American Financial Group, Inc. · NYSE:AFG
American Financial — Q2 2026 Earnings Presentation
10 slides from American Financial's earnings presentation, Aug 5, 2026
Slide 1: Review of Second Quarter 2026
Review of Second Quarter 2026 August 5, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made during this call, 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
Slide 3: 2026 Second Quarter Consolidated Results
2026 Second Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended June 30, 2026 2025 P&C Insurance Segment $ 350 $ 273 Interest & other corporate expenses (50) (46) Pretax Core Operating Earnings 300 227 Related income taxes 66 48 Core Net Operating Earnings $ 23
Slide 4: 2026 Second Quarter Consolidated Results (continued)
2026 Second Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended June 30, 2026 (Per Share) Core Net Operating Earnings $ 234 2.82 Non-core Items After-tax net realized gains1 14 0.17 Net Earnings $ 248 $ 2.99 1 Included in this amount is $10 million
Slide 5: Investments
Investments • Total carrying value of AFG’s investment portfolio at June 30, 2026 = $17.1 billion • P&C net investment income up 23% YOY, a new second quarter record o Second quarter 2026 annualized return of 7.1% on AFG’s $2.8 billion of alternative investments • Second quarter after-tax net realiz
Slide 6: Investments
Investments as of June 30, 2026 Fixed Maturities Portfolio – 97% investment grade Fixed P&C Fixed Maturities Portfolio – 98% NAIC 1 & 2 Maturities 67% Asset-backed Investments Residential 22% Accounted MBS for by Equity 28% Method 14% Collateralized Loan Obligations 10% States and Corporates Municip
Slide 7: Strong Financial Position
Strong Financial Position Dollars in millions, except per share data June 30, 2026 Dec 31, 2025 Principal amount of long-term debt $ 1,848 $ 1,848 Capital Management Shareholders' equity, excluding AOCI 4,963 4,870 Above target levels for all rating agencies Total capital, excluding AOCI $ 6,811 $
Slide 8: Property & Casualty Results
Property & Casualty Results Dollars in millions Three Months Ended June 30, 2026 2025 Change1 Specialty Gross Written Premiums $ 2,850 $ 2,653 7% Specialty Net Written Premiums $ 1,915 $ 1,803 6% P&C Insurance Operating Earnings $ 350 $ 273 28% Specialty P&C Underwriting Profit $ 144 $ 114 26% Speci
Slide 9: Specialty P&C Group
Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Property & Transportation $ 797 $ 759 5% 90.3% 95.2% Specialty Casualty $ 812 $ 765 6% 94.5% 93.9% Specialty Financial $ 306 $ 279 10% 85.6%
Slide 10: AMERICAN ©
AMERICAN © FINANCIAL 10 GROUR, INC.
American Financial Group — Q2 2026 Earnings Presentation on 6ix