American Financial Group, Inc. · NYSE:AFG
American Financial — Q4 2025 Earnings Presentation
12 slides from American Financial's earnings presentation, Feb 4, 2026
Slide 1: Review of Fourth Quarter and Full Year 2025
Review of Fourth Quarter and Full Year 2025 February 4, 2026
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 Full Year Highlights
2025 Full Year Highlights • Core net operating earnings per share of $10.29 – core ROE 18.2% for 2025 – net earnings of $10.08 per share; ROE 17.8% • Returned $707 million of capital to shareholders – $274 million in regular common stock dividends; 10% increase in regular dividend in October 2025 –
Slide 4: 2025 Fourth Quarter Consolidated Results
2025 Fourth Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended December 31, 2025 2024 P&C Insurance Segment $ 440 $ 378 Interest & other corporate expenses (54) (48) Pretax Core Operating Earnings 386 330 Related income taxes 81 68 Core Net Operating Earnings
Slide 5: 2025 Fourth Quarter Consolidated Results (continued)
2025 Fourth Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended December 31, 2025 (Per Share) Core Net Operating Earnings $ 305 $ 3.65 Non-core Items After-tax net realized losses1 (6) (0.07) Net Earnings $ 299 $ 3.58 1 Included in this amount is $2
Slide 6: Investments
Investments • Total carrying value of AFG’s investment portfolio at December 31, 2025 = $17.2 billion • Fourth Quarter 2025: P&C net investment income down 12% YOY; up 2% excluding alternative investments. Fourth quarter 2025 annualized return of 0.9% on AFG’s $2.8 billion of alternative investments
Slide 7: Investments
Investments As of December 31, 2025 Fixed Maturities Portfolio – 96% investment grade Fixed P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Maturities 65% Investments Residential MBS Accounted 25% for by Equity Asset-backed Method 23% 14% Collateralized Loan Obligations 10% States and Cash and Corpo
Slide 8: Strong Financial Position
Strong Financial Position Dollars in millions, except per share data Dec 31, 2025 Dec 31, 2024 Capital Management Principal amount of long-term debt $ 1,848 $ 1,498 ▪ Above target levels for all rating agencies Shareholders' equity, excluding AOCI 4,870 4,706 ▪ Fourth quarter regular dividends = $73
Slide 9: Property & Casualty Results
Property & Casualty Results Dollars in millions Three Months Ended December 31, 2025 2024 Change1 Specialty Gross Written Premiums $ 2,085 $ 2,043 2% Specialty Net Written Premiums $ 1,444 $ 1,460 (1%) P&C Insurance Operating Earnings $ 440 $ 378 16% Specialty P&C Underwriting Profit $ 287 $ 204 41%
Slide 10: Specialty P&C Group
Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended December 31, December 31, 2025 2024 Change 2025 2024 Property & Transportation $ 398 $ 408 (2%) 70.6% 89.5% Specialty Casualty $ 796 $ 773 3% 96.7% 91.4% Specialty Financial $ 250 $ 279
Slide 11: 2026 Business Plan Assumptions
2026 Business Plan Assumptions • The following estimates and assumptions underlying our 2026 Business Plan are offered to assist investors and analysts with their modeling: – Growth in net written premiums of 3% to 5% from the $7.1 billion reported in 2025 – A combined ratio of approximately 92.5% –
Slide 12: AMEI
AMEI RICAN FINANCIAL GROUR, INC. 12
American Financial Group — Q4 2025 Earnings Presentation on 6ix