Exhibit 99.2

American Financial Group, Inc.   Investor Supplement - Fourth Quarter 2019   February 3, 2020   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 - Fourth Quarter 2019

Section	Page
Table of Contents - Investor Supplement - Fourth Quarter 2019		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
Other Specialty - Underwriting Results (GAAP)		11
Annuity Segment
Annuity Earnings		12
Detail of Annuity Benefits Expense		13
Core Net Spread on Fixed Annuities - New Method		14
Statutory Annuity Premiums		15
Fixed Annuity Benefits Accumulated (GAAP)		16
Guaranteed Minimum Interest Rate Analysis		17
Annuity Non-Core Earnings (Losses)		18
Reconciliation from Core to GAAP Annuity Pretax Earnings		19
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		20
Book Value Per Share and Price / Book Summary		21
Capitalization		22
Additional Supplemental Information		23
Consolidated Investment Supplement
Total Cash and Investments		24
Net Investment Income		25
Significant Investments Marked-to-Market Through Investment Income and Investments Accounted For Using the Equity Method		26
Fixed Maturities - By Security Type - AFG Consolidated		27
Fixed Maturities - By Security Type Portfolio		28
Fixed Maturities - Credit Rating		29
Mortgage-Backed Securities - AFG Consolidated		30
Mortgage-Backed Securities Portfolio		31
Mortgage-Backed Securities - Credit Rating		32
Appendix
A. Fixed Maturities - Credit Rating by Type		33

Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Highlights
Net earnings (loss)	$	211		$	147		$	210		$	329		$	(29	)	$	897		$	530
Core net operating earnings		203			205			192			184			159			784			761
Total assets		70,130			69,067			67,697			66,132			63,456			70,130			63,456
Adjusted shareholders’ equity (a)		5,390			5,376			5,260			5,201			4,898			5,390			4,898
Property and Casualty net written premiums		1,313			1,618			1,264			1,147			1,208			5,342			5,023
Annuity statutory premiums		1,139			1,077			1,349			1,395			1,482			4,960			5,407
Per share data
Diluted earnings per share	$	2.31		$	1.62		$	2.31		$	3.63		$	(0.33	)	$	9.85		$	5.85
Core net operating earnings per share		2.22			2.25			2.12			2.02			1.75			8.62			8.40
Adjusted book value per share (a)		59.70			59.65			58.49			58.02			54.86			59.70			54.86
Cash dividends per common share		2.2500			0.4000			1.9000			0.4000			1.9000			4.9500			4.4500
Financial ratios
Annualized return on equity (b)		15.6	%		11.0	%		16.0	%		25.9	%		(2.3	%)		17.1	%		10.9	%
Annualized core operating return on equity (b)		15.0	%		15.3	%		14.7	%		14.5	%		12.6	%		14.9	%		15.6	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		63.2	%		63.1	%		60.2	%		58.9	%		62.7	%		61.5	%		61.3	%
Underwriting expense ratio		30.3	%		30.9	%		34.8	%		33.6	%		29.3	%		32.2	%		32.1	%
Combined ratio - Specialty		93.5	%		94.0	%		95.0	%		92.5	%		92.0	%		93.7	%		93.4	%
Net spread on fixed annuities:
Net interest spread on fixed annuities - new method		1.98	%		1.97	%		2.08	%		2.01	%		1.94	%		2.01	%		2.14	%
Net spread earned on fixed annuities:
Core operating - new method		1.07	%		1.06	%		1.11	%		1.08	%		0.98	%		1.08	%		1.20	%
Non-core - new method:
Previously reported in core operating		n/a			n/a			n/a			(0.12	%)		(0.73	%)		(0.03	%)		(0.13	%)
Currently reported in non-core		0.24	%		(0.28	%)		(0.35	%)		n/a			n/a			(0.09	%)		n/a

(a) Excludes unrealized gains related to fixed maturity investments, a reconciliation to the GAAP measure is on page 21.

(b) Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc. Summary of Earnings ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Property and Casualty Insurance
Underwriting profit	$	88		$	72		$	59		$	87		$	101		$	306		$	320
Net investment income		120			124			124			104			115			472			438
Other income (expense)		(9	)		(2	)		(8	)		(6	)		(2	)		(25	)		(18	)
Property and Casualty Insurance operating earnings		199			194			175			185			214			753			740
Annuity earnings		104			100			104			90			20			398			361
Interest expense of parent holding companies		(18	)		(17	)		(17	)		(16	)		(16	)		(68	)		(62	)
Other expense		(32	)		(22	)		(25	)		(27	)		(13	)		(106	)		(94	)
Pre-tax core operating earnings		253			255			237			232			205			977			945
Income tax expense		50			50			45			48			46			193			184
Core net operating earnings		203			205			192			184			159			784			761
Non-core items, net of tax:
Realized gains (losses) on securities		51			(14	)		45			145			(188	)		227			(210	)
Annuity non-core earnings (losses), net of taxes		19			(21	)		(27	)		—			—			(29	)		—
Special A&E charges:
Property and Casualty Insurance run-off operations		—			(14	)		—			—			—			(14	)		(14	)
Former Railroad and Manufacturing operations		—			(9	)		—			—			—			(9	)		(7	)
Neon exited lines charge		(58	)		—			—			—			—			(58	)		—
Other non-core items, net of taxes		(4	)		—			—			—			—			(4	)		—
Net earnings	$	211		$	147		$	210		$	329		$	(29	)	$	897		$	530

Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information)

	Three Months Ended														Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19		12/31/18			12/31/19			12/31/18
Core net operating earnings	$	203		$	205		$	192		$	184	$	159		$	784		$	761
Net earnings	$	211		$	147		$	210		$	329	$	(29	)	$	897		$	530
Average number of diluted shares - core		91.274			91.137			90.981			90.695		90.668			91.024			90.626
Average number of diluted shares - net		91.274			91.137			90.981			90.695		89.278			91.024			90.626
Diluted earnings per share:
Core net operating earnings per share	$	2.22		$	2.25		$	2.12		$	2.02	$	1.75		$	8.62		$	8.40
Realized gains (losses) on securities		0.56			(0.15	)		0.48			1.61		(2.08	)		2.47			(2.31	)
Annuity non-core earnings (losses), net of taxes		0.21			(0.23	)		(0.29	)		—		—			(0.31	)		—
Special A&E charges:
Property and Casualty Insurance run-off operations		—			(0.15	)		—			—		—			(0.15	)		(0.16	)
Former Railroad and Manufacturing operations		—			(0.10	)		—			—		—			(0.10	)		(0.08	)
Neon exited lines charge		(0.64	)		—			—			—		—			(0.64	)		—
Other non-core items, net of taxes		(0.04	)		—			—			—		—			(0.04	)		—
Diluted earnings per share	$	2.31		$	1.62		$	2.31		$	3.63	$	(0.33	)	$	9.85		$	5.85

Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Property and Transportation	$	(2	)	$	38		$	4		$	39		$	64		$	79		$	120
Specialty Casualty		69			23			47			36			22			175			141
Specialty Financial		32			26			21			13			20			92			66
Other Specialty		(10	)		1			(12	)		—			(4	)		(21	)		(5	)
Underwriting profit - Specialty		89			88			60			88			102			325			322
Other core charges, included in loss and LAE		(1	)		(16	)		(1	)		(1	)		(1	)		(19	)		(2	)
Underwriting profit - Core		88			72			59			87			101			306			320
Special A&E charges, included in loss and LAE		—			(18	)		—			—			—			(18	)		(18	)
Neon exited lines charge		(76	)		—			—			—			—			(76	)		—
Underwriting profit (loss) - Property and Casualty Insurance	$	12		$	54		$	59		$	87		$	101		$	212		$	302
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	—		$	(1	)	$	1		$	2
Catastrophe loss		14			22			12			12			39			60			103
Total current accident year catastrophe losses	$	15		$	22		$	12		$	12		$	38		$	61		$	105
Prior year loss reserve development (favorable) / adverse	$	(45	)	$	(12	)	$	(41	)	$	(45	)	$	(61	)	$	(143	)	$	(192	)
Combined ratio:
Property and Transportation		100.4	%		93.5	%		99.1	%		89.0	%		86.5	%		95.7	%		93.1	%
Specialty Casualty		89.7	%		96.5	%		92.5	%		94.2	%		96.5	%		93.3	%		94.2	%
Specialty Financial		79.6	%		83.7	%		85.6	%		91.4	%		85.5	%		85.0	%		88.9	%
Other Specialty		122.5	%		98.5	%		135.1	%		98.9	%		112.3	%		113.3	%		103.7	%
Combined ratio - Specialty		93.5	%		94.0	%		95.0	%		92.5	%		92.0	%		93.7	%		93.4	%
Other core charges		0.1	%		1.1	%		0.1	%		0.1	%		0.0	%		0.4	%		0.0	%
Neon exited lines charge, loss and LAE		5.5	%		0.0	%		0.0	%		0.0	%		0.0	%		1.4	%		0.0	%
Special A&E charges		0.0	%		1.2	%		0.0	%		0.0	%		0.0	%		0.3	%		0.4	%
Combined ratio		99.1	%		96.3	%		95.1	%		92.6	%		92.0	%		95.8	%		93.8	%
Combined ratio excl. catastrophe and prior year development		96.3	%		95.5	%		97.5	%		95.4	%		93.7	%		96.2	%		95.7	%
Loss and LAE components - property and casualty insurance
Current accident year, excluding catastrophe loss		66.0	%		64.6	%		62.7	%		61.8	%		64.4	%		64.0	%		63.6	%
Prior accident year loss reserve development		(0.4	%)		(0.8	%)		(3.3	%)		(3.9	%)		(4.7	%)		(2.2	%)		(4.0	%)
Current accident year catastrophe loss		1.0	%		1.6	%		0.9	%		1.1	%		3.0	%		1.2	%		2.1	%
Loss and LAE ratio		66.6	%		65.4	%		60.3	%		59.0	%		62.7	%		63.0	%		61.7	%

Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Gross written premiums	$	1,749		$	2,351		$	1,664		$	1,535		$	1,613		$	7,299		$	6,840
Ceded reinsurance premiums		(436	)		(733	)		(400	)		(388	)		(405	)		(1,957	)		(1,817	)
Net written premiums		1,313			1,618			1,264			1,147			1,208			5,342			5,023
Change in unearned premiums		57			(176	)		(64	)		26			62			(157	)		(158	)
Net earned premiums		1,370			1,442			1,200			1,173			1,270			5,185			4,865
Loss and LAE		865			910			722			691			796			3,188			2,983
Underwriting expense		416			444			418			394			372			1,672			1,560
Underwriting profit	$	89		$	88		$	60		$	88		$	102		$	325		$	322
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	—		$	(1	)	$	1		$	2
Catastrophe loss		14			22			12			12			39			60			103
Total current accident year catastrophe losses	$	15		$	22		$	12		$	12		$	38		$	61		$	105
Prior year loss reserve development (favorable) / adverse	$	(53	)	$	(46	)	$	(42	)	$	(46	)	$	(61	)	$	(187	)	$	(212	)
Combined ratio:
Loss and LAE ratio		63.2	%		63.1	%		60.2	%		58.9	%		62.7	%		61.5	%		61.3	%
Underwriting expense ratio		30.3	%		30.9	%		34.8	%		33.6	%		29.3	%		32.2	%		32.1	%
Combined ratio		93.5	%		94.0	%		95.0	%		92.5	%		92.0	%		93.7	%		93.4	%
Combined ratio excl. catastrophe and prior year development		96.3	%		95.5	%		97.5	%		95.4	%		93.7	%		96.2	%		95.7	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		66.0	%		64.6	%		62.7	%		61.8	%		64.4	%		64.0	%		63.6	%
Prior accident year loss reserve development		(3.8	%)		(3.1	%)		(3.4	%)		(4.0	%)		(4.7	%)		(3.7	%)		(4.4	%)
Current accident year catastrophe loss		1.0	%		1.6	%		0.9	%		1.1	%		3.0	%		1.2	%		2.1	%
Loss and LAE ratio		63.2	%		63.1	%		60.2	%		58.9	%		62.7	%		61.5	%		61.3	%

Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Gross written premiums	$	628		$	1,113		$	579		$	439		$	651		$	2,759		$	2,645
Ceded reinsurance premiums		(179	)		(452	)		(157	)		(95	)		(203	)		(883	)		(891	)
Net written premiums		449			661			422			344			448			1,876			1,754
Change in unearned premiums		56			(78	)		(43	)		17			31			(48	)		(25	)
Net earned premiums		505			583			379			361			479			1,828			1,729
Loss and LAE		392			421			259			225			327			1,297			1,192
Underwriting expense		115			124			116			97			88			452			417
Underwriting profit	$	(2	)	$	38		$	4		$	39		$	64		$	79		$	120
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	(1	)	$	—		$	—
Catastrophe loss		7			8			8			9			(1	)		32			26
Total current accident year catastrophe losses	$	7		$	8		$	8		$	9		$	(2	)	$	32		$	26
Prior year loss reserve development (favorable) / adverse	$	(18	)	$	(17	)	$	(6	)	$	(26	)	$	(7	)	$	(67	)	$	(50	)
Combined ratio:
Loss and LAE ratio		77.8	%		72.1	%		68.4	%		62.2	%		68.2	%		71.0	%		69.0	%
Underwriting expense ratio		22.6	%		21.4	%		30.7	%		26.8	%		18.3	%		24.7	%		24.1	%
Combined ratio		100.4	%		93.5	%		99.1	%		89.0	%		86.5	%		95.7	%		93.1	%
Combined ratio excl. catastrophe and prior year development		102.5	%		94.9	%		98.7	%		93.6	%		88.2	%		97.5	%		94.4	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		79.9	%		73.5	%		68.0	%		66.8	%		69.9	%		72.8	%		70.3	%
Prior accident year loss reserve development		(3.5	%)		(2.8	%)		(1.6	%)		(7.2	%)		(1.5	%)		(3.6	%)		(2.8	%)
Current accident year catastrophe loss		1.4	%		1.4	%		2.0	%		2.6	%		(0.2	%)		1.8	%		1.5	%
Loss and LAE ratio		77.8	%		72.1	%		68.4	%		62.2	%		68.2	%		71.0	%		69.0	%

Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Gross written premiums	$	929		$	1,031		$	896		$	912		$	778		$	3,768		$	3,445
Ceded reinsurance premiums		(260	)		(287	)		(234	)		(286	)		(197	)		(1,067	)		(936	)
Net written premiums		669			744			662			626			581			2,701			2,509
Change in unearned premiums		7			(86	)		(28	)		3			32			(104	)		(106	)
Net earned premiums		676			658			634			629			613			2,597			2,403
Loss and LAE		402			416			380			388			389			1,586			1,476
Underwriting expense		205			219			207			205			202			836			786
Underwriting profit	$	69		$	23		$	47		$	36		$	22		$	175		$	141
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	—		$	—		$	—		$	1		$	1
Catastrophe loss		5			10			1			1			28			17			45
Total current accident year catastrophe losses	$	6		$	10		$	1		$	1		$	28		$	18		$	46
Prior year loss reserve development (favorable) / adverse	$	(25	)	$	(19	)	$	(31	)	$	(13	)	$	(52	)	$	(88	)	$	(139	)
Combined ratio:
Loss and LAE ratio		59.4	%		63.1	%		60.0	%		61.6	%		63.5	%		61.1	%		61.5	%
Underwriting expense ratio		30.3	%		33.4	%		32.5	%		32.6	%		33.0	%		32.2	%		32.7	%
Combined ratio		89.7	%		96.5	%		92.5	%		94.2	%		96.5	%		93.3	%		94.2	%
Combined ratio excl. catastrophe and prior year development		92.7	%		97.8	%		97.1	%		96.3	%		100.3	%		96.0	%		98.1	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		62.4	%		64.4	%		64.6	%		63.7	%		67.3	%		63.8	%		65.4	%
Prior accident year loss reserve development		(3.8	%)		(2.9	%)		(4.7	%)		(2.2	%)		(8.5	%)		(3.4	%)		(5.8	%)
Current accident year catastrophe loss		0.8	%		1.6	%		0.1	%		0.1	%		4.7	%		0.7	%		1.9	%
Loss and LAE ratio		59.4	%		63.1	%		60.0	%		61.6	%		63.5	%		61.1	%		61.5	%

Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Gross written premiums	$	192		$	207		$	189		$	184		$	184		$	772		$	750
Ceded reinsurance premiums		(36	)		(40	)		(40	)		(39	)		(42	)		(155	)		(148	)
Net written premiums		156			167			149			145			142			617			602
Change in unearned premiums		(4	)		(6	)		2			1			(1	)		(7	)		(4	)
Net earned premiums		152			161			151			146			141			610			598
Loss and LAE		40			47			49			56			51			192			225
Underwriting expense		80			88			81			77			70			326			307
Underwriting profit	$	32		$	26		$	21		$	13		$	20		$	92		$	66
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	1
Catastrophe loss		2			3			3			2			10			10			28
Total current accident year catastrophe losses	$	2		$	3		$	3		$	2		$	10		$	10		$	29
Prior year loss reserve development (favorable) / adverse	$	(14	)	$	(9	)	$	(9	)	$	(6	)	$	(7	)	$	(38	)	$	(26	)
Combined ratio:
Loss and LAE ratio		26.1	%		29.7	%		32.3	%		38.2	%		36.4	%		31.5	%		37.6	%
Underwriting expense ratio		53.5	%		54.0	%		53.3	%		53.2	%		49.1	%		53.5	%		51.3	%
Combined ratio		79.6	%		83.7	%		85.6	%		91.4	%		85.5	%		85.0	%		88.9	%
Combined ratio excl. catastrophe and prior year development		87.7	%		87.2	%		89.7	%		94.3	%		83.6	%		89.7	%		88.6	%
Loss and LAE components:
Current accident year, excluding catastrophe loss		34.2	%		33.2	%		36.4	%		41.1	%		34.5	%		36.2	%		37.3	%
Prior accident year loss reserve development		(9.2	%)		(5.5	%)		(5.9	%)		(4.3	%)		(5.2	%)		(6.3	%)		(4.4	%)
Current accident year catastrophe loss		1.1	%		2.0	%		1.8	%		1.4	%		7.1	%		1.6	%		4.7	%
Loss and LAE ratio		26.1	%		29.7	%		32.3	%		38.2	%		36.4	%		31.5	%		37.6	%

Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		39			46			31			32			37			148			158
Net written premiums		39			46			31			32			37			148			158
Change in unearned premiums		(2	)		(6	)		5			5			—			2			(23	)
Net earned premiums		37			40			36			37			37			150			135
Loss and LAE		31			26			34			22			29			113			90
Underwriting expense		16			13			14			15			12			58			50
Underwriting profit (loss)	$	(10	)	$	1		$	(12	)	$	—		$	(4	)	$	(21	)	$	(5	)
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		—			1			—			—			2			1			4
Total current accident year catastrophe losses	$	—		$	1		$	—		$	—		$	2		$	1		$	4
Prior year loss reserve development (favorable) / adverse	$	4		$	(1	)	$	4		$	(1	)	$	5		$	6		$	3
Combined ratio:
Loss and LAE ratio		83.5	%		64.0	%		96.0	%		59.7	%		76.5	%		75.4	%		66.4	%
Underwriting expense ratio		39.0	%		34.5	%		39.1	%		39.2	%		35.8	%		37.9	%		37.3	%
Combined ratio		122.5	%		98.5	%		135.1	%		98.9	%		112.3	%		113.3	%		103.7	%
Combined ratio excl. catastrophe and prior year development		113.4	%		99.0	%		123.4	%		100.8	%		95.6	%		108.9	%		99.0	%

Page 11

American Financial Group, Inc. Annuity Earnings ($ in millions)

	Three Months Ended												Twelve Months Ended
	12/31/19		9/30/19		6/30/19		3/31/19			12/31/18			12/31/19			12/31/18
Net investment income	$	435	$	421	$	420	$	406		$	401		$	1,682		$	1,524
Investments marked to market through core operating earnings		23		27		31		29			18			110			114
Guaranteed withdrawal benefit fees		17		17		17		16			17			67			65
Policy charges and other miscellaneous income		9		10		10		11			10			40			43
Total revenues		484		475		478		462			446			1,899			1,746
Annuity benefits		281		276		272		266			260			1,095			964
Acquisition expenses		65		64		67		60			64			256			242
Other expenses		34		35		35		35			36			139			131
Total costs and expenses		380		375		374		361			360			1,490			1,337
Pretax Annuity core operating earnings - new method	$	104	$	100	$	104	$	101		$	86		$	409		$	409
Other amounts previously reported as core operating, net (a)		n/a		n/a		n/a		(11	)		(66	)		(11	)		(48	)
Pretax Annuity core operating earnings - as reported	$	104	$	100	$	104	$	90		$	20		$	398		$	361

(a) “Other” primarily reflects (1) the impact of fair value accounting, (2) the impact of changes in the stock market on the liability for guaranteed benefits and DAC, and (3) unlocking.

Page 12

American Financial Group, Inc. Detail of Annuity Benefits Expense ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Detail of annuity benefits expense:
Cost of funds:
Amortization of options (a)	$	150		$	149		$	146		$	141		$	141		$	586		$	506
Traditional fixed annuities		62			62			61			59			58			244			234
Fixed component of fixed-indexed annuities		25			24			23			22			21			94			78
Immediate annuities		6			6			6			6			6			24			24
Pension risk transfer (PRT)		3			2			1			1			1			7			1
Federal Home Loan Bank		6			7			7			7			6			27			20
Total cost of funds - new method		252			250			244			236			233			982			863
Guaranteed withdrawal benefit reserve		24			21			20			19			19			84			74
Amortization of sales inducements		3			3			4			4			5			14			19
Change in expected death and annuitization reserve and other		2			2			4			7			3			15			8
Total other annuity benefits		29			26			28			30			27			113			101
Total annuity benefits expense - new method	$	281		$	276		$	272		$	266		$	260		$	1,095		$	964
(a) Amortizaton of options, net of DAC and reserve offsets:
Amortization of options	$	150		$	149		$	146		$	141		$	141		$	586		$	506
DAC and reserve offsets		(77	)		(74	)		(74	)		(72	)		(72	)		(297	)		(254	)
Amortization of options, net of DAC and reserve offsets	$	73		$	75		$	72		$	69		$	69		$	289		$	252

Page 13

American Financial Group, Inc. Core Net Spread on Fixed Annuities - New Method ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Average fixed annuity investments (at amortized cost) (a)	$	39,316		$	38,650		$	37,907		$	36,991		$	35,993		$	38,216		$	34,471
Average annuity benefits accumulated		39,615			38,946			38,202			37,078			36,103			38,460			34,706
Annuity benefits accumulated in excess of investments (a)	$	(299	)	$	(296	)	$	(295	)	$	(87	)	$	(110	)	$	(244	)	$	(235	)
As % of average annuity benefits accumulated (except as noted)
Net investment income (as % of investments)		4.40	%		4.34	%		4.40	%		4.37	%		4.44	%		4.38	%		4.40	%
Investments marked to market through core operating earnings (as % of investments)		0.23	%		0.28	%		0.33	%		0.31	%		0.20	%		0.29	%		0.33	%
Cost of funds		(2.54	%)		(2.57	%)		(2.55	%)		(2.54	%)		(2.58	%)		(2.55	%)		(2.49	%)
Other annuity benefits, net of guaranteed withdrawal benefit fees		(0.11	%)		(0.08	%)		(0.10	%)		(0.13	%)		(0.12	%)		(0.11	%)		(0.10	%)
Core net interest spread on fixed annuities - new method		1.98	%		1.97	%		2.08	%		2.01	%		1.94	%		2.01	%		2.14	%
Policy charges and other miscellaneous income		0.07	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.10	%
Acquisition expenses		(0.65	%)		(0.65	%)		(0.68	%)		(0.65	%)		(0.66	%)		(0.66	%)		(0.67	%)
Other expenses		(0.33	%)		(0.34	%)		(0.37	%)		(0.36	%)		(0.38	%)		(0.35	%)		(0.37	%)
Core net spread earned on fixed annuities - new method		1.07	%		1.06	%		1.11	%		1.08	%		0.98	%		1.08	%		1.20	%
Net spread earned on items previously reported as core operating		n/a			n/a			n/a			(0.12	%)		(0.73	%)		(0.03	%)		(0.13	%)
Core net spread earned on fixed annuities - as reported		1.07	%		1.06	%		1.11	%		0.96	%		0.25	%		1.05	%		1.07	%
Average annuity benefits accumulated	$	39,615		$	38,946		$	38,202		$	37,078		$	36,103		$	38,460		$	34,706
Net spread earned on fixed annuities - core		1.07	%		1.06	%		1.11	%		1.08	%		0.98	%		1.08	%		1.20	%
Earnings on fixed annuity benefits accumulated - core	$	105		$	103		$	106		$	100		$	88		$	414		$	418
Annuity benefits accumulated in excess of investments	$	(299	)	$	(296	)	$	(295	)	$	(87	)	$	(110	)	$	(244	)	$	(235	)
Net investment income (as % of investments)		4.63	%		4.62	%		4.73	%		4.68	%		4.64	%		4.67	%		4.73	%
Earnings/(loss) on annuity benefits accumulated in excess of investments	$	(3	)	$	(3	)	$	(3	)	$	(1	)	$	(1	)	$	(10	)	$	(11	)
Variable annuity earnings		2			—			1			2			(1	)		5			2
Pretax Annuity core operating earnings - new method		104			100			104			101			86			409			409
Other amounts previously reported as core operating, net		n/a			n/a			n/a			(11	)		(66	)		(11	)		(48	)
Pretax Annuity core operating earnings - as reported	$	104		$	100		$	104		$	90		$	20		$	398		$	361

(a) Excludes non-investment assets such as deferred acquisition costs, FIA options, accrued investment income and company owned life insurance.

Page 14

American Financial Group, Inc. Statutory Annuity Premiums ($ in millions)

	Three Months Ended										Twelve Months Ended
	12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		12/31/19		12/31/18
Financial institutions single premium annuities - indexed	$	359	$	325	$	429	$	424	$	455	$	1,537	$	1,776
Financial institutions single premium annuities - fixed		270		302		313		344		142		1,229		492
Retail single premium annuities - indexed		170		198		274		301		392		943		1,418
Retail single premium annuities - fixed		25		30		36		29		27		120		87
Broker dealer single premium annuities - indexed		107		134		189		227		335		657		1,271
Broker dealer single premium annuities - fixed		9		9		8		6		4		32		14
Pension risk transfer (PRT)		158		39		50		10		75		257		132
Education market - fixed and indexed annuities		36		35		44		49		46		164		192
Subtotal fixed annuity premiums		1,134		1,072		1,343		1,390		1,476		4,939		5,382
Variable annuities		5		5		6		5		6		21		25
Total annuity premiums	$	1,139	$	1,077	$	1,349	$	1,395	$	1,482	$	4,960	$	5,407
Summary by Distribution Channel:
Financial institutions	$	629	$	627	$	742	$	768	$	597	$	2,766	$	2,268
Retail		195		228		310		330		419		1,063		1,505
Broker dealer		116		143		197		233		339		689		1,285
Other		199		79		100		64		127		442		349
Total annuity premiums	$	1,139	$	1,077	$	1,349	$	1,395	$	1,482	$	4,960	$	5,407
Summary by Product Type:
Total indexed	$	655	$	675	$	917	$	980	$	1,211	$	3,227	$	4,580
Total fixed		479		397		426		410		265		1,712		802
Variable		5		5		6		5		6		21		25
Total annuity premiums	$	1,139	$	1,077	$	1,349	$	1,395	$	1,482	$	4,960	$	5,407

Page 15

American Financial Group, Inc. Fixed Annuity Benefits Accumulated (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Beginning fixed annuity reserves	$	39,212		$	38,680		$	37,724		$	36,431		$	35,774		$	36,431		$	33,005
Premiums		1,134			1,072			1,343			1,390			1,476			4,939			5,382
Federal Home Loan Bank (“FHLB”) advances (paydowns)		—			—			—			—			225			—			225
Surrenders, benefits and other withdrawals		(829	)		(808	)		(862	)		(761	)		(796	)		(3,260	)		(2,836	)
Interest and other annuity benefit expenses:
Cost of funds		252			250			244			236			233			982			863
Embedded derivative mark-to-market		276			111			251			462			(490	)		1,100			(248	)
Unlockings		—			(75	)		—			—			4			(75	)		59
Other		(27	)		(18	)		(20	)		(34	)		5			(99	)		(19	)
Ending fixed annuity reserves	$	40,018		$	39,212		$	38,680		$	37,724		$	36,431		$	40,018		$	36,431
Reconciliation to annuity benefits accumulated:
Ending fixed annuity reserves	$	40,018		$	39,212		$	38,680		$	37,724		$	36,431		$	40,018		$	36,431
Impact of unrealized investment gains on reserves		225			269			192			108			10			225			10
Fixed component of variable annuities		163			170			172			174			175			163			175
Annuity benefits accumulated per balance sheet	$	40,406		$	39,651		$	39,044		$	38,006		$	36,616		$	40,406		$	36,616
Annualized surrenders and other withdrawals as a % of beginning reserves		8.5	%		8.4	%		9.1	%		8.4	%		8.9	%		8.9	%		8.6	%
Rider reserves included in ending fixed annuity reserves above	$	625		$	611		$	491		$	478		$	472		$	625		$	472
Embedded Derivative liability included in ending fixed annuity reserves above	$	3,730		$	3,469		$	3,541		$	3,247		$	2,720		$	3,730		$	2,720

Page 16

American Financial Group, Inc. Guaranteed Minimum Interest Rate (“GMIR”) Analysis ($ in millions)

	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18
GMIR
1 - 1.99%		81	%		81	%		80	%		79	%		79	%		78	%
2 - 2.99%		3	%		3	%		4	%		4	%		4	%		4	%
3 - 3.99%		7	%		7	%		7	%		8	%		8	%		9	%
4.00% and above		9	%		9	%		9	%		9	%		9	%		9	%
Annuity Benefits Accumulated	$	40,406		$	39,651		$	39,044		$	38,006		$	36,616		$	35,958
Traditional Fixed and FIA Surrender Value (a)	$	30,921		$	30,292		$	29,891		$	29,163		$	27,842		$	27,434
Ability to Lower Average Crediting Rates by (a) (b)		1.19	%		1.20	%		1.20	%		1.20	%		1.19	%		1.16	%
Pretax earnings impact of crediting guaranteed minimums (a)	$	368		$	363		$	359		$	350		$	331		$	317
(assumes net DAC impact over time = $0)

(a) Excludes Annuities with Guaranteed Withdrawal Benefits, FHLB advances, immediate reserves and certain other reserves.

(b) Weighted Average Crediting Rate less GMIR

Page 17

American Financial Group, Inc. Annuity Non-Core Earnings (Losses) ($ in millions)

	Reported in Non-Core Earnings									Reported in Core Earnings Prior to Second Quarter of 2019
	Three Months Ended									Three Months Ended						Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Annuity Non-Core Earnings (Losses):
Stock market impact on:
Liability for guaranteed benefits (a)	$	12		$	2		$	6		$	14		$	(22	)	$	34		$	(14	)
DAC and sales inducements (b)		4			1			1			5			(8	)		11			(4	)
Fair Value (FV) accounting		8			1			—			14			(27	)		23			(11	)
Subtotal impact of changes in stock market		24			4			7			33			(57	)		68			(29	)
Impact of changes in interest rates on FV accounting		(4	)		(30	)		(38	)		(45	)		(4	)		(117	)		33
Other FIA items		4			—			(2	)		1			(1	)		3			(21	)
Unlockings		—			(1	)		—			—			(4	)		(1	)		(31	)
Annuity Non-Core Earnings (Losses)	$	24		$	(27	)	$	(33	)	$	(11	)	$	(66	)	$	(47	)	$	(48	)
Reported as		Non-core			Non-core			Non-core			Core			Core			Q1 Core =   Q2/Q3/Q4 Non-core =	($11)  ($36)		Core
Annuity Non-Core Net Spread Earned:
Stock market impact on:
Liability for guaranteed benefits (a)		0.12	%		0.02	%		0.06	%		0.15	%		(0.24	%)		0.09	%		(0.04	%)
DAC and sales inducements (b)		0.04	%		0.01	%		0.01	%		0.06	%		(0.09	%)		0.03	%		(0.01	%)
Fair Value (FV) accounting		0.08	%		0.01	%		0.00	%		0.15	%		(0.30	%)		0.06	%		(0.03	%)
Subtotal impact of changes in stock market		0.24	%		0.04	%		0.07	%		0.36	%		(0.63	%)		0.18	%		(0.08	%)
Impact of changes in interest rates on FV accounting		(0.04	%)		(0.31	%)		(0.40	%)		(0.49	%)		(0.05	%)		(0.31	%)		0.10	%
Other FIA items		0.04	%		0.00	%		(0.02	%)		0.01	%		(0.01	%)		0.01	%		(0.06	%)
Unlockings		0.00	%		(0.01	%)		0.00	%		0.00	%		(0.04	%)		0.00	%		(0.09	%)
Non-core net spread earned on fixed annuities		0.24	%		(0.28	%)		(0.35	%)		(0.12	%)		(0.73	%)		(0.12	%)		(0.13	%)
Reported as		Non-core			Non-core			Non-core			Core			Core			Q1 Core = (.03%) Q2/Q3/Q4 Non-core = (.09%)			Core

(a) Reflects the impact of changes in the stock market on AFG’s liability for fixed-indexed annuities with guaranteed benefits. Increases in the stock market will generally have a favorable earnings impact; decreases in the stock market will generally have an unfavorable impact.

(b) Reflects the impact of changes in the stock market on the current and projected lifetime profitability of AFG’s annuity business. Increases in the stock market will generally have a favorable earnings impact; decreases in the stock market will generally have an unfavorable impact.

S&P 500	3,231		2,977		2,942		2,834		2,507		3,231		2,507
Average 5 and 15 year Corp A2 rates	2.74	%	2.71	%	2.97	%	3.41	%	3.90	%	2.74	%	3.90	%
Non-core earnings sensitivities:
Incremental +/- 1% change in S&P 500	~ +/- $1mm to $3mm
Incremental +/- 10bps change in interest rates	~ +/- $9mm to $11mm
(Assumes parallel shift in rates (primarily Corporate A2 rates))

Page 18

American Financial Group, Inc. Reconciliation from Core to GAAP Annuity Pretax Earnings ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Annuity Earnings
Core annuity operating earnings - as reported (see page 12)	$	104		$	100		$	104		$	90		$	20		$	398		$	361
Annuity non-core earnings (losses)		24			(27	)		(33	)		—			—			(36	)		—
Earnings before income taxes - GAAP	$	128		$	73		$	71		$	90		$	20		$	362		$	361
Policy Charges and Other Miscellaneous Income
Policy charges and other miscellaneous income - new method (see page 12)	$	9		$	10		$	10		$	11		$	10		$	40		$	43
Annuity non-core policy charges and other miscellaneous income		—			1			—			—			—			1			(1	)
Policy Charges and Other Miscellaneous Income - GAAP	$	9		$	11		$	10		$	11		$	10		$	41		$	42
Annuity Benefit Expense
Annuity benefits expense - new method (see page 13)	$	281		$	276		$	272		$	266		$	260		$	1,095		$	964
Annuity non-core annuity benefits		(30	)		(26	)		67			45			74			56			34
Annuity Benefit Expense - GAAP	$	251		$	250		$	339		$	311		$	334		$	1,151		$	998
Acquisition Expenses
Acquisition expenses - new method (see page 12)	$	65		$	64		$	67		$	60		$	64		$	256		$	242
Annuity non-core acquisition expenses		6			54			(34	)		(34	)		(8	)		(8	)		13
Acquisition Expenses - GAAP	$	71		$	118		$	33		$	26		$	56		$	248		$	255
Net Spread on Fixed Annuities
Core net spread earned on fixed annuities - as reported (see page 14)		1.07	%		1.06	%		1.11	%		0.96	%		0.25	%		1.05	%		1.07	%
Non-core net spread earned on fixed annuities		0.24	%		(0.28	%)		(0.35	%)		0.00	%		0.00	%		(0.09	%)		0.00	%
Net Spread on Fixed Annuities		1.31	%		0.78	%		0.76	%		0.96	%		0.25	%		0.96	%		1.07	%

Page 19

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions)

	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18
Assets:
Total cash and investments	$	55,252		$	54,207		$	52,907		$	51,040		$	48,498		$	47,841
Recoverables from reinsurers		3,415			3,261			3,150			3,258			3,349			3,352
Prepaid reinsurance premiums		678			781			651			636			610			717
Agents’ balances and premiums receivable		1,335			1,403			1,398			1,283			1,234			1,299
Deferred policy acquisition costs		1,037			964			1,203			1,447			1,682			1,669
Assets of managed investment entities		4,736			4,702			4,781			4,786			4,700			4,998
Other receivables		975			1,187			999			1,011			1,090			1,633
Variable annuity assets (separate accounts)		628			601			616			610			557			650
Other assets		1,867			1,754			1,785			1,854			1,529			1,832
Goodwill		207			207			207			207			207			199
Total assets	$	70,130		$	69,067		$	67,697		$	66,132		$	63,456		$	64,190
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	10,232		$	9,847		$	9,577		$	9,623		$	9,741		$	9,670
Unearned premiums		2,830			2,986			2,683			2,605			2,595			2,740
Annuity benefits accumulated		40,406			39,651			39,044			38,006			36,616			35,958
Life, accident and health reserves		612			613			619			632			635			643
Payable to reinsurers		814			867			755			730			752			932
Liabilities of managed investment entities		4,571			4,523			4,590			4,593			4,512			4,807
Long-term debt		1,473			1,423			1,423			1,423			1,302			1,302
Variable annuity liabilities (separate accounts)		628			601			616			610			557			650
Other liabilities		2,295			2,235			2,300			2,245			1,774			2,324
Total liabilities	$	63,861		$	62,746		$	61,607		$	60,467		$	58,484		$	59,026
Shareholders’ equity:
Common stock	$	90		$	90		$	90		$	90		$	89		$	89
Capital surplus		1,307			1,292			1,277			1,256			1,245			1,231
Retained earnings		4,009			4,022			3,914			3,875			3,588			3,800
Unrealized gains - fixed maturities		862			920			812			464			83			93
Unrealized gains (losses) - fixed maturity-related cash flow hedges		17			25			18			—			(11	)		(32	)
Other comprehensive income, net of tax		(16	)		(28	)		(21	)		(20	)		(24	)		(17	)
Total shareholders’ equity		6,269			6,321			6,090			5,665			4,970			5,164
Noncontrolling interests		—			—			—			—			2			—
Total liabilities and equity	$	70,130		$	69,067		$	67,697		$	66,132		$	63,456		$	64,190

Page 20

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information)

	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18
Shareholders’ equity	$	6,269		$	6,321		$	6,090		$	5,665		$	4,970		$	5,164
Unrealized (gains) related to fixed maturities		(879	)		(945	)		(830	)		(464	)		(72	)		(61	)
Adjusted shareholders’ equity		5,390			5,376			5,260			5,201			4,898			5,103
Goodwill		(207	)		(207	)		(207	)		(207	)		(207	)		(199	)
Intangibles		(43	)		(45	)		(48	)		(51	)		(54	)		(31	)
Tangible adjusted shareholders’ equity	$	5,140		$	5,124		$	5,005		$	4,943		$	4,637		$	4,873
Common shares outstanding		90.304			90.127			89.918			89.638			89.292			89.189
Book value per share:
Book value per share	$	69.43		$	70.14		$	67.72		$	63.20		$	55.66		$	57.90
Adjusted (a)		59.70			59.65			58.49			58.02			54.86			57.22
Tangible, adjusted (b)		56.93			56.84			55.65			55.14			51.93			54.64
Market capitalization
AFG’s closing common share price	$	109.65		$	107.85		$	102.47		$	96.21		$	90.53		$	110.97
Market capitalization	$	9,902		$	9,720		$	9,214		$	8,624		$	8,084		$	9,897
Price / Adjusted book value ratio		1.84			1.81			1.75			1.66			1.65			1.94

(a) Excludes unrealized gains related to fixed maturity investments.

(b) Excludes unrealized gains related to fixed maturity investments, goodwill and intangibles.

Page 21

American Financial Group, Inc. Capitalization ($ in millions)

	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			9/30/18
AFG senior obligations	$	1,018		$	1,018		$	1,018		$	1,018		$	1,018		$	1,018
Borrowings drawn under credit facility		—			—			—			—			—			—
Debt excluding subordinated debt	$	1,018		$	1,018		$	1,018		$	1,018		$	1,018		$	1,018
AFG subordinated debentures		475			425			425			425			300			300
Total principal amount of long-term debt	$	1,493		$	1,443		$	1,443		$	1,443		$	1,318		$	1,318
Shareholders’ equity		6,269			6,321			6,090			5,665			4,970			5,164
Noncontrolling interests (including redeemable NCI)		—			—			—			—			2			—
Less:
Unrealized (gains) related to fixed maturity investments		(879	)		(945	)		(830	)		(464	)		(72	)		(61	)
Total adjusted capital	$	6,883		$	6,819		$	6,703		$	6,644		$	6,218		$	6,421
Ratio of debt to total adjusted capital:
Including subordinated debt		21.7	%		21.2	%		21.5	%		21.7	%		21.2	%		20.5	%
Excluding subordinated debt		14.8	%		14.9	%		15.2	%		15.3	%		16.4	%		15.9	%

Page 22

American Financial Group, Inc. Additional Supplemental Information ($ in millions)

	Three Months Ended										Twelve Months Ended
	12/31/19		9/30/19		6/30/19		3/31/19		12/31/18		12/31/19		12/31/18
Property and Casualty Insurance
Paid Losses (GAAP)	$	727	$	769	$	666	$	704	$	719	$	2,866	$	2,602

	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			09/30/18
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	4,043		$	4,094		$	3,959		$	3,868		$	3,638		$	3,664
Annuity		2,664			2,613			2,612			2,553			2,443			2,513
Parent and other subsidiaries		(1,301	)		(1,303	)		(1,290	)		(1,200	)		(1,159	)		(1,057	)
AFG GAAP Equity (excluding AOCI)	$	5,406		$	5,404		$	5,281		$	5,221		$	4,922		$	5,120
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	565		$	529		$	529		$	529		$	529		$	563
Annuity and Run-off		287			768			768			768			768			263
Total	$	852		$	1,297		$	1,297		$	1,297		$	1,297		$	826

Page 23

American Financial Group, Inc. Total Cash and Investments ($ in millions)

	Carrying Value - December 31, 2019
	Property and				Parent and							% of
	Casualty		Annuity and		Other Non-		Consolidate			Total AFG		Investment
	Insurance		Run-off		Insurance		CLOs			Consolidated		Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,387	$	746	$	181	$	—		$	2,314		4	%
Fixed maturities - Available for sale		8,596		37,899		10		—			46,505		84	%
Fixed maturities - Trading		59		54		—		—			113		0	%
Equity securities		1,061		810		66		—			1,937		4	%
Investments accounted for using the equity method		703		985		—		—			1,688		3	%
Mortgage loans		262		1,067		—		—			1,329		2	%
Policy loans		—		164		—		—			164		0	%
Equity index call options		—		924		—		—			924		2	%
Real estate and other investments		122		265		55		(164	)		278		1	%
Total cash and investments	$	12,190	$	42,914	$	312	$	(164	)	$	55,252		100	%
	Carrying Value - December 31, 2018
	Property and				Parent and							% of
	Casualty		Annuity and		Other Non-		Consolidate			Total AFG		Investment
	Insurance		Run-off		Insurance		CLOs			Consolidated		Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,007	$	339	$	169	$	—		$	1,515		3	%
Fixed maturities - Available for sale		7,853		34,132		12		—			41,997		87	%
Fixed maturities - Trading		50		55		—		—			105		0	%
Equity securities		1,017		744		53		—			1,814		4	%
Investments accounted for using the equity method		557		817		—		—			1,374		3	%
Mortgage loans		289		779		—		—			1,068		2	%
Policy loans		—		174		—		—			174		0	%
Equity index call options		—		184		—		—			184		0	%
Real estate and other investments		134		276		44		(187	)		267		1	%
Total cash and investments	$	10,907	$	37,500	$	278	$	(187	)	$	48,498		100	%

Page 24

American Financial Group, Inc. Net Investment Income ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities - Available for sale	$	79		$	75		$	79		$	77		$	74		$	310		$	284
Fixed maturities - Trading		—			1			1			1			1			3			3
Equity securities - dividends		11			12			13			13			11			49			48
Equity securities - MTM		(1	)		7			1			2			9			9			13
Equity in investees		21			20			20			3			14			64			65
AFG managed CLOs		(2	)		(2	)		2			3			(1	)		1			2
Other investments (a)		13			12			10			7			10			42			32
Gross investment income		121			125			126			106			118			478			447
Investment expenses		(1	)		(1	)		(2	)		(2	)		(3	)		(6	)		(9	)
Total net investment income	$	120		$	124		$	124		$	104		$	115		$	472		$	438
Average cash and investments (b)	$	11,744		$	11,387		$	11,193		$	10,997		$	10,651		$	11,348		$	10,497
Average yield (c)		4.09	%		4.36	%		4.43	%		3.78	%		4.32	%		4.16	%		4.17	%
Fixed Annuity
Gross Investment Income
Fixed maturities - Available for sale	$	406		$	393		$	391		$	384		$	376		$	1,574		$	1,425
Equity securities - dividends		8			9			8			9			9			34			30
Equity securities - MTM		4			7			3			3			2			17			13
Equity in investees		24			23			25			18			19			90			96
AFG managed CLOs		(5	)		(3	)		3			8			(3	)		3			5
Other investments (a)		23			21			22			15			18			81			73
Gross investment income		460			450			452			437			421			1,799			1,642
Investment expenses		(4	)		(4	)		(4	)		(4	)		(4	)		(16	)		(13	)
Total net investment income	$	456		$	446		$	448		$	433		$	417		$	1,783		$	1,629
Average cash and investments (b)	$	39,316		$	38,650		$	37,907		$	36,991		$	35,993		$	38,216		$	34,471
Average yield (c)		4.63	%		4.62	%		4.73	%		4.68	%		4.64	%		4.67	%		4.73	%
AFG consolidated net investment income:
Property & Casualty	$	120		$	124		$	124		$	104		$	115		$	472		$	438
Annuity:
Fixed Annuity		456			446			448			433			417			1,783			1,629
Variable Annuity		2			2			3			2			2			9			9
Parent & other		8			11			10			14			4			43			25
Consolidate CLOs		7			5			(5	)		(11	)		4			(4	)		(7	)
Total net investment income	$	593		$	588		$	580		$	542		$	542		$	2,303		$	2,094

(a) Includes income from mortgage loans, real estate, policy loans, short-term investments, and cash equivalents.

(b) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances.

(c) Average yield is calculated by dividing investment income for the quarter by the average cash and investment balance over the quarter.

Page 25

American Financial Group, Inc. Significant Investments Marked-to-Market Through Investment Income and Investments Accounted For Using the Equity Method ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/19			9/30/19			6/30/19			3/31/19			12/31/18			12/31/19			12/31/18
Property and Casualty Insurance:
Net Investment Income
Equity securities MTM through investment income (a)	$	(1	)	$	7		$	1		$	2		$	9		$	9		$	13
Investments accounted for using the equity method (b)		21			20			20			3			14			64			65
AFG managed CLOs (eliminated in consolidation)		(2	)		(2	)		2			3			(1	)		1			2
Total Property & Casualty	$	18		$	25		$	23		$	8		$	22		$	74		$	80
Investments
Equity securities MTM through investment income (a)	$	85		$	77		$	57		$	52		$	50		$	85		$	50
Investments accounted for using the equity method (b)		703			625			614			578			557			703			557
AFG managed CLOs (eliminated in consolidation)		48			53			56			57			56			48			56
Total Property & Casualty	$	836		$	755		$	727		$	687		$	663		$	836		$	663
Annualized Yield - Property & Casualty		9.1	%		13.5	%		13.0	%		4.7	%		13.8	%		10.1	%		13.9	%
Fixed Annuity:
Net Investment Income
Equity securities MTM through investment income (a)	$	4		$	7		$	3		$	3		$	2		$	17		$	13
Investments accounted for using the equity method (b)		24			23			25			18			19			90			96
AFG managed CLOs (eliminated in consolidation)		(5	)		(3	)		3			8			(3	)		3			5
Total Fixed Annuity	$	23		$	27		$	31		$	29		$	18		$	110		$	114
Investments
Equity securities MTM through investment income (a)	$	142		$	120		$	101		$	88		$	84		$	142		$	84
Investments accounted for using the equity method (b)		985			910			892			862			817			985			817
AFG managed CLOs (eliminated in consolidation)		116			125			135			136			132			116			132
Total Fixed Annuity	$	1,243		$	1,155		$	1,128		$	1,086		$	1,033		$	1,243		$	1,033
Annualized Yield - Fixed Annuity		7.7	%		9.5	%		11.2	%		10.9	%		7.1	%		9.7	%		12.4	%
Combined (includes Parent amounts not shown above):
Net Investment Income
Equity securities MTM through investment income (a)	$	3		$	17		$	8		$	11		$	6		$	39		$	22
Investments accounted for using the equity method (b)		45			43			45			21			33			154			161
AFG managed CLOs (eliminated in consolidation)		(7	)		(5	)		5			11			(4	)		4			7
Total Combined (including Parent)	$	41		$	55		$	58		$	43		$	35		$	197		$	190
Investments
Equity securities MTM through investment income (a)	$	294		$	262		$	220		$	198		$	187		$	294		$	187
Investments accounted for using the equity method (b)		1,688			1,535			1,506			1,440			1,374			1,688			1,374
AFG managed CLOs (eliminated in consolidation)		164			178			191			193			188			164			188
Total Combined (including Parent)	$	2,146		$	1,975		$	1,917		$	1,831		$	1,749		$	2,146		$	1,749
Annualized Yield - Combined		8.0	%		11.3	%		12.4	%		9.6	%		8.2	%		10.2	%		12.2	%

(a) AFG carries the small portion of its equity securities previously classified as “trading” and investments in limited partnerships and similar investments that aren’t accounted for using the equity method at 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.

Page 26

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions )

												% of
	Amortized					Unrealized			% of			Investment
December 31, 2019	Cost			Fair Value		Gain (Loss)			Fair Value			Portfolio
US Government and government agencies	$	203		$	213	$	10			1	%		0	%
States, municipalities and political subdivisions		6,628			6,987		359			15	%		12	%
Foreign government		209			211		2			0	%		0	%
Residential mortgage-backed securities		2,901			3,161		260			7	%		6	%
Commercial mortgage-backed securities		896			927		31			2	%		2	%
Collateralized loan obligations		4,307			4,280		(27	)		9	%		8	%
Other asset-backed securities		6,992			7,128		136			15	%		13	%
Corporate and other bonds		22,501			23,711		1,210			51	%		43	%
Total AFG consolidated	$	44,637		$	46,618	$	1,981			100	%		84	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.48	%
Net of investment expense (a)		4.44	%
Approximate average life and duration:
Approximate average life		5.5 years
Approximate duration		4 years
												% of
	Amortized					Unrealized			% of			Investment
December 31, 2018	Cost			Fair Value		Gain (Loss)			Fair Value			Portfolio
US Government and government agencies	$	245		$	243	$	(2	)		1	%		1	%
States, municipalities and political subdivisions		6,850			6,964		114			17	%		14	%
Foreign government		166			168		2			0	%		0	%
Residential mortgage-backed securities		2,478			2,746		268			7	%		6	%
Commercial mortgage-backed securities		905			920		15			2	%		2	%
Collateralized loan obligations		4,350			4,278		(72	)		10	%		9	%
Other asset-backed securities		5,431			5,533		102			13	%		11	%
Corporate and other bonds		21,517			21,250		(267	)		50	%		44	%
Total AFG consolidated	$	41,942		$	42,102	$	160			100	%		87	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.47	%
Net of investment expense (a)		4.42	%
Approximate average life and duration:
Approximate average life		6 years
Approximate duration		4.5 years

(a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

Page 27

American Financial Group, Inc. Fixed Maturities - By Security Type Portfolio ($ in millions )

	December 31, 2019											December 31, 2018
	Amortized					Unrealized			% of			Amortized					Unrealized			% of
Property and Casualty Insurance:	Cost			Fair Value		Gain (Loss)			Fair Value			Cost			Fair Value		Gain (Loss)			Fair Value
US Government and government agencies	$	165		$	167		2			2	%	$	203		$	202	$	(1	)		3	%
States, municipalities and political subdivisions		2,524			2,614		90			30	%		2,630			2,642		12			33	%
Foreign government		178			177		(1	)		2	%		155			156		1			2	%
Residential mortgage-backed securities		990			1,051		61			12	%		725			784		59			10	%
Commercial mortgage-backed securities		89			92		3			1	%		83			84		1			1	%
Collateralized loan obligations		906			901		(5	)		11	%		910			895		(15	)		12	%
Other asset-backed securities		1,727			1,741		14			20	%		1,365			1,364		(1	)		17	%
Corporate and other bonds		1,861			1,912		51			22	%		1,792			1,776		(16	)		22	%
Property and Casualty Insurance	$	8,440		$	8,655	$	215			100	%	$	7,863		$	7,903	$	40			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		3.94	%										3.91	%
Net of investment expense (a)		3.90	%										3.81	%
Tax equivalent, net of investment expense (b)		4.05	%										3.99	%
Approximate average life and duration:
Approximate average life		4.5 years											4.5 years
Approximate duration		3.0 years											3.5 years
	December 31, 2019											December 31, 2018
	Amortized					Unrealized			% of			Amortized					Unrealized			% of
Annuity and Run-off:	Cost			Fair Value		Gain (Loss)			Fair Value			Cost			Fair Value		Gain (Loss)			Fair Value
US Government and government agencies	$	38		$	46	$	8			0	%	$	42		$	41	$	(1	)		0	%
States, municipalities and political subdivisions		4,104			4,373		269			12	%		4,220			4,322		102			13	%
Foreign government		31			34		3			0	%		11			12		1			0	%
Residential mortgage-backed securities		1,909			2,100		191			6	%		1,750			1,950		200			6	%
Commercial mortgage-backed securities		807			835		28			2	%		822			836		14			2	%
Collateralized loan obligations		3,401			3,379		(22	)		9	%		3,440			3,383		(57	)		10	%
Other asset-backed securities		5,265			5,387		122			14	%		4,066			4,169		103			12	%
Corporate and other bonds		20,640			21,799		1,159			57	%		19,725			19,474		(251	)		57	%
Total Annuity and Run-off	$	36,195		$	37,953	$	1,758			100	%	$	34,076		$	34,187	$	111			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.59	%										4.59	%
Net of investment expense (a)		4.55	%										4.55	%
Approximate average life and duration:
Approximate average life		6 years											6.5 years
Approximate duration		4.5 years											4.5 years

(a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

(b) Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield.

Page 28

American Financial Group, Inc. Fixed Maturities - Credit Rating ($ in millions)

	December 31, 2019
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	8,854	$	9,010	$	156			19	%
AA		8,615		8,957		342			19	%
A		10,456		10,983		527			24	%
BBB		12,759		13,465		706			29	%
Subtotal - Investment grade		40,684		42,415		1,731			91	%
BB		714		724		10			2	%
B		186		183		(3	)		0	%
Other (b)		3,053		3,296		243			7	%
Subtotal - Non-Investment grade		3,953		4,203		250			9	%
Total	$	44,637	$	46,618	$	1,981			100	%

98% of the fixed maturity portfolio is NAIC designated 1 or 2.

	December 31, 2018
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	7,367	$	7,359	$	(8	)		17	%
AA		8,714		8,831		117			21	%
A		10,006		9,989		(17	)		24	%
BBB		12,206		12,053		(153	)		29	%
Subtotal - Investment grade		38,293		38,232		(61	)		91	%
BB		703		685		(18	)		2	%
B		261		254		(7	)		0	%
Other (b)		2,685		2,931		246			7	%
Subtotal - Non-Investment grade		3,649		3,870		221			9	%
Total	$	41,942	$	42,102	$	160			100	%

98% of the fixed maturity portfolio is NAIC designated 1 or 2.

(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) See page 33 for more information.

Page 29

American Financial Group, Inc. Mortgage-Backed Securities - AFG Consolidated ($ in millions)

December 31, 2019	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	549	$	552	$	3		13	%		1	%
Prime (Non-Agency)		1,157		1,264		107		31	%		2	%
Alt-A		897		1,015		118		25	%		2	%
Subprime		298		330		32		8	%		1	%
Commercial		896		927		31		23	%		2	%
Total AFG consolidated	$	3,797	$	4,088	$	291		100	%		8	%

• Substantially all of AFG’s MBS securities are either senior tranches of securitizations or collateralized by senior tranches of securitizations.

• The average amortized cost as a percent of par is - Prime 87%; Alt-A 81%; Subprime 82%; CMBS 100%.

• The average FICO score of our residential MBS securities is - Prime 742; Alt-A 685; Subprime 630.

• 96% of our Commercial MBS portfolio is investment-grade rated (83% AAA) and the average subordination for this group of assets is 36%.

• The approximate average life by collateral type is - Residential 4.5 years; Commercial 3 years.

December 31, 2018	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
Residential
Agency	$	170	$	168	$	(2	)		5	%		1	%
Prime (Non-Agency)		967		1,098		131			30	%		2	%
Alt-A		972		1,074		102			29	%		2	%
Subprime		369		406		37			11	%		1	%
Commercial		905		920		15			25	%		2	%
Total AFG consolidated	$	3,383	$	3,666	$	283			100	%		8	%

Page 30

American Financial Group, Inc. Mortgage-Backed Securities Portfolio ($ in millions)

Property and Casualty Insurance:

	December 31, 2019
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Inv Portfolio
Residential
Agency	$	315	$	317	$	2			28	%		3	%
Prime (Non-Agency)		279		292		13			26	%		2	%
Alt-A		265		299		34			26	%		2	%
Subprime		131		143		12			12	%		1	%
Commercial		89		92		3			8	%		1	%
Total	$	1,079	$	1,143	$	64			100	%		9	%
	December 31, 2018
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Inv Portfolio
Residential
Agency	$	137	$	134	$	(3	)		15	%		1	%
Prime (Non-Agency)		138		155		17			18	%		1	%
Alt-A		289		319		30			37	%		3	%
Subprime		161		176		15			20	%		2	%
Commercial		83		84		1			10	%		1	%
Total	$	808	$	868	$	60			100	%		8	%

Annuity and Run-off:

	December 31, 2019
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	234	$	235	$	1		8	%		1	%
Prime (Non-Agency)		876		962		86		33	%		2	%
Alt-A		632		716		84		25	%		2	%
Subprime		167		187		20		6	%		0	%
Commercial		807		835		28		28	%		2	%
Total	$	2,716	$	2,935	$	219		100	%		7	%
	December 31, 2018
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	33	$	34	$	1		1	%		0	%
Prime (Non-Agency)		826		931		105		34	%		2	%
Alt-A		683		755		72		27	%		2	%
Subprime		208		230		22		8	%		1	%
Commercial		822		836		14		30	%		2	%
Total	$	2,572	$	2,786	$	214		100	%		7	%

Page 31

American Financial Group, Inc. Mortgage-Backed Securities - Credit Rating ($ in millions)

	December 31, 2019
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	1,921	$	1,957	$	36		48	%
AA		144		151		7		4	%
A		248		266		18		6	%
BBB		181		193		12		5	%
Subtotal - investment grade		2,494		2,567		73		63	%
BB		105		106		1		3	%
B		102		102		—		2	%
Other (b)		1,096		1,313		217		32	%
Total	$	3,797	$	4,088	$	291		100	%

97% of the mortgage-backed security portfolio has an NAIC 1 designation.

	December 31, 2018
By Credit Rating (a)	Amortized Cost		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	1,107	$	1,119	$	12			31	%
AA		143		147		4			4	%
A		263		270		7			7	%
BBB		232		243		11			7	%
Subtotal - investment grade		1,745		1,779		34			49	%
BB		128		131		3			3	%
B		155		154		(1	)		4	%
Other (b)		1,355		1,602		247			44	%
Total	$	3,383	$	3,666	$	283			100	%

96% of the mortgage-backed security portfolio has an NAIC 1 designation.

(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) See page 33 for more information.

Page 32

Appendix A American Financial Group, Inc. Fixed Maturities - Credit Rating by Type ($ in millions)

	Fair Value - December 31, 2019
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		Other ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	204	$	2,086	$	134	$	1,184	$	773	$	2,921	$	1,529	$	179	$	9,010		19	%
AA		9		4,325		52		131		20		1,074		1,779		1,567		8,957		19	%
A		—		418		8		250		16		241		1,983		8,067		10,983		24	%
BBB		—		95		3		115		78		27		742		12,405		13,465		29	%
Subtotal - Investment grade		213		6,924		197		1,680		887		4,263		6,033		22,218		42,415		91	%
BB		—		9		—		74		32		—		13		596		724		2	%
B		—		—		1		97		5		—		4		76		183		0	%
CCC, CC, C		—		—		—		544		3		—		4		42		593		1	%
D		—		—		—		185		—		—		—		1		186		0	%
Subtotal - Non-Investment grade		—		9		1		900		40		—		21		715		1,686		3	%
Not Rated		—		54		13		581		—		17		1,074		778		2,517		6	%
Total	$	213	$	6,987	$	211	$	3,161	$	927	$	4,280	$	7,128	$	23,711	$	46,618		100	%
	Fair Value - December 31, 2018
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		Other ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	213	$	1,889	$	98	$	367	$	752	$	2,679	$	1,191	$	170	$	7,359		17	%
AA		22		4,456		53		129		18		1,244		1,326		1,583		8,831		21	%
A		—		448		—		248		22		250		1,836		7,185		9,989		24	%
BBB		—		110		—		169		74		84		685		10,931		12,053		29	%
Subtotal - Investment grade		235		6,903		151		913		866		4,257		5,038		19,869		38,232		91	%
BB		—		—		—		97		34		—		23		531		685		2	%
B		—		8		—		151		3		—		4		88		254		0	%
CCC, CC, C		—		—		—		670		5		—		2		12		689		2	%
D		—		3		—		230		—		—		—		1		234		1	%
Subtotal - Non-Investment grade		—		11		—		1,148		42		—		29		632		1,862		5	%
Not Rated		8		50		17		685		12		21		466		749		2,008		4	%
Total	$	243	$	6,964	$	168	$	2,746	$	920	$	4,278	$	5,533	$	21,250	$	42,102		100	%

(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.

Page 33