EX-99.23d32393dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - Fourth Quarter 2025
February 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 - Fourth Quarter 2025
Section
Page
Table of Contents - Investor Supplement - Fourth Quarter 2025
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 12/31/2025
19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024
20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025
21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024
22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025
23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024
24
G. Real Estate-Related Investments 12/31/2025
25
H. Real Estate-Related Investments 12/31/2024
26
Page 2
American Financial Group, Inc.
Financial Highlights
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Highlights
Net earnings
$
299
$
215
$
174
$
154
$
255
$
842
$
887
Core net operating earnings
305
224
179
152
262
860
902
Total assets
32,659
33,834
30,669
30,294
30,836
32,659
30,836
Shareholders’ equity, excluding AOCI (a)
4,870
4,803
4,648
4,571
4,706
4,870
4,706
Property and Casualty net written premiums
1,444
2,252
1,803
1,611
1,460
7,110
7,139
Per share data
Diluted earnings per share
$
3.58
$
2.58
$
2.07
$
1.84
$
3.03
$
10.08
$
10.57
Core net operating earnings per share
3.65
2.69
2.14
1.81
3.12
10.29
10.75
Book value per share, excluding AOCI (a)
58.38
57.59
55.74
54.63
56.03
58.38
56.03
Dividends per common share
2.88
0.80
0.80
2.80
4.80
7.28
9.43
Financial ratios
Annualized return on equity (b)
24.7
%
18.2
%
15.0
%
13.3
%
21.3
%
17.8
%
19.0
%
Annualized core operating return on equity (b)
25.2
%
19.0
%
15.5
%
13.1
%
21.9
%
18.2
%
19.3
%
Property and Casualty combined ratio—Specialty:
Loss & LAE ratio
58.6
%
67.2
%
61.1
%
61.0
%
63.7
%
62.2
%
63.3
%
Underwriting expense ratio
25.5
%
25.8
%
32.0
%
33.0
%
25.3
%
28.8
%
27.9
%
T1Combined ratio - Specialty
84.1
%
93.0
%
93.1
%
94.0
%
89.0
%
91.0
%
91.2
%
(a)
A reconciliation to the GAAP measure is on page 12.
(b)
Excludes accumulated other comprehensive income.
Page 3
American Financial Group, Inc.
Summary of Earnings
($ in millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Property and Casualty Insurance
Underwriting profit
$
284
$
138
$
113
$
94
$
202
$
629
$
620
Net investment income
171
205
179
170
195
725
784
Other income (expense)
(15
)
(15
)
(19
)
(18
)
(19
)
(67
)
(76
)
Property and Casualty Insurance operating earnings
440
328
273
246
378
1,287
1,328
Interest expense of parent holding companies
(23
)
(19
)
(19
)
(19
)
(19
)
(80
)
(76
)
Other expense
(31
)
(29
)
(27
)
(33
)
(29
)
(120
)
(114
)
Pretax core operating earnings
386
280
227
194
330
1,087
1,138
Income tax expense
81
56
48
42
68
227
236
Core net operating earnings
305
224
179
152
262
860
902
Non-core items, net of tax:
Realized gains (losses) on securities
(6
)
10
2
2
(7
)
8
—
Realized gain on subsidiaries
—
1
—
—
—
1
—
Special A&E charges - Former Railroad and Manufacturing operations
—
(20
)
—
—
—
(20
)
(11
)
Other non-core items
—
—
(7
)
—
—
(7
)
(4
)
Net earnings
$
299
$
215
$
174
$
154
$
255
$
842
$
887
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Core net operating earnings
$
305
$
224
$
179
$
152
$
262
$
860
$
902
Net earnings
$
299
$
215
$
174
$
154
$
255
$
842
$
887
Average number of diluted shares
83.411
83.397
83.488
83.842
83.966
83.533
83.903
Diluted earnings per share:
Core net operating earnings per share
$
3.65
$
2.69
$
2.14
$
1.81
$
3.12
$
10.29
$
10.75
Realized gains (losses) on securities
(0.07
)
0.12
0.02
0.03
(0.09
)
0.11
—
Realized gain on subsidiaries
—
0.01
—
—
—
0.01
—
Special A&E charges - Former Railroad and Manufacturing operations
—
(0.24
)
—
—
—
(0.24
)
(0.13
)
Other non-core items
—
—
(0.09
)
—
—
(0.09
)
(0.05
)
Diluted earnings per share
$
3.58
$
2.58
$
2.07
$
1.84
$
3.03
$
10.08
$
10.57
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Property and Transportation
$
216
$
55
$
27
$
37
$
81
$
335
$
214
Specialty Casualty
27
33
49
20
69
129
279
Specialty Financial
44
51
38
37
54
170
133
Underwriting profit - Specialty
287
139
114
94
204
634
626
Other core charges, included in loss and LAE
(3
)
(1
)
(1
)
—
(2
)
(5
)
(6
)
Underwriting profit - Property and Casualty Insurance
$
284
$
138
$
113
$
94
$
202
$
629
$
620
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
1
$
—
$
2
Catastrophe losses
4
23
38
72
20
137
180
Total current accident year catastrophe losses
$
4
$
23
$
38
$
72
$
21
$
137
$
182
Prior year loss reserve development (favorable) / adverse
$
(27
)
$
(23
)
$
(11
)
$
(20
)
$
36
$
(81
)
$
(64
)
Combined ratio:
Property and Transportation
70.6
%
94.1
%
95.2
%
92.5
%
89.5
%
87.8
%
92.4
%
Specialty Casualty
96.7
%
95.8
%
93.9
%
97.6
%
91.4
%
96.0
%
91.2
%
Specialty Financial
83.0
%
81.1
%
86.1
%
87.0
%
80.7
%
84.4
%
87.2
%
Combined ratio - Specialty
84.1
%
93.0
%
93.1
%
94.0
%
89.0
%
91.0
%
91.2
%
Other core charges
0.2
%
0.1
%
0.0
%
0.1
%
0.1
%
0.0
%
0.0
%
Combined ratio
84.3
%
93.1
%
93.1
%
94.1
%
89.1
%
91.0
%
91.2
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
85.5
%
93.0
%
91.5
%
90.8
%
86.1
%
90.3
%
89.6
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
60.0
%
67.2
%
59.5
%
57.8
%
60.8
%
61.5
%
61.7
%
Prior accident year loss reserve development
(1.5
%)
(1.1
%)
(0.7
%)
(1.3
%)
1.9
%
(1.1
%)
(0.9
%)
Current accident year catastrophe losses
0.3
%
1.2
%
2.3
%
4.6
%
1.1
%
1.8
%
2.5
%
Loss and LAE ratio
58.8
%
67.3
%
61.1
%
61.1
%
63.8
%
62.2
%
63.3
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Gross written premiums
$
2,085
$
3,665
$
2,653
$
2,291
$
2,043
$
10,694
$
10,533
Ceded reinsurance premiums
(641
)
(1,413
)
(850
)
(680
)
(583
)
(3,584
)
(3,394
)
Net written premiums
1,444
2,252
1,803
1,611
1,460
7,110
7,139
Change in unearned premiums
362
(239
)
(156
)
(31
)
390
(64
)
(103
)
Net earned premiums
1,806
2,013
1,647
1,580
1,850
7,046
7,036
Loss and LAE
1,058
1,354
1,006
965
1,179
4,383
4,449
Underwriting expense
461
520
527
521
467
2,029
1,961
Underwriting profit
$
287
$
139
$
114
$
94
$
204
$
634
$
626
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
1
$
—
$
2
Catastrophe losses
4
23
38
72
20
137
180
Total current accident year catastrophe losses
$
4
$
23
$
38
$
72
$
21
$
137
$
182
Prior year loss reserve development (favorable) / adverse
$
(30
)
$
(24
)
$
(12
)
$
(20
)
$
34
$
(86
)
$
(70
)
Combined ratio:
Loss and LAE ratio
58.6
%
67.2
%
61.1
%
61.0
%
63.7
%
62.2
%
63.3
%
Underwriting expense ratio
25.5
%
25.8
%
32.0
%
33.0
%
25.3
%
28.8
%
27.9
%
Combined ratio
84.1
%
93.0
%
93.1
%
94.0
%
89.0
%
91.0
%
91.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
85.5
%
93.0
%
91.5
%
90.8
%
86.1
%
90.2
%
89.6
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
60.0
%
67.2
%
59.5
%
57.8
%
60.8
%
61.4
%
61.7
%
Prior accident year loss reserve development
(1.6
%)
(1.2
%)
(0.7
%)
(1.3
%)
1.8
%
(1.2
%)
(1.0
%)
Current accident year catastrophe losses
0.2
%
1.2
%
2.3
%
4.5
%
1.1
%
2.0
%
2.6
%
Loss and LAE ratio
58.6
%
67.2
%
61.1
%
61.0
%
63.7
%
62.2
%
63.3
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Gross written premiums
$
612
$
1,975
$
1,247
$
897
$
585
$
4,731
$
4,735
Ceded reinsurance premiums
(214
)
(924
)
(488
)
(334
)
(177
)
(1,960
)
(1,889
)
Net written premiums
398
1,051
759
563
408
2,771
2,846
Change in unearned premiums
337
(116
)
(183
)
(63
)
357
(25
)
(20
)
Net earned premiums
735
935
576
500
765
2,746
2,826
Loss and LAE
417
728
387
311
531
1,843
1,972
Underwriting expense
102
152
162
152
153
568
640
Underwriting profit
$
216
$
55
$
27
$
37
$
81
$
335
$
214
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
1
$
—
$
1
Catastrophe losses
—
4
12
10
9
26
65
Total current accident year catastrophe losses
$
—
$
4
$
12
$
10
$
10
$
26
$
66
Prior year loss reserve development (favorable) / adverse
$
(20
)
$
(11
)
$
(13
)
$
(19
)
$
(2
)
$
(63
)
$
(96
)
Combined ratio:
Loss and LAE ratio
56.8
%
77.8
%
67.2
%
62.1
%
69.5
%
67.1
%
69.8
%
Underwriting expense ratio
13.8
%
16.3
%
28.0
%
30.4
%
20.0
%
20.7
%
22.6
%
Combined ratio
70.6
%
94.1
%
95.2
%
92.5
%
89.5
%
87.8
%
92.4
%
Combined ratio excl. catastrophe losses and prior year reserve development
73.4
%
94.8
%
95.4
%
94.4
%
88.5
%
89.1
%
93.5
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
59.6
%
78.5
%
67.4
%
64.0
%
68.5
%
68.4
%
70.9
%
Prior accident year loss reserve development
(2.7
%)
(1.1
%)
(2.2
%)
(3.9
%)
(0.3
%)
(2.3
%)
(3.4
%)
Current accident year catastrophe losses
(0.1
%)
0.4
%
2.0
%
2.0
%
1.3
%
1.0
%
2.3
%
Loss and LAE ratio
56.8
%
77.8
%
67.2
%
62.1
%
69.5
%
67.1
%
69.8
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Gross written premiums
$
1,153
$
1,337
$
1,062
$
1,068
$
1,126
$
4,620
$
4,543
Ceded reinsurance premiums
(357
)
(423
)
(297
)
(296
)
(353
)
(1,373
)
(1,297
)
Net written premiums
796
914
765
772
773
3,247
3,246
Change in unearned premiums
16
(104
)
34
22
32
(32
)
(70
)
Net earned premiums
812
810
799
794
805
3,215
3,176
Loss and LAE
558
541
516
536
541
2,151
2,045
Underwriting expense
227
236
234
238
195
935
852
Underwriting profit
$
27
$
33
$
49
$
20
$
69
$
129
$
279
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
1
Catastrophe losses
(3
)
8
7
27
(6
)
39
34
Total current accident year catastrophe losses
$
(3
)
$
8
$
7
$
27
$
(6
)
$
39
$
35
Prior year loss reserve development (favorable) / adverse
$
(1
)
$
(1
)
$
10
$
12
$
44
$
20
$
37
Combined ratio:
Loss and LAE ratio
68.7
%
66.8
%
64.5
%
67.6
%
67.2
%
66.9
%
64.4
%
Underwriting expense ratio
28.0
%
29.0
%
29.4
%
30.0
%
24.2
%
29.1
%
26.8
%
Combined ratio
96.7
%
95.8
%
93.9
%
97.6
%
91.4
%
96.0
%
91.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
97.1
%
94.9
%
91.8
%
92.6
%
86.7
%
94.1
%
89.0
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
69.1
%
65.9
%
62.4
%
62.6
%
62.5
%
65.0
%
62.2
%
Prior accident year loss reserve development
(0.1
%)
(0.1
%)
1.2
%
1.6
%
5.4
%
0.6
%
1.2
%
Current accident year catastrophe losses
(0.3
%)
1.0
%
0.9
%
3.4
%
(0.7
%)
1.3
%
1.0
%
Loss and LAE ratio
68.7
%
66.8
%
64.5
%
67.6
%
67.2
%
66.9
%
64.4
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Gross written premiums
$
320
$
353
$
344
$
326
$
332
$
1,343
$
1,255
Ceded reinsurance premiums
(70
)
(66
)
(65
)
(50
)
(53
)
(251
)
(208
)
Net written premiums
250
287
279
276
279
1,092
1,047
Change in unearned premiums
9
(19
)
(7
)
10
1
(7
)
(13
)
Net earned premiums
259
268
272
286
280
1,085
1,034
Loss and LAE
83
85
103
118
107
389
432
Underwriting expense
132
132
131
131
119
526
469
Underwriting profit
$
44
$
51
$
38
$
37
$
54
$
170
$
133
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
7
11
19
35
17
72
81
Total current accident year catastrophe losses
$
7
$
11
$
19
$
35
$
17
$
72
$
81
Prior year loss reserve development (favorable) / adverse
$
(9
)
$
(12
)
$
(9
)
$
(13
)
$
(8
)
$
(43
)
$
(11
)
Combined ratio:
Loss and LAE ratio
32.0
%
31.8
%
38.1
%
41.1
%
38.1
%
35.9
%
41.8
%
Underwriting expense ratio
51.0
%
49.3
%
48.0
%
45.9
%
42.6
%
48.5
%
45.4
%
Combined ratio
83.0
%
81.1
%
86.1
%
87.0
%
80.7
%
84.4
%
87.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
83.5
%
81.7
%
82.0
%
79.7
%
77.5
%
81.7
%
80.4
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
32.5
%
32.4
%
34.0
%
33.8
%
34.9
%
33.2
%
35.0
%
Prior accident year loss reserve development
(3.0
%)
(4.7
%)
(3.2
%)
(4.6
%)
(3.0
%)
(3.9
%)
(1.1
%)
Current accident year catastrophe losses
2.5
%
4.1
%
7.3
%
11.9
%
6.2
%
6.6
%
7.9
%
Loss and LAE ratio
32.0
%
31.8
%
38.1
%
41.1
%
38.1
%
35.9
%
41.8
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Assets:
Total cash and investments
$
17,182
$
16,761
$
16,049
$
15,994
$
15,852
$
15,741
Recoverables from reinsurers
5,545
5,565
4,733
4,945
5,176
5,217
Prepaid reinsurance premiums
1,089
1,443
1,256
1,105
1,013
1,346
Agents’ balances and premiums receivable
1,641
2,034
1,946
1,589
1,532
1,995
Deferred policy acquisition costs
333
349
345
316
320
340
Assets of managed investment entities
4,050
3,972
3,833
3,848
4,140
4,332
Other receivables
1,212
2,075
877
855
1,123
1,989
Other assets
1,280
1,308
1,325
1,337
1,375
1,326
Goodwill
327
327
305
305
305
305
Total assets
$
32,659
$
33,834
$
30,669
$
30,294
$
30,836
$
32,591
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
15,111
$
15,079
$
13,834
$
13,970
$
14,179
$
14,206
Unearned premiums
3,736
4,450
4,026
3,710
3,584
4,320
Payable to reinsurers
1,201
1,578
1,152
1,028
1,191
1,620
Liabilities of managed investment entities
3,907
3,834
3,685
3,726
3,965
4,168
Long-term debt
1,820
1,820
1,476
1,476
1,475
1,475
Other liabilities
2,064
2,343
1,980
1,992
1,976
2,094
Total liabilities
27,839
29,104
26,153
25,902
26,370
27,883
Shareholders’ equity:
Common stock
83
83
83
84
84
84
Capital surplus
1,430
1,421
1,414
1,409
1,411
1,400
Retained earnings
3,357
3,299
3,151
3,078
3,211
3,360
Unrealized gains (losses) - fixed maturities
(22
)
(43
)
(101
)
(141
)
(202
)
(100
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(2
)
(3
)
(5
)
(7
)
(10
)
(7
)
Other comprehensive income (loss), net of tax
(26
)
(27
)
(26
)
(31
)
(28
)
(29
)
Total shareholders’ equity
4,820
4,730
4,516
4,392
4,466
4,708
Total liabilities and equity
$
32,659
$
33,834
$
30,669
$
30,294
$
30,836
$
32,591
Page 11
American Financial Group, Inc.
Book
Value Per Share and Price / Book Summary
(in millions, except per share information)
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
Shareholders’ equity
$
4,820
$
4,730
$
4,516
$
4,392
$
4,466
$
4,708
Accumulated other comprehensive income (loss)
(50
)
(73
)
(132
)
(179
)
(240
)
(136
)
Shareholders’ equity, excluding AOCI
4,870
4,803
4,648
4,571
4,706
4,844
Goodwill
327
327
305
305
305
305
Intangibles
189
192
193
198
203
199
Tangible shareholders’ equity, excluding AOCI
$
4,354
$
4,284
$
4,150
$
4,068
$
4,198
$
4,340
Common shares outstanding
83.422
83.401
83.386
83.668
83.978
83.923
Book value per share:
Book value per share
$
57.78
$
56.72
$
54.15
$
52.50
$
53.18
$
56.10
T2Book value per share, excluding AOCI
58.38
57.59
55.74
54.63
56.03
57.71
Tangible, excluding AOCI
52.20
51.38
49.77
48.62
49.98
51.72
Market capitalization
AFG’s closing common share price
$
136.68
$
145.72
$
126.21
$
131.34
$
136.93
$
134.60
Market capitalization
$
11,402
$
12,153
$
10,524
$
10,989
$
11,499
$
11,296
Price / Book value per share, excluding AOCI
2.34
2.53
2.26
2.40
2.44
2.33
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
AFG senior obligations
$
1,173
$
1,173
$
823
$
823
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
1,173
1,173
823
823
823
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
1,848
1,848
1,498
1,498
1,498
1,498
Shareholders’ equity
4,820
4,730
4,516
4,392
4,466
4,708
Accumulated other comprehensive income (loss)
(50
)
(73
)
(132
)
(179
)
(240
)
(136
)
Total capital, excluding AOCI
$
6,718
$
6,651
$
6,146
$
6,069
$
6,204
$
6,342
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
27.5
%
27.8
%
24.4
%
24.7
%
24.1
%
23.6
%
Excluding subordinated debt
17.5
%
17.6
%
13.4
%
13.6
%
13.3
%
13.0
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in
millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)
$
984
$
936
$
931
$
967
$
1,179
$
3,818
$
4,034
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
6,334
$
6,173
$
5,935
$
5,853
$
5,962
$
6,150
Parent and other subsidiaries
(1,464
)
(1,370
)
(1,287
)
(1,282
)
(1,256
)
(1,306
)
AFG GAAP Equity (excluding AOCI)
$
4,870
$
4,803
$
4,648
$
4,571
$
4,706
$
4,844
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,081
$
1,004
$
1,004
$
1,004
$
1,004
$
946
Page 14
American Financial Group, Inc.
Total
Cash and Investments
($ in millions)
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
%
Carrying Value - December 31, 2024
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,105
$
301
$
—
$
1,406
9
%
Fixed maturities - Available for sale
10,356
42
—
10,398
66
%
Fixed maturities - Trading
76
—
—
76
0
%
Equity securities - Common stocks
336
—
—
336
2
%
Equity securities - Perpetual preferred
415
—
—
415
3
%
Investments accounted for using the equity method
2,275
2
—
2,277
14
%
Mortgage loans
791
—
—
791
5
%
Real estate and other investments
229
98
(174
)
153
1
%
Total cash and investments
$
15,583
$
443
$
(174
)
$
15,852
100
%
Page 15
American Financial Group, Inc.
Net
Investment Income
($ in millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
138
$
135
$
140
$
137
$
134
$
550
$
532
Equity securities
6
6
15
6
9
33
29
Other investments (a)
27
27
23
21
24
98
87
Gross investment income excluding alternative investments
171
168
178
164
167
681
648
Gross investment income from alternative investments (b)
6
43
8
12
33
69
158
Total gross investment income
177
211
186
176
200
750
806
Investment expenses
(6
)
(6
)
(7
)
(6
)
(5
)
(25
)
(22
)
Total net investment income
$
171
$
205
$
179
$
170
$
195
$
725
$
784
Average cash and investments (c)
$
16,520
$
16,095
$
15,921
$
15,881
$
15,718
$
16,144
$
15,479
Average yield - overall portfolio, net (d)
4.14
%
5.09
%
4.50
%
4.28
%
4.96
%
4.49
%
5.06
%
Average yield - fixed maturities before inv expenses (d)
5.11
%
5.12
%
5.24
%
5.13
%
5.09
%
5.13
%
5.02
%
AFG consolidated net investment income:
Property & Casualty core
$
171
$
205
$
179
$
170
$
195
$
725
$
784
Parent & other
7
6
7
5
7
25
29
Consolidate CLOs
5
(6
)
(2
)
(2
)
(8
)
(5
)
(33
)
Total net investment income
$
183
$
205
$
184
$
173
$
194
$
745
$
780
Average cash and investments (c)
$
17,013
$
16,496
$
16,175
$
16,140
$
15,987
$
16,496
$
15,767
Average yield - overall portfolio, net (d)
4.30
%
4.97
%
4.55
%
4.29
%
4.85
%
4.52
%
4.95
%
Average yield - fixed maturities before inv expenses (d)
5.11
%
5.11
%
5.24
%
5.13
%
5.10
%
5.13
%
5.04
%
(a)
Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.
(b)
Investment income on alternative investments is detailed on page 17.
(c)
Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.
(d)
Average yield is calculated by dividing investment income for the period by the average balance.
Page 16
American Financial Group, Inc.
Alternative Investments
($ in millions)
Three Months Ended
Twelve Months Ended
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
12/31/25
12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
1
$
16
$
8
$
(3
)
$
12
$
22
$
22
Equity securities MTM through investment income (a)
(12
)
(6
)
4
—
12
(14
)
57
Investments accounted for using the equity method (b)
22
27
(6
)
13
1
56
46
AFG managed CLOs (eliminated in consolidation)
(5
)
6
2
2
8
5
33
Total Property & Casualty
$
6
$
43
$
8
$
12
$
33
$
69
$
158
Investments
Fixed maturities MTM through investment income
$
44
$
30
$
55
$
50
$
75
$
44
$
75
Equity securities MTM through investment income (a)
211
243
233
232
222
211
222
Investments accounted for using the equity method (b)
2,419
2,381
2,338
2,324
2,275
2,419
2,275
AFG managed CLOs (eliminated in consolidation)
143
138
148
122
174
143
174
Total Property & Casualty
$
2,817
$
2,792
$
2,774
$
2,728
$
2,746
$
2,817
$
2,746
Annualized Return - Property & Casualty
0.9
%
6.2
%
1.2
%
1.8
%
4.9
%
2.5
%
6.1
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
1
$
16
$
8
$
(3
)
$
12
$
22
$
22
Equity securities MTM through investment income (a)
(12
)
(6
)
4
—
12
(14
)
57
Investments accounted for using the equity method (b)
22
27
(6
)
13
1
56
46
AFG managed CLOs (eliminated in consolidation)
(5
)
6
2
2
8
5
33
Total AFG Consolidated
$
6
$
43
$
8
$
12
$
33
$
69
$
158
Investments
Fixed maturities MTM through investment income
$
44
$
30
$
55
$
50
$
75
$
44
$
75
Equity securities MTM through investment income (a)
211
243
233
232
222
211
222
Investments accounted for using the equity method (b)
2,421
2,383
2,341
2,326
2,277
2,421
2,277
AFG managed CLOs (eliminated in consolidation)
143
138
148
122
174
143
174
Total AFG Consolidated
$
2,819
$
2,794
$
2,777
$
2,730
$
2,748
$
2,819
$
2,748
Annualized Return - AFG Consolidated
0.9
%
6.2
%
1.2
%
1.8
%
4.9
%
2.5
%
6.1
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed
Maturities - By Security Type - AFG Consolidated
($ in millions )
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
December 31, 2024
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
176
$
173
$
(3
)
2
%
1
%
States, municipalities and political subdivisions
905
859
(46
)
8
%
5
%
Foreign government
283
284
1
3
%
2
%
Residential mortgage-backed securities
2,121
1,989
(132
)
19
%
13
%
Collateralized loan obligations
1,239
1,237
(2
)
12
%
8
%
Other asset-backed securities
2,457
2,407
(50
)
22
%
15
%
Corporate and other bonds
3,548
3,525
(23
)
34
%
22
%
Total AFG consolidated
$
10,729
$
10,474
$
(255
)
100
%
66
%
Approximate duration - P&C
3.1 years
Approximate duration - P&C including cash
2.8 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
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 19
Appendix B
American Financial Group,
Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2024
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
—
$
342
$
264
$
1,717
$
1,166
$
856
$
14
$
4,359
42
%
AA
173
469
9
92
66
305
175
1,289
12
%
A
—
38
5
69
4
649
925
1,690
16
%
BBB
—
8
6
20
—
519
1,990
2,543
24
%
Subtotal - Investment grade
173
857
284
1,898
1,236
2,329
3,104
9,881
94
%
BB
—
—
—
2
—
7
167
176
2
%
B
—
—
—
2
—
2
33
37
0
%
CCC, CC, C
—
—
—
28
—
3
14
45
1
%
D
—
—
—
—
—
—
12
12
0
%
Subtotal - Non-Investment grade
—
—
—
32
—
12
226
270
3
%
Not Rated (b)
—
2
—
59
1
66
195
323
3
%
Total
$
173
$
859
$
284
$
1,989
$
1,237
$
2,407
$
3,525
$
10,474
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
173
$
846
$
237
$
1,898
$
1,220
$
1,810
$
1,119
$
7,303
71
%
2
—
8
—
20
—
508
1,988
2,524
25
%
Subtotal
173
854
237
1,918
1,220
2,318
3,107
9,827
96
%
3
—
—
—
8
—
7
172
187
2
%
4
—
—
—
—
—
2
59
61
1
%
5
—
—
—
6
—
4
127
137
1
%
6
—
—
—
1
—
2
16
19
0
%
Subtotal
—
—
—
15
—
15
374
404
4
%
Total insurance companies
$
173
$
854
$
237
$
1,933
$
1,220
$
2,333
$
3,481
$
10,231
100
%
No NAIC designation (c)
—
—
—
—
1
25
8
34
Non-Insurance and Foreign Companies (d)
—
5
47
56
16
49
36
209
Total
$
173
$
859
$
284
$
1,989
$
1,237
$
2,407
$
3,525
$
10,474
(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, 57% are NAIC 1 and 38% do not have a designation.
For Corp/Oth, 9% are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.
For Total, 29% are NAIC 1, 8% NAIC 2, 10% NAIC 4, 37% NAIC 5 and 11% 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 20
Appendix C
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
Retailers
Consumer
REITs
Basic
Industry
Capital
Goods
Autos
Healthcare
Media
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2
$
13
0
%
AA
—
32
58
5
30
10
10
49
—
—
—
—
15
—
13
222
6
%
A
179
70
155
52
48
151
23
51
55
16
31
101
36
—
30
998
29
%
BBB
264
94
53
769
160
90
45
41
56
79
45
55
39
15
93
1,898
56
%
Subtotal
443
196
266
826
249
251
78
141
111
95
76
156
90
15
138
3,131
91
%
BB
6
—
—
—
4
—
36
9
6
8
1
18
3
25
6
122
4
%
B
2
—
—
—
—
—
—
7
—
—
—
—
5
6
—
20
1
%
CCC, CC, C
—
—
—
—
—
—
—
—
—
—
3
—
—
—
—
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
8
—
—
—
4
—
36
16
6
8
4
18
8
31
6
145
5
%
Not Rated (b)
—
25
6
—
2
—
—
28
5
2
2
1
43
20
2
136
4
%
Total
$
451
$
221
$
272
$
826
$
255
$
251
$
114
$
185
$
122
$
105
$
82
$
175
$
141
$
66
$
146
$
3,412
100
%
Fair Value By Industry
NAIC
designation
Banking
Other
Financials
Insurance
Asset
Managers
Technology
Utilities
Retailers
Consumer
REITs
Basic
Industry
Capital
Goods
Autos
Healthcare
Media
Other
Total
% Total
1
$
176
$
104
$
211
$
57
$
88
$
161
$
33
$
101
$
55
$
16
$
33
$
101
$
50
$
—
$
44
$
1,230
37
%
2
261
70
52
763
157
88
45
48
56
77
44
54
38
14
94
1,861
55
%
Subtotal
437
174
263
820
245
249
78
149
111
93
77
155
88
14
138
3,091
92
%
3
7
24
—
—
4
—
36
16
6
4
1
18
27
25
6
174
5
%
4
2
—
—
—
—
—
—
18
—
4
—
—
5
6
—
35
1
%
5
—
10
—
—
1
—
—
2
5
1
3
—
20
20
—
62
2
%
6
—
1
—
—
—
—
—
—
—
—
—
—
—
—
—
1
0
%
Subtotal
9
35
—
—
5
—
36
36
11
9
4
18
52
51
6
272
8
%
Total insurance companies
$
446
$
209
$
263
$
820
$
250
$
249
$
114
$
185
$
122
$
102
$
81
$
173
$
140
$
65
$
144
$
3,363
100
%
No NAIC designation (c)
—
11
6
—
—
—
—
—
—
—
—
—
—
—
—
17
Non-Insurance and Foreign Companies
5
1
3
6
5
2
—
—
—
3
1
2
1
1
2
32
Total
$
451
$
221
$
272
$
826
$
255
$
251
$
114
$
185
$
122
$
105
$
82
$
175
$
141
$
66
$
146
$
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 21
Appendix D
American Financial Group,
Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2024
($ in millions)
Fair Value By Industry
Credit Rating
(a)
Asset
Managers
Banking
Technology
Insurance
Other
Financials
Utilities
Consumer
Autos
Healthcare
REITs
Basic
Industry
Retailers
Capital
Goods
Media
Other
Total
%
Total
Investment Grade
AAA
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3
$
14
0
%
AA
5
—
22
44
32
5
39
—
14
—
—
10
—
—
4
175
5
%
A
40
186
28
150
67
122
56
95
30
47
11
17
40
3
33
925
26
%
BBB
767
242
172
51
83
92
64
68
31
75
110
38
47
45
105
1,990
57
%
Subtotal
812
428
233
245
182
219
159
163
75
122
121
65
87
48
145
3,104
88
%
BB
24
6
8
—
2
—
22
5
5
6
13
36
1
30
9
167
5
%
B
4
2
2
—
—
—
11
—
9
—
—
—
4
—
1
33
1
%
CCC, CC, C
—
—
2
—
—
—
—
—
12
—
—
—
—
—
—
14
0
%
D
—
—
—
—
—
—
—
—
—
—
—
12
—
—
—
12
0
%
Subtotal
28
8
12
—
2
—
33
5
26
6
13
48
5
30
10
226
6
%
Not Rated (b)
—
—
16
7
43
—
12
2
47
8
—
15
23
20
2
195
6
%
Total
$
840
$
436
$
261
$
252
$
227
$
219
$
204
$
170
$
148
$
136
$
134
$
128
$
115
$
98
$
157
$
3,525
100
%
Fair Value By Industry
NAIC
designation
Asset
Managers
Banking
Technology
Insurance
Other
Financials
Utilities
Consumer
Autos
Healthcare
REITs
Basic
Industry
Retailers
Capital
Goods
Media
Other
Total
%
Total
1
$
45
$
183
$
61
$
191
$
113
$
127
$
94
$
95
$
46
$
47
$
11
$
27
$
40
$
3
$
36
$
1,119
32
%
2
763
239
168
50
83
90
71
66
43
75
107
37
47
44
105
1,988
57
%
Subtotal
808
422
229
241
196
217
165
161
89
122
118
64
87
47
141
3,107
89
%
3
24
6
8
1
4
—
27
5
6
6
8
36
2
30
9
172
5
%
4
4
2
12
—
—
—
6
2
24
—
4
—
4
—
1
59
2
%
5
—
—
7
—
24
—
2
—
28
8
1
15
21
20
1
127
4
%
6
—
—
—
—
2
—
1
—
—
—
—
12
—
—
1
16
0
%
Subtotal
28
8
27
1
30
—
36
7
58
14
13
63
27
50
12
374
11
%
Total insurance companies
$
836
$
430
$
256
$
242
$
226
$
217
$
201
$
168
$
147
$
136
$
131
$
127
$
114
$
97
$
153
$
3,481
100
%
No NAIC designation (c)
—
—
—
7
1
—
—
—
—
—
—
—
—
—
—
8
Non-Insurance and Foreign Companies
4
6
5
3
—
2
3
2
1
—
3
1
1
1
4
36
Total
$
840
$
436
$
261
$
252
$
227
$
219
$
204
$
170
$
148
$
136
$
134
$
128
$
115
$
98
$
157
$
3,525
(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)
9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% 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
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 23
Appendix F
American Financial Group,
Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2024
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Commercial
Real Estate
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
%
Total
Investment Grade
AAA
$
—
$
258
$
191
$
46
$
—
$
7
$
17
$
125
$
69
$
143
$
856
36
%
AA
75
—
14
130
25
4
25
—
—
32
305
12
%
A
10
—
17
18
156
118
65
—
—
265
649
27
%
BBB
427
—
—
—
6
21
1
—
—
64
519
22
%
Subtotal
512
258
222
194
187
150
108
125
69
504
2,329
97
%
BB
—
—
—
—
—
5
1
—
—
1
7
0
%
B
—
—
—
—
—
2
—
—
—
—
2
0
%
CCC, CC, C
—
—
—
—
—
3
—
—
—
—
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
—
10
1
—
—
1
12
0
%
Not Rated (b)
—
—
—
—
—
2
33
—
—
31
66
3
%
Total
$
512
$
258
$
222
$
194
$
187
$
162
$
142
$
125
$
69
$
536
$
2,407
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Commercial
Real Estate
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
%
Total
1
$
85
$
240
$
219
$
191
$
179
$
127
$
139
$
121
$
67
$
442
$
1,810
77
%
2
416
—
—
—
6
21
1
—
—
64
508
22
%
Subtotal
501
240
219
191
185
148
140
121
67
506
2,318
99
%
3
—
—
—
—
—
4
2
—
—
1
7
1
%
4
—
—
—
—
—
2
—
—
—
—
2
0
%
5
—
—
—
—
—
3
—
—
—
1
4
0
%
6
—
—
—
—
—
2
—
—
—
—
2
0
%
Subtotal
—
—
—
—
—
11
2
—
—
2
15
1
%
Total insurance companies
$
501
$
240
$
219
$
191
$
185
$
159
$
142
$
121
$
67
$
508
$
2,333
100
%
No NAIC designation
—
—
—
—
—
—
—
—
—
25
25
Non-Insurance and Foreign Companies
11
18
3
3
2
3
—
4
2
3
49
Total
$
512
$
258
$
222
$
194
$
187
$
162
$
142
$
125
$
69
$
536
$
2,407
(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)
57% of not rated securities are NAIC 1 and 38% do not have a designation.
Page 24
Appendix G
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 $2.4 billion, the amounts presented in this table
only relate to real estate funds/investments.
(b)
Occupancy as of 12/31/2025
(c)
Collections for October - December
Page 25
Appendix H
American Financial Group,
Inc.
Real Estate-Related Investments
12/31/2024
($ 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
$
1,222
88
%
92
%
97
%
Fund Investments
93
7
%
—
—
QOZ Fund - Development
28
2
%
—
—
Office
17
1
%
91
%
100
%
Marina
16
1
%
—
—
Hospitality
10
1
%
—
—
Land Development
6
0
%
—
—
Total
$
1,392
100
%
Real Estate
Property Type
Book Value
% of Book
Value
Debt
Resort & Marina
$
50
52
%
$
—
Marina
35
37
%
—
Office Building
9
9
%
—
Land
2
2
%
—
Total
$
96
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of Book
Value
Loan To
Value
Multifamily
$
568
72
%
65
%
Hospitality
122
15
%
49
%
Marina
52
7
%
52
%
Office
49
6
%
98
%
Total
$
791
100
%
64
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this table
only relate to real estate funds/investments.
(b)
Occupancy as of 12/31/2024
(c)
Collections for October - December
Page 26
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Underwriting profitability
“Underwriting profit - Property and Casualty Insurance $284 million.”
Theme · Investment income
“Net investment income $171 million.”
Theme · Reserve development
“Prior year loss reserve development (favorable) / adverse $(27) million.”
Source: SEC EDGAR · public domain · Highlights by Palanor