American Financial Group, Inc. · NYSE:AFG

American Financial — Q1 2026 Earnings Presentation

10 slides from American Financial's earnings presentation, Apr 30, 2026

  1. Slide 1: Review of First Quarter 2026

    Review of First Quarter 2026 April 30, 2026

  2. 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

  3. Slide 3: 2026 First Quarter Consolidated Results

    2026 First Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended March 31, 2026 2025 P&C Insurance Segment $ 309 $ 246 Interest & other corporate expenses (52) (52) Pretax Core Operating Earnings 257 194 Related income taxes 51 42 Core Net Operating Earnings $ 20

  4. Slide 4: 2026 First Quarter Consolidated Results (continued)

    2026 First Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended March 31, 2026 (Per Share) Core Net Operating Earnings $ 206 $ 2.47 Non-core Items After-tax net realized losses1 (15) (0.18) Net Earnings $ 191 $ 2.29 1 Included in this amount is $13 m

  5. Slide 5: Investments

    Investments • Total carrying value of AFG’s investment portfolio at March 31, 2026 = $17.1 billion • P&C net investment income excluding alternative investments up 8% YOY, down 1% overall. • First quarter 2026 annualized return of (0.4%) on AFG’s $2.8 billion of alternative investments • First quart

  6. Slide 6: Investments

    Investments As of March 31, 2026 Fixed Maturities Portfolio – 96% investment grade Fixed P&C Fixed Maturities Portfolio – 98% NAIC 1 & 2 Maturities 67% Residential MBS 28% Investments Accounted for by Equity Asset-backed Method 22% 14% Collateralized Loan Obligations 10% States and Corporates Munici

  7. Slide 7: Strong Financial Position

    Strong Financial Position Dollars in millions, except per share data Mar 31, 2026 Dec 31, 2025 Capital Management Principal amount of long-term debt $ 1,848 $ 1,848  Above target levels for all rating agencies Shareholders' equity, excluding AOCI 4,805 4,870  First quarter regular dividends = $74

  8. Slide 8: Property & Casualty Results

    Property & Casualty Results Dollars in millions Three Months Ended March 31, 2026 2025 Change1 Specialty Gross Written Premiums $ 2,435 $ 2,291 6% Specialty Net Written Premiums $ 1,664 $ 1,611 3% P&C Insurance Operating Earnings $ 309 $ 246 26% Specialty P&C Underwriting Profit $ 156 $ 94 66% Speci

  9. Slide 9: Specialty P&C Group

    Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended March 31, March 31, 2026 2025 Change 2026 2025 Property & Transportation $ 596 $ 563 6% 87.6% 92.5% Specialty Casualty $ 789 $ 772 2% 95.8% 97.6% Specialty Financial $ 279 $ 276 1% 80.0%

  10. Slide 10: American Financial Group, Inc.

    AMERICAN © FINANCIAL 10 GROUR, INC.

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