[Form 4] American Financial Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Carl H. Lindner III, a director and co-CEO of American Financial Group (AFG), reported a Form 4 disclosing changes in beneficial ownership of AFG common stock. The filing shows a transaction coded G (gift) on 08/04/2025 in which 108,743 shares of common stock were acquired at a reported price of $0. The report lists substantial indirect holdings following the transaction, including 3,180,411 shares held through the Carl H. Lindner III Family Trust and additional indirect positions of 343,162, 838,480, 525,043, 493,602 and 103,131 shares across named trusts and entities. No derivative securities are reported on this form.

Positive

• Insider acquired 108,743 shares via a transaction coded G (gift), recorded at $0, increasing reported holdings.
• Substantial indirect ownership is disclosed, including 3,180,411 shares held through the Carl H. Lindner III Family Trust, clarifying ownership structure.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider reporting shows a gift transaction of 108,743 AFG shares and significant indirect family trust holdings.

The Form 4 indicates a transaction coded G, reflecting an acquisition by gift of 108,743 shares at $0. The filing primarily documents beneficial ownership through multiple family trusts and related entities, the largest being 3,180,411 shares indirectly held via a family trust. There are no derivative positions disclosed. For investors, this filing documents insider ownership structure rather than a market purchase or sale; it provides clarity on allocation of shares among related entities but contains no direct operational or financial performance data.

Corporate Governance Expert

TL;DR: The disclosure details estate/trust allocations and confirms continued indirect control via family trusts.

The report identifies Carl H. Lindner III as both a director and co-CEO and maps indirect beneficial ownership to specific trusts and entities. The explanation section ties each indirect holding to named trusts and investment vehicles, clarifying potential voting/ownership channels. The gift-coded transaction and large trust-held balances are governance-relevant because they show concentration of ownership within affiliated family structures; however, the filing does not indicate any change to voting arrangements or control provisions.

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

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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^*

LINDNER CARL H III

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

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	08/04/2025		G		108,743	A	$0	3,180,411	I	Indirect #1(1)
Common Stock								343,162	I	Indirect #2(2)
Common Stock								838,480	I	Indirect #12(3)
Common Stock								525,043	I	Indirect #13(4)
Common Stock								493,602	I	Indirect #14(5)
Common Stock								103,131	I	Indirect #15(6)

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. Indirect #1: CHL III, TTEE (or his Successors) of the Carl H. Lindner III Family Trust DTD 8/29/02 as Amended.

2. Indirect #2: Martha S. Lindner, (or her Successor) of the Martha S. Lindner Family Trust DTD 8/30/02 as amended.

3. Indirect #12: Seraphim Partners LLC fka CHL Investments, LLC

4. Indirect #13: By C3 Family Trust 2010-1

5. Indirect #14: C3 QAT Dtd 9/25/20.

6. Indirect #15: By #13 C3 Legacy Trust 12/1/20.

	Carl H. Lindner, III By: Joseph C. Alter, as Attorney-in-Fact	08/12/2025
	** 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.
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FAQ

Who filed the Form 4 for AFG?

Carl H. Lindner III, identified as a Director and Co-CEO of American Financial Group (AFG).

What transaction was reported on the Form 4 for AFG?

A transaction coded G (gift) on 08/04/2025 involving 108,743 shares of common stock at a reported price of $0.

How many shares does the filing show indirectly held by Carl H. Lindner III-related trusts?

The filing shows 3,180,411 shares via the Carl H. Lindner III Family Trust and additional indirect holdings of 343,162, 838,480, 525,043, 493,602, and 103,131 shares across named entities.

Are any derivative securities reported in this Form 4 for AFG?

No derivative securities are reported in Table II of this Form 4.

What does transaction code G mean on this Form 4?

The form uses transaction code G, which in this filing indicates an acquisition by gift, with a reported price of $0.