8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2022

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company  ☐

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

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2022 and the availability of the Investor Supplement on the Company’s website. The press release was issued on May 4, 2022. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

Section 8 – Other Events

Item 8.01 Other Events.

In the press release referenced in Item 2.02, The Company announced that its Board of Directors declared a special, one-time cash dividend of $8.00 per share of Company Common Stock. The dividend is payable on May 27, 2022 to holders of record on May 20, 2022.

Also in the press release referenced in Item 2.02, the Company announced its intention to redeem all of its outstanding 3.500% Senior Notes due 2026 (the “Notes”) on June 3, 2022 (the “Redemption Date”). The redemption price will equal 100% of the principal amount of Notes to be redeemed plus accrued and unpaid interest to the Redemption Date and a make-whole premium calculated in accordance with the indenture governing the Notes. Approximately $375,000,000 aggregate principal amount of the Notes is outstanding. This Form 8-K does not constitute a notice of redemption of the Notes.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

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

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

Exhibit No.	Description
99.1	Earnings Release dated May 4, 2022, reporting American Financial Group Inc. results for the quarter ended March 31, 2022.
99.2	Investor Supplement – First Quarter 2022
104	Cover page Interactive Date File (embedded within Inline XBRL document)

2

SIGNATURES

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

	AMERICAN FINANCIAL GROUP, INC.
Date: May 5, 2022	By:	/s/ Mark A. Weiss
		Mark A. Weiss
		Vice President

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EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces First Quarter Results, Redemption of Debt and Declares Special Dividend

• Net earnings per share of $3.40; includes ($0.16) per share from after-tax non-core items

• First quarter core net operating earnings per share of $3.56, a 50% increase from the prior year period

• First quarter annualized ROE of 23.5%; core operating ROE of 24.6%

• Parent company cash and investments of approximately $1.7 billion; excess capital of $2.0 billion at March 31, 2022

• Full year 2022 core net operating earnings guidance increased to $10.50 - $11.50 per share, from previous guidance of $9.75 - $10.75 per share

• Announces June 2022 redemption of $375 million principal amount of 3.50% Senior Notes due 2026

• Announces special cash dividend of $8.00 per share, payable May 27, 2022

CINCINNATI – May 4, 2022 – American Financial Group, Inc. (NYSE: AFG) today reported 2022 first quarter net earnings attributable to shareholders of $290 million ($3.40 per share) compared to $419 million ($4.84 per share) for the 2021 first quarter. Net earnings for the 2022 first quarter included after-tax non-core realized losses on securities of $12 million ($0.14 per share loss) and a $1 million loss ($0.02 per share loss) on retirement of debt. Comparatively, net earnings in the 2021 first quarter included $213 million ($2.46 per share) in after-tax non-core items, primarily related to our discontinued Annuity operations, which were sold in May 2021. Other details may be found in the table on the following page. AFG’s book value per share was $56.81 as of March 31, 2022. AFG paid cash dividends of $2.56 per share during the first quarter, which included a $2.00 per share special dividend. For the three months ended March 31, 2022, AFG’s growth in book value per share plus dividends was 0.6%. Annualized return on equity was 23.5% and 29.9% for the first quarters of 2022 and 2021, respectively.

Core net operating earnings were a record $303 million ($3.56 per share) for the 2022 first quarter, compared to $206 million ($2.38 per share) in the 2021 first quarter. The year-over-year increase was primarily the result of significantly higher underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations and substantially higher net investment income, due largely to the continued strong performance of AFG’s $2.0 billion alternative investment portfolio. Additional details for the 2022 and 2021 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2022 and 2021 generated annualized returns on equity of 24.6% and 14.7%, respectively.

	Three Months Ended March 31,
Components of Pretax Core Operating Earnings	2022			2021			2022		2021		2022			2021
In millions, except per share amounts	Before Impact of Alternative Investments						Alternative Investments				Core Net Operating Earnings, as reported
P&C Pretax Core Operating Earnings	$	283		$	211		$	139	$	77	$	422		$	288
Real estate entities and other acquired from Annuity operations		—			(1	)		—		29		—			28
Other expenses		(21	)		(34	)		—		—		(21	)		(34	)
Holding company interest expense		(23	)		(24	)		—		—		(23	)		(24	)
Pretax Core Operating Earnings		239			152			139		106		378			258
Related provision for income taxes		46			30			29		22		75			52
Core Net Operating Earnings	$	193		$	122		$	110	$	84	$	303		$	206
Core Operating Earnings Per Share	$	2.27		$	1.41		$	1.29	$	0.97	$	3.56		$	2.38
Weighted Avg Diluted Shares Outstanding		85.2			86.6			85.2		86.6		85.2			86.6

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Book value per share, excluding unrealized gains (losses) related to fixed maturities, was $58.14 per share at March 31, 2022, compared to $57.42 at the end of 2021. In the 2022 first quarter, AFG share repurchases totaled $4.6 million. For the three months ended March 31, 2022, AFG’s growth in adjusted book value per share plus dividends was 5.7%.

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

In millions, except per share amounts	Three months ended March 31,
	2022			2021
Components of net earnings:
Core operating earnings before income taxes	$	378		$	258
Pretax non-core items:
Realized gains (losses) on securities		(15	)		77
Loss on retirement of debt		(2	)		—
Earnings before income taxes		361			335
Provision (credit) for income taxes:
Core operating earnings		75			52
Non-core items		(4	)		16
Total provision for income taxes		71			68
Net earnings from continuing operations		290			267
Net earnings from discontinued annuity operations		—			152
Net earnings	$	290		$	419
Net earnings:
Core net operating earnings(a)	$	303		$	206
Non-core items:
Realized gains (losses) on securities		(12	)		61
Loss on retirement of debt		(1	)		—
Net earnings from continuing operations		290			267
Net earnings from discontinued annuity operations		—			152
Net earnings	$	290		$	419
Components of earnings per share:
Core net operating earnings(a)	$	3.56		$	2.38
Non-core items:
Realized gains (losses) on securities		(0.14	)		0.70
Loss on retirement of debt		(0.02	)		—
Diluted net earnings per share from continuing operations	$	3.40		$	3.08
Net earnings from discontinued annuity operations		—			1.76
Diluted net earnings per share	$	3.40		$	4.84

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

The Company also announced today that its Board of Directors has declared a special cash dividend of $8.00 per share of American Financial Group common stock. The dividend is payable on May 27, 2022 to shareholders of record on May 20, 2022. The aggregate amount of this special dividend will be approximately $680 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.56 per share most recently paid on April 25, 2022. With this special dividend, the Company has declared $10.00 per share in special dividends in 2022 and a total of $36.00 per share in special dividends since the May 2021 sale of its annuity operations.

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S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report a strong start to the year, with a first quarter annualized core operating return of nearly 25%. Our Specialty P&C businesses produced outstanding underwriting margins. Strategic positioning of our investment portfolio coming into 2022 benefited the Company in an increasing interest rate environment, and we continue to be pleased with the performance of our alternative investment portfolio, where returns exceeded our expectations. Our entrepreneurial, opportunistic culture and disciplined operating philosophy have positioned us well in a favorable P&C market and a dynamic economic environment.

“AFG had approximately $2.0 billion of excess capital (including parent company cash and investments of approximately $1.7 billion) at March 31, 2022. 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.”

Messrs. Lindner continued, “Based on the strong results reported in the first quarter, we now expect AFG’s core net operating earnings per share in 2022 to be in the range of $10.50 to $11.50, an increase from our previous range of $9.75 to $10.75 per share. Our core earnings per share guidance excludes non-core items such as 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. The increase in expected 2022 earnings compared to our original guidance reflects higher than previously expected net investment income. The higher estimate is due to our deployment of cash in a rising interest rate environment, a higher return on AFG’s cash and floating rate securities, and the strong performance of our alternative asset portfolio in the first quarter of 2022. This guidance continues to reflect an average crop year and contemplates the capital management actions announced today.”

Specialty Property and Casualty Insurance Operations

AFG’s Specialty P&C insurance operations generated a record underwriting profit of $208 million in the 2022 first quarter, compared to $134 million in the first quarter of 2021. While each of our Specialty P&C Groups produced higher year-over-year underwriting profit, the most significant increase was in our Specialty Casualty Group.

The first quarter 2022 combined ratio was a very strong 84.0%, improving 4.5 points from the prior year period. First quarter 2022 results include $89 million (6.8 points) of favorable prior year reserve development, compared to $59 million (5.2 points) in the comparable prior year period. Catastrophe losses added 0.7 points to the combined ratio in the first quarter of 2022 compared to 1.7 points in the prior year period. COVID-19 related losses added 0.8 points to the combined ratio in the first quarter of 2021.

Gross and net written premiums were up 20% and 14%, respectively, in the 2022 first quarter compared to the prior year quarter. First quarter growth was favorably impacted by previously disclosed timing differences between the fourth quarter of 2021 and first quarter of 2022 in the recording of premiums in our Property and Transportation Group. When adjusting for those items, gross and net written premiums increased 9% and 10%, respectively, during the first quarter of 2022. Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 8% for the quarter, consistent with the fourth quarter of 2021. Overall renewal rates were up 5% in the quarter. With the exception of workers’ compensation, we are continuing to achieve strong renewal rate increases in the majority of our businesses.

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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 first quarter of 2022 compared to $56 million in the first quarter of 2021. Higher underwriting profit in our property & inland marine and crop businesses more than offset lower earnings in our transportation businesses – primarily as a result of lower favorable prior period reserve development. In the first quarter of 2021, the results from our transportation businesses were exceptionally strong as we benefited from COVID-19 related low frequency from both an accident year and prior period development perspective. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $6 million in the first quarter of 2022, compared to $22 million in the first quarter of 2021. Overall, the businesses in the Property and Transportation Group achieved a strong 85.8% calendar year combined ratio overall in the first quarter, 0.2 points higher than the comparable period in 2021.

First quarter 2022 gross and net written premiums in this group were 46% and 24% higher, respectively, than the comparable prior year period. Both gross and net written premiums were impacted by the timing of premium recognition between the fourth quarter of 2021 and the first quarter of 2022 in our crop business and the timing of the renewal of a large account in our transportation businesses. Excluding the impact of these items, first quarter gross and net written premiums in this group grew 14% and 12% year-over-year, respectively. All of the businesses in this group reported growth during the quarter. Overall renewal rates in this group increased 6% on average in the first quarter of 2022, consistent with rate increases reported in the fourth quarter of 2021.

The Specialty Casualty Group reported an underwriting profit of $124 million in the first quarter of 2022 compared to $56 million in the comparable 2021 period. Higher year-over-year underwriting profit in our workers’ compensation, excess and surplus lines, and executive liability businesses were the drivers of these results. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved an exceptionally strong 80.6% calendar year combined ratio overall in the first quarter of 2022, an improvement of 9.6 points from the prior year period.

First quarter 2022 gross and net written premiums increased 8% and 11%, respectively, when compared to the same prior year period. With the exception of workers’ compensation, nearly all the businesses in this group achieved strong renewal pricing and the vast majority of businesses in this group reported healthy premium growth during the first quarter. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 10%; overall renewal rates in this group were up 5% in the first quarter.

The Specialty Financial Group reported an underwriting profit of $29 million in the first quarter of 2022, compared to $25 million in the comparable 2021 period. Higher year-over-year underwriting profitability in our trade credit and surety businesses were the drivers of the increase. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $2 million in the first quarter of 2022, compared to $6 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported an 82.0% combined ratio for the first quarter of 2022, an improvement of 2.1 points from the prior year quarter.

First quarter 2022 gross written premiums were up 4% in this group, and net written premiums were down by 1% when compared to the prior year period, due primarily to a shift in business mix and a change to a reinsurance program in a newer business in this group. Renewal pricing in this group was up approximately 6% for the quarter.

Carl Lindner III stated, “Underwriting profitability in our Specialty P&C businesses was excellent in the first quarter of 2022, with each of our Specialty P&C sub-segments producing combined ratios in the

Page 4

mid-eighties or lower for the second consecutive quarter, resulting in an overall improvement of 4.5 points year-over-year. We continued to achieve broad-based pricing increases well above prospective loss ratio trends in the vast majority of our businesses.”

Mr. Lindner added, “Looking toward the full year 2022, we continue to expect an overall calendar year combined ratio in the range of 85% to 87% and continue to expect net written premiums to be up 8% to 12% when compared to the $5.6 billion reported in 2021. We expect the market to remain firm throughout 2022, 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 three months ended March 31, 2022, P&C net investment income was approximately 40% higher than the comparable 2021 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 in the first quarter of 2022 was 29.1%. The $139 million in pretax earnings from alternative investments in the first quarter of 2022 included $41 million in earnings from the sale of certain multi-family housing investments in a very favorable market. The average annual return on alternative investments over the five calendar years ended December 31, 2021 was approximately 13%. Excluding the impact of alternative investments, P&C net investment income for the three months ended March 31, 2022 increased 2% year-over-year as the impact of rising interest rates in the first quarter will have a more significant impact beginning in the second quarter of 2022.

Our guidance for 2022 assumes continued interest rate increases throughout the year, and an overall annual yield of approximately 12% on alternative investments, with an average annualized yield of 6% achieved over the remaining three quarters of 2022.

Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2022 net realized losses on securities of $12 million ($0.14 per share loss) after tax, which included $10 million ($0.12 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at March 31, 2022, to fair value. By comparison, AFG recorded net realized gains on securities of $61 million ($0.70 per share) in the comparable 2021 period.

After-tax unrealized losses on fixed maturities were $109 million at March 31, 2022. Our portfolio continues to be high quality, with 90% 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.

Discontinued Annuity Operations

In May 2021, AFG completed the sale of its Annuity business to Mass Mutual for cash proceeds of $3.57 billion. AFG recognized an after-tax non-core gain on the sale of $656 million ($7.62 per AFG share) in the first half of 2021. The sale continues to be subject to tax-related post-closing adjustments, which are not expected to be material and are expected to be settled in 2022.

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Optional Redemption of 3.500% Senior Notes due 2026

The Company announced today its intention to redeem all of its approximately $375 million in outstanding 3.500% Senior Notes due 2026 (CUSIP No. 025932AK0; ISIN No.US025932AK06) (the “Notes”) on June 3, 2022 (the “Redemption Date”) under a make-whole call. The redemption price will equal 100% of the principal amount of Notes to be redeemed plus accrued and unpaid interest to the Redemption Date and a make-whole premium calculated in accordance with the indenture governing the Notes. This press release does not constitute a notice of redemption of the Notes. The notice of redemption is being sent by the trustee to all currently registered holders of the Notes. It is expected that the early redemption of the Notes will result in after-tax non-core losses of approximately $5 million ($0.06 per share loss) during the second quarter of 2022 related to the make whole premium and other related expenses.

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 pandemic; 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.

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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 2022 first quarter results at 11:30 a.m. (ET) tomorrow, Thursday, May 5, 2022. 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 6790779. Please dial in five to ten minutes prior to the scheduled start time of the call.

A replay will be available approximately two hours following the completion of the call and will remain available until May 12, 2022. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 6790779.

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

An archived webcast will be available immediately after the call via the same link on our website until May 12, 2022.

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.

AFG2022-11

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended     March 31,
	2022			2021
Revenues
P&C insurance net earned premiums	$	1,302		$	1,173
Net investment income		230			188
Realized gains (losses) on securities		(15	)		77
Income of managed investment entities:
Investment income		46			46
Gain (loss) on change in fair value of assets/liabilities		(5	)		2
Other income		30			23
Total revenues		1,588			1,509
Costs and expenses
P&C insurance losses & expenses		1,107			1,047
Interest charges on borrowed money		23			24
Expenses of managed investment entities		39			39
Other expenses		58			64
Total costs and expenses		1,227			1,174
Earnings from continuing operations before income taxes		361			335
Provision for income taxes		71			68
Net earnings from continuing operations		290			267
Net earnings from discontinued operations		—			152
Net earnings	$	290		$	419
Earnings per diluted common share:
Continuing operations	$	3.40		$	3.08
Discontinued operations		—			1.76
Diluted earnings	$	3.40		$	4.84
Average number of diluted shares		85.2			86.6

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Selected Balance Sheet Data:	March 31, 2022		December 31, 2021
Total cash and investments	$	15,702	$	15,745
Long-term debt	$	1,917	$	1,964
Shareholders’ equity(b)	$	4,835	$	5,012
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)(b)	$	4,948	$	4,876
Book value per share	$	56.81	$	59.02
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	58.14	$	57.42
Common Shares Outstanding		85.1		84.9

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

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

	Three months ended March 31,						Change
	2022			2021
Gross written premiums	$	1,936		$	1,616			20	%
Net written premiums	$	1,368		$	1,205			14	%
Ratios (GAAP):
Loss & LAE ratio		53.1	%		56.8	%
Underwriting expense ratio		30.9	%		31.7	%
Specialty Combined Ratio		84.0	%		88.5	%
Combined Ratio – P&C Segment		84.1	%		88.6	%
Supplemental Information:(c)
Gross Written Premiums:
Property & Transportation	$	760		$	520			46	%
Specialty Casualty		976			904			8	%
Specialty Financial		200			192			4	%
	$	1,936		$	1,616			20	%
Net Written Premiums:
Property & Transportation	$	501		$	403			24	%
Specialty Casualty		650			588			11	%
Specialty Financial		159			161			(1	%)
Other		58			53			9	%
	$	1,368		$	1,205			14	%
Combined Ratio (GAAP):
Property & Transportation		85.8	%		85.6	%
Specialty Casualty		80.6	%		90.2	%
Specialty Financial		82.0	%		84.1	%
Aggregate Specialty Group		84.0	%		88.5	%
	Three months ended March 31,
	2022			2021
Reserve Development (Favorable) / Adverse:
Property & Transportation	$	(34	)	$	(43	)
Specialty Casualty		(49	)		(9	)
Specialty Financial		(13	)		(8	)
Other Specialty		7			1
Specialty Group	$	(89	)	$	(59	)
Other		1			—
Total Reserve Development	$	(88	)	$	(59	)
Points on Combined Ratio:
Property & Transportation		(7.8	)		(11.1	)
Specialty Casualty		(7.6	)		(1.7	)
Specialty Financial		(8.1	)		(5.4	)
Aggregate Specialty Group		(6.8	)		(5.2	)
Total P&C Segment		(6.7	)		(5.1	)

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

Page 10

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

	Three months ended     March 31,
	2022			2021
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	422		$	288
Real-estate entities and other acquired from Annuity operations*		—			28
Interest & other corporate expenses		(44	)		(58	)
Core operating earnings before income taxes		378			258
Related income taxes		75			52
Core net operating earnings	$	303		$	206

* Income from real estate entities acquired from AFG’s Annuity operations through May 31, 2021 (the effective date of the sale of the Annuity business).

b) Shareholders’ Equity at March 31, 2022 includes $113 million ($1.33 per share) in unrealized after-tax losses related to fixed maturities compared to $136 million ($1.60 per share) in unrealized after-tax gains related to fixed maturities at December 31, 2021.

c) Supplemental Notes:

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

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

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

• Other includes an internal reinsurance facility.

Page 11

EX-99.2

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - First Quarter 2022 May 4, 2022 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739

American Financial Group, Inc. Table of Contents - Investor Supplement - First Quarter 2022 Section Page Table of Contents - Investor Supplement - First Quarter 2022................................................................................................................................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 3/31/2022.......................................................................................................2 ..1 .................................................................................................................................................................................................... B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021.....................................................................................................2 ..2 ...................................................................................................................................................................................................... C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2022..........................................................................................2 ..3 ............................................................................................................................................................................................................... D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021........................................................................................2 ..4 ................................................................................................................................................................................................................... E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2022.........................................................................2 ..5 .................................................................................................................................................................................................................................. F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.......................................................................2 ..6 .................................................................................................................................................................................................................................... G. Real Estate-Related Investments 3/31/2022.....................................................................................................................................................2 ..7 ...................................................................................................................................................... H. Real Estate-Related Investments 12/31/2021...................................................................................................................................................2 ..8 ........................................................................................................................................................ Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/30/20 Highlights Net earnings $ 290 $ 355 $ 219 $ 1,002 $ 4 19 $ 1,995 $ 732 Net earnings from continuing operations 290 355 219 240 2 67 1,081 325 Core net operating earnings 303 351 231 205 2 06 993 481 Total assets 28,702 28,931 29,942 28,780 74,197 28,931 73,710 Adjusted shareholders' equity (a) 4,948 4,876 5,062 5,396 5 ,695 4,876 5,493 Property and Casualty net written premiums 1,368 1,270 1,729 1,369 1 ,205 5,573 4,992 Per share data Diluted earnings per share $ 3.40 $ 4.18 $ 2.56 $ 11.70 $ 4 .84 $ 23.30 $ 8.20 Diluted earnings per share from continuing operations 3.40 4.18 2.56 2.81 3 .08 12.62 3.63 Core net operating earnings per share 3.56 4.12 2.71 2.39 2 .38 11.59 5.40 Adjusted book value per share (a) 58.14 57.42 59.70 63.70 6 6.89 57.42 63.61 Dividends per common share 2.5600 6.5600 6.5000 14.5000 0.5000 28.0600 3.8500 Financial ratios Annualized return on equity (b) 23.5% 28.5% 16.6% 72.0% 29.9% 37.5% 14.0% Annualized core operating return on equity (b) 24.6% 28.1% 17.6% 14.7% 14.7% 18.6% 9.2% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 53.1% 56.5% 62.4% 57.2% 56.8% 58.4% 60.9% Underwriting expense ratio 30.9% 24.2% 26.6% 30.7% 31.7% 28.0% 30.4% Combined ratio - Specialty 84.0% 80.7% 89.0% 87.9% 88.5% 86.4% 91.3% (a) Excludes unrealized gains related to fixed maturity investments, a reconciliation to the GAAP measure is on page 14. (b) Excludes accumulated other comprehensive income. Page 3

American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Property and Casualty Insurance Underwriting profit $ 207 $ 279 $ 168 $ 152 $ 134 $ 733 $ 406 Net investment income 223 196 165 143 1 59 663 404 Other expense (8) 10 (4) (7) (5) (6) (34) Property and Casualty Insurance operating earnings 422 485 329 288 2 88 1,390 776 Real estate entities and other acquired from Annuity - - - 22 2 8 50 19 Interest expense of parent holding companies (23) (23) (24) (23) (24) (94) (88) Other expense (21) (24) (21) (35) (34) (114) (98) Pretax core operating earnings 378 438 284 252 2 58 1,232 609 Income tax expense 75 87 53 47 5 2 239 128 Core net operating earnings 303 351 231 205 2 06 993 481 Non-core items, net of tax: Realized gains (losses) on securities (12) 4 (12) 34 6 1 87 (59) Special A&E charges: Property and Casualty Insurance run-off operations - - - - - - (37) Former Railroad and Manufacturing operations - - - - - - (17) Neon exited lines - - - 3 - 3 (39) Other non-core items (1) - - (2) - (2) (4) Net earnings from continuing operations $ 290 $ 355 $ 219 $ 240 $ 267 $ 1,081 $ 325 Discontinued Annuity operations - - - 762 1 52 914 407 Net earnings $ 290 $ 355 $ 219 $ 1,002 $ 419 $ 1,995 $ 732 Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Core net operating earnings $ 303 $ 351 $ 231 $ 205 $ 206 $ 9 93 $ 481 Net earnings from continuing operations $ 290 $ 355 $ 219 $ 240 $ 267 $ 1 ,081 $ 3 25 Net earnings $ 290 $ 355 $ 219 $ 1,002 $ 419 $ 1 ,995 $ 732 Average number of diluted shares - core 85.240 85.162 85.171 85.618 86.577 8 5.628 8 9.202 Average number of diluted shares - net 85.240 85.162 85.171 85.618 86.577 8 5.628 8 9.202 Diluted earnings per share: Core net operating earnings per share $ 3.56 $ 4.12 $ 2.71 $ 2.39 $ 2.38 $ 1 1.59 $ 5 .40 Realized gains (losses) on securities (0.14) 0.06 ( 0.15) 0.40 0.70 1.01 ( 0.67) 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 ( 0.45) Other non-core items ( 0.02) - - ( 0.02) - ( 0.02) ( 0.04) Diluted earnings per share, continuing operations $ 3.40 $ 4.18 $ 2.56 $ 2.81 $ 3.08 $ 1 2.62 $ 3.63 Discontinued Annuity operations - - - 8.89 1.76 1 0.68 4.57 Diluted earnings per share $ 3.40 $ 4.18 $ 2.56 $ 11.70 $ 4.84 $ 2 3.30 $ 8 .20 Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Property and Transportation $ 6 2 $ 1 16 $ 4 5 $ 6 2 $ 56 $ 279 $ 181 Specialty Casualty 1 24 1 40 1 10 7 1 56 377 223 Specialty Financial 2 9 2 4 2 6 2 1 25 96 50 Other Specialty (7) 1 (12) (1) (3) (15) (28) Underwriting profit - Specialty 2 08 2 81 1 69 1 53 134 737 426 Other core charges, included in loss and LAE (1) (2) (1) (1) - (4) (20) Underwriting profit - Core 2 07 2 79 1 68 1 52 134 733 406 Special A&E charges, included in loss and LAE - - - - - - (47) Neon exited lines - - - - - - (135) Underwriting profit - Property and Casualty Insurance $ 2 07 $ 2 79 $ 1 68 $ 1 52 $ 134 $ 733 $ 224 Included in results above: Current accident year COVID-19 related losses $ - $ 2 $ 3 $ 2 $ 9 $ 16 $ 115 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 1 $ 11 $ 12 $ 2 Catastrophe loss 9 2 5 3 1 1 0 20 86 128 Total current accident year catastrophe losses $ 9 $ 2 5 $ 3 1 $ 1 1 $ 31 $ 98 $ 130 Prior year loss reserve development (favorable) / adverse $ (88) $ (71) $ (82) $ (67) $ (59) $ (279) $ (127) Combined ratio: Property and Transportation 85.8% 80.5% 93.5% 86.6% 85.6% 87.1% 90.4% Specialty Casualty 80.6% 78.0% 82.0% 87.9% 90.2% 84.3% 90.0% Specialty Financial 82.0% 85.5% 84.2% 86.4% 84.1% 85.1% 91.8% Other Specialty 112.9% 98.0% 122.5% 103.2% 104.6% 107.2% 116.1% Combined ratio - Specialty 8 4.0% 8 0.7% 8 9.0% 8 7.9% 88.5% 86.4% 91.3% Other core charges 0.1% 0.1% 0.0% 0.0% 0.1% 0.1% 0.5% Neon exited lines charge 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.7% Special A&E charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% Combined ratio 8 4.1% 8 0.8% 8 9.0% 8 7.9% 88.6% 86.5% 95.5% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.1% 83.8% 92.3% 92.2% 91.2% 89.7% 93.3% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 59.2% 59.6% 65.7% 61.5% 59.5% 61.7% 61.9% COVID-19 related losses 0.0% 0.2% 0.1% 0.2% 0.8% 0.3% 2.2% Current accident year catastrophe losses 0.7% 1.8% 2.0% 0.9% 1.7% 1.6% 2.5% Prior accident year loss reserve development (6.7%) (5.0%) (5.4%) (5.4%) ( 5.1%) (5.1%) (2.5%) Loss and LAE ratio 5 3.2% 5 6.6% 6 2.4% 5 7.2% 56.9% 58.5% 64.1% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Gross written premiums $ 1,936 $ 1,737 $ 2,656 $ 1,937 $ 1,616 $ 7,946 $ 6,995 Ceded reinsurance premiums (568) ( 467) (927) (568) (411) (2,373) (2,003) Net written premiums 1,368 1,270 1,729 1,369 1,205 5,573 4,992 Change in unearned premiums (66) 182 (200) ( 119) (32) (169) (93) Net earned premiums 1,302 1,452 1,529 1,250 1,173 5,404 4,899 Loss and LAE 692 820 953 713 667 3,153 2,986 Underwriting expense 402 351 407 384 372 1,514 1,487 Underwriting profit $ 208 $ 281 $ 169 $ 153 $ 134 $ 737 $ 426 Included in results above: Current accident year COVID-19 related losses $ - $ 2 $ 3 $ 2 $ 9 $ 16 $ 95 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 1 $ 11 $ 12 $ 2 Catastrophe loss 9 25 31 10 20 86 91 Total current accident year catastrophe losses $ 9 $ 25 $ 31 $ 11 $ 31 $ 98 $ 93 Prior year loss reserve development (favorable) / adverse $ ( 89) $ (73) $ ( 83) $ ( 68) $ (59) $ (283) $ (213) Combined ratio: Loss and LAE ratio 53.1% 5 6.5% 62.4% 57.2% 56.8% 58.4% 60.9% Underwriting expense ratio 3 0.9% 24.2% 26.6% 3 0.7% 31.7% 28.0% 30.4% Combined ratio 8 4.0% 8 0.7% 8 9.0% 8 7.9% 88.5% 86.4% 91.3% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.1% 8 3.7% 92.3% 92.2% 91.2% 89.7% 91.9% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 59.2% 59.5% 65.7% 61.5% 59.5% 61.7% 61.5% COVID-19 related losses 0.0% 0.2% 0.1% 0.2% 0.8% 0.3% 1.9% Current accident year catastrophe losses 0.7% 1.8% 2.0% 0.9% 1.7% 1.6% 1.9% Prior accident year loss reserve development (6.8%) (5.0%) (5.4%) (5.4%) (5.2%) (5.2%) (4.4%) Loss and LAE ratio 5 3.1% 5 6.5% 6 2.4% 5 7.2% 56.8% 58.4% 60.9% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Gross written premiums $ 760 $ 558 $ 1,334 $ 851 $ 520 $ 3,263 $ 2,813 Ceded reinsurance premiums (259) (141) (561) (287) (117) ( 1,106) ( 926) Net written premiums 501 417 773 564 403 2,157 1,887 Change in unearned premiums (58) 180 (73) (111) (9) ( 13) ( 16) Net earned premiums 443 597 700 453 394 2,144 1,871 Loss and LAE 256 394 516 263 221 1,394 1,208 Underwriting expense 125 87 139 128 117 4 71 4 82 Underwriting profit $ 62 $ 116 $ 45 $ 62 $ 56 $ 279 $ 1 81 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 7 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 1 $ 8 $ 9 $ - Catastrophe loss 6 15 14 6 14 4 9 47 Total current accident year catastrophe losses $ 6 $ 15 $ 14 $ 7 $ 22 $ 58 $ 4 7 Prior year loss reserve development (favorable) / adverse $ (34) $ (2) $ (18) $ (40) $ (43) $ ( 103) $ ( 107) Combined ratio: Loss and LAE ratio 57.7% 66.0% 73.7% 58.2% 56.0% 6 5.1% 6 4.6% Underwriting expense ratio 28.1% 14.5% 19.8% 28.4% 29.6% 2 2.0% 2 5.8% Combined ratio 85.8% 80.5% 93.5% 86.6% 85.6% 8 7.1% 9 0.4% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 92.1% 78.4% 94.0% 94.0% 93.0% 8 9.6% 9 3.2% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 64.0% 63.9% 74.2% 65.6% 63.4% 6 7.6% 6 7.4% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.1% 0 .0% 0 .4% Current accident year catastrophe losses 1.5% 2.5% 2.0% 1.4% 3.6% 2 .3% 2 .5% Prior accident year loss reserve development (7.8%) (0.4%) (2.5%) (8.8%) (11.1%) (4.8%) (5.7%) Loss and LAE ratio 57.7% 66.0% 73.7% 58.2% 56.0% 6 5.1% 6 4.6% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Gross written premiums $ 976 $ 968 $ 1,121 $ 897 $ 904 $ 3,890 $ 3,444 Ceded reinsurance premiums (326) (340) (389) (305) ( 316) (1,350) (1,140) Net written premiums 650 628 732 592 588 2,540 2,304 Change in unearned premiums (11) 8 (119) (4) ( 17) (132) (69) Net earned premiums 639 636 613 588 571 2,408 2,235 Loss and LAE 344 340 335 363 361 1,399 1,396 Underwriting expense 171 156 168 154 154 632 616 Underwriting profit $ 124 $ 140 $ 110 $ 71 $ 56 $ 377 $ 223 Included in results above: Current accident year COVID-19 related losses - 1 1 - 7 $ 9 $ 60 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ 1 $ 1 $ 2 Catastrophe loss 1 3 3 2 1 9 14 Total current accident year catastrophe losses $ 1 $ 3 $ 3 $ 2 $ 2 $ 10 $ 16 Prior year loss reserve development (favorable) / adverse $ (49) $ (55) $ (56) $ (20) $ ( 9) $ (140) $ (97) Combined ratio: Loss and LAE ratio 53.8% 53.5% 54.6% 61.9% 63.1% 58.1% 62.5% Underwriting expense ratio 26.8% 24.5% 27.4% 26.0% 2 7.1% 26.2% 27.5% Combined ratio 80.6% 78.0% 82.0% 87.9% 90.2% 84.3% 90.0% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 88.1% 85.8% 90.6% 90.9% 9 0.4% 89.4% 91.0% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.3% 61.3% 63.2% 64.9% 6 3.3% 63.2% 63.5% COVID-19 related losses 0.0% 0.2% 0.1% 0.1% 1 .2% 0.4% 2.7% Current accident year catastrophe losses 0.1% 0.6% 0.4% 0.3% 0 .3% 0.4% 0.6% Prior accident year loss reserve development (7.6%) (8.6%) (9.1%) (3.4%) (1.7%) ( 5.9%) ( 4.3%) Loss and LAE ratio 53.8% 53.5% 54.6% 61.9% 63.1% 58.1% 62.5% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Gross written premiums $ 2 00 $ 2 11 $ 2 01 $ 1 89 $ 192 $ 793 $ 738 Ceded reinsurance premiums (41) (38) (36) (30) ( 31) (135) (134) Net written premiums 1 59 1 73 1 65 1 59 161 658 604 Change in unearned premiums 4 (8) (2) (2) ( 4) ( 16) 9 Net earned premiums 1 63 1 65 1 63 1 57 157 642 613 Loss and LAE 4 8 5 2 5 6 5 2 53 213 242 Underwriting expense 8 6 8 9 8 1 8 4 79 333 321 Underwriting profit $ 2 9 $ 2 4 $ 2 6 $ 2 1 $ 25 $ 96 $ 50 Included in results above: Current accident year COVID-19 related losses $ - $ 1 $ 2 $ 2 $ 2 $ 7 $ 26 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ 2 $ 2 $ - Catastrophe loss 2 6 1 4 2 4 26 26 Total current accident year catastrophe losses $ 2 $ 6 $ 1 4 $ 2 $ 6 $ 28 $ 26 Prior year loss reserve development (favorable) / adverse $ (13) $ (13) $ (18) $ (12) $ ( 8) $ (51) $ ( 28) Combined ratio: Loss and LAE ratio 29.4% 31.7% 34.2% 33.0% 3 3.8% 33.2% 39.5% Underwriting expense ratio 52.6% 53.8% 50.0% 53.4% 50.3% 5 1.9% 5 2.3% Combined ratio 82.0% 85.5% 84.2% 86.4% 84.1% 85.1% 91.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 88.9% 89.3% 86.3% 90.6% 8 5.9% 8 8.0% 87.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 36.3% 35.5% 36.3% 37.2% 3 5.6% 36.1% 35.4% COVID-19 related losses 0.0% 0.7% 0.9% 1.3% 1 .5% 1.1% 4.3% Current accident year catastrophe losses 1.2% 3.7% 8.2% 1.8% 2 .1% 4.0% 4.3% Prior accident year loss reserve development (8.1%) (8.2%) (11.2%) (7.3%) (5.4%) (8.0%) (4.5%) Loss and LAE ratio 29.4% 31.7% 34.2% 33.0% 3 3.8% 33.2% 39.5% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 58 52 59 54 53 218 197 Net written premiums 58 52 59 54 53 218 197 Change in unearned premiums (1) 2 (6) (2) (2) (8) (17) Net earned premiums 57 54 53 52 51 210 180 Loss and LAE 44 34 46 35 32 147 140 Underwriting expense 20 19 19 18 22 78 68 Underwriting profit (loss) $ (7) $ 1 $ (12) $ (1) $ (3) $ (15) $ (28) Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 2 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss - 1 - - 1 2 4 Total current accident year catastrophe losses $ - $ 1 $ - $ - $ 1 $ 2 $ 4 Prior year loss reserve development (favorable) / adverse $ 7 $ (3) $ 9 $ 4 $ 1 $ 11 $ 19 Combined ratio: Loss and LAE ratio 77.1% 61.7% 87.8% 67.5% 62.3% 70.0% 77.6% Underwriting expense ratio 35.8% 36.3% 34.7% 35.7% 42.3% 37.2% 38.5% Combined ratio 112.9% 98.0% 122.5% 103.2% 104.6% 107.2% 116.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 99.9% 100.4% 105.4% 96.7% 100.2% 100.8% 103.1% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Pretax Annuity historically reported as core operating (a) $ - $ - $ - $ 129 $ 166 $ 295 $ 359 Impact of fair vaule, reinsurance accounting & unlocking - - - (55) 22 ( 33) ( 188) Realized gains (losses) of Annuity subs - - - 31 81 112 365 Run-off life and long-term care - - - - - - ( 8) Pretax earnings of businesses sold to Mass Mutual $ - $ - $ - $ 105 $ 269 $ 374 $ 528 Less amounts included in continuing operations - - - (22) (28) (50) ( 19) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ 83 $ 241 $ 324 $ 509 Taxes - - - (18) ( 48) (66) (102) Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ 65 $ 193 $ 258 $ 407 Gain on sale of annuity business - - - 6 97 ( 41) 656 - Net earnings (loss) from discontinued operations $ - $ - $ - $ 762 $ 152 $ 914 $ 407 (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three months ended 6/30/21 and twelve months ended 12/31/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 Assets: Total cash and investments $ 15,702 $ 15,745 $ 16,387 $ 16,125 $ 13,900 $ 13,494 Recoverables from reinsurers 3,418 3,519 3,523 3,330 3 ,231 3,288 Prepaid reinsurance premiums 933 834 1,028 865 7 55 768 Agents' balances and premiums receivable 1,337 1,265 1,492 1,423 1 ,209 1,229 Deferred policy acquisition costs 271 267 262 258 2 44 244 Assets of managed investment entities 5,231 5,296 5,130 5,086 5 ,102 4,971 Other receivables 681 857 1,097 682 5 76 678 Assets of discontinued annuity operations - - - - 48,139 47,885 Other assets 883 902 847 835 8 65 977 Goodwill 246 246 176 176 1 76 176 Total assets $ 28,702 $ 28,931 $ 29,942 $ 28,780 $ 74,197 $ 73,710 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 10,925 $ 11,074 $ 10,991 $ 10,498 $ 10,384 $ 10,392 Unearned premiums 3,206 3,041 3,415 3,054 2 ,821 2,803 Payable to reinsurers 910 920 1,146 829 7 53 807 Liabilities of managed investment entities 5,112 5,220 5,034 5,029 5 ,045 4,914 Long-term debt 1,917 1,964 1,964 1,963 1 ,963 1,963 Other liabilities 1,797 1,700 2,152 1,806 1 ,653 1,584 Liabilities of discontinued annuity operations - - - - 44,893 44,458 Total liabilities $ 23,867 $ 23,919 $ 24,702 $ 23,179 $ 67,512 $ 66,921 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 8 5 $ 86 Capital surplus 1,340 1,330 1,315 1,303 1 ,279 1,281 Retained earnings 3,541 3,478 3,680 4,023 4 ,354 4,149 Unrealized gains - fixed maturities (109) 136 178 205 9 63 1,255 Unrealized gains (losses) - fixed maturity-related cash flow hedges (4) - - - 2 7 41 Other comprehensive income, net of tax (18) (17) (18) (15) (23) (23) Total shareholders' equity 4,835 5,012 5,240 5,601 6 ,685 6,789 Total liabilities and equity $ 28,702 $ 28,931 $ 29,942 $ 28,780 $ 74,197 $ 73,710 Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 Shareholders' equity $ 4,835 $ 5,012 $ 5,240 $ 5,601 $ 6,685 $ 6 ,789 Unrealized (gains) related to fixed maturities 113 ( 136) ( 178) ( 205) (990) (1,296) Adjusted shareholders' equity 4,948 4,876 5,062 5,396 5,695 5 ,493 Goodwill from continuing and discontinued operations ( 246) ( 246) ( 176) ( 176) (207) (207) Intangibles ( 104) ( 106) ( 29) ( 30) (31) (34) $ 4,598 $ 4,524 $ 4,857 $ 5,190 $ 5,457 $ 5 ,252 Tangible adjusted shareholders' equity Common shares outstanding 85.103 84.921 84.795 84.714 85.126 8 6.345 Book value per share: Book value per share $ 56.81 $ 59.02 $ 61.80 $ 66.12 $ 78.53 $ 7 8.62 Adjusted (a) 58.14 57.42 59.70 63.70 66.89 6 3.61 Tangible, adjusted (b) 54.02 53.26 57.28 61.27 64.10 6 0.82 Market capitalization AFG's closing common share price $ 145.62 $ 137.32 $ 125.83 $ 124.72 $ 114.10 $ 8 7.62 Market capitalization $ 12,393 $ 11,661 $ 10,670 $ 10,566 $ 9,713 $ 7 ,566 Price / Adjusted book value ratio 2.50 2.39 2.11 1.96 1.71 1.38 (a) Excludes unrealized gains related to fixed maturity investments. (b) Excludes unrealized gains related to fixed maturity investments, goodwill and intangibles. Page 14

American Financial Group, Inc. Capitalization ($ in millions) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 AFG senior obligations $ 1,270 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1 ,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 1,270 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 AFG subordinated debentures 675 675 675 675 675 6 75 Total principal amount of long-term debt $ 1,945 $ 1,993 $ 1,993 $ 1,993 $ 1,993 $ 1 ,993 Shareholders' equity 4,835 5,012 5,240 5,601 6,685 6 ,789 Noncontrolling interests (including redeemable NCI) - - - - - - Less: 113 ( 136) ( 178) ( 205) (990) (1,296) Unrealized (gains) related to fixed maturity investments Total adjusted capital $ 6,893 $ 6,869 $ 7,055 $ 7,389 $ 7,688 $ 7 ,486 Ratio of debt to total adjusted capital: Including subordinated debt 28.2% 29.0% 28.2% 27.0% 25.9% 2 6.6% Excluding subordinated debt 18.4% 19.2% 18.7% 17.8% 17.1% 1 7.6% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Property and Casualty Insurance $ 726 $ 758 $ 678 $ 667 $ 674 $ 2,777 $ 2,756 Paid Losses (GAAP) 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,375 $ 5,228 $ 4,934 $ 4,779 $ 4,571 $ 4,458 Annuity - - - - 3,012 2,893 (409) ( 335) 1 46 6 32 ( 1,865) (1,835) Parent and other subsidiaries $ 4,966 $ 4,893 $ 5,080 $ 5,411 $ 5,718 $ 5,516 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 843 $ 843 $ 416 $ 416 $ 416 $ 416 - - - - 2 89 289 Annuity and Run-off $ 843 $ 843 $ 416 $ 416 $ 705 $ 705 Total Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - March 31, 2022 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 735 $ 5 47 $ - $ 1,282 8% Fixed maturities - Available for sale 9,704 1 ,105 - 10,809 69% Fixed maturities - Trading 30 - - 30 0% Equity securities - common stocks 530 4 8 - 578 4% Equity securities - perpetual preferred 444 - - 444 3% Investments accounted for using the equity method 1,619 - - 1,619 10% Mortgage loans 784 - - 784 5% Real estate and other investments 166 1 09 (119) 156 1% Total cash and investments $ 14,012 $ 1 ,809 $ (119) $ 15,702 100% Carrying Value - December 31, 2021 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,529 $ 6 02 $ - $ 2,131 13% Fixed maturities - Available for sale 9,163 1 ,194 - 10,357 66% Fixed maturities - Trading 28 - - 28 0% Equity securities - common stocks 500 8 6 - 586 4% Equity securities - perpetual preferred 456 - - 456 3% Investments accounted for using the equity method 1,517 - - 1,517 10% Mortgage loans 520 - - 520 3% Real estate and other investments 123 1 03 (76) 150 1% Total cash and investments $ 13,836 $ 1 ,985 $ (76) $ 15,745 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 7 6 $ 6 8 $ 7 0 $ 7 0 $ 72 $ 2 80 $ 2 99 Fixed maturities - Trading - - 1 - - 1 1 Equity securities - dividends 7 8 6 6 8 2 8 3 3 Equity securities - MTM 8 1 4 6 5 23 4 8 1 0 Equity in investees 1 33 9 9 7 3 5 1 49 2 72 5 0 AFG managed CLOs (2) 3 5 7 5 2 0 (1) Other investments (a) 5 8 8 6 4 2 6 1 8 Gross investment income 2 27 2 00 1 69 1 45 161 6 75 4 10 Investment expenses (4) (4) (4) (2) (2) (12) (6) Total net investment income $ 2 23 $ 1 96 $ 1 65 $ 1 43 $ 159 $ 6 63 $ 4 04 Average cash and investments (b) $ 13,908 $ 13,552 $ 13,194 $ 12,630 $ 12,573 $ 12,944 $ 11,760 6.41% 5.79% 5.00% 4.53% 5.06% 5.12% 3.44% Average yield (c) AFG consolidated net investment income: Property & Casualty core $ 2 23 $ 1 96 $ 1 65 $ 1 43 $ 159 $ 6 63 $ 4 04 Neon exited lines non-core - - - - - - (5) Equity in Investees (d) - - - 2 0 29 4 9 4 9 Other Investments (d) - - - 2 - 2 - Parent & other 5 1 6 9 6 5 3 6 1 2 Consolidate CLOs 2 (3) (5) (7) (5) (20) 1 Total net investment income $ 2 30 $ 2 09 $ 1 69 $ 1 64 $ 188 $ 7 30 $ 4 61 (a) Includes income from mortgage loans, real estate, 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 Twelve Months Ended 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 12/31/21 12/31/20 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ 8 $ 1 4 $ 6 $ 5 $ 23 $ 4 8 $ 1 0 Investments accounted for using the equity method (b) 1 33 9 9 7 3 5 1 4 9 2 72 5 0 AFG managed CLOs (eliminated in consolidation) (2) 3 5 7 5 2 0 (1) Total Property & Casualty $ 1 39 $ 1 16 $ 8 4 $ 6 3 $ 77 $ 3 40 $ 5 9 Investments Equity securities MTM through investment income (a) $ 2 61 $ 2 34 $ 1 95 $ 1 72 $ 159 $ 2 34 $ 1 29 Investments accounted for using the equity method (b) 1 ,619 1 ,517 1 ,407 1 ,378 861 1 ,517 8 06 AFG managed CLOs (eliminated in consolidation) 1 19 7 6 9 6 5 7 5 7 7 6 5 7 Total Property & Casualty $ 1 ,999 $ 1,827 $ 1 ,698 $ 1,607 $ 1,077 $ 1 ,827 $ 9 92 Annualized Return - Property & Casualty 2 9.1% 2 6.3% 2 0.3% 2 2.9% 29.8% 25.3% 6.6% Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ 8 $ 1 4 $ 6 $ 5 $ 23 $ 4 8 $ 1 0 Investments accounted for using the equity method (b)(c) 1 33 9 9 7 3 7 1 7 8 3 21 9 9 AFG managed CLOs (eliminated in consolidation) (2) 3 5 7 5 2 0 (1) Total Continuing operations $ 1 39 $ 1 16 $ 8 4 $ 8 3 $ 106 $ 3 89 $ 1 08 Investments Equity securities MTM through investment income (a) $ 2 61 $ 2 34 $ 1 95 $ 1 72 $ 159 $ 2 34 $ 1 29 Investments accounted for using the equity method (b) 1 ,619 1 ,517 1 ,407 1 ,378 1,324 1 ,517 1 ,235 AFG managed CLOs (eliminated in consolidation) 1 19 7 6 9 6 5 7 5 7 7 6 5 7 Total Continuing operations $ 1,999 $ 1 ,827 $ 1 ,698 $ 1 ,607 $ 1,540 $ 1,827 $ 1 ,421 Annualized Return - Continuing operations 2 9.1% 2 6.3% 2 0.3% 2 1.1% 28.6% 24.0% 8.4% (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 March 31, 2022 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 216 $ 209 $ ( 7) 2 % 1 % States, municipalities and political subdivisions 1,648 1,657 9 1 5% 1 0% Foreign government 293 284 ( 9) 3 % 2 % Residential mortgage-backed securities 1,550 1,531 ( 19) 1 4% 1 0% Commercial mortgage-backed securities 100 100 - 1 % 1 % Collateralized loan obligations 1,906 1,894 ( 12) 1 7% 1 2% Other asset-backed securities 2,720 2,657 ( 63) 2 5% 1 7% Corporate and other bonds 2,544 2,507 ( 37) 23% 16% Total AFG consolidated $ 10,977 $ 10,839 $ ( 138) 100% 69% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.03% Net of investment expense (a) 2.90% Tax equivalent, net of investment expense (b) 3.02% Approximate average life and duration: Approximate average life 3.5 years Approximate duration 2.5 years % of Unrealized % of Investment December 31, 2021 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 216 $ 216 $ - 2 % 1 % States, municipalities and political subdivisions 1,758 1,832 74 1 8% 1 2% Foreign government 273 271 ( 2) 2 % 2 % Residential mortgage-backed securities 915 960 45 9 % 6 % Commercial mortgage-backed securities 102 104 2 1 % 1 % Collateralized loan obligations 1,642 1,643 1 1 6% 1 0% Other asset-backed securities 2,670 2,676 6 2 6% 1 7% Corporate and other bonds 2,636 2,683 47 26% 17% Total AFG consolidated $ 10,212 $ 10,385 $ 173 100% 66% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 2.84% Net of investment expense (a) 2.74% Tax equivalent, net of investment expense (b) 2.86% Approximate average life and duration: Approximate average life 3.5 years Approximate duration 2 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 3/31/2022 ($ 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 $ 209 $ 656 $ 256 $ 1,212 $ 71 $ 1,679 $ 1,216 $ 45 $ 5,344 49% AA - 931 11 6 17 143 446 183 1,737 16% A - 57 6 63 6 63 466 578 1,239 11% BBB - 9 1 3 3 9 294 1,143 1,462 14% Subtotal - Investment grade 209 1,653 274 1,284 97 1,894 2,422 1,949 9,782 90% BB - - - 11 3 - 6 152 172 2% B - - - 9 - - 6 19 34 0% CCC, CC, C - - - 129 - - 3 2 134 1% D - - - 16 - - - - 16 0% Subtotal - Non-Investment grade - - - 165 3 - 15 173 356 3% Not Rated (b) - 4 10 82 - - 220 385 7 01 7% Total $ 209 $ 1,657 $ 284 $ 1,531 $ 100 $ 1,894 $ 2,657 $ 2,507 $ 10,839 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 209 $ 1,648 $ 241 $ 1,450 $ 97 $ 1,313 $ 1,937 $ 1,023 $ 7,918 83% 2 - 9 - 1 - - 294 1,162 1,466 15% Subtotal 209 1,657 241 1,451 97 1,313 2,231 2,185 9,384 98% 3 - - - 1 3 - 7 149 160 2% 4 - - - 3 - - 6 18 27 0% 5 - - - 7 - - 7 29 43 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 12 3 - 20 196 231 2% Total insurance companies $ 209 $ 1,657 $ 241 $ 1,463 $ 100 $ 1,313 $ 2,251 $ 2,381 $ 9,615 100% Total non-insurance (c) - - 43 68 - 581 406 126 1,224 Total $ 209 $ 1,657 $ 284 $ 1,531 $ 100 $ 1,894 $ 2,657 $ 2,507 $ 10,839 (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, 87% are NAIC 1 and 11% are held by non-insurance companies. For Corp/Oth, 57% are NAIC 1, 5% NAIC 2 and 32% are held by non-insurance companies. For Total, 70% are NAIC 1, 3% NAIC 2 and 22% are held by non-insurance companies. (c) 85% are investment grade rated. Page 21

Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 216 $ 745 $ 260 $ 654 $ 73 $ 1,428 $ 1,330 $ 50 $ 4,756 46% AA - 1,010 - 7 15 149 420 179 1,780 17% A - 60 - 19 1 56 416 675 1,227 12% BBB - 9 1 4 12 9 274 1,062 1,371 13% Subtotal - Investment grade 216 1,824 261 684 101 1,642 2,440 1,966 9,134 88% BB - - - 11 3 - 4 144 162 2% B - - - 14 - - 9 14 37 0% CCC, CC, C - - - 138 - - - 7 145 1% D - - - 19 - - - - 19 0% Subtotal - Non-Investment grade - - - 182 3 - 13 165 363 3% Not Rated (b) - 8 10 94 - 1 223 5 52 888 9% Total $ 216 $ 1,832 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 216 $ 1,822 $ 246 $ 892 $ 101 $ 1,172 $ 1,935 $ 1,157 $ 7,541 83% 2 - 9 - 3 - 9 274 1,082 1,377 15% Subtotal 216 1,831 246 895 101 1,181 2,209 2,239 8,918 98% 3 - - - 3 3 - 4 146 156 2% 4 - - - 1 - - 9 20 30 0% 5 - - - 8 - 1 2 29 40 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 13 3 1 15 195 227 2% Total insurance companies $ 216 $ 1,831 $ 246 $ 908 $ 104 $ 1,182 $ 2,224 $ 2,434 $ 9,145 100% Total non-insurance (c) - 1 25 52 - 461 452 249 1,240 Total $ 216 $ 1,832 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 (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, 87% are NAIC 1 and 12% are held by non-insurance companies. For Corp/Oth, 47% are NAIC 1, 4% NAIC 2 and 44% are held by non-insurance companies. For Total, 61% are NAIC 1, 3% NAIC 2 and 31% are held by non-insurance companies. (c) 75% are investment grade rated. Page 22

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2022 ($ in millions) Fair Value By Industry Other Asset Capital Financials Managers Technology Banking Insurance Consumer Autos REITs Healthcare Energy Goods Communications Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ 2 1 $ - $ - $ 8 $ - $ - $ - $ - $ - $ 1 3 $ 3 $ 4 5 2% AA 1 2 - 5 7 - 5 9 2 1 - - 1 2 2 0 - - 2 1 83 7% A 8 6 3 7 4 8 3 5 8 1 4 2 4 1 5 5 2 1 2 0 5 4 1 7 4 1 5 78 23% BBB 9 2 3 80 9 8 2 06 1 6 2 2 7 0 5 8 4 3 2 9 1 1 3 0 8 8 1,143 46% Subtotal 1 90 4 17 2 24 2 41 1 56 9 3 1 11 1 13 7 6 6 9 6 5 6 0 1 34 1 ,949 78% BB 2 1 1 3 3 - 3 4 8 1 1 - 4 7 2 - 3 1 1 52 6% B - - 3 - - 5 4 - 2 - - - 5 1 9 1% CCC, CC, C - - - - - 2 - - - - - - - 2 0% D - - - - - - - - - - - - - - 0% Subtotal 2 1 1 3 6 - 3 5 5 1 5 - 6 7 2 - 3 6 1 73 7% Not Rated (b) 3 17 9 - - 9 1 6 - - 1 1 - 2 - 2 1 3 85 15% Total $ 5 09 $ 4 37 $ 2 60 $ 2 41 $ 1 68 $ 1 64 $ 1 26 $ 1 13 $ 9 3 $ 7 6 $ 6 9 $ 6 0 $ 1 91 $ 2,507 100% Fair Value By Industry Other Asset Capital NAIC designation Financials Managers Technology Banking Insurance Consumer Autos REITs Healthcare Energy Goods Communications Other Total % Total 1 $ 300 $ 3 7 $ 126 $ 3 5 $ 140 $ 7 5 $ 4 1 $ 5 5 $ 3 4 $ 4 0 $ 5 4 $ 3 0 $ 5 6 $ 1,023 43% 2 9 3 3 90 9 7 2 06 1 6 2 7 7 0 5 8 4 3 2 9 1 2 3 0 9 1 1,162 49% Subtotal 3 93 4 27 2 23 2 41 1 56 1 02 1 11 1 13 77 6 9 6 6 6 0 1 47 2 ,185 92% 3 2 1 0 3 1 - 3 4 8 1 1 - 4 7 3 - 3 0 1 49 6% 4 - - 4 - - 6 4 - 3 - - - 1 1 8 1% 5 - - 2 - - 8 - - 9 - - - 1 0 2 9 1% 6 - - - - - - - - - - - - - - 0% Subtotal 2 1 0 3 7 - 3 6 2 1 5 - 1 6 7 3 - 4 1 1 96 8% Total insurance companies $ 3 95 $ 4 37 $ 2 60 $ 2 41 $ 1 59 $ 1 64 $ 1 26 $ 1 13 $ 9 3 $ 7 6 $ 6 9 $ 6 0 $ 1 88 $ 2,381 100% Total non-insurance 1 14 - - - 9 - - - - - - - 3 1 26 Total $ 5 09 $ 4 37 $ 2 60 $ 2 41 $ 1 68 $ 1 64 $ 1 26 $ 1 13 $ 9 3 $ 7 6 $ 6 9 $ 6 0 $ 1 91 $ 2,507 (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, 64% are NAIC 1 and 36% are held by non-insurance companies. For the Total, 57% are NAIC 1, 5% NAIC 2 and 32% are held by non-insurance companies. Page 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021 ($ in millions) Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ 1 6 $ - $ - $ 9 $ - $ - $ 1 0 $ 13 $ - $ 2 $ 5 0 2% AA 1 3 - 2 7 4 7 3 5 - 1 7 - 3 5 2 - - 3 1 79 7% A 1 04 3 7 9 0 2 6 1 16 5 5 4 4 5 7 2 1 2 2 23 4 6 3 4 6 75 25% BBB 1 02 3 19 2 04 7 5 1 7 8 8 2 2 6 3 3 0 3 9 32 1 2 5 9 1 ,062 39% Subtotal 2 19 3 56 3 21 1 64 1 68 1 43 9 2 1 20 8 6 7 3 68 5 8 9 8 1 ,966 73% BB 4 5 - 3 5 3 1 1 4 4 - 9 9 - 2 2 2 1 44 5% B - - - 3 - 4 5 - - 2 - - - 1 4 1% CCC, CC, C - - - - - - 2 - - - - - 5 7 0% D - - - - - - - - - - - - - - 0% Subtotal 4 5 - 3 8 3 1 5 5 1 - 9 1 1 - 2 2 7 1 65 6% Not Rated (b) 4 83 1 0 - - 1 0 - 1 5 6 - 6 - 2 2 0 5 52 21% Total $ 7 06 $ 3 71 $ 3 21 $ 2 02 $ 1 81 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 45 $ 2,683 100% Fair Value By Industry Other Asset Capital NAIC designation Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total 1 $ 356 $ 3 7 $ 118 $ 8 8 $ 151 $ 5 5 $ 7 3 $ 5 7 $ 5 6 $ 3 5 $ 36 $ 4 6 $ 4 9 $ 1,157 48% 2 1 03 3 29 2 03 7 5 1 7 8 8 2 7 6 3 3 0 3 9 3 2 1 4 6 2 1,082 44% Subtotal 4 59 3 66 3 21 1 63 1 68 1 43 1 00 1 20 86 7 4 68 6 0 1 11 2 ,239 92% 3 4 5 - 3 3 3 1 1 4 4 6 9 8 - 2 2 1 1 46 6% 4 4 - - 3 1 4 5 - - 3 - - - 2 0 1% 5 3 - - 3 - - 9 - - 5 - - 9 2 9 1% 6 - - - - - - - - - - - - - - 0% Subtotal 1 1 5 - 3 9 4 1 5 5 8 6 9 1 6 - 2 3 0 1 95 8% Total insurance companies $ 4 70 $ 3 71 $ 3 21 $ 2 02 $ 1 72 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 41 $ 2,434 100% Total non-insurance 2 36 - - - 9 - - - - - - - 4 2 49 Total $ 7 06 $ 3 71 $ 3 21 $ 2 02 $ 1 81 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 45 $ 2,683 (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, 50% are NAIC 1 and 49% are held by non-insurance companies. For the Total, 47% are NAIC 1, 4% NAIC 2, and 44% are held by non-insurance companies. Page 24

Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2022 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Credit Rating (a) Real Estate Financing (c) Business TruPS Auto Rental Lease Railcar Loans Aircraft Receivables Other Total % Total Investment Grade AAA $ 646 $ 25 $ - $ - $ 138 $ 137 $ 107 $ - $ 28 $ - $ 38 $ 97 $ 1,216 46% AA 8 68 38 2 12 19 19 23 - 40 8 - 11 4 46 17% A - 4 0 4 8 1 - 9 1 38 5 7 4 8 - 1 61 4 66 18% BBB - 1 1 79 - - - - - - 3 5 5 7 2 2 2 94 11% Subtotal 6 54 1 34 2 21 2 20 1 58 1 56 1 39 1 38 1 25 9 1 9 5 2 91 2,422 92% BB - 1 - - - - - - - 5 - - 6 0% B - - - - - - - - - 6 - - 6 0% CCC, CC, C - - - - - - - - - 3 - - 3 0% D - - - - - - - - - - - - - 0% Subtotal - 1 - - - - - - - 1 4 - - 1 5 0% Not Rated (b) - 1 44 - - - - - - - 5 - 7 1 2 20 8% Total $ 654 $ 2 79 $ 2 21 $ 2 20 $ 158 $ 156 $ 1 39 $ 138 $ 125 $ 1 10 $ 9 5 $ 362 $ 2,657 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Real Estate Financing (c) Business TruPS Auto Rental Lease Railcar Loans Aircraft Receivables Other Total % Total NAIC designation 1 $ 420 $ 253 $ 42 $ 220 $ 57 $ 156 $ 139 $ 138 $ 120 $ 57 $ 15 $ 320 $ 1,937 86% 2 - 1 1 79 - - - - - - 3 5 5 7 2 2 2 94 13% Subtotal 4 20 2 54 2 21 2 20 57 1 56 1 39 1 38 1 20 92 72 3 42 2,231 99% 3 - 1 - - - - - - - 6 - - 7 1% 4 - - - - - - - - - 5 - 1 6 0% 5 - - - - - - - - - 7 - - 7 0% 6 - - - - - - - - - - - - - 0% Subtotal - 1 - - - - - - - 1 8 - 1 2 0 1% Total insurance companies $ 4 20 $ 255 $ 221 $ 220 $ 5 7 $ 156 $ 139 $ 1 38 $ 120 $ 110 $ 7 2 $ 3 43 $ 2,251 100% Total non-insurance 2 34 2 4 - - 1 01 - - - 5 - 2 3 1 9 4 06 Total $ 654 $ 2 79 $ 221 $ 2 20 $ 158 $ 156 $ 1 39 $ 138 $ 125 $ 1 10 $ 9 5 $ 362 $ 2,657 (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) 87% of not rated securities are NAIC 1 and 11% are held by non-insurance companies. (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 12/31/2021 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Credit Rating (a) Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total Investment Grade AAA $ 690 $ 25 $ 181 $ - $ - $ 128 $ - $ 89 $ - $ 33 $ 39 $ 145 $ 1,330 50% AA 8 67 20 40 1 67 23 - 25 9 46 - 15 4 20 16% A - 4 4 7 4 2 0 - 1 32 1 1 5 4 3 5 - 1 09 4 16 16% BBB - 1 - 1 59 - - - - 4 2 - 6 2 1 0 2 74 10% Subtotal 6 98 1 37 2 08 2 03 1 87 1 51 1 32 1 25 1 05 1 14 1 01 2 79 2,440 92% BB - 1 - - - - - - 3 - - - 4 0% B - 1 - - - - - - 8 - - - 9 0% CCC, CC, C - - - - - - - - - - - - - 0% D - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 1 1 - - - 1 3 0% Not Rated (b) - 1 57 - - - - - - 3 - - 6 3 2 23 8% Total $ 698 $ 296 $ 2 08 $ 2 03 $ 187 $ 1 51 $ 1 32 $ 125 $ 119 $ 114 $ 1 01 $ 3 42 $ 2,676 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer NAIC designation Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total 1 $ 504 $ 267 $ 49 $ 44 $ 187 $ 151 $ 132 $ 125 $ 63 $ 106 $ 39 $ 268 $ 1,935 87% 2 - 1 - 1 59 - - - - 42 - 6 2 1 0 274 12% Subtotal 5 04 2 68 49 2 03 1 87 1 51 1 32 1 25 1 05 1 06 1 01 2 78 2,209 99% 3 - 1 - - - - - - 3 - - - 4 0% 4 - 1 - - - - - - 8 - - - 9 1% 5 - - - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 1 3 - - - 1 5 1% Total insurance companies $ 504 $ 270 $ 4 9 $ 203 $ 1 87 $ 1 51 $ 132 $ 125 $ 1 18 $ 1 06 $ 1 01 $ 278 $ 2,224 100% Total non-insurance 1 94 2 6 1 59 - - - - - 1 8 - 6 4 4 52 Total $ 698 $ 296 $ 2 08 $ 2 03 $ 187 $ 1 51 $ 132 $ 125 $ 1 19 $ 114 $ 1 01 $ 342 $ 2,676 (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) 87% of not rated securities are NAIC 1 and 12% are held by non-insurance companies. (c) Secured Financings are privately placed funding agreements secured by assets including Bank Loans, Single Family Rental properties, and other Commercial Loans and Leases. Page 26

Appendix G American Financial Group, Inc. Real Estate-Related Investments 3/31/2022 ($ 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 $ 1,046 88% 96% 98% Fund Investments 49 4% - - Student Housing 47 3% 93% 98% QOZ Fund - Development 19 2% - - Office 15 1% 81% 100% Land Development 11 1% - - Hospitality 8 1% - - Total $ 1,195 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 52 42% $ - Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2 2% - Total $ 124 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Multifamily 581 74% 65% Hospitality 145 19% 54% Office 58 7% 73% Retail - 0% - Total $ 784 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.6 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 3/31/22 (c) Collections for January - March (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 27

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2021 ($ 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 $ 1 ,000 88% 96% 98% Fund Investments 43 4% - - Student Housing 30 3% 94% 98% Land - Development 19 2% - - QOZ Fund - Development 15 1% - - Office 15 1% 81% 100% Hospitality 8 1% - - Total $ 1 ,130 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 5 3 42% $ - Resort & Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2 2% - Total $ 1 25 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Hospitality 316 61% 67% Multi-family 146 28% 54% Office 58 11% 73% Retail - 0% 0% Total $ 5 20 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.5 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/21 (c) Collections for October - December (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 28

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Document And Entity Information [Line Items]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Amendment Flag	false
Entity Central Index Key	0001042046
Document Type	8-K
Document Period End Date	May 04, 2022
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
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Entity Emerging Growth Company	false
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Five 875 Subordinated Debentures Due March 302059 [Member]
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Five 125 Subordinated Debentures Due December 152059 [Member]
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