Vanguard holds 8.74% of American Financial Group (NYSE: AFG)

Rhea-AI Filing Summary

The Vanguard Group has filed an amended Schedule 13G reporting its beneficial ownership of American Financial Group common stock. Vanguard reports beneficial ownership of 7,297,408 shares, representing 8.74% of the outstanding common stock as of 12/31/2025.

Vanguard has shared voting power over 514,751 shares and shared dispositive power over 7,297,408 shares, with no sole voting or dispositive power. The shares are held for clients, who have rights to dividends and sale proceeds, and no other single client exceeds 5% of the class.

Vanguard states the position was acquired and is held in the ordinary course of business and not to change or influence control of American Financial Group. The filing notes an internal realignment at Vanguard on January 12, 2026, after which certain subsidiaries are expected to report beneficial ownership separately.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 9)

American Financial Group Inc/OH

(Name of Issuer)

Common Stock

(Title of Class of Securities)

025932104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 025932104

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 514,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,297,408.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,297,408.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.74 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Financial Group Inc/OH
(b)	Address of issuer's principal executive offices: 301 East 4th Street, Cincinnati, OH, 45202
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 025932104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7297408
(b)	Percent of class: 8.74 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 514751
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7297408
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

How many American Financial Group (AFG) shares does The Vanguard Group report owning?

The Vanguard Group reports beneficial ownership of 7,297,408 shares of American Financial Group common stock. This stake is held on behalf of Vanguard’s clients, including registered investment companies and other managed accounts, rather than for Vanguard’s own balance sheet.

What percentage of American Financial Group’s common stock does Vanguard’s stake represent?

Vanguard’s reported holdings represent 8.74% of American Financial Group’s outstanding common stock. This level of ownership classifies Vanguard as a significant institutional holder and requires ongoing beneficial ownership reporting under Schedule 13G/A rules.

What voting and dispositive powers does Vanguard have over its AFG shares?

Vanguard reports shared voting power over 514,751 shares and shared dispositive power over 7,297,408 shares, with no sole voting or dispositive power. This means decisions are made collectively for client accounts rather than by Vanguard acting alone.

Is Vanguard’s investment in American Financial Group intended to influence control of the company?

Vanguard certifies the AFG securities were acquired and are held in the ordinary course of business. It states they were not acquired and are not held to change or influence control of American Financial Group, consistent with a passive institutional investor stance.

Who ultimately benefits from Vanguard’s American Financial Group share holdings?

Vanguard explains that its clients have the right to receive dividends and sale proceeds from the reported AFG shares. These clients include registered investment companies and other managed accounts, and no single other person’s interest exceeds 5% of the class.

What internal changes at The Vanguard Group are mentioned in this Schedule 13G/A?

The filing notes an internal realignment on January 12, 2026, after which Vanguard no longer performs portfolio management or proxy voting. Certain subsidiaries or business divisions are expected to report beneficial ownership separately on a disaggregated basis going forward.