EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Third Quarter 2026

November 3, 2026

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Third Quarter 2026


Section	Page

Table of Contents - Investor Supplement - Third Quarter 2026		2
Financial Highlights		3
Summary of Earnings		4
Earnings Per Share Summary		5

Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)		6
Specialty - Underwriting Results (GAAP)		7
Property and Transportation - Underwriting Results (GAAP)		8
Specialty Casualty - Underwriting Results (GAAP)		9
Specialty Financial - Underwriting Results (GAAP)		10

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		11
Book Value Per Share and Price / Book Summary		12
Capitalization		13
Additional Supplemental Information		14

Consolidated Investment Supplement
Total Cash and Investments		15
Net Investment Income		16
Alternative Investments		17
Fixed Maturities - By Security Type - AFG Consolidated		18

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2026		19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025		20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 9/30/2026		21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025		22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2026		23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025		24
G. Real Estate-Related Investments 9/30/2026		25
H. Real Estate-Related Investments 12/31/2025		26

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Highlights
Net earnings	$	282		$	248		$	191		$	299		$	215		$	721		$	543
Core net operating earnings		329			234			206			305			224			769			555
Total assets		35,738			33,034			32,353			32,642			33,834			35,738			33,834
Shareholders’ equity, excluding AOCI (a)		5,155			4,963			4,805			4,870			4,803			5,155			4,803
Property and Casualty net written premiums		2,454			1,915			1,664			1,444			2,252			6,033			5,666

Per share data
Diluted earnings per share	$	3.40		$	2.99		$	2.29		$	3.58		$	2.58		$	8.68		$	6.50
Core net operating earnings per share		3.97			2.82			2.47			3.65			2.69			9.26			6.65
Book value per share, excluding AOCI (a)		62.29			59.85			57.83			58.38			57.59			62.29			57.59
Dividends per common share		0.88			0.88			2.38			2.88			0.80			4.14			4.40

Financial ratios
Annualized return on equity (b)		22.3	%		20.3	%		15.8	%		24.7	%		18.2	%		19.4	%		15.5	%
Annualized core operating return on equity (b)		26.0	%		19.2	%		17.0	%		25.2	%		19.0	%		20.7	%		15.8	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		67.8	%		58.9	%		56.3	%		58.6	%		67.2	%		61.6	%		63.4	%
Underwriting expense ratio		26.0	%		32.6	%		34.0	%		25.5	%		25.8	%		30.4	%		29.9	%

Combined ratio - Specialty		93.8	%		91.5	%		90.3	%		84.1	%		93.0	%		92.0	%		93.3	%

(a)	A reconciliation to the GAAP measure is on page 12.

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Property and Casualty Insurance
Underwriting profit	$	130		$	142		$	156		$	284		$	138		$	428		$	345
Net investment income (a)		289			221			168			171			205			678			554
Other income (expense)		(13	)		(13	)		(15	)		(15	)		(15	)		(41	)		(52	)

Property and Casualty Insurance operating earnings		406			350			309			440			328			1,065			847
Interest expense of parent holding companies		(23	)		(24	)		(23	)		(23	)		(19	)		(70	)		(57	)
Parent investment income - Charleston Harbor sale (a)		63			—			—			—			—			63			—
Other expense		(28	)		(26	)		(29	)		(31	)		(29	)		(83	)		(89	)

Pretax core operating earnings		418			300			257			386			280			975			701
Income tax expense		89			66			51			81			56			206			146

Core net operating earnings		329			234			206			305			224			769			555
Non-core items, net of tax:
Realized gains (losses) on securities		(28	)		14			(15	)		(6	)		10			(29	)		14
Realized gain on subsidiaries		—			—			—			—			1			—			1
Special A&E charges - Former Railroad and Manufacturing operations		(19	)		—			—			—			(20	)		(19	)		(20	)
Other non-core items		—			—			—			—			—			—			(7	)

Net earnings	$	282		$	248		$	191		$	299		$	215		$	721		$	543

(a)

The sale of Charleston Harbor Resort and Marina in August 2026 generated $126 million in pretax net investment income. The P&C companies and AFG parent equally owned the property. Accordingly, half of the earnings are included in P&C net investment income and half are included in parent net investment income.

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Nine Months Ended
	9/30/26			6/30/26		3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Core net operating earnings	$	329		$	234	$	206		$	305		$	224		$	769		$	555

Net earnings	$	282		$	248	$	191		$	299		$	215		$	721		$	543

Average number of diluted shares		82.919			83.026		83.263			83.411			83.397			83.068			83.574

Diluted earnings per share:
Core net operating earnings per share	$	3.97		$	2.82	$	2.47		$	3.65		$	2.69		$	9.26		$	6.65
Realized gains (losses) on securities		(0.34	)		0.17		(0.18	)		(0.07	)		0.12			(0.35	)		0.17
Realized gain on subsidiaries		—			—		—			—			0.01			—			0.01
Special A&E charges - Former Railroad and Manufacturing operations		(0.23	)		—		—			—			(0.24	)		(0.23	)		(0.24	)
Other non-core items		—			—		—			—			—			—			(0.09	)

Diluted earnings per share	$	3.40		$	2.99	$	2.29		$	3.58		$	2.58		$	8.68		$	6.50

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Property and Transportation	$	68		$	57		$	65		$	216		$	55		$	190		$	119
Specialty Casualty		42			45			34			27			33			121			102
Specialty Financial		23			42			57			44			51			122			126

Underwriting profit - Specialty		133			144			156			287			139			433			347
Other core charges, included in loss and LAE		(3	)		(2	)		—			(3	)		(1	)		(5	)		(2	)

Underwriting profit - Property and Casualty Insurance	$	130		$	142		$	156		$	284		$	138		$	428		$	345

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		23			31			35			4			23			89			133

Total current accident year catastrophe losses	$	23		$	31		$	35		$	4		$	23		$	89		$	133

Prior year loss reserve development (favorable) / adverse	$	(30	)	$	(55	)	$	(70	)	$	(27	)	$	(23	)	$	(155	)	$	(54	)

Combined ratio:
Property and Transportation		93.4	%		90.3	%		87.6	%		70.6	%		94.1	%		91.2	%		94.1	%
Specialty Casualty		94.9	%		94.5	%		95.8	%		96.7	%		95.8	%		94.9	%		95.7	%
Specialty Financial		92.5	%		85.6	%		80.0	%		83.0	%		81.1	%		86.2	%		84.8	%
Combined ratio - Specialty		93.8	%		91.5	%		90.3	%		84.1	%		93.0	%		92.0	%		93.3	%
Other core charges		0.2	%		0.1	%		0.1	%		0.2	%		0.1	%		0.2	%		0.1	%

Combined ratio		94.0	%		91.6	%		90.4	%		84.3	%		93.1	%		92.2	%		93.4	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		94.3	%		93.1	%		92.5	%		85.5	%		93.0	%		93.3	%		91.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		68.3	%		60.5	%		58.5	%		60.0	%		67.2	%		62.9	%		62.0	%
Prior accident year loss reserve development		(1.4	%)		(3.3	%)		(4.3	%)		(1.5	%)		(1.1	%)		(2.8	%)		(1.0	%)
Current accident year catastrophe losses		1.1	%		1.8	%		2.2	%		0.3	%		1.2	%		1.7	%		2.5	%

Loss and LAE ratio		68.0	%		59.0	%		56.4	%		58.8	%		67.3	%		61.8	%		63.5	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Gross written premiums	$	3,959		$	2,850		$	2,435		$	2,085		$	3,665		$	9,244		$	8,609
Ceded reinsurance premiums		(1,505	)		(935	)		(771	)		(641	)		(1,413	)		(3,211	)		(2,943	)

Net written premiums		2,454			1,915			1,664			1,444			2,252			6,033			5,666
Change in unearned premiums		(290	)		(221	)		(55	)		362			(239	)		(566	)		(426	)

Net earned premiums		2,164			1,694			1,609			1,806			2,013			5,467			5,240
Loss and LAE		1,467			998			906			1,058			1,354			3,371			3,325
Underwriting expense		564			552			547			461			520			1,663			1,568

Underwriting profit	$	133		$	144		$	156		$	287		$	139		$	433		$	347

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		23			31			35			4			23			89			133

Total current accident year catastrophe losses	$	23		$	31		$	35		$	4		$	23		$	89		$	133

Prior year loss reserve development (favorable) / adverse	$	(33	)	$	(57	)	$	(70	)	$	(30	)	$	(24	)	$	(160	)	$	(56	)

Combined ratio:
Loss and LAE ratio		67.8	%		58.9	%		56.3	%		58.6	%		67.2	%		61.6	%		63.4	%
Underwriting expense ratio		26.0	%		32.6	%		34.0	%		25.5	%		25.8	%		30.4	%		29.9	%

Combined ratio		93.8	%		91.5	%		90.3	%		84.1	%		93.0	%		92.0	%		93.3	%

Combined ratio excl. catastrophe losses and prior year reserve development		94.3	%		93.1	%		92.5	%		85.5	%		93.0	%		93.3	%		91.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		68.3	%		60.5	%		58.5	%		60.0	%		67.2	%		62.9	%		62.0	%
Prior accident year loss reserve development		(1.5	%)		(3.4	%)		(4.4	%)		(1.6	%)		(1.2	%)		(2.9	%)		(1.1	%)
Current accident year catastrophe losses		1.0	%		1.8	%		2.2	%		0.2	%		1.2	%		1.6	%		2.5	%

Loss and LAE ratio		67.8	%		58.9	%		56.3	%		58.6	%		67.2	%		61.6	%		63.4	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Gross written premiums	$	2,214		$	1,351		$	999		$	612		$	1,975		$	4,564		$	4,119
Ceded reinsurance premiums		(1,021	)		(554	)		(403	)		(214	)		(924	)		(1,978	)		(1,746	)

Net written premiums		1,193			797			596			398			1,051			2,586			2,373
Change in unearned premiums		(167	)		(207	)		(70	)		337			(116	)		(444	)		(362	)

Net earned premiums		1,026			590			526			735			935			2,142			2,011
Loss and LAE		796			369			301			417			728			1,466			1,426
Underwriting expense		162			164			160			102			152			486			466

Underwriting profit	$	68		$	57		$	65		$	216		$	55		$	190		$	119

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		4			12			12			—			4			28			26

Total current accident year catastrophe losses	$	4		$	12		$	12		$	—		$	4		$	28		$	26

Prior year loss reserve development (favorable) / adverse	$	(24	)	$	(42	)	$	(47	)	$	(20	)	$	(11	)	$	(113	)	$	(43	)

Combined ratio:
Loss and LAE ratio		77.7	%		62.6	%		57.1	%		56.8	%		77.8	%		68.5	%		70.9	%
Underwriting expense ratio		15.7	%		27.7	%		30.5	%		13.8	%		16.3	%		22.7	%		23.2	%

Combined ratio		93.4	%		90.3	%		87.6	%		70.6	%		94.1	%		91.2	%		94.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.4	%		95.2	%		94.4	%		73.4	%		94.8	%		95.2	%		94.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		79.7	%		67.5	%		63.9	%		59.6	%		78.5	%		72.5	%		71.7	%
Prior accident year loss reserve development		(2.4	%)		(7.0	%)		(9.0	%)		(2.7	%)		(1.1	%)		(5.3	%)		(2.1	%)
Current accident year catastrophe losses		0.4	%		2.1	%		2.2	%		(0.1	%)		0.4	%		1.3	%		1.3	%

Loss and LAE ratio		77.7	%		62.6	%		57.1	%		56.8	%		77.8	%		68.5	%		70.9	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Gross written premiums	$	1,342		$	1,119		$	1,089		$	1,153		$	1,337		$	3,550		$	3,467
Ceded reinsurance premiums		(407	)		(307	)		(300	)		(357	)		(423	)		(1,014	)		(1,016	)

Net written premiums		935			812			789			796			914			2,536			2,451
Change in unearned premiums		(104	)		2			10			16			(104	)		(92	)		(48	)

Net earned premiums		831			814			799			812			810			2,444			2,403
Loss and LAE		539			525			517			558			541			1,581			1,593
Underwriting expense		250			244			248			227			236			742			708

Underwriting profit	$	42		$	45		$	34		$	27		$	33		$	121		$	102

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		3			9			11			(3	)		8			23			42

Total current accident year catastrophe losses	$	3		$	9		$	11		$		(3)	$	8		$	23		$	42

Prior year loss reserve development (favorable) / adverse	$	(5	)	$	(1	)	$	—		$	(1	)	$	(1	)	$	(6)		$	21

Combined ratio:
Loss and LAE ratio		64.8	%		64.6	%		64.7	%		68.7	%		66.8	%		64.6	%		66.3	%
Underwriting expense ratio		30.1	%		29.9	%		31.1	%		28.0	%		29.0	%		30.3	%		29.4	%

Combined ratio		94.9	%		94.5	%		95.8	%		96.7	%		95.8	%		94.9	%		95.7	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.1	%		93.6	%		94.4	%		97.1	%		94.9	%		94.3	%		93.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		65.0	%		63.7	%		63.3	%		69.1	%		65.9	%		64.0	%		63.7	%
Prior accident year loss reserve development		(0.6	%)		(0.1	%)		0.0	%		(0.1	%)		(0.1	%)		(0.2	%)		0.9	%
Current accident year catastrophe losses		0.4	%		1.0	%		1.4	%		(0.3	%)		1.0	%		0.8	%		1.7	%

Loss and LAE ratio		64.8	%		64.6	%		64.7	%		68.7	%		66.8	%		64.6	%		66.3	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Gross written premiums	$	403		$	380		$	347		$	320		$	353		$	1,130		$	1,023
Ceded reinsurance premiums		(77	)		(74	)		(68	)		(70	)		(66	)		(219	)		(181	)

Net written premiums		326			306			279			250			287			911			842
Change in unearned premiums		(19	)		(16	)		5			9			(19	)		(30	)		(16	)

Net earned premiums		307			290			284			259			268			881			826
Loss and LAE		132			104			88			83			85			324			306
Underwriting expense		152			144			139			132			132			435			394

Underwriting profit	$	23		$	42		$	57		$	44		$	51		$	122		$	126

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe losses		16			10			12			7			11			38			65

Total current accident year catastrophe losses	$	16		$	10		$	12		$	7		$	11		$	38		$	65

Prior year loss reserve development (favorable) / adverse	$	(4	)	$	(14	)	$	(23	)	$	(9	)	$	(12	)	$	(41	)	$	(34	)

Combined ratio:
Loss and LAE ratio		43.0	%		35.6	%		31.2	%		32.0	%		31.8	%		36.8	%		37.1	%
Underwriting expense ratio		49.5	%		50.0	%		48.8	%		51.0	%		49.3	%		49.4	%		47.7	%

Combined ratio		92.5	%		85.6	%		80.0	%		83.0	%		81.1	%		86.2	%		84.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		88.5	%		87.3	%		83.7	%		83.5	%		81.7	%		86.5	%		81.1	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		39.0	%		37.3	%		34.9	%		32.5	%		32.4	%		37.1	%		33.4	%
Prior accident year loss reserve development		(1.2	%)		(5.1	%)		(7.9	%)		(3.0	%)		(4.7	%)		(4.7	%)		(4.2	%)
Current accident year catastrophe losses		5.2	%		3.4	%		4.2	%		2.5	%		4.1	%		4.4	%		7.9	%

Loss and LAE ratio		43.0	%		35.6	%		31.2	%		32.0	%		31.8	%		36.8	%		37.1	%

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			6/30/25
Assets:
Total cash and investments	$	17,351		$	17,069		$	17,143		$	17,182		$	16,761		$	16,049
Recoverables from reinsurers		6,039			5,267			5,303			5,528			5,565			4,733
Prepaid reinsurance premiums		1,558			1,375			1,211			1,089			1,443			1,256
Agents’ balances and premiums receivable		2,215			2,046			1,670			1,641			2,034			1,946
Deferred policy acquisition costs		375			366			334			333			349			345
Assets of managed investment entities		4,556			4,142			3,987			4,050			3,972			3,833
Other receivables		1,915			1,117			1,058			1,212			2,075			877
Other assets		1,402			1,325			1,320			1,280			1,308			1,325
Goodwill		327			327			327			327			327			305

Total assets	$	35,738		$	33,034		$	32,353		$	32,642		$	33,834		$	30,669

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	16,095		$	14,842		$	14,914		$	15,094		$	15,079		$	13,834
Unearned premiums		4,769			4,297			3,911			3,736			4,450			4,026
Payable to reinsurers		1,479			1,133			1,065			1,195			1,578			1,152
Liabilities of managed investment entities		4,401			3,993			3,854			3,907			3,834			3,685
Long-term debt		1,821			1,821			1,820			1,820			1,820			1,476
Other liabilities		2,446			2,127			2,111			2,070			2,343			1,980

Total liabilities		31,011			28,213			27,675			27,822			29,104			26,153
Shareholders’ equity:
Common stock		83			83			83			83			83			83
Capital surplus		1,438			1,434			1,428			1,430			1,421			1,414
Retained earnings		3,634			3,446			3,294			3,357			3,299			3,151
Unrealized gains (losses) - fixed maturities		(378	)		(112	)		(100	)		(22	)		(43	)		(101	)
Unrealized gains (losses) - fixed maturity-related cash flow hedges		(22	)		(4	)		(1	)		(2	)		(3	)		(5	)
Other comprehensive income (loss), net of tax		(28	)		(26	)		(26	)		(26	)		(27	)		(26	)

Total shareholders’ equity		4,727			4,821			4,678			4,820			4,730			4,516

Total liabilities and equity	$	35,738		$	33,034		$	32,353		$	32,642		$	33,834		$	30,669

Page 11


American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information)


	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			6/30/25
Shareholders’ equity	$	4,727		$	4,821		$	4,678		$	4,820		$	4,730		$	4,516
Accumulated other comprehensive income (loss)		(428	)		(142	)		(127	)		(50	)		(73	)		(132	)

Shareholders’ equity, excluding AOCI		5,155			4,963			4,805			4,870			4,803			4,648
Goodwill		327			327			327			327			327			305
Intangibles		174			179			184			189			192			193

Tangible shareholders’ equity, excluding AOCI	$	4,654		$	4,457		$	4,294		$	4,354		$	4,284		$	4,150

Common shares outstanding		82.750			82.917			83.086			83.422			83.401			83.386
Book value per share:
Book value per share	$	57.12		$	58.14		$	56.30		$	57.78		$	56.72		$	54.15
Book value per share, excluding AOCI		62.29			59.85			57.83			58.38			57.59			55.74
Tangible, excluding AOCI		56.25			53.76			51.69			52.20			51.38			49.77
Market capitalization
AFG’s closing common share price	$	136.76		$	139.94		$	127.71		$	136.68		$	145.72		$	126.21
Market capitalization	$	11,317		$	11,603		$	10,611		$	11,402		$	12,153		$	10,524
Price / Book value per share, excluding AOCI		2.20			2.34			2.21			2.34			2.53			2.26

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)


	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			6/30/25
AFG senior obligations	$	1,173		$	1,173		$	1,173		$	1,173		$	1,173		$	823
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt		1,173			1,173			1,173			1,173			1,173			823
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt		1,848			1,848			1,848			1,848			1,848			1,498
Shareholders’ equity		4,727			4,821			4,678			4,820			4,730			4,516
Accumulated other comprehensive income (loss)		(428	)		(142	)		(127	)		(50	)		(73	)		(132	)

Total capital, excluding AOCI	$	7,003		$	6,811		$	6,653		$	6,718		$	6,651		$	6,146

Ratio of debt to total capital, excluding AOCI:
Including subordinated debt		26.4	%		27.1	%		27.8	%		27.5	%		27.8	%		24.4	%
Excluding subordinated debt		16.7	%		17.2	%		17.6	%		17.5	%		17.6	%		13.4	%

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Property and Casualty Insurance
Paid Losses (GAAP)	$	962		$	1,014		$	888		$	984		$	936		$	2,864		$	2,834


	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			6/30/25
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	6,775		$	6,528		$	6,354		$	6,354		$	6,173		$	5,935
Parent and other subsidiaries		(1,620	)		(1,565	)		(1,549	)		(1,484	)		(1,370	)		(1,287	)

AFG GAAP Equity (excluding AOCI)	$	5,155		$	4,963		$	4,805		$	4,870		$	4,803		$	4,648

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	1,083		$	1,083		$	1,083		$	1,081		$	1,004		$	1,004

Page 14

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - September 30, 2026
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,044	$	304	$	—		$	1,348		8	%
Fixed maturities - Available for sale		11,711		60		—			11,771		68	%
Fixed maturities - Trading		75		—		—			75		0	%
Equity securities - Common stocks		380		—		—			380		2	%
Equity securities - Perpetual preferred		385		—		—			385		2	%
Investments accounted for using the equity method		2,455		3		—			2,458		14	%
Mortgage loans		829		—		—			829		5	%
Real estate and other investments		180		80		(155	)		105		1	%

Total cash and investments	$	17,059	$	447	$	(155	)	$	17,351		100	%


	Carrying Value - December 31, 2025
	Property and 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		10	%
Fixed maturities - Available for sale		10,923		129		—			11,052		64	%
Fixed maturities - Trading		91		—		—			91		1	%
Equity securities - Common stocks		365		—		—			365		2	%
Equity securities - Perpetual preferred		420		—		—			420		2	%
Investments accounted for using the equity method		2,419		2		—			2,421		14	%
Mortgage loans		947		—		—			947		6	%
Real estate and other investments		199		103		(143	)		159		1	%

Total cash and investments	$	16,741	$	584	$	(143	)	$	17,182		100	%

Page 15

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	151		$	147		$	141		$	138		$	135		$	439		$	412
Equity securities		8			5			10			6			6			23			27
Sale of Charleston Harbor		63			—			—			—			—			63			—
Other investments (a)		25			25			27			27			27			77			71

Gross investment income excluding alternative investments		247			177			178			171			168			602			510
Gross investment income from alternative investments (b)		48			50			(3	)		6			43			95			63

Total gross investment income		295			227			175			177			211			697			573
Investment expenses		(6	)		(6	)		(7	)		(6	)		(6	)		(19	)		(19	)

Total net investment income	$	289		$	221		$	168		$	171		$	205		$	678		$	554

Average cash and investments (c)	$	17,218		$	16,916		$	16,855		$	16,520		$	16,095		$	17,036		$	15,988

Average yield - overall portfolio, net (d)		6.71	%		5.23	%		3.99	%		4.14	%		5.09	%		5.31	%		4.62	%
Average yield - fixed maturities before inv expenses (d)		5.15	%		5.13	%		5.04	%		5.11	%		5.12	%		5.09	%		5.17	%
AFG consolidated net investment income:
Property & Casualty	$	289		$	221		$	168		$	171		$	205		$	678		$	554
Sale of Charleston Harbor - Parent		63			—			—			—			—			63			—
Parent & other		8			9			6			7			6			23			18
Consolidate CLOs		(4	)		(9	)		13			5			(6	)		—			(10	)

Total net investment income	$	356		$	221		$	187		$	183		$	205		$	764		$	562

Average cash and investments (c)	$	17,520		$	17,240		$	17,240		$	17,013		$	16,496		$	17,380		$	16,318

Average yield - overall portfolio, net (d)		8.13	%		5.13	%		4.34	%		4.30	%		4.97	%		5.86	%		4.59	%
Average yield - fixed maturities before inv expenses (d)		5.15	%		5.12	%		5.05	%		5.11	%		5.11	%		5.09	%		5.17	%

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

(b)	Investment income on alternative investments is detailed on page 17.

(c)	Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances.

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

Page 16

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/26			6/30/26			3/31/26			12/31/25			9/30/25			9/30/26			9/30/25
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	1		$	2		$	1		$	16		$	4		$	21
Equity securities MTM through investment income (a)		(2	)		2			(10	)		(12	)		(6	)		(10	)		(2	)
Investments accounted for using the equity method (b)		45			38			18			22			27			101			34
AFG managed CLOs (eliminated in consolidation)		4			9			(13	)		(5	)		6			—			10

Total Property & Casualty	$	48		$	50		$		(3)	$	6		$	43		$	95		$	63

Investments
Fixed maturities MTM through investment income	$	32		$	34		$	31		$	44		$	30		$	32		$	30
Equity securities MTM through investment income (a)		221			221			190			211			243			221			243
Investments accounted for using the equity method (b)		2,455			2,434			2,440			2,419			2,381			2,455			2,381
AFG managed CLOs (eliminated in consolidation)		155			149			133			143			138			155			138

Total Property & Casualty	$	2,863		$	2,838		$	2,794		$	2,817		$	2,792		$	2,863		$	2,792

Annualized Return - Property & Casualty		6.7	%		7.1	%		(0.4	%)		0.9	%		6.2	%		4.5	%		3.0	%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income	$	1		$	1		$	2		$	1		$	16		$	4		$	21
Equity securities MTM through investment income (a)		(2	)		2			(10	)		(12	)		(6	)		(10	)		(2	)
Investments accounted for using the equity method (b)		45			38			18			22			27			101			34
AFG managed CLOs (eliminated in consolidation)		4			9			(13	)		(5	)		6			—			10

Total AFG Consolidated	$	48		$	50		$		(3)	$	6		$	43		$	95		$	63

Investments
Fixed maturities MTM through investment income	$	32		$	34		$	31		$	44		$	30		$	32		$	30
Equity securities MTM through investment income (a)		221			221			190			211			243			221			243
Investments accounted for using the equity method (b)		2,458			2,437			2,443			2,421			2,383			2,458			2,383
AFG managed CLOs (eliminated in consolidation)		155			149			133			143			138			155			138

Total AFG Consolidated	$	2,866		$	2,841		$	2,797		$	2,819		$	2,794		$	2,866		$	2,794

Annualized Return - AFG Consolidated		6.7	%		7.1	%		(0.4	%)		0.9	%		6.2	%		4.5	%		3.0	%

(a)	AFG records holding gains and losses in net investment income on certain securities classified at purchase as “fair value through net investment income.”

(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to market through net income.

Page 17

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions )


September 30, 2026	Book Value (a)	Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$ 136	$	132	$	(4	)		1	%		1	%
States, municipalities and political subdivisions	768		698		(70	)		6	%		4	%
Foreign government	295		293		(2	)		3	%		2	%
Residential mortgage-backed securities	3,712		3,457		(255	)		29	%		20	%
Collateralized loan obligations	1,240		1,237		(3	)		10	%		7	%
Other asset-backed securities	2,748		2,672		(76	)		23	%		15	%
Corporate and other bonds	3,426		3,357		(69	)		28	%		19	%

Total AFG consolidated	$ 12,325	$	11,846	$	(479	)		100	%		68	%


Approximate duration - P&C	3.9 years
Approximate duration - P&C including cash	3.6 years


December 31, 2025	Book Value (a)	Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$ 160	$	161	$	1			1	%		1	%
States, municipalities and political subdivisions	853		835		(18	)		7	%		5	%
Foreign government	301		303		2			3	%		2	%
Residential mortgage-backed securities	2,807		2,747		(60	)		25	%		16	%
Collateralized loan obligations	1,162		1,160		(2	)		10	%		7	%
Other asset-backed securities	2,534		2,525		(9	)		23	%		14	%
Corporate and other bonds	3,354		3,412		58			31	%		20	%

Total AFG consolidated	$11,171	$	11,143	$	(28	)		100	%		65	%


Approximate duration - P&C	3.3 years
Approximate duration - P&C including cash	2.9 years

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

Page 18

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2026

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	128	$	230	$	2,733	$	1,228	$	1,044	$	12	$	5,375		45	%
AA		132		541		18		576		9		407		260		1,943		16	%
A		—		19		40		53		—		696		1,052		1,860		16	%
BBB		—		8		2		24		—		476		1,794		2,304		20	%

Subtotal - Investment grade		132		696		290		3,386		1,237		2,623		3,118		11,482		97	%
BB		—		—		—		1		—		4		119		124		1	%
B		—		—		—		1		—		1		28		30		0	%
CCC, CC, C		—		—		—		22		—		1		2		25		0	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		24		—		6		149		179		1	%
Not Rated (b)		—		2		3		47		—		43		90		185		2	%

Total	$	132	$	698	$	293	$	3,457	$	1,237	$	2,672	$	3,357	$	11,846		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	132	$	686	$	228	$	3,350	$	1,198	$	2,104	$	1,332	$	9,030		78	%
2		—		8		—		23		—		482		1,774		2,287		20	%

Subtotal		132		694		228		3,373		1,198		2,586		3,106		11,317		98	%
3		—		—		—		—		—		4		124		128		1	%
4		—		—		—		9		—		5		38		52		1	%
5		—		—		—		2		—		—		40		42		0	%
6		—		—		—		1		—		3		3		7		0	%

Subtotal		—		—		—		12		—		12		205		229		2	%
Total insurance companies	$	132	$	694	$	228	$	3,385	$	1,198	$	2,598	$	3,311	$	11,546		100	%

No NAIC designation (c)		—		—		—		—		—		23		15		38
Non-Insurance and Foreign Companies (d)		—		4		65		72		39		51		31		262

Total	$	132	$	698	$	293	$	3,457	$	1,237	$	2,672	$	3,357	$	11,846

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	For ABS, 32% are NAIC 2 and 54% do not have a designation.

For Corp/Oth, 14% are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% NAIC 5.

For Total, 26% are NAIC 1, 15% NAIC 2, 21% NAIC 5, 21% NAIC 5 and 16% do not have a designation.

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

(d)	99% are investment grade rated.

Page 19

Appendix B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025

($ in millions)


	Fair Value by Type
Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	—	$	161	$	255	$	2,475	$	1,137	$	831	$	13	$	4,872		44	%
AA		161		644		14		87		20		349		222		1,497		13	%
A		—		21		30		75		3		743		998		1,870		17	%
BBB		—		8		4		27		—		520		1,898		2,457		22	%

Subtotal - Investment grade		161		834		303		2,664		1,160		2,443		3,131		10,696		96	%
BB		—		—		—		2		—		5		122		129		1	%
B		—		—		—		1		—		1		20		22		0	%
CCC, CC, C		—		—		—		25		—		2		3		30		1	%
D		—		—		—		—		—		—		—		—		0	%

Subtotal - Non-Investment grade		—		—		—		28		—		8		145		181		2	%
Not Rated (b)		—		1		—		55		—		74		136		266		2	%

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn Gov		RMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	161	$	822	$	239	$	2,639	$	1,059	$	1,906	$	1,230	$	8,056		75	%
2		—		8		—		26		—		509		1,861		2,404		22	%
Subtotal		161		830		239		2,665		1,059		2,415		3,091		10,460		97	%

3		—		—		—		1		—		5		174		180		2	%
4		—		—		—		1		—		5		35		41		0	%
5		—		—		—		13		—		1		62		76		1	%
6		—		—		—		1		—		3		1		5		0	%

Subtotal		—		—		—		16		—		14		272		302		3	%
Total insurance companies	$	161	$	830	$	239	$	2,681	$	1,059	$	2,429	$	3,363	$	10,762		100	%

No NAIC designation (c)		—		—		—		—		—		39		17		56
Non-Insurance and Foreign Companies (d)		—		5		64		66		101		57		32		325

Total	$	161	$	835	$	303	$	2,747	$	1,160	$	2,525	$	3,412	$	11,143

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

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

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

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

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

(d)	99% are investment grade rated.

Page 20

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

9/30/2026

($ 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	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	1	$	12		0	%
AA		5		19		75		39		9		33		34		—		19		27		260		8	%
A		85		244		139		86		144		77		46		96		29		106		1,052		31	%
BBB		743		283		50		100		92		48		44		50		32		352		1,794		53	%

Subtotal		833		546		264		236		245		158		124		146		80		486		3,118		92	%
BB		4		8		—		8		—		19		12		15		5		48		119		4	%
B		—		—		—		8		—		—		14		—		5		1		28		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		1		1		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		4		8		—		16		—		19		26		15		11		50		149		5	%
Not Rated (b)		5		—		6		1		—		21		16		—		34		7		90		3	%

Total	$	842	$	554	$	270	$	253	$	245	$	198	$	166	$	161	$	125	$	543	$	3,357		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Insurance		Technology		Utilities		Other Financials		Consumer		Autos		Healthcare		Other		Total		% Total
1	$	103	$	260	$	212	$	135	$	154	$	113	$	80	$	95	$	48	$	132	$	1,332		40	%
2		729		280		48		101		89		48		51		48		32		348		1,774		54	%

Subtotal		832		540		260		236		243		161		131		143		80		480		3,106		94	%
3		4		8		—		4		—		19		12		15		15		47		124		4	%
4		—		—		—		8		—		—		23		—		5		2		38		1	%
5		—		—		—		1		—		9		—		—		25		5		40		1	%
6		—		—		—		—		—		—		—		—		—		3		3		0	%

Subtotal		4		8		—		13		—		28		35		15		45		57		205		6	%

Total insurance companies	$	836	$	548	$	260	$	249	$	243	$	189	$	166	$	158	$	125	$	537	$	3,311		100	%

No NAIC designation (c)		—		—		6		—		—		9		—		—		—		—		15
Non-Insurance and Foreign Companies		6		6		4		4		2		—		—		3		—		6		31


Total	$	842	$	554	$	270	$	253	$	245	$	198	$	166	$	161	$	125	$	543	$	3,357

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	14% of not rated securities are NAIC 1, 13% NAIC 2, 11% NAIC 3, 11% NAIC 4 and 40% NAIC 5.

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

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		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	2	$	13		0	%
AA		—		32		58		5		30		10		49		—		15		23		222		6	%
A		179		70		155		52		48		151		51		101		36		155		998		29	%
BBB		264		94		53		769		160		90		41		55		39		333		1,898		56	%

Subtotal		443		196		266		826		249		251		141		156		90		513		3,131		91	%
BB		6		—		—		—		4		—		9		18		3		82		122		4	%
B		2		—		—		—		—		—		7		—		5		6		20		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		3		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		8		—		—		—		4		—		16		18		8		91		145		5	%
Not Rated (b)		—		25		6		—		2		—		28		1		43		31		136		4	%

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Utilities		Consumer		Autos		Healthcare		Other		Total		% Total
1	$	176	$	104	$	211	$	57	$	88	$	161	$	101	$	101	$	50	$	181	$	1,230		37	%
2		261		70		52		763		157		88		48		54		38		330		1,861		55	%

Subtotal		437		174		263		820		245		249		149		155		88		511		3,091		92	%
3		7		24		—		—		4		—		16		18		27		78		174		5	%
4		2		—		—		—		—		—		18		—		5		10		35		1	%
5		—		10		—		—		1		—		2		—		20		29		62		2	%
6		—		1		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		35		—		—		5		—		36		18		52		117		272		8	%
Total insurance companies	$	446	$	209	$	263	$	820	$	250	$	249	$	185	$	173	$	140	$	628	$	3,363		100%

No NAIC designation (c)		—		11		6		—		—		—		—		—		—		—		17
Non-Insurance and Foreign Companies		5		1		3		6		5		2		—		2		1		7		32

Total	$	451	$	221	$	272	$	826	$	255	$	251	$	185	$	175	$	141	$	635	$	3,412

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

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

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

Page 22

Appendix E

American Financial Group, Inc.

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

9/30/2026

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Auto		Secured Financing		Single Family Rental		Commercial Real Estate		Other		Total		% Total
Investment Grade
AAA	$	—	$	326	$	262	$	—	$	21	$	148	$	—	$	91	$	65	$	131	$	1,044		39	%
AA		30		46		56		205		8		—		29		—		—		33		407		15	%
A		10		14		—		110		182		—		67		—		—		313		696		26	%
BBB		410		—		—		—		3		—		1		—		—		62		476		18	%

Subtotal		450		386		318		315		214		148		97		91		65		539		2,623		98	%
BB		—		—		—		—		—		—		1		—		—		3		4		0	%
B		—		—		—		—		—		—		1		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		1		—		—		—		—		—		1		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		1		—		2		—		—		3		6		0	%
Not Rated (b)		—		—		—		—		3		—		14		—		—		26		43		2	%

Total	$	450	$	386	$	318	$	315	$	218	$	148	$	113	$	91	$	65	$	568	$	2,672		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Auto		Secured Financing		Single Family Rental		Commercial Real Estate		Other		Total		% Total
1	$	40	$	377	$	317	$	299	$	210	$	143	$	97	$	88	$	60	$	473	$	2,104		81	%
2		404		—		—		—		2		—		15		—		—		61		482		19	%

Subtotal		444		377		317		299		212		143		112		88		60		534		2,586		100	%
3		—		—		—		—		—		—		1		—		—		3		4		0	%
4		—		—		—		—		—		—		—		—		—		5		5		0	%
5		—		—		—		—		—		—		—		—		—		—		—		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		3		—		1		—		—		8		12		0	%
Total insurance companies	$	444	$	377	$	317	$	299	$	215	$	143	$	113	$	88	$	60	$	542	$	2,598		100%

No NAIC designation		—		—		—		—		1		—		—		—		—		22		23
Non-Insurance and Foreign Companies		6		9		1		16		2		5		—		3		5		4		51

Total	$	450	$	386	$	318	$	315	$	218	$	148	$	113	$	91	$	65	$	568	$	2,672

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

(b)	32% of not rated securities are NAIC 2 and 54% do not have a designation.

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	$	—	$	15	$	—	$	113	$	93	$	92	$	117	$	831		33	%
AA		76		51		82		64		15		30		—		—		—		31		349		14	%
A		10		16		3		169		175		63		—		—		—		307		743		29	%
BBB		439		—		—		5		14		1		—		—		—		61		520		21	%

Subtotal		525		298		255		238		219		94		113		93		92		516		2,443		97	%
BB		—		—		—		—		2		1		—		—		—		2		5		0	%
B		—		—		—		—		1		—		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		2		—		—		—		—		—		2		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		5		1		—		—		—		2		8		0	%
Not Rated (b)		—		—		—		—		3		29		—		—		—		42		74		3	%

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525		100	%


	Fair Value By Collateral Type
NAIC designation	Whole Business		Triple Net Lease		TruPS		Railcar		Aircraft		Secured Financing		Commercial Real Estate		Single Family Rental		Auto		Other		Total		% Total
1	$	86	$	290	$	252	$	219	$	203	$	121	$	106	$	90	$	87	$	452	$	1,906		79	%
2		431		—		—		5		13		1		—		—		—		59		509		21	%

Subtotal		517		290		252		224		216		122		106		90		87		511		2,415		100	%
3		—		—		—		—		1		2		—		—		—		2		5		0	%
4		—		—		—		—		1		—		—		—		—		4		5		0	%
5		—		—		—		—		1		—		—		—		—		—		1		0	%
6		—		—		—		—		3		—		—		—		—		—		3		0	%

Subtotal		—		—		—		—		6		2		—		—		—		6		14		0	%

Total insurance companies	$	517	$	290	$	252	$	224	$	222	$	124	$	106	$	90	$	87	$	517	$	2,429		100	%

No NAIC designation		—		—		—		—		2		—		—		—		—		37		39
Non-Insurance and Foreign Companies		8		8		3		14		3		—		7		3		5		6		57

Total	$	525	$	298	$	255	$	238	$	227	$	124	$	113	$	93	$	92	$	560	$	2,525

(a)	If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.

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

Page 24

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

9/30/2026

($ in millions)

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


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,218		88	%		92	%		96	%
Fund Investments		96		7	%		—			—
Hospitality		23		2	%		—			—
QOZ Fund - Development		21		1	%		—			—
Office		18		1	%		88	%		100	%
Marina		14		1	%		—			—
Land Development		1		0	%		—			—

Total	$	1,391		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Marina	$	35		71	%		—
Office Building		12		24	%		—
Land		2		5	%		—

Total	$	49		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	525		63	%		66	%
Hospitality		224		27	%		44	%
Marina		52		6	%		52	%
Office		28		4	%		98	%

Total	$	829		100	%		61	%

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

(a)	Total investments accounted for using the equity method is $2.5 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 9/30/2026

(c)	Collections for July - September

Page 25

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		87	%		91	%		96	%
Fund Investments		105		8	%		—			—
QOZ Fund - Development		28		2	%		—			—
Office		18		1	%		88	%		100	%
Marina		16		1	%		—			—
Hospitality		12		1	%		—			—
Land Development		2		0	%		—			—

Total	$	1,431		100	%

Real Estate



Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	52		51	%	$	—
Marina		35		34	%		—
Office Building		13		13	%		—
Land		2		2	%		—

Total	$	102		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	688		73	%		66	%
Hospitality		160		17	%		42	%
Marina		52		5	%		52	%
Office		47		5	%		98	%

Total	$	947		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/2025

(c)	Collections for October - December

Page 26