SEC Filing | American Financial Group, Inc.

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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): February 9, 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 fourth quarter of 2021 and the year ended December 31, 2021 and the availability of the Investor Supplement on the Company’s website. The press release was issued on February 9, 2022. A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and a copy of the Investor Supplement is attached as Exhibit 99.2 and are incorporated herein by reference.

The information contained herein 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 February 9, 2022, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2021.

99.2		Investor Supplement – Fourth Quarter 2021

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.


	AMERICAN FINANCIAL GROUP, INC.

Date: February 10, 2022
	By:	/s/ Karl J. Grafe
		Karl J. Grafe
		Vice President

EX-99.1

Exhibit 99.1

LOGO

Press Release

For Immediate Release

LOGO

American Financial Group, Inc. Announces Fourth Quarter and Full Year Results

•

Net earnings per share of $4.18 in the fourth quarter; full year net earnings per share of $23.30

•

Core net operating earnings per share of $4.12 in the fourth quarter; full year core net operating earnings per share of $11.59

•

Full year 2021 ROE of 37.5%; 2021 core operating ROE of 18.6%

•

Parent company cash and investments of approximately $1.86 billion; excess capital of $2.1 billion at December 31, 2021

•

Full year 2022 core net operating earnings guidance $9.75 – $10.75 per share

CINCINNATI – February 9, 2022 – American Financial Group, Inc. (NYSE: AFG) today reported 2021 fourth quarter net earnings attributable to shareholders of $355 million ($4.18 per share) compared to $692 million ($7.93 per share) for the 2020 fourth quarter. Net earnings for the 2021 fourth quarter included after-tax non-core realized gains on securities of $4 million ($0.06 per share). Comparatively, net earnings in the 2020 fourth quarter included $517 million ($5.92 per share) in after-tax non-core items, including discontinued operations. Beginning with the first quarter of 2021 and through the date of sale in May 2021, the results of AFG’s Annuity operations are reported as discontinued operations in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued. Net earnings attributable to shareholders for the full year of 2021 were $23.30 per share, compared to $8.20 per share in 2020. Other details may be found in the table below.

AFG’s book value per share was $59.02 at December 31, 2021. AFG declared cash dividends of $6.56 per share during the fourth quarter, which included a $4.00 per share special dividend paid in November and a $2.00 per share special dividend paid in December. Return on equity was 37.5% and 14.0% for the full year of 2021 and 2020, respectively.

Core net operating earnings were $351 million ($4.12 per share) for the 2021 fourth quarter, compared to $175 million ($2.01 per share) in the 2020 fourth quarter. The year-over-year increase was primarily the result of significantly higher underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations and substantially higher P&C net investment income, due to the continued strong performance of AFG’s $1.8 billion alternative investment portfolio. Additional details for the 2021 and 2020 fourth quarters may be found in the table below.


	Three Months Ended December 31,
Components of Pretax Core Operating Earnings	2021			2020^(a)			2021		2020^(a)		2021			2020^(a)
In millions, except per share amounts	Before Impact of Alternative Investments						Alternative Investments, net of DAC				Core Net Operating Earnings, as reported

P&C Pretax Core Operating Earnings	$	369		$	233		$	116	$	41	$	485		$	274
Real estate entities and other acquired from Annuity operations*		—			(1	)		—		10		—			9
Other expenses		(24	)		(32	)		—		—		(24	)		(32	)
Holding company interest expense		(23	)		(24	)		—		—		(23	)		(24	)

Pretax Core Operating Earnings		322			176			116		51		438			227
Related provision for income taxes		63			41			24		11		87			52

Core Net Operating Earnings	$	259		$	135		$	92	$	40	$	351		$	175


Core Net Operating Earnings Per Share	$	3.04		$	1.55		$	1.08	$	0.46	$	4.12		$	2.01

Weighted Avg Diluted Shares Outstanding		85.2			87.2			85.2		87.2		85.2			87.2

*	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).

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

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Book value per share, excluding unrealized gains related to fixed maturities, was $57.42 per share at December 31, 2021, compared to $63.61 at the end of 2020, reflecting $26.00 per share in special dividends paid during 2021. For the full year, share repurchases totaled $319 million. For the twelve months ended December 31, 2021, AFG’s growth in adjusted book value per share plus dividends was 34%. Core operating return on equity was 18.6% and 9.2% for the full year of 2021 and 2020, respectively.

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 special 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 December 31,					Twelve months ended December 31,
	2021		2020^(a)			2021			2020^(a)
Components of net earnings attributable to shareholders:
Core operating earnings before income taxes	$	438	$	227		$	1,232		$	609
Pretax non-core items:
Realized gains (losses) on securities		7		122			110			(75	)
Neon exited lines^(b)		—		—			4			(122	)
Special A&E charges		—		—			—			(68	)
Other		—		(5	)		(11	)		(5	)

Earnings before income taxes		445		344			1,335			339
Provision (credit) for income taxes:
Core operating earnings		87		52			239			128
Non-core items		3		25			15			(103	)

Total provision for income taxes		90		77			254			25

Net earnings from continuing operations including noncontrolling interests		355		267			1,081			314
Discontinued annuity operations		—		427			914			407
Less: net earnings (loss) attributable to noncontrolling interests:
Non-core items		—		2			—			(11	)

Net earnings attributable to shareholders	$	355	$	692		$	1,995		$	732


Net earnings:
Core net operating earnings^(c)	$	351	$	175		$	993		$	481
Non-core items:
Realized gains (losses) on securities		4		97			87			(59	)
Neon exited lines^(b)		—		(3	)		3			(39	)
Special A&E charges		—		—			—			(54	)
Other		—		(4	)		(2	)		(4	)

Net earnings from continuing operations		355		265			1,081			325
Discontinued annuity operations		—		427			914			407

Net earnings attributable to shareholders	$	355	$	692		$	1,995		$	732


Components of earnings per share:
Core net operating earnings^(c)	$	4.12	$	2.01		$	11.59		$	5.40
Non-core Items:
Realized gains (losses) on securities		0.06		1.10			1.01			(0.67	)
Neon exited lines^(b)		—		(0.04	)		0.04			(0.45	)
Special A&E charges		—		—			—			(0.61	)
Other		—		(0.04	)		(0.02	)		(0.04	)

Diluted net earnings per share from continuing operations	$	4.18	$	3.03		$	12.62		$	3.63
Discontinued annuity operations		—		4.90			10.68			4.57

Diluted net earnings per share	$	4.18	$	7.93		$	23.30		$	8.20

Footnotes (a), (b), and (c) are 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 financial performance during the fourth quarter was exceptional. Record core operating results produced an annualized fourth quarter return on equity of 28.1%. We are very pleased with the outstanding underwriting margins produced by our Specialty P&C businesses and returns in our portfolio of alternative investments that continued to exceed our expectations. Our diversified portfolio of specialty insurance operations, an entrepreneurial culture and disciplined operating philosophy have positioned us well in a hard P&C market and an improving economy.

“AFG had approximately $2.1 billion of excess capital (including parent company cash and investments of approximately $1.86 billion) at December 31, 2021. 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. Over the past year, we increased our quarterly dividend by 12% and paid special dividends of $26.00 per share. Total growth in adjusted book value plus dividends was a very strong 34%. We are very proud of our track record of creating long-term value for our shareholders.”

Messrs. Lindner continued, “We expect AFG’s core net operating earnings in 2022 to be in the range of $9.75 to $10.75 per share. Our 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. Furthermore, the above guidance reflects an annual return of approximately 10% on alternative investments and an average crop year.”

Property and Casualty Insurance Operations

Pretax core operating earnings in AFG’s P&C Insurance Segment were a record $485 million in the fourth quarter of 2021, compared to $274 million in the prior year period, an increase of $211 million, or 77%. The year-over-year improvement was the result of significantly higher P&C underwriting profit and substantially higher P&C net investment income, primarily due to higher earnings from alternative investments.

The Specialty P&C insurance operations generated record underwriting profit of $281 million for the 2021 fourth quarter compared to $179 million in the fourth quarter of 2020, primarily due to higher year-over-year underwriting profitability in our Specialty Casualty and Property and Transportation Groups.

The fourth quarter 2021 combined ratio was an exceptionally strong 80.7%, an improvement of 5.5 points year-over-year, and includes 5.0 points of favorable prior year reserve development, compared to 2.4 points of favorable prior year reserve development in the 2020 fourth quarter. Catastrophe losses added 1.8 points to the combined ratio in the 2021 fourth quarter, compared to 1.5 points in the comparable prior year period.

AFG recorded $2 million in losses related to COVID-19 for accident year 2021 in the fourth quarter of 2021 and recorded favorable reserve development of approximately $7 million related to accident year 2020 COVID-19 reserves based on loss experience. Given the uncertainties surrounding the ultimate number and scope of claims relating to the pandemic, approximately 61% of the $92 million in AFG’s cumulative COVID-19 related losses are held as incurred but not reported (IBNR) reserves at December 31, 2021.

Gross and net written premiums were up 2% and 4%, respectively, for the fourth quarter of 2021, when compared to the same period in 2020. Fourth quarter growth was impacted by timing differences in the recording of premiums in our Property and Transportation Group. Excluding those adjustments, each of

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our Specialty P&C groups reported healthy growth as a result of an improving economy, new business opportunities and a continued strong renewal rate environment. Gross and net written premiums increased 14% and 12%, respectively, for the full year in 2021 and established new records for premium production.

Average renewal pricing across our entire P&C Group was up approximately 7% for the quarter. With the exception of workers’ compensation, we are continuing to achieve strong renewal rate increases in the vast majority of our businesses.

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

The Property and Transportation Group reported an underwriting profit of $116 million in the fourth quarter of 2021, compared to $74 million in the comparable prior year period. Higher year-over-year underwriting profit in our crop operations more than offset lower underwriting profit in our transportation businesses. Catastrophe losses in this group, net of reinsurance and inclusive of reinstatement premiums, were $15 million in the fourth quarter of 2021, compared to $6 million in the comparable 2020 period, and were primarily attributable to Kentucky tornadoes and Colorado fires. The businesses in the Property and Transportation Group achieved an excellent 80.5% calendar year combined ratio overall in the fourth quarter, an improvement of 5.3 points from the comparable period in 2020.

Fourth quarter 2021 gross and net written premiums in this group were down 14% and 5%, respectively, when compared to the 2020 fourth quarter. Both gross and net written premiums were impacted by the timing of premium recognition in our crop business and the timing of the renewal of a large account in our transportation businesses. Excluding the impact of these items, fourth quarter gross and net written premiums in this group grew 13% and 7% year-over-year, respectively. Overall renewal rates in this group increased 6% on average for the fourth quarter of 2021, accelerating slightly from the 5% rate increase reported in the third quarter. Pricing for the full year for this group was up 6% overall.

The Specialty Casualty Group reported an underwriting profit of $140 million in the 2021 fourth quarter compared to $91 million in the comparable 2020 period. Higher year-over-year underwriting profit in our workers’ compensation, excess liability, excess and surplus lines, targeted markets and executive liability businesses were the drivers of these results. Underwriting profitability in our workers’ compensation businesses overall continues to be excellent. Catastrophe losses for this group, net of reinsurance and inclusive of reinstatement premiums, were $3 million and $2 million in the fourth quarters of 2021 and 2020, respectively. The businesses in the Specialty Casualty Group achieved an exceptionally strong 78.0% calendar year combined ratio overall in the fourth quarter, an improvement of 6.0 points from the comparable period in 2020.

Fourth quarter 2021 gross and net written premiums increased 12% and 11%, respectively, when compared to the same prior year period. Nearly all the businesses in this group achieved strong renewal pricing and reported premium growth during the fourth quarter. Continued strong renewal rates and increased exposures contributed to higher premiums in our excess liability and excess and surplus lines businesses. Our mergers and acquisitions liability and executive liability businesses also contributed meaningfully to the year-over-year growth. Renewal pricing for this group was up 7% in the fourth quarter. Excluding our workers’ compensation businesses, renewal rates in this group were up approximately 11%. Pricing for the full year for this group was up 11% overall and 17% excluding workers’ compensation.

The Specialty Financial Group reported an underwriting profit of $24 million in the fourth quarter of 2021, compared to $20 million in the fourth quarter of 2020. Higher underwriting profit in our trade credit, surety and fidelity / crime businesses contributed to these results. Catastrophe losses for this group were $6 million in the fourth quarter of 2021, compared to $7 million in the 2020 fourth quarter. This group continued to achieve excellent underwriting margins and reported an 85.5% combined ratio for the fourth quarter of 2021.

Page 4

Gross and net written premiums increased by 8% and 6%, respectively, in the 2021 fourth quarter when compared to the same 2020 period due primarily to the favorable impact of economic recovery on our surety business, and strong rate increases and new business opportunities in our fidelity / crime business. Renewal pricing in this group was up 7% in both the fourth quarter and full year of 2021.

Carl Lindner III stated, “Fourth quarter and full year underwriting profitability in our Specialty P&C businesses was exceptionally strong. In fact, fourth quarter 2021 P&C core operating earnings established a new quarterly record for AFG. I’m especially pleased that each of our Specialty P&C sub-segments produced combined ratios in the mid-eighties or lower. We continued to achieve broad-based pricing increases in the quarter and achieved a 9% overall rate increase for the year, on top of the 11% achieved in 2020.”

Mr. Lindner added, “Looking toward 2022, we expect an overall calendar year combined ratio in the range of 85% to 87%, and net written premiums to be up 8% to 12% when compared to the $5.6 billion reported in 2021. We expect the market to remain firm throughout 2022, allowing us to act on business opportunities and achieve solid 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

P&C Net Investment Income – For the twelve months ended December 31, 2021, P&C net investment income was approximately 64% higher than the comparable 2020 period and included significantly higher earnings from alternative investments. 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 annualized return on alternative investments in the fourth quarter of 2021 was 26.3%. The average annual return on these investments over the past five calendar years has been approximately 13%. Excluding the impact of alternative investments, P&C net investment income for the twelve months ended December 31, 2021 decreased 6% year-over-year, reflecting lower market interest rates. Our guidance for 2022 assumes an overall annual yield of approximately 10% on alternative investments. We expect returns to be weighted toward the first quarter of 2022, principally as a result of the sale of several underlying multi-family real estate investments.

Non-Core Net Realized Gains (Losses) – AFG recorded fourth quarter 2021 net realized gains on securities of $4 million ($0.06 per share) after tax, which included $3 million ($0.04 per share) in after-tax net losses to adjust equity securities that the Company continued to own at December 31, 2021, to fair value. By comparison, AFG recorded fourth quarter 2020 net realized gains on securities of $97 million ($1.10 per share) after tax. Prior period results have been adjusted to reflect the reclassification of AFG’s annuity operations to discontinued operations.

After-tax unrealized gains on fixed maturities were $136 million at December 31, 2021. Our portfolio continues to be high quality, with 88% 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.

Discontinued Annuity Operations

On May 28, 2021, AFG completed the sale of its Annuity business to Mass Mutual. Initial cash proceeds from the sale (based on the preliminary closing balance sheet) were $3.5 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. Both the

Page 5

proceeds and the gain are subject to post-closing adjustments, which are not expected to be material. Beginning with the first quarter of 2021 and through the sale date, AFG reported the results of its Annuity operations as discontinued operations, in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued. A reconciliation of amounts as previously presented to amounts reported as Discontinued Annuity Operations for the twelve-month period ended December 31, 2021 (through the May 2021 sale date) and the three- and twelve-month periods ended December 31, 2020 appears in our Quarterly Investor Supplement, which is posted on our website.

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 outbreak, including the effects on the international and national economy and credit markets, legislative or regulatory developments affecting the insurance industry, quarantines or other travel or health-related restrictions; 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.

Page 6

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.

Conference Call

The company will hold a conference call to discuss 2021 fourth quarter and full year results at 11:30 am (ET) tomorrow, Thursday, February 10, 2022. Toll-free telephone access will be available by dialing 877-459-8719 (international dial-in 424-276-6843). The conference ID for the live call is 7462648. Please dial in five to ten minutes prior to the scheduled start time of the call.

A replay will be available approximately two hours following the completion of the call and will remain available until February 17, 2022. To listen to the replay, dial 1-855-859-2056 (international dial-in 404-537-3406) and provide the conference ID 7462648.

The conference call and accompanying webcast slides will also be broadcast live over the Internet. To access the event, click on 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.

An archived webcast will be available immediately after the call via the same link on our website until February 17, 2022.

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.

AFG2022-06

Page 7

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS

(In Millions, Except Per Share Data)


	Three months ended December 31,				Twelve months ended December 31,
	2021		2020		2021		2020
Revenues
P&C insurance net earned premiums	$	1,452	$	1,325	$	5,404	$	5,099
Net investment income		209		147		730		461
Realized gains (losses) on:
Securities		7		122		110		(75	)
Subsidiaries		—		53		4		23
Income of managed investment entities:
Investment income		46		47		181		201
Gain (loss) on change in fair value of assets/liabilities		1		1		10		(20	)
Other income		43		18		113		80

Total revenues		1,758		1,713		6,552		5,769
Costs and expenses
P&C insurance losses & expenses		1,182		1,220		4,704		4,896
Interest charges on borrowed money		23		24		94		88
Expenses of managed investment entities		40		38		155		167
Other expenses		68		87		264		279

Total costs and expenses		1,313		1,369		5,217		5,430


Earnings from continuing operations before income taxes		445		344		1,335		339
Provision for income taxes		90		77		254		25


Net earnings from continuing operations, Including noncontrolling interests		355		267		1,081		314

Net earnings from discontinued operations		—		427		914		407


Net earnings, including controlling interests		355		694		1,995		721
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests		—		2		—		(11	)


Net earnings attributable to shareholders	$	355	$	692	$	1,995	$	732

Earnings attributable to shareholders per diluted common share:
Continuing operations	$	4.18	$	3.03	$	12.62	$	3.63
Discontinued operations		—		4.90		10.68		4.57


Diluted earnings attributable to shareholders	$	4.18	$	7.93	$	23.30	$	8.20

Average number of diluted shares		85.2		87.2		85.6		89.2

Page 8

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)


Selected Balance Sheet Data:	December 31, 2021		December 31, 2020
Total cash and investments	$	15,745	$	13,494
Long-term debt	$	1,964	$	1,963
Shareholders’ equity^(d)	$	5,012	$	6,789
Shareholders’ equity (excluding unrealized gains/losses related to fixed maturities)^(d)	$	4,876	$	5,493

Book value per share	$	59.02	$	78.62
Book value per share (excluding unrealized gains/losses related to fixed maturities)	$	57.42	$	63.61

Common Shares Outstanding		84.9		86.3

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

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AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)


	Three months ended December 31,						Pct. Change			Twelve months ended December 31,						Pct. Change
	2021			2020						2021			2020
Gross written premiums	$	1,737		$	1,707			2	%	$	7,946		$	6,995			14	%

Net written premiums	$	1,270		$	1,216			4	%	$	5,573		$	4,992			12	%

Ratios (GAAP):
Loss & LAE ratio		56.5	%		58.6	%					58.4	%		60.9	%
Underwriting expense ratio		24.2	%		27.6	%					28.0	%		30.4	%

Specialty Combined Ratio		80.7	%		86.2	%					86.4	%		91.3	%


Combined Ratio – P&C Segment		80.8	%		91.6	%					86.5	%		95.5	%


Supplemental Information:^(e)
Gross Written Premiums:
Property & Transportation	$	558		$	647			(14	%)	$	3,263		$	2,813			16	%
Specialty Casualty		968			865			12	%		3,890			3,444			13	%
Specialty Financial		211			195			8	%		793			738			7	%

	$	1,737		$	1,707			2	%	$	7,946		$	6,995			14	%

Net Written Premiums:
Property & Transportation	$	417		$	440			(5	%)	$	2,157		$	1,887			14	%
Specialty Casualty		628			565			11	%		2,540			2,304			10	%
Specialty Financial		173			163			6	%		658			604			9	%
Other		52			48			8	%		218			197			11	%

	$	1,270		$	1,216			4	%	$	5,573		$	4,992			12	%

Combined Ratio (GAAP):
Property & Transportation		80.5	%		85.8	%					87.1	%		90.4	%
Specialty Casualty		78.0	%		84.0	%					84.3	%		90.0	%
Specialty Financial		85.5	%		86.8	%					85.1	%		91.8	%
Aggregate Specialty Group		80.7	%		86.2	%					86.4	%		91.3	%


	Three months ended December 31,						Twelve months ended December 31,
	2021			2020			2021			2020
Reserve Development (Favorable)/Adverse:
Property & Transportation	$	(2	)	$	(29	)	$	(103	)		$(107	)
Specialty Casualty		(55	)		(6	)		(140	)		(97	)
Specialty Financial		(13	)		(6	)		(51	)		(28	)
Other Specialty		(3	)		9			11			19

Specialty Group		(73	)		(32	)		(283	)		(213	)
Special A&E Reserve Charge – P&C Run-off		—			—			—			47
Other		2			24			4			39


Total Reserve Development	$	(71	)	$	(8	)	$	(279	)		$(127	)


Points on Combined Ratio:
Property & Transportation		(0.4	)		(5.6	)		(4.8	)		(5.7	)
Specialty Casualty		(8.6	)		(1.1	)		(5.9	)		(4.3	)
Specialty Financial		(8.2	)		(3.6	)		(8.0	)		(4.5	)

Aggregate Specialty Group		(5.0	)		(2.4	)		(5.2	)		(4.4	)
Total P&C Segment		(5.0	)		(0.6	)		(5.1	)		(2.5	)

Footnote (e) 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

On May 28, 2021, AFG completed the sale of its Annuity business to MassMutual. The results of AFG’s Annuity operations are reported as discontinued operations beginning with the first quarter of 2021 and through the date of sale, in accordance with generally accepted accounting principles (GAAP), which included adjusting prior period results to reflect these operations as discontinued.

In January 2020, AFG announced its plans to exit the Lloyd’s of London insurance market and actions it had initiated to place its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off. AFG sold the legal entities that owned its Lloyd’s of London insurer, Neon, to RiverStone Holdings Limited in a transaction that closed in the fourth quarter of 2020.

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


	Three months ended December 31,						Twelve months ended December 31,
	2021			2020			2021			2020
Core Operating Earnings before Income Taxes:
P&C insurance segment	$	485		$	274		$	1,390		$	776
Real estate entities and other acquired from Annuity operations*		—			9			50			19
Interest and other corporate expenses		(47	)		(56	)		(208	)		(186	)


Core operating earnings before income taxes		438			227			1,232			609
Related income taxes		87			52			239			128


Core net operating earnings	$	351		$	175		$	993		$	481

*	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).

Shareholders’ Equity at December 31, 2021 includes $136 million ($1.60 per share) in unrealized after-tax gains on fixed maturities. Shareholders’ Equity at December 31, 2020 includes $1.26 billion ($14.54 per share) in unrealized after-tax gains on fixed maturities and $41 million ($0.47 per share) in unrealized after-tax gains on fixed maturity-related cash flow hedges.

e)	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 - Fourth Quarter 2021 February 9, 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 - Fourth Quarter 2021 Section Page Table of Contents - Investor Supplement - Fourth Quarter 2021............................................................................................................................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 12/31/2021.....................................................................................................2 ..1 ...................................................................................................................................................................................................... B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020.....................................................................................................2 ..2 ...................................................................................................................................................................................................... C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2021........................................................................................2 ..3 ................................................................................................................................................................................................................. D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020........................................................................................2 ..4 ................................................................................................................................................................................................................... E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2021.......................................................................2 ..5 .................................................................................................................................................................................................................................... F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020.......................................................................2 ..6 .................................................................................................................................................................................................................................... G. Real Estate-Related Investments 12/31/2021...................................................................................................................................................2 ..7 ........................................................................................................................................................ H. Real Estate-Related Investments 12/31/2020...................................................................................................................................................2 ..8 ........................................................................................................................................................ Page 2

American Financial Group, Inc. Financial Highlights (in millions, except per share information) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/30/20 Highlights Net earnings $ 355 $ 219 $ 1,002 $ 419 $ 6 92 $ 1,995 $ 732 Net earnings from continuing operations 355 219 240 267 2 65 1,081 325 Core net operating earnings 351 231 205 206 1 75 993 481 Total assets 28,939 29,942 28,780 74,197 73,710 28,939 73,710 Adjusted shareholders' equity (a) 4,876 5,062 5,396 5,695 5 ,493 4,876 5,493 Property and Casualty net written premiums 1,270 1,729 1,369 1,205 1 ,216 5,573 4,992 Per share data Diluted earnings per share $ 4.18 $ 2.56 $ 11.70 $ 4.84 $ 7 .93 $ 23.30 $ 8.20 Diluted earnings per share from continuing operations 4.18 2.56 2.81 3.08 3 .03 12.62 3.63 Core net operating earnings per share 4.12 2.71 2.39 2.38 2 .01 11.59 5.40 Adjusted book value per share (a) 57.42 59.70 63.70 66.89 6 3.61 57.42 63.61 Dividends per common share 6.5600 6.5000 14.5000 0.5000 2.5000 28.0600 3.8500 Financial ratios Annualized return on equity (b) 28.5% 16.6% 72.0% 29.9% 52.1% 37.5% 14.0% Annualized core operating return on equity (b) 28.1% 17.6% 14.7% 14.7% 13.2% 18.6% 9.2% Property and Casualty combined ratio - Specialty: Loss & LAE ratio 56.5% 62.4% 57.2% 56.8% 58.6% 58.4% 60.9% Underwriting expense ratio 24.2% 26.6% 30.7% 31.7% 27.6% 28.0% 30.4% Combined ratio - Specialty 80.7% 89.0% 87.9% 88.5% 86.2% 86.4% 91.3% (a) Excludes unrealized gains 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 Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Property and Casualty Insurance Underwriting profit $ 279 $ 168 $ 152 $ 134 $ 163 $ 733 $ 406 Net investment income 196 165 143 159 1 22 663 404 Other expense 10 (4) (7) (5) (11) (6) (34) Property and Casualty Insurance operating earnings 485 329 288 288 2 74 1,390 776 Real estate entities and other acquired from Annuity - - 22 28 9 50 19 Interest expense of parent holding companies (23) (24) (23) (24) (24) (94) (88) Other expense (24) (21) (35) (34) (32) (114) (98) Pretax core operating earnings 438 284 252 258 2 27 1,232 609 Income tax expense 87 53 47 52 5 2 239 128 Core net operating earnings 351 231 205 206 1 75 993 481 Non-core items, net of tax: Realized gains (losses) on securities 4 (12) 34 61 9 7 87 (59) Special A&E charges: Property and Casualty Insurance run-off operations - - - - - - (37) Former Railroad and Manufacturing operations - - - - - - (17) Neon exited lines - - 3 - (3) 3 (39) Other non-core items - - (2) - (4) (2) (4) Net earnings from continuing operations $ 355 $ 219 $ 240 $ 267 $ 265 $ 1,081 $ 325 Discontinued Annuity operations - - 762 152 4 27 914 407 Net earnings $ 355 $ 219 $ 1,002 $ 419 $ 692 $ 1,995 $ 732 Page 4

American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Core net operating earnings $ 351 $ 231 $ 205 $ 206 $ 175 $ 993 $ 4 81 Net earnings from continuing operations $ 355 $ 219 $ 240 $ 267 $ 265 $ 1 ,081 $ 325 Net earnings $ 355 $ 219 $ 1,002 $ 419 $ 692 $ 1 ,995 $ 7 32 Average number of diluted shares - core 85.162 85.171 85.618 86.577 87.156 8 5.628 8 9.202 Average number of diluted shares - net 85.162 85.171 85.618 86.577 87.156 8 5.628 8 9.202 Diluted earnings per share: Core net operating earnings per share $ 4.12 $ 2.71 $ 2.39 $ 2.38 $ 2.01 $ 1 1.59 $ 5 .40 Realized gains (losses) on securities 0.06 ( 0.15) 0.40 0.70 1.10 1.01 ( 0.67) Special A&E charges: Property and Casualty Insurance run-off operations - - - - - - ( 0.42) Former Railroad and Manufacturing operations - - - - - - ( 0.19) Neon exited lines - - 0.04 - (0.04) 0.04 ( 0.45) Other non-core items - - ( 0.02) - (0.04) ( 0.02) ( 0.04) Diluted earnings per share, continuing operations $ 4.18 $ 2.56 $ 2.81 $ 3.08 $ 3.03 $ 1 2.62 $ 3.63 Discontinued Annuity operations - - 8.89 1.76 4.90 1 0.68 4.57 Diluted earnings per share $ 4.18 $ 2.56 $ 11.70 $ 4.84 $ 7.93 $ 2 3.30 $ 8.20 Page 5

American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Property and Transportation $ 1 16 $ 4 5 $ 6 2 $ 5 6 $ 74 $ 279 $ 181 Specialty Casualty 1 40 1 10 7 1 5 6 91 377 223 Specialty Financial 2 4 2 6 2 1 2 5 20 96 50 Other Specialty 1 (12) (1) (3) (6) (15) (28) Underwriting profit - Specialty 2 81 1 69 1 53 1 34 179 737 426 Other core charges, included in loss and LAE (2) (1) (1) - (16) (4) (20) Underwriting profit - Core 2 79 1 68 1 52 1 34 163 733 406 Special A&E charges, included in loss and LAE - - - - - - (47) Neon exited lines (a) - - - - (53) - (135) Underwriting profit (loss) - Property and Casualty Insurance $ 2 79 $ 1 68 $ 1 52 $ 1 34 $ 110 $ 733 $ 224 Included in results above: Current accident year COVID-19 related losses $ 2 $ 3 $ 2 $ 9 $ - $ 16 $ 115 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ 1 $ 1 1 $ (3) $ 12 $ 2 Catastrophe loss 2 5 3 1 1 0 2 0 41 86 128 Total current accident year catastrophe losses $ 2 5 $ 3 1 $ 1 1 $ 3 1 $ 38 $ 98 $ 130 Prior year loss reserve development (favorable) / adverse $ (71) $ (82) $ (67) $ (59) $ (8) $ (279) $ (127) Combined ratio: Property and Transportation 80.5% 93.5% 86.6% 85.6% 85.8% 87.1% 90.4% Specialty Casualty 78.0% 82.0% 87.9% 90.2% 84.0% 84.3% 90.0% Specialty Financial 85.5% 84.2% 86.4% 84.1% 86.8% 85.1% 91.8% Other Specialty 98.0% 122.5% 103.2% 104.6% 116.9% 107.2% 116.1% Combined ratio - Specialty 8 0.7% 8 9.0% 8 7.9% 8 8.5% 86.2% 86.4% 91.3% Other core charges 0.1% 0.0% 0.0% 0.1% 1.2% 0.1% 0.5% Neon exited lines charge 0.0% 0.0% 0.0% 0.0% 4.2% 0.0% 2.7% Special A&E charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% Combined ratio 8 0.8% 8 9.0% 8 7.9% 8 8.6% 91.6% 86.5% 95.5% P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 83.8% 92.3% 92.2% 91.2% 89.1% 89.7% 93.3% Loss and LAE components - property and casualty insurance Current accident year, excluding COVID-19 related and catastrophe losses 59.6% 65.7% 61.5% 59.5% 60.1% 61.7% 61.9% COVID-19 related losses 0.2% 0.1% 0.2% 0.8% 0.0% 0.3% 2.2% Current accident year catastrophe losses 1.8% 2.0% 0.9% 1.7% 3.1% 1.6% 2.5% Prior accident year loss reserve development (5.0%) (5.4%) (5.4%) (5.1%) ( 0.6%) (5.1%) (2.5%) Loss and LAE ratio 5 6.6% 6 2.4% 5 7.2% 5 6.9% 62.6% 58.5% 64.1% (a) In the fourth quarter of 2020, AFG recorded $55 million in non-core losses from Neon’s operations and a $1 million reduction in the estimated tax benefit related to the sale of Neon, partially offset by a $53 million favorable adjustment to the estimated loss on sale recorded in Q3. Page 6

American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Gross written premiums $ 1,737 $ 2,656 $ 1,937 $ 1,616 $ 1,707 $ 7,946 $ 6,995 Ceded reinsurance premiums ( 467) ( 927) (568) ( 411) (491) (2,373) (2,003) Net written premiums 1,270 1,729 1,369 1,205 1,216 5,573 4,992 Change in unearned premiums 182 (200) ( 119) ( 32) 83 (169) (93) Net earned premiums 1,452 1,529 1,250 1,173 1,299 5,404 4,899 Loss and LAE 820 953 713 667 762 3,153 2,986 Underwriting expense 351 407 384 372 358 1,514 1,487 Underwriting profit $ 281 $ 169 $ 153 $ 134 $ 179 $ 737 $ 426 Included in results above: Current accident year COVID-19 related losses $ 2 $ 3 $ 2 $ 9 $ - $ 16 $ 95 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ 1 $ 11 $ (3) $ 12 $ 2 Catastrophe loss 25 31 10 20 20 86 91 Total current accident year catastrophe losses $ 25 $ 31 $ 11 $ 31 $ 17 $ 98 $ 93 Prior year loss reserve development (favorable) / adverse $ ( 73) $ (83) $ ( 68) $ ( 59) $ (32) $ (283) $ (213) Combined ratio: Loss and LAE ratio 5 6.5% 6 2.4% 5 7.2% 56.8% 58.6% 58.4% 60.9% Underwriting expense ratio 24.2% 26.6% 3 0.7% 3 1.7% 27.6% 28.0% 30.4% Combined ratio 8 0.7% 89.0% 8 7.9% 8 8.5% 86.2% 86.4% 91.3% Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 83.7% 9 2.3% 9 2.2% 9 1.2% 87.1% 89.7% 91.9% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 59.5% 65.7% 61.5% 59.5% 59.5% 61.7% 61.5% COVID-19 related losses 0.2% 0.1% 0.2% 0.8% 0.0% 0.3% 1.9% Current accident year catastrophe losses 1.8% 2.0% 0.9% 1.7% 1.5% 1.6% 1.9% Prior accident year loss reserve development (5.0%) (5.4%) (5.4%) (5.2%) (2.4%) (5.2%) (4.4%) Loss and LAE ratio 5 6.5% 6 2.4% 5 7.2% 5 6.8% 58.6% 58.4% 60.9% Page 7

American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Gross written premiums $ 558 $ 1,334 $ 851 $ 520 $ 647 $ 3,263 $ 2,813 Ceded reinsurance premiums (141) (561) (287) (117) (207) ( 1,106) ( 926) Net written premiums 417 773 564 403 440 2,157 1,887 Change in unearned premiums 180 (73) (111) (9) 81 ( 13) ( 16) Net earned premiums 597 700 453 394 521 2,144 1,871 Loss and LAE 394 516 263 221 329 1,394 1,208 Underwriting expense 87 139 128 117 118 4 71 4 82 Underwriting profit $ 116 $ 45 $ 62 $ 56 $ 74 $ 279 $ 1 81 Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ - $ - $ 7 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ 1 $ 8 $ - $ 9 $ - Catastrophe loss 15 14 6 14 6 4 9 47 Total current accident year catastrophe losses $ 15 $ 14 $ 7 $ 22 $ 6 $ 5 8 $ 4 7 Prior year loss reserve development (favorable) / adverse $ (2) $ (18) $ (40) $ (43) $ (29) $ ( 103) $ ( 107) Combined ratio: Loss and LAE ratio 66.0% 73.7% 58.2% 56.0% 63.3% 6 5.1% 6 4.6% Underwriting expense ratio 14.5% 19.8% 28.4% 29.6% 22.5% 2 2.0% 2 5.8% Combined ratio 80.5% 93.5% 86.6% 85.6% 85.8% 8 7.1% 9 0.4% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 78.4% 94.0% 94.0% 93.0% 90.0% 8 9.6% 9 3.2% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 63.9% 74.2% 65.6% 63.4% 67.5% 6 7.6% 6 7.4% COVID-19 related losses 0.0% 0.0% 0.0% 0.1% 0.2% 0 .0% 0 .4% Current accident year catastrophe losses 2.5% 2.0% 1.4% 3.6% 1.2% 2 .3% 2 .5% Prior accident year loss reserve development (0.4%) (2.5%) (8.8%) (11.1%) (5.6%) (4.8%) (5.7%) Loss and LAE ratio 66.0% 73.7% 58.2% 56.0% 63.3% 6 5.1% 6 4.6% Page 8

American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Gross written premiums $ 968 $ 1,121 $ 897 $ 904 $ 865 $ 3,890 $ 3,444 Ceded reinsurance premiums (340) (389) (305) (316) ( 300) (1,350) (1,140) Net written premiums 628 732 592 588 565 2,540 2,304 Change in unearned premiums 8 (119) (4) (17) 7 (132) (69) Net earned premiums 636 613 588 571 572 2,408 2,235 Loss and LAE 340 335 363 361 337 1,399 1,396 Underwriting expense 156 168 154 154 144 632 616 Underwriting profit $ 140 $ 110 $ 71 $ 56 $ 91 $ 377 $ 223 Included in results above: Current accident year COVID-19 related losses 1 1 - 7 2 $ 9 $ 60 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 1 $ ( 3) $ 1 $ 2 Catastrophe loss 3 3 2 1 5 9 14 Total current accident year catastrophe losses $ 3 $ 3 $ 2 $ 2 $ 2 $ 10 $ 16 Prior year loss reserve development (favorable) / adverse $ (55) $ (56) $ (20) $ (9) $ ( 6) $ (140) $ (97) Combined ratio: Loss and LAE ratio 53.5% 54.6% 61.9% 63.1% 59.0% 58.1% 62.5% Underwriting expense ratio 24.5% 27.4% 26.0% 27.1% 2 5.0% 26.2% 27.5% Combined ratio 78.0% 82.0% 87.9% 90.2% 84.0% 84.3% 90.0% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 85.8% 90.6% 90.9% 90.4% 8 4.0% 89.4% 91.0% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 61.3% 63.2% 64.9% 63.3% 5 9.0% 63.2% 63.5% COVID-19 related losses 0.2% 0.1% 0.1% 1.2% 0 .3% 0.4% 2.7% Current accident year catastrophe losses 0.6% 0.4% 0.3% 0.3% 0 .8% 0.4% 0.6% Prior accident year loss reserve development (8.6%) (9.1%) (3.4%) (1.7%) (1.1%) ( 5.9%) ( 4.3%) Loss and LAE ratio 53.5% 54.6% 61.9% 63.1% 59.0% 58.1% 62.5% Page 9

American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Gross written premiums $ 2 11 $ 2 01 $ 1 89 $ 1 92 $ 195 $ 793 $ 738 Ceded reinsurance premiums (38) (36) (30) (31) ( 32) (135) (134) Net written premiums 1 73 1 65 1 59 1 61 163 658 604 Change in unearned premiums (8) (2) (2) (4) (5) ( 16) 9 Net earned premiums 1 65 1 63 1 57 1 57 158 642 613 Loss and LAE 5 2 5 6 5 2 5 3 56 213 242 Underwriting expense 8 9 8 1 8 4 7 9 82 333 321 Underwriting profit $ 2 4 $ 2 6 $ 2 1 $ 2 5 $ 20 $ 96 $ 50 Included in results above: Current accident year COVID-19 related losses $ 1 $ 2 $ 2 $ 2 $ ( 3) $ 7 $ 26 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 2 $ - $ 2 $ - Catastrophe loss 6 1 4 2 4 7 26 26 Total current accident year catastrophe losses $ 6 $ 1 4 $ 2 $ 6 $ 7 $ 28 $ 26 Prior year loss reserve development (favorable) / adverse $ (13) $ (18) $ (12) $ (8) $ ( 6) $ ( 51) $ (28) Combined ratio: Loss and LAE ratio 31.7% 34.2% 33.0% 33.8% 3 5.6% 33.2% 39.5% Underwriting expense ratio 53.8% 50.0% 53.4% 50.3% 5 1.2% 5 1.9% 5 2.3% Combined ratio 85.5% 84.2% 86.4% 84.1% 8 6.8% 85.1% 9 1.8% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 89.3% 86.3% 90.6% 85.9% 8 7.7% 8 8.0% 8 7.7% Loss and LAE components: Current accident year, excluding COVID-19 related and catastrophe losses 35.5% 36.3% 37.2% 35.6% 3 6.5% 36.1% 35.4% COVID-19 related losses 0.7% 0.9% 1.3% 1.5% (1.8%) 1.1% 4.3% Current accident year catastrophe losses 3.7% 8.2% 1.8% 2.1% 4 .5% 4.0% 4.3% Prior accident year loss reserve development (8.2%) (11.2%) (7.3%) (5.4%) (3.6%) (8.0%) (4.5%) Loss and LAE ratio 31.7% 34.2% 33.0% 33.8% 3 5.6% 33.2% 39.5% Page 10

American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 52 59 54 53 48 218 197 Net written premiums 52 59 54 53 48 218 197 Change in unearned premiums 2 (6) (2) (2) - (8) (17) Net earned premiums 54 53 52 51 48 210 180 Loss and LAE 34 46 35 32 40 147 140 Underwriting expense 19 19 18 22 14 78 68 Underwriting profit (loss) $ 1 $ (12) $ (1) $ (3) $ (6) $ (15) $ (28) Included in results above: Current accident year COVID-19 related losses $ - $ - $ - $ - $ 1 $ - $ 2 Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe loss 1 - - 1 2 2 4 Total current accident year catastrophe losses $ 1 $ - $ - $ 1 $ 2 $ 2 $ 4 Prior year loss reserve development (favorable) / adverse $ (3) $ 9 $ 4 $ 1 $ 9 $ 11 $ 19 Combined ratio: Loss and LAE ratio 61.7% 87.8% 67.5% 62.3% 80.2% 70.0% 77.6% Underwriting expense ratio 36.3% 34.7% 35.7% 42.3% 36.7% 37.2% 38.5% Combined ratio 98.0% 122.5% 103.2% 104.6% 116.9% 107.2% 116.1% Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development 100.4% 105.4% 96.7% 100.2% 92.5% 100.8% 103.1% Page 11

American Financial Group, Inc. Discontinued Annuity Operations ($ in millions) Three Months Ended (a) Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Pretax Annuity historically reported as core operating (a) $ - $ - $ 129 $ 166 $ 129 $ 295 $ 359 Impact of fair vaule, reinsurance accounting & unlocking - - (55) 22 ( 48) ( 33) ( 188) Realized gains (losses) of Annuity subs - - 3 1 81 470 112 3 65 Run-off life and long-term care - - - - (2) - ( 8) Pretax earnings of businesses sold to Mass Mutual $ - $ - $ 105 $ 269 $ 549 $ 374 $ 528 Less amounts included in continuing operations - - ( 22) (28) (9) (50) (19) Pretax results from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ 83 $ 241 $ 540 $ 324 $ 509 Taxes - - ( 18) (48) ( 113) (66) ( 102) Net earnings from discontinued operations, excluding the gain on sale of discontinued operations $ - $ - $ 65 $ 193 $ 427 $ 258 $ 407 Gain on sale of annuity business - - 697 (41) - 6 56 - Net earnings (loss) from discontinued operations $ - $ - $ 762 $ 152 $ 427 $ 914 $ 407 (a) AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three months ended 6/30/21 and twelve months ended 12/31/21 only include earnings through the sale date. Page 12

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) Prelim (*) 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 9/30/20 Assets: Total cash and investments $ 15,745 $ 16,387 $ 16,125 $ 13,900 $ 13,494 $ 13,685 Recoverables from reinsurers 3,519 3,523 3,330 3,231 3 ,288 3,324 Prepaid reinsurance premiums 834 1,028 865 755 7 68 862 Agents' balances and premiums receivable 1,265 1,492 1,423 1,209 1 ,229 1,382 Deferred policy acquisition costs 267 262 258 244 2 44 269 Assets of managed investment entities 5,296 5,130 5,086 5,102 4 ,971 4,717 Other receivables 857 1,097 682 576 6 78 854 Assets of discontinued annuity operations - - - 48,139 47,885 46,947 Other assets 922 847 835 865 9 77 1,018 Goodwill 234 176 176 176 1 76 176 Total assets $ 28,939 $ 29,942 $ 28,780 $ 74,197 $ 73,710 $ 73,234 Liabilities and Equity: Unpaid losses and loss adjustment expenses $ 11,074 $ 10,991 $ 10,498 $ 10,384 $ 10,392 $ 10,754 Unearned premiums 3,041 3,415 3,054 2,821 2 ,803 3,015 Payable to reinsurers 920 1,146 829 753 8 07 977 Liabilities of managed investment entities 5,220 5,034 5,029 5,045 4 ,914 4,666 Long-term debt 1,964 1,964 1,963 1,963 1 ,963 2,108 Other liabilities 1,708 2,152 1,806 1,653 1 ,584 1,650 Liabilities of discontinued annuity operations - - - 44,893 44,458 43,724 Total liabilities $ 23,927 $ 24,702 $ 23,179 $ 67,512 $ 66,921 $ 66,894 Shareholders' equity: Common stock $ 85 $ 85 $ 85 $ 85 $ 8 6 $ 87 Capital surplus 1,330 1,315 1,303 1,279 1 ,281 1,283 Retained earnings 3,478 3,680 4,023 4,354 4 ,149 3,737 Unrealized gains - fixed maturities 136 178 205 963 1 ,255 1,212 Unrealized gains (losses) - fixed maturity-related cash flow hedges - - - 27 4 1 41 Other comprehensive income, net of tax (17) (18) (15) (23) (23) (20) Total shareholders' equity 5,012 5,240 5,601 6,685 6 ,789 6,340 Total liabilities and equity $ 28,939 $ 29,942 $ 28,780 $ 74,197 $ 73,710 $ 73,234 (*) Preliminary - reflects preliminary purchase price allocation for subsidiary acquired in December 2021. Page 13

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 9/30/20 Shareholders' equity $ 5,012 $ 5,240 $ 5,601 $ 6,685 $ 6,789 $ 6 ,340 Unrealized (gains) related to fixed maturities ( 136) ( 178) ( 205) ( 990) (1,296) (1,253) Adjusted shareholders' equity 4,876 5,062 5,396 5,695 5,493 5 ,087 Goodwill from continuing and discontinued operations (c) ( 234) ( 176) ( 176) ( 207) (207) (207) Intangibles (c) ( 130) ( 29) ( 30) ( 31) (34) (34) $ 4,512 $ 4,857 $ 5,190 $ 5,457 $ 5,252 $ 4 ,846 Tangible adjusted shareholders' equity (c) Common shares outstanding 84.921 84.795 84.714 85.126 86.345 8 7.267 Book value per share: Book value per share $ 59.02 $ 61.80 $ 66.12 $ 78.53 $ 78.62 $ 7 2.65 Adjusted (a) 57.42 59.70 63.70 66.89 63.61 5 8.29 Tangible, adjusted (b) (c) 53.12 57.28 61.27 64.10 60.82 5 5.53 Market capitalization AFG's closing common share price $ 137.32 $ 125.83 $ 124.72 $ 114.10 $ 87.62 $ 6 6.98 Market capitalization $ 11,661 $ 10,670 $ 10,566 $ 9,713 $ 7,566 $ 5 ,845 Price / Adjusted book value ratio 2.39 2.11 1.96 1.71 1.38 1.15 (a) Excludes unrealized gains related to fixed maturity investments. (b) Excludes unrealized gains related to fixed maturity investments, goodwill and intangibles. (c) Reflects preliminary purchase price allocation for subsidiary acquired in December 2021. Page 14

American Financial Group, Inc. Capitalization ($ in millions) 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 9/30/20 AFG senior obligations $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1 ,318 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 $ 1,318 AFG subordinated debentures 675 675 675 675 675 8 25 Total principal amount of long-term debt $ 1,993 $ 1,993 $ 1,993 $ 1,993 $ 1,993 $ 2 ,143 Shareholders' equity 5,012 5,240 5,601 6,685 6,789 6 ,340 Noncontrolling interests (including redeemable NCI) - - - - - - Less: ( 136) ( 178) ( 205) ( 990) (1,296) (1,253) Unrealized (gains) related to fixed maturity investments Total adjusted capital $ 6,869 $ 7,055 $ 7,389 $ 7,688 $ 7,486 $ 7 ,230 Ratio of debt to total adjusted capital: Including subordinated debt 29.0% 28.2% 27.0% 25.9% 26.6% 2 9.6% Excluding subordinated debt 19.2% 18.7% 17.8% 17.1% 17.6% 1 8.2% Page 15

American Financial Group, Inc. Additional Supplemental Information ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Property and Casualty Insurance $ 758 $ 678 $ 667 $ 674 $ 758 $ 2,777 $ 2,756 Paid Losses (GAAP) 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 9/30/20 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 5,235 $ 4,934 $ 4,779 $ 4,571 $ 4,458 $ 4,154 Annuity - - - 3,012 2,893 2,659 (342) 1 46 632 (1,865) ( 1,835) ( 1,706) Parent and other subsidiaries $ 4,893 $ 5,080 $ 5,411 $ 5,718 $ 5,516 $ 5,107 AFG GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 843 $ 416 $ 416 $ 416 $ 416 $ 565 - - - 289 2 89 2 87 Annuity and Run-off $ 843 $ 416 $ 416 $ 705 $ 705 $ 852 Total Page 16

American Financial Group, Inc. Total Cash and Investments ($ in millions) 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% Carrying Value - December 31, 2020 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,408 $ 2 57 $ - $ 1,665 12% Fixed maturities - Available for sale 9,076 8 - 9,084 67% Fixed maturities - Trading 24 - - 24 0% Equity securities - common stocks 438 7 2 - 510 4% Equity securities - perpetual preferred 379 - - 379 3% Investments accounted for using the equity method 806 4 29 - 1,235 9% Mortgage loans 377 - - 377 3% Real estate and other investments 125 1 51 (56) 220 2% Total cash and investments $ 12,633 $ 9 17 $ (56) $ 13,494 100% Page 17

American Financial Group, Inc. Net Investment Income From Continuing Operations ($ in millions) Three Months Ended Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Property and Casualty Insurance: Gross Investment Income Fixed maturities - Available for sale $ 6 8 $ 7 0 $ 7 0 $ 7 2 $ 71 $ 2 80 $ 2 99 Fixed maturities - Trading - 1 - - - 1 1 Equity securities - dividends 8 6 6 8 7 2 8 3 3 Equity securities - MTM 1 4 6 5 2 3 8 4 8 1 0 Equity in investees 9 9 7 3 5 1 4 9 27 2 72 5 0 AFG managed CLOs 3 5 7 5 6 2 0 (1) Other investments (a) 8 8 6 4 4 2 6 1 8 Gross investment income 2 00 1 69 1 45 1 61 123 6 75 4 10 Investment expenses (4) (4) (2) (2) (1) (12) (6) Total net investment income $ 1 96 $ 1 65 $ 1 43 $ 1 59 $ 122 $ 6 63 $ 4 04 Average cash and investments (b) $ 13,552 $ 13,194 $ 12,630 $ 12,573 $ 12,135 $ 12,944 $ 11,760 5.79% 5.00% 4.53% 5.06% 4.02% 5.12% 3.44% Average yield (c) AFG consolidated net investment income: Property & Casualty core $ 1 96 $ 1 65 $ 1 43 $ 1 59 $ 122 $ 6 63 $ 4 04 Neon exited lines non-core - - - - - - (5) Equity in Investees (d) - - 2 0 2 9 19 4 9 4 9 Other Investments (d) - - 2 - 1 2 - Parent & other 1 6 9 6 5 11 3 6 1 2 Consolidate CLOs (3) (5) (7) (5) (6) (20) 1 Total net investment income $ 2 09 $ 1 69 $ 1 64 $ 1 88 $ 147 $ 7 30 $ 4 61 (a) Includes income from mortgage loans, real estate, policy loans, 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 Twelve Months Ended 12/31/21 9/30/21 6/30/21 3/31/21 12/31/20 12/31/21 12/31/20 Property and Casualty Insurance: Net Investment Income Equity securities MTM through investment income (a) $ 1 4 $ 6 $ 5 $ 2 3 $ 8 $ 4 8 $ 1 0 Investments accounted for using the equity method (b) 9 9 7 3 5 1 4 9 2 7 2 72 5 0 AFG managed CLOs (eliminated in consolidation) 3 5 7 5 6 2 0 (1) Total Property & Casualty $ 1 16 $ 8 4 $ 6 3 $ 7 7 $ 41 $ 3 40 $ 5 9 Investments Equity securities MTM through investment income (a) $ 2 34 $ 1 95 $ 1 72 $ 1 59 $ 129 $ 2 34 $ 1 29 Investments accounted for using the equity method (b) 1 ,517 1 ,407 1 ,378 8 61 806 1 ,517 8 06 AFG managed CLOs (eliminated in consolidation) 7 6 9 6 5 7 5 7 5 7 7 6 5 7 Total Property & Casualty $ 1,827 $ 1 ,698 $ 1 ,607 $ 1,077 $ 992 $ 1,827 $ 9 92 Annualized Return - Property & Casualty 2 6.3% 2 0.3% 2 2.9% 2 9.8% 17.0% 25.3% 6.6% Continuing Operations: Net Investment Income Equity securities MTM through investment income (a) $ 1 4 $ 6 $ 5 $ 2 3 $ 8 $ 4 8 $ 1 0 Investments accounted for using the equity method (b)(c) 9 9 7 3 7 1 7 8 4 6 3 21 9 9 AFG managed CLOs (eliminated in consolidation) 3 5 7 5 6 2 0 (1) Total Continuing operations $ 1 16 $ 8 4 $ 8 3 $ 1 06 $ 6 0 $ 3 89 $ 1 08 Investments Equity securities MTM through investment income (a) $ 2 34 $ 1 95 $ 1 72 $ 1 59 $ 129 $ 2 34 $ 1 29 Investments accounted for using the equity method (b) 1 ,517 1 ,407 1 ,378 1 ,324 1,235 1 ,517 1 ,235 AFG managed CLOs (eliminated in consolidation) 7 6 9 6 5 7 5 7 5 7 7 6 5 7 Total Continuing operations $ 1 ,827 $ 1 ,698 $ 1 ,607 $ 1 ,540 $ 1,421 $ 1 ,827 $ 1 ,421 Annualized Return - Continuing operations 2 6.3% 2 0.3% 2 1.1% 2 8.6% 17.3% 24.0% 8.4% (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 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 % of Unrealized % of Investment December 31, 2020 Book Value (c) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 192 $ 198 $ 6 2 % 1 % States, municipalities and political subdivisions 2,196 2,312 116 2 5% 1 7% Foreign government 193 197 4 2 % 1 % Residential mortgage-backed securities 859 915 56 1 0% 7 % Commercial mortgage-backed securities 89 92 3 1 % 1 % Collateralized loan obligations 1,062 1,062 - 1 2% 8 % Other asset-backed securities 2,033 2,047 14 2 3% 1 5% Corporate and other bonds 2,200 2,285 85 25% 17% Total AFG consolidated $ 8,824 $ 9,108 $ 284 100% 67% Annualized yield on available for sale fixed maturities: Excluding investment expense (a) 3.32% Net of investment expense (a) 3.26% Tax equivalent, net of investment expense (b) 3.40% Approximate average life and duration: Approximate average life 4 years Approximate duration 3 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 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 - 1 223 552 8 88 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 21

Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020 ($ 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 $ 198 $ 922 $ 179 $ 492 $ 62 $ 801 $ 889 $ 41 $ 3,584 39% AA - 1,271 - 20 8 179 407 163 2,048 22% A - 97 - 31 1 72 330 620 1,151 13% BBB - 9 2 10 14 9 208 887 1,139 13% Subtotal - Investment grade 198 2,299 181 553 85 1,061 1,834 1,711 7,922 87% BB - - - 10 6 - 2 95 113 1% B - - - 24 - - 10 30 64 1% CCC, CC, C - - - 170 1 - - 13 184 2% D - - - 38 - - - - 38 0% Subtotal - Non-Investment grade - - - 242 7 - 12 138 399 4% Not Rated (b) - 13 16 120 - 1 201 4 36 7 87 9% Total $ 198 $ 2,312 $ 197 $ 915 $ 92 $ 1,062 $ 2,047 $ 2,285 $ 9,108 100% Fair Value by type NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total % Total 1 $ 198 $ 2,302 $ 176 $ 883 $ 83 $ 1,051 $ 1,823 $ 1,203 $ 7,719 85% 2 - 9 - 2 2 9 208 907 1,137 12% Subtotal 198 2,311 176 885 85 1,060 2,031 2,110 8,856 97% 3 - - - 7 7 - 2 95 111 1% 4 - - - 2 - - 10 49 61 1% 5 - - - 10 - 1 2 28 41 1% 6 - - - 2 - - - 1 3 0% Subtotal - - - 21 7 1 14 173 216 3% No designation (c) - 1 21 9 - 1 2 2 36 0% Total $ 198 $ 2,312 $ 197 $ 915 $ 92 $ 1,062 $ 2,047 $ 2,285 $ 9,108 100% (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, 98% are NAIC 1. For Corp/Oth, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5. For Total, 90% are NAIC 1, 2% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5. (c) Primarily relates to securities held by non-insurance companies. Page 22

Appendix C 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 $ 1 3 $ - $ 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 2 3 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 3 2 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 6 8 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 $ 6 8 $ 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 $ 3 6 $ 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 6 8 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 $ 6 8 $ 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 $ 6 8 $ 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 23

Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020 ($ in millions) Fair Value By Industry Other Asset Capital Financials Banking Managers Technology Insurance Autos Consumer Energy Healthcare REITs Goods Communications Other Total % Total Credit Rating (a) Investment Grade AAA $ - $ - $ - $ 1 6 $ - $ - $ - $ - $ 1 0 $ - $ - $ 13 $ 2 $ 4 1 2% AA 1 2 2 8 8 23 3 5 - 5 37 1 2 - - - 3 1 63 7% A 3 9 1 21 5 3 2 4 9 6 2 8 5 0 2 5 2 2 3 6 6 3 26 3 7 6 20 27% BBB 6 5 1 90 1 47 8 1 2 1 1 19 3 6 3 3 4 5 2 3 1 3 37 7 7 8 87 39% Subtotal 1 16 3 39 2 08 1 44 1 52 1 47 9 1 9 5 8 9 5 9 7 6 76 1 19 1 ,711 75% BB 9 - - 1 6 6 1 1 2 1 1 3 4 - 4 1 1 0 9 5 4% B - - - 2 - - 3 3 3 1 5 - - 4 3 0 1% CCC, CC, C - - - 2 - - 2 - 1 - - - 8 1 3 1% D - - - - - - - - - - - - - - 0% Subtotal 9 - - 2 0 6 1 1 2 6 1 6 8 1 5 4 1 2 2 1 38 6% Not Rated (b) 3 85 - - 3 8 - 7 - - 1 3 2 - 1 8 4 36 19% Total $ 5 10 $ 3 39 $ 2 08 $ 1 67 $ 1 66 $ 1 58 $ 1 24 $ 1 11 $ 9 7 $ 8 7 $ 8 2 $ 77 $ 1 59 $ 2,285 100% Fair Value By Industry Other Asset Capital NAIC designation Financials Banking Managers Technology Insurance Autos Consumer Energy Healthcare REITs Goods Communications Other Total % Total 1 $ 432 $ 149 $ 6 2 $ 6 3 $ 131 $ 2 8 $ 5 5 $ 6 2 $ 4 5 $ 3 5 $ 6 3 $ 39 $ 3 9 $ 1,203 53% 2 6 9 1 90 1 46 8 1 2 2 1 19 3 6 3 3 4 5 2 4 1 4 3 7 9 1 9 07 40% Subtotal 5 01 3 39 2 08 1 44 1 53 1 47 91 9 5 9 0 5 9 7 7 76 1 30 2 ,110 93% 3 9 - - 1 4 4 1 1 2 0 1 3 3 5 4 1 1 1 9 5 4% 4 - - - 2 8 - 5 3 4 2 3 - - 4 4 9 2% 5 - - - 6 1 - 8 - - - 1 - 1 2 2 8 1% 6 - - - 1 - - - - - - - - - 1 0% Subtotal 9 - - 2 3 1 3 1 1 3 3 1 6 7 2 8 5 1 2 7 1 73 7% No designation (c) - - - - - - - - - - - - 2 2 0% Total $ 5 10 $ 3 39 $ 2 08 $ 1 67 $ 1 66 $ 1 58 $ 1 24 $ 1 11 $ 9 7 $ 8 7 $ 8 2 $ 77 $ 1 59 $ 2,285 100% (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, 99% are NAIC 1. For the Total, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5. (c) Primarily relates to securities held by non-insurance companies. Page 24

Appendix E 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 $ 2 96 $ 2 08 $ 2 03 $ 1 87 $ 1 51 $ 1 32 $ 125 $ 119 $ 1 14 $ 1 01 $ 3 42 $ 2,676 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Whole Family Net Consumer Servicer Real Estate Financing (c) Auto Business TruPS Rental Railcar Lease Aircraft Loans Receivables Other Total % Total NAIC designation 1 $ 504 $ 267 $ 49 $ 44 $ 187 $ 151 $ 132 $ 125 $ 63 $ 106 $ 39 $ 268 $ 1,935 87% 2 - 1 - 159 - - - - 4 2 - 62 10 2 74 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 $ 151 $ 132 $ 125 $ 1 18 $ 1 06 $ 1 01 $ 2 78 $ 2,224 100% Total non-insurance 1 94 2 6 1 59 - - - - - 1 8 - 6 4 4 52 Total $ 698 $ 2 96 $ 2 08 $ 2 03 $ 1 87 $ 1 51 $ 132 $ 125 $ 119 $ 1 14 $ 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 25

Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020 ($ in millions) Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Family Whole Consumer Net Servicer Real Estate Financing (c) TruPS Rental Business Railcar Loans Lease Aircraft Receivables Auto Other Total % Total Credit Rating (a) Investment Grade AAA $ 4 27 $ - $ - $ 151 $ - $ - $ 53 $ 74 $ - $ 39 $ 29 $ 116 $ 889 43% AA 6 6 1 1 73 4 6 41 - 3 3 11 - - 2 0 16 4 07 20% A - 13 36 5 4 140 22 17 38 - 3 52 330 16% BBB - - - - 134 - - - 30 40 - 4 208 10% Subtotal 433 74 209 202 179 140 108 102 68 79 52 188 1,834 89% BB - - - - - - - - 2 - - - 2 0% B - 2 - - - - - - 7 - - 1 10 1% CCC, CC, C - - - - - - - - - - - - - 0% D - - - - - - - - - - - - - 0% Subtotal - 2 - - - - - - 9 - - 1 12 1% Not Rated (b) - 167 - - - - - - 3 - - 31 201 10% Total $ 433 $ 243 $ 209 $ 202 $ 179 $ 140 $ 108 $ 102 $ 80 $ 79 $ 52 $ 220 $ 2,047 100% Fair Value By Collateral Type Single Triple Mortgage Commercial Secured Family Whole Consumer Net Servicer NAIC designation Real Estate Financing (c) TruPS Rental Business Railcar Loans Lease Aircraft Receivables Auto Other Total % Total 1 $ 4 33 $ 241 $ 209 $ 201 $ 46 $ 140 $ 108 $ 102 $ 37 $ 40 $ 52 $ 214 $ 1,823 89% 2 - 1 - - 133 - - - 3 1 3 9 - 4 2 08 10% Subtotal 4 33 242 209 201 179 140 108 102 6 8 79 52 2 18 2,031 99% 3 - - - - - - - - 2 - - - 2 0% 4 - 1 - - - - - - 7 - - 2 10 1% 5 - - - - - - - - 2 - - - 2 0% 6 - - - - - - - - - - - - - 0% Subtotal - 1 - - - - - - 11 - - 2 14 1% No designation (d) - - - 1 - - - - 1 - - - 2 0% Total $ 433 $ 243 $ 209 $ 202 $ 179 $ 140 $ 108 $ 102 $ 80 $ 79 $ 52 $ 220 $ 2,047 100% (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) 98% of not rated securities are NAIC 1. (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. (d) Primarily relates to securities held by non-insurance companies. Page 26

Appendix G 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% QOZ Fund - Development 19 2% - - Land 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 Resort & Marina $ 53 42% $ - Marina 38 31% - Hotel 21 17% - Office Building 11 8% - Land 2 2% - Total $ 125 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value (d) Multifamily 316 61% 67% Hospitality 146 28% 54% Office 58 11% 73% Retail - 0% - Total $ 520 100% 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 27

Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2020 ($ 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 $ 7 93 87% 96% 98% Fund Investments 38 4% - - Student Housing 28 3% 94% 98% Land - Development 17 2% - - QOZ Fund - Development 16 2% - - Office 15 1% 90% 100% Hospitality 8 1% - - Total $ 9 15 100% Real Estate % of Property Type Book Value Book Value Debt Marina $ 6 3 39% $ - Resort & Marina 56 34% - Hotel 23 14% - Office Building 17 10% - Land 4 3% - Total $ 1 63 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Hospitality 160 42% 56% Multi-family 138 37% 68% Office 73 19% 72% Retail 6 2% 57% Total $ 3 77 100% 64% Currently, no loans are receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.2 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/20 (c) Collections for October - December (d) Based on most recent property appraisals, the vast majority of which are prior to March 2020. Page 28