[Form 4] AMERICAN FINANCIAL GROUP INC Insider Trading Activity

Rhea-AI Filing Summary

American Financial Group (AFG) SVP and CFO Brian S. Hertzman reported an open market sale of 1,777 shares of common stock at $142.5101 per share on 11/07/2025 (transaction code S). Following the sale, he beneficially owned 11,300 shares directly.

He also reported indirect holdings labeled as: 1,853.8053 shares in the Employee Stock Purchase Plan (based on a plan statement dated 12/31/2024), 65.68 shares in the Dividend Reinvestment Plan (statement dated 12/31/2024), and 3,747.0419 units in a company retirement plan (statement dated 12/31/2024).

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hertzman Brian S.

(Last) (First) (Middle)

301 EAST FOURTH STREET

(Street)

CINCINNATI OH 45202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMERICAN FINANCIAL GROUP INC [ AFG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2025		S		1,777	D	$142.5101	11,300	D
Common Stock								1,853.8053(1)	I	ESPP
Common Stock								65.68(2)	I	DRIP
Common Stock								3,747.0419(3)	I	RASP 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares owned by the reporting Person in the Issuer's Employee Stock Purchase Plan (the "ESPP"). All ESPP information reporting herein is based on a plan statement dated as of 12/31/2024.

2. Represents shares held in the Company's Dividend Reinvestment Plan based on plan statement dated as of 12/31/2024.

3. Represents amounts held by Reporting Person in a retirement plan of the Issuer based on a statement dated 12/31/2024.

	Brian S. Hertzman By: Joseph C. Alter, as Attorney-in-Fact	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did AFG report?

The SVP and CFO, Brian S. Hertzman, sold 1,777 shares of AFG common stock at $142.5101 on 11/07/2025 (code S).

How many AFG shares does the CFO hold directly after the sale?

He beneficially owned 11,300 shares directly following the reported transaction.

What indirect AFG holdings did the CFO report?

He reported 1,853.8053 shares in the ESPP, 65.68 shares in the DRIP, and 3,747.0419 units in a retirement plan, based on 12/31/2024 statements.

What was the transaction price for the AFG share sale?

The sale price was $142.5101 per share.

What is the reporting person’s role at AFG?

Brian S. Hertzman is AFG’s SVP and CFO.

Was this Form 4 filed by a single reporting person?

Yes. The filing indicates it was filed by one reporting person.