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American Financial Group, Inc. Investor Supplement - Third Quarter 2026 November 3, 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 - Third Quarter 2026 3 Section Page Table of Contents - Investor Supplement - Third 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 9/30/2026............................................................................................... 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 9/30/2026................................................................................... 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 9/30/2026................................................................. 23 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025............................................................... 24 G. Real Estate-Related Investments 9/30/2026............................................................................................................................................. 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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Highlights Net earnings 282$ 248$ 191$ 299$ 215$ 721$ 543$ Core net operating earnings 329 234 206 305 224 769 555 Total assets 35,738 33,034 32,353 32,642 33,834 35,738 33,834 Shareholders' equity, excluding AOCI (a) 5,155 4,963 4,805 4,870 4,803 5,155 4,803 Property and Casualty net written premiums 2,454 1,915 1,664 1,444 2,252 6,033 5,666 Per share data Diluted earnings per share 3.40$ 2.99$ 2.29$ 3.58$ 2.58$ 8.68$ 6.50$ Core net operating earnings per share 3.97 2.82 2.47 3.65 2.69 9.26 6.65 Book value per share, excluding AOCI (a) 62.29 59.85 57.83 58.38 57.59 62.29 57.59 Dividends per common share 0.88 0.88 2.38 2.88 0.80 4.14 4.40 Financial ratios Annualized return on equity (b) 22.3% 20.3% 15.8% 24.7% 18.2% 19.4% 15.5% Annualized core operating return on equity (b) 26.0% 19.2% 17.0% 25.2% 19.0% 20.7% 15.8% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 67.8% 58.9% 56.3% 58.6% 67.2% 61.6% 63.4% Underwriting expense ratio 26.0% 32.6% 34.0% 25.5% 25.8% 30.4% 29.9% Combined ratio - Specialty 93.8% 91.5% 90.3% 84.1% 93.0% 92.0% 93.3% (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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Property and Casualty Insurance Underwriting profit 130$ 142$ 156$ 284$ 138$ 428$ 345$ Net investment income (a) 289 221 168 171 205 678 554 Other income (expense) (13) (13) (15) (15) (15) (41) (52) Property and Casualty Insurance operating earnings 406 350 309 440 328 1,065 847 Interest expense of parent holding companies (23) (24) (23) (23) (19) (70) (57) Parent investment income - Charleston Harbor sale (a) 63 - - - - 63 - Other expense (28) (26) (29) (31) (29) (83) (89) Pretax core operating earnings 418 300 257 386 280 975 701 Income tax expense 89 66 51 81 56 206 146 Core net operating earnings 329 234 206 305 224 769 555 Non-core items, net of tax: Realized gains (losses) on securities (28) 14 (15) (6) 10 (29) 14 Realized gain on subsidiaries - - - - 1 - 1 Special A&E charges - Former Railroad and Manufacturing operations (19) - - - (20) (19) (20) Other non-core items - - - - - - (7) Net earnings 282$ 248$ 191$ 299$ 215$ 721$ 543$ (a) The sale of Charleston Harbor Resort and Marina in August 2026 generated $126 million in pretax net investment income. The P&C companies and AFG parent equally owned the property. Accordingly, half of the earnings are included in P&C net investment income and half are included in parent net investment income. Page 4
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American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Core net operating earnings 329$ 234$ 206$ 305$ 224$ 769$ 555$ Net earnings 282$ 248$ 191$ 299$ 215$ 721$ 543$ Average number of diluted shares 82.919 83.026 83.263 83.411 83.397 83.068 83.574 Diluted earnings per share: Core net operating earnings per share 3.97$ 2.82$ 2.47$ 3.65$ 2.69$ 9.26$ 6.65$ Realized gains (losses) on securities (0.34) 0.17 (0.18) (0.07) 0.12 (0.35) 0.17 Realized gain on subsidiaries - - - - 0.01 - 0.01 Special A&E charges - Former Railroad and Manufacturing operations (0.23) - - - (0.24) (0.23) (0.24) Other non-core items - - - - - - (0.09) Diluted earnings per share 3.40$ 2.99$ 2.29$ 3.58$ 2.58$ 8.68$ 6.50$ Page 5
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American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Property and Transportation 68$ 57$ 65$ 216$ 55$ 190$ 119$ Specialty Casualty 42 45 34 27 33 121 102 Specialty Financial 23 42 57 44 51 122 126 Underwriting profit - Specialty 133 144 156 287 139 433 347 Other core charges, included in loss and LAE (3) (2) - (3) (1) (5) (2) Underwriting profit - Property and Casualty Insurance 130$ 142$ 156$ 284$ 138$ 428$ 345$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 23 31 35 4 23 89 133 Total current accident year catastrophe losses 23$ 31$ 35$ 4$ 23$ 89$ 133$ Prior year loss reserve development (favorable) / adverse (30)$ (55)$ (70)$ (27)$ (23)$ (155)$ (54)$ Combined ratio: Property and Transportation 93.4% 90.3% 87.6% 70.6% 94.1% 91.2% 94.1% Specialty Casualty 94.9% 94.5% 95.8% 96.7% 95.8% 94.9% 95.7% Specialty Financial 92.5% 85.6% 80.0% 83.0% 81.1% 86.2% 84.8% Combined ratio - Specialty 93.8% 91.5% 90.3% 84.1% 93.0% 92.0% 93.3% Other core charges 0.2% 0.1% 0.1% 0.2% 0.1% 0.2% 0.1% Combined ratio 94.0% 91.6% 90.4% 84.3% 93.1% 92.2% 93.4% P&C combined ratio excl. catastrophe losses and prior year reserve development 94.3% 93.1% 92.5% 85.5% 93.0% 93.3% 91.9% Loss and LAE components: Current accident year, excluding catastrophe losses 68.3% 60.5% 58.5% 60.0% 67.2% 62.9% 62.0% Prior accident year loss reserve development (1.4%) (3.3%) (4.3%) (1.5%) (1.1%) (2.8%) (1.0%) Current accident year catastrophe losses 1.1% 1.8% 2.2% 0.3% 1.2% 1.7% 2.5% Loss and LAE ratio 68.0% 59.0% 56.4% 58.8% 67.3% 61.8% 63.5% Page 6
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American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Gross written premiums 3,959$ 2,850$ 2,435$ 2,085$ 3,665$ 9,244$ 8,609$ Ceded reinsurance premiums (1,505) (935) (771) (641) (1,413) (3,211) (2,943) Net written premiums 2,454 1,915 1,664 1,444 2,252 6,033 5,666 Change in unearned premiums (290) (221) (55) 362 (239) (566) (426) Net earned premiums 2,164 1,694 1,609 1,806 2,013 5,467 5,240 Loss and LAE 1,467 998 906 1,058 1,354 3,371 3,325 Underwriting expense 564 552 547 461 520 1,663 1,568 Underwriting profit 133$ 144$ 156$ 287$ 139$ 433$ 347$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 23 31 35 4 23 89 133 Total current accident year catastrophe losses 23$ 31$ 35$ 4$ 23$ 89$ 133$ Prior year loss reserve development (favorable) / adverse (33)$ (57)$ (70)$ (30)$ (24)$ (160)$ (56)$ Combined ratio: Loss and LAE ratio 67.8% 58.9% 56.3% 58.6% 67.2% 61.6% 63.4% Underwriting expense ratio 26.0% 32.6% 34.0% 25.5% 25.8% 30.4% 29.9% Combined ratio 93.8% 91.5% 90.3% 84.1% 93.0% 92.0% 93.3% Combined ratio excl. catastrophe losses and prior year reserve development 94.3% 93.1% 92.5% 85.5% 93.0% 93.3% 91.9% Loss and LAE components: Current accident year, excluding catastrophe losses 68.3% 60.5% 58.5% 60.0% 67.2% 62.9% 62.0% Prior accident year loss reserve development (1.5%) (3.4%) (4.4%) (1.6%) (1.2%) (2.9%) (1.1%) Current accident year catastrophe losses 1.0% 1.8% 2.2% 0.2% 1.2% 1.6% 2.5% Loss and LAE ratio 67.8% 58.9% 56.3% 58.6% 67.2% 61.6% 63.4% Page 7
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American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Gross written premiums 2,214$ 1,351$ 999$ 612$ 1,975$ 4,564$ 4,119$ Ceded reinsurance premiums (1,021) (554) (403) (214) (924) (1,978) (1,746) Net written premiums 1,193 797 596 398 1,051 2,586 2,373 Change in unearned premiums (167) (207) (70) 337 (116) (444) (362) Net earned premiums 1,026 590 526 735 935 2,142 2,011 Loss and LAE 796 369 301 417 728 1,466 1,426 Underwriting expense 162 164 160 102 152 486 466 Underwriting profit 68$ 57$ 65$ 216$ 55$ 190$ 119$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 4 12 12 - 4 28 26 Total current accident year catastrophe losses 4$ 12$ 12$ -$ 4$ 28$ 26$ Prior year loss reserve development (favorable) / adverse (24)$ (42)$ (47)$ (20)$ (11)$ (113)$ (43)$ Combined ratio: Loss and LAE ratio 77.7% 62.6% 57.1% 56.8% 77.8% 68.5% 70.9% Underwriting expense ratio 15.7% 27.7% 30.5% 13.8% 16.3% 22.7% 23.2% Combined ratio 93.4% 90.3% 87.6% 70.6% 94.1% 91.2% 94.1% Combined ratio excl. catastrophe losses and prior year reserve development 95.4% 95.2% 94.4% 73.4% 94.8% 95.2% 94.9% Loss and LAE components: Current accident year, excluding catastrophe losses 79.7% 67.5% 63.9% 59.6% 78.5% 72.5% 71.7% Prior accident year loss reserve development (2.4%) (7.0%) (9.0%) (2.7%) (1.1%) (5.3%) (2.1%) Current accident year catastrophe losses 0.4% 2.1% 2.2% (0.1%) 0.4% 1.3% 1.3% Loss and LAE ratio 77.7% 62.6% 57.1% 56.8% 77.8% 68.5% 70.9% Page 8
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American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Gross written premiums 1,342$ 1,119$ 1,089$ 1,153$ 1,337$ 3,550$ 3,467$ Ceded reinsurance premiums (407) (307) (300) (357) (423) (1,014) (1,016) Net written premiums 935 812 789 796 914 2,536 2,451 Change in unearned premiums (104) 2 10 16 (104) (92) (48) Net earned premiums 831 814 799 812 810 2,444 2,403 Loss and LAE 539 525 517 558 541 1,581 1,593 Underwriting expense 250 244 248 227 236 742 708 Underwriting profit 42$ 45$ 34$ 27$ 33$ 121$ 102$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 3 9 11 (3) 8 23 42 Total current accident year catastrophe losses 3$ 9$ 11$ (3)$ 8$ 23$ 42$ Prior year loss reserve development (favorable) / adverse (5)$ (1)$ -$ (1)$ (1)$ (6)$ 21$ Combined ratio: Loss and LAE ratio 64.8% 64.6% 64.7% 68.7% 66.8% 64.6% 66.3% Underwriting expense ratio 30.1% 29.9% 31.1% 28.0% 29.0% 30.3% 29.4% Combined ratio 94.9% 94.5% 95.8% 96.7% 95.8% 94.9% 95.7% Combined ratio excl. catastrophe losses and prior year reserve development 95.1% 93.6% 94.4% 97.1% 94.9% 94.3% 93.1% Loss and LAE components: Current accident year, excluding catastrophe losses 65.0% 63.7% 63.3% 69.1% 65.9% 64.0% 63.7% Prior accident year loss reserve development (0.6%) (0.1%) 0.0% (0.1%) (0.1%) (0.2%) 0.9% Current accident year catastrophe losses 0.4% 1.0% 1.4% (0.3%) 1.0% 0.8% 1.7% Loss and LAE ratio 64.8% 64.6% 64.7% 68.7% 66.8% 64.6% 66.3% Page 9
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American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Gross written premiums 403$ 380$ 347$ 320$ 353$ 1,130$ 1,023$ Ceded reinsurance premiums (77) (74) (68) (70) (66) (219) (181) Net written premiums 326 306 279 250 287 911 842 Change in unearned premiums (19) (16) 5 9 (19) (30) (16) Net earned premiums 307 290 284 259 268 881 826 Loss and LAE 132 104 88 83 85 324 306 Underwriting expense 152 144 139 132 132 435 394 Underwriting profit 23$ 42$ 57$ 44$ 51$ 122$ 126$ Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium -$ -$ -$ -$ -$ -$ -$ Catastrophe losses 16 10 12 7 11 38 65 Total current accident year catastrophe losses 16$ 10$ 12$ 7$ 11$ 38$ 65$ Prior year loss reserve development (favorable) / adverse (4)$ (14)$ (23)$ (9)$ (12)$ (41)$ (34)$ Combined ratio: Loss and LAE ratio 43.0% 35.6% 31.2% 32.0% 31.8% 36.8% 37.1% Underwriting expense ratio 49.5% 50.0% 48.8% 51.0% 49.3% 49.4% 47.7% Combined ratio 92.5% 85.6% 80.0% 83.0% 81.1% 86.2% 84.8% Combined ratio excl. catastrophe losses and prior year reserve development 88.5% 87.3% 83.7% 83.5% 81.7% 86.5% 81.1% Loss and LAE components: Current accident year, excluding catastrophe losses 39.0% 37.3% 34.9% 32.5% 32.4% 37.1% 33.4% Prior accident year loss reserve development (1.2%) (5.1%) (7.9%) (3.0%) (4.7%) (4.7%) (4.2%) Current accident year catastrophe losses 5.2% 3.4% 4.2% 2.5% 4.1% 4.4% 7.9% Loss and LAE ratio 43.0% 35.6% 31.2% 32.0% 31.8% 36.8% 37.1% Page 10
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American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 Assets: Total cash and investments 17,351$ 17,069$ 17,143$ 17,182$ 16,761$ 16,049$ Recoverables from reinsurers 6,039 5,267 5,303 5,528 5,565 4,733 Prepaid reinsurance premiums 1,558 1,375 1,211 1,089 1,443 1,256 Agents' balances and premiums receivable 2,215 2,046 1,670 1,641 2,034 1,946 Deferred policy acquisition costs 375 366 334 333 349 345 Assets of managed investment entities 4,556 4,142 3,987 4,050 3,972 3,833 Other receivables 1,915 1,117 1,058 1,212 2,075 877 Other assets 1,402 1,325 1,320 1,280 1,308 1,325 Goodwill 327 327 327 327 327 305 Total assets 35,738$ 33,034$ 32,353$ 32,642$ 33,834$ 30,669$ Liabilities and Equity: Unpaid losses and loss adjustment expenses 16,095$ 14,842$ 14,914$ 15,094$ 15,079$ 13,834$ Unearned premiums 4,769 4,297 3,911 3,736 4,450 4,026 Payable to reinsurers 1,479 1,133 1,065 1,195 1,578 1,152 Liabilities of managed investment entities 4,401 3,993 3,854 3,907 3,834 3,685 Long-term debt 1,821 1,821 1,820 1,820 1,820 1,476 Other liabilities 2,446 2,127 2,111 2,070 2,343 1,980 Total liabilities 31,011 28,213 27,675 27,822 29,104 26,153 Shareholders' equity: Common stock 83 83 83 83 83 83 Capital surplus 1,438 1,434 1,428 1,430 1,421 1,414 Retained earnings 3,634 3,446 3,294 3,357 3,299 3,151 Unrealized gains (losses) - fixed maturities (378) (112) (100) (22) (43) (101) Unrealized gains (losses) - fixed maturity-related cash flow hedges (22) (4) (1) (2) (3) (5) Other comprehensive income (loss), net of tax (28) (26) (26) (26) (27) (26) Total shareholders' equity 4,727 4,821 4,678 4,820 4,730 4,516 Total liabilities and equity 35,738$ 33,034$ 32,353$ 32,642$ 33,834$ 30,669$ Page 11
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American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 Shareholders' equity 4,727$ 4,821$ 4,678$ 4,820$ 4,730$ 4,516$ Accumulated other comprehensive income (loss) (428) (142) (127) (50) (73) (132) Shareholders' equity, excluding AOCI 5,155 4,963 4,805 4,870 4,803 4,648 Goodwill 327 327 327 327 327 305 Intangibles 174 179 184 189 192 193 Tangible shareholders' equity, excluding AOCI 4,654$ 4,457$ 4,294$ 4,354$ 4,284$ 4,150$ Common shares outstanding 82.750 82.917 83.086 83.422 83.401 83.386 Book value per share: Book value per share 57.12$ 58.14$ 56.30$ 57.78$ 56.72$ 54.15$ Book value per share, excluding AOCI 62.29 59.85 57.83 58.38 57.59 55.74 Tangible, excluding AOCI 56.25 53.76 51.69 52.20 51.38 49.77 Market capitalization AFG's closing common share price 136.76$ 139.94$ 127.71$ 136.68$ 145.72$ 126.21$ Market capitalization 11,317$ 11,603$ 10,611$ 11,402$ 12,153$ 10,524$ Price / Book value per share, excluding AOCI 2.20 2.34 2.21 2.34 2.53 2.26 Page 12
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American Financial Group, Inc. Capitalization ($ in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 AFG senior obligations 1,173$ 1,173$ 1,173$ 1,173$ 1,173$ 823$ Borrowings drawn under credit facility - - - - - - Debt excluding subordinated debt 1,173 1,173 1,173 1,173 1,173 823 AFG subordinated debentures 675 675 675 675 675 675 Total principal amount of long-term debt 1,848 1,848 1,848 1,848 1,848 1,498 Shareholders' equity 4,727 4,821 4,678 4,820 4,730 4,516 Accumulated other comprehensive income (loss) (428) (142) (127) (50) (73) (132) Total capital, excluding AOCI 7,003$ 6,811$ 6,653$ 6,718$ 6,651$ 6,146$ Ratio of debt to total capital, excluding AOCI: Including subordinated debt 26.4% 27.1% 27.8% 27.5% 27.8% 24.4% Excluding subordinated debt 16.7% 17.2% 17.6% 17.5% 17.6% 13.4% Page 13
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American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Property and Casualty Insurance Paid Losses (GAAP) 962$ 1,014$ 888$ 984$ 936$ 2,864$ 2,834$ 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 6/30/25 GAAP Equity (excluding AOCI) Property and Casualty Insurance 6,775$ 6,528$ 6,354$ 6,354$ 6,173$ 5,935$ Parent and other subsidiaries (1,620) (1,565) (1,549) (1,484) (1,370) (1,287) AFG GAAP Equity (excluding AOCI) 5,155$ 4,963$ 4,805$ 4,870$ 4,803$ 4,648$ Allowable dividends without regulatory approval Property and Casualty Insurance 1,083$ 1,083$ 1,083$ 1,081$ 1,004$ 1,004$ Page 14
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American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - September 30, 2026 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents 1,044$ 304$ -$ 1,348$ 8% Fixed maturities - Available for sale 11,711 60 - 11,771 68% Fixed maturities - Trading 75 - - 75 0% Equity securities - Common stocks 380 - - 380 2% Equity securities - Perpetual preferred 385 - - 385 2% Investments accounted for using the equity method 2,455 3 - 2,458 14% Mortgage loans 829 - - 829 5% Real estate and other investments 180 80 (155) 105 1% Total cash and investments 17,059$ 447$ (155)$ 17,351$ 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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities 151$ 147$ 141$ 138$ 135$ 439$ 412$ Equity securities 8 5 10 6 6 23 27 Sale of Charleston Harbor 63 - - - - 63 - Other investments (a) 25 25 27 27 27 77 71 Gross investment income excluding alternative investments 247 177 178 171 168 602 510 Gross investment income from alternative investments (b) 48 50 (3) 6 43 95 63 Total gross investment income 295 227 175 177 211 697 573 Investment expenses (6) (6) (7) (6) (6) (19) (19) Total net investment income 289$ 221$ 168$ 171$ 205$ 678$ 554$ Average cash and investments (c) 17,218$ 16,916$ 16,855$ 16,520$ 16,095$ 17,036$ 15,988$ Average yield - overall portfolio, net (d) 6.71% 5.23% 3.99% 4.14% 5.09% 5.31% 4.62% Average yield - fixed maturities before inv expenses (d) 5.15% 5.13% 5.04% 5.11% 5.12% 5.09% 5.17% AFG consolidated net investment income: Property & Casualty 289$ 221$ 168$ 171$ 205$ 678$ 554$ Sale of Charleston Harbor - Parent 63 - - - - 63 - Parent & other 8 9 6 7 6 23 18 Consolidate CLOs (4) (9) 13 5 (6) - (10) Total net investment income 356$ 221$ 187$ 183$ 205$ 764$ 562$ Average cash and investments (c) 17,520$ 17,240$ 17,240$ 17,013$ 16,496$ 17,380$ 16,318$ Average yield - overall portfolio, net (d) 8.13% 5.13% 4.34% 4.30% 4.97% 5.86% 4.59% Average yield - fixed maturities before inv expenses (d) 5.15% 5.12% 5.05% 5.11% 5.11% 5.09% 5.17% (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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income 1$ 1$ 2$ 1$ 16$ 4$ 21$ Equity securities MTM through investment income (a) (2) 2 (10) (12) (6) (10) (2) Investments accounted for using the equity method (b) 45 38 18 22 27 101 34 AFG managed CLOs (eliminated in consolidation) 4 9 (13) (5) 6 - 10 Total Property & Casualty 48$ 50$ (3)$ 6$ 43$ 95$ 63$ Investments Fixed maturities MTM through investment income 32$ 34$ 31$ 44$ 30$ 32$ 30$ Equity securities MTM through investment income (a) 221 221 190 211 243 221 243 Investments accounted for using the equity method (b) 2,455 2,434 2,440 2,419 2,381 2,455 2,381 AFG managed CLOs (eliminated in consolidation) 155 149 133 143 138 155 138 Total Property & Casualty 2,863$ 2,838$ 2,794$ 2,817$ 2,792$ 2,863$ 2,792$ Annualized Return - Property & Casualty 6.7% 7.1% (0.4%) 0.9% 6.2% 4.5% 3.0% AFG Consolidated: Net Investment Income Fixed maturities MTM through investment income 1$ 1$ 2$ 1$ 16$ 4$ 21$ Equity securities MTM through investment income (a) (2) 2 (10) (12) (6) (10) (2) Investments accounted for using the equity method (b) 45 38 18 22 27 101 34 AFG managed CLOs (eliminated in consolidation) 4 9 (13) (5) 6 - 10 Total AFG Consolidated 48$ 50$ (3)$ 6$ 43$ 95$ 63$ Investments Fixed maturities MTM through investment income 32$ 34$ 31$ 44$ 30$ 32$ 30$ Equity securities MTM through investment income (a) 221 221 190 211 243 221 243 Investments accounted for using the equity method (b) 2,458 2,437 2,443 2,421 2,383 2,458 2,383 AFG managed CLOs (eliminated in consolidation) 155 149 133 143 138 155 138 Total AFG Consolidated 2,866$ 2,841$ 2,797$ 2,819$ 2,794$ 2,866$ 2,794$ Annualized Return - AFG Consolidated 6.7% 7.1% (0.4%) 0.9% 6.2% 4.5% 3.0% (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 September 30, 2026 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies 136$ 132$ (4)$ 1% 1% States, municipalities and political subdivisions 768 698 (70) 6% 4% Foreign government 295 293 (2) 3% 2% Residential mortgage-backed securities 3,712 3,457 (255) 29% 20% Collateralized loan obligations 1,240 1,237 (3) 10% 7% Other asset-backed securities 2,748 2,672 (76) 23% 15% Corporate and other bonds 3,426 3,357 (69) 28% 19% Total AFG consolidated 12,325$ 11,846$ (479)$ 100% 68% Approximate duration - P&C 3.9 years Approximate duration - P&C including cash 3.6 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 9/30/2026 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA -$ 128$ 230$ 2,733$ 1,228$ 1,044$ 12$ 5,375$ 45% AA 132 541 18 576 9 407 260 1,943 16% A - 19 40 53 - 696 1,052 1,860 16% BBB - 8 2 24 - 476 1,794 2,304 20% Subtotal - Investment grade 132 696 290 3,386 1,237 2,623 3,118 11,482 97% BB - - - 1 - 4 119 124 1% B - - - 1 - 1 28 30 0% CCC, CC, C - - - 22 - 1 2 25 0% D - - - - - - - - 0% Subtotal - Non-Investment grade - - - 24 - 6 149 179 1% Not Rated (b) - 2 3 47 - 43 90 185 2% Total 132$ 698$ 293$ 3,457$ 1,237$ 2,672$ 3,357$ 11,846$ 100% Fair Value by Type NAIC designation US Gov Munis Frgn Gov RMBS CLOs ABS Corp/Oth Total % Total 1 132$ 686$ 228$ 3,350$ 1,198$ 2,104$ 1,332$ 9,030$ 78% 2 - 8 - 23 - 482 1,774 2,287 20% Subtotal 132 694 228 3,373 1,198 2,586 3,106 11,317 98% 3 - - - - - 4 124 128 1% 4 - - - 9 - 5 38 52 1% 5 - - - 2 - - 40 42 0% 6 - - - 1 - 3 3 7 0% Subtotal - - - 12 - 12 205 229 2% Total insurance companies 132$ 694$ 228$ 3,385$ 1,198$ 2,598$ 3,311$ 11,546$ 100% No NAIC designation (c) - - - - - 23 15 38 Non-Insurance and Foreign Companies (d) - 4 65 72 39 51 31 262 Total 132$ 698$ 293$ 3,457$ 1,237$ 2,672$ 3,357$ 11,846$ (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, 32% are NAIC 2 and 54% do not have a designation. For Corp/Oth, 14% are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% NAIC 5. For Total, 26% are NAIC 1, 15% NAIC 2, 21% NAIC 5, 21% NAIC 5 and 16% 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 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 9/30/2026 ($ in millions) Fair Value By Industry Asset Managers Banking Insurance Technology Utilities Other Financials Consumer Autos Healthcare Other Total % Total AAA -$ -$ -$ 11$ -$ -$ -$ -$ -$ 1$ 12$ 0% AA 5 19 75 39 9 33 34 - 19 27 260 8% A 85 244 139 86 144 77 46 96 29 106 1,052 31% BBB 743 283 50 100 92 48 44 50 32 352 1,794 53% 833 546 264 236 245 158 124 146 80 486 3,118 92% BB 4 8 - 8 - 19 12 15 5 48 119 4% B - - - 8 - - 14 - 5 1 28 1% CCC, CC, C - - - - - - - - 1 1 2 0% D - - - - - - - - - - - 0% 4 8 - 16 - 19 26 15 11 50 149 5% Not Rated (b) 5 - 6 1 - 21 16 - 34 7 90 3% Total 842$ 554$ 270$ 253$ 245$ 198$ 166$ 161$ 125$ 543$ 3,357$ 100% Fair Value By Industry Asset Managers Banking Insurance Technology Utilities Other Financials Consumer Autos Healthcare Other Total % Total 103$ 260$ 212$ 135$ 154$ 113$ 80$ 95$ 48$ 132$ 1,332$ 40% 729 280 48 101 89 48 51 48 32 348 1,774 54% 832 540 260 236 243 161 131 143 80 480 3,106 94% 4 8 - 4 - 19 12 15 15 47 124 4% - - - 8 - - 23 - 5 2 38 1% - - - 1 - 9 - - 25 5 40 1% - - - - - - - - - 3 3 0% 4 8 - 13 - 28 35 15 45 57 205 6% Total insurance companies 836$ 548$ 260$ 249$ 243$ 189$ 166$ 158$ 125$ 537$ 3,311$ 100% No NAIC designation (c) - - 6 - - 9 - - - - 15 Non-Insurance and Foreign Companies 6 6 4 4 2 - - 3 - 6 31 Total 842$ 554$ 270$ 253$ 245$ 198$ 166$ 161$ 125$ 543$ 3,357$ (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) 14% of not rated securities are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% 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 9/30/2026 ($ in millions) Fair Value By Collateral Type Whole Business Triple Net Lease TruPS Railcar Aircraft Auto Secured Financing Single Family Rental Commercial Real Estate Other Total % Total AAA -$ 326$ 262$ -$ 21$ 148$ -$ 91$ 65$ 131$ 1,044$ 39% AA 30 46 56 205 8 - 29 - - 33 407 15% A 10 14 - 110 182 - 67 - - 313 696 26% BBB 410 - - - 3 - 1 - - 62 476 18% 450 386 318 315 214 148 97 91 65 539 2,623 98% BB - - - - - - 1 - - 3 4 0% B - - - - - - 1 - - - 1 0% CCC, CC, C - - - - 1 - - - - - 1 0% D - - - - - - - - - - - 0% - - - - 1 - 2 - - 3 6 0% Not Rated (b) - - - - 3 - 14 - - 26 43 2% Total 450$ 386$ 318$ 315$ 218$ 148$ 113$ 91$ 65$ 568$ 2,672$ 100% Fair Value By Collateral Type Whole Business Triple Net Lease TruPS Railcar Aircraft Auto Secured Financing Single Family Rental Commercial Real Estate Other Total % Total 40$ 377$ 317$ 299$ 210$ 143$ 97$ 88$ 60$ 473$ 2,104$ 81% 404 - - - 2 - 15 - - 61 482 19% 444 377 317 299 212 143 112 88 60 534 2,586 100% - - - - - - 1 - - 3 4 0% - - - - - - - - - 5 5 0% - - - - - - - - - - - 0% - - - - 3 - - - - - 3 0% - - - - 3 - 1 - - 8 12 0% Total insurance companies 444$ 377$ 317$ 299$ 215$ 143$ 113$ 88$ 60$ 542$ 2,598$ 100% No NAIC designation - - - - 1 - - - - 22 23 Non-Insurance and Foreign Companies 6 9 1 16 2 5 - 3 5 4 51 Total 450$ 386$ 318$ 315$ 218$ 148$ 113$ 91$ 65$ 568$ 2,672$ (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) 32% of not rated securities are NAIC 2 and 54% 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 9/30/2026 ($ 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 1,218$ 88% 92% 96% Fund Investments 96 7% - - Hospitality 23 2% - - QOZ Fund - Development 21 1% - - Office 18 1% 88% 100% Marina 14 1% - - Land Development 1 0% - - Total 1,391$ 100% Real Estate % of Property Type Book Value Book Value Debt Marina 35$ 71% - Office Building 12 24% - Land 2 5% - Total 49$ 100% -$ Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily 525$ 63% 66% Hospitality 224 27% 44% Marina 52 6% 52% Office 28 4% 98% Total 829$ 100% 61% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $2.5 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 9/30/2026 (c) Collections for July - September Page 25
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Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2025 ($ 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