AFG (NYSE: AFG) Co-CEO Carl Lindner III granted 11,294 restricted shares

Rhea-AI Filing Summary

LINDNER CARL H III reported acquisition or exercise transactions in this Form 4 filing.

AMERICAN FINANCIAL GROUP INC director and Co-CEO Carl H. Lindner III reported an indirect award of 11,294 shares of common stock on February 26, 2026. The shares were granted at no cash cost as restricted stock that vests four years from the grant date.

The award is held through the Carl H. Lindner III Family Trust dated August 29, 2002, as amended. The filing also lists updated indirect common stock holdings in several other family trusts and entities, reflecting ongoing estate and family ownership structures rather than open-market trading.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider LINDNER CARL H III

Role Co-CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	11,294	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 3,150,068 shares (Indirect, Indirect #1)

Footnotes (1)

1. Indirect #1: CHL III, TTEE (or his Successors) of the Carl H. Lindner III Family Trust DTD 8/29/02 as Amended. Indirect #2: Martha S. Lindner, (or her Successor) of the Martha S. Lindner Family Trust DTD 8/30/02 as amended. Indirect #12: Seraphim Partners LLC fka CHL Investments, LLC Indirect #13: By C3 Family Trust 2010-1 Indirect #14: C3 QAT Dtd 9/25/20. Indirect #15: By #13 C3 Legacy Trust 12/1/20. Represents grant of restricted stock that vests four years from the date of grant.

Form 4 Insider Transactions: What Each Field Means →

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
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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)
02/26/2026

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	02/26/2026		A		11,294(7)	A	$0	3,150,068	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.

7. Represents grant of restricted stock that vests four years from the date of grant.

	Carl H. Lindner, III By: Joseph C. Alter, as Attorney-in-Fact	03/02/2026
	** 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

What insider transaction did AFG Co-CEO Carl H. Lindner III report?

Carl H. Lindner III reported an indirect award of 11,294 AFG common shares. The Form 4 shows this as a restricted stock grant at no cash cost, recorded as an acquisition rather than a market purchase, and held indirectly through a family trust structure.

How is the new AFG restricted stock grant structured for Carl H. Lindner III?

The grant consists of 11,294 restricted AFG common shares. According to the disclosure, this restricted stock vests four years from the grant date of February 26, 2026, meaning the shares become fully owned over time rather than immediately upon grant.

Are Carl H. Lindner III’s newly reported AFG shares held directly or indirectly?

The 11,294-share award is held indirectly through a family trust. The filing identifies "Indirect #1" as the Carl H. Lindner III Family Trust dated August 29, 2002, as amended, indicating the shares are owned via that trust rather than in his personal name.

What other indirect AFG holdings are associated with Carl H. Lindner III?

The Form 4 lists several additional indirect AFG holdings. These include positions tied to the Martha S. Lindner Family Trust, Seraphim Partners LLC, C3 Family Trust 2010-1, C3 QAT dated September 25, 2020, and the #13 C3 Legacy Trust dated December 1, 2020.

Did the AFG Form 4 disclose any insider share sales by Carl H. Lindner III?

The disclosure does not show any reported sales by Carl H. Lindner III. It records one acquisition of 11,294 restricted shares and several indirect holding entries with updated totals, but no sale transactions or disposition codes are indicated in the summarized data.

What is the total AFG common stock reported in one of Carl H. Lindner III’s indirect positions?

One indirect position shows 3,150,068 AFG common shares after the grant. This total appears in the entry associated with "Indirect #1," the Carl H. Lindner III Family Trust, reflecting the trust’s holdings following the 11,294-share restricted stock award.