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

Rhea-AI Filing Summary

American Financial Group (AFG): S. Craig Lindner, listed as a Director and Co-CEO, reported a securities transaction dated 08/04/2025 on Form 4. The filing records a transaction code G involving 108,743 shares of Common Stock at a price of $0.

The filing also itemizes multiple indirect holdings by trust and plan vehicles, including 2,864,063 shares (Indirect #1), 1,146,494 shares (Indirect #2), 116,578, 3,000, 3,000, 134,044, and 112,935.89 shares held in the company Retirement and Savings Plan (statement dated 02/24/25). The Form was signed by Joseph C. Alter as attorney-in-fact for Lindner.

Insights

Financial Analyst

TL;DR: Routine insider transfer reported; a non‑market coded transaction of 108,743 shares recorded at $0 with no derivatives disclosed.

The Form 4 shows a transaction coded G dated 08/04/2025 for 108,743 common shares at a reported price of $0. Table II contains no derivative securities entries, so there is no option/exercise activity disclosed in this filing. Significant indirect holdings across multiple trust and plan vehicles are enumerated, which clarifies Lindner's beneficial ownership structure but does not, on its face, indicate a market sale or change to outstanding corporate capital.

Corporate Governance Expert

TL;DR: Disclosure provides granular trust and plan ownership detail; filing appears to support transparency rather than signal operational change.

The report itemizes several indirect ownership vehicles by name and share count (e.g., Indirect #1: 2,864,063 shares; Indirect #2: 1,146,494 shares) and notes holdings in the company's Retirement and Savings Plan (112,935.89 shares per a 02/24/25 statement). The signature executed by an attorney-in-fact is documented, showing delegated execution. From a governance perspective, the filing meets disclosure of beneficial ownership and the nature of indirect holdings without revealing additional governance events.

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 S CRAIG

(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	2,864,063	I	Indirect #1(1)
Common Stock								1,146,494	I	Indirect #2(2)
Common Stock								116,578	I	Indirect #3(3)
Common Stock								3,000	I	Indirect #4(4)
Common Stock								3,000	I	Indirect #5(5)
Common Stock								134,044	I	Indirect #6(6)
Common Stock								112,935.89	I	Indirect #12(7)

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: SCL TTEE of the SCL Living Trust DTD 03/30/83.

2. Indirect #2: By SCL Trust.

3. Indirect #3: By Franes R. Lindner, Trustee for the Frances R. Lindner Living Trust dated 9/13/93.

4. Indirect #4: By Dynasty Trust.

5. Indirect #5: By GST Trust.

6. Indirect #6: By Legacy Trust 10/30/20.

7. Indirect #12: Held in the Company's Retirement and Savings Plan. The number of shares of Common Stock is based on a statement dated as of 02/24/25.

	S. Craig Lindner By: Joseph C. Alter, as Attorney-in-Fact	08/12/2025
	** Signature of Reporting Person	Date
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