Our Strategic Comp business offers unique coverage options for workers' comp accounts that include higher retentions and specialty loss prevention - giving businesses more control over their costs, risks, and outcomes
Innovative commission structures for distribution

partners reward production of profitable business

Building Long-Term Value for AFG Shareholders

10 YEAR VIEW														11%
													CAGR
OF
TOTAL VALUE
CREATION							Superior P&C	Superior	Intelligent
								Underwriting	Investment	Deployment of = VALUE
Growth in BVPS									Results	Talent	Capital	CREATION

Excluding AOCI +
Dividends

2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

Focusing on What We Know Best

Sale of

Commercial

Lines Division

1998 2000

Start-up of

Financial

Institution

Services

	Acquired all
IPO of Infinity	minority
Property and	shares of Great
Casualty; exit	American
personal auto	Financial
business	Resources, Inc.

2003	2005	2007		2008

	Acquisition of			Acquisitions of
	Farmer's Crop			Strategic
	Insurance			Comp &
	Alliance			Marketform
	IPO of National		Group Ltd.

	Interstate			Start-up of
	Corporation			Environmental
				Division

2010

Acquisition of Vanliner

Acquisition of

Acquired

Start-up of

Summit Holding

remaining 49%

Start-up of Public

Southeast, Inc.

of NATL

Accident &

Acquisition of

shares not

Health

Acquisition of

Sector Division

Start-up of

owned by AFG

Business

Crop Risk

Sale of Medicare

Aviation Division

Start-up of

Acquired Atlas

Verikai, Inc.

Services

Sale of

supplement &

Acquisition of

El Aguila

Financial

critical illness

Public Sector

Specialty P&C

paratransit

Annuity

businesses

renewal rights

Division

business

Business

2012

2013

2014

2015

2016

2018

2019

2020

2021

2022

2023

Start-up of

Sale of long-

Acquired Tank

Sale of Neon and

Start-up of

Professional

term care

Owner Members

exit from Lloyd's

Medical Stop

Liability Division

business

Insurance Company

market

Loss Business

Start-up of Great

(TOMIC) business

Acquired ABA

American's

Singapore

Insurance

branch

Services Inc.

Start-up of M&A

(ABAIS)

Liability Division

Start-Ups	Acquisitions	Dispositions

Specialty P&C Insurance Operations

We are specialists in providing property and casualty insurance solutions that fulfill today's needs and tomorrow's dreams. We are a trusted partner in delivering long-term value to our customers, employees and investors.

PROPERTY &

TRANSPORTATION

Agribusiness (farm & ranch)

Commercial Automobile

Commercial Property

Crop

Equine Mortality

Inland and Ocean Marine

SPECIALTY

CASUALTY

Cyber Risk

Excess and Surplus

Executive & Professional Liability

General Liability

M&A Liability

Medical Stop Loss

Public Entities

Targeted Programs

Umbrella and Excess Liability

Workers' Compensation

SPECIALTY

FINANCIAL

Fidelity / Crime

Financial Institution Services

Lease and Loan Services

Surety

Trade Credit

Great American Insurance Company's Ratings

A+ A+ A1

Superior Strong

Diversified product offerings in niche markets

Consistent, solid underwriting results

Strong market positions

Strong capitalization

Low catastrophe risk profile

The Numbers Tell Our Story 3,000

Property and casualty insurance companies in the United States

Companies on the Ward's 50 List for safety, consistency and performance

Rated "A" (Excellent) or better by AM Best for 115 or more years

on both lists

Great American Insurance Company is 1 of the three

Attachments

Disclaimer

American Financial Group Inc. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 11:31:31 UTC.