Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Fourth Quarter 2022 February 1, 2023 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 - Fourth Quarter 2022 4 Section Page Table of Contents - Investor Supplement - Fourth 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 12/31/2022............................................................................................ 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 12/31/2022............................................................................... 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 12/31/2022.............................................................. 25 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.............................................................. 26 G. Real Estate-Related Investments 12/31/2022......................................................................................................................................... 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 Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Highlights Net earnings $ 276 $ 165 $ 167 $ 290 $ 355 $ 898 $ 1,995 Net earnings from continuing operations 276 165 167 290 355 898 1,081 Core net operating earnings 255 192 243 303 351 993 993 Total assets 28,831 29,532 28,084 28,762 28,931 28,831 28,931 Adjusted shareholders' equity (a) 4,578 4,515 4,401 4,948 4,876 4,578 4,876 Property and Casualty net written premiums 1,338 1,984 1,516 1,368 1,270 6,206 5,573 Per share data Diluted earnings per share $ 3.24 $ 1.93 $ 1.96 $ 3.40 $ 4.18 $ 10.53 $ 23.30 Diluted earnings per share from continuing operations 3.24 1.93 1.96 3.40 4.18 10.53 12.62 Core net operating earnings per share 2.99 2.24 2.85 3.56 4.12 11.63 11.59 Adjusted book value per share (a) 53.73 53.03 51.68 58.14 57.42 53.73 57.42 Dividends per common share 2.63 0.56 8.56 2.56 6.56 14.31 28.06 Financial ratios Annualized return on equity (b) 24.2% 14.7% 14.3% 23.5% 28.5% 19.2% 37.5% Annualized core operating return on equity (b) 22.3% 17.1% 20.7% 24.6% 28.1% 21.2% 18.6% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Underwriting expense ratio 25.8% 24.7% 30.4% 30.9% 24.2% 27.6% 28.0% Combined ratio - Specialty 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% (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 Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance Underwriting profit $ 218 $ 155 $ 196 $ 207 $ 279 $ 776 $ 733 Net investment income 159 145 156 223 196 683 663 Other income (expense) (14) (11) (7) (8) 10 (40) (6) Property and Casualty Insurance operating earnings 363 289 345 422 485 1,419 1,390 Real estate entities and other acquired from Annuity - - - - - - 50 Interest expense of parent holding companies (20) (19) (23) (23) (23) (85) (94) Other expense (25) (26) (14) (21) (24) (86) (114) Pretax core operating earnings 318 244 308 378 438 1,248 1,232 Income tax expense 63 52 65 75 87 255 239 Core net operating earnings 255 192 243 303 351 993 993 Non-core items, net of tax: Realized gains (losses) on securities 21 (28) (73) (12) 4 (92) 87 Gain (loss) on retirement of debt - 1 (7) (1) - (7) - Other non-core items - - 4 - - 4 1 Net earnings from continuing operations $ 276 $ 165 $ 167 $ 290 $ 355 $ 898 $ 1,081 Discontinued Annuity operations - - - - - - 914 Net earnings $ 276 $ 165 $ 167 $ 290 $ 355 $ 898 $ 1,995 Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Core net operating earnings $ 255 $ 192 $ 243 $ 303 $ 351 $ 993 $ 993 Net earnings from continuing operations $ 276 $ 165 $ 167 $ 290 $ 355 $ 898 $ 1,081 Net earnings $ 276 $ 165 $ 167 $ 290 $ 355 $ 898 $ 1,995 Average number of diluted shares - core 85.350 85.365 85.339 85.240 85.162 85.324 85.628 Average number of diluted shares - net 85.350 85.365 85.339 85.240 85.162 85.324 85.628 Diluted earnings per share: Core net operating earnings per share $ 2.99 $ 2.24 $ 2.85 $ 3.56 $ 4.12 $ 11.63 $ 11.59 Realized gains (losses) on securities 0.25 (0.32) (0.86) (0.14) 0.06 ( 1.06) 1.01 Gain (loss) on retirement of debt - 0.01 (0.08) (0.02) - ( 0.09) - Other non-core items - - 0.05 - - 0.05 0.02 Diluted earnings per share, continuing operations $ 3.24 $ 1.93 $ 1.96 $ 3.40 $ 4.18 $ 10.53 $ 12.62 Discontinued Annuity operations - - - - - - 10.68 Diluted earnings per share $ 3.24 $ 1.93 $ 1.96 $ 3.40 $ 4.18 $ 10.53 $ 23.30 Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Transportation $ 68 $ 39 $ 39 $ 62 $ 116 $ 208 $ 279 Specialty Casualty 128 118 130 124 140 500 377 Specialty Financial 33 15 37 29 24 114 96 Other Specialty (12) (14) (9) (7) 1 (42) (15) Underwriting profit - Specialty 217 158 197 208 281 780 737 Other core charges, included in loss and LAE 1 (3) (1) (1) (2) (4) (4) Underwriting profit - Property and Casualty Insurance $ 218 $ 155 $ 196 $ 207 $ 279 $ 776 $ 733 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ 2 $ - $ 16 Current accident year catastrophe losses: Catastrophe reinstatement premium $ (13) $ 18 $ - $ - $ - $ 5 $ 12 Catastrophe losses 24 33 22 9 25 88 86 Total current accident year catastrophe losses $ 11 $ 51 $ 22 $ 9 $ 25 $ 93 $ 98 Prior year loss reserve development (favorable) / adverse $ (59) $ (53) $ (85) $ (88) $ (71) $ (285) $ (279) Combined ratio: Property and Transportation 90.0% 95.4% 92.4% 85.8% 80.5% 91.7% 87.1% Specialty Casualty 81.3% 82.6% 80.1% 80.6% 78.0% 81.2% 84.3% Specialty Financial 83.1% 91.3% 78.4% 82.0% 85.5% 83.7% 85.1% Other Specialty 118.1% 122.7% 114.6% 112.9% 98.0% 117.1% 107.2% Combined ratio - Specialty 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% Other core charges (0.1%) 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% Combined ratio 86.5% 91.2% 86.0% 84.1% 80.8% 87.3% 86.5% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 89.3% 91.7% 90.5% 90.1% 83.7% 90.4% 89.6% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 63.5% 67.0% 60.1% 59.2% 59.5% 62.8% 61.6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.3% Current accident year catastrophe losses 0.8% 2.5% 1.6% 0.7% 1.8% 1.6% 1.8% Prior accident year loss reserve development (3.6%) (3.0%) (6.1%) (6.7%) (4.9%) (4.7%) (5.2%) Loss and LAE ratio 60.7% 66.5% 55.6% 53.2% 56.6% 59.7% 58.5% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $ 1,845 $ 3,153 $ 2,123 $ 1,936 $ 1,737 $ 9,057 $ 7,946 Ceded reinsurance premiums (507) (1,169) (607) (568) (467) (2,851) (2,373) Net written premiums 1,338 1,984 1,516 1,368 1,270 6,206 5,573 Change in unearned premiums 285 (217) (123) (66) 182 (121) (169) Net earned premiums 1,623 1,767 1,393 1,302 1,452 6,085 5,404 Loss and LAE 987 1,173 773 692 820 3,625 3,153 Underwriting expense 419 436 423 402 351 1,680 1,514 Underwriting profit $ 217 $ 158 $ 197 $ 208 $ 281 $ 780 $ 737 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ 2 $ - $ 16 Current accident year catastrophe losses: Catastrophe reinstatement premium $ (13) $ 18 $ - $ - $ - $ 5 $ 12 Catastrophe losses 24 33 22 9 25 88 86 Total current accident year catastrophe losses $ 11 $ 51 $ 22 $ 9 $ 25 $ 93 $ 98 Prior year loss reserve development (favorable) / adverse $ (58) $ (56) $ (86) $ (89) $ (73) $ (289) $ (283) Combined ratio: Loss and LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Underwriting expense ratio 25.8% 24.7% 30.4% 30.9% 24.2% 27.6% 28.0% Combined ratio 86.6% 91.1% 85.8% 84.0% 80.7% 87.2% 86.4% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 89.3% 91.7% 90.5% 90.1% 83.7% 90.4% 89.6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 63.5% 67.0% 60.1% 59.2% 59.5% 62.8% 61.6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.3% Current accident year catastrophe losses 0.9% 2.5% 1.6% 0.7% 1.8% 1.5% 1.7% Prior accident year loss reserve development (3.6%) (3.1%) (6.3%) (6.8%) (5.0%) (4.7%) (5.2%) Loss and LAE ratio 60.8% 66.4% 55.4% 53.1% 56.5% 59.6% 58.4% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $ 601 $ 1,737 $ 962 $ 760 $ 558 $ 4,060 $ 3,263 Ceded reinsurance premiums (178) (778) (330) (259) (141) (1,545) (1,106) Net written premiums 423 959 632 501 417 2,515 2,157 Change in unearned premiums 259 (102) (127) (58) 180 (28) (13) Net earned premiums 682 857 505 443 597 2,487 2,144 Loss and LAE 489 663 327 256 394 1,735 1,394 Underwriting expense 125 155 139 125 87 544 471 Underwriting profit $ 68 $ 39 $ 39 $ 62 $ 116 $ 208 $ 279 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ (1) $ 4 $ - $ - $ - $ 3 $ 9 Catastrophe losses 8 9 19 6 15 42 49 Total current accident year catastrophe losses $ 7 $ 13 $ 19 $ 6 $ 15 $ 45 $ 58 Prior year loss reserve development (favorable) / adverse $ (13) $ (15) $ (30) $ (34) $ (2) $ (92) $ (103) Combined ratio: Loss and LAE ratio 71.8% 77.3% 64.7% 57.7% 66.0% 69.8% 65.1% Underwriting expense ratio 18.2% 18.1% 27.7% 28.1% 14.5% 21.9% 22.0% Combined ratio 90.0% 95.4% 92.4% 85.8% 80.5% 91.7% 87.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.8% 95.8% 94.6% 92.1% 78.4% 93.5% 89.2% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 72.6% 77.7% 66.9% 64.0% 63.9% 71.6% 67.2% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Current accident year catastrophe losses 1.0% 1.4% 3.8% 1.5% 2.5% 1.9% 2.7% Prior accident year loss reserve development (1.8%) (1.8%) (6.0%) (7.8%) (0.4%) ( 3.7%) ( 4.8%) Loss and LAE ratio 71.8% 77.3% 64.7% 57.7% 66.0% 69.8% 65.1% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $ 1,007 $ 1,184 $ 948 $ 976 $ 968 $ 4,115 $ 3,890 Ceded reinsurance premiums (352) (407) (302) (326) (340) (1,387) (1,350) Net written premiums 655 777 646 650 628 2,728 2,540 Change in unearned premiums 31 (100) 11 (11) 8 (69) (132) Net earned premiums 686 677 657 639 636 2,659 2,408 Loss and LAE 381 374 354 344 340 1,453 1,399 Underwriting expense 177 185 173 171 156 706 632 Underwriting profit $ 128 $ 118 $ 130 $ 124 $ 140 $ 500 $ 377 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ 1 $ - $ 9 Current accident year catastrophe losses: Catastrophe reinstatement premium $ (1) $ 1 $ - $ - $ - $ - $ 1 Catastrophe losses 8 2 - 1 3 11 9 Total current accident year catastrophe losses $ 7 $ 3 $ - $ 1 $ 3 $ 11 $ 10 Prior year loss reserve development (favorable) / adverse $ (50) $ (42) $ (49) $ (49) $ (55) $ (190) $ (140) Combined ratio: Loss and LAE ratio 55.4% 55.3% 53.9% 53.8% 53. 5% 54.7% 58.1% Underwriting expense ratio 25.9% 27.3% 26.2% 26.8% 24. 5% 26.5% 26.2% Combined ratio 81.3% 82.6% 80.1% 80.6% 78.0% 81.2% 84.3% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 87.5% 88.5% 87.5% 88.1% 85. 8% 87.9% 89.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.6% 61.2% 61.3% 61.3% 61. 3% 61.4% 63.1% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0. 2% 0.0% 0.4% Current accident year catastrophe losses 1.1% 0.4% 0.1% 0.1% 0. 5% 0.5% 0.4% Prior accident year loss reserve development (7. 3%) (6. 3%) (7. 5%) (7. 6%) (8.5%) (7.2%) (5. 8%) Loss and LAE ratio 55.4% 55.3% 53.9% 53.8% 53.5% 54.7% 58.1% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $ 237 $ 232 $ 213 $ 200 $ 211 $ 882 $ 793 Ceded reinsurance premiums (38) (56) (36) (41) (38) (171) (135) Net written premiums 199 176 177 159 173 711 658 Change in unearned premiums (6) (5) (6) 4 (8) (13) (16) Net earned premiums 193 171 171 163 165 698 642 Loss and LAE 66 80 44 48 52 238 213 Underwriting expense 94 76 90 86 89 346 333 Underwriting profit $ 33 $ 15 $ 37 $ 29 $ 24 $ 114 $ 96 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ 1 $ - $ 7 Current accident year catastrophe losses: Catastrophe reinstatement premium $ (10) $ 13 $ - $ - $ - $ 3 $ 2 Catastrophe losses 7 21 3 2 6 33 26 Total current accident year catastrophe losses $ (3) $ 34 $ 3 $ 2 $ 6 $ 36 $ 28 Prior year loss reserve development (favorable) / adverse $ (8) $ (11) $ (15) $ (13) $ (13) $ (47) $ (51) Combined ratio: Loss and LAE ratio 33.8% 47.2% 25.7% 29.4% 31.7% 34.1% 33.2% Underwriting expense ratio 49.3% 44.1% 52.7% 52.6% 53.8% 49.6% 51.9% Combined ratio 83.1% 91.3% 78.4% 82.0% 85.5% 83.7% 85.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 85.3% 82.4% 85.7% 88.9% 89.3% 85.6% 87.9% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 36.0% 38.3% 33.0% 36.3% 35.5% 36.0% 36.0% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.7% 0.0% 1.1% Current accident year catastrophe losses 1.9% 15.2% 1.5% 1.2% 3.7% 4.9% 4.1% Prior accident year loss reserve development (4.1%) (6.3%) (8.8%) (8.1%) (8. 2%) (6.8%) (8.0%) Loss and LAE ratio 33.8% 47.2% 25.7% 29.4% 31.7% 34.1% 33.2% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 61 72 61 58 52 252 218 Net written premiums 61 72 61 58 52 252 218 Change in unearned premiums 1 (10) (1) (1) 2 (11) (8) Net earned premiums 62 62 60 57 54 241 210 Loss and LAE 51 56 48 44 34 199 147 Underwriting expense 23 20 21 20 19 84 78 Underwriting profit (loss) $ (12) $ (14) $ (9) $ (7) $ 1 $ (42) $ (15) Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ (1) $ - $ - $ - $ - $ (1) $ - Catastrophe losses 1 1 - - 1 2 2 Total current accident year catastrophe losses $ - $ 1 $ - $ - $ 1 $ 1 $ 2 Prior year loss reserve development (favorable) / adverse $ 13 $ 12 $ 8 $ 7 $ (3) $ 40 $ 11 Combined ratio: Loss and LAE ratio 83.3% 89.3% 79.6% 77.1% 61.7% 82.4% 70.0% Underwriting expense ratio 34.8% 33.4% 35.0% 35.8% 36.3% 34.7% 37.2% Combined ratio 118.1% 122.7% 114.6% 112.9% 98.0% 117.1% 107.2% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 98.5% 100.7% 101.5% 99.9% 100.4% 100.1% 100.8% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Twelve Months Ended 12/31/2022 9/30/22 6/30/22 3/31/22 12/31/21 12/31/2022 12/31/21 Pretax Annuity historically reported as core operating (a) $ - $ - $ - $ - $ - $ - $ 295 Impact of fair vaule, reinsurance accounting & unlocking - - - - - - (33) Realized gains 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 from discontinued operations $ - $ - $ - $ - $ - $ - $ 914 (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for twelve months ended 12/31/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Assets: Total cash and investments $ 14,512 $ 14,322 $ 14,268 $ 15,601 $ 15,745 $ 16,387 Recoverables from reinsurers 3,977 4,108 3,567 3,478 3,519 3,523 Prepaid reinsurance premiums 917 1,180 1,006 933 834 1,028 Agents' balances and premiums receivable 1,339 1,698 1,623 1,391 1,265 1,492 Deferred policy acquisition costs 288 292 293 271 267 262 Assets of managed investment entities 5,447 5,099 5,218 5,231 5,296 5,130 Other receivables 886 1,328 740 645 857 1,097 Other assets 1,219 1,259 1,123 966 902 847 Goodwill 246 246 246 246 246 176 Total assets $ 28,831 $ 29,532 $ 28,084 $ 28,762 $ 28,931 $ 29,942 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 11,974 $ 12,067 $ 11,201 $ 10,986 $ 11,074 $ 10,991 Unearned premiums 3,246 3,785 3,397 3,206 3,041 3,415 Payable to reinsurers 1,035 1,366 971 910 920 1,146 Liabilities of managed investment entities 5,332 5,002 5,133 5,112 5,220 5,034 Long-term debt 1,496 1,533 1,542 1,917 1,964 1,964 Other liabilities 1,696 1,847 1,773 1,796 1,700 2,152 Total liabilities $ 24,779 $ 25,600 $ 24,017 $ 23,927 $ 23,919 $ 24,702 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 85 $ 85 Capital surplus 1,368 1,358 1,351 1,340 1,330 1,315 Retained earnings 3,142 3,091 2,979 3,541 3,478 3,680 Unrealized gains (losses) - fixed maturities (497) (554) (326) (109) 136 178 Unrealized losses - fixed maturity-related cash flow hedges (29) (29) (8) (4) - - Other comprehensive income (loss), net of tax (17) (19) (14) (18) (17) (18) Total shareholders' equity 4,052 3,932 4,067 4,835 5,012 5,240 Total liabilities and equity $ 28,831 $ 29,532 $ 28,084 $ 28,762 $ 28,931 $ 29,942 Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Shareholders' equity $ 4,052 $ 3,932 $ 4,067 $ 4,835 $ 5,012 $ 5,240 526 583 334 113 (136) (178) Unrealized (gains) losses related to fixed maturities Adjusted shareholders' equity 4,578 4,515 4,401 4,948 4,876 5,062 Goodwill (246) (2 46) (2 46) (2 46) (246) (176) (1 08) (1 11) (101) (1 04) (106) (29) Intangibles $ 4,224 $ 4,158 $ 4,054 $ 4,598 $ 4,524 $ 4,857 Tangible adjusted shareholders' equity Common shares outstanding 85.204 85.141 85.154 85.103 84.921 84.795 Book value per share: Book value per share $ 47.56 $ 46.18 $ 47.76 $ 56.81 $ 59.02 $ 61.80 Adjusted (a) 53.73 53.03 51.68 58.14 57.42 59.70 Tangible, adjusted (b) 49.58 48.84 47.60 54.02 53.26 57.28 Market capitalization AFG's closing common share price $ 137.28 $ 122.93 $ 138.81 $ 145.62 $ 137.32 $ 125.83 Market capitalization $ 11,697 $ 10,466 $ 11,820 $ 12,393 $ 11,661 $ 10,670 Price / Adjusted book value ratio 2.56 2.32 2.69 2.50 2.39 2.11 (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) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 AFG senior obligations $ 846 $ 884 $ 893 $ 1,270 $ 1,318 $ 1,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 846 $ 884 $ 893 $ 1,270 $ 1,318 $ 1,318 675 675 675 675 675 675 AFG subordinated debentures Total principal amount of long-term debt $ 1,521 $ 1,559 $ 1,568 $ 1,945 $ 1,993 $ 1,993 Shareholders' equity 4,052 3,932 4,067 4,835 5,012 5,240 Less: 526 583 334 113 (136) (178) Unrealized (gains) losses related to fixed maturity investments $ 6,099 $ 6,074 $ 5,969 $ 6,893 $ 6,869 $ 7,055 Total adjusted capital Ratio of debt to total adjusted capital: Including subordinated debt 24.9% 25.7% 26.3% 28.2% 29.0% 28.2% Excluding subordinated debt 13.9% 14.6% 15.0% 18.4% 19.2% 18.7% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance $ 914 $ 776 $ 678 $ 714 $ 758 $ 3,082 $ 2,777 Paid Losses (GAAP) 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,433 $ 5,527 $ 5,399 $ 5,375 $ 5,228 $ 4,934 (838) (993) ( 984) ( 409) (335) 146 Parent and other subsidiaries $ 4,595 $ 4,534 $ 4,415 $ 4,966 $ 4,893 $ 5,080 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 887 $ 843 $ 843 $ 843 $ 843 $ 416 Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - December 31, 2022 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 622 $ 250 $ - $ 872 6% Fixed maturities - Available for sale 9,505 590 - 10,095 70% Fixed maturities - Trading 32 - - 32 0% Equity securities - common stocks 553 - - 553 4% Equity securities - perpetual preferred 457 - - 457 3% Investments accounted for using the equity method 1,699 1 - 1,700 12% Mortgage loans 676 - - 676 4% Real estate and other investments 153 89 (115) 127 1% Total cash and investments $ 13,697 $ 930 $ (115) $ 14,512 100% 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 123 103 (76) 150 1% Total cash and investments $ 13,836 $ 1,985 $ (76) $ 15,745 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 106 $ 93 $ 81 $ 76 $ 68 $ 356 $ 280 Fixed maturities - Trading 1 - 1 - - 2 1 Equity securities - dividends 14 10 7 7 8 38 28 Equity securities - MTM 6 (7) (2) 8 14 5 48 Equity in investees 21 37 76 133 99 267 272 AFG managed CLOs - 4 (12) (2) 3 (10) 20 Other investments (a) 14 12 9 5 8 40 26 Gross investment income 162 149 160 227 200 698 675 Investment expenses (3) (4) (4) (4) (4) (15) (12) Total net investment income $ 159 $ 145 $ 156 $ 223 $ 196 $ 683 $ 663 Average cash and investments (b) $ 14,304 $ 14,105 $ 13,983 $ 13,858 $ 13,552 $ 14,048 $ 12,944 Average yield - fixed maturities before inv expenses (c) 4.15% 3.73% 3.33% 3.20% 3.04% 3.63% 3.13% Average yield - overall portfolio, net (c) 4.45% 4.11% 4.46% 6.44% 5.79% 4.86% 5.12% Average tax equivalent yield - overall portfolio, net (c) 4.53% 4.21% 4.56% 6.54% 5.92% 4.96% 5.25% AFG consolidated net investment income: Property & Casualty core $ 159 $ 145 $ 156 $ 223 $ 196 $ 683 $ 663 Equity in Investees (d) - - - - - - 49 Other Investments (d) - - - - - - 2 Parent & other 9 10 - 5 16 24 36 Consolidate CLOs - (4) 12 2 (3) 10 (20) Total net investment income $ 168 $ 151 $ 168 $ 230 $ 209 $ 717 $ 730 Average cash and investments (b) $ 15,083 $ 14,852 $ 15,210 $ 15,656 $ 15,867 $ 15,231 $ 14,715 Average yield - overall portfolio, net (c) 4.46% 4.07% 4.42% 5.88% 5.27% 4.71% 4.96% Average yield - fixed maturities before inv expenses (c) 4.19% 3.74% 3.17% 3.03% 2.84% 3.54% 3.02% (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 period by the average balance. (d) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18

American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 12/31/22 12/31/21 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ 7 $ (5) $ (2) $ 8 $ 14 $ 8 $ 48 Investments accounted for using the equity method (b) 21 37 76 133 99 267 272 AFG managed CLOs (eliminated in consolidation) - 4 (12) (2) 3 (10) 20 Total Property & Casualty $ 28 $ 36 $ 62 $ 139 $ 116 $ 265 $ 340 Investments Equity securities MTM through investment income (a) $ 332 $ 289 $ 276 $ 261 $ 234 $ 332 $ 234 Investments accounted for using the equity method (b) 1,699 1,661 1,626 1,619 1,517 1,699 1,517 AFG managed CLOs (eliminated in consolidation) 115 97 85 119 76 115 76 Total Property & Casualty $ 2,146 $ 2,047 $ 1,987 $ 1,999 $ 1,827 $ 2,146 $ 1,827 5.3% 7.1% 12.4% 29.1% 26.3% 13.2% 25.3% Annualized Return - Property & Casualty Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ 7 $ (5) $ (2) $ 8 $ 14 $ 8 $ 48 Investments accounted for using the equity method (b)(c) 21 37 76 133 99 267 321 AFG managed CLOs (eliminated in consolidation) - 4 (12) (2) 3 (10) 20 Total Continuing operations $ 28 $ 36 $ 62 $ 139 $ 116 $ 265 $ 389 Investments Equity securities MTM through investment income (a) $ 332 $ 289 $ 276 $ 261 $ 234 $ 332 $ 234 Investments accounted for using the equity method (b) 1,700 1,661 1,626 1,619 1,517 1,700 1,517 AFG managed CLOs (eliminated in consolidation) 115 97 85 119 76 115 76 Total Continuing operations $ 2,147 $ 2,047 $ 1,987 $ 1,999 $ 1,827 $ 2,147 $ 1,827 Annualized Return - Continuing operations 5.3% 7.1% 12.4% 29.1% 26.3% 13.2% 24.0% (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 December 31, 2022 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 233 $ 219 $ (14) 2% 2% States, municipalities and political subdivisions 1,234 1,186 (48) 12% 8% Foreign government 266 252 (14) 2% 2% Residential mortgage-backed securities 1,755 1,598 (157) 16% 11% Commercial mortgage-backed securities 88 85 (3) 1% 1% Collateralized loan obligations 1,987 1,921 (66) 19% 13% Other asset-backed securities 2,428 2,245 (183) 22% 15% Corporate and other bonds 2,766 2,621 (145) 26% 18% Total AFG consolidated $ 10,757 $ 10,127 $ ( 630) 100% 70% Approximate duration - P&C 3.1 years Approximate duration - P&C including cash 2.9 years % of Unrealized % of Investment December 31, 2021 Book Value (a) 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 2,636 2,683 47 26% 17% Total AFG consolidated $ 10,212 $ 10,385 $ 173 100% 66% Approximate duration - P&C 2.4 years Approximate duration - P&C including cash 2.1 years (a) 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 12/31/2022 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 219 $ 477 $ 239 $ 1,317 $ 63 $ 1,708 $ 860 $ 24 $ 4,907 49% AA - 648 9 6 14 169 347 163 1,356 13% A - 50 4 76 2 41 475 670 1,318 13% BBB - 7 - - 3 - 443 1,287 1,740 17% Subtotal - Investment grade 219 1,182 252 1,399 82 1,918 2,125 2,144 9,321 92% BB - - - 8 3 - 8 200 219 2% B - - - 8 - - 1 51 60 1% CCC, CC, C - - - 103 - - 5 1 109 1% D - - - 8 - - - - 8 0% Subtotal - Non-Investment grade - - - 127 3 - 14 252 396 4% Not Rated (b) - 4 - 72 - 3 106 225 410 4% Total $ 219 $ 1,186 $ 252 $ 1,598 $ 85 $ 1,921 $ 2,245 $ 2,621 $ 10,127 100% Fair Value by Type % Total NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 219 $ 1,178 $ 213 $ 1,506 $ 82 $ 1,627 $ 1,657 $ 878 $ 7,360 78% 2 - 8 - 11 - - 443 1,310 1,772 19% Subtotal 219 1,186 213 1,517 82 1,627 2,100 2,188 9,132 97% 3 - - - 1 3 - 8 239 251 3% 4 - - - - - - 1 46 47 0% 5 - - - 3 - - 10 22 35 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 5 3 - 19 307 334 3% Total insurance companies $ 219 $ 1,186 $ 213 $ 1,522 $ 85 $ 1,627 $ 2,119 $ 2,495 $ 9,466 100% Total non-insurance (c) - - 39 76 - 294 126 126 661 Total $ 219 $ 1,186 $ 252 $ 1,598 $ 85 $ 1,921 $ 2,245 $ 2,621 $ 10,127 (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 5% are NAIC 5. For Corp/Oth, 53% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3. For Total, 46% are NAIC 1, 7% NAIC 2, 9% NAIC 3 and 31% are held by non-insurance companies. (c) 76% 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 $ 216 $ 1,832 $ 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 $ 216 $ 1,831 $ 246 $ 908 $ 104 $ 1,182 $ 2,224 $ 2,434 $ 9,145 100% Total non-insurance (c) - 1 25 52 - 461 452 249 1,240 Total $ 216 $ 1,832 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 87% are NAIC 1 and 12% are held by non-insurance companies. For Corp/Oth, 47% are NAIC 1, 4% NAIC 2 and 44% are held by non-insurance companies. For Total, 61% are NAIC 1, 3% NAIC 2 and 31% are held by non-insurance companies. (c) 75% are investment grade rated. Page 22

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total Investment Grade AAA $ - $ - $ - $ 10 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 14 $ 24 1% AA - - 23 39 21 48 - 5 - - - - 16 11 163 6% A 52 144 43 54 129 29 54 17 3 - 42 45 - 58 670 26% BBB 442 214 90 105 27 44 63 32 83 32 30 22 17 86 1,287 49% Subtotal 494 358 156 208 177 121 117 54 86 32 72 67 33 169 2,144 82% BB 22 - 12 23 1 22 2 49 8 34 11 1 5 10 200 7% B - - - 3 1 26 - - - - 4 4 - 13 51 2% CCC, CC, C - - - - - 1 - - - - - - - - 1 0% D - - - - - - - - - - - - - - - 0% Subtotal 22 - 12 26 2 49 2 49 8 34 15 5 5 23 252 9% Not Rated (b) 1 - 120 11 16 25 12 - 2 23 - 3 1 11 225 9% Total $ 517 $ 358 $ 288 $ 245 $ 195 $ 195 $ 131 $ 103 $ 96 $ 89 $ 87 $ 75 $ 39 $ 203 $ 2,621 100% Fair Value By Industry Asset Other Basic Capital NAIC designation Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total 1 $ 52 $ 144 $ 79 $ 103 $ 150 $ 88 $ 54 $ 22 $ 3 $ - $ 42 $ 45 $ 16 $ 80 $ 878 35% 2 443 213 91 105 29 48 75 32 83 32 30 24 17 88 1, 310 53% Subtotal 495 357 170 208 179 136 129 54 86 32 72 69 33 168 2,188 88% 3 22 - 12 29 2 27 2 49 10 54 11 2 6 13 239 9% 4 - - - 5 - 24 - - - - 4 4 - 9 46 2% 5 - - - 3 - 8 - - - 3 - - - 8 22 1% 6 - - - - - - - - - - - - - - - 0% Subtotal 22 - 12 37 2 59 2 49 10 57 15 6 6 30 307 12% Total insurance companies $ 517 $ 357 $ 182 $ 245 $ 181 $ 195 $ 131 $ 103 $ 96 $ 89 $ 87 $ 75 $ 39 $ 198 $ 2,495 100% Total non-insurance - 1 106 - 14 - - - - - - - - 5 126 Total $ 517 $ 358 $ 288 $ 245 $ 195 $ 195 $ 131 $ 103 $ 96 $ 89 $ 87 $ 75 $ 39 $ 203 $ 2,621 (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, 88% are held by non-insurance companies and 11% are NAIC 1. For the total, 52% are held by non-insurance companies, 12% are NAIC 1, 11% NAIC 2 and 15% NAIC 3. Page 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021 ($ in millions) Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ 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 102 319 204 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) 483 10 - - 10 - 15 6 - 6 - 2 20 552 21% Total $ 706 $ 371 $ 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 $ 470 $ 371 $ 321 $ 202 $ 172 $ 158 $ 158 $ 126 $ 95 $ 90 $ 68 $ 62 $ 141 $ 2 ,434 100% Total non-insurance 236 - - - 9 - - - - - - - 4 249 Total $ 706 $ 371 $ 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 12/31/2022 ($ in millions) Fair Value By Collateral Type Single Mortgage Commercial Whole Secured Triple Net Family Servicer Consumer Real Estate Business TruPS Financing (c) Lease Rental Railcar Aircraft Receivables Loans Auto Other Total % Total Credit Rating (a) Investment Grade AAA $ 456 $ - $ 40 $ 25 $ 138 $ 156 $ - $ - $ 5 $ 8 $ 3 $ 29 $ 860 38% AA 8 60 186 25 21 11 - 7 - 12 13 4 347 16% A - 4 7 34 8 - 160 38 - 33 - 191 475 21% BBB - 326 - 1 - - 6 26 62 - - 22 443 20% Subtotal 464 390 233 85 167 167 166 71 67 53 16 246 2,125 95% BB - - - 1 - - - 7 - - - - 8 0% B - - - - - - - 1 - - - - 1 0% CCC, CC, C - - - - - - - 5 - - - - 5 0% D - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 13 - - - - 14 0% Not Rated (b) - - - 95 - - - 5 - - - 6 106 5% Total $ 464 $ 390 $ 233 $ 181 $ 167 $ 167 $ 166 $ 89 $ 67 $ 53 $ 16 $ 252 $ 2,245 100% Fair Value By Collateral Type Commercial Secured Single Mortgage Real Estate Whole Financing Triple Net Family Servicer Consumer NAIC designation ABS Business TruPS (b) Lease Rental Railcar Aircraft Receivables Loans Auto Other Total % Total 1 $ 358 $ 64 $ 233 $ 179 $ 167 $ 166 $ 160 $ 46 $ 5 $ 34 $ 16 $ 229 $ 1,657 78% 2 - 326 - 1 - - 6 26 62 - - 22 443 21% Subtotal 358 390 233 180 167 166 166 72 67 34 16 251 2,100 99% 3 - - - 1 - - - 7 - - - - 8 0% 4 - - - - - - - 1 - - - - 1 0% 5 - - - - - - - 9 - - - 1 10 1% 6 - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 17 - - - 1 19 1% Total insurance companies $ 358 $ 390 $ 233 $ 181 $ 167 $ 166 $ 166 $ 89 $ 67 $ 34 $ 16 $ 252 $ 2,119 100% Total non-insurance 106 - - - - 1 - - - 19 - - 126 Total $ 464 $ 390 $ 233 $ 181 $ 167 $ 167 $ 166 $ 89 $ 67 $ 53 $ 16 $ 252 $ 2,245 (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 Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total Credit Rating (a) 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 $ 698 $ 296 $ 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 Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total NAIC designation 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 $ 504 $ 270 $ 49 $ 203 $ 187 $ 151 $ 132 $ 125 $ 118 $ 106 $ 101 $ 278 $ 2,224 100% Total non-insurance 194 26 159 - - - - - 1 8 - 64 452 Total $ 698 $ 296 $ 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 12/31/2022 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,127 92% 95% 98% Fund Investments 52 4% - - QOZ Fund - Development 19 2% - - Office 15 1% 93% 100% Hospitality 9 1% - - Land Development 6 0% - - Student Housing 1 0% - - Total $ 1,229 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 50 52% $ - Marina 35 36% - Office Building 10 10% - Land 2 2% - Hotel - 0% - Total $ 97 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 491 73% 67% Hospitality 127 19% 52% Office 58 8% 89% Retail - 0% - Total $ 676 100% 66% 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 12/31/22 (c) Collections for October - December Page 27

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2021 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,000 88% 96% 98% Fund Investments 43 4% - - Student Housing 30 3% 94% 98% Land - Development 19 2% - - QOZ Fund - Development 15 1% - - Office 15 1% 81% 100% Hospitality 8 1% - - Total $ 1,130 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 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