2nd Quarter 2024 Earnings Presentation

Review of

Second Quarter 2024

August 7, 2024

2024 Second Quarter Consolidated Results

Dollars in millions, except per share data

Three Months Ended

				June 30,
		2024			2023
P&C Insurance Segment	$	319	$	299
Interest & other corporate expenses			(46)					(41)
Pretax Core Operating Earnings			273					258
Related income taxes			58					56
Core Net Operating Earnings	$	215	$	202
Average number of diluted shares			83.9					85.2
Core Net Operating Earnings per Share	$	2.56	$	2.38
Annualized Core Operating Retuon Equity	18.5%	18.2%

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2024 Second Quarter Consolidated Results (continued)

Dollars in millions, except per share data

1 Included in this amount is $2 million ($0.02 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at June 30, 2024, to fair value.

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Investments

• Total carrying value of AFG's investment portfolio at June 30, 2024 = $15.3 billion
• P&C net investment income down 1% YOY; up 15% excluding alternative investments
• • second quarter 2024 annualized retuof 5.1% on $2.6 billion of alternative investments
• Second quarter after-tax net realized losses on securities of $2 million
• • includes $2 million in after-tax net realized losses to adjust equity securities that the company continued to own at June 30, 2024, to fair value through earnings

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1. The ratio is calculated by dividing the principal amount of AFG's long-term debt by its total capital, which includes long-term debt and shareholders' equity, excluding AOCI.
2. Excludes AOCI, goodwill and intangibles.

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1 Calculated as a percentage change for dollars and an arithmetic difference for percentages.

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Specialty P&C Group

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