Q1 2026 Investor Supplement

American Financial Group, Inc.

Investor Supplement - First Quarter 2026

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

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%

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%

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%

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%

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%

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

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

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

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%

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

(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

(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