American Financial Group declares $3.50 special dividend

The one-time special dividend is payable November 25, 2026, to shareholders of record November 16, 2026.

Available on EDGAR 11/04/2026 - 08:00 AM EST Accepted by SEC EDGAR 11/04/2026 - 08:00 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

American Financial Group, Inc. (AFG) reported third-quarter 2026 net earnings of $282 million ($3.40 per diluted share), compared with $215 million ($2.58) in the 2025 quarter. Core net operating earnings were $329 million ($3.97 per share), versus $224 million ($2.69); after-tax non-core items reduced 2026 net income by $47 million, or $0.57 per share. Annualized core operating return on equity was 26.0%, compared with 19.0%.

AFG declared a one-time special cash dividend of $3.50 per share, payable November 25, 2026, to holders of record November 16, 2026; the aggregate amount is approximately $290 million. P&C net investment income increased 41% year over year to $289 million, primarily reflecting the August sale of Charleston Harbor Resort & Marina. The sale generated $126 million pretax, split evenly between the P&C segment and holding-company investment income.

Specialty P&C underwriting profit was $133 million, versus $139 million, and its combined ratio was 93.8%, compared with 93.0%; gross and net written premiums rose 8% and 9%. The P&C Group’s asbestos and environmental reserves were $332 million at September 30, 2026, with no net change from the review. A separate review of former railroad and manufacturing exposures led to a $24 million pretax charge to increase environmental liabilities.

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Positive

• Moderate pointCore net operating earnings reached a third-quarter record at $329 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Declared special dividend: approximately $290 million aggregate. 2.3% of market cap

Negative

• None.

8-K Event Classification

3 items: 2.02, 8.01, 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 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Net earnings: $282 million Core net operating earnings: $329 million Diluted earnings per common share: $3.40 +5 more

8 metrics

Net earnings $282 million Three months ended September 30, 2026; $215 million for the three months ended September 30, 2025.

Core net operating earnings $329 million Three months ended September 30, 2026; $224 million for the three months ended September 30, 2025.

Diluted earnings per common share $3.40 Three months ended September 30, 2026; $2.58 for the three months ended September 30, 2025.

Core net operating earnings per share $3.97 Three months ended September 30, 2026; $2.69 for the three months ended September 30, 2025.

Total revenues $2.583 billion Three months ended September 30, 2026; $2.331 billion for the three months ended September 30, 2025.

P&C net investment income $289 million Third quarter 2026; $205 million in third quarter 2025.

Special cash dividend $3.50 per share Payable November 25, 2026, to holders of record November 16, 2026.

Specialty P&C underwriting profit $133 million Third quarter 2026; $139 million in third quarter 2025.

Key Terms

core net operating earnings, combined ratio, accumulated other comprehensive income (AOCI), survival ratios

4 terms

core net operating earnings financial

"core net operating earnings, a non-GAAP financial measure"

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

"93.8% combined ratio in the third quarter of 2026"

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.

accumulated other comprehensive income (AOCI) financial

"excluding accumulated other comprehensive income (AOCI)"

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.

survival ratios financial

"three-year survival ratios were 18.8 times paid losses for asbestos reserves"

Earnings Snapshot

Net earnings: $282 million

Third quarter 2026

Net earnings $282 million Compared with $215 million in third quarter 2025

Core net operating earnings $329 million Compared with $224 million in third quarter 2025

Diluted earnings per common share $3.40 Compared with $2.58 in third quarter 2025

Total revenues $2.583 billion Compared with $2.331 billion in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AFG’s third-quarter 2026 earnings?

AFG reported third-quarter 2026 net earnings of $282 million, or $3.40 per diluted share, and core net operating earnings of $329 million, or $3.97 per share. The comparable third-quarter 2025 figures were $215 million, $2.58, $224 million and $2.69, respectively.

What is AFG’s special dividend and when is it paid?

AFG declared a one-time special cash dividend of $3.50 per common share, payable November 25, 2026, to shareholders of record November 16, 2026. Its aggregate amount is approximately $290 million; it is in addition to the regular quarterly dividend of $0.97 per share most recently paid October 23, 2026.

Why did AFG’s P&C net investment income rise in the third quarter of 2026?

P&C net investment income increased 41% year over year to $289 million, primarily due to income from the August 2026 sale of Charleston Harbor Resort & Marina. The sale generated $126 million in pretax net investment income, split evenly between the P&C segment and holding-company investment income.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AMERICAN FINANCIAL GROUP INC false 0001042046 0001042046 2026-11-03 2026-11-03 0001042046 us-gaap:CommonStockMember 2026-11-03 2026-11-03 0001042046 afg:Five875SubordinatedDebenturesDueMarch302059Member 2026-11-03 2026-11-03 0001042046 afg:Five125SubordinatedDebenturesDueDecember152059Member 2026-11-03 2026-11-03 0001042046 afg:Five625SubordinatedDebenturesDueJune12060Member 2026-11-03 2026-11-03 0001042046 afg:Four5SubordinatedDebenturesDueSeptember152060Member 2026-11-03 2026-11-03

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): November 3, 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 third quarter of 2026 and the availability of the Investor Supplement on the Company’s website. The press release was issued on November 3, 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.

Section 8 – Other Events

Item 8.01 Other Events.

In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $3.50 per share of Company Common Stock. The dividend is payable on November 25, 2026 to holders of record on November 16, 2026.

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 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 November 3, 2026, reporting American Financial Group, Inc. results for the quarter ended September 30, 2026.
99.2		Investor Supplement – Third Quarter 2026
104		Cover page Interactive Date File (embedded within Inline XBRL document)

2

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: November 4, 2026				By:		/s/ Joseph C. Alter
						Joseph C. Alter
						Vice President

3

Exhibit 99.1

American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend

• Net earnings per share of $3.40 compared to $2.58 in the prior year third quarter

• Record third quarter core net operating earnings of $3.97 per share, a 48% increase from the prior year period

• Record third quarter pretax P&C operating income of $406 million

• Third quarter growth in net written premiums of 9%

• Third quarter annualized ROE of 22.3%; annualized core operating ROE of 26.0%

• Overall average renewal rate increase, excluding workers’ compensation, of approximately 6%

• Board of Directors declares $3.50 per share special dividend, payable November 25, 2026

CINCINNATI – November 3, 2026 – American Financial Group, Inc. (NYSE: AFG) today reported 2026 third quarter net earnings of $282 million ($3.40 per share) compared to $215 million ($2.58 per share) in the 2025 third quarter. Net earnings included net after-tax non-core items that reduced net income by $47 million ($0.57 per share loss) and $9 million ($0.11 per share loss) in the 2026 and 2025 third quarters, respectively. Annualized return on equity was 22.3% and 18.2% for the third 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 $329 million ($3.97 per share) for the 2026 third quarter, compared to $224 million ($2.69 per share) in the 2025 third quarter, reflecting higher year-over-year net investment income. Additional details for the 2026 and 2025 third quarters may be found in the table below. Core net operating earnings for the third quarters of 2026 and 2025 generated annualized returns on equity of 26.0% and 19.0%, respectively, which is calculated excluding AOCI.

		Three months ended September 30,
Components of Pretax Core Operating Earnings		2026				2025				2026				2025				2026				2025
In millions, except per share amounts		Before Impact of Alternative Investments								Alternative Investments								Core Net Operating Earnings, as reported
P&C Pretax Core Operating Earnings		$	358			$	285			$	48			$	43			$	406			$	328
Parent investment income - sale of Charleston Harbor			63				—				—				—				63				—
Other expenses			(28	)			(29	)			—				—				(28	)			(29	)
Holding company interest expense			(23	)			(19	)			—				—				(23	)			(19	)
Pretax Core Operating Earnings			370				237				48				43				418				280
Related provision for income taxes			79				47				10				9				89				56
Core Net Operating Earnings		$	291			$	190			$	38			$	34			$	329			$	224
Core Operating Earnings Per Share		$	3.52			$	2.28			$	0.45			$	0.41			$	3.97			$	2.69
Weighted Avg Diluted Shares Outstanding			82.9				83.4				82.9				83.4				82.9				83.4

AFG’s book value per share was $57.12 at September 30, 2026. AFG repurchased $26 million of its Common Stock (average price of $138.31 per share) and paid cash dividends of $0.88 per share during the third quarter. For the three and nine months ended September 30, 2026, AFG’s change in book value per share plus dividends was (0.2%) and 6.0%, respectively, reflecting the impact of rising interest rates on AOCI.

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Book value per share excluding AOCI was $62.29 at September 30, 2026. For the three and nine months ended September 30, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 5.5% and 13.8%, respectively.

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 September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Components of net earnings:
Core operating earnings before income taxes		$	418			$	280			$	975			$	701
Pretax non-core items:
Realized gains (losses)			(35	)			13				(37	)			18
Special A&E charges			(24	)			(25	)			(24	)			(25	)
Earnings before income taxes			359				268				914				694
Provision for income taxes:
Core operating earnings			89				56				206				146
Non-core items			(12	)			(3	)			(13	)			5
Total provision for income taxes			77				53				193				151
Net earnings		$	282			$	215			$	721			$	543
Net earnings:
Core net operating earnings(a)		$	329			$	224			$	769			$	555
Non-core items:
Realized gains (losses)			(28	)			11				(29	)			15
Special A&E charges			(19	)			(20	)			(19	)			(20	)
Other			—				—				—				(7	)
Net earnings		$	282			$	215			$	721			$	543
Components of earnings per share:
Core net operating earnings(a)		$	3.97			$	2.69			$	9.26			$	6.65
Non-core items:
Realized gains (losses)			(0.34	)			0.13				(0.35	)			0.18
Special A&E charges			(0.23	)			(0.24	)			(0.23	)			(0.24	)
Other			—				—				—				(0.09	)
Diluted net earnings per share		$	3.40			$	2.58			$	8.68			$	6.50

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

The Company also announced today that its Board of Directors has declared a special cash dividend of $3.50 per share of American Financial Group common stock. The dividend is payable on November 25, 2026, to shareholders of record on November 16, 2026. The aggregate amount of this special dividend will be approximately $290 million. This special dividend is in addition to the Company’s regular quarterly cash dividend of $0.97 per share most recently paid on October 23, 2026. With this special dividend, the Company has declared $59.00 per share in special dividends since the beginning of 2021.

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are particularly pleased with exceptionally strong core net operating earnings, our highest ever in the third quarter. Strong underwriting margins, healthy premium growth and higher quarterly P&C net investment income drove a new third quarter record for pretax P&C operating income and produced an impressive annualized core operating return on equity of 26%. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy, enable us to continue to create value for our shareholders.”

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Messrs. Lindner continued, “AFG continued to have significant excess capital at September 30, 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 excess capital will be deployed into AFG’s core businesses as we identify 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.”

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a 93.8% combined ratio in the third quarter of 2026, 0.8 points higher than the 93.0% reported in the comparable prior year period. Third quarter 2026 results included 1.0 point related to catastrophe losses, compared to 1.2 points in the 2025 third quarter. Third quarter 2026 results benefited from 1.5 points of favorable prior year reserve development, compared to 1.2 points in the third quarter of 2025.

Underwriting profit was $133 million for the 2026 third quarter compared to $139 million for the 2025 third quarter. Higher year-over-year underwriting profit in our Property and Transportation and Specialty Casualty Groups was more than offset by lower underwriting profit in our Specialty Financial Group.

Third quarter 2026 gross and net written premiums increased 8% and 9%, respectively, when compared to the third quarter of 2025. We continued to achieve premium growth across our portfolio as a result of a combination of new business opportunities, a favorable renewal rate environment and strong policy retention, all while maintaining discipline and focusing on underwriting profitability.

Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 6% for the quarter, about a point higher than in the previous quarter. Average renewal rates, including workers’ compensation, were up approximately 5% overall, also about a point higher than in the second quarter. We believe we are achieving overall renewal rate increases that enable us to meet or exceed targeted returns.

The Property and Transportation Group reported 2026 third quarter underwriting profit of $68 million, compared to $55 million in the third quarter of 2025, reflecting higher underwriting profit in our agricultural and transportation businesses. Catastrophe losses in this group were $4 million (0.4 points on the combined ratio) in both of the third quarters of 2026 and 2025. Overall, the businesses in the Property and Transportation Group achieved a 93.4% calendar year combined ratio in the third quarter, an improvement of 0.7 points from the comparable period in 2025.

Third quarter 2026 gross and net written premiums in this group were 12% and 14% higher, respectively, than the comparable prior year. The increase is primarily attributable to growth in certain crop insurance products, along with new business opportunities and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 7% in the third quarter of 2026, slightly below the pricing increase achieved in this group for the second quarter of 2026.

The Specialty Casualty Group reported 2026 third quarter underwriting profit of $42 million, compared to $33 million in the third quarter of 2025. Higher profitability in our excess and surplus and targeted markets businesses was partially offset by lower levels of favorable prior year development in our workers’ compensation businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be very strong. The businesses in the Specialty Casualty Group achieved a solid 94.9% calendar year combined ratio in the third quarter of 2026, an improvement of 0.9 points from the 95.8% reported in the comparable period in 2025.

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Third quarter 2026 gross written premiums in this group increased less than 1%, and net written premiums increased 2% when compared to the same prior year period. New business opportunities, strong policy retention and higher rates contributed to growth in several of our Specialty Casualty businesses, which was partially offset by non-renewals of under-performing accounts in certain targeted markets businesses. Excluding workers’ compensation, renewal pricing for this group was up approximately 6% in the third quarter; pricing including workers’ compensation was up about 4%. Both measures are an improvement of 2 points over pricing achieved in the second quarter.

The Specialty Financial Group reported an underwriting profit of $23 million in the third quarter of 2026, compared to $51 million in the third quarter of 2025. The decrease reflects an isolated large loss in our European operations and lower overall levels of favorable prior year development. Catastrophe losses for this group were $16 million (5.2 points on the combined ratio) in the third quarter of 2026, compared to $11 million (4.1 points) in the prior year quarter. This group reported a combined ratio of 92.5% for the third quarter of 2026, 11.4 points higher than the exceptionally strong results reported in the prior year period.

Third quarter 2026 gross and net written premiums in this group both increased approximately 14% when compared to the prior year period, primarily due to growth across our lender services businesses. Renewal pricing in this group was up approximately 4% in the third quarter.

Carl Lindner III stated, “There is a lot of good news in AFG’s third quarter results. Beyond strong P&C operating earnings, I am very pleased to see our teams continue to execute on opportunities to grow while achieving favorable renewal rate increases, which helps to ensure that we are meeting or exceeding overall targeted returns. I like our positioning and momentum as we enter the fourth quarter.”

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

P&C Net Investment Income – Net investment income in our property and casualty insurance operations for the three months ended September 30, 2026 established a new quarterly record for AFG, increasing 41% year-over-year to $289 million. The increase was primarily attributable to income from the sale of Charleston Harbor Resort & Marina. Consistent with what we had previously communicated, the August 2026 sale of Charleston Harbor Resort & Marina generated $126 million in pretax net investment income. Since the P&C companies and AFG parent each owned half of the property, the earnings are split evenly between the operating results of the P&C Insurance Segment and holding company investment income. Property and casualty net investment income – excluding the income from the sale of Charleston Harbor Resort & Marina – increased 10% when compared to the 2025 third quarter.

The annualized return on alternative investments was approximately 6.7% for the 2026 third quarter compared to 6.2% 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. 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.

Non-Core Net Realized Gains (Losses) – AFG recorded third quarter 2026 net realized losses of $28 million ($0.34 per share loss) after tax, which included $6 million ($0.07 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at September 30, 2026, to fair value. AFG recorded net realized gains of $11 million ($0.13 per share) in the comparable 2025 period.

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After-tax unrealized losses related to fixed maturities were $400 million at September 30, 2026. Our portfolio continues to be high quality, with 97% 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.

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

A&E Reserves

As in prior years, during the third quarter, AFG conducted an in-depth internal review of its asbestos and environmental (A&E) exposures relating to the run-off operations of its P&C Group. During the 2026 review, no new trends were identified, and recent claims activity was generally consistent with our expectations resulting from our in-depth reviews in the prior five years, and our most recent external study in 2020. As a result, and consistent with the internal review in the third quarter of 2025, the 2026 review resulted in no net change to the P&C Group’s A&E reserves.

At September 30, 2026, the P&C Group’s insurance reserves include A&E reserves of $332 million, net of reinsurance recoverables. At September 30, 2026, the property and casualty insurance segment’s three-year survival ratios were 18.8 times paid losses for asbestos reserves, 37.7 times paid losses for environmental reserves and 24.0 times paid losses for total A&E reserves. These ratios compare favorably with industry data compiled by S&P Global Market Intelligence as of December 31, 2025, which indicate that industry survival ratios were 7.8 times paid losses for asbestos, 8.3 times paid losses for environmental, and 8.0 times paid losses for total A&E reserves.

The 2026 in-depth comprehensive review also included reserves for asbestos and environmental exposures of our former railroad and manufacturing operations. As a result of the review, AFG recorded a special non-core A&E charge to increase its liabilities for environmental exposures by $24 million ($19 million after-tax), due primarily to increases in the anticipated scope and costs of investigation and remediation at a limited number of sites.

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.

Page 5

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; 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.

Conference Call

The Company will hold a conference call to discuss 2026 third quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, November 4, 2026. Simplified event registration and access provides 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

# # #

Page 6

(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.

AFG2026-19

Page 7

AMERICAN FINANCIAL GROUP, INC., AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Revenues
Net earned premiums		$	2,164			$	2,013			$	5,467			$	5,240
Net investment income			356				205				764				562
Realized gains (losses) on:
Securities			(35	)			12				(37	)			17
Subsidiary			—				1				—				1
Income of managed investment entities:
Investment income			71				70				207				214
Gain (loss) on change in fair value of assets/liabilities			(2	)			—				(21	)			(7	)
Other income			29				30				87				84
Total revenues			2,583				2,331				6,467				6,111
Costs and expenses
Losses & loss adjustment expenses			1,470				1,355				3,376				3,327
Commissions and other underwriting expenses			571				529				1,687				1,593
Interest charges on borrowed money			23				19				70				57
Expenses of managed investment entities			62				61				178				189
Other expenses			98				99				242				251
Total costs and expenses			2,224				2,063				5,553				5,417
Earnings before income taxes			359				268				914				694
Provision for income taxes			77				53				193				151
Net earnings		$	282			$	215			$	721			$	543
Diluted earnings per common share		$	3.40			$	2.58			$	8.68			$	6.50
Average number of diluted shares			82.9				83.4				83.1				83.6

Selected Balance Sheet Data:		September 30, 2026				December 31, 2025
Total Cash and investments		$ 17,351				$ 17,182
Long-term debt		$  1,821				$  1,820
Shareholders’ equity(b)		$  4,727				$  4,820
Shareholders’ equity (excluding AOCI)		$  5,155				$  4,870
Book value per share(b)		$  57.12				$  57.78
Book value per share (excluding AOCI)		$  62.29				$  58.38
Common Shares Outstanding		82.7				83.4

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

		Three months ended September 30,								Pct. Change				Nine months ended September 30,								Pct. Change
		2026				2025								2026				2025
Gross written premiums		$	3,959			$	3,665				8	%		$	9,244			$	8,609				7	%
Net written premiums		$	2,454			$	2,252				9	%		$	6,033			$	5,666				6	%
Ratios (GAAP):
Loss & LAE ratio			67.8	%			67.2	%							61.6	%			63.4	%
Underwriting expense ratio			26.0	%			25.8	%							30.4	%			29.9	%
Specialty Combined Ratio			93.8	%			93.0	%							92.0	%			93.3	%
Combined Ratio – P&C Segment			94.0	%			93.1	%							92.2	%			93.4	%
Supplemental Information (c):
Gross Written Premiums:
Property & Transportation		$	2,214			$	1,975				12	%		$	4,564			$	4,119				11	%
Specialty Casualty			1,342				1,337				—	%			3,550				3,467				2	%
Specialty Financial			403				353				14	%			1,130				1,023				10	%
		$	3,959			$	3,665				8	%		$	9,244			$	8,609				7	%
Net Written Premiums:
Property & Transportation		$	1,193			$	1,051				14	%		$	2,586			$	2,373				9	%
Specialty Casualty			935				914				2	%			2,536				2,451				3	%
Specialty Financial			326				287				14	%			911				842				8	%
		$	2,454			$	2,252				9	%		$	6,033			$	5,666				6	%
Combined Ratio (GAAP):
Property & Transportation			93.4	%			94.1	%							91.2	%			94.1	%
Specialty Casualty			94.9	%			95.8	%							94.9	%			95.7	%
Specialty Financial			92.5	%			81.1	%							86.2	%			84.8	%
Aggregate Specialty Group			93.8	%			93.0	%							92.0	%			93.3	%

		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Reserve Development (Favorable)/Adverse:
Property & Transportation		$	(24	)		$	(11	)		$	(113	)		$	(43	)
Specialty Casualty			(5	)			(1	)			(6	)			21
Specialty Financial			(4	)			(12	)			(41	)			(34	)
Specialty Group			(33	)			(24	)			(160	)			(56	)
Other			3				1				5				2
Total Reserve Development		$	(30	)		$	(23	)		$	(155	)		$	(54	)
Points on Combined Ratio:
Property & Transportation			(2.4	)			(1.1	)			(5.3	)			(2.1	)
Specialty Casualty			(0.6	)			(0.1	)			(0.2	)			0.9
Specialty Financial			(1.2	)			(4.7	)			(4.7	)			(4.2	)
Aggregate Specialty Group			(1.5	)			(1.2	)			(2.9	)			(1.1	)
Total P&C Segment			(1.4	)			(1.1	)			(2.8	)			(1.0	)

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

Page 9

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

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

		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Core Operating Earnings before Income Taxes:
P&C Insurance Segment *		$	406			$	328			$	1,065			$	847
Parent investment income - sale of Charleston Harbor			63				—				63				—
Interest and other corporate expenses			(51	)			(48	)			(153	)			(146	)
Core operating earnings before income taxes			418				280				975				701
Related income taxes			89				56				206				146
Core net operating earnings		$	329			$	224			$	769			$	555

* The sale of Charleston Harbor Resort & Marina in August 2026 generated $126 million in pretax net investment income. The P&C companies and AFG parent equally owned the property. Accordingly, half of the earnings are included in the operating results of the P&C Insurance Segment, and half are recorded as parent company investment income. The sale contributed $1.21 per share of core net operating earnings for the three months ended September 30, 2026.

b) Shareholders’ Equity at September 30, 2026, includes ($428 million) ($5.17 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share 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 and excess liability; general liability for the energy, construction and environmental industries; executive and professional liability; specialty coverages in targeted markets; and workers’ compensation insurance.

• Specialty Financial includes primarily 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 10

Exhibit 99.2

American Financial Group, Inc.  Investor Supplement - Third Quarter 2026    November 3, 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 - Third Quarter 2026

Section		Page
Table of Contents - Investor Supplement - Third 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 9/30/2026			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 9/30/2026			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 9/30/2026			23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025			24
G. Real Estate-Related Investments 9/30/2026			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																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Highlights
Net earnings		$	282			$	248			$	191			$	299			$	215			$	721			$	543
Core net operating earnings			329				234				206				305				224				769				555
Total assets			35,738				33,034				32,353				32,642				33,834				35,738				33,834
Shareholders’ equity, excluding AOCI (a)			5,155				4,963				4,805				4,870				4,803				5,155				4,803
Property and Casualty net written premiums			2,454				1,915				1,664				1,444				2,252				6,033				5,666
Per share data
Diluted earnings per share		$	3.40			$	2.99			$	2.29			$	3.58			$	2.58			$	8.68			$	6.50
Core net operating earnings per share			3.97				2.82				2.47				3.65				2.69				9.26				6.65
Book value per share, excluding AOCI (a)			62.29				59.85				57.83				58.38				57.59				62.29				57.59
Dividends per common share			0.88				0.88				2.38				2.88				0.80				4.14				4.40
Financial ratios
Annualized return on equity (b)			22.3	%			20.3	%			15.8	%			24.7	%			18.2	%			19.4	%			15.5	%
Annualized core operating return on equity (b)			26.0	%			19.2	%			17.0	%			25.2	%			19.0	%			20.7	%			15.8	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio			67.8	%			58.9	%			56.3	%			58.6	%			67.2	%			61.6	%			63.4	%
Underwriting expense ratio			26.0	%			32.6	%			34.0	%			25.5	%			25.8	%			30.4	%			29.9	%
Combined ratio - Specialty			93.8	%			91.5	%			90.3	%			84.1	%			93.0	%			92.0	%			93.3	%

(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																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Property and Casualty Insurance
Underwriting profit		$	130			$	142			$	156			$	284			$	138			$	428			$	345
Net investment income (a)			289				221				168				171				205				678				554
Other income (expense)			(13	)			(13	)			(15	)			(15	)			(15	)			(41	)			(52	)
Property and Casualty Insurance operating earnings			406				350				309				440				328				1,065				847
Interest expense of parent holding companies			(23	)			(24	)			(23	)			(23	)			(19	)			(70	)			(57	)
Parent investment income - Charleston Harbor sale (a)			63				—				—				—				—				63				—
Other expense			(28	)			(26	)			(29	)			(31	)			(29	)			(83	)			(89	)
Pretax core operating earnings			418				300				257				386				280				975				701
Income tax expense			89				66				51				81				56				206				146
Core net operating earnings			329				234				206				305				224				769				555
Non-core items, net of tax:
Realized gains (losses) on securities			(28	)			14				(15	)			(6	)			10				(29	)			14
Realized gain on subsidiaries			—				—				—				—				1				—				1
Special A&E charges - Former Railroad and Manufacturing operations			(19	)			—				—				—				(20	)			(19	)			(20	)
Other non-core items			—				—				—				—				—				—				(7	)
Net earnings		$	282			$	248			$	191			$	299			$	215			$	721			$	543

(a) The sale of Charleston Harbor Resort and Marina in August 2026 generated $126 million in pretax net investment income. The P&C companies and AFG parent equally owned the property. Accordingly, half of the earnings are included in P&C net investment income and half are included in parent net investment income.

Page 4

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Core net operating earnings		$	329			$	234			$	206			$	305			$	224			$	769			$	555
Net earnings		$	282			$	248			$	191			$	299			$	215			$	721			$	543
Average number of diluted shares			82.919				83.026				83.263				83.411				83.397				83.068				83.574
Diluted earnings per share:
Core net operating earnings per share		$	3.97			$	2.82			$	2.47			$	3.65			$	2.69			$	9.26			$	6.65
Realized gains (losses) on securities			(0.34	)			0.17				(0.18	)			(0.07	)			0.12				(0.35	)			0.17
Realized gain on subsidiaries			—				—				—				—				0.01				—				0.01
Special A&E charges - Former Railroad and Manufacturing operations			(0.23	)			—				—				—				(0.24	)			(0.23	)			(0.24	)
Other non-core items			—				—				—				—				—				—				(0.09	)
Diluted earnings per share		$	3.40			$	2.99			$	2.29			$	3.58			$	2.58			$	8.68			$	6.50

Page 5

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Property and Transportation		$	68			$	57			$	65			$	216			$	55			$	190			$	119
Specialty Casualty			42				45				34				27				33				121				102
Specialty Financial			23				42				57				44				51				122				126
Underwriting profit - Specialty			133				144				156				287				139				433				347
Other core charges, included in loss and LAE			(3	)			(2	)			—				(3	)			(1	)			(5	)			(2	)
Underwriting profit - Property and Casualty Insurance		$	130			$	142			$	156			$	284			$	138			$	428			$	345
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			23				31				35				4				23				89				133
Total current accident year catastrophe losses		$	23			$	31			$	35			$	4			$	23			$	89			$	133
Prior year loss reserve development (favorable) / adverse		$	(30	)		$	(55	)		$	(70	)		$	(27	)		$	(23	)		$	(155	)		$	(54	)
Combined ratio:
Property and Transportation			93.4	%			90.3	%			87.6	%			70.6	%			94.1	%			91.2	%			94.1	%
Specialty Casualty			94.9	%			94.5	%			95.8	%			96.7	%			95.8	%			94.9	%			95.7	%
Specialty Financial			92.5	%			85.6	%			80.0	%			83.0	%			81.1	%			86.2	%			84.8	%
Combined ratio - Specialty			93.8	%			91.5	%			90.3	%			84.1	%			93.0	%			92.0	%			93.3	%
Other core charges			0.2	%			0.1	%			0.1	%			0.2	%			0.1	%			0.2	%			0.1	%
Combined ratio			94.0	%			91.6	%			90.4	%			84.3	%			93.1	%			92.2	%			93.4	%
P&C combined ratio excl. catastrophe losses and prior year reserve development			94.3	%			93.1	%			92.5	%			85.5	%			93.0	%			93.3	%			91.9	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			68.3	%			60.5	%			58.5	%			60.0	%			67.2	%			62.9	%			62.0	%
Prior accident year loss reserve development			(1.4	%)			(3.3	%)			(4.3	%)			(1.5	%)			(1.1	%)			(2.8	%)			(1.0	%)
Current accident year catastrophe losses			1.1	%			1.8	%			2.2	%			0.3	%			1.2	%			1.7	%			2.5	%
Loss and LAE ratio			68.0	%			59.0	%			56.4	%			58.8	%			67.3	%			61.8	%			63.5	%

Page 6

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Gross written premiums		$	3,959			$	2,850			$	2,435			$	2,085			$	3,665			$	9,244			$	8,609
Ceded reinsurance premiums			(1,505	)			(935	)			(771	)			(641	)			(1,413	)			(3,211	)			(2,943	)
Net written premiums			2,454				1,915				1,664				1,444				2,252				6,033				5,666
Change in unearned premiums			(290	)			(221	)			(55	)			362				(239	)			(566	)			(426	)
Net earned premiums			2,164				1,694				1,609				1,806				2,013				5,467				5,240
Loss and LAE			1,467				998				906				1,058				1,354				3,371				3,325
Underwriting expense			564				552				547				461				520				1,663				1,568
Underwriting profit		$	133			$	144			$	156			$	287			$	139			$	433			$	347
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			23				31				35				4				23				89				133
Total current accident year catastrophe losses		$	23			$	31			$	35			$	4			$	23			$	89			$	133
Prior year loss reserve development (favorable) / adverse		$	(33	)		$	(57	)		$	(70	)		$	(30	)		$	(24	)		$	(160	)		$	(56	)
Combined ratio:
Loss and LAE ratio			67.8	%			58.9	%			56.3	%			58.6	%			67.2	%			61.6	%			63.4	%
Underwriting expense ratio			26.0	%			32.6	%			34.0	%			25.5	%			25.8	%			30.4	%			29.9	%
Combined ratio			93.8	%			91.5	%			90.3	%			84.1	%			93.0	%			92.0	%			93.3	%
Combined ratio excl. catastrophe losses and prior year reserve development			94.3	%			93.1	%			92.5	%			85.5	%			93.0	%			93.3	%			91.9	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			68.3	%			60.5	%			58.5	%			60.0	%			67.2	%			62.9	%			62.0	%
Prior accident year loss reserve development			(1.5	%)			(3.4	%)			(4.4	%)			(1.6	%)			(1.2	%)			(2.9	%)			(1.1	%)
Current accident year catastrophe losses			1.0	%			1.8	%			2.2	%			0.2	%			1.2	%			1.6	%			2.5	%
Loss and LAE ratio			67.8	%			58.9	%			56.3	%			58.6	%			67.2	%			61.6	%			63.4	%

Page 7

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Gross written premiums		$	2,214			$	1,351			$	999			$	612			$	1,975			$	4,564			$	4,119
Ceded reinsurance premiums			(1,021	)			(554	)			(403	)			(214	)			(924	)			(1,978	)			(1,746	)
Net written premiums			1,193				797				596				398				1,051				2,586				2,373
Change in unearned premiums			(167	)			(207	)			(70	)			337				(116	)			(444	)			(362	)
Net earned premiums			1,026				590				526				735				935				2,142				2,011
Loss and LAE			796				369				301				417				728				1,466				1,426
Underwriting expense			162				164				160				102				152				486				466
Underwriting profit		$	68			$	57			$	65			$	216			$	55			$	190			$	119
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			4				12				12				—				4				28				26
Total current accident year catastrophe losses		$	4			$	12			$	12			$	—			$	4			$	28			$	26
Prior year loss reserve development (favorable) / adverse		$	(24	)		$	(42	)		$	(47	)		$	(20	)		$	(11	)		$	(113	)		$	(43	)
Combined ratio:
Loss and LAE ratio			77.7	%			62.6	%			57.1	%			56.8	%			77.8	%			68.5	%			70.9	%
Underwriting expense ratio			15.7	%			27.7	%			30.5	%			13.8	%			16.3	%			22.7	%			23.2	%
Combined ratio			93.4	%			90.3	%			87.6	%			70.6	%			94.1	%			91.2	%			94.1	%
Combined ratio excl. catastrophe losses and prior year reserve development			95.4	%			95.2	%			94.4	%			73.4	%			94.8	%			95.2	%			94.9	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			79.7	%			67.5	%			63.9	%			59.6	%			78.5	%			72.5	%			71.7	%
Prior accident year loss reserve development			(2.4	%)			(7.0	%)			(9.0	%)			(2.7	%)			(1.1	%)			(5.3	%)			(2.1	%)
Current accident year catastrophe losses			0.4	%			2.1	%			2.2	%			(0.1	%)			0.4	%			1.3	%			1.3	%
Loss and LAE ratio			77.7	%			62.6	%			57.1	%			56.8	%			77.8	%			68.5	%			70.9	%

Page 8

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Gross written premiums		$	1,342			$	1,119			$	1,089			$	1,153			$	1,337			$	3,550			$	3,467
Ceded reinsurance premiums			(407	)			(307	)			(300	)			(357	)			(423	)			(1,014	)			(1,016	)
Net written premiums			935				812				789				796				914				2,536				2,451
Change in unearned premiums			(104	)			2				10				16				(104	)			(92	)			(48	)
Net earned premiums			831				814				799				812				810				2,444				2,403
Loss and LAE			539				525				517				558				541				1,581				1,593
Underwriting expense			250				244				248				227				236				742				708
Underwriting profit		$	42			$	45			$	34			$	27			$	33			$	121			$	102
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			3				9				11				(3	)			8				23				42
Total current accident year catastrophe losses		$	3			$	9			$	11			$		(3)		$	8			$	23			$	42
Prior year loss reserve development (favorable) / adverse		$	(5	)		$	(1	)		$	—			$	(1	)		$	(1	)		$	(6)			$	21
Combined ratio:
Loss and LAE ratio			64.8	%			64.6	%			64.7	%			68.7	%			66.8	%			64.6	%			66.3	%
Underwriting expense ratio			30.1	%			29.9	%			31.1	%			28.0	%			29.0	%			30.3	%			29.4	%
Combined ratio			94.9	%			94.5	%			95.8	%			96.7	%			95.8	%			94.9	%			95.7	%
Combined ratio excl. catastrophe losses and prior year reserve development			95.1	%			93.6	%			94.4	%			97.1	%			94.9	%			94.3	%			93.1	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			65.0	%			63.7	%			63.3	%			69.1	%			65.9	%			64.0	%			63.7	%
Prior accident year loss reserve development			(0.6	%)			(0.1	%)			0.0	%			(0.1	%)			(0.1	%)			(0.2	%)			0.9	%
Current accident year catastrophe losses			0.4	%			1.0	%			1.4	%			(0.3	%)			1.0	%			0.8	%			1.7	%
Loss and LAE ratio			64.8	%			64.6	%			64.7	%			68.7	%			66.8	%			64.6	%			66.3	%

Page 9

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Gross written premiums		$	403			$	380			$	347			$	320			$	353			$	1,130			$	1,023
Ceded reinsurance premiums			(77	)			(74	)			(68	)			(70	)			(66	)			(219	)			(181	)
Net written premiums			326				306				279				250				287				911				842
Change in unearned premiums			(19	)			(16	)			5				9				(19	)			(30	)			(16	)
Net earned premiums			307				290				284				259				268				881				826
Loss and LAE			132				104				88				83				85				324				306
Underwriting expense			152				144				139				132				132				435				394
Underwriting profit		$	23			$	42			$	57			$	44			$	51			$	122			$	126
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Catastrophe losses			16				10				12				7				11				38				65
Total current accident year catastrophe losses		$	16			$	10			$	12			$	7			$	11			$	38			$	65
Prior year loss reserve development (favorable) / adverse		$	(4	)		$	(14	)		$	(23	)		$	(9	)		$	(12	)		$	(41	)		$	(34	)
Combined ratio:
Loss and LAE ratio			43.0	%			35.6	%			31.2	%			32.0	%			31.8	%			36.8	%			37.1	%
Underwriting expense ratio			49.5	%			50.0	%			48.8	%			51.0	%			49.3	%			49.4	%			47.7	%
Combined ratio			92.5	%			85.6	%			80.0	%			83.0	%			81.1	%			86.2	%			84.8	%
Combined ratio excl. catastrophe losses and prior year reserve development			88.5	%			87.3	%			83.7	%			83.5	%			81.7	%			86.5	%			81.1	%
Loss and LAE components:
Current accident year, excluding catastrophe losses			39.0	%			37.3	%			34.9	%			32.5	%			32.4	%			37.1	%			33.4	%
Prior accident year loss reserve development			(1.2	%)			(5.1	%)			(7.9	%)			(3.0	%)			(4.7	%)			(4.7	%)			(4.2	%)
Current accident year catastrophe losses			5.2	%			3.4	%			4.2	%			2.5	%			4.1	%			4.4	%			7.9	%
Loss and LAE ratio			43.0	%			35.6	%			31.2	%			32.0	%			31.8	%			36.8	%			37.1	%

Page 10

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

		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				6/30/25
Assets:
Total cash and investments		$	17,351			$	17,069			$	17,143			$	17,182			$	16,761			$	16,049
Recoverables from reinsurers			6,039				5,267				5,303				5,528				5,565				4,733
Prepaid reinsurance premiums			1,558				1,375				1,211				1,089				1,443				1,256
Agents’ balances and premiums receivable			2,215				2,046				1,670				1,641				2,034				1,946
Deferred policy acquisition costs			375				366				334				333				349				345
Assets of managed investment entities			4,556				4,142				3,987				4,050				3,972				3,833
Other receivables			1,915				1,117				1,058				1,212				2,075				877
Other assets			1,402				1,325				1,320				1,280				1,308				1,325
Goodwill			327				327				327				327				327				305
Total assets		$	35,738			$	33,034			$	32,353			$	32,642			$	33,834			$	30,669
Liabilities and Equity:
Unpaid losses and loss adjustment expenses		$	16,095			$	14,842			$	14,914			$	15,094			$	15,079			$	13,834
Unearned premiums			4,769				4,297				3,911				3,736				4,450				4,026
Payable to reinsurers			1,479				1,133				1,065				1,195				1,578				1,152
Liabilities of managed investment entities			4,401				3,993				3,854				3,907				3,834				3,685
Long-term debt			1,821				1,821				1,820				1,820				1,820				1,476
Other liabilities			2,446				2,127				2,111				2,070				2,343				1,980
Total liabilities			31,011				28,213				27,675				27,822				29,104				26,153
Shareholders’ equity:
Common stock			83				83				83				83				83				83
Capital surplus			1,438				1,434				1,428				1,430				1,421				1,414
Retained earnings			3,634				3,446				3,294				3,357				3,299				3,151
Unrealized gains (losses) - fixed maturities			(378	)			(112	)			(100	)			(22	)			(43	)			(101	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges			(22	)			(4	)			(1	)			(2	)			(3	)			(5	)
Other comprehensive income (loss), net of tax			(28	)			(26	)			(26	)			(26	)			(27	)			(26	)
Total shareholders’ equity			4,727				4,821				4,678				4,820				4,730				4,516
Total liabilities and equity		$	35,738			$	33,034			$	32,353			$	32,642			$	33,834			$	30,669

Page 11

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

		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				6/30/25
Shareholders’ equity		$	4,727			$	4,821			$	4,678			$	4,820			$	4,730			$	4,516
Accumulated other comprehensive income (loss)			(428	)			(142	)			(127	)			(50	)			(73	)			(132	)
Shareholders’ equity, excluding AOCI			5,155				4,963				4,805				4,870				4,803				4,648
Goodwill			327				327				327				327				327				305
Intangibles			174				179				184				189				192				193
Tangible shareholders’ equity, excluding AOCI		$	4,654			$	4,457			$	4,294			$	4,354			$	4,284			$	4,150
Common shares outstanding			82.750				82.917				83.086				83.422				83.401				83.386
Book value per share:
Book value per share		$	57.12			$	58.14			$	56.30			$	57.78			$	56.72			$	54.15
Book value per share, excluding AOCI			62.29				59.85				57.83				58.38				57.59				55.74
Tangible, excluding AOCI			56.25				53.76				51.69				52.20				51.38				49.77
Market capitalization
AFG’s closing common share price		$	136.76			$	139.94			$	127.71			$	136.68			$	145.72			$	126.21
Market capitalization		$	11,317			$	11,603			$	10,611			$	11,402			$	12,153			$	10,524
Price / Book value per share, excluding AOCI			2.20				2.34				2.21				2.34				2.53				2.26

Page 12

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

		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				6/30/25
AFG senior obligations		$	1,173			$	1,173			$	1,173			$	1,173			$	1,173			$	823
Borrowings drawn under credit facility			—				—				—				—				—				—
Debt excluding subordinated debt			1,173				1,173				1,173				1,173				1,173				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				1,848				1,498
Shareholders’ equity			4,727				4,821				4,678				4,820				4,730				4,516
Accumulated other comprehensive income (loss)			(428	)			(142	)			(127	)			(50	)			(73	)			(132	)
Total capital, excluding AOCI		$	7,003			$	6,811			$	6,653			$	6,718			$	6,651			$	6,146
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt			26.4	%			27.1	%			27.8	%			27.5	%			27.8	%			24.4	%
Excluding subordinated debt			16.7	%			17.2	%			17.6	%			17.5	%			17.6	%			13.4	%

Page 13

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

		Three Months Ended																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Property and Casualty Insurance
Paid Losses (GAAP)		$	962			$	1,014			$	888			$	984			$	936			$	2,864			$	2,834
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				6/30/25
GAAP Equity (excluding AOCI)
Property and Casualty Insurance		$	6,775			$	6,528			$	6,354			$	6,354			$	6,173			$	5,935
Parent and other subsidiaries			(1,620	)			(1,565	)			(1,549	)			(1,484	)			(1,370	)			(1,287	)
AFG GAAP Equity (excluding AOCI)		$	5,155			$	4,963			$	4,805			$	4,870			$	4,803			$	4,648
Allowable dividends without regulatory approval
Property and Casualty Insurance		$	1,083			$	1,083			$	1,083			$	1,081			$	1,004			$	1,004

Page 14

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

		Carrying Value - September 30, 2026
		Property and Casualty Insurance				Parent & Other				Consolidate CLOs				Total AFG Consolidated				% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents		$	1,044			$	304			$	—			$	1,348				8	%
Fixed maturities - Available for sale			11,711				60				—				11,771				68	%
Fixed maturities - Trading			75				—				—				75				0	%
Equity securities - Common stocks			380				—				—				380				2	%
Equity securities - Perpetual preferred			385				—				—				385				2	%
Investments accounted for using the equity method			2,455				3				—				2,458				14	%
Mortgage loans			829				—				—				829				5	%
Real estate and other investments			180				80				(155	)			105				1	%
Total cash and investments		$	17,059			$	447			$	(155	)		$	17,351				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																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities		$	151			$	147			$	141			$	138			$	135			$	439			$	412
Equity securities			8				5				10				6				6				23				27
Sale of Charleston Harbor			63				—				—				—				—				63				—
Other investments (a)			25				25				27				27				27				77				71
Gross investment income excluding alternative investments			247				177				178				171				168				602				510
Gross investment income from alternative investments (b)			48				50				(3	)			6				43				95				63
Total gross investment income			295				227				175				177				211				697				573
Investment expenses			(6	)			(6	)			(7	)			(6	)			(6	)			(19	)			(19	)
Total net investment income		$	289			$	221			$	168			$	171			$	205			$	678			$	554
Average cash and investments (c)		$	17,218			$	16,916			$	16,855			$	16,520			$	16,095			$	17,036			$	15,988
Average yield - overall portfolio, net (d)			6.71	%			5.23	%			3.99	%			4.14	%			5.09	%			5.31	%			4.62	%
Average yield - fixed maturities before inv expenses (d)			5.15	%			5.13	%			5.04	%			5.11	%			5.12	%			5.09	%			5.17	%
AFG consolidated net investment income:
Property & Casualty		$	289			$	221			$	168			$	171			$	205			$	678			$	554
Sale of Charleston Harbor - Parent			63				—				—				—				—				63				—
Parent & other			8				9				6				7				6				23				18
Consolidate CLOs			(4	)			(9	)			13				5				(6	)			—				(10	)
Total net investment income		$	356			$	221			$	187			$	183			$	205			$	764			$	562
Average cash and investments (c)		$	17,520			$	17,240			$	17,240			$	17,013			$	16,496			$	17,380			$	16,318
Average yield - overall portfolio, net (d)			8.13	%			5.13	%			4.34	%			4.30	%			4.97	%			5.86	%			4.59	%
Average yield - fixed maturities before inv expenses (d)			5.15	%			5.12	%			5.05	%			5.11	%			5.11	%			5.09	%			5.17	%

(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																				Nine Months Ended
		9/30/26				6/30/26				3/31/26				12/31/25				9/30/25				9/30/26				9/30/25
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income		$	1			$	1			$	2			$	1			$	16			$	4			$	21
Equity securities MTM through investment income (a)			(2	)			2				(10	)			(12	)			(6	)			(10	)			(2	)
Investments accounted for using the equity method (b)			45				38				18				22				27				101				34
AFG managed CLOs (eliminated in consolidation)			4				9				(13	)			(5	)			6				—				10
Total Property & Casualty		$	48			$	50			$		(3)		$	6			$	43			$	95			$	63
Investments
Fixed maturities MTM through investment income		$	32			$	34			$	31			$	44			$	30			$	32			$	30
Equity securities MTM through investment income (a)			221				221				190				211				243				221				243
Investments accounted for using the equity method (b)			2,455				2,434				2,440				2,419				2,381				2,455				2,381
AFG managed CLOs (eliminated in consolidation)			155				149				133				143				138				155				138
Total Property & Casualty		$	2,863			$	2,838			$	2,794			$	2,817			$	2,792			$	2,863			$	2,792
Annualized Return - Property & Casualty			6.7	%			7.1	%			(0.4	%)			0.9	%			6.2	%			4.5	%			3.0	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income		$	1			$	1			$	2			$	1			$	16			$	4			$	21
Equity securities MTM through investment income (a)			(2	)			2				(10	)			(12	)			(6	)			(10	)			(2	)
Investments accounted for using the equity method (b)			45				38				18				22				27				101				34
AFG managed CLOs (eliminated in consolidation)			4				9				(13	)			(5	)			6				—				10
Total AFG Consolidated		$	48			$	50			$		(3)		$	6			$	43			$	95			$	63
Investments
Fixed maturities MTM through investment income		$	32			$	34			$	31			$	44			$	30			$	32			$	30
Equity securities MTM through investment income (a)			221				221				190				211				243				221				243
Investments accounted for using the equity method (b)			2,458				2,437				2,443				2,421				2,383				2,458				2,383
AFG managed CLOs (eliminated in consolidation)			155				149				133				143				138				155				138
Total AFG Consolidated		$	2,866			$	2,841			$	2,797			$	2,819			$	2,794			$	2,866			$	2,794
Annualized Return - AFG Consolidated			6.7	%			7.1	%			(0.4	%)			0.9	%			6.2	%			4.5	%			3.0	%

(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 )

September 30, 2026		Book Value (a)		Fair Value				Unrealized Gain (Loss)				% of Fair Value				% of Investment Portfolio
US Government and government agencies		$   136		$	132			$	(4	)			1	%			1	%
States, municipalities and political subdivisions		768			698				(70	)			6	%			4	%
Foreign government		295			293				(2	)			3	%			2	%
Residential mortgage-backed securities		3,712			3,457				(255	)			29	%			20	%
Collateralized loan obligations		1,240			1,237				(3	)			10	%			7	%
Other asset-backed securities		2,748			2,672				(76	)			23	%			15	%
Corporate and other bonds		3,426			3,357				(69	)			28	%			19	%
Total AFG consolidated		$ 12,325		$	11,846			$	(479	)			100	%			68	%
Approximate duration - P&C		3.9 years
Approximate duration - P&C including cash		3.6 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 9/30/2026 ($ in millions)

		Fair Value by Type
Credit Rating (a)		US Gov				Munis				Frgn Gov				RMBS				CLOs				ABS				Corp/Oth				Total				% Total
Investment grade
AAA		$	—			$	128			$	230			$	2,733			$	1,228			$	1,044			$	12			$	5,375				45	%
AA			132				541				18				576				9				407				260				1,943				16	%
A			—				19				40				53				—				696				1,052				1,860				16	%
BBB			—				8				2				24				—				476				1,794				2,304				20	%
Subtotal - Investment grade			132				696				290				3,386				1,237				2,623				3,118				11,482				97	%
BB			—				—				—				1				—				4				119				124				1	%
B			—				—				—				1				—				1				28				30				0	%
CCC, CC, C			—				—				—				22				—				1				2				25				0	%
D			—				—				—				—				—				—				—				—				0	%
Subtotal - Non-Investment grade			—				—				—				24				—				6				149				179				1	%
Not Rated (b)			—				2				3				47				—				43				90				185				2	%
Total		$	132			$	698			$	293			$	3,457			$	1,237			$	2,672			$	3,357			$	11,846				100	%

		Fair Value by Type
NAIC designation		US Gov				Munis				Frgn Gov				RMBS				CLOs				ABS				Corp/Oth				Total				% Total
1		$	132			$	686			$	228			$	3,350			$	1,198			$	2,104			$	1,332			$	9,030				78	%
2			—				8				—				23				—				482				1,774				2,287				20	%
Subtotal			132				694				228				3,373				1,198				2,586				3,106				11,317				98	%
3			—				—				—				—				—				4				124				128				1	%
4			—				—				—				9				—				5				38				52				1	%
5			—				—				—				2				—				—				40				42				0	%
6			—				—				—				1				—				3				3				7				0	%
Subtotal			—				—				—				12				—				12				205				229				2	%
Total insurance companies		$	132			$	694			$	228			$	3,385			$	1,198			$	2,598			$	3,311			$	11,546				100	%
No NAIC designation (c)			—				—				—				—				—				23				15				38
Non-Insurance and Foreign Companies (d)			—				4				65				72				39				51				31				262
Total		$	132			$	698			$	293			$	3,457			$	1,237			$	2,672			$	3,357			$	11,846

(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, 32% are NAIC 2 and 54% do not have a designation.

For Corp/Oth, 14% are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% NAIC 5.

For Total, 26% are NAIC 1, 15% NAIC 2, 21% NAIC 5, 21% NAIC 5 and 16% 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 9/30/2026 ($ 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				19				75				39				9				33				34				—				19				27				260				8	%
A			85				244				139				86				144				77				46				96				29				106				1,052				31	%
BBB			743				283				50				100				92				48				44				50				32				352				1,794				53	%
Subtotal			833				546				264				236				245				158				124				146				80				486				3,118				92	%
BB			4				8				—				8				—				19				12				15				5				48				119				4	%
B			—				—				—				8				—				—				14				—				5				1				28				1	%
CCC, CC, C			—				—				—				—				—				—				—				—				1				1				2				0	%
D			—				—				—				—				—				—				—				—				—				—				—				0	%
Subtotal			4				8				—				16				—				19				26				15				11				50				149				5	%
Not Rated (b)			5				—				6				1				—				21				16				—				34				7				90				3	%
Total		$	842			$	554			$	270			$	253			$	245			$	198			$	166			$	161			$	125			$	543			$	3,357				100	%
		Fair Value By Industry
NAIC designation		Asset Managers				Banking				Insurance				Technology				Utilities				Other Financials				Consumer				Autos				Healthcare				Other				Total				% Total
1		$	103			$	260			$	212			$	135			$	154			$	113			$	80			$	95			$	48			$	132			$	1,332				40	%
2			729				280				48				101				89				48				51				48				32				348				1,774				54	%
Subtotal			832				540				260				236				243				161				131				143				80				480				3,106				94	%
3			4				8				—				4				—				19				12				15				15				47				124				4	%
4			—				—				—				8				—				—				23				—				5				2				38				1	%
5			—				—				—				1				—				9				—				—				25				5				40				1	%
6			—				—				—				—				—				—				—				—				—				3				3				0	%
Subtotal			4				8				—				13				—				28				35				15				45				57				205				6	%
Total insurance companies		$	836			$	548			$	260			$	249			$	243			$	189			$	166			$	158			$	125			$	537			$	3,311				100	%
No NAIC designation (c)			—				—				6				—				—				9				—				—				—				—				15
Non-Insurance and Foreign Companies			6				6				4				4				2				—				—				3				—				6				31
Total		$	842			$	554			$	270			$	253			$	245			$	198			$	166			$	161			$	125			$	543			$	3,357

(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) 14% of not rated securities are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% 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 9/30/2026 ($ in millions)

		Fair Value By Collateral Type
Credit Rating (a)		Whole Business				Triple Net Lease				TruPS				Railcar				Aircraft				Auto				Secured Financing				Single Family Rental				Commercial Real Estate				Other				Total				% Total
Investment Grade
AAA		$	—			$	326			$	262			$	—			$	21			$	148			$	—			$	91			$	65			$	131			$	1,044				39	%
AA			30				46				56				205				8				—				29				—				—				33				407				15	%
A			10				14				—				110				182				—				67				—				—				313				696				26	%
BBB			410				—				—				—				3				—				1				—				—				62				476				18	%
Subtotal			450				386				318				315				214				148				97				91				65				539				2,623				98	%
BB			—				—				—				—				—				—				1				—				—				3				4				0	%
B			—				—				—				—				—				—				1				—				—				—				1				0	%
CCC, CC, C			—				—				—				—				1				—				—				—				—				—				1				0	%
D			—				—				—				—				—				—				—				—				—				—				—				0	%
Subtotal			—				—				—				—				1				—				2				—				—				3				6				0	%
Not Rated (b)			—				—				—				—				3				—				14				—				—				26				43				2	%
Total		$	450			$	386			$	318			$	315			$	218			$	148			$	113			$	91			$	65			$	568			$	2,672				100	%
		Fair Value By Collateral Type
NAIC designation		Whole Business				Triple Net Lease				TruPS				Railcar				Aircraft				Auto				Secured Financing				Single Family Rental				Commercial Real Estate				Other				Total				% Total
1		$	40			$	377			$	317			$	299			$	210			$	143			$	97			$	88			$	60			$	473			$	2,104				81	%
2			404				—				—				—				2				—				15				—				—				61				482				19	%
Subtotal			444				377				317				299				212				143				112				88				60				534				2,586				100	%
3			—				—				—				—				—				—				1				—				—				3				4				0	%
4			—				—				—				—				—				—				—				—				—				5				5				0	%
5			—				—				—				—				—				—				—				—				—				—				—				0	%
6			—				—				—				—				3				—				—				—				—				—				3				0	%
Subtotal			—				—				—				—				3				—				1				—				—				8				12				0	%
Total insurance companies		$	444			$	377			$	317			$	299			$	215			$	143			$	113			$	88			$	60			$	542			$	2,598				100%
No NAIC designation			—				—				—				—				1				—				—				—				—				22				23
Non-Insurance and Foreign Companies			6				9				1				16				2				5				—				3				5				4				51
Total		$	450			$	386			$	318			$	315			$	218			$	148			$	113			$	91			$	65			$	568			$	2,672

(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) 32% of not rated securities are NAIC 2 and 54% 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 9/30/2026 ($ 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		$	1,218				88	%			92	%			96	%
Fund Investments			96				7	%			—				—
Hospitality			23				2	%			—				—
QOZ Fund - Development			21				1	%			—				—
Office			18				1	%			88	%			100	%
Marina			14				1	%			—				—
Land Development			1				0	%			—				—
Total		$	1,391				100	%

Real Estate

Property Type		Book Value				% of Book Value				Debt
Marina		$	35				71	%			—
Office Building			12				24	%			—
Land			2				5	%			—
Total		$	49				100	%		$	—

Mortgage Loans

Property Type		Book Value				% of Book Value				Loan To Value
Multifamily		$	525				63	%			66	%
Hospitality			224				27	%			44	%
Marina			52				6	%			52	%
Office			28				4	%			98	%
Total		$	829				100	%			61	%

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

(a) Total investments accounted for using the equity method is $2.5 billion, the amounts presented in this table only relate to real estate funds/investments.

(b) Occupancy as of 9/30/2026

(c) Collections for July - September

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

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 195.7 KB
• EX-99.2 EX-99.2 1.3 MB

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
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 15.3 KB