EX-99.23d133743dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - First Quarter 2026
April 29, 2026
American Financial Group, Inc.
Corporate Headquarters
Great American Insurance Group Tower
301 E Fourth Street
Cincinnati, OH 45202
513 579 6739
American Financial Group, Inc.
Table of Contents - Investor Supplement - First Quarter 2026
Section
Page
Table of Contents - Investor Supplement - First Quarter 2026
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. FixedMaturities by Credit Rating & NAIC Designation by Type 3/31/2026
19
B. FixedMaturities by Credit Rating & NAIC Designation by Type 12/31/2025
20
C. CorporateSecurities by Credit Rating & NAIC Designation by Industry
3/31/2026
21
D. CorporateSecurities by Credit Rating & NAIC Designation by Industry
12/31/2025
22
E. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type
3/31/2026
23
F. Asset-BackedSecurities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
24
G. RealEstate-Related Investments 3/31/2026
25
H. RealEstate-Related Investments 12/31/2025
26
Page 2
American Financial Group, Inc.
Financial Highlights
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Highlights
Net earnings
$
191
$
299
$
215
$
174
$
154
$
842
$
887
Core net operating earnings
206
305
224
179
152
860
902
Total assets
32,353
32,642
33,834
30,669
30,294
32,642
30,836
Shareholders’ equity, excluding AOCI (a)
4,805
4,870
4,803
4,648
4,571
4,870
4,706
Property and Casualty net written premiums
1,664
1,444
2,252
1,803
1,611
7,110
7,139
Per share data
Diluted earnings per share
$
2.29
$
3.58
$
2.58
$
2.07
$
1.84
$
10.08
$
10.57
Core net operating earnings per share
2.47
3.65
2.69
2.14
1.81
10.29
10.75
Book value per share, excluding AOCI (a)
57.83
58.38
57.59
55.74
54.63
58.38
56.03
Dividends per common share
2.38
2.88
0.80
0.80
2.80
7.28
9.43
Financial ratios
Annualized return on equity (b)
15.8
%
24.7
%
18.2
%
15.0
%
13.3
%
17.8
%
19.0
%
Annualized core operating return on equity (b)
17.0
%
25.2
%
19.0
%
15.5
%
13.1
%
18.2
%
19.3
%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio
56.3
%
58.6
%
67.2
%
61.1
%
61.0
%
62.2
%
63.3
%
Underwriting expense ratio
34.0
%
25.5
%
25.8
%
32.0
%
33.0
%
28.8
%
27.9
%
Combined ratio - Specialty
90.3
%
84.1
%
93.0
%
93.1
%
94.0
%
91.0
%
91.2
%
(a)
A reconciliation to the GAAP measure is on page 12.
(b)
Excludes accumulated other comprehensive income.
Page 3
American Financial Group, Inc.
Summary of Earnings
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Property and Casualty Insurance
Underwriting profit
$
156
$
284
$
138
$
113
$
94
$
629
$
620
Net investment income
168
171
205
179
170
725
784
Other income (expense)
(15
)
(15
)
(15
)
(19
)
(18
)
(67
)
(76
)
Property and Casualty Insurance operating earnings
309
440
328
273
246
1,287
1,328
Interest expense of parent holding companies
(23
)
(23
)
(19
)
(19
)
(19
)
(80
)
(76
)
Other expense
(29
)
(31
)
(29
)
(27
)
(33
)
(120
)
(114
)
Pretax core operating earnings
257
386
280
227
194
1,087
1,138
Income tax expense
51
81
56
48
42
227
236
Core net operating earnings
206
305
224
179
152
860
902
Non-core items, net of tax:
Realized gains (losses) on securities
(15
)
(6
)
10
2
2
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
$
191
$
299
$
215
$
174
$
154
$
842
$
887
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Core net operating earnings
$
206
$
305
$
224
$
179
$
152
$
860
$
902
Net earnings
$
191
$
299
$
215
$
174
$
154
$
842
$
887
Average number of diluted shares
83.263
83.411
83.397
83.488
83.842
83.533
83.903
Diluted earnings per share:
Core net operating earnings per share
$
2.47
$
3.65
$
2.69
$
2.14
$
1.81
$
10.29
$
10.75
Realized gains (losses) on securities
(0.18
)
(0.07
)
0.12
0.02
0.03
0.11
—
Realized gain on subsidiaries
—
—
0.01
—
—
0.01
—
Special A&E charges - Former Railroad and Manufacturing operations
—
—
(0.24
)
—
—
(0.24
)
(0.13
)
Other non-core items
—
—
—
(0.09
)
—
(0.09
)
(0.05
)
Diluted earnings per share
$
2.29
$
3.58
$
2.58
$
2.07
$
1.84
$
10.08
$
10.57
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Property and Transportation
$
65
$
216
$
55
$
27
$
37
$
335
$
214
Specialty Casualty
34
27
33
49
20
129
279
Specialty Financial
57
44
51
38
37
170
133
Underwriting profit - Specialty
156
287
139
114
94
634
626
Other core charges, included in loss and LAE
—
(3
)
(1
)
(1
)
—
(5
)
(6
)
Underwriting profit - Property and Casualty Insurance
$
156
$
284
$
138
$
113
$
94
$
629
$
620
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
2
Catastrophe losses
35
4
23
38
72
137
180
Total current accident year catastrophe losses
$
35
$
4
$
23
$
38
$
72
$
137
$
182
Prior year loss reserve development (favorable) / adverse
$
(70
)
$
(27
)
$
(23
)
$
(11
)
$
(20
)
$
(81
)
$
(64
)
Combined ratio:
Property and Transportation
87.6
%
70.6
%
94.1
%
95.2
%
92.5
%
87.8
%
92.4
%
Specialty Casualty
95.8
%
96.7
%
95.8
%
93.9
%
97.6
%
96.0
%
91.2
%
Specialty Financial
80.0
%
83.0
%
81.1
%
86.1
%
87.0
%
84.4
%
87.2
%
Combined ratio - Specialty
90.3
%
84.1
%
93.0
%
93.1
%
94.0
%
91.0
%
91.2
%
Other core charges
0.1
%
0.2
%
0.1
%
0.0
%
0.1
%
0.0
%
0.0
%
Combined ratio
90.4
%
84.3
%
93.1
%
93.1
%
94.1
%
91.0
%
91.2
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
92.5
%
85.5
%
93.0
%
91.5
%
90.8
%
90.3
%
89.6
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
58.5
%
60.0
%
67.2
%
59.5
%
57.8
%
61.5
%
61.7
%
Prior accident year loss reserve development
(4.3
%)
(1.5
%)
(1.1
%)
(0.7
%)
(1.3
%)
(1.1
%)
(0.9
%)
Current accident year catastrophe losses
2.2
%
0.3
%
1.2
%
2.3
%
4.6
%
1.8
%
2.5
%
Loss and LAE ratio
56.4
%
58.8
%
67.3
%
61.1
%
61.1
%
62.2
%
63.3
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Gross written premiums
$
2,435
$
2,085
$
3,665
$
2,653
$
2,291
$
10,694
$
10,533
Ceded reinsurance premiums
(771
)
(641
)
(1,413
)
(850
)
(680
)
(3,584
)
(3,394
)
Net written premiums
1,664
1,444
2,252
1,803
1,611
7,110
7,139
Change in unearned premiums
(55
)
362
(239
)
(156
)
(31
)
(64
)
(103
)
Net earned premiums
1,609
1,806
2,013
1,647
1,580
7,046
7,036
Loss and LAE
906
1,058
1,354
1,006
965
4,383
4,449
Underwriting expense
547
461
520
527
521
2,029
1,961
Underwriting profit
$
156
$
287
$
139
$
114
$
94
$
634
$
626
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
2
Catastrophe losses
35
4
23
38
72
137
180
Total current accident year catastrophe losses
$
35
$
4
$
23
$
38
$
72
$
137
$
182
Prior year loss reserve development (favorable) / adverse
$
(70
)
$
(30
)
$
(24
)
$
(12
)
$
(20
)
$
(86
)
$
(70
)
Combined ratio:
Loss and LAE ratio
56.3
%
58.6
%
67.2
%
61.1
%
61.0
%
62.2
%
63.3
%
Underwriting expense ratio
34.0
%
25.5
%
25.8
%
32.0
%
33.0
%
28.8
%
27.9
%
Combined ratio
90.3
%
84.1
%
93.0
%
93.1
%
94.0
%
91.0
%
91.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
92.5
%
85.5
%
93.0
%
91.5
%
90.8
%
90.2
%
89.6
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
58.5
%
60.0
%
67.2
%
59.5
%
57.8
%
61.4
%
61.7
%
Prior accident year loss reserve development
(4.4
%)
(1.6
%)
(1.2
%)
(0.7
%)
(1.3
%)
(1.2
%)
(1.0
%)
Current accident year catastrophe losses
2.2
%
0.2
%
1.2
%
2.3
%
4.5
%
2.0
%
2.6
%
Loss and LAE ratio
56.3
%
58.6
%
67.2
%
61.1
%
61.0
%
62.2
%
63.3
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Gross written premiums
$
999
$
612
$
1,975
$
1,247
$
897
$
4,731
$
4,735
Ceded reinsurance premiums
(403
)
(214
)
(924
)
(488
)
(334
)
(1,960
)
(1,889
)
Net written premiums
596
398
1,051
759
563
2,771
2,846
Change in unearned premiums
(70
)
337
(116
)
(183
)
(63
)
(25
)
(20
)
Net earned premiums
526
735
935
576
500
2,746
2,826
Loss and LAE
301
417
728
387
311
1,843
1,972
Underwriting expense
160
102
152
162
152
568
640
Underwriting profit
$
65
$
216
$
55
$
27
$
37
$
335
$
214
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
1
Catastrophe losses
12
—
4
12
10
26
65
Total current accident year catastrophe losses
$
12
$
—
$
4
$
12
$
10
$
26
$
66
Prior year loss reserve development (favorable) / adverse
$
(47
)
$
(20
)
$
(11
)
$
(13
)
$
(19
)
$
(63
)
$
(96
)
Combined ratio:
Loss and LAE ratio
57.1
%
56.8
%
77.8
%
67.2
%
62.1
%
67.1
%
69.8
%
Underwriting expense ratio
30.5
%
13.8
%
16.3
%
28.0
%
30.4
%
20.7
%
22.6
%
Combined ratio
87.6
%
70.6
%
94.1
%
95.2
%
92.5
%
87.8
%
92.4
%
Combined ratio excl. catastrophe losses and prior year reserve development
94.4
%
73.4
%
94.8
%
95.4
%
94.4
%
89.1
%
93.5
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
63.9
%
59.6
%
78.5
%
67.4
%
64.0
%
68.4
%
70.9
%
Prior accident year loss reserve development
(9.0
%)
(2.7
%)
(1.1
%)
(2.2
%)
(3.9
%)
(2.3
%)
(3.4
%)
Current accident year catastrophe losses
2.2
%
(0.1
%)
0.4
%
2.0
%
2.0
%
1.0
%
2.3
%
Loss and LAE ratio
57.1
%
56.8
%
77.8
%
67.2
%
62.1
%
67.1
%
69.8
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Gross written premiums
$
1,089
$
1,153
$
1,337
$
1,062
$
1,068
$
4,620
$
4,543
Ceded reinsurance premiums
(300
)
(357
)
(423
)
(297
)
(296
)
(1,373
)
(1,297
)
Net written premiums
789
796
914
765
772
3,247
3,246
Change in unearned premiums
10
16
(104
)
34
22
(32
)
(70
)
Net earned premiums
799
812
810
799
794
3,215
3,176
Loss and LAE
517
558
541
516
536
2,151
2,045
Underwriting expense
248
227
236
234
238
935
852
Underwriting profit
$
34
$
27
$
33
$
49
$
20
$
129
$
279
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
1
Catastrophe losses
11
(3
)
8
7
27
39
34
Total current accident year catastrophe losses
$
11
$
(3
)
$
8
$
7
$
27
$
39
$
35
Prior year loss reserve development (favorable) / adverse
$
—
$
(1
)
$
(1
)
$
10
$
12
$
20
$
37
Combined ratio:
Loss and LAE ratio
64.7
%
68.7
%
66.8
%
64.5
%
67.6
%
66.9
%
64.4
%
Underwriting expense ratio
31.1
%
28.0
%
29.0
%
29.4
%
30.0
%
29.1
%
26.8
%
Combined ratio
95.8
%
96.7
%
95.8
%
93.9
%
97.6
%
96.0
%
91.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
94.4
%
97.1
%
94.9
%
91.8
%
92.6
%
94.1
%
89.0
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
63.3
%
69.1
%
65.9
%
62.4
%
62.6
%
65.0
%
62.2
%
Prior accident year loss reserve development
0.0
%
(0.1
%)
(0.1
%)
1.2
%
1.6
%
0.6
%
1.2
%
Current accident year catastrophe losses
1.4
%
(0.3
%)
1.0
%
0.9
%
3.4
%
1.3
%
1.0
%
Loss and LAE ratio
64.7
%
68.7
%
66.8
%
64.5
%
67.6
%
66.9
%
64.4
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Gross written premiums
$
347
$
320
$
353
$
344
$
326
$
1,343
$
1,255
Ceded reinsurance premiums
(68
)
(70
)
(66
)
(65
)
(50
)
(251
)
(208
)
Net written premiums
279
250
287
279
276
1,092
1,047
Change in unearned premiums
5
9
(19
)
(7
)
10
(7
)
(13
)
Net earned premiums
284
259
268
272
286
1,085
1,034
Loss and LAE
88
83
85
103
118
389
432
Underwriting expense
139
132
132
131
131
526
469
Underwriting profit
$
57
$
44
$
51
$
38
$
37
$
170
$
133
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
12
7
11
19
35
72
81
Total current accident year catastrophe losses
$
12
$
7
$
11
$
19
$
35
$
72
$
81
Prior year loss reserve development (favorable) / adverse
$
(23
)
$
(9
)
$
(12
)
$
(9
)
$
(13
)
$
(43
)
$
(11
)
Combined ratio:
Loss and LAE ratio
31.2
%
32.0
%
31.8
%
38.1
%
41.1
%
35.9
%
41.8
%
Underwriting expense ratio
48.8
%
51.0
%
49.3
%
48.0
%
45.9
%
48.5
%
45.4
%
Combined ratio
80.0
%
83.0
%
81.1
%
86.1
%
87.0
%
84.4
%
87.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
83.7
%
83.5
%
81.7
%
82.0
%
79.7
%
81.7
%
80.4
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
34.9
%
32.5
%
32.4
%
34.0
%
33.8
%
33.2
%
35.0
%
Prior accident year loss reserve development
(7.9
%)
(3.0
%)
(4.7
%)
(3.2
%)
(4.6
%)
(3.9
%)
(1.1
%)
Current accident year catastrophe losses
4.2
%
2.5
%
4.1
%
7.3
%
11.9
%
6.6
%
7.9
%
Loss and LAE ratio
31.2
%
32.0
%
31.8
%
38.1
%
41.1
%
35.9
%
41.8
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
Assets:
Total cash and investments
$
17,143
$
17,182
$
16,761
$
16,049
$
15,994
$
15,852
Recoverables from reinsurers
5,303
5,528
5,565
4,733
4,945
5,176
Prepaid reinsurance premiums
1,211
1,089
1,443
1,256
1,105
1,013
Agents’ balances and premiums receivable
1,670
1,641
2,034
1,946
1,589
1,532
Deferred policy acquisition costs
334
333
349
345
316
320
Assets of managed investment entities
3,987
4,050
3,972
3,833
3,848
4,140
Other receivables
1,058
1,212
2,075
877
855
1,123
Other assets
1,320
1,280
1,308
1,325
1,337
1,375
Goodwill
327
327
327
305
305
305
Total assets
$
32,353
$
32,642
$
33,834
$
30,669
$
30,294
$
30,836
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
14,914
$
15,094
$
15,079
$
13,834
$
13,970
$
14,179
Unearned premiums
3,911
3,736
4,450
4,026
3,710
3,584
Payable to reinsurers
1,065
1,195
1,578
1,152
1,028
1,191
Liabilities of managed investment entities
3,854
3,907
3,834
3,685
3,726
3,965
Long-term debt
1,820
1,820
1,820
1,476
1,476
1,475
Other liabilities
2,111
2,070
2,343
1,980
1,992
1,976
Total liabilities
27,675
27,822
29,104
26,153
25,902
26,370
Shareholders’ equity:
Common stock
83
83
83
83
84
84
Capital surplus
1,428
1,430
1,421
1,414
1,409
1,411
Retained earnings
3,294
3,357
3,299
3,151
3,078
3,211
Unrealized gains (losses) - fixed maturities
(100
)
(22
)
(43
)
(101
)
(141
)
(202
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(1
)
(2
)
(3
)
(5
)
(7
)
(10
)
Other comprehensive income (loss), net of tax
(26
)
(26
)
(27
)
(26
)
(31
)
(28
)
Total shareholders’ equity
4,678
4,820
4,730
4,516
4,392
4,466
Total liabilities and equity
$
32,353
$
32,642
$
33,834
$
30,669
$
30,294
$
30,836
Page 11
American Financial Group, Inc.
Book
Value Per Share and Price / Book Summary
(in millions, except per share information)
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
Shareholders’ equity
$
4,678
$
4,820
$
4,730
$
4,516
$
4,392
$
4,466
Accumulated other comprehensive income (loss)
(127
)
(50
)
(73
)
(132
)
(179
)
(240
)
Shareholders’ equity, excluding AOCI
4,805
4,870
4,803
4,648
4,571
4,706
Goodwill
327
327
327
305
305
305
Intangibles
184
189
192
193
198
203
Tangible shareholders’ equity, excluding AOCI
$
4,294
$
4,354
$
4,284
$
4,150
$
4,068
$
4,198
Common shares outstanding
83.086
83.422
83.401
83.386
83.668
83.978
Book value per share:
Book value per share
$
56.30
$
57.78
$
56.72
$
54.15
$
52.50
$
53.18
Book value per share, excluding AOCI
57.83
58.38
57.59
55.74
54.63
56.03
Tangible, excluding AOCI
51.69
52.20
51.38
49.77
48.62
49.98
Market capitalization
AFG’s closing common share price
$
127.71
$
136.68
$
145.72
$
126.21
$
131.34
$
136.93
Market capitalization
$
10,611
$
11,402
$
12,153
$
10,524
$
10,989
$
11,499
Price / Book value per share, excluding AOCI
2.21
2.34
2.53
2.26
2.40
2.44
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
AFG senior obligations
$
1,173
$
1,173
$
1,173
$
823
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
1,173
1,173
1,173
823
823
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
1,848
1,848
1,848
1,498
1,498
1,498
Shareholders’ equity
4,678
4,820
4,730
4,516
4,392
4,466
Accumulated other comprehensive income (loss)
(127
)
(50
)
(73
)
(132
)
(179
)
(240
)
Total capital, excluding AOCI
$
6,653
$
6,718
$
6,651
$
6,146
$
6,069
$
6,204
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
27.8
%
27.5
%
27.8
%
24.4
%
24.7
%
24.1
%
Excluding subordinated debt
17.6
%
17.5
%
17.6
%
13.4
%
13.6
%
13.3
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Property and Casualty Insurance
Paid Losses (GAAP)
$
888
$
984
$
936
$
931
$
967
$
3,818
$
4,034
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
6,354
$
6,354
$
6,173
$
5,935
$
5,853
$
5,962
Parent and other subsidiaries
(1,549
)
(1,484
)
(1,370
)
(1,287
)
(1,282
)
(1,256
)
AFG GAAP Equity (excluding AOCI)
$
4,805
$
4,870
$
4,803
$
4,648
$
4,571
$
4,706
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,083
$
1,081
$
1,004
$
1,004
$
1,004
$
1,004
Page 14
American Financial Group, Inc.
Total
Cash and Investments
($ in millions)
Carrying Value - March 31, 2026
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,115
$
238
$
—
$
1,353
8
%
Fixed maturities - Available for sale
11,274
123
—
11,397
66
%
Fixed maturities - Trading
80
—
—
80
1
%
Equity securities - Common stocks
363
—
—
363
2
%
Equity securities - Perpetual preferred
390
—
—
390
2
%
Investments accounted for using the equity method
2,440
3
—
2,443
14
%
Mortgage loans
961
—
—
961
6
%
Real estate and other investments
186
103
(133
)
156
1
%
Total cash and investments
$
16,809
$
467
$
(133
)
$
17,143
100
%
Carrying Value - December 31, 2025
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,377
$
350
$
—
$
1,727
10
%
Fixed maturities - Available for sale
10,923
129
—
11,052
64
%
Fixed maturities - Trading
91
—
—
91
1
%
Equity securities - Common stocks
365
—
—
365
2
%
Equity securities - Perpetual preferred
420
—
—
420
2
%
Investments accounted for using the equity method
2,419
2
—
2,421
14
%
Mortgage loans
947
—
—
947
6
%
Real estate and other investments
199
103
(143
)
159
1
%
Total cash and investments
$
16,741
$
584
$
(143
)
$
17,182
100
%
Page 15
American Financial Group, Inc.
Net
Investment Income
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
141
$
138
$
135
$
140
$
137
$
550
$
532
Equity securities
10
6
6
15
6
33
29
Other investments (a)
27
27
27
23
21
98
87
Gross investment income excluding alternative investments
178
171
168
178
164
681
648
Gross investment income from alternative investments (b)
(3
)
6
43
8
12
69
158
Total gross investment income
175
177
211
186
176
750
806
Investment expenses
(7
)
(6
)
(6
)
(7
)
(6
)
(25
)
(22
)
Total net investment income
$
168
$
171
$
205
$
179
$
170
$
725
$
784
Average cash and investments (c)
$
16,855
$
16,520
$
16,095
$
15,921
$
15,881
$
16,144
$
15,479
Average yield - overall portfolio, net (d)
3.99
%
4.14
%
5.09
%
4.50
%
4.28
%
4.49
%
5.06
%
Average yield - fixed maturities before inv expenses (d)
5.04
%
5.11
%
5.12
%
5.24
%
5.13
%
5.13
%
5.02
%
AFG consolidated net investment income:
Property & Casualty core
$
168
$
171
$
205
$
179
$
170
$
725
$
784
Parent & other
6
7
6
7
5
25
29
Consolidate CLOs
13
5
(6
)
(2
)
(2
)
(5
)
(33
)
Total net investment income
$
187
$
183
$
205
$
184
$
173
$
745
$
780
Average cash and investments (c)
$
17,240
$
17,013
$
16,496
$
16,175
$
16,140
$
16,496
$
15,767
Average yield - overall portfolio, net (d)
4.34
%
4.30
%
4.97
%
4.55
%
4.29
%
4.52
%
4.95
%
Average yield - fixed maturities before inv expenses (d)
5.05
%
5.11
%
5.11
%
5.24
%
5.13
%
5.13
%
5.04
%
(a)
Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.
(b)
Investment income on alternative investments is detailed on page 17.
(c)
Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.
(d)
Average yield is calculated by dividing investment income for the period by the average balance.
Page 16
American Financial Group, Inc.
Alternative Investments
($ in millions)
Three Months Ended
Twelve Months
Ended
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
12/31/25
12/31/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
2
$
1
$
16
$
8
$
(3
)
$
22
$
22
Equity securities MTM through investment income (a)
(10
)
(12
)
(6
)
4
—
(14
)
57
Investments accounted for using the equity method (b)
18
22
27
(6
)
13
56
46
AFG managed CLOs (eliminated in consolidation)
(13
)
(5
)
6
2
2
5
33
Total Property & Casualty
$
(3
)
$
6
$
43
$
8
$
12
$
69
$
158
Investments
Fixed maturities MTM through investment income
$
31
$
44
$
30
$
55
$
50
$
44
$
75
Equity securities MTM through investment income (a)
190
211
243
233
232
211
222
Investments accounted for using the equity method (b)
2,440
2,419
2,381
2,338
2,324
2,419
2,275
AFG managed CLOs (eliminated in consolidation)
133
143
138
148
122
143
174
Total Property & Casualty
$
2,794
$
2,817
$
2,792
$
2,774
$
2,728
$
2,817
$
2,746
Annualized Return - Property & Casualty
(0.4
%)
0.9
%
6.2
%
1.2
%
1.8
%
2.5
%
6.1
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
2
$
1
$
16
$
8
$
(3
)
$
22
$
22
Equity securities MTM through investment income (a)
(10
)
(12
)
(6
)
4
—
(14
)
57
Investments accounted for using the equity method (b)
18
22
27
(6
)
13
56
46
AFG managed CLOs (eliminated in consolidation)
(13
)
(5
)
6
2
2
5
33
Total AFG Consolidated
$
(3
)
$
6
$
43
$
8
$
12
$
69
$
158
Investments
Fixed maturities MTM through investment income
$
31
$
44
$
30
$
55
$
50
$
44
$
75
Equity securities MTM through investment income (a)
190
211
243
233
232
211
222
Investments accounted for using the equity method (b)
2,443
2,421
2,383
2,341
2,326
2,421
2,277
AFG managed CLOs (eliminated in consolidation)
133
143
138
148
122
143
174
Total AFG Consolidated
$
2,797
$
2,819
$
2,794
$
2,777
$
2,730
$
2,819
$
2,748
Annualized Return - AFG Consolidated
(0.4
%)
0.9
%
6.2
%
1.2
%
1.8
%
2.5
%
6.1
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed
Maturities - By Security Type - AFG Consolidated
($ in millions)
March 31, 2026
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
150
$
150
$
—
1
%
1
%
States, municipalities and political subdivisions
820
791
(29
)
7
%
5
%
Foreign government
302
303
1
3
%
2
%
Residential mortgage-backed securities
3,245
3,160
(85
)
28
%
18
%
Collateralized loan obligations
1,181
1,180
(1
)
10
%
7
%
Other asset-backed securities
2,603
2,575
(28
)
22
%
15
%
Corporate and other bonds
3,302
3,318
16
29
%
19
%
Total AFG consolidated
$
11,603
$
11,477
$
(126
)
100
%
67
%
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
$
1
1
%
1
%
States, municipalities and political subdivisions
853
835
(18
)
7
%
5
%
Foreign government
301
303
2
3
%
2
%
Residential mortgage-backed securities
2,807
2,747
(60
)
25
%
16
%
Collateralized loan obligations
1,162
1,160
(2
)
10
%
7
%
Other asset-backed securities
2,534
2,525
(9
)
23
%
14
%
Corporate and other bonds
3,354
3,412
58
31
%
20
%
Total AFG consolidated
$
11,171
$
11,143
$
(28
)
100
%
65
%
Approximate duration - P&C
3.3 years
Approximate duration - P&C including cash
2.9 years
(a)
Book Value is amortized cost, net of allowance for expected credit losses.
Page 18
Appendix A
American Financial Group,
Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
3/31/2026
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
7
$
154
$
250
$
2,708
$
1,158
$
855
$
12
$
5,144
45
%
AA
143
606
18
275
19
367
221
1,649
14
%
A
—
21
31
72
3
758
1,030
1,915
17
%
BBB
—
8
4
26
—
513
1,785
2,336
20
%
Subtotal - Investment grade
150
789
303
3,081
1,180
2,493
3,048
11,044
96
%
BB
—
—
—
1
—
4
116
121
1
%
B
—
—
—
1
—
1
18
20
0
%
CCC, CC, C
—
—
—
23
—
2
3
28
0
%
D
—
—
—
—
—
—
—
—
0
%
Subtotal - Non-Investment grade
—
—
—
25
—
7
137
169
1
%
Not Rated (b)
—
2
—
54
—
75
133
264
3
%
Total
$
150
$
791
$
303
$
3,160
$
1,180
$
2,575
$
3,318
$
11,477
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
150
$
778
$
237
$
3,051
$
1,081
$
1,962
$
1,270
$
8,529
77
%
2
—
8
—
25
—
503
1,759
2,295
21
%
Subtotal
150
786
237
3,076
1,081
2,465
3,029
10,824
98
%
3
—
—
—
1
—
5
149
155
1
%
4
—
—
—
1
—
5
36
42
0
%
5
—
—
—
12
—
1
57
70
1
%
6
—
—
—
1
—
3
1
5
0
%
Subtotal
—
—
—
15
—
14
243
272
2
%
Total insurance companies
$
150
$
786
$
237
$
3,091
$
1,081
$
2,479
$
3,272
$
11,096
100
%
No NAIC designation (c)
—
—
—
—
—
40
16
56
Non-Insurance and Foreign Companies (d)
—
5
66
69
99
56
30
325
Total
$
150
$
791
$
303
$
3,160
$
1,180
$
2,575
$
3,318
$
11,477
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
For ABS, 39% are NAIC 1 and 53% do not have a designation.
For Corp/Oth, 18% are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.
For Total, 33% are NAIC 1, 25% NAIC 5 and 17% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
99% are investment grade rated.
Page 19
Appendix B
American Financial Group,
Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2025
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
—
$
161
$
255
$
2,475
$
1,137
$
831
$
13
$
4,872
44
%
AA
161
644
14
87
20
349
222
1,497
13
%
A
—
21
30
75
3
743
998
1,870
17
%
BBB
—
8
4
27
—
520
1,898
2,457
22
%
Subtotal - Investment grade
161
834
303
2,664
1,160
2,443
3,131
10,696
96
%
BB
—
—
—
2
—
5
122
129
1
%
B
—
—
—
1
—
1
20
22
0
%
CCC, CC, C
—
—
—
25
—
2
3
30
1
%
D
—
—
—
—
—
—
—
—
0
%
Subtotal - Non-Investment grade
—
—
—
28
—
8
145
181
2
%
Not Rated (b)
—
1
—
55
—
74
136
266
2
%
Total
$
161
$
835
$
303
$
2,747
$
1,160
$
2,525
$
3,412
$
11,143
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
161
$
822
$
239
$
2,639
$
1,059
$
1,906
$
1,230
$
8,056
75
%
2
—
8
—
26
—
509
1,861
2,404
22
%
Subtotal
161
830
239
2,665
1,059
2,415
3,091
10,460
97
%
3
—
—
—
1
—
5
174
180
2
%
4
—
—
—
1
—
5
35
41
0
%
5
—
—
—
13
—
1
62
76
1
%
6
—
—
—
1
—
3
1
5
0
%
Subtotal
—
—
—
16
—
14
272
302
3
%
Total insurance companies
$
161
$
830
$
239
$
2,681
$
1,059
$
2,429
$
3,363
$
10,762
100
%
No NAIC designation (c)
—
—
—
—
—
39
17
56
Non-Insurance and Foreign Companies (d)
—
5
64
66
101
57
32
325
Total
$
161
$
835
$
303
$
2,747
$
1,160
$
2,525
$
3,412
$
11,143
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
For ABS, 39% are NAIC 1 and 52% do not have a designation.
For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5.
For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
99% are investment grade rated.
Page 20
Appendix C
American Financial Group,
Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
3/31/2026
($ in millions)
Fair Value By Industry
Credit Rating (a)
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
Healthcare
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
1
$
12
0
%
AA
5
—
62
30
10
33
43
—
15
23
221
7
%
A
88
174
150
77
152
64
45
102
35
143
1,030
31
%
BBB
720
268
52
144
89
78
40
50
38
306
1,785
54
%
Subtotal
813
442
264
262
251
175
128
152
88
473
3,048
92
%
BB
—
8
—
4
—
—
8
17
4
75
116
3
%
B
—
2
—
—
—
—
7
—
4
5
18
1
%
CCC, CC, C
—
—
—
—
—
—
—
—
—
3
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
10
—
4
—
—
15
17
8
83
137
4
%
Not Rated (b)
5
—
6
2
—
25
30
1
33
31
133
4
%
Total
$
818
$
452
$
270
$
268
$
251
$
200
$
173
$
170
$
129
$
587
$
3,318
100%
Fair Value By Industry
NAIC
designation
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
Healthcare
Other
Total
% Total
1
$
93
$
170
$
210
$
117
$
162
$
101
$
91
$
102
$
50
$
174
$
1,270
39
%
2
719
266
51
143
87
58
46
49
38
302
1,759
54
%
Subtotal
812
436
261
260
249
159
137
151
88
476
3,029
93
%
3
—
8
—
3
—
19
16
17
16
70
149
5
%
4
—
2
—
—
—
—
19
—
5
10
36
1
%
5
—
—
—
1
—
11
1
—
20
24
57
1
%
6
—
—
—
—
—
1
—
—
—
—
1
0
%
Subtotal
—
10
—
4
—
31
36
17
41
104
243
7
%
Total insurance companies
$
812
$
446
$
261
$
264
$
249
$
190
$
173
$
168
$
129
$
580
$
3,272
100
%
No NAIC designation (c)
—
—
6
—
—
10
—
—
—
—
16
Non-Insurance and Foreign Companies
6
6
3
4
2
—
—
2
—
7
30
Total
$
818
$
452
$
270
$
268
$
251
$
200
$
173
$
170
$
129
$
587
$
3,318
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
18% of not rated securities are NAIC 1, 11% NAIC 2, 15% NAIC 3, 10% NAIC 4 and 41% NAIC 5.
(c)
Surplus notes that are classified as other invested assets for STAT.
Page 21
Appendix D
American Financial Group,
Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2025
($ in millions)
Fair Value By Industry
Credit Rating (a)
Banking
Other
Financials
Insurance
Asset
Managers
Technology
Utilities
Consumer
Autos
Healthcare
Other
Total
%
Total
Investment Grade
AAA
$
—
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
2
$
13
0
%
AA
—
32
58
5
30
10
49
—
15
23
222
6
%
A
179
70
155
52
48
151
51
101
36
155
998
29
%
BBB
264
94
53
769
160
90
41
55
39
333
1,898
56
%
Subtotal
443
196
266
826
249
251
141
156
90
513
3,131
91
%
BB
6
—
—
—
4
—
9
18
3
82
122
4
%
B
2
—
—
—
—
—
7
—
5
6
20
1
%
CCC, CC, C
—
—
—
—
—
—
—
—
—
3
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
8
—
—
—
4
—
16
18
8
91
145
5
%
Not Rated (b)
—
25
6
—
2
—
28
1
43
31
136
4
%
Total
$
451
$
221
$
272
$
826
$
255
$
251
$
185
$
175
$
141
$
635
$
3,412
100%
Fair Value By Industry
NAIC designation
Banking
Other
Financials
Insurance
Asset
Managers
Technology
Utilities
Consumer
Autos
Healthcare
Other
Total
%
Total
1
$
176
$
104
$
211
$
57
$
88
$
161
$
101
$
101
$
50
$
181
$
1,230
37
%
2
261
70
52
763
157
88
48
54
38
330
1,861
55
%
Subtotal
437
174
263
820
245
249
149
155
88
511
3,091
92
%
3
7
24
—
—
4
—
16
18
27
78
174
5
%
4
2
—
—
—
—
—
18
—
5
10
35
1
%
5
—
10
—
—
1
—
2
—
20
29
62
2
%
6
—
1
—
—
—
—
—
—
—
—
1
0
%
Subtotal
9
35
—
—
5
—
36
18
52
117
272
8
%
Total insurance companies
$
446
$
209
$
263
$
820
$
250
$
249
$
185
$
173
$
140
$
628
$
3,363
100
%
No NAIC designation (c)
—
11
6
—
—
—
—
—
—
—
17
Non-Insurance and Foreign Companies
5
1
3
6
5
2
—
2
1
7
32
Total
$
451
$
221
$
272
$
826
$
255
$
251
$
185
$
175
$
141
$
635
$
3,412
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5.
(c)
Surplus notes that are classified as other invested assets for STAT.
Page 22
Appendix E
American Financial Group,
Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
3/31/2026
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Triple Net
Lease
Railcar
TruPS
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Commercial
Real Estate
Other
Total
% Total
Investment Grade
AAA
$
—
$
258
$
—
$
196
$
25
$
—
$
91
$
89
$
89
$
107
$
855
33
%
AA
69
51
112
60
14
30
—
—
—
31
367
14
%
A
10
16
167
3
191
58
—
—
—
313
758
30
%
BBB
440
—
5
—
7
1
—
—
—
60
513
20
%
Subtotal
519
325
284
259
237
89
91
89
89
511
2,493
97
%
BB
—
—
—
—
1
1
—
—
—
2
4
0
%
B
—
—
—
—
—
1
—
—
—
—
1
0
%
CCC, CC, C
—
—
—
—
2
—
—
—
—
—
2
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
3
2
—
—
—
2
7
0
%
Not Rated (b)
—
—
—
—
3
29
—
—
—
43
75
3
%
Total
$
519
$
325
$
284
$
259
$
243
$
120
$
91
$
89
$
89
$
556
$
2,575
100%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Triple Net
Lease
Railcar
TruPS
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Commercial
Real Estate
Other
Total
% Total
1
$
79
$
317
$
262
$
257
$
228
$
117
$
88
$
84
$
83
$
447
$
1,962
79
%
2
432
—
5
—
6
1
—
—
—
59
503
21
%
Subtotal
511
317
267
257
234
118
88
84
83
506
2,465
100
%
3
—
—
—
—
1
1
—
—
—
3
5
0
%
4
—
—
—
—
—
1
—
—
—
4
5
0
%
5
—
—
—
—
1
—
—
—
—
—
1
0
%
6
—
—
—
—
3
—
—
—
—
—
3
0
%
Subtotal
—
—
—
—
5
2
—
—
—
7
14
0
%
Total insurance companies
$
511
$
317
$
267
$
257
$
239
$
120
$
88
$
84
$
83
$
513
$
2,479
100
%
No NAIC designation
—
—
—
—
1
—
—
—
—
39
40
Non-Insurance and Foreign Companies
8
8
17
2
3
—
3
5
6
4
56
Total
$
519
$
325
$
284
$
259
$
243
$
120
$
91
$
89
$
89
$
556
$
2,575
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
39% of not rated securities are NAIC 1 and 53% do not have a designation.
Page 23
Appendix F
American Financial Group,
Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Commercial
Real Estate
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
231
$
170
$
—
$
15
$
—
$
113
$
93
$
92
$
117
$
831
33
%
AA
76
51
82
64
15
30
—
—
—
31
349
14
%
A
10
16
3
169
175
63
—
—
—
307
743
29
%
BBB
439
—
—
5
14
1
—
—
—
61
520
21
%
Subtotal
525
298
255
238
219
94
113
93
92
516
2,443
97
%
BB
—
—
—
—
2
1
—
—
—
2
5
0
%
B
—
—
—
—
1
—
—
—
—
—
1
0
%
CCC, CC, C
—
—
—
—
2
—
—
—
—
—
2
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
5
1
—
—
—
2
8
0
%
Not Rated (b)
—
—
—
—
3
29
—
—
—
42
74
3
%
Total
$
525
$
298
$
255
$
238
$
227
$
124
$
113
$
93
$
92
$
560
$
2,525
100%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Commercial
Real Estate
Single
Family
Rental
Auto
Other
Total
% Total
1
$
86
$
290
$
252
$
219
$
203
$
121
$
106
$
90
$
87
$
452
$
1,906
79
%
2
431
—
—
5
13
1
—
—
—
59
509
21
%
Subtotal
517
290
252
224
216
122
106
90
87
511
2,415
100
%
3
—
—
—
—
1
2
—
—
—
2
5
0
%
4
—
—
—
—
1
—
—
—
—
4
5
0
%
5
—
—
—
—
1
—
—
—
—
—
1
0
%
6
—
—
—
—
3
—
—
—
—
—
3
0
%
Subtotal
—
—
—
—
6
2
—
—
—
6
14
0
%
Total insurance companies
$
517
$
290
$
252
$
224
$
222
$
124
$
106
$
90
$
87
$
517
$
2,429
100
%
No NAIC designation
—
—
—
—
2
—
—
—
—
37
39
Non-Insurance and Foreign Companies
8
8
3
14
3
—
7
3
5
6
57
Total
$
525
$
298
$
255
$
238
$
227
$
124
$
113
$
93
$
92
$
560
$
2,525
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
39% of not rated securities are NAIC 1 and 52% do not have a designation.
Page 24
Appendix G
American Financial Group,
Inc.
Real Estate-Related Investments
3/31/2026
($ in millions)
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,245
88
%
92
%
96
%
Fund Investments
100
7
%
—
—
QOZ Fund - Development
27
2
%
—
—
Office
17
1
%
88
%
100
%
Marina
15
1
%
—
—
Hospitality
12
1
%
—
—
Land Development
2
0
%
—
—
Total
$
1,418
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
51
51
%
$
—
Marina
35
35
%
—
Office Building
12
12
%
—
Land
2
2
%
—
Total
$
100
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
703
73
%
66
%
Hospitality
160
17
%
42
%
Marina
52
5
%
52
%
Office
46
5
%
98
%
Total
$
961
100
%
63
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 3/31/2026
(c)
Collections for January - March
Page 25
Appendix H
American Financial Group,
Inc.
Real Estate-Related Investments
12/31/2025
($ in millions)
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,250
87
%
91
%
96
%
Fund Investments
105
8
%
—
—
QOZ Fund - Development
28
2
%
—
—
Office
18
1
%
88
%
100
%
Marina
16
1
%
—
—
Hospitality
12
1
%
—
—
Land Development
2
0
%
—
—
Total
$
1,431
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
52
51
%
$
—
Marina
35
34
%
—
Office Building
13
13
%
—
Land
2
2
%
—
Total
$
102
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
688
73
%
66
%
Hospitality
160
17
%
42
%
Marina
52
5
%
52
%
Office
47
5
%
98
%
Total
$
947
100
%
63
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 12/31/2025
(c)
Collections for October - December
Page 26
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 was $156 million.”
Theme · Specialty segment performance
“Underwriting profit - Specialty was $156 million.”
Theme · Investment income
“Net investment income was $168 million.”
Theme · Catastrophe losses
“Catastrophe losses were $35 million.”
Theme · Fixed maturity portfolio
“Total AFG consolidated fixed maturities were $11,477 million.”
Theme · Reserve development
“Prior year loss reserve development (favorable) / adverse $ (70) million.”
Theme · Book value per share
“Book value per share, excluding AOCI was $57.83.”
Source: SEC EDGAR · public domain · Highlights by Palanor