Higher profit and asset sale plan at American Financial Group (NYSE: AFG)

Rhea-AI Filing Summary

American Financial Group, Inc. reported strong first quarter 2026 results, with net earnings of $191 million or $2.29 per share versus $154 million or $1.84 a year earlier. Core net operating earnings rose to $206 million or $2.47 per share, driven mainly by higher property and casualty underwriting profit.

The Specialty P&C segment produced a 90.3% combined ratio, improved from 94.0%, and underwriting profit increased to $156 million from $94 million, helped by lower catastrophe losses and more favorable prior year reserve development. Core ROE reached 17.0%, up from 13.1%.

The company also reached a definitive agreement in April 2026 to sell the Charleston Harbor Resort & Marina and currently expects to recognize a pretax core operating gain of approximately $125 million on the sale, which is expected to close in the second or third quarter of 2026, subject to approvals and customary conditions.

Positive

• Stronger profitability and returns: Core net operating earnings rose to $206 million ($2.47 per share) from $152 million ($1.81), with core ROE improving to 17.0% from 13.1%, supported by a better 90.3% specialty P&C combined ratio.
• Material non-core gain pending: The definitive agreement to sell Charleston Harbor Resort & Marina is expected to generate an approximate $125 million pretax core operating gain, creating an additional uplift once the transaction closes.

Negative

• None.

Insights

Equity analyst – insurance & capital management

AFG delivered stronger underwriting-driven earnings and announced a sizable gain on a non-core asset sale.

American Financial Group grew Q1 2026 core net operating earnings to $206 million, up from $152 million, largely from better specialty P&C underwriting. The segment’s combined ratio improved to 90.3%, reflecting lower catastrophe losses and more favorable prior year reserve development.

Management highlighted continued pricing strength, especially in social-inflation-exposed lines, and solid investment income excluding alternatives. Alternative investments were a drag, with an annualized return of (0.4%) versus 1.8% a year earlier, but the five-year average return remained much higher.

Capital return stayed robust: the company repurchased $60 million of stock at an average $127.12 and paid $2.38 per share in dividends, including a $1.50 special dividend. The planned sale of Charleston Harbor Resort & Marina, with an expected pretax core operating gain of about $125 million in Q2 or Q3 2026, adds another meaningful capital and earnings event.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net earnings: $191 million Diluted EPS: $2.29 per share Core net operating earnings: $206 million +5 more

8 metrics

Net earnings $191 million Three months ended March 31, 2026; vs. $154 million in 2025

Diluted EPS $2.29 per share Q1 2026 diluted net earnings per common share; vs. $1.84 in 2025

Core net operating earnings $206 million Q1 2026 core net operating earnings; vs. $152 million in 2025

Core EPS $2.47 per share Q1 2026 core net operating earnings per share; vs. $1.81 in 2025

Core operating ROE 17.0% Annualized core net operating return on equity for Q1 2026, excluding AOCI

Specialty P&C combined ratio 90.3% Specialty P&C combined ratio for Q1 2026; improved from 94.0%

Underwriting profit $156 million Specialty P&C underwriting profit in Q1 2026; vs. $94 million in 2025

Expected gain on asset sale $125 million pretax Approximate pretax core operating gain expected on Charleston Harbor Resort & Marina sale

Key Terms

core net operating earnings, combined ratio, alternative investment portfolio, accumulated other comprehensive income (AOCI), +2 more

6 terms

core net operating earnings financial

"Core net operating earnings were $206 million ($2.47 per share) for the 2026 first quarter compared to $152 million ($1.81 per share) in the 2025 first quarter."

Core net operating earnings are a company’s profit from its regular business activities after removing one-time items, unusual gains or losses, and non-operating income, presented on a after-tax basis. Investors use it as a clearer measure of the business’s ongoing cash-generating ability — like checking the steady monthly income of a household by ignoring a one-off tax refund or an unexpected windfall — to judge future performance and valuation.

combined ratio financial

"The Specialty P&C insurance operations generated a strong 90.3% combined ratio in the first quarter of 2026, an improvement of 3.7 points from the 94.0% reported in the first quarter of 2025."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

alternative investment portfolio financial

"The year-over-year increase reflects higher property and casualty (P&C) insurance underwriting profit, which was partially offset by lower returns in AFG’s alternative investment portfolio."

An alternative investment portfolio is a collection of investments outside of traditional options like stocks and bonds, including assets such as real estate, commodities, private equity, or hedge funds. It offers investors a way to diversify their holdings and reduce risk, much like spreading out food choices to avoid relying on just one type. This approach can help improve potential returns and protect against market ups and downs.

accumulated other comprehensive income (AOCI) financial

"Book value per share excluding AOCI was $57.83 per share at March 31, 2026, compared to $58.38 at the end of 2025."

Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.

collateralized loan obligations financial

"Collateralized loan obligations | | 1,181 | | | | 1,180 | | | | (1 | ) | | | 10 | % | | | 7 | %"

A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.

NAIC designation financial

"98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories."

Understanding 8-K Material Events →

AMERICAN FINANCIAL GROUP INC false 0001042046 0001042046 2026-04-29 2026-04-29 0001042046 us-gaap:CommonStockMember 2026-04-29 2026-04-29 0001042046 afg:Five875SubordinatedDebenturesDueMarch302059Member 2026-04-29 2026-04-29 0001042046 afg:Five125SubordinatedDebenturesDueDecember152059Member 2026-04-29 2026-04-29 0001042046 afg:Five625SubordinatedDebenturesDueJune12060Member 2026-04-29 2026-04-29 0001042046 afg:Four5SubordinatedDebenturesDueSeptember152060Member 2026-04-29 2026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company ☐

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

Section 2 - Financial Information

Item 2.02 Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the first quarter of 2026 and the availability of the Investor Supplement on the Company’s website. The press release was issued on April 29, 2026. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

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

Section 7 – Regulation FD

Item 7.01 – Regulation FD Disclosure.

As noted in the Company’s aforementioned April 29, 2026 press release, in April 2026, the Company reached a definitive agreement to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second or third quarter of 2026. The Company currently expects to recognize a pretax core operating gain of approximately $125 million on the sale.

Item 9.01 Financial Statements and Exhibits

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

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

(b) Pro forma financial information. Not applicable.

(c) Shell company transactions. Not applicable

(d) Exhibits

Exhibit No.		Description
99.1		Earnings Release dated April 29, 2026, reporting American Financial Group Inc. results for the quarter ended March 31, 2026.
99.2		Investor Supplement – First Quarter 2026
104		Cover page Interactive Date File (embedded within Inline XBRL document)

SIGNATURES

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

				AMERICAN FINANCIAL GROUP, INC.
Date: April 30, 2026				By:		/s/ Joseph C. Alter
						Joseph C. Alter
						Vice President

Exhibit 99.1

American Financial Group, Inc. Announces First Quarter Results

• Net earnings per share of $2.29; includes ($0.18) per share loss from after-tax non-core items

• Core net operating earnings per share of $2.47, an increase of 36% year-over-year

• First quarter annualized ROE of 15.8%; core net operating ROE of 17.0%

• First quarter Specialty P&C underwriting profit increased 66% year-over-year

• Capital returned to shareholders in the first quarter was approximately $259 million, including $125 million in special dividends and $60 million in share repurchases

• Definitive agreements reached for sale of Charleston Harbor Resort & Marina; expected core pretax gain of $125 million, with closing in the second or third quarter of 2026.

CINCINNATI – April 29, 2026 – American Financial Group, Inc. (NYSE: AFG) today reported 2026 first quarter net earnings of $191 million ($2.29 per share) compared to $154 million ($1.84 per share) for the 2025 first quarter. Net earnings included after-tax non-core net realized losses on securities of $15 million ($0.18 per share loss). By comparison, net earnings for the 2025 first quarter included net after-tax gains of $2 million ($0.03 per share). Annualized return on equity was 15.8% and 13.3% for the first quarters of 2026 and 2025, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $206 million ($2.47 per share) for the 2026 first quarter compared to $152 million ($1.81 per share) in the 2025 first quarter. The year-over-year increase reflects higher property and casualty (P&C) insurance underwriting profit, which was partially offset by lower returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2026 and 2025 generated annualized returns on equity of 17.0% and 13.1%, respectively, which is calculated excluding AOCI.

		Three months ended March 31,
Components of Pretax Core Operating Earnings		2026				2025				2026				2025				2026				2025
In millions, except per share amounts		Before Impact of								Alternative								Core Net Operating
		Alternative Investments								Investments								Earnings, as reported
P&C Pretax Core Operating Earnings		$	312			$	234			$	(3	)		$	12			$	309			$	246
Other expenses			(29	)			(33	)			—				—				(29	)			(33	)
Holding company interest expense			(23	)			(19	)			—				—				(23	)			(19	)
Pretax Core Operating Earnings			260				182				(3	)			12				257				194
Related provision (credit) for income taxes			52				39				(1	)			3				51				42
Core Net Operating Earnings		$	208			$	143			$	(2	)		$	9			$	206			$	152
Core Operating Earnings Per Share		$	2.50			$	1.70			$	(0.03	)		$	0.11			$	2.47			$	1.81
Weighted Avg Diluted Shares Outstanding			83.3				83.8				83.3				83.8				83.3				83.8

AFG’s book value per share was $56.30 at March 31, 2026. AFG repurchased $60 million of its Common Stock (average price of $127.12 per share) and paid cash dividends of $2.38 per share during the first quarter, including a $1.50 per share special dividend paid in February. For the three months ended March 31, 2026, AFG’s growth in book value per share plus dividends was 1.6%.

Page 1

Book value per share excluding AOCI was $57.83 per share at March 31, 2026, compared to $58.38 at the end of 2025. For the three months ended March 31, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 3.1%.

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

In millions, except per share amounts		Three months ended March 31,
		2026				2025
Components of net earnings:
Core operating earnings before income taxes		$	257			$	194
Pretax non-core items:
Realized gains (losses)			(18	)			3
Earnings before income taxes			239				197
Provision for income taxes:
Core operating earnings			51				42
Non-core items			(3	)			1
Total provision for income taxes			48				43
Net earnings		$	191			$	154
Net earnings:
Core net operating earnings(a)		$	206			$	152
Non-core items:
Realized gains (losses)			(15	)			2
Net earnings		$	191			$	154
Components of earnings per share:
Core net operating earnings(a)		$	2.47			$	1.81
Non-core items:
Realized gains (losses)			(0.18	)			0.03
Diluted net earnings per share		$	2.29			$	1.84

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

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report a core net operating ROE of 17% in the first quarter. Our specialty P&C businesses produced strong underwriting profitability against a backdrop of lower returns in our alternative investments portfolio. We returned nearly $260 million to our shareholders through a combination of regular dividends, special dividends and share repurchases. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to position us well for long-term success.”

Messrs. Lindner continued: “AFG continued to have significant excess capital at March 31, 2026. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”

Page 2

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a strong 90.3% combined ratio in the first quarter of 2026, an improvement of 3.7 points from the 94.0% reported in the first quarter of 2025. First quarter 2026 results include 2.2 points related to catastrophe losses, compared to 4.5 points in the first quarter of 2025. First quarter 2026 results benefited from 4.4 points of favorable prior year reserve development, compared to 1.3 points in the first quarter of 2025. Underwriting profit was $156 million for the 2026 first quarter compared to $94 million in the comparable 2025 period, with each of our Specialty P&C groups reporting higher year-over-year underwriting profit.

First quarter 2026 gross and net written premiums were 6% and 3% higher, respectively, than the comparable period in 2025. We continued to benefit from the diversification across our 36 businesses and achieved premium growth in many of them as a result of a combination of new business opportunities, a good renewal rate environment, and increased exposures – while maintaining discipline and focusing on underwriting profitability.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 5% for the quarter, in line with the previous quarter. Average renewal rates including workers’ compensation were up approximately 3% overall. We believe we are achieving overall renewal rate increases that enable us to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of $65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Nearly all the businesses in this group reported higher year-over-year profitability, led by our agricultural and transportation businesses. Catastrophe losses in this group were $12 million in the first quarter of 2026, compared to $10 million in the first quarter of 2025. The businesses in the Property and Transportation Group achieved an excellent 87.6% calendar year combined ratio overall in the first quarter of 2026, an improvement of 4.9 points from the 92.5% reported in the comparable 2025 period.

First quarter 2026 gross and net written premiums in this group were 11% and 6% higher than the comparable prior year period. The increase is primarily attributable to growth in crop insurance products with higher premium cessions, along with new business opportunities, higher exposures, and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 6% on average in the first quarter of 2026, consistent with the prior two quarters.

The Specialty Casualty Group reported an underwriting profit of $34 million in the first quarter of 2026 compared to $20 million in the comparable 2025 period. Higher profitability in our targeted markets, workers compensation, and executive and professional liability businesses were the principal drivers of these improved results. Catastrophe losses for this group were $11 million in the first quarter of 2026 compared to $27 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a 95.8% calendar year combined ratio in the first quarter of 2026, an improvement of 1.8 points from the 97.6% reported in the comparable period in 2025.

First quarter 2026 gross and net written premiums both increased 2% when compared to the same prior year period. Growth from new business opportunities and higher renewals in our targeted markets and workers’ compensation businesses were partially offset by heightened competitive conditions in our excess and surplus lines business. Excluding workers’ compensation, renewal pricing for this group was up approximately 6% in the first quarter, consistent with the prior quarter. Pricing in this group, including workers’ compensation, was up about 3%.

Page 3

The Specialty Financial Group reported an underwriting profit of $57 million in the first quarter of 2026, compared to $37 million in the comparable 2025 period. While nearly all businesses in this group reported higher year-over-year underwriting profits, the drivers of the higher profitability were our fidelity/crime and financial institutions businesses. Catastrophe losses for this group were $12 million in the first quarter of 2026 compared to $35 million in the first quarter of 2025. This group reported an exceptional 80.0% calendar year combined ratio for the first quarter of 2026, an improvement of 7.0 points from the comparable period in 2025.

Gross and net written premiums increased by 6% and 1%, respectively, in the 2026 first quarter when compared to the same 2025 period, primarily due to growth in our lender services businesses. Net written premiums were tempered by our decision to cede more of the coastal-exposed property business in our financial institutions business beginning in the second quarter of 2025. Renewal pricing in this group was up about 1% in the first quarter of 2026, consistent with the prior quarter and reflecting the strong margins overall earned on these businesses.

Carl Lindner III stated, “Our Specialty P&C businesses are off to a strong start in 2026, producing a 66% year-over-year increase in underwriting profit, with the vast majority reporting growth during the quarter. We are continuing to achieve strong pricing in our social inflation exposed businesses and are confident about the strength of our reserves.”

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

Investments

Net Investment Income – Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2026, increased 8% year-over-year primarily as a result of the impact of higher balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 1% lower than the comparable 2025 period.

The annualized return on alternative investments was (0.4%) in first quarter of 2026 compared to 1.8% for the prior year quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2025, was approximately 11%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

In April 2026, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second or third quarter of 2026. AFG currently expects to recognize a pretax core operating gain of approximately $125 million on the sale. This transaction was not contemplated in AFG’s original business plan assumptions.

Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2026 net realized losses of $15 million ($0.18 per share loss) after tax, which included $13 million ($0.16 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at March 31, 2026, to fair value. AFG recorded net realized gains of $2 million ($0.03 per share) after tax in the comparable 2025 period.

After-tax unrealized losses related to fixed maturities were $101 million at March 31, 2026. Our portfolio continues to be high quality, with 96% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

Page 4

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

About American Financial Group, Inc.

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

Forward Looking Statements

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

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.

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

Page 5

Conference Call

The Company will hold a conference call to discuss 2026 first quarter results at 11:30 a.m. (ET) tomorrow, Thursday, April 30, 2026. There are two ways to access the call.

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

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

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

Contact:

Diane P. Weidner, IRC, CPA (inactive)

Vice President – Investor & Media Relations

(513) 369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

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

AFG2026-08

Page 6

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

		Three months ended March 31,
		2026				2025
Revenues
Net earned premiums		$	1,609			$	1,580
Net investment income			187				173
Realized gains (losses) on securities			(18	)			3
Income of managed investment entities:
Investment income			67				76
Gain (loss) on change in fair value of assets/liabilities			(20	)			(3	)
Other income			29				27
Total revenues			1,854				1,856
Costs and expenses
Losses & loss adjustment expenses			906				965
Commissions and other underwriting expenses			556				530
Interest charges on borrowed money			23				19
Expenses of managed investment entities			58				68
Other expenses			72				77
Total costs and expenses			1,615				1,659
Earnings before income taxes			239				197
Provision for income taxes			48				43
Net earnings		$	191			$	154
Diluted earnings per common share		$	2.29			$	1.84
Average number of diluted shares			83.3				83.8

Selected Balance Sheet Data:		March 31, 2026				December 31, 2025
Total Cash and investments		$	17,143			$	17,182
Long-term debt		$	1,820			$	1,820
Shareholders’ equity(b)		$	4,678			$	4,820
Shareholders’ equity (excluding AOCI)		$	4,805			$	4,870
Book value per share(b)		$	56.30			$	57.78
Book value per share (excluding AOCI)		$	57.83			$	58.38
Common Shares Outstanding			83.1				83.4

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

Page 7

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

		Three months ended March 31,								Pct. Change
		2026				2025
Gross written premiums		$	2,435			$	2,291				6	%
Net written premiums		$	1,664			$	1,611				3	%
Ratios (GAAP):
Loss & LAE ratio			56.3	%			61.0	%
Underwriting expense ratio			34.0	%			33.0	%
Specialty Combined Ratio			90.3	%			94.0	%
Combined Ratio – P&C Segment			90.4	%			94.1	%
Supplemental Information (c):
Gross Written Premiums:
Property & Transportation		$	999			$	897				11	%
Specialty Casualty			1,089				1,068				2	%
Specialty Financial			347				326				6	%
		$	2,435			$	2,291				6	%
Net Written Premiums:
Property & Transportation		$	596			$	563				6	%
Specialty Casualty			789				772				2	%
Specialty Financial			279				276				1	%
		$	1,664			$	1,611				3	%
Combined Ratio (GAAP):
Property & Transportation			87.6	%			92.5	%
Specialty Casualty			95.8	%			97.6	%
Specialty Financial			80.0	%			87.0	%
Aggregate Specialty Group			90.3	%			94.0	%
		Three months ended March 31,
		2026				2025
Reserve Development (Favorable)/Adverse:
Property & Transportation		$	(47	)		$	(19	)
Specialty Casualty			—				12
Specialty Financial			(23	)			(13	)
Specialty Group			(70	)			(20	)
Other			—				—
Total Reserve Development		$	(70	)		$	(20	)
Points on Combined Ratio:
Property & Transportation			(9.0	)			(3.9	)
Specialty Casualty			—				1.6
Specialty Financial			(7.9	)			(4.6	)
Aggregate Specialty Group			(4.4	)			(1.3	)
Total P&C Segment			(4.3	)			(1.3	)

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

		Three months ended March 31,
		2026				2025
Core Operating Earnings before Income Taxes:
P&C Insurance Segment		$	309			$	246
Interest and other corporate expenses			(52	)			(52	)
Core operating earnings before income taxes			257				194
Related income taxes			51				42
Core net operating earnings		$	206			$	152

b) Shareholders’ Equity at March 31, 2026, includes ($127 million) ($1.53 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share loss) in Accumulated Other Comprehensive Income (Loss) at December 31, 2025.

c) Supplemental Notes:

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

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

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

Page 9

Exhibit 99.2

  American Financial Group, Inc. Investor Supplement - First Quarter 2026   April 29, 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 - First Quarter 2026

Section		Page
Table of Contents - Investor Supplement - First 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. FixedMaturities by Credit Rating & NAIC Designation by Type 3/31/2026			19
B. FixedMaturities by Credit Rating & NAIC Designation by Type 12/31/2025			20
C. CorporateSecurities by Credit Rating & NAIC Designation by Industry 3/31/2026			21
D. CorporateSecurities by Credit Rating & NAIC Designation by Industry 12/31/2025			22
E. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type 3/31/2026			23
F. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025			24
G. RealEstate-Related Investments 3/31/2026			25
H. RealEstate-Related Investments 12/31/2025			26

Page 2

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Highlights
Net earnings		$	191			$	299			$	215			$	174			$	154			$	842			$	887
Core net operating earnings			206				305				224				179				152				860				902
Total assets			32,353				32,642				33,834				30,669				30,294				32,642				30,836
Shareholders’ equity, excluding AOCI (a)			4,805				4,870				4,803				4,648				4,571				4,870				4,706
Property and Casualty net written premiums			1,664				1,444				2,252				1,803				1,611				7,110				7,139
Per share data
Diluted earnings per share		$	2.29			$	3.58			$	2.58			$	2.07			$	1.84			$	10.08			$	10.57
Core net operating earnings per share			2.47				3.65				2.69				2.14				1.81				10.29				10.75
Book value per share, excluding AOCI (a)			57.83				58.38				57.59				55.74				54.63				58.38				56.03
Dividends per common share			2.38				2.88				0.80				0.80				2.80				7.28				9.43
Financial ratios
Annualized return on equity (b)			15.8	%			24.7	%			18.2	%			15.0	%			13.3	%			17.8	%			19.0	%
Annualized core operating return on equity (b)			17.0	%			25.2	%			19.0	%			15.5	%			13.1	%			18.2	%			19.3	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio			56.3	%			58.6	%			67.2	%			61.1	%			61.0	%			62.2	%			63.3	%
Underwriting expense ratio			34.0	%			25.5	%			25.8	%			32.0	%			33.0	%			28.8	%			27.9	%
Combined ratio - Specialty			90.3	%			84.1	%			93.0	%			93.1	%			94.0	%			91.0	%			91.2	%

(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																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Property and Casualty Insurance
Underwriting profit		$	156			$	284			$	138			$	113			$	94			$	629			$	620
Net investment income			168				171				205				179				170				725				784
Other income (expense)			(15	)			(15	)			(15	)			(19	)			(18	)			(67	)			(76	)
Property and Casualty Insurance operating earnings			309				440				328				273				246				1,287				1,328
Interest expense of parent holding companies			(23	)			(23	)			(19	)			(19	)			(19	)			(80	)			(76	)
Other expense			(29	)			(31	)			(29	)			(27	)			(33	)			(120	)			(114	)
Pretax core operating earnings			257				386				280				227				194				1,087				1,138
Income tax expense			51				81				56				48				42				227				236
Core net operating earnings			206				305				224				179				152				860				902
Non-core items, net of tax:
Realized gains (losses) on securities			(15	)			(6	)			10				2				2				8				—
Realized gain on subsidiaries			—				—				1				—				—				1				—
Special A&E charges - Former Railroad and Manufacturing operations			—				—				(20	)			—				—				(20	)			(11	)
Other non-core items			—				—				—				(7	)			—				(7	)			(4	)
Net earnings		$	191			$	299			$	215			$	174			$	154			$	842			$	887

Page 4

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Core net operating earnings		$	206			$	305			$	224			$	179			$	152			$	860			$	902
Net earnings		$	191			$	299			$	215			$	174			$	154			$	842			$	887
Average number of diluted shares			83.263				83.411				83.397				83.488				83.842				83.533				83.903
Diluted earnings per share:
Core net operating earnings per share		$	2.47			$	3.65			$	2.69			$	2.14			$	1.81			$	10.29			$	10.75
Realized gains (losses) on securities			(0.18	)			(0.07	)			0.12				0.02				0.03				0.11				—
Realized gain on subsidiaries			—				—				0.01				—				—				0.01				—
Special A&E charges - Former Railroad and Manufacturing operations			—				—				(0.24	)			—				—				(0.24	)			(0.13	)
Other non-core items			—				—				—				(0.09	)			—				(0.09	)			(0.05	)
Diluted earnings per share		$	2.29			$	3.58			$	2.58			$	2.07			$	1.84			$	10.08			$	10.57

Page 5

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Property and Transportation		$	65			$	216			$	55			$	27			$	37			$	335			$	214
Specialty Casualty			34				27				33				49				20				129				279
Specialty Financial			57				44				51				38				37				170				133
Underwriting profit - Specialty			156				287				139				114				94				634				626
Other core charges, included in loss and LAE			—				(3	)			(1	)			(1	)			—				(5	)			(6	)
Underwriting profit - Property and Casualty Insurance		$	156			$	284			$	138			$	113			$	94			$	629			$	620
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	2
Catastrophe losses			35				4				23				38				72				137				180
Total current accident year catastrophe losses		$	35			$	4			$	23			$	38			$	72			$	137			$	182
Prior year loss reserve development (favorable) / adverse		$	(70	)		$	(27	)		$	(23	)		$	(11	)		$	(20	)		$	(81	)		$	(64	)
Combined ratio:
Property and Transportation			87.6	%			70.6	%			94.1	%			95.2	%			92.5	%			87.8	%			92.4	%
Specialty Casualty			95.8	%			96.7	%			95.8	%			93.9	%			97.6	%			96.0	%			91.2	%
Specialty Financial			80.0	%			83.0	%			81.1	%			86.1	%			87.0	%			84.4	%			87.2	%
Combined ratio - Specialty			90.3	%			84.1	%			93.0	%			93.1	%			94.0	%			91.0	%			91.2	%
Other core charges			0.1	%			0.2	%			0.1	%			0.0	%			0.1	%			0.0	%			0.0	%
Combined ratio			90.4	%			84.3	%			93.1	%			93.1	%			94.1	%			91.0	%			91.2	%
P&C combined ratio excl. catastrophe losses and prior year reserve development			92.5	%			85.5	%			93.0	%			91.5	%			90.8	%			90.3	%			89.6	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			58.5	%			60.0	%			67.2	%			59.5	%			57.8	%			61.5	%			61.7	%
Prior accident year loss reserve development			(4.3	%)			(1.5	%)			(1.1	%)			(0.7	%)			(1.3	%)			(1.1	%)			(0.9	%)
Current accident year catastrophe losses			2.2	%			0.3	%			1.2	%			2.3	%			4.6	%			1.8	%			2.5	%
Loss and LAE ratio			56.4	%			58.8	%			67.3	%			61.1	%			61.1	%			62.2	%			63.3	%

Page 6

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Gross written premiums		$	2,435			$	2,085			$	3,665			$	2,653			$	2,291			$	10,694			$	10,533
Ceded reinsurance premiums			(771	)			(641	)			(1,413	)			(850	)			(680	)			(3,584	)			(3,394	)
Net written premiums			1,664				1,444				2,252				1,803				1,611				7,110				7,139
Change in unearned premiums			(55	)			362				(239	)			(156	)			(31	)			(64	)			(103	)
Net earned premiums			1,609				1,806				2,013				1,647				1,580				7,046				7,036
Loss and LAE			906				1,058				1,354				1,006				965				4,383				4,449
Underwriting expense			547				461				520				527				521				2,029				1,961
Underwriting profit		$	156			$	287			$	139			$	114			$	94			$	634			$	626
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	2
Catastrophe losses			35				4				23				38				72				137				180
Total current accident year catastrophe losses		$	35			$	4			$	23			$	38			$	72			$	137			$	182
Prior year loss reserve development (favorable) / adverse		$	(70	)		$	(30	)		$	(24	)		$	(12	)		$	(20	)		$	(86	)		$	(70	)
Combined ratio:
Loss and LAE ratio			56.3	%			58.6	%			67.2	%			61.1	%			61.0	%			62.2	%			63.3	%
Underwriting expense ratio			34.0	%			25.5	%			25.8	%			32.0	%			33.0	%			28.8	%			27.9	%
Combined ratio			90.3	%			84.1	%			93.0	%			93.1	%			94.0	%			91.0	%			91.2	%
Combined ratio excl. catastrophe losses and prior year reserve development			92.5	%			85.5	%			93.0	%			91.5	%			90.8	%			90.2	%			89.6	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			58.5	%			60.0	%			67.2	%			59.5	%			57.8	%			61.4	%			61.7	%
Prior accident year loss reserve development			(4.4	%)			(1.6	%)			(1.2	%)			(0.7	%)			(1.3	%)			(1.2	%)			(1.0	%)
Current accident year catastrophe losses			2.2	%			0.2	%			1.2	%			2.3	%			4.5	%			2.0	%			2.6	%
Loss and LAE ratio			56.3	%			58.6	%			67.2	%			61.1	%			61.0	%			62.2	%			63.3	%

Page 7

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Gross written premiums		$	999			$	612			$	1,975			$	1,247			$	897			$	4,731			$	4,735
Ceded reinsurance premiums			(403	)			(214	)			(924	)			(488	)			(334	)			(1,960	)			(1,889	)
Net written premiums			596				398				1,051				759				563				2,771				2,846
Change in unearned premiums			(70	)			337				(116	)			(183	)			(63	)			(25	)			(20	)
Net earned premiums			526				735				935				576				500				2,746				2,826
Loss and LAE			301				417				728				387				311				1,843				1,972
Underwriting expense			160				102				152				162				152				568				640
Underwriting profit		$	65			$	216			$	55			$	27			$	37			$	335			$	214
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	1
Catastrophe losses			12				—				4				12				10				26				65
Total current accident year catastrophe losses		$	12			$	—			$	4			$	12			$	10			$	26			$	66
Prior year loss reserve development (favorable) / adverse		$	(47	)		$	(20	)		$	(11	)		$	(13	)		$	(19	)		$	(63	)		$	(96	)
Combined ratio:
Loss and LAE ratio			57.1	%			56.8	%			77.8	%			67.2	%			62.1	%			67.1	%			69.8	%
Underwriting expense ratio			30.5	%			13.8	%			16.3	%			28.0	%			30.4	%			20.7	%			22.6	%
Combined ratio			87.6	%			70.6	%			94.1	%			95.2	%			92.5	%			87.8	%			92.4	%
Combined ratio excl. catastrophe losses and prior year reserve development			94.4	%			73.4	%			94.8	%			95.4	%			94.4	%			89.1	%			93.5	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			63.9	%			59.6	%			78.5	%			67.4	%			64.0	%			68.4	%			70.9	%
Prior accident year loss reserve development			(9.0	%)			(2.7	%)			(1.1	%)			(2.2	%)			(3.9	%)			(2.3	%)			(3.4	%)
Current accident year catastrophe losses			2.2	%			(0.1	%)			0.4	%			2.0	%			2.0	%			1.0	%			2.3	%
Loss and LAE ratio			57.1	%			56.8	%			77.8	%			67.2	%			62.1	%			67.1	%			69.8	%

Page 8

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Gross written premiums		$	1,089			$	1,153			$	1,337			$	1,062			$	1,068			$	4,620			$	4,543
Ceded reinsurance premiums			(300	)			(357	)			(423	)			(297	)			(296	)			(1,373	)			(1,297	)
Net written premiums			789				796				914				765				772				3,247				3,246
Change in unearned premiums			10				16				(104	)			34				22				(32	)			(70	)
Net earned premiums			799				812				810				799				794				3,215				3,176
Loss and LAE			517				558				541				516				536				2,151				2,045
Underwriting expense			248				227				236				234				238				935				852
Underwriting profit		$	34			$	27			$	33			$	49			$	20			$	129			$	279
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	1
Catastrophe losses			11				(3	)			8				7				27				39				34
Total current accident year catastrophe losses		$	11			$	(3	)		$	8			$	7			$	27			$	39			$	35
Prior year loss reserve development (favorable) / adverse		$	—			$	(1	)		$	(1	)		$	10			$	12			$	20			$	37
Combined ratio:
Loss and LAE ratio			64.7	%			68.7	%			66.8	%			64.5	%			67.6	%			66.9	%			64.4	%
Underwriting expense ratio			31.1	%			28.0	%			29.0	%			29.4	%			30.0	%			29.1	%			26.8	%
Combined ratio			95.8	%			96.7	%			95.8	%			93.9	%			97.6	%			96.0	%			91.2	%
Combined ratio excl. catastrophe losses and prior year reserve development			94.4	%			97.1	%			94.9	%			91.8	%			92.6	%			94.1	%			89.0	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			63.3	%			69.1	%			65.9	%			62.4	%			62.6	%			65.0	%			62.2	%
Prior accident year loss reserve development			0.0	%			(0.1	%)			(0.1	%)			1.2	%			1.6	%			0.6	%			1.2	%
Current accident year catastrophe losses			1.4	%			(0.3	%)			1.0	%			0.9	%			3.4	%			1.3	%			1.0	%
Loss and LAE ratio			64.7	%			68.7	%			66.8	%			64.5	%			67.6	%			66.9	%			64.4	%

Page 9

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Gross written premiums		$	347			$	320			$	353			$	344			$	326			$	1,343			$	1,255
Ceded reinsurance premiums			(68	)			(70	)			(66	)			(65	)			(50	)			(251	)			(208	)
Net written premiums			279				250				287				279				276				1,092				1,047
Change in unearned premiums			5				9				(19	)			(7	)			10				(7	)			(13	)
Net earned premiums			284				259				268				272				286				1,085				1,034
Loss and LAE			88				83				85				103				118				389				432
Underwriting expense			139				132				132				131				131				526				469
Underwriting profit		$	57			$	44			$	51			$	38			$	37			$	170			$	133
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			12				7				11				19				35				72				81
Total current accident year catastrophe losses		$	12			$	7			$	11			$	19			$	35			$	72			$	81
Prior year loss reserve development (favorable) / adverse		$	(23	)		$	(9	)		$	(12	)		$	(9	)		$	(13	)		$	(43	)		$	(11	)
Combined ratio:
Loss and LAE ratio			31.2	%			32.0	%			31.8	%			38.1	%			41.1	%			35.9	%			41.8	%
Underwriting expense ratio			48.8	%			51.0	%			49.3	%			48.0	%			45.9	%			48.5	%			45.4	%
Combined ratio			80.0	%			83.0	%			81.1	%			86.1	%			87.0	%			84.4	%			87.2	%
Combined ratio excl. catastrophe losses and prior year reserve development			83.7	%			83.5	%			81.7	%			82.0	%			79.7	%			81.7	%			80.4	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			34.9	%			32.5	%			32.4	%			34.0	%			33.8	%			33.2	%			35.0	%
Prior accident year loss reserve development			(7.9	%)			(3.0	%)			(4.7	%)			(3.2	%)			(4.6	%)			(3.9	%)			(1.1	%)
Current accident year catastrophe losses			4.2	%			2.5	%			4.1	%			7.3	%			11.9	%			6.6	%			7.9	%
Loss and LAE ratio			31.2	%			32.0	%			31.8	%			38.1	%			41.1	%			35.9	%			41.8	%

Page 10

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

		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/24
Assets:
Total cash and investments		$	17,143			$	17,182			$	16,761			$	16,049			$	15,994			$	15,852
Recoverables from reinsurers			5,303				5,528				5,565				4,733				4,945				5,176
Prepaid reinsurance premiums			1,211				1,089				1,443				1,256				1,105				1,013
Agents’ balances and premiums receivable			1,670				1,641				2,034				1,946				1,589				1,532
Deferred policy acquisition costs			334				333				349				345				316				320
Assets of managed investment entities			3,987				4,050				3,972				3,833				3,848				4,140
Other receivables			1,058				1,212				2,075				877				855				1,123
Other assets			1,320				1,280				1,308				1,325				1,337				1,375
Goodwill			327				327				327				305				305				305
Total assets		$	32,353			$	32,642			$	33,834			$	30,669			$	30,294			$	30,836
Liabilities and Equity:
Unpaid losses and loss adjustment expenses		$	14,914			$	15,094			$	15,079			$	13,834			$	13,970			$	14,179
Unearned premiums			3,911				3,736				4,450				4,026				3,710				3,584
Payable to reinsurers			1,065				1,195				1,578				1,152				1,028				1,191
Liabilities of managed investment entities			3,854				3,907				3,834				3,685				3,726				3,965
Long-term debt			1,820				1,820				1,820				1,476				1,476				1,475
Other liabilities			2,111				2,070				2,343				1,980				1,992				1,976
Total liabilities			27,675				27,822				29,104				26,153				25,902				26,370
Shareholders’ equity:
Common stock			83				83				83				83				84				84
Capital surplus			1,428				1,430				1,421				1,414				1,409				1,411
Retained earnings			3,294				3,357				3,299				3,151				3,078				3,211
Unrealized gains (losses) - fixed maturities			(100	)			(22	)			(43	)			(101	)			(141	)			(202	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges			(1	)			(2	)			(3	)			(5	)			(7	)			(10	)
Other comprehensive income (loss), net of tax			(26	)			(26	)			(27	)			(26	)			(31	)			(28	)
Total shareholders’ equity			4,678				4,820				4,730				4,516				4,392				4,466
Total liabilities and equity		$	32,353			$	32,642			$	33,834			$	30,669			$	30,294			$	30,836

Page 11

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

		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/24
Shareholders’ equity		$	4,678			$	4,820			$	4,730			$	4,516			$	4,392			$	4,466
Accumulated other comprehensive income (loss)			(127	)			(50	)			(73	)			(132	)			(179	)			(240	)
Shareholders’ equity, excluding AOCI			4,805				4,870				4,803				4,648				4,571				4,706
Goodwill			327				327				327				305				305				305
Intangibles			184				189				192				193				198				203
Tangible shareholders’ equity, excluding AOCI		$	4,294			$	4,354			$	4,284			$	4,150			$	4,068			$	4,198
Common shares outstanding			83.086				83.422				83.401				83.386				83.668				83.978
Book value per share:
Book value per share		$	56.30			$	57.78			$	56.72			$	54.15			$	52.50			$	53.18
Book value per share, excluding AOCI			57.83				58.38				57.59				55.74				54.63				56.03
Tangible, excluding AOCI			51.69				52.20				51.38				49.77				48.62				49.98
Market capitalization
AFG’s closing common share price		$	127.71			$	136.68			$	145.72			$	126.21			$	131.34			$	136.93
Market capitalization		$	10,611			$	11,402			$	12,153			$	10,524			$	10,989			$	11,499
Price / Book value per share, excluding AOCI			2.21				2.34				2.53				2.26				2.40				2.44

Page 12

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

		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/24
AFG senior obligations		$	1,173			$	1,173			$	1,173			$	823			$	823			$	823
Borrowings drawn under credit facility			—				—				—				—				—				—
Debt excluding subordinated debt			1,173				1,173				1,173				823				823				823
AFG subordinated debentures			675				675				675				675				675				675
Total principal amount of long-term debt			1,848				1,848				1,848				1,498				1,498				1,498
Shareholders’ equity			4,678				4,820				4,730				4,516				4,392				4,466
Accumulated other comprehensive income (loss)			(127	)			(50	)			(73	)			(132	)			(179	)			(240	)
Total capital, excluding AOCI		$	6,653			$	6,718			$	6,651			$	6,146			$	6,069			$	6,204
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt			27.8	%			27.5	%			27.8	%			24.4	%			24.7	%			24.1	%
Excluding subordinated debt			17.6	%			17.5	%			17.6	%			13.4	%			13.6	%			13.3	%

Page 13

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

		Three Months Ended																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)		$	888			$	984			$	936			$	931			$	967			$	3,818			$	4,034
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance		$	6,354			$	6,354			$	6,173			$	5,935			$	5,853			$	5,962
Parent and other subsidiaries			(1,549	)			(1,484	)			(1,370	)			(1,287	)			(1,282	)			(1,256	)
AFG GAAP Equity (excluding AOCI)		$	4,805			$	4,870			$	4,803			$	4,648			$	4,571			$	4,706
Allowable dividends without regulatory approval
Property and Casualty Insurance		$	1,083			$	1,081			$	1,004			$	1,004			$	1,004			$	1,004

Page 14

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

		Carrying Value - March 31, 2026
		Property and Casualty Insurance				Parent & Other				Consolidate CLOs				Total AFG Consolidated				% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents		$	1,115			$	238			$	—			$	1,353				8	%
Fixed maturities - Available for sale			11,274				123				—				11,397				66	%
Fixed maturities - Trading			80				—				—				80				1	%
Equity securities - Common stocks			363				—				—				363				2	%
Equity securities - Perpetual preferred			390				—				—				390				2	%
Investments accounted for using the equity method			2,440				3				—				2,443				14	%
Mortgage loans			961				—				—				961				6	%
Real estate and other investments			186				103				(133	)			156				1	%
Total cash and investments		$	16,809			$	467			$	(133	)		$	17,143				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																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities		$	141			$	138			$	135			$	140			$	137			$	550			$	532
Equity securities			10				6				6				15				6				33				29
Other investments (a)			27				27				27				23				21				98				87
Gross investment income excluding alternative investments			178				171				168				178				164				681				648
Gross investment income from alternative investments (b)			(3	)			6				43				8				12				69				158
Total gross investment income			175				177				211				186				176				750				806
Investment expenses			(7	)			(6	)			(6	)			(7	)			(6	)			(25	)			(22	)
Total net investment income		$	168			$	171			$	205			$	179			$	170			$	725			$	784
Average cash and investments (c)		$	16,855			$	16,520			$	16,095			$	15,921			$	15,881			$	16,144			$	15,479
Average yield - overall portfolio, net (d)			3.99	%			4.14	%			5.09	%			4.50	%			4.28	%			4.49	%			5.06	%
Average yield - fixed maturities before inv expenses (d)			5.04	%			5.11	%			5.12	%			5.24	%			5.13	%			5.13	%			5.02	%
AFG consolidated net investment income:
Property & Casualty core		$	168			$	171			$	205			$	179			$	170			$	725			$	784
Parent & other			6				7				6				7				5				25				29
Consolidate CLOs			13				5				(6	)			(2	)			(2	)			(5	)			(33	)
Total net investment income		$	187			$	183			$	205			$	184			$	173			$	745			$	780
Average cash and investments (c)		$	17,240			$	17,013			$	16,496			$	16,175			$	16,140			$	16,496			$	15,767
Average yield - overall portfolio, net (d)			4.34	%			4.30	%			4.97	%			4.55	%			4.29	%			4.52	%			4.95	%
Average yield - fixed maturities before inv expenses (d)			5.05	%			5.11	%			5.11	%			5.24	%			5.13	%			5.13	%			5.04	%

(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																				Twelve Months Ended
		3/31/26				12/31/25				9/30/25				6/30/25				3/31/25				12/31/25				12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income		$	2			$	1			$	16			$	8			$	(3	)		$	22			$	22
Equity securities MTM through investment income (a)			(10	)			(12	)			(6	)			4				—				(14	)			57
Investments accounted for using the equity method (b)			18				22				27				(6	)			13				56				46
AFG managed CLOs (eliminated in consolidation)			(13	)			(5	)			6				2				2				5				33
Total Property & Casualty		$	(3	)		$	6			$	43			$	8			$	12			$	69			$	158
Investments
Fixed maturities MTM through investment income		$	31			$	44			$	30			$	55			$	50			$	44			$	75
Equity securities MTM through investment income (a)			190				211				243				233				232				211				222
Investments accounted for using the equity method (b)			2,440				2,419				2,381				2,338				2,324				2,419				2,275
AFG managed CLOs (eliminated in consolidation)			133				143				138				148				122				143				174
Total Property & Casualty		$	2,794			$	2,817			$	2,792			$	2,774			$	2,728			$	2,817			$	2,746
Annualized Return - Property & Casualty			(0.4	%)			0.9	%			6.2	%			1.2	%			1.8	%			2.5	%			6.1	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income		$	2			$	1			$	16			$	8			$	(3	)		$	22			$	22
Equity securities MTM through investment income (a)			(10	)			(12	)			(6	)			4				—				(14	)			57
Investments accounted for using the equity method (b)			18				22				27				(6	)			13				56				46
AFG managed CLOs (eliminated in consolidation)			(13	)			(5	)			6				2				2				5				33
Total AFG Consolidated		$	(3	)		$	6			$	43			$	8			$	12			$	69			$	158
Investments
Fixed maturities MTM through investment income		$	31			$	44			$	30			$	55			$	50			$	44			$	75
Equity securities MTM through investment income (a)			190				211				243				233				232				211				222
Investments accounted for using the equity method (b)			2,443				2,421				2,383				2,341				2,326				2,421				2,277
AFG managed CLOs (eliminated in consolidation)			133				143				138				148				122				143				174
Total AFG Consolidated		$	2,797			$	2,819			$	2,794			$	2,777			$	2,730			$	2,819			$	2,748
Annualized Return - AFG Consolidated			(0.4	%)			0.9	%			6.2	%			1.2	%			1.8	%			2.5	%			6.1	%

(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)

March 31, 2026		Book Value (a)				Fair Value				Unrealized Gain (Loss)				% of Fair Value				% of Investment Portfolio
US Government and government agencies		$	150			$	150			$	—				1	%			1	%
States, municipalities and political subdivisions			820				791				(29	)			7	%			5	%
Foreign government			302				303				1				3	%			2	%
Residential mortgage-backed securities			3,245				3,160				(85	)			28	%			18	%
Collateralized loan obligations			1,181				1,180				(1	)			10	%			7	%
Other asset-backed securities			2,603				2,575				(28	)			22	%			15	%
Corporate and other bonds			3,302				3,318				16				29	%			19	%
Total AFG consolidated		$	11,603			$	11,477			$	(126	)			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 3/31/2026 ($ in millions)

		Fair Value by Type
Credit Rating (a)		US Gov				Munis				Frgn Gov				RMBS				CLOs				ABS				Corp/Oth				Total				% Total
Investment grade
AAA		$	7			$	154			$	250			$	2,708			$	1,158			$	855			$	12			$	5,144				45	%
AA			143				606				18				275				19				367				221				1,649				14	%
A			—				21				31				72				3				758				1,030				1,915				17	%
BBB			—				8				4				26				—				513				1,785				2,336				20	%
Subtotal - Investment grade			150				789				303				3,081				1,180				2,493				3,048				11,044				96	%
BB			—				—				—				1				—				4				116				121				1	%
B			—				—				—				1				—				1				18				20				0	%
CCC, CC, C			—				—				—				23				—				2				3				28				0	%
D			—				—				—				—				—				—				—				—				0	%
Subtotal - Non-Investment grade			—				—				—				25				—				7				137				169				1	%
Not Rated (b)			—				2				—				54				—				75				133				264				3	%
Total		$	150			$	791			$	303			$	3,160			$	1,180			$	2,575			$	3,318			$	11,477				100	%
		Fair Value by Type
NAIC designation		US Gov				Munis				Frgn Gov				RMBS				CLOs				ABS				Corp/Oth				Total				% Total
1		$	150			$	778			$	237			$	3,051			$	1,081			$	1,962			$	1,270			$	8,529				77	%
2			—				8				—				25				—				503				1,759				2,295				21	%
Subtotal			150				786				237				3,076				1,081				2,465				3,029				10,824				98	%
3			—				—				—				1				—				5				149				155				1	%
4			—				—				—				1				—				5				36				42				0	%
5			—				—				—				12				—				1				57				70				1	%
6			—				—				—				1				—				3				1				5				0	%
Subtotal			—				—				—				15				—				14				243				272				2	%
Total insurance companies		$	150			$	786			$	237			$	3,091			$	1,081			$	2,479			$	3,272			$	11,096				100	%
No NAIC designation (c)			—				—				—				—				—				40				16				56
Non-Insurance and Foreign Companies (d)			—				5				66				69				99				56				30				325
Total		$	150			$	791			$	303			$	3,160			$	1,180			$	2,575			$	3,318			$	11,477

(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 53% do not have a designation.

For Corp/Oth, 18% are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.

For Total, 33% are NAIC 1, 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) 99% 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 3/31/2026 ($ in millions)

		Fair Value By Industry
Credit Rating (a)		Asset Managers				Banking				Insurance				Technology				Utilities				Other Financials				Consumer				Autos				Healthcare				Other				Total				% Total
Investment Grade
AAA		$	—			$	—			$	—			$	11			$	—			$	—			$	—			$	—			$	—			$	1			$	12				0	%
AA			5				—				62				30				10				33				43				—				15				23				221				7	%
A			88				174				150				77				152				64				45				102				35				143				1,030				31	%
BBB			720				268				52				144				89				78				40				50				38				306				1,785				54	%
Subtotal			813				442				264				262				251				175				128				152				88				473				3,048				92	%
BB			—				8				—				4				—				—				8				17				4				75				116				3	%
B			—				2				—				—				—				—				7				—				4				5				18				1	%
CCC, CC, C			—				—				—				—				—				—				—				—				—				3				3				0	%
D			—				—				—				—				—				—				—				—				—				—				—				0	%
Subtotal			—				10				—				4				—				—				15				17				8				83				137				4	%
Not Rated (b)			5				—				6				2				—				25				30				1				33				31				133				4	%
Total		$	818			$	452			$	270			$	268			$	251			$	200			$	173			$	170			$	129			$	587			$	3,318				100%
		Fair Value By Industry
NAIC designation		Asset Managers				Banking				Insurance				Technology				Utilities				Other Financials				Consumer				Autos				Healthcare				Other				Total				% Total
1		$	93			$	170			$	210			$	117			$	162			$	101			$	91			$	102			$	50			$	174			$	1,270				39	%
2			719				266				51				143				87				58				46				49				38				302				1,759				54	%
Subtotal			812				436				261				260				249				159				137				151				88				476				3,029				93	%
3			—				8				—				3				—				19				16				17				16				70				149				5	%
4			—				2				—				—				—				—				19				—				5				10				36				1	%
5			—				—				—				1				—				11				1				—				20				24				57				1	%
6			—				—				—				—				—				1				—				—				—				—				1				0	%
Subtotal			—				10				—				4				—				31				36				17				41				104				243				7	%
Total insurance companies		$	812			$	446			$	261			$	264			$	249			$	190			$	173			$	168			$	129			$	580			$	3,272				100	%
No NAIC designation (c)			—				—				6				—				—				10				—				—				—				—				16
Non-Insurance and Foreign Companies			6				6				3				4				2				—				—				2				—				7				30
Total		$	818			$	452			$	270			$	268			$	251			$	200			$	173			$	170			$	129			$	587			$	3,318

(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) 18% of not rated securities are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% 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 3/31/2026 ($ in millions)

		Fair Value By Collateral Type
Credit Rating (a)		Whole Business				Triple Net Lease				Railcar				TruPS				Aircraft				Secured Financing				Single Family Rental				Auto				Commercial Real Estate				Other				Total				% Total
Investment Grade
AAA		$	—			$	258			$	—			$	196			$	25			$	—			$	91			$	89			$	89			$	107			$	855				33	%
AA			69				51				112				60				14				30				—				—				—				31				367				14	%
A			10				16				167				3				191				58				—				—				—				313				758				30	%
BBB			440				—				5				—				7				1				—				—				—				60				513				20	%
Subtotal			519				325				284				259				237				89				91				89				89				511				2,493				97	%
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				29				—				—				—				43				75				3	%
Total		$	519			$	325			$	284			$	259			$	243			$	120			$	91			$	89			$	89			$	556			$	2,575				100%
		Fair Value By Collateral Type
NAIC designation		Whole Business				Triple Net Lease				Railcar				TruPS				Aircraft				Secured Financing				Single Family Rental				Auto				Commercial Real Estate				Other				Total				% Total
1		$	79			$	317			$	262			$	257			$	228			$	117			$	88			$	84			$	83			$	447			$	1,962				79	%
2			432				—				5				—				6				1				—				—				—				59				503				21	%
Subtotal			511				317				267				257				234				118				88				84				83				506				2,465				100	%
3			—				—				—				—				1				1				—				—				—				3				5				0	%
4			—				—				—				—				—				1				—				—				—				4				5				0	%
5			—				—				—				—				1				—				—				—				—				—				1				0	%
6			—				—				—				—				3				—				—				—				—				—				3				0	%
Subtotal			—				—				—				—				5				2				—				—				—				7				14				0	%
Total insurance companies		$	511			$	317			$	267			$	257			$	239			$	120			$	88			$	84			$	83			$	513			$	2,479				100	%
No NAIC designation			—				—				—				—				1				—				—				—				—				39				40
Non-Insurance and Foreign Companies			8				8				17				2				3				—				3				5				6				4				56
Total		$	519			$	325			$	284			$	259			$	243			$	120			$	91			$	89			$	89			$	556			$	2,575

(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 53% 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 3/31/2026 ($ 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		$	1,245				88	%			92	%			96	%
Fund Investments			100				7	%			—				—
QOZ Fund - Development			27				2	%			—				—
Office			17				1	%			88	%			100	%
Marina			15				1	%			—				—
Hospitality			12				1	%			—				—
Land Development			2				0	%			—				—
Total		$	1,418				100	%

Real Estate

Property Type		Book Value				% of Book Value				Debt
Resort & Marina		$	51				51	%		$	—
Marina			35				35	%			—
Office Building			12				12	%			—
Land			2				2	%			—
Total		$	100				100	%		$	—

Mortgage Loans

Property Type		Book Value				% of Book Value				Loan To Value
Multifamily		$	703				73	%			66	%
Hospitality			160				17	%			42	%
Marina			52				5	%			52	%
Office			46				5	%			98	%
Total		$	961				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 3/31/2026

(c) Collections for January - March

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

FAQ

How did American Financial Group (AFG) perform in Q1 2026?

American Financial Group reported net earnings of $191 million ($2.29 per share) for Q1 2026, up from $154 million ($1.84 per share) a year earlier. Core net operating earnings increased to $206 million ($2.47 per share), reflecting stronger specialty P&C underwriting results.

What were AFG’s core net operating earnings and ROE for Q1 2026?

Core net operating earnings were $206 million or $2.47 per share in Q1 2026, versus $152 million or $1.81 per share a year earlier. This produced an annualized core net operating return on equity of 17.0%, compared with 13.1% in the prior-year quarter.

How did American Financial Group’s specialty P&C combined ratio change in Q1 2026?

AFG’s specialty P&C operations delivered a 90.3% combined ratio in Q1 2026, improving from 94.0% a year earlier. The better ratio was supported by lower catastrophe loss impact and more favorable prior year reserve development, boosting underwriting profit to $156 million from $94 million.

What capital returns did AFG provide shareholders in Q1 2026?

During Q1 2026, AFG repurchased $60 million of common stock at an average price of $127.12 per share and paid cash dividends totaling $2.38 per share. That dividend figure includes a $1.50 per share special dividend paid in February 2026.

What is the planned Charleston Harbor Resort & Marina transaction for AFG?

In April 2026, AFG reached a definitive agreement to sell the Charleston Harbor Resort & Marina. Subject to required approvals and customary conditions, closing is expected in the second or third quarter of 2026, with an anticipated pretax core operating gain of about $125 million.

How did AFG’s book value per share and equity change as of March 31, 2026?

Book value per share was $56.30 at March 31, 2026, compared with $57.78 at year-end 2025. Excluding accumulated other comprehensive income, book value per share was $57.83. Shareholders’ equity excluding AOCI stood at $4.805 billion at quarter end.

How are AFG’s investments and alternative portfolio performing?

AFG’s total cash and investments were $17.143 billion at March 31, 2026. Net investment income in P&C rose 8% excluding alternatives, but alternative investments produced an annualized return of (0.4%) in Q1 2026 versus 1.8% a year earlier, after strong multi-year averages.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 137.9 KB
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Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 5.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 14.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 24.3 KB
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