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): November 2, 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 third quarter of 2022 and the availability of the Investor Supplement on the Company’s website. The press release was issued on November 2, 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.

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.

Item 8.01 Other Events.

In the press release referenced in Item 2.02 above, the Company also announced that it declared a special, one-time cash dividend of $2.00 per share of American Financial Group Common Stock. The dividend is payable on November 22, 2022 to holders of record on November 15, 2022. A copy of the press release is furnished as Exhibit 99.1 and incorporated by reference in this Item 8.01.

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 November 2, 2022, reporting American Financial Group Inc. results for the quarter ended September 30, 2022.
99.2	Investor Supplement – Third 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: November 3, 2022	By:	/s/ Mark A. Weiss
		Mark A. Weiss
		Vice President

3

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend

• Net earnings per share of $1.93; includes ($0.31) per share in after-tax non-core items

• Core net operating earnings $2.24 per share, includes $0.36 per share of after-tax catastrophe losses

• Specialty P&C combined ratio of 91.1% includes 2.5 points of catastrophe losses

• Third quarter annualized ROE of 14.7%; annualized core operating ROE of 17.1%

• Parent company cash and investments of approximately $760 million; excess capital of $1.3 billion at September 30, 2022

• Announces special cash dividend of $2.00 per share, payable November 22, 2022

• Full year 2022 core net operating earnings guidance in the range of $11.00 - $11.75 per share, narrowed from previous guidance range of $10.75 - $11.75 per share

CINCINNATI – November 2, 2022 – American Financial Group, Inc. (NYSE: AFG) today reported 2022 third quarter net earnings of $165 million ($1.93 per share) compared to $219 million ($2.56 per share) in the 2021 third quarter. Net earnings for the 2022 third quarter included after-tax non-core realized losses on securities of $28 million ($0.32 per share loss). By comparison, net earnings for the 2021 third quarter included after-tax non-core realized losses on securities of $12 million ($0.15 per share loss). Other details may be found in the table on the following page.

Core net operating earnings were $192 million ($2.24 per share) for the 2022 third quarter, compared to $231 million ($2.71 per share) in the 2021 third quarter. The year-over-year decrease was due primarily to lower returns in AFG’s alternative investment portfolio, as compared to the very strong performance of this portfolio in the prior year period. Additional details for the 2022 and 2021 third quarters may be found in the table below. Core net operating earnings for the third quarters of 2022 and 2021 generated annualized returns on equity of 17.1% and 17.6%, respectively.

	Three Months Ended September 30,
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	$	253		$	245		$	36	$	84	$	289		$	329
Other expenses		(26	)		(21	)		—		—		(26	)		(21	)
Holding company interest expense		(19	)		(24	)		—		—		(19	)		(24	)
Pretax Core Operating Earnings		208			200			36		84		244			284
Related provision for income taxes		44			35			8		18		52			53
Core Net Operating Earnings	$	164		$	165		$	28	$	66	$	192		$	231
Core Net Operating Earnings Per Share	$	1.91		$	1.94		$	0.33		0.77	$	2.24		$	2.71
Weighted Avg Diluted Shares Outstanding		85.4			85.2			85.4		85.2		85.4			85.2

AFG’s book value per share was $46.18 at September 30, 2022. During the third quarter of 2022, AFG declared cash dividends of $0.56 per share. AFG repurchased $5 million of its common stock at an average price per share of $123.02. Annualized return on equity was 14.7% and 16.6% for the third quarters of 2022 and 2021, respectively. For the nine months ended September 30, 2022, AFG’s book value per share plus dividends declined by 2.0%, reflecting the increased unrealized loss on fixed maturities from the impact of rising interest rates and widening credit spreads.

Book value per share, excluding unrealized gains (losses) related to fixed maturities, was $53.03 at September 30, 2022. For the three months ended September 30, 2022, AFG’s growth in adjusted book value per share plus dividends was 3.7%. Year to date, growth in adjusted book value per share plus dividends was 12.7%.

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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 other 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 September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Components of net earnings:
Core operating earnings before income taxes	$	244		$	284		$	930		$	794
Pretax non-core items:
Realized gains (losses) on securities		(35	)		(17	)		(143	)		103
Gain (loss) on retirement of debt		1			—			(10	)		—
Other		—			—			—			(7	)
Earnings before income taxes		210			267			777			890
Provision (credit) for income taxes:
Core operating earnings		52			53			192			152
Non-core items		(7	)		(5	)		(37	)		12
Total provision for income taxes		45			48			155			164
Net earnings from continuing operations		165			219			622			726
Net earnings from discontinued annuity operations		—			—			—			914
Net earnings	$	165		$	219		$	622		$	1,640
Net earnings:
Core net operating earnings(a)	$	192		$	231		$	738		$	642
Non-core items:
Realized gains (losses) on securities		(28	)		(12	)		(113	)		83
Gain (loss) on retirement of debt		1			—			(7	)		—
Other		—			—			4			1
Net earnings from continuing operations		165			219			622			726
Net earnings from discontinued annuity operations		—			—			—			914
Net earnings	$	165		$	219		$	622		$	1,640
Components of earnings per share:
Core net operating earnings(a)	$	2.24		$	2.71		$	8.65		$	7.48
Non-core Items:
Realized gains (losses) on securities		(0.32	)		(0.15	)		(1.32	)		0.95
Gain (loss) on retirement of debt		0.01			—			(0.09	)		—
Other		—			—			0.05			0.02
Diluted net earnings per share from continuing operations	$	1.93		$	2.56		$	7.29		$	8.45
Net earnings from discontinued annuity operations		—			—			—			10.66
Diluted net earnings per share	$	1.93		$	2.56		$	7.29		$	19.11

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 $2.00 per share of American Financial Group common stock. The dividend is payable on November 22, 2022 to shareholders of record on November 15, 2022. The aggregate amount of this special dividend will be approximately $170 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.63 per share most recently paid on October 25, 2022. With this special dividend, the Company has declared $12.00 per share in special dividends in 2022.

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S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are very pleased with AFG’s performance during the third quarter. We achieved an annualized core operating return of over 17% in the quarter, with strong underwriting results despite elevated industry catastrophe losses. Strategic positioning of our investment portfolio enabled us to invest opportunistically, and the returns in our alternative investment portfolio again exceeded our expectations. Our thoughts and prayers remain with those who have been affected by the devastation caused by Hurricane Ian. Our P&C Group claims teams are working with our agents and policyholders to identify and process covered claims quickly and efficiently to help our customers recover and restore their businesses and rebuild their communities.

“AFG had approximately $1.3 billion of excess capital (including parent company cash and investments of approximately $760 million) at September 30, 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.”

Craig and Carl Lindner continued, “Based on the results reported in the first nine months of the year and expectations for the remainder of the year, we now expect AFG’s 2022 core net operating earnings to be in the range of $11.00 to $11.75 per share, narrowed from our previous range of $10.75 to $11.75 per share. In addition, our guidance contemplates the impact of the current interest rate environment on investment income and assumes an overall annual yield of 12% on alternative investments for the full year, based on the strong performance of this portfolio in the first nine months of 2022. Our guidance reflects minimal income from alternative investments in the fourth quarter of 2022 as management assumes that continued strong performance of multi-family housing investments will offset weaker performance of traditional private equity investments. Furthermore, our guidance continues to reflect an average crop year.”

AFG’s 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.

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations reported underwriting profit of $158 million in the 2022 third quarter, compared to $169 million in the 2021 third quarter, a 7% decrease. Higher year-over-year underwriting profit in our Specialty Casualty Group was more than offset by lower underwriting profit in our Property and Transportation and Specialty Financial Groups.

The third quarter 2022 combined ratio was a strong 91.1%, 2.1 points higher than the 89.0% reported in the comparable prior year period, and includes 2.5 points in catastrophe losses. By comparison, catastrophe losses in the third quarter of 2021 added 2.1 points to the combined ratio. Third quarter 2022 results included 3.1 points of favorable prior year reserve development, compared to 5.4 points in the third quarter of 2021.

Third quarter 2022 gross and net written premiums were up 19% and 15%, respectively, when compared to the third quarter of 2021, primarily due to growth in our crop insurance business. Year-over-year growth was reported within each of the Specialty P&C groups as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment. Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 6% for the quarter, and up approximately 5% overall, in line with and slightly higher, respectively, compared to renewal increases reported in the prior quarter. With the exception of workers’ compensation, we are continuing to achieve renewal rate increases at or in excess of prospective loss ratio trends in the majority of our businesses.

Third Quarter Catastrophe Losses – Catastrophes, primarily due to Hurricane Ian, impacted AFG’s underwriting results for the third quarter of 2022 by $39 million, including the impact of reinstatement premiums and the favorable impact of the reduction in certain profitability-based commissions due to agents related to the catastrophe losses.

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AFG maintains comprehensive catastrophe reinsurance coverage for its property and casualty insurance operations, including a $20 million per occurrence net retention for losses up to $125 million in the vast majority of circumstances. In certain unlikely events, AFG’s ultimate loss under this coverage could be as high as $39 million for a single occurrence. AFG’s operating units purchased replacement reinsurance coverage for those layers of the catastrophe reinsurance program expected to be affected by Hurricane Ian. AFG further maintains supplemental fully collateralized reinsurance coverage up to 94% of $325 million for catastrophe losses in excess of $125 million of traditional catastrophe reinsurance through a catastrophe bond.

The Property and Transportation Group reported 2022 third quarter underwriting profit of $39 million, compared to $45 million in the third quarter of 2021, primarily as a result of lower year-over-year crop profitability when compared to a very strong 2021 crop year. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $13 million in the third quarter of 2022, compared to $14 million in the comparable 2021 period. Overall, the businesses in the Property and Transportation Group achieved a 95.4% calendar year combined ratio in the third quarter, 1.9 points higher than the comparable period in 2021.

Gross and net written premiums for the third quarter of 2022 were 30% and 24% higher, respectively, than the comparable 2021 period. While nearly all businesses in this group reported higher year-over-year premiums in the quarter, the growth was driven by higher commodity futures pricing in our crop insurance business. Excluding the impact of crop insurance, third quarter 2022 gross and net written premiums increased 14% and 10%, respectively, when compared to the 2021 third quarter. Overall renewal rates in this group increased 5% on average for the third quarter of 2022, consistent with renewal rates achieved in the second quarter of 2022.

The Specialty Casualty Group reported a 2022 third quarter underwriting profit of $118 million, compared to $110 million in the third quarter of 2021, primarily the result of higher year-over-year profitability in our executive liability, social services and mergers & acquisitions liability business, which was partially offset by an overall decrease in favorable prior period reserve development. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved a very strong 82.6% calendar year combined ratio overall in the third quarter, 0.6 point higher than the excellent results achieved in the comparable prior year period. Catastrophe losses for this group were $3 million in both of the third quarters of 2022 and 2021.

Third quarter 2022 gross and net written premiums both increased 6% when compared to the same prior year period, with nearly all the businesses in this group reporting growth during the quarter. Increased exposures resulting from payroll growth in our workers’ compensation businesses and the impact of economic recovery on our social services business contributed to the higher year-over-year premiums. This growth was partially offset by lower premiums in our mergers & acquisitions liability business. The majority of the businesses in this group achieved strong renewal pricing during the third quarter. Excluding workers’ compensation, renewal pricing for this group was up 7% in the third quarter and was up 6% overall, an improvement over the renewal pricing in the previous quarter.

The Specialty Financial Group reported an underwriting profit of $15 million in the third quarter of 2022, compared to $26 million in the third quarter of 2021. The year-over-year decrease was primarily the result of catastrophe losses from Hurricane Ian that affected our financial institutions business. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $34 million in the third quarter of 2022, compared to $14 million in the prior year quarter. This group reported a 91.3% combined ratio for the third quarter of 2022, an increase of 7.1 points over the prior year period.

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Third quarter 2022 gross and net written premiums in this group were up 15% and 7%, respectively, when compared to the prior year period. Higher premiums in our financial institutions business related to lender-placed mortgage protection insurance contributed to the increase in the quarter. Renewal pricing in this group was up approximately 4% for the quarter, a point higher than the renewal pricing achieved in the previous quarter.

Carl Lindner III stated, “Operating earnings in our P&C Segment continue to be excellent, and I’m pleased to report exceptionally strong growth in gross and net written premiums during the quarter. Catastrophe losses were manageable, and we are continuing to achieve renewal pricing in excess of prospective loss ratio trends in the vast majority of our businesses, so that nearly all of our businesses are meeting or exceeding ROE targets.”

Mr. Lindner added, “Based on results through the first nine months, we now expect an overall 2022 calendar year combined ratio in the range of 86% to 87%, narrowed from our previous range of 85% to 87%. We now expect net written premiums to be 10% to 12% higher than the $5.6 billion reported in 2021, refined from our previous guidance range of +9% to +13%.”

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.

A&E Reserves

During the third quarter of 2022, AFG conducted an in-depth comprehensive review of its asbestos and environmental (A&E) exposures relating to the run-off operations of its P&C Group and its exposures related to former railroad and manufacturing operations and sites. During the review, no new trends were identified and recent claims activity was generally consistent with our expectations resulting from our 2021 in-depth review and 2020 external study. As a result, the review resulted in no net change to the P&C Group’s A&E reserves, and a minor increase in AFG’s liabilities for the environmental exposures of its former railroad and manufacturing operations. This minor adjustment is included in AFG’s core operating earnings for the three months ended September 30, 2022.

At September 30, 2022, the P&C Group’s insurance reserves include A&E reserves of $391 million, net of reinsurance recoverables. At September 30, 2022, the property and casualty insurance segment’s three-year survival ratios were 23.8 times paid losses for asbestos reserves, 29.6 times paid losses for environmental reserves and 26.0 times paid losses for total A&E reserves. These ratios compare favorably with industry data compiled by S&P Global Market Intelligence as of December 31, 2021, which indicate that industry survival ratios were 9.0 times paid losses for asbestos, 7.3 times paid losses for environmental, and 8.5 times paid losses for total A&E reserves.

Investments

Net Investment Income – For the quarter ended September 30, 2022, property and casualty net investment income was approximately 12% lower than the comparable 2021 period. The annualized return on alternative investments was approximately 7.1% for the 2022 quarter and 20.3% for the 2021 quarter. 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 average annual return on alternative investments over the five calendar years ended December 31, 2021, was approximately 13%.

Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended September 30, 2022, increased 35% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets.

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Non-Core Net Realized Gains (Losses) – AFG recorded third quarter 2022 net realized losses on securities of $28 million ($0.32 per share loss) after tax, which included $21 million ($0.24 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at September 30, 2022, to fair value. AFG recorded net realized losses on securities of $12 million ($0.15 per share loss) in the comparable 2021 period.

After-tax unrealized losses on fixed maturities were $554 million at September 30, 2022. Our portfolio continues to be high quality, with 91% of our fixed maturity portfolio rated investment grade and 97% 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.

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; effects on AFG’s reputation, including as a result of environmental, social and governance matters; 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 third quarter results at 11:30 a.m. (ET) tomorrow, Thursday, November 3, 2022. New, simplified event registration and access provides two ways to access the call.

Participants should register for the call here now, or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.

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.

A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.

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.

AFG2022-23

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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 September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Revenues
P&C insurance net earned premiums	$	1,767		$	1,529		$	4,462		$	3,952
Net investment income		151			169			549			521
Realized gains (losses) on:
Securities		(35	)		(17	)		(143	)		103
Subsidiaries		—			—			—			4
Income of managed investment entities:
Investment income		75			45			175			135
Gain (loss) on change in fair value of assets/liabilities		(5	)		1			(25	)		9
Other income		31			27			93			70
Total revenues		1,984			1,754			5,111			4,794
Costs and expenses
P&C insurance losses & expenses		1,621			1,371			3,934			3,522
Interest charges on borrowed money		19			24			65			71
Expenses of managed investment entities		62			37			148			115
Other expenses		72			55			187			196
Total costs and expenses		1,774			1,487			4,334			3,904
Earnings from continuing operations before income taxes		210			267			777			890
Provision for income taxes		45			48			155			164
Net earnings from continuing operations		165			219			622			726
Net earnings from discontinued operations		—			—			—			914
Net earnings	$	165		$	219		$	622		$	1,640
Earnings per diluted common share:
Continuing operations	$	1.93		$	2.56		$	7.29		$	8.45
Discontinued annuity operations		—			—			—			10.66
Diluted earnings	$	1.93		$	2.56		$	7.29		$	19.11
Average number of diluted shares		85.4			85.2			85.3			85.8

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

Selected Balance Sheet Data:	September 30, 2022		December 31, 2021
Total cash and investments	$	14,322	$	15,745
Long-term debt	$	1,533	$	1,964
Shareholders’ equity(b)	$	3,932	$	5,012
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)	$	4,515	$	4,876
Book value per share(b)	$	46.18	$	59.02
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	53.03	$	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 September 30,						Pct. Change			Nine months ended September 30,						Pct. Change
	2022			2021						2022			2021
Gross written premiums	$	3,153		$	2,656			19	%	$	7,212		$	6,209			16	%
Net written premiums	$	1,984		$	1,729			15	%	$	4,868		$	4,303			13	%
Ratios (GAAP):
Loss & LAE ratio		66.4	%		62.4	%					59.1	%		59.0	%
Underwriting expense ratio		24.7	%		26.6	%					28.3	%		29.4	%
Specialty Combined Ratio		91.1	%		89.0	%					87.4	%		88.4	%
Combined Ratio – P&C Segment		91.2	%		89.0	%					87.5	%		88.4	%
Supplemental Information:(c)
Gross Written Premiums:
Property & Transportation	$	1,737		$	1,334			30	%	$	3,459		$	2,705			28	%
Specialty Casualty		1,184			1,121			6	%		3,108			2,922			6	%
Specialty Financial		232			201			15	%		645			582			11	%
	$	3,153		$	2,656			19	%	$	7,212		$	6,209			16	%
Net Written Premiums:
Property & Transportation	$	959		$	773			24	%	$	2,092		$	1,740			20	%
Specialty Casualty		777			732			6	%		2,073			1,912			8	%
Specialty Financial		176			165			7	%		512			485			6	%
Other		72			59			22	%		191			166			15	%
	$	1,984		$	1,729			15	%	$	4,868		$	4,303			13	%
Combined Ratio (GAAP):
Property & Transportation		95.4	%		93.5	%					92.2	%		89.6	%
Specialty Casualty		82.6	%		82.0	%					81.1	%		86.6	%
Specialty Financial		91.3	%		84.2	%					83.9	%		84.9	%
Aggregate Specialty Group		91.1	%		89.0	%					87.4	%		88.4	%

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(15	)	$	(18	)	$	(79	)	$	(101	)
Specialty Casualty		(42	)		(56	)		(140	)		(85	)
Specialty Financial		(11	)		(18	)		(39	)		(38	)
Other Specialty		12			9			27			14
Specialty Group		(56	)		(83	)		(231	)		(210	)
Other		3			1			5			2
Total Reserve Development	$	(53	)	$	(82	)	$	(226	)	$	(208	)
Points on Combined Ratio:
Property & Transportation		(1.8	)		(2.5	)		(4.4	)		(6.5	)
Specialty Casualty		(6.3	)		(9.1	)		(7.1	)		(4.8	)
Specialty Financial		(6.3	)		(11.2	)		(7.8	)		(8.0	)
Aggregate Specialty Group		(3.1	)		(5.4	)		(5.2	)		(5.3	)
Total P&C Segment		(3.0	)		(5.4	)		(5.1	)		(5.3	)

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 (dollars in millions):

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	289		$	329		$	1,056		$	905
Real estate entities and other acquired from Annuity operations*		—			—			—			50
Interest and other corporate expenses		(45	)		(45	)		(126	)		(161	)
Core operating earnings before income taxes		244			284			930			794
Related income taxes		52			53			192			152
Core net operating earnings	$	192		$	231		$	738		$	642

* 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 September 30, 2022 includes $583 million ($6.85 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 ‐ Third Quarter 2022 November 2, 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 - Third Quarter 2022 3 Section Page Table of Contents - Investor Supplement - Third 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)....................................................................................................................................... 10 Other Specialty - Underwriting Results (GAAP)............................................................................................................................................. 11 Annuity Segment Discontinued Annuity Operations.................................................................................................................................................................. 12 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet......................................................................................................................................................................... 13 Book Value Per Share and Price / Book Summary....................................................................................................................................... 14 Capitalization................................................................................................................................................................................................. 15 Additional Supplemental Information............................................................................................................................................................. 16 Consolidated Investment Supplement Total Cash and Investments.......................................................................................................................................................................... 17 Net Investment Income From Continuing Operations.................................................................................................................................... 18 Alternative Investments - Continuing Operations.......................................................................................................................................... 19 Fixed Maturities - By Security Type - AFG Consolidated............................................................................................................................... 20 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2022.............................................................................................. 21 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021............................................................................................ 22 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 9/30/2022................................................................................. 23 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021............................................................................... 24 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2022................................................................ 25 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.............................................................. 26 G. Real Estate-Related Investments 9/30/2022........................................................................................................................................... 27 H. Real Estate-Related Investments 12/31/2021.......................................................................................................................................... 28 Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Highlights Net earnings $ 165 $ 167 $ 290 $ 355 $ 219 $ 622 $ 1,640 Net earnings from continuing operations 165 167 290 355 219 622 726 Core net operating earnings 192 243 303 351 231 738 642 Total assets 29,532 28,084 28,762 28,931 29,942 29,532 29,942 Adjusted shareholders' equity (a) 4,515 4,401 4,948 4,876 5,062 4,515 5,062 Property and Casualty net written premiums 1,984 1,516 1,368 1,270 1,729 4,868 4,303 Per share data Diluted earnings per share $ 1.93 $ 1.96 $ 3.40 $ 4.18 $ 2.56 $ 7.29 $ 19.11 Diluted earnings per share from continuing operations 1.93 1.96 3.40 4.18 2.56 7.29 8.45 Core net operating earnings per share 2.24 2.85 3.56 4.12 2.71 8.65 7.48 Adjusted book value per share (a) 53.03 51.68 58.14 57.42 59.70 53.03 59.70 Dividends per common share 0.5600 8.5600 2.5600 6.5600 6.5000 11.6800 21.5000 Financial ratios Annualized return on equity (b) 14.7% 14.3% 23.5% 28.5% 16.6% 17.6% 40.3% Annualized core operating return on equity (b) 17.1% 20.7% 24.6% 28.1% 17.6% 20.9% 15.8% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 66.4% 55.4% 53.1% 56.5% 62.4% 59.1% 59.0% Underwriting expense ratio 24.7% 30.4% 30.9% 24.2% 26.6% 28.3% 29.4% Combined ratio - Specialty 91.1% 85.8% 84.0% 80.7% 89.0% 87.4% 88.4% (a) Excludes unrealized gains (losses) 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 Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Property and Casualty Insurance Underwriting profit $ 155 $ 196 $ 207 $ 279 $ 168 $ 558 $ 454 Net investment income 145 156 223 196 165 524 467 Other expense (7) (11) (8) 10 (4) (26) (16) Property and Casualty Insurance operating earnings 289 345 422 485 329 1,056 905 Real estate entities and other acquired from Annuity - - - - - - 50 Interest expense of parent holding companies (19) (23) (23) (23) (24) (65) (71) Other expense (14) (26) (21) (24) (21) (61) (90) Pretax core operating earnings 244 308 378 438 284 930 794 Income tax expense 65 52 75 87 53 192 152 Core net operating earnings 192 243 303 351 231 738 642 Non-core items, net of tax: Realized gains (losses) on securities (28) (73) (12) 4 (12) (113) 83 Neon exited lines - - - - - - 3 Other non-core items (3) 1 (1) - - (3) (2) Net earnings from continuing operations $ 167 165 $ 290 $ 355 $ 219 $ 622 $ 726 $ Discontinued Annuity operations - - - - - - 914 Net earnings $ 167 165 $ 290 $ 355 $ 219 $ 622 $ 1,640 $ Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Core net operating earnings $ 243 192 $ 303 $ 351 $ 231 $ 738 $ 642 $ Net earnings from continuing operations $ 167 165 $ 290 $ 355 $ 219 $ 622 $ 726 $ Net earnings $ 167 165 $ 290 $ 355 $ 219 $ 622 $ 1,640 $ Average number of diluted shares - core 85.365 85.339 85.240 85.162 85.171 85.315 85.785 Average number of diluted shares - net 85.365 85.339 85.240 85.162 85.171 85.315 85.785 Diluted earnings per share: Core net operating earnings per share $ 2.24 $ 2.85 $ 3.56 $ 4.12 $ 2.71 $ 8.65 $ 7.48 Realized gains (losses) on securities (0.32) (0.86) (0.14) 0.06 (0.15) (1.32) 0.95 Neon exited lines - - - - - - 0.04 Other non-core items (0.03) 0.01 (0.02) - - (0.04) (0.02) Diluted earnings per share, continuing operations $ 1.96 1.93 $ 3.40 $ 4.18 $ 2.56 $ 7.29 $ 8.45 $ Discontinued Annuity operations - - - - - - 10.66 Diluted earnings per share $ 1.96 1.93 $ 3.40 $ 4.18 $ 2.56 $ 7.29 $ 19.11 $ Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Property and Transportation $ 39 $ 39 $ 62 $ 116 $ 45 $ 140 $ 163 Specialty Casualty 118 130 124 140 110 372 237 Specialty Financial 15 37 29 24 26 81 72 Other Specialty (9) (14) (7) 1 (12) (30) (16) Underwriting profit - Specialty 158 197 208 281 169 563 456 Other core charges, included in loss and LAE (1) (3) (1) (2) (1) (5) (2) Underwriting profit - Property and Casualty Insurance $ 196 155 $ 207 $ 279 $ 168 $ 558 $ 454 $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ 2 $ 3 $ - $ 14 $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ 18 $ - $ - $ - $ - $ 18 $ 12 Catastrophe loss 22 33 9 25 31 64 61 Total current accident year catastrophe losses $ 22 51 $ 9 $ 25 $ 31 $ 82 $ 73 $ Prior year loss reserve development (favorable) / adverse $ (85) (53) $ (88) $ (71) $ (82) $ (226) $ (208) $ Combined ratio: Property and Transportation 95.4% 92.4% 85.8% 80.5% 93.5% 92.2% 89.6% Specialty Casualty 82.6% 80.1% 80.6% 78.0% 82.0% 81.1% 86.6% Specialty Financial 91.3% 78.4% 82.0% 85.5% 84.2% 83.9% 84.9% Other Specialty 122.7% 114.6% 112.9% 98.0% 122.5% 116.9% 110.2% Combined ratio - Specialty 91.1% 85.8% 84.0% 80.7% 89.0% 87.4% 88.4% Other core charges 0.1% 0.2% 0.1% 0.1% 0.0% 0.1% 0.0% Combined ratio 91.2% 86.0% 84.1% 80.8% 89.0% 87.5% 88.4% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 91.7% 90.5% 90.1% 83.8% 92.2% 90.9% 91.6% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 67.0% 60.1% 59.2% 59.6% 65.6% 62.6% 62.2% COVID-19 related losses 0.0% 0.0% 0.0% 0.2% 0.1% 0.0% 0.3% Current accident year catastrophe losses 2.5% 1.6% 0.7% 1.8% 2.1% 1.7% 1.8% Prior accident year loss reserve development (3.0%) (6.1%) (6.7%) (5.0%) (5.4%) (5.1%) (5.3%) Loss and LAE ratio 66.5% 55.6% 53.2% 56.6% 62.4% 59.2% 59.0% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Gross written premiums $ 3,153 $ 2,123 $ 1,936 $ 1,737 $ 2,656 $ 7,212 $ 6,209 Ceded reinsurance premiums (607) (1,169) (568) (467) (927) (2,344) (1,906) Net written premiums 1,984 1,516 1,368 1,270 1,729 4,868 4,303 Change in unearned premiums (123) (217) (66) 182 (200) (406) (351) Net earned premiums 1,767 1,393 1,302 1,452 1,529 4,462 3,952 Loss and LAE 1,173 773 692 820 953 2,638 2,333 Underwriting expense 423 436 402 351 407 1,261 1,163 Underwriting profit $ 197 158 $ 208 $ 281 $ 169 $ 563 $ 456 $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ 2 $ 3 $ - $ 14 $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ 18 $ - $ - $ - $ - $ 18 $ 12 Catastrophe loss 22 33 9 25 31 64 61 Total current accident year catastrophe losses $ 22 51 $ 9 $ 25 $ 31 $ 82 $ 73 $ Prior year loss reserve development (favorable) / adverse $ (86) (56) $ (89) $ (73) $ (83) $ (231) $ (210) $ Combined ratio: Loss and LAE ratio 66.4% 55.4% 53.1% 56.5% 62.4% 59.1% 59.0% Underwriting expense ratio 24.7% 30.4% 30.9% 24.2% 26.6% 28.3% 29.4% Combined ratio 91.1% 85.8% 84.0% 80.7% 89.0% 87.4% 88.4% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 91.7% 90.5% 90.1% 83.7% 92.2% 90.9% 91.6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 67.0% 60.1% 59.2% 59.5% 65.6% 62.6% 62.2% COVID-19 related losses 0.0% 0.0% 0.0% 0.2% 0.1% 0.0% 0.3% Current accident year catastrophe losses 2.5% 1.6% 0.7% 1.8% 2.1% 1.7% 1.8% Prior accident year loss reserve development (3.1%) (6.3%) (6.8%) (5.0%) (5.4%) (5.2%) (5.3%) Loss and LAE ratio 66.4% 55.4% 53.1% 56.5% 62.4% 59.1% 59.0% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Gross written premiums $ 1,737 $ 962 $ 760 $ 558 $ 1,334 $ 3,459 $ 2,705 Ceded reinsurance premiums (330) (778) (259) (141) (561) (1,367) (965) Net written premiums 959 632 501 417 773 2,092 1,740 Change in unearned premiums (127) (102) (58) 180 (73) (287) (193) Net earned premiums 857 505 443 597 700 1,805 1,547 Loss and LAE 663 327 256 394 516 1,246 1,000 Underwriting expense 139 155 125 87 139 419 384 Underwriting profit $ 39 39 $ 62 $ 116 $ 45 $ 140 $ 163 $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ - $ - $ - $ - $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ 4 $ - $ - $ - $ - $ 4 $ 9 Catastrophe loss 19 9 6 15 14 34 34 Total current accident year catastrophe losses $ 19 13 $ 6 $ 15 $ 14 $ 38 $ 43 $ Prior year loss reserve development (favorable) / adverse $ (30) (15) $ (34) $ (2) $ (18) $ (79) $ (101) $ Combined ratio: Loss and LAE ratio 77.3% 64.7% 57.7% 66.0% 73.7% 69.0% 64.7% Underwriting expense ratio 18.1% 27.7% 28.1% 14.5% 19.8% 23.2% 24.9% Combined ratio 95.4% 92.4% 85.8% 80.5% 93.5% 92.2% 89.6% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 95.8% 94.6% 92.1% 78.4% 93.9% 94.6% 93.4% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 77.7% 66.9% 64.0% 63.9% 74.1% 71.4% 68.5% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Current accident year catastrophe losses 1.4% 3.8% 1.5% 2.5% 2.1% 2.0% 2.7% Prior accident year loss reserve development (1.8%) (6.0%) (7.8%) (0.4%) (2.5%) (4.4%) (6.5%) Loss and LAE ratio 77.3% 64.7% 57.7% 66.0% 73.7% 69.0% 64.7% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Gross written premiums $ 1,184 $ 948 $ 976 $ 968 $ 1,121 $ 3,108 $ 2,922 Ceded reinsurance premiums (302) (407) (326) (340) (389) (1,035) (1,010) Net written premiums 777 646 650 628 732 2,073 1,912 Change in unearned premiums 11 (100) (11) 8 (119) (100) (140) Net earned premiums 677 657 639 636 613 1,973 1,772 Loss and LAE 374 354 344 340 335 1,072 1,059 Underwriting expense 173 185 171 156 168 529 476 Underwriting profit $ 130 118 $ 124 $ 140 $ 110 $ 372 $ 237 $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ 1 $ 1 $ - $ 8 $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ 1 $ - $ - $ - $ - $ 1 $ 1 Catastrophe loss - 2 1 3 3 3 6 Total current accident year catastrophe losses $ - 3 $ 1 $ 3 $ 3 $ 4 $ 7 $ Prior year loss reserve development (favorable) / adverse $ (49) (42) $ (49) $ (55) $ (56) $ (140) $ (85) $ Combined ratio: Loss and LAE ratio 55.3% 53.9% 53.8% 53.5% 54.6% 54.3% 59.7% Underwriting expense ratio 27.3% 26.2% 26.8% 24.5% 27.4% 26.8% 26.9% Combined ratio 82.6% 80.1% 80.6% 78.0% 82.0% 81.1% 86.6% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 88.5% 87.5% 88.1% 85.8% 90.6% 88.1% 90.6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.2% 61.3% 61.3% 61.3% 63.2% 61.3% 63.7% COVID-19 related losses 0.0% 0.0% 0.0% 0.2% 0.1% 0.0% 0.4% Current accident year catastrophe losses 0.4% 0.1% 0.1% 0.6% 0.4% 0.1% 0.4% Prior accident year loss reserve development (6.3%) (7.5%) (7.6%) (8.6%) (9.1%) (7.1%) (4.8%) Loss and LAE ratio 55.3% 53.9% 53.8% 53.5% 54.6% 54.3% 59.7% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Gross written premiums $ 232 $ 213 $ 200 $ 211 $ 201 $ 645 $ 582 Ceded reinsurance premiums (56) (36) (41) (38) (36) (133) (97) Net written premiums 176 177 159 173 165 512 485 Change in unearned premiums (5) (6) 4 (8) (2) (7) (8) Net earned premiums 171 171 163 165 163 505 477 Loss and LAE 80 44 48 52 56 172 161 Underwriting expense 90 76 86 89 81 252 244 Underwriting profit $ 37 15 $ 29 $ 24 $ 26 $ 81 $ 72 $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ 1 $ 2 $ - $ 6 $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ 13 $ - $ - $ - $ - $ 13 $ 2 Catastrophe loss 3 21 2 6 14 26 20 Total current accident year catastrophe losses $ 3 34 $ 2 $ 6 $ 14 $ 39 $ 22 $ Prior year loss reserve development (favorable) / adverse $ (15) (11) $ (13) $ (13) $ (18) $ (39) $ (38) $ Combined ratio: Loss and LAE ratio 47.2% 25.7% 29.4% 31.7% 34.2% 34.1% 33.7% Underwriting expense ratio 44.1% 52.7% 52.6% 53.8% 50.0% 49.8% 51.2% Combined ratio 91.3% 78.4% 82.0% 85.5% 84.2% 83.9% 84.9% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 82.4% 85.7% 88.9% 89.3% 86.3% 85.7% 87.4% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 38.3% 33.0% 36.3% 35.5% 36.3% 35.9% 36.2% COVID-19 related losses 0.0% 0.0% 0.0% 0.7% 0.9% 0.0% 1.2% Current accident year catastrophe losses 15.2% 1.5% 1.2% 3.7% 8.2% 6.0% 4.3% Prior accident year loss reserve development (6.3%) (8.8%) (8.1%) (8.2%) (11.2%) (7.8%) (8.0%) Loss and LAE ratio 47.2% 25.7% 29.4% 31.7% 34.2% 34.1% 33.7% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 61 72 58 52 59 191 166 Net written premiums 72 61 58 52 59 191 166 Change in unearned premiums (1) (10) (1) 2 (6) (12) (10) Net earned premiums 62 60 57 54 53 179 156 Loss and LAE 56 48 44 34 46 148 113 Underwriting expense 21 20 20 19 19 61 59 Underwriting profit (loss) $ (9) (14) $ (7) $ 1 $ (12) $ (30) $ (16) $ Included in results above: Current accident year COVID-19 related losses $ - - $ - $ - $ - $ - $ - $ Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss - 1 - 1 - 1 1 Total current accident year catastrophe losses $ - 1 $ - $ 1 $ - $ 1 $ 1 $ Prior year loss reserve development (favorable) / adverse $ 8 12 $ 7 $ (3) $ 9 $ 27 $ 14 $ Combined ratio: Loss and LAE ratio 89.3% 79.6% 77.1% 61.7% 87.8% 82.2% 72.7% Underwriting expense ratio 33.4% 35.0% 35.8% 36.3% 34.7% 34.7% 37.5% Combined ratio 122.7% 114.6% 112.9% 98.0% 122.5% 116.9% 110.2% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 100.7% 101.5% 99.9% 100.4% 105.4% 100.8% 100.9% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Pretax Annuity historically reported as core operating (a) $ - $ - $ - $ - $ - $ - $ 295 Impact of fair vaule, reinsurance accounting & unlocking - - - - - - (33) Realized gains (losses) of Annuity subs - - - - - - 112 Run-off life and long-term care - - - - - - - Pretax earnings of businesses sold to Mass Mutual $ - $ - $ - $ - $ - $ - $ 374 Less amounts included in continuing operations - - - - - - (50) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ - $ - $ - $ 324 Taxes - - - - - - (66) Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ - $ - $ - $ 258 Gain on sale of annuity business - - - - - - 656 Net earnings (loss) from discontinued operations $ - - $ - $ - $ - $ - $ 914 $ (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for nine months ended 9/30/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 Assets: Total cash and investments $ 14,322 $ 14,268 $ 15,601 $ 15,745 $ 16,387 $ 16,125 Recoverables from reinsurers 4,108 3,567 3,478 3,519 3,523 3,330 Prepaid reinsurance premiums 1,180 1,006 933 834 1,028 865 Agents' balances and premiums receivable 1,698 1,623 1,391 1,265 1,492 1,423 Deferred policy acquisition costs 292 293 271 267 262 258 Assets of managed investment entities 5,099 5,218 5,231 5,296 5,130 5,086 Other receivables 1,328 740 645 857 1,097 682 Other assets 1,259 1,123 966 902 847 835 Goodwill 246 246 246 246 176 176 Total assets $ 28,084 29,532 $ 28,762 $ 28,931 $ 29,942 $ 28,780 $ Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 12,067 $ 11,201 $ 10,986 $ 11,074 $ 10,991 $ 10,498 Unearned premiums 3,785 3,397 3,206 3,041 3,415 3,054 Payable to reinsurers 1,366 971 910 920 1,146 829 Liabilities of managed investment entities 5,002 5,133 5,112 5,220 5,034 5,029 Long-term debt 1,533 1,542 1,917 1,964 1,964 1,963 Other liabilities 1,773 1,847 1,796 1,700 2,152 1,806 Total liabilities $ 25,600 $ 24,017 $ 23,927 $ 23,919 $ 24,702 $ 23,179 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 85 $ 85 Capital surplus 1,358 1,351 1,340 1,330 1,315 1,303 Retained earnings 3,091 2,979 3,541 3,478 3,680 4,023 Unrealized gains (losses) - fixed maturities (554) (326) (109) 136 178 205 Unrealized losses - fixed maturity-related cash flow hedges (29) (8) (4) - - - Other comprehensive income, net of tax (14) (19) (18) (17) (18) (15) Total shareholders' equity 4,067 3,932 4,835 5,012 5,240 5,601 Total liabilities and equity $ 28,084 29,532 $ 28,762 $ 28,931 $ 29,942 $ 28,780 $ Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 Shareholders' equity $ 3,932 $ 4,067 $ 4,835 $ 5,012 $ 5,240 $ 5,601 Unrealized (gains) losses related to fixed maturities 334 583 113 (136) (178) (205) Adjusted shareholders' equity 4,515 4,401 4,948 4,876 5,062 5,396 Goodwill (246) (246) (246) (246) (176) (176) (111) (101) (104) (106) (29) (30) Intangibles $ 4,054 4,158 $ 4,598 $ 4,524 $ 4,857 $ 5,190 $ Tangible adjusted shareholders' equity Common shares outstanding 85.141 85.154 85.103 84.921 84.795 84.714 Book value per share: Book value per share $ 46.18 $ 47.76 $ 56.81 $ 59.02 $ 61.80 $ 66.12 Adjusted (a) 53.03 51.68 58.14 57.42 59.70 63.70 Tangible, adjusted (b) 48.84 47.60 54.02 53.26 57.28 61.27 Market capitalization AFG's closing common share price $ 122.93 $ 138.81 $ 145.62 $ 137.32 $ 125.83 $ 124.72 Market capitalization $ 10,466 $ 11,820 $ 12,393 $ 11,661 $ 10,670 $ 10,566 Price / Adjusted book value ratio 2.32 2.69 2.50 2.39 2.11 1.96 (a) Excludes unrealized gains (losses) related to fixed maturity investments. (b) Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles. Page 14

American Financial Group, Inc. Capitalization ($ in millions) 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 AFG senior obligations $ 884 $ 893 $ 1,270 $ 1,318 $ 1,318 $ 1,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 884 $ 893 $ 1,270 $ 1,318 $ 1,318 $ 1,318 675 675 675 675 675 675 AFG subordinated debentures Total principal amount of long-term debt $ 1,559 $ 1,568 $ 1,945 $ 1,993 $ 1,993 $ 1,993 Shareholders' equity 3,932 4,067 4,835 5,012 5,240 5,601 Less: 334 583 113 (136) (178) (205) Unrealized (gains) losses related to fixed maturity investments $ 5,969 6,074 $ 6,893 $ 6,869 $ 7,055 $ 7,389 $ Total adjusted capital Ratio of debt to total adjusted capital: Including subordinated debt 25.7% 26.3% 28.2% 29.0% 28.2% 27.0% Excluding subordinated debt 14.6% 15.0% 18.4% 19.2% 18.7% 17.8% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Property and Casualty Insurance $ 678 776 $ 714 $ 758 $ 678 $ 2,168 $ 2,019 $ Paid Losses (GAAP) 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,527 $ 5,399 $ 5,375 $ 5,228 $ 4,934 $ 4,779 (984) (993) (409) (335) 146 632 Parent and other subsidiaries $ 4,415 4,534 $ 4,966 $ 4,893 $ 5,080 $ 5,411 $ AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 843 $ 843 $ 843 $ 843 $ 416 $ 416 Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - September 30, 2022 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 530 $ 264 $ - $ 794 6% Fixed maturities - Available for sale 9,574 460 - 10,034 70% Fixed maturities - Trading 30 - - 30 0% Equity securities - common stocks 521 9 - 530 4% Equity securities - perpetual preferred 466 - - 466 3% Investments accounted for using the equity method 1,661 - - 1,661 11% Mortgage loans 676 - - 676 5% Real estate and other investments 92 136 (97) 131 1% Total cash and investments $ 825 13,594 $ (97) $ 14,322 $ 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 $ 602 $ - $ 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 86 - 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 103 123 (76) 150 1% Total cash and investments $ 1,985 13,836 $ (76) $ 15,745 $ 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 93 $ 81 $ 76 $ 68 $ 70 $ 250 $ 212 Fixed maturities - Trading - 1 - - 1 1 1 Equity securities - dividends 10 7 7 8 6 24 20 Equity securities - MTM (7) (2) 8 14 6 (1) 34 Equity in investees 37 76 133 99 73 246 173 AFG managed CLOs 4 (12) (2) 3 5 (10) 17 Other investments (a) 9 12 5 8 8 26 18 Gross investment income 149 160 227 200 169 536 475 Investment expenses (4) (4) (4) (4) (4) (12) (8) Total net investment income $ 156 145 $ 223 $ 196 $ 165 $ 524 $ 467 $ Average cash and investments (b) $ 13,983 14,105 $ 13,858 $ 13,552 $ 13,194 $ 13,981 $ 12,763 $ 4.11% 4.46% 6.44% 5.79% 5.00% 5.00% 4.88% Average yield - overall portfolio (c) 3.73% 3.33% 3.20% 3.04% 3.11% 3.43% 3.16% Average yield - fixed maturities (c) AFG consolidated net investment income: Property & Casualty core $ 145 $ 156 $ 223 $ 196 $ 165 $ 524 $ 467 Equity in Investees (d) - - - - - - 49 Other Investments (d) - - - - - - 2 Parent & other 10 - 5 16 9 15 20 Consolidate CLOs 12 (4) 2 (3) (5) 10 (17) Total net investment income $ 168 151 $ 230 $ 209 $ 169 $ 549 $ 521 $ (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 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 Nine Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 9/30/22 9/30/21 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ (5) $ (2) $ 8 $ 14 $ 6 $ 1 $ 34 Investments accounted for using the equity method (b) 37 76 133 99 73 246 173 AFG managed CLOs (eliminated in consolidation) (12) 4 (2) 3 5 (10) 17 Total Property & Casualty $ 62 36 $ 139 $ 116 $ 84 $ 237 $ 224 $ Investments Equity securities MTM through investment income (a) $ 289 $ 276 $ 261 $ 234 $ 195 $ 289 $ 195 Investments accounted for using the equity method (b) 1,661 1,626 1,619 1,517 1,407 1,661 1,407 AFG managed CLOs (eliminated in consolidation) 85 97 119 76 96 97 96 Total Property & Casualty $ 1,987 2,047 $ 1,999 $ 1,827 $ 1,698 $ 2,047 $ 1,698 $ Annualized Return - Property & Casualty 7.1% 12.4% 29.1% 26.3% 20.3% 16.1% 24.4% Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ (5) $ (2) $ 8 $ 14 $ 6 $ 1 $ 34 Investments accounted for using the equity method (b)(c 37 76 133 99 73 246 222 AFG managed CLOs (eliminated in consolidation) (12) 4 (2) 3 5 (10) 17 Total Continuing operations $ 62 36 $ 139 $ 116 $ 84 $ 237 $ 273 $ Investments Equity securities MTM through investment income (a) $ 289 $ 276 $ 261 $ 234 $ 195 $ 289 $ 195 Investments accounted for using the equity method (b) 1,661 1,626 1,619 1,517 1,407 1,661 1,407 AFG managed CLOs (eliminated in consolidation) 85 97 119 76 96 97 96 Total Continuing operations $ 1,987 2,047 $ 1,999 $ 1,827 $ 1,698 $ 2,047 $ 1,698 $ Annualized Return - Continuing operations 7.1% 12.4% 29.1% 26.3% 20.3% 16.1% 23.2% (a) AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as fair value through net investment income. (b) The majority of AFG's investments accounted for using the equity method mark their underlying assets to market through net income. (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 September 30, 2022 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 229 $ 214 $ (15) 2% 1% States, municipalities and political subdivisions 1,356 1,258 (98) 12% 9% Foreign government 260 248 (12) 2% 2% Residential mortgage-backed securities 1,758 1,604 (154) 16% 11% Commercial mortgage-backed securities 88 85 (3) 1% 1% Collateralized loan obligations 1,878 1,806 (72) 18% 13% Other asset-backed securities 2,442 2,271 (171) 23% 16% Corporate and other bonds 2,578 2,754 (176) 26% 18% Total AFG consolidated $ 10,064 10,765 $ (701) $ 100% 71% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.32% Net of investment expense (a) 3.19% Tax equivalent, net of investment expense (b) 3.30% Approximate average life and duration: Approximate average life 4.0 years Approximate duration 3.0 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 18% 12% 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 16% 10% Other asset-backed securities 2,670 2,676 6 26% 17% Corporate and other bonds 2,683 2,636 47 26% 17% Total AFG consolidated $ 10,385 10,212 $ 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 9/30/2022 ($ 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 $ 214 $ 490 $ 231 $ 1,312 $ 63 $ 1,613 $ 917 $ 33 $ 4,873 48% AA - 707 10 5 14 142 373 154 1,405 14% A - 50 5 80 2 40 425 601 1,203 12% BBB 8 - - 1 3 8 429 1,210 1,659 17% Subtotal - Investment grade 214 1,255 246 1,398 82 1,803 2,144 1,998 9,140 91% BB - - - 8 3 - 8 217 236 2% B - - - 7 - - 2 35 44 1% CCC, CC, C - - - 108 - - 5 2 115 1% D - - - 13 - - - - 13 0% Subtotal - Non-Investment grade - - - 136 3 - 15 254 408 4% Not Rated (b) 3 - 2 70 - 3 112 326 516 5% Total $ 1,258 214 $ 248 $ 1,604 $ 85 $ 1,806 $ 2,271 $ 2,578 $ 10,064 $ 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 214 $ 1,250 $ 208 $ 1,532 $ 82 $ 1,541 $ 1,738 $ 970 $ 7,535 79% 2 8 - - - - - 429 1,233 1,670 18% Subtotal 214 1,258 208 1,532 82 1,541 2,167 2,203 9,205 97% 3 - - - 1 3 - 8 227 239 3% 4 - - - 1 - - 3 35 39 0% 5 - - - 3 - - 9 22 34 0% 6 - - - - - - - 1 1 0% Subtotal - - - 5 3 - 20 285 313 3% Total insurance companies $ 1,258 214 $ 208 $ 1,537 $ 85 $ 1,541 $ 2,187 $ 2,488 $ 9,518 $ 100% Total non-insurance (c) - - 40 67 - 265 84 90 546 Total $ 1,258 214 $ 248 $ 1,604 $ 85 $ 1,806 $ 2,271 $ 2,578 $ 10,064 $ (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, 95% are NAIC 1 and 4% are NAIC 5. For Corp/Oth, 57% are NAIC 1, 6% NAIC 2 and 26% are held by non-insurance companies. For Total, 69% are NAIC 1, 4% NAIC 2 and 18% are held by non-insurance companies. (c) 78% 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 - 1 223 552 888 9% Total $ 1,832 216 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 $ 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth 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 $ 1,831 216 $ 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 $ 1,832 216 $ 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 9/30/2022 ($ in millions) Fair Value By Industry Asset Other Capital Basic Credit Rating (a) Managers Financials Banking Technology Consumer Insurance REITs Retailers Media Autos Goods Industry Energy Other Total % Total Investment Grade AAA $ - $ - $ - $ 20 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 13 $ 33 1% AA - 10 - 39 50 20 - 5 - - - - 19 11 154 6% A 47 76 53 53 28 116 55 17 - 39 52 3 - 62 601 23% BBB 101 408 203 100 42 25 78 30 32 23 17 62 11 78 1,210 47% Subtotal 455 187 256 212 120 161 133 52 32 62 69 65 30 164 1,998 77% BB 21 11 - 20 46 3 2 45 34 11 2 10 6 6 217 9% B - - - 10 5 1 - - - 4 4 - - 11 35 1% CCC, CC, C - - - - 2 - - - - - - - - - 2 0% D - - - - - - - - - - - - - - - 0% Subtotal 21 11 - 30 53 4 2 45 34 15 6 10 6 17 254 10% Not Rated (b) 234 9 - 11 20 14 10 - 17 - 2 - - 9 326 13% Total $ 432 485 $ 256 $ 253 $ 193 $ 179 $ 145 $ 97 $ 83 $ 77 $ 77 $ 75 $ 36 $ 190 $ 2,578 $ 100% Fair Value By Industry Asset Other Capital Basic NAIC designation Managers Financials Banking Technology Consumer Insurance REITs Retailers Media Autos Goods Industry Energy Other Total % Total 1 $ 47 $ 248 $ 53 $ 113 $ 87 $ 136 $ 55 $ 22 $ 13 $ 40 $ 52 $ 3 $ 19 $ 82 $ 970 39% 2 103 417 203 100 48 27 78 30 32 22 19 62 11 81 1,233 50% Subtotal 464 351 256 213 135 163 133 52 45 62 71 65 30 163 2,203 89% 3 21 10 - 34 47 2 2 45 34 11 2 6 6 7 227 9% 4 - 1 - 3 4 - 10 - - 4 3 4 - 6 35 1% 5 - - - 3 7 - - - 4 - - - - 8 22 1% 6 - - - - - - - - - - 1 - - - 1 0% Subtotal 21 11 - 40 58 2 12 45 38 15 6 10 6 21 285 11% Total insurance companies $ 362 485 $ 256 $ 253 $ 193 $ 165 $ 145 $ 97 $ 83 $ 77 $ 77 $ 75 $ 36 $ 184 $ 2,488 $ 100% Total non-insurance - 70 - - - 14 - - - - - - - 6 90 Total $ 432 485 $ 256 $ 253 $ 193 $ 179 $ 145 $ 97 $ 83 $ 77 $ 77 $ 75 $ 36 $ 190 $ 2,578 $ (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, 70% are NAIC 1 and 30% are held by non-insurance companies. For the Total, 57% are NAIC 1, 6% NAIC 2 and 26% are held by non-insurance companies. Page 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021 ($ in millions) Fair Value By Industry Other Asset Capital Credit Rating (a) Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total Investment Grade AAA $ - $ - $ - $ 16 $ - $ - $ 9 $ - $ - $ 10 $ 13 $ - $ 2 $ 50 2% AA 13 - 27 47 35 - 17 - 35 2 - - 3 179 7% A 104 37 90 26 116 55 44 57 21 22 23 46 34 675 25% BBB 319 102 204 75 17 88 22 63 30 39 32 12 59 1,062 39% Subtotal 219 356 321 164 168 143 92 120 86 73 68 58 98 1,966 73% BB 4 5 - 35 3 11 44 - 9 9 - 2 22 144 5% B - - - 3 - 4 5 - - 2 - - - 14 1% CCC, CC, C - - - - - - 2 - - - - - 5 7 0% D - - - - - - - - - - - - - - 0% Subtotal 4 5 - 38 3 15 51 - 9 11 - 2 27 165 6% Not Rated (b) 10 483 - - 10 - 15 6 - 6 - 2 20 552 21% Total $ 371 706 $ 321 $ 202 $ 181 $ 158 $ 158 $ 126 $ 95 $ 90 $ 68 $ 62 $ 145 $ 2,683 $ 100% Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total NAIC designation 1 $ 356 $ 37 $ 118 $ 88 $ 151 $ 55 $ 73 $ 57 $ 56 $ 35 $ 36 $ 46 $ 49 $ 1,157 48% 2 103 329 203 75 17 88 27 63 30 39 32 14 62 1,082 44% Subtotal 459 366 321 163 168 143 100 120 86 74 68 60 111 2,239 92% 3 4 5 - 33 3 11 44 6 9 8 - 2 21 146 6% 4 4 - - 3 1 4 5 - - 3 - - - 20 1% 5 3 - - 3 - - 9 - - 5 - - 9 29 1% 6 - - - - - - - - - - - - - - 0% Subtotal 11 5 - 39 4 15 58 6 9 16 - 2 30 195 8% Total insurance companies $ 371 470 $ 321 $ 202 $ 172 $ 158 $ 158 $ 126 $ 95 $ 90 $ 68 $ 62 $ 141 $ 2,434 $ 100% Total non-insurance - 236 - - 9 - - - - - - - 4 249 Total $ 371 706 $ 321 $ 202 $ 181 $ 158 $ 158 $ 126 $ 95 $ 90 $ 68 $ 62 $ 145 $ 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 9/30/2022 ($ in millions) Fair Value By Collateral Type Single Mortgage Commercial Whole Secured Triple Net Family Consumer Servicer Credit Rating (a) Real Estate Business TruPS Financing (c) Lease Rental Railcar Aircraft Loans Receivables Auto Other Total % Total Investment Grade AAA $ 503 $ - $ 42 $ 25 $ 141 $ 145 $ - $ - $ 7 $ 6 $ 22 $ 26 $ 917 40% AA 8 51 183 45 21 12 - 8 19 - 18 8 373 16% A - 4 7 34 8 - 148 41 44 - - 139 425 19% BBB 308 - - 1 - - 6 28 - 63 - 23 429 19% Subtotal 511 363 232 105 170 157 154 77 70 69 40 196 2,144 94% BB - - - 1 - - - 7 - - - - 8 1% B - - - 1 - - - 1 - - - - 2 0% CCC, CC, C - - - - - - - 5 - - - - 5 0% D - - - - - - - - - - - - - 0% Subtotal - - - 2 - - - 13 - - - - 15 1% Not Rated (b) - - - 94 - - - 5 - - - 13 112 5% Total $ 363 511 $ 232 $ 201 $ 170 $ 157 $ 154 $ 95 $ 70 $ 69 $ 40 $ 209 $ 2,271 $ 100% Fair Value By Collateral Type Secured Single Mortgage Commercial Whole Financing Triple Net Family Consumer Servicer NAIC designation Real Estate Business TruPS (b) Lease Rental Railcar Aircraft Loans Receivables Auto Other Total % Total 1 $ 433 $ 55 $ 232 $ 198 $ 170 $ 156 $ 148 $ 49 $ 65 $ 6 $ 40 $ 186 $ 1,738 79% 2 - 308 - 1 - - 6 28 - 63 - 23 429 20% Subtotal 433 363 232 199 170 156 154 77 65 69 40 209 2,167 99% 3 - - - 1 - - - 7 - - - - 8 1% 4 - - - 1 - - - 2 - - - - 3 0% 5 - - - - - - - 9 - - - - 9 0% 6 - - - - - - - - - - - - 0% - Subtotal - - - 2 - - - 18 - - - - 20 1% Total insurance companies $ 363 433 $ 232 $ 201 $ 170 $ 156 $ 154 $ 95 $ 65 $ 69 $ 40 $ 209 $ 2,187 $ 100% Total non-insurance - 78 - - - 1 - - 5 - - - 84 Total $ 363 511 $ 232 $ 201 $ 170 $ 157 $ 154 $ 95 $ 70 $ 69 $ 40 $ 209 $ 2,271 $ (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) 95% of not rated securities are NAIC 1 and 4% are NAIC 5. (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 40 167 23 - 25 9 46 - 15 420 16% A - 44 7 4 20 - 132 11 54 35 - 109 416 16% BBB 1 - - 159 - - - - 42 - 62 10 274 10% Subtotal 698 137 208 203 187 151 132 125 105 114 101 279 2,440 92% BB - 1 - - - - - - 3 - - - 4 0% B - 1 - - - - - - 8 - - - 9 0% CCC, CC, C - - - - - - - - - - - - - 0% D - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 11 - - - 13 0% Not Rated (b) 157 - - - - - - - 3 - - 63 223 8% Total $ 296 698 $ 208 $ 203 $ 187 $ 151 $ 132 $ 125 $ 119 $ 114 $ 101 $ 342 $ 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 - 159 - - - - 42 - 62 10 274 12% Subtotal 504 268 49 203 187 151 132 125 105 106 101 278 2,209 99% 3 - 1 - - - - - - 3 - - - 4 0% 4 - 1 - - - - - - 8 - - - 9 1% 5 - - - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 13 - - - 15 1% Total insurance companies $ 270 504 $ 49 $ 203 $ 187 $ 151 $ 132 $ 125 $ 118 $ 106 $ 101 $ 278 $ 2,224 $ 100% Total non-insurance 26 194 159 - - - - - 1 8 - 64 452 Total $ 296 698 $ 208 $ 203 $ 187 $ 151 $ 132 $ 125 $ 119 $ 114 $ 101 $ 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 9/30/2022 ($ 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 $ 1,116 92% 96% 98% Fund Investments 51 4% - - QOZ Fund - Development 18 1% - - Office 15 1% 93% 100% Hospitality 9 1% - - Land Development 8 1% - - Student Housing 0% 1 -- Total 1,218 $ 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 52 53% $ - Marina 35 35% - Hotel - 0% - Office Building 10 10% - Land 2% 2 - Total 99 $ 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily 490 72% 67% Hospitality 128 19% 50% Office 58 9% 69% Retail - 0% - Total 676 $ 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 9/30/22 (c) Collections for July - September 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 1% 8 -- Total 1,130 $ 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 53 42% $ - Resort & Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2% 2 - Total 125 $ 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 520 $ 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	Nov. 02, 2022
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	Nov. 02, 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
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
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Trading Symbol	AFG
Security Exchange Name	NYSE
Subordinated Debentures Due In March 2059 [Member]
Document And Entity Information [Line Items]
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Trading Symbol	AFGB
Security Exchange Name	NYSE
Subordinated Debenturesduein December 2059 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
Subordinated Debentures Due In June 2060 [Member]
Document And Entity Information [Line Items]
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Trading Symbol	AFGD
Security Exchange Name	NYSE
Subordinated Debentures Due In September 2060 [Member]
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Security 12b Title	4.5% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE