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AMERICAN FINANCIAL GROUP , INC . American Financial Group , Inc. Investor Supplement - Second Quarter 2026 August 4 , 2026 American Financial Group , Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati , OH 45202 513 579 6739
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American Financial Group, Inc. Table of Contents - Investor Supplement - Second Quarter 2026 2 Section Page Table of Contents - Investor Supplement - Second Quarter 2026.................................................................................................................. 2 Financial Highlights......................................................................................................................................................................................... 3 Summary of Earnings...................................................................................................................................................................................... 4 Earnings Per Share Summary......................................................................................................................................................................... 5 Property and Casualty Insurance Segment Property and Casualty Insurance - Summary Underwriting Results (GAAP).................................................................................................. 6 Specialty - Underwriting Results (GAAP)........................................................................................................................................................ 7 Property and Transportation - Underwriting Results (GAAP).......................................................................................................................... 8 Specialty Casualty - Underwriting Results (GAAP)......................................................................................................................................... 9 Specialty Financial - Underwriting Results (GAAP)......................................................................................................................................... 10 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet........................................................................................................................................................................... 11 Book Value Per Share and Price / Book Summary......................................................................................................................................... 12 Capitalization................................................................................................................................................................................................... 13 Additional Supplemental Information............................................................................................................................................................... 14 Consolidated Investment Supplement Total Cash and Investments............................................................................................................................................................................ 15 Net Investment Income................................................................................................................................................................................... 16 Alternative Investments................................................................................................................................................................................... 17 Fixed Maturities - By Security Type - AFG Consolidated................................................................................................................................ 18 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2026............................................................................................... 19 B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025............................................................................................. 20 C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2026................................................................................... 21 D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025................................................................................. 22 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2026................................................................. 23 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025............................................................... 24 G. Real Estate-Related Investments 6/30/2026............................................................................................................................................. 25 H. Real Estate-Related Investments 12/31/2025........................................................................................................................................... 26 Page 2
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American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Highlights Net earnings 248$ 191$ 299$ 215$ 174$ 439$ 328$ Core net operating earnings 234 206 305 224 179 440 331 Total assets 33,034 32,353 32,642 33,834 30,669 33,034 30,669 Shareholders' equity, excluding AOCI (a) 4,963 4,805 4,870 4,803 4,648 4,963 4,648 Property and Casualty net written premiums 1,915 1,664 1,444 2,252 1,803 3,579 3,414 Per share data Diluted earnings per share 2.99$ 2.29$ 3.58$ 2.58$ 2.07$ 5.28$ 3.92$ Core net operating earnings per share 2.82 2.47 3.65 2.69 2.14 5.29 3.96 Book value per share, excluding AOCI (a) 59.85 57.83 58.38 57.59 55.74 59.85 55.74 Dividends per common share 0.88 2.38 2.88 0.80 0.80 3.26 3.60 Financial ratios Annualized return on equity (b) 20.3% 15.8% 24.7% 18.2% 15.0% 18.0% 14.1% Annualized core operating return on equity (b) 19.2% 17.0% 25.2% 19.0% 15.5% 18.0% 14.3% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 58.9% 56.3% 58.6% 67.2% 61.1% 57.6% 61.1% Underwriting expense ratio 32.6% 34.0% 25.5% 25.8% 32.0% 33.3% 32.5% Combined ratio - Specialty 91.5% 90.3% 84.1% 93.0% 93.1% 90.9% 93.6% (a) A reconciliation to the GAAP measure is on page 12. (b) Excludes accumulated other comprehensive income. Page 3
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American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Property and Casualty Insurance Underwriting profit 142$ 156$ 284$ 138$ 113$ 298$ 207$ Net investment income 221 168 171 205 179 389 349 Other income (expense) (13) (15) (15) (15) (19) (28) (37) Property and Casualty Insurance operating earnings 350 309 440 328 273 659 519 Interest expense of parent holding companies (24) (23) (23) (19) (19) (47) (38) Other expense (26) (29) (31) (29) (27) (55) (60) Pretax core operating earnings 300 257 386 280 227 557 421 Income tax expense 66 51 81 56 48 117 90 Core net operating earnings 234 206 305 224 179 440 331 Non-core items, net of tax: Realized gains (losses) on securities 14 (15) (6) 10 2 (1) 4 Realized gain on subsidiaries - - - 1 - - - Special A&E charges - Former Railroad and Manufacturing operations - - - (20) - - - Other non-core items - - - - (7) - (7) Net earnings 248$ 191$ 299$ 215$ 174$ 439$ 328$ Page 4
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American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Core net operating earnings 234$ 206$ 305$ 224$ 179$ 440$ 331$ Net earnings 248$ 191$ 299$ 215$ 174$ 439$ 328$ Average number of diluted shares 83.026 83.263 83.411 83.397 83.488 83.144 83.664 Diluted earnings per share: Core net operating earnings per share 2.82$ 2.47$ 3.65$ 2.69$ 2.14$ 5.29$ 3.96$ Realized gains (losses) on securities 0.17 (0.18) (0.07) 0.12 0.02 (0.01) 0.05 Realized gain on subsidiaries - - - 0.01 - - - Special A&E charges - Former Railroad and Manufacturing operations - - - (0.24) - - - Other non-core items - - - - (0.09) - (0.09) Diluted earnings per share 2.99$ 2.29$ 3.58$ 2.58$ 2.07$ 5.28$ 3.92$ Page 5
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American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Property and Transportation 57$ 65$ 216$ 55$ 27$ 122$ 64$ Specialty Casualty 45 34 27 33 49 79 69 Specialty Financial 42 57 44 51 38 99 75 Underwriting profit - Specialty 144 156 287 139 114 300 208 Other core charges, included in loss and LAE (2) - (3) (1) (1) (2) (1) Underwriting profit - Property and Casualty Insurance 142$ 156$ 284$ 138$ 113$ 298$ 207$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 31 35 4 23 38 66 110 Total current accident year catastrophe losses 31$ 35$ 4$ 23$ 38$ 66$ 110$ Prior year loss reserve development (favorable) / adverse (55)$ (70)$ (27)$ (23)$ (11)$ (125)$ (31)$ Combined ratio: Property and Transportation 90.3% 87.6% 70.6% 94.1% 95.2% 89.1% 94.0% Specialty Casualty 94.5% 95.8% 96.7% 95.8% 93.9% 95.1% 95.8% Specialty Financial 85.6% 80.0% 83.0% 81.1% 86.1% 82.8% 86.5% Combined ratio - Specialty 91.5% 90.3% 84.1% 93.0% 93.1% 90.9% 93.6% Other core charges 0.1% 0.1% 0.2% 0.1% 0.0% 0.1% 0.0% Combined ratio 91.6% 90.4% 84.3% 93.1% 93.1% 91.0% 93.6% P&C combined ratio excl. catastrophe losses and prior year reserve development 93.1% 92.5% 85.5% 93.0% 91.5% 92.8% 91.2% Loss and LAE components: Current accident year, excluding catastrophe losses 60.5% 58.5% 60.0% 67.2% 59.5% 59.5% 58.7% Prior accident year loss reserve development (3.3%) (4.3%) (1.5%) (1.1%) (0.7%) (3.8%) (1.0%) Current accident year catastrophe losses 1.8% 2.2% 0.3% 1.2% 2.3% 2.0% 3.4% Loss and LAE ratio 59.0% 56.4% 58.8% 67.3% 61.1% 57.7% 61.1% Page 6
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American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Gross written premiums 2,850$ 2,435$ 2,085$ 3,665$ 2,653$ 5,285$ 4,944$ Ceded reinsurance premiums (935) (771) (641) (1,413) (850) (1,706) (1,530) Net written premiums 1,915 1,664 1,444 2,252 1,803 3,579 3,414 Change in unearned premiums (221) (55) 362 (239) (156) (276) (187) Net earned premiums 1,694 1,609 1,806 2,013 1,647 3,303 3,227 Loss and LAE 998 906 1,058 1,354 1,006 1,904 1,971 Underwriting expense 552 547 461 520 527 1,099 1,048 Underwriting profit 144$ 156$ 287$ 139$ 114$ 300$ 208$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 31 35 4 23 38 66 110 Total current accident year catastrophe losses 31$ 35$ 4$ 23$ 38$ 66$ 110$ Prior year loss reserve development (favorable) / adverse (57)$ (70)$ (30)$ (24)$ (12)$ (127)$ (32)$ Combined ratio: Loss and LAE ratio 58.9% 56.3% 58.6% 67.2% 61.1% 57.6% 61.1% Underwriting expense ratio 32.6% 34.0% 25.5% 25.8% 32.0% 33.3% 32.5% Combined ratio 91.5% 90.3% 84.1% 93.0% 93.1% 90.9% 93.6% Combined ratio excl. catastrophe losses and prior year reserve development 93.1% 92.5% 85.5% 93.0% 91.5% 92.8% 91.2% Loss and LAE components: Current accident year, excluding catastrophe losses 60.5% 58.5% 60.0% 67.2% 59.5% 59.5% 58.7% Prior accident year loss reserve development (3.4%) (4.4%) (1.6%) (1.2%) (0.7%) (3.9%) (1.0%) Current accident year catastrophe losses 1.8% 2.2% 0.2% 1.2% 2.3% 2.0% 3.4% Loss and LAE ratio 58.9% 56.3% 58.6% 67.2% 61.1% 57.6% 61.1% Page 7
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American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Gross written premiums 1,351$ 999$ 612$ 1,975$ 1,247$ 2,350$ 2,144$ Ceded reinsurance premiums (554) (403) (214) (924) (488) (957) (822) Net written premiums 797 596 398 1,051 759 1,393 1,322 Change in unearned premiums (207) (70) 337 (116) (183) (277) (246) Net earned premiums 590 526 735 935 576 1,116 1,076 Loss and LAE 369 301 417 728 387 670 698 Underwriting expense 164 160 102 152 162 324 314 Underwriting profit 57$ 65$ 216$ 55$ 27$ 122$ 64$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 12 12 - 4 12 24 22 Total current accident year catastrophe losses 12$ 12$ -$ 4$ 12$ 24$ 22$ Prior year loss reserve development (favorable) / adverse (42)$ (47)$ (20)$ (11)$ (13)$ (89)$ (32)$ Combined ratio: Loss and LAE ratio 62.6% 57.1% 56.8% 77.8% 67.2% 60.1% 64.9% Underwriting expense ratio 27.7% 30.5% 13.8% 16.3% 28.0% 29.0% 29.1% Combined ratio 90.3% 87.6% 70.6% 94.1% 95.2% 89.1% 94.0% Combined ratio excl. catastrophe losses and prior year reserve development 95.2% 94.4% 73.4% 94.8% 95.4% 94.9% 94.9% Loss and LAE components: Current accident year, excluding catastrophe losses 67.5% 63.9% 59.6% 78.5% 67.4% 65.9% 65.8% Prior accident year loss reserve development (7.0%) (9.0%) (2.7%) (1.1%) (2.2%) (8.0%) (3.0%) Current accident year catastrophe losses 2.1% 2.2% (0.1%) 0.4% 2.0% 2.2% 2.1% Loss and LAE ratio 62.6% 57.1% 56.8% 77.8% 67.2% 60.1% 64.9% Page 8
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American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Gross written premiums 1,119$ 1,089$ 1,153$ 1,337$ 1,062$ 2,208$ 2,130$ Ceded reinsurance premiums (307) (300) (357) (423) (297) (607) (593) Net written premiums 812 789 796 914 765 1,601 1,537 Change in unearned premiums 2 10 16 (104) 34 12 56 Net earned premiums 814 799 812 810 799 1,613 1,593 Loss and LAE 525 517 558 541 516 1,042 1,052 Underwriting expense 244 248 227 236 234 492 472 Underwriting profit 45$ 34$ 27$ 33$ 49$ 79$ 69$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 9 11 (3) 8 7 20 34 Total current accident year catastrophe losses 9$ 11$ (3)$ 8$ 7$ 20$ 34$ Prior year loss reserve development (favorable) / adverse (1)$ -$ (1)$ (1)$ 10$ (1)$ 22$ Combined ratio: Loss and LAE ratio 64.6% 64.7% 68.7% 66.8% 64.5% 64.6% 66.1% Underwriting expense ratio 29.9% 31.1% 28.0% 29.0% 29.4% 30.5% 29.7% Combined ratio 94.5% 95.8% 96.7% 95.8% 93.9% 95.1% 95.8% Combined ratio excl. catastrophe losses and prior year reserve development 93.6% 94.4% 97.1% 94.9% 91.8% 93.9% 92.3% Loss and LAE components: Current accident year, excluding catastrophe losses 63.7% 63.3% 69.1% 65.9% 62.4% 63.4% 62.6% Prior accident year loss reserve development (0.1%) 0.0% (0.1%) (0.1%) 1.2% (0.1%) 1.4% Current accident year catastrophe losses 1.0% 1.4% (0.3%) 1.0% 0.9% 1.3% 2.1% Loss and LAE ratio 64.6% 64.7% 68.7% 66.8% 64.5% 64.6% 66.1% Page 9
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American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Gross written premiums 380$ 347$ 320$ 353$ 344$ 727$ 670$ Ceded reinsurance premiums (74) (68) (70) (66) (65) (142) (115) Net written premiums 306 279 250 287 279 585 555 Change in unearned premiums (16) 5 9 (19) (7) (11) 3 Net earned premiums 290 284 259 268 272 574 558 Loss and LAE 104 88 83 85 103 192 221 Underwriting expense 144 139 132 132 131 283 262 Underwriting profit 42$ 57$ 44$ 51$ 38$ 99$ 75$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 10 12 7 11 19 22 54 Total current accident year catastrophe losses 10$ 12$ 7$ 11$ 19$ 22$ 54$ Prior year loss reserve development (favorable) / adverse (14)$ (23)$ (9)$ (12)$ (9)$ (37)$ (22)$ Combined ratio: Loss and LAE ratio 35.6% 31.2% 32.0% 31.8% 38.1% 33.4% 39.6% Underwriting expense ratio 50.0% 48.8% 51.0% 49.3% 48.0% 49.4% 46.9% Combined ratio 85.6% 80.0% 83.0% 81.1% 86.1% 82.8% 86.5% Combined ratio excl. catastrophe losses and prior year reserve development 87.3% 83.7% 83.5% 81.7% 82.0% 85.5% 80.7% Loss and LAE components: Current accident year, excluding catastrophe losses 37.3% 34.9% 32.5% 32.4% 34.0% 36.1% 33.8% Prior accident year loss reserve development (5.1%) (7.9%) (3.0%) (4.7%) (3.2%) (6.5%) (3.9%) Current accident year catastrophe losses 3.4% 4.2% 2.5% 4.1% 7.3% 3.8% 9.7% Loss and LAE ratio 35.6% 31.2% 32.0% 31.8% 38.1% 33.4% 39.6% Page 10
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American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Assets: Total cash and investments 17,069$ 17,143$ 17,182$ 16,761$ 16,049$ 15,994$ Recoverables from reinsurers 5,267 5,303 5,528 5,565 4,733 4,945 Prepaid reinsurance premiums 1,375 1,211 1,089 1,443 1,256 1,105 Agents' balances and premiums receivable 2,046 1,670 1,641 2,034 1,946 1,589 Deferred policy acquisition costs 366 334 333 349 345 316 Assets of managed investment entities 4,142 3,987 4,050 3,972 3,833 3,848 Other receivables 1,117 1,058 1,212 2,075 877 855 Other assets 1,325 1,320 1,280 1,308 1,325 1,337 Goodwill 327 327 327 327 305 305 Total assets 33,034$ 32,353$ 32,642$ 33,834$ 30,669$ 30,294$ Liabilities and Equity: Unpaid losses and loss adjustment expenses 14,842$ 14,914$ 15,094$ 15,079$ 13,834$ 13,970$ Unearned premiums 4,297 3,911 3,736 4,450 4,026 3,710 Payable to reinsurers 1,133 1,065 1,195 1,578 1,152 1,028 Liabilities of managed investment entities 3,993 3,854 3,907 3,834 3,685 3,726 Long-term debt 1,821 1,820 1,820 1,820 1,476 1,476 Other liabilities 2,127 2,111 2,070 2,343 1,980 1,992 Total liabilities 28,213 27,675 27,822 29,104 26,153 25,902 Shareholders' equity: Common stock 83 83 83 83 83 84 Capital surplus 1,434 1,428 1,430 1,421 1,414 1,409 Retained earnings 3,446 3,294 3,357 3,299 3,151 3,078 Unrealized gains (losses) - fixed maturities (112) (100) (22) (43) (101) (141) Unrealized gains (losses) - fixed maturity-related cash flow hedges (4) (1) (2) (3) (5) (7) Other comprehensive income (loss), net of tax (26) (26) (26) (27) (26) (31) Total shareholders' equity 4,821 4,678 4,820 4,730 4,516 4,392 Total liabilities and equity 33,034$ 32,353$ 32,642$ 33,834$ 30,669$ 30,294$ Page 11
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American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Shareholders' equity 4,821$ 4,678$ 4,820$ 4,730$ 4,516$ 4,392$ Accumulated other comprehensive income (loss) (142) (127) (50) (73) (132) (179) Shareholders' equity, excluding AOCI 4,963 4,805 4,870 4,803 4,648 4,571 Goodwill 327 327 327 327 305 305 Intangibles 179 184 189 192 193 198 Tangible shareholders' equity, excluding AOCI 4,457$ 4,294$ 4,354$ 4,284$ 4,150$ 4,068$ Common shares outstanding 82.917 83.086 83.422 83.401 83.386 83.668 Book value per share: Book value per share 58.14$ 56.30$ 57.78$ 56.72$ 54.15$ 52.50$ Book value per share, excluding AOCI 59.85 57.83 58.38 57.59 55.74 54.63 Tangible, excluding AOCI 53.76 51.69 52.20 51.38 49.77 48.62 Market capitalization AFG's closing common share price 139.94$ 127.71$ 136.68$ 145.72$ 126.21$ 131.34$ Market capitalization 11,603$ 10,611$ 11,402$ 12,153$ 10,524$ 10,989$ Price / Book value per share, excluding AOCI 2.34 2.21 2.34 2.53 2.26 2.40 Page 12
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American Financial Group, Inc. Capitalization ($ in millions) 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 AFG senior obligations 1,173$ 1,173$ 1,173$ 1,173$ 823$ 823$ Borrowings drawn under credit facility - - - - - - Debt excluding subordinated debt 1,173 1,173 1,173 1,173 823 823 AFG subordinated debentures 675 675 675 675 675 675 Total principal amount of long-term debt 1,848 1,848 1,848 1,848 1,498 1,498 Shareholders' equity 4,821 4,678 4,820 4,730 4,516 4,392 Accumulated other comprehensive income (loss) (142) (127) (50) (73) (132) (179) Total capital, excluding AOCI 6,811$ 6,653$ 6,718$ 6,651$ 6,146$ 6,069$ Ratio of debt to total capital, excluding AOCI: Including subordinated debt 27.1% 27.8% 27.5% 27.8% 24.4% 24.7% Excluding subordinated debt 17.2% 17.6% 17.5% 17.6% 13.4% 13.6% Page 13
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American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Property and Casualty Insurance Paid Losses (GAAP) 1,014$ 888$ 984$ 936$ 931$ 1,902$ 1,898$ 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 GAAP Equity (excluding AOCI) Property and Casualty Insurance 6,528$ 6,354$ 6,354$ 6,173$ 5,935$ 5,853$ Parent and other subsidiaries (1,565) (1,549) (1,484) (1,370) (1,287) (1,282) AFG GAAP Equity (excluding AOCI) 4,963$ 4,805$ 4,870$ 4,803$ 4,648$ 4,571$ Allowable dividends without regulatory approval Property and Casualty Insurance 1,083$ 1,083$ 1,081$ 1,004$ 1,004$ 1,004$ Page 14
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American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - June 30, 2026 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents 1,164$ 274$ -$ 1,438$ 9% Fixed maturities - Available for sale 11,173 85 - 11,258 66% Fixed maturities - Trading 80 - - 80 1% Equity securities - Common stocks 371 - - 371 2% Equity securities - Perpetual preferred 408 - - 408 2% Investments accounted for using the equity method 2,434 3 - 2,437 14% Mortgage loans 920 - - 920 5% Real estate and other investments 200 106 (149) 157 1% Total cash and investments 16,750$ 468$ (149)$ 17,069$ 100% Carrying Value - December 31, 2025 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents 1,377$ 350$ -$ 1,727$ 10% Fixed maturities - Available for sale 10,923 129 - 11,052 64% Fixed maturities - Trading 91 - - 91 1% Equity securities - Common stocks 365 - - 365 2% Equity securities - Perpetual preferred 420 - - 420 2% Investments accounted for using the equity method 2,419 2 - 2,421 14% Mortgage loans 947 - - 947 6% Real estate and other investments 199 103 (143) 159 1% Total cash and investments 16,741$ 584$ (143)$ 17,182$ 100% Page 15
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American Financial Group, Inc. Net Investment Income ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities 147$ 141$ 138$ 135$ 140$ 288$ 277$ Equity securities 5 10 6 6 15 15 21 Other investments (a) 25 27 27 27 23 52 44 Gross investment income excluding alternative investments 177 178 171 168 178 355 342 Gross investment income from alternative investments (b) 50 (3) 6 43 8 47 20 Total gross investment income 227 175 177 211 186 402 362 Investment expenses (6) (7) (6) (6) (7) (13) (13) Total net investment income 221$ 168$ 171$ 205$ 179$ 389$ 349$ Average cash and investments (c) 16,916$ 16,855$ 16,520$ 16,095$ 15,921$ 16,868$ 15,894$ Average yield - overall portfolio, net (d) 5.23% 3.99% 4.14% 5.09% 4.50% 4.61% 4.39% Average yield - fixed maturities before inv expenses (d) 5.13% 5.04% 5.11% 5.12% 5.24% 5.10% 5.19% AFG consolidated net investment income: Property & Casualty 221$ 168$ 171$ 205$ 179$ 389$ 349$ Parent & other 9 6 7 6 7 15 12 Consolidate CLOs (9) 13 5 (6) (2) 4 (4) Total net investment income 221$ 187$ 183$ 205$ 184$ 408$ 357$ Average cash and investments (c) 17,240$ 17,240$ 17,013$ 16,496$ 16,175$ 17,230$ 16,152$ Average yield - overall portfolio, net (d) 5.13% 4.34% 4.30% 4.97% 4.55% 4.74% 4.42% Average yield - fixed maturities before inv expenses (d) 5.12% 5.05% 5.11% 5.11% 5.24% 5.11% 5.20% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Investment income on alternative investments is detailed on page 17. (c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (d) Average yield is calculated by dividing investment income for the period by the average balance. Page 16
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American Financial Group, Inc. Alternative Investments ($ in millions) Three Months Ended Six Months Ended 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 6/30/26 6/30/25 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income 1$ 2$ 1$ 16$ 8$ 3$ 5$ Equity securities MTM through investment income (a) 2 (10) (12) (6) 4 (8) 4 Investments accounted for using the equity method (b) 38 18 22 27 (6) 56 7 AFG managed CLOs (eliminated in consolidation) 9 (13) (5) 6 2 (4) 4 Total Property & Casualty 50$ (3)$ 6$ 43$ 8$ 47$ 20$ Investments Fixed maturities MTM through investment income 34$ 31$ 44$ 30$ 55$ 34$ 55$ Equity securities MTM through investment income (a) 221 190 211 243 233 221 233 Investments accounted for using the equity method (b) 2,434 2,440 2,419 2,381 2,338 2,434 2,338 AFG managed CLOs (eliminated in consolidation) 149 133 143 138 148 149 148 Total Property & Casualty 2,838$ 2,794$ 2,817$ 2,792$ 2,774$ 2,838$ 2,774$ Annualized Return - Property & Casualty 7.1% (0.4%) 0.9% 6.2% 1.2% 3.3% 1.5% AFG Consolidated: Net Investment Income Fixed maturities MTM through investment income 1$ 2$ 1$ 16$ 8$ 3$ 5$ Equity securities MTM through investment income (a) 2 (10) (12) (6) 4 (8) 4 Investments accounted for using the equity method (b) 38 18 22 27 (6) 56 7 AFG managed CLOs (eliminated in consolidation) 9 (13) (5) 6 2 (4) 4 Total AFG Consolidated 50$ (3)$ 6$ 43$ 8$ 47$ 20$ Investments Fixed maturities MTM through investment income 34$ 31$ 44$ 30$ 55$ 34$ 55$ Equity securities MTM through investment income (a) 221 190 211 243 233 221 233 Investments accounted for using the equity method (b) 2,437 2,443 2,421 2,383 2,341 2,437 2,341 AFG managed CLOs (eliminated in consolidation) 149 133 143 138 148 149 148 Total AFG Consolidated 2,841$ 2,797$ 2,819$ 2,794$ 2,777$ 2,841$ 2,777$ Annualized Return - AFG Consolidated 7.1% (0.4%) 0.9% 6.2% 1.2% 3.3% 1.5% (a) AFG records holding gains and losses in net investment income on certain securities classified at purchase as "fair value through net investment income." (b) The majority of AFG's investments accounted for using the equity method mark their underlying assets to market through net income. Page 17
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American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment June 30, 2026 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies 144$ 143$ (1)$ 1% 1% States, municipalities and political subdivisions 795 773 (22) 7% 5% Foreign government 299 301 2 3% 2% Residential mortgage-backed securities 3,280 3,183 (97) 28% 19% Collateralized loan obligations 1,099 1,096 (3) 10% 6% Other asset-backed securities 2,604 2,567 (37) 22% 15% Corporate and other bonds 3,259 3,275 16 29% 19% Total AFG consolidated 11,480$ 11,338$ (142)$ 100% 67% Approximate duration - P&C 3.4 years Approximate duration - P&C including cash 3.1 years % of Unrealized % of Investment December 31, 2025 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies 160$ 161$ 1$ 1% 1% States, municipalities and political subdivisions 853 835 (18) 7% 5% Foreign government 301 303 2 3% 2% Residential mortgage-backed securities 2,807 2,747 (60) 25% 16% Collateralized loan obligations 1,162 1,160 (2) 10% 7% Other asset-backed securities 2,534 2,525 (9) 23% 14% Corporate and other bonds 3,354 3,412 58 31% 20% Total AFG consolidated 11,171$ 11,143$ (28)$ 100% 65% Approximate duration - P&C 3.3 years Approximate duration - P&C including cash 2.9 years (a) Book Value is amortized cost, net of allowance for expected credit losses. Page 18
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Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2026 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA 6$ 146$ 236$ 2,704$ 1,082$ 927$ 13$ 5,114$ 45% AA 137 596 18 317 14 363 211 1,656 15% A - 21 40 60 - 747 1,011 1,879 17% BBB - 8 4 26 - 492 1,787 2,317 20% Subtotal - Investment grade 143 771 298 3,107 1,096 2,529 3,022 10,966 97% BB - - - 1 - 4 131 136 1% B - - - 1 - 1 25 27 0% CCC, CC, C - - - 23 - 2 3 28 0% D - - - - - - - - 0% Subtotal - Non-Investment grade - - - 25 - 7 159 191 1% Not Rated (b) - 2 3 51 - 31 94 181 2% Total 143$ 773$ 301$ 3,183$ 1,096$ 2,567$ 3,275$ 11,338$ 100% Fair Value by Type NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total 1 143$ 760$ 232$ 3,073$ 1,035$ 1,993$ 1,228$ 8,464$ 77% 2 - 8 - 25 - 483 1,776 2,292 21% Subtotal 143 768 232 3,098 1,035 2,476 3,004 10,756 98% 3 - - - 1 - 4 130 135 1% 4 - - - - - 5 53 58 1% 5 - - - 12 - 1 39 52 0% 6 - - - 1 - 3 4 8 0% Subtotal - - - 14 - 13 226 253 2% Total insurance companies 143$ 768$ 232$ 3,112$ 1,035$ 2,489$ 3,230$ 11,009$ 100% No NAIC designation (c) - - - - - 26 15 41 Non-Insurance and Foreign Companies (d) - 5 69 71 61 52 30 288 Total 143$ 773$ 301$ 3,183$ 1,096$ 2,567$ 3,275$ 11,338$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 12% are NAIC 4 and 82% do not have a designation. For Corp/Oth, 13% are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5. For Total, 27% are NAIC 1, 14% NAIC 4, 25% NAIC 5 and 17% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 98% are investment grade rated. Page 19
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Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA -$ 161$ 255$ 2,475$ 1,137$ 831$ 13$ 4,872$ 44% AA 161 644 14 87 20 349 222 1,497 13% A - 21 30 75 3 743 998 1,870 17% BBB - 8 4 27 - 520 1,898 2,457 22% Subtotal - Investment grade 161 834 303 2,664 1,160 2,443 3,131 10,696 96% BB - - - 2 - 5 122 129 1% B - - - 1 - 1 20 22 0% CCC, CC, C - - - 25 - 2 3 30 1% D - - - - - - - - 0% Subtotal - Non-Investment grade - - - 28 - 8 145 181 2% Not Rated (b) - 1 - 55 - 74 136 266 2% Total 161$ 835$ 303$ 2,747$ 1,160$ 2,525$ 3,412$ 11,143$ 100% Fair Value by Type NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total 1 161$ 822$ 239$ 2,639$ 1,059$ 1,906$ 1,230$ 8,056$ 75% 2 - 8 - 26 - 509 1,861 2,404 22% Subtotal 161 830 239 2,665 1,059 2,415 3,091 10,460 97% 3 - - - 1 - 5 174 180 2% 4 - - - 1 - 5 35 41 0% 5 - - - 13 - 1 62 76 1% 6 - - - 1 - 3 1 5 0% Subtotal - - - 16 - 14 272 302 3% Total insurance companies 161$ 830$ 239$ 2,681$ 1,059$ 2,429$ 3,363$ 10,762$ 100% No NAIC designation (c) - - - - - 39 17 56 Non-Insurance and Foreign Companies (d) - 5 64 66 101 57 32 325 Total 161$ 835$ 303$ 2,747$ 1,160$ 2,525$ 3,412$ 11,143$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 39% are NAIC 1 and 52% do not have a designation. For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5. For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 99% are investment grade rated. Page 20
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Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2026 ($ in millions) Fair Value By Industry Asset Managers Banking Technology Insurance Utilities Other Financials Autos Consumer Healthcare Other Total % Total AAA -$ -$ 11$ -$ -$ -$ -$ -$ -$ 2$ 13$ 0% AA 5 5 30 60 10 33 - 25 20 23 211 6% A 88 168 77 147 152 64 99 49 30 137 1,011 31% BBB 717 267 135 52 89 58 46 47 38 338 1,787 55% 810 440 253 259 251 155 145 121 88 500 3,022 92% BB 9 8 5 - - 20 17 11 5 56 131 4% B - - 7 - - - - 10 5 3 25 1% CCC, CC, C - - - - - - - - 1 2 3 0% D - - - - - - - - - - - 0% 9 8 12 - - 20 17 21 11 61 159 5% Not Rated (b) 5 - 1 6 - 22 - 18 33 9 94 3% Total 824$ 448$ 266$ 265$ 251$ 197$ 162$ 160$ 132$ 570$ 3,275$ 100% Fair Value By Industry Asset Managers Banking Technology Insurance Utilities Other Financials Autos Consumer Healthcare Other Total % Total 93$ 170$ 117$ 205$ 162$ 100$ 99$ 71$ 50$ 161$ 1,228$ 38% 721 265 132 51 87 58 44 47 38 333 1,776 55% 814 435 249 256 249 158 143 118 88 494 3,004 93% 4 8 3 - - 19 17 13 15 51 130 4% - - 9 - - - - 29 8 7 53 2% - - 1 - - 9 - - 21 8 39 1% - - - - - 1 - - - 3 4 0% 4 8 13 - - 29 17 42 44 69 226 7% Total insurance companies 818$ 443$ 262$ 256$ 249$ 187$ 160$ 160$ 132$ 563$ 3,230$ 100% No NAIC designation (c) - - - 5 - 10 - - - - 15 Non-Insurance and Foreign Companies 6 5 4 4 2 - 2 - - 7 30 Total 824$ 448$ 266$ 265$ 251$ 197$ 162$ 160$ 132$ 570$ 3,275$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 13% of not rated securities are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5. (c) Surplus notes that are classified as other invested assets for STAT. Subtotal NAIC designation 1 2 Credit Rating (a) Investment Grade Subtotal Subtotal Subtotal 3 4 5 6 Page 21
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Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025 ($ in millions) Fair Value By Industry Banking Other Financials Insurance Asset Managers Technology Utilities Consumer Autos Healthcare Other Total % Total AAA -$ -$ -$ -$ 11$ -$ -$ -$ -$ 2$ 13$ 0% AA - 32 58 5 30 10 49 - 15 23 222 6% A 179 70 155 52 48 151 51 101 36 155 998 29% BBB 264 94 53 769 160 90 41 55 39 333 1,898 56% 443 196 266 826 249 251 141 156 90 513 3,131 91% BB 6 - - - 4 - 9 18 3 82 122 4% B 2 - - - - - 7 - 5 6 20 1% CCC, CC, C - - - - - - - - - 3 3 0% D - - - - - - - - - - - 0% 8 - - - 4 - 16 18 8 91 145 5% Not Rated (b) - 25 6 - 2 - 28 1 43 31 136 4% Total 451$ 221$ 272$ 826$ 255$ 251$ 185$ 175$ 141$ 635$ 3,412$ 100% Fair Value By Industry Banking Other Financials Insurance Asset Managers Technology Utilities Consumer Autos Healthcare Other Total % Total 176$ 104$ 211$ 57$ 88$ 161$ 101$ 101$ 50$ 181$ 1,230$ 37% 261 70 52 763 157 88 48 54 38 330 1,861 55% 437 174 263 820 245 249 149 155 88 511 3,091 92% 7 24 - - 4 - 16 18 27 78 174 5% 2 - - - - - 18 - 5 10 35 1% - 10 - - 1 - 2 - 20 29 62 2% - 1 - - - - - - - - 1 0% 9 35 - - 5 - 36 18 52 117 272 8% Total insurance companies 446$ 209$ 263$ 820$ 250$ 249$ 185$ 173$ 140$ 628$ 3,363$ 100% No NAIC designation (c) - 11 6 - - - - - - - 17 Non-Insurance and Foreign Companies 5 1 3 6 5 2 - 2 1 7 32 Total 451$ 221$ 272$ 826$ 255$ 251$ 185$ 175$ 141$ 635$ 3,412$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5. (c) Surplus notes that are classified as other invested assets for STAT. Credit Rating (a) Investment Grade Subtotal Subtotal NAIC designation 1 2 Subtotal Subtotal 3 4 5 6 Page 22
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Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2026 ($ in millions) Fair Value By Collateral Type Whole Business Triple Net Lease Railcar TruPS Aircraft Auto Single Family Rental Secured Financing Commercial Real Estate Other Total % Total AAA -$ 282$ -$ 230$ 24$ 104$ 89$ -$ 73$ 125$ 927$ 36% AA 50 50 136 57 11 - - 29 - 30 363 15% A 10 15 155 - 195 - - 54 - 318 747 29% BBB 428 - - - 4 - - 1 - 59 492 19% 488 347 291 287 234 104 89 84 73 532 2,529 99% BB - - - - 1 - - 1 - 2 4 0% B - - - - - - - 1 - - 1 0% CCC, CC, C - - - - 2 - - - - - 2 0% D - - - - - - - - - - - 0% - - - - 3 - - 2 - 2 7 0% Not Rated (b) - - - - 3 - - - - 28 31 1% Total 488$ 347$ 291$ 287$ 240$ 104$ 89$ 86$ 73$ 562$ 2,567$ 100% Fair Value By Collateral Type Whole Business Triple Net Lease Railcar TruPS Aircraft Auto Single Family Rental Secured Financing Commercial Real Estate Other Total % Total 60$ 339$ 274$ 286$ 229$ 100$ 87$ 83$ 67$ 468$ 1,993$ 80% 421 - - - 3 - - 1 - 58 483 20% 481 339 274 286 232 100 87 84 67 526 2,476 100% - - - - 1 - - 1 - 2 4 0% - - - - - - - 1 - 4 5 0% - - - - 1 - - - - - 1 0% - - - - 3 - - - - - 3 0% - - - - 5 - - 2 - 6 13 0% Total insurance companies 481$ 339$ 274$ 286$ 237$ 100$ 87$ 86$ 67$ 532$ 2,489$ 100% No NAIC designation - - - - 1 - - - - 25 26 Non-Insurance and Foreign Companies 7 8 17 1 2 4 2 - 6 5 52 Total 488$ 347$ 291$ 287$ 240$ 104$ 89$ 86$ 73$ 562$ 2,567$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 12% of not rated securities are NAIC 4 and 82% do not have a designation. Credit Rating (a) Investment Grade Subtotal Subtotal 5 6 Subtotal NAIC designation 1 2 Subtotal 3 4 Page 23
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Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025 ($ in millions) Fair Value By Collateral Type Whole Business Triple Net Lease TruPS Railcar Aircraft Secured Financing Commercial Real Estate Single Family Rental Auto Other Total % Total AAA -$ 231$ 170$ -$ 15$ -$ 113$ 93$ 92$ 117$ 831$ 33% AA 76 51 82 64 15 30 - - - 31 349 14% A 10 16 3 169 175 63 - - - 307 743 29% BBB 439 - - 5 14 1 - - - 61 520 21% 525 298 255 238 219 94 113 93 92 516 2,443 97% BB - - - - 2 1 - - - 2 5 0% B - - - - 1 - - - - - 1 0% CCC, CC, C - - - - 2 - - - - - 2 0% D - - - - - - - - - - - 0% - - - - 5 1 - - - 2 8 0% Not Rated (b) - - - - 3 29 - - - 42 74 3% Total 525$ 298$ 255$ 238$ 227$ 124$ 113$ 93$ 92$ 560$ 2,525$ 100% Fair Value By Collateral Type Whole Business Triple Net Lease TruPS Railcar Aircraft Secured Financing Commercial Real Estate Single Family Rental Auto Other Total % Total 86$ 290$ 252$ 219$ 203$ 121$ 106$ 90$ 87$ 452$ 1,906$ 79% 431 - - 5 13 1 - - - 59 509 21% 517 290 252 224 216 122 106 90 87 511 2,415 100% - - - - 1 2 - - - 2 5 0% - - - - 1 - - - - 4 5 0% - - - - 1 - - - - - 1 0% - - - - 3 - - - - - 3 0% - - - - 6 2 - - - 6 14 0% Total insurance companies 517$ 290$ 252$ 224$ 222$ 124$ 106$ 90$ 87$ 517$ 2,429$ 100% No NAIC designation - - - - 2 - - - - 37 39 Non-Insurance and Foreign Companies 8 8 3 14 3 - 7 3 5 6 57 Total 525$ 298$ 255$ 238$ 227$ 124$ 113$ 93$ 92$ 560$ 2,525$ (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 39% of not rated securities are NAIC 1 and 52% do not have a designation. Credit Rating (a) Investment Grade Subtotal Subtotal NAIC designation 1 2 Subtotal Subtotal 3 4 5 6 Page 24
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Appendix G American Financial Group, Inc. Real Estate-Related Investments 6/30/2026 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family 1,231$ 88% 92% 96% Fund Investments 95 7% - - QOZ Fund - Development 27 2% - - Office 18 1% 88% 100% Marina 16 1% - - Hospitality 11 1% - - Land Development 1 0% - - Total 1,399$ 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina 50$ 51% -$ Marina 35 35% - Office Building 12 12% - Land 2 2% - Total 99$ 100% -$ Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily 662$ 72% 66% Hospitality 159 17% 42% Marina 52 6% 52% Office 47 5% 98% Total 920$ 100% 63% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 6/30/2026 (c) Collections for April - June Page 25
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Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2025 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family 1,250$ 87% 91% 96% Fund Investments 105 8% - - QOZ Fund - Development 28 2% - - Office 18 1% 88% 100% Marina 16 1% - - Hospitality 12 1% - - Land Development 2 0% - - Total 1,431$ 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina 52$ 51% -$ Marina 35 34% - Office Building 13 13% - Land 2 2% - Total 102$ 100% -$ Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily 688$ 73% 66% Hospitality 160 17% 42% Marina 52 5% 52% Office 47 5% 98% Total 947$ 100% 63% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/2025 (c) Collections for October - December Page 26