SEC Filing | American Financial Group, Inc.

AMERICAN FINANCIAL GROUP, INC.

Date: August 4, 2022

/s/ Mark A. Weiss

Mark A. Weiss

Vice President

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8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2022

AMERICAN FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Ohio

1-13653

31-1544320

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


301 East Fourth Street, Cincinnati, OH		45202
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 513-579-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AFG	New York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059	AFGB	New York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059	AFGC	New York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060	AFGD	New York Stock Exchange
4.5% Subordinated Debentures due September 15, 2060	AFGE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 - Financial Information

Item 2.02

Results Of Operations And Financial Condition.

Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the second quarter of 2022 and the availability of the Investor Supplement on the Company’s website. The press release was issued on August 3, 2022. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Section 9 - Financial Statements and Exhibits

Item 9.01

Financial Statements and Exhibits.

(a)

Financial statements of business acquired. Not applicable.

(b)

Pro forma financial information. Not applicable.

(c)

Shell company transactions. Not applicable

(d)

Exhibits


Exhibit No.		Description

99.1		Earnings Release dated August 3, 2022, reporting American Financial Group Inc. results for the quarter ended June 30, 2022.

99.2		Investor Supplement – Second Quarter 2022

104		Cover page Interactive Date File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1

Exhibit 99.1

LOGO

American Financial Group, Inc. Announces Second Quarter Results

•

Net earnings per share of $1.96; includes ($0.89) per share in after-tax non-core items

•

Second quarter core net operating earnings of $2.85 per share, a 19% increase from the prior year period

•

Second quarter annualized ROE of 14.3%; core operating ROE of 20.7%

•

Parent company cash and investments of approximately $750 million; excess capital of $1.1 billion at June 30, 2022

•

Full year 2022 core net operating earnings guidance increased to $10.75—$11.75 per share, from previous guidance of $10.50—$11.50 per share

CINCINNATI – August 3, 2022 – American Financial Group, Inc. (NYSE: AFG) today reported 2022 second quarter net earnings attributable to shareholders of $167 million ($1.96 per share) compared to $1.0 billion ($11.70 per share) in the 2021 second quarter. Net earnings for the 2022 second quarter included after-tax non-core realized losses on securities of $73 million ($0.86 per share loss), and other net after-tax non-core charges of $3 million ($0.03 per share loss). By comparison, net earnings in the 2021 second quarter included net favorable after-tax non-core items aggregating $797 million ($9.31 per share), primarily the gain on sale and earnings from AFG’s discontinued Annuity operations, which were sold in May 2021. Other details may be found in the table on the following page. Annualized return on equity was 14.3% and 72.0% for the second quarters of 2022 and 2021, respectively.

Core net operating earnings were $243 million ($2.85 per share) for the 2022 second quarter, compared to $205 million ($2.39 per share) in the 2021 second quarter. The year-over-year increase was primarily the result of significantly higher Specialty Property and Casualty (“P&C”) underwriting profit. Additional details for the 2022 and 2021 second quarters may be found in the table below. Core net operating earnings for the second quarters of 2022 and 2021 generated annualized returns on equity of 20.7% and 14.7%, respectively.


	Three Months Ended June 30,
Components of Pretax Core Operating Earnings	2022			2021			2022		2021		2022			2021

In millions, except per share amounts	Before Impact of						Alternative				Core Net Operating
	Alternative Investments						Investments				Earnings, as reported
P&C Pretax Core Operating Earnings	$	283		$	225		$	62	$	63	$	345		$	288
Real estate entities and other acquired from Annuity operations		—			2			—		20		—			22
Other expenses		(14	)		(35	)		—		—		(14	)		(35	)
Holding company interest expense		(23	)		(23	)		—		—		(23	)		(23	)

Pretax Core Operating Earnings		246			169			62		83		308			252
Related provision for income taxes		52			30			13		17		65			47

Core Net Operating Earnings	$	194		$	139		$	49	$	66	$	243		$	205

Core Operating Earnings Per Share	$	2.28		$	1.62		$	0.57	$	0.77	$	2.85		$	2.39
Weighted Avg Diluted Shares Outstanding		85.3			85.6			85.3		85.6		85.3			85.6

AFG’s book value per share was $47.76 at June 30, 2022. AFG paid cash dividends of $8.56 per share during the second quarter, which included an $8.00 per share special dividend. For the three months ended June 30, 2022, AFG’s growth in book value per share plus dividends was (0.9%) and year to date, growth in book value per share plus dividends was (0.2%), reflecting the increased unrealized loss on fixed maturities from the impact of rising interest rates and widening credit spreads.

Page 1

Book value per share, excluding unrealized gains (losses) related to fixed maturities, was $51.68 at June 30, 2022. For the three months ended June 30, 2022, AFG’s growth in adjusted book value per share plus dividends was 3.6%. Year to date, growth in adjusted book value per share plus dividends was 9.4%

AFG’s net earnings attributable to shareholders, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings attributable to shareholders to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of discontinued operations, net realized gains and losses, and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.


In millions, except per share amounts	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Components of net earnings:
Core operating earnings before income taxes	$	308		$	252		$	686		$	510
Pretax non-core items:
Realized gains (losses) on securities		(93	)		43			(108	)		120
Loss on retirement of debt		(9	)		—			(11	)		—
Other		—			(7	)		—			(7	)

Earnings before income taxes		206			288			567			623
Provision (credit) for income taxes:
Core operating earnings		65			47			140			99
Non-core items		(26	)		1			(30	)		17

Total provision for income taxes		39			48			110			116

Net earnings from continuing operations		167			240			457			507
Net earnings from discontinued annuity operations		—			762			—			914

Net earnings	$	167		$	1,002		$	457		$	1,421
Net earnings:
Core net operating earnings^(a)	$	243		$	205		$	546		$	411
Non-core items:
Realized gains (losses) on securities		(73	)		34			(85	)		95
Loss on retirement of debt		(7	)		—			(8	)		—
Other		4			1			4			1

Net earnings from continuing operations		167			240			457			507
Net earnings from discontinued annuity operations		—			762			—			914

Net earnings	$	167		$	1,002		$	457		$	1,421
Components of earnings per share:
Core net operating earnings^(a)	$	2.85		$	2.39		$	6.41		$	4.78
Non-core Items:
Realized gains (losses) on securities		(0.86	)		0.40			(1.00	)		1.10
Loss on retirement of debt		(0.08	)		—			(0.10	)		—
Other		0.05			0.02			0.05			0.02

Diluted net earnings per share from continuing operations	$	1.96		$	2.81		$	5.36		$	5.90
Net earnings from discontinued annuity operations		—			8.89			—			10.61

Diluted net earnings per share	$	1.96		$	11.70		$	5.36		$	16.51

Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.

Page 2

Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “AFG’s second quarter results were outstanding. We are pleased to report an annualized core operating return of nearly 21% in the quarter, including record second quarter underwriting profit alongside double-digit premium growth. Strategic positioning of our investment portfolio enabled us to invest opportunistically, and the returns in our alternative investment portfolio continued to exceed our expectations. Our entrepreneurial, opportunistic culture and disciplined operating philosophy serve us well in this increasing interest rate environment and favorable P&C market.

“AFG had approximately $1.1 billion of excess capital (including parent company cash and investments of approximately $750 million) at June 30, 2022. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our excess capital will be deployed into AFG’s core businesses as we identify potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”

Messrs. Lindner continued, “Based on the results reported in the first half of the year and expectations for the remainder of the year, we now expect AFG’s core net operating earnings in 2022 to be in the range of $10.75 to $11.75 per share, an increase from our previous range of $10.50 to $11.50 per share, reflecting higher expected underwriting profit in our Specialty Casualty and Specialty Financial Groups. In addition, our guidance contemplates the impact of the current interest rate environment on investment income and assumes an overall annual yield of 10%-12% on alternative investments for the full year, based on the strong performance of this portfolio in the first half of 2022. Our guidance reflects minimal income from alternative investments in the second half of 2022 as management assumes that continued strong performance of multi-family housing investments will offset weaker performance of traditional private equity investments. Furthermore, our guidance continues to reflect an average crop year.”

AFG’s core earnings per share guidance excludes non-core items such as realized gains and losses and other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations.

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations reported a record second quarter underwriting profit of $197 million in the 2022 second quarter, compared to $153 million in the 2021 second quarter, a 29% increase. Higher year-over-year underwriting profit in our Specialty Casualty and Specialty Financial Groups was partially offset by lower underwriting profit in our Property and Transportation Group.

The second quarter 2022 combined ratio was a very strong 85.8%, improving 2.1 points from the prior year period. Second quarter 2022 results include $86 million (6.3 points) of favorable prior year reserve development, compared to $68 million (5.4 points) in the comparable prior year period. Catastrophe losses added 1.6 points to the combined ratio in the second quarter of 2022, compared to 0.9 point in the prior year period.

Second quarter 2022 gross and net written premiums were up 10% and 11%, respectively, when compared to the second quarter of 2021. Year-over-year growth was reported within each of the Specialty P&C groups as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment. Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 6% for the quarter, and up approximately 4% overall. With the exception of workers’ compensation, we are continuing to achieve renewal rate increases at or in excess of prospective loss ratio trends in the majority of our businesses.

Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules.

Page 3

The Property and Transportation Group reported an underwriting profit of $39 million in the second quarter of 2022, compared to $62 million in the second quarter of 2021, reflecting large loss activity and higher catastrophe losses in our property & inland marine business and lower levels of favorable prior period reserve development when compared to an elevated level of favorable development in the first half of 2021. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $19 million in the second quarter of 2022, compared to $7 million in the comparable 2021 period. Overall, the businesses in the Property and Transportation Group achieved a 92.4% calendar year combined ratio in the second quarter, 5.8 points higher than the comparable period in 2021.

Second quarter 2022 gross and net written premiums in this group were 13% and 12% higher, respectively, than the comparable prior year period. The year-over-year growth was primarily attributed to increased exposures and higher rates in our transportation businesses and growth in our crop insurance business. All of the businesses in this group reported growth in gross written premium during the quarter. Overall renewal rates in this group increased 5% on average in the second quarter of 2022.

The Specialty Casualty Group reported an underwriting profit of $130 million in the second quarter of 2022, compared to $71 million in the second quarter of 2021, primarily the result of higher profitability in our workers’ compensation, excess and surplus lines, and executive liability businesses. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. The businesses in the Specialty Casualty Group achieved an exceptionally strong 80.1% calendar year combined ratio overall in the second quarter, an improvement of 7.8 points from the comparable period in 2021.

Second quarter 2022 gross and net written premiums increased 6% and 9%, respectively, when compared to the same prior year period. Excluding workers’ compensation, gross and net written premiums grew 6% and 11%, respectively. Factors contributing to year-over-year premium growth included increased exposures in our excess and surplus lines business, rate increases and new business opportunities in several of our targeted market businesses, and payroll growth in our workers’ compensation business. This growth was partially offset by lower year-over-year premiums in our mergers & acquisitions liability business. The majority of the businesses in this group achieved good renewal pricing and reported premium growth during the second quarter. Excluding workers’ compensation, renewal pricing for this group was up 7% in the second quarter and was up 4% overall.

The Specialty Financial Group reported an underwriting profit of $37 million in the second quarter of 2022, compared to $21 million in the second quarter of 2021. Improved results in our trade credit and fidelity / crime businesses were the primary contributors to the higher year-over-year underwriting profitability. This group continued to achieve excellent underwriting margins and reported an exceptionally strong 78.4% combined ratio for the second quarter of 2022, an improvement of 8.0 points from the comparable period in 2021. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $3 million in the second quarter of 2022, compared to $2 million in the prior year quarter.

Second quarter 2022 gross and net written premiums in this group were up 13% and 11%, respectively, when compared to the prior year period. New business opportunities within our lender services business, and exposure growth and new business opportunities in our trade credit and surety businesses contributed to the increase in the quarter. Renewal pricing in this group was up approximately 2% for the quarter.

Carl Lindner III stated, “Operating earnings in our P&C Segment established a new second quarter record for AFG, and I’m pleased to report double-digit growth in gross and net written premiums during the quarter. Underwriting margins across our portfolio of businesses were excellent, with each P&C Group reporting a combined ratio in the 80’s through the first half of 2022. Our ability to achieve rate increases significantly above prospective loss ratio trends over the last few years has contributed to virtually all of our businesses meeting or exceeding ROE targets.”

Page 4

Mr. Lindner added, “Based on results through the first six months, we continue to expect an overall 2022 calendar year combined ratio in the range of 85% to 87%, and we now expect net written premiums to be 9% to 13% higher than the $5.6 billion reported in 2021, an increase from our previous guidance of growth in the range of 8% to 12%. We expect the market to remain firm throughout 2022, allowing us to act on business opportunities and achieve adequate renewal rate increases.”

Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.

Investments

Net Investment Income – For the quarter ended June 30, 2022, net investment income was slightly higher than the comparable 2021 period. Both periods included strong earnings from alternative investments, with an annualized return of approximately 12.4% for the 2022 quarter and 21.1% for the 2021 quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments, and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2021 was approximately 13%.

The $62 million in pretax earnings from alternative investments in the second quarter of 2022 included $38 million in earnings from the sale of certain multi-family housing investments in a very favorable market. Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended June 30, 2022 increased 18% year-over-year as a result of the impact of rising interest rates and higher balances of invested assets.

Non-Core Net Realized Gains (Losses) – AFG recorded second quarter 2022 net realized losses on securities of $73 million ($0.86 per share loss) after tax, which included $65 million ($0.76 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at June 30, 2022, to fair value. By comparison, AFG recorded net realized gains on securities of $34 million ($0.40 per share) in the comparable 2021 period.

After-tax unrealized losses on fixed maturities were $326 million at June 30, 2022. Our portfolio continues to be high quality, with 91% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.

More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.

Discontinued Annuity Operations

In May 2021, AFG completed the sale of its Annuity business to Mass Mutual for cash proceeds of $3.57 billion. AFG recognized an after-tax non-core gain on the sale of $656 million ($7.62 per AFG share) in the first half of 2021. The sale continues to be subject to tax-related post-closing adjustments, which are not expected to be material and are expected to be settled in 2022.

Redemption of 3.500% Senior Notes due 2026

On June 3, 2022, the Company redeemed all of its approximately $375 million in outstanding 3.500% Senior Notes due 2026 under a make-whole call. The redemption price was 101.757% of the principal amount of the Notes redeemed plus accrued and unpaid interest to the Redemption Date. The early redemption of the Notes resulted in an after-tax non-core loss of approximately $7 million ($0.08 per share loss) during the second quarter of 2022.

Page 5

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

Forward Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions and projections. Examples of such forward-looking statements include statements relating to: the Company’s expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; the effects of the COVID-19 pandemic; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations; and other factors identified in AFG’s filings with the Securities and Exchange Commission.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

Page 6

Conference Call

The Company will hold a conference call to discuss 2022 second quarter results at 11:30 a.m. (ET) tomorrow, Thursday, August 4, 2022. New, simplified event registration and access provides two ways to access the call.

Participants should register for the call here now, or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.

The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.

A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.

Contact:

Diane P. Weidner, IRC

Vice President – Investor & Media Relations

513-369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

# # #

(Financial summaries follow)

This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.

AFG2022-15

Page 7

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)


	Three months ended June 30,					Six months ended June 30,
	2022			2021		2022			2021
Revenues
P&C insurance net earned premiums	$	1,393		$	1,250	$	2,695		$	2,423
Net investment income		168			164		398			352
Realized gains (losses) on:
Securities		(93	)		43		(108	)		120
Subsidiaries		—			4		—			4
Income of managed investment entities:
Investment income		54			44		100			90
Gain (loss) on change in fair value of assets/liabilities		(15	)		6		(20	)		8
Other income		32			20		62			43

Total revenues		1,539			1,531		3,127			3,040
Costs and expenses
P&C insurance losses & expenses		1,206			1,104		2,313			2,151
Interest charges on borrowed money		23			23		46			47
Expenses of managed investment entities		47			39		86			78
Other expenses		57			77		115			141

Total costs and expenses		1,333			1,243		2,560			2,417

Earnings from continuing operations before income taxes		206			288		567			623
Provision for income taxes		39			48		110			116

Net earnings from continuing operations		167			240		457			507
Net earnings from discontinued operations		—			762		—			914

Net earnings	$	167		$	1,002	$	457		$	1,421

Earnings per diluted common share:
Continuing operations	$	1.96		$	2.81	$	5.36		$	5.90
Discontinued operations		—			8.89		—			10.61

Diluted earnings	$	1.96		$	11.70	$	5.36		$	16.51

Average number of diluted shares		85.3			85.6		85.3			86.1

Page 8

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)


	June 30,		December 31,
	2022		2021
Selected Balance Sheet Data:
Total cash and investments	$	14,268	$	15,745
Long-term debt	$	1,542	$	1,964
Shareholders’ equity^(b)	$	4,067	$	5,012
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)	$	4,401	$	4,876
Book value per share^(b)	$	47.76	$	59.02
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	51.68	$	57.42
Common Shares Outstanding		85.2		84.9

Footnote (b) is contained in the accompanying Notes to Financial Schedules at the end of this release.

Page 9

SPECIALTY P&C OPERATIONS

(Dollars in Millions)


	Three months ended June 30,						Pct. Change			Six months ended June 30,						Pct. Change
	2022			2021						2022			2021
Gross written premiums	$	2,123		$	1,937			10	%	$	4,059		$	3,553			14	%

Net written premiums	$	1,516		$	1,369			11	%	$	2,884		$	2,574			12	%

Ratios (GAAP):
Loss & LAE ratio		55.4	%		57.2	%					54.3	%		57.0	%
Underwriting expense ratio		30.4	%		30.7	%					30.6	%		31.2	%

Specialty Combined Ratio		85.8	%		87.9	%					84.9	%		88.2	%

Combined Ratio – P&C Segment		86.0	%		87.9	%					85.0	%		88.2	%

Supplemental Information:^(c)
Gross Written Premiums:
Property & Transportation	$	962		$	851			13	%	$	1,722		$	1,371			26	%
Specialty Casualty		948			897			6	%		1,924			1,801			7	%
Specialty Financial		213			189			13	%		413			381			8	%

	$	2,123		$	1,937			10	%	$	4,059		$	3,553			14	%

Net Written Premiums:
Property & Transportation	$	632		$	564			12	%	$	1,133		$	967			17	%
Specialty Casualty		646			592			9	%		1,296			1,180			10	%
Specialty Financial		177			159			11	%		336			320			5	%
Other		61			54			13	%		119			107			11	%

	$	1,516		$	1,369			11	%	$	2,884		$	2,574			12	%

Combined Ratio (GAAP):
Property & Transportation		92.4	%		86.6	%					89.3	%		86.1	%
Specialty Casualty		80.1	%		87.9	%					80.4	%		89.0	%
Specialty Financial		78.4	%		86.4	%					80.1	%		85.4	%
Aggregate Specialty Group		85.8	%		87.9	%					84.9	%		88.2	%


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(30	)	$	(40	)	$	(64	)	$	(83	)
Specialty Casualty		(49	)		(20	)		(98	)		(29	)
Specialty Financial		(15	)		(12	)		(28	)		(20	)
Other Specialty		8			4			15			5

Specialty Group		(86	)		(68	)		(175	)		(127	)
Other		1			1			2			1

Total Reserve Development	$	(85	)	$	(67	)	$	(173	)	$	(126	)

Points on Combined Ratio:
Property & Transportation		(6.0	)		(8.8	)		(6.8	)		(9.8	)
Specialty Casualty		(7.5	)		(3.4	)		(7.6	)		(2.5	)
Specialty Financial		(8.8	)		(7.3	)		(8.5	)		(6.3	)
Aggregate Specialty Group		(6.3	)		(5.4	)		(6.5	)		(5.3	)
Total P&C Segment		(6.1	)		(5.4	)		(6.4	)		(5.3	)

Footnote (c) is contained in the accompanying Notes to Financial Schedules at the end of this release.

Page 10

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

a)	Components of core net operating earnings (in millions):


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	345		$	288		$	767		$	576
Real estate entities and other acquired from Annuity operations*		—			22			—			50
Interest and other corporate expenses		(37	)		(58	)		(81	)		(116	)

Core operating earnings before income taxes		308			252			686			510
Related income taxes		65			47			140			99

Core net operating earnings	$	243		$	205		$	546		$	411

*	Income from real estate entities acquired from AFG’s Annuity operations through May 31, 2021 (the effective date of the sale of the Annuity business).

b)	Shareholders’ Equity at June 30, 2022 includes $334 million ($3.92 per share) in unrealized after-tax losses related to fixed maturities compared to $136 million ($1.60 per share) in unrealized after-tax gains related to fixed maturities at December 31, 2021.

c)	Supplemental Notes:

•

Property & Transportation includes primarily physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages.

•

Specialty Casualty includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance.

•

Specialty Financial includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance.

•

Other includes an internal reinsurance facility.

Page 11

EX-99.2

Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Second Quarter 2022 August 3, 2022 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739

American Financial Group, Inc. Table of Contents - Investor Supplement - Second Quarter 2022 Section Page Table of Contents - Investor Supplement - Second Quarter 2022...........................................................................................................................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)................................................................................................................................................1 ..0 ..................................................................................................................................................................................................................................................................................................................................................................................................................... Other Specialty - Underwriting Results (GAAP)......................................................................................................................................................1 ..1 ............................................................................................................................................................................................................................................................................................................................................................................................................... Annuity Segment Discontinued Annuity Operations............................................................................................................................................................................1 ..2 ......................................................................................................................................................................................................................................................................................................................................................................................... Consolidated Balance Sheet / Book Value / Debt Consolidated Balance Sheet...................................................................................................................................................................................1 ..3 ...................................................................... Book Value Per Share and Price / Book Summary.................................................................................................................................................1 ..4 ........................................................................................................ Capitalization..........................................................................................................................................................................................................1 ..5 ............................................... Additional Supplemental Information......................................................................................................................................................................1 ...6 .................................................................................. Consolidated Investment Supplement Total Cash and Investments...................................................................................................................................................................................1 ..7 ........................................................................................................................ Net Investment Income From Continuing Operations.............................................................................................................................................1 ..8 .............................................................................................................................................................. Alternative Investments - Continuing Operations....................................................................................................................................................1 ..9 ....................................................................................................................................................... Fixed Maturities - By Security Type - AFG Consolidated........................................................................................................................................2 ..0 ................................................................................................................................................................... Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2022.......................................................................................................2 ..1 .................................................................................................................................................................................................... B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021.....................................................................................................2 ..2 ...................................................................................................................................................................................................... C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2022..........................................................................................2 ..3 ............................................................................................................................................................................................................... D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021........................................................................................2 ..4 ................................................................................................................................................................................................................... E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2022.........................................................................2 ..5 .................................................................................................................................................................................................................................. F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.......................................................................2 ..6 .................................................................................................................................................................................................................................... G. Real Estate-Related Investments 6/30/2022.....................................................................................................................................................2 ..7 ...................................................................................................................................................... H. Real Estate-Related Investments 12/31/2021...................................................................................................................................................2 ..8 ........................................................................................................................................................ Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Highlights Net earnings $ 167 $ 290 $ 355 $ 219 $ 1,002 $ 457 $ 1,421 Net earnings from continuing operations 167 290 355 219 2 40 457 507 Core net operating earnings 243 303 351 231 2 05 546 411 Total assets 28,084 28,762 28,931 29,942 28,780 28,084 28,780 Adjusted shareholders' equity (a) 4,401 4,948 4,876 5,062 5 ,396 4,401 5,396 Property and Casualty net written premiums 1,516 1,368 1,270 1,729 1 ,369 2,884 2,574 Per share data Diluted earnings per share $ 1.96 $ 3.40 $ 4.18 $ 2.56 $ 1 1.70 $ 5.36 $ 16.51 Diluted earnings per share from continuing operations 1.96 3.40 4.18 2.56 2 .81 5.36 5.90 Core net operating earnings per share 2.85 3.56 4.12 2.71 2 .39 6.41 4.78 Adjusted book value per share (a) 51.68 58.14 57.42 59.70 6 3.70 51.68 63.70 Dividends per common share 8.5600 2.5600 6.5600 6.5000 14.5000 11.1200 15.0000 Financial ratios Annualized return on equity (b) 14.3% 23.5% 28.5% 16.6% 72.0% 19.2% 51.2% Annualized core operating return on equity (b) 20.7% 24.6% 28.1% 17.6% 14.7% 23.0% 14.8% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 55.4% 53.1% 56.5% 62.4% 57.2% 54.3% 57.0% Underwriting expense ratio 30.4% 30.9% 24.2% 26.6% 30.7% 30.6% 31.2% Combined ratio - Specialty 85.8% 84.0% 80.7% 89.0% 87.9% 84.9% 88.2% (a) Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure is on page 14. (b) Excludes accumulated other comprehensive income. Page 3

American Financial Group, Inc. Summary of Earnings ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Property and Casualty Insurance Underwriting profit $ 196 $ 207 $ 279 $ 168 $ 152 $ 403 $ 286 Net investment income 156 223 196 165 1 43 379 302 Other expense (7) (8) 10 (4) (7) (15) (12) Property and Casualty Insurance operating earnings 345 422 485 329 2 88 767 576 Real estate entities and other acquired from Annuity - - - - 2 2 - 50 Interest expense of parent holding companies (23) (23) (23) (24) (23) (46) (47) Other expense (14) (21) (24) (21) (35) (35) (69) Pretax core operating earnings 308 378 438 284 2 52 686 510 Income tax expense 65 75 87 53 4 7 140 99 Core net operating earnings 243 303 351 231 2 05 546 411 Non-core items, net of tax: Realized gains (losses) on securities (73) (12) 4 (12) 3 4 (85) 95 Special A&E charges: - Property and Casualty Insurance run-off operations - - - - - - - Former Railroad and Manufacturing operations - - - - - - - Neon exited lines - - - - 3 - 3 Other non-core items (3) (1) - - (2) (4) (2) Net earnings from continuing operations $ 167 $ 290 $ 355 $ 219 $ 240 $ 457 $ 507 Discontinued Annuity operations - - - - 7 62 - 914 Net earnings $ 167 $ 290 $ 355 $ 219 $ 1,002 $ 457 $ 1,421 Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Core net operating earnings $ 243 $ 303 $ 351 $ 231 $ 205 $ 5 46 $ 4 11 Net earnings from continuing operations $ 167 $ 290 $ 355 $ 219 $ 240 $ 4 57 $ 5 07 Net earnings $ 167 $ 290 $ 355 $ 219 $ 1,002 $ 457 $ 1 ,421 Average number of diluted shares - core 85.339 85.240 85.162 85.171 85.618 8 5.290 8 6.096 Average number of diluted shares - net 85.339 85.240 85.162 85.171 85.618 8 5.290 8 6.096 Diluted earnings per share: Core net operating earnings per share $ 2.85 $ 3.56 $ 4.12 $ 2.71 $ 2.39 $ 6 .41 $ 4 .78 Realized gains (losses) on securities (0.86) ( 0.14) 0.06 ( 0.15) 0.40 ( 1.00) 1.10 Special A&E charges: Property and Casualty Insurance run-off operations - - - - - - - Former Railroad and Manufacturing operations - - - - - - - Neon exited lines - - - - 0.04 - 0.04 Other non-core items ( 0.03) ( 0.02) - - (0.02) ( 0.05) ( 0.02) Diluted earnings per share, continuing operations $ 1.96 $ 3.40 $ 4.18 $ 2.56 $ 2.81 $ 5 .36 $ 5.90 Discontinued Annuity operations - - - - 8.89 - 1 0.61 Diluted earnings per share $ 1.96 $ 3.40 $ 4.18 $ 2.56 $ 11.70 $ 5 .36 $ 1 6.51 Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Property and Transportation $ 3 9 $ 6 2 $ 1 16 $ 4 5 $ 62 $ 101 $ 118 Specialty Casualty 1 30 1 24 1 40 1 10 71 254 127 Specialty Financial 3 7 2 9 2 4 2 6 21 66 46 Other Specialty (9) (7) 1 (12) (1) (16) (4) Underwriting profit - Specialty 1 97 2 08 2 81 1 69 153 405 287 Other core charges, included in loss and LAE (1) (1) (2) (1) (1) (2) (1) Underwriting profit - Core 1 96 2 07 2 79 1 68 152 403 286 Special A&E charges, included in loss and LAE - - - - - - - Neon exited lines - - - - - - - Underwriting profit - Property and Casualty Insurance $ 1 96 $ 2 07 $ 2 79 $ 1 68 $ 152 $ 403 $ 286 Included in results above: Current accident year COVID-19 related losses $ - $ - $ 2 $ 3 $ 2 $ - $ 11 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ 1 $ - $ 12 Catastrophe loss 2 2 9 2 5 3 1 10 31 30 Total current accident year catastrophe losses $ 2 2 $ 9 $ 2 5 $ 3 1 $ 11 $ 31 $ 42 Prior year loss reserve development (favorable) / adverse $ (85) $ (88) $ (71) $ (82) $ (67) $ (173) $ (126) Combined ratio: Property and Transportation 92.4% 85.8% 80.5% 93.5% 86.6% 89.3% 86.1% Specialty Casualty 80.1% 80.6% 78.0% 82.0% 87.9% 80.4% 89.0% Specialty Financial 78.4% 82.0% 85.5% 84.2% 86.4% 80.1% 85.4% Other Specialty 114.6% 112.9% 98.0% 122.5% 103.2% 113.8% 103.9% Combined ratio - Specialty 8 5.8% 8 4.0% 8 0.7% 8 9.0% 87.9% 84.9% 88.2% Other core charges 0.2% 0.1% 0.1% 0.0% 0.0% 0.1% 0.0% Neon exited lines charge 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Special A&E charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Combined ratio 8 6.0% 8 4.1% 8 0.8% 8 9.0% 87.9% 85.0% 88.2% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.5% 90.1% 83.8% 92.3% 92.2% 90.2% 91.7% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 60.1% 59.2% 59.6% 65.7% 61.5% 59.6% 60.5% COVID-19 related losses 0.0% 0.0% 0.2% 0.1% 0.2% 0.0% 0.5% Current accident year catastrophe losses 1.6% 0.7% 1.8% 2.0% 0.9% 1.2% 1.3% Prior accident year loss reserve development (6.1%) (6.7%) (5.0%) (5.4%) ( 5.4%) (6.4%) (5.3%) Loss and LAE ratio 5 5.6% 5 3.2% 5 6.6% 6 2.4% 57.2% 54.4% 57.0% Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Gross written premiums $ 2,123 $ 1,936 $ 1,737 $ 2,656 $ 1,937 $ 4,059 $ 3,553 Ceded reinsurance premiums ( 607) ( 568) (467) ( 927) (568) (1,175) (979) Net written premiums 1,516 1,368 1,270 1,729 1,369 2,884 2,574 Change in unearned premiums (123) (66) 182 (200) (119) (189) (151) Net earned premiums 1,393 1,302 1,452 1,529 1,250 2,695 2,423 Loss and LAE 773 692 820 953 713 1,465 1,380 Underwriting expense 423 402 351 407 384 825 756 Underwriting profit $ 197 $ 208 $ 281 $ 169 $ 153 $ 405 $ 287 Included in results above: Current accident year COVID-19 related losses $ - $ - $ 2 $ 3 $ 2 $ - $ 11 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ 1 $ - $ 12 Catastrophe loss 22 9 25 31 10 31 30 Total current accident year catastrophe losses $ 22 $ 9 $ 25 $ 31 $ 11 $ 31 $ 42 Prior year loss reserve development (favorable) / adverse $ ( 86) $ (89) $ ( 73) $ ( 83) $ (68) $ (175) $ (127) Combined ratio: Loss and LAE ratio 5 5.4% 53.1% 5 6.5% 62.4% 57.2% 54.3% 57.0% Underwriting expense ratio 30.4% 30.9% 24.2% 26.6% 30.7% 30.6% 31.2% Combined ratio 8 5.8% 8 4.0% 8 0.7% 8 9.0% 87.9% 84.9% 88.2% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 90.5% 90.1% 8 3.7% 9 2.3% 92.2% 90.2% 91.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 60.1% 59.2% 59.5% 65.7% 61.5% 59.6% 60.5% COVID-19 related losses 0.0% 0.0% 0.2% 0.1% 0.2% 0.0% 0.5% Current accident year catastrophe losses 1.6% 0.7% 1.8% 2.0% 0.9% 1.2% 1.3% Prior accident year loss reserve development (6.3%) (6.8%) (5.0%) (5.4%) ( 5.4%) (6.5%) (5.3%) Loss and LAE ratio 5 5.4% 5 3.1% 5 6.5% 62.4% 57.2% 54.3% 57.0% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Gross written premiums $ 962 $ 760 $ 558 $ 1,334 $ 851 $ 1,722 $ 1,371 Ceded reinsurance premiums (330) (259) (141) (561) (287) ( 589) ( 404) Net written premiums 632 501 417 773 564 1,133 9 67 Change in unearned premiums (127) (58) 180 (73) (111) ( 185) ( 120) Net earned premiums 505 443 597 700 453 948 847 Loss and LAE 327 256 394 516 263 583 484 Underwriting expense 139 125 87 139 128 2 64 2 45 Underwriting profit $ 39 $ 62 $ 116 $ 45 $ 62 $ 101 $ 118 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ 1 $ - $ 9 Catastrophe loss 19 6 15 14 6 2 5 2 0 Total current accident year catastrophe losses $ 19 $ 6 $ 15 $ 14 $ 7 $ 25 $ 29 Prior year loss reserve development (favorable) / adverse $ (30) $ (34) $ (2) $ (18) $ (40) $ ( 64) $ ( 83) Combined ratio: Loss and LAE ratio 64.7% 57.7% 66.0% 73.7% 58.2% 6 1.4% 5 7.1% Underwriting expense ratio 27.7% 28.1% 14.5% 19.8% 28.4% 2 7.9% 2 9.0% Combined ratio 92.4% 85.8% 80.5% 93.5% 86.6% 8 9.3% 8 6.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 94.6% 92.1% 78.4% 94.0% 94.0% 9 3.4% 9 3.5% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 66.9% 64.0% 63.9% 74.2% 65.6% 6 5.5% 6 4.5% COVID-19 related losses 0.0% 0.0% 0.0% 0.0% 0.0% 0 .0% 0 .0% Current accident year catastrophe losses 3.8% 1.5% 2.5% 2.0% 1.4% 2 .7% 2 .4% Prior accident year loss reserve development (6.0%) (7.8%) (0.4%) (2.5%) (8.8%) (6.8%) (9.8%) Loss and LAE ratio 64.7% 57.7% 66.0% 73.7% 58.2% 6 1.4% 5 7.1% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Gross written premiums $ 948 $ 976 $ 968 $ 1,121 $ 897 $ 1,924 $ 1,801 Ceded reinsurance premiums (302) (326) (340) (389) ( 305) (628) (621) Net written premiums 646 650 628 732 592 1,296 1,180 Change in unearned premiums 11 (11) 8 (119) ( 4) - (21) Net earned premiums 657 639 636 613 588 1,296 1,159 Loss and LAE 354 344 340 335 363 698 724 Underwriting expense 173 171 156 168 154 344 308 Underwriting profit $ 130 $ 124 $ 140 $ 110 $ 71 $ 254 $ 127 Included in results above: Current accident year COVID-19 related losses - - 1 1 - $ - $ 7 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ 1 Catastrophe loss - 1 3 3 2 1 3 Total current accident year catastrophe losses $ - $ 1 $ 3 $ 3 $ 2 $ 1 $ 4 Prior year loss reserve development (favorable) / adverse $ (49) $ (49) $ (55) $ (56) $ ( 20) $ (98) $ (29) Combined ratio: Loss and LAE ratio 53.9% 53.8% 53.5% 54.6% 6 1.9% 53.9% 62.5% Underwriting expense ratio 26.2% 26.8% 24.5% 27.4% 2 6.0% 26.5% 26.5% Combined ratio 80.1% 80.6% 78.0% 82.0% 87.9% 80.4% 89.0% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 87.5% 88.1% 85.8% 90.6% 90.9% 87.9% 90.6% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.3% 61.3% 61.3% 63.2% 6 4.9% 61.4% 64.1% COVID-19 related losses 0.0% 0.0% 0.2% 0.1% 0 .1% 0.0% 0.6% Current accident year catastrophe losses 0.1% 0.1% 0.6% 0.4% 0 .3% 0.1% 0.3% Prior accident year loss reserve development (7.5%) (7.6%) (8.6%) (9.1%) (3.4%) ( 7.6%) ( 2.5%) Loss and LAE ratio 53.9% 53.8% 53.5% 54.6% 61.9% 53.9% 62.5% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Gross written premiums $ 2 13 $ 2 00 $ 2 11 $ 2 01 $ 189 $ 413 $ 381 Ceded reinsurance premiums (36) (41) (38) (36) (30) (77) (61) Net written premiums 1 77 1 59 1 73 1 65 159 336 320 Change in unearned premiums (6) 4 (8) (2) ( 2) ( 2) ( 6) Net earned premiums 1 71 1 63 1 65 1 63 157 334 314 Loss and LAE 4 4 4 8 5 2 5 6 52 92 105 Underwriting expense 9 0 8 6 8 9 8 1 84 176 163 Underwriting profit $ 3 7 $ 2 9 $ 2 4 $ 2 6 $ 21 $ 66 $ 46 Included in results above: Current accident year COVID-19 related losses $ - $ - $ 1 $ 2 $ 2 $ - $ 4 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ 2 Catastrophe loss 3 2 6 1 4 2 5 6 Total current accident year catastrophe losses $ 3 $ 2 $ 6 $ 1 4 $ 2 $ 5 $ 8 Prior year loss reserve development (favorable) / adverse $ (15) $ (13) $ (13) $ (18) $ ( 12) $ ( 28) $ ( 20) Combined ratio: Loss and LAE ratio 25.7% 29.4% 31.7% 34.2% 3 3.0% 27.5% 33.5% Underwriting expense ratio 52.7% 52.6% 53.8% 50.0% 5 3.4% 5 2.6% 5 1.9% Combined ratio 78.4% 82.0% 85.5% 84.2% 86.4% 80.1% 8 5.4% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 85.7% 88.9% 89.3% 86.3% 90.6% 8 7.2% 8 8.3% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 33.0% 36.3% 35.5% 36.3% 3 7.2% 34.6% 36.4% COVID-19 related losses 0.0% 0.0% 0.7% 0.9% 1 .3% 0.0% 1.4% Current accident year catastrophe losses 1.5% 1.2% 3.7% 8.2% 1 .8% 1.4% 2.0% Prior accident year loss reserve development (8.8%) (8.1%) (8.2%) (11.2%) (7.3%) (8.5%) (6.3%) Loss and LAE ratio 25.7% 29.4% 31.7% 34.2% 33.0% 2 7.5% 33.5% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 61 58 52 59 54 119 107 Net written premiums 61 58 52 59 54 119 107 Change in unearned premiums (1) (1) 2 (6) (2) (2) (4) Net earned premiums 60 57 54 53 52 117 103 Loss and LAE 48 44 34 46 35 92 67 Underwriting expense 21 20 19 19 18 41 40 Underwriting profit (loss) $ (9) $ (7) $ 1 $ (12) $ (1) $ (16) $ (4) Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ - Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss - - 1 - - - 1 Total current accident year catastrophe losses $ - $ - $ 1 $ - $ - $ - $ 1 Prior year loss reserve development (favorable) / adverse $ 8 $ 7 $ (3) $ 9 $ 4 $ 15 $ 5 Combined ratio: Loss and LAE ratio 79.6% 77.1% 61.7% 87.8% 67.5% 78.4% 64.9% Underwriting expense ratio 35.0% 35.8% 36.3% 34.7% 35.7% 35.4% 39.0% Combined ratio 114.6% 112.9% 98.0% 122.5% 103.2% 113.8% 103.9% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 101.5% 99.9% 100.4% 105.4% 96.7% 100.7% 98.5% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Pretax Annuity historically reported as core operating (a) $ - $ - $ - $ - $ 129 $ - $ 295 Impact of fair vaule, reinsurance accounting & unlocking - - - - (55) - ( 33) Realized gains (losses) of Annuity subs - - - - 31 - 112 Run-off life and long-term care - - - - - - - Pretax earnings of businesses sold to Mass Mutual $ - $ - $ - $ - $ 105 $ - $ 374 Less amounts included in continuing operations - - - - ( 22) - ( 50) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ - $ 83 $ - $ 324 Taxes - - - - (18) - ( 66) Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ - $ - $ 65 $ - $ 258 Gain on sale of annuity business - - - - 697 - 656 Net earnings (loss) from discontinued operations $ - $ - $ - $ - $ 762 $ - $ 914 (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three months ended 6/30/21 and six months ended 6/30/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 Assets: Total cash and investments $ 14,268 $ 15,601 $ 15,745 $ 16,387 $ 16,125 $ 13,900 Recoverables from reinsurers 3,567 3,478 3,519 3,523 3 ,330 3,231 Prepaid reinsurance premiums 1,006 933 834 1,028 8 65 755 Agents' balances and premiums receivable 1,623 1,391 1,265 1,492 1 ,423 1,209 Deferred policy acquisition costs 293 271 267 262 2 58 244 Assets of managed investment entities 5,218 5,231 5,296 5,130 5 ,086 5,102 Other receivables 740 645 857 1,097 6 82 576 Assets of discontinued annuity operations - - - - - 48,139 Other assets 1,123 966 902 847 8 35 865 Goodwill 246 246 246 176 1 76 176 Total assets $ 28,084 $ 28,762 $ 28,931 $ 29,942 $ 28,780 $ 74,197 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 11,201 $ 10,986 $ 11,074 $ 10,991 $ 10,498 $ 10,384 Unearned premiums 3,397 3,206 3,041 3,415 3 ,054 2,821 Payable to reinsurers 971 910 920 1,146 8 29 753 Liabilities of managed investment entities 5,133 5,112 5,220 5,034 5 ,029 5,045 Long-term debt 1,542 1,917 1,964 1,964 1 ,963 1,963 Other liabilities 1,773 1,796 1,700 2,152 1 ,806 1,653 Liabilities of discontinued annuity operations - - - - - 44,893 Total liabilities $ 24,017 $ 23,927 $ 23,919 $ 24,702 $ 23,179 $ 67,512 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 8 5 $ 85 Capital surplus 1,351 1,340 1,330 1,315 1 ,303 1,279 Retained earnings 2,979 3,541 3,478 3,680 4 ,023 4,354 Unrealized gains - fixed maturities (326) (109) 136 178 2 05 963 Unrealized gains (losses) - fixed maturity-related cash flow hedges (8) (4) - - - 27 Other comprehensive income, net of tax (14) (18) (17) (18) (15) (23) Total shareholders' equity 4,067 4,835 5,012 5,240 5 ,601 6,685 Total liabilities and equity $ 28,084 $ 28,762 $ 28,931 $ 29,942 $ 28,780 $ 74,197 Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 Shareholders' equity $ 4,067 $ 4,835 $ 5,012 $ 5,240 $ 5,601 $ 6 ,685 Unrealized (gains) losses related to fixed maturities 334 113 ( 136) ( 178) (205) (990) Adjusted shareholders' equity 4,401 4,948 4,876 5,062 5,396 5 ,695 Goodwill from continuing and discontinued operations ( 246) ( 246) ( 246) ( 176) (176) (207) Intangibles ( 101) ( 104) ( 106) ( 29) (30) (31) $ 4,054 $ 4,598 $ 4,524 $ 4,857 $ 5,190 $ 5 ,457 Tangible adjusted shareholders' equity Common shares outstanding 85.154 85.103 84.921 84.795 84.714 8 5.126 Book value per share: Book value per share $ 47.76 $ 56.81 $ 59.02 $ 61.80 $ 66.12 $ 7 8.53 Adjusted (a) 51.68 58.14 57.42 59.70 63.70 6 6.89 Tangible, adjusted (b) 47.60 54.02 53.26 57.28 61.27 6 4.10 Market capitalization AFG's closing common share price $ 138.81 $ 145.62 $ 137.32 $ 125.83 $ 124.72 $ 1 14.10 Market capitalization $ 11,820 $ 12,393 $ 11,661 $ 10,670 $ 10,566 $ 9 ,713 Price / Adjusted book value ratio 2.69 2.50 2.39 2.11 1.96 1.71 (a) Excludes unrealized gains (losses) related to fixed maturity investments. (b) Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles. Page 14

American Financial Group, Inc. Capitalization ($ in millions) 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 AFG senior obligations $ 893 $ 1,270 $ 1,318 $ 1,318 $ 1,318 $ 1 ,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 893 $ 1,270 $ 1,318 $ 1,318 $ 1,318 $ 1,318 AFG subordinated debentures 675 675 675 675 675 6 75 Total principal amount of long-term debt $ 1,568 $ 1,945 $ 1,993 $ 1,993 $ 1,993 $ 1,993 Shareholders' equity 4,067 4,835 5,012 5,240 5,601 6 ,685 Less: 334 113 ( 136) ( 178) (205) (990) Unrealized (gains) losses related to fixed maturity investments $ 5,969 $ 6,893 $ 6,869 $ 7,055 $ 7,389 $ 7 ,688 Total adjusted capital Ratio of debt to total adjusted capital: Including subordinated debt 26.3% 28.2% 29.0% 28.2% 27.0% 2 5.9% Excluding subordinated debt 15.0% 18.4% 19.2% 18.7% 17.8% 1 7.1% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Property and Casualty Insurance $ 678 $ 714 $ 758 $ 678 $ 667 $ 1,392 $ 1,341 Paid Losses (GAAP) 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 3/31/21 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,399 $ 5,375 $ 5,228 $ 4,934 $ 4,779 $ 4,571 Annuity - - - - - 3,012 ( 984) ( 409) ( 335) 146 6 32 ( 1,865) Parent and other subsidiaries $ 4,415 $ 4,966 $ 4,893 $ 5,080 $ 5,411 $ 5,718 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 843 $ 843 $ 843 $ 416 $ 416 $ 416 - - - - - 2 89 Annuity and Run-off $ 843 $ 843 $ 843 $ 416 $ 416 $ 705 Total Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) Carrying Value - June 30, 2022 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 744 $ 2 23 $ - $ 967 7% Fixed maturities - Available for sale 9,308 4 85 - 9,793 69% Fixed maturities - Trading 29 - - 29 0% Equity securities - common stocks 527 4 2 - 569 4% Equity securities - perpetual preferred 460 - - 460 3% Investments accounted for using the equity method 1,626 - - 1,626 11% Mortgage loans 692 - - 692 5% Real estate and other investments 124 9 3 (85) 132 1% Total cash and investments $ 13,510 $ 8 43 $ (85) $ 14,268 100% Carrying Value - December 31, 2021 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,529 $ 6 02 $ - $ 2,131 13% Fixed maturities - Available for sale 9,163 1 ,194 - 10,357 66% Fixed maturities - Trading 28 - - 28 0% Equity securities - common stocks 500 8 6 - 586 4% Equity securities - perpetual preferred 456 - - 456 3% Investments accounted for using the equity method 1,517 - - 1,517 10% Mortgage loans 520 - - 520 3% Real estate and other investments 123 1 03 (76) 150 1% Total cash and investments $ 13,836 $ 1 ,985 $ (76) $ 15,745 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 8 1 $ 7 6 $ 6 8 $ 7 0 $ 70 $ 1 57 $ 1 42 Fixed maturities - Trading 1 - - 1 - 1 - Equity securities - dividends 7 7 8 6 6 1 4 1 4 Equity securities - MTM (2) 8 1 4 6 5 6 2 8 Equity in investees 7 6 1 33 9 9 7 3 51 2 09 1 00 AFG managed CLOs (12) (2) 3 5 7 (14) 1 2 Other investments (a) 9 5 8 8 6 1 4 1 0 Gross investment income 1 60 2 27 2 00 1 69 145 3 87 3 06 Investment expenses (4) (4) (4) (4) (2) (8) (4) Total net investment income $ 1 56 $ 2 23 $ 1 96 $ 1 65 $ 143 $ 3 79 $ 3 02 Average cash and investments (b) $ 13,983 $ 13,858 $ 13,552 $ 13,194 $ 12,630 $ 13,878 $ 12,539 4.46% 6.44% 5.79% 5.00% 4.53% 5.46% 4.82% Average yield (c) AFG consolidated net investment income: Property & Casualty core $ 1 56 $ 2 23 $ 1 96 $ 1 65 $ 143 $ 3 79 $ 3 02 Neon exited lines non-core - - - - - - - Equity in Investees (d) - - - - 20 - 4 9 Other Investments (d) - - - - 2 - 2 Parent & other - 5 1 6 9 6 5 1 1 Consolidate CLOs 1 2 2 (3) (5) (7) 1 4 (12) Total net investment income $ 1 68 $ 2 30 $ 2 09 $ 1 69 $ 164 $ 3 98 $ 3 52 (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (c) Average yield is calculated by dividing investment income for the quarter by the average cash and investment balance over the quarter. (d) Investment income on real estate-related assets retained by AFG from the sale of the annuity business. Page 18

American Financial Group, Inc. Alternative Investments - Continuing Operations ($ in millions) Three Months Ended Six Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 6/30/21 6/30/22 6/30/21 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ (2) $ 8 $ 1 4 $ 6 $ 5 $ 6 $ 2 8 Investments accounted for using the equity method (b) 7 6 1 33 9 9 7 3 5 1 2 09 1 00 AFG managed CLOs (eliminated in consolidation) (12) (2) 3 5 7 (14) 1 2 Total Property & Casualty $ 6 2 $ 1 39 $ 1 16 $ 8 4 $ 6 3 $ 2 01 $ 1 40 Investments Equity securities MTM through investment income (a) $ 2 76 $ 2 61 $ 2 34 $ 1 95 $ 172 $ 2 76 $ 1 72 Investments accounted for using the equity method (b) 1 ,626 1 ,619 1 ,517 1 ,407 1,378 1 ,626 1 ,378 AFG managed CLOs (eliminated in consolidation) 8 5 1 19 7 6 9 6 5 7 8 5 5 7 Total Property & Casualty $ 1,987 $ 1 ,999 $ 1 ,827 $ 1 ,698 $ 1,607 $ 1,987 $ 1,607 Annualized Return - Property & Casualty 1 2.4% 2 9.1% 2 6.3% 2 0.3% 22.9% 20.7% 26.3% Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ (2) $ 8 $ 1 4 $ 6 $ 5 $ 6 $ 2 8 Investments accounted for using the equity method (b)(c) 7 6 1 33 9 9 7 3 7 1 2 09 1 49 AFG managed CLOs (eliminated in consolidation) (12) (2) 3 5 7 (14) 1 2 Total Continuing operations $ 6 2 $ 1 39 $ 1 16 $ 8 4 $ 83 $ 2 01 $ 1 89 Investments Equity securities MTM through investment income (a) $ 2 76 $ 2 61 $ 2 34 $ 1 95 $ 172 $ 2 76 $ 1 72 Investments accounted for using the equity method (b) 1 ,626 1 ,619 1 ,517 1 ,407 1,378 1 ,626 1 ,378 AFG managed CLOs (eliminated in consolidation) 8 5 1 19 7 6 9 6 5 7 8 5 5 7 Total Continuing operations $ 1 ,987 $ 1 ,999 $ 1 ,827 $ 1,698 $ 1,607 $ 1,987 $ 1 ,607 Annualized Return - Continuing operations 1 2.4% 2 9.1% 2 6.3% 2 0.3% 21.1% 20.7% 24.8% (a) AFG carries the small portion of its equity securities previously classified as trading and investments in limited partnerships and similar investments that aren't accounted for using the equity method at 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. (c) Includes investment income on real estate-related partnerships retained by AFG from the sale of the annuity business. Page 19

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) % of Unrealized % of Investment June 30, 2022 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 226 $ 216 $ ( 10) 2 % 2 % States, municipalities and political subdivisions 1,440 1,402 ( 38) 1 4% 9 % Foreign government 283 272 ( 11) 3 % 2 % Residential mortgage-backed securities 1,645 1,555 ( 90) 1 6% 1 1% Commercial mortgage-backed securities 94 92 ( 2) 1 % 1 % Collateralized loan obligations 1,648 1,607 ( 41) 1 6% 1 1% Other asset-backed securities 2,377 2,258 ( 119) 2 3% 1 6% Corporate and other bonds 2,522 2,420 ( 102) 25% 17% Total AFG consolidated $ 10,235 $ 9,822 $ ( 413) 100% 69% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.14% Net of investment expense (a) 2.99% Tax equivalent, net of investment expense (b) 3.10% Approximate average life and duration: Approximate average life 4.0 years Approximate duration 3.0 years % of Unrealized % of Investment December 31, 2021 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 216 $ 216 $ - 2 % 1 % States, municipalities and political subdivisions 1,758 1,832 74 1 8% 1 2% Foreign government 273 271 ( 2) 2 % 2 % Residential mortgage-backed securities 915 960 45 9 % 6 % Commercial mortgage-backed securities 102 104 2 1 % 1 % Collateralized loan obligations 1,642 1,643 1 1 6% 1 0% Other asset-backed securities 2,670 2,676 6 2 6% 1 7% Corporate and other bonds 2,636 2,683 47 26% 17% Total AFG consolidated $ 10,212 $ 10,385 $ 173 100% 66% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 2 .84% Net of investment expense (a) 2.74% Tax equivalent, net of investment expense (b) 2.86% Approximate average life and duration: Approximate average life 3.5 years Approximate duration 2 years (a) Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances. (b) Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield. (c) Book Value is amortized cost, net of allowance for expected credit losses. Page 20

Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2022 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 216 $ 543 $ 238 $ 1,258 $ 63 $ 1,413 $ 919 $ 39 $ 4,689 48% AA - 795 10 6 17 134 373 156 1,491 15% A - 52 5 64 6 49 443 550 1,169 12% BBB - 8 9 2 3 8 396 1,150 1,576 16% Subtotal - Investment grade 216 1,398 262 1,330 89 1,604 2,131 1,895 8,925 91% BB - - - 9 3 - 7 169 188 2% B - - - 8 - - 4 31 43 1% CCC, CC, C - - - 117 - - 2 3 122 1% D - - - 15 - - - - 15 0% Subtotal - Non-Investment grade - - - 149 3 - 13 203 368 4% Not Rated (b) - 4 10 76 - 3 114 322 529 5% Total $ 216 $ 1,402 $ 272 $ 1,555 $ 92 $ 1,607 $ 2,258 $ 2,420 $ 9,822 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 216 $ 1,394 $ 230 $ 1,473 $ 89 $ 1,353 $ 1,730 $ 931 $ 7,416 81% 2 - 8 - 1 - - 396 1,180 1,585 17% Subtotal 216 1,402 230 1,474 89 1,353 2,126 2,111 9,001 98% 3 - - - 1 3 - 7 183 194 2% 4 - - - 2 - - 5 17 24 0% 5 - - - 4 - - 7 23 34 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 8 3 - 19 223 253 2% Total insurance companies $ 216 $ 1,402 $ 230 $ 1,482 $ 92 $ 1,353 $ 2,145 $ 2,334 $ 9,254 100% Total non-insurance (c) - - 42 73 - 254 113 86 568 Total $ 216 $ 1,402 $ 272 $ 1,555 $ 92 $ 1,607 $ 2,258 $ 2,420 $ 9,822 (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, 95% are NAIC 1 and 0% are held by non-insurance companies. For Corp/Oth, 58% are NAIC 1, 9% NAIC 2 and 26% are held by non-insurance companies. For Total, 70% are NAIC 1, 5% NAIC 2 and 17% are held by non-insurance companies. (c) 76% are investment grade rated. Page 21

Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2021 ($ in millions) Fair Value by Type By Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ 216 $ 745 $ 260 $ 654 $ 73 $ 1,428 $ 1,330 $ 50 $ 4,756 46% AA - 1,010 - 7 15 149 420 179 1,780 17% A - 60 - 19 1 56 416 675 1,227 12% BBB - 9 1 4 12 9 274 1,062 1,371 13% Subtotal - Investment grade 216 1,824 261 684 101 1,642 2,440 1,966 9,134 88% BB - - - 11 3 - 4 144 162 2% B - - - 14 - - 9 14 37 0% CCC, CC, C - - - 138 - - - 7 145 1% D - - - 19 - - - - 19 0% Subtotal - Non-Investment grade - - - 182 3 - 13 165 363 3% Not Rated (b) - 8 10 94 - 1 223 5 52 888 9% Total $ 216 $ 1,832 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 216 $ 1,822 $ 246 $ 892 $ 101 $ 1,172 $ 1,935 $ 1,157 $ 7,541 83% 2 - 9 - 3 - 9 274 1,082 1,377 15% Subtotal 216 1,831 246 895 101 1,181 2,209 2,239 8,918 98% 3 - - - 3 3 - 4 146 156 2% 4 - - - 1 - - 9 20 30 0% 5 - - - 8 - 1 2 29 40 0% 6 - - - 1 - - - - 1 0% Subtotal - - - 13 3 1 15 195 227 2% Total insurance companies $ 216 $ 1,831 $ 246 $ 908 $ 104 $ 1,182 $ 2,224 $ 2,434 $ 9,145 100% Total non-insurance (c) - 1 25 52 - 461 452 249 1,240 Total $ 216 $ 1,832 $ 271 $ 960 $ 104 $ 1,643 $ 2,676 $ 2,683 $ 10,385 (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, 87% are NAIC 1 and 12% are held by non-insurance companies. For Corp/Oth, 47% are NAIC 1, 4% NAIC 2 and 44% are held by non-insurance companies. For Total, 61% are NAIC 1, 3% NAIC 2 and 31% are held by non-insurance companies. (c) 75% are investment grade rated. Page 22

Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2022 ($ in millions) Fair Value By Industry Asset Other Capital Managers Financials Banking Technology Consumer Insurance REITs Autos Goods Energy Healthcare Communications Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ 2 1 $ 8 $ - $ - $ - $ - $ - $ - $ 9 $ 1 $ 3 9 2% AA - 1 2 - 3 2 4 8 3 1 - - - 2 0 1 1 - 2 1 56 6% A 4 6 8 0 3 5 4 9 2 6 8 7 5 3 4 1 4 9 1 5 1 4 1 2 4 3 5 50 23% BBB 3 77 1 00 2 13 9 2 5 4 2 9 7 0 2 3 1 8 1 1 1 0 2 5 1 28 1,150 48% Subtotal 4 23 1 92 2 48 1 94 1 36 1 47 1 23 6 4 6 7 4 6 3 5 4 6 1 74 1 ,895 79% BB 1 3 1 - 1 6 3 9 4 2 1 1 2 7 3 - 7 1 1 69 7% B - 1 - 1 1 5 1 - 4 - - 3 - 6 3 1 1% CCC, CC, C - - - - 2 - - - - - 1 - - 3 0% D - - - - - - - - - - - - - - 0% Subtotal 1 3 2 - 2 7 4 6 5 2 1 5 2 7 7 - 7 7 2 03 8% Not Rated (b) 1 4 2 41 - 9 1 5 8 7 - 2 - 5 - 2 1 3 22 13% Total $ 4 50 $ 4 35 $ 2 48 $ 2 30 $ 1 97 $ 1 60 $ 1 32 $ 7 9 $ 7 1 $ 5 3 $ 4 7 $ 4 6 $ 2 72 $ 2,420 100% Fair Value By Industry Asset Other Capital NAIC designation Managers Financials Banking Technology Consumer Insurance REITs Autos Goods Energy Healthcare Communications Other Total % Total 1 $ 5 1 $ 257 $ 3 5 $ 102 $ 8 6 $ 118 $ 5 3 $ 4 1 $ 4 9 $ 3 5 $ 2 6 $ 2 1 $ 5 7 $ 931 40% 2 386 1 01 2 13 9 2 6 0 3 0 7 7 2 3 2 0 1 1 1 0 2 5 1 32 1,180 51% Subtotal 4 37 3 58 2 48 1 94 1 46 1 48 1 30 64 6 9 4 6 3 6 4 6 1 89 2 ,111 91% 3 1 3 2 - 2 9 4 0 3 2 1 1 2 7 4 - 7 0 1 83 7% 4 - - - 4 4 1 - 4 - - 3 - 1 1 7 1% 5 - - - 3 7 - - - - - 4 - 9 2 3 1% 6 - - - - - - - - - - - - - - 0% Subtotal 1 3 2 - 3 6 5 1 4 2 1 5 2 7 1 1 - 8 0 2 23 9% Total insurance companies $ 4 50 $ 3 60 $ 2 48 $ 2 30 $ 1 97 $ 1 52 $ 1 32 $ 7 9 $ 7 1 $ 5 3 $ 4 7 $ 4 6 $ 2 69 $ 2,334 100% Total non-insurance - 7 5 - - - 8 - - - - - - 3 8 6 Total $ 4 50 $ 4 35 $ 2 48 $ 2 30 $ 1 97 $ 1 60 $ 1 32 $ 7 9 $ 7 1 $ 5 3 $ 4 7 $ 4 6 $ 2 72 $ 2,420 (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 Other Financials, 69% are NAIC 1 and 31% are held by non-insurance companies. For the Total, 58% are NAIC 1, 9% NAIC 2 and 26% are held by non-insurance companies. Page 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021 ($ in millions) Fair Value By Industry Other Asset Capital Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ 1 6 $ - $ - $ 9 $ - $ - $ 1 0 $ 13 $ - $ 2 $ 5 0 2% AA 1 3 - 2 7 4 7 3 5 - 1 7 - 3 5 2 - - 3 1 79 7% A 1 04 3 7 9 0 2 6 1 16 5 5 4 4 5 7 2 1 2 2 23 4 6 3 4 6 75 25% BBB 1 02 3 19 2 04 7 5 1 7 8 8 2 2 6 3 3 0 3 9 32 1 2 5 9 1 ,062 39% Subtotal 2 19 3 56 3 21 1 64 1 68 1 43 9 2 1 20 8 6 7 3 68 5 8 9 8 1 ,966 73% BB 4 5 - 3 5 3 1 1 4 4 - 9 9 - 2 2 2 1 44 5% B - - - 3 - 4 5 - - 2 - - - 1 4 1% CCC, CC, C - - - - - - 2 - - - - - 5 7 0% D - - - - - - - - - - - - - - 0% Subtotal 4 5 - 3 8 3 1 5 5 1 - 9 1 1 - 2 2 7 1 65 6% Not Rated (b) 4 83 1 0 - - 1 0 - 1 5 6 - 6 - 2 2 0 5 52 21% Total $ 7 06 $ 3 71 $ 3 21 $ 2 02 $ 1 81 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 45 $ 2,683 100% Fair Value By Industry Other Asset Capital NAIC designation Financials Managers Banking Technology Insurance Autos Consumer REITs Energy Healthcare Communications Goods Other Total % Total 1 $ 356 $ 3 7 $ 118 $ 8 8 $ 151 $ 5 5 $ 7 3 $ 5 7 $ 5 6 $ 3 5 $ 36 $ 4 6 $ 4 9 $ 1,157 48% 2 1 03 3 29 2 03 7 5 1 7 8 8 2 7 6 3 3 0 3 9 3 2 1 4 6 2 1,082 44% Subtotal 4 59 3 66 3 21 1 63 1 68 1 43 1 00 1 20 86 7 4 68 6 0 1 11 2 ,239 92% 3 4 5 - 3 3 3 1 1 4 4 6 9 8 - 2 2 1 1 46 6% 4 4 - - 3 1 4 5 - - 3 - - - 2 0 1% 5 3 - - 3 - - 9 - - 5 - - 9 2 9 1% 6 - - - - - - - - - - - - - - 0% Subtotal 1 1 5 - 3 9 4 1 5 5 8 6 9 1 6 - 2 3 0 1 95 8% Total insurance companies $ 4 70 $ 3 71 $ 3 21 $ 2 02 $ 1 72 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 41 $ 2,434 100% Total non-insurance 2 36 - - - 9 - - - - - - - 4 2 49 Total $ 7 06 $ 3 71 $ 3 21 $ 2 02 $ 1 81 $ 1 58 $ 1 58 $ 1 26 $ 9 5 $ 9 0 $ 68 $ 6 2 $ 1 45 $ 2,683 (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 Other Financials, 50% are NAIC 1 and 49% are held by non-insurance companies. For the Total, 47% are NAIC 1, 4% NAIC 2, and 44% are held by non-insurance companies. Page 24

Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2022 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Whole Secured Family Net Servicer Consumer Credit Rating (a) Real Estate Business TruPS Financing (c) Rental Lease Railcar Aircraft Receivables Loans Auto Other Total % Total Investment Grade AAA $ 478 $ - $ 44 $ 25 $ 149 $ 134 $ - $ - $ 15 $ 8 $ 30 $ 36 $ 919 41% AA 8 37 1 81 49 17 21 - 9 - 23 18 10 3 73 16% A - 4 8 3 6 - 9 1 50 4 5 - 4 1 - 1 50 4 43 20% BBB - 2 64 - 1 - - 7 3 4 6 8 - - 2 2 396 18% Subtotal 4 86 3 05 2 33 1 11 1 66 1 64 1 57 8 8 8 3 7 2 4 8 2 18 2,131 95% BB - - - 1 - - - 6 - - - - 7 0% B - - - - - - - 4 - - - - 4 0% CCC, CC, C - - - - - - - 2 - - - - 2 0% D - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 1 2 - - - - 1 3 0% Not Rated (b) - - - 9 7 - - - 4 - - - 1 3 1 14 5% Total $ 4 86 $ 3 05 $ 233 $ 2 09 $ 166 $ 1 64 $ 1 57 $ 1 04 $ 8 3 $ 7 2 $ 4 8 $ 2 31 $ 2,258 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Whole Secured Family Net Servicer Consumer Real Estate Business TruPS Financing (c) Rental Lease Railcar Aircraft Receivables Loans Auto Other Total % Total NAIC designation 1 $ 380 $ 41 $ 233 $ 207 $ 166 $ 164 $ 150 $ 53 $ 15 $ 72 $ 41 $ 208 $ 1,730 81% 2 - 2 64 - 1 - - 7 34 6 8 - - 2 2 3 96 18% Subtotal 3 80 3 05 2 33 2 08 1 66 1 64 1 57 87 83 72 41 2 30 2,126 99% 3 - - - 1 - - - 6 - - - - 7 1% 4 - - - - - - - 4 - - - 1 5 0% 5 - - - - - - - 7 - - - - 7 0% 6 - - - - - - - - - - - - - 0% Subtotal - - - 1 - - - 1 7 - - - 1 1 9 1% Total insurance companies $ 380 $ 3 05 $ 2 33 $ 209 $ 1 66 $ 1 64 $ 157 $ 1 04 $ 8 3 $ 7 2 $ 4 1 $ 231 $ 2,145 100% Total non-insurance 1 06 - - - - - - - - - 7 - 1 13 Total $ 4 86 $ 3 05 $ 233 $ 209 $ 1 66 $ 1 64 $ 1 57 $ 104 $ 8 3 $ 7 2 $ 4 8 $ 2 31 $ 2,258 (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) 77% of not rated securities are NAIC 1 and 5% are held by non-insurance companies. (c) Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages. Page 25

Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Credit Rating (a) Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total Investment Grade AAA $ 690 $ 25 $ 181 $ - $ - $ 128 $ - $ 89 $ - $ 33 $ 39 $ 145 $ 1,330 50% AA 8 67 20 40 1 67 23 - 25 9 46 - 15 4 20 16% A - 4 4 7 4 2 0 - 1 32 1 1 5 4 3 5 - 1 09 4 16 16% BBB - 1 - 1 59 - - - - 4 2 - 6 2 1 0 2 74 10% Subtotal 6 98 1 37 2 08 2 03 1 87 1 51 1 32 1 25 1 05 1 14 1 01 2 79 2,440 92% BB - 1 - - - - - - 3 - - - 4 0% B - 1 - - - - - - 8 - - - 9 0% CCC, CC, C - - - - - - - - - - - - - 0% D - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 1 1 - - - 1 3 0% Not Rated (b) - 1 57 - - - - - - 3 - - 6 3 2 23 8% Total $ 698 $ 296 $ 2 08 $ 2 03 $ 187 $ 1 51 $ 1 32 $ 125 $ 119 $ 114 $ 1 01 $ 3 42 $ 2,676 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer NAIC designation Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total 1 $ 504 $ 267 $ 49 $ 44 $ 187 $ 151 $ 132 $ 125 $ 63 $ 106 $ 39 $ 268 $ 1,935 87% 2 - 1 - 1 59 - - - - 42 - 6 2 1 0 274 12% Subtotal 5 04 2 68 49 2 03 1 87 1 51 1 32 1 25 1 05 1 06 1 01 2 78 2,209 99% 3 - 1 - - - - - - 3 - - - 4 0% 4 - 1 - - - - - - 8 - - - 9 1% 5 - - - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 1 3 - - - 1 5 1% Total insurance companies $ 504 $ 270 $ 4 9 $ 203 $ 1 87 $ 1 51 $ 132 $ 125 $ 1 18 $ 1 06 $ 1 01 $ 278 $ 2,224 100% Total non-insurance 1 94 2 6 1 59 - - - - - 1 8 - 6 4 4 52 Total $ 698 $ 296 $ 2 08 $ 2 03 $ 187 $ 1 51 $ 132 $ 125 $ 1 19 $ 114 $ 1 01 $ 342 $ 2,676 (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) 87% of not rated securities are NAIC 1 and 12% are held by non-insurance companies. (c) Secured Financings are privately placed funding agreements secured by assets including Bank Loans, Single Family Rental properties, and other Commercial Loans and Leases. Page 26

Appendix G American Financial Group, Inc. Real Estate-Related Investments 6/30/2022 ($ 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 $ 1,091 91% 96% 98% Fund Investments 50 4% - - QOZ Fund - Development 19 2% 93% 98% Office 15 1% - - Hospitality 9 1% 81% 100% Land Development 8 1% - - Student Housing 1 0% - - Total $ 1,193 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 52 51% $ - Marina 38 37% - Hotel - 0% - Office Building 10 10% - Land 2 2% - Total $ 102 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Multifamily 489 71% 67% Hospitality 146 21% 52% Office 57 8% 73% Retail - 0% - Total $ 692 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.6 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 6/30/22 (c) Collections for April - June (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 27

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2021 ($ 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 ,000 88% 96% 98% Fund Investments 43 4% - - Student Housing 30 3% 94% 98% Land - Development 19 2% - - QOZ Fund - Development 15 1% - - Office 15 1% 81% 100% Hospitality 8 1% - - Total $ 1 ,130 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 5 3 42% $ - Resort & Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2 2% - Total $ 1 25 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Hospitality 316 61% 67% Multi-family 146 28% 54% Office 58 11% 73% Retail - 0% 0% Total $ 5 20 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.5 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/21 (c) Collections for October - December (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 28