American Financial Group, Inc. · NYSE:AFG
American Financial — BofA Securities 2026 Financial Services Conference
32 slides from American Financial's conference presentation, Feb 10, 2026
Slide 1: Specialty Property and Casualty Insurance
Specialty Property and Casualty Insurance BofA Securities 2026 Financial Services Conference February 10, 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: 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 7: 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 8: 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 9: 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 casualty insurance Agribusiness (farm & ranch) Fidelity / Crime Excess and Surplus solutions that fulfill Commercial Automobile Financial Instit
Slide 10: 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 11: 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 12: Diversified Product Portfolio
Diversified Product Portfolio Specialty Financial 13% Lender Surety, Services Our Property & GL & Fidelity & Other Casualty insurance Other Agricultural Property & Transportation Executive & operations provide Professional Liability 44% a wide variety of 2025 GWP specialty Targeted Markets $10.7 Bil
Slide 13: Statutory Combined Ratio
Superior Underwriting Talent 105% 7.5% Statutory Combined Ratio 102.1% Points 99.6% 99.7% 99.3% 99.9% 100% Commercial 97.0% 95.9% 96.5% Lines Better 95.4% 94.9% 95% Industry1 90% 90.2% 93.1% 91.8% 92.9% 91.9% 90.9% 91.3% AFG2 Over the 10-Year 90.5% 85% 87.0% Period 85.5% 80% 2016 2017 2018 2019 2020
Slide 14: Pretax Property & Casualty Returns
Pretax Property & Casualty Returns AFG 24.9% AFG 26.1% Travelers 19.5% W.R. Berkley 20.0% W.R. Berkley 19.1% Travelers 19.2% The Hartford 17.3% The Hartford 18.7% RLI 17.2% Chubb 16.3% Chubb 15.9% RLI 16.1% Arch Capital 15.0% Arch Capital 15.7% CNA 14.7% CNA 14.5% Cincinnati Financial 12.1% 15 Years
Slide 15: Specialty P&C Pricing Trends
Specialty P&C Pricing Trends 18% The impact of 16% cumulative rate 14% increases over time 12% has generally enabled 10% Total Specialty us to stay ahead of 8% Group excl prospective loss ratio Workers’ Comp trends and helps us to 6% Total Specialty 5% Group feel confident in the 4% 4% adequacy of o
Slide 16: 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 16
Slide 17: AFG Investment Portfolio
AFG Investment Portfolio As of December 31, 2025 Fixed Maturities Portfolio – 96% investment grade Fixed P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Maturities 65% Residential MBS Investments 25% Accounted for by Equity Asset-backed Method 23% 14% Collateralized Loan Obligations 10% States and C
Slide 18: AFG Investment Portfolio – Alternative Investments
AFG Investment Portfolio – Alternative Investments As of December 31, 2025 Florida 29% Real Estate Multi-family Convertible Fixed Investments / Funds 87% Maturities 51% 2% Denver / Co. Springs Other 20% Private Debt 8% Other Funds 5% Savannah 3% 2% New Orleans AFG CLOs Fund 2% (Debt and Investments
Slide 19: Investment Portfolio Characteristics
Investment Portfolio Characteristics P&C Portfolio Positioning & Outlook 12/31/25 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 2.9 years from approxi
Slide 20: A History of Investment Outperformance
A History of Investment Outperformance 17-Year Investment Outperformance Relative to Industry 1.31% per year ___________________________________________________________ Outperformance equivalent to ~300 bps of incremental annualized economic after-tax return on capital over 17 years ________________
Slide 21: 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 22: Intelligent Use of Excess Capital
Intelligent Use of Excess Capital 2026 Capital Management Capital Returned to Shareholders • $1.50 per share special dividend payable on February 25, 2026 Five Years Ended 12/31/2025 2025 Capital Management (in millions) • Returned $707 million of capital to shareholders – $274 million in regular co
Slide 23: 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 $304 $320 $246 $231 $104 $141 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Regular Dividends Special Dividends Share Repu
Slide 24: 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 declared in February 2026, and the $4.00 in special dividends paid in 2025, AFG has declar
Slide 25: 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 26: Appendix
Appendix Troon we 26
Slide 27: 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 28: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses Dollars in millions Net Written Premium Three Months Ended Twelve Months Ended 12/31/25 12/31/24 % Change 12/31/25 12/31/24 % Change Specialty Property & Transportation $ 398 $ 408 (2%) $ 2,771 $ 2,846 (3%) Specialty Casualty 796 773 3% 3,247 3,246 —% Special
Slide 29: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses GAAP Combined Ratio Three Months Ended Twelve Months Ended 12/31/25 12/31/24 12/31/25 12/31/24 Specialty Property & Transportation 70.6% 89.5% 87.8% 92.4% Specialty Casualty 96.7% 91.4% 96.0% 91.2% Specialty Financial 83.0% 80.7% 84.4% 87.2% Total Specialty 8
Slide 30: 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 31: Business Spotlight: Crop Insurance
Business Spotlight: Crop Insurance Helping generations of farmers manage their risks since 1915 MPCI Premium Breakdown by Crop Specialized Crop Coverage Including Multiple Peril Crop Insurance (MPCI), Crop-Hail, Named Peril Insurance 14% One of a select few private companies authorized by the United
Slide 32: AME)
AME) RICAN FINANCIAL 32 GROUR, INC.
American Financial Group — BofA Securities 2026 Financial Services Conference on 6ix