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Specialty Property and Casualty Insurance November 10, 2025 2025 Raymond James Virtual Insurance Conference
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2 Forward Looking Statements Certain statements made during this presentation, as well as included in this document, are not historical facts and may be considered “forward-looking statements” and are based on estimates, assumptions and projections which management believes are reasonable but by their nature subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. The reasons which could cause actual results and/or financial condition to differ materially from those suggested by such forward-looking statements include but are not limited to those discussed or identified from time-to-time in AFG’s filings with the Securities and Exchange Commission, including the annual report on Form 10-K and the quarterly reports on Form 10-Q. We do not promise to update such forward-looking statements to reflect actual results or changes in assumptions or other factors that could affect these statements. Core net operating earnings is a non-GAAP financial measure which sets aside items that are generally not considered to be part of ongoing operations, such as net realized gains and losses, as well as other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations. AFG believes that this non-GAAP measure is a useful tool for investors and analysts in analyzing ongoing operating trends of AFG.
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3 A History Dating Back More Than 150 Years Over 55% of Specialty P&C Group gross written premium is produced by businesses with “top 10” market rankings Superior Underwriting Talent 7.7% Points of COR outperformance vs. peers over 10-year period ended 12/31/2024 Specialty P&C Combined Ratio 12 years Consecutive years under 94% over the 12-year period ended 12/31/2024. Overall Specialty P&C combined ratio of 91.2% for the twelve months ended December 31, 2024 Record premium production for the twelve months ended December 31, 2024 We are specialists in providing P&C insurance products that help businesses manage their unique financial risks and exposures.