EX-99.2

EX-99.2 3 d766797dex992.htm EX-99.2 EX-99.2

Exhibit 99.2


		American Financial Group, Inc.
		Investor Supplement - Fourth Quarter 2023
		February 6, 2024
		American Financial Group, Inc.
		Corporate Headquarters
		Great American Insurance Group Tower 301 E Fourth Street
		Cincinnati, OH 45202 513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Fourth Quarter 2023


Section	Page
Table of Contents - Investor Supplement - Fourth 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 12/31/2023		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 12/31/2023		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 12/31/2023		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022		25
G. Real Estate-Related Investments 12/31/2023		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															Twelve Months Ended
	12/31/2023			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Highlights
Net earnings	$	263		$	177		$	200		$	212		$	276		$	852		$	898
Core net operating earnings		238			208			202			247			255			895			993
Total assets		29,787			30,825			29,048			28,481			28,831			29,787			28,831
Adjusted shareholders’ equity (a)		4,562			4,536			4,490			4,375			4,578			4,562			4,578
Property and Casualty net written premiums		1,445			2,061			1,667			1,519			1,338			6,692			6,206
Per share data
Diluted earnings per share	$	3.13		$	2.09		$	2.34		$	2.49		$	3.24		$	10.05		$	10.53
Core net operating earnings per share		2.84			2.45			2.38			2.89			2.99			10.56			11.63
Adjusted book value per share (a)		54.54			53.90			52.90			51.37			53.73			54.54			53.73
Dividends per common share		2.21			0.63			0.63			4.63			2.63			8.10			14.31
Financial ratios
Annualized return on equity (b)		23.0	%		15.7	%		17.9	%		18.9	%		24.2	%		18.8	%		19.2	%
Annualized core operating return on equity (b)		20.9	%		18.3	%		18.2	%		22.0	%		22.3	%		19.8	%		21.2	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		60.7	%		66.7	%		60.2	%		57.0	%		60.8	%		61.5	%		59.6	%
Underwriting expense ratio		27.0	%		25.5	%		31.7	%		32.2	%		25.8	%		28.8	%		27.6	%

Combined ratio - Specialty		87.7	%		92.2	%		91.9	%		89.2	%		86.6	%		90.3	%		87.2	%

(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															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Property and Casualty Insurance
Underwriting profit	$	211		$	142		$	124		$	154		$	218		$	631		$	776
Net investment income		161			170			191			207			159			729			683
Other income (expense)		(15	)		(14	)		(16	)		(11	)		(14	)		(56	)		(40	)

Property and Casualty Insurance operating earnings		357			298			299			350			363			1,304			1,419
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(19	)		(20	)		(76	)		(85	)
Other expense		(34	)		(22	)		(22	)		(23	)		(25	)		(101	)		(86	)

Pretax core operating earnings		304			257			258			308			318			1,127			1,248
Income tax expense		66			49			56			61			63			232			255

Core net operating earnings		238			208			202			247			255			895			993
Non-core items, net of tax:
Realized gains (losses) on securities		25			(15	)		(1	)		(37	)		21			(28	)		(92	)
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			(7	)
Other non-core items		—			—			—			—			—			—			4

Net earnings	$	263		$	177		$	200		$	212		$	276		$	852		$	898

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended													Twelve Months Ended
	12/31/23		9/30/23			6/30/23			3/31/23			12/31/22		12/31/23			12/31/22
Core net operating earnings	$	238	$	208		$	202		$	247		$	255	$	895		$	993

Net earnings	$	263	$	177		$	200		$	212		$	276	$	852		$	898

Average number of diluted shares		83.817		84.745			85.172			85.378			85.350		84.774			85.324
Diluted earnings per share:
Core net operating earnings per share	$	2.84	$	2.45		$	2.38		$	2.89		$	2.99	$	10.56		$	11.63
Realized gains (losses) on securities		0.29		(0.17	)		(0.02	)		(0.42	)		0.25		(0.33	)		(1.06	)
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			(0.09	)
Other non-core items		—		—			—			—			—		—			0.05

Diluted earnings per share	$	3.13	$	2.09		$	2.34		$	2.49		$	3.24	$	10.05		$	10.53

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Property and Transportation	$	67		$	42		$	32		$	43		$	68		$	184		$	208
Specialty Casualty		114			78			95			88			128			375			500
Specialty Financial		45			29			10			26			33			110			114
Other Specialty		(14	)		(6	)		(14	)		(2	)		(12	)		(36	)		(42	)

Underwriting profit - Specialty		212			143			123			155			217			633			780
Other core charges, included in loss and LAE		(1	)		(1	)		1			(1	)		1			(2	)		(4	)

Underwriting profit - Property and Casualty Insurance	$	211		$	142		$	124		$	154		$	218		$	631		$	776

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	2		$	—		$	(13	)	$	3		$	5
Catastrophe losses		24			56			51			31			24			162			88

Total current accident year catastrophe losses	$	25		$	56		$	53		$	31		$	11		$	165		$	93

Prior year loss reserve development (favorable) / adverse	$	(56	)	$	(43	)	$	(62	)	$	(63	)	$	(59	)	$	(224	)	$	(285	)

Combined ratio:
Property and Transportation		90.3	%		94.8	%		94.2	%		91.0	%		90.0	%		92.8	%		91.7	%
Specialty Casualty		84.6	%		89.4	%		86.6	%		87.5	%		81.3	%		87.0	%		81.2	%
Specialty Financial		81.3	%		87.6	%		95.0	%		86.5	%		83.1	%		87.3	%		83.7	%
Other Specialty		118.9	%		109.8	%		122.2	%		103.5	%		118.1	%		113.9	%		117.1	%
Combined ratio - Specialty		87.7	%		92.2	%		91.9	%		89.2	%		86.6	%		90.3	%		87.2	%
Other core charges		0.1	%		0.1	%		(0.2	%)		0.1	%		(0.1	%)		0.1	%		0.1	%

Combined ratio		87.8	%		92.3	%		91.7	%		89.3	%		86.5	%		90.4	%		87.3	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		89.6	%		91.5	%		92.4	%		91.5	%		89.3	%		91.2	%		90.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		62.6	%		66.0	%		60.7	%		59.3	%		63.5	%		62.4	%		62.8	%
Current accident year catastrophe losses		1.4	%		3.1	%		3.5	%		2.2	%		0.8	%		2.6	%		1.6	%
Prior accident year loss reserve development		(3.2	%)		(2.3	%)		(4.2	%)		(4.4	%)		(3.6	%)		(3.4	%)		(4.7	%)

Loss and LAE ratio		60.8	%		66.8	%		60.0	%		57.1	%		60.7	%		61.6	%		59.7	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Gross written premiums	$	1,992		$	3,140		$	2,369		$	2,155		$	1,845		$	9,656		$	9,057
Ceded reinsurance premiums		(547	)		(1,079	)		(702	)		(636	)		(507	)		(2,964	)		(2,851	)

Net written premiums		1,445			2,061			1,667			1,519			1,338			6,692			6,206
Change in unearned premiums		287			(206	)		(160	)		(82	)		285			(161	)		(121	)

Net earned premiums		1,732			1,855			1,507			1,437			1,623			6,531			6,085
Loss and LAE		1,052			1,238			906			819			987			4,015			3,625
Underwriting expense		468			474			478			463			419			1,883			1,680

Underwriting profit	$	212		$	143		$	123		$	155		$	217		$	633		$	780

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	—		$	2		$	—		$	(13	)	$	3		$	5
Catastrophe losses		24			56			51			31			24			162			88

Total current accident year catastrophe losses	$	25		$	56		$	53		$	31		$	11		$	165		$	93

Prior year loss reserve development (favorable) / adverse	$	(57	)	$	(44	)	$	(61	)	$	(64	)	$	(58	)	$	(226	)	$	(289	)

Combined ratio:
Loss and LAE ratio		60.7	%		66.7	%		60.2	%		57.0	%		60.8	%		61.5	%		59.6	%
Underwriting expense ratio		27.0	%		25.5	%		31.7	%		32.2	%		25.8	%		28.8	%		27.6	%

Combined ratio		87.7	%		92.2	%		91.9	%		89.2	%		86.6	%		90.3	%		87.2	%

Specialty combined ratio excl. catastrophe losses and prior year reserve development		89.6	%		91.5	%		92.4	%		91.5	%		89.3	%		91.2	%		90.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		62.6	%		66.0	%		60.7	%		59.3	%		63.5	%		62.4	%		62.8	%
Current accident year catastrophe losses		1.4	%		3.0	%		3.5	%		2.2	%		0.9	%		2.5	%		1.5	%
Prior accident year loss reserve development		(3.3	%)		(2.3	%)		(4.0	%)		(4.5	%)		(3.6	%)		(3.4	%)		(4.7	%)

Loss and LAE ratio		60.7	%		66.7	%		60.2	%		57.0	%		60.8	%		61.5	%		59.6	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Gross written premiums	$	623		$	1,592		$	1,059		$	872		$	601		$	4,146		$	4,060
Ceded reinsurance premiums		(197	)		(687	)		(391	)		(320	)		(178	)		(1,595	)		(1,545	)

Net written premiums		426			905			668			552			423			2,551			2,515
Change in unearned premiums		256			(77	)		(134	)		(77	)		259			(32	)		(28	)

Net earned premiums		682			828			534			475			682			2,519			2,487
Loss and LAE		470			636			346			289			489			1,741			1,735
Underwriting expense		145			150			156			143			125			594			544

Underwriting profit	$	67		$	42		$	32		$	43		$	68		$	184		$	208

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	—		$	—		$	(1	)	$	2		$	3
Catastrophe losses		3			14			15			19			8			51			42

Total current accident year catastrophe losses	$	5		$	14		$	15		$	19		$	7		$	53		$	45

Prior year loss reserve development (favorable) / adverse	$	(12	)	$	(14	)	$	(21	)	$	(37	)	$	(13	)	$	(84	)	$	(92	)

Combined ratio:
Loss and LAE ratio		69.0	%		76.8	%		64.8	%		60.9	%		71.8	%		69.2	%		69.8	%
Underwriting expense ratio		21.3	%		18.0	%		29.4	%		30.1	%		18.2	%		23.6	%		21.9	%

Combined ratio		90.3	%		94.8	%		94.2	%		91.0	%		90.0	%		92.8	%		91.7	%

Combined ratio excl. catastrophe losses and prior year reserve development		91.5	%		94.8	%		95.1	%		94.8	%		90.8	%		94.1	%		93.5	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		70.2	%		76.8	%		65.7	%		64.7	%		72.6	%		70.5	%		71.6	%
Current accident year catastrophe losses		0.6	%		1.7	%		2.9	%		4.0	%		1.0	%		2.0	%		1.9	%
Prior accident year loss reserve development		(1.8	%)		(1.7	%)		(3.8	%)		(7.8	%)		(1.8	%)		(3.3	%)		(3.7	%)

Loss and LAE ratio		69.0	%		76.8	%		64.8	%		60.9	%		71.8	%		69.2	%		69.8	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Gross written premiums	$	1,069		$	1,226		$	1,012		$	1,061		$	1,007		$	4,368		$	4,115
Ceded reinsurance premiums		(369	)		(397	)		(319	)		(339	)		(352	)		(1,424	)		(1,387	)

Net written premiums		700			829			693			722			655			2,944			2,728
Change in unearned premiums		37			(95	)		18			(18	)		31			(58	)		(69	)

Net earned premiums		737			734			711			704			686			2,886			2,659
Loss and LAE		438			463			421			417			381			1,739			1,453
Underwriting expense		185			193			195			199			177			772			706

Underwriting profit	$	114		$	78		$	95		$	88		$	128		$	375		$	500

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	(1	)	$	—		$	2		$	—		$	(1	)	$	1		$	—
Catastrophe losses		9			17			6			3			8			35			11

Total current accident year catastrophe losses	$	8		$	17		$	8		$	3		$	7		$	36		$	11

Prior year loss reserve development (favorable) / adverse	$	(37	)	$	(22	)	$	(24	)	$	(27	)	$	(50	)	$	(110	)	$	(190	)

Combined ratio:
Loss and LAE ratio		59.6	%		63.1	%		59.2	%		59.2	%		55.4	%		60.3	%		54.7	%
Underwriting expense ratio		25.0	%		26.3	%		27.4	%		28.3	%		25.9	%		26.7	%		26.5	%

Combined ratio		84.6	%		89.4	%		86.6	%		87.5	%		81.3	%		87.0	%		81.2	%

Combined ratio excl. catastrophe losses and prior year reserve development		88.5	%		90.0	%		89.0	%		90.9	%		87.5	%		89.6	%		87.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.5	%		63.7	%		61.6	%		62.6	%		61.6	%		62.9	%		61.4	%
Current accident year catastrophe losses		1.1	%		2.3	%		1.0	%		0.4	%		1.1	%		1.2	%		0.5	%
Prior accident year loss reserve development		(5.0	%)		(2.9	%)		(3.4	%)		(3.8	%)		(7.3	%)		(3.8	%)		(7.2	%)

Loss and LAE ratio		59.6	%		63.1	%		59.2	%		59.2	%		55.4	%		60.3	%		54.7	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Gross written premiums	$	300		$	322		$	298		$	222		$	237		$	1,142		$	882
Ceded reinsurance premiums		(50	)		(61	)		(58	)		(38	)		(38	)		(207	)		(171	)

Net written premiums		250			261			240			184			199			935			711
Change in unearned premiums		(6	)		(29	)		(45	)		12			(6	)		(68	)		(13	)

Net earned premiums		244			232			195			196			193			867			698
Loss and LAE		85			93			79			71			66			328			238
Underwriting expense		114			110			106			99			94			429			346

Underwriting profit	$	45		$	29		$	10		$	26		$	33		$	110		$	114

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	(10	)	$	—		$	3
Catastrophe losses		4			22			19			4			7			49			33

Total current accident year catastrophe losses	$	4		$	22		$	19		$	4		$	(3	)	$	49		$	36

Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(10	)	$	(11	)	$	(3	)	$	(8	)	$	(32	)	$	(47	)

Combined ratio:
Loss and LAE ratio		34.8	%		39.8	%		40.9	%		36.0	%		33.8	%		37.8	%		34.1	%
Underwriting expense ratio		46.5	%		47.8	%		54.1	%		50.5	%		49.3	%		49.5	%		49.6	%

Combined ratio		81.3	%		87.6	%		95.0	%		86.5	%		83.1	%		87.3	%		83.7	%

Combined ratio excl. catastrophe losses and prior year reserve development		82.7	%		82.5	%		91.1	%		85.7	%		85.3	%		85.3	%		85.6	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		36.2	%		34.7	%		37.0	%		35.2	%		36.0	%		35.8	%		36.0	%
Current accident year catastrophe losses		2.0	%		9.3	%		9.6	%		2.2	%		1.9	%		5.7	%		4.9	%
Prior accident year loss reserve development		(3.4	%)		(4.2	%)		(5.7	%)		(1.4	%)		(4.1	%)		(3.7	%)		(6.8	%)

Loss and LAE ratio		34.8	%		39.8	%		40.9	%		36.0	%		33.8	%		37.8	%		34.1	%

Page 10

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		69			66			66			61			61			262			252

Net written premiums		69			66			66			61			61			262			252
Change in unearned premiums		—			(5	)		1			1			1			(3	)		(11	)

Net earned premiums		69			61			67			62			62			259			241
Loss and LAE		59			46			60			42			51			207			199
Underwriting expense		24			21			21			22			23			88			84

Underwriting profit (loss)	$	(14	)	$	(6	)	$	(14	)	$	(2	)	$	(12	)	$	(36	)	$	(42	)

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	(1	)	$	—		$	(1	)
Catastrophe losses		8			3			11			5			1			27			2

Total current accident year catastrophe losses	$	8		$	3		$	11		$	5		$	—		$	27		$	1

Prior year loss reserve development (favorable) / adverse	$	—		$	2		$	(5	)	$	3		$	13		$	—		$	40

Combined ratio:
Loss and LAE ratio		82.8	%		76.2	%		91.1	%		69.0	%		83.3	%		80.0	%		82.4	%
Underwriting expense ratio		36.1	%		33.6	%		31.1	%		34.5	%		34.8	%		33.9	%		34.7	%

Combined ratio		118.9	%		109.8	%		122.2	%		103.5	%		118.1	%		113.9	%		117.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		107.3	%		101.2	%		111.7	%		92.0	%		98.5	%		103.3	%		100.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		71.2	%		67.6	%		80.6	%		57.5	%		63.7	%		69.4	%		65.4	%
Current accident year catastrophe losses		0.9	%		4.9	%		18.0	%		7.5	%		0.7	%		0.2	%		0.5	%
Prior accident year loss reserve development		10.7	%		3.7	%		(7.5	%)		4.0	%		18.9	%		10.4	%		16.5	%

Loss and LAE ratio		82.8	%		76.2	%		91.1	%		69.0	%		83.3	%		80.0	%		82.4	%

Page 11

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22
Assets:
Total cash and investments	$	15,263		$	14,794		$	14,489		$	14,451		$	14,512		$	14,322
Recoverables from reinsurers		4,477			4,421			3,852			3,838			3,977			4,108
Prepaid reinsurance premiums		961			1,223			1,112			1,021			917			1,180
Agents’ balances and premiums receivable		1,471			2,088			1,796			1,459			1,339			1,698
Deferred policy acquisition costs		309			324			316			285			288			292
Assets of managed investment entities		4,484			4,871			5,235			5,391			5,447			5,099
Other receivables		1,171			1,377			721			637			886			1,328
Other assets		1,346			1,422			1,281			1,153			1,219			1,259
Goodwill		305			305			246			246			246			246

Total assets	$	29,787		$	30,825		$	29,048		$	28,481		$	28,831		$	29,532

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	13,087		$	12,891		$	11,925		$	11,761		$	11,974		$	12,067
Unearned premiums		3,451			3,997			3,686			3,435			3,246			3,785
Payable to reinsurers		1,186			1,398			1,038			911			1,035			1,366
Liabilities of managed investment entities		4,307			4,728			5,098			5,258			5,332			5,002
Long-term debt		1,475			1,474			1,474			1,478			1,496			1,533
Other liabilities		2,023			2,356			1,834			1,697			1,696			1,847

Total liabilities	$	25,529		$	26,844		$	25,055		$	24,540		$	24,779		$	25,600
Shareholders’ equity:
Common stock	$	84		$	84		$	85		$	85		$	85		$	85
Capital surplus		1,372			1,372			1,377			1,374			1,368			1,358
Retained earnings		3,121			3,095			3,042			2,933			3,142			3,091
Unrealized gains (losses) - fixed maturities		(287	)		(521	)		(464	)		(413	)		(497	)		(554	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(17	)		(34	)		(33	)		(21	)		(29	)		(29	)
Other comprehensive income (loss), net of tax		(15	)		(15	)		(14	)		(17	)		(17	)		(19	)

Total shareholders’ equity		4,258			3,981			3,993			3,941			4,052			3,932

Total liabilities and equity	$	29,787		$	30,825		$	29,048		$	28,481		$	28,831		$	29,532

Page 12

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22
Shareholders’ equity	$	4,258		$	3,981		$	3,993		$	3,941		$	4,052		$	3,932
Unrealized (gains) losses related to fixed maturities		304			555			497			434			526			583

Adjusted shareholders’ equity		4,562			4,536			4,490			4,375			4,578			4,515
Goodwill		(305	)		(305	)		(246	)		(246	)		(246	)		(246	)
Intangibles		(213	)		(217	)		(102	)		(105	)		(108	)		(111	)

Tangible adjusted shareholders’ equity	$	4,044		$	4,014		$	4,142		$	4,024		$	4,224		$	4,158

Common shares outstanding		83.636			84.136			84.859			85.172			85.204			85.141
Book value per share:
Book value per share	$	50.91		$	47.31		$	47.06		$	46.27		$	47.56		$	46.18
Adjusted (a)		54.54			53.90			52.90			51.37			53.73			53.03
Tangible, adjusted (b)		48.35			47.71			48.80			47.25			49.58			48.84
Market capitalization
AFG’s closing common share price	$	118.89		$	111.67		$	118.75		$	121.50		$	137.28		$	122.93
Market capitalization	$	9,943		$	9,395		$	10,077		$	10,348		$	11,697		$	10,466
Price / Adjusted book value ratio		2.18			2.07			2.24			2.37			2.56			2.32

(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)


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

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

Total principal amount of long-term debt	$	1,498		$	1,498		$	1,498		$	1,503		$	1,521		$	1,559
Shareholders’ equity		4,258			3,981			3,993			3,941			4,052			3,932
Less:
Unrealized (gains) losses related to fixed maturity investments		304			555			497			434			526			583

Total adjusted capital	$	6,060		$	6,034		$	5,988		$	5,878		$	6,099		$	6,074

Ratio of debt to total adjusted capital:
Including subordinated debt		24.7	%		24.8	%		25.0	%		25.6	%		24.9	%		25.7	%
Excluding subordinated debt		13.6	%		13.6	%		13.7	%		14.1	%		13.9	%		14.6	%

Page 14

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Twelve Months Ended
	12/31/23		9/30/23		6/30/23		3/31/23		12/31/22		12/31/23		12/31/22
Property and Casualty Insurance
Paid Losses (GAAP)	$	938	$	805	$	802	$	881	$	914	$	3,426	$	3,082


	12/31/2023			9/30/23			6/30/23			3/31/23			12/31/22			9/30/22
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,710		$	5,786		$	5,581		$	5,392		$	5,433		$	5,527
Parent and other subsidiaries		(1,133	)		(1,235	)		(1,077	)		(1,000	)		(838	)		(993	)

AFG GAAP Equity (excluding AOCI)	$	4,577		$	4,551		$	4,504		$	4,392		$	4,595		$	4,534

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	946		$	887		$	887		$	887		$	887		$	843

Page 15

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - December 31, 2023
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	940	$	285	$	—		$	1,225		8	%
Fixed maturities - Available for sale		10,225		152		—			10,377		68	%
Fixed maturities - Trading		57		—		—			57		0	%
Equity securities - Common stocks		586		—		—			586		4	%
Equity securities - Perpetual preferred		432		—		—			432		3	%
Investments accounted for using the equity method		1,812		2		—			1,814		12	%
Mortgage loans		643		—		—			643		4	%
Real estate and other investments		211		93		(175	)		129		1	%

Total cash and investments	$	14,906	$	532	$	(175	)	$	15,263		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															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	131		$	121		$	117		$	112		$	107		$	481		$	358
Equity securities		7			8			8			9			13			32			35
Other investments (a)		21			19			16			13			14			69			40

Gross investment income excluding alternative investments		159			148			141			134			134			582			433
Gross investment income from alternative investments (b)		5			25			55			78			28			163			265

Total gross investment income		164			173			196			212			162			745			698
Investment expenses		(3	)		(3	)		(5	)		(5	)		(3	)		(16	)		(15	)

Total net investment income	$	161		$	170		$	191		$	207		$	159		$	729		$	683

Average cash and investments (c)	$	15,227		$	14,899		$	14,498		$	14,350		$	14,304		$	14,753		$	14,048

Average yield - fixed maturities before inv expenses (d)		4.99	%		4.68	%		4.62	%		4.40	%		4.15	%		4.67	%		3.63	%
Average yield - overall portfolio, net (d)		4.23	%		4.56	%		5.27	%		5.77	%		4.45	%		4.94	%		4.86	%
Average tax equivalent yield - overall portfolio, net (d)		4.31	%		4.63	%		5.34	%		5.83	%		4.53	%		5.01	%		4.96	%
AFG consolidated net investment income:
Property & Casualty core	$	161		$	170		$	191		$	207		$	159		$	729		$	683
Parent & other		7			10			12			11			9			40			24
Consolidate CLOs		(9	)		(12	)		(5	)		(1	)		—			(27	)		10

Total net investment income	$	159		$	168		$	198		$	217		$	168		$	742		$	717

Average cash and investments (c)	$	15,540		$	15,264		$	15,025		$	15,058		$	15,083		$	15,254		$	15,231

Average yield - overall portfolio, net (d)		4.09	%		4.40	%		5.27	%		5.76	%		4.46	%		4.86	%		4.71	%
Average yield - fixed maturities before inv expenses (d)		5.01	%		4.74	%		4.67	%		4.43	%		4.19	%		4.70	%		3.54	%

(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															Twelve Months Ended
	12/31/23			9/30/23			6/30/23			3/31/23			12/31/22			12/31/23			12/31/22
Property and Casualty Insurance:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (2	)	$	(11	)	$	8		$	4		$	—		$	(1	)	$	—
Equity securities MTM through investment income (a)		1			7			14			16			7			38			8
Investments accounted for using the equity method (b)		(3	)		17			28			57			21			99			267
AFG managed CLOs (eliminated in consolidation)		9			12			5			1			—			27			(10	)

Total Property & Casualty	$	5		$	25		$	55		$	78		$	28		$	163		$	265

Investments
Convertible fixed maturities MTM through investment income	$	17		$	17		$	28		$	19		$	—		$	17		$	—
Equity securities MTM through investment income (a)		440			411			423			377			332			440			332
Investments accounted for using the equity method (b)		1,812			1,806			1,755			1,732			1,699			1,812			1,699
AFG managed CLOs (eliminated in consolidation)		175			143			136			132			115			175			115

Total Property & Casualty	$	2,444		$	2,377		$	2,342		$	2,260		$	2,146		$	2,444		$	2,146

Annualized Return - Property & Casualty		0.8	%		4.2	%		9.6	%		14.2	%		5.3	%		7.0	%		13.2	%
AFG Consolidated:
Net Investment Income
Convertible fixed maturities MTM through investment income		$ (2	)	$	(11	)	$	8		$	4		$	—		$	(1	)	$	—
Equity securities MTM through investment income (a)		1			7			14			16			7			38			8
Investments accounted for using the equity method (b)		(3	)		17			28			57			21			99			267
AFG managed CLOs (eliminated in consolidation)		9			12			5			1			—			27			(10	)

Total AFG Consolidated	$	5		$	25		$	55		$	78		$	28		$	163		$	265

Investments
Convertible fixed maturities MTM through investment income	$	17		$	17		$	28		$	19		$	—		$	17		$	—
Equity securities MTM through investment income (a)		440			411			423			377			332			440			332
Investments accounted for using the equity method (b)		1,814			1,807			1,756			1,733			1,700			1,814			1,700
AFG managed CLOs (eliminated in consolidation)		175			143			136			132			115			175			115

Total AFG Consolidated	$	2,446		$	2,378		$	2,343		$	2,261		$	2,147		$	2,446		$	2,147

Annualized Return - AFG Consolidated		0.8	%		4.2	%		9.6	%		14.2	%		5.3	%		7.0	%		13.2	%

(a)	AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as “fair value through net investment income.”

(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to market through net income.

Page 18

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


December 31, 2023	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	243	$	236	$	(7	)		2	%		2	%
States, municipalities and political subdivisions		1,014		984		(30	)		9	%		6	%
Foreign government		288		282		(6	)		3	%		2	%
Residential mortgage-backed securities		1,787		1,658		(129	)		16	%		11	%
Commercial mortgage-backed securities		75		74		(1	)		1	%		0	%
Collateralized loan obligations		1,706		1,687		(19	)		16	%		11	%
Other asset-backed securities		2,472		2,362		(110	)		23	%		15	%
Corporate and other bonds		3,212		3,151		(61	)		30	%		21	%

Total AFG consolidated	$	10,797	$	10,434	$	(363	)		100	%		68	%

Approximate duration - P&C		3.2 years
Approximate duration - P&C including cash		2.9 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

12/31/2023

($ 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	$	—	$	371	$	261	$	1,425	$	63	$	1,500	$	961	$	23	$	4,604		44	%
AA		236		560		10		99		7		173		261		160		1,506		15	%
A		—		44		5		26		1		13		542		839		1,470		14	%
BBB		—		7		6		4		—		—		474		1,740		2,231		21	%

Subtotal - Investment grade		236		982		282		1,554		71		1,686		2,238		2,762		9,811		94	%
BB		—		—		—		2		3		—		7		195		207		2	%
B		—		—		—		4		—		—		2		67		73		1	%
CCC, CC, C		—		—		—		29		—		—		5		7		41		0	%
D		—		—		—		4		—		—		—		—		4		0	%

Subtotal - Non-Investment grade		—		—		—		39		3		—		14		269		325		3	%
Not Rated (b)		—		2		—		65		—		1		110		120		298		3	%

Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	236	$	977	$	230	$	1,606	$	71	$	1,633	$	1,799	$	1,043	$	7,595		74	%
2		—		7		—		2		—		—		474		1,769		2,252		22	%

Subtotal		236		984		230		1,608		71		1,633		2,273		2,812		9,847		96	%
3		—		—		—		1		3		—		8		195		207		2	%
4		—		—		—		1		—		—		1		61		63		1	%
5		—		—		—		3		—		—		9		67		79		1	%
6		—		—		—		5		—		—		—		—		5		0	%

Subtotal		—		—		—		10		3		—		18		323		354		4	%
Total insurance companies	$	236	$	984	$	230	$	1,618	$	74	$	1,633	$	2,291	$	3,135	$	10,201		100	%

No NAIC designation (c)		—		—		—		—		—		1		9		11		21
Non-Insurance and Foreign Companies (d)		—		—		52		40		—		53		62		5		212

Total	$	236	$	984	$	282	$	1,658	$	74	$	1,687	$	2,362	$	3,151	$	10,434

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	For ABS, 87% are NAIC 1 and 8% do not have a designation.

For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.

For Total, 58% are NAIC 1, 9% NAIC 2, 21% NAIC 5 and 7% 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		0
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

12/31/2023

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		Autos		REITs		Retailers		Basic Industry		Media		Capital Goods		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	23		1	%
AA		5		—		18		43		39		29		5		—		—		10		—		—		—		11		160		5	%
A		33		190		57		151		44		45		86		61		47		18		11		3		35		58		839		27	%
BBB		579		210		151		41		69		101		72		79		68		51		110		45		40		124		1,740		55	%

Subtotal		617		400		237		235		152		175		163		140		115		79		121		48		75		205		2,762		88	%
BB		23		2		24		3		27		5		—		5		—		40		15		35		1		15		195		6	%
B		—		—		2		—		10		8		—		4		—		24		—		—		4		15		67		2	%
CCC, CC, C		—		—		2		—		—		—		—		—		—		—		—		—		—		5		7		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		23		2		28		3		37		13		—		9		—		64		15		35		5		35		269		8	%
Not Rated (b)		—		—		4		11		18		10		—		—		28		—		—		20		6		23		120		4	%

Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Consumer		Other Financials		Utilities		Autos		REITs		Retailers		Basic Industry		Media		Capital Goods		Other		Total		% Total
1	$	38	$	190	$	86	$	194	$	92	$	82	$	92	$	61	$	55	$	28	$	11	$	3	$	35	$	76	$	1,043		33	%
2		579		210		151		41		75		102		71		84		81		51		110		45		40		129		1,769		57	%

Subtotal		617		400		237		235		167		184		163		145		136		79		121		48		75		205		2,812		90	%
3		23		2		23		3		32		6		—		—		—		40		14		35		2		15		195		6	%
4		—		—		1		—		4		8		—		4		—		24		—		—		4		16		61		2	%
5		—		—		8		—		4		—		—		—		7		—		1		20		5		22		67		2	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		23		2		32		3		40		14		—		4		7		64		15		55		11		53		323		10	%
Total insurance companies	$	640	$	402	$	269	$	238	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	258	$	3,135		100	%

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

Total	$	640	$	402	$	269	$	249	$	207	$	198	$	163	$	149	$	143	$	143	$	136	$	103	$	86	$	263	$	3,151

(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)	21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.

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

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

12/31/2023

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Commercial Real Estate		Secured Financing (c)		TruPS		Single Family Rental		Triple Net Lease		Railcar		Aircraft		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	385	$	24	$	46	$	191	$	157	$	—	$	—	$	67	$	91	$	961		41	%
AA		55		6		20		140		1		2		—		5		14		18		261		11	%
A		10		—		75		16		—		24		168		54		—		195		542		23	%
BBB		366		—		1		—		—		—		6		30		—		71		474		20	%

Subtotal		431		391		120		202		192		183		174		89		81		375		2,238		95	%
BB		—		—		1		—		—		—		—		6		—		—		7		0	%
B		—		—		1		—		—		—		—		1		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		5		—		—		5		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		2		—		—		—		—		12		—		—		14		0	%
Not Rated (b)		—		—		96		—		—		—		—		5		—		9		110		5	%

Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Commercial Real Estate ABS		Secured Financing (c)		TruPS		Single Family Rental		Triple Net Lease		Railcar		Aircraft		Auto		Other		Total		% Total
1	$	65	$	331	$	215	$	202	$	192	$	183	$	167	$	60	$	81	$	303	$	1,799		79	%
2		366		—		1		—		—		—		7		30		—		70		474		21	%

Subtotal		431		331		216		202		192		183		174		90		81		373		2,273		100	%
3		—		—		2		—		—		—		—		6		—		—		8		0	%
4		—		—		—		—		—		—		—		1		—		—		1		0	%
5		—		—		—		—		—		—		—		9		—		—		9		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		2		—		—		—		—		16		—		—		18		0	%
Total insurance companies	$	431	$	331	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	373	$	2,291		100	%

No NAIC designation		—		—		—		—		—		—		—		—		—		9		9
Non-Insurance and Foreign Companies		—		60		—		—		—		—		—		—		—		2		62

Total	$	431	$	391	$	218	$	202	$	192	$	183	$	174	$	106	$	81	$	384	$	2,362

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	87% of not rated securities are NAIC 1 and 8% do not have a designation.

(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

12/31/2023

($ 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	$	1,205		91	%		94	%		97	%
Fund Investments		59		5	%		—			—
QOZ Fund - Development		25		2	%		—			—
Office		16		1	%		88	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		—			—			—

Total	$	1,320		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		36		37	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	97		100	%	$	—


Mortgage Loans

Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	462		72	%		66	%
Hospitality		125		19	%		49	%
Office		56		9	%		89	%

Total	$	643		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 12/31/23

(c)	Collections for October - December

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	%		89	%

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