American Financial Group (AFG) Co-CEO Carl Lindner reports stock gift

Rhea-AI Filing Summary

American Financial Group Inc. director and Co-CEO reports stock gift

Carl H. Lindner III, a director and Co‑CEO of American Financial Group Inc. (AFG), reported a transaction in company common stock dated 12/16/2025. The filing shows a disposition of 403 shares of common stock coded "G", indicating a bona fide gift at a reported price of $0 per share.

After this transaction, Lindner reports indirect beneficial ownership of 3,142,584 AFG shares through "Indirect #1", and additional indirect holdings of 343,162, 838,480, 525,043, 493,602, and 103,131 shares through various trusts and entities described in the footnotes. No derivative securities positions are reported in this filing.

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 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)
12/16/2025

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	12/16/2025		G		403	D	$0	3,142,584	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	12/22/2025
	** 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 insider transaction did AFG Co-CEO Carl H. Lindner III report?

Carl H. Lindner III reported a disposition of 403 shares of American Financial Group Inc. (AFG) common stock on 12/16/2025, coded "G" as a bona fide gift at a reported price of $0 per share.

What is Carl H. Lindner III’s role at American Financial Group Inc. (AFG)?

He is reported as a Director and an Officer of American Financial Group Inc., with the title Co‑CEO.

How many AFG shares does Carl H. Lindner III beneficially own after this transaction?

Following the reported gift, he reports indirect beneficial ownership of 3,142,584 AFG shares in "Indirect #1" and additional indirect holdings of 343,162, 838,480, 525,043, 493,602, and 103,131 shares through other indirect holdings.

How are Carl H. Lindner III’s indirect AFG holdings structured?

The filing notes several indirect holdings, including CHL III, TTEE of the Carl H. Lindner III Family Trust DTD 8/29/02, the Martha S. Lindner Family Trust DTD 8/30/02, Seraphim Partners LLC fka CHL Investments, LLC, C3 Family Trust 2010-1, C3 QAT Dtd 9/25/20, and C3 Legacy Trust 12/1/20.

Does this AFG Form 4 report any derivative securities for Carl H. Lindner III?

No. The section for derivative securities indicates no derivative securities acquired, disposed of, or held; only common stock positions are reported.

Is the reported AFG stock transaction under a Rule 10b5-1 trading plan?

The form includes a checkbox for transactions made under a Rule 10b5‑1(c) trading plan, but the provided content does not show it marked as selected.