EX-99.2

EX-99.2 3 d507816dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Third Quarter 2023

November 1, 2023

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Third Quarter 2023


Section	Page
Table of Contents - Investor Supplement - Third 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

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		12
Book Value Per Share and Price / Book Summary		13
Capitalization		14
Additional Supplemental Information		15

Consolidated Investment Supplement
Total Cash and Investments		16
Net Investment Income		17
Alternative Investments		18
Fixed Maturities - By Security Type - AFG Consolidated		19

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2023		20
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022		21
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 9/30/2023		22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022		23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2023		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022		25
G. Real Estate-Related Investments 9/30/2023		26
H. Real Estate-Related Investments 12/31/2022		27

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Highlights
Net earnings	$	177		$	200		$	212		$	276		$	165		$	589		$	622
Core net operating earnings		208			202			247			255			192			657			738
Total assets		30,825			29,048			28,481			28,831			29,532			30,825			29,532
Adjusted shareholders’ equity (a)		4,536			4,490			4,375			4,578			4,515			4,536			4,515
Property and Casualty net written premiums		2,061			1,667			1,519			1,338			1,984			5,247			4,868
Per share data
Diluted earnings per share	$	2.09		$	2.34		$	2.49		$	3.24		$	1.93		$	6.93		$	7.29
Core net operating earnings per share		2.45			2.38			2.89			2.99			2.24			7.72			8.65
Adjusted book value per share (a)		53.90			52.90			51.37			53.73			53.03			53.90			53.03
Dividends per common share		0.63			0.63			4.63			2.63			0.56			5.89			11.68
Financial ratios
Annualized return on equity (b)		15.7	%		17.9	%		18.9	%		24.2	%		14.7	%		17.4	%		17.6	%
Annualized core operating return on equity (b)		18.3	%		18.2	%		22.0	%		22.3	%		17.1	%		19.4	%		20.9	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		66.7	%		60.2	%		57.0	%		60.8	%		66.4	%		61.8	%		59.1	%
Underwriting expense ratio		25.5	%		31.7	%		32.2	%		25.8	%		24.7	%		29.5	%		28.3	%

Combined ratio - Specialty		92.2	%		91.9	%		89.2	%		86.6	%		91.1	%		91.3	%		87.4	%

(a)	Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure is on page 13.

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance
Underwriting profit	$	142		$	124		$	154		$	218		$	155		$	420		$	558
Net investment income		170			191			207			159			145			568			524
Other income (expense)		(14	)		(16	)		(11	)		(14	)		(11	)		(41	)		(26	)

Property and Casualty Insurance operating earnings		298			299			350			363			289			947			1,056
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(20	)		(19	)		(57	)		(65	)
Other expense		(22	)		(22	)		(23	)		(25	)		(26	)		(67	)		(61	)

Pretax core operating earnings		257			258			308			318			244			823			930
Income tax expense		49			56			61			63			52			166			192

Core net operating earnings		208			202			247			255			192			657			738
Non-core items, net of tax:
Realized gains (losses) on securities		(15	)		(1	)		(37	)		21			(28	)		(53	)		(113	)
Realized loss on subsidiaries		(4	)		—			—			—			—			(4	)		—
Special A&E charges - Former Railroad and Manufacturing operations		(12	)		—			—			—			—			(12	)		—
Gain (loss) on retirement of debt		—			(1	)		2			—			1			1			(7	)
Other non-core items		—			—			—			—			—			—			4

Net earnings	$	177		$	200		$	212		$	276		$	165		$	589		$	622

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22		9/30/22			9/30/23			9/30/22
Core net operating earnings	$	208		$	202		$	247		$	255	$	192		$	657		$	738

Net earnings	$	177		$	200		$	212		$	276	$	165		$	589		$	622

Average number of diluted shares		84.745			85.172			85.378			85.350		85.365			85.096			85.315
Diluted earnings per share:
Core net operating earnings per share	$	2.45		$	2.38		$	2.89		$	2.99	$	2.24		$	7.72		$	8.65
Realized gains (losses) on securities		(0.17	)		(0.02	)		(0.42	)		0.25		(0.32	)		(0.61	)		(1.32	)
Realized loss on subsidiaries		(0.04	)		—			—			—		—			(0.04	)		—
Special A&E charges - Former Railroad and Manufacturing operations		(0.15	)		—			—			—		—			(0.15	)		—
Gain (loss) on retirement of debt		—			(0.02	)		0.02			—		0.01			0.01			(0.09	)
Other non-core items		—			—			—			—		—			—			0.05

Diluted earnings per share	$	2.09		$	2.34		$	2.49		$	3.24	$	1.93		$	6.93		$	7.29

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Transportation	$	42		$	32		$	43		$	68		$	39		$	117		$	140
Specialty Casualty		78			95			88			128			118			261			372
Specialty Financial		29			10			26			33			15			65			81
Other Specialty		(6	)		(14	)		(2	)		(12	)		(14	)		(22	)		(30	)

Underwriting profit - Specialty		143			123			155			217			158			421			563
Other core charges, included in loss and LAE		(1	)		1			(1	)		1			(3	)		(1	)		(5	)

Underwriting profit - Property and Casualty Insurance	$	142		$	124		$	154		$	218		$	155		$	420		$	558

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(13	)	$	18		$	2		$	18
Catastrophe losses		56			51			31			24			33			138			64

Total current accident year catastrophe losses	$	56		$	53		$	31		$	11		$	51		$	140		$	82

Prior year loss reserve development (favorable) / adverse	$	(43	)	$	(62	)	$	(63	)	$	(59	)	$	(53	)	$	(168	)	$	(226	)

Combined ratio:
Property and Transportation		94.8	%		94.2	%		91.0	%		90.0	%		95.4	%		93.6	%		92.2	%
Specialty Casualty		89.4	%		86.6	%		87.5	%		81.3	%		82.6	%		87.8	%		81.1	%
Specialty Financial		87.6	%		95.0	%		86.5	%		83.1	%		91.3	%		89.6	%		83.9	%
Other Specialty		109.8	%		122.2	%		103.5	%		118.1	%		122.7	%		111.9	%		116.9	%
Combined ratio - Specialty		92.2	%		91.9	%		89.2	%		86.6	%		91.1	%		91.3	%		87.4	%
Other core charges		0.1	%		(0.2	%)		0.1	%		(0.1	%)		0.1	%		0.0	%		0.1	%

Combined ratio		92.3	%		91.7	%		89.3	%		86.5	%		91.2	%		91.3	%		87.5	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		92.4	%		91.5	%		89.3	%		91.7	%		91.9	%		90.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		66.0	%		60.7	%		59.3	%		63.5	%		67.0	%		62.4	%		62.6	%
Current accident year catastrophe losses		3.1	%		3.5	%		2.2	%		0.8	%		2.5	%		2.9	%		1.7	%
Prior accident year loss reserve development		(2.3	%)		(4.2	%)		(4.4	%)		(3.6	%)		(3.0	%)		(3.5	%)		(5.1	%)

Loss and LAE ratio		66.8	%		60.0	%		57.1	%		60.7	%		66.5	%		61.8	%		59.2	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	3,140		$	2,369		$	2,155		$	1,845		$	3,153		$	7,664		$	7,212
Ceded reinsurance premiums		(1,079	)		(702	)		(636	)		(507	)		(1,169	)		(2,417	)		(2,344	)

Net written premiums		2,061			1,667			1,519			1,338			1,984			5,247			4,868
Change in unearned premiums		(206	)		(160	)		(82	)		285			(217	)		(448	)		(406	)

Net earned premiums		1,855			1,507			1,437			1,623			1,767			4,799			4,462
Loss and LAE		1,238			906			819			987			1,173			2,963			2,638
Underwriting expense		474			478			463			419			436			1,415			1,261

Underwriting profit	$	143		$	123		$	155		$	217		$	158		$	421		$	563

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(13	)	$	18		$	2		$	18
Catastrophe losses		56			51			31			24			33			138			64

Total current accident year catastrophe losses	$	56		$	53		$	31		$	11		$	51		$	140		$	82

Prior year loss reserve development (favorable) / adverse	$	(44	)	$	(61	)	$	(64	)	$	(58	)	$	(56	)	$	(169	)	$	(231	)

Combined ratio:
Loss and LAE ratio		66.7	%		60.2	%		57.0	%		60.8	%		66.4	%		61.8	%		59.1	%
Underwriting expense ratio		25.5	%		31.7	%		32.2	%		25.8	%		24.7	%		29.5	%		28.3	%

Combined ratio		92.2	%		91.9	%		89.2	%		86.6	%		91.1	%		91.3	%		87.4	%

Specialty combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		92.4	%		91.5	%		89.3	%		91.7	%		91.9	%		90.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		66.0	%		60.7	%		59.3	%		63.5	%		67.0	%		62.4	%		62.6	%
Current accident year catastrophe losses		3.0	%		3.5	%		2.2	%		0.9	%		2.5	%		2.9	%		1.7	%
Prior accident year loss reserve development		(2.3	%)		(4.0	%)		(4.5	%)		(3.6	%)		(3.1	%)		(3.5	%)		(5.2	%)

Loss and LAE ratio		66.7	%		60.2	%		57.0	%		60.8	%		66.4	%		61.8	%		59.1	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	1,592		$	1,059		$	872		$	601		$	1,737		$	3,523		$	3,459
Ceded reinsurance premiums		(687	)		(391	)		(320	)		(178	)		(778	)		(1,398	)		(1,367	)

Net written premiums		905			668			552			423			959			2,125			2,092
Change in unearned premiums		(77	)		(134	)		(77	)		259			(102	)		(288	)		(287	)

Net earned premiums		828			534			475			682			857			1,837			1,805
Loss and LAE		636			346			289			489			663			1,271			1,246
Underwriting expense		150			156			143			125			155			449			419

Underwriting profit	$	42		$	32		$	43		$	68		$	39		$	117		$	140

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	4		$	—		$	4
Catastrophe losses		14			15			19			8			9			48			34

Total current accident year catastrophe losses	$	14		$	15		$	19		$	7		$	13		$	48		$	38

Prior year loss reserve development (favorable) / adverse	$	(14	)	$	(21	)	$	(37	)	$	(13	)	$	(15	)	$	(72	)	$	(79	)

Combined ratio:
Loss and LAE ratio		76.8	%		64.8	%		60.9	%		71.8	%		77.3	%		69.2	%		69.0	%
Underwriting expense ratio		18.0	%		29.4	%		30.1	%		18.2	%		18.1	%		24.4	%		23.2	%

Combined ratio		94.8	%		94.2	%		91.0	%		90.0	%		95.4	%		93.6	%		92.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.8	%		95.1	%		94.8	%		90.8	%		95.8	%		94.8	%		94.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		76.8	%		65.7	%		64.7	%		72.6	%		77.7	%		70.4	%		71.4	%
Current accident year catastrophe losses		1.7	%		2.9	%		4.0	%		1.0	%		1.4	%		2.7	%		2.0	%
Prior accident year loss reserve development		(1.7	%)		(3.8	%)		(7.8	%)		(1.8	%)		(1.8	%)		(3.9	%)		(4.4	%)

Loss and LAE ratio		76.8	%		64.8	%		60.9	%		71.8	%		77.3	%		69.2	%		69.0	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	1,226		$	1,012		$	1,061		$	1,007		$	1,184		$	3,299		$	3,108
Ceded reinsurance premiums		(397	)		(319	)		(339	)		(352	)		(407	)		(1,055	)		(1,035	)

Net written premiums		829			693			722			655			777			2,244			2,073
Change in unearned premiums		(95	)		18			(18	)		31			(100	)		(95	)		(100	)

Net earned premiums		734			711			704			686			677			2,149			1,973
Loss and LAE		463			421			417			381			374			1,301			1,072
Underwriting expense		193			195			199			177			185			587			529

Underwriting profit	$	78		$	95		$	88		$	128		$	118		$	261		$	372

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	2		$	—		$	(1	)	$	1		$	2		$	1
Catastrophe losses		17			6			3			8			2			26			3

Total current accident year catastrophe losses	$	17		$	8		$	3		$	7		$	3		$	28		$	4

Prior year loss reserve development (favorable) / adverse	$	(22	)	$	(24	)	$	(27	)	$	(50	)	$	(42	)	$	(73	)	$	(140	)

Combined ratio:
Loss and LAE ratio		63.1	%		59.2	%		59.2	%		55.4	%		55.3	%		60.5	%		54.3	%
Underwriting expense ratio		26.3	%		27.4	%		28.3	%		25.9	%		27.3	%		27.3	%		26.8	%

Combined ratio		89.4	%		86.6	%		87.5	%		81.3	%		82.6	%		87.8	%		81.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		90.0	%		89.0	%		90.9	%		87.5	%		88.5	%		90.0	%		88.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.7	%		61.6	%		62.6	%		61.6	%		61.2	%		62.7	%		61.3	%
Current accident year catastrophe losses		2.3	%		1.0	%		0.4	%		1.1	%		0.4	%		1.2	%		0.1	%
Prior accident year loss reserve development		(2.9	%)		(3.4	%)		(3.8	%)		(7.3	%)		(6.3	%)		(3.4	%)		(7.1	%)

Loss and LAE ratio		63.1	%		59.2	%		59.2	%		55.4	%		55.3	%		60.5	%		54.3	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	322		$	298		$	222		$	237		$	232		$	842		$	645
Ceded reinsurance premiums		(61	)		(58	)		(38	)		(38	)		(56	)		(157	)		(133	)

Net written premiums		261			240			184			199			176			685			512
Change in unearned premiums		(29	)		(45	)		12			(6	)		(5	)		(62	)		(7	)

Net earned premiums		232			195			196			193			171			623			505
Loss and LAE		93			79			71			66			80			243			172
Underwriting expense		110			106			99			94			76			315			252

Underwriting profit	$	29		$	10		$	26		$	33		$	15		$	65		$	81

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(10	)	$	13		$	—		$	13
Catastrophe losses		22			19			4			7			21			45			26

Total current accident year catastrophe losses	$	22		$	19		$	4		$	(3	)	$	34		$	45		$	39

Prior year loss reserve development (favorable) / adverse	$	(10	)	$	(11	)	$	(3	)	$	(8	)	$	(11	)	$	(24	)	$	(39	)

Combined ratio:
Loss and LAE ratio		39.8	%		40.9	%		36.0	%		33.8	%		47.2	%		39.0	%		34.1	%
Underwriting expense ratio		47.8	%		54.1	%		50.5	%		49.3	%		44.1	%		50.6	%		49.8	%

Combined ratio		87.6	%		95.0	%		86.5	%		83.1	%		91.3	%		89.6	%		83.9	%

Combined ratio excl. catastrophe losses and prior year reserve development		82.5	%		91.1	%		85.7	%		85.3	%		82.4	%		86.2	%		85.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		34.7	%		37.0	%		35.2	%		36.0	%		38.3	%		35.6	%		35.9	%
Current accident year catastrophe losses		9.3	%		9.6	%		2.2	%		1.9	%		15.2	%		7.2	%		6.0	%
Prior accident year loss reserve development		(4.2	%)		(5.7	%)		(1.4	%)		(4.1	%)		(6.3	%)		(3.8	%)		(7.8	%)

Loss and LAE ratio		39.8	%		40.9	%		36.0	%		33.8	%		47.2	%		39.0	%		34.1	%

Page 10

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		66			66			61			61			72			193			191

Net written premiums		66			66			61			61			72			193			191
Change in unearned premiums		(5	)		1			1			1			(10	)		(3	)		(12	)

Net earned premiums		61			67			62			62			62			190			179
Loss and LAE		46			60			42			51			56			148			148
Underwriting expense		21			21			22			23			20			64			61

Underwriting profit (loss)	$	(6	)	$	(14	)	$	(2	)	$	(12	)	$	(14	)	$	(22	)	$	(30	)

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	(1	)	$	—		$	—		$	—
Catastrophe losses		3			11			5			1			1			19			1

Total current accident year catastrophe losses	$	3		$	11		$	5		$	—		$	1		$	19		$	1

Prior year loss reserve development (favorable) / adverse	$	2		$	(5	)	$	3		$	13		$	12		$	—		$	27

Combined ratio:
Loss and LAE ratio		76.2	%		91.1	%		69.0	%		83.3	%		89.3	%		78.9	%		82.2	%
Underwriting expense ratio		33.6	%		31.1	%		34.5	%		34.8	%		33.4	%		33.0	%		34.7	%

Combined ratio		109.8	%		122.2	%		103.5	%		118.1	%		122.7	%		111.9	%		116.9	%

Combined ratio excl. catastrophe losses and prior year reserve development		101.2	%		111.7	%		92.0	%		98.5	%		100.7	%		101.7	%		100.8	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		67.6	%		80.6	%		57.5	%		63.7	%		67.3	%		68.7	%		66.1	%
Current accident year catastrophe losses		4.9	%		18.0	%		7.5	%		0.7	%		1.1	%		10.3	%		0.4	%
Prior accident year loss reserve development		3.7	%		(7.5	%)		4.0	%		18.9	%		20.9	%		(0.1	%)		15.7	%

Loss and LAE ratio		76.2	%		91.1	%		69.0	%		83.3	%		89.3	%		78.9	%		82.2	%

Page 11

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
Assets:
Total cash and investments	$	14,794		$	14,489		$	14,451		$	14,512		$	14,322		$	14,268
Recoverables from reinsurers		4,421			3,852			3,838			3,977			4,108			3,567
Prepaid reinsurance premiums		1,223			1,112			1,021			917			1,180			1,006
Agents’ balances and premiums receivable		2,088			1,796			1,459			1,339			1,698			1,623
Deferred policy acquisition costs		324			316			285			288			292			293
Assets of managed investment entities		4,871			5,235			5,391			5,447			5,099			5,218
Other receivables		1,377			721			637			886			1,328			740
Other assets		1,422			1,281			1,153			1,219			1,259			1,123
Goodwill		305			246			246			246			246			246

Total assets	$	30,825		$	29,048		$	28,481		$	28,831		$	29,532		$	28,084

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	12,891		$	11,925		$	11,761		$	11,974		$	12,067		$	11,201
Unearned premiums		3,997			3,686			3,435			3,246			3,785			3,397
Payable to reinsurers		1,398			1,038			911			1,035			1,366			971
Liabilities of managed investment entities		4,728			5,098			5,258			5,332			5,002			5,133
Long-term debt		1,474			1,474			1,478			1,496			1,533			1,542
Other liabilities		2,356			1,834			1,697			1,696			1,847			1,773

Total liabilities	$	26,844		$	25,055		$	24,540		$	24,779		$	25,600		$	24,017
Shareholders’ equity:
Common stock	$	84		$	85		$	85		$	85		$	85		$	85
Capital surplus		1,372			1,377			1,374			1,368			1,358			1,351
Retained earnings		3,095			3,042			2,933			3,142			3,091			2,979
Unrealized gains (losses) - fixed maturities		(521	)		(464	)		(413	)		(497	)		(554	)		(326	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(34	)		(33	)		(21	)		(29	)		(29	)		(8	)
Other comprehensive income (loss), net of tax		(15	)		(14	)		(17	)		(17	)		(19	)		(14	)

Total shareholders’ equity		3,981			3,993			3,941			4,052			3,932			4,067

Total liabilities and equity	$	30,825		$	29,048		$	28,481		$	28,831		$	29,532		$	28,084

Page 12

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
Shareholders’ equity	$	3,981		$	3,993		$	3,941		$	4,052		$	3,932		$	4,067
Unrealized (gains) losses related to fixed maturities		555			497			434			526			583			334

Adjusted shareholders’ equity		4,536			4,490			4,375			4,578			4,515			4,401
Goodwill		(305	)		(246	)		(246	)		(246	)		(246	)		(246	)
Intangibles		(217	)		(102	)		(105	)		(108	)		(111	)		(101	)

Tangible adjusted shareholders’ equity	$	4,014		$	4,142		$	4,024		$	4,224		$	4,158		$	4,054

Common shares outstanding		84.136			84.859			85.172			85.204			85.141			85.154
Book value per share:
Book value per share	$	47.31		$	47.06		$	46.27		$	47.56		$	46.18		$	47.76
Adjusted (a)		53.90			52.90			51.37			53.73			53.03			51.68
Tangible, adjusted (b)		47.71			48.80			47.25			49.58			48.84			47.60
Market capitalization
AFG’s closing common share price	$	111.67		$	118.75		$	121.50		$	137.28		$	122.93		$	138.81
Market capitalization	$	9,395		$	10,077		$	10,348		$	11,697		$	10,466		$	11,820
Price / Adjusted book value ratio		2.07			2.24			2.37			2.56			2.32			2.69

(a)	Excludes unrealized gains (losses) related to fixed maturity investments.

(b)	Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles.

Page 13

American Financial Group, Inc.

Capitalization

($ in millions)


	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
AFG senior obligations	$	823		$	823		$	828		$	846		$	884		$	893
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	823		$	823		$	828		$	846		$	884		$	893
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt	$	1,498		$	1,498		$	1,503		$	1,521		$	1,559		$	1,568
Shareholders’ equity		3,981			3,993			3,941			4,052			3,932			4,067
Less:
Unrealized (gains) losses related to fixed maturity investments		555			497			434			526			583			334

Total adjusted capital	$	6,034		$	5,988		$	5,878		$	6,099		$	6,074		$	5,969

Ratio of debt to total adjusted capital:
Including subordinated debt		24.8	%		25.0	%		25.6	%		24.9	%		25.7	%		26.3	%
Excluding subordinated debt		13.6	%		13.7	%		14.1	%		13.9	%		14.6	%		15.0	%

Page 14

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Nine Months Ended
	9/30/23		6/30/23		3/31/23		12/31/22		9/30/22		9/30/23		9/30/22
Property and Casualty Insurance
Paid Losses (GAAP)	$	805	$	802	$	881	$	914	$	776	$	2,488	$	2,168


	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			6/30/22
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,786		$	5,581		$	5,392		$	5,433		$	5,527		$	5,399
Parent and other subsidiaries		(1,235	)		(1,077	)		(1,000	)		(838	)		(993	)		(984	)

AFG GAAP Equity (excluding AOCI)	$	4,551		$	4,504		$	4,392		$	4,595		$	4,534		$	4,415

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	887		$	887		$	887		$	887		$	843		$	843

Page 15

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - September 30, 2023
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,074	$	147	$	—		$	1,221		8	%
Fixed maturities - Available for sale		9,761		170		—			9,931		67	%
Fixed maturities - Trading		51		—		—			51		1	%
Equity securities - Common stocks		588		—		—			588		4	%
Equity securities - Perpetual preferred		419		—		—			419		3	%
Investments accounted for using the equity method		1,806		1		—			1,807		12	%
Mortgage loans		644		—		—			644		4	%
Real estate and other investments		181		95		(143	)		133		1	%

Total cash and investments	$	14,524	$	413	$	(143	)	$	14,794		100	%


	Carrying Value - December 31, 2022
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment 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 16

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	121		$	117		$	112		$	107		$	93		$	350		$	250
Equity securities		8			8			9			13			8			25			23
Other investments (a)		19			16			13			14			12			48			26

Gross investment income excluding alternative investments		148			141			134			134			113			423			299
Gross investment income from alternative investments (b)		25			55			78			28			36			158			237

Total gross investment income		173			196			212			162			149			581			536
Investment expenses		(3	)		(5	)		(5	)		(3	)		(4	)		(13	)		(12	)

Total net investment income	$	170		$	191		$	207		$	159		$	145		$	568		$	524

Average cash and investments (c)	$	14,899		$	14,498		$	14,350		$	14,304		$	14,105		$	14,624		$	13,981

Average yield - fixed maturities before inv expenses (d)		4.68	%		4.62	%		4.40	%		4.15	%		3.73	%		4.56	%		3.43	%
Average yield - overall portfolio, net (d)		4.56	%		5.27	%		5.77	%		4.45	%		4.11	%		5.18	%		5.00	%
Average tax equivalent yield - overall portfolio, net (d)		4.63	%		5.34	%		5.83	%		4.53	%		4.21	%		5.25	%		5.10	%
AFG consolidated net investment income:
Property & Casualty core	$	170		$	191		$	207		$	159		$	145		$	568		$	524
Parent & other		10			12			11			9			10			33			15
Consolidate CLOs		(12	)		(5	)		(1	)		—			(4	)		(18	)		10

Total net investment income	$	168		$	198		$	217		$	168		$	151		$	583		$	549

Average cash and investments (c)	$	15,264		$	15,025		$	15,058		$	15,083		$	14,852		$	15,161		$	15,254

Average yield - overall portfolio, net (d)		4.40	%		5.27	%		5.76	%		4.46	%		4.07	%		5.13	%		4.80	%
Average yield - fixed maturities before inv expenses (d)		4.74	%		4.67	%		4.43	%		4.19	%		3.74	%		4.60	%		3.32	%

(a)	Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.

(b)	Investment income on alternative investments is detailed on page 18.

(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.

Page 17

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/23			6/30/23			3/31/23			12/31/22			9/30/22			9/30/23			9/30/22
Property and Casualty Insurance:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (11	)	$	8		$	4		$	—		$	—		$	1		$	—
Equity securities MTM through investment income (a)		7			14			16			7			(5	)		37			1
Investments accounted for using the equity method (b)		17			28			57			21			37			102			246
AFG managed CLOs (eliminated in consolidation)		12			5			1			—			4			18			(10	)

Total Property & Casualty	$	25		$	55		$	78		$	28		$	36		$	158		$	237

Investments
Convertible fixed maturities MTM through investment income	$	17		$	28		$	19		$	—		$	—		$	17		$	—
Equity securities MTM through investment income (a)		411			423			377			332			289			411			289
Investments accounted for using the equity method (b)		1,806			1,755			1,732			1,699			1,661			1,806			1,661
AFG managed CLOs (eliminated in consolidation)		143			136			132			115			97			143			97

Total Property & Casualty	$	2,377		$	2,342		$	2,260		$	2,146		$	2,047		$	2,377		$	2,047

Annualized Return—Property & Casualty		4.2	%		9.6	%		14.2	%		5.3	%		7.1	%		9.2	%		16.1	%
AFG Consolidated:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (11	)	$	8		$	4		$	—		$	—		$	1		$	—
Equity securities MTM through investment income (a)		7			14			16			7			(5	)		37			1
Investments accounted for using the equity method (b)		17			28			57			21			37			102			246
AFG managed CLOs (eliminated in consolidation)		12			5			1			—			4			18			(10	)

Total AFG Consolidated	$	25		$	55		$	78		$	28		$	36		$	158		$	237

Investments
Convertible fixed maturities MTM through investment income	$	17		$	28		$	19		$	—		$	—		$	17		$	—
Equity securities MTM through investment income (a)		411			423			377			332			289			411			289
Investments accounted for using the equity method (b)		1,807			1,756			1,733			1,700			1,661			1,807			1,661
AFG managed CLOs (eliminated in consolidation)		143			136			132			115			97			143			97

Total AFG Consolidated	$	2,378		$	2,343		$	2,261		$	2,147		$	2,047		$	2,378		$	2,047

Annualized Return—AFG Consolidated		4.2	%		9.6	%		14.2	%		5.3	%		7.1	%		9.2	%		16.1	%

(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.

Page 18

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


September 30, 2023	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	240	$	229	$	(11	)		2	%		2	%
States, municipalities and political subdivisions		986		911		(75	)		9	%		6	%
Foreign government		274		264		(10	)		3	%		2	%
Residential mortgage-backed securities		1,813		1,619		(194	)		16	%		11	%
Commercial mortgage-backed securities		78		76		(2	)		1	%		1	%
Collateralized loan obligations		1,754		1,723		(31	)		17	%		12	%
Other asset-backed securities		2,436		2,277		(159	)		23	%		15	%
Corporate and other bonds		3,060		2,883		(177	)		29	%		19	%

Total AFG consolidated	$	10,641	$	9,982	$	(659	)		100	%		68	%

Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.8 years
December 31, 2022	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment 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 19

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

9/30/2023

($ 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	$	—	$	322	$	247	$	1,317	$	65	$	1,534	$	893	$	22	$	4,400		44	%
AA		229		535		9		98		7		169		298		157		1,502		15	%
A		—		44		4		27		1		18		484		788		1,366		14	%
BBB		—		8		4		—		—		—		480		1,547		2,039		20	%

Subtotal - Investment grade		229		909		264		1,442		73		1,721		2,155		2,514		9,307		93	%
BB		—		—		—		7		3		—		7		202		219		2	%
B		—		—		—		7		—		—		2		69		78		1	%
CCC, CC, C		—		—		—		91		—		—		4		6		101		1	%
D		—		—		—		8		—		—		—		2		10		0	%

Subtotal - Non-Investment grade		—		—		—		113		3		—		13		279		408		4	%
Not Rated (b)		—		2		—		64		—		2		109		90		267		3	%

Total	$	229	$	911	$	264	$	1,619	$	76	$	1,723	$	2,277	$	2,883	$	9,982		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	229	$	904	$	218	$	1,561	$	73	$	1,665	$	1,699	$	983	$	7,332		75	%
2		—		7		—		9		—		—		480		1,562		2,058		21	%

Subtotal		229		911		218		1,570		73		1,665		2,179		2,545		9,390		96	%
3		—		—		—		1		3		—		7		202		213		2	%
4		—		—		—		—		—		—		2		74		76		1	%
5		—		—		—		2		—		—		9		44		55		1	%
6		—		—		—		1		—		—		—		2		3		0	%

Subtotal		—		—		—		4		3		—		18		322		347		4	%
Total insurance companies	$	229	$	911	$	218	$	1,574	$	76	$	1,665	$	2,197	$	2,867	$	9,737		100	%

No NAIC designation (c)		—		—		—		—		—		2		8		11		21
Non-Insurance and Foreign Companies (d)		—		—		46		45		—		56		72		5		224

Total	$	229	$	911	$	264	$	1,619	$	76	$	1,723	$	2,277	$	2,883	$	9,982

(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, 88% are NAIC 1 and 5% are NAIC 5. For Corp/Oth, 17% are NAIC 1, 23% NAIC 2, 41% NAIC 5 and 12% do not have a designation. For Total, 60% are NAIC 1, 11% NAIC 2, 16% NAIC 5 and 8% do not have a designation.

(c)	Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d)	98% are investment grade rated.

Page 20

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	%

No NAIC designation (c)		—		—		—		—		—		3		—		20		23
Non-Insurance and Foreign Companies (d)		—		—		39		76		—		291		126		106		638
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, 44% 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 26% are held by non-insurance companies.

(c)	Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d)	76% are investment grade rated.

Page 21

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

9/30/2023

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		REITs		Autos		Basic Industry		Retailers		Media		Capital Goods		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	11	$	22		1	%
AA		5		—		17		42		39		27		5		—		—		—		9		—		—		13		157		5	%
A		32		161		55		144		45		32		73		53		68		11		17		3		38		56		788		27	%
BBB		516		192		143		34		49		88		65		70		58		108		31		44		38		111		1,547		54	%

Subtotal		553		353		226		220		133		147		143		123		126		119		57		47		76		191		2,514		87	%
BB		23		2		25		3		30		12		—		—		5		14		39		33		2		14		202		7	%
B		—		—		2		1		11		—		—		—		4		—		32		—		4		15		69		3	%
CCC, CC, C		—		—		—		—		1		—		—		—		—		—		—		—		—		5		6		0	%
D		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%

Subtotal		23		2		29		4		42		12		—		—		9		14		71		33		6		34		279		10	%
Not Rated (b)		—		—		3		10		15		10		—		13		—		1		—		20		7		11		90		3	%

Total	$	576	$	355	$	258	$	234	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	236	$	2,883		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		REITs		Autos		Basic Industry		Retailers		Media		Capital Goods		Other		Total		% Total
1	$	37	$	161	$	82	$	186	$	95	$	66	$	78	$	53	$	71	$	11	$	26	$	3	$	38	$	76	$	983		34	%
2		516		192		144		33		49		88		65		83		55		108		31		44		38		116		1,562		54	%

Subtotal		553		353		226		219		144		154		143		136		126		119		57		47		76		192		2,545		88	%
3		23		2		24		4		34		7		—		—		5		15		39		33		2		14		202		7	%
4		—		—		1		—		9		8		—		—		4		—		32		—		4		16		74		3	%
5		—		—		5		—		3		—		—		—		—		—		—		20		7		9		44		2	%
6		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%

Subtotal		23		2		32		4		46		15		—		—		9		15		71		53		13		39		322		12	%
Total insurance companies	$	576	$	355	$	258	$	223	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	231	$	2,867		100	%

No NAIC designation (c)		—		—		—		11		—		—		—		—		—		—		—		—		—		—		11
Non-Insurance and Foreign Companies		—		—		—		—		—		—		—		—		—		—		—		—		—		5		5


Total	$	576	$	355	$	258	$	234	$	190	$	169	$	143	$	136	$	135	$	134	$	128	$	100	$	89	$	236	$	2,883

(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)	17% of not rated securities are NAIC 1, 23% NAIC 2, 41% NAIC 5 and 12% do not have a designation.

Page 22

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2022

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Other Financials		Technology		Insurance		Consumer		REITs		Retailers		Basic Industry		Media		Autos		Capital Goods		Energy		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	24		1	%
AA		—		—		23		39		21		48		—		5		—		—		—		—		16		11		163		6	%
A		52		144		43		54		129		29		54		17		3		—		42		45		—		58		670		26	%
BBB		442		214		90		105		27		44		63		32		83		32		30		22		17		86		1,287		49	%

Subtotal		494		358		156		208		177		121		117		54		86		32		72		67		33		169		2,144		82	%
BB		22		—		12		23		1		22		2		49		8		34		11		1		5		10		200		7	%
B		—		—		—		3		1		26		—		—		—		—		4		4		—		13		51		2	%
CCC, CC, C		—		—		—		—		—		1		—		—		—		—		—		—		—		—		1		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		22		—		12		26		2		49		2		49		8		34		15		5		5		23		252		9	%
Not Rated (b)		1		—		120		11		16		25		12		—		2		23		—		3		1		11		225		9	%

Total	$	517	$	358	$	288	$	245	$	195	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	203	$	2,621		100	%



	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Other Financials		Technology		Insurance		Consumer		REITs		Retailers		Basic Industry		Media		Autos		Capital Goods		Energy		Other		Total		% Total
1	$	52	$	144	$	79	$	103	$	150	$	88	$	54	$	22	$	3	$	—	$	42	$	45	$	16	$	80	$	878		35	%
2		443		213		91		105		29		48		75		32		83		32		30		24		17		88		1,310		53	%

Subtotal		495		357		170		208		179		136		129		54		86		32		72		69		33		168		2,188		88	%
3		22		—		12		29		2		27		2		49		10		54		11		2		6		13		239		9	%
4		—		—		—		5		—		24		—		—		—		—		4		4		—		9		46		2	%
5		—		—		—		3		—		8		—		—		—		3		—		—		—		8		22		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		22		—		12		37		2		59		2		49		10		57		15		6		6		30		307		12	%
Total insurance companies	$	517	$	357	$	182	$	245	$	181	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	198	$	2,495		100	%

No NAIC designation (c)		—		—		6		—		14		—		—		—		—		—		—		—		—		—		20
Non-Insurance and Foreign Companies		—		1		100		—		—		—		—		—		—		—		—		—		—		5		106

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, 84% are held by non-insurance companies and 11% are NAIC 1.

For the Total, 44% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.

(c)	Surplus notes that are classified as other invested assets for STAT.

Page 23

Appendix E

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

9/30/2023

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		TruPS		Single Family Rental		Secured Financing (c)		Railcar		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	—	$	408	$	47	$	171	$	25	$	—	$	144	$	—	$	5	$	10	$	83	$	893		40	%
AA		60		6		142		10		20		—		21		5		—		10		24		298		13	%
A		10		—		16		—		30		165		5		41		—		7		210		484		21	%
BBB		360		—		—		—		1		6		—		31		55		—		27		480		21	%

Subtotal		430		414		205		181		76		171		170		77		60		27		344		2,155		95	%
BB		—		—		—		—		1		—		—		6		—		—		—		7		0	%
B		—		—		—		—		1		—		—		1		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		4		—		—		—		4		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		2		—		—		11		—		—		—		13		0	%
Not Rated (b)		—		—		—		—		95		—		—		5		—		—		9		109		5	%

Total	$	430	$	414	$	205	$	181	$	173	$	171	$	170	$	93	$	60	$	27	$	353	$	2,277		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate		TruPS		Single Family Rental		Secured Financing (c)		Railcar		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	70	$	345	$	205	$	180	$	170	$	165	$	170	$	46	$	5	$	25	$	318	$	1,699		77	%
2		360		—		—		—		1		6		—		31		55		—		27		480		22	%

Subtotal		430		345		205		180		171		171		170		77		60		25		345		2,179		99	%
3		—		—		—		—		1		—		—		6		—		—		—		7		0	%
4		—		—		—		—		1		—		—		1		—		—		—		2		0	%
5		—		—		—		—		—		—		—		9		—		—		—		9		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		2		—		—		16		—		—		—		18		1	%
Total insurance companies	$	430	$	345	$	205	$	180	$	173	$	171	$	170	$	93	$	60	$	25	$	345	$	2,197		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		—		8		8
Non-Insurance and Foreign Companies		—		69		—		1		—		—		—		—		—		2		—		72

Total	$	430	$	414	$	205	$	181	$	173	$	171	$	170	$	93	$	60	$	27	$	353	$	2,277

(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)	88% of not rated securities are NAIC 1 and 5% are NAIC 5.

(c)	Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans.

Page 24

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
Credit Rating (a)	Commercial Real Estate		Whole Business		TruPS		Secured Financing (c)		Triple Net Lease		Single Family Rental		Railcar		Aircraft		Mortgage Servicer Receivables		Consumer 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
NAIC designation	Commercial Real Estate		Whole Business		TruPS		Secured Financing (c)		Triple Net Lease		Single Family Rental		Railcar		Aircraft		Mortgage Servicer Receivables		Consumer 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	%

No NAIC designation		—		—		—		—		—		—		—		—		—		—		—		—		—
Non-Insurance and Foreign Companies		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 5% are NAIC 5.

(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, and Commercial and Residential mortgages.

Page 25

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

9/30/2023

($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,212		92	%		95	%		98	%
Fund Investments		59		4	%		—			—
QOZ Fund - Development		19		2	%		—			—
Office		16		1	%		88	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		0	%		—			—
Student Housing		—		0	%		—			—

Total	$	1,321		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	53		53	%	$	—
Marina		36		36	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	100		100	%	$	—


Mortgage Loans

Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	461		71	%		66	%
Hospitality		126		20	%		51	%
Office		57		9	%		89	%

Total	$	644		100	%		65	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)	Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 9/30/23

(c)	Collections for July—September

Page 26

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	%		—

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	%		1

Total	$	676		100	%		66	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)	Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/22

(c)	Collections for October - December

Page 27