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