American Financial Group, Inc. · NYSE:AFG
American Financial — Q2 2025 Earnings Presentation
26 slides from American Financial's earnings presentation, Aug 6, 2025
Slide 1: Investor Supplement - Second Quarter 2025
American Financial Group, Inc. Investor Supplement - Second Quarter 2025 August 5, 2025 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739
Slide 2: Table of Contents - Investor Supplement - Second Quarter 2025
American Financial Group, Inc. Table of Contents - Investor Supplement - Second Quarter 2025 2 Section Page Table of Contents - Investor Supplement - Second Quarter 2025.................................................................................................................. 2 Financial High
Slide 3: Financial Highlights
American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Highlights Net earnings $ 174 $ 154 $ 255 $ 181 $ 209 $ 328 $ 451 Core net operating earnings 179 152 262 194 2
Slide 4: Summary of Earnings
American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Property and Casualty Insurance Underwriting profit $ 113 $ 94 $ 202 $ 115 $ 150 $ 207 $ 303 Net investment income 179 170 195 195 189 349 3
Slide 5: Earnings Per Share Summary
American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Core net operating earnings $ 179 $ 152 $ 262 $ 194 $ 215 $ 331 $ 446 Net earnings $ 174 $ 154 $ 255 $ 18
Slide 6: Property and Casualty Insurance - Summary Underwriting Results (GAAP)
American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Property and Transportation $ 27 $ 37 $ 81 $ 33 $ 40 $ 64 $ 100 Specialty Casualty 49 20 6
Slide 7: Specialty - Underwriting Results (GAAP)
American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Gross written premiums $ 2,653 $ 2,291 $ 2,043 $ 3,748 $ 2,406 $ 4,944 $ 4,742 Ceded reinsurance premiums (850) (680) (5
Slide 8: Property and Transportation - Underwriting Results (GAAP)
American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Gross written premiums $ 1,247 $ 897 $ 585 $ 2,107 $ 1,084 $ 2,144 $ 2,043 Ceded reinsurance premiums
Slide 9: Specialty Casualty - Underwriting Results (GAAP)
American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Gross written premiums $ 1,062 $ 1,068 $ 1,126 $ 1,297 $ 1,023 $ 2,130 $ 2,120 Ceded reinsurance premiums (297)
Slide 10: Specialty Financial - Underwriting Results (GAAP)
American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Gross written premiums $ 344 $ 326 $ 332 $ 344 $ 299 $ 670 $ 579 Ceded reinsurance premiums (65) (50) (53) (59
Slide 11: Consolidated Balance Sheet
American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 Assets: Total cash and investments $ 16,049 $ 15,994 $ 15,852 $ 15,741 $ 15,261 $ 15,254 Recoverables from reinsurers 4,733 4,945 5,176 5,217 4,157 4,510 Prepaid reinsurance pre
Slide 12: Book Value Per Share and Price / Book Summary
American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 Shareholders' equity $ 4,516 $ 4,392 $ 4,466 $ 4,708 $ 4,384 $ 4,240 Accumulated other comprehensive income (loss) (132) (179) (24
Slide 13: Capitalization
American Financial Group, Inc. Capitalization ($ in millions) 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 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 subord
Slide 14: Additional Supplemental Information
American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Property and Casualty Insurance Paid Losses (GAAP) $ 931 $ 967 $ 1,179 $ 897 $ 969 $ 1,898 $ 1,958 6/30/25 3/31/25 12/31/24
Slide 15: Total Cash and Investments
American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - June 30, 2025 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 995 $ 273 $ - $ 1,268 8% F
Slide 16: Net Investment Income
American Financial Group, Inc. Net Investment Income ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 140 $ 137 $ 134 $ 134 $ 133
Slide 17: Alternative Investments
American Financial Group, Inc. Alternative Investments ($ in millions) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income $ 8 $ (3) $ 12 $ 8 $ 1 $ 5 $ 2 Equ
Slide 18: Fixed Maturities - By Security Type - AFG Consolidated
American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment June 30, 2025 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 188 $ 188 $ - 2% 1% States, municipalities and polit
Slide 19: Appendix A Fixed Maturities by Credit Rating & NAIC Designation
Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2025 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 2 $ 165 $ 286 $ 1,942 $ 1,035 $ 796 $ 12 $ 4,238 40%
Slide 20: Appendix B Fixed Maturities by Credit Rating & NAIC Designation
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 CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 342 $ 264 $ 1,717 $ 1,166 $ 856 $ 14 $ 4,359 42
Slide 21: Appendix C Corporate Securities by Credit Rating & NAIC Designation
Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2025 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Insurance Technology Utilities Financials Consumer Autos Healthcare REITs Indus
Slide 22: Appendix D Corporate Securities by Credit Rating & NAIC Designation
Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Technology Insurance Financials Utilities Consumer Autos Healthcare REITs Indu
Slide 23: Appendix E Asset-Backed Securities by Credit Rating & NAIC Designation
Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2025 ($ in millions) Fair Value By Collateral Type Single Whole Triple Net Commercial Secured Family Credit Rating (a) Business TruPS Lease Railcar Aircraft Real Estate Finan
Slide 24: Appendix F Asset-Backed Securities by Credit Rating & NAIC Designation
Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Triple Net Secured Family Credit Rating (a) Business Real Estate Lease TruPS Railcar Aircraft Fina
Slide 25: Appendix G Real Estate-Related Investments
Appendix G American Financial Group, Inc. Real Estate-Related Investments 6/30/2025 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,240 88% 92% 97% Fund Inv
Slide 26: Appendix H Real Estate-Related Investments
Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2024 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,222 88% 92% 97% Fund In
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