American Financial : Q1 2026 Investor Supplement

About this update from American Financial Group, Inc.

American Financial Group, Inc. Investor Supplement - First Quarter 2026 April 29, 2026 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739 1 American Financial Group, Inc. Table of Contents - Investor Supplement - First Quarter 2026 Section Page Table of Contents - Investor Supplement - First Quarter 2026....................................................................................................................... 2 Financial Highlights......................................................................................................................................................................................... 3 Summary of Earnings...................................................................................................................................................................................... 4 Earnings Per Share Summary......................................................................................................................................................................... 5 Property and Casualty Insurance Segment Property and Casualty Insurance - Summary Underwriting Results (GAAP).................................................................................................. 6 Specialty - Underwriting Results (GAAP)........................................................................................................................................................ 7 Property and Transportation - Underwriting Results (GAAP).......................................................................................................................... 8 Specialty Casualty - Underwriting Results (GAAP)......................................................................................................................................... 9 Specialty Financial - Underwriting Results (GAAP)......................................................................................................................................... 10 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet........................................................................................................................................................................... 11 Book Value Per Share and Price / Book Summary......................................................................................................................................... 12 Capitalization................................................................................................................................................................................................... 13 Additional Supplemental Information............................................................................................................................................................... 14 Consolidated Investment Supplement Total Cash and Investments............................................................................................................................................................................ 15 Net Investment Income................................................................................................................................................................................... 16 Alternative Investments................................................................................................................................................................................... 17 Fixed Maturities - By Security Type - AFG Consolidated................................................................................................................................ 18 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2026............................................................................................... 19 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025............................................................................................. 20 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2026................................................................................... 21 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025................................................................................. 22 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2026................................................................. 23 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025............................................................... 24 G. Real Estate-Related Investments 3/31/2026............................................................................................................................................. 25 H. Real Estate-Related Investments 12/31/2025........................................................................................................................................... 26 American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Highlights Net earnings $ 191 $ 299 $ 215 $ 174 $ 154 Core net operating earnings 206 305 224 179 152 Total assets 32,353 32,642 33,834 30,669 30,294 Shareholders' equity, excluding AOCI (a) 4,805 4,870 4,803 4,648 4,571 Property and Casualty net written premiums 1,664 1,444 2,252 1,803 1,611 $ 842 $ 887 860 902 32,642 30,836 4,870 4,706 7,110 7,139 Per share data Diluted earnings per share $ 2.29 $ 3.58 $ 2.58 $ 2.07 $ 1.84 Core net operating earnings per share 2.47 3.65 2.69 2.14 1.81 Book value per share, excluding AOCI (a) 57.83 58.38 57.59 55.74 54.63 $ 10.08 $ 10.57 10.29 10.75 58.38 56.03 Dividends per common share 2.38 2.88 0.80 0.80 2.80 7.28 9.43 Financial ratios Annualized return on equity (b) 15.8% 24.7% 18.2% 15.0% 13.3% Annualized core operating return on equity (b) 17.0% 25.2% 19.0% 15.5% 13.1% 17.8% 19.0% 18.2% 19.3% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 56.3% 58.6% 67.2% 61.1% 61.0% Underwriting expense ratio 34.0% 25.5% 25.8% 32.0% 33.0% Combined ratio - Specialty 90.3% 84.1% 93.0% 93.1% 94.0% 62.2% 63.3% 28.8% 27.9% 91.0% 91.2% (a) A reconciliation to the GAAP measure is on page 12. (b) Excludes accumulated other comprehensive income. American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 $ 156 $ 284 $ 138 $ 113 $ 94 168 171 205 179 170 (15 ) (15 ) (15 ) (19 ) (18 ) 309 440 328 273 246 Twelve Months Ended 12/31/25 12/31/24 Property and Casualty Insurance Underwriting profit Net investment income Other income (expense) Property and Casualty Insurance operating earnings $ 629 $ 620 725 784 (67 ) (76 ) 1,287 1,328 Interest expense of parent holding companies (23) (23) (19) (19) (19) Other expense (29 ) (31 ) (29 ) (27 ) (33 ) Pretax core operating earnings 257 386 280 227 194 Income tax expense 51 81 56 48 42 Core net operating earnings 206 305 224 179 152 Non-core items, net of tax: Realized gains (losses) on securities (15) (6) 10 2 2 Realized gain on subsidiaries - - 1 - - Special A&E charges - Former Railroad and Manufacturing operations - - (20) - - Other non-core items - - - (7 ) - Net earnings $ 191 $ 299 $ 215 $ 174 $ 154 (80) (76) (120 ) (114 ) 1,087 1,138 227 236 860 902 8 - 1 - (20) (11) (7 ) (4 ) $ 842 $ 887 American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Core net operating earnings $ 206 $ 305 $ 224 $ 179 $ 152 $ 860 $ 902 Net earnings $ 191 $ 299 $ 215 $ 174 $ 154 $ 842 $ 887 Average number of diluted shares 83.263 83.411 83.397 83.488 83.842 83.533 83.903 Diluted earnings per share: Core net operating earnings per share $ 2.47 $ 3.65 $ 2.69 $ 2.14 $ 1.81 $ 10.29 $ 10.75 Realized gains (losses) on securities (0.18) (0.07) 0.12 0.02 0.03 Realized gain on subsidiaries - - 0.01 - - Special A&E charges - Former Railroad and Manufacturing operations - - (0.24) - - Other non-core items - - - (0.09 ) - Diluted earnings per share $ 2.29 $ 3.58 $ 2.58 $ 2.07 $ 1.84 0.11 - 0.01 - (0.24) (0.13) (0.09 ) (0.05 ) $ 10.08 $ 10.57 American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Property and Transportation $ 65 $ 216 $ 55 $ 27 $ 37 Specialty Casualty 34 27 33 49 20 Specialty Financial 57 44 51 38 37 Underwriting profit - Specialty 156 287 139 114 94 $ 335 $ 214 129 279 170 133 634 626 Other core charges, included in loss and LAE - (3 ) (1 ) (1 ) - Underwriting profit - Property and Casualty Insurance $ 156 $ 284 $ 138 $ 113 $ 94 (5 ) (6 ) $ 629 $ 620 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - Catastrophe losses 35 4 23 38 72 Total current accident year catastrophe losses $ 35 $ 4 $ 23 $ 38 $ 72 $ - $ 2 137 180 $ 137 $ 182 Prior year loss reserve development (favorable) / adverse $ (70 ) $ (27 ) $ (23 ) $ (11 ) $ (20 ) $ (81 ) $ (64 ) Combined ratio: Property and Transportation 87.6% 70.6% 94.1% 95.2% 92.5% Specialty Casualty 95.8% 96.7% 95.8% 93.9% 97.6% Specialty Financial 80.0% 83.0% 81.1% 86.1% 87.0% Combined ratio - Specialty 90.3% 84.1% 93.0% 93.1% 94.0% Other core charges 0.1% 0.2% 0.1% 0.0% 0.1% Combined ratio 90.4% 84.3% 93.1% 93.1% 94.1% 87.8% 92.4% 96.0% 91.2% 84.4% 87.2% 91.0% 91.2% 0.0% 0.0% 91.0% 91.2% P&C combined ratio excl. catastrophe losses and prior year reserve development 92.5% 85.5% 93.0% 91.5% 90.8% 90.3% 89.6% Loss and LAE components: Current accident year, excluding catastrophe losses 58.5% 60.0% 67.2% 59.5% 57.8% Prior accident year loss reserve development (4.3%) (1.5%) (1.1%) (0.7%) (1.3%) Current accident year catastrophe losses 2.2% 0.3% 1.2% 2.3% 4.6% Loss and LAE ratio 56.4% 58.8% 67.3% 61.1% 61.1% 61.5% 61.7% (1.1%) (0.9%) 1.8% 2.5% 62.2% 63.3% American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - Catastrophe losses 35 4 23 38 72 Total current accident year catastrophe losses $ 35 $ 4 $ 23 $ 38 $ 72 $ - $ 2 137 180 $ 137 $ 182 Prior year loss reserve development (favorable) / adverse $ (70 ) $ (30 ) $ (24 ) $ (12 ) $ (20 ) $ (86 ) $ (70 ) Combined ratio: Loss and LAE ratio 56.3% 58.6% 67.2% 61.1% 61.0% Underwriting expense ratio 34.0% 25.5% 25.8% 32.0% 33.0% Combined ratio 90.3% 84.1% 93.0% 93.1% 94.0% 62.2% 63.3% 28.8% 27.9% 91.0% 91.2% Gross written premiums $ 2,435 $ 2,085 $ 3,665 $ 2,653 $ 2,291 Ceded reinsurance premiums (771 ) (641 ) (1,413 ) (850 ) (680 ) Net written premiums 1,664 1,444 2,252 1,803 1,611 Change in unearned premiums (55 ) 362 (239 ) (156 ) (31 ) Net earned premiums 1,609 1,806 2,013 1,647 1,580 $ 10,694 $ 10,533 (3,584 ) (3,394 ) 7,110 7,139 (64 ) (103 ) 7,046 7,036 4,383 4,449 2,029 1,961 $ 634 $ 626 Loss and LAE 906 1,058 1,354 1,006 965 Underwriting expense 547 461 520 527 521 Underwriting profit $ 156 $ 287 $ 139 $ 114 $ 94 Combined ratio excl. catastrophe losses and prior year reserve development 92.5% 85.5% 93.0% 91.5% 90.8% 90.2% 89.6% Loss and LAE components: Current accident year, excluding catastrophe losses 58.5% 60.0% 67.2% 59.5% 57.8% Prior accident year loss reserve development (4.4%) (1.6%) (1.2%) (0.7%) (1.3%) Current accident year catastrophe losses 2.2% 0.2% 1.2% 2.3% 4.5% Loss and LAE ratio 56.3% 58.6% 67.2% 61.1% 61.0% 61.4% 61.7% (1.2%) (1.0%) 2.0% 2.6% 62.2% 63.3% American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Gross written premiums $ 999 $ 612 $ 1,975 $ 1,247 $ 897 Ceded reinsurance premiums (403 ) (214 ) (924 ) (488 ) (334 ) Net written premiums 596 398 1,051 759 563 Change in unearned premiums (70 ) 337 (116 ) (183 ) (63 ) Net earned premiums 526 735 935 576 500 $ 4,731 $ 4,735 (1,960 ) (1,889 ) 2,771 2,846 (25 ) (20 ) 2,746 2,826 Loss and LAE 301 417 728 387 311 Underwriting expense 160 102 152 162 152 Underwriting profit $ 65 $ 216 $ 55 $ 27 $ 37 1,843 1,972 568 640 $ 335 $ 214 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - Catastrophe losses 12 - 4 12 10 Total current accident year catastrophe losses $ 12 $ - $ 4 $ 12 $ 10 $ - $ 1 26 65 $ 26 $ 66 Prior year loss reserve development (favorable) / adverse $ (47 ) $ (20 ) $ (11 ) $ (13 ) $ (19 ) $ (63 ) $ (96 ) Combined ratio: Loss and LAE ratio 57.1% 56.8% 77.8% 67.2% 62.1% Underwriting expense ratio 30.5% 13.8% 16.3% 28.0% 30.4% Combined ratio 87.6% 70.6% 94.1% 95.2% 92.5% 67.1% 69.8% 20.7% 22.6% 87.8% 92.4% Combined ratio excl. catastrophe losses and prior year reserve development 94.4% 73.4% 94.8% 95.4% 94.4% 89.1% 93.5% Loss and LAE components: Current accident year, excluding catastrophe losses 63.9% 59.6% 78.5% 67.4% 64.0% Prior accident year loss reserve development (9.0%) (2.7%) (1.1%) (2.2%) (3.9%) Current accident year catastrophe losses 2.2% (0.1%) 0.4% 2.0% 2.0% Loss and LAE ratio 57.1% 56.8% 77.8% 67.2% 62.1% 68.4% 70.9% (2.3%) (3.4%) 1.0% 2.3% 67.1% 69.8% American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Gross written premiums $ 1,089 $ 1,153 $ 1,337 $ 1,062 $ 1,068 Ceded reinsurance premiums (300 ) (357 ) (423 ) (297 ) (296 ) Net written premiums 789 796 914 765 772 Change in unearned premiums 10 16 (104 ) 34 22 Net earned premiums 799 812 810 799 794 $ 4,620 $ 4,543 (1,373 ) (1,297 ) 3,247 3,246 (32 ) (70 ) 3,215 3,176 Loss and LAE 517 558 541 516 536 Underwriting expense 248 227 236 234 238 Underwriting profit $ 34 $ 27 $ 33 $ 49 $ 20 2,151 2,045 935 852 $ 129 $ 279 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - Catastrophe losses 11 (3 ) 8 7 27 Total current accident year catastrophe losses $ 11 $ (3 ) $ 8 $ 7 $ 27 $ - $ 1 39 34 $ 39 $ 35 Prior year loss reserve development (favorable) / adverse $ - $ (1 ) $ (1 ) $ 10 $ 12 $ 20 $ 37 Combined ratio: Loss and LAE ratio 64.7% 68.7% 66.8% 64.5% 67.6% Underwriting expense ratio 31.1% 28.0% 29.0% 29.4% 30.0% Combined ratio 95.8% 96.7% 95.8% 93.9% 97.6% 66.9% 64.4% 29.1% 26.8% 96.0% 91.2% Combined ratio excl. catastrophe losses and prior year reserve development 94.4% 97.1% 94.9% 91.8% 92.6% 94.1% 89.0% Loss and LAE components: Current accident year, excluding catastrophe losses 63.3% 69.1% 65.9% 62.4% 62.6% Prior accident year loss reserve development 0.0% (0.1%) (0.1%) 1.2% 1.6% Current accident year catastrophe losses 1.4% (0.3%) 1.0% 0.9% 3.4% Loss and LAE ratio 64.7% 68.7% 66.8% 64.5% 67.6% 65.0% 62.2% 0.6% 1.2% 1.3% 1.0% 66.9% 64.4% American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Gross written premiums $ 347 $ 320 $ 353 $ 344 $ 326 Ceded reinsurance premiums (68 ) (70 ) (66 ) (65 ) (50 ) Net written premiums 279 250 287 279 276 Change in unearned premiums 5 9 (19 ) (7 ) 10 Net earned premiums 284 259 268 272 286 $ 1,343 $ 1,255 (251 ) (208 ) 1,092 1,047 (7 ) (13 ) 1,085 1,034 Loss and LAE 88 83 85 103 118 Underwriting expense 139 132 132 131 131 Underwriting profit $ 57 $ 44 $ 51 $ 38 $ 37 389 432 526 469 $ 170 $ 133 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - Catastrophe losses 12 7 11 19 35 Total current accident year catastrophe losses $ 12 $ 7 $ 11 $ 19 $ 35 $ - $ - 72 81 $ 72 $ 81 Prior year loss reserve development (favorable) / adverse $ (23 ) $ (9 ) $ (12 ) $ (9 ) $ (13 ) $ (43 ) $ (11 ) Combined ratio: Loss and LAE ratio 31.2% 32.0% 31.8% 38.1% 41.1% Underwriting expense ratio 48.8% 51.0% 49.3% 48.0% 45.9% Combined ratio 80.0% 83.0% 81.1% 86.1% 87.0% 35.9% 41.8% 48.5% 45.4% 84.4% 87.2% Combined ratio excl. catastrophe losses and prior year reserve development 83.7% 83.5% 81.7% 82.0% 79.7% 81.7% 80.4% Loss and LAE components: Current accident year, excluding catastrophe losses 34.9% 32.5% 32.4% 34.0% 33.8% Prior accident year loss reserve development (7.9%) (3.0%) (4.7%) (3.2%) (4.6%) Current accident year catastrophe losses 4.2% 2.5% 4.1% 7.3% 11.9% Loss and LAE ratio 31.2% 32.0% 31.8% 38.1% 41.1% 33.2% 35.0% (3.9%) (1.1%) 6.6% 7.9% 35.9% 41.8% American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) Assets: Total cash and investments Recoverables from reinsurers Prepaid reinsurance premiums Agents' balances and premiums receivable Deferred policy acquisition costs Assets of managed investment entities Other receivables Other assets Goodwill Total assets 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 $ 17,143 $ 17,182 $ 16,761 $ 16,049 $ 15,994 $ 15,852 5,303 5,528 5,565 4,733 4,945 5,176 1,211 1,089 1,443 1,256 1,105 1,013 1,670 1,641 2,034 1,946 1,589 1,532 334 333 349 345 316 320 3,987 4,050 3,972 3,833 3,848 4,140 1,058 1,212 2,075 877 855 1,123 1,320 1,280 1,308 1,325 1,337 1,375 327 327 327 305 305 305 $ 32,353 $ 32,642 $ 33,834 $ 30,669 $ 30,294 $ 30,836 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 14,914 $ 15,094 $ 15,079 $ 13,834 $ 13,970 $ 14,179 Unearned premiums 3,911 3,736 4,450 4,026 3,710 3,584 Payable to reinsurers 1,065 1,195 1,578 1,152 1,028 1,191 Liabilities of managed investment entities 3,854 3,907 3,834 3,685 3,726 3,965 Long-term debt 1,820 1,820 1,820 1,476 1,476 1,475 Other liabilities 2,111 2,070 2,343 1,980 1,992 1,976 Total liabilities 27,675 27,822 29,104 26,153 25,902 26,370 Shareholders' equity: Common stock 83 83 83 83 84 84 Capital surplus 1,428 1,430 1,421 1,414 1,409 1,411 Retained earnings 3,294 3,357 3,299 3,151 3,078 3,211 Unrealized gains (losses) - fixed maturities (100) (22) (43) (101) (141) (202) Unrealized gains (losses) - fixed maturity-related cash flow hedges (1) (2) (3) (5) (7) (10) Other comprehensive income (loss), net of tax (26 ) (26 ) (27 ) (26 ) (31 ) (28 ) Total shareholders' equity 4,678 4,820 4,730 4,516 4,392 4,466 Total liabilities and equity $ 32,353 $ 32,642 $ 33,834 $ 30,669 $ 30,294 $ 30,836 American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Shareholders' equity $ 4,678 $ 4,820 $ 4,730 $ 4,516 $ 4,392 $ 4,466 Accumulated other comprehensive income (loss) (127 ) (50 ) (73 ) (132 ) (179 ) (240 ) Shareholders' equity, excluding AOCI 4,805 4,870 4,803 4,648 4,571 4,706 Goodwill 327 327 327 305 305 305 Intangibles 184 189 192 193 198 203 Tangible shareholders' equity, excluding AOCI $ 4,294 $ 4,354 $ 4,284 $ 4,150 $ 4,068 $ 4,198 Common shares outstanding 83.086 83.422 83.401 83.386 83.668 83.978 Book value per share: Book value per share $ 56.30 $ 57.78 $ 56.72 $ 54.15 $ 52.50 $ 53.18 Book value per share, excluding AOCI 57.83 58.38 57.59 55.74 54.63 56.03 Tangible, excluding AOCI 51.69 52.20 51.38 49.77 48.62 49.98 Market capitalization AFG's closing common share price $ 127.71 $ 136.68 $ 145.72 $ 126.21 $ 131.34 $ 136.93 Market capitalization $ 10,611 $ 11,402 $ 12,153 $ 10,524 $ 10,989 $ 11,499 Price / Book value per share, excluding AOCI 2.21 2.34 2.53 2.26 2.40 2.44 American Financial Group, Inc. Capitalization ($ in millions) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 AFG senior obligations $ 1,173 $ 1,173 $ 1,173 $ 823 $ 823 $ 823 Borrowings drawn under credit facility - - - - - - Debt excluding subordinated debt 1,173 1,173 1,173 823 823 823 AFG subordinated debentures 675 675 675 675 675 675 Total principal amount of long-term debt 1,848 1,848 1,848 1,498 1,498 1,498 Shareholders' equity 4,678 4,820 4,730 4,516 4,392 4,466 Accumulated other comprehensive income (loss) (127 ) (50 ) (73 ) (132 ) (179 ) (240 ) Total capital, excluding AOCI $ 6,653 $ 6,718 $ 6,651 $ 6,146 $ 6,069 $ 6,204 Ratio of debt to total capital, excluding AOCI: Including subordinated debt 27.8% 27.5% 27.8% 24.4% 24.7% 24.1% Excluding subordinated debt 17.6% 17.5% 17.6% 13.4% 13.6% 13.3% American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Twelve Months Ended 12/31/25 12/31/24 Property and Casualty Insurance Paid Losses (GAAP) $ 888 $ 984 $ 936 $ 931 $ 967 $ 3,818 $ 4,034 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 6,354 $ 6,354 $ 6,173 $ 5,935 $ 5,853 Parent and other subsidiaries (1,549 ) (1,484 ) (1,370 ) (1,287 ) (1,282 ) AFG GAAP Equity (excluding AOCI) $ 4,805 $ 4,870 $ 4,803 $ 4,648 $ 4,571 Allowable dividends without regulatory approval $ 5,962 (1,256 ) $ 4,706 Property and Casualty Insurance $ 1,083 $ 1,081 $ 1,004 $ 1,004 $ 1,004 $ 1,004 American Financial Group, Inc. Total Cash and Investments ($ in millions) Total cash and investments: Cash and cash equivalents Fixed maturities - Available for sale Fixed maturities - Trading Equity securities - Common stocks Equity securities - Perpetual preferred Investments accounted for using the equity method Mortgage loans Real estate and other investments Total cash and investments Carrying Value - March 31, 2026 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio $ 1,115 $ 238 $ - $ 1,353 8% 11,274 123 - 11,397 66% 80 - - 80 1% 363 - - 363 2% 390 - - 390 2% 2,440 3 - 2,443 14% 961 - - 961 6% 186 103 (133 ) 156 1% $ 16,809 $ 467 $ (133 ) $ 17,143 100% Total cash and investments: Cash and cash equivalents Fixed maturities - Available for sale Fixed maturities - Trading Equity securities - Common stocks Equity securities - Perpetual preferred Investments accounted for using the equity method Mortgage loans Real estate and other investments Total cash and investments Carrying Value - December 31, 2025 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio $ 1,377 $ 350 $ - $ 1,727 10% 10,923 129 - 11,052 64% 91 - - 91 1% 365 - - 365 2% 420 - - 420 2% 2,419 2 - 2,421 14% 947 - - 947 6% 199 103 (143 ) 159 1% $ 16,741 $ 584 $ (143 ) $ 17,182 100% American Financial Group, Inc. Net Investment Income ($ in millions) Average cash and investments (c) $ 16,855 $ 16,520 $ 16,095 $ 15,921 $ 15,881 $ 16,144 $ 15,479 Average yield - overall portfolio, net (d) 3.99% 4.14% 5.09% 4.50% 4.28% Average yield - fixed maturities before inv expenses (d) 5.04% 5.11% 5.12% 5.24% 5.13% 4.49% 5.06% 5.13% 5.02% AFG consolidated net investment income: Property & Casualty core $ 168 $ 171 $ 205 $ 179 $ 170 Parent & other 6 7 6 7 5 Consolidate CLOs 13 5 (6 ) (2 ) (2 ) Total net investment income $ 187 $ 183 $ 205 $ 184 $ 173 $ 725 $ 784 25 29 (5 ) (33 ) $ 745 $ 780 Average cash and investments (c) $ 17,240 $ 17,013 $ 16,496 $ 16,175 $ 16,140 $ 16,496 $ 15,767 Average yield - overall portfolio, net (d) 4.34% 4.30% 4.97% 4.55% 4.29% Average yield - fixed maturities before inv expenses (d) 5.05% 5.11% 5.11% 5.24% 5.13% 4.52% 4.95% 5.13% 5.04% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Investment income on alternative investments is detailed on page 17. (c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (d) Average yield is calculated by dividing investment income for the period by the average balance. Twelve Months Ended 12/31/25 12/31/24 Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 141 $ 138 $ 135 $ 140 $ 137 Equity securities 10 6 6 15 6 Other investments (a) 27 27 27 23 21 Gross investment income excluding alternative investments 178 171 168 178 164 Gross investment income from alternative investments (b) (3 ) 6 43 8 12 Total gross investment income 175 177 211 186 176 Investment expenses (7 ) (6 ) (6 ) (7 ) (6 ) Total net investment income $ 168 $ 171 $ 205 $ 179 $ 170 $ 550 $ 532 33 29 98 87 681 648 69 158 750 806 (25 ) (22 ) $ 725 $ 784 American Financial Group, Inc. Alternative Investments ($ in millions) Investments Fixed maturities MTM through investment income $ 31 $ 44 $ 30 $ 55 $ 50 Equity securities MTM through investment income (a) 190 211 243 233 232 Investments accounted for using the equity method (b) 2,440 2,419 2,381 2,338 2,324 AFG managed CLOs (eliminated in consolidation) 133 143 138 148 122 Total Property & Casualty $ 2,794 $ 2,817 $ 2,792 $ 2,774 $ 2,728 $ 44 $ 75 211 222 2,419 2,275 143 174 $ 2,817 $ 2,746 Annualized Return - Property & Casualty (0.4%) 0.9% 6.2% 1.2% 1.8% 2.5% 6.1% Annualized Return - AFG Consolidated (0.4%) 0.9% 6.2% 1.2% 1.8% 2.5% 6.1% (a) AFG records holding gains and losses in net investment income on certain securities classified at purchase as "fair value through net investment income." (b) The majority of AFG's investments accounted for using the equity method mark their underlying assets to market through net income. Three Months Ended 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 $ 2 $ 1 $ 16 $ 8 $ (3) (10) (12) (6) 4 - 18 22 27 (6) 13 (13) (5) 6 2 2 $ (3) $ 6 $ 43 $ 8 $ 12 Twelve Months Ended 12/31/25 12/31/24 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income Equity securities MTM through investment income (a) Investments accounted for using the equity method (b) AFG managed CLOs (eliminated in consolidation) Total Property & Casualty $ 22 $ 22 (14) 57 56 46 5 33 $ 69 $ 158 AFG Consolidated: Net Investment Income Fixed maturities MTM through investment income $ 2 $ 1 $ 16 $ 8 $ (3) Equity securities MTM through investment income (a) (10) (12) (6) 4 - Investments accounted for using the equity method (b) 18 22 27 (6) 13 AFG managed CLOs (eliminated in consolidation) (13) (5) 6 2 2 Total AFG Consolidated $ (3) $ 6 $ 43 $ 8 $ 12 Investments Fixed maturities MTM through investment income $ 31 $ 44 $ 30 $ 55 $ 50 Equity securities MTM through investment income (a) 190 211 243 233 232 Investments accounted for using the equity method (b) 2,443 2,421 2,383 2,341 2,326 AFG managed CLOs (eliminated in consolidation) 133 143 138 148 122 Total AFG Consolidated $ 2,797 $ 2,819 $ 2,794 $ 2,777 $ 2,730 $ 22 $ 22 (14) 57 56 46 5 33 $ 69 $ 158 $ 44 $ 75 211 222 2,421 2,277 143 174 $ 2,819 $ 2,748 American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) March 31, 2026 Book Value (a) Fair Value US Government and government agencies $ 150 $ 150 States, municipalities and political subdivisions 820 791 Foreign government 302 303 Residential mortgage-backed securities 3,245 3,160 Collateralized loan obligations 1,181 1,180 Other asset-backed securities 2,603 2,575 Corporate and other bonds 3,302 3,318 Total AFG consolidated $ 11,603 $ 11,477 Unrealized % of Gain (Loss) Fair Value $ - 1% (29) 7% 1 3% (85) 28% (1) 10% (28) 22% 16 29% $ (126 ) 100% % of Investment Portfolio 1% 5% 2% 18% 7% 15% 19% 67% Approximate duration - P&C 3.4 years Approximate duration - P&C including cash 3.1 years December 31, 2025 Book Value (a) Fair Value Unrealized Gain (Loss) % of Fair Value US Government and government agencies $ 160 $ 161 $ 1 1% States, municipalities and political subdivisions 853 835 (18) 7% Foreign government 301 303 2 3% Residential mortgage-backed securities 2,807 2,747 (60) 25% Collateralized loan obligations 1,162 1,160 (2) 10% Other asset-backed securities 2,534 2,525 (9) 23% Corporate and other bonds 3,354 3,412 58 31% Total AFG consolidated $ 11,171 $ 11,143 $ (28 ) 100% Approximate duration - P&C 3.3 years Approximate duration - P&C including cash 2.9 years % of Investment Portfolio 1% 5% 2% 16% 7% 14% 20% 65% (a) Book Value is amortized cost, net of allowance for expected credit losses. Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2026 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 7 $ 154 $ 250 $ 2,708 $ 1,158 $ 855 $ 12 $ 5,144 45% AA 143 606 18 275 19 367 221 1,649 14% A - 21 31 72 3 758 1,030 1,915 17% BBB - 8 4 26 - 513 1,785 2,336 20% Subtotal - Investment grade 150 789 303 3,081 1,180 2,493 3,048 11,044 96% BB - - - 1 - 4 116 121 1% B - - - 1 - 1 18 20 0% CCC, CC, C - - - 23 - 2 3 28 0% D - - - - - - - - 0% Subtotal - Non-Investment grade Not Rated (b) Total - - $ 150 - 2 $ 791 - - $ 303 25 54 $ 3,160 - - $ 1,180 7 75 $ 2,575 137 133 $ 3,318 169 264 $ 11,477 1% 3% 100% NAIC designation 1 2 Subtotal Fair Value by Type US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total $ 150 $ 778 $ 237 $ 3,051 $ 1,081 $ 1,962 $ 1,270 $ 8,529 77% - 8 - 25 - 503 1,759 2,295 21% 150 786 237 3,076 1,081 2,465 3,029 10,824 98% - - - 1 - 5 149 155 1% - - - 1 - 5 36 42 0% - - - 12 - 1 57 70 1% - - - 1 - 3 1 5 0% - - - 15 - 14 243 272 2% $ 150 $ 786 $ 237 $ 3,091 $ 1,081 $ 2,479 $ 3,272 $ 11,096 100% - - - - - 40 16 56 - 5 66 69 99 56 30 325 $ 150 $ 791 $ 303 $ 3,160 $ 1,180 $ 2,575 $ 3,318 $ 11,477 3 4 5 6 Subtotal Total insurance companies No NAIC designation (c) Non-Insurance and Foreign Companies (d) Total (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 39% are NAIC 1 and 53% do not have a designation. For Corp/Oth, 18% are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5. For Total, 33% are NAIC 1, 25% NAIC 5 and 17% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 99% are investment grade rated. Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 161 $ 255 $ 2,475 $ 1,137 $ 831 $ 13 $ 4,872 44% AA 161 644 14 87 20 349 222 1,497 13% A - 21 30 75 3 743 998 1,870 17% BBB - 8 4 27 - 520 1,898 2,457 22% Subtotal - Investment grade 161 834 303 2,664 1,160 2,443 3,131 10,696 96% BB - - - 2 - 5 122 129 1% B - - - 1 - 1 20 22 0% CCC, CC, C - - - 25 - 2 3 30 1% D - - - - - - - - 0% Subtotal - Non-Investment grade Not Rated (b) Total - - $ 161 - 1 $ 835 - - $ 303 28 55 $ 2,747 - - $ 1,160 8 74 $ 2,525 145 136 $ 3,412 181 266 $ 11,143 2% 2% 100% NAIC designation 1 2 Subtotal Fair Value by Type US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total $ 161 $ 822 $ 239 $ 2,639 $ 1,059 $ 1,906 $ 1,230 $ 8,056 75% - 8 - 26 - 509 1,861 2,404 22% 161 830 239 2,665 1,059 2,415 3,091 10,460 97% - - - 1 - 5 174 180 2% - - - 1 - 5 35 41 0% - - - 13 - 1 62 76 1% - - - 1 - 3 1 5 0% - - - 16 - 14 272 302 3% $ 161 $ 830 $ 239 $ 2,681 $ 1,059 $ 2,429 $ 3,363 $ 10,762 100% - - - - - 39 17 56 - 5 64 66 101 57 32 325 $ 161 $ 835 $ 303 $ 2,747 $ 1,160 $ 2,525 $ 3,412 $ 11,143 3 4 5 6 Subtotal Total insurance companies No NAIC designation (c) Non-Insurance and Foreign Companies (d) Total (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 39% are NAIC 1 and 52% do not have a designation. For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5. For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 99% are investment grade rated. Credit Rating (a) Investment Grade AAA AA A BBB Subtotal Fair Value By Industry Asset Managers Banking Insurance Technology Utilities Other Financials Consumer Autos Healthcare Other Total % Total $ - $ - $ - $ 11 $ - $ - $ - $ - $ - $ 1 $ 12 0% 5 - 62 30 10 33 43 - 15 23 221 7% 88 174 150 77 152 64 45 102 35 143 1,030 31% 720 268 52 144 89 78 40 50 38 306 1,785 54% 813 442 264 262 251 175 128 152 88 473 3,048 92% - 8 - 4 - - 8 17 4 75 116 3% - 2 - - - - 7 - 4 5 18 1% - - - - - - - - - 3 3 0% - - - - - - - - - - - 0% - 10 - 4 - - 15 17 8 83 137 4% 5 - 6 2 - 25 30 1 33 31 133 4% $ 818 $ 452 $ 270 $ 268 $ 251 $ 200 $ 173 $ 170 $ 129 $ 587 $ 3,318 100% BB B CCC, CC, C D Subtotal Not Rated (b) Fair Value By Industry Asset Managers Banking Insurance Technology Utilities Other Financials Consumer Autos Healthcare Other Total % Total $ 93 $ 170 $ 210 $ 117 $ 162 $ 101 $ 91 $ 102 $ 50 $ 174 $ 1,270 39% 719 266 51 143 87 58 46 49 38 302 1,759 54% 812 436 261 260 249 159 137 151 88 476 3,029 93% - 8 - 3 - 19 16 17 16 70 149 5% - 2 - - - - 19 - 5 10 36 1% - - - 1 - 11 1 - 20 24 57 1% - - - - - 1 - - - - 1 0% - 10 - 4 - 31 36 17 41 104 243 7% $ 812 $ 446 $ 261 $ 264 $ 249 $ 190 $ 173 $ 168 $ 129 $ 580 $ 3,272 100% - - 6 - - 10 - - - - 16 6 6 3 4 2 - - 2 - 7 30 $ 818 $ 452 $ 270 $ 268 $ 251 $ 200 $ 173 $ 170 $ 129 $ 587 $ 3,318 Total NAIC designation 1 2 Subtotal 3 4 5 6 Subtotal Total insurance companies No NAIC designation (c) Non-Insurance and Foreign Companies Total If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. 18% of not rated securities are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5. Surplus notes that are classified as other invested assets for STAT. Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025 ($ in millions) Credit Rating (a) Investment Grade AAA AA A BBB Subtotal Fair Value By Industry Banking Other Financials Insurance Asset Managers Technology Utilities Consumer Autos Healthcare Other Total % Total $ - $ - $ - $ - $ 11 $ - $ - $ - $ - $ 2 $ 13 0% - 32 58 5 30 10 49 - 15 23 222 6% 179 70 155 52 48 151 51 101 36 155 998 29% 264 94 53 769 160 90 41 55 39 333 1,898 56% 443 196 266 826 249 251 141 156 90 513 3,131 91% 6 - - - 4 - 9 18 3 82 122 4% 2 - - - - - 7 - 5 6 20 1% - - - - - - - - - 3 3 0% - - - - - - - - - - - 0% 8 - - - 4 - 16 18 8 91 145 5% - 25 6 - 2 - 28 1 43 31 136 4% $ 451 $ 221 $ 272 $ 826 $ 255 $ 251 $ 185 $ 175 $ 141 $ 635 $ 3,412 100% BB B CCC, CC, C D Subtotal Not Rated (b) Fair Value By Industry Banking Other Financials Insurance Asset Managers Technology Utilities Consumer Autos Healthcare Other Total % Total $ 176 $ 104 $ 211 $ 57 $ 88 $ 161 $ 101 $ 101 $ 50 $ 181 $ 1,230 37% 261 70 52 763 157 88 48 54 38 330 1,861 55% 437 174 263 820 245 249 149 155 88 511 3,091 92% 7 24 - - 4 - 16 18 27 78 174 5% 2 - - - - - 18 - 5 10 35 1% - 10 - - 1 - 2 - 20 29 62 2% - 1 - - - - - - - - 1 0% 9 35 - - 5 - 36 18 52 117 272 8% $ 446 $ 209 $ 263 $ 820 $ 250 $ 249 $ 185 $ 173 $ 140 $ 628 $ 3,363 100% - 11 6 - - - - - - - 17 5 1 3 6 5 2 - 2 1 7 32 $ 451 $ 221 $ 272 $ 826 $ 255 $ 251 $ 185 $ 175 $ 141 $ 635 $ 3,412 Total NAIC designation 1 2 Subtotal 3 4 5 6 Subtotal Total insurance companies No NAIC designation (c) Non-Insurance and Foreign Companies Total If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. 12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5. Surplus notes that are classified as other invested assets for STAT. Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2026 ($ in millions) Fair Value By Collateral Type Credit Rating (a) Whole Business Triple Net Lease Railcar TruPS Aircraft Secured Financing Single Family Rental Auto Commercial Real Estate Other Total % Total Investment Grade AAA $ - $ 258 $ - $ 196 $ 25 $ - $ 91 $ 89 $ 89 $ 107 $ 855 33% AA 69 51 112 60 14 30 - - - 31 367 14% A 10 16 167 3 191 58 - - - 313 758 30% BBB 440 - 5 - 7 1 - - - 60 513 20% Subtotal 519 325 284 259 237 89 91 89 89 511 2,493 97% BB - - - - 1 1 - - - 2 4 0% B - - - - - 1 - - - - 1 0% CCC, CC, C - - - - 2 - - - - - 2 0% D - - - - - - - - - - - 0% Subtotal - - - - 3 2 - - - 2 7 0% Not Rated (b) - - - - 3 29 - - - 43 75 3% Total $ 519 $ 325 $ 284 $ 259 $ 243 $ 120 $ 91 $ 89 $ 89 $ 556 $ 2,575 100% Fair Value By Collateral Type NAIC designation Whole Business Triple Net Lease Railcar TruPS Aircraft Secured Financing Single Family Rental Auto Commercial Real Estate Other Total % Total 1 $ 79 $ 317 $ 262 $ 257 $ 228 $ 117 $ 88 $ 84 $ 83 $ 447 $ 1,962 79% 2 432 - 5 - 6 1 - - - 59 503 21% Subtotal 511 317 267 257 234 118 88 84 83 506 2,465 100% 3 - - - - 1 1 - - - 3 5 0% 4 - - - - - 1 - - - 4 5 0% 5 - - - - 1 - - - - - 1 0% 6 - - - - 3 - - - - - 3 0% Subtotal - - - - 5 2 - - - 7 14 0% Total insurance companies $ 511 $ 317 $ 267 $ 257 $ 239 $ 120 $ 88 $ 84 $ 83 $ 513 $ 2,479 100% No NAIC designation - - - - 1 - - - - 39 40 Non-Insurance and Foreign Companies 8 8 17 2 3 - 3 5 6 4 56 Total $ 519 $ 325 $ 284 $ 259 $ 243 $ 120 $ 91 $ 89 $ 89 $ 556 $ 2,575 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 39% of not rated securities are NAIC 1 and 53% do not have a designation. Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025 ($ in millions) Fair Value By Collateral Type Credit Rating (a) Whole Business Triple Net Lease TruPS Railcar Aircraft Secured Financing Commercial Real Estate Single Family Rental Auto Other Total % Total Investment Grade AAA $ - $ 231 $ 170 $ - $ 15 $ - $ 113 $ 93 $ 92 $ 117 $ 831 33% AA 76 51 82 64 15 30 - - - 31 349 14% A 10 16 3 169 175 63 - - - 307 743 29% BBB 439 - - 5 14 1 - - - 61 520 21% Subtotal 525 298 255 238 219 94 113 93 92 516 2,443 97% BB - - - - 2 1 - - - 2 5 0% B - - - - 1 - - - - - 1 0% CCC, CC, C - - - - 2 - - - - - 2 0% D - - - - - - - - - - - 0% Subtotal - - - - 5 1 - - - 2 8 0% Not Rated (b) - - - - 3 29 - - - 42 74 3% Total $ 525 $ 298 $ 255 $ 238 $ 227 $ 124 $ 113 $ 93 $ 92 $ 560 $ 2,525 100% Fair Value By Collateral Type NAIC designation Whole Business Triple Net Lease TruPS Railcar Aircraft Secured Financing Commercial Real Estate Single Family Rental Auto Other Total % Total 1 $ 86 $ 290 $ 252 $ 219 $ 203 $ 121 $ 106 $ 90 $ 87 $ 452 $ 1,906 79% 2 431 - - 5 13 1 - - - 59 509 21% Subtotal 517 290 252 224 216 122 106 90 87 511 2,415 100% 3 - - - - 1 2 - - - 2 5 0% 4 - - - - 1 - - - - 4 5 0% 5 - - - - 1 - - - - - 1 0% 6 - - - - 3 - - - - - 3 0% Subtotal - - - - 6 2 - - - 6 14 0% Total insurance companies $ 517 $ 290 $ 252 $ 224 $ 222 $ 124 $ 106 $ 90 $ 87 $ 517 $ 2,429 100% No NAIC designation - - - - 2 - - - - 37 39 Non-Insurance and Foreign Companies 8 8 3 14 3 - 7 3 5 6 57 Total $ 525 $ 298 $ 255 $ 238 $ 227 $ 124 $ 113 $ 93 $ 92 $ 560 $ 2,525 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 39% of not rated securities are NAIC 1 and 52% do not have a designation. Appendix G American Financial Group, Inc. Real Estate-Related Investments 3/31/2026 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Book Value Occupancy (b) Collection Rate (c) Investment Type Book Value Multi-family $ 1,245 88% 92% 96% Fund Investments 100 7% - - QOZ Fund - Development 27 2% - - Office 17 1% 88% 100% Marina 15 1% - - Hospitality 12 1% - - Land Development 2 0% - - Total $ 1,418 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 51 51% $ - Marina 35 35% - Office Building 12 12% - Land 2 2% - Total $ 100 100% $ - % of Loan To Book Value Value Mortgage Loans Property Type Book Value Multifamily $ 703 73% 66% Hospitality 160 17% 42% Marina 52 5% 52% Office 46 5% 98% Total $ 961 100% 63% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 3/31/2026 (c) Collections for January - March Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2025 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Book Value Occupancy (b) Collection Rate (c) Investment Type Book Value Multi-family $ 1,250 87% 91% 96% Fund Investments 105 8% - - QOZ Fund - Development 28 2% - - Office 18 1% 88% 100% Marina 16 1% - - Hospitality 12 1% - - Land Development 2 0% - - Total $ 1,431 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 52 51% $ - Marina 35 34% - Office Building 13 13% - Land 2 2% - Total $ 102 100% $ - % of Loan To Book Value Value Mortgage Loans Property Type Book Value Multifamily $ 688 73% 66% Hospitality 160 17% 42% Marina 52 5% 52% Office 47 5% 98% Total $ 947 100% 63% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/2025 (c) Collections for October - December

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