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Review of Third Quarter 2025 November 5, 2025
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2 Forward Looking Statements Certain statements made during this call, 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 and certain nonrecurring items. 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 2025 Third Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended September 30, 2025 2024 P&C Insurance Segment $ 328 $ 291 Interest & other corporate expenses (48) (46) Pretax Core Operating Earnings 280 245 Related income taxes 56 51 Core Net Operating Earnings $ 224 $ 194 Average number of diluted shares 83.4 83.9 Core Net Operating Earnings per Share $ 2.69 $ 2.31 Annualized Core Operating Return on Equity 19.0% 16.2%
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4 2025 Third Quarter Consolidated Results (continued) Three Months Ended September 30, 2025 (Per Share) Core Net Operating Earnings $ 224 $ 2.69 Non-core Items After-tax net realized gains1 11 0.13 Special A&E Charges (20) (0.24) Net Earnings $ 215 $ 2.58 1 Included in this amount is $6 million ($0.07 per share) in after-tax net gains to adjust equity securities that the Company continued to own at September 30, 2025, to fair value. Dollars in millions, except per share data
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5 Investments Total carrying value of AFG’s investment portfolio at September 30, 2025 = $16.8 billion Third quarter P&C net investment income up 5% YOY • 6.2% third quarter 2025 annualized return on AFG’s $2.8 billion of alternative investments Third quarter after-tax net realized gains of $11 million • includes $6 million in after-tax net realized gains to adjust equity securities that the company continued to own at September 30, 2025, to fair value through earnings
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6 Investments As of September 30, 2025 Real Estate and Other 1% Mortgage Loans 6% Equities 4% Cash and Equivalents 11% Investments Accounted for by Equity Method 14% Fixed Maturities 64% Fixed Maturities Portfolio – 96% investment grade P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Corporates 32% Asset-backed 23% Residential MBS 22% Collateralized Loan Obligations 10% States and Municipalities 8% Foreign Government 3% US Government 2% Carrying Value – $16.8 Billion
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7 Strong Financial Position Dollars in millions, except per share data 1 The ratio is calculated by dividing the principal amount of AFG's long-term debt by its total capital, which includes long-term debt and shareholders’ equity, excluding AOCI. 2 Excludes AOCI, goodwill and intangibles. Sept 30, 2025 Dec 31, 2024 Principal amount of long-term debt $ 1,848 $ 1,498 Shareholders' equity, excluding AOCI 4,803 4,706 Total capital, excluding AOCI $ 6,651 $ 6,204 Ratio of debt to total capital, excluding AOCI1 Including subordinated debt 27.8% 24.1% Excluding subordinated debt 17.6% 13.3% Common shares outstanding (millions) 83.401 83.978 Book value per share: Book value per share $ 56.72 $ 53.18 Book value per share, excluding AOCI 57.59 56.03 Tangible, excluding AOCI2 51.38 49.98 Capital Management Above target levels for all rating agencies Third quarter regular dividends = $66 million Declared $2.00 per share special dividend, payable November 26, 2025 Long-Term Debt No debt maturities until 2030 No borrowings under $450 million credit line Financial Strength Ratings - U.S. Based P&C Insurers (where rated) A.M. Best: All companies = A+ Standard & Poor’s: All companies = A+ Moody’s: All companies = A1
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8 Property & Casualty Results Dollars in millions Three Months Ended September 30, 2025 2024 Change1 Specialty Gross Written Premiums $ 3,665 $ 3,748 (2%) Specialty Net Written Premiums $ 2,252 $ 2,353 (4%) P&C Insurance Operating Earnings $ 328 $ 291 13% Specialty P&C Underwriting Profit $ 139 $ 117 19% Specialty P&C Combined Ratio 93.0% 94.3% (1.3%) Adverse (Favorable) Impact of: Catastrophe Losses 1.2% 4.4% (3.2) Prior Year Development (1.2%) (0.8%) (0.4) 1 Calculated as a percentage change for dollars and an arithmetic difference for percentages.
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9 Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended September 30, September 30, 2025 2024 Change 2025 2024 Property & Transportation $ 1,051 $ 1,151 (9%) 94.1% 96.8% Specialty Casualty $ 914 $ 917 -% 95.8% 92.1% Specialty Financial $ 287 $ 285 1% 81.1% 92.3%
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