8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 2, 2023

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company  ☐

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

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2023 and the availability of the Investor Supplement on the Company’s website. The press release was issued on May 2, 2023. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

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

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

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

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

Exhibit     No.	Description
99.1	Earnings Release dated May 2, 2023, reporting American Financial Group Inc. results for the quarter ended March 31, 2023.
99.2	Investor Supplement – First Quarter 2023
104	Cover page Interactive Date File (embedded within Inline XBRL document)

2

SIGNATURES

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

	AMERICAN FINANCIAL GROUP, INC.
Date: May 3, 2023	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

3

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces First Quarter Results

• Net earnings per share of $2.49; includes $0.40 per share loss from after-tax non-core items

• First quarter core net operating earnings per share of $2.89

• First quarter annualized ROE of 18.9%; core operating ROE of 22.0%

• Parent company cash and investments of approximately $672 million; excess capital of $1.0 billion at March 31, 2023

• Full year 2023 core net operating earnings guidance unchanged at $11.00 - $12.00 per share

CINCINNATI – May 2, 2023 – American Financial Group, Inc. (NYSE: AFG) today reported 2023 first quarter net earnings of $212 million ($2.49 per share) compared to $290 million ($3.40 per share) for the 2022 first quarter. Net earnings for the 2023 first quarter included after-tax non-core net realized losses on securities of $37 million ($0.42 per share loss) and a $2 million gain ($0.02 per share) on retirement of debt. Comparatively, net earnings in the 2022 first quarter included after-tax non-core net realized losses on securities of $12 million ($0.14 per share loss) and a $1 million loss ($0.02 per share loss) on retirement of debt. Other details may be found in the table on the following page.

Core net operating earnings were $247 million ($2.89 per share) for the 2023 first quarter, compared to $303 million ($3.56 per share) in the 2022 first quarter. The year-over-year decrease was due primarily to lower returns in AFG’s alternative investment portfolio when compared to the exceptionally strong performance of this portfolio in the prior year period, and lower year-over-year underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations. Both of these items were partially offset by higher other net investment income. Additional details for the 2023 and 2022 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2023 and 2022 generated annualized returns on equity of 22.0% and 24.6%, respectively.

	Three Months Ended March 31,
Components of Pretax Core Operating Earnings	2023			2022			2023		2022		2023			2022
	Before Impact of						Alternative				Core Net Operating
In millions, except per share amounts	Alternative Investments						Investments				Earnings, as reported
P&C Pretax Core Operating Earnings	$	272		$	283		$	78	$	139	$	350		$	422
Other expenses		(23	)		(21	)		—		—		(23	)		(21	)
Holding company interest expense		(19	)		(23	)		—		—		(19	)		(23	)
Pretax Core Operating Earnings		230			239			78		139		308			378
Related provision for income taxes		45			46			16		29		61			75
Core Net Operating Earnings	$	185		$	193		$	62	$	110	$	247		$	303
Core Operating Earnings Per Share	$	2.17		$	2.27		$	0.72	$	1.29	$	2.89		$	3.56
Weighted Avg Diluted Shares Outstanding		85.4			85.2			85.4		85.2		85.4			85.2

AFG’s book value per share was $46.27 at March 31, 2023. AFG paid cash dividends of $4.63 per share during the first quarter, including a $4.00 per share special dividend paid in February. In addition, AFG repurchased $24 million of its common stock during the first quarter. For the three months ended March 31, 2023, AFG’s growth in book value per share plus dividends was 7.0%. Annualized return on equity was 18.9% and 23.5% for the first quarters of 2023 and 2022, respectively.

Book value per share, excluding unrealized gains (losses) related to fixed maturities, was $51.37 per share at March 31, 2023, compared to $53.73 at the end of 2022. For the three months ended March 31, 2023, AFG’s growth in adjusted book value per share plus dividends was 4.2%.

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

In millions, except per share amounts	Three months ended March 31,
	2023			2022
Components of net earnings:
Core operating earnings before income taxes	$	308		$	378
Pretax non-core items:
Realized gains (losses) on securities		(46	)		(15	)
Gain (loss) on retirement of debt		2			(2	)
Earnings before income taxes		264			361
Provision (credit) for income taxes:
Core operating earnings		61			75
Non-core items		(9	)		(4	)
Total provision for income taxes		52			71
Net earnings	$	212		$	290
Net earnings:
Core net operating earnings(a)	$	247		$	303
Non-core items:
Realized gains (losses) on securities		(37	)		(12	)
Gain (loss) on retirement of debt		2			(1	)
Net earnings	$	212		$	290
Components of earnings per share:
Core net operating earnings(a)	$	2.89		$	3.56
Non-core items:
Realized gains (losses) on securities		(0.42	)		(0.14	)
Gain (loss) on retirement of debt		0.02			(0.02	)
Diluted net earnings per share	$	2.49		$	3.40

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

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report a strong start to the year, with a first quarter annualized core operating return on equity of 22%. Our Specialty P&C businesses produced strong underwriting margins, the higher interest rate environment improved investment income compared to the first quarter of 2022, and we continue to be pleased with the performance of our alternative investment portfolio, where returns exceeded our expectations during the quarter. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to serve us well in a favorable P&C market and a dynamic economic environment.

“AFG had approximately $1.0 billion of excess capital (including parent company cash and investments of approximately $672 million) at March 31, 2023. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our excess capital will be deployed into AFG’s core businesses as we identify potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions of established businesses and acquisitions of or investments in start-ups that meet our target return thresholds. The definitive agreement to acquire Crop Risk Services (“CRS”) from American International Group that was announced earlier today provides AFG with the exciting opportunity to deploy a portion of that excess capital to expand our crop business – a business we know very well – while leaving AFG with significant excess capital for additional share repurchases or special dividends.”

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Messrs. Lindner continued, “Assuming a closing date in the third quarter of 2023, the vast majority of the CRS premium to be written in calendar year 2023 and related results will belong to AIG; accordingly, the CRS acquisition is not expected to materially impact AFG’s reported results for 2023. Based on the strong results reported in the first quarter, we continue to expect AFG’s core net operating earnings per share in 2023 to be in the range of $11.00 to $12.00, which would produce a core return on equity of over 20% at the midpoint. This guidance reflects an average crop year and a return of approximately 8% on alternative investments for the full-year 2023 (reflecting an average annualized yield of approximately 6% over the last nine months of 2023), compared to 13.2% earned on these investments in 2022.”

AFG’s core earnings per share guidance excludes non-core items such as realized gains and losses and other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations.

Specialty Property and Casualty Insurance Operations

AFG’s Specialty P&C insurance operations generated underwriting profit of $155 million in the 2023 first quarter, compared to $208 million in the first quarter of 2022, with each of our Specialty P&C Groups producing lower year-over-year underwriting profit following the record first quarter results reported in the 2022 period.

The first quarter 2023 combined ratio was a strong 89.2%, 5.2 points higher than the prior year period. First quarter 2023 results include $64 million (4.5 points on the combined ratio) of favorable prior year reserve development, compared to $89 million (6.8 points) in the comparable prior year period. Catastrophe losses were $31 million and added 2.2 points to the combined ratio in the first quarter of 2023 compared to $9 million (0.7 points) in the prior year period.

Gross and net written premiums were both up 11% in the 2023 first quarter compared to the prior year quarter. Year-over-year growth was reported within each of the Specialty P&C groups as a result of a combination of new business opportunities, increased exposures, and a good renewal rate environment.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 5% for the quarter, and up approximately 4% overall. We continued to attain renewal rate increases to achieve targeted returns, and we were successful in achieving or exceeding targeted returns in nearly all of our Specialty P&C businesses.

The Property and Transportation Group reported an underwriting profit of $43 million in the first quarter of 2023 compared to $62 million in the first quarter of 2022. Higher year-over-year underwriting profit in our transportation businesses was more than offset by lower profitability in our property & inland marine and agricultural businesses, which was primarily the result of elevated catastrophe losses attributable to February and March storms across much of the United States. Crop insurance profitability was also lower year-over-year compared to the very strong results recorded in the first quarter of 2022. Catastrophe losses in this group, net of reinsurance, were $19 million in the first quarter of 2023, compared to $6 million in the first quarter of 2022. The businesses in the Property and Transportation Group achieved a 91.0% calendar year combined ratio overall in the first quarter of 2023.

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First quarter 2023 gross and net written premiums in this group were 15% and 10% higher, respectively, than the comparable prior year period. New business opportunities arising from sales of crop insurance products with higher cessions, coupled with increased rates and exposures in our commercial transportation businesses, were the primary drivers of the increase in premiums. Overall renewal rates in this group increased 6% on average in the first quarter of 2023, consistent with pricing achieved in this group for the full year in 2022.

The Specialty Casualty Group reported an underwriting profit of $88 million in the first quarter of 2023 compared to $124 million in the comparable 2022 period. The lower year-over-year underwriting profit was due primarily to lower levels of favorable prior period reserve development in our workers’ compensation businesses and isolated large loss activity in certain social inflation-exposed businesses. This was partially offset by higher levels of favorable prior period reserve development in our social services, environmental and executive liability businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. Catastrophe losses for this group were $3 million in the first quarter of 2023 compared to $1 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a strong 87.5% calendar year combined ratio overall in the first quarter of 2023, 6.9 points higher than the exceptionally strong 80.6% reported in the comparable period in 2022.

First quarter 2023 gross and net written premiums increased 9% and 11%, respectively, when compared to the same prior year period. While most of the businesses in this group reported healthy premium growth during the first quarter, the higher year-over-year premiums resulted primarily from new accounts and strong account retention in our social services business, increased exposures from payroll growth and new business in our workers’ compensation businesses, and additional business opportunities in our E&S operations. This growth was partially offset by lower premiums in our mergers & acquisitions liability and executive liability businesses. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 5%; overall renewal rates in this group were up 3% in the first quarter.

The Specialty Financial Group reported an underwriting profit of $26 million in the first quarter of 2023, compared to $29 million in the comparable 2022 period. The decrease was due primarily to lower year-over-year underwriting profitability in our surety and fidelity businesses. Catastrophe losses for this group were $4 million in the first quarter of 2023 compared to $2 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported an 86.5% combined ratio for the first quarter of 2023.

Gross and net written premiums increased by 11% and 16%, respectively, in the 2023 first quarter when compared to the same 2022 period, primarily due to growth in our financial institution services, surety and commercial equipment leasing businesses. Renewal pricing in this group was up approximately 1% for the quarter.

Carl Lindner III stated, “Underwriting profitability in our Specialty P&C businesses was very good in the first quarter of 2023, which is especially impressive despite elevated industry catastrophe losses. I’m very pleased to start the year off with such strong premium growth, much of which resulted from new business opportunities, the impact of rate increases and higher exposures. More than half of our businesses reported growth and renewal rate increases during the quarter at the higher end of our guidance range. We continued to achieve pricing increases that enable us to meet or exceed targeted returns across our portfolio of Specialty P&C businesses.”

Mr. Lindner added, “Based on results through the first quarter, we now expect to achieve an overall calendar year combined ratio in the range of 87% to 89%, an increase of one point at the midpoint of our previous combined ratio guidance. We now expect net written premium growth in the range of 3% to 6%, an increase at the top end of our previous range of 3% to 5%, when compared to the $6.2 billion reported in 2022.”

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Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.

Investments

Net Investment Income – For the quarter ended March 31, 2023, property and casualty net investment income was approximately 7% lower than the comparable 2022 period. The annualized return on alternative investments was approximately 14.2% for the 2023 first quarter compared to the exceptional 29.1% for the prior year quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments, and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2022, was approximately 14%.

Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2023, increased 54% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets.

Our guidance for 2023 assumes a return of approximately 8% on alternative investments, with an average annualized yield of approximately 6% achieved over the remaining three quarters of 2023.

Non-Core Net Realized Losses – AFG recorded first quarter 2023 net realized losses on securities of $37 million ($0.42 per share loss) after tax, which included $18 million ($0.21 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at March 31, 2023, to fair value. By comparison, AFG recorded first quarter 2022 net realized losses on securities of $12 million ($0.14 per share loss) after tax.

After-tax unrealized losses related to fixed maturities were $434 million at March 31, 2023. Our portfolio continues to be high quality, with 93% of our fixed maturity portfolio rated investment grade and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

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Forward Looking Statements

This press release, and any related oral statements, contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions and projections. Examples of such forward-looking statements include statements relating to: the Company’s expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience and anticipated timing of closing of the proposed acquisition of CRS; and performance of the CRS business under the ownership of AFG.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations; effects on AFG’s reputation, including as a result of environmental, social and governance matters; and other factors identified in AFG’s filings with the Securities and Exchange Commission.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

Conference Call

The Company will hold a conference call to discuss 2023 first quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, May 3, 2023. There are two ways to access the call.

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

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

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

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Contact:

Diane P. Weidner, IRC

Vice President – Investor & Media Relations

(513) 369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.

AFG2023-08

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AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

	Three months ended March 31,
	2023			2022
Revenues
P&C insurance net earned premiums	$	1,437		$	1,302
Net investment income		217			230
Realized gains (losses) on securities		(46	)		(15	)
Income of managed investment entities:
Investment income		104			46
Gain (loss) on change in fair value of assets/liabilities		(4	)		(5	)
Other income		32			30
Total revenues		1,740			1,588
Costs and expenses
P&C insurance losses & expenses		1,293			1,107
Interest charges on borrowed money		19			23
Expenses of managed investment entities		95			39
Other expenses		69			58
Total costs and expenses		1,476			1,227
Earnings before income taxes		264			361
Provision for income taxes		52			71
Net earnings	$	212		$	290
Diluted earnings per common share	$	2.49		$	3.40
Average number of diluted shares		85.4			85.2

Selected Balance Sheet Data:	March 31, 2023		December 31, 2022
Total cash and investments	$	14,451	$	14,512
Long-term debt	$	1,478	$	1,496
Shareholders’ equity(b)	$	3,941	$	4,052
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)(b)	$	4,375	$	4,578
Book value per share(b)	$	46.27	$	47.56
Book value per share (excluding unrealized gains/losses related to fixed maturities)(b)	$	51.37	$	53.73
Common Shares Outstanding		85.2		85.2

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

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

	Three months ended
	March 31,						Change
	2023			2022
Gross written premiums	$	2,155		$	1,936			11	%
Net written premiums	$	1,519		$	1,368			11	%
Ratios (GAAP):
Loss & LAE ratio		57.0	%		53.1	%
Underwriting expense ratio		32.2	%		30.9	%
Specialty Combined Ratio		89.2	%		84.0	%
Combined Ratio – P&C Segment		89.3	%		84.1	%
Supplemental Information:(c)
Gross Written Premiums:
Property & Transportation	$	872		$	760			15	%
Specialty Casualty		1,061			976			9	%
Specialty Financial		222			200			11	%
	$	2,155		$	1,936			11	%
Net Written Premiums:
Property & Transportation	$	552		$	501			10	%
Specialty Casualty		722			650			11	%
Specialty Financial		184			159			16	%
Other		61			58			5	%
	$	1,519		$	1,368			11	%
Combined Ratio (GAAP):
Property & Transportation		91.0	%		85.8	%
Specialty Casualty		87.5	%		80.6	%
Specialty Financial		86.5	%		82.0	%
Aggregate Specialty Group		89.2	%		84.0	%
				Three months ended
				March 31,
				2023			2022
Reserve Development (Favorable) / Adverse:
Property & Transportation				$	(37	)	$	(34	)
Specialty Casualty					(27	)		(49	)
Specialty Financial					(3	)		(13	)
Other Specialty					3			7
Specialty Group				$	(64	)	$	(89	)
Other					1			1
Total Reserve Development				$	(63	)	$	(88	)
Points on Combined Ratio:
Property & Transportation					(7.8	)		(7.7	)
Specialty Casualty					(3.8	)		(7.6	)
Specialty Financial					(1.4	)		(8.1	)
Aggregate Specialty Group					(4.5	)		(6.8	)
Total P&C Segment					(4.4	)		(6.7	)

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

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AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

	Three months ended March 31,
	2023			2022
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	350		$	422
Interest and other corporate expenses		(42	)		(44	)
Core operating earnings before income taxes		308			378
Related income taxes		61			75
Core net operating earnings	$	247		$	303

b) Shareholders’ Equity at March 31, 2023, includes $434 million ($5.10 per share) in unrealized after-tax losses related to fixed maturities compared to $526 million ($6.17 per share) in unrealized after-tax losses related to fixed maturities at December 31, 2022.

c) Supplemental Notes:

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

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

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

• Other includes an internal reinsurance facility.

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EX-99.2

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - First Quarter 2023 May 2, 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 - First Quarter 2023 1 Section Page Table of Contents - Investor Supplement - First Quarter 2023....................................................................................................................... 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 3/31/2023............................................................................................... 21 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022............................................................................................. 22 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2023................................................................................... 23 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022................................................................................. 24 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2023................................................................. 25 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022............................................................... 26 G. Real Estate-Related Investments 3/31/2023............................................................................................................................................. 27 H. Real Estate-Related Investments 12/31/2022........................................................................................................................................... 28 Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Highlights Net earnings $ 212 $ 276 $ 165 $ 167 $ 290 $ 898 $ 1,995 Net earnings from continuing operations 212 276 165 167 290 898 1,081 Core net operating earnings 247 255 192 243 303 993 993 Total assets 28,481 28,831 29,532 28,084 28,762 28,831 28,931 Adjusted shareholders' equity (a) 4,375 4,578 4,515 4,401 4 ,948 4,578 4,876 Property and Casualty net written premiums 1,519 1,338 1,984 1,516 1 ,368 6,206 5,573 Per share data Diluted earnings per share $ 2.49 $ 3.24 $ 1.93 $ 1.96 $ 3 .40 $ 10.53 $ 23.30 Diluted earnings per share from continuing operations 2.49 3.24 1.93 1.96 3 .40 10.53 12.62 Core net operating earnings per share 2.89 2.99 2.24 2.85 3 .56 11.63 11.59 Adjusted book value per share (a) 51.37 53.73 53.03 51.68 5 8.14 53.73 57.42 Dividends per common share 4.63 2.63 0.56 8.56 2 .56 14.31 28.06 Financial ratios Annualized return on equity (b) 18.9% 24.2% 14.7% 14.3% 23.5% 19.2% 37.5% Annualized core operating return on equity (b) 22.0% 22.3% 17.1% 20.7% 24.6% 21.2% 18.6% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 57.0% 60.8% 66.4% 55.4% 53.1% 59.6% 58.4% Underwriting expense ratio 32.2% 25.8% 24.7% 30.4% 30.9% 27.6% 28.0% Combined ratio - Specialty 89.2% 86.6% 91.1% 85.8% 84.0% 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 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Property and Casualty Insurance Underwriting profit $ 154 $ 218 $ 155 $ 196 $ 207 $ 776 $ 733 Net investment income 207 159 145 156 223 683 663 Other income (expense) (11) (14) (11) (7) (8) (40) (6) Property and Casualty Insurance operating earnings 350 363 289 345 422 1,419 1,390 Real estate entities and other acquired from Annuity - - - - - - 50 Interest expense of parent holding companies (19) (20) (19) (23) (23) (85) (94) Other expense (23) (25) (26) (14) (21) (86) (114) Pretax core operating earnings 308 318 244 308 378 1,248 1,232 Income tax expense 61 63 52 65 75 255 239 Core net operating earnings 247 255 192 243 303 993 993 Non-core items, net of tax: Realized gains (losses) on securities (37) 21 (28) (73) (12) (92) 87 Gain (loss) on retirement of debt 2 - 1 (7) (1) (7) - Other non-core items - - - 4 - 4 1 Net earnings from continuing operations $ 212 $ 276 $ 165 $ 167 $ 290 $ 898 $ 1,081 Discontinued Annuity operations - - - - - - 914 Net earnings $ 212 $ 276 $ 165 $ 167 $ 290 $ 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 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Core net operating earnings $ 247 $ 255 $ 192 $ 243 $ 303 $ 993 $ 993 Net earnings from continuing operations $ 212 $ 276 $ 165 $ 167 $ 290 $ 898 $ 1,081 Net earnings $ 212 $ 276 $ 165 $ 167 $ 290 $ 898 $ 1,995 Average number of diluted shares 85.378 85.350 85.365 85.339 85.240 85.324 85.628 Diluted earnings per share: Core net operating earnings per share $ 2.89 $ 2.99 $ 2.24 $ 2.85 $ 3.56 $ 11.63 $ 11.59 Realized gains (losses) on securities ( 0.42) 0.25 ( 0.32) ( 0.86) (0.14) ( 1.06) 1.01 Gain (loss) on retirement of debt 0.02 - 0.01 ( 0.08) (0.02) ( 0.09) - Other non-core items - - - 0.05 - 0.05 0.02 Diluted earnings per share, continuing operations $ 2.49 $ 3.24 $ 1.93 $ 1.96 $ 3.40 $ 10.53 $ 12.62 Discontinued Annuity operations - - - - - - 10.68 Diluted earnings per share $ 2.49 $ 3.24 $ 1.93 $ 1.96 $ 3.40 $ 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 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Property and Transportation $ 43 $ 68 $ 39 $ 39 $ 62 $ 208 $ 279 Specialty Casualty 88 128 118 130 124 500 377 Specialty Financial 26 33 15 37 29 114 96 Other Specialty (2) (12) (14) (9) (7) (42) (15) Underwriting profit - Specialty 155 217 158 197 208 780 737 Other core charges, included in loss and LAE (1) 1 (3) (1) (1) (4) (4) Underwriting profit - Property and Casualty Insurance $ 154 $ 218 $ 155 $ 196 $ 207 $ 776 $ 733 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 16 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ (13) $ 18 $ - $ - $ 5 $ 12 Catastrophe losses 31 24 33 22 9 88 86 Total current accident year catastrophe losses $ 31 $ 11 $ 51 $ 22 $ 9 $ 93 $ 98 Prior year loss reserve development (favorable) / adverse $ (63) $ (59) $ (53) $ (85) $ (88) $ (285) $ (279) Combined ratio: Property and Transportation 91.0% 90.0% 95.4% 92.4% 85.8% 91.7% 87.1% Specialty Casualty 87.5% 81.3% 82.6% 80.1% 80.6% 81.2% 84.3% Specialty Financial 86.5% 83.1% 91.3% 78.4% 82.0% 83.7% 85.1% Other Specialty 103.5% 118.1% 122.7% 114.6% 112.9% 117.1% 107.2% Combined ratio - Specialty 89.2% 86.6% 91.1% 85.8% 84.0% 87.2% 86.4% Other core charges 0.1% (0.1%) 0.1% 0.2% 0.1% 0.1% 0.1% Combined ratio 89.3% 86.5% 91.2% 86.0% 84.1% 87.3% 86.5% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 91.5% 89.3% 91.7% 90.5% 90.1% 90.4% 89.6% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 59.3% 63.5% 67.0% 60.1% 59.2% 62.8% 61.6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% Current accident year catastrophe losses 2.2% 0.8% 2.5% 1.6% 0.7% 1.6% 1.8% Prior accident year loss reserve development (4.4%) (3.6%) (3.0%) (6.1%) ( 6.7%) (4.7%) (5.2%) Loss and LAE ratio 57.1% 60.7% 66.5% 55.6% 53.2% 59.7% 58.5% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Gross written premiums $ 2,155 $ 1,845 $ 3,153 $ 2,123 $ 1,936 $ 9,057 $ 7,946 Ceded reinsurance premiums (636) (507) (1,169) (607) (568) (2, 851) (2, 373) Net written premiums 1,519 1,338 1,984 1,516 1,368 6,206 5,573 Change in unearned premiums (82) 285 (217) (123) (66) (121) (169) Net earned premiums 1,437 1,623 1,767 1,393 1,302 6,085 5,404 Loss and LAE 819 987 1,173 773 692 3,625 3,153 Underwriting expense 463 419 436 423 402 1,680 1,514 Underwriting profit $ 155 $ 217 $ 158 $ 197 $ 208 $ 780 $ 737 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 16 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ (13) $ 18 $ - $ - $ 5 $ 12 Catastrophe losses 31 24 33 22 9 88 86 Total current accident year catastrophe losses $ 31 $ 11 $ 51 $ 22 $ 9 $ 93 $ 98 Prior year loss reserve development (favorable) / adverse $ (64) $ (58) $ (56) $ (86) $ (89) $ (289) $ (283) Combined ratio: Loss and LAE ratio 57.0% 60.8% 66.4% 55.4% 53.1% 59. 6% 58. 4% Underwriting expense ratio 32.2% 25.8% 24.7% 30.4% 30.9% 27. 6% 28. 0% Combined ratio 89.2% 86.6% 91.1% 85.8% 84.0% 87. 2% 86. 4% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 91.5% 89.3% 91.7% 90.5% 90.1% 90. 4% 89. 6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 59.3% 63.5% 67.0% 60.1% 59.2% 62. 8% 61. 6% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.3% Current accident year catastrophe losses 2.2% 0.9% 2.5% 1.6% 0.7% 1.5% 1.7% Prior accident year loss reserve development (4.5%) (3.6%) (3.1%) (6.3%) (6.8%) (4.7%) (5.2%) Loss and LAE ratio 57.0% 60.8% 66.4% 55.4% 53.1% 59. 6% 58. 4% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Gross written premiums $ 872 $ 601 $ 1,737 $ 962 $ 760 $ 4 ,060 $ 3,263 Ceded reinsurance premiums (320) (178) (778) (330) (259) (1,545) (1,106) Net written premiums 552 423 959 632 501 2,515 2,157 Change in unearned premiums (77) 259 (102) (127) (58) (28) (13) Net earned premiums 475 682 857 505 443 2 ,487 2,144 Loss and LAE 289 489 663 327 256 1,735 1,394 Underwriting expense 143 125 155 139 125 544 471 Underwriting profit $ 43 $ 68 $ 39 $ 39 $ 62 $ 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 19 8 9 19 6 42 49 Total current accident year catastrophe losses $ 19 $ 7 $ 13 $ 19 $ 6 $ 45 $ 58 Prior year loss reserve development (favorable) / adverse $ (37) $ (13) $ (15) $ (30) $ (34) $ (92) $ (103) Combined ratio: Loss and LAE ratio 60.9% 71.8% 77.3% 64.7% 57.7% 69.8% 65.1% Underwriting expense ratio 30.1% 18.2% 18.1% 27.7% 28.1% 21.9% 22.0% Combined ratio 91.0% 90.0% 95.4% 92.4% 85.8% 9 1.7% 8 7.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 94.8% 90.8% 95.8% 94.6% 92.1% 93.5% 89.2% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 64.7% 72.6% 77.7% 66.9% 64.0% 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 4.0% 1.0% 1.4% 3.8% 1.4% 1.9% 2.7% Prior accident year loss reserve development (7.8%) (1.8%) (1.8%) (6.0%) (7.7%) (3.7%) (4.8%) Loss and LAE ratio 60.9% 71.8% 77.3% 64.7% 57.7% 6 9.8% 6 5.1% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Gross written premiums $ 1,061 $ 1,007 $ 1,184 $ 948 $ 976 $ 4,115 $ 3,890 Ceded reinsurance premiums (339) (352) (407) (302) (326) (1,387) (1,350) Net written premiums 722 655 777 646 650 2,728 2,540 Change in unearned premiums (18) 31 (100) 11 (11) (69) (132) Net earned premiums 704 686 677 657 639 2,659 2,408 Loss and LAE 417 381 374 354 344 1,453 1,399 Underwriting expense 199 177 185 173 171 706 632 Underwriting profit $ 88 $ 128 $ 118 $ 130 $ 124 $ 500 $ 377 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 9 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ (1) $ 1 $ - $ - $ - $ 1 Catastrophe losses 3 8 2 - 1 11 9 Total current accident year catastrophe losses $ 3 $ 7 $ 3 $ - $ 1 $ 11 $ 10 Prior year loss reserve development (favorable) / adverse $ (27) $ (50) $ (42) $ (49) $ (49) $ (190) $ (140) Combined ratio: Loss and LAE ratio 59.2% 55.4% 55.3% 53.9% 53.8% 54.7% 58.1% Underwriting expense ratio 28.3% 25.9% 27.3% 26.2% 26.8% 26.5% 26.2% Combined ratio 87.5% 81.3% 82.6% 80.1% 80.6% 81.2% 84.3% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.9% 87.5% 88.5% 87.5% 88.1% 87.9% 89.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 62.6% 61.6% 61.2% 61.3% 61.3% 61.4% 63.1% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% Current accident year catastrophe losses 0.4% 1.1% 0.4% 0.1% 0.1% 0.5% 0.4% Prior accident year loss reserve development (3.8%) (7.3%) (6.3%) (7.5%) (7.6%) (7.2%) (5.8%) Loss and LAE ratio 59.2% 55.4% 55.3% 53.9% 53.8% 54.7% 58.1% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Gross written premiums $ 222 $ 237 $ 232 $ 213 $ 200 $ 882 $ 793 Ceded reinsurance premiums (38) (38) (56) (36) (41) (171) (135) Net written premiums 184 199 176 177 159 711 658 Change in unearned premiums 12 (6) (5) (6) 4 (13) (16) Net earned premiums 196 193 171 171 163 698 642 Loss and LAE 71 66 80 44 48 238 213 Underwriting expense 99 94 76 90 86 346 333 Underwriting profit $ 26 $ 33 $ 15 $ 37 $ 29 $ 114 $ 96 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 7 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ (10) $ 13 $ - $ - $ 3 $ 2 Catastrophe losses 4 7 21 3 2 33 26 Total current accident year catastrophe losses $ 4 $ (3) $ 34 $ 3 $ 2 $ 36 $ 28 Prior year loss reserve development (favorable) / adverse $ (3) $ (8) $ (11) $ (15) $ (13) $ (47) $ (51) Combined ratio: Loss and LAE ratio 36.0% 33.8% 47.2% 25.7% 29.4% 34.1% 33.2% Underwriting expense ratio 50.5% 49.3% 44.1% 52.7% 52.6% 49.6% 51.9% Combined ratio 86.5% 83.1% 91.3% 78.4% 82.0% 83.7% 85.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 85.7% 85.3% 82.4% 85.7% 88.9% 85.6% 87.9% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 35.2% 36.0% 38.3% 33.0% 36.3% 36.0% 36.0% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.1% Current accident year catastrophe losses 2.2% 1.9% 15.2% 1.5% 1.2% 4.9% 4.1% Prior accident year loss reserve development (1.4%) (4.1%) (6.3%) (8.8%) (8.1%) (6.8%) (8.0%) Loss and LAE ratio 36.0% 33.8% 47.2% 25.7% 29.4% 34.1% 33.2% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 61 61 72 61 58 252 218 Net written premiums 61 61 72 61 58 252 218 Change in unearned premiums 1 1 (1 0) (1) (1) (1 1) (8 ) Net earned premiums 62 62 62 60 57 241 210 Loss and LAE 42 51 56 48 44 199 147 Underwriting expense 22 23 20 21 20 84 78 Underwriting profit (loss) $ (2 ) $ (1 2) $ (1 4) $ (9 ) $ (7) $ (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 5 1 1 - - 2 2 Total current accident year catastrophe losses $ 5 $ - $ 1 $ - $ - $ 1 $ 2 Prior year loss reserve development (favorable) / adverse $ 3 $ 13 $ 12 $ 8 $ 7 $ 40 $ 11 Combined ratio: Loss and LAE ratio 6 9.0% 8 3.3% 8 9.3% 7 9.6% 77.1% 82.4% 70.0% Underwriting expense ratio 3 4.5% 3 4.8% 3 3.4% 3 5.0% 35.8% 34.7% 37.2% Combined ratio 1 03.5% 1 18.1% 1 22.7% 1 14.6% 112.9% 117.1% 107.2% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 9 8.3% 9 8.5% 100.7% 101.5% 99.9% 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) 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 Assets: Total cash and investments $ 14,451 $ 14,512 $ 14,322 $ 14,268 $ 15,601 $ 15,745 Recoverables from reinsurers 3,838 3,977 4,108 3,567 3, 478 3,519 Prepaid reinsurance premiums 1,021 917 1,180 1,006 933 834 Agents' balances and premiums receivable 1,459 1,339 1,698 1,623 1, 391 1,265 Deferred policy acquisition costs 285 288 292 293 271 267 Assets of managed investment entities 5,391 5,447 5,099 5,218 5, 231 5,296 Other receivables 637 886 1,328 740 645 857 Other assets 1,153 1,219 1,259 1,123 966 902 Goodwill 246 246 246 246 246 246 Total assets $ 28,481 $ 28,831 $ 29,532 $ 28,084 $ 28,762 $ 28,931 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 11,761 $ 11,974 $ 12,067 $ 11,201 $ 10,986 $ 11,074 Unearned premiums 3,435 3,246 3,785 3,397 3, 206 3,041 Payable to reinsurers 911 1,035 1,366 971 910 920 Liabilities of managed investment entities 5,258 5,332 5,002 5,133 5, 112 5,220 Long-term debt 1,478 1,496 1,533 1,542 1, 917 1,964 Other liabilities 1,697 1,696 1,847 1,773 1, 796 1,700 Total liabilities $ 24,540 $ 24,779 $ 25,600 $ 24,017 $ 23,927 $ 23,919 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 85 $ 85 Capital surplus 1,374 1,368 1,358 1,351 1, 340 1,330 Retained earnings 2,933 3,142 3,091 2,979 3, 541 3,478 Unrealized gains (losses) - fixed maturities (413) (497) (554) (326) (109) 136 Unrealized losses - fixed maturity-related cash flow hedges (21) (29) (29) (8) (4) - Other comprehensive income (loss), net of tax (17) (17) (19) (14) (18) (17) Total shareholders' equity 3,941 4,052 3,932 4,067 4, 835 5,012 Total liabilities and equity $ 28,481 $ 28,831 $ 29,532 $ 28,084 $ 28,762 $ 28,931 Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 Shareholders' equity $ 3,941 $ 4,052 $ 3,932 $ 4,067 $ 4,835 $ 5,012 Unrealized (gains) losses related to fixed maturities 434 526 583 334 113 (136) Adjusted shareholders' equity 4,375 4,578 4,515 4,401 4,948 4,876 Goodwill (2 46) (2 46) (2 46) (2 46) (246) (246) Intangibles (1 05) (1 08) (1 11) (1 01) (104) (106) $ 4,024 $ 4,224 $ 4,158 $ 4,054 $ 4,598 $ 4,524 Tangible adjusted shareholders' equity Common shares outstanding 85.172 85.204 85.141 85.154 85.103 84.921 Book value per share: Book value per share $ 46.27 $ 47.56 $ 46.18 $ 47.76 $ 56.81 $ 59.02 Adjusted (a) 51.37 53.73 53.03 51.68 58.14 57.42 Tangible, adjusted (b) 47.25 49.58 48.84 47.60 54.02 53.26 Market capitalization AFG's closing common share price $ 121.50 $ 137.28 $ 122.93 $ 138.81 $ 145.62 $ 137.32 Market capitalization $ 10,348 $ 11,697 $ 10,466 $ 11,820 $ 12,393 $ 11,661 Price / Adjusted book value ratio 2.37 2.56 2.32 2.69 2.50 2.39 (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) 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 AFG senior obligations $ 828 $ 846 $ 884 $ 893 $ 1,270 $ 1,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 828 $ 846 $ 884 $ 893 $ 1,270 $ 1 ,318 675 675 675 675 675 675 AFG subordinated debentures Total principal amount of long-term debt $ 1,503 $ 1,521 $ 1,559 $ 1,568 $ 1,945 $ 1,993 Shareholders' equity 3,941 4,052 3,932 4,067 4,835 5 ,012 Less: 434 526 583 334 113 (136) Unrealized (gains) losses related to fixed maturity investments $ 5,878 $ 6,099 $ 6,074 $ 5,969 $ 6,893 $ 6 ,869 Total adjusted capital Ratio of debt to total adjusted capital: Including subordinated debt 25.6% 24.9% 25.7% 26.3% 28.2% 2 9.0% Excluding subordinated debt 14.1% 13.9% 14.6% 15.0% 18.4% 1 9.2% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Property and Casualty Insurance $ 881 $ 914 $ 776 $ 678 $ 714 $ 3,082 $ 2,777 Paid Losses (GAAP) 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/21 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,392 $ 5,433 $ 5,527 $ 5,399 $ 5,375 $ 5,228 (1,000) (838) (993) (984) (409) ( 335) Parent and other subsidiaries $ 4,392 $ 4,595 $ 4,534 $ 4,415 $ 4,966 $ 4,893 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 887 $ 887 $ 843 $ 843 $ 843 $ 843 Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - March 31, 2023 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 629 $ 228 $ - $ 857 6% Fixed maturities - Available for sale 9,642 402 - 10,044 70% Fixed maturities - Trading 36 - - 36 0% Equity securities - Common stocks 579 - - 579 4% Equity securities - Perpetual preferred 429 - - 429 3% Investments accounted for using the equity method 1,732 1 - 1,733 12% Mortgage loans 646 - - 646 4% Real estate and other investments 170 89 (132) 127 1% Total cash and investments $ 13,863 $ 720 $ (132) $ 14,451 100% 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% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 112 $ 107 $ 93 $ 82 $ 76 $ 358 $ 281 Equity securities 9 13 8 7 7 35 28 Other investments (a) 13 14 12 9 5 40 26 Gross investment income excluding alternative investments 134 134 113 98 88 433 335 Gross investment income from alternative investments (b) 78 28 36 62 139 265 340 Total gross investment income 212 162 149 160 227 698 675 Investment expenses (5) (3) (4) (4) ( 4) (15) (12) Total net investment income $ 207 $ 159 $ 145 $ 156 $ 223 $ 683 $ 663 Average cash and investments (c) $ 14,350 $ 14,304 $ 14,105 $ 13,983 $ 13,858 $ 14,048 $ 12,944 Average yield - fixed maturities before inv expenses (d) 4.40% 4.15% 3.73% 3.33% 3.20% 3. 63% 3. 13% Average yield - overall portfolio, net (d) 5.77% 4.45% 4.11% 4.46% 6.44% 4.86% 5.12% Average tax equivalent yield - overall portfolio, net (d) 5.83% 4.53% 4.21% 4.56% 6.54% 4. 96% 5. 25% AFG consolidated net investment income: Property & Casualty core $ 207 $ 159 $ 145 $ 156 $ 223 $ 683 $ 663 Equity in Investees (e) - - - - - - 49 Other Investments (e) - - - - - - 2 Parent & other 11 9 10 - 5 24 36 Consolidate CLOs (1) - (4) 12 2 10 (20) Total net investment income $ 217 $ 168 $ 151 $ 168 $ 230 $ 717 $ 730 Average cash and investments (c) $ 15,058 $ 15,083 $ 14,852 $ 15,210 $ 15,656 $ 15,231 $ 14,715 Average yield - overall portfolio, net (d) 5.76% 4.46% 4.07% 4.42% 5.88% 4.71% 4.96% Average yield - fixed maturities before inv expenses (d) 4.43% 4.19% 3.74% 3.17% 3.03% 3. 54% 3. 02% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Investment income on alternative investments is detailed on page 19. (c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (d) Average yield is calculated by dividing investment income for the period by the average balance. (e) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18

American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 3/31/23 12/31/22 9/30/22 6/30/22 3/31/22 12/31/2022 12/31/21 Property and Casualty Insurance: Net Investment Income Convertible fixed maturities MTM through investment income $ 4 $ - $ - $ - $ - $ - $ - Equity securities MTM through investment income (a) 16 7 (5) (2) 8 8 48 Investments accounted for using the equity method (b) 57 21 37 76 133 267 272 AFG managed CLOs (eliminated in consolidation) 1 - 4 (12) (2) (1 0) 20 Total Property & Casualty $ 78 $ 28 $ 36 $ 62 $ 139 $ 265 $ 340 Investments Convertible fixed maturities MTM through investment income $ 19 $ - $ - $ - $ - $ - $ - Equity securities MTM through investment income (a) 377 332 289 276 261 332 234 Investments accounted for using the equity method (b) 1,732 1,699 1,661 1,626 1,619 1,699 1,517 AFG managed CLOs (eliminated in consolidation) 132 115 97 85 119 115 76 Total Property & Casualty $ 2,260 $ 2,146 $ 2,047 $ 1,987 $ 1,999 $ 2,146 $ 1,827 Annualized Return - Property & Casualty 14.2% 5.3% 7.1% 12.4% 29.1% 13.2% 25.3% Continuing Operations: Net Investment Income Convertible fixed maturities MTM through investment income $ 4 $ - $ - $ - $ - $ - $ - Equity securities MTM through investment income (a) 16 7 (5) (2) 8 8 48 Investments accounted for using the equity method (b)(c) 57 21 37 76 133 267 321 AFG managed CLOs (eliminated in consolidation) 1 - 4 (12) (2) (10) 20 Total Continuing operations $ 78 $ 28 $ 36 $ 62 $ 139 $ 265 $ 389 Investments Convertible fixed maturities MTM through investment income $ 19 $ - $ - $ - $ - $ - $ - Equity securities MTM through investment income (a) 377 332 289 276 261 332 234 Investments accounted for using the equity method (b) 1,733 1,700 1,661 1,626 1,619 1,700 1,517 AFG managed CLOs (eliminated in consolidation) 132 115 97 85 119 115 76 Total Continuing operations $ 2,261 $ 2,147 $ 2,047 $ 1,987 $ 1,999 $ 2,147 $ 1,827 Annualized Return - Continuing operations 14.2% 5.3% 7.1% 12.4% 29.1% 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 March 31, 2023 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 236 $ 225 $ (11) 2% 2% States, municipalities and political subdivisions 1,024 993 (31) 10% 7% Foreign government 269 257 (12) 2% 2% Residential mortgage-backed securities 1,741 1,589 (152) 16% 11% Commercial mortgage-backed securities 80 78 (2) 1% 1% Collateralized loan obligations 1,949 1,899 (50) 19% 13% Other asset-backed securities 2,387 2,241 (146) 22% 15% Corporate and other bonds 2,917 2,798 (119) 28% 19% Total AFG consolidated $ 10,603 $ 10,080 $ ( 523) 100% 70% Approximate duration - P&C 3.2 years Approximate duration - P&C including cash 3.0 years % 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 (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 3/31/2023 ($ 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 $ 225 $ 381 $ 240 $ 1,325 $ 62 $ 1,677 $ 864 $ 24 $ 4,798 48% AA - 553 9 2 12 178 319 151 1,224 12% A - 48 5 69 1 41 480 766 1,410 14% BBB - 8 3 1 - - 457 1,456 1,925 19% Subtotal - Investment grade 225 990 257 1,397 75 1,896 2,120 2,397 9,357 93% BB - - - 8 3 - 6 210 227 2% B - - - 8 - - 3 61 72 1% CCC, CC, C - - - 98 - - 5 5 108 1% D - - - 8 - - - - 8 0% Subtotal - Non-Investment grade - - - 122 3 - 14 276 415 4% Not Rated (b) - 3 - 70 - 3 107 125 308 3% Total $ 225 $ 993 $ 257 $ 1,589 $ 78 $ 1,899 $ 2,241 $ 2,798 $ 10,080 100% Fair Value by Type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 225 $ 986 $ 212 $ 1,501 $ 75 $ 1,665 $ 1,662 $ 962 $ 7,288 76% 2 - 7 - 14 - - 458 1,474 1,953 20% Subtotal 225 993 212 1,515 75 1,665 2,120 2,436 9,241 96% 3 - - - 1 3 - 6 249 259 3% 4 - - - - - - 3 65 68 1% 5 - - - 2 - - 10 20 32 0% 6 - - - 1 - - - 2 3 0% Subtotal - - - 4 3 - 19 336 362 4% Total insurance companies $ 225 $ 993 $ 212 $ 1,519 $ 78 $ 1,665 $ 2,139 $ 2,772 $ 9,603 100% Total non-insurance (c) - - 45 70 - 234 102 26 477 Total $ 225 $ 993 $ 257 $ 1,589 $ 78 $ 1,899 $ 2,241 $ 2,798 $ 10,080 (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, 20% are NAIC 1, 20% NAIC 2, 24% NAIC 3 and 15% are held by non-insurance companies. For Total, 61% are NAIC 1, 10% NAIC 2, 10% NAIC 3 and 9% are held by non-insurance companies. (c) 87% are investment grade rated. Page 21

Appendix B 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 NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % 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 22

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 3/31/2023 ($ in millions) Fair Value By Industry Asset Other Basic Capital Managers Banking Technology Consumer Insurance Financials Industry REITs Retailers Utilities Media Goods Autos Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ 11 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 13 $ 24 1% AA - - 33 45 26 24 - - 5 5 - - - 13 151 6% A 52 158 54 51 149 43 6 54 17 46 - 45 44 47 766 27% BBB 481 192 138 62 35 84 117 73 33 43 37 34 20 107 1,456 52% Subtotal 533 350 236 158 210 151 123 127 55 94 37 79 64 180 2,397 86% BB 23 - 25 23 1 12 16 - 50 - 34 2 10 14 210 8% B - - 2 36 1 - - - - - - 4 4 14 61 2% CCC, CC, C - - - 1 - - - - - - - - - 4 5 0% D - - - - - - - - - - - - - - - 0% Subtotal 23 - 27 60 2 12 16 - 50 - 34 6 14 32 276 10% Not Rated (b) - - 10 24 16 19 2 12 - 1 20 2 - 19 125 4% Total $ 556 $ 350 $ 273 $ 242 $ 228 $ 182 $ 141 $ 139 $ 105 $ 95 $ 91 $ 87 $ 78 $ 231 $ 2,798 100% Fair Value By Industry Asset Other Basic Capital Managers Banking Technology Consumer Insurance Financials Industry REITs Retailers Utilities Media Goods Autos Other Total % Total NAIC designation 1 $ 52 $ 158 $ 98 $ 107 $ 175 $ 79 $ 6 $ 54 $ 22 $ 53 $ - $ 45 $ 44 $ 69 $ 962 35% 2 482 191 138 61 37 85 117 85 33 41 37 36 20 111 1,474 53% Subtotal 534 349 236 168 212 164 123 139 55 94 37 81 64 180 2,436 88% 3 22 - 28 34 2 12 18 - 50 - 54 2 10 17 249 9% 4 - - 2 34 - - - - - - - 4 4 21 65 2% 5 - - 5 6 - - - - - 1 - - - 8 20 1% 6 - - 2 - - - - - - - - - - - 2 0% Subtotal 22 - 37 74 2 12 18 - 50 1 54 6 14 46 336 12% Total insurance companies $ 556 $ 349 $ 273 $ 242 $ 214 $ 176 $ 141 $ 139 $ 105 $ 95 $ 91 $ 87 $ 78 $ 226 $ 2,772 100% Total non-insurance - 1 - - 14 6 - - - - - - - 5 26 Total $ 556 $ 350 $ 273 $ 242 $ 228 $ 182 $ 141 $ 139 $ 105 $ 95 $ 91 $ 87 $ 78 $ 231 $ 2,798 (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, 67% are NAIC 1 and 29% are held by non-insurance companies. For the Total, 20% are NAIC 1, 20% NAIC 2, 24% NAIC 3 and 15% are held by non-insurance companies. Page 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 ($ in millions) Fair Value By Industry Asset Other Basic Capital Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total Credit Rating (a) 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 Managers Banking Financials Technology Insurance Consumer REITs Retailers Industry Media Autos Goods Energy Other Total % Total NAIC designation 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 24

Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 3/31/2023 ($ in millions) Fair Value By Collateral Type Single Mortgage Commercial Whole Secured Triple Net Family Servicer Consumer Real Estate Business TruPS Financing (c) Railcar Lease Rental Aircraft Receivables Loans Other Total % Total Credit Rating (a) Investment Grade AAA $ 445 $ - $ 47 $ 25 $ - $ 138 $ 156 $ - $ 6 $ 8 $ 39 $ 864 39% AA 8 61 157 25 - 21 10 6 - 12 19 319 14% A - 4 8 32 161 8 - 39 - 27 201 480 22% BBB - 336 - 1 6 - - 27 61 - 26 457 20% Subtotal 453 401 212 83 167 167 166 72 67 47 285 2, 120 95% BB - - - 1 - - - 5 - - - 6 0% B - - - 1 - - - 2 - - - 3 0% CCC, CC, C - - - - - - - 5 - - - 5 0% D - - - - - - - - - - - - 0% Subtotal - - - 2 - - - 12 - - - 14 0% Not Rated (b) - - - 96 - - - 4 - - 7 107 5% Total $ 453 $ 401 $ 212 $ 181 $ 167 $ 167 $ 166 $ 88 $ 67 $ 47 $ 292 $ 2, 241 100% Fair Value By Collateral Type Single Mortgage Commercial Whole Secured Triple Net Family Servicer Consumer NAIC designation Real Estate Business TruPS Financing (c) Railcar Lease Rental Aircraft Receivables Loans Other Total % Total 1 $ 368 $ 65 $ 212 $ 178 $ 161 $ 167 $ 165 $ 45 $ 5 $ 31 $ 265 $ 1, 662 78% 2 - 336 - 1 6 - - 27 62 - 26 458 21% Subtotal 368 401 212 179 167 167 165 72 67 31 291 2, 120 99% 3 - - - 1 - - - 5 - - - 6 0% 4 - - - 1 - - - 2 - - - 3 0% 5 - - - - - - - 9 - - 1 10 1% 6 - - - - - - - - - - - - 0% Subtotal - - - 2 - - - 16 - - 1 19 1% Total insurance companies $ 368 $ 401 $ 212 $ 181 $ 167 $ 167 $ 165 $ 88 $ 67 $ 31 $ 292 $ 2, 139 100% Total non-insurance 85 - - - - - 1 - - 16 - 102 Total $ 453 $ 401 $ 212 $ 181 $ 167 $ 167 $ 166 $ 88 $ 67 $ 47 $ 292 $ 2, 241 (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 5% are NAIC 5. (c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, and Commerical and Residental mortgages. Page 25

Appendix F 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 Credit Rating (a) Real Estate Business TruPS Financing (c) Lease Rental Railcar Aircraft Receivables Loans Auto Other Total % Total 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 Single Mortgage Commercial Whole Secured Triple Net Family Servicer Consumer NAIC designation Real Estate Business TruPS Financing (c) 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, and Commerical and Residental mortgages. Page 26

Appendix G American Financial Group, Inc. Real Estate-Related Investments 3/31/2023 ($ 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 $ 1,193 92% 95% 98% Fund Investments 57 4% - - QOZ Fund - Development 18 2% - - Office 15 1% 90% 100% Hospitality 9 1% - - Land Development 5 0% - - Student Housing - 0% - - Total $ 1,297 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 52 52% $ - Marina 35 36% - Office Building 9 10% - Land 2 2% - Hotel - 0% - Total $ 98 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 461 71% 68% Hospitality 127 20% 52% Office 58 9% 89% Retail - 0% - Total $ 646 100% 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 3/31/23 (c) Collections for January - March Page 27

Appendix H 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 28

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Document and Entity Information	May 02, 2023
Document And Entity Information [Line Items]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Amendment Flag	false
Entity Central Index Key	0001042046
Document Type	8-K
Document Period End Date	May 02, 2023
Entity Incorporation State Country Code	OH
Entity File Number	1-13653
Entity Tax Identification Number	31-1544320
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
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Trading Symbol	AFG
Security Exchange Name	NYSE
M 5.875 Subordinated Debentures Due March 302059 [Member]
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Security 12b Title	5.875% Subordinated Debentures due March 30, 2059
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M 5.125 Subordinated Debentures Due December 152059 [Member]
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Security 12b Title	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
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M 5.625 Subordinated Debentures Due June 12060 [Member]
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