EX-99.2

EX-99.2 3 d124182dex992.htm EX-99.2 EX-99.2

Exhibit 99.2




		American Financial Group, Inc.
		Investor Supplement - Second Quarter 2026
		August 4, 2026
		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 - Second Quarter 2026


Section	Page

Table of Contents - Investor Supplement - Second Quarter 2026		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

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		11
Book Value Per Share and Price / Book Summary		12
Capitalization		13
Additional Supplemental Information		14

Consolidated Investment Supplement
Total Cash and Investments		15
Net Investment Income		16
Alternative Investments		17
Fixed Maturities - By Security Type - AFG Consolidated		18


Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2026			19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025			20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2026			21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025			22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2026			23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025			24
G. Real Estate-Related Investments 6/30/2026			25
H. Real Estate-Related Investments 12/31/2025			26

Page 2


American Financial Group, Inc.
Financial Highlights
(in millions, except per share information)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Highlights
Net earnings	$	248		$	191		$	299		$	215		$	174		$	439		$	328
Core net operating earnings		234			206			305			224			179			440			331
Total assets		33,034			32,353			32,642			33,834			30,669			33,034			30,669
Shareholders’ equity, excluding AOCI (a)		4,963			4,805			4,870			4,803			4,648			4,963			4,648
Property and Casualty net written premiums		1,915			1,664			1,444			2,252			1,803			3,579			3,414
Per share data
Diluted earnings per share	$	2.99		$	2.29		$	3.58		$	2.58		$	2.07		$	5.28		$	3.92
Core net operating earnings per share		2.82			2.47			3.65			2.69			2.14			5.29			3.96
Book value per share, excluding AOCI (a)		59.85			57.83			58.38			57.59			55.74			59.85			55.74
Dividends per common share		0.88			2.38			2.88			0.80			0.80			3.26			3.60
Financial ratios
Annualized return on equity (b)		20.3	%		15.8	%		24.7	%		18.2	%		15.0	%		18.0	%		14.1	%
Annualized core operating return on equity (b)		19.2	%		17.0	%		25.2	%		19.0	%		15.5	%		18.0	%		14.3	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%
Underwriting expense ratio		32.6	%		34.0	%		25.5	%		25.8	%		32.0	%		33.3	%		32.5	%

Combined ratio - Specialty		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%

(a)	A reconciliation to the GAAP measure is on page 12.

(b)	Excludes accumulated other comprehensive income.

Page 3


American Financial Group, Inc.
Summary of Earnings
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance
Underwriting profit	$	142		$	156		$	284		$	138		$	113		$	298		$	207
Net investment income		221			168			171			205			179			389			349
Other income (expense)		(13	)		(15	)		(15	)		(15	)		(19	)		(28	)		(37	)

Property and Casualty Insurance operating earnings		350			309			440			328			273			659			519
Interest expense of parent holding companies		(24	)		(23	)		(23	)		(19	)		(19	)		(47	)		(38	)
Other expense		(26	)		(29	)		(31	)		(29	)		(27	)		(55	)		(60	)

Pretax core operating earnings		300			257			386			280			227			557			421
Income tax expense		66			51			81			56			48			117			90

Core net operating earnings		234			206			305			224			179			440			331
Non-core items, net of tax:
Realized gains (losses) on securities		14			(15	)		(6	)		10			2			(1	)		4
Realized gain on subsidiaries		—			—			—			1			—			—			—
Special A&E charges - Former Railroad and Manufacturing operations		—			—			—			(20	)		—			—			—
Other non-core items		—			—			—			—			(7	)		—			(7	)

Net earnings	$	248		$	191		$	299		$	215		$	174		$	439		$	328

Page 4


American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share information)


	Three Months Ended														Six Months Ended
	6/30/26		3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Core net operating earnings	$	234	$	206		$	305		$	224		$	179		$	440		$	331

Net earnings	$	248	$	191		$	299		$	215		$	174		$	439		$	328

Average number of diluted shares		83.026		83.263			83.411			83.397			83.488			83.144			83.664
Diluted earnings per share:
Core net operating earnings per share	$	2.82	$	2.47		$	3.65		$	2.69		$	2.14		$	5.29		$	3.96
Realized gains (losses) on securities		0.17		(0.18	)		(0.07	)		0.12			0.02			(0.01	)		0.05
Realized gain on subsidiaries		—		—			—			0.01			—			—			—
Special A&E charges - Former Railroad and Manufacturing operations		—		—			—			(0.24	)		—			—			—
Other non-core items		—		—			—			—			(0.09	)		—			(0.09	)

Diluted earnings per share	$	2.99	$	2.29		$	3.58		$	2.58		$	2.07		$	5.28		$	3.92

Page 5


American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Transportation	$	57		$	65		$	216		$	55		$	27		$	122		$	64
Specialty Casualty		45			34			27			33			49			79			69
Specialty Financial		42			57			44			51			38			99			75

Underwriting profit - Specialty		144			156			287			139			114			300			208
Other core charges, included in loss and LAE		(2	)		—			(3	)		(1	)		(1	)		(2	)		(1	)

Underwriting profit - Property and Casualty Insurance	$	142		$	156		$	284		$	138		$	113		$	298		$	207

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		31			35			4			23			38			66			110

Total current accident year catastrophe losses	$	31		$	35		$	4		$	23		$	38		$	66		$	110

Prior year loss reserve development (favorable) / adverse	$	(55	)	$	(70	)	$	(27	)	$	(23	)	$	(11	)	$	(125	)	$	(31	)

Combined ratio:
Property and Transportation		90.3	%		87.6	%		70.6	%		94.1	%		95.2	%		89.1	%		94.0	%
Specialty Casualty		94.5	%		95.8	%		96.7	%		95.8	%		93.9	%		95.1	%		95.8	%
Specialty Financial		85.6	%		80.0	%		83.0	%		81.1	%		86.1	%		82.8	%		86.5	%
Combined ratio - Specialty		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%
Other core charges		0.1	%		0.1	%		0.2	%		0.1	%		0.0	%		0.1	%		0.0	%

Combined ratio		91.6	%		90.4	%		84.3	%		93.1	%		93.1	%		91.0	%		93.6	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		93.1	%		92.5	%		85.5	%		93.0	%		91.5	%		92.8	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.5	%		58.5	%		60.0	%		67.2	%		59.5	%		59.5	%		58.7	%
Prior accident year loss reserve development		(3.3	%)		(4.3	%)		(1.5	%)		(1.1	%)		(0.7	%)		(3.8	%)		(1.0	%)
Current accident year catastrophe losses		1.8	%		2.2	%		0.3	%		1.2	%		2.3	%		2.0	%		3.4	%

Loss and LAE ratio		59.0	%		56.4	%		58.8	%		67.3	%		61.1	%		57.7	%		61.1	%

Page 6


American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	2,850		$	2,435		$	2,085		$	3,665		$	2,653		$	5,285		$	4,944
Ceded reinsurance premiums		(935	)		(771	)		(641	)		(1,413	)		(850	)		(1,706	)		(1,530	)

Net written premiums		1,915			1,664			1,444			2,252			1,803			3,579			3,414
Change in unearned premiums		(221	)		(55	)		362			(239	)		(156	)		(276	)		(187	)

Net earned premiums		1,694			1,609			1,806			2,013			1,647			3,303			3,227
Loss and LAE		998			906			1,058			1,354			1,006			1,904			1,971
Underwriting expense		552			547			461			520			527			1,099			1,048

Underwriting profit	$	144		$	156		$	287		$	139		$	114		$	300		$	208

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		31			35			4			23			38			66			110

Total current accident year catastrophe losses	$	31		$	35		$	4		$	23		$	38		$	66		$	110

Prior year loss reserve development (favorable) / adverse	$	(57	)	$	(70	)	$	(30	)	$	(24	)	$	(12	)	$	(127	)	$	(32	)

Combined ratio:
Loss and LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%
Underwriting expense ratio		32.6	%		34.0	%		25.5	%		25.8	%		32.0	%		33.3	%		32.5	%

Combined ratio		91.5	%		90.3	%		84.1	%		93.0	%		93.1	%		90.9	%		93.6	%

Combined ratio excl. catastrophe losses and prior year reserve development		93.1	%		92.5	%		85.5	%		93.0	%		91.5	%		92.8	%		91.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.5	%		58.5	%		60.0	%		67.2	%		59.5	%		59.5	%		58.7	%
Prior accident year loss reserve development		(3.4	%)		(4.4	%)		(1.6	%)		(1.2	%)		(0.7	%)		(3.9	%)		(1.0	%)
Current accident year catastrophe losses		1.8	%		2.2	%		0.2	%		1.2	%		2.3	%		2.0	%		3.4	%

Loss and LAE ratio		58.9	%		56.3	%		58.6	%		67.2	%		61.1	%		57.6	%		61.1	%

Page 7


American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	1,351		$	999		$	612		$	1,975		$	1,247		$	2,350		$	2,144
Ceded reinsurance premiums		(554	)		(403	)		(214	)		(924	)		(488	)		(957	)		(822	)

Net written premiums		797			596			398			1,051			759			1,393			1,322
Change in unearned premiums		(207	)		(70	)		337			(116	)		(183	)		(277	)		(246	)

Net earned premiums		590			526			735			935			576			1,116			1,076
Loss and LAE		369			301			417			728			387			670			698
Underwriting expense		164			160			102			152			162			324			314

Underwriting profit	$	57		$	65		$	216		$	55		$	27		$	122		$	64

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		12			12			—			4			12			24			22

Total current accident year catastrophe losses	$	12		$	12		$	—		$	4		$	12		$	24		$	22

Prior year loss reserve development (favorable) / adverse	$	(42	)	$	(47	)	$	(20	)	$	(11	)	$	(13	)	$	(89	)	$	(32	)

Combined ratio:
Loss and LAE ratio		62.6	%		57.1	%		56.8	%		77.8	%		67.2	%		60.1	%		64.9	%
Underwriting expense ratio		27.7	%		30.5	%		13.8	%		16.3	%		28.0	%		29.0	%		29.1	%

Combined ratio		90.3	%		87.6	%		70.6	%		94.1	%		95.2	%		89.1	%		94.0	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.2	%		94.4	%		73.4	%		94.8	%		95.4	%		94.9	%		94.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		67.5	%		63.9	%		59.6	%		78.5	%		67.4	%		65.9	%		65.8	%
Prior accident year loss reserve development		(7.0	%)		(9.0	%)		(2.7	%)		(1.1	%)		(2.2	%)		(8.0	%)		(3.0	%)
Current accident year catastrophe losses		2.1	%		2.2	%		(0.1	%)		0.4	%		2.0	%		2.2	%		2.1	%

Loss and LAE ratio		62.6	%		57.1	%		56.8	%		77.8	%		67.2	%		60.1	%		64.9	%

Page 8


American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	1,119		$	1,089		$	1,153		$	1,337		$	1,062		$	2,208		$	2,130
Ceded reinsurance premiums		(307	)		(300	)		(357	)		(423	)		(297	)		(607	)		(593	)

Net written premiums		812			789			796			914			765			1,601			1,537
Change in unearned premiums		2			10			16			(104	)		34			12			56

Net earned premiums		814			799			812			810			799			1,613			1,593
Loss and LAE		525			517			558			541			516			1,042			1,052
Underwriting expense		244			248			227			236			234			492			472

Underwriting profit	$	45		$	34		$	27		$	33		$	49		$	79		$	69

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		9			11			(3	)		8			7			20			34

Total current accident year catastrophe losses	$	9		$	11		$	(3	)	$	8		$	7		$	20		$	34

Prior year loss reserve development (favorable) / adverse	$	(1	)	$	—		$	(1	)	$	(1	)	$	10		$	(1	)	$	22

Combined ratio:
Loss and LAE ratio		64.6	%		64.7	%		68.7	%		66.8	%		64.5	%		64.6	%		66.1	%
Underwriting expense ratio		29.9	%		31.1	%		28.0	%		29.0	%		29.4	%		30.5	%		29.7	%

Combined ratio		94.5	%		95.8	%		96.7	%		95.8	%		93.9	%		95.1	%		95.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		93.6	%		94.4	%		97.1	%		94.9	%		91.8	%		93.9	%		92.3	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		63.7	%		63.3	%		69.1	%		65.9	%		62.4	%		63.4	%		62.6	%
Prior accident year loss reserve development		(0.1	%)		0.0	%		(0.1	%)		(0.1	%)		1.2	%		(0.1	%)		1.4	%
Current accident year catastrophe losses		1.0	%		1.4	%		(0.3	%)		1.0	%		0.9	%		1.3	%		2.1	%

Loss and LAE ratio		64.6	%		64.7	%		68.7	%		66.8	%		64.5	%		64.6	%		66.1	%

Page 9


American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Gross written premiums	$	380		$	347		$	320		$	353		$	344		$	727		$	670
Ceded reinsurance premiums		(74	)		(68	)		(70	)		(66	)		(65	)		(142	)		(115	)

Net written premiums		306			279			250			287			279			585			555
Change in unearned premiums		(16	)		5			9			(19	)		(7	)		(11	)		3

Net earned premiums		290			284			259			268			272			574			558
Loss and LAE		104			88			83			85			103			192			221
Underwriting expense		144			139			132			132			131			283			262

Underwriting profit	$	42		$	57		$	44		$	51		$	38		$	99		$	75

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		10			12			7			11			19			22			54

Total current accident year catastrophe losses	$	10		$	12		$	7		$	11		$	19		$	22		$	54

Prior year loss reserve development (favorable) / adverse	$	(14	)	$	(23	)	$	(9	)	$	(12	)	$	(9	)	$	(37	)	$	(22	)

Combined ratio:
Loss and LAE ratio		35.6	%		31.2	%		32.0	%		31.8	%		38.1	%		33.4	%		39.6	%
Underwriting expense ratio		50.0	%		48.8	%		51.0	%		49.3	%		48.0	%		49.4	%		46.9	%

Combined ratio		85.6	%		80.0	%		83.0	%		81.1	%		86.1	%		82.8	%		86.5	%

Combined ratio excl. catastrophe losses and prior year reserve development		87.3	%		83.7	%		83.5	%		81.7	%		82.0	%		85.5	%		80.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		37.3	%		34.9	%		32.5	%		32.4	%		34.0	%		36.1	%		33.8	%
Prior accident year loss reserve development		(5.1	%)		(7.9	%)		(3.0	%)		(4.7	%)		(3.2	%)		(6.5	%)		(3.9	%)
Current accident year catastrophe losses		3.4	%		4.2	%		2.5	%		4.1	%		7.3	%		3.8	%		9.7	%

Loss and LAE ratio		35.6	%		31.2	%		32.0	%		31.8	%		38.1	%		33.4	%		39.6	%

Page 10


American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
Assets:
Total cash and investments	$	17,069		$	17,143		$	17,182		$	16,761		$	16,049		$	15,994
Recoverables from reinsurers		5,267			5,303			5,528			5,565			4,733			4,945
Prepaid reinsurance premiums		1,375			1,211			1,089			1,443			1,256			1,105
Agents’ balances and premiums receivable		2,046			1,670			1,641			2,034			1,946			1,589
Deferred policy acquisition costs		366			334			333			349			345			316
Assets of managed investment entities		4,142			3,987			4,050			3,972			3,833			3,848
Other receivables		1,117			1,058			1,212			2,075			877			855
Other assets		1,325			1,320			1,280			1,308			1,325			1,337
Goodwill		327			327			327			327			305			305

Total assets	$	33,034		$	32,353		$	32,642		$	33,834		$	30,669		$	30,294

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	14,842		$	14,914		$	15,094		$	15,079		$	13,834		$	13,970
Unearned premiums		4,297			3,911			3,736			4,450			4,026			3,710
Payable to reinsurers		1,133			1,065			1,195			1,578			1,152			1,028
Liabilities of managed investment entities		3,993			3,854			3,907			3,834			3,685			3,726
Long-term debt		1,821			1,820			1,820			1,820			1,476			1,476
Other liabilities		2,127			2,111			2,070			2,343			1,980			1,992

Total liabilities		28,213			27,675			27,822			29,104			26,153			25,902
Shareholders’ equity:
Common stock		83			83			83			83			83			84
Capital surplus		1,434			1,428			1,430			1,421			1,414			1,409
Retained earnings		3,446			3,294			3,357			3,299			3,151			3,078
Unrealized gains (losses) - fixed maturities		(112	)		(100	)		(22	)		(43	)		(101	)		(141	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(4	)		(1	)		(2	)		(3	)		(5	)		(7	)
Other comprehensive income (loss), net of tax		(26	)		(26	)		(26	)		(27	)		(26	)		(31	)

Total shareholders’ equity		4,821			4,678			4,820			4,730			4,516			4,392

Total liabilities and equity	$	33,034		$	32,353		$	32,642		$	33,834		$	30,669		$	30,294

Page 11


American Financial Group, Inc.
Book Value Per Share and Price / Book Summary
(in millions, except per share information)


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
Shareholders’ equity	$	4,821		$	4,678		$	4,820		$	4,730		$	4,516		$	4,392
Accumulated other comprehensive income (loss)		(142	)		(127	)		(50	)		(73	)		(132	)		(179	)

Shareholders’ equity, excluding AOCI		4,963			4,805			4,870			4,803			4,648			4,571
Goodwill		327			327			327			327			305			305
Intangibles		179			184			189			192			193			198

Tangible shareholders’ equity, excluding AOCI	$	4,457		$	4,294		$	4,354		$	4,284		$	4,150		$	4,068

Common shares outstanding		82.917			83.086			83.422			83.401			83.386			83.668
Book value per share:
Book value per share	$	58.14		$	56.30		$	57.78		$	56.72		$	54.15		$	52.50
Book value per share, excluding AOCI		59.85			57.83			58.38			57.59			55.74			54.63
Tangible, excluding AOCI		53.76			51.69			52.20			51.38			49.77			48.62
Market capitalization
AFG’s closing common share price	$	139.94		$	127.71		$	136.68		$	145.72		$	126.21		$	131.34
Market capitalization	$	11,603		$	10,611		$	11,402		$	12,153		$	10,524		$	10,989
Price / Book value per share, excluding AOCI		2.34			2.21			2.34			2.53			2.26			2.40

Page 12


American Financial Group, Inc.
Capitalization
($ in millions)


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
AFG senior obligations	$	1,173		$	1,173		$	1,173		$	1,173		$	823		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt		1,173			1,173			1,173			1,173			823			823
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt		1,848			1,848			1,848			1,848			1,498			1,498
Shareholders’ equity		4,821			4,678			4,820			4,730			4,516			4,392
Accumulated other comprehensive income (loss)		(142	)		(127	)		(50	)		(73	)		(132	)		(179	)

Total capital, excluding AOCI	$	6,811		$	6,653		$	6,718		$	6,651		$	6,146		$	6,069

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		27.1	%		27.8	%		27.5	%		27.8	%		24.4	%		24.7	%
Excluding subordinated debt		17.2	%		17.6	%		17.5	%		17.6	%		13.4	%		13.6	%

Page 13


American Financial Group, Inc.
Additional Supplemental Information
($ in millions)


	Three Months Ended										Six Months Ended
	6/30/26		3/31/26		12/31/25		9/30/25		6/30/25		6/30/26		6/30/25
Property and Casualty Insurance
Paid Losses (GAAP)	$	1,014	$	888	$	984	$	936	$	931	$	1,902	$	1,898


	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			3/31/25
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,528		$	6,354		$	6,354		$	6,173		$	5,935		$	5,853
Parent and other subsidiaries		(1,565	)		(1,549	)		(1,484	)		(1,370	)		(1,287	)		(1,282	)

AFG GAAP Equity (excluding AOCI)	$	4,963		$	4,805		$	4,870		$	4,803		$	4,648		$	4,571

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,083		$	1,083		$	1,081		$	1,004		$	1,004		$	1,004

Page 14


American Financial Group, Inc.
Total Cash and Investments
($ in millions)


	Carrying Value - June 30, 2026
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,164	$	274	$	—		$	1,438		9	%
Fixed maturities - Available for sale		11,173		85		—			11,258		66	%
Fixed maturities - Trading		80		—		—			80		1	%
Equity securities - Common stocks		371		—		—			371		2	%
Equity securities - Perpetual preferred		408		—		—			408		2	%
Investments accounted for using the equity method		2,434		3		—			2,437		14	%
Mortgage loans		920		—		—			920		5	%
Real estate and other investments		200		106		(149	)		157		1	%

Total cash and investments	$	16,750	$	468	$	(149	)	$	17,069		100	%


	Carrying Value - December 31, 2025
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,377	$	350	$	—		$	1,727		10	%
Fixed maturities - Available for sale		10,923		129		—			11,052		64	%
Fixed maturities - Trading		91		—		—			91		1	%
Equity securities - Common stocks		365		—		—			365		2	%
Equity securities - Perpetual preferred		420		—		—			420		2	%
Investments accounted for using the equity method		2,419		2		—			2,421		14	%
Mortgage loans		947		—		—			947		6	%
Real estate and other investments		199		103		(143	)		159		1	%

Total cash and investments	$	16,741	$	584	$	(143	)	$	17,182		100	%

Page 15


American Financial Group, Inc.
Net Investment Income
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	147		$	141		$	138		$	135		$	140		$	288		$	277
Equity securities		5			10			6			6			15			15			21
Other investments (a)		25			27			27			27			23			52			44

Gross investment income excluding alternative investments		177			178			171			168			178			355			342
Gross investment income from alternative investments (b)		50			(3	)		6			43			8			47			20

Total gross investment income		227			175			177			211			186			402			362
Investment expenses		(6	)		(7	)		(6	)		(6	)		(7	)		(13	)		(13	)

Total net investment income	$	221		$	168		$	171		$	205		$	179		$	389		$	349

Average cash and investments (c)	$	16,916		$	16,855		$	16,520		$	16,095		$	15,921		$	16,868		$	15,894

Average yield - overall portfolio, net (d)		5.23	%		3.99	%		4.14	%		5.09	%		4.50	%		4.61	%		4.39	%
Average yield - fixed maturities before inv expenses (d)		5.13	%		5.04	%		5.11	%		5.12	%		5.24	%		5.10	%		5.19	%
AFG consolidated net investment income:
Property & Casualty	$	221		$	168		$	171		$	205		$	179		$	389		$	349
Parent & other		9			6			7			6			7			15			12
Consolidate CLOs		(9	)		13			5			(6	)		(2	)		4			(4	)

Total net investment income	$	221		$	187		$	183		$	205		$	184		$	408		$	357

Average cash and investments (c)	$	17,240		$	17,240		$	17,013		$	16,496		$	16,175		$	17,230		$	16,152

Average yield - overall portfolio, net (d)		5.13	%		4.34	%		4.30	%		4.97	%		4.55	%		4.74	%		4.42	%
Average yield - fixed maturities before inv expenses (d)		5.12	%		5.05	%		5.11	%		5.11	%		5.24	%		5.11	%		5.20	%

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

(b)	Investment income on alternative investments is detailed on page 17.

(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 16


American Financial Group, Inc.
Alternative Investments
($ in millions)


	Three Months Ended															Six Months Ended
	6/30/26			3/31/26			12/31/25			9/30/25			6/30/25			6/30/26			6/30/25
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	2		$	1		$	16		$	8		$	3		$	5
Equity securities MTM through investment income (a)		2			(10	)		(12	)		(6	)		4			(8	)		4
Investments accounted for using the equity method (b)		38			18			22			27			(6	)		56			7
AFG managed CLOs (eliminated in consolidation)		9			(13	)		(5	)		6			2			(4	)		4

Total Property & Casualty	$	50		$	(3	)	$	6		$	43		$	8		$	47		$	20

Investments
Fixed maturities MTM through investment income	$	34		$	31		$	44		$	30		$	55		$	34		$	55
Equity securities MTM through investment income (a)		221			190			211			243			233			221			233
Investments accounted for using the equity method (b)		2,434			2,440			2,419			2,381			2,338			2,434			2,338
AFG managed CLOs (eliminated in consolidation)		149			133			143			138			148			149			148

Total Property & Casualty	$	2,838		$	2,794		$	2,817		$	2,792		$	2,774		$	2,838		$	2,774

Annualized Return - Property & Casualty		7.1	%		(0.4	%)		0.9	%		6.2	%		1.2	%		3.3	%		1.5	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	2		$	1		$	16		$	8		$	3		$	5
Equity securities MTM through investment income (a)		2			(10	)		(12	)		(6	)		4			(8	)		4
Investments accounted for using the equity method (b)		38			18			22			27			(6	)		56			7
AFG managed CLOs (eliminated in consolidation)		9			(13	)		(5	)		6			2			(4	)		4

Total AFG Consolidated	$	50		$	(3	)	$	6		$	43		$	8		$	47		$	20

Investments
Fixed maturities MTM through investment income	$	34		$	31		$	44		$	30		$	55		$	34		$	55
Equity securities MTM through investment income (a)		221			190			211			243			233			221			233
Investments accounted for using the equity method (b)		2,437			2,443			2,421			2,383			2,341			2,437			2,341
AFG managed CLOs (eliminated in consolidation)		149			133			143			138			148			149			148

Total AFG Consolidated	$	2,841		$	2,797		$	2,819		$	2,794		$	2,777		$	2,841		$	2,777

Annualized Return - AFG Consolidated		7.1	%		(0.4	%)		0.9	%		6.2	%		1.2	%		3.3	%		1.5	%

(a)	AFG records holding gains and losses in net investment income on certain 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 17


American Financial Group, Inc.
Fixed Maturities - By Security Type - AFG Consolidated
($ in millions )


June 30, 2026	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	144	$	143	$	(1	)		1	%		1	%
States, municipalities and political subdivisions		795		773		(22	)		7	%		5	%
Foreign government		299		301		2			3	%		2	%
Residential mortgage-backed securities		3,280		3,183		(97	)		28	%		19	%
Collateralized loan obligations		1,099		1,096		(3	)		10	%		6	%
Other asset-backed securities		2,604		2,567		(37	)		22	%		15	%
Corporate and other bonds		3,259		3,275		16			29	%		19	%

Total AFG consolidated	$	11,480	$	11,338	$	(142	)		100	%		67	%


Approximate duration - P&C			3.4 years
Approximate duration - P&C including cash			3.1 years


December 31, 2025	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	160	$	161	$	1			1	%		1	%
States, municipalities and political subdivisions		853		835		(18	)		7	%		5	%
Foreign government		301		303		2			3	%		2	%
Residential mortgage-backed securities		2,807		2,747		(60	)		25	%		16	%
Collateralized loan obligations		1,162		1,160		(2	)		10	%		7	%
Other asset-backed securities		2,534		2,525		(9	)		23	%		14	%
Corporate and other bonds		3,354		3,412		58			31	%		20	%

Total AFG consolidated	$	11,171	$	11,143	$	(28	)		100	%		65	%


Approximate duration - P&C			3.3 years
Approximate duration - P&C including cash			2.9 years

(a)	Book Value is amortized cost, net of allowance for expected credit losses.

Page 18


Appendix A
American Financial Group, Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
6/30/2026
($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	6	$	146	$	236	$	2,704	$	1,082	$	927	$	13	$	5,114		45	%
AA		137		596		18		317		14		363		211		1,656		15	%
A		—		21		40		60		—		747		1,011		1,879		17	%
BBB		—		8		4		26		—		492		1,787		2,317		20	%

Subtotal - Investment grade		143		771		298		3,107		1,096		2,529		3,022		10,966		97	%
BB		—		—		—		1		—		4		131		136		1	%
B		—		—		—		1		—		1		25		27		0	%
CCC, CC, C		—		—		—		23		—		2		3		28		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		25		—		7		159		191		1	%
Not Rated (b)		—		2		3		51		—		31		94		181		2	%

Total	$	143	$	773	$	301	$	3,183	$	1,096	$	2,567	$	3,275	$	11,338		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	143	$	760	$	232	$	3,073	$	1,035	$	1,993	$	1,228	$	8,464		77	%
2		—		8		—		25		—		483		1,776		2,292		21	%

Subtotal		143		768		232		3,098		1,035		2,476		3,004		10,756		98	%
3		—		—		—		1		—		4		130		135		1	%
4		—		—		—		—		—		5		53		58		1	%
5		—		—		—		12		—		1		39		52		0	%
6		—		—		—		1		—		3		4		8		0	%

Subtotal		—		—		—		14		—		13		226		253		2	%
Total insurance companies	$	143	$	768	$	232	$	3,112	$	1,035	$	2,489	$	3,230	$	11,009		100	%

No NAIC designation (c)		—		—		—		—		—		26		15		41
Non-Insurance and Foreign Companies (d)		—		5		69		71		61		52		30		288

Total	$	143	$	773	$	301	$	3,183	$	1,096	$	2,567	$	3,275	$	11,338

(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, 12% are NAIC 4 and 82% do not have a designation.

For Corp/Oth, 13% are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.

For Total, 27% are NAIC 1, 14% NAIC 4, 25% NAIC 5 and 17% 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 19


Appendix B
American Financial Group, Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2025
($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	161	$	255	$	2,475	$	1,137	$	831	$	13	$	4,872		44	%
AA		161		644		14		87		20		349		222		1,497		13	%
A		—		21		30		75		3		743		998		1,870		17	%
BBB		—		8		4		27		—		520		1,898		2,457		22	%

Subtotal - Investment grade		161		834		303		2,664		1,160		2,443		3,131		10,696		96	%
BB		—		—		—		2		—		5		122		129		1	%
B		—		—		—		1		—		1		20		22		0	%
CCC, CC, C		—		—		—		25		—		2		3		30		1	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		28		—		8		145		181		2	%
Not Rated (b)		—		1		—		55		—		74		136		266		2	%

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	161	$	822	$	239	$	2,639	$	1,059	$	1,906	$	1,230	$	8,056		75	%
2		—		8		—		26		—		509		1,861		2,404		22	%

Subtotal		161		830		239		2,665		1,059		2,415		3,091		10,460		97	%
3		—		—		—		1		—		5		174		180		2	%
4		—		—		—		1		—		5		35		41		0	%
5		—		—		—		13		—		1		62		76		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		16		—		14		272		302		3	%
Total insurance companies	$	161	$	830	$	239	$	2,681	$	1,059	$	2,429	$	3,363	$	10,762		100	%

No NAIC designation (c)		—		—		—		—		—		39		17		56
Non-Insurance and Foreign Companies (d)		—		5		64		66		101		57		32		325

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143

(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, 39% are NAIC 1 and 52% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation.

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

(d)	99% are investment grade rated.

Page 20


Appendix C
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
6/30/2026
($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Insurance		Utilities		Other Financials		Autos		Consumer		Healthcare		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		5		5		30		60		10		33		—		25		20		23		211		6	%
A		88		168		77		147		152		64		99		49		30		137		1,011		31	%
BBB		717		267		135		52		89		58		46		47		38		338		1,787		55	%

Subtotal		810		440		253		259		251		155		145		121		88		500		3,022		92	%
BB		9		8		5		—		—		20		17		11		5		56		131		4	%
B		—		—		7		—		—		—		—		10		5		3		25		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		1		2		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		9		8		12		—		—		20		17		21		11		61		159		5	%
Not Rated (b)		5		—		1		6		—		22		—		18		33		9		94		3	%

Total	$	824	$	448	$	266	$	265	$	251	$	197	$	162	$	160	$	132	$	570	$	3,275		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Insurance		Utilities		Other Financials		Autos		Consumer		Healthcare		Other		Total		% Total
1	$	93	$	170	$	117	$	205	$	162	$	100	$	99	$	71	$	50	$	161	$	1,228		38	%
2		721		265		132		51		87		58		44		47		38		333		1,776		55	%

Subtotal		814		435		249		256		249		158		143		118		88		494		3,004		93	%
3		4		8		3		—		—		19		17		13		15		51		130		4	%
4		—		—		9		—		—		—		—		29		8		7		53		2	%
5		—		—		1		—		—		9		—		—		21		8		39		1	%
6		—		—		—		—		—		1		—		—		—		3		4		0	%

Subtotal		4		8		13		—		—		29		17		42		44		69		226		7	%
Total insurance companies	$	818	$	443	$	262	$	256	$	249	$	187	$	160	$	160	$	132	$	563	$	3,230		100	%

No NAIC designation (c)		—		—		—		5		—		10		—		—		—		—		15
Non-Insurance and Foreign Companies		6		5		4		4		2		—		2		—		—		7		30

Total	$	824	$	448	$	266	$	265	$	251	$	197	$	162	$	160	$	132	$	570	$	3,275

(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)	13% of not rated securities are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.

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

Page 21


Appendix D
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2025
($ in millions)


	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Consumer		Autos		Healthcare		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		—		32		58		5		30		10		49		—		15		23		222		6	%
A		179		70		155		52		48		151		51		101		36		155		998		29	%
BBB		264		94		53		769		160		90		41		55		39		333		1,898		56	%

Subtotal		443		196		266		826		249		251		141		156		90		513		3,131		91	%
BB		6		—		—		—		4		—		9		18		3		82		122		4	%
B		2		—		—		—		—		—		7		—		5		6		20		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		8		—		—		—		4		—		16		18		8		91		145		5	%
Not Rated (b)		—		25		6		—		2		—		28		1		43		31		136		4	%

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Consumer		Autos		Healthcare		Other		Total		% Total
1	$	176	$	104	$	211	$	57	$	88	$	161	$	101	$	101	$	50	$	181	$	1,230		37	%
2		261		70		52		763		157		88		48		54		38		330		1,861		55	%

Subtotal		437		174		263		820		245		249		149		155		88		511		3,091		92	%
3		7		24		—		—		4		—		16		18		27		78		174		5	%
4		2		—		—		—		—		—		18		—		5		10		35		1	%
5		—		10		—		—		1		—		2		—		20		29		62		2	%
6		—		1		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		35		—		—		5		—		36		18		52		117		272		8	%
Total insurance companies	$	446	$	209	$	263	$	820	$	250	$	249	$	185	$	173	$	140	$	628	$	3,363		100	%

No NAIC designation (c)		—		11		6		—		—		—		—		—		—		—		17
Non-Insurance and Foreign Companies		5		1		3		6		5		2		—		2		1		7		32

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412

(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)	12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

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

Page 22


Appendix E
American Financial Group, Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
6/30/2026
($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Auto		Single Family Rental		Secured Financing		Commercial Real Estate		Other		Total		% Total
Investment Grade
AAA	$	—	$	282	$	—	$	230	$	24	$	104	$	89	$	—	$	73	$	125	$	927		36	%
AA		50		50		136		57		11		—		—		29		—		30		363		15	%
A		10		15		155		—		195		—		—		54		—		318		747		29	%
BBB		428		—		—		—		4		—		—		1		—		59		492		19	%

Subtotal		488		347		291		287		234		104		89		84		73		532		2,529		99	%
BB		—		—		—		—		1		—		—		1		—		2		4		0	%
B		—		—		—		—		—		—		—		1		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		3		—		—		2		—		2		7		0	%
Not Rated (b)		—		—		—		—		3		—		—		—		—		28		31		1	%

Total	$	488	$	347	$	291	$	287	$	240	$	104	$	89	$	86	$	73	$	562	$	2,567		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		Railcar		TruPS		Aircraft		Auto		Single Family Rental		Secured Financing		Commercial Real Estate		Other		Total		% Total
1	$	60	$	339	$	274	$	286	$	229	$	100	$	87	$	83	$	67	$	468	$	1,993		80	%
2		421		—		—		—		3		—		—		1		—		58		483		20	%

Subtotal		481		339		274		286		232		100		87		84		67		526		2,476		100	%
3		—		—		—		—		1		—		—		1		—		2		4		0	%
4		—		—		—		—		—		—		—		1		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		5		—		—		2		—		6		13		0	%
Total insurance companies	$	481	$	339	$	274	$	286	$	237	$	100	$	87	$	86	$	67	$	532	$	2,489		100	%

No NAIC designation		—		—		—		—		1		—		—		—		—		25		26
Non-Insurance and Foreign Companies		7		8		17		1		2		4		2		—		6		5		52

Total	$	488	$	347	$	291	$	287	$	240	$	104	$	89	$	86	$	73	$	562	$	2,567

(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)	12% of not rated securities are NAIC 4 and 82% do not have a designation.

Page 23


Appendix F
American Financial Group, Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
Investment Grade
AAA	$	—	$	231	$	170	$	—	$	15	$	—	$	113	$	93	$	92	$	117	$	831		33	%
AA		76		51		82		64		15		30		—		—		—		31		349		14	%
A		10		16		3		169		175		63		—		—		—		307		743		29	%
BBB		439		—		—		5		14		1		—		—		—		61		520		21	%

Subtotal		525		298		255		238		219		94		113		93		92		516		2,443		97	%
BB		—		—		—		—		2		1		—		—		—		2		5		0	%
B		—		—		—		—		1		—		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		5		1		—		—		—		2		8		0	%
Not Rated (b)		—		—		—		—		3		29		—		—		—		42		74		3	%

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	290	$	252	$	219	$	203	$	121	$	106	$	90	$	87	$	452	$	1,906		79	%
2		431		—		—		5		13		1		—		—		—		59		509		21	%

Subtotal		517		290		252		224		216		122		106		90		87		511		2,415		100	%
3		—		—		—		—		1		2		—		—		—		2		5		0	%
4		—		—		—		—		1		—		—		—		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		6		2		—		—		—		6		14		0	%
Total insurance companies	$	517	$	290	$	252	$	224	$	222	$	124	$	106	$	90	$	87	$	517	$	2,429		100	%

No NAIC designation		—		—		—		—		2		—		—		—		—		37		39
Non-Insurance and Foreign Companies		8		8		3		14		3		—		7		3		5		6		57

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525

(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)	39% of not rated securities are NAIC 1 and 52% do not have a designation.

Page 24


Appendix G
American Financial Group, Inc.
Real Estate-Related Investments
6/30/2026
($ 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	$	1,231		88	%		92	%		96	%
Fund Investments		95		7	%		—			—
QOZ Fund - Development		27		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		11		1	%		—			—
Land Development		1		0	%		—			—

Total	$	1,399		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		51	%	$	—
Marina		35		35	%		—
Office Building		12		12	%		—
Land		2		2	%		—

Total	$	99		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	662		72	%		66	%
Hospitality		159		17	%		42	%
Marina		52		6	%		52	%
Office		47		5	%		98	%

Total	$	920		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 6/30/2026

(c)	Collections for April - June

Page 25


Appendix H
American Financial Group, Inc.
Real Estate-Related Investments
12/31/2025
($ 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	$	1,250		87	%		91	%		96	%
Fund Investments		105		8	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,431		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	52		51	%	$	—
Marina		35		34	%		—
Office Building		13		13	%		—
Land		2		2	%		—

Total	$	102		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		73	%		66	%
Hospitality		160		17	%		42	%
Marina		52		5	%		52	%
Office		47		5	%		98	%

Total	$	947		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/2025

(c)	Collections for October - December

Page 26