Q1 2025 Investor Supplement

American Financial Group, Inc.

Investor Supplement - First Quarter 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 - First Quarter 2025

Section

Page

Table of Contents - Investor Supplement - First Quarter 2025.......................................................................................................................

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. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2025...............................................................................................

19

B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024.............................................................................................

20

C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2025...................................................................................

21

D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024.................................................................................

22

E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2025.................................................................

23

F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024...............................................................

24

G. Real Estate-Related Investments 3/31/2025.............................................................................................................................................

25

H. Real Estate-Related Investments 12/31/2024...........................................................................................................................................

26

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Highlights

Net earnings

$ 154

$ 255

$ 181

$ 209

$ 242

Core net operating earnings

152

262

194

215

231

Total assets

30,294

30,836

32,591

29,913

30,001

Shareholders' equity, excluding AOCI (a)

4,571

4,706

4,844

4,715

4,555

Property and Casualty net written premiums

1,611

1,460

2,353

1,692

1,634

$ 887

$ 852

902

895

30,836

29,787

4,706

4,577

7,139

6,692

Per share data

Diluted earnings per share

$ 1.84

$ 3.03

$ 2.16

$ 2.49

$ 2.89

Core net operating earnings per share

1.81

3.12

2.31

2.56

2.76

Book value per share, excluding AOCI (a)

54.63

56.03

57.71

56.19

54.32

$ 10.57

$ 10.05

10.75

10.56

56.03

54.72

Dividends per common share

2.80

4.80

0.71

0.71

3.21

9.43

8.10

Financial ratios

Annualized retuon equity (b)

13.3%

21.3%

15.2%

18.0%

21.2%

Annualized core operating retuon equity (b)

13.1%

21.9%

16.2%

18.5%

20.2%

19.0%

18.8%

19.3%

19.8%

Property and Casualty combined ratio - Specialty:

Loss & LAE ratio

61.0%

63.7%

69.5%

59.1%

58.6%

Underwriting expense ratio

33.0%

25.3%

24.8%

31.4%

31.5%

Combined ratio - Specialty

94.0%

89.0%

94.3%

90.5%

90.1%

63.3%

61.5%

27.9%

28.8%

91.2%

90.3%

(a) A reconciliation to the GAAP measure is on page 12.

(b) Excludes accumulated other comprehensive income.

American Financial Group, Inc.

Summary of Earnings

($ in millions)

Interest expense of parent holding companies

(19)

(19)

(19)

(19)

(19)

Other expense

(33)

(29)

(27)

(27)

(31)

Pretax core operating earnings

194

330

245

273

290

(76)

(76)

(114)

(101)

1,138

1,127

Income tax expense

42

68

51

58

59

Core net operating earnings

152

262

194

215

231

236

232

902

895

Non-core items, net of tax:

Realized gains (losses) on securities

2

(7)

(2)

(2)

11

Realized loss on subsidiaries

-

-

-

(4)

-

Special A&E charges - Former Railroad and Manufacturing operations

-

-

(11)

-

-

Gain (loss) on retirement of debt

-

-

-

-

-

Net earnings

$ 154

$ 255

$ 181

$ 209

$ 242

-

(28)

(4)

(4)

(11)

(12)

-

1

$ 887

$ 852

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

$ 94

$ 202

$ 115

$ 150

$ 153

170

195

195

189

205

(18)

(19)

(19)

(20)

(18)

246

378

291

319

340

Twelve Months Ended

12/31/24

12/31/23

Property and Casualty Insurance

Underwriting profit

Net investment income

Other income (expense)

Property and Casualty Insurance operating earnings

$ 620

$ 631

784

729

(76)

(56)

1,328

1,304

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Core net operating earnings

$ 152

$ 262

$ 194

$ 215

$ 231

$ 902

$ 895

Net earnings

$ 154

$ 255

$ 181

$ 209

$ 242

$ 887

$ 852

Average number of diluted shares

83.842

83.966

83.939

83.912

83.795

83.903

84.774

Diluted earnings per share:

Core net operating earnings per share

$ 1.81

$ 3.12

$ 2.31

$ 2.56

$ 2.76

$ 10.75

$ 10.56

Realized gains (losses) on securities

0.03

(0.09)

(0.02)

(0.02)

0.13

Realized loss on subsidiaries

-

-

-

(0.05)

-

Special A&E charges - Former Railroad and Manufacturing operations

-

-

(0.13)

-

-

Gain (loss) on retirement of debt

-

-

-

-

-

Diluted earnings per share

$ 1.84

$ 3.03

$ 2.16

$ 2.49

$ 2.89

-

(0.33)

(0.05)

(0.04)

(0.13)

(0.15)

-

0.01

$ 10.57

$ 10.05

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Property and Transportation

$ 37

$ 81

$ 33

$ 40

$ 60

Specialty Casualty

20

69

63

86

61

Specialty Financial

37

54

21

25

33

Underwriting profit - Specialty

94

204

117

151

154

$ 214

$ 174

279

348

133

111

626

633

Other core charges, included in loss and LAE

-

(2)

(2)

(1)

(1)

Underwriting profit - Property and Casualty Insurance

$ 94

$ 202

$ 115

$ 150

$ 153

(6)

(2)

$ 620

$ 631

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

$ -

$ 1

$ -

$ -

$ 1

Catastrophe losses

72

20

90

36

34

Total current accident year catastrophe losses

$ 72

$ 21

$ 90

$ 36

$ 35

$ 2

$ 3

180

162

$ 182

$ 165

Prior year loss reserve development (favorable) / adverse

$ (20)

$ 36

$ (15)

$ (35)

$ (50)

$ (64)

$ (224)

Combined ratio:

Property and Transportation

92.5%

89.5%

96.8%

92.7%

88.5%

Specialty Casualty

97.6%

91.4%

92.1%

89.1%

92.2%

Specialty Financial

87.0%

80.7%

92.3%

89.7%

86.6%

Combined ratio - Specialty

94.0%

89.0%

94.3%

90.5%

90.1%

Other core charges

0.1%

0.1%

0.1%

0.0%

0.0%

Combined ratio

94.1%

89.1%

94.4%

90.5%

90.1%

92.4%

93.1%

91.2%

88.8%

87.2%

87.2%

91.2%

90.3%

0.0%

0.1%

91.2%

90.4%

P&C combined ratio excl. catastrophe losses and prior year reserve development

90.8%

86.1%

90.7%

90.5%

91.1%

Loss and LAE components:

Current accident year, excluding catastrophe losses

57.8%

60.8%

65.9%

59.1%

59.6%

Prior accident year loss reserve development

(1.3%)

1.9%

(0.7%)

(2.2%)

(3.2%)

Current accident year catastrophe losses

4.6%

1.1%

4.4%

2.2%

2.2%

Loss and LAE ratio

61.1%

63.8%

69.6%

59.1%

58.6%

61.7%

62.4%

(0.9%)

(3.4%)

2.5%

2.6%

63.3%

61.6%

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Gross written premiums

$ 2,291

$ 2,043

$ 3,748

$ 2,406

$ 2,336

Ceded reinsurance premiums

(680)

(583)

(1,395)

(714)

(702)

Net written premiums

1,611

1,460

2,353

1,692

1,634

Change in unearned premiums

(31)

390

(298)

(107)

(88)

Net earned premiums

1,580

1,850

2,055

1,585

1,546

$ 10,533

$ 9,656

(3,394)

(2,964)

7,139

6,692

(103)

(161)

7,036

6,531

Loss and LAE

965

1,179

1,428

936

906

Underwriting expense

521

467

510

498

486

Underwriting profit

$ 94

$ 204

$ 117

$ 151

$ 154

4,449

4,015

1,961

1,883

$ 626

$ 633

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

$ -

$ 1

$ -

$ -

$ 1

Catastrophe losses

72

20

90

36

34

Total current accident year catastrophe losses

$ 72

$ 21

$ 90

$ 36

$ 35

$ 2

$ 3

180

162

$ 182

$ 165

Prior year loss reserve development (favorable) / adverse

$ (20)

$ 34

$ (17)

$ (36)

$ (51)

$ (70)

$ (226)

Combined ratio:

Loss and LAE ratio

61.0%

63.7%

69.5%

59.1%

58.6%

Underwriting expense ratio

33.0%

25.3%

24.8%

31.4%

31.5%

Combined ratio

94.0%

89.0%

94.3%

90.5%

90.1%

63.3%

61.5%

27.9%

28.8%

91.2%

90.3%

Combined ratio excl. catastrophe losses and prior year reserve development

90.8%

86.1%

90.7%

90.5%

91.1%

Loss and LAE components:

Current accident year, excluding catastrophe losses

57.8%

60.8%

65.9%

59.1%

59.6%

Prior accident year loss reserve development

(1.3%)

1.8%

(0.8%)

(2.3%)

(3.3%)

Current accident year catastrophe losses

4.5%

1.1%

4.4%

2.3%

2.3%

Loss and LAE ratio

61.0%

63.7%

69.5%

59.1%

58.6%

61.7%

62.4%

(1.0%)

(3.4%)

2.6%

2.5%

63.3%

61.5%

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Gross written premiums

$ 897

$ 585

$ 2,107

$ 1,084

$ 959

Ceded reinsurance premiums

(334)

(177)

(956)

(394)

(362)

Net written premiums

563

408

1,151

690

597

Change in unearned premiums

(63)

357

(162)

(138)

(77)

Net earned premiums

500

765

989

552

520

$ 4,735

$ 4,146

(1,889)

(1,560)

2,846

2,586

(20)

(36)

2,826

2,550

Loss and LAE

311

531

784

351

306

Underwriting expense

152

153

172

161

154

Underwriting profit

$ 37

$ 81

$ 33

$ 40

$ 60

1,972

1,773

640

603

$ 214

$ 174

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

$ -

$ 1

$ -

$ -

$ -

Catastrophe losses

10

9

34

13

9

Total current accident year catastrophe losses

$ 10

$ 10

$ 34

$ 13

$ 9

$ 1

$ 2

65

54

$ 66

$ 56

Prior year loss reserve development (favorable) / adverse

$ (19)

$ (2)

$ (14)

$ (34)

$ (46)

$ (96)

$ (82)

Combined ratio:

Loss and LAE ratio

62.1%

69.5%

79.4%

63.7%

58.7%

Underwriting expense ratio

30.4%

20.0%

17.4%

29.0%

29.8%

Combined ratio

92.5%

89.5%

96.8%

92.7%

88.5%

69.8%

69.5%

22.6%

23.6%

92.4%

93.1%

Combined ratio excl. catastrophe losses and prior year reserve development

94.4%

88.5%

94.5%

96.6%

95.6%

Loss and LAE components:

Current accident year, excluding catastrophe losses

64.0%

68.5%

77.1%

67.6%

65.8%

Prior accident year loss reserve development

(3.9%)

(0.2%)

(1.3%)

(6.3%)

(8.8%)

Current accident year catastrophe losses

2.0%

1.2%

3.6%

2.4%

1.7%

Loss and LAE ratio

62.1%

69.5%

79.4%

63.7%

58.7%

70.9%

70.6%

(3.4%)

(3.2%)

2.3%

2.1%

69.8%

69.5%

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Gross written premiums

$ 1,068

$ 1,126

$ 1,297

$ 1,023

$ 1,097

Ceded reinsurance premiums

(296)

(353)

(380)

(270)

(294)

Net written premiums

772

773

917

753

803

Change in unearned premiums

22

32

(120)

38

(20)

Net earned premiums

794

805

797

791

783

$ 4,543

$ 4,368

(1,297)

(1,199)

3,246

3,169

(70)

(57)

3,176

3,112

Loss and LAE

536

541

519

483

502

Underwriting expense

238

195

215

222

220

Underwriting profit

$ 20

$ 69

$ 63

$ 86

$ 61

2,045

1,914

852

850

$ 279

$ 348

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

$ -

$ -

$ -

$ -

$ 1

Catastrophe losses

27

(6)

17

5

18

Total current accident year catastrophe losses

$ 27

$ (6)

$ 17

$ 5

$ 19

$ 1

$ 1

34

58

$ 35

$ 59

Prior year loss reserve development (favorable) / adverse

$ 12

$ 44

$ 6

$ (2)

$ (11)

$ 37

$ (111)

Combined ratio:

Loss and LAE ratio

67.6%

67.2%

65.1%

61.0%

64.2%

Underwriting expense ratio

30.0%

24.2%

27.0%

28.1%

28.0%

Combined ratio

97.6%

91.4%

92.1%

89.1%

92.2%

64.4%

61.5%

26.8%

27.3%

91.2%

88.8%

Combined ratio excl. catastrophe losses and prior year reserve development

92.6%

86.7%

89.3%

88.7%

91.2%

Loss and LAE components:

Current accident year, excluding catastrophe losses

62.6%

62.5%

62.3%

60.6%

63.2%

Prior accident year loss reserve development

1.6%

5.4%

0.7%

(0.2%)

(1.4%)

Current accident year catastrophe losses

3.4%

(0.7%)

2.1%

0.6%

2.4%

Loss and LAE ratio

67.6%

67.2%

65.1%

61.0%

64.2%

62.1%

63.2%

1.2%

(3.6%)

1.1%

1.9%

64.4%

61.5%

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Gross written premiums

$ 326

$ 332

$ 344

$ 299

$ 280

Ceded reinsurance premiums

(50)

(53)

(59)

(50)

(46)

Net written premiums

276

279

285

249

234

Change in unearned premiums

10

1

(16)

(7)

9

Net earned premiums

286

280

269

242

243

$ 1,255

$ 1,142

(208)

(205)

1,047

937

(13)

(68)

1,034

869

Loss and LAE

118

107

125

102

98

Underwriting expense

131

119

123

115

112

Underwriting profit

$ 37

$ 54

$ 21

$ 25

$ 33

432

328

469

430

$ 133

$ 111

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

$ -

$ -

$ -

$ -

$ -

Catastrophe losses

35

17

39

18

7

Total current accident year catastrophe losses

$ 35

$ 17

$ 39

$ 18

$ 7

$ -

$ -

81

50

$ 81

$ 50

Prior year loss reserve development (favorable) / adverse

$ (13)

$ (8)

$ (9)

$ -

$ 6

$ (11)

$ (33)

Combined ratio:

Loss and LAE ratio

41.1%

38.1%

46.5%

42.1%

40.5%

Underwriting expense ratio

45.9%

42.6%

45.8%

47.6%

46.1%

Combined ratio

87.0%

80.7%

92.3%

89.7%

86.6%

41.8%

37.8%

45.4%

49.4%

87.2%

87.2%

Combined ratio excl. catastrophe losses and prior year reserve development

79.7%

77.5%

81.2%

82.4%

81.0%

Loss and LAE components:

Current accident year, excluding catastrophe losses

33.8%

34.9%

35.4%

34.8%

34.9%

Prior accident year loss reserve development

(4.6%)

(2.9%)

(3.2%)

0.0%

2.4%

Current accident year catastrophe losses

11.9%

6.1%

14.3%

7.3%

3.2%

Loss and LAE ratio

41.1%

38.1%

46.5%

42.1%

40.5%

35.0%

35.8%

(1.0%)

(3.7%)

7.8%

5.7%

41.8%

37.8%

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)

Assets:

Total cash and investments

Recoverables from reinsurers

Prepaid reinsurance premiums

Agents' balances and premiums receivable

Deferred policy acquisition costs

Assets of managed investment entities

Other receivables

Other assets

Goodwill

Total assets

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

12/31/23

$ 15,994

$ 15,852

$ 15,741

$ 15,261

$ 15,254

$ 15,263

4,945

5,176

5,217

4,157

4,510

4,477

1,105

1,013

1,346

1,143

1,078

961

1,589

1,532

1,995

1,909

1,606

1,471

316

320

340

328

309

309

3,848

4,140

4,332

4,695

4,669

4,484

855

1,123

1,989

758

958

1,171

1,337

1,375

1,326

1,357

1,312

1,346

305

305

305

305

305

305

$ 30,294

$ 30,836

$ 32,591

$ 29,913

$ 30,001

$ 29,787

Liabilities and Equity:

Unpaid losses and loss adjustment expenses

$ 13,970

$ 14,179

$ 14,206

$ 12,607

$ 13,050

$ 13,087

Unearned premiums

3,710

3,584

4,320

3,816

3,650

3,451

Payable to reinsurers

1,028

1,191

1,620

1,176

1,078

1,186

Liabilities of managed investment entities

3,726

3,965

4,168

4,536

4,468

4,307

Long-term debt

1,476

1,475

1,475

1,475

1,475

1,475

Other liabilities

1,992

1,976

2,094

1,919

2,040

2,023

Total liabilities

$ 25,902

$ 26,370

$ 27,883

$ 25,529

$ 25,761

$ 25,529

Shareholders' equity:

Common stock

$ 84

$ 84

$ 84

$ 84

$ 84

$ 84

Capital surplus

1,409

1,411

1,400

1,392

1,382

1,372

Retained earnings

3,078

3,211

3,360

3,239

3,089

3,121

Unrealized gains (losses) - fixed maturities

(141)

(202)

(100)

(290)

(278)

(287)

Unrealized gains (losses) - fixed maturity-related cash flow hedges

(7)

(10)

(7)

(20)

(22)

(17)

Other comprehensive income (loss), net of tax

(31)

(28)

(29)

(21)

(15)

(15)

Total shareholders' equity

4,392

4,466

4,708

4,384

4,240

4,258

Total liabilities and equity

$ 30,294

$ 30,836

$ 32,591

$ 29,913

$ 30,001

$ 29,787

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

12/31/23

Shareholders' equity

$ 4,392

$ 4,466

$ 4,708

$ 4,384

$ 4,240

$ 4,258

Accumulated other comprehensive income (loss)

(179)

(240)

(136)

(331)

(315)

(319)

Shareholders' equity, excluding AOCI

4,571

4,706

4,844

4,715

4,555

4,577

Goodwill

305

305

305

305

305

305

Intangibles

198

203

199

204

208

213

Tangible shareholders' equity, excluding AOCI

$ 4,068

$ 4,198

$ 4,340

$ 4,206

$ 4,042

$ 4,059

Common shares outstanding

83.668

83.978

83.923

83.897

83.857

83.636

Book value per share:

Book value per share

$ 52.50

$ 53.18

$ 56.10

$ 52.25

$ 50.57

$ 50.91

Book value per share, excluding AOCI

54.63

56.03

57.71

56.19

54.32

54.72

Tangible, excluding AOCI

48.62

49.98

51.72

50.13

48.20

48.52

AFG's closing common share price

$ 131.34

$ 136.93

$ 134.60

$ 123.02

$ 136.48

$ 118.89

Market capitalization

$ 10,989

$ 11,499

$ 11,296

$ 10,321

$ 11,445

$ 9,943

Price / Book value per share, excluding AOCI

2.40

2.44

2.33

2.19

2.51

2.17

American Financial Group, Inc.

Capitalization

($ in millions)

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

12/31/23

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

4,392

4,466

4,708

4,384

4,240

4,258

Accumulated other comprehensive income (loss)

(179)

(240)

(136)

(331)

(315)

(319)

Total capital, excluding AOCI

$ 6,069

$ 6,204

$ 6,342

$ 6,213

$ 6,053

$ 6,075

Ratio of debt to total capital, excluding AOCI:

Including subordinated debt

24.7%

24.1%

23.6%

24.1%

24.7%

24.7%

Excluding subordinated debt

13.6%

13.3%

13.0%

13.2%

13.6%

13.5%

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Twelve Months Ended

12/31/24

12/31/23

Paid Losses (GAAP)

$ 967

$ 1,179

$ 897

$ 969

$ 989

$ 4,034

$ 3,426

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

12/31/23

Property and Casualty Insurance

$ 5,853

$ 5,962

$ 6,150

$ 5,919

$ 5,780

Parent and other subsidiaries

(1,282)

(1,256)

(1,306)

(1,204)

(1,225)

AFG GAAP Equity (excluding AOCI)

$ 4,571

$ 4,706

$ 4,844

$ 4,715

$ 4,555

Allowable dividends without regulatory approval

$ 5,710

(1,133)

$ 4,577

Property and Casualty Insurance

$ 1,004

$ 1,004

$ 946

$ 946

$ 946

$ 946

American Financial Group, Inc.

Total Cash and Investments

($ in millions)

Total cash and investments:

Cash and cash equivalents

Fixed maturities - Available for sale

Fixed maturities - Trading

Equity securities - Common stocks

Equity securities - Perpetual preferred

Investments accounted for using the equity method

Mortgage loans

Real estate and other investments

Total cash and investments

Carrying Value - March 31, 2025

Property and

% of

Casualty

Parent &

Consolidate

Total AFG

Investment

Insurance

Other

CLOs

Consolidated

Portfolio

$ 1,034

$ 242

$ -

$ 1,276

8%

10,534

34

-

10,568

66%

71

-

-

71

0%

341

-

-

341

2%

429

-

-

429

3%

2,324

2

-

2,326

15%

827

-

-

827

5%

178

100

(122)

156

1%

$ 15,738

$ 378

$ (122)

$ 15,994

100%

Total cash and investments:

Cash and cash equivalents

Fixed maturities - Available for sale

Fixed maturities - Trading

Equity securities - common stocks

Equity securities - perpetual preferred

Investments accounted for using the equity method

Mortgage loans

Real estate and other investments

Total cash and investments

Carrying Value - December 31, 2024

Property and

% of

Casualty

Parent &

Consolidate

Total AFG

Investment

Insurance

Other

CLOs

Consolidated

Portfolio

$ 1,105

$ 301

$ -

$ 1,406

9%

10,356

42

-

10,398

66%

76

-

-

76

0%

336

-

-

336

2%

415

-

-

415

3%

2,275

2

-

2,277

14%

791

-

-

791

5%

229

98

(174)

153

1%

$ 15,583

$ 443

$ (174)

$ 15,852

100%

American Financial Group, Inc.

Net Investment Income

($ in millions)

Average cash and investments (c)

$ 15,881

$ 15,718

$ 15,447

$ 15,346

$ 15,331

$ 15,479

$ 14,753

Average yield - fixed maturities before inv expenses (d)

5.13%

5.09%

5.06%

5.04%

4.93%

Average yield - overall portfolio, net (d)

4.28%

4.96%

5.05%

4.93%

5.35%

5.02%

4.67%

5.06%

4.94%

AFG consolidated net investment income:

Property & Casualty core

$ 170

$ 195

$ 195

$ 189

$ 205

Parent & other

5

7

7

8

7

Consolidate CLOs

(2)

(8)

(2)

(9)

(14)

Total net investment income

$ 173

$ 194

$ 200

$ 188

$ 198

$ 784

$ 729

29

40

(33)

(27)

$ 780

$ 742

Average cash and investments (c)

$ 16,140

$ 15,987

$ 15,748

$ 15,617

$ 15,616

$ 15,767

$ 15,254

Average yield - overall portfolio, net (d)

4.29%

4.85%

5.08%

4.82%

5.07%

Average yield - fixed maturities before inv expenses (d)

5.13%

5.10%

5.08%

5.06%

4.95%

4.95%

4.86%

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 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.

Twelve Months Ended

12/31/24

12/31/23

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

Property and Casualty Insurance:

Gross investment income excluding alternative investments

Fixed maturities

$ 137

$ 134

$ 134

$ 133

$ 131

Equity securities

6

9

6

7

7

Other investments (a)

21

24

25

21

17

Gross investment income excluding alternative investments

164

167

165

161

155

Gross investment income from alternative investments (b)

12

33

36

33

56

Total gross investment income

176

200

201

194

211

Investment expenses

(6)

(5)

(6)

(5)

(6)

Total net investment income

$ 170

$ 195

$ 195

$ 189

$ 205

$ 532

$ 481

29

32

87

69

648

582

158

163

806

745

(22)

(16)

$ 784

$ 729

American Financial Group, Inc.

Alternative Investments

($ in millions)

Investments

Fixed maturities MTM through investment income

$ 50

$ 75

$ 51

$ 32

$ 18

Equity securities MTM through investment income (a)

232

222

563

544

494

Investments accounted for using the equity method (b)

2,324

2,275

1,909

1,880

1,846

AFG managed CLOs (eliminated in consolidation)

122

174

163

158

199

Total Property & Casualty

$ 2,728

$ 2,746

$ 2,686

$ 2,614

$ 2,557

$ 75

$ 17

222

440

2,275

1,812

174

175

$ 2,746

$ 2,444

Annualized Retu- Property & Casualty

1.8%

4.9%

5.4%

5.1%

9.0%

6.1%

7.0%

Annualized Retu- AFG Consolidated

1.8%

4.9%

5.4%

5.1%

8.9%

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.

Three Months Ended

3/31/25

12/31/24

9/30/24

6/30/24

3/31/24

$ (3)

$ 12

$ 8

$ 1

$ 1

-

12

20

9

16

13

1

6

14

25

2

8

2

9

14

$ 12

$ 33

$ 36

$ 33

$ 56

Twelve Months Ended

12/31/24

12/31/23

Property and Casualty Insurance:

Net Investment Income

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

Investments accounted for using the equity method (b)

AFG managed CLOs (eliminated in consolidation)

Total Property & Casualty

$ 22

$ (1)

57

38

46

99

33

27

$ 158

$ 163

AFG Consolidated:

Net Investment Income

Fixed maturities MTM through investment income

$ (3)

$ 12

$ 8

$ 1

$ 1

Equity securities MTM through investment income (a)

-

12

20

9

16

Investments accounted for using the equity method (b)

13

1

6

14

25

AFG managed CLOs (eliminated in consolidation)

2

8

2

9

14

Total AFG Consolidated

$ 12

$ 33

$ 36

$ 33

$ 56

Investments

Fixed maturities MTM through investment income

$ 50

$ 75

$ 51

$ 32

$ 18

Equity securities MTM through investment income (a)

232

222

563

544

494

Investments accounted for using the equity method (b)

2,326

2,277

1,911

1,882

1,848

AFG managed CLOs (eliminated in consolidation)

122

174

163

158

199

Total AFG Consolidated

$ 2,730

$ 2,748

$ 2,688

$ 2,616

$ 2,559

$ 22

$ (1)

57

38

46

99

33

27

$ 158

$ 163

$ 75

$ 17

222

440

2,277

1,814

174

175

$ 2,748

$ 2,446

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )

March 31, 2025

Book Value (a)

Fair Value

US Government and government agencies

$ 182

$ 180

States, municipalities and political subdivisions

921

875

Foreign government

293

297

Residential mortgage-backed securities

2,222

2,118

Commercial mortgage-backed securities

41

41

Collateralized loan obligations

1,246

1,241

Other asset-backed securities

2,414

2,381

Corporate and other bonds

3,499

3,506

Total AFG consolidated

$ 10,818

$ 10,639

Unrealized

% of

Gain (Loss)

Fair Value

$ (2)

2%

(46)

8%

4

3%

(104)

20%

-

0%

(5)

12%

(33)

22%

7

33%

$ (179)

100%

% of

Investment

Portfolio

1%

5%

2%

13%

0%

8%

15%

22%

66%

Approximate duration - P&C

3.0 years

Approximate duration - P&C including cash

2.8 years

December 31, 2024

Book Value (a)

Fair Value

Unrealized

Gain (Loss)

% of

Fair Value

US Government and government agencies

$ 176

$ 173

$ (3)

2%

States, municipalities and political subdivisions

905

859

(46)

8%

Foreign government

283

284

1

3%

Residential mortgage-backed securities

2,121

1,989

(132)

19%

Commercial mortgage-backed securities

51

51

-

0%

Collateralized loan obligations

1,239

1,237

(2)

12%

Other asset-backed securities

2,406

2,356

(50)

22%

Corporate and other bonds

3,548

3,525

(23)

34%

Total AFG consolidated

$ 10,729

$ 10,474

$ (255)

100%

Approximate duration - P&C

3.1 years

Approximate duration - P&C including cash

2.8 years

% of

Investment

Portfolio

1%

5%

2%

13%

0%

8%

15%

22%

66%

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

3/31/2025

($ 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

$ -

$ 359

$ 269

$ 1,795

$ 36

$ 1,187

$ 809

$ 13

$ 4,468

42%

AA

180

468

10

130

4

49

312

173

1,326

13%

A

-

38

8

69

1

4

666

912

1,698

16%

BBB

-

8

10

34

-

-

523

1,997

2,572

24%

Subtotal - Investment grade

180

873

297

2,028

41

1,240

2,310

3,095

10,064

95%

BB

-

-

-

2

-

-

6

191

199

2%

B

-

-

-

2

-

-

2

29

33

0%

CCC, CC, C

-

-

-

28

-

-

2

11

41

0%

D

-

-

-

-

-

-

-

9

9

0%

Subtotal - Non-Investment grade Not Rated (b)

Total

-

-

$ 180

-

2

$ 875

-

-

$ 297

32

58

$ 2,118

-

-

$ 41

-

1

$ 1,241

10

61

$ 2,381

240

171

$ 3,506

282

293

$ 10,639

2%

3%

100%

NAIC designation

1

2

Subtotal

Fair Value by Type

US Gov

Munis

Frgn gov

RMBS

CMBS

CLOs

ABS

Corp/Oth

Total

% Total

$ 180

$ 862

$ 241

$ 2,018

$ 41

$ 1,229

$ 1,787

$ 1,111

$ 7,469

72%

-

8

-

23

-

-

511

1,990

2,532

24%

180

870

241

2,041

41

1,229

2,298

3,101

10,001

96%

-

-

-

2

-

-

5

211

218

2%

-

-

-

-

-

-

1

40

41

1%

-

-

-

13

-

-

3

98

114

1%

-

-

-

2

-

-

2

11

15

0%

-

-

-

17

-

-

11

360

388

4%

$ 180

$ 870

$ 241

$ 2,058

$ 41

$ 1,229

$ 2,309

$ 3,461

$ 10,389

100%

-

-

-

-

-

1

25

11

37

-

5

56

60

-

11

47

34

213

$ 180

$ 875

$ 297

$ 2,118

$ 41

$ 1,241

$ 2,381

$ 3,506

$ 10,639

(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, 54% are NAIC 1 and 41% do not have a designation.

For Corp/Oth, 13% are NAIC 1, 16% NAIC 2 and 50% NAIC 5.

For Total, 31% are NAIC 1, 10% NAIC 2, 34% NAIC 5 and 12% 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.

Appendix B

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 Not Rated (b)

Total

-

-

$ 173

-

2

$ 859

-

-

$ 284

32

59

$ 1,989

-

-

$ 51

-

1

$ 1,237

12

66

$ 2,356

226

195

$ 3,525

270

323

$ 10,474

3%

3%

100%