American Financial Group, Inc. · NYSE:AFG
American Financial — Q3 2025 Earnings Presentation
10 slides from American Financial's earnings presentation, Nov 5, 2025
Slide 1: Review of Third Quarter 2025
Review of Third Quarter 2025 November 5, 2025
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: 2025 Third Quarter Consolidated Results
2025 Third Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended September 30, 2025 2024 P&C Insurance Segment $ 328 $ 291 Interest & other corporate expenses (48) (46) Pretax Core Operating Earnings 280 245 Related income taxes 56 51 Core Net Operating Earnings
Slide 4: 2025 Third Quarter Consolidated Results (continued)
2025 Third Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended September 30, 2025 (Per Share) Core Net Operating Earnings $ 224 $ 2.69 Non-core Items After-tax net realized gains1 11 0.13 Special A&E Charges (20) (0.24) Net Earnings $ 215 $ 2.58 1 I
Slide 5: Investments
Investments Total carrying value of AFG’s investment portfolio at September 30, 2025 = $16.8 billion Third quarter P&C net investment income up 5% YOY • 6.2% third quarter 2025 annualized return on AFG’s $2.8 billion of alternative investments Third quarter after-tax net realized gains of $11 millio
Slide 6: Investments
Investments As of September 30, 2025 Fixed Maturities Portfolio – 96% investment grade Fixed P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Maturities 64% Investments Residential MBS Accounted 22% for by Equity Method Asset-backed 14% 23% Collateralized Loan Obligations 10% States and Cash and Corp
Slide 7: Strong Financial Position
Strong Financial Position Dollars in millions, except per share data Sept 30, 2025 Dec 31, 2024 Principal amount of long-term debt $ 1,848 $ 1,498 Capital Management Shareholders' equity, excluding AOCI 4,803 4,706 Above target levels for all rating agencies Total capital, excluding AOCI $ 6,651 $
Slide 8: Property & Casualty Results
Property & Casualty Results Dollars in millions Three Months Ended September 30, 2025 2024 Change1 Specialty Gross Written Premiums $ 3,665 $ 3,748 (2%) Specialty Net Written Premiums $ 2,252 $ 2,353 (4%) P&C Insurance Operating Earnings $ 328 $ 291 13% Specialty P&C Underwriting Profit $ 139 $ 117
Slide 9: Specialty P&C Group
Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended September 30, September 30, 2025 2024 Change 2025 2024 Property & Transportation $ 1,051 $ 1,151 (9%) 94.1% 96.8% Specialty Casualty $ 914 $ 917 -% 95.8% 92.1% Specialty Financial $ 287
Slide 10: AME)
AME) RICAN FINANCIAL 10 GROUR, INC.
American Financial Group — Q3 2025 Earnings Presentation on 6ix