American Financial Group, Inc. · NYSE:AFG
American Financial — Piper Sandler Cincinnati Visit (August 2026)
32 slides from American Financial's conference presentation, Aug 26, 2026
Slide 1: Specialty Property and Casualty Insurance
Specialty Property and Casualty Insurance Piper Sandler Cincinnati Visit August 26, 2026
Slide 2: Forward Looking Statements
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
Slide 3: A History Dating Back More Than 150 Years
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. Over 55% of Specialty P&C Group gross written premium is produced by businesses with “top 10” market rankings Superior Underwriting
Slide 4: Top Tier Specialty Property & Casualty Insurer
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 4
Slide 5: Our values form the foundation of our business
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. 5
Slide 6: 2026 Employee Survey Highlights
2026 Employee Survey Highlights 92% PARTICIPATION A HIGH PERFORMING ORGANIZATION WHAT WE DO BEST Strong Connected To Forward Teams Our Strategy Thinking 80% 81% 93% say teams are 95% understand the 88% report having committed to delivering results expected in their opportunities for learning h
Slide 7: Strategic Alignment of Interests for Optimal Results
Strategic Alignment of Interests for Optimal Results Significant Ownership Unique, Incentive-Based Innovator in Risk Sharing and by Management Programs for P&C Business Alternative Risk Transfer Programs Leaders For Policyholders and Agents 12% • Annual awards 24% - based on AY COR targets derived f
Slide 8: Building Long-Term Value for AFG Shareholders
Building Long-Term Value for AFG Shareholders 10 YEAR VIEW 12% CAGR OF TOTAL VALUE CREATION Superior P&C Underwriting Superior Investment Intelligent Deployment of = VALUE CREATION Growth in BVPS Results Talent Capital Excluding AOCI + Dividends 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 9: Focusing on What We Know Best
Focusing on What We Know Best Acquisition of Acquired Summit Holding remaining 49% Start-up of Southeast, Inc. of NATL Accident & Start-up of Public shares not Health Acquisition of Acquired all Sector Division Start-up of owned by AFG Business Acquisition of Crop Risk IPO of Infinity minority Aviat
Slide 10: Specialty P&C Insurance Operations
Specialty P&C Insurance Operations PROPERTY & SPECIALTY SPECIALTY We are specialists in TRANSPORTATION CASUALTY FINANCIAL providing property and Cyber Risk Agribusiness (farm & ranch) Excess & Surplus and Excess Liability Fidelity / Crime casualty insurance Commercial Automobile Executive & Professi
Slide 11: Great American Insurance Company's Ratings
Great American Insurance Company’s Ratings A+ A+ A1 The Numbers Tell Our Story 3,000 Superior Strong Property and casualty insurance companies in the United States 50 Companies on the Ward's 50 List for safety, consistency and performance 4 Rated “A” (Excellent) or better by AM Best for 115 or more
Slide 12: Specialty Property & Casualty Premium
Specialty Property & Casualty Premium Low correlation • Lower relative coastal exposure Gross Written Premiums Net Written Premiums 2025 2025 $10.7 Billion $7.1 Billion 13% 15% Property & Transportation 39% 44% Specialty Casualty 43% Specialty Financial 46% In 2025, over 55% of P&C Group GWP produce
Slide 13: Diversified Product Portfolio
Diversified Product Portfolio Specialty Financial 13% Lender Surety, Services Our Property & GL & Fidelity & Other Casualty insurance Other Agricultural Property & Transportation operations provide Exec & Prof Liability 44% a wide variety of 2025 GWP specialty Targeted Markets $10.7 Billion commerci
Slide 14: Statutory Combined Ratio
Superior Underwriting Talent 105% 7.6% Statutory Combined Ratio 102.1% Points 99.6% 99.7% 99.3% 99.9% 100% Commercial 95.8% Lines 96.5% 96.5% 95.9% Better 95.4% 95% Industry1 90% 93.1% 91.8% 92.9% 91.9% 90.9% 91.3% AFG2 Over the 10-Year 90.2% 90.5% 85% 87.0% Period 85.5% 80% 2016 2017 2018 2019 2020
Slide 15: Pretax Property & Casualty Returns
Pretax Property & Casualty Returns AFG 24.9% AFG 26.3% Travelers 20.1% W.R. Berkley 21.1% W.R. Berkley 19.8% The Hartford 20.0% The Hartford 18.3% Travelers 19.9% RLI 17.6% Chubb 16.9% Chubb 16.4% RLI 16.9% Arch Capital 15.8% Arch Capital 16.6% CNA 14.8% CNA 15.1% Cincinnati Financial 12.5% 15 Years
Slide 16: Specialty P&C Pricing Trends
Specialty P&C Pricing Trends 18% The impact of 16% cumulative rate 14% increases over time 12% has generally 10% enabled us to meet 8% Total Specialty or exceed targeted Group excl returns and helps us 6% 5% Workers’ Comp to feel confident in 4% 4% Total Specialty the adequacy of our Group 2% reserv
Slide 17: Specialty Property & Casualty Premium Growth
Specialty Property & Casualty Premium Growth Dollars in billions P&C Net Written Premium $7.4 $7.1 $7.1 $6.7 $6.2 $5.6 2021 2022 2023 2024 2025 2026E 17
Slide 18: AFG Investment Portfolio
AFG Investment Portfolio As of June 30, 2026 Fixed Maturities Portfolio – 97% investment grade Fixed Maturities P&C Fixed Maturities Portfolio – 98% NAIC 1 & 2 67% Asset-backed Investments 22% Residential Accounted MBS for by Equity 28% Method 14% Collateralized Loan Obligations 10% States and Corpo
Slide 19: AFG Investment Portfolio – Alternative Investments
AFG Investment Portfolio – Alternative Investments As of June 30, 2026 Florida 29% Real Estate Multi-family Convertible Fixed Investments / Funds 88% Maturities 49% Denver / Co. Springs Other 1% 20% Private Debt Savannah 7% Funds Other 2% 4% 5% New Orleans 2% AFG CLOs Fund Manchester (Debt and Inves
Slide 20: Investment Portfolio Characteristics
Investment Portfolio Characteristics P&C Portfolio Positioning & Outlook 6/30/26 Short Duration – Increased duration of P&C fixed maturity portfolio in the Approximate Duration – higher interest rate environment, including cash and cash equivalents, Fixed Maturities including 3.1 years from approxim
Slide 21: A History of Investment Outperformance
A History of Investment Outperformance 18-Year Investment Outperformance Relative to Industry 1.19% per year ___________________________________________________________ Outperformance equivalent to ~300 bps of incremental annualized economic after-tax return on capital over 18 years ________________
Slide 22: 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 23: Intelligent Use of Excess Capital
Intelligent Use of Excess Capital 2026 Capital Management • $1.50 per share special dividend paid in February 2026 Capital Returned to Shareholders • Through 6/30/2026, returned $358 million of capital to shareholders Five Years Ended 12/31/2025 – $147 million in regular common stock dividends (in m
Slide 24: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation $2,701 Dollars in millions $1,228 $900 $791 $649 $707 $506 $446 $355 $384 $360 $421 $403 $358 $246 $304 $320 $231 $104 $141 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD through 6/30 Regular Dividends S
Slide 25: Double-Digit Growth in Regular Dividends
Double-Digit Growth in Regular Dividends $3.28 ($ per share) Annual Regular Dividends Paid 12.3% CAGR $1.03 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Including the $1.50 per share special dividend paid in February 2026, and the $4.00 in special dividends paid in 2025, AFG has paid $71.3
Slide 26: Protecting What Matters
Protecting What Matters We sustain AFG’s business success by effectively managing risk—financial, social, environmental—to help create stability for our customers and deliver value to our shareholders. We focus our corporate responsibility and sustainability strategies in four primary areas where AF
Slide 27: Appendix
Appendix AMERICAN © ‘FINANCIAL 2 GROUR, INC. 7
Slide 28: Financial Highlights – Second Quarter 2026
Financial Highlights – Second Quarter 2026 Dollars in millions, except per share data Three Months Ended Six Months Ended June 30, June 30, • Results of Operations: 2026 2025 2026 2025 – Core net operating earnings $ 234 $ 179 $ 440 $ 331 – Core net operating earnings per share $ 2.82 $ 2.14 5.29 3.
Slide 29: Financial Highlights – 2025
Financial Highlights – 2025 Dollars in millions, except per share data Twelve Months Ended December 31, • Results of Operations: 2025 2024 – Core net operating earnings – Core net operating earnings per share $ 860 $ 10.29 $ 902 $ 10.75 18.2% – Average number of diluted shares 83.5 83.9 Core Operati
Slide 30: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses Dollars in millions Net Written Premium Three Months Ended Six Months Ended 6/30/26 6/30/25 % Change 6/30/26 6/30/25 % Change Specialty Property & Transportation $ 797 $ 759 5% $ 1,393 $ 1,322 5% Specialty Casualty 812 765 6% 1,601 1,537 4% Specialty Financia
Slide 31: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses GAAP Combined Ratio Three Months Ended Six Months Ended 6/30/26 6/30/25 6/30/26 6/30/25 Specialty Property & Transportation 90.3% 95.2% 89.1% 94.0% Specialty Casualty 94.5% 93.9% 95.1% 95.8% Specialty Financial 85.6% 86.1% 82.8% 86.5% Total Specialty 91.5% 93
Slide 32: AMERICAN ©
AMERICAN © FINANCIAL 32 GROUR, INC.
American Financial Group — Piper Sandler Cincinnati Visit (August 2026) on 6ix