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