American Financial Group, Inc. · NYSE:AFG
American Financial — 2025 Raymond James Virtual Insurance Conference
33 slides from American Financial's conference presentation, Nov 10, 2025
Slide 1: Specialty Property and Casualty Insurance
Specialty Property and Casualty Insurance 2025 Raymond James Virtual Insurance Conference November 10, 2025
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 11% 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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 Gross Written Premiums 2024 LTM Ended September 30, 2025 $10.5 Billion $10.7 Billion 12% 13% Property & Transportation 45% 44% Specialty Casualty 43% 43% Specialty Financial In 2024, over 5
Slide 12: Diversified Product Portfolio
Specialty Diversified Product Portfolio Financial 12% Lender Surety, Services Our Property & Fidelity & Other GL & Other Agricultural Casualty insurance Executive & Property & Transportation operations provide Professional Liability 45% a wide variety of 2024 GWP Targeted Markets specialty $10.5 Bil
Slide 13: Statutory Combined Ratio
Superior Underwriting Talent 105% 7.7% Statutory Combined Ratio 102.1% Points 99.6% 99.7% 99.9% 99.3% 100% 97.5% Commercial 97.0% 95.9% 96.5% Lines Better 95.4% 95% Industry1 92.6% 90% 93.1% 91.8% 92.9% 91.9% 90.5% 90.9% AFG2 Over the 10-Year 90.2% 85% 87.0% 85.5% Period 80% 2015 2016 2017 2018 2019
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% 16% The impact of cumulative rate 14% increases over time 12% has generally enabled 10% Total Specialty us to stay ahead of 8% Group excl prospective loss ratio 5% Workers’ Comp 6% 5% Total Specialty trends and helps us to 4% Group feel confident in the 2% adequacy o
Slide 16: Specialty Property & Casualty Premium Growth
Specialty Property & Casualty Premium Growth Dollars in billions P&C Net Written Premium $7.1 $6.7 $6.2 $5.6 $5.0 2020 2021 2022 2023 2024 16
Slide 17: AFG Investment Portfolio
AFG Investment Portfolio As of September 30, 2025 Fixed Maturities Portfolio – 96% investment grade Fixed P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Maturities 64% Investments Residential MBS Accounted 22% for by Equity Asset-backed Method 23% 14% Collateralized Loan Obligations 10% States and
Slide 18: AFG Investment Portfolio – Alternative Investments
AFG Investment Portfolio – Alternative Investments As of September 30, 2025 Florida 29% Real Estate Multi-family Investments / Funds Convertible Fixed 88% 51% Maturities Denver / Co. Springs 1% 21% Other Private Debt 7% Other Savannah Funds 5% 2% 3% New Orleans Fund 2% AFG CLOs Investments Mancheste
Slide 19: Investment Portfolio Characteristics
Investment Portfolio Characteristics P&C Portfolio Positioning & Outlook 9/30/25 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 2.7 years from approxim
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 Sept 30, 2025 Dec 31, 2024 Principal amount of long-term debt $ 1,848 $ 1,498 Capital Management Shareholders' equity, excluding AOCI 4,803 4,706 Above target levels for all rating agencies Total capital, excluding AOCI $ 6,651 $
Slide 22: Intelligent Use of Excess Capital
Intelligent Use of Excess Capital 2025 Capital Management • $2.00 per share special dividend paid in March 2025 Capital Returned to Shareholders • $2.00 per share special dividend payable on November 26, 2025 Five Years Ended 12/31/2024 • Through 9/30/2025, returned $466 million of capital to shareh
Slide 23: Balanced Approach to Capital Allocation
Balanced Approach to Capital Allocation $2,701 Dollars in millions $1,228 $900 $791 $649 $506 $446 $466 $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 YTD Regular Dividends Special Dividends Share
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 1 Including the $4.00 in special dividends declared in 2025 through November 4th, and the $6.50 in special dividends paid in 2024, AFG ha
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 – Third Quarter 2025
Financial Highlights – Third Quarter 2025 Three Months Ended Nine Months Ended Dollars in millions, except per share data Sept. 30, Sept. 30, • Results of Operations: 2025 2024 2025 2024 – Core net operating earnings $ 224 $ 194 $ 555 $ 640 – Core net operating earnings per share $ 2.69 $ 2.31 $ 6.6
Slide 28: Financial Highlights – 2024
Financial Highlights – 2024 Dollars in millions, except per share data Twelve Months Ended December 31, • Results of Operations: 2024 2023 – Core net operating earnings – Core net operating earnings per share $ 902 $ 10.75 $ 895 $ 10.56 19.3% – Average number of diluted shares 83.9 84.8 Core Operati
Slide 29: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses Dollars in millions Net Written Premium Three Months Ended Nine Months Ended 09/30/25 09/30/24 % Change 09/30/25 09/30/24 % Change Specialty Property & Transportation $ 1,051 $ 1,151 (9%) $ 2,373 $ 2,438 (3%) Specialty Casualty 914 917 —% 2,451 2,473 (1%) Spe
Slide 30: Specialty Property & Casualty Businesses
Specialty Property & Casualty Businesses GAAP Combined Ratio Three Months Ended Nine Months Ended 09/30/25 09/30/24 09/30/25 09/30/24 Specialty Property & Transportation 94.1% 96.8% 94.1% 93.5% Specialty Casualty 95.8% 92.1% 95.7% 91.1% Specialty Financial 81.1% 92.3% 84.8% 89.5% Total Specialty 93.
Slide 31: Business Spotlight: Workers' Compensation
Business Spotlight: Workers’ Compensation Summit is a market-leading regional provider of workers’ compensation insurance services in the Southeast United States. Strategic Comp provides a shared-risk large deductible workers’ compensation program that helps insureds minimize risks and improve outc
Slide 32: Business Spotlight: E&S, Umbrella and Excess Liability Businesses
Business Spotlight: E&S, Umbrella and Excess Liability Businesses Great American Risk Solutions writes hard-to-place P&C products via wholesale brokers on an excess and surplus lines basis (non-filed rates and forms). Great American Custom writes excess liability on large capacity towers for Fortune
Slide 33: AME)
AME) RICAN FINANCIAL 33 GROUR, INC.
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