Investor Meetings with Citi – Boston Area Presentation

Specialty Property and

Casualty Insurance

Investor Presentation

March 21, 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.

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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

Overall Specialty P&C combined ratio of 90.3% for the twelve months ended December 31, 2023

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

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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.

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Strategic Alignment of Interests for Optimal Results

Building Long-Term Value for AFG Shareholders

Adjusted Book Value excludes unrealized gains and losses related to fixed maturities.

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Focusing on What We Know Best

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Great American Insurance Company's Ratings

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