Form 8-K

8-K — AMERICAN FINANCIAL GROUP INC

Accession: 0001193125-26-333957

Filed: 2026-08-05

Period: 2026-08-04

CIK: 0001042046

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d124182d8k.htm (Primary)

EX-99.1 (d124182dex991.htm)

EX-99.2 (d124182dex992.htm)

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8-K

8-K (Primary)

Filename: d124182d8k.htm · Sequence: 1

8-K

AMERICAN FINANCIAL GROUP INC false 0001042046 0001042046 2026-08-04 2026-08-04 0001042046 us-gaap:CommonStockMember 2026-08-04 2026-08-04 0001042046 afg:Five875SubordinatedDebenturesDueMarch302059Member 2026-08-04 2026-08-04 0001042046 afg:Five125SubordinatedDebenturesDueDecember152059Member 2026-08-04 2026-08-04 0001042046 afg:Five625SubordinatedDebenturesDueJune12060Member 2026-08-04 2026-08-04 0001042046 afg:Four5SubordinatedDebenturesDueSeptember152060Member 2026-08-04 2026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 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 second quarter of 2026 and the availability of the Investor Supplement on the Company’s website. The press release was issued on August 4, 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 both are incorporated herein by reference.

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

Section 9 - Financial Statements and Exhibits

Item 9.01

Financial Statements and Exhibits.

(a)

Financial statements of business acquired. Not applicable.

(b)

Pro forma financial information. Not applicable.

(c)

Shell company transactions. Not applicable

(d)

Exhibits

Exhibit

No.

Description

99.1

Earnings Release dated August 4, 2026, reporting American Financial Group Inc. results for the quarter ended June 30, 2026.

99.2

Investor Supplement – Second 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: August 5, 2026

By:

/s/ Joseph C. Alter

Joseph C. Alter

Vice President

EX-99.1

Filename: d124182dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

American Financial Group, Inc. Announces Second Quarter Results

•

Net earnings per share of $2.99; includes $0.17 per share income from

non-core items

•

Second quarter core net operating earnings per share of $2.82

•

Record second quarter pretax P&C operating income of $350 million

•

Second quarter annualized ROE of 20.3%; core operating ROE of 19.2%

•

Second quarter growth in net written premiums of 6%

•

Overall average renewal rate increases, excluding workers’ compensation, of approximately 5%

CINCINNATI – August 4, 2026 – American Financial Group, Inc. (NYSE: AFG) today reported 2026 second quarter net

earnings of $248 million ($2.99 per share) compared to $174 million ($2.07 per share) for the 2025 second quarter. Net earnings included after-tax non-core

gains of $14 million ($0.17 per share). By comparison, net earnings for the 2025 second quarter included after-tax non-core losses of $5 million ($0.07 per

share loss). Annualized return on equity was 20.3% and 15.0% for the second 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 $234 million ($2.82 per share) for the 2026 second quarter, compared to $179 million ($2.14 per share)

in the 2025 second quarter. The year-over-year increase reflects higher underwriting profit and higher returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 second quarters may be found in the table below.

Core net operating earnings for the second quarters of 2026 and 2025 generated annualized returns on equity of 19.2% and 15.5%, respectively, which is calculated excluding AOCI.

Three months ended June 30,

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

300

265

350

273

Other expenses

(26

)

(27

)

—

(26

)

(27

)

Holding company interest expense

(24

)

(19

)

—

(24

)

(19

)

Pretax Core Operating Earnings

250

219

300

227

Related provision for income taxes

Core Net Operating Earnings

194

173

234

179

Core Operating Earnings Per Share

2.34

2.07

0.48

0.07

2.82

2.14

Weighted Avg Diluted Shares Outstanding

83.0

83.5

83.0

83.5

83.0

83.5

AFG’s book value per share was $58.14 at June 30, 2026. AFG repurchased $26 million of its Common Stock

(average price of $129.85 per share) and paid cash dividends of $0.88 per share during the second quarter. For the three and six months ended June 30, 2026, AFG’s growth in book value per share plus dividends was 4.8% and 6.3%,

respectively.

Book value per share excluding AOCI was $59.85 at June 30, 2026. For the three and six months ended June 30, 2026, AFG’s

growth in book value per share excluding AOCI plus dividends was 5.0% and 8.1%, respectively.

Page 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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Components of net earnings:

Core operating earnings before income taxes

300

227

557

421

Pretax non-core items:

Realized gains (losses)

)

Earnings before income taxes

316

229

555

426

Provision for income taxes:

Core operating earnings

117

Non-core items

)

Total provision for income taxes

116

Net earnings

248

174

439

328

Net earnings:

Core net operating earnings(a)

234

179

440

331

Non-core items:

Realized gains (losses)

)

Other

—

)

—

)

Net earnings

248

174

439

328

Components of earnings per share:

Core net operating earnings(a)

2.82

2.14

5.29

3.96

Non-core items:

Realized gains (losses)

0.17

0.02

(0.01

)

0.05

Other

—

(0.09

)

—

(0.09

)

Diluted net earnings per share

2.99

2.07

5.28

3.92

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

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

“AFG’s strong underwriting margins, healthy premium growth and higher P&C net investment income set a new second quarter record for pretax P&C operating income. This level of performance contributed to an annualized core

operating return on equity of 19%. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy enable us to continue to create value for our shareholders.

Messrs. Lindner continued: “AFG continued to have significant excess capital at June 30, 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 91.5% combined ratio in the second quarter of 2026, an improvement of 1.6 points from the 93.1% reported

in the second quarter of 2025. Second quarter 2026 results include 1.8 points related to catastrophe losses, compared to 2.3 points in the 2025 second quarter. Second quarter 2026 results benefited from 3.4 points of favorable prior year reserve

development, compared to 0.7 points in the second quarter of 2025.

Underwriting profit was $144 million for the 2026 second quarter compared to

$114 million for the 2025 second quarter. Higher year-over-year underwriting profit in our Property and Transportation Group was the driver of this increase.

Second quarter 2026 gross and net written premiums were up 7% and 6%, respectively, when compared to the second quarter of 2025. This quarterly increase

highlights the benefit of diversification across our 36 businesses, particularly as some markets in the P&C industry have softened. We achieved year-over-year premium growth in each of our Specialty P&C Groups overall as a result of new

business opportunities, a favorable 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 5% on average for the quarter, consistent with pricing

increases achieved in the first quarter. Average renewal rates including workers’ compensation were up approximately 4% overall, about a point higher than the previous quarter. 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 $57 million in the

second quarter of 2026, compared to $27 million in the second quarter of 2025, reflecting higher underwriting profit in our transportation and agricultural businesses. Catastrophe losses in this group were $12 million in both the second

quarters of 2026 and 2025. Overall, the businesses in the Property and Transportation Group achieved a 90.3% calendar year combined ratio in the second quarter, an improvement of 4.9 points from the comparable period in 2025.

Second quarter 2026 gross and net written premiums in this group were 8% and 5% higher, respectively, than the comparable prior year. 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 8% in the second quarter of 2026, two points higher than the pricing achieved in this group for the first quarter of 2026.

The Specialty Casualty Group reported underwriting profit of $45 million in the second quarter of 2026, compared to $49 million in the second

quarter of 2025. Higher profitability in our general liability businesses focused on energy, construction and environmental risks, along with our excess and surplus and targeted markets businesses, was more than offset by lower profitability in our

workers compensation and executive and professional liability businesses. Underwriting profitability in our workers’ compensation and professional liability businesses continues to be very strong. The businesses in the Specialty Casualty Group

achieved a solid 94.5% calendar year combined ratio in the second quarter of 2026, 0.6 points higher than the 93.9% reported in the comparable period in 2025.

Second quarter 2026 gross and net written premiums in this group increased 5% and 6%, respectively, when compared to the same prior year period. New business

opportunities, increased exposures and higher rates drove the year-over-year increase in many of our Specialty Casualty businesses. Excluding workers’ compensation, renewal pricing for this group was up approximately 4% in the second quarter.

Pricing in this group, including workers’ compensation, was up about 2%.

Page 3

The Specialty Financial Group reported an underwriting profit of $42 million in the second

quarter of 2026, compared to $38 million in the second quarter of 2025, due primarily to higher underwriting profitability in our financial institutions, fidelity / crime, and surety businesses. Catastrophe losses for this group were

$10 million in the second quarter of 2026 compared to $19 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported a combined ratio of 85.6% for the second quarter of 2026, 0.5 points

better than the 86.1% reported in the comparable period in 2025.

Second quarter 2026 gross and net written premiums were both up 10% in this group when

compared to the prior year period, primarily due to growth in our financial institutions business. Renewal pricing in this group decreased less than 1% in the second quarter, reflecting the strong margins earned on these businesses overall.

Carl Lindner III stated, “I am very pleased with the 44% increase in underwriting profit in the first six months of the year, and happy to see our teams

executing on opportunities to grow while achieving renewal rate increases that are helping us meet targeted returns. These results position us well as we enter the second half of the year.”

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 – Net investment income in our property and casualty insurance operations for the three months ended June 30, 2026 established a new second quarter record, increasing 23% year-over-year. The year-over-year

increase was primarily attributable to higher yields on our portfolio of alternative investments. Property and casualty net investment income excluding the impact of alternative investments was flat when compared to the 2025 second quarter.

The annualized return on alternative investments was approximately 7.1% for the 2026 second quarter compared to 1.2% 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 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 second quarter 2026 net realized gains of $14 million ($0.17 per share) after tax, which included $10 million ($0.12 per share) in after-tax net gains to

adjust equity securities that the Company continued to own at June 30, 2026, to fair value. By comparison, AFG recorded second quarter 2025 net realized gains of $2 million ($0.02 per share) after tax.

After-tax unrealized losses related to fixed maturities were $116 million at June 30, 2026. Our portfolio

continues to be high quality, with 97% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two

categories.

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

website.

Page 4

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.

Conference Call

The Company will hold a conference call to discuss 2026 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 5, 2026. Event registration

and access provides two ways to access the call.

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

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

minutes prior to the start of the event.

Page 5

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.

AFG2026-12

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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenues

Net earned premiums

1,694

1,647

3,303

3,227

Net investment income

221

184

408

357

Realized gains (losses) on securities

)

Income of managed investment entities:

Investment income

136

144

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

)

(19

)

Other income

Total revenues

2,030

1,924

3,884

3,780

Costs and expenses

Losses & loss adjustment expenses

1,000

1,007

1,906

1,972

Commissions and other underwriting expenses

560

534

1,116

1,064

Interest charges on borrowed money

Expenses of managed investment entities

116

128

Other expenses

144

152

Total costs and expenses

1,714

1,695

3,329

3,354

Earnings before income taxes

316

229

555

426

Provision for income taxes

116

Net earnings

248

174

439

328

Diluted earnings per common share

2.99

2.07

5.28

3.92

Average number of diluted shares

83.0

83.5

83.1

83.7

Selected Balance Sheet Data:

June 30, 2026

December 31, 2025

Total Cash and investments

17,069

17,182

Long-term debt

1,821

1,820

Shareholders’ equity(b)

4,821

4,820

Shareholders’ equity (excluding AOCI)

4,963

4,870

Book value per share(b)

58.14

57.78

Book value per share (excluding AOCI)

59.85

58.38

Common Shares Outstanding

82.9

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

June 30,

Pct.

Change

Six months ended

June 30,

Pct.

Change

2026

2025

2026

2025

Gross written premiums

2,850

2,653

5,285

4,944

Net written premiums

1,915

1,803

3,579

3,414

Ratios (GAAP):

Loss & LAE ratio

58.9

61.1

57.6

61.1

Underwriting expense ratio

32.6

32.0

33.3

32.5

Specialty Combined Ratio

91.5

93.1

90.9

93.6

Combined Ratio – P&C Segment

91.6

93.1

91.0

93.6

Supplemental Information

(c):

Gross Written Premiums:

Property & Transportation

1,351

1,247

2,350

2,144

Specialty Casualty

1,119

1,062

2,208

2,130

Specialty Financial

380

344

727

670

2,850

2,653

5,285

4,944

Net Written Premiums:

Property & Transportation

797

759

1,393

1,322

Specialty Casualty

812

765

1,601

1,537

Specialty Financial

306

279

585

555

1,915

1,803

3,579

3,414

Combined Ratio (GAAP):

Property & Transportation

90.3

95.2

89.1

94.0

Specialty Casualty

94.5

93.9

95.1

95.8

Specialty Financial

85.6

86.1

82.8

86.5

Aggregate Specialty Group

91.5

93.1

90.9

93.6

Three months ended

June 30,

Six months ended

June 30,

2026

2025

2026

2025

Reserve Development (Favorable)/Adverse:

Property & Transportation

(42

)

(13

)

(89

)

(32

)

Specialty Casualty

)

Specialty Financial

(14

)

(37

)

(22

)

Specialty Group

(57

)

(12

)

(127

)

(32

)

Other

Total Reserve Development

(55

)

(11

)

(125

)

(31

)

Points on Combined Ratio:

Property & Transportation

(7.0

)

(2.2

)

(8.0

)

(3.0

)

Specialty Casualty

(0.1

)

1.2

(0.1

)

1.4

Specialty Financial

(5.1

)

(3.2

)

(6.5

)

(3.9

)

Aggregate Specialty Group

(3.4

)

(0.7

)

(3.9

)

(1.0

)

Total P&C Segment

(3.3

)

(0.7

)

(3.8

)

(1.0

)

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 June 30,

Six months ended June 30,

2026

2025

2026

2025

Core Operating Earnings before Income Taxes:

P&C Insurance Segment

350

273

659

519

Interest and other corporate expenses

(50

)

(46

)

(102

)

(98

)

Core operating earnings before income taxes

300

227

557

421

Related income taxes

117

Core net operating earnings

234

179

440

331

Shareholders’ Equity at June 30, 2026, includes ($142 million) ($1.71 per share loss) in Accumulated

Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share 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 and excess liability; general liability for the

energy, construction and environmental industries; executive and professional liability; specialty coverages in targeted markets, and workers’ compensation insurance.

•

Specialty Financial includes primarily 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: d124182dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Second Quarter 2026

August 4, 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 - Second Quarter 2026

Section

Page

Table of Contents - Investor Supplement - Second 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. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2026

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

C. Corporate Securities by Credit Rating & NAIC Designation by Industry

6/30/2026

D. Corporate Securities by Credit Rating & NAIC Designation by Industry

12/31/2025

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

6/30/2026

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

12/31/2025

G. Real Estate-Related Investments 6/30/2026

H. Real Estate-Related Investments 12/31/2025

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Highlights

Net earnings

248

191

299

215

174

439

328

Core net operating earnings

234

206

305

224

179

440

331

Total assets

33,034

32,353

32,642

33,834

30,669

33,034

30,669

Shareholders’ equity, excluding AOCI (a)

4,963

4,805

4,870

4,803

4,648

4,963

4,648

Property and Casualty net written premiums

1,915

1,664

1,444

2,252

1,803

3,579

3,414

Per share data

Diluted earnings per share

2.99

2.29

3.58

2.58

2.07

5.28

3.92

Core net operating earnings per share

2.82

2.47

3.65

2.69

2.14

5.29

3.96

Book value per share, excluding AOCI (a)

59.85

57.83

58.38

57.59

55.74

59.85

55.74

Dividends per common share

0.88

2.38

2.88

0.80

3.26

3.60

Financial ratios

Annualized return on equity (b)

20.3

15.8

24.7

18.2

15.0

18.0

14.1

Annualized core operating return on equity (b)

19.2

17.0

25.2

19.0

15.5

18.0

14.3

Property and Casualty combined ratio - Specialty:

Loss & LAE ratio

58.9

56.3

58.6

67.2

61.1

57.6

61.1

Underwriting expense ratio

32.6

34.0

25.5

25.8

32.0

33.3

32.5

Combined ratio - Specialty

91.5

90.3

84.1

93.0

93.1

90.9

93.6

(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

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Property and Casualty Insurance

Underwriting profit

142

156

284

138

113

298

207

Net investment income

221

168

171

205

179

389

349

Other income (expense)

(13

)

(15

)

(15

)

(15

)

(19

)

(28

)

(37

)

Property and Casualty Insurance operating earnings

350

309

440

328

273

659

519

Interest expense of parent holding companies

(24

)

(23

)

(23

)

(19

)

(19

)

(47

)

(38

)

Other expense

(26

)

(29

)

(31

)

(29

)

(27

)

(55

)

(60

)

Pretax core operating earnings

300

257

386

280

227

557

421

Income tax expense

117

Core net operating earnings

234

206

305

224

179

440

331

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

)

—

Other non-core items

—

)

—

)

Net earnings

248

191

299

215

174

439

328

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Core net operating earnings

234

206

305

224

179

440

331

Net earnings

248

191

299

215

174

439

328

Average number of diluted shares

83.026

83.263

83.411

83.397

83.488

83.144

83.664

Diluted earnings per share:

Core net operating earnings per share

2.82

2.47

3.65

2.69

2.14

5.29

3.96

Realized gains (losses) on securities

0.17

(0.18

)

(0.07

)

0.12

0.02

(0.01

)

0.05

Realized gain on subsidiaries

—

0.01

—

Special A&E charges - Former Railroad and Manufacturing operations

—

(0.24

)

—

Other non-core items

—

(0.09

)

—

(0.09

)

Diluted earnings per share

2.99

2.29

3.58

2.58

2.07

5.28

3.92

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Property and Transportation

216

122

Specialty Casualty

Specialty Financial

Underwriting profit - Specialty

144

156

287

139

114

300

208

Other core charges, included in loss and LAE

)

—

)

Underwriting profit - Property and Casualty Insurance

142

156

284

138

113

298

207

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

110

Total current accident year catastrophe losses

110

Prior year loss reserve development (favorable) / adverse

(55

)

(70

)

(27

)

(23

)

(11

)

(125

)

(31

)

Combined ratio:

Property and Transportation

90.3

87.6

70.6

94.1

95.2

89.1

94.0

Specialty Casualty

94.5

95.8

96.7

95.8

93.9

95.1

95.8

Specialty Financial

85.6

80.0

83.0

81.1

86.1

82.8

86.5

Combined ratio - Specialty

91.5

90.3

84.1

93.0

93.1

90.9

93.6

Other core charges

0.1

0.2

0.1

0.0

0.1

0.0

Combined ratio

91.6

90.4

84.3

93.1

91.0

93.6

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

93.1

92.5

85.5

93.0

91.5

92.8

91.2

Loss and LAE components:

Current accident year, excluding catastrophe losses

60.5

58.5

60.0

67.2

59.5

58.7

Prior accident year loss reserve development

(3.3

(4.3

(1.5

(1.1

(0.7

(3.8

(1.0

Current accident year catastrophe losses

1.8

2.2

0.3

1.2

2.3

2.0

3.4

Loss and LAE ratio

59.0

56.4

58.8

67.3

61.1

57.7

61.1

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Gross written premiums

2,850

2,435

2,085

3,665

2,653

5,285

4,944

Ceded reinsurance premiums

(935

)

(771

)

(641

)

(1,413

)

(850

)

(1,706

)

(1,530

)

Net written premiums

1,915

1,664

1,444

2,252

1,803

3,579

3,414

Change in unearned premiums

(221

)

(55

)

362

(239

)

(156

)

(276

)

(187

)

Net earned premiums

1,694

1,609

1,806

2,013

1,647

3,303

3,227

Loss and LAE

998

906

1,058

1,354

1,006

1,904

1,971

Underwriting expense

552

547

461

520

527

1,099

1,048

Underwriting profit

144

156

287

139

114

300

208

Included in results above:

Current accident year catastrophe losses:

Catastrophe reinstatement premium

—

Catastrophe losses

110

Total current accident year catastrophe losses

110

Prior year loss reserve development (favorable) / adverse

(57

)

(70

)

(30

)

(24

)

(12

)

(127

)

(32

)

Combined ratio:

Loss and LAE ratio

58.9

56.3

58.6

67.2

61.1

57.6

61.1

Underwriting expense ratio

32.6

34.0

25.5

25.8

32.0

33.3

32.5

Combined ratio

91.5

90.3

84.1

93.0

93.1

90.9

93.6

Combined ratio excl. catastrophe losses and prior year reserve development

93.1

92.5

85.5

93.0

91.5

92.8

91.2

Loss and LAE components:

Current accident year, excluding catastrophe losses

60.5

58.5

60.0

67.2

59.5

58.7

Prior accident year loss reserve development

(3.4

(4.4

(1.6

(1.2

(0.7

(3.9

(1.0

Current accident year catastrophe losses

1.8

2.2

0.2

1.2

2.3

2.0

3.4

Loss and LAE ratio

58.9

56.3

58.6

67.2

61.1

57.6

61.1

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Gross written premiums

1,351

999

612

1,975

1,247

2,350

2,144

Ceded reinsurance premiums

(554

)

(403

)

(214

)

(924

)

(488

)

(957

)

(822

)

Net written premiums

797

596

398

1,051

759

1,393

1,322

Change in unearned premiums

(207

)

(70

)

337

(116

)

(183

)

(277

)

(246

)

Net earned premiums

590

526

735

935

576

1,116

1,076

Loss and LAE

369

301

417

728

387

670

698

Underwriting expense

164

160

102

152

162

324

314

Underwriting profit

216

122

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

(42

)

(47

)

(20

)

(11

)

(13

)

(89

)

(32

)

Combined ratio:

Loss and LAE ratio

62.6

57.1

56.8

77.8

67.2

60.1

64.9

Underwriting expense ratio

27.7

30.5

13.8

16.3

28.0

29.0

29.1

Combined ratio

90.3

87.6

70.6

94.1

95.2

89.1

94.0

Combined ratio excl. catastrophe losses and prior year reserve development

95.2

94.4

73.4

94.8

95.4

94.9

Loss and LAE components:

Current accident year, excluding catastrophe losses

67.5

63.9

59.6

78.5

67.4

65.9

65.8

Prior accident year loss reserve development

(7.0

(9.0

(2.7

(1.1

(2.2

(8.0

(3.0

Current accident year catastrophe losses

2.1

2.2

(0.1

0.4

2.0

2.2

2.1

Loss and LAE ratio

62.6

57.1

56.8

77.8

67.2

60.1

64.9

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Gross written premiums

1,119

1,089

1,153

1,337

1,062

2,208

2,130

Ceded reinsurance premiums

(307

)

(300

)

(357

)

(423

)

(297

)

(607

)

(593

)

Net written premiums

812

789

796

914

765

1,601

1,537

Change in unearned premiums

(104

)

Net earned premiums

814

799

812

810

799

1,613

1,593

Loss and LAE

525

517

558

541

516

1,042

1,052

Underwriting expense

244

248

227

236

234

492

472

Underwriting profit

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

64.6

64.7

68.7

66.8

64.5

64.6

66.1

Underwriting expense ratio

29.9

31.1

28.0

29.0

29.4

30.5

29.7

Combined ratio

94.5

95.8

96.7

95.8

93.9

95.1

95.8

Combined ratio excl. catastrophe losses and prior year reserve development

93.6

94.4

97.1

94.9

91.8

93.9

92.3

Loss and LAE components:

Current accident year, excluding catastrophe losses

63.7

63.3

69.1

65.9

62.4

63.4

62.6

Prior accident year loss reserve development

(0.1

0.0

(0.1

1.2

(0.1

1.4

Current accident year catastrophe losses

1.0

1.4

(0.3

1.0

0.9

1.3

2.1

Loss and LAE ratio

64.6

64.7

68.7

66.8

64.5

64.6

66.1

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Gross written premiums

380

347

320

353

344

727

670

Ceded reinsurance premiums

(74

)

(68

)

(70

)

(66

)

(65

)

(142

)

(115

)

Net written premiums

306

279

250

287

279

585

555

Change in unearned premiums

(16

)

(19

)

(11

)

Net earned premiums

290

284

259

268

272

574

558

Loss and LAE

104

103

192

221

Underwriting expense

144

139

132

131

283

262

Underwriting profit

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

(14

)

(23

)

(12

)

(37

)

(22

)

Combined ratio:

Loss and LAE ratio

35.6

31.2

32.0

31.8

38.1

33.4

39.6

Underwriting expense ratio

50.0

48.8

51.0

49.3

48.0

49.4

46.9

Combined ratio

85.6

80.0

83.0

81.1

86.1

82.8

86.5

Combined ratio excl. catastrophe losses and prior year reserve development

87.3

83.7

83.5

81.7

82.0

85.5

80.7

Loss and LAE components:

Current accident year, excluding catastrophe losses

37.3

34.9

32.5

32.4

34.0

36.1

33.8

Prior accident year loss reserve development

(5.1

(7.9

(3.0

(4.7

(3.2

(6.5

(3.9

Current accident year catastrophe losses

3.4

4.2

2.5

4.1

7.3

3.8

9.7

Loss and LAE ratio

35.6

31.2

32.0

31.8

38.1

33.4

39.6

Page 10

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

Assets:

Total cash and investments

17,069

17,143

17,182

16,761

16,049

15,994

Recoverables from reinsurers

5,267

5,303

5,528

5,565

4,733

4,945

Prepaid reinsurance premiums

1,375

1,211

1,089

1,443

1,256

1,105

Agents’ balances and premiums receivable

2,046

1,670

1,641

2,034

1,946

1,589

Deferred policy acquisition costs

366

334

333

349

345

316

Assets of managed investment entities

4,142

3,987

4,050

3,972

3,833

3,848

Other receivables

1,117

1,058

1,212

2,075

877

855

Other assets

1,325

1,320

1,280

1,308

1,325

1,337

Goodwill

327

305

Total assets

33,034

32,353

32,642

33,834

30,669

30,294

Liabilities and Equity:

Unpaid losses and loss adjustment expenses

14,842

14,914

15,094

15,079

13,834

13,970

Unearned premiums

4,297

3,911

3,736

4,450

4,026

3,710

Payable to reinsurers

1,133

1,065

1,195

1,578

1,152

1,028

Liabilities of managed investment entities

3,993

3,854

3,907

3,834

3,685

3,726

Long-term debt

1,821

1,820

1,476

Other liabilities

2,127

2,111

2,070

2,343

1,980

1,992

Total liabilities

28,213

27,675

27,822

29,104

26,153

25,902

Shareholders’ equity:

Common stock

Capital surplus

1,434

1,428

1,430

1,421

1,414

1,409

Retained earnings

3,446

3,294

3,357

3,299

3,151

3,078

Unrealized gains (losses) - fixed maturities

(112

)

(100

)

(22

)

(43

)

(101

)

(141

)

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

)

Other comprehensive income (loss), net of tax

(26

)

(26

)

(26

)

(27

)

(26

)

(31

)

Total shareholders’ equity

4,821

4,678

4,820

4,730

4,516

4,392

Total liabilities and equity

33,034

32,353

32,642

33,834

30,669

30,294

Page 11

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

Shareholders’ equity

4,821

4,678

4,820

4,730

4,516

4,392

Accumulated other comprehensive income (loss)

(142

)

(127

)

(50

)

(73

)

(132

)

(179

)

Shareholders’ equity, excluding AOCI

4,963

4,805

4,870

4,803

4,648

4,571

Goodwill

327

305

Intangibles

179

184

189

192

193

198

Tangible shareholders’ equity, excluding AOCI

4,457

4,294

4,354

4,284

4,150

4,068

Common shares outstanding

82.917

83.086

83.422

83.401

83.386

83.668

Book value per share:

Book value per share

58.14

56.30

57.78

56.72

54.15

52.50

Book value per share, excluding AOCI

59.85

57.83

58.38

57.59

55.74

54.63

Tangible, excluding AOCI

53.76

51.69

52.20

51.38

49.77

48.62

Market capitalization

AFG’s closing common share price

139.94

127.71

136.68

145.72

126.21

131.34

Market capitalization

11,603

10,611

11,402

12,153

10,524

10,989

Price / Book value per share, excluding AOCI

2.34

2.21

2.34

2.53

2.26

2.40

Page 12

American Financial Group, Inc.

Capitalization

($ in millions)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

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

4,821

4,678

4,820

4,730

4,516

4,392

Accumulated other comprehensive income (loss)

(142

)

(127

)

(50

)

(73

)

(132

)

(179

)

Total capital, excluding AOCI

6,811

6,653

6,718

6,651

6,146

6,069

Ratio of debt to total capital, excluding AOCI:

Including subordinated debt

27.1

27.8

27.5

27.8

24.4

24.7

Excluding subordinated debt

17.2

17.6

17.5

17.6

13.4

13.6

Page 13

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Property and Casualty Insurance

Paid Losses (GAAP)

1,014

888

984

936

931

1,902

1,898

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

GAAP Equity (excluding AOCI)

Property and Casualty Insurance

6,528

6,354

6,173

5,935

5,853

Parent and other subsidiaries

(1,565

)

(1,549

)

(1,484

)

(1,370

)

(1,287

)

(1,282

)

AFG GAAP Equity (excluding AOCI)

4,963

4,805

4,870

4,803

4,648

4,571

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 - June 30, 2026

Property and

Casualty

Insurance

Parent &

Other

Consolidate

CLOs

Total AFG

Consolidated

% of

Investment

Portfolio

Total cash and investments:

Cash and cash equivalents

1,164

274

—

1,438

Fixed maturities - Available for sale

11,173

—

11,258

Fixed maturities - Trading

—

Equity securities - Common stocks

371

—

371

Equity securities - Perpetual preferred

408

—

408

Investments accounted for using the equity method

2,434

—

2,437

Mortgage loans

920

—

920

Real estate and other investments

200

106

(149

)

157

Total cash and investments

16,750

468

(149

)

17,069

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

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Property and Casualty Insurance:

Gross investment income excluding alternative investments

Fixed maturities

147

141

138

135

140

288

277

Equity securities

Other investments (a)

Gross investment income excluding alternative investments

177

178

171

168

178

355

342

Gross investment income from alternative investments (b)

)

Total gross investment income

227

175

177

211

186

402

362

Investment expenses

)

(13

)

(13

)

Total net investment income

221

168

171

205

179

389

349

Average cash and investments (c)

16,916

16,855

16,520

16,095

15,921

16,868

15,894

Average yield - overall portfolio, net (d)

5.23

3.99

4.14

5.09

4.50

4.61

4.39

Average yield - fixed maturities before inv expenses (d)

5.13

5.04

5.11

5.12

5.24

5.10

5.19

AFG consolidated net investment income:

Property & Casualty

221

168

171

205

179

389

349

Parent & other

Consolidate CLOs

)

Total net investment income

221

187

183

205

184

408

357

Average cash and investments (c)

17,240

17,013

16,496

16,175

17,230

16,152

Average yield - overall portfolio, net (d)

5.13

4.34

4.30

4.97

4.55

4.74

4.42

Average yield - fixed maturities before inv expenses (d)

5.12

5.05

5.11

5.24

5.11

5.20

(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

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Property and Casualty Insurance:

Net Investment Income

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

(10

)

(12

)

Investments accounted for using the equity method (b)

)

AFG managed CLOs (eliminated in consolidation)

(13

)

Total Property & Casualty

)

Investments

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

221

190

211

243

233

221

233

Investments accounted for using the equity method (b)

2,434

2,440

2,419

2,381

2,338

2,434

2,338

AFG managed CLOs (eliminated in consolidation)

149

133

143

138

148

149

148

Total Property & Casualty

2,838

2,794

2,817

2,792

2,774

2,838

2,774

Annualized Return - Property & Casualty

7.1

(0.4

0.9

6.2

1.2

3.3

1.5

AFG Consolidated:

Net Investment Income

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

(10

)

(12

)

Investments accounted for using the equity method (b)

)

AFG managed CLOs (eliminated in consolidation)

(13

)

Total AFG Consolidated

)

Investments

Fixed maturities MTM through investment income

Equity securities MTM through investment income (a)

221

190

211

243

233

221

233

Investments accounted for using the equity method (b)

2,437

2,443

2,421

2,383

2,341

2,437

2,341

AFG managed CLOs (eliminated in consolidation)

149

133

143

138

148

149

148

Total AFG Consolidated

2,841

2,797

2,819

2,794

2,777

2,841

2,777

Annualized Return - AFG Consolidated

7.1

(0.4

0.9

6.2

1.2

3.3

1.5

(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 )

June 30, 2026

Book Value (a)

Fair Value

Unrealized

Gain (Loss)

% of

Fair Value

% of

Investment

Portfolio

US Government and government agencies

144

143

)

States, municipalities and political subdivisions

795

773

(22

)

Foreign government

299

301

Residential mortgage-backed securities

3,280

3,183

(97

)

Collateralized loan obligations

1,099

1,096

)

Other asset-backed securities

2,604

2,567

(37

)

Corporate and other bonds

3,259

3,275

Total AFG consolidated

11,480

11,338

(142

)

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

6/30/2026

($ in millions)

Fair Value by Type

Credit Rating (a)

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

Investment grade

AAA

146

236

2,704

1,082

927

5,114

137

596

317

363

211

1,656

—

747

1,011

1,879

BBB

—

492

1,787

2,317

Subtotal - Investment grade

143

771

298

3,107

1,096

2,529

3,022

10,966

—

131

136

—

CCC, CC, C

—

Subtotal - Non-Investment grade

—

159

191

Not Rated (b)

—

181

Total

143

773

301

3,183

1,096

2,567

3,275

11,338

100

Fair Value by Type

NAIC designation

US Gov

Munis

Frgn Gov

RMBS

CLOs

ABS

Corp/Oth

Total

% Total

143

760

232

3,073

1,035

1,993

1,228

8,464

—

483

1,776

2,292

Subtotal

143

768

232

3,098

1,035

2,476

3,004

10,756

—

130

135

—

Subtotal

—

226

253

Total insurance companies

143

768

232

3,112

1,035

2,489

3,230

11,009

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies (d)

—

288

Total

143

773

301

3,183

1,096

2,567

3,275

11,338

(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, 12% are NAIC 4 and 82% do not have a designation.

For Corp/Oth, 13% are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.

For Total, 27% are NAIC 1, 14% NAIC 4, 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)

98% 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

6/30/2026

($ in millions)

Fair Value By Industry

Credit Rating (a)

Asset

Managers

Banking

Technology

Insurance

Utilities

Other

Financials

Autos

Consumer

Healthcare

Other

Total

% Total

Investment Grade

AAA

—

211

168

147

152

137

1,011

BBB

717

267

135

338

1,787

Subtotal

810

440

253

259

251

155

145

121

500

3,022

—

131

—

CCC, CC, C

—

Subtotal

—

159

Not Rated (b)

—

Total

824

448

266

265

251

197

162

160

132

570

3,275

100

Fair Value By Industry

NAIC designation

Asset

Managers

Banking

Technology

Insurance

Utilities

Other

Financials

Autos

Consumer

Healthcare

Other

Total

% Total

170

117

205

162

100

161

1,228

721

265

132

333

1,776

Subtotal

814

435

249

256

249

158

143

118

494

3,004

—

130

—

Subtotal

—

226

Total insurance companies

818

443

262

256

249

187

160

132

563

3,230

100

No NAIC designation (c)

—

Non-Insurance and Foreign Companies

—

Total

824

448

266

265

251

197

162

160

132

570

3,275

(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)

13% of not rated securities are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% 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

—

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

% 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

6/30/2026

($ in millions)

Fair Value By Collateral Type

Credit Rating (a)

Whole

Business

Triple Net

Lease

Railcar

TruPS

Aircraft

Auto

Single

Family

Rental

Secured

Financing

Commercial

Real Estate

Other

Total

% Total

Investment Grade

AAA

—

282

—

230

104

—

125

927

136

—

363

155

—

195

—

318

747

BBB

428

—

492

Subtotal

488

347

291

287

234

104

532

2,529

—

CCC, CC, C

—

Subtotal

—

Not Rated (b)

—

Total

488

347

291

287

240

104

562

2,567

100

Fair Value By Collateral Type

NAIC designation

Whole

Business

Triple Net

Lease

Railcar

TruPS

Aircraft

Auto

Single

Family

Rental

Secured

Financing

Commercial

Real Estate

Other

Total

% Total

339

274

286

229

100

468

1,993

421

—

483

Subtotal

481

339

274

286

232

100

526

2,476

100

—

Subtotal

—

Total insurance companies

481

339

274

286

237

100

532

2,489

100

No NAIC designation

—

Non-Insurance and Foreign Companies

—

Total

488

347

291

287

240

104

562

2,567

(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 4 and 82% 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

6/30/2026

($ 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

1,231

Fund Investments

—

QOZ Fund - Development

—

Office

100

Marina

—

Hospitality

—

Land Development

—

Total

1,399

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

662

Hospitality

159

Marina

Office

Total

920

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 6/30/2026

(c)

Collections for April - June

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

Aug. 04, 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

Aug. 04, 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

- References

No definition available.

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Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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Area code of city

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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-Section 14d

-Subsection 2b

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Title of a 12(b) registered security.

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-Number 240

-Section 12

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Number 230

-Section 425

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