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): August 3, 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 second quarter of 2021 and the availability of the Investor Supplement on the Company’s website. The press release was issued on August 3, 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 and 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 August 3, 2021, reporting American Financial Group Inc. results for the quarter ended June 30, 2021.
99.2	Investor Supplement – Second 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: August 4, 2021	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

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EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces Second Quarter Results

• Net earnings per share of $11.70; includes $9.31 per share in after-tax non-core items

• Net earnings from continuing operations of $240 million ($2.81 per share)

• Core net operating earnings of $2.39 per share, a 257% increase from the prior year period

• Second quarter annualized ROE of 72.0%; core operating ROE of 14.7%

• Parent company cash and investments of approximately $3.0 billion; excess capital of $3.2 billion at June 30, 2021

• Full year 2021 core net operating earnings guidance increased to $8.40—$9.20 per share, from previous guidance of $7.00 to $8.00 per share

CINCINNATI – August 3, 2021 – American Financial Group, Inc. (NYSE: AFG) today reported 2021 second quarter net earnings attributable to shareholders of $1.0 billion ($11.70 per share) compared to $177 million ($1.97 per share) in the 2020 second quarter. Net earnings for the 2021 second quarter included net favorable after-tax non-core items aggregating $797 million ($9.31 per share), including an after-tax gain of $697 million ($8.14 per share) on the sale of AFG’s discontinued annuity subsidiaries and $65 million ($0.75 per share) in earnings from the discontinued annuity operations. Beginning with the first quarter of 2021 and through the date of sale, the results of AFG’s Annuity operations are reported as discontinued operations in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued. Second quarter 2021 non-core items also included $34 million ($0.40 per share) in non-core after-tax net realized gains on securities. By comparison, net earnings in the 2020 second quarter included $117 million ($1.30 per share) in net favorable after-tax non-core items. Other details may be found in the table on the following page.

AFG’s book value per share was $66.12 at June 30, 2021. During the second quarter of 2021, AFG paid cash dividends of $14.50 per share, which included a $14.00 per share special dividend, and repurchased $114 million of its common stock at an average price per share of $116.13 (adjusted for the $14 per share special dividend). Annualized return on equity was 72.0% and 14.1% for the second quarters of 2021 and 2020, respectively.

Core net operating earnings were $205 million ($2.39 per share) for the 2021 second quarter, compared to $60 million ($0.67 per share) in the 2020 second quarter. Core net operating earnings for the second quarters of 2021 and 2020 generated annualized returns on equity of 14.7% and 4.8%, respectively. 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 $1.6 billion of alternative investments 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 second quarters may be found in the table below.

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	Three Months Ended June 30,
Components of Pretax Core Operating Earnings	2021			2020(a)			2021		2020(a)			2021			2020(a)
	Before Impact of						Alternative					Core Net Operating
In millions, except per share amounts	Alternative Investments						Investments, net of DAC					Earnings, as reported
P&C Pretax Core Operating Earnings (Loss)	$	225		$	129		$	63	$		(13)	$	288		$	116
Real estate entities and other acquired from Annuity operations		2			(2	)		20		3			22			1
Other expenses		(35	)		(20	)		—		—			(35	)		(20	)
Holding company interest expense		(23	)		(23	)		—		—			(23	)		(23	)
Pretax Core Operating Earnings		169			84			83		(10	)		252			74
Related provision for income taxes		30			16			17		(2	)		47			14
Core Net Operating Earnings (Loss)	$	139		$	68		$	66	$		(8)	$	205		$	60
Core Net Operating Earnings (Loss) Per Share	$	1.62		$	0.76		$	0.77	($	0.09	)	$	2.39		$	0.67
Weighted Avg Diluted Shares Outstanding		85.6			90.0			85.6		90.0			85.6			90.0

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

Book value per share, excluding unrealized gains related to fixed maturities, was $63.70 per share at June 30, 2021, compared to $63.61 at the end of 2020.

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 June 30,						Six months ended June 30,
	2021			2020(a)			2021			2020(a)
Components of net earnings (loss) attributable to shareholders:
Core operating earnings before income taxes	$	252		$	74		$	510		$	227
Pretax non-core items:
Realized gains (losses) on securities		43			108			120			(220	)
Neon exited lines(b)		4			(42	)		4			(52	)
Other		(11	)		—			(11	)		—
Earnings (loss) before income taxes		288			140			623			(45	)
Provision (credit) for income taxes:
Core operating earnings		47			14			99			42
Non-core items		1			23			17			(46	)
Total provision (credit) for income taxes		48			37			116			(4	)
Net earnings (loss) from continuing operations including noncontrolling interests		240			103			507			(41	)
Discontinued annuity operations		762			64			914			(96	)
Less: net earnings (loss) attributable to noncontrolling interests:
Non-core items		—			(10	)		—			(13	)
Net earnings (loss) attributable to shareholders	$	1,002		$	177		$	1,421		$	(124	)
Net earnings (loss):
Core net operating earnings(c)	$	205		$	60		$	411		$	185
Non-core items:
Realized gains (losses) on securities		34			85			95			(174	)
Neon exited lines(b)		3			(32	)		3			(39	)
Other		(2	)		—			(2	)		—
Net earnings (loss) from continuing operations		240			113			507			(28	)
Discontinued annuity operations		762			64			914			(96	)
Net earnings (loss) attributable to shareholders	$	1,002		$	177		$	1,421		$	(124	)

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Components of earnings (loss) per share(d):
Core net operating earnings(c)	$	2.39		$	0.67		$	4.78		$	2.04
Non-core Items:
Realized gains (losses) on securities		0.40			0.95			1.10			(1.92	)
Neon exited lines(b)		0.04			(0.36	)		0.04			(0.43	)
Other		(0.02	)		—			(0.02	)		—
Diluted net earnings (loss) per share from continuing operations	$	2.81		$	1.26		$	5.90		$	(0.31	)
Discontinued annuity operations		8.89			0.71			10.61			(1.07	)
Diluted net earnings (loss) per share	$	11.70		$	1.97		$	16.51		$	(1.38	)

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

Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “We are extremely pleased with the outstanding performance of our Specialty P&C businesses and the strong returns produced by our portfolio of alternative investments. These results, combined with our disciplined operating philosophy, lower catastrophe volatility than our peers, and a favorable P&C operating environment helped us achieve an annualized core return on equity of nearly 15% in the second quarter of 2021.

“AFG had approximately $3.2 billion of excess capital (including parent company cash and investments of approximately $3.0 billion) at June 30, 2021. The sale of our Annuity business to Massachusetts Mutual Life Insurance Company (MassMutual) significantly enhanced 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 half of the year, we now expect AFG’s core net operating earnings in 2021 to be in the range of $8.40 to $9.20, an increase from our previous range of $7.00 to $8.00 per share. This guidance range excludes earnings from our discontinued annuity operations and continues to assume zero earnings on parent company cash 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 two 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 second quarter of 2021 an increase of $172 million (148%) from the comparable prior year period. The year-over-year improvement was the result of significantly higher P&C underwriting profit and substantially higher P&C net investment income, primarily due to higher earnings from alternative investments.

The Specialty P&C insurance operations generated an underwriting profit of $153 million in the 2021 second quarter, compared to $54 million in the 2020 second quarter. 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 Specialty Casualty Group.

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The second quarter 2021 combined ratio was a very strong 87.9%, improving 7.3 points from the prior year period. Second quarter 2021 results include $68 million (5.4 points) of favorable prior year reserve development, compared to $85 million (7.6 points) in the comparable prior year period. Catastrophe losses, net of reinsurance and including reinstatement premiums, were $11 million in the second quarter of 2021. By comparison, catastrophe losses were $26 million in the prior year period.

AFG recorded $2 million in losses related to COVID-19 in the second quarter of 2021 – primarily related to the economic slowdown impacting its trade credit business – and recorded favorable reserve development of approximately $4 million related to accident year 2020 COVID-19 reserves based on loss experience. By comparison, second quarter 2020 underwriting results included $85 million in COVID-19 related losses. Given the uncertainties surrounding the ultimate number and scope of claims relating to the pandemic, approximately 66% of the $96 million in AFG’s cumulative COVID-19 related losses are held as incurred but not reported (IBNR) reserves at June 30, 2021.

Second quarter 2021 gross and net written premiums were up 26% and 22%, respectively, when compared to the second quarter of 2020. Strong year-over-year growth was reported within each of the Specialty P&C groups as a result of an improving economy, new business opportunities and a strong renewal rate environment. Excluding workers’ compensation, gross and net written premiums grew 30% and 26% respectively, year over year.

Average renewal pricing across our entire P&C Group was up approximately 9% for the quarter. Excluding our workers’ compensation business, renewal pricing was up approximately 12%. 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 $62 million in the second quarter of 2021, compared to $33 million in the second quarter of 2020. Higher underwriting profit in our crop, property & inland marine and transportation businesses were the drivers of the year-over-year increase. The businesses in the Property and Transportation Group achieved a very strong 86.6% calendar year combined ratio overall in the second quarter, an improvement of 5.1 points from the comparable period in 2020. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $7 million in the second quarter of 2021, compared to $15 million in the comparable 2020 period.

Second quarter 2021 gross and net written premiums in this group were 39% and 32% higher, respectively, than the comparable prior year period, with growth reported in all the businesses in this group. The growth came primarily from our transportation businesses – primarily the result of new accounts, combined with strong renewals and increased exposures in our alternative risk transfer business – and our crop insurance business, primarily the result of higher commodity futures pricing and timing differences in the writing of premiums. Overall renewal rates in this group increased 7% in the second quarter of 2021, consistent with results in the first quarter of this year.

The Specialty Casualty Group reported an underwriting profit of $71 million in the second quarter of 2021, compared to $27 million in the second quarter of 2020, primarily the result of higher profitability in our excess and surplus lines, excess liability, targeted markets and executive liability businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved a very strong 87.9% calendar year combined ratio overall in the second quarter, an improvement of 7.0 points from the comparable period in 2020. Catastrophe losses for this group were approximately $2 million in the second quarter of 2021 and approximately $6 million in the comparable prior year period. Results in the second quarter of 2020 included $52 million COVID-19 related losses, primarily in our workers’ compensation and executive liability businesses.

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Second quarter 2021 gross and net written premiums increased 19% and 16%, respectively, when compared to the same prior year period. Excluding workers’ compensation, gross and net written premiums grew by 26% and 25%, respectively year-over-year. Nearly all the businesses in this group achieved strong renewal pricing and reported premium growth during the second quarter. Significant renewal rate increases and new business opportunities contributed to higher premiums in our excess liability businesses, which have higher cessions than other businesses in this group. Higher renewal rates and increased exposures contributed to premium growth in our excess and surplus lines business. Our executive liability and mergers and acquisitions liability businesses also contributed meaningfully to the year-over-year growth. Renewal pricing for this group was up 11% in the second quarter. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 17%.

The Specialty Financial Group reported an underwriting profit of $21 million in the second quarter of 2021, compared to an underwriting loss of less than $1 million in the second quarter of 2020. Improved results in our trade credit business contributed to the higher year-over-year underwriting profitability. Results in the 2020 second quarter included COVID-19 related losses of $30 million primarily related to trade credit insurance. This group continued to achieve excellent underwriting margins and reported an 86.4% combined ratio for the second quarter of 2021. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $2 million in the second quarter of 2021, compared to $5 million in the prior year quarter.

Second quarter 2021 gross and net written premiums in this group were up 7% and 14%, respectively, when compared to the prior year period. New business opportunities within our lender services, surety and fidelity and crime businesses contributed to the increase in the quarter. Renewal pricing in this group was up approximately 8% for the quarter, consistent with results in the first quarter of 2021.

Carl Lindner III stated, “Second quarter operating earnings in our P&C Segment were a record at $288 million. I’m very pleased that all three of our P&C Groups reported strong double-digit growth in net written premiums, which was primarily the result of economic recovery, new business opportunities and healthy renewal pricing. Underwriting margins across our portfolio of businesses were excellent, with each P&C Group reporting a combined ratio in the 80’s. Based on results through the first six months, we now expect an overall 2021 calendar year combined ratio in the range of 88% to 90%, an improvement from the range of 89% to 91% estimated previously, and we now expect net written premiums to be 10% to 13% higher than the $5.0 billion reported in 2020, which is an increase from the range of +7% to +10% estimated previously. We expect the market to remain firm throughout 2021, allowing us to act on business opportunities and 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 six months ended June 30, 2021, P&C net investment income was approximately 77% higher than the comparable 2020 period and included significantly higher earnings from alternative investments. 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 return on alternative investments held in the P&C portfolio in the second quarter of 2021 was 22.9%. The cumulative return on these investments over the past five calendar years was approximately 10%. Excluding the impact of alternative investments, P&C net investment income for the six months ended June 30, 2021 decreased 10% year-over-year, reflecting lower market interest rates.

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Non-Core Net Realized Gains – AFG recorded second quarter 2021 net realized gains on securities of $34 million ($0.40 per share) after tax, which included $29 million ($0.34 per share) in after-tax net gains to adjust equity securities that the Company continued to own at June 30, 2021, to fair value. By comparison, AFG recorded second quarter 2020 net realized gains on securities of $85 million ($0.95 per share) after tax. 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.

After-tax unrealized gains on fixed maturities were $205 million at June 30, 2021. Our portfolio continues to be high quality, with 88% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio 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 May 28, 2021, AFG completed the sale of its Annuity business consisting of Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., and insurance distributor, AAG Insurance Agency, Inc. to MassMutual. Initial cash proceeds from the sale (based on the preliminary closing balance sheet) were $3.5 billion. AFG recognized an after-tax non-core gain on the sale of $697 million ($8.14 per AFG share) upon closing. Both the proceeds and the gain are subject to post-closing adjustments. Prior to completion of the transaction, AFG’s P&C Group acquired approximately $480 million in real estate-related partnerships from GALIC and AFG parent acquired approximately $100 million in directly owned real estate from GALIC.

Discontinued Annuity Operations

Beginning with the first quarter of 2021 and through the sale date, 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- and six-month periods ended June 30, 2021 (through the May 2021 sale date) and June 30, 2020 appears below:

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Dollars in millions	Three months ended June 30,						Six months ended June 30,
	2021(*)			2020(a)			2021(*)			2020(a)
Pretax Annuity earnings historically reported as core operating	$	129		$	42		$	295		$	109
Amounts previously reported outside of annuity core earnings:
Impact of fair value accounting for FIAs and reinsurance accounting		(55	)		(59	)		(33	)		(97	)
Realized gains (losses)		31			96			112			(127	)
Run-off life and long-term care		—			—			—			(3	)
Pretax Earnings (Loss) of Businesses Sold to MassMutual	$	105		$	79		$	374		$	(118	)
Less earnings on assets retained by AFG included in continuing operations(**)		(22	)		(1	)		(50	)		(7	)
Total Pretax Results from Discontinued Annuity Operations		83			78			324			(125	)
Less: related provision (credit) for taxes		18			14			66			(29	)
Net Earnings (Loss) from Discontinued Annuity Operations	$	65		$	64		$	258		$	(96	)
After tax Gain on Sale of Annuity subsidiaries	$	697		$	—		$	656		$	—
Discontinued Annuity Operations	$	762		$	64		$	914		$	(96	)

* Results are through May 31, 2021 effective date of the sale.

** Primarily earnings from the real estate entities 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.

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. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

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: 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; 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,

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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; 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 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 4, 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 5388071. Please dial in five to ten minutes prior to the scheduled start time of the call.

A replay will be available two hours following the completion of the call and will remain available until 11:59 p.m. (ET) on August 11, 2021. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 5388071.

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 August 11, 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.

AFG2021-19

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS (LOSS) AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended June 30,				Six months ended June 30,
	2021		2020(a)		2021		2020(a)
Revenues
P&C insurance net earned premiums	$	1,250	$	1,184	$	2,423	$	2,393
Net investment income		164		88		352		192
Realized gains (losses) on:
Securities		43		108		120		(220)
Subsidiary		4		—		4		—
Income of managed investment entities:
Investment income		44		49		90		108
Gain (loss) on change in fair value of assets/liabilities		6		(3)		8		(16)
Other income		20		19		43		43
Total revenues		1,531		1,445		3,040		2,500
Costs and expenses
P&C insurance losses & expenses		1,104		1,180		2,151		2,307
Interest charges on borrowed money		23		23		47		40
Expenses of managed investment entities		39		42		78		95
Other expenses		77		60		141		103
Total costs and expenses		1,243		1,305		2,417		2,545
Earnings (loss) from continuing operations before income taxes		288		140		623		(45)
Provision (credit) for income taxes		48		37		116		(4)
Net earnings (loss) from continuing operations, including noncontrolling interests		240		103		507		(41)
Net earnings (loss) from discontinued operations		762		64		914		(96)
Net earnings (loss), including controlling interests		1,002		167		1,421		(137)
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests		—		(10)		—		(13)
Net earnings (loss) attributable to shareholders	$	1,002	$	177	$	1,421	$	(124	)
Earnings (loss) attributable to shareholders per diluted common share:
Continuing operations	$	2.81	$	1.26	$	5.90	$	(0.31	)
Discontinued operations		8.89		0.71		10.61		(1.07)
Diluted earnings (loss) attributable to shareholders	$	11.70	$	1.97	$	16.51	$	(1.38	)
Average number of diluted shares(d)		85.6		90.0		86.1		90.0

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

Page 9

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS (LOSS) AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

Selected Balance Sheet Data:	June 30, 2021		December 31, 2020
Total cash and investments	$	16,125	$	13,494
Long-term debt	$	1,963	$	1,963
Shareholders’ equity(e)	$	5,601	$	6,789
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)	$	5,396	$	5,493
Book value per share(e)	$	66.12	$	78.62
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	63.70	$	63.61
Common Shares Outstanding		84.7		86.3

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

Page 10

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

	Three months ended June 30,						Pct. Change			Six months ended June 30,						Pct. Change
	2021			2020						2021			2020
Gross written premiums	$	1,937		$	1,539			26	%	$	3,553		$	3,065			16	%
Net written premiums	$	1,369		$	1,123			22	%	$	2,574		$	2,288			13	%
Ratios (GAAP):
Loss & LAE ratio		57.2	%		62.6	%					57.0	%		60.5	%
Underwriting expense ratio		30.7	%		32.6	%					31.2	%		33.2	%
Specialty Combined Ratio		87.9	%		95.2	%					88.2	%		93.7	%
Combined Ratio – P&C Segment		87.9	%		99.2	%					88.2	%		96.0	%
Supplemental Information:(f)
Gross Written Premiums:
Property & Transportation	$	851		$	611			39	%	$	1,371		$	1,105			24	%
Specialty Casualty		897			752			19	%		1,801			1,601			12	%
Specialty Financial		189			176			7	%		381			359			6	%
	$	1,937		$	1,539			26	%	$	3,553		$	3,065			16	%
Net Written Premiums:
Property & Transportation	$	564		$	426			32	%	$	967		$	812			19	%
Specialty Casualty		592			511			16	%		1,180			1,097			8	%
Specialty Financial		159			139			14	%		320			288			11	%
Other		54			47			15	%		107			91			18	%
	$	1,369		$	1,123			22	%	$	2,574		$	2,288			13	%
Combined Ratio (GAAP):
Property & Transportation		86.6	%		91.7	%					86.1	%		92.3	%
Specialty Casualty		87.9	%		94.9	%					89.0	%		92.8	%
Specialty Financial		86.4	%		100.4	%					85.4	%		94.4	%
Aggregate Specialty Group		87.9	%		95.2	%					88.2	%		93.7	%

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(40	)	$	(28	)	$	(83	)	$	(52)
Specialty Casualty		(20)			(51)			(29)			(75)
Specialty Financial		(12)			(11)			(20)			(13)
Other Specialty		4			5			5			7
Total Specialty Reserve Development	$	(68	)	$	(85	)	$	(127	)	$	(133	)
Points on Combined Ratio:
Property & Transportation		(8.8)			(7.2)			(9.8)			(6.7)
Specialty Casualty		(3.4)			(9.3)			(2.5)			(6.7)
Specialty Financial		(7.3)			(8.0)			(6.3)			(4.5)
Aggregate Specialty Group		(5.4)			(7.6)			(5.3)			(5.8)
Total P&C Segment		(5.4)			(6.5)			(5.3)			(5.0)

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

Page 11

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a) On May 28, 2021, AFG completed the sale of its Annuity business to MassMutual. The results of AFG’s Annuity operations are reported as discontinued operations beginning with the first quarter of 2021 and through the date of sale, 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 $32 million ($0.36 per share) in the second quarter of 2020 and $39 million ($0.43 per share) in the first six months 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. In the second quarter of 2021, AFG recognized a non-core after-tax gain of $3 million related to contingent consideration received on the sale of Neon.

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

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	288		$	116		$	576		$	297
Real estate entities and other acquired from Annuity operations		22			1			50			7
Interest and other corporate expenses		(58	)		(43	)		(116	)		(77	)
Core operating earnings before income taxes		252			74			510			227
Related income taxes		47			14			99			42
Core net operating earnings	$	205		$	60		$	411		$	185

d) Because AFG had a net loss for the six months ended June 30, 2020, the impact of potential dilutive options (weighted average of 0.59 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 six months ended June 30, 2020.

e) Shareholders’ Equity at June 30, 2021 includes $205 million ($2.42 per share) in unrealized after-tax gains on fixed maturities. 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 12

EX-99.2

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Second Quarter 2021 August 3, 2021 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Second Quarter 2021 August 3, 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 - Second Quarter 2021 Section Page Table of Contents - Investor Supplement - Second 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)................................................................................................................................................1 ..0 ..................................................................................................................................................................................................................................................................................................................................................................................................................... Other Specialty - Underwriting Results (GAAP)......................................................................................................................................................1 ..1 ............................................................................................................................................................................................................................................................................................................................................................................................................... Annuity Segment Discontinued Annuity Operations............................................................................................................................................................................1 ..2 ......................................................................................................................................................................................................................................................................................................................................................................................... Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet...................................................................................................................................................................................1 ..3 ...................................................................... Book Value Per Share and Price / Book Summary.................................................................................................................................................1 ..4 ........................................................................................................ Capitalization..........................................................................................................................................................................................................1 ..5 ............................................... Additional Supplemental Information......................................................................................................................................................................1 ...6 .................................................................................. Consolidated Investment Supplement Total Cash and Investments...................................................................................................................................................................................1 ..7 ........................................................................................................................ Net Investment Income From Continuing Operations.............................................................................................................................................1 ..8 .............................................................................................................................................................. Alternative Investments - Continuing Operations....................................................................................................................................................1 ..9 ....................................................................................................................................................... Fixed Maturities - By Security Type - AFG Consolidated........................................................................................................................................2 ..0 ................................................................................................................................................................... Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2021.......................................................................................................2 ..1 .................................................................................................................................................................................................... B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020.....................................................................................................2 ..2 ...................................................................................................................................................................................................... C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2021..........................................................................................2 ..3 ............................................................................................................................................................................................................... D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020........................................................................................2 ..4 ................................................................................................................................................................................................................... E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2021.........................................................................2 ..5 .................................................................................................................................................................................................................................. F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020.......................................................................2 ..6 .................................................................................................................................................................................................................................... G. Real Estate-Related Investments 6/30/2021.....................................................................................................................................................2 ..7 ...................................................................................................................................................... H. Real Estate-Related Investments 12/31/2020...................................................................................................................................................2 ..8 ........................................................................................................................................................ Page 2American Financial Group, Inc. Table of Contents - Investor Supplement - Second Quarter 2021 Section Page Table of Contents - Investor Supplement - Second 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)................................................................................................................................................1 ..0 ..................................................................................................................................................................................................................................................................................................................................................................................................................... Other Specialty - Underwriting Results (GAAP)......................................................................................................................................................1 ..1 ............................................................................................................................................................................................................................................................................................................................................................................................................... Annuity Segment Discontinued Annuity Operations............................................................................................................................................................................1 ..2 ......................................................................................................................................................................................................................................................................................................................................................................................... Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet...................................................................................................................................................................................1 ..3 ...................................................................... Book Value Per Share and Price / Book Summary.................................................................................................................................................1 ..4 ........................................................................................................ Capitalization..........................................................................................................................................................................................................1 ..5 ............................................... Additional Supplemental Information......................................................................................................................................................................1 ...6 .................................................................................. Consolidated Investment Supplement Total Cash and Investments...................................................................................................................................................................................1 ..7 ........................................................................................................................ Net Investment Income From Continuing Operations.............................................................................................................................................1 ..8 .............................................................................................................................................................. Alternative Investments - Continuing Operations....................................................................................................................................................1 ..9 ....................................................................................................................................................... Fixed Maturities - By Security Type - AFG Consolidated........................................................................................................................................2 ..0 ................................................................................................................................................................... Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2021.......................................................................................................2 ..1 .................................................................................................................................................................................................... B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020.....................................................................................................2 ..2 ...................................................................................................................................................................................................... C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2021..........................................................................................2 ..3 ............................................................................................................................................................................................................... D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020........................................................................................2 ..4 ................................................................................................................................................................................................................... E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2021.........................................................................2 ..5 .................................................................................................................................................................................................................................. F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020.......................................................................2 ..6 .................................................................................................................................................................................................................................... G. Real Estate-Related Investments 6/30/2021.....................................................................................................................................................2 ..7 ...................................................................................................................................................... H. Real Estate-Related Investments 12/31/2020...................................................................................................................................................2 ..8 ........................................................................................................................................................ Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Highlights Net earnings (loss) $ 1,002 $ 419 $ 692 $ 164 $ 177 $ 1,421 $ (124) Net earnings (loss) from continuing operations 240 267 265 88 113 5 07 (28) Core net operating earnings 205 206 175 121 60 4 11 1 85 Total assets 28,780 74,197 73,710 73,234 70,985 28,780 70,985 Adjusted shareholders' equity (a) 5,396 5,695 5,493 5,087 5,049 5,396 5,049 Property and Casualty net written premiums 1,369 1,205 1,216 1,488 1,123 2,574 2,288 Per share data Diluted earnings (loss) per share $ 11.70 $ 4.84 $ 7.93 $ 1.86 $ 1.97 $ 16.51 $ (1.38) Diluted earnings (loss) per share from continuing operations 2.81 3.08 3.03 1.00 1.26 5 .90 (0.31) Core net operating earnings per share 2.39 2.38 2.01 1.38 0.67 4 .78 2 .04 Adjusted book value per share (a) 63.70 66.89 63.61 58.29 56.95 63.70 56.95 Cash dividends per common share 14.5000 0.5000 2.5000 0.4500 0.4500 15.0000 0.9000 Financial ratios Annualized return on equity (b) 72.0% 2 9.9% 52.1% 12.9% 14.1% 51.2% (4.8%) Annualized core operating return on equity (b) 14.7% 1 4.7% 13.2% 9.6% 4.8% 14.8% 7.1% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 57.2% 5 6.8% 58.6% 63.8% 62.6% 57.0% 60.5% Underwriting expense ratio 30.7% 31.7% 27.6% 28.3% 32.6% 31.2% 33.2% Combined ratio - Specialty 87.9% 8 8.5% 86.2% 92.1% 95.2% 88.2% 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 3American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Highlights Net earnings (loss) $ 1,002 $ 419 $ 692 $ 164 $ 177 $ 1,421 $ (124) Net earnings (loss) from continuing operations 240 267 265 88 113 5 07 (28) Core net operating earnings 205 206 175 121 60 4 11 1 85 Total assets 28,780 74,197 73,710 73,234 70,985 28,780 70,985 Adjusted shareholders' equity (a) 5,396 5,695 5,493 5,087 5,049 5,396 5,049 Property and Casualty net written premiums 1,369 1,205 1,216 1,488 1,123 2,574 2,288 Per share data Diluted earnings (loss) per share $ 11.70 $ 4.84 $ 7.93 $ 1.86 $ 1.97 $ 16.51 $ (1.38) Diluted earnings (loss) per share from continuing operations 2.81 3.08 3.03 1.00 1.26 5 .90 (0.31) Core net operating earnings per share 2.39 2.38 2.01 1.38 0.67 4 .78 2 .04 Adjusted book value per share (a) 63.70 66.89 63.61 58.29 56.95 63.70 56.95 Cash dividends per common share 14.5000 0.5000 2.5000 0.4500 0.4500 15.0000 0.9000 Financial ratios Annualized return on equity (b) 72.0% 2 9.9% 52.1% 12.9% 14.1% 51.2% (4.8%) Annualized core operating return on equity (b) 14.7% 1 4.7% 13.2% 9.6% 4.8% 14.8% 7.1% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 57.2% 5 6.8% 58.6% 63.8% 62.6% 57.0% 60.5% Underwriting expense ratio 30.7% 31.7% 27.6% 28.3% 32.6% 31.2% 33.2% Combined ratio - Specialty 87.9% 8 8.5% 86.2% 92.1% 95.2% 88.2% 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 Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance Underwriting profit $ 152 $ 134 $ 163 $ 103 $ 52 $ 286 $ 140 Net investment income 143 159 122 111 72 302 171 Other expense (7) (5) (11) ( 9) ( 8) ( 12) ( 14) Property and Casualty Insurance operating earnings 288 288 274 205 116 576 297 Real estate entities and other acquired from Annuity 22 28 9 3 1 50 7 Interest expense of parent holding companies (23) (24) (24) ( 24) ( 23) ( 47) ( 40) Other expense (35) (34) (32) ( 29) ( 20) ( 69) ( 37) Pretax core operating earnings 252 258 227 155 74 510 227 Income tax expense 47 52 52 34 14 99 42 Core net operating earnings 205 206 175 121 60 411 185 Non-core items, net of tax: Realized gains (losses) on securities 34 61 97 18 85 95 ( 174) Special A&E charges: Property and Casualty Insurance run-off operations - - - ( 37) - - - Former Railroad and Manufacturing operations - - - ( 17) - - - Neon exited lines 3 - (3) 3 ( 32) 3 ( 39) Other non-core items (2) - (4) - - ( 2) - Net earnings (loss) from continuing operations $ 240 $ 267 $ 265 $ 88 $ 113 $ 507 $ ( 28) Discontinued Annuity operations 762 152 427 76 64 914 ( 96) Net earnings (loss) $ 1,002 $ 419 $ 692 $ 164 $ 177 $ 1,421 $ ( 124) Page 4American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance Underwriting profit $ 152 $ 134 $ 163 $ 103 $ 52 $ 286 $ 140 Net investment income 143 159 122 111 72 302 171 Other expense (7) (5) (11) ( 9) ( 8) ( 12) ( 14) Property and Casualty Insurance operating earnings 288 288 274 205 116 576 297 Real estate entities and other acquired from Annuity 22 28 9 3 1 50 7 Interest expense of parent holding companies (23) (24) (24) ( 24) ( 23) ( 47) ( 40) Other expense (35) (34) (32) ( 29) ( 20) ( 69) ( 37) Pretax core operating earnings 252 258 227 155 74 510 227 Income tax expense 47 52 52 34 14 99 42 Core net operating earnings 205 206 175 121 60 411 185 Non-core items, net of tax: Realized gains (losses) on securities 34 61 97 18 85 95 ( 174) Special A&E charges: Property and Casualty Insurance run-off operations - - - ( 37) - - - Former Railroad and Manufacturing operations - - - ( 17) - - - Neon exited lines 3 - (3) 3 ( 32) 3 ( 39) Other non-core items (2) - (4) - - ( 2) - Net earnings (loss) from continuing operations $ 240 $ 267 $ 265 $ 88 $ 113 $ 507 $ ( 28) Discontinued Annuity operations 762 152 427 76 64 914 ( 96) Net earnings (loss) $ 1,002 $ 419 $ 692 $ 164 $ 177 $ 1,421 $ ( 124) Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Core net operating earnings $ 2 05 $ 2 06 $ 175 $ 121 $ 60 $ 411 $ 185 Net earnings (loss) from continuing operations $ 2 40 $ 2 67 $ 265 $ 88 $ 113 $ 507 $ (28) Net earnings (loss) $ 1 ,002 $ 4 19 $ 692 $ 164 $ 177 $ 1,421 $ (124) Average number of diluted shares - core 8 5.618 8 6.577 87.156 88.546 89.997 86.096 90.567 Average number of diluted shares - net 8 5.618 8 6.577 87.156 88.546 89.997 86.096 89.980 Diluted earnings per share: Core net operating earnings per share $ 2 .39 $ 2 .38 $ 2.01 $ 1.38 $ 0.67 $ 4.78 $ 2.04 Realized gains (losses) on securities 0 .40 0 .70 1.10 0.20 0.95 1.10 (1.92) Special A&E charges: Property and Casualty Insurance run-off operations - - - (0.42) - - - Former Railroad and Manufacturing operations - - - (0.19) - - - Neon exited lines 0 .04 - ( 0.04) 0.03 (0.36) 0.04 (0.43) Other non-core items (0.02) - ( 0.04) - - (0.02) - Diluted earnings (loss) per share, continuing operations $ 2 .81 $ 3 .08 $ 3.03 $ 1.00 $ 1.26 $ 5.90 $ (0.31) Discontinued Annuity operations 8 .89 1 .76 4.90 0.86 0.71 10.61 (1.07) Diluted earnings (loss) per share $ 1 1.70 $ 4 .84 $ 7.93 $ 1.86 $ 1.97 $ 16.51 $ (1.38) Page 5American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Core net operating earnings $ 2 05 $ 2 06 $ 175 $ 121 $ 60 $ 411 $ 185 Net earnings (loss) from continuing operations $ 2 40 $ 2 67 $ 265 $ 88 $ 113 $ 507 $ (28) Net earnings (loss) $ 1 ,002 $ 4 19 $ 692 $ 164 $ 177 $ 1,421 $ (124) Average number of diluted shares - core 8 5.618 8 6.577 87.156 88.546 89.997 86.096 90.567 Average number of diluted shares - net 8 5.618 8 6.577 87.156 88.546 89.997 86.096 89.980 Diluted earnings per share: Core net operating earnings per share $ 2 .39 $ 2 .38 $ 2.01 $ 1.38 $ 0.67 $ 4.78 $ 2.04 Realized gains (losses) on securities 0 .40 0 .70 1.10 0.20 0.95 1.10 (1.92) Special A&E charges: Property and Casualty Insurance run-off operations - - - (0.42) - - - Former Railroad and Manufacturing operations - - - (0.19) - - - Neon exited lines 0 .04 - ( 0.04) 0.03 (0.36) 0.04 (0.43) Other non-core items (0.02) - ( 0.04) - - (0.02) - Diluted earnings (loss) per share, continuing operations $ 2 .81 $ 3 .08 $ 3.03 $ 1.00 $ 1.26 $ 5.90 $ (0.31) Discontinued Annuity operations 8 .89 1 .76 4.90 0.86 0.71 10.61 (1.07) Diluted earnings (loss) per share $ 1 1.70 $ 4 .84 $ 7.93 $ 1.86 $ 1.97 $ 16.51 $ (1.38) Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Transportation $ 6 2 $ 5 6 $ 74 $ 47 $ 33 $ 118 $ 60 Specialty Casualty 7 1 5 6 91 53 27 127 79 Specialty Financial 2 1 2 5 20 13 - 46 17 Other Specialty (1) (3) (6) (9) (6) (4) (13) Underwriting profit - Specialty 1 53 1 34 179 104 54 287 143 Other core charges, included in loss and LAE (1) - (16) (1) (2) (1) (3) Underwriting profit - Core 1 52 1 34 163 103 52 286 140 Special A&E charges, included in loss and LAE - - - (47) - - - Neon exited lines (a) - - (53) (38) (43) - (44) Underwriting profit (loss) - Property and Casualty Insurance $ 1 52 $ 1 34 $ 110 $ 18 $ 9 $ 286 $ 96 Included in results above: COVID-19 related losses $ 2 $ 9 $ - $ - $ 105 $ 11 $ 115 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 1 1 $ (3) $ 5 $ - $ 12 $ - Catastrophe loss 1 0 2 0 41 52 26 30 35 Total current accident year catastrophe losses $ 1 1 $ 3 1 $ 38 $ 57 $ 26 $ 42 $ 35 Prior year loss reserve development (favorable) / adverse $ (67) $ (59) $ (8) $ - $ (77) $ (126) $ (119) Combined ratio: Property and Transportation 86.6% 85.6% 85.8% 91.9% 91.7% 86.1% 92.3% Specialty Casualty 87.9% 90.2% 84.0% 90.7% 94.9% 89.0% 92.8% Specialty Financial 86.4% 84.1% 86.8% 91.6% 100.4% 85.4% 94.4% Other Specialty 103.2% 104.6% 116.9% 115.6% 114.2% 103.9% 115.8% Combined ratio - Specialty 8 7.9% 8 8.5% 86.2% 92.1% 95.2% 88.2% 93.7% Other core charges 0.0% 0.1% 1.2% 0.1% 0.2% 0.0% 0.1% Neon exited lines charge 0.0% 0.0% 4.2% 3.1% 3.8% 0.0% 2.2% Special A&E charges 0.0% 0.0% 0.0% 3.5% 0.0% 0.0% 0.0% Combined ratio 8 7.9% 8 8.6% 91.6% 98.8% 99.2% 88.2% 96.0% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 92.2% 91.2% 89.1% 95.0% 94.8% 91.7% 94.7% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 61.5% 59.5% 60.1% 66.0% 60.7% 60.5% 60.5% COVID-19 related losses 0.2% 0.8% 0.0% 0.0% 8.8% 0.5% 4.8% Current accident year catastrophe losses 0.9% 1.7% 3.1% 3.8% 2.1% 1.3% 1.5% Prior accident year loss reserve development (5.4%) (5.1%) ( 0.6%) 0.0% (6.5%) (5.3%) (5.0%) Loss and LAE ratio 5 7.2% 5 6.9% 62.6% 69.8% 65.1% 57.0% 61.8% (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 $53 million favorable adjustment to the estimated loss on sale recorded in Q3. Page 6American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Transportation $ 6 2 $ 5 6 $ 74 $ 47 $ 33 $ 118 $ 60 Specialty Casualty 7 1 5 6 91 53 27 127 79 Specialty Financial 2 1 2 5 20 13 - 46 17 Other Specialty (1) (3) (6) (9) (6) (4) (13) Underwriting profit - Specialty 1 53 1 34 179 104 54 287 143 Other core charges, included in loss and LAE (1) - (16) (1) (2) (1) (3) Underwriting profit - Core 1 52 1 34 163 103 52 286 140 Special A&E charges, included in loss and LAE - - - (47) - - - Neon exited lines (a) - - (53) (38) (43) - (44) Underwriting profit (loss) - Property and Casualty Insurance $ 1 52 $ 1 34 $ 110 $ 18 $ 9 $ 286 $ 96 Included in results above: COVID-19 related losses $ 2 $ 9 $ - $ - $ 105 $ 11 $ 115 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 1 1 $ (3) $ 5 $ - $ 12 $ - Catastrophe loss 1 0 2 0 41 52 26 30 35 Total current accident year catastrophe losses $ 1 1 $ 3 1 $ 38 $ 57 $ 26 $ 42 $ 35 Prior year loss reserve development (favorable) / adverse $ (67) $ (59) $ (8) $ - $ (77) $ (126) $ (119) Combined ratio: Property and Transportation 86.6% 85.6% 85.8% 91.9% 91.7% 86.1% 92.3% Specialty Casualty 87.9% 90.2% 84.0% 90.7% 94.9% 89.0% 92.8% Specialty Financial 86.4% 84.1% 86.8% 91.6% 100.4% 85.4% 94.4% Other Specialty 103.2% 104.6% 116.9% 115.6% 114.2% 103.9% 115.8% Combined ratio - Specialty 8 7.9% 8 8.5% 86.2% 92.1% 95.2% 88.2% 93.7% Other core charges 0.0% 0.1% 1.2% 0.1% 0.2% 0.0% 0.1% Neon exited lines charge 0.0% 0.0% 4.2% 3.1% 3.8% 0.0% 2.2% Special A&E charges 0.0% 0.0% 0.0% 3.5% 0.0% 0.0% 0.0% Combined ratio 8 7.9% 8 8.6% 91.6% 98.8% 99.2% 88.2% 96.0% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 92.2% 91.2% 89.1% 95.0% 94.8% 91.7% 94.7% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 61.5% 59.5% 60.1% 66.0% 60.7% 60.5% 60.5% COVID-19 related losses 0.2% 0.8% 0.0% 0.0% 8.8% 0.5% 4.8% Current accident year catastrophe losses 0.9% 1.7% 3.1% 3.8% 2.1% 1.3% 1.5% Prior accident year loss reserve development (5.4%) (5.1%) ( 0.6%) 0.0% (6.5%) (5.3%) (5.0%) Loss and LAE ratio 5 7.2% 5 6.9% 62.6% 69.8% 65.1% 57.0% 61.8% (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 Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 1,937 $ 1,616 $ 1,707 $ 2,223 $ 1,539 $ 3 ,553 $ 3 ,065 Ceded reinsurance premiums ( 568) ( 411) (491) (735) (416) (979) (777) Net written premiums 1,369 1,205 1,216 1,488 1,123 2 ,574 2 ,288 Change in unearned premiums ( 119) ( 32) 83 (149) - (151) (27) Net earned premiums 1,250 1,173 1,299 1,339 1,123 2 ,423 2 ,261 Loss and LAE 713 667 762 855 703 1 ,380 1 ,369 Underwriting expense 384 372 358 380 366 7 56 7 49 Underwriting profit $ 153 $ 134 $ 179 $ 104 $ 54 $ 2 87 $ 1 43 Included in results above: COVID-19 related losses $ 2 $ 9 $ - $ - $ 85 $ 1 1 $ 9 5 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 11 $ (3) $ 5 $ - $ 1 2 $ - Catastrophe loss 10 20 20 36 26 3 0 3 5 Total current accident year catastrophe losses $ 11 $ 31 $ 17 $ 41 $ 26 $ 4 2 $ 3 5 Prior year loss reserve development (favorable) / adverse $ (68) $ (59) $ (32) $ (48) $ (85) $ (127) $ (133) Combined ratio: Loss and LAE ratio 5 7.2% 56.8% 58.6% 63.8% 62.6% 57.0% 60.5% Underwriting expense ratio 3 0.7% 3 1.7% 27.6% 28.3% 32.6% 31.2% 33.2% Combined ratio 8 7.9% 88.5% 86.2% 92.1% 95.2% 88.2% 93.7% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 92.2% 9 1.2% 87.1% 93.1% 92.9% 91.7% 93.8% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.5% 59.5% 59.5% 64.8% 60.3% 60.5% 60.6% COVID-19 related losses 0.2% 0.8% 0.0% 0.0% 7.6% 0.5% 4.2% Current accident year catastrophe losses 0.9% 1.7% 1.5% 2.7% 2.3% 1.3% 1.5% Prior accident year loss reserve development (5.4%) (5.2%) ( 2.4%) (3.7%) (7.6%) (5.3%) (5.8%) Loss and LAE ratio 57.2% 5 6.8% 58.6% 63.8% 62.6% 57.0% 60.5% Page 7American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 1,937 $ 1,616 $ 1,707 $ 2,223 $ 1,539 $ 3 ,553 $ 3 ,065 Ceded reinsurance premiums ( 568) ( 411) (491) (735) (416) (979) (777) Net written premiums 1,369 1,205 1,216 1,488 1,123 2 ,574 2 ,288 Change in unearned premiums ( 119) ( 32) 83 (149) - (151) (27) Net earned premiums 1,250 1,173 1,299 1,339 1,123 2 ,423 2 ,261 Loss and LAE 713 667 762 855 703 1 ,380 1 ,369 Underwriting expense 384 372 358 380 366 7 56 7 49 Underwriting profit $ 153 $ 134 $ 179 $ 104 $ 54 $ 2 87 $ 1 43 Included in results above: COVID-19 related losses $ 2 $ 9 $ - $ - $ 85 $ 1 1 $ 9 5 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 11 $ (3) $ 5 $ - $ 1 2 $ - Catastrophe loss 10 20 20 36 26 3 0 3 5 Total current accident year catastrophe losses $ 11 $ 31 $ 17 $ 41 $ 26 $ 4 2 $ 3 5 Prior year loss reserve development (favorable) / adverse $ (68) $ (59) $ (32) $ (48) $ (85) $ (127) $ (133) Combined ratio: Loss and LAE ratio 5 7.2% 56.8% 58.6% 63.8% 62.6% 57.0% 60.5% Underwriting expense ratio 3 0.7% 3 1.7% 27.6% 28.3% 32.6% 31.2% 33.2% Combined ratio 8 7.9% 88.5% 86.2% 92.1% 95.2% 88.2% 93.7% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 92.2% 9 1.2% 87.1% 93.1% 92.9% 91.7% 93.8% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.5% 59.5% 59.5% 64.8% 60.3% 60.5% 60.6% COVID-19 related losses 0.2% 0.8% 0.0% 0.0% 7.6% 0.5% 4.2% Current accident year catastrophe losses 0.9% 1.7% 1.5% 2.7% 2.3% 1.3% 1.5% Prior accident year loss reserve development (5.4%) (5.2%) ( 2.4%) (3.7%) (7.6%) (5.3%) (5.8%) Loss and LAE ratio 57.2% 5 6.8% 58.6% 63.8% 62.6% 57.0% 60.5% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 851 $ 520 $ 647 $ 1,061 $ 611 $ 1,371 $ 1,105 Ceded reinsurance premiums (287) (117) ( 207) (426) (185) ( 404) ( 293) Net written premiums 564 403 440 635 426 967 812 Change in unearned premiums (111) ( 9) 81 (61) (36) ( 120) ( 36) Net earned premiums 453 394 521 574 390 847 776 Loss and LAE 263 221 329 403 239 484 476 Underwriting expense 128 117 118 124 118 245 240 Underwriting profit $ 62 $ 56 $ 74 $ 47 $ 33 $ 118 $ 60 Included in results above: COVID-19 related losses $ - $ - $ - $ 1 $ 3 $ - $ 6 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 8 $ - $ - $ - $ 9 $ - Catastrophe loss 6 14 6 18 15 20 23 Total current accident year catastrophe losses $ 7 $ 22 $ 6 $ 18 $ 15 $ 29 $ 23 Prior year loss reserve development (favorable) / adverse $ (40) $ (43) $ ( 29) $ (26) $ (28) $ ( 83) $ ( 52) Combined ratio: Loss and LAE ratio 58.2% 56.0% 63.3% 70.1% 61.3% 57.1% 6 1.4% Underwriting expense ratio 28.4% 29.6% 22.5% 21.8% 30.4% 2 9.0% 3 0.9% Combined ratio 86.6% 85.6% 85.8% 91.9% 91.7% 86.1% 92.3% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 94.0% 93.0% 9 0.0% 93.2% 94.3% 93.5% 95.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 65.6% 63.4% 67.5% 71.4% 63.9% 64.5% 6 4.4% COVID-19 related losses 0.0% 0.1% 0 .2% 0.1% 0.8% 0 .0% 0 .7% Current accident year catastrophe losses 1.4% 3.6% 1 .2% 3.1% 3.8% 2 .4% 3 .0% Prior accident year loss reserve development ( 8.8%) ( 11.1%) (5.6%) (4.5%) (7.2%) (9.8%) (6.7%) Loss and LAE ratio 58.2% 56.0% 63.3% 70.1% 61.3% 57.1% 61.4% Page 8American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 851 $ 520 $ 647 $ 1,061 $ 611 $ 1,371 $ 1,105 Ceded reinsurance premiums (287) (117) ( 207) (426) (185) ( 404) ( 293) Net written premiums 564 403 440 635 426 967 812 Change in unearned premiums (111) ( 9) 81 (61) (36) ( 120) ( 36) Net earned premiums 453 394 521 574 390 847 776 Loss and LAE 263 221 329 403 239 484 476 Underwriting expense 128 117 118 124 118 245 240 Underwriting profit $ 62 $ 56 $ 74 $ 47 $ 33 $ 118 $ 60 Included in results above: COVID-19 related losses $ - $ - $ - $ 1 $ 3 $ - $ 6 Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ 8 $ - $ - $ - $ 9 $ - Catastrophe loss 6 14 6 18 15 20 23 Total current accident year catastrophe losses $ 7 $ 22 $ 6 $ 18 $ 15 $ 29 $ 23 Prior year loss reserve development (favorable) / adverse $ (40) $ (43) $ ( 29) $ (26) $ (28) $ ( 83) $ ( 52) Combined ratio: Loss and LAE ratio 58.2% 56.0% 63.3% 70.1% 61.3% 57.1% 6 1.4% Underwriting expense ratio 28.4% 29.6% 22.5% 21.8% 30.4% 2 9.0% 3 0.9% Combined ratio 86.6% 85.6% 85.8% 91.9% 91.7% 86.1% 92.3% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 94.0% 93.0% 9 0.0% 93.2% 94.3% 93.5% 95.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 65.6% 63.4% 67.5% 71.4% 63.9% 64.5% 6 4.4% COVID-19 related losses 0.0% 0.1% 0 .2% 0.1% 0.8% 0 .0% 0 .7% Current accident year catastrophe losses 1.4% 3.6% 1 ..2% 3.1% 3.8% 2 .4% 3 .0% Prior accident year loss reserve development ( 8.8%) ( 11.1%) (5.6%) (4.5%) (7.2%) (9.8%) (6.7%) Loss and LAE ratio 58.2% 56.0% 63.3% 70.1% 61.3% 57.1% 61.4% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 8 97 $ 9 04 $ 865 $ 978 $ 752 $ 1,801 $ 1,601 Ceded reinsurance premiums (305) (316) (300) ( 336) ( 241) (621) (504) Net written premiums 5 92 5 88 565 642 511 1,180 1,097 Change in unearned premiums (4) (17) 7 ( 82) 36 (21) 6 Net earned premiums 5 88 5 71 572 560 547 1,159 1,103 Loss and LAE 3 63 3 61 337 352 367 724 707 Underwriting expense 1 54 1 54 144 155 153 308 317 Underwriting profit $ 7 1 $ 5 6 $ 91 $ 53 $ 27 $ 127 $ 79 Included in results above: COVID-19 related losses - 7 2 ( 1) $ 52 $ 7 $ 59 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ 1 $ (3) $ 5 $ - $ 1 $ - Catastrophe loss 2 1 5 3 6 3 6 Total current accident year catastrophe losses $ 2 $ 2 $ 2 $ 8 $ 6 $ 4 $ 6 Prior year loss reserve development (favorable) / adverse $ (20) $ (9) $ (6) $ ( 16) $ ( 51) $ (29) $ (75) Combined ratio: Loss and LAE ratio 61.9% 63.1% 59.0% 6 2.9% 6 7.1% 62.5% 64.1% Underwriting expense ratio 26.0% 27.1% 25.0% 2 7.8% 2 7.8% 26.5% 28.7% Combined ratio 8 7.9% 9 0.2% 84.0% 90.7% 94.9% 89.0% 92.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.9% 90.4% 84.0% 9 2.9% 9 3.8% 90.6% 93.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 64.9% 63.3% 59.0% 6 5.1% 6 6.0% 64.1% 65.0% COVID-19 related losses 0.1% 1.2% 0.3% (0.1%) 9 .5% 0.6% 5.3% Current accident year catastrophe losses 0.3% 0.3% 0.8% 0 .8% 0 .9% 0.3% 0.5% Prior accident year loss reserve development (3.4%) (1.7%) (1.1%) (2.9%) (9.3%) (2.5%) (6.7%) Loss and LAE ratio 6 1.9% 6 3.1% 59.0% 62.9% 67.1% 62.5% 64.1% Page 9American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 8 97 $ 9 04 $ 865 $ 978 $ 752 $ 1,801 $ 1,601 Ceded reinsurance premiums (305) (316) (300) ( 336) ( 241) (621) (504) Net written premiums 5 92 5 88 565 642 511 1,180 1,097 Change in unearned premiums (4) (17) 7 ( 82) 36 (21) 6 Net earned premiums 5 88 5 71 572 560 547 1,159 1,103 Loss and LAE 3 63 3 61 337 352 367 724 707 Underwriting expense 1 54 1 54 144 155 153 308 317 Underwriting profit $ 7 1 $ 5 6 $ 91 $ 53 $ 27 $ 127 $ 79 Included in results above: COVID-19 related losses - 7 2 ( 1) $ 52 $ 7 $ 59 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ 1 $ (3) $ 5 $ - $ 1 $ - Catastrophe loss 2 1 5 3 6 3 6 Total current accident year catastrophe losses $ 2 $ 2 $ 2 $ 8 $ 6 $ 4 $ 6 Prior year loss reserve development (favorable) / adverse $ (20) $ (9) $ (6) $ ( 16) $ ( 51) $ (29) $ (75) Combined ratio: Loss and LAE ratio 61.9% 63.1% 59.0% 6 2.9% 6 7.1% 62.5% 64.1% Underwriting expense ratio 26.0% 27.1% 25.0% 2 7.8% 2 7.8% 26.5% 28.7% Combined ratio 8 7.9% 9 0.2% 84.0% 90.7% 94.9% 89.0% 92.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.9% 90.4% 84.0% 9 2.9% 9 3.8% 90.6% 93.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 64.9% 63.3% 59.0% 6 5.1% 6 6.0% 64.1% 65.0% COVID-19 related losses 0.1% 1.2% 0.3% (0.1%) 9 .5% 0.6% 5.3% Current accident year catastrophe losses 0.3% 0.3% 0.8% 0 .8% 0 .9% 0.3% 0.5% Prior accident year loss reserve development (3.4%) (1.7%) (1.1%) (2.9%) (9.3%) (2.5%) (6.7%) Loss and LAE ratio 6 1.9% 6 3.1% 59.0% 62.9% 67.1% 62.5% 64.1% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 189 $ 192 $ 1 95 $ 1 84 $ 1 76 $ 381 $ 359 Ceded reinsurance premiums (30) (31) (32) (31) (37) (61) (71) Net written premiums 159 161 1 63 1 53 1 39 320 288 Change in unearned premiums (2) (4) (5) 2 5 (6) 12 Net earned premiums 157 157 1 58 1 55 1 44 314 300 Loss and LAE 52 53 5 6 6 2 6 5 105 124 Underwriting expense 84 79 8 2 8 0 7 9 163 159 Underwriting profit $ 21 $ 25 $ 2 0 $ 1 3 $ - $ 46 $ 17 Included in results above: COVID-19 related losses $ 2 $ 2 $ (3) $ (1) $ 3 0 $ 4 $ 30 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ 2 $ - $ - $ - $ 2 $ - Catastrophe loss 2 4 7 1 3 5 6 6 Total current accident year catastrophe losses $ 2 $ 6 $ 7 $ 1 3 $ 5 $ 8 $ 6 Prior year loss reserve development (favorable) / adverse $ (12) $ (8) $ (6) $ (9) $ (11) $ (20) $ (13) Combined ratio: Loss and LAE ratio 33.0% 33.8% 35.6% 39.9% 44.9% 33.5% 41.2% Underwriting expense ratio 53.4% 50.3% 51.2% 51.7% 55.5% 51.9% 53.2% Combined ratio 86.4% 84.1% 8 6.8% 9 1.6% 1 00.4% 85.4% 94.4% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.6% 85.9% 87.7% 89.5% 83.7% 88.3% 86.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 37.2% 35.6% 36.5% 37.8% 28.2% 36.4% 33.5% COVID-19 related losses 1.3% 1.5% (1.8%) (0.8%) 21.1% 1.4% 10.2% Current accident year catastrophe losses 1.8% 2.1% 4.5% 8.6% 3.6% 2.0% 2.0% Prior accident year loss reserve development (7.3%) (5.4%) (3.6%) (5.7%) (8.0%) ( 6.3%) (4.5%) Loss and LAE ratio 33.0% 33.8% 3 5.6% 3 9.9% 4 4.9% 33.5% 41.2% Page 10American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ 189 $ 192 $ 1 95 $ 1 84 $ 1 76 $ 381 $ 359 Ceded reinsurance premiums (30) (31) (32) (31) (37) (61) (71) Net written premiums 159 161 1 63 1 53 1 39 320 288 Change in unearned premiums (2) (4) (5) 2 5 (6) 12 Net earned premiums 157 157 1 58 1 55 1 44 314 300 Loss and LAE 52 53 5 6 6 2 6 5 105 124 Underwriting expense 84 79 8 2 8 0 7 9 163 159 Underwriting profit $ 21 $ 25 $ 2 0 $ 1 3 $ - $ 46 $ 17 Included in results above: COVID-19 related losses $ 2 $ 2 $ (3) $ (1) $ 3 0 $ 4 $ 30 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ 2 $ - $ - $ - $ 2 $ - Catastrophe loss 2 4 7 1 3 5 6 6 Total current accident year catastrophe losses $ 2 $ 6 $ 7 $ 1 3 $ 5 $ 8 $ 6 Prior year loss reserve development (favorable) / adverse $ (12) $ (8) $ (6) $ (9) $ (11) $ (20) $ (13) Combined ratio: Loss and LAE ratio 33.0% 33.8% 35.6% 39.9% 44.9% 33.5% 41.2% Underwriting expense ratio 53.4% 50.3% 51.2% 51.7% 55.5% 51.9% 53.2% Combined ratio 86.4% 84.1% 8 6.8% 9 1.6% 1 00.4% 85.4% 94.4% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.6% 85.9% 87.7% 89.5% 83.7% 88.3% 86.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 37.2% 35.6% 36.5% 37.8% 28.2% 36.4% 33.5% COVID-19 related losses 1.3% 1.5% (1.8%) (0.8%) 21.1% 1.4% 10.2% Current accident year catastrophe losses 1.8% 2.1% 4.5% 8.6% 3.6% 2.0% 2.0% Prior accident year loss reserve development (7.3%) (5.4%) (3.6%) (5.7%) (8.0%) ( 6.3%) (4.5%) Loss and LAE ratio 33.0% 33.8% 3 5.6% 3 9.9% 4 4.9% 33.5% 41.2% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 54 53 48 58 47 107 91 Net written premiums 54 53 48 58 47 107 91 Change in unearned premiums ( 2) ( 2) - (8) (5) ( 4) (9) Net earned premiums 52 51 48 50 42 103 82 Loss and LAE 35 32 40 38 32 67 62 Underwriting expense 18 22 14 21 16 40 33 Underwriting profit (loss) $ ( 1) $ ( 3) $ (6) $ (9) $ (6) $ ( 4) $ (13) Included in results above: COVID-19 related losses $ - $ - $ 1 $ 1 $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss - 1 2 2 - 1 - Total current accident year catastrophe losses $ - $ 1 $ 2 $ 2 $ - $ 1 $ - Prior year loss reserve development (favorable) / adverse $ 4 $ 1 $ 9 $ 3 $ 5 $ 5 $ 7 Combined ratio: Loss and LAE ratio 6 7.5% 6 2.3% 80.2% 78.6% 76.9% 6 4.9% 75.4% Underwriting expense ratio 3 5.7% 4 2.3% 36.7% 37.0% 37.3% 3 9.0% 40.4% Combined ratio 1 03.2% 1 04.6% 116.9% 115.6% 114.2% 1 03.9% 115.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 9 6.7% 1 00.2% 92.5% 107.8% 100.3% 9 8.5% 106.6% Page 11American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 54 53 48 58 47 107 91 Net written premiums 54 53 48 58 47 107 91 Change in unearned premiums ( 2) ( 2) - (8) (5) ( 4) (9) Net earned premiums 52 51 48 50 42 103 82 Loss and LAE 35 32 40 38 32 67 62 Underwriting expense 18 22 14 21 16 40 33 Underwriting profit (loss) $ ( 1) $ ( 3) $ (6) $ (9) $ (6) $ ( 4) $ (13) Included in results above: COVID-19 related losses $ - $ - $ 1 $ 1 $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss - 1 2 2 - 1 - Total current accident year catastrophe losses $ - $ 1 $ 2 $ 2 $ - $ 1 $ - Prior year loss reserve development (favorable) / adverse $ 4 $ 1 $ 9 $ 3 $ 5 $ 5 $ 7 Combined ratio: Loss and LAE ratio 6 7.5% 6 2.3% 80.2% 78.6% 76.9% 6 4.9% 75.4% Underwriting expense ratio 3 5.7% 4 2.3% 36.7% 37.0% 37.3% 3 9.0% 40.4% Combined ratio 1 03.2% 1 04.6% 116.9% 115.6% 114.2% 1 03.9% 115.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 9 6.7% 1 00.2% 92.5% 107.8% 100.3% 9 8.5% 106.6% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Six Months Ended (a) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Pretax Annuity historically reported as core operating (a) $ 129 $ 166 $ 129 $ 1 21 $ 4 2 $ 295 $ 109 Impact of fair vaule, reinsurance accounting & unlocking (55) 22 ( 48) (43) ( 59) (33) ( 97) Realized gains (losses) of Annuity subs to be sold 31 8 1 4 70 2 2 96 112 (127) Run-off life and long-term care - - (2) (3) - - (3) Pretax earnings of businesses to be sold to Mass Mutual $ 105 $ 269 $ 549 $ 9 7 $ 7 9 $ 374 $ (118) Less amounts included in continuing operations ( 22) ( 28) (9) ( 3) ( 1) (50) (7) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ 83 $ 241 $ 540 $ 9 4 $ 7 8 $ 324 $ (125) Taxes (18) (48) ( 113) ( 18) ( 14) (66) 29 Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ 65 $ 193 $ 427 $ 7 6 $ 6 4 $ 258 $ (96) Gain on sale of annuity business 6 97 (41) - - - 656 - Net earnings (loss) from discontinued operations $ 762 $ 152 $ 427 $ 7 6 $ 6 4 $ 914 $ (96) (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three and six months ended 6/30/21 only include earnings through the sale date. Page 12American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Six Months Ended (a) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Pretax Annuity historically reported as core operating (a) $ 129 $ 166 $ 129 $ 1 21 $ 4 2 $ 295 $ 109 Impact of fair vaule, reinsurance accounting & unlocking (55) 22 ( 48) (43) ( 59) (33) ( 97) Realized gains (losses) of Annuity subs to be sold 31 8 1 4 70 2 2 96 112 (127) Run-off life and long-term care - - (2) (3) - - (3) Pretax earnings of businesses to be sold to Mass Mutual $ 105 $ 269 $ 549 $ 9 7 $ 7 9 $ 374 $ (118) Less amounts included in continuing operations ( 22) ( 28) (9) ( 3) ( 1) (50) (7) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ 83 $ 241 $ 540 $ 9 4 $ 7 8 $ 324 $ (125) Taxes (18) (48) ( 113) ( 18) ( 14) (66) 29 Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ 65 $ 193 $ 427 $ 7 6 $ 6 4 $ 258 $ (96) Gain on sale of annuity business 6 97 (41) - - - 656 - Net earnings (loss) from discontinued operations $ 762 $ 152 $ 427 $ 7 6 $ 6 4 $ 914 $ (96) (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three and six months ended 6/30/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 Assets: Total cash and investments $ 16,125 $ 13,900 $ 13,494 $ 13,685 $ 13,216 $ 12,346 Recoverables from reinsurers 3,330 3,231 3 ,288 3,324 3,132 3,116 Prepaid reinsurance premiums 865 755 7 68 862 733 708 Agents' balances and premiums receivable 1,423 1,209 1 ,229 1,382 1,363 1,299 Deferred policy acquisition costs 258 244 2 44 269 296 310 Assets of managed investment entities 5,086 5,102 4 ,971 4,717 4,393 4,026 Other receivables 682 576 6 78 854 539 525 Assets of discontinued annuity operations - 48,139 47,885 46,947 46,183 44,250 Other assets 835 865 9 77 1,018 954 1,030 Goodwill 176 176 1 76 176 176 176 Total assets $ 28,780 $ 74,197 $ 73,710 $ 73,234 $ 70,985 $ 67,786 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 10,498 $ 10,384 $ 10,392 $ 10,754 $ 10,321 $ 10,106 Unearned premiums 3,054 2,821 2 ,803 3,015 2,778 2,808 Payable to reinsurers 829 753 8 07 977 746 779 Liabilities of managed investment entities 5,029 5,045 4 ,914 4,666 4,355 4,009 Long-term debt 1,963 1,963 1 ,963 2,108 1,912 1,473 Other liabilities 1,806 1,653 1 ,584 1,650 1,597 1,498 Liabilities of discontinued annuity operations - 44,893 44,458 43,724 43,150 42,066 Total liabilities $ 23,179 $ 67,512 $ 66,921 $ 66,894 $ 64,859 $ 62,739 Shareholders' equity: Common stock $ 85 $ 85 $ 8 6 $ 87 $ 89 $ 90 Capital surplus 1,303 1,279 1 ,281 1,283 1,299 1,309 Retained earnings 4,023 4,354 4 ,149 3,737 3,685 3,616 Unrealized gains - fixed maturities 205 963 1 ,255 1,212 1,030 16 Unrealized gains (losses) - fixed maturity-related cash flow hedges - 27 4 1 41 47 44 Other comprehensive income, net of tax (15) (23) (23) (20) (24) (28) Total shareholders' equity 5,601 6,685 6 ,789 6,340 6,126 5,047 Total liabilities and equity $ 28,780 $ 74,197 $ 73,710 $ 73,234 $ 70,985 $ 67,786 Page 13American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 Assets: Total cash and investments $ 16,125 $ 13,900 $ 13,494 $ 13,685 $ 13,216 $ 12,346 Recoverables from reinsurers 3,330 3,231 3 ,288 3,324 3,132 3,116 Prepaid reinsurance premiums 865 755 7 68 862 733 708 Agents' balances and premiums receivable 1,423 1,209 1 ,229 1,382 1,363 1,299 Deferred policy acquisition costs 258 244 2 44 269 296 310 Assets of managed investment entities 5,086 5,102 4 ,971 4,717 4,393 4,026 Other receivables 682 576 6 78 854 539 525 Assets of discontinued annuity operations - 48,139 47,885 46,947 46,183 44,250 Other assets 835 865 9 77 1,018 954 1,030 Goodwill 176 176 1 76 176 176 176 Total assets $ 28,780 $ 74,197 $ 73,710 $ 73,234 $ 70,985 $ 67,786 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 10,498 $ 10,384 $ 10,392 $ 10,754 $ 10,321 $ 10,106 Unearned premiums 3,054 2,821 2 ,803 3,015 2,778 2,808 Payable to reinsurers 829 753 8 07 977 746 779 Liabilities of managed investment entities 5,029 5,045 4 ,914 4,666 4,355 4,009 Long-term debt 1,963 1,963 1 ,963 2,108 1,912 1,473 Other liabilities 1,806 1,653 1 ,584 1,650 1,597 1,498 Liabilities of discontinued annuity operations - 44,893 44,458 43,724 43,150 42,066 Total liabilities $ 23,179 $ 67,512 $ 66,921 $ 66,894 $ 64,859 $ 62,739 Shareholders' equity: Common stock $ 85 $ 85 $ 8 6 $ 87 $ 89 $ 90 Capital surplus 1,303 1,279 1 ,281 1,283 1,299 1,309 Retained earnings 4,023 4,354 4 ,149 3,737 3,685 3,616 Unrealized gains - fixed maturities 205 963 1 ,255 1,212 1,030 16 Unrealized gains (losses) - fixed maturity-related cash flow hedges - 27 4 1 41 47 44 Other comprehensive income, net of tax (15) (23) (23) (20) (24) (28) Total shareholders' equity 5,601 6,685 6 ,789 6,340 6,126 5,047 Total liabilities and equity $ 28,780 $ 74,197 $ 73,710 $ 73,234 $ 70,985 $ 67,786 Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 Shareholders' equity $ 5,601 $ 6,685 $ 6,789 $ 6 ,340 $ 6 ,126 $ 5 ,047 Unrealized (gains) related to fixed maturities ( 205) ( 990) (1,296) (1,253) (1,077) (60) Adjusted shareholders' equity 5,396 5,695 5,493 5 ,087 5 ,049 4 ,987 Goodwill from continuing and discontinued operations ( 176) ( 207) (207) (207) (207) (207) Intangibles ( 30) ( 31) (34) (34) (37) (40) $ 5,190 $ 5,457 $ 5,252 $ 4 ,846 $ 4 ,805 $ 4 ,740 Tangible adjusted shareholders' equity Common shares outstanding 84.714 85.126 86.345 8 7.267 8 8.659 8 9.827 Book value per share: Book value per share $ 66.12 $ 78.53 $ 78.62 $ 7 2.65 $ 6 9.10 $ 5 6.18 Adjusted (a) 63.70 66.89 63.61 5 8.29 5 6.95 5 5.52 Tangible, adjusted (b) 61.27 64.10 60.82 5 5.53 5 4.20 5 2.77 Market capitalization AFG's closing common share price $ 124.72 $ 114.10 $ 87.62 $ 6 6.98 $ 6 3.46 $ 7 0.08 Market capitalization $ 10,566 $ 9,713 $ 7,566 $ 5 ,845 $ 5 ,626 $ 6 ,295 Price / Adjusted book value ratio 1.96 1.71 1.38 1.15 1.11 1.26 (a) Excludes unrealized gains related to fixed maturity investments. (b) Excludes unrealized gains related to fixed maturity investments, goodwill and intangibles. Page 14American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 Shareholders' equity $ 5,601 $ 6,685 $ 6,789 $ 6 ,340 $ 6 ,126 $ 5 ,047 Unrealized (gains) related to fixed maturities ( 205) ( 990) (1,296) (1,253) (1,077) (60) Adjusted shareholders' equity 5,396 5,695 5,493 5 ,087 5 ,049 4 ,987 Goodwill from continuing and discontinued operations ( 176) ( 207) (207) (207) (207) (207) Intangibles ( 30) ( 31) (34) (34) (37) (40) $ 5,190 $ 5,457 $ 5,252 $ 4 ,846 $ 4 ,805 $ 4 ,740 Tangible adjusted shareholders' equity Common shares outstanding 84.714 85.126 86.345 8 7.267 8 8.659 8 9.827 Book value per share: Book value per share $ 66.12 $ 78.53 $ 78.62 $ 7 2.65 $ 6 9.10 $ 5 6.18 Adjusted (a) 63.70 66.89 63.61 5 8.29 5 6.95 5 5.52 Tangible, adjusted (b) 61.27 64.10 60.82 5 5.53 5 4.20 5 2.77 Market capitalization AFG's closing common share price $ 124.72 $ 114.10 $ 87.62 $ 6 6.98 $ 6 3.46 $ 7 0.08 Market capitalization $ 10,566 $ 9,713 $ 7,566 $ 5 ,845 $ 5 ,626 $ 6 ,295 Price / Adjusted book value ratio 1.96 1.71 1.38 1.15 1.11 1.26 (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) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 AFG senior obligations $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1 ,018 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,018 AFG subordinated debentures 675 675 675 8 25 6 25 4 75 Total principal amount of long-term debt $ 1,993 $ 1,993 $ 1,993 $ 2,143 $ 1 ,943 $ 1 ,493 Shareholders' equity 5,601 6,685 6,789 6,340 6,126 5,047 Noncontrolling interests (including redeemable NCI) - - - - - - Less: ( 205) ( 990) (1,296) (1,253) (1,077) (60) Unrealized (gains) related to fixed maturity investments Total adjusted capital $ 7,389 $ 7,688 $ 7,486 $ 7 ,230 $ 6 ,992 $ 6 ,480 Ratio of debt to total adjusted capital: Including subordinated debt 27.0% 25.9% 26.6% 2 9.6% 2 7.8% 2 3.0% Excluding subordinated debt 17.8% 17.1% 17.6% 1 8.2% 1 8.9% 1 5.7% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance $ 6 67 $ 6 74 $ 7 58 $ 6 46 $ 6 01 $ 1,341 $ 1,352 Paid Losses (GAAP) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 4 ,779 $ 4 ,571 $ 4,458 $ 4 ,154 $ 3 ,945 $ 3,800 Annuity - 3 ,012 2 ,893 2 ,659 2 ,579 2,512 6 32 ( 1,865) ( 1,835) ( 1,706) ( 1,451) (1,297) Parent and other subsidiaries $ 5 ,411 $ 5 ,718 $ 5 ,516 $ 5 ,107 $ 5 ,073 $ 5,015 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 4 16 $ 4 16 $ 4 16 $ 5 65 $ 5 65 $ 565 - 2 89 289 2 87 2 87 287 Annuity and Run-off Total $ 4 16 $ 7 05 $ 7 05 $ 8 52 $ 8 52 $ 852 Page 16American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance $ 6 67 $ 6 74 $ 7 58 $ 6 46 $ 6 01 $ 1,341 $ 1,352 Paid Losses (GAAP) 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 3/31/20 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 4 ,779 $ 4 ,571 $ 4,458 $ 4 ,154 $ 3 ,945 $ 3,800 Annuity - 3 ,012 2 ,893 2 ,659 2 ,579 2,512 6 32 ( 1,865) ( 1,835) ( 1,706) ( 1,451) (1,297) Parent and other subsidiaries $ 5 ,411 $ 5 ,718 $ 5 ,516 $ 5 ,107 $ 5 ,073 $ 5,015 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 4 16 $ 4 16 $ 4 16 $ 5 65 $ 5 65 $ 565 - 2 89 289 2 87 2 87 287 Annuity and Run-off Total $ 4 16 $ 7 05 $ 7 05 $ 8 52 $ 8 52 $ 852 Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - June 30, 2021 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,115 $ 2 ,250 $ - $ 3,365 21% Fixed maturities - Available for sale 9,216 5 16 - 9,732 60% Fixed maturities - Trading 26 - - 26 0% Equity securities - common stocks 483 7 8 - 561 3% Equity securities - perpetual preferred 404 - - 404 3% Investments accounted for using the equity method 1,378 - - 1,378 9% Mortgage loans 461 - - 461 3% Real estate and other investments 122 1 33 (57) 198 1% Total cash and investments $ 13,205 $ 2 ,977 $ (57) $ 16,125 100% Carrying Value - December 31, 2020 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,408 $ 2 57 $ - $ 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 7 2 - 510 4% Equity securities - perpetual preferred 379 - - 379 3% Investments accounted for using the equity method 806 4 29 - 1,235 9% Mortgage loans 377 - - 377 3% Real estate and other investments 125 1 51 (56) 220 2% Total cash and investments $ 12,633 $ 9 17 $ (56) $ 13,494 100% Page 17American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - June 30, 2021 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,115 $ 2 ,250 $ - $ 3,365 21% Fixed maturities - Available for sale 9,216 5 16 - 9,732 60% Fixed maturities - Trading 26 - - 26 0% Equity securities - common stocks 483 7 8 - 561 3% Equity securities - perpetual preferred 404 - - 404 3% Investments accounted for using the equity method 1,378 - - 1,378 9% Mortgage loans 461 - - 461 3% Real estate and other investments 122 1 33 (57) 198 1% Total cash and investments $ 13,205 $ 2 ,977 $ (57) $ 16,125 100% Carrying Value - December 31, 2020 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,408 $ 2 57 $ - $ 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 7 2 - 510 4% Equity securities - perpetual preferred 379 - - 379 3% Investments accounted for using the equity method 806 4 29 - 1,235 9% Mortgage loans 377 - - 377 3% Real estate and other investments 125 1 51 (56) 220 2% Total cash and investments $ 12,633 $ 9 17 $ (56) $ 13,494 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 70 $ 72 $ 71 $ 72 $ 75 $ 142 $ 156 Fixed maturities - Trading - - - - - - 1 Equity securities - dividends 6 8 7 8 8 14 18 Equity securities - MTM 5 23 8 (3) 2 28 5 Equity in investees 51 49 27 27 ( 15) 100 ( 4) AFG managed CLOs 7 5 6 4 - 12 ( 11) Other investments (a) 6 4 4 5 3 10 9 Gross investment income 145 161 123 113 73 306 174 Investment expenses (2) (2) ( 1) (2) (1) ( 4) ( 3) Total net investment income $ 143 $ 159 $ 122 $ 111 $ 72 $ 302 $ 171 Average cash and investments (b) $ 1 2,630 $ 1 2,573 $ 12,135 $ 11,764 $ 11,454 $ 12,539 $ 11,509 4.53% 5.06% 4.02% 3.77% 2.51% 4.82% 2.97% Average yield (c) AFG consolidated net investment income: Property & Casualty core $ 143 $ 159 $ 122 $ 111 $ 72 $ 302 $ 171 Neon exited lines non-core - - - 1 - - ( 6) Equity in Investees (d) 20 29 19 9 9 49 21 Other Investments (d) 2 - 1 1 (2) 2 ( 2) Parent & other 6 5 11 4 9 11 ( 3) Consolidate CLOs (7) (5) ( 6) ( 4) - ( 12) 11 Total net investment income $ 164 $ 188 $ 147 $ 122 $ 88 $ 352 $ 192 (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) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 70 $ 72 $ 71 $ 72 $ 75 $ 142 $ 156 Fixed maturities - Trading - - - - - - 1 Equity securities - dividends 6 8 7 8 8 14 18 Equity securities - MTM 5 23 8 (3) 2 28 5 Equity in investees 51 49 27 27 ( 15) 100 ( 4) AFG managed CLOs 7 5 6 4 - 12 ( 11) Other investments (a) 6 4 4 5 3 10 9 Gross investment income 145 161 123 113 73 306 174 Investment expenses (2) (2) ( 1) (2) (1) ( 4) ( 3) Total net investment income $ 143 $ 159 $ 122 $ 111 $ 72 $ 302 $ 171 Average cash and investments (b) $ 1 2,630 $ 1 2,573 $ 12,135 $ 11,764 $ 11,454 $ 12,539 $ 11,509 4.53% 5.06% 4.02% 3.77% 2.51% 4.82% 2.97% Average yield (c) AFG consolidated net investment income: Property & Casualty core $ 143 $ 159 $ 122 $ 111 $ 72 $ 302 $ 171 Neon exited lines non-core - - - 1 - - ( 6) Equity in Investees (d) 20 29 19 9 9 49 21 Other Investments (d) 2 - 1 1 (2) 2 ( 2) Parent & other 6 5 11 4 9 11 ( 3) Consolidate CLOs (7) (5) ( 6) ( 4) - ( 12) 11 Total net investment income $ 164 $ 188 $ 147 $ 122 $ 88 $ 352 $ 192 (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) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18

American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ 5 $ 23 $ 8 $ (3) $ 2 $ 28 $ 5 Investments accounted for using the equity method (b) 51 49 27 27 (15) 100 (4) AFG managed CLOs (eliminated in consolidation) 7 5 6 4 - 12 (11) Total Property & Casualty $ 63 $ 77 $ 41 $ 28 $ ( 13) $ 140 $ (10) Investments Equity securities MTM through investment income (a) $ 172 $ 159 $ 129 $ 109 $ 95 $ 172 $ 95 Investments accounted for using the equity method (b) 1,378 861 806 778 755 1,378 755 AFG managed CLOs (eliminated in consolidation) 57 57 57 46 39 57 39 Total Property & Casualty $ 1,607 $ 1,077 $ 992 $ 933 $ 889 $ 1,607 $ 889 Annualized Return - Property & Casualty 22.9% 29.8% 17.0% 12.3% ( 5.9%) 26.3% (2.3%) Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ 5 $ 23 $ 8 $ (3) $ 2 $ 28 $ 5 Investments accounted for using the equity method (b)(c) 71 78 46 36 (6) 149 17 AFG managed CLOs (eliminated in consolidation) 7 5 6 4 - 12 (11) Total Continuing operations $ 83 $ 106 $ 60 $ 37 $ (4) $ 189 $ 11 Investments Equity securities MTM through investment income (a) $ 172 $ 159 $ 129 $ 109 $ 95 $ 172 $ 95 Investments accounted for using the equity method (b) 1,378 1,324 1,235 1,194 1,150 1,378 1,150 AFG managed CLOs (eliminated in consolidation) 57 57 57 46 39 57 39 Total Continuing operations $ 1,607 $ 1,540 $ 1,421 $ 1,349 $ 1,284 $ 1,607 $ 1,284 Annualized Return - Continuing operations 21.1% 28.6% 17.3% 11.2% ( 1.3%) 24.8% 1.8% (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) Includes investment income on real estate-related partnerships retained by AFG from the sale of the annuity business. Page 19American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/21 3/31/21 12/31/20 9/30/20 6/30/20 6/30/21 6/30/20 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ 5 $ 23 $ 8 $ (3) $ 2 $ 28 $ 5 Investments accounted for using the equity method (b) 51 49 27 27 (15) 100 (4) AFG managed CLOs (eliminated in consolidation) 7 5 6 4 - 12 (11) Total Property & Casualty $ 63 $ 77 $ 41 $ 28 $ ( 13) $ 140 $ (10) Investments Equity securities MTM through investment income (a) $ 172 $ 159 $ 129 $ 109 $ 95 $ 172 $ 95 Investments accounted for using the equity method (b) 1,378 861 806 778 755 1,378 755 AFG managed CLOs (eliminated in consolidation) 57 57 57 46 39 57 39 Total Property & Casualty $ 1,607 $ 1,077 $ 992 $ 933 $ 889 $ 1,607 $ 889 Annualized Return - Property & Casualty 22.9% 29.8% 17.0% 12.3% ( 5.9%) 26.3% (2.3%) Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ 5 $ 23 $ 8 $ (3) $ 2 $ 28 $ 5 Investments accounted for using the equity method (b)(c) 71 78 46 36 (6) 149 17 AFG managed CLOs (eliminated in consolidation) 7 5 6 4 - 12 (11) Total Continuing operations $ 83 $ 106 $ 60 $ 37 $ (4) $ 189 $ 11 Investments Equity securities MTM through investment income (a) $ 172 $ 159 $ 129 $ 109 $ 95 $ 172 $ 95 Investments accounted for using the equity method (b) 1,378 1,324 1,235 1,194 1,150 1,378 1,150 AFG managed CLOs (eliminated in consolidation) 57 57 57 46 39 57 39 Total Continuing operations $ 1,607 $ 1,540 $ 1,421 $ 1,349 $ 1,284 $ 1,607 $ 1,284 Annualized Return - Continuing operations 21.1% 28.6% 17.3% 11.2% ( 1.3%) 24.8% 1.8% (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) Includes investment income on real estate-related partnerships retained by AFG from the sale of the annuity business. Page 19

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment June 30, 2021 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 218 $ 221 $ 3 2 % 1 % States, municipalities and political subdivisions 1,967 2,060 93 2 2% 1 3% Foreign government 228 230 2 2 % 1 % Residential mortgage-backed securities 747 798 51 8 % 5 % Commercial mortgage-backed securities 127 130 3 1 % 1 % Collateralized loan obligations 1,381 1,384 3 1 4% 8 % Other asset-backed securities 2,334 2,359 25 2 5% 1 5% Corporate and other bonds 2,496 2,576 80 26% 16% Total AFG consolidated $ 9,498 $ 9,758 $ 260 100% 60% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.08% Net of investment expense (a) 3.00% Tax equivalent, net of investment expense (b) 3.16% Approximate average life and duration: Approximate average life 4 years Approximate duration 2.5 years % of Unrealized % of Investment December 31, 2020 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 192 $ 198 $ 6 2 % 1 % States, municipalities and political subdivisions 2,196 2,312 116 2 5% 1 7% Foreign government 193 197 4 2 % 1 % Residential mortgage-backed securities 859 915 56 1 0% 7 % Commercial mortgage-backed securities 89 92 3 1 % 1 % Collateralized loan obligations 1,062 1,062 - 1 2% 8 % Other asset-backed securities 2,033 2,047 14 2 3% 1 5% 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 (a) 3.32% Net of investment expense (a) 3.26% Tax equivalent, net of investment expense (b) 3.40% Approximate average life and duration: Approximate average life 4 years Approximate duration 3 years (a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances. (b) Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield. (c) Book Value is amortized cost, net of allowance for expected credit losses. Page 20American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment June 30, 2021 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 218 $ 221 $ 3 2 % 1 % States, municipalities and political subdivisions 1,967 2,060 93 2 2% 1 3% Foreign government 228 230 2 2 % 1 % Residential mortgage-backed securities 747 798 51 8 % 5 % Commercial mortgage-backed securities 127 130 3 1 % 1 % Collateralized loan obligations 1,381 1,384 3 1 4% 8 % Other asset-backed securities 2,334 2,359 25 2 5% 1 5% Corporate and other bonds 2,496 2,576 80 26% 16% Total AFG consolidated $ 9,498 $ 9,758 $ 260 100% 60% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.08% Net of investment expense (a) 3.00% Tax equivalent, net of investment expense (b) 3.16% Approximate average life and duration: Approximate average life 4 years Approximate duration 2.5 years % of Unrealized % of Investment December 31, 2020 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 192 $ 198 $ 6 2 % 1 % States, municipalities and political subdivisions 2,196 2,312 116 2 5% 1 7% Foreign government 193 197 4 2 % 1 % Residential mortgage-backed securities 859 915 56 1 0% 7 % Commercial mortgage-backed securities 89 92 3 1 % 1 % Collateralized loan obligations 1,062 1,062 - 1 2% 8 % Other asset-backed securities 2,033 2,047 14 2 3% 1 5% 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 (a) 3.32% Net of investment expense (a) 3.26% Tax equivalent, net of investment expense (b) 3.40% Approximate average life and duration: Approximate average life 4 years Approximate duration 3 years (a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances. (b) Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield. (c) 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 6/30/2021 ($ 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 $ 221 $ 831 $ 218 $ 438 $ 99 $ 1,131 $ 1,051 $ 52 $ 4,041 41% AA - 1,142 - 12 8 184 432 194 1,972 20% A - 70 - 25 1 58 460 653 1,267 13% BBB - 9 2 6 14 10 245 1,043 1,329 14% Subtotal - Investment grade 221 2,052 220 481 122 1,383 2,188 1,942 8,609 88% BB - - - 9 8 - 2 132 151 1% B - - - 19 - - 10 25 54 1% CCC, CC, C - - - 152 - - - 9 161 2% D - - - 29 - - - - 29 0% Subtotal - Non-Investment grade - - - 209 8 - 12 166 395 4% Not Rated (b) - 8 10 108 - 1 159 468 7 54 8% Total $ 221 $ 2,060 $ 230 $ 798 $ 130 $ 1,384 $ 2,359 $ 2,576 $ 9,758 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 221 $ 2,050 $ 208 $ 722 $ 97 $ 1,195 $ 1,959 $ 1,157 $ 7,609 83% 2 - 9 - 2 2 9 245 1,082 1,349 15% Subtotal 221 2,059 208 724 99 1,204 2,204 2,239 8,958 98% 3 - - - 6 8 - 2 143 159 2% 4 - - - - - - 10 43 53 0% 5 - - - 8 - 1 2 27 38 0% 6 - - - 2 - - - 1 3 0% Subtotal - - - 16 8 1 14 214 253 2% Total insurance companies $ 221 $ 2,059 $ 208 $ 740 $ 107 $ 1,205 $ 2,218 $ 2,453 $ 9,211 100% Total non-insurance (c) - 1 22 58 23 179 141 123 547 Total $ 221 $ 2,060 $ 230 $ 798 $ 130 $ 1,384 $ 2,359 $ 2,576 $ 9,758 (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, 59% are NAIC 1, 5% NAIC 2, and 26% are held by non-insurance companies. For Total, 71% are NAIC 1, 4% NAIC 2, and 17% are held by non-insurance companies. (c) 72% are investment grade rated. Page 21Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2021 ($ 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 $ 221 $ 831 $ 218 $ 438 $ 99 $ 1,131 $ 1,051 $ 52 $ 4,041 41% AA - 1,142 - 12 8 184 432 194 1,972 20% A - 70 - 25 1 58 460 653 1,267 13% BBB - 9 2 6 14 10 245 1,043 1,329 14% Subtotal - Investment grade 221 2,052 220 481 122 1,383 2,188 1,942 8,609 88% BB - - - 9 8 - 2 132 151 1% B - - - 19 - - 10 25 54 1% CCC, CC, C - - - 152 - - - 9 161 2% D - - - 29 - - - - 29 0% Subtotal - Non-Investment grade - - - 209 8 - 12 166 395 4% Not Rated (b) - 8 10 108 - 1 159 468 7 54 8% Total $ 221 $ 2,060 $ 230 $ 798 $ 130 $ 1,384 $ 2,359 $ 2,576 $ 9,758 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 221 $ 2,050 $ 208 $ 722 $ 97 $ 1,195 $ 1,959 $ 1,157 $ 7,609 83% 2 - 9 - 2 2 9 245 1,082 1,349 15% Subtotal 221 2,059 208 724 99 1,204 2,204 2,239 8,958 98% 3 - - - 6 8 - 2 143 159 2% 4 - - - - - - 10 43 53 0% 5 - - - 8 - 1 2 27 38 0% 6 - - - 2 - - - 1 3 0% Subtotal - - - 16 8 1 14 214 253 2% Total insurance companies $ 221 $ 2,059 $ 208 $ 740 $ 107 $ 1,205 $ 2,218 $ 2,453 $ 9,211 100% Total non-insurance (c) - 1 22 58 23 179 141 123 547 Total $ 221 $ 2,060 $ 230 $ 798 $ 130 $ 1,384 $ 2,359 $ 2,576 $ 9,758 (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, 59% are NAIC 1, 5% NAIC 2, and 26% are held by non-insurance companies. For Total, 71% are NAIC 1, 4% NAIC 2, and 17% are held by non-insurance companies. (c) 72% are investment grade rated. 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 4 36 7 87 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 6/30/2021 ($ in millions) Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & Credit Rating (a) Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 16 $ - $ 10 $ 10 $ - $ - $ - $ - $ - $ - $ 13 $ - $ - $ - $ 3 $ 52 2% AA 2 7 7 3 5 - 4 8 3 7 1 2 1 0 1 5 - - - - - - - - - 3 194 8% A 1 20 80 1 18 42 31 2 3 22 39 28 62 26 1 - 27 25 - 4 - 5 6 53 25% BBB 202 1 01 26 2 55 80 32 42 33 40 13 5 16 3 1 18 35 - 15 6 21 1 ,043 41% Subtotal 3 49 1 88 1 79 2 97 1 75 92 86 92 83 75 31 17 3 1 45 73 - 19 6 32 1 ,942 76% BB - 4 6 - 30 12 9 41 - 3 1 4 - 12 1 7 1 1 - 1 32 5% B - - - - 1 - 2 2 14 - - - - 4 - - 2 - - 25 1% CCC, CC, C - - - - 2 - 1 1 - - - - - - - - - 5 - 9 0% D - - - - - - - - - - - - - - - - - - - - 0% Subtotal - 4 6 - 33 12 12 44 14 3 1 4 - 16 1 7 3 6 - 1 66 6% Not Rated (b) - 3 74 8 22 7 - 6 15 13 2 - - 17 - - - - 4 - 4 68 18% Total $ 3 49 $ 5 66 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 74 $ 7 $ 2 2 $ 1 6 $ 32 $ 2 ,576 100% Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total NAIC designation 1 $ 147 $ 340 $ 161 $ 2 9 $ 95 $ 59 $ 46 $ 59 $ 43 $ 62 $ 26 $ 1 $ 13 $ 27 $ 38 $ - $ 4 $ - $ 7 $ 1,157 47% 2 202 1 02 27 290 80 3 3 4 0 3 3 4 0 1 5 5 16 3 1 18 35 - 1 6 6 21 1 ,082 44% Subtotal 3 49 4 42 1 88 3 19 1 75 9 2 8 6 9 2 8 3 7 7 3 1 1 7 1 6 1 45 73 - 2 0 6 2 8 2,239 91% 3 - 4 4 - 33 1 2 10 44 6 3 - 4 - 11 1 7 1 2 1 1 43 6% 4 - - - - 2 - 3 8 21 - - - - 5 - - 1 3 - 43 2% 5 - - 1 - 5 - 5 7 - - - - 4 - - - - 5 - 27 1% 6 - - - - - - - - - - 1 - - - - - - - - 1 0% Subtotal - 4 5 - 40 12 18 59 27 3 1 4 4 16 1 7 2 10 1 2 14 9% Total insurance companies $ 3 49 $ 4 46 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 7 4 $ 7 $ 2 2 $ 1 6 $ 2 9 $ 2 ,453 100% Total non-insurance - 1 20 - - - - - - - - - - - - - - - - 3 1 23 Total $ 3 49 $ 5 66 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 7 4 $ 7 $ 2 2 $ 1 6 $ 3 2 $ 2 ,576 (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, 68% are NAIC 1 and 32% are held by non-insurance companies. For the Total, 59% are NAIC 1, 5% NAIC 2, and 26% are held by non-insurance companies. Page 23Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2021 ($ in millions) Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & Credit Rating (a) Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 16 $ - $ 10 $ 10 $ - $ - $ - $ - $ - $ - $ 13 $ - $ - $ - $ 3 $ 52 2% AA 2 7 7 3 5 - 4 8 3 7 1 2 1 0 1 5 - - - - - - - - - 3 194 8% A 1 20 80 1 18 42 31 2 3 22 39 28 62 26 1 - 27 25 - 4 - 5 6 53 25% BBB 202 1 01 26 2 55 80 32 42 33 40 13 5 16 3 1 18 35 - 15 6 21 1 ,043 41% Subtotal 3 49 1 88 1 79 2 97 1 75 92 86 92 83 75 31 17 3 1 45 73 - 19 6 32 1 ,942 76% BB - 4 6 - 30 12 9 41 - 3 1 4 - 12 1 7 1 1 - 1 32 5% B - - - - 1 - 2 2 14 - - - - 4 - - 2 - - 25 1% CCC, CC, C - - - - 2 - 1 1 - - - - - - - - - 5 - 9 0% D - - - - - - - - - - - - - - - - - - - - 0% Subtotal - 4 6 - 33 12 12 44 14 3 1 4 - 16 1 7 3 6 - 1 66 6% Not Rated (b) - 3 74 8 22 7 - 6 15 13 2 - - 17 - - - - 4 - 4 68 18% Total $ 3 49 $ 5 66 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 74 $ 7 $ 2 2 $ 1 6 $ 32 $ 2 ,576 100% Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total NAIC designation 1 $ 147 $ 340 $ 161 $ 2 9 $ 95 $ 59 $ 46 $ 59 $ 43 $ 62 $ 26 $ 1 $ 13 $ 27 $ 38 $ - $ 4 $ - $ 7 $ 1,157 47% 2 202 1 02 27 290 80 3 3 4 0 3 3 4 0 1 5 5 16 3 1 18 35 - 1 6 6 21 1 ,082 44% Subtotal 3 49 4 42 1 88 3 19 1 75 9 2 8 6 9 2 8 3 7 7 3 1 1 7 1 6 1 45 73 - 2 0 6 2 8 2,239 91% 3 - 4 4 - 33 1 2 10 44 6 3 - 4 - 11 1 7 1 2 1 1 43 6% 4 - - - - 2 - 3 8 21 - - - - 5 - - 1 3 - 43 2% 5 - - 1 - 5 - 5 7 - - - - 4 - - - - 5 - 27 1% 6 - - - - - - - - - - 1 - - - - - - - - 1 0% Subtotal - 4 5 - 40 12 18 59 27 3 1 4 4 16 1 7 2 10 1 2 14 9% Total insurance companies $ 3 49 $ 4 46 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 7 4 $ 7 $ 2 2 $ 1 6 $ 2 9 $ 2 ,453 100% Total non-insurance - 1 20 - - - - - - - - - - - - - - - - 3 1 23 Total $ 3 49 $ 5 66 $ 1 93 $ 3 19 $ 2 15 $ 1 04 $ 1 04 $ 1 51 $ 1 10 $ 8 0 $ 3 2 $ 2 1 $ 2 0 $ 1 61 $ 7 4 $ 7 $ 2 2 $ 1 6 $ 3 2 $ 2 ,576 (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, 68% are NAIC 1 and 32% are held by non-insurance companies. For the Total, 59% are NAIC 1, 5% NAIC 2, and 26% are 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 Restaurants, Other Asset Capital Basic Communicat Hospitality & Credit Rating (a) Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 16 $ - $ 10 $ - $ - $ - $ - $ - $ - $ - $ 13 $ - $ - $ - $ 2 $ 41 2% AA 2 8 1 2 3 5 8 2 3 3 7 1 2 5 - - - - - - - - - - 3 163 7% A 1 21 39 96 53 24 2 5 22 50 36 63 27 1 - 28 26 - 4 - 5 6 20 27% BBB 190 65 21 1 47 81 33 45 36 23 13 5 19 4 1 19 37 1 16 6 26 8 87 39% Subtotal 3 39 1 16 1 52 2 08 1 44 95 89 91 59 76 32 20 4 1 47 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 - 1 38 6% Not Rated (b) - 3 85 8 - 3 - - 7 13 2 - - 16 - - - - 2 - 4 36 19% Total $ 3 39 $ 5 10 $ 1 66 $ 2 08 $ 1 67 $ 1 11 $ 9 7 $ 1 24 $ 8 7 $ 8 2 $ 3 3 $ 2 7 $ 2 0 $ 1 58 $ 7 7 $ 6 $ 2 2 $ 1 5 $ 3 6 $ 2 ,285 100% Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & NAIC designation Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total 1 $ 149 $ 432 $ 131 $ 6 2 $ 63 $ 62 $ 45 $ 55 $ 35 $ 63 $ 27 $ 1 $ - $ 28 $ 39 $ - $ 4 $ - $ 7 $ 1,203 53% 2 1 90 69 2 2 146 81 3 3 4 5 3 6 2 4 1 4 5 19 1 7 119 37 1 16 6 27 907 40% Subtotal 3 39 5 01 1 53 2 08 1 44 9 5 9 0 9 1 5 9 7 7 3 2 2 0 1 7 1 47 7 6 1 2 0 6 3 4 2,110 93% 3 - 9 4 - 14 1 3 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 - 1 73 7% No designation (c) - - - - - - - - - - - - - - - - - - 2 2 0% Total $ 3 39 $ 5 10 $ 1 66 $ 2 08 $ 1 67 $ 1 11 $ 9 7 $ 1 24 $ 8 7 $ 8 2 $ 3 3 $ 2 7 $ 2 0 $ 1 58 $ 7 7 $ 6 $ 2 2 $ 1 5 $ 3 6 $ 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 24Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020 ($ in millions) Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & Credit Rating (a) Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 16 $ - $ 10 $ - $ - $ - $ - $ - $ - $ - $ 13 $ - $ - $ - $ 2 $ 41 2% AA 2 8 1 2 3 5 8 2 3 3 7 1 2 5 - - - - - - - - - - 3 163 7% A 1 21 39 96 53 24 2 5 22 50 36 63 27 1 - 28 26 - 4 - 5 6 20 27% BBB 190 65 21 1 47 81 33 45 36 23 13 5 19 4 1 19 37 1 16 6 26 8 87 39% Subtotal 3 39 1 16 1 52 2 08 1 44 95 89 91 59 76 32 20 4 1 47 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 - 1 38 6% Not Rated (b) - 3 85 8 - 3 - - 7 13 2 - - 16 - - - - 2 - 4 36 19% Total $ 3 39 $ 5 10 $ 1 66 $ 2 08 $ 1 67 $ 1 11 $ 9 7 $ 1 24 $ 8 7 $ 8 2 $ 3 3 $ 2 7 $ 2 0 $ 1 58 $ 7 7 $ 6 $ 2 2 $ 1 5 $ 3 6 $ 2 ,285 100% Fair Value By Industry Restaurants, Other Asset Capital Basic Communicat Hospitality & NAIC designation Banking Financials Insurance Managers Technology Energy Healthcare Consumer REITs Goods Utilities Industry Media Autos ions Retailers Aviation Leisure Other Total % Total 1 $ 149 $ 432 $ 131 $ 6 2 $ 63 $ 62 $ 45 $ 55 $ 35 $ 63 $ 27 $ 1 $ - $ 28 $ 39 $ - $ 4 $ - $ 7 $ 1,203 53% 2 1 90 69 2 2 146 81 3 3 4 5 3 6 2 4 1 4 5 19 1 7 119 37 1 16 6 27 907 40% Subtotal 3 39 5 01 1 53 2 08 1 44 9 5 9 0 9 1 5 9 7 7 3 2 2 0 1 7 1 47 7 6 1 2 0 6 3 4 2,110 93% 3 - 9 4 - 14 1 3 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 - 1 73 7% No designation (c) - - - - - - - - - - - - - - - - - - 2 2 0% Total $ 3 39 $ 5 10 $ 1 66 $ 2 08 $ 1 67 $ 1 11 $ 9 7 $ 1 24 $ 8 7 $ 8 2 $ 3 3 $ 2 7 $ 2 0 $ 1 58 $ 7 7 $ 6 $ 2 2 $ 1 5 $ 3 6 $ 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 6/30/2021 ($ in millions) Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ - $ 549 $ 127 $ - $ 3 9 $ 47 $ 289 $ 1,051 45% AA 69 182 41 - 12 38 - - 39 51 432 18% A 44 22 4 141 - 6 66 - 36 141 460 19% BBB 1 - 150 - - - 31 50 - 13 245 10% Subtotal 114 204 195 141 561 171 97 89 122 494 2,188 92% 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) 123 - - - - - 3 - - 33 159 7% Total $ 238 $ 204 $ 195 $ 141 $ 561 $ 171 $ 110 $ 89 $ 122 $ 528 $ 2,359 100% Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer NAIC designation (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total 1 $ 2 35 $ 204 $ 4 6 $ 141 $ 528 $ 170 $ 6 6 $ 39 $ 122 $ 4 08 $ 1,959 88% 2 2 - 149 - - - 31 5 0 - 1 3 2 45 11% Subtotal 237 204 195 141 528 170 97 89 122 421 2,204 99% 3 - - - - - - 2 - - - 2 0% 4 1 - - - - - 8 - - 1 10 1% 5 - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - 0% Subtotal 1 - - - - - 12 - - 1 14 1% Total insurance companies $ 238 $ 204 $ 195 $ 141 $ 528 $ 170 $ 109 $ 89 $ 122 $ 422 $ 2,218 100% Total non-insurance - - - - 33 1 1 - - 106 141 Total $ 238 $ 204 $ 195 $ 141 $ 561 $ 171 $ 110 $ 89 $ 122 $ 528 $ 2,359 (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. Page 25Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2021 ($ in millions) Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ - $ 549 $ 127 $ - $ 3 9 $ 47 $ 289 $ 1,051 45% AA 69 182 41 - 12 38 - - 39 51 432 18% A 44 22 4 141 - 6 66 - 36 141 460 19% BBB 1 - 150 - - - 31 50 - 13 245 10% Subtotal 114 204 195 141 561 171 97 89 122 494 2,188 92% 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) 123 - - - - - 3 - - 33 159 7% Total $ 238 $ 204 $ 195 $ 141 $ 561 $ 171 $ 110 $ 89 $ 122 $ 528 $ 2,359 100% Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer NAIC designation (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total 1 $ 2 35 $ 204 $ 4 6 $ 141 $ 528 $ 170 $ 6 6 $ 39 $ 122 $ 4 08 $ 1,959 88% 2 2 - 149 - - - 31 5 0 - 1 3 2 45 11% Subtotal 237 204 195 141 528 170 97 89 122 421 2,204 99% 3 - - - - - - 2 - - - 2 0% 4 1 - - - - - 8 - - 1 10 1% 5 - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - 0% Subtotal 1 - - - - - 12 - - 1 14 1% Total insurance companies $ 238 $ 204 $ 195 $ 141 $ 528 $ 170 $ 109 $ 89 $ 122 $ 422 $ 2,218 100% Total non-insurance - - - - 33 1 1 - - 106 141 Total $ 238 $ 204 $ 195 $ 141 $ 561 $ 171 $ 110 $ 89 $ 122 $ 528 $ 2,359 (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. 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 Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer Credit Rating (a) (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 4 27 $ 1 51 $ - $ 39 $ 53 $ 219 $ 8 89 43% AA 61 173 4 1 - 6 46 - - 3 3 47 407 20% A 13 36 4 140 - 5 38 - 2 2 72 330 16% BBB - - 134 - - - 3 0 40 - 4 208 10% Subtotal 74 209 179 140 433 202 6 8 79 108 3 42 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 $ 2 09 $ 179 $ 140 $ 433 $ 202 $ 80 $ 79 $ 108 $ 3 74 $ 2,047 100% Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer NAIC designation (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total 1 $ 241 $ 209 $ 4 6 $ 140 $ 433 $ 2 01 $ 3 7 $ 40 $ 1 08 $ 3 68 $ 1 ,823 89% 2 1 - 133 - - - 31 3 9 - 4 2 08 10% Subtotal 2 42 2 09 179 140 4 33 201 68 79 1 08 3 72 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 $ 2 09 $ 179 $ 140 $ 433 $ 202 $ 80 $ 79 $ 108 $ 3 74 $ 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 26Appendix 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 Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer Credit Rating (a) (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total Investment Grade AAA $ - $ - $ - $ - $ 4 27 $ 1 51 $ - $ 39 $ 53 $ 219 $ 8 89 43% AA 61 173 4 1 - 6 46 - - 3 3 47 407 20% A 13 36 4 140 - 5 38 - 2 2 72 330 16% BBB - - 134 - - - 3 0 40 - 4 208 10% Subtotal 74 209 179 140 433 202 6 8 79 108 3 42 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 $ 2 09 $ 179 $ 140 $ 433 $ 202 $ 80 $ 79 $ 108 $ 3 74 $ 2,047 100% Fair Value By Collateral Type Secured Single Mortgage Financing Whole Commercial Family Servicer Consumer NAIC designation (c) TruPS Business Railcar Real Estate Rental Aircraft Receivables Loans Other Total % Total 1 $ 241 $ 209 $ 4 6 $ 140 $ 433 $ 2 01 $ 3 7 $ 40 $ 1 08 $ 3 68 $ 1 ,823 89% 2 1 - 133 - - - 31 3 9 - 4 2 08 10% Subtotal 2 42 2 09 179 140 4 33 201 68 79 1 08 3 72 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 $ 2 09 $ 179 $ 140 $ 433 $ 202 $ 80 $ 79 $ 108 $ 3 74 $ 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 6/30/2021 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 891 88% 95% 98% Fund Investments 40 4% - - Student Housing 25 2% 94% 98% QOZ Fund - Development 19 2% - - Land Development 16 2% - - Office 15 1% 80% 100% Hospitality 8 1% - - Total $ 1,014 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 63 39% $ - Resort & Marina 54 34% - Hotel 21 14% - Office Building 16 10% - Land 5 3% - Total $ 159 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Multifamily 223 48% 67% Hospitality 159 35% 56% Office 72 16% 72% Retail 7 1% 56% Total $ 461 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 6/30/21 (c) Collections for April - June (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 27Appendix G American Financial Group, Inc. Real Estate-Related Investments 6/30/2021 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 891 88% 95% 98% Fund Investments 40 4% - - Student Housing 25 2% 94% 98% QOZ Fund - Development 19 2% - - Land Development 16 2% - - Office 15 1% 80% 100% Hospitality 8 1% - - Total $ 1,014 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 63 39% $ - Resort & Marina 54 34% - Hotel 21 14% - Office Building 16 10% - Land 5 3% - Total $ 159 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Multifamily 223 48% 67% Hospitality 159 35% 56% Office 72 16% 72% Retail 7 1% 56% Total $ 461 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 6/30/21 (c) Collections for April - June (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) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 7 93 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 $ 9 15 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 6 3 39% $ - Resort & Marina 56 34% - Hotel 23 14% - Office Building 17 10% - Land 4 3% - Total $ 1 63 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Hospitality 160 42% 56% Multi-family 138 37% 68% Office 73 19% 72% Retail 6 2% 57% Total $ 3 77 100% 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	Aug. 03, 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	Aug. 03, 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]
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Security Exchange Name	NYSE
Five 875 Subordinated Debentures Due March 302059 [Member]
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Five 125 Subordinated Debentures Due December 152059 [Member]
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Five 625 Subordinated Debentures Due June 12060 [Member]
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