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

Rhea-AI Filing Summary

S. Craig Lindner Jr., a director of American Financial Group, Inc. (AFG), reported a sale of common stock on 08/21/2025. The filing shows 10,000 shares were sold at $134.31 per share, and the reporting person beneficially owned 326,730 shares after the transaction. The filing indicates portions of the reported ownership are indirect: 51,777 shares are held for the benefit of the reporting person’s children and 9,904 shares are held by the reporting person’s spouse. The form is signed on behalf of the reporting person by an attorney-in-fact on 08/22/2025.

Positive

• Transparent disclosure of the insider sale including price, quantity, and post-transaction holdings
• Significant retained ownership: reporting person continues to beneficially own 326,730 shares
• Clear identification of indirect holdings and their nature (trusts and holdings for children)

Negative

• Disposition of 10,000 shares was reported, which reduces the reporting person’s direct position
• No explanation in the filing for the reason behind the sale (e.g., tax, diversification, liquidity)

Insights

Financial Analyst

TL;DR: A director sold 10,000 AFG shares at $134.31, retaining substantial beneficial ownership of 326,730 shares.

The sale disclosed is a straightforward, non-derivative disposition of 10,000 common shares at an indicated price of $134.31. Post-transaction beneficial ownership remains sizable at 326,730 shares, and the filing documents indirect holdings held in trusts and for family members. There is no additional financial data or explanation of the purpose of the sale in the filing, so this appears to be a routine insider sale disclosure rather than a material corporate event.

Corporate Governance Expert

TL;DR: Insider sale reported with clear disclosure of indirect holdings and trust arrangements; routine reporting compliance is evident.

The Form 4 clearly identifies the reporting person as a director and specifies the nature of indirect ownership: trusts where the reporting person has voting and dispositive power and holdings for the benefit of children. The filing is properly executed by an attorney-in-fact. From a governance and disclosure standpoint, the form contains the required details for investor transparency; no additional governance issues are raised within the document.

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^*

Lindner Stephen Craig Jr

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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	08/21/2025		S		10,000	D	$134.31	326,730	I	By Indirect #1(1)
Common Stock								51,777	I	By Indirect #2(2)
Common Stock								9,904	I	By Spouse

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. Held in trusts for which reporting person has voting and dispositive power.

2. Held for the benefit of reporting person's children.

	S. Craig Lindner, Jr. By: Joseph C. Alter, as Attorney-in-Fact	08/22/2025
	** 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 transaction did S. Craig Lindner Jr. report on Form 4 for AFG?

The Form 4 reports a sale of 10,000 shares of American Financial Group common stock on 08/21/2025 at a price of $134.31 per share.

How many AFG shares does the reporting person own after the reported transaction?

After the reported sale, the filing shows the reporting person beneficially owned 326,730 shares.

Are any of the reported AFG shares held indirectly?

Yes. The filing states 51,777 shares are held in trusts for which the reporting person has voting and dispositive power and 9,904 shares are held by the reporting person’s spouse.

Who signed the Form 4 and when was it signed?

The Form 4 was signed on behalf of S. Craig Lindner, Jr. by an attorney-in-fact, Joseph C. Alter, on 08/22/2025.

Does the Form 4 disclose any derivative transactions?

No. The filing includes only non-derivative securities transactions; no derivative securities were reported in Table II.