American Financial Group, Inc. · NYSE:AFG
American Financial — Q1 2025 Earnings Presentation
26 slides from American Financial's earnings presentation, May 7, 2025
Slide 1: Investor Supplement - First Quarter 2025
American Financial Group, Inc. Investor Supplement - First Quarter 2025 May 6, 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
American Financial Group, Inc. Table of Contents - Investor Supplement - First Quarter 2025 1 Section Page Table of Contents - Investor Supplement - First Quarter 2025....................................................................................................................... 2 Financial H
Slide 3: Financial Highlights
American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Highlights Net earnings $ 154 $ 255 $ 181 $ 209 $ 242 $ 887 $ 852 Core net operating earnings 152 262 194
Slide 4: Summary of Earnings
American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Property and Casualty Insurance Underwriting profit $ 94 $ 202 $ 115 $ 150 $ 153 $ 620 $ 631 Net investment income 170 195 195 189 205
Slide 5: Earnings Per Share Summary
American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Core net operating earnings $ 152 $ 262 $ 194 $ 215 $ 231 $ 902 $ 895 Net earnings $ 154 $ 255 $ 181
Slide 6: Property and Casualty Insurance - Summary Underwriting Results
American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Property and Transportation $ 37 $ 81 $ 33 $ 40 $ 60 $ 214 $ 174 Specialty Casualty 2
Slide 7: Specialty - Underwriting Results
American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Gross written premiums $ 2,291 $ 2,043 $ 3,748 $ 2,406 $ 2,336 $ 10,533 $ 9,656 Ceded reinsurance premiums (680) (5
Slide 8: Property and Transportation - Underwriting Results
American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Gross written premiums $ 897 $ 585 $ 2,107 $ 1,084 $ 959 $ 4,735 $ 4,146 Ceded reinsurance premiu
Slide 9: Specialty Casualty - Underwriting Results
American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Gross written premiums $ 1,068 $ 1,126 $ 1,297 $ 1,023 $ 1,097 $ 4,543 $ 4,368 Ceded reinsurance premiums
Slide 10: Specialty Financial - Underwriting Results
American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Gross written premiums $ 326 $ 332 $ 344 $ 299 $ 280 $ 1,255 $ 1,142 Ceded reinsurance premiums (50) (53)
Slide 11: Consolidated Balance Sheet
American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Assets: Total cash and investments $ 15,994 $ 15,852 $ 15,741 $ 15,261 $ 15,254 $ 15,263 Recoverables from reinsurers 4,945 5,176 5,217 4,157 4,510 4,477 Prepaid reinsurance pr
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) 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 Shareholders' equity $ 4,392 $ 4,466 $ 4,708 $ 4,384 $ 4,240 $ 4,258 Accumulated other comprehensive income (loss) (179) (240) (1
Slide 13: Capitalization
American Financial Group, Inc. Capitalization ($ in millions) 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/23 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 subor
Slide 14: Additional Supplemental Information
American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Property and Casualty Insurance Paid Losses (GAAP) $ 967 $ 1,179 $ 897 $ 969 $ 989 $ 4,034 $ 3,426 3/31/25 12/31/24 9/3
Slide 15: Total Cash and Investments
American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - March 31, 2025 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,034 $ 242 $ - $ 1,276 8
Slide 16: Net Investment Income
American Financial Group, Inc. Net Investment Income ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 137 $ 134 $ 134 $ 133 $
Slide 17: Alternative Investments
American Financial Group, Inc. Alternative Investments ($ in millions) Three Months Ended Twelve Months Ended 3/31/25 12/31/24 9/30/24 6/30/24 3/31/24 12/31/24 12/31/23 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income $ (3) $ 12 $ 8 $ 1 $ 1 $ 22 $
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 March 31, 2025 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 182 $ 180 $ (2) 2% 1% States, municipalities and po
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 3/31/2025 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 359 $ 269 $ 1,795 $ 36 $ 1,187 $ 809 $ 13 $
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 CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 342 $ 264 $ 1,717 $ 39 $ 1,166 $ 817 $ 14
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 3/31/2025 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Insurance Technology Utilities Financials Consumer Autos REITs Healthcare Retai
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 3/31/2025 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Triple Net Secured Family Credit Rating (a) Business Real Estate TruPS Lease Railcar Aircraft 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 3/31/2025 ($ 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 $ 1,254 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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