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Review of Fourth Quarter and Full Year 2025 February 4, 2026
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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 Full Year Highlights • Core net operating earnings per share of $10.29 – core ROE 18.2% for 2025 – net earnings of $10.08 per share; ROE 17.8% • Returned $707 million of capital to shareholders – $274 million in regular common stock dividends; 10% increase in regular dividend in October 2025 – $334 million in special dividends ($4.00 per share) – $99 million in share repurchases • Growth in BVPS excluding AOCI plus dividends of 17.2%
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4 2025 Fourth Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended December 31, 2025 2024 P&C Insurance Segment $ 440 $ 378 Interest & other corporate expenses (54) (48) Pretax Core Operating Earnings 386 330 Related income taxes 81 68 Core Net Operating Earnings $ 305 $ 262 Average number of diluted shares 83.4 84.0 Core Net Operating Earnings per Share $ 3.65 $ 3.12 Annualized Core Operating Return on Equity 25.2% 21.9%
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5 2025 Fourth Quarter Consolidated Results (continued) Three Months Ended December 31, 2025 (Per Share) Core Net Operating Earnings $ 305 $ 3.65 Non-core Items After-tax net realized losses1 (6) (0.07) Net Earnings $ 299 $ 3.58 1 Included in this amount is $2 million ($0.02 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at December 31, 2025, to fair value. Dollars in millions, except per share data
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6 Investments • Total carrying value of AFG’s investment portfolio at December 31, 2025 = $17.2 billion • Fourth Quarter 2025: P&C net investment income down 12% YOY; up 2% excluding alternative investments. Fourth quarter 2025 annualized return of 0.9% on AFG’s $2.8 billion of alternative investments • Full Year 2025: P&C net investment income down 8% YOY; up 5% excluding alternative investments. Full year return of 2.5% on alternative investments • Fourth quarter after-tax net realized losses of $6 million ($0.07 per share loss) – includes $2 million in after-tax net realized losses ($0.02 per share loss) to adjust equity securities that the company continued to own at December 31, 2025, to fair value through earnings
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7 Investments As of December 31, 2025 Real Estate and Other 1% Mortgage Loans 6% Equities 4% Cash and Equivalents 10% Investments Accounted for by Equity Method 14% Fixed Maturities 65% Fixed Maturities Portfolio – 96% investment grade P&C Fixed Maturities Portfolio – 97% NAIC 1 & 2 Corporates 31% Asset-backed 23% Residential MBS 25% Collateralized Loan Obligations 10% States and Municipalities 7%Foreign Government 3%US Government 1% Carrying Value – $17.2 Billion
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8 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. Dec 31, 2025 Dec 31, 2024 Principal amount of long-term debt $ 1,848 $ 1,498 Shareholders' equity, excluding AOCI 4,870 4,706 Total capital, excluding AOCI $ 6,718 $ 6,204 Ratio of debt to total capital, excluding AOCI1 Including subordinated debt 27.5% 24.1% Excluding subordinated debt 17.5% 13.3% Common shares outstanding (millions) 83.422 83.978 Book value per share: Book value per share $ 57.78 $ 53.18 Book value per share, excluding AOCI 58.38 56.03 Tangible, excluding AOCI2 52.20 49.98 Capital Management ▪ Above target levels for all rating agencies ▪ Fourth quarter regular dividends = $73 million ▪ Paid special dividend of $2.00 per share ($167 million) in November 2025 ▪ Total capital returned to shareholders in 2025 = $707 million ▪ Declared special dividend of $1.50 per share ($125 million) to be paid on February 25, 2026 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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9 Property & Casualty Results Dollars in millions Three Months Ended December 31, 2025 2024 Change 1 Specialty Gross Written Premiums $ 2,085 $ 2,043 2% Specialty Net Written Premiums $ 1,444 $ 1,460 (1%) P&C Insurance Operating Earnings $ 440 $ 378 16% Specialty P&C Underwriting Profit $ 287 $ 204 41% Specialty P&C Combined Ratio 84.1% 89.0% (4.9%) Adverse (Favorable) Impact of: Catastrophe Losses 0.2% 1.1% (0.9%) Prior Year Development (1.6%) 1.8% (3.4%) 1 Calculated as a percentage change for dollars and an arithmetic difference for percentages.
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10 Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended December 31, December 31, 2025 2024 Change 2025 2024 Property & Transportation $ 398 $ 408 (2%) 70.6% 89.5% Specialty Casualty $ 796 $ 773 3% 96.7% 91.4% Specialty Financial $ 250 $ 279 (10%) 83.0% 80.7%
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11 2026 Business Plan Assumptions • The following estimates and assumptions underlying our 2026 Business Plan are offered to assist investors and analysts with their modeling: – Growth in net written premiums of 3% to 5% from the $7.1 billion reported in 2025 – A combined ratio of approximately 92.5% – A reinvestment rate of approximately 5.25% – An annual return of approximately 8% on AFG’s $2.8 billion alternative investments portfolio • We expect that performance in line with these business plan assumptions would result in core operating earnings per share of approximately $11.00 for 2026, generating a core operating return on equity excluding AOCI of approximately 18%.
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