Form 8-K

8-K — AMERICAN FINANCIAL GROUP INC

Accession: 0001193125-26-193922

Filed: 2026-04-30

Period: 2026-04-29

CIK: 0001042046

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — d133743d8k.htm (Primary)

EX-99.1 (d133743dex991.htm)

EX-99.2 (d133743dex992.htm)

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8-K

8-K (Primary)

Filename: d133743d8k.htm · Sequence: 1

8-K

AMERICAN FINANCIAL GROUP INC false 0001042046 0001042046 2026-04-29 2026-04-29 0001042046 us-gaap:CommonStockMember 2026-04-29 2026-04-29 0001042046 afg:Five875SubordinatedDebenturesDueMarch302059Member 2026-04-29 2026-04-29 0001042046 afg:Five125SubordinatedDebenturesDueDecember152059Member 2026-04-29 2026-04-29 0001042046 afg:Five625SubordinatedDebenturesDueJune12060Member 2026-04-29 2026-04-29 0001042046 afg:Four5SubordinatedDebenturesDueSeptember152060Member 2026-04-29 2026-04-29

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): April 29, 2026

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 first quarter of 2026 and the availability of the Investor Supplement on the Company’s website. The press release was issued on April 29, 2026. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.

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

Section 7 – Regulation FD

Item 7.01 – Regulation FD Disclosure.

As noted in the Company’s aforementioned April 29, 2026 press release, in April 2026, the Company reached a definitive agreement to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second or third quarter of 2026. The Company currently expects to recognize a pretax core operating gain of approximately $125 million on the sale.

Item 9.01 Financial Statements and Exhibits

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 April 29, 2026, reporting American Financial Group Inc. results for the quarter ended March 31, 2026.

99.2

Investor Supplement – First Quarter 2026

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: April 30, 2026

By:

/s/ Joseph C. Alter

Joseph C. Alter

Vice President

EX-99.1

Filename: d133743dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces First Quarter Results

•

Net earnings per share of $2.29; includes ($0.18) per share loss from

after-tax non-core items

•

Core net operating earnings per share of $2.47, an increase of 36% year-over-year

•

First quarter annualized ROE of 15.8%; core net operating ROE of 17.0%

•

First quarter Specialty P&C underwriting profit increased 66% year-over-year

•

Capital returned to shareholders in the first quarter was approximately $259 million, including

$125 million in special dividends and $60 million in share repurchases

•

Definitive agreements reached for sale of Charleston Harbor Resort & Marina; expected core pretax

gain of $125 million, with closing in the second or third quarter of 2026.

CINCINNATI – April 29, 2026 –

American Financial Group, Inc. (NYSE: AFG) today reported 2026 first quarter net earnings of $191 million ($2.29 per share) compared to $154 million ($1.84 per share) for the 2025 first quarter. Net earnings included after-tax non-core net realized losses on securities of $15 million ($0.18 per share loss). By comparison, net earnings for the 2025 first quarter included net after-tax gains of $2 million ($0.03 per share). Annualized return on equity was 15.8% and 13.3% for the first quarters of 2026 and 2025, respectively, and is calculated excluding accumulated other

comprehensive income (AOCI). Other details may be found in the table on the following page.

Core net operating earnings were $206 million ($2.47 per

share) for the 2026 first quarter compared to $152 million ($1.81 per share) in the 2025 first quarter. The year-over-year increase reflects higher property and casualty (P&C) insurance underwriting profit, which was partially offset by

lower returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2026 and 2025 generated annualized returns

on equity of 17.0% and 13.1%, respectively, which is calculated excluding AOCI.

Three months ended March 31,

Components of Pretax Core Operating Earnings

2026

2025

2026

2025

2026

2025

In millions, except per share amounts

Before Impact of

Alternative

Core Net Operating

Alternative Investments

Investments

Earnings, as reported

P&C Pretax Core Operating Earnings

312

234

)

309

246

Other expenses

(29

)

(33

)

—

(29

)

(33

)

Holding company interest expense

(23

)

(19

)

—

(23

)

(19

)

Pretax Core Operating Earnings

260

182

)

257

194

Related provision (credit) for income taxes

)

Core Net Operating Earnings

208

143

)

206

152

Core Operating Earnings Per Share

2.50

1.70

(0.03

)

0.11

2.47

1.81

Weighted Avg Diluted Shares Outstanding

83.3

83.8

83.3

83.8

83.3

83.8

AFG’s book value per share was $56.30 at March 31, 2026. AFG repurchased $60 million of its Common Stock

(average price of $127.12 per share) and paid cash dividends of $2.38 per share during the first quarter, including a $1.50 per share special dividend paid in February. For the three months ended March 31, 2026, AFG’s growth in book value

per share plus dividends was 1.6%.

Page 1

Book value per share excluding AOCI was $57.83 per share at March 31, 2026, compared to $58.38 at the

end of 2025. For the three months ended March 31, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 3.1%.

AFG’s net earnings, 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 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 net realized gains and losses and other items that are not

necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business.

Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.

In millions, except per share amounts

Three months ended March 31,

2026

2025

Components of net earnings:

Core operating earnings before income taxes

257

194

Pretax non-core items:

Realized gains (losses)

(18

)

Earnings before income taxes

239

197

Provision for income taxes:

Core operating earnings

Non-core items

)

Total provision for income taxes

Net earnings

191

154

Net earnings:

Core net operating earnings(a)

206

152

Non-core items:

Realized gains (losses)

(15

)

Net earnings

191

154

Components of earnings per share:

Core net operating earnings(a)

2.47

1.81

Non-core items:

Realized gains (losses)

(0.18

)

0.03

Diluted net earnings per share

2.29

1.84

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

S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are

pleased to report a core net operating ROE of 17% in the first quarter. Our specialty P&C businesses produced strong underwriting profitability against a backdrop of lower returns in our alternative investments portfolio. We returned nearly

$260 million to our shareholders through a combination of regular dividends, special dividends and share repurchases. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to position us well for long-term

success.”

Messrs. Lindner continued: “AFG continued to have significant excess capital at March 31, 2026. 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 capital will be deployed into AFG’s core

businesses as we identify the 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.”

Page 2

Specialty Property and Casualty Insurance Operations

The Specialty P&C insurance operations generated a strong 90.3% combined ratio in the first quarter of 2026, an improvement of 3.7 points from the 94.0%

reported in the first quarter of 2025. First quarter 2026 results include 2.2 points related to catastrophe losses, compared to 4.5 points in the first quarter of 2025. First quarter 2026 results benefited from 4.4 points of favorable prior year

reserve development, compared to 1.3 points in the first quarter of 2025. Underwriting profit was $156 million for the 2026 first quarter compared to $94 million in the comparable 2025 period, with each of our Specialty P&C groups

reporting higher year-over-year underwriting profit.

First quarter 2026 gross and net written premiums were 6% and 3% higher, respectively, than the

comparable period in 2025. We continued to benefit from the diversification across our 36 businesses and achieved premium growth in many of them as a result of a combination of new business opportunities, a good renewal rate environment, and

increased exposures – while maintaining discipline and focusing on underwriting profitability.

Average renewal pricing across our P&C Group,

excluding workers’ compensation, was up approximately 5% for the quarter, in line with the previous quarter. Average renewal rates including workers’ compensation were up approximately 3% overall. We believe we are achieving overall

renewal rate increases that enable us to meet or exceed targeted returns.

The Property and Transportation Group reported an underwriting profit of

$65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Nearly all the businesses in this group reported higher year-over-year profitability, led by our agricultural and transportation businesses.

Catastrophe losses in this group were $12 million in the first quarter of 2026, compared to $10 million in the first quarter of 2025. The businesses in the Property and Transportation Group achieved an excellent 87.6% calendar year

combined ratio overall in the first quarter of 2026, an improvement of 4.9 points from the 92.5% reported in the comparable 2025 period.

First

quarter 2026 gross and net written premiums in this group were 11% and 6% higher than the comparable prior year period. The increase is primarily attributable to growth in crop insurance products with higher premium cessions, along with new

business opportunities, higher exposures, and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 6% on average in the first quarter of 2026, consistent with the prior

two quarters.

The Specialty Casualty Group reported an underwriting profit of $34 million in the first quarter of 2026 compared to

$20 million in the comparable 2025 period. Higher profitability in our targeted markets, workers compensation, and executive and professional liability businesses were the principal drivers of these improved results. Catastrophe losses for this

group were $11 million in the first quarter of 2026 compared to $27 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a 95.8% calendar year combined ratio in the first quarter of 2026, an

improvement of 1.8 points from the 97.6% reported in the comparable period in 2025.

First quarter 2026 gross and net written premiums both increased 2%

when compared to the same prior year period. Growth from new business opportunities and higher renewals in our targeted markets and workers’ compensation businesses were partially offset by heightened competitive conditions in our excess and

surplus lines business. Excluding workers’ compensation, renewal pricing for this group was up approximately 6% in the first quarter, consistent with the prior quarter. Pricing in this group, including workers’ compensation, was up about

3%.

Page 3

The Specialty Financial Group reported an underwriting profit of $57 million in the first

quarter of 2026, compared to $37 million in the comparable 2025 period. While nearly all businesses in this group reported higher year-over-year underwriting profits, the drivers of the higher profitability were our fidelity/crime and financial

institutions businesses. Catastrophe losses for this group were $12 million in the first quarter of 2026 compared to $35 million in the first quarter of 2025. This group reported an exceptional 80.0% calendar year combined ratio for

the first quarter of 2026, an improvement of 7.0 points from the comparable period in 2025.

Gross and net written premiums increased by 6% and 1%,

respectively, in the 2026 first quarter when compared to the same 2025 period, primarily due to growth in our lender services businesses. Net written premiums were tempered by our decision to cede more of the coastal-exposed property business in our

financial institutions business beginning in the second quarter of 2025. Renewal pricing in this group was up about 1% in the first quarter of 2026, consistent with the prior quarter and reflecting the strong margins overall earned on these

businesses.

Carl Lindner III stated, “Our Specialty P&C businesses are off to a strong start in 2026, producing a 66% year-over-year

increase in underwriting profit, with the vast majority reporting growth during the quarter. We are continuing to achieve strong pricing in our social inflation exposed businesses and are confident about the strength of our reserves.”

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

posted on our website.

Investments

Net

Investment Income – Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2026, increased 8% year-over-year primarily as a result

of the impact of higher balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 1% lower than the comparable 2025 period.

The annualized return on alternative investments was (0.4%) in first quarter of 2026 compared to 1.8% for the prior year quarter. Earnings from alternative

investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended

December 31, 2025, was approximately 11%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.

In April 2026, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals

and satisfaction of customary closing conditions, the transaction is expected to close in the second or third quarter of 2026. AFG currently expects to recognize a pretax core operating gain of approximately $125 million on the sale. This

transaction was not contemplated in AFG’s original business plan assumptions.

Non-Core Net Realized

Gains (Losses) – AFG recorded first quarter 2026 net realized losses of $15 million ($0.18 per share loss) after tax, which included $13 million ($0.16 per share loss) in after-tax net

losses to adjust equity securities that the Company continued to own at March 31, 2026, to fair value. AFG recorded net realized gains of $2 million ($0.03 per share) after tax in the comparable 2025 period.

After-tax unrealized losses related to fixed maturities were $101 million at March 31, 2026. Our portfolio

continues to be high quality, with 96% 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.

Page 4

More information about the components of our investment portfolio may be found 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,

and any related oral statements, 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 or special dividends; 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: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed

with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in

interest and inflation rates and impacts from tariffs or other trade actions, 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; 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 or reputation 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; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.

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

forward-looking statements.

Page 5

Conference Call

The Company will hold a conference call to discuss 2026 first quarter results at 11:30 a.m. (ET) tomorrow, Thursday, April 30, 2026. There are two ways to

access the call.

Participants should register for the call here now, or any time up to and during the time of the call, and will immediately

receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of

the event.

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

link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at

www.AFGinc.com.

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

call.

Contact:

Diane P. Weidner, IRC, CPA

(inactive)

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.

AFG2026-08

Page 6

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA

(In Millions, Except Per Share Data)

Three months ended

March 31,

2026

2025

Revenues

Net earned premiums

1,609

1,580

Net investment income

187

173

Realized gains (losses) on securities

(18

)

Income of managed investment entities:

Investment income

Gain (loss) on change in fair value of assets/liabilities

(20

)

Other income

Total revenues

1,854

1,856

Costs and expenses

Losses & loss adjustment expenses

906

965

Commissions and other underwriting expenses

556

530

Interest charges on borrowed money

Expenses of managed investment entities

Other expenses

Total costs and expenses

1,615

1,659

Earnings before income taxes

239

197

Provision for income taxes

Net earnings

191

154

Diluted earnings per common share

2.29

1.84

Average number of diluted shares

83.3

83.8

Selected Balance Sheet Data:

March 31, 2026

December 31, 2025

Total Cash and investments

17,143

17,182

Long-term debt

1,820

Shareholders’ equity(b)

4,678

4,820

Shareholders’ equity (excluding AOCI)

4,805

4,870

Book value per share(b)

56.30

57.78

Book value per share (excluding AOCI)

57.83

58.38

Common Shares Outstanding

83.1

83.4

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

Page 7

AMERICAN FINANCIAL GROUP, INC.

SPECIALTY P&C OPERATIONS

(Dollars in Millions)

Three months ended

March 31,

Pct.

Change

2026

2025

Gross written premiums

2,435

2,291

Net written premiums

1,664

1,611

Ratios (GAAP):

Loss & LAE ratio

56.3

61.0

Underwriting expense ratio

34.0

33.0

Specialty Combined Ratio

90.3

94.0

Combined Ratio – P&C Segment

90.4

94.1

Supplemental Information

(c):

Gross Written Premiums:

Property & Transportation

999

897

Specialty Casualty

1,089

1,068

Specialty Financial

347

326

2,435

2,291

Net Written Premiums:

Property & Transportation

596

563

Specialty Casualty

789

772

Specialty Financial

279

276

1,664

1,611

Combined Ratio (GAAP):

Property & Transportation

87.6

92.5

Specialty Casualty

95.8

97.6

Specialty Financial

80.0

87.0

Aggregate Specialty Group

90.3

94.0

Three months ended

March 31,

2026

2025

Reserve Development (Favorable)/Adverse:

Property & Transportation

(47

)

(19

)

Specialty Casualty

—

Specialty Financial

(23

)

(13

)

Specialty Group

(70

)

(20

)

Other

—

Total Reserve Development

(70

)

(20

)

Points on Combined Ratio:

Property & Transportation

(9.0

)

(3.9

)

Specialty Casualty

—

1.6

Specialty Financial

(7.9

)

(4.6

)

Aggregate Specialty Group

(4.4

)

(1.3

)

Total P&C Segment

(4.3

)

(1.3

)

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

Page 8

AMERICAN FINANCIAL GROUP, INC.

Notes to Financial Schedules

Components of core net operating earnings (in millions):

Three months ended

March 31,

2026

2025

Core Operating Earnings before Income Taxes:

P&C Insurance Segment

309

246

Interest and other corporate expenses

(52

)

(52

)

Core operating earnings before income taxes

257

194

Related income taxes

Core net operating earnings

206

152

Shareholders’ Equity at March 31, 2026, includes ($127 million) ($1.53 per share loss) in

Accumulated Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share loss) in Accumulated Other Comprehensive Income (Loss) at December 31, 2025.

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.

Page 9

EX-99.2

Filename: d133743dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - First Quarter 2026

April 29, 2026

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 - First Quarter 2026

Section

Page

Table of Contents - Investor Supplement - First Quarter 2026

Financial Highlights

Summary of Earnings

Earnings Per Share Summary

Property and Casualty Insurance Segment

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

Specialty - Underwriting Results (GAAP)

Property and Transportation - Underwriting Results (GAAP)

Specialty Casualty - Underwriting Results (GAAP)

Specialty Financial - Underwriting Results (GAAP)

Consolidated Balance Sheet / Book Value / Debt

Consolidated Balance Sheet

Book Value Per Share and Price / Book Summary

Capitalization

Additional Supplemental Information

Consolidated Investment Supplement

Total Cash and Investments

Net Investment Income

Alternative Investments

Fixed Maturities - By Security Type - AFG Consolidated

Appendix

A. FixedMaturities by Credit Rating & NAIC Designation by Type 3/31/2026

B. FixedMaturities by Credit Rating & NAIC Designation by Type 12/31/2025

C. CorporateSecurities by Credit Rating & NAIC Designation by Industry

3/31/2026

D. CorporateSecurities by Credit Rating & NAIC Designation by Industry

12/31/2025

E. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type

3/31/2026

F. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type

12/31/2025

G. RealEstate-Related Investments 3/31/2026

H. RealEstate-Related Investments 12/31/2025

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share

information)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Highlights

Net earnings

191

299

215

174

154

842

887

Core net operating earnings

206

305

224

179

152

860

902

Total assets

32,353

32,642

33,834

30,669

30,294

32,642

30,836

Shareholders’ equity, excluding AOCI (a)

4,805

4,870

4,803

4,648

4,571

4,870

4,706

Property and Casualty net written premiums

1,664

1,444

2,252

1,803

1,611

7,110

7,139

Per share data

Diluted earnings per share

2.29

3.58

2.58

2.07

1.84

10.08

10.57

Core net operating earnings per share

2.47

3.65

2.69

2.14

1.81

10.29

10.75

Book value per share, excluding AOCI (a)

57.83

58.38

57.59

55.74

54.63

58.38

56.03

Dividends per common share

2.38

2.88

0.80

2.80

7.28

9.43

Financial ratios

Annualized return on equity (b)

15.8

24.7

18.2

15.0

13.3

17.8

19.0

Annualized core operating return on equity (b)

17.0

25.2

19.0

15.5

13.1

18.2

19.3

Property and Casualty combined ratio - Specialty:

Loss & LAE ratio

56.3

58.6

67.2

61.1

61.0

62.2

63.3

Underwriting expense ratio

34.0

25.5

25.8

32.0

33.0

28.8

27.9

Combined ratio - Specialty

90.3

84.1

93.0

93.1

94.0

91.0

91.2

(a)

A reconciliation to the GAAP measure is on page 12.

(b)

Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Property and Casualty Insurance

Underwriting profit

156

284

138

113

629

620

Net investment income

168

171

205

179

170

725

784

Other income (expense)

(15

)

(15

)

(15

)

(19

)

(18

)

(67

)

(76

)

Property and Casualty Insurance operating earnings

309

440

328

273

246

1,287

1,328

Interest expense of parent holding companies

(23

)

(23

)

(19

)

(19

)

(19

)

(80

)

(76

)

Other expense

(29

)

(31

)

(29

)

(27

)

(33

)

(120

)

(114

)

Pretax core operating earnings

257

386

280

227

194

1,087

1,138

Income tax expense

227

236

Core net operating earnings

206

305

224

179

152

860

902

Non-core items, net of tax:

Realized gains (losses) on securities

(15

)

—

Realized gain on subsidiaries

—

Special A&E charges - Former Railroad and Manufacturing operations

—

(20

)

—

(20

)

(11

)

Other non-core items

—

)

—

)

Net earnings

191

299

215

174

154

842

887

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share

information)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Core net operating earnings

206

305

224

179

152

860

902

Net earnings

191

299

215

174

154

842

887

Average number of diluted shares

83.263

83.411

83.397

83.488

83.842

83.533

83.903

Diluted earnings per share:

Core net operating earnings per share

2.47

3.65

2.69

2.14

1.81

10.29

10.75

Realized gains (losses) on securities

(0.18

)

(0.07

)

0.12

0.02

0.03

0.11

—

Realized gain on subsidiaries

—

0.01

—

0.01

—

Special A&E charges - Former Railroad and Manufacturing operations

—

(0.24

)

—

(0.24

)

(0.13

)

Other non-core items

—

(0.09

)

—

(0.09

)

(0.05

)

Diluted earnings per share

2.29

3.58

2.58

2.07

1.84

10.08

10.57

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Property and Transportation

216

335

214

Specialty Casualty

129

279

Specialty Financial

170

133

Underwriting profit - Specialty

156

287

139

114

634

626

Other core charges, included in loss and LAE

—

)

—

)

Underwriting profit - Property and Casualty Insurance

156

284

138

113

629

620

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

137

180

Total current accident year catastrophe losses

137

182

Prior year loss reserve development (favorable) / adverse

(70

)

(27

)

(23

)

(11

)

(20

)

(81

)

(64

)

Combined ratio:

Property and Transportation

87.6

70.6

94.1

95.2

92.5

87.8

92.4

Specialty Casualty

95.8

96.7

95.8

93.9

97.6

96.0

91.2

Specialty Financial

80.0

83.0

81.1

86.1

87.0

84.4

87.2

Combined ratio - Specialty

90.3

84.1

93.0

93.1

94.0

91.0

91.2

Other core charges

0.1

0.2

0.1

0.0

0.1

0.0

Combined ratio

90.4

84.3

93.1

94.1

91.0

91.2

P&C combined ratio excl. catastrophe losses and prior year reserve development

92.5

85.5

93.0

91.5

90.8

90.3

89.6

Loss and LAE components:

Current accident year, excluding catastrophe losses

58.5

60.0

67.2

59.5

57.8

61.5

61.7

Prior accident year loss reserve development

(4.3

(1.5

(1.1

(0.7

(1.3

(1.1

(0.9

Current accident year catastrophe losses

2.2

0.3

1.2

2.3

4.6

1.8

2.5

Loss and LAE ratio

56.4

58.8

67.3

61.1

62.2

63.3

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in

millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Gross written premiums

2,435

2,085

3,665

2,653

2,291

10,694

10,533

Ceded reinsurance premiums

(771

)

(641

)

(1,413

)

(850

)

(680

)

(3,584

)

(3,394

)

Net written premiums

1,664

1,444

2,252

1,803

1,611

7,110

7,139

Change in unearned premiums

(55

)

362

(239

)

(156

)

(31

)

(64

)

(103

)

Net earned premiums

1,609

1,806

2,013

1,647

1,580

7,046

7,036

Loss and LAE

906

1,058

1,354

1,006

965

4,383

4,449

Underwriting expense

547

461

520

527

521

2,029

1,961

Underwriting profit

156

287

139

114

634

626

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

137

180

Total current accident year catastrophe losses

137

182

Prior year loss reserve development (favorable) / adverse

(70

)

(30

)

(24

)

(12

)

(20

)

(86

)

(70

)

Combined ratio:

Loss and LAE ratio

56.3

58.6

67.2

61.1

61.0

62.2

63.3

Underwriting expense ratio

34.0

25.5

25.8

32.0

33.0

28.8

27.9

Combined ratio

90.3

84.1

93.0

93.1

94.0

91.0

91.2

Combined ratio excl. catastrophe losses and prior year reserve development

92.5

85.5

93.0

91.5

90.8

90.2

89.6

Loss and LAE components:

Current accident year, excluding catastrophe losses

58.5

60.0

67.2

59.5

57.8

61.4

61.7

Prior accident year loss reserve development

(4.4

(1.6

(1.2

(0.7

(1.3

(1.2

(1.0

Current accident year catastrophe losses

2.2

0.2

1.2

2.3

4.5

2.0

2.6

Loss and LAE ratio

56.3

58.6

67.2

61.1

61.0

62.2

63.3

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Gross written premiums

999

612

1,975

1,247

897

4,731

4,735

Ceded reinsurance premiums

(403

)

(214

)

(924

)

(488

)

(334

)

(1,960

)

(1,889

)

Net written premiums

596

398

1,051

759

563

2,771

2,846

Change in unearned premiums

(70

)

337

(116

)

(183

)

(63

)

(25

)

(20

)

Net earned premiums

526

735

935

576

500

2,746

2,826

Loss and LAE

301

417

728

387

311

1,843

1,972

Underwriting expense

160

102

152

162

152

568

640

Underwriting profit

216

335

214

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

—

Total current accident year catastrophe losses

—

Prior year loss reserve development (favorable) / adverse

(47

)

(20

)

(11

)

(13

)

(19

)

(63

)

(96

)

Combined ratio:

Loss and LAE ratio

57.1

56.8

77.8

67.2

62.1

67.1

69.8

Underwriting expense ratio

30.5

13.8

16.3

28.0

30.4

20.7

22.6

Combined ratio

87.6

70.6

94.1

95.2

92.5

87.8

92.4

Combined ratio excl. catastrophe losses and prior year reserve development

94.4

73.4

94.8

95.4

94.4

89.1

93.5

Loss and LAE components:

Current accident year, excluding catastrophe losses

63.9

59.6

78.5

67.4

64.0

68.4

70.9

Prior accident year loss reserve development

(9.0

(2.7

(1.1

(2.2

(3.9

(2.3

(3.4

Current accident year catastrophe losses

2.2

(0.1

0.4

2.0

1.0

2.3

Loss and LAE ratio

57.1

56.8

77.8

67.2

62.1

67.1

69.8

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in

millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Gross written premiums

1,089

1,153

1,337

1,062

1,068

4,620

4,543

Ceded reinsurance premiums

(300

)

(357

)

(423

)

(297

)

(296

)

(1,373

)

(1,297

)

Net written premiums

789

796

914

765

772

3,247

3,246

Change in unearned premiums

(104

)

(32

)

(70

)

Net earned premiums

799

812

810

799

794

3,215

3,176

Loss and LAE

517

558

541

516

536

2,151

2,045

Underwriting expense

248

227

236

234

238

935

852

Underwriting profit

129

279

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

)

Total current accident year catastrophe losses

)

Prior year loss reserve development (favorable) / adverse

—

)

Combined ratio:

Loss and LAE ratio

64.7

68.7

66.8

64.5

67.6

66.9

64.4

Underwriting expense ratio

31.1

28.0

29.0

29.4

30.0

29.1

26.8

Combined ratio

95.8

96.7

95.8

93.9

97.6

96.0

91.2

Combined ratio excl. catastrophe losses and prior year reserve development

94.4

97.1

94.9

91.8

92.6

94.1

89.0

Loss and LAE components:

Current accident year, excluding catastrophe losses

63.3

69.1

65.9

62.4

62.6

65.0

62.2

Prior accident year loss reserve development

0.0

(0.1

1.2

1.6

0.6

1.2

Current accident year catastrophe losses

1.4

(0.3

1.0

0.9

3.4

1.3

1.0

Loss and LAE ratio

64.7

68.7

66.8

64.5

67.6

66.9

64.4

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in

millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Gross written premiums

347

320

353

344

326

1,343

1,255

Ceded reinsurance premiums

(68

)

(70

)

(66

)

(65

)

(50

)

(251

)

(208

)

Net written premiums

279

250

287

279

276

1,092

1,047

Change in unearned premiums

(19

)

(13

)

Net earned premiums

284

259

268

272

286

1,085

1,034

Loss and LAE

103

118

389

432

Underwriting expense

139

132

131

526

469

Underwriting profit

170

133

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

Total current accident year catastrophe losses

Prior year loss reserve development (favorable) / adverse

(23

)

(12

)

(13

)

(43

)

(11

)

Combined ratio:

Loss and LAE ratio

31.2

32.0

31.8

38.1

41.1

35.9

41.8

Underwriting expense ratio

48.8

51.0

49.3

48.0

45.9

48.5

45.4

Combined ratio

80.0

83.0

81.1

86.1

87.0

84.4

87.2

Combined ratio excl. catastrophe losses and prior year reserve development

83.7

83.5

81.7

82.0

79.7

81.7

80.4

Loss and LAE components:

Current accident year, excluding catastrophe losses

34.9

32.5

32.4

34.0

33.8

33.2

35.0

Prior accident year loss reserve development

(7.9

(3.0

(4.7

(3.2

(4.6

(3.9

(1.1

Current accident year catastrophe losses

4.2

2.5

4.1

7.3

11.9

6.6

7.9

Loss and LAE ratio

31.2

32.0

31.8

38.1

41.1

35.9

41.8

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Assets:

Total cash and investments

17,143

17,182

16,761

16,049

15,994

15,852

Recoverables from reinsurers

5,303

5,528

5,565

4,733

4,945

5,176

Prepaid reinsurance premiums

1,211

1,089

1,443

1,256

1,105

1,013

Agents’ balances and premiums receivable

1,670

1,641

2,034

1,946

1,589

1,532

Deferred policy acquisition costs

334

333

349

345

316

320

Assets of managed investment entities

3,987

4,050

3,972

3,833

3,848

4,140

Other receivables

1,058

1,212

2,075

877

855

1,123

Other assets

1,320

1,280

1,308

1,325

1,337

1,375

Goodwill

327

305

Total assets

32,353

32,642

33,834

30,669

30,294

30,836

Liabilities and Equity:

Unpaid losses and loss adjustment expenses

14,914

15,094

15,079

13,834

13,970

14,179

Unearned premiums

3,911

3,736

4,450

4,026

3,710

3,584

Payable to reinsurers

1,065

1,195

1,578

1,152

1,028

1,191

Liabilities of managed investment entities

3,854

3,907

3,834

3,685

3,726

3,965

Long-term debt

1,820

1,476

1,475

Other liabilities

2,111

2,070

2,343

1,980

1,992

1,976

Total liabilities

27,675

27,822

29,104

26,153

25,902

26,370

Shareholders’ equity:

Common stock

Capital surplus

1,428

1,430

1,421

1,414

1,409

1,411

Retained earnings

3,294

3,357

3,299

3,151

3,078

3,211

Unrealized gains (losses) - fixed maturities

(100

)

(22

)

(43

)

(101

)

(141

)

(202

)

Unrealized gains (losses) - fixed maturity-related cash flow hedges

)

(10

)

Other comprehensive income (loss), net of tax

(26

)

(26

)

(27

)

(26

)

(31

)

(28

)

Total shareholders’ equity

4,678

4,820

4,730

4,516

4,392

4,466

Total liabilities and equity

32,353

32,642

33,834

30,669

30,294

30,836

Page 11

American Financial Group, Inc.

Book

Value Per Share and Price / Book Summary

(in millions, except per share information)

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

Shareholders’ equity

4,678

4,820

4,730

4,516

4,392

4,466

Accumulated other comprehensive income (loss)

(127

)

(50

)

(73

)

(132

)

(179

)

(240

)

Shareholders’ equity, excluding AOCI

4,805

4,870

4,803

4,648

4,571

4,706

Goodwill

327

305

Intangibles

184

189

192

193

198

203

Tangible shareholders’ equity, excluding AOCI

4,294

4,354

4,284

4,150

4,068

4,198

Common shares outstanding

83.086

83.422

83.401

83.386

83.668

83.978

Book value per share:

Book value per share

56.30

57.78

56.72

54.15

52.50

53.18

Book value per share, excluding AOCI

57.83

58.38

57.59

55.74

54.63

56.03

Tangible, excluding AOCI

51.69

52.20

51.38

49.77

48.62

49.98

Market capitalization

AFG’s closing common share price

127.71

136.68

145.72

126.21

131.34

136.93

Market capitalization

10,611

11,402

12,153

10,524

10,989

11,499

Price / Book value per share, excluding AOCI

2.21

2.34

2.53

2.26

2.40

2.44

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

AFG senior obligations

1,173

823

Borrowings drawn under credit facility

—

Debt excluding subordinated debt

1,173

823

AFG subordinated debentures

675

Total principal amount of long-term debt

1,848

1,498

Shareholders’ equity

4,678

4,820

4,730

4,516

4,392

4,466

Accumulated other comprehensive income (loss)

(127

)

(50

)

(73

)

(132

)

(179

)

(240

)

Total capital, excluding AOCI

6,653

6,718

6,651

6,146

6,069

6,204

Ratio of debt to total capital, excluding AOCI:

Including subordinated debt

27.8

27.5

27.8

24.4

24.7

24.1

Excluding subordinated debt

17.6

17.5

17.6

13.4

13.6

13.3

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in

millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Property and Casualty Insurance

Paid Losses (GAAP)

888

984

936

931

967

3,818

4,034

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

GAAP Equity (excluding AOCI)

Property and Casualty Insurance

6,354

6,173

5,935

5,853

5,962

Parent and other subsidiaries

(1,549

)

(1,484

)

(1,370

)

(1,287

)

(1,282

)

(1,256

)

AFG GAAP Equity (excluding AOCI)

4,805

4,870

4,803

4,648

4,571

4,706

Allowable dividends without regulatory approval

Property and Casualty Insurance

1,083

1,081

1,004

Page 14

American Financial Group, Inc.

Total

Cash and Investments

($ in millions)

Carrying Value - March 31, 2026

Property and

Casualty

Insurance

Parent &

Other

Consolidate

CLOs

Total AFG

Consolidated

% of

Investment

Portfolio

Total cash and investments:

Cash and cash equivalents

1,115

238

—

1,353

Fixed maturities - Available for sale

11,274

123

—

11,397

Fixed maturities - Trading

—

Equity securities - Common stocks

363

—

363

Equity securities - Perpetual preferred

390

—

390

Investments accounted for using the equity method

2,440

—

2,443

Mortgage loans

961

—

961

Real estate and other investments

186

103

(133

)

156

Total cash and investments

16,809

467

(133

)

17,143

100

Carrying Value - December 31, 2025

Property and

Casualty

Insurance

Parent &

Other

Consolidate

CLOs

Total AFG

Consolidated

% of

Investment

Portfolio

Total cash and investments:

Cash and cash equivalents

1,377

350

—

1,727

Fixed maturities - Available for sale

10,923

129

—

11,052

Fixed maturities - Trading

—

Equity securities - Common stocks

365

—

365

Equity securities - Perpetual preferred

420

—

420

Investments accounted for using the equity method

2,419

—

2,421

Mortgage loans

947

—

947

Real estate and other investments

199

103

(143

)

159

Total cash and investments

16,741

584

(143

)

17,182

100

Page 15

American Financial Group, Inc.

Net

Investment Income

($ in millions)

Three Months Ended

Twelve Months Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Property and Casualty Insurance:

Gross investment income excluding alternative investments

Fixed maturities

141

138

135

140

137

550

532

Equity securities

Other investments (a)

Gross investment income excluding alternative investments

178

171

168

178

164

681

648

Gross investment income from alternative investments (b)

)

158

Total gross investment income

175

177

211

186

176

750

806

Investment expenses

)

(25

)

(22

)

Total net investment income

168

171

205

179

170

725

784

Average cash and investments (c)

16,855

16,520

16,095

15,921

15,881

16,144

15,479

Average yield - overall portfolio, net (d)

3.99

4.14

5.09

4.50

4.28

4.49

5.06

Average yield - fixed maturities before inv expenses (d)

5.04

5.11

5.12

5.24

5.13

5.02

AFG consolidated net investment income:

Property & Casualty core

168

171

205

179

170

725

784

Parent & other

Consolidate CLOs

)

(33

)

Total net investment income

187

183

205

184

173

745

780

Average cash and investments (c)

17,240

17,013

16,496

16,175

16,140

16,496

15,767

Average yield - overall portfolio, net (d)

4.34

4.30

4.97

4.55

4.29

4.52

4.95

Average yield - fixed maturities before inv expenses (d)

5.05

5.11

5.24

5.13

5.04

(a)

Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.

(b)

Investment income on alternative investments is detailed on page 17.

(c)

Average cash and investments is the average of the beginning and ending quarter balances, or the average of the

five quarters balances.

(d)

Average yield is calculated by dividing investment income for the period by the average balance.

Page 16

American Financial Group, Inc.

Alternative Investments

($ in millions)

Three Months Ended

Twelve Months

Ended

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/25

12/31/24

Property and Casualty Insurance:

Net Investment Income

Fixed maturities MTM through investment income

)

Equity securities MTM through investment income (a)

(10

)

(12

)

—

(14

)

Investments accounted for using the equity method (b)

)

AFG managed CLOs (eliminated in consolidation)

(13

)

Total Property & Casualty

)

158

Investments

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

190

211

243

233

232

211

222

Investments accounted for using the equity method (b)

2,440

2,419

2,381

2,338

2,324

2,419

2,275

AFG managed CLOs (eliminated in consolidation)

133

143

138

148

122

143

174

Total Property & Casualty

2,794

2,817

2,792

2,774

2,728

2,817

2,746

Annualized Return - Property & Casualty

(0.4

0.9

6.2

1.2

1.8

2.5

6.1

AFG Consolidated:

Net Investment Income

Fixed maturities MTM through investment income

)

Equity securities MTM through investment income (a)

(10

)

(12

)

—

(14

)

Investments accounted for using the equity method (b)

)

AFG managed CLOs (eliminated in consolidation)

(13

)

Total AFG Consolidated

)

158

Investments

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

190

211

243

233

232

211

222

Investments accounted for using the equity method (b)

2,443

2,421

2,383

2,341

2,326

2,421

2,277

AFG managed CLOs (eliminated in consolidation)

133

143

138

148

122

143

174

Total AFG Consolidated

2,797

2,819

2,794

2,777

2,730

2,819

2,748

Annualized Return - AFG Consolidated

(0.4

0.9

6.2

1.2

1.8

2.5

6.1

(a)

AFG records holding gains and losses in net investment income on certain securities classified at purchase as

“fair value through net investment income.”

(b)

The majority of AFG’s investments accounted for using the equity method mark their underlying assets to

market through net income.

Page 17

American Financial Group, Inc.

Fixed

Maturities - By Security Type - AFG Consolidated

($ in millions)

March 31, 2026

Book Value (a)

Fair Value

Unrealized

Gain (Loss)

% of

Fair Value

% of

Investment

Portfolio

US Government and government agencies

150

—

States, municipalities and political subdivisions

820

791

(29

)

Foreign government

302

303

Residential mortgage-backed securities

3,245

3,160

(85

)

Collateralized loan obligations

1,181

1,180

)

Other asset-backed securities

2,603

2,575

(28

)

Corporate and other bonds

3,302

3,318

Total AFG consolidated

11,603

11,477

(126

)

100

Approximate duration - P&C

3.4 years

Approximate duration - P&C including cash

3.1 years

December 31, 2025

Book Value (a)

Fair Value

Unrealized

Gain (Loss)

% of

Fair Value

% of

Investment

Portfolio

US Government and government agencies

160

161

States, municipalities and political subdivisions

853

835

(18

)

Foreign government

301

303

Residential mortgage-backed securities

2,807

2,747

(60

)

Collateralized loan obligations

1,162

1,160

)

Other asset-backed securities

2,534

2,525

)

Corporate and other bonds

3,354

3,412

Total AFG consolidated

11,171

11,143

(28

)

100

Approximate duration - P&C

3.3 years

Approximate duration - P&C including cash

2.9 years

(a)

Book Value is amortized cost, net of allowance for expected credit losses.

Page 18

Appendix A

American Financial Group,

Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

3/31/2026

($ in millions)

Fair Value by Type

Credit Rating (a)

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

Investment grade

AAA

154

250

2,708

1,158

855

5,144

143

606

275

367

221

1,649

—

758

1,030

1,915

BBB

—

513

1,785

2,336

Subtotal - Investment grade

150

789

303

3,081

1,180

2,493

3,048

11,044

—

116

121

—

CCC, CC, C

—

Subtotal - Non-Investment grade

—

137

169

Not Rated (b)

—

133

264

Total

150

791

303

3,160

1,180

2,575

3,318

11,477

100

Fair Value by Type

NAIC designation

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

150

778

237

3,051

1,081

1,962

1,270

8,529

—

503

1,759

2,295

Subtotal

150

786

237

3,076

1,081

2,465

3,029

10,824

—

149

155

—

Subtotal

—

243

272

Total insurance companies

150

786

237

3,091

1,081

2,479

3,272

11,096

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies (d)

—

325

Total

150

791

303

3,160

1,180

2,575

3,318

11,477

(a)

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies

rate a security, the rating displayed is the second lowest.

(b)

For ABS, 39% are NAIC 1 and 53% do not have a designation.

For Corp/Oth, 18% are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.

For Total, 33% are NAIC 1, 25% NAIC 5 and 17% do not have a designation.

(c)

Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d)

99% are investment grade rated.

Page 19

Appendix B

American Financial Group,

Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2025

($ in millions)

Fair Value by Type

Credit Rating (a)

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

Investment grade

AAA

—

161

255

2,475

1,137

831

4,872

161

644

349

222

1,497

—

743

998

1,870

BBB

—

520

1,898

2,457

Subtotal - Investment grade

161

834

303

2,664

1,160

2,443

3,131

10,696

—

122

129

—

CCC, CC, C

—

Subtotal - Non-Investment grade

—

145

181

Not Rated (b)

—

136

266

Total

161

835

303

2,747

1,160

2,525

3,412

11,143

100

Fair Value by Type

NAIC designation

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

161

822

239

2,639

1,059

1,906

1,230

8,056

—

509

1,861

2,404

Subtotal

161

830

239

2,665

1,059

2,415

3,091

10,460

—

174

180

—

Subtotal

—

272

302

Total insurance companies

161

830

239

2,681

1,059

2,429

3,363

10,762

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies (d)

—

101

325

Total

161

835

303

2,747

1,160

2,525

3,412

11,143

(a)

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies

rate a security, the rating displayed is the second lowest.

(b)

For ABS, 39% are NAIC 1 and 52% do not have a designation.

For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation.

(c)

Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.

(d)

99% are investment grade rated.

Page 20

Appendix C

American Financial Group,

Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

3/31/2026

($ in millions)

Fair Value By Industry

Credit Rating (a)

Asset

Managers

Banking

Insurance

Technology

Utilities

Other

Financials

Consumer

Autos

Healthcare

Other

Total

% Total

Investment Grade

AAA

—

221

174

150

152

102

143

1,030

BBB

720

268

144

306

1,785

Subtotal

813

442

264

262

251

175

128

152

473

3,048

—

116

—

CCC, CC, C

—

Subtotal

—

137

Not Rated (b)

—

133

Total

818

452

270

268

251

200

173

170

129

587

3,318

100%

Fair Value By Industry

NAIC

designation

Asset

Managers

Banking

Insurance

Technology

Utilities

Other

Financials

Consumer

Autos

Healthcare

Other

Total

% Total

170

210

117

162

101

102

174

1,270

719

266

143

302

1,759

Subtotal

812

436

261

260

249

159

137

151

476

3,029

—

149

—

Subtotal

—

104

243

Total insurance companies

812

446

261

264

249

190

173

168

129

580

3,272

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies

—

Total

818

452

270

268

251

200

173

170

129

587

3,318

(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)

18% of not rated securities are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.

(c)

Surplus notes that are classified as other invested assets for STAT.

Page 21

Appendix D

American Financial Group,

Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2025

($ in millions)

Fair Value By Industry

Credit Rating (a)

Banking

Other

Financials

Insurance

Asset

Managers

Technology

Utilities

Consumer

Autos

Healthcare

Other

Total

Investment Grade

AAA

—

222

179

155

151

101

155

998

BBB

264

769

160

333

1,898

Subtotal

443

196

266

826

249

251

141

156

513

3,131

—

122

—

CCC, CC, C

—

Subtotal

—

145

Not Rated (b)

—

136

Total

451

221

272

826

255

251

185

175

141

635

3,412

100%

Fair Value By Industry

NAIC designation

Banking

Other

Financials

Insurance

Asset

Managers

Technology

Utilities

Consumer

Autos

Healthcare

Other

Total

176

104

211

161

101

181

1,230

261

763

157

330

1,861

Subtotal

437

174

263

820

245

249

149

155

511

3,091

—

174

—

Subtotal

—

117

272

Total insurance companies

446

209

263

820

250

249

185

173

140

628

3,363

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies

—

Total

451

221

272

826

255

251

185

175

141

635

3,412

(a)

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies

rate a security, the rating displayed is the second lowest.

(b)

12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5.

(c)

Surplus notes that are classified as other invested assets for STAT.

Page 22

Appendix E

American Financial Group,

Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

3/31/2026

($ in millions)

Fair Value By Collateral Type

Credit Rating (a)

Whole

Business

Triple Net

Lease

Railcar

TruPS

Aircraft

Secured

Financing

Single

Family

Rental

Auto

Commercial

Real Estate

Other

Total

% Total

Investment Grade

AAA

—

258

—

196

—

107

855

112

—

367

167

191

—

313

758

BBB

440

—

513

Subtotal

519

325

284

259

237

511

2,493

—

CCC, CC, C

—

Subtotal

—

Not Rated (b)

—

Total

519

325

284

259

243

120

556

2,575

100%

Fair Value By Collateral Type

NAIC designation

Whole

Business

Triple Net

Lease

Railcar

TruPS

Aircraft

Secured

Financing

Single

Family

Rental

Auto

Commercial

Real Estate

Other

Total

% Total

317

262

257

228

117

447

1,962

432

—

503

Subtotal

511

317

267

257

234

118

506

2,465

100

—

Subtotal

—

Total insurance companies

511

317

267

257

239

120

513

2,479

100

No NAIC designation

—

Non-Insurance and Foreign Companies

—

Total

519

325

284

259

243

120

556

2,575

(a)

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies

rate a security, the rating displayed is the second lowest.

(b)

39% of not rated securities are NAIC 1 and 53% do not have a designation.

Page 23

Appendix F

American Financial Group,

Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

12/31/2025

($ in millions)

Fair Value By Collateral Type

Credit Rating (a)

Whole

Business

Triple Net

Lease

TruPS

Railcar

Aircraft

Secured

Financing

Commercial

Real Estate

Single

Family

Rental

Auto

Other

Total

% Total

Investment Grade

AAA

—

231

170

—

113

117

831

—

349

169

175

—

307

743

BBB

439

—

520

Subtotal

525

298

255

238

219

113

516

2,443

—

CCC, CC, C

—

Subtotal

—

Not Rated (b)

—

Total

525

298

255

238

227

124

113

560

2,525

100%

Fair Value By Collateral Type

NAIC designation

Whole

Business

Triple Net

Lease

TruPS

Railcar

Aircraft

Secured

Financing

Commercial

Real Estate

Single

Family

Rental

Auto

Other

Total

% Total

290

252

219

203

121

106

452

1,906

431

—

509

Subtotal

517

290

252

224

216

122

106

511

2,415

100

—

Subtotal

—

Total insurance companies

517

290

252

224

222

124

106

517

2,429

100

No NAIC designation

—

Non-Insurance and Foreign Companies

—

Total

525

298

255

238

227

124

113

560

2,525

(a)

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies

rate a security, the rating displayed is the second lowest.

(b)

39% of not rated securities are NAIC 1 and 52% do not have a designation.

Page 24

Appendix G

American Financial Group,

Inc.

Real Estate-Related Investments

3/31/2026

($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)

Investment Type

Book Value

% of

Book Value

Occupancy (b)

Collection Rate (c)

Multi-family

1,245

Fund Investments

100

—

QOZ Fund - Development

—

Office

100

Marina

—

Hospitality

—

Land Development

—

Total

1,418

100

Real Estate

Property Type

Book Value

% of

Book Value

Debt

Resort & Marina

—

Marina

—

Office Building

—

Land

—

Total

100

—

Mortgage Loans

Property Type

Book Value

% of

Book Value

Loan To

Value

Multifamily

703

Hospitality

160

Marina

Office

Total

961

100

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)

Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this

table only relate to real estate funds/investments.

(b)

Occupancy as of 3/31/2026

(c)

Collections for January - March

Page 25

Appendix H

American Financial Group,

Inc.

Real Estate-Related Investments

12/31/2025

($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)

Investment Type

Book Value

% of

Book Value

Occupancy (b)

Collection Rate (c)

Multi-family

1,250

Fund Investments

105

—

QOZ Fund - Development

—

Office

100

Marina

—

Hospitality

—

Land Development

—

Total

1,431

100

Real Estate

Property Type

Book Value

% of

Book Value

Debt

Resort & Marina

—

Marina

—

Office Building

—

Land

—

Total

102

100

—

Mortgage Loans

Property Type

Book Value

% of

Book Value

Loan To

Value

Multifamily

688

Hospitality

160

Marina

Office

Total

947

100

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)

Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this

table only relate to real estate funds/investments.

(b)

Occupancy as of 12/31/2025

(c)

Collections for October - December

Page 26

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v3.26.1

Document and Entity Information

Apr. 29, 2026

Document And Entity Information [Line Items]

Entity Registrant Name

AMERICAN FINANCIAL GROUP INC

Amendment Flag

false

Entity Central Index Key

0001042046

Document Type

8-K

Document Period End Date

Apr. 29, 2026

Entity Incorporation State Country Code

Entity File Number

1-13653

Entity Tax Identification Number

31-1544320

Entity Address, Address Line One

301 East Fourth Street

Entity Address, City or Town

Cincinnati

Entity Address, State or Province

Entity Address, Postal Zip Code

45202

City Area Code

513

Local Phone Number

579-2121

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Common Stock [Member]

Document And Entity Information [Line Items]

Security 12b Title

Common Stock

Trading Symbol

AFG

Security Exchange Name

NYSE

Five 875 Subordinated Debentures Due March 302059 [Member]

Document And Entity Information [Line Items]

Security 12b Title

5.875% Subordinated Debentures due March 30, 2059

Trading Symbol

AFGB

Security Exchange Name

NYSE

Five 125 Subordinated Debentures Due December 152059 [Member]

Document And Entity Information [Line Items]

Security 12b Title

5.125% Subordinated Debentures due December 15, 2059

Trading Symbol

AFGC

Security Exchange Name

NYSE

Five 625 Subordinated Debentures Due June 12060 [Member]

Document And Entity Information [Line Items]

Security 12b Title

5.625% Subordinated Debentures due June 1, 2060

Trading Symbol

AFGD

Security Exchange Name

NYSE

Four 5 Subordinated Debentures Due September 152060 [Member]

Document And Entity Information [Line Items]

Security 12b Title

4.5% Subordinated Debentures due September 15, 2060

Trading Symbol

AFGE

Security Exchange Name

NYSE

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