8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2021

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio	1-13653	31-1544320
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

301 East Fourth Street, Cincinnati, OH	45202
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 513-579-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AFG	New York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059	AFGB	New York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059	AFGC	New York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060	AFGD	New York Stock Exchange
4.5% Subordinated Debentures due September 15, 2060	AFGE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2021 and the availability of the Investor Supplement on the Company’s website. The press release was issued on May 4, 2021. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and a copy of the Investor Supplement is attached as Exhibit 99.2. Both are incorporated herein by reference.

The information contained herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements of business acquired. Not applicable.

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

Exhibit No.	Description
99.1	Earnings Release dated May 4, 2021, reporting American Financial Group Inc. results for the quarter ended March 31, 2021.
99.2	Investor Supplement – First Quarter 2021
104	Cover page Interactive Date File (embedded within Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMERICAN FINANCIAL GROUP, INC.
Date: May 5, 2021	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

3

EX-99.1

Exhibit 99.1

Press Release For Immediate Release

American Financial Group, Inc. Announces First Quarter Results

• Net earnings per share of $4.84; includes $2.46 earnings per share from after-tax non-core items

• Net earnings from continuing operations of $267 million ($3.08 per share)

• Core net operating earnings of $2.38 per share, a 75% increase from the prior year period

• First quarter annualized ROE of 29.9%; core operating ROE of 14.7%

• Parent company cash of approximately $200 million; excess capital of $1.2 billion at March 31, 2021

• Full year 2021 core net operating earnings guidance increased to $7.00 - $8.00 per share, from previous guidance of $6.25 to $7.25 per share

CINCINNATI – May 4, 2021 – American Financial Group, Inc. (NYSE: AFG) today reported 2021 first quarter net earnings attributable to shareholders of $419 million ($4.84 per share) compared to a net loss of $301 million ($3.34 per share loss) for the 2020 first quarter. Net earnings for the 2021 first quarter include after-tax non-core items totaling $213 million ($2.46 per share). As previously announced, the results of AFG’s Annuity operations are reported as discontinued operations beginning with the first quarter of 2021, in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued. AFG’s first quarter 2021 results included $152 million ($1.76 per share) in earnings from discontinued annuity operations and $61 million ($0.70 per share) in after-tax non-core net realized gains on securities. By comparison, the net loss attributable to shareholders in the 2020 first quarter included $426 million ($4.70 per share loss) in adverse after-tax non-core items. Other details may be found in the table on the following page. AFG’s book value per share was $78.53 as of March 31, 2021. Annualized return on equity was 29.9% and (23.1%) for the first quarters of 2021 and 2020, respectively.

Core net operating earnings were $206 million ($2.38 per share) for the 2021 first quarter, compared to $125 million ($1.36 per share) in the 2020 first quarter. The year-over-year increase was the result of substantially higher underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations and significantly higher P&C net investment income. Improved results from AFG’s $1.5 billion of alternative investments that are marked to market through core operating earnings were partially offset by lower other property and casualty net investment income, primarily due to lower short-term interest rates. Additional details for the 2021 and 2020 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2021 and 2020 generated annualized returns on equity of 14.7% and 9.6%, respectively.

	Three Months Ended March 31,
Components of Pretax Core Operating Earnings	2021			2020(a)			2021		2020(a)		2021			2020(a)
In millions, except per share amounts	Before Alternative Impact of Investments						Alternative Investments Investments, net of DAC				Core Net Operating Earnings, as reported
P&C Pretax Core Operating Earnings	$	211		$	178		$	77	$	3	$	288		$	181
Real estate entities and other to be acquired from
Annuity operations		(1	)		—			29		6		28			6
Other expenses		(34	)		(17	)		—		—		(34	)		(17	)
Holding company interest expense		(24	)		(17	)		—		—		(24	)		(17	)
Pretax Core Operating Earnings		152			144			106		9		258			153
Related provision for income taxes		30			26			22		2		52			28
Core Net Operating Earnings	$	122		$	118		$	84	$	7	$	206		$	125
Core Operating Earnings Per Share	$	1.41		$	1.28		$	0.97	$	0.08	$	2.38		$	1.36
Weighted Avg Diluted Shares Outstanding		86.6			91.1			86.6		91.1		86.6			91.1

Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.

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Book value per share, excluding unrealized gains related to fixed maturities, was $66.89 per share at March 31, 2021, compared to $63.61 at the end of 2020, a 5.2% increase. In the 2021 first quarter, AFG repurchased 1.76 million shares of its common stock at an average price of $108.98 per share, for a total of approximately $192 million.

AFG’s net earnings attributable to shareholders, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings attributable to shareholders to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of discontinued operations, net realized gains and losses, and special items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.

In millions, except per share amounts	Three months ended March 31,
	2021		2020(a)
Components of net earnings (loss) attributable to shareholders:
Core operating earnings before income taxes	$	258	$	153
Pretax non-core items:
Realized gains (losses) on securities		77		(328	)
Neon exited lines(b)		—		(10	)
Earnings (loss) before income taxes		335		(185	)
Provision (credit) for income taxes:
Core operating earnings		52		28
Non-core items		16		(69	)
Total provision (credit) for income taxes		68		(41	)
Net earnings (loss) from continuing operations including noncontrolling interests		267		(144	)
Discontinued annuity operations		152		(160	)
Less: Net earnings (losses) attributable to noncontrolling interests:
Non-core items		—		(3	)
Net earnings (loss) attributable to shareholders	$	419	$	(301	)
Net earnings (loss):
Core net operating earnings(c)	$	206	$	125
Non-core items:
Realized gains (losses) on securities		61		(259	)
Neon exited lines(b)		—		(7	)
Net earnings (loss) from continuing operations		267		(141	)
Discontinued annuity operations		152		(160	)
Net earnings (loss) attributable to shareholders	$	419	$	(301	)
Components of earnings (loss) per share:(d)
Core net operating earnings(c)	$	2.38	$	1.36
Non-core items:
Realized gains (losses) on securities		0.70		(2.86	)
Neon exited lines(b)		—		(0.07	)
Diluted net earnings (loss) per share from continuing operations	$	3.08		(1.57	)
Discontinued annuity operations		1.76		(1.77	)
Diluted net earnings (loss) per share	$	4.84	$	(3.34	)

Footnotes (a), (b), (c) and (d) are contained in the accompanying Notes to Financial Schedules at the end of this release.

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are extremely proud of AFG’s first quarter 2021 results, especially in the wake of elevated industry catastrophe levels resulting from severe winter storms, a continued low interest rate environment and the impact of the pandemic. We are hopeful that the vaccine rollout will help to facilitate a full re-opening of our economy in the near future, and are acting on growth opportunities across our Specialty P&C portfolio of businesses. We are especially pleased with the performance of our alternative investments, which are marked to market through core earnings. These results, combined with our disciplined operating philosophy, lower catastrophe volatility than our peers, and a portfolio of diversified specialty insurance businesses helped us achieve an annualized core return on equity of nearly 15% in the quarter.

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“AFG had approximately $1.2 billion of excess capital (including parent company cash of approximately $200 million) at March 31, 2021. The sale of our Annuity business to Massachusetts Mutual Life Insurance Company (MassMutual) is expected to close in the second quarter and will significantly enhance AFG’s cash and excess capital. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our excess capital will be deployed into AFG’s core businesses as we identify potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.

“Based on the strong results reported in the first quarter, we now expect AFG’s core net operating earnings in 2021 to be in the range of $7.00 to $8.00, an increase from our previous range of $6.25 to $7.25 per share. This guidance range excludes earnings from our discontinued annuity operations that will be sold to MassMutual, and continues to assume zero earnings on parent company cash, including the expected $3.4 billion in net cash proceeds (net of directly owned real estate assets to be acquired by AFG Parent) from the sale of the annuity operations as we continue to evaluate options for the deployment of excess capital. Our core earnings per share guidance excludes non-core items such as results of discontinued operations, realized gains and losses and other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations. Furthermore, the above guidance reflects a normal crop year and an annualized return of approximately 8% on alternative investments that are marked to market through core earnings over the remaining three quarters of 2021.”

Specialty Property and Casualty Insurance Operations

Pretax core operating earnings in AFG’s P&C Insurance Segment were a record $288 million in the first quarter of 2021, compared to $181 million in the prior year period, an increase of 59%. Significantly higher earnings from alternative investments and substantially higher year-over-year P&C underwriting profit were partially offset by lower other P&C net investment income, primarily the result of lower interest rates.

The Specialty P&C insurance operations generated an underwriting profit of $134 million in the 2021 first quarter, compared to $89 million in the first quarter of 2020. While each of our Specialty P&C Groups produced higher year-over-year underwriting profit, the increase was primarily due to higher underwriting profitability in our Property and Transportation Group.

The first quarter 2021 combined ratio was a very strong 88.5%, improving 3.7 points from the prior year period. First quarter 2021 results include $59 million (5.2 points) of favorable prior year reserve development, compared to $48 million (4.2 points) in the comparable prior year period. Catastrophe losses, net of reinsurance and including reinstatement premiums were $31 million in the first quarter of 2021, primarily the result of winter storms in Texas. By comparison, catastrophe losses were $9 million in the prior year period.

AFG recorded an additional $9 million in reserve charges related to COVID-19 in the first quarter of 2021 – primarily related to its workers’ compensation businesses – and released approximately $6 million of accident year 2020 COVID-19 reserves based on loss experience. Given the uncertainties surrounding the ultimate number and scope of claims relating to the pandemic, approximately 69% of the $98 million in COVID-19 related reserves are held as incurred but not reported (IBNR) at March 31, 2021.

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Gross and net written premiums were up 6% and 3%, respectively, in the 2021 first quarter compared to the prior year quarter, with healthy year-over-year growth reported within each of the Specialty P&C groups. Excluding workers’ compensation, gross and net written premiums grew 9% and 7% respectively, year over year. Average renewal pricing across our entire P&C Group was up approximately 12% for the quarter. Excluding our workers’ compensation business, renewal pricing was up approximately 16%. With the exception of workers’ compensation, we are continuing to achieve strong renewal rate increases in the vast majority of our businesses.

Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules.

The Property and Transportation Group reported an underwriting profit of $56 million in the first quarter of 2021 compared to $27 million in the first quarter of 2020. Higher underwriting profit in our transportation, property & inland marine and crop businesses were the drivers of the year-over-year increase. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $22 million in the first quarter of 2021, primarily the result of winter storms in Texas. Catastrophe losses were $8 million in the comparable 2020 period.

First quarter 2021 gross and net written premiums in this group were 5% and 4% higher, respectively, than the comparable prior year period, with growth reported by nearly all the businesses in this group. The growth came primarily from our agricultural, property & inland marine and aviation businesses, primarily as a result of higher renewal rates. Overall renewal rates in this group increased 7% in the first quarter of 2021.

The Specialty Casualty Group reported an underwriting profit of $56 million in the first quarter of 2021 compared to $52 million in the comparable 2020 period. Higher profitability in our excess and surplus lines and excess liability businesses was partially offset by lower underwriting profit in our workers’ compensation businesses, primarily the result of lower year-over-year prior period favorable reserve development. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved a very strong 90.2% calendar year combined ratio overall in the first quarter. Catastrophe losses for this group were approximately $2 million in the first quarter of 2021 and less than $1 million in the comparable prior year period.

First quarter 2021 gross written premiums increased 6%, and net written premiums were flat when compared to the same prior year period. Excluding workers’ compensation, gross and net written premiums grew by 13% and 8%, respectively year-over-year. With the exception of workers’ compensation, nearly all the businesses in this group achieved strong renewal pricing and reported premium growth during the first quarter. Significant renewal rate increases and strong renewal retention contributed to higher premiums in our excess liability businesses, which have higher cessions than other businesses in this group. Our executive liability and mergers and acquisitions liability businesses also contributed meaningfully to the year-over-year growth. These increases were partially offset by lower year-over-year premiums in our workers’ compensation businesses, which were primarily the result of lower renewal rates and decreased exposure bases. Renewal pricing for this group was up 15% in the first quarter. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 25%.

The Specialty Financial Group reported an underwriting profit of $25 million in the first quarter of 2021, compared to $17 million in the comparable 2020 period. Higher year-over-year underwriting profitability in our financial institutions business was the primary driver of the increase. This group continued to achieve excellent underwriting margins, and reported an 84.1% combined ratio for the first quarter of 2021. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $6 million in the first quarter of 2021, compared to $1 million in the prior year quarter.

First quarter 2021 gross and net written premiums in this group were up 5% and 8%, respectively, when compared to the prior year period. New business opportunities, coupled with growth in accounts within our lender services businesses with higher retentions contributed to the increase in the quarter. Renewal pricing in this group was up approximately 8% for the quarter.

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Carl Lindner III stated, “Operating earnings in our P&C Segment set a new record in the 2021 first quarter. Our Specialty P&C Group performed exceptionally well, with excellent underwriting margins, healthy year-over-year growth in net written premiums and very strong renewal pricing, especially in our longer-tailed liability lines of business. Based on results through the first three months, we continue to expect an overall 2021 calendar year combined ratio in the range of 89% to 91% and we now expect net written premiums to be 7% to 10% higher than the $5.0 billion reported in 2020, which is an increase from the range of +5% to +9% estimated previously. We expect the market to remain firm throughout 2021, allowing us to achieve solid renewal rate increases.”

Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.

Investments

P&C Net Investment Income – For the three months ended March 31, 2021, P&C net investment income was approximately 61% higher than the comparable 2020 period, and included significantly higher earnings from alternative investments marked to market through core operating earnings. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments, and generally are reported on a quarter lag. The annualized yield on alternative investments held in the P&C portfolio in the first quarter of 2021 was 29.8%. The cumulative return on these investments over the past five calendar years was nearly 10%. Excluding the impact of alternative investments, P&C net investment income decreased 15% year-over-year, reflecting lower market interest rates.

Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2021 net realized gains on securities of $61 million ($0.70 per share) after tax, which included $53 million ($0.61 per share) in after-tax net gains to adjust equity securities that the Company continued to own at March 31, 2021, to fair value. By comparison, AFG recorded net realized losses on securities of $259 million ($2.86 per share loss) in the comparable 2020 period. Prior period results have been adjusted to reflect the reclassification of AFG’s annuity operations to discontinued operations. See the table below under “Discontinued Annuity Operations” for additional information.

Unrealized gains on fixed maturities were $963 million after tax and after deferred acquisition costs (DAC) at March 31, 2021, a decrease of $292 million since year end 2020. This includes $774 million after tax and after DAC related to assets held by our discontinued annuity operations. Our portfolio continues to be high quality, with 87% of our fixed maturity portfolio rated investment grade and 98% with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.

Sale of AFG’s Annuity Businesses to MassMutual

On January 27, 2021, AFG announced that it entered into a definitive agreement to sell its Annuity business to MassMutual for $3.5 billion in cash, subject to final closing adjustments to the extent that GAAP shareholders’ equity excluding accumulated other comprehensive income (AOCI) of the entities sold varies from $2.8 billion. GAAP shareholders’ equity (excluding AOCI) of the entities to be sold was $3.0 billion at March 31, 2021. Under the terms of the agreement, MassMutual will acquire Great American Life Insurance Company (“GALIC”) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. The sale is expected to close in the second quarter of 2021. At March 31, 2021, GALIC and its subsidiaries had approximately $43 billion of traditional fixed and indexed annuity reserves (included in liabilities of discontinued annuity operations).

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Discontinued Annuity Operations

Beginning with the first quarter of 2021, AFG reports the results of its Annuity operations as discontinued operations, in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued. A reconciliation of amounts as previously presented to amounts reported as Discontinued Annuity Operations for the three month periods ended March 31, 2021 and March 31, 2020 appears below:

In millions	Three months ended March 31,
	2021			2020(a)
Pretax Annuity earnings historically reported as core operating	$	166		$	67
Amounts previously reported outside of annuity core earnings:
Impact of fair value accounting for FIAs and reinsurance accounting		22			(38	)
Realized gains (losses)		81			(223	)
Run-off life and long-term care		—			(3	)
Pretax Earnings of Businesses to be Sold to MassMutual	$	269		$	(197	)
Less earnings on assets to be retained by AFG included in continuing operations*		(28	)		(6	)
Total Pretax Results from Discontinued Annuity Operations		241			(203	)
Less: related provision for taxes (credit)		89			(43	)
Net Earnings (Loss) from Discontinued Annuity Operations	$	152		$	(160	)

*Primarily earnings from the real estate entities to be acquired from the Annuity operations prior to closing of the sale.

Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.

AFG recorded $41 million in tax liabilities triggered by the pending sale of the Annuity operations in the first quarter of 2021. AFG expects to recognize an after-tax gain on the sale of $680 million to $700 million ($7.85 to $8.10 per AFG share) upon closing. Prior to completion of the transaction, AFG’s P&C Group will acquire approximately $460 million in real estate-related partnerships from GALIC and AFG parent will acquire approximately $100 million in directly owned real estate from GALIC.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions, broker-dealer, and registered investment advisor markets. On January 27, 2021, AFG announced that it entered into a definitive agreement to sell its annuity business to Massachusetts Mutual Life Insurance Company. The sale is expected to close in the second quarter of 2021. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

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Forward Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions and projections. Examples of such forward-looking statements include statements relating to: the Company’s expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: that AFG may be unable to complete the proposed sale of its annuity business because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived, uncertainty as to the timing of completion of the proposed transaction, or failure to realize the anticipated benefits from the proposed transaction; changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets, including the cost of equity index options; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; the effects of the COVID-19 outbreak, including the effects on the international and national economy and credit markets, legislative or regulatory developments affecting the insurance industry, quarantines or other travel or health-related restrictions; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; trends in persistency and mortality; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations; and other factors identified in AFG’s filings with the Securities and Exchange Commission.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

Conference Call

The Company will hold a conference call to discuss 2021 first quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, May 5, 2021. Toll-free telephone access will be available by dialing 1-877-459-8719 (international dial-in 424-276-6843). The conference ID for the live call is 7973701. Please dial in five to ten minutes prior to the scheduled start time of the call.

A replay will be available approximately two hours following the completion of the call and will remain available until 11:59 p.m. (ET) on May 12, 2021. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 7973701.

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The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.AFGinc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.

An archived webcast will be available immediately after the call via the same link on our website until May 12, 2021 at 11:59 p.m. (ET).

Contact:

Diane P. Weidner, IRC

Vice President – Investor & Media Relations

(513) 369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.

AFG2021-11

Page 8

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS (LOSS) AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended March 31,
	2021		2020(a)
Revenues
P&C insurance net earned premiums	$	1,173	$	1,209
Net investment income		188		104
Realized gains (losses) on securities		77		(328	)
Income of managed investment entities:
Investment income		46		59
Gain (loss) on change in fair value of assets/liabilities		2		(13	)
Other income		23		24
Total revenues		1,509		1,055
Costs and expenses
P&C insurance losses & expenses		1,047		1,127
Interest charges on borrowed money		24		17
Expenses of managed investment entities		39		53
Other expenses		64		43
Total costs and expenses		1,174		1,240
Earnings (loss) from continuing operations before income taxes		335		(185	)
Provision (credit) for income taxes		68		(41	)
Net earnings (loss) from continuing operations, including noncontrolling interests		267		(144	)
Net earnings (loss) from discontinued operations, including noncontrolling interests		152		(160	)
Net earnings (loss) including controlling interests		419		(304	)
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests		—		(3	)
Net earnings (loss) attributable to shareholders	$	419	$	(301	)
Earnings (loss) attributable to shareholders per diluted common share:
Continuing operations	$	3.08	$	(1.57	)
Discontinued operations		1.76		(1.77	)
Diluted earnings (loss) attributable to shareholders	$	4.84	$	(3.34	)
Average number of diluted shares		86.6		90.3

Selected Balance Sheet Data:	March 31, 2021		December 31, 2020(a)
Total cash and investments	$	13,900	$	13,494
Long-term debt	$	1,963	$	1,963
Shareholders’ equity(e)	$	6,685	$	6,789
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)(e)	$	5,695	$	5,493
Book value per share	$	78.53	$	78.62
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	66.89	$	63.61
Common Shares Outstanding		85.1		86.3

Footnotes (a) and (e) are contained in the accompanying Notes to Financial Schedules at the end of this release.

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

	Three months ended March 31,						Change
	2021			2020
Gross written premiums	$	1,616		$	1,526			6	%
Net written premiums	$	1,205		$	1,165			3	%
Ratios (GAAP):
Loss & LAE ratio		56.8	%		58.5	%
Underwriting expense ratio		31.7	%		33.7	%
Specialty Combined Ratio		88.5	%		92.2	%
Combined Ratio – P&C Segment		88.6	%		92.8	%
Supplemental Information:(f)
Gross Written Premiums:
Property & Transportation	$	520		$	494			5	%
Specialty Casualty		904			849			6	%
Specialty Financial		192			183			5	%
	$	1,616		$	1,526			6	%
Net Written Premiums:
Property & Transportation	$	403		$	386			4	%
Specialty Casualty		588			586			-	%
Specialty Financial		161			149			8	%
Other		53			44			20	%
	$	1,205		$	1,165			3	%
Combined Ratio (GAAP):
Property & Transportation		85.6	%		92.9	%
Specialty Casualty		90.2	%		90.7	%
Specialty Financial		84.1	%		89.1	%
Aggregate Specialty Group		88.5	%		92.2	%

	Three months ended March 31,
	2021			2020
Reserve Development (Favorable) / Adverse:
Property & Transportation	$	(43	)	$	(24	)
Specialty Casualty		(9	)		(24	)
Specialty Financial		(8	)		(2	)
Other Specialty		1			2
	$	(59	)	$	(48	)
Points on Combined Ratio:
Property & Transportation		(11.1	)		(6.1	)
Specialty Casualty		(1.7	)		(4.2	)
Specialty Financial		(5.4	)		(1.1	)
Aggregate Specialty Group		(5.2	)		(4.2	)
Total P&C Segment		(5.1	)		(3.4	)

Footnote (f) is contained in the accompanying Notes to Financial Schedules at the end of this release.

Page 10

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a) On January 27, 2021 AFG announced that it entered into a definitive agreement to sell its Annuity business to MassMutual. The results of AFG’s Annuity operations are reported as discontinued operations beginning with the first quarter of 2021, in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued.

b) In January 2020, AFG announced its plans to exit the Lloyd’s of London insurance market and actions it had initiated to place its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off. AFG recognized after-tax non-core net expenses of $7 million ($0.07 per share) in the first quarter of 2020 related to the run-off of this business. AFG sold the legal entities that owned its Lloyd’s of London insurer, Neon, to RiverStone Holdings Limited in a transaction that closed in the fourth quarter of 2020.

c) Components of core net operating earnings (in millions):

	Three months ended March 31,
	2021			2020(a)
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	288		$	181
Real-estate entities and other to be acquired from
Annuity operations		28			6
Interest & other corporate expenses		(58	)		(34	)
Core operating earnings before income taxes		258			153
Related income taxes		52			28
Core net operating earnings	$	206		$	125

d) Because AFG had a net loss for the first quarter of 2020, the impact of potential dilutive options (weighted average of 0.84 million shares) was excluded from AFG’s fully diluted earnings per share calculation. However, for the non-GAAP measure of core net operating earnings, the Company believes it is most appropriate to use the fully diluted share data that would have been used if AFG had net earnings for the first quarter.

e) Shareholders’ Equity at March 31, 2021 includes $963 million ($11.32 per share) in unrealized after-tax, after-DAC gains on fixed maturities and $27 million ($0.32 per share) in unrealized after-tax, after DAC gains on fixed maturity-related cash flow hedges. Shareholders’ Equity at December 31, 2020 includes $1.3 billion ($14.54 per share) in unrealized after-tax, after-DAC gains on fixed maturities and $41 million ($0.47 per share) in unrealized after-tax, after-DAC gains on fixed maturity-related cash flow hedges.

f) Supplemental Notes:

• Property & Transportation includes primarily physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages.

• Specialty Casualty includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance.

• Specialty Financial includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance.

• Other includes an internal reinsurance facility.

Page 11

EX-99.2

Exhibit 99.2

	American Financial Group, Inc.
	Investor Supplement - First Quarter 2021
	May 4, 2021
	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 2021

Section	Page
Table of Contents - Investor Supplement - First Quarter 2021	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
Discontinued Annuity Operations	12
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet	13
Book Value Per Share and Price / Book Summary	14
Capitalization	15
Additional Supplemental Information	16
Consolidated Investment Supplement
Total Cash and Investments	17
Net Investment Income From Continuing Operations	18
Alternative Investments - Continuing Operations	19
Fixed Maturities - By Security Type - AFG Consolidated	20

Appendix
A.	Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2021	21
B.	Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020	22
C.	Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2021	23
D.	Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020	24
E.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2021	25
F.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020	26
G.	Real Estate-Related Investments 3/31/2021	27
H.	Real Estate-Related Investments 12/31/2020	28

Page 2

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

	Three Months Ended															Twelve Months End
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Highlights
Net earnings (loss)	$	419		$	692		$	164		$	177		$	(301	)	$	732		$	897
Net earnings (loss) from continuing operations		267			265			88			113			(141	)		325			519
Core net operating earnings		206			175			121			60			125			481			482
Total assets		74,197			73,710			73,234			70,985			67,786			73,710			70,246
Adjusted shareholders’ equity (a)		5,695			5,493			5,087			5,049			4,987			5,493			5,390
Property and Casualty net written premiums		1,205			1,216			1,488			1,123			1,165			4,992			5,342
Per share data
Diluted earnings (loss) per share	$	4.84		$	7.93		$	1.86		$	1.97		$	(3.34	)	$	8.20		$	9.85
Diluted earnings (loss) per share from continuing operations		3.08			3.03			1.00			1.26			(1.57	)		3.63			5.70
Core net operating earnings per share		2.38			2.01			1.38			0.67			1.36			5.40			5.29
Adjusted book value per share (a)		66.89			63.61			58.29			56.95			55.52			63.61			59.70
Cash dividends per common share		0.5000			2.5000			0.4500			0.4500			0.4500			3.8500			4.9500
Financial ratios
Annualized return on equity (b)		29.9	%		52.1	%		12.9	%		14.1	%		(23.1	%)		14.0	%		17.1	%
Annualized core operating return on equity (b)		14.7	%		13.2	%		9.6	%		4.8	%		9.6	%		9.2	%		9.2	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%
Underwriting expense ratio		31.7	%		27.6	%		28.3	%		32.6	%		33.7	%		30.4	%		32.2	%
Combined ratio - Specialty		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%

(a) Excludes unrealized gains related to fixed maturity investments, a reconciliation to the GAAP measure is on page 14.

(b) Excludes accumulated other comprehensive income.

Page 3

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Casualty Insurance
Underwriting profit	$	134		$	163		$	103		$	52		$	88		$	406		$	306
Net investment income		159			122			111			72			99			404			472
Other expense		(5	)		(11	)		(9	)		(8	)		(6	)		(34	)		(25	)
Property and Casualty Insurance operating earnings		288			274			205			116			181			776			753
Real estate entities and other to be acquired from Annuity		28			9			3			1			6			19			21
Interest expense of parent holding companies		(24	)		(24	)		(24	)		(23	)		(17	)		(88	)		(68	)
Other expense		(34	)		(32	)		(29	)		(20	)		(17	)		(98	)		(107	)
Pretax core operating earnings		258			227			155			74			153			609			599
Income tax expense		52			52			34			14			28			128			117
Core net operating earnings		206			175			121			60			125			481			482
Non-core items, net of tax:
Realized gains (losses) on securities		61			97			18			85			(259	)		(59	)		122
Special A&E charges:
Property and Casualty Insurance run-off operations		—			—			(37	)		—			—			(37	)		(14	)
Former Railroad and Manufacturing operations		—			—			(17	)		—			—			(17	)		(9	)
Neon exited lines		—			(3	)		3			(32	)		(7	)		(39	)		(58	)
Other non-core items		—			(4	)		—			—			—			(4	)		(4	)
Net earnings (loss) from continuing operations	$	267		$	265		$	88		$	113		$	(141	)	$	325		$	519
Discontinued Annuity operations		152			427			76			64			(160	)		407			378
Net earnings (loss)	$	419		$	692		$	164		$	177		$	(301	)	$	732		$	897

Page 4

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

	Three Months Ended														Twelve Months Ended
	3/31/21		12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Core net operating earnings	$	206	$	175		$	121		$	60		$	125		$	481		$	482
Net earnings (loss) from continuing operations	$	267	$	265		$	88		$	113		$	(141	)	$	325		$	519
Net earnings (loss)	$	419	$	692		$	164		$	177		$	(301	)	$	732		$	897
Average number of diluted shares - core		86.577		87.156			88.546			89.997			91.138			89.202			91.024
Average number of diluted shares - net		86.577		87.156			88.546			89.997			90.295			89.202			91.024
Diluted earnings per share:
Core net operating earnings per share	$	2.38	$	2.01		$	1.38		$	0.67		$	1.36		$	5.40		$	5.29
Realized gains (losses) on securities		0.70		1.10			0.20			0.95			(2.86	)		(0.67	)		1.34
Special A&E charges:
Property and Casualty Insurance run-off operations		—		—			(0.42	)		—			—			(0.42	)		(0.15	)
Former Railroad and Manufacturing operations		—		—			(0.19	)		—			—			(0.19	)		(0.10	)
Neon exited lines		—		(0.04	)		0.03			(0.36	)		(0.07	)		(0.45	)		(0.64	)
Other non-core items		—		(0.04	)		—			—			—			(0.04	)		(0.04	)
Diluted earnings (loss) per share, continuing operations	$	3.08	$	3.03		$	1.00		$	1.26		$	(1.57	)	$	3.63		$	5.70
Discontinued Annuity operations		1.76		4.90			0.86			0.71			(1.77	)		4.57			4.15
Diluted earnings (loss) per share	$	4.84	$	7.93		$	1.86		$	1.97		$	(3.34	)	$	8.20		$	9.85

Page 5

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Transportation	$	56		$	74		$	47		$	33		$	27		$	181		$	79
Specialty Casualty		56			91			53			27			52			223			175
Specialty Financial		25			20			13			—			17			50			92
Other Specialty		(3	)		(6	)		(9	)		(6	)		(7	)		(28	)		(21	)
Underwriting profit - Specialty		134			179			104			54			89			426			325
Other core charges, included in loss and LAE		—			(16	)		(1	)		(2	)		(1	)		(20	)		(19	)
Underwriting profit - Core		134			163			103			52			88			406			306
Special A&E charges, included in loss and LAE		—			—			(47	)		—			—			(47	)		(18	)
Neon exited lines (a)		—			(53	)		(38	)		(43	)		(1	)		(135	)		(76	)
Underwriting profit (loss) - Property and Casualty Insurance	$	134		$	110		$	18		$	9		$	87		$	224		$	212
Included in results above:
COVID-19 related losses	$	9		$	—		$	—		$	105		$	10		$	115		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	11		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		20			41			52			26			9			128			60
Total current accident year catastrophe losses	$	31		$	38		$	57		$	26		$	9		$	130		$	61
Prior year loss reserve development (favorable) / adverse	$	(59	)	$	(8	)	$	—		$	(77	)	$	(42	)	$	(127	)	$	(143	)
Combined ratio:
Property and Transportation		85.6	%		85.8	%		91.9	%		91.7	%		92.9	%		90.4	%		95.7	%
Specialty Casualty		90.2	%		84.0	%		90.7	%		94.9	%		90.7	%		90.0	%		93.3	%
Specialty Financial		84.1	%		86.8	%		91.6	%		100.4	%		89.1	%		91.8	%		85.0	%
Other Specialty		104.6	%		116.9	%		115.6	%		114.2	%		117.7	%		116.1	%		113.3	%
Combined ratio — Specialty		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%
Other core charges		0.1	%		1.2	%		0.1	%		0.2	%		0.1	%		0.5	%		0.4	%
Neon exited lines charge		0.0	%		4.2	%		3.1	%		3.8	%		0.5	%		2.7	%		1.4	%
Special A&E charges		0.0	%		0.0	%		3.5	%		0.0	%		0.0	%		1.0	%		0.3	%
Combined ratio		88.6	%		91.6	%		98.8	%		99.2	%		92.8	%		95.5	%		95.8	%
P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		91.2	%		89.1	%		95.0	%		94.8	%		94.6	%		93.3	%		97.4	%
Loss and LAE components — property and casualty insurance
Current accident year, excluding COVID-19 related and catastrophe losses		59.5	%		60.1	%		66.0	%		60.7	%		60.3	%		61.9	%		64.6	%
COVID-19 related losses		0.8	%		0.0	%		0.0	%		8.8	%		0.8	%		2.2	%		0.0	%
Current accident year catastrophe losses		1.7	%		3.1	%		3.8	%		2.1	%		0.8	%		2.5	%		1.2	%
Prior accident year loss reserve development		(5.1	%)		(0.6	%)		0.0	%		(6.5	%)		(3.4	%)		(2.5	%)		(2.8	%)
Loss and LAE ratio		56.9	%		62.6	%		69.8	%		65.1	%		58.5	%		64.1	%		63.0	%

(a) In the fourth quarter of 2020, AFG recorded $55 million in non-core losses from Neon’s operations and a $1 million reduction in the estimated tax benefit related to the sale of Neon, partially offset by a $53 million favorable adjustment to the estimated loss on sale recorded in Q3.

Page 6

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Gross written premiums	$	1,616		$	1,707		$	2,223		$	1,539		$	1,526		$	6,995		$	7,299
Ceded reinsurance premiums		(411	)		(491	)		(735	)		(416	)		(361	)		(2,003	)		(1,957	)
Net written premiums		1,205			1,216			1,488			1,123			1,165			4,992			5,342
Change in unearned premiums		(32	)		83			(149	)		—			(27	)		(93	)		(157	)
Net earned premiums		1,173			1,299			1,339			1,123			1,138			4,899			5,185
Loss and LAE		667			762			855			703			666			2,986			3,188
Underwriting expense		372			358			380			366			383			1,487			1,672
Underwriting profit	$	134		$	179		$	104		$	54		$	89		$	426		$	325
Included in results above:
COVID-19 related losses	$	9		$	—		$	—		$	85		$	10		$	95		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	11		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		20			20			36			26			9			91			60
Total current accident year catastrophe losses	$	31		$	17		$	41		$	26		$	9		$	93		$	61
Prior year loss reserve development (favorable) / adverse	$	(59	)	$	(32	)	$	(48	)	$	(85	)	$	(48	)	$	(213	)	$	(187	)
Combined ratio:
Loss and LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%
Underwriting expense ratio		31.7	%		27.6	%		28.3	%		32.6	%		33.7	%		30.4	%		32.2	%
Combined ratio		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%
Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		91.2	%		87.1	%		93.1	%		92.9	%		94.7	%		91.9	%		96.2	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		59.5	%		59.5	%		64.8	%		60.3	%		61.0	%		61.5	%		64.0	%
COVID-19 related losses		0.8	%		0.0	%		0.0	%		7.6	%		0.9	%		1.9	%		0.0	%
Current accident year catastrophe losses		1.7	%		1.5	%		2.7	%		2.3	%		0.8	%		1.9	%		1.2	%
Prior accident year loss reserve development		(5.2	%)		(2.4	%)		(3.7	%)		(7.6	%)		(4.2	%)		(4.4	%)		(3.7	%)
Loss and LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%

Page 7

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Gross written premiums	$	520		$	647		$	1,061		$	611		$	494		$	2,813		$	2,759
Ceded reinsurance premiums		(117	)		(207	)		(426	)		(185	)		(108	)		(926	)		(883	)
Net written premiums		403			440			635			426			386			1,887			1,876
Change in unearned premiums		(9	)		81			(61	)		(36	)		—			(16	)		(48	)
Net earned premiums		394			521			574			390			386			1,871			1,828
Loss and LAE		221			329			403			239			237			1,208			1,297
Underwriting expense		117			118			124			118			122			482			452
Underwriting profit	$	56		$	74		$	47		$	33		$	27		$	181		$	79
Included in results above:
COVID-19 related losses	$	—		$	—		$	1		$	3		$	3		$	7		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	8		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		14			6			18			15			8			47			32
Total current accident year catastrophe losses	$	22		$	6		$	18		$	15		$	8		$	47		$	32
Prior year loss reserve development (favorable) / adverse	$	(43	)	$	(29	)	$	(26	)	$	(28	)	$	(24	)	$	(107	)	$	(67	)
Combined ratio:
Loss and LAE ratio		56.0	%		63.3	%		70.1	%		61.3	%		61.4	%		64.6	%		71.0	%
Underwriting expense ratio		29.6	%		22.5	%		21.8	%		30.4	%		31.5	%		25.8	%		24.7	%
Combined ratio		85.6	%		85.8	%		91.9	%		91.7	%		92.9	%		90.4	%		95.7	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		93.0	%		90.0	%		93.2	%		94.3	%		96.2	%		93.2	%		97.5	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		63.4	%		67.5	%		71.4	%		63.9	%		64.7	%		67.4	%		72.8	%
COVID-19 related losses		0.1	%		0.2	%		0.1	%		0.8	%		0.6	%		0.4	%		0.0	%
Current accident year catastrophe losses		3.6	%		1.2	%		3.1	%		3.8	%		2.2	%		2.5	%		1.8	%
Prior accident year loss reserve development		(11.1	%)		(5.6	%)		(4.5	%)		(7.2	%)		(6.1	%)		(5.7	%)		(3.6	%)
Loss and LAE ratio		56.0	%		63.3	%		70.1	%		61.3	%		61.4	%		64.6	%		71.0	%

Page 8

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Gross written premiums	$	904		$	865		$	978		$	752		$	849		$	3,444		$	3,768
Ceded reinsurance premiums		(316	)		(300	)		(336	)		(241	)		(263	)		(1,140	)		(1,067	)
Net written premiums		588			565			642			511			586			2,304			2,701
Change in unearned premiums		(17	)		7			(82	)		36			(30	)		(69	)		(104	)
Net earned premiums		571			572			560			547			556			2,235			2,597
Loss and LAE		361			337			352			367			340			1,396			1,586
Underwriting expense		154			144			155			153			164			616			836
Underwriting profit	$	56		$	91		$	53		$	27		$	52		$	223		$	175
Included in results above:
COVID-19 related losses		7			2			(1	)	$	52		$	7		$	60		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		1			5			3			6			—			14			17
Total current accident year catastrophe losses	$	2		$	2		$	8		$	6		$	—		$	16		$	18
Prior year loss reserve development (favorable) / adverse	$	(9	)	$	(6	)	$	(16	)	$	(51	)	$	(24	)	$	(97	)	$	(88	)
Combined ratio:
Loss and LAE ratio		63.1	%		59.0	%		62.9	%		67.1	%		61.1	%		62.5	%		61.1	%
Underwriting expense ratio		27.1	%		25.0	%		27.8	%		27.8	%		29.6	%		27.5	%		32.2	%
Combined ratio		90.2	%		84.0	%		90.7	%		94.9	%		90.7	%		90.0	%		93.3	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		90.4	%		84.0	%		92.9	%		93.8	%		93.6	%		91.0	%		96.0	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		63.3	%		59.0	%		65.1	%		66.0	%		64.0	%		63.5	%		63.8	%
COVID-19 related losses		1.2	%		0.3	%		(0.1	%)		9.5	%		1.3	%		2.7	%		0.0	%
Current accident year catastrophe losses		0.3	%		0.8	%		0.8	%		0.9	%		0.0	%		0.6	%		0.7	%
Prior accident year loss reserve development		(1.7	%)		(1.1	%)		(2.9	%)		(9.3	%)		(4.2	%)		(4.3	%)		(3.4	%)
Loss and LAE ratio		63.1	%		59.0	%		62.9	%		67.1	%		61.1	%		62.5	%		61.1	%

Page 9

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Gross written premiums	$	192		$	195		$	184		$	176		$	183		$	738		$	772
Ceded reinsurance premiums		(31	)		(32	)		(31	)		(37	)		(34	)		(134	)		(155	)
Net written premiums		161			163			153			139			149			604			617
Change in unearned premiums		(4	)		(5	)		2			5			7			9			(7	)
Net earned premiums		157			158			155			144			156			613			610
Loss and LAE		53			56			62			65			59			242			192
Underwriting expense		79			82			80			79			80			321			326
Underwriting profit	$	25		$	20		$	13		$	—		$	17		$	50		$	92
Included in results above:
COVID-19 related losses	$	2		$	(3	)	$	(1	)	$	30		$	—		$	26		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		4			7			13			5			1			26			10
Total current accident year catastrophe losses	$	6		$	7		$	13		$	5		$	1		$	26		$	10
Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(6	)	$	(9	)	$	(11	)	$	(2	)	$	(28	)	$	(38	)
Combined ratio:
Loss and LAE ratio		33.8	%		35.6	%		39.9	%		44.9	%		38.0	%		39.5	%		31.5	%
Underwriting expense ratio		50.3	%		51.2	%		51.7	%		55.5	%		51.1	%		52.3	%		53.5	%
Combined ratio		84.1	%		86.8	%		91.6	%		100.4	%		89.1	%		91.8	%		85.0	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		85.9	%		87.7	%		89.5	%		83.7	%		89.5	%		87.7	%		89.7	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		35.6	%		36.5	%		37.8	%		28.2	%		38.4	%		35.4	%		36.2	%
COVID-19 related losses		1.5	%		(1.8	%)		(0.8	%)		21.1	%		0.1	%		4.3	%		0.0	%
Current accident year catastrophe losses		2.1	%		4.5	%		8.6	%		3.6	%		0.6	%		4.3	%		1.6	%
Prior accident year loss reserve development		(5.4	%)		(3.6	%)		(5.7	%)		(8.0	%)		(1.1	%)		(4.5	%)		(6.3	%)
Loss and LAE ratio		33.8	%		35.6	%		39.9	%		44.9	%		38.0	%		39.5	%		31.5	%

Page 10

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		53			48			58			47			44			197			148
Net written premiums		53			48			58			47			44			197			148
Change in unearned premiums		(2	)		—			(8	)		(5	)		(4	)		(17	)		2
Net earned premiums		51			48			50			42			40			180			150
Loss and LAE		32			40			38			32			30			140			113
Underwriting expense		22			14			21			16			17			68			58
Underwriting profit (loss)	$	(3	)	$	(6	)	$	(9	)	$	(6	)	$	(7	)	$	(28	)	$	(21	)
Included in results above:
COVID-19 related losses	$	—		$	1		$	1		$	—		$	—		$	2		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			2			2			—			—			4			1
Total current accident year catastrophe losses	$	1		$	2		$	2		$	—		$	—		$	4		$	1
Prior year loss reserve development (favorable) / adverse	$	1		$	9		$	3		$	5		$	2		$	19		$	6
Combined ratio:
Loss and LAE ratio		62.3	%		80.2	%		78.6	%		76.9	%		73.9	%		77.6	%		75.4	%
Underwriting expense ratio		42.3	%		36.7	%		37.0	%		37.3	%		43.8	%		38.5	%		37.9	%
Combined ratio		104.6	%		116.9	%		115.6	%		114.2	%		117.7	%		116.1	%		113.3	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		100.2	%		92.5	%		107.8	%		100.3	%		113.4	%		103.1	%		108.9	%

Page 11

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Pretax Annuity earnings historically reported as core operating:
Net investment income (a)	$	366		$	368		$	418		$	421		$	428		$	1,635		$	1,682
Alternative investments MTM to be retained by Annuity		76			42			37			(46	)		(18	)		15			77
Alternative investments MTM to be retained by AFG		29			19			9			9			12			49			33
Guaranteed withdrawal benefit fees		17			17			18			17			17			69			67
Policy charges and other miscellaneous income		14			19			17			13			18			67			52
Total revenues		502			465			499			414			457			1,835			1,911
Annuity benefits (a)		238			242			282			274			287			1,085			1,107
Acquisition expenses		66			68			64			62			71			265			256
Other expenses (a)		32			26			32			36			32			126			139
Total costs and expenses		336			336			378			372			390			1,476			1,502
Pretax Annuity earnings historically reported as core operating earnings	$	166		$	129		$	121		$	42		$	67		$	359		$	409
Impact of fair vaule, reinsurance accounting & unlocking	$	22		$	(48	)	$	(43	)	$	(59	)	$	(38	)	$	(188	)	$	(47	)
Realized gains (losses)		81			470			22			96			(223	)		365			132
Run-off life and long-term care		—			(2	)		(3	)		—			(3	)		(8	)		1
Pretax earnings of businesses to be sold to Mass Mutual	$	269		$	549		$	97		$	79		$	(197	)	$	528		$	495
Less amounts included in continuing operations		(28	)		(9	)		(3	)		(1	)		(6	)		(19	)		(21	)
Pretax results from discontinued operations	$	241		$	540		$	94		$	78		$	(203	)	$	509		$	474
Taxes		(89	)		(113	)		(18	)		(14	)		43			(102	)		(96	)
Net earnings from discontinued operations	$	152		$	427		$	76		$	64		$	(160	)	$	407		$	378

(a) The decreases in Net Investment Income, Annuity Benefits, and Other Expenses beginning in Q4 2020 reflect the impact of the Annuity Segment’s October 2020 block reinsurance transaction.

Page 12

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

	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
Assets:
Total cash and investments	$	13,900		$	13,494		$	13,685		$	13,216		$	12,346		$	12,886
Recoverables from reinsurers		3,231			3,288			3,324			3,132			3,116			3,134
Prepaid reinsurance premiums		755			768			862			733			708			678
Agents’ balances and premiums receivable		1,209			1,229			1,382			1,363			1,299			1,333
Deferred policy acquisition costs		244			244			269			296			310			322
Assets of managed investment entities		5,102			4,971			4,717			4,393			4,026			4,736
Other receivables		576			678			854			539			525			630
Assets of discontinued annuity operations		48,139			47,885			46,947			46,183			44,250			45,433
Other assets		865			977			1,018			954			1,030			918
Goodwill		176			176			176			176			176			176
Total assets	$	74,197		$	73,710		$	73,234		$	70,985		$	67,786		$	70,246
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	10,384		$	10,392		$	10,754		$	10,321		$	10,106		$	10,232
Unearned premiums		2,821			2,803			3,015			2,778			2,808			2,830
Payable to reinsurers		753			807			977			746			779			814
Liabilities of managed investment entities		5,045			4,914			4,666			4,355			4,009			4,687
Long-term debt		1,963			1,963			2,108			1,912			1,473			1,473
Other liabilities		1,653			1,584			1,650			1,597			1,498			1,537
Liabilities of discontinued annuity operations		44,893			44,458			43,724			43,150			42,066			42,404
Total liabilities	$	67,512		$	66,921		$	66,894		$	64,859		$	62,739		$	63,977
Shareholders’ equity:
Common stock	$	85		$	86		$	87		$	89		$	90		$	90
Capital surplus		1,279			1,281			1,283			1,299			1,309			1,307
Retained earnings		4,354			4,149			3,737			3,685			3,616			4,009
Unrealized gains - fixed maturities		963			1,255			1,212			1,030			16			862
Unrealized gains (losses) - fixed maturity-related cash flow hedges		27			41			41			47			44			17
Other comprehensive income, net of tax		(23	)		(23	)		(20	)		(24	)		(28	)		(16	)
Total shareholders’ equity		6,685			6,789			6,340			6,126			5,047			6,269
Total liabilities and equity	$	74,197		$	73,710		$	73,234		$	70,985		$	67,786		$	70,246

Page 13

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

	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
Shareholders’ equity	$	6,685		$	6,789		$	6,340		$	6,126		$	5,047		$	6,269
Unrealized (gains) related to fixed maturities		(990	)		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)
Adjusted shareholders’ equity		5,695			5,493			5,087			5,049			4,987			5,390
Goodwill from continuing and discontinued operations		(207	)		(207	)		(207	)		(207	)		(207	)		(207	)
Intangibles		(31	)		(34	)		(34	)		(37	)		(40	)		(43	)
Tangible adjusted shareholders’ equity	$	5,457		$	5,252		$	4,846		$	4,805		$	4,740		$	5,140
Common shares outstanding		85.126			86.345			87.267			88.659			89.827			90.304
Book value per share:
Book value per share	$	78.53		$	78.62		$	72.65		$	69.10		$	56.18		$	69.43
Adjusted (a)		66.89			63.61			58.29			56.95			55.52			59.70
Tangible, adjusted (b)		64.10			60.82			55.53			54.20			52.77			56.93
Market capitalization
AFG’s closing common share price	$	114.10		$	87.62		$	66.98		$	63.46		$	70.08		$	109.65
Market capitalization	$	9,713		$	7,566		$	5,845		$	5,626		$	6,295		$	9,902
Price / Adjusted book value ratio		1.71			1.38			1.15			1.11			1.26			1.84

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

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

Page 14

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

	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
AFG senior obligations	$	1,318		$	1,318		$	1,318		$	1,318		$	1,018		$	1,018
Borrowings drawn under credit facility		—			—			—			—			—			—
Debt excluding subordinated debt	$	1,318		$	1,318		$	1,318		$	1,318		$	1,018		$	1,018
AFG subordinated debentures		675			675			825			625			475			475
Total principal amount of long-term debt	$	1,993		$	1,993		$	2,143		$	1,943		$	1,493		$	1,493
Shareholders’ equity		6,685			6,789			6,340			6,126			5,047			6,269
Noncontrolling interests (including redeemable NCI)		—			—			—			—			—			—
Less:
Unrealized (gains) related to fixed maturity investments		(990	)		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)
Total adjusted capital	$	7,688		$	7,486		$	7,230		$	6,992		$	6,480		$	6,883
Ratio of debt to total adjusted capital:
Including subordinated debt		25.9	%		26.6	%		29.6	%		27.8	%		23.0	%		21.7	%
Excluding subordinated debt		17.1	%		17.6	%		18.2	%		18.9	%		15.7	%		14.8	%

Page 15

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

	Three Months Ended										Twelve Months Ended
	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		12/31/20		12/31/19
Property and Casualty Insurance
Paid Losses (GAAP)	$	674	$	758	$	646	$	601	$	751	$	2,756	$	2,866

	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	4,571		$	4,458		$	4,154		$	3,945		$	3,800		$	4,043
Annuity		3,012			2,893			2,659			2,579			2,512			2,715
Parent and other subsidiaries		(1,865	)		(1,835	)		(1,706	)		(1,451	)		(1,297	)		(1,352	)
AFG GAAP Equity (excluding AOCI)	$	5,718		$	5,516		$	5,107		$	5,073		$	5,015		$	5,406
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	416		$	416		$	565		$	565		$	565		$	565
Annuity and Run-off		289			289			287			287			287			287
Total	$	705		$	705		$	852		$	852		$	852		$	852

Page 16

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

	Carrying Value - March 31, 2021
	Property and Casualty Insurance		Parent and Other Non- Insurance (a)		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,454	$	237	$	—		$	1,691		12	%
Fixed maturities — Available for sale		9,282		7		—			9,289		67	%
Fixed maturities — Trading		26		—		—			26		0	%
Equity securities — common stocks		461		75		—			536		4	%
Equity securities — perpetual preferred		408		—		—			408		3	%
Investments accounted for using the equity method		861		463		—			1,324		9	%
Mortgage loans		408		—		—			408		3	%
Real estate and other investments		124		151		(57	)		218		2	%
Total cash and investments	$	13,024	$	933	$	(57	)	$	13,900		100	%

	Carrying Value - December 31, 2020
	Property and Casualty Insurance		Parent and Other Non- Insurance (a)		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,408	$	257	$	—		$	1,665		12	%
Fixed maturities — Available for sale		9,076		8		—			9,084		67	%
Fixed maturities — Trading		24		—		—			24		0	%
Equity securities — common stocks		438		72		—			510		4	%
Equity securities — perpetual preferred		379		—		—			379		3	%
Investments accounted for using the equity method		806		429		—			1,235		9	%
Mortgage loans		377		—		—			377		3	%
Real estate and other investments		125		151		(56	)		220		2	%
Total cash and investments	$	12,633	$	917	$	(56	)	$	13,494		100	%

(a) On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will acquire approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC.

Page 17

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

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities - Available for sale	$	72		$	71		$	72		$	75		$	81		$	299		$	310
Fixed maturities - Trading		—			—			—			—			1			1			3
Equity securities - dividends		8			7			8			8			10			33			49
Equity securities - MTM		23			8			(3	)		2			3			10			9
Equity in investees		49			27			27			(15	)		11			50			64
AFG managed CLOs		5			6			4			—			(11	)		(1	)		1
Other investments (a)		4			4			5			3			6			18			42
Gross investment income		161			123			113			73			101			410			478
Investment expenses		(2	)		(1	)		(2	)		(1	)		(2	)		(6	)		(6	)
Total net investment income	$	159		$	122		$	111		$	72		$	99		$	404		$	472
Average cash and investments (b)	$	12,573		$	12,135		$	11,764		$	11,454		$	11,457		$	11,760		$	11,348
Average yield (c)		5.06	%		4.02	%		3.77	%		2.51	%		3.46	%		3.44	%		4.16	%
AFG consolidated net investment income:
Property & Casualty core	$	159		$	122		$	111		$	72		$	99		$	404		$	472
Neon exited lines non-core		—			—			1			—			(6	)		(5	)		—
Equity in Investees (d)		29			19			9			9			12			49			33
Other Investments (d)		—			1			1			(2	)		—			—			4
Parent & other		5			11			4			9			(12	)		12			24
Consolidate CLOs		(5	)		(6	)		(4	)		—			11			1			(1	)
Total net investment income	$	188		$	147		$	122		$	88		$	104		$	461		$	532

(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.    

(d) On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will retain approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC. Investment income from these assets to be retained are included in continuting operations.

Page 18

American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions)

	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Casualty Insurance:
Net Investment Income
Equity securities MTM through investment income (a)	$	23		$	8		$	(3	)	$	2		$	3		$	10		$	9
Investments accounted for using the equity method (b)		49			27			27			(15	)		11			50			64
AFG managed CLOs (eliminated in consolidation)		5			6			4			—			(11	)		(1	)		1
Total Property & Casualty	$	77		$	41		$	28		$	(13	)	$	3		$	59		$	74
Investments
Equity securities MTM through investment income (a)	$	159		$	129		$	109		$	95		$	86		$	129		$	71
Investments accounted for using the equity method (b)		861			806			778			755			736			806			703
AFG managed CLOs (eliminated in consolidation)		57			57			46			39			40			57			48
Total Property & Casualty	$	1,077		$	992		$	933		$	889		$	862		$	992		$	822
Annualized Yield - Property & Casualty		29.8	%		17.0	%		12.3	%		(5.9	%)		1.4	%		6.6	%		10.3	%
Continuing Operations (c):
Net Investment Income
Equity securities MTM through investment income (a)	$	23		$	8		$	(3	)	$	2		$	3		$	10		$	9
Investments accounted for using the equity method (b)		78			46			36			(6	)		23			99			97
AFG managed CLOs (eliminated in consolidation)		5			6			4			—			(11	)		(1	)		1
Total Continuing operations	$	106		$	60		$	37		$	(4	)	$	15		$	108		$	107
Investments
Equity securities MTM through investment income (a)	$	159		$	129		$	109		$	95		$	86		$	129		$	71
Investments accounted for using the equity method (b)		1,324			1,235			1,194			1,150			1,095			1,235			1,028
AFG managed CLOs (eliminated in consolidation)		57			57			46			39			40			57			48
Total Continuing operations	$	1,540		$	1,421		$	1,349		$	1,284		$	1,221		$	1,421		$	1,147
Annualized Yield - Continuing operations		28.6	%		17.3	%		11.2	%		(1.3	%)		5.1	%		8.4	%		10.7	%

(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.

(c) On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will retain approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC. Investment income from these assets to be retained are included in continuting operations.

Page 19

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

March 31, 2021 (a)	Book Value (d)			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	212		$	215	$	3		2	%		2	%
States, municipalities and political subdivisions		2,076			2,167		91		24	%		16	%
Foreign government		211			213		2		2	%		2	%
Residential mortgage-backed securities		796			847		51		9	%		6	%
Commercial mortgage-backed securities		106			109		3		1	%		1	%
Collateralized loan obligations		1,130			1,131		1		12	%		8	%
Other asset-backed securities		2,170			2,188		18		24	%		16	%
Corporate and other bonds		2,374			2,445		71		26	%		18	%
Total AFG consolidated	$	9,075		$	9,315	$	240		100	%		69	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (b)		3.23	%
Net of investment expense (b)		3.16	%
Tax equivalent, net of investment expense (c)		3.34	%
Approximate average life and duration:
Approximate average life		4 years
Approximate duration		3 years
December 31, 2020 (a)	Book Value (d)			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	192		$	198	$	6		2	%		1	%
States, municipalities and political subdivisions		2,196			2,312		116		25	%		17	%
Foreign government		193			197		4		2	%		1	%
Residential mortgage-backed securities		859			915		56		10	%		7	%
Commercial mortgage-backed securities		89			92		3		1	%		1	%
Collateralized loan obligations		1,062			1,062		—		12	%		8	%
Other asset-backed securities		2,033			2,047		14		23	%		15	%
Corporate and other bonds		2,200			2,285		85		25	%		17	%
Total AFG consolidated	$	8,824		$	9,108	$	284		100	%		67	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (b)		3.32	%
Net of investment expense (b)		3.26	%
Tax equivalent, net of investment expense (c)		3.40	%
Approximate average life and duration:
Approximate average life		4 years
Approximate duration		3 years

(a) Excludes $34.79 billion at March 31, 2021 and $34.17 billion at December 31, 2020 in fair value related to fixed maturities that are held in assets of discontinued annuity operations.     

(b) 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.     

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

(d) Book Value is amortized cost, net of allowance for expected credit losses.     

Page 20

Appendix A      American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2021      ($ in millions)

	Fair Value by Type
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	215	$	859	$	200	$	448	$	79	$	895	$	940	$	46	$	3,682		40	%
AA		—		1,201		—		18		10		166		420		170		1,985		21	%
A		—		86		—		29		1		60		414		639		1,229		13	%
BBB		—		9		3		9		12		9		221		978		1,241		13	%
Subtotal - Investment grade		215		2,155		203		504		102		1,130		1,995		1,833		8,137		87	%
BB		—		—		—		9		7		—		2		120		138		2	%
B		—		—		—		23		—		—		10		28		61		1	%
CCC, CC, C		—		—		—		162		—		—		—		9		171		2	%
D		—		—		—		32		—		—		—		—		32		0	%
Subtotal - Non-Investment grade		—		—		—		226		7		—		12		157		402		5	%
Not Rated (b)		—		12		10		117		—		1		181		455		776		8	%
Total	$	215	$	2,167	$	213	$	847	$	109	$	1,131	$	2,188	$	2,445	$	9,315		100	%
	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	215	$	2,157	$	190	$	818	$	100	$	1,120	$	1,952	$	1,249	$	7,801		84	%
2		—		9		—		3		2		9		221		1,008		1,252		14	%
Subtotal		215		2,166		190		821		102		1,129		2,173		2,257		9,053		98	%
3		—		—		—		4		7		—		2		119		132		1	%
4		—		—		—		3		—		—		10		41		54		1	%
5		—		—		—		10		—		1		2		22		35		0	%
6		—		—		—		1		—		—		—		2		3		0	%
Subtotal		—		—		—		18		7		1		14		184		224		2	%
No designation (c)		—		1		23		8		—		1		1		4		38		0	%
Total	$	215	$	2,167	$	213	$	847	$	109	$	1,131	$	2,188	$	2,445	$	9,315		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.     

(b) For ABS, 98% are NAIC 1.     

For Corp/Oth, 87% are NAIC 1, 6% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.     

For Total, 89% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.     

(c) Primarily relates to securities held by non-insurance companies.     

Page 21

Appendix B      American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020     ($ in millions)

	Fair Value by Type
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	198	$	922	$	179	$	492	$	62	$	801	$	889	$	41	$	3,584		39	%
AA		—		1,271		—		20		8		179		407		163		2,048		22	%
A		—		97		—		31		1		72		330		620		1,151		13	%
BBB		—		9		2		10		14		9		208		887		1,139		13	%
Subtotal - Investment grade		198		2,299		181		553		85		1,061		1,834		1,711		7,922		87	%
BB		—		—		—		10		6		—		2		95		113		1	%
B		—		—		—		24		—		—		10		30		64		1	%
CCC, CC, C		—		—		—		170		1		—		—		13		184		2	%
D		—		—		—		38		—		—		—		—		38		0	%
Subtotal - Non-Investment grade		—		—		—		242		7		—		12		138		399		4	%
Not Rated (b)		—		13		16		120		—		1		201		436		787		9	%
Total	$	198	$	2,312	$	197	$	915	$	92	$	1,062	$	2,047	$	2,285	$	9,108		100	%
	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	198	$	2,302	$	176	$	883	$	83	$	1,051	$	1,823	$	1,203	$	7,719		85	%
2		—		9		—		2		2		9		208		907		1,137		12	%
Subtotal		198		2,311		176		885		85		1,060		2,031		2,110		8,856		97	%
3		—		—		—		7		7		—		2		95		111		1	%
4		—		—		—		2		—		—		10		49		61		1	%
5		—		—		—		10		—		1		2		28		41		1	%
6		—		—		—		2		—		—		—		1		3		0	%
Subtotal		—		—		—		21		7		1		14		173		216		3	%
No designation (c)		—		1		21		9		—		1		2		2		36		0	%
Total	$	198	$	2,312	$	197	$	915	$	92	$	1,062	$	2,047	$	2,285	$	9,108		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.

(b) For ABS, 98% are NAIC 1.

For Corp/Oth, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5.

For Total, 90% are NAIC 1, 2% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

(c) Primarily relates to securities held by non-insurance companies.

Page 22

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2021 ($ in millions)

	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	10	$	—	$	10	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—	$	—	$	2	$	46		2	%
AA		28		7		35		—		28		37		12		5		15		—		—		—		—		—		—		—		—		—		3		170		7	%
A		120		44		115		69		24		23		22		49		21		62		26		1		—		28		26		—		4		—		5		639		26	%
BBB		172		85		20		241		79		32		42		36		34		13		6		18		3		117		36		1		16		6		21		978		40	%
Subtotal		320		136		170		310		141		92		86		101		70		75		32		19		3		145		75		1		20		6		31		1,833		75	%
BB		—		6		6		—		20		12		9		35		—		5		—		4		—		12		1		7		2		1		—		120		5	%
B		—		—		—		—		2		—		3		4		14		—		—		—		—		4		—		—		1		—		—		28		1	%
CCC, CC, C		—		—		—		—		2		—		—		2		—		—		—		—		—		—		—		—		—		5		—		9		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		6		6		—		24		12		12		41		14		5		—		4		—		16		1		7		3		6		—		157		6	%
Not Rated (b)		—		375		9		22		2		—		2		12		13		1		—		—		17		—		—		—		—		1		1		455		19	%
Total	$	320	$	517	$	185	$	332	$	167	$	104	$	100	$	154	$	97	$	81	$	32	$	23	$	20	$	161	$	76	$	8	$	23	$	13	$	32	$	2,445		100	%

	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
1	$	148	$	419	$	158	$	68	$	66	$	60	$	46	$	67	$	36	$	63	$	26	$	1	$	13	$	27	$	39	$	—	$	4	$	—	$	8	$	1,249		51	%
2		172		91		22		264		79		32		41		36		34		14		5		18		4		117		36		1		16		6		20		1,008		41	%
Subtotal		320		510		180		332		145		92		87		103		70		77		31		19		17		144		75		1		20		6		28		2,257		92	%
3		—		6		4		—		15		12		8		35		6		4		1		4		—		12		1		7		2		2		—		119		5	%
4		—		—		—		—		2		—		4		8		21		—		—		—		—		5		—		—		1		—		—		41		2	%
5		—		—		1		—		5		—		1		7		—		—		—		—		3		—		—		—		—		5		—		22		1	%
6		—		1		—		—		—		—		—		1		—		—		—		—		—		—		—		—		—		—		—		2		0	%
Subtotal		—		7		5		—		22		12		13		51		27		4		1		4		3		17		1		7		3		7		—		184		8	%
No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		4		4		0	%
Total	$	320	$	517	$	185	$	332	$	167	$	104	$	100	$	154	$	97	$	81	$	32	$	23	$	20	$	161	$	76	$	8	$	23	$	13	$	32	$	2,445		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.

(b) For Other Financials, 98% are NAIC 1.

For the Total, 87% are NAIC 1, 6% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

(c) Primarily relates to securities held by non-insurance companies.

Page 23

Appendix D      American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020      ($ in millions)

	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	16	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—	$	—	$	2	$	41		2	%
AA		28		12		35		8		23		37		12		5		—		—		—		—		—		—		—		—		—		—		3		163		7	%
A		121		39		96		53		24		25		22		50		36		63		27		1		—		28		26		—		4		—		5		620		27	%
BBB		190		65		21		147		81		33		45		36		23		13		5		19		4		119		37		1		16		6		26		887		39	%
Subtotal		339		116		152		208		144		95		89		91		59		76		32		20		4		147		76		1		20		6		36		1,711		75	%
BB		—		9		6		—		16		13		4		21		—		4		1		4		—		11		1		2		1		2		—		95		4	%
B		—		—		—		—		2		3		3		3		15		—		—		1		—		—		—		2		1		—		—		30		1	%
CCC, CC, C		—		—		—		—		2		—		1		2		—		—		—		2		—		—		—		1		—		5		—		13		1	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		9		6		—		20		16		8		26		15		4		1		7		—		11		1		5		2		7		—		138		6	%
Not Rated (b)		—		385		8		—		3		—		—		7		13		2		—		—		16		—		—		—		—		2		—		436		19	%
Total	$	339	$	510	$	166	$	208	$	167	$	111	$	97	$	124	$	87	$	82	$	33	$	27	$	20	$	158	$	77	$	6	$	22	$	15	$	36	$	2,285		100	%

	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
1	$	149	$	432	$	131	$	62	$	63	$	62	$	45	$	55	$	35	$	63	$	27	$	1	$	—	$	28	$	39	$	—	$	4	$	—	$	7	$	1,203		53	%
2		190		69		22		146		81		33		45		36		24		14		5		19		17		119		37		1		16		6		27		907		40	%
Subtotal		339		501		153		208		144		95		90		91		59		77		32		20		17		147		76		1		20		6		34		2,110		93	%
3		—		9		4		—		14		13		3		20		5		4		1		4		—		11		1		2		1		3		—		95		4	%
4		—		—		8		—		2		3		4		5		23		—		—		1		—		—		—		2		1		—		—		49		2	%
5		—		—		1		—		6		—		—		8		—		1		—		2		3		—		—		1		—		6		—		28		1	%
6		—		—		—		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		—		1		0	%
Subtotal		—		9		13		—		23		16		7		33		28		5		1		7		3		11		1		5		2		9		—		173		7	%
No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		2		2		0	%
Total	$	339	$	510	$	166	$	208	$	167	$	111	$	97	$	124	$	87	$	82	$	33	$	27	$	20	$	158	$	77	$	6	$	22	$	15	$	36	$	2,285		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.

(b) For Other Financials, 99% are NAIC 1.

For the Total, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5.

(c) Primarily relates to securities held by non-insurance companies.

Page 24

Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2021 ($ in millions)

	Fair Value By Collateral Type
Credit Rating (a)	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	485	$	128	$	—	$	39	$	56	$	232	$	940		43	%
AA		64		171		40		—		12		39		—		—		42		52		420		19	%
A		47		35		4		153		—		6		40		—		40		89		414		19	%
BBB		2		—		138		—		—		—		32		46		—		3		221		10	%
Subtotal		113		206		182		153		497		173		72		85		138		376		1,995		91	%
BB		—		—		—		—		—		—		2		—		—		—		2		0	%
B		1		—		—		—		—		—		8		—		—		1		10		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		—		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		1		—		—		—		—		—		10		—		—		1		12		1	%
Not Rated (b)		146		—		—		—		—		—		3		—		—		32		181		8	%
Total	$	260	$	206	$	182	$	153	$	497	$	173	$	85	$	85	$	138	$	409	$	2,188		100	%

	Fair Value By Collateral Type
NAIC designation	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	257	$	206	$	44	$	153	$	497	$	173	$	40	$	39	$	138	$	405	$	1,952		89	%
2		2		—		138		—		—		—		32		46		—		3		221		10	%
Subtotal		259		206		182		153		497		173		72		85		138		408		2,173		99	%
3		—		—		—		—		—		—		2		—		—		—		2		0	%
4		1		—		—		—		—		—		8		—		—		1		10		1	%
5		—		—		—		—		—		—		2		—		—		—		2		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		1		—		—		—		—		—		12		—		—		1		14		1	%
No designation (d)		—		—		—		—		—		—		1		—		—		—		1		0	%
Total	$	260	$	206	$	182	$	153	$	497	$	173	$	85	$	85	$	138	$	409	$	2,188		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.

(b) 98% of not rated securities are NAIC 1.

(c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages.

(d) Primarily relates to securities held by non-insurance companies.

Page 25

Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020 ($ in millions)

	Fair Value By Collateral Type
Credit Rating (a)	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	427	$	151	$	—	$	39	$	53	$	219	$	889		43	%
AA		61		173		41		—		6		46		—		—		33		47		407		20	%
A		13		36		4		140		—		5		38		—		22		72		330		16	%
BBB		—		—		134		—		—		—		30		40		—		4		208		10	%
Subtotal		74		209		179		140		433		202		68		79		108		342		1,834		89	%
BB		—		—		—		—		—		—		2		—		—		—		2		0	%
B		2		—		—		—		—		—		7		—		—		1		10		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		—		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		2		—		—		—		—		—		9		—		—		1		12		1	%
Not Rated (b)		167		—		—		—		—		—		3		—		—		31		201		10	%
Total	$	243	$	209	$	179	$	140	$	433	$	202	$	80	$	79	$	108	$	374	$	2,047		100	%

	Fair Value By Collateral Type
NAIC designation	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	241	$	209	$	46	$	140	$	433	$	201	$	37	$	40	$	108	$	368	$	1,823		89	%
2		1		—		133		—		—		—		31		39		—		4		208		10	%
Subtotal		242		209		179		140		433		201		68		79		108		372		2,031		99	%
3		—		—		—		—		—		—		2		—		—		—		2		0	%
4		1		—		—		—		—		—		7		—		—		2		10		1	%
5		—		—		—		—		—		—		2		—		—		—		2		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		1		—		—		—		—		—		11		—		—		2		14		1	%
No designation (d)		—		—		—		—		—		1		1		—		—		—		2		0	%
Total	$	243	$	209	$	179	$	140	$	433	$	202	$	80	$	79	$	108	$	374	$	2,047		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.

(b) 98% of not rated securities are NAIC 1.

(c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages.

(d) Primarily relates to securities held by non-insurance companies.

Page 26

Appendix G American Financial Group, Inc. Real Estate-Related Investments 3/31/2021 ($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)

Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	863		88	%		96	%		98	%
Fund Investments		38		4	%		—			—
Student Housing		25		2	%		94	%		98	%
QOZ Fund - Development		19		2	%		—			—
Land Development		17		2	%		—			—
Office		15		1	%		81	%		100	%
Hospitality		8		1	%		—			—
Total	$	985		100	%

Real Estate

Property Type	Book Value		% of Book Value			Debt
Marina	$	63		39	%	$	—
Resort & Marina		55		34	%		—
Hotel		23		14	%		—
Office Building		17		10	%		—
Land		5		3	%		—
Total	$	163		100	%	$	—

Mortgage Loans

Property Type	Book Value		% of Book Value			Loan To Value (d)
Multifamily		169		41	%		66	%
Hospitality		160		39	%		56	%
Office		73		18	%		72	%
Retail		6		2	%		57	%
Other		—		0	%		—
Total	$	408		100	%		63	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $1.3 billion, the amounts presented in this table only relate to real estate funds/investments.

(b) Occupancy as of 3/31/21

(c) Collections for January - March

(d) Based on most recent property appraisals, the vast majority of which are prior to March 2020.

Page 27

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2020 ($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)

Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	793		87	%		96	%		98	%
Fund Investments		38		4	%		—			—
Student Housing		28		3	%		94	%		98	%
Land - Development		17		2	%		—			—
QOZ Fund - Development		16		2	%		—			—
Office		15		1	%		90	%		100	%
Hospitality		8		1	%		—			—
Total	$	915		100	%

Real Estate

Property Type	Book Value		% of Book Value			Debt
Marina	$	63		39	%	$	—
Resort & Marina		56		34	%		—
Hotel		23		14	%		—
Office Building		17		10	%		—
Land		4		3	%		—
Total	$	163		100	%	$	—

Mortgage Loans

Property Type	Book Value		% of Book Value			Loan To Value
Hospitality		160		42	%		56	%
Multi-family		138		37	%		68	%
Office		73		19	%		72	%
Retail		6		2	%		57	%
Other		—		0	%		—
Total	$	377		100	%		64	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a) Total investments accounted for using the equity method is $1.2 billion, the amounts presented in this table only relate to real estate funds/investments.

(b) Occupancy as of 12/31/20

(c) Collections for October - December

(d) Based on most recent property appraisals, the vast majority of which are prior to March 2020.

Page 28

XML

Document and Entity Information	May 04, 2021
Document And Entity Information [Line Items]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Amendment Flag	false
Entity Central Index Key	0001042046
Document Type	8-K
Document Period End Date	May 04, 2021
Entity Incorporation State Country Code	OH
Entity File Number	1-13653
Entity Tax Identification Number	31-1544320
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
Subordinated Debentures Due In March 2059 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
Subordinated Debenturesduein December 2059 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
Subordinated Debentures Due In June 2060 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
Subordinated Debentures Due In September 2060 [Member]
Document And Entity Information [Line Items]
Security 12b Title	4.5% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE