EX-99.23d70239dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - Second Quarter 2025
August 5, 2025
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 2025
Section
Page
Table of Contents - Investor Supplement - Second 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 6/30/2025
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 6/30/2025
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
6/30/2025
23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2024
24
G. Real Estate-Related Investments 6/30/2025
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
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Highlights
Net earnings
$
174
$
154
$
255
$
181
$
209
$
328
$
451
Core net operating earnings
179
152
262
194
215
331
446
Total assets
30,669
30,294
30,836
32,591
29,913
30,669
29,913
Shareholders’ equity, excluding AOCI (a)
4,648
4,571
4,706
4,844
4,715
4,648
4,715
Property and Casualty net written premiums
1,803
1,611
1,460
2,353
1,692
3,414
3,326
Per share data
Diluted earnings per share
$
2.07
$
1.84
$
3.03
$
2.16
$
2.49
$
3.92
$
5.38
Core net operating earnings per share
2.14
1.81
3.12
2.31
2.56
3.96
5.32
Book value per share, excluding AOCI (a)
55.74
54.63
56.03
57.71
56.19
55.74
56.19
Dividends per common share
0.80
2.80
4.80
0.71
0.71
3.60
3.92
Financial ratios
Annualized return on equity (b)
15.0
%
13.3
%
21.3
%
15.2
%
18.0
%
14.1
%
19.5
%
Annualized core operating return on equity (b)
15.5
%
13.1
%
21.9
%
16.2
%
18.5
%
14.3
%
19.3
%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio
61.1
%
61.0
%
63.7
%
69.5
%
59.1
%
61.1
%
58.8
%
Underwriting expense ratio
32.0
%
33.0
%
25.3
%
24.8
%
31.4
%
32.5
%
31.4
%
Combined ratio - Specialty
93.1
%
94.0
%
89.0
%
94.3
%
90.5
%
93.6
%
90.2
%
(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
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Property and Casualty Insurance
Underwriting profit
$
113
$
94
$
202
$
115
$
150
$
207
$
303
Net investment income
179
170
195
195
189
349
394
Other income (expense)
(19
)
(18
)
(19
)
(19
)
(20
)
(37
)
(38
)
Property and Casualty Insurance operating earnings
273
246
378
291
319
519
659
Interest expense of parent holding companies
(19
)
(19
)
(19
)
(19
)
(19
)
(38
)
(38
)
Other expense
(27
)
(33
)
(29
)
(27
)
(27
)
(60
)
(58
)
Pretax core operating earnings
227
194
330
245
273
421
563
Income tax expense
48
42
68
51
58
90
117
Core net operating earnings
179
152
262
194
215
331
446
Non-core items, net of tax:
Realized gains (losses) on securities
2
2
(7
)
(2
)
(2
)
4
9
Other non-core items
(7
)
—
—
—
(4
)
(7
)
(4
)
Special A&E charges - Former Railroad and Manufacturing operations
—
—
—
(11
)
—
—
—
Net earnings
$
174
$
154
$
255
$
181
$
209
$
328
$
451
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share
information)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Core net operating earnings
$
179
$
152
$
262
$
194
$
215
$
331
$
446
Net earnings
$
174
$
154
$
255
$
181
$
209
$
328
$
451
Average number of diluted shares
83.488
83.842
83.966
83.939
83.912
83.664
83.853
Diluted earnings per share:
Core net operating earnings per share
$
2.14
$
1.81
$
3.12
$
2.31
$
2.56
$
3.96
$
5.32
Realized gains (losses) on securities
0.02
0.03
(0.09
)
(0.02
)
(0.02
)
0.05
0.11
Other non-core items
(0.09
)
—
—
—
(0.05
)
(0.09
)
(0.05
)
Special A&E charges - Former Railroad and Manufacturing operations
—
—
—
(0.13
)
—
—
—
Diluted earnings per share
$
2.07
$
1.84
$
3.03
$
2.16
$
2.49
$
3.92
$
5.38
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Property and Transportation
$
27
$
37
$
81
$
33
$
40
$
64
$
100
Specialty Casualty
49
20
69
63
86
69
147
Specialty Financial
38
37
54
21
25
75
58
Underwriting profit - Specialty
114
94
204
117
151
208
305
Other core charges, included in loss and LAE
(1
)
—
(2
)
(2
)
(1
)
(1
)
(2
)
Underwriting profit - Property and Casualty Insurance
$
113
$
94
$
202
$
115
$
150
$
207
$
303
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
1
$
—
$
—
$
—
$
1
Catastrophe losses
38
72
20
90
36
110
70
Total current accident year catastrophe losses
$
38
$
72
$
21
$
90
$
36
$
110
$
71
Prior year loss reserve development (favorable) / adverse
$
(11
)
$
(20
)
$
36
$
(15
)
$
(35
)
$
(31
)
$
(85
)
Combined ratio:
Property and Transportation
95.2
%
92.5
%
89.5
%
96.8
%
92.7
%
94.0
%
90.6
%
Specialty Casualty
93.9
%
97.6
%
91.4
%
92.1
%
89.1
%
95.8
%
90.7
%
Specialty Financial
86.1
%
87.0
%
80.7
%
92.3
%
89.7
%
86.5
%
88.1
%
Combined ratio - Specialty
93.1
%
94.0
%
89.0
%
94.3
%
90.5
%
93.6
%
90.2
%
Other core charges
0.0
%
0.1
%
0.1
%
0.1
%
0.0
%
0.0
%
0.1
%
Combined ratio
93.1
%
94.1
%
89.1
%
94.4
%
90.5
%
93.6
%
90.3
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
91.5
%
90.8
%
86.1
%
90.7
%
90.5
%
91.2
%
90.7
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
59.5
%
57.8
%
60.8
%
65.9
%
59.1
%
58.7
%
59.3
%
Prior accident year loss reserve development
(0.7
%)
(1.3
%)
1.9
%
(0.7
%)
(2.2
%)
(1.0
%)
(2.7
%)
Current accident year catastrophe losses
2.3
%
4.6
%
1.1
%
4.4
%
2.2
%
3.4
%
2.3
%
Loss and LAE ratio
61.1
%
61.1
%
63.8
%
69.6
%
59.1
%
61.1
%
58.9
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Gross written premiums
$
2,653
$
2,291
$
2,043
$
3,748
$
2,406
$
4,944
$
4,742
Ceded reinsurance premiums
(850
)
(680
)
(583
)
(1,395
)
(714
)
(1,530
)
(1,416
)
Net written premiums
1,803
1,611
1,460
2,353
1,692
3,414
3,326
Change in unearned premiums
(156
)
(31
)
390
(298
)
(107
)
(187
)
(195
)
Net earned premiums
1,647
1,580
1,850
2,055
1,585
3,227
3,131
Loss and LAE
1,006
965
1,179
1,428
936
1,971
1,842
Underwriting expense
527
521
467
510
498
1,048
984
Underwriting profit
$
114
$
94
$
204
$
117
$
151
$
208
$
305
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
1
$
—
$
—
$
—
$
1
Catastrophe losses
38
72
20
90
36
110
70
Total current accident year catastrophe losses
$
38
$
72
$
21
$
90
$
36
$
110
$
71
Prior year loss reserve development (favorable) / adverse
$
(12
)
$
(20
)
$
34
$
(17
)
$
(36
)
$
(32
)
$
(87
)
Combined ratio:
Loss and LAE ratio
61.1
%
61.0
%
63.7
%
69.5
%
59.1
%
61.1
%
58.8
%
Underwriting expense ratio
32.0
%
33.0
%
25.3
%
24.8
%
31.4
%
32.5
%
31.4
%
Combined ratio
93.1
%
94.0
%
89.0
%
94.3
%
90.5
%
93.6
%
90.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
91.5
%
90.8
%
86.1
%
90.7
%
90.5
%
91.2
%
90.7
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
59.5
%
57.8
%
60.8
%
65.9
%
59.1
%
58.7
%
59.3
%
Prior accident year loss reserve development
(0.7
%)
(1.3
%)
1.8
%
(0.8
%)
(2.3
%)
(1.0
%)
(2.8
%)
Current accident year catastrophe losses
2.3
%
4.5
%
1.1
%
4.4
%
2.3
%
3.4
%
2.3
%
Loss and LAE ratio
61.1
%
61.0
%
63.7
%
69.5
%
59.1
%
61.1
%
58.8
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Gross written premiums
$
1,247
$
897
$
585
$
2,107
$
1,084
$
2,144
$
2,043
Ceded reinsurance premiums
(488
)
(334
)
(177
)
(956
)
(394
)
(822
)
(756
)
Net written premiums
759
563
408
1,151
690
1,322
1,287
Change in unearned premiums
(183
)
(63
)
357
(162
)
(138
)
(246
)
(215
)
Net earned premiums
576
500
765
989
552
1,076
1,072
Loss and LAE
387
311
531
784
351
698
657
Underwriting expense
162
152
153
172
161
314
315
Underwriting profit
$
27
$
37
$
81
$
33
$
40
$
64
$
100
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
1
$
—
$
—
$
—
$
—
Catastrophe losses
12
10
9
34
13
22
22
Total current accident year catastrophe losses
$
12
$
10
$
10
$
34
$
13
$
22
$
22
Prior year loss reserve development (favorable) / adverse
$
(13
)
$
(19
)
$
(2
)
$
(14
)
$
(34
)
$
(32
)
$
(80
)
Combined ratio:
Loss and LAE ratio
67.2
%
62.1
%
69.5
%
79.4
%
63.7
%
64.9
%
61.2
%
Underwriting expense ratio
28.0
%
30.4
%
20.0
%
17.4
%
29.0
%
29.1
%
29.4
%
Combined ratio
95.2
%
92.5
%
89.5
%
96.8
%
92.7
%
94.0
%
90.6
%
Combined ratio excl. catastrophe losses and prior year reserve development
95.4
%
94.4
%
88.5
%
94.5
%
96.6
%
94.9
%
96.1
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
67.4
%
64.0
%
68.5
%
77.1
%
67.6
%
65.8
%
66.7
%
Prior accident year loss reserve development
(2.2
%)
(3.9
%)
(0.2
%)
(1.3
%)
(6.3
%)
(3.0
%)
(7.5
%)
Current accident year catastrophe losses
2.0
%
2.0
%
1.2
%
3.6
%
2.4
%
2.1
%
2.0
%
Loss and LAE ratio
67.2
%
62.1
%
69.5
%
79.4
%
63.7
%
64.9
%
61.2
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Gross written premiums
$
1,062
$
1,068
$
1,126
$
1,297
$
1,023
$
2,130
$
2,120
Ceded reinsurance premiums
(297
)
(296
)
(353
)
(380
)
(270
)
(593
)
(564
)
Net written premiums
765
772
773
917
753
1,537
1,556
Change in unearned premiums
34
22
32
(120
)
38
56
18
Net earned premiums
799
794
805
797
791
1,593
1,574
Loss and LAE
516
536
541
519
483
1,052
985
Underwriting expense
234
238
195
215
222
472
442
Underwriting profit
$
49
$
20
$
69
$
63
$
86
$
69
$
147
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
1
Catastrophe losses
7
27
(6
)
17
5
34
23
Total current accident year catastrophe losses
$
7
$
27
$
(6
)
$
17
$
5
$
34
$
24
Prior year loss reserve development (favorable) / adverse
$
10
$
12
$
44
$
6
$
(2
)
$
22
$
(13
)
Combined ratio:
Loss and LAE ratio
64.5
%
67.6
%
67.2
%
65.1
%
61.0
%
66.1
%
62.6
%
Underwriting expense ratio
29.4
%
30.0
%
24.2
%
27.0
%
28.1
%
29.7
%
28.1
%
Combined ratio
93.9
%
97.6
%
91.4
%
92.1
%
89.1
%
95.8
%
90.7
%
Combined ratio excl. catastrophe losses and prior year reserve development
91.8
%
92.6
%
86.7
%
89.3
%
88.7
%
92.3
%
90.0
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
62.4
%
62.6
%
62.5
%
62.3
%
60.6
%
62.6
%
61.9
%
Prior accident year loss reserve development
1.2
%
1.6
%
5.4
%
0.7
%
(0.2
%)
1.4
%
(0.8
%)
Current accident year catastrophe losses
0.9
%
3.4
%
(0.7
%)
2.1
%
0.6
%
2.1
%
1.5
%
Loss and LAE ratio
64.5
%
67.6
%
67.2
%
65.1
%
61.0
%
66.1
%
62.6
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Gross written premiums
$
344
$
326
$
332
$
344
$
299
$
670
$
579
Ceded reinsurance premiums
(65
)
(50
)
(53
)
(59
)
(50
)
(115
)
(96
)
Net written premiums
279
276
279
285
249
555
483
Change in unearned premiums
(7
)
10
1
(16
)
(7
)
3
2
Net earned premiums
272
286
280
269
242
558
485
Loss and LAE
103
118
107
125
102
221
200
Underwriting expense
131
131
119
123
115
262
227
Underwriting profit
$
38
$
37
$
54
$
21
$
25
$
75
$
58
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
19
35
17
39
18
54
25
Total current accident year catastrophe losses
$
19
$
35
$
17
$
39
$
18
$
54
$
25
Prior year loss reserve development (favorable) / adverse
$
(9
)
$
(13
)
$
(8
)
$
(9
)
$
—
$
(22
)
$
6
Combined ratio:
Loss and LAE ratio
38.1
%
41.1
%
38.1
%
46.5
%
42.1
%
39.6
%
41.3
%
Underwriting expense ratio
48.0
%
45.9
%
42.6
%
45.8
%
47.6
%
46.9
%
46.8
%
Combined ratio
86.1
%
87.0
%
80.7
%
92.3
%
89.7
%
86.5
%
88.1
%
Combined ratio excl. catastrophe losses and prior year reserve development
82.0
%
79.7
%
77.5
%
81.2
%
82.4
%
80.7
%
81.6
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
34.0
%
33.8
%
34.9
%
35.4
%
34.8
%
33.8
%
34.8
%
Prior accident year loss reserve development
(3.2
%)
(4.6
%)
(2.9
%)
(3.2
%)
0.1
%
(3.9
%)
1.3
%
Current accident year catastrophe losses
7.3
%
11.9
%
6.1
%
14.3
%
7.2
%
9.7
%
5.2
%
Loss and LAE ratio
38.1
%
41.1
%
38.1
%
46.5
%
42.1
%
39.6
%
41.3
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Assets:
Total cash and investments
$
16,049
$
15,994
$
15,852
$
15,741
$
15,261
$
15,254
Recoverables from reinsurers
4,733
4,945
5,176
5,217
4,157
4,510
Prepaid reinsurance premiums
1,256
1,105
1,013
1,346
1,143
1,078
Agents’ balances and premiums receivable
1,946
1,589
1,532
1,995
1,909
1,606
Deferred policy acquisition costs
345
316
320
340
328
309
Assets of managed investment entities
3,833
3,848
4,140
4,332
4,695
4,669
Other receivables
877
855
1,123
1,989
758
958
Other assets
1,325
1,337
1,375
1,326
1,357
1,312
Goodwill
305
305
305
305
305
305
Total assets
$
30,669
$
30,294
$
30,836
$
32,591
$
29,913
$
30,001
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
13,834
$
13,970
$
14,179
$
14,206
$
12,607
$
13,050
Unearned premiums
4,026
3,710
3,584
4,320
3,816
3,650
Payable to reinsurers
1,152
1,028
1,191
1,620
1,176
1,078
Liabilities of managed investment entities
3,685
3,726
3,965
4,168
4,536
4,468
Long-term debt
1,476
1,476
1,475
1,475
1,475
1,475
Other liabilities
1,980
1,992
1,976
2,094
1,919
2,040
Total liabilities
$
26,153
$
25,902
$
26,370
$
27,883
$
25,529
$
25,761
Shareholders’ equity:
Common stock
$
83
$
84
$
84
$
84
$
84
$
84
Capital surplus
1,414
1,409
1,411
1,400
1,392
1,382
Retained earnings
3,151
3,078
3,211
3,360
3,239
3,089
Unrealized gains (losses) - fixed maturities
(101
)
(141
)
(202
)
(100
)
(290
)
(278
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(5
)
(7
)
(10
)
(7
)
(20
)
(22
)
Other comprehensive income (loss), net of tax
(26
)
(31
)
(28
)
(29
)
(21
)
(15
)
Total shareholders’ equity
4,516
4,392
4,466
4,708
4,384
4,240
Total liabilities and equity
$
30,669
$
30,294
$
30,836
$
32,591
$
29,913
$
30,001
Page 11
American Financial Group, Inc.
Book Value Per Share and Price / Book Summary
(in
millions, except per share information)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Shareholders’ equity
$
4,516
$
4,392
$
4,466
$
4,708
$
4,384
$
4,240
Accumulated other comprehensive income (loss)
(132
)
(179
)
(240
)
(136
)
(331
)
(315
)
Shareholders’ equity, excluding AOCI
4,648
4,571
4,706
4,844
4,715
4,555
Goodwill
305
305
305
305
305
305
Intangibles
193
198
203
199
204
208
Tangible shareholders’ equity, excluding AOCI
$
4,150
$
4,068
$
4,198
$
4,340
$
4,206
$
4,042
Common shares outstanding
83.386
83.668
83.978
83.923
83.897
83.857
Book value per share:
Book value per share
$
54.15
$
52.50
$
53.18
$
56.10
$
52.25
$
50.57
T1Book value per share, excluding AOCI
55.74
54.63
56.03
57.71
56.19
54.32
Tangible, excluding AOCI
49.77
48.62
49.98
51.72
50.13
48.20
Market capitalization
AFG’s closing common share price
$
126.21
$
131.34
$
136.93
$
134.60
$
123.02
$
136.48
Market capitalization
$
10,524
$
10,989
$
11,499
$
11,296
$
10,321
$
11,445
Price / Book value per share, excluding AOCI
2.26
2.40
2.44
2.33
2.19
2.51
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
AFG senior obligations
$
823
$
823
$
823
$
823
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
$
823
$
823
$
823
$
823
$
823
$
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
$
1,498
$
1,498
$
1,498
$
1,498
$
1,498
$
1,498
Shareholders’ equity
4,516
4,392
4,466
4,708
4,384
4,240
Accumulated other comprehensive income (loss)
(132
)
(179
)
(240
)
(136
)
(331
)
(315
)
Total capital, excluding AOCI
$
6,146
$
6,069
$
6,204
$
6,342
$
6,213
$
6,053
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
24.4
%
24.7
%
24.1
%
23.6
%
24.1
%
24.7
%
Excluding subordinated debt
13.4
%
13.6
%
13.3
%
13.0
%
13.2
%
13.6
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in
millions)
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Property and Casualty Insurance
Paid Losses (GAAP)
$
931
$
967
$
1,179
$
897
$
969
$
1,898
$
1,958
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
5,935
$
5,853
$
5,962
$
6,150
$
5,919
$
5,780
Parent and other subsidiaries
(1,287
)
(1,282
)
(1,256
)
(1,306
)
(1,204
)
(1,225
)
AFG GAAP Equity (excluding AOCI)
$
4,648
$
4,571
$
4,706
$
4,844
$
4,715
$
4,555
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,004
$
1,004
$
1,004
$
946
$
946
$
946
Page 14
American Financial Group, Inc.
Total Cash and Investments
($ in millions)
Carrying Value - June 30, 2025
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
995
$
273
$
—
$
1,268
8
%
Fixed maturities - Available for sale
10,461
28
—
10,489
65
%
Fixed maturities - Trading
82
—
—
82
1
%
Equity securities - Common stocks
389
—
—
389
2
%
Equity securities - Perpetual preferred
411
—
—
411
2
%
Investments accounted for using the equity method
2,338
3
—
2,341
15
%
Mortgage loans
909
—
—
909
6
%
Real estate and other investments
205
103
(148
)
160
1
%
Total cash and investments
$
15,790
$
407
$
(148
)
$
16,049
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
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
140
$
137
$
134
$
134
$
133
$
277
$
264
Equity securities
15
6
9
6
7
21
14
Other investments (a)
23
21
24
25
21
44
38
Gross investment income excluding alternative investments
178
164
167
165
161
342
316
Gross investment income from alternative investments (b)
8
12
33
36
33
20
89
Total gross investment income
186
176
200
201
194
362
405
Investment expenses
(7
)
(6
)
(5
)
(6
)
(5
)
(13
)
(11
)
Total net investment income
$
179
$
170
$
195
$
195
$
189
$
349
$
394
Average cash and investments (c)
$
15,921
$
15,881
$
15,718
$
15,447
$
15,346
$
15,894
$
15,321
Average yield - overall portfolio, net (d)
4.50
%
4.28
%
4.96
%
5.05
%
4.93
%
4.39
%
5.14
%
Average yield - fixed maturities before inv expenses (d)
5.24
%
5.13
%
5.09
%
5.06
%
5.04
%
5.19
%
4.99
%
AFG consolidated net investment income:
Property & Casualty core
$
179
$
170
$
195
$
195
$
189
$
349
$
394
Parent & other
7
5
7
7
8
12
15
Consolidate CLOs
(2
)
(2
)
(8
)
(2
)
(9
)
(4
)
(23
)
Total net investment income
$
184
$
173
$
194
$
200
$
188
$
357
$
386
Average cash and investments (c)
$
16,175
$
16,140
$
15,987
$
15,748
$
15,617
$
16,152
$
15,620
Average yield - overall portfolio, net (d)
4.55
%
4.29
%
4.85
%
5.08
%
4.82
%
4.42
%
4.94
%
Average yield - fixed maturities before inv expenses (d)
5.24
%
5.13
%
5.10
%
5.08
%
5.06
%
5.20
%
5.01
%
(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
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
8
$
(3
)
$
12
$
8
$
1
$
5
$
2
Equity securities MTM through investment income (a)
4
—
12
20
9
4
25
Investments accounted for using the equity method (b)
(6
)
13
1
6
14
7
39
AFG managed CLOs (eliminated in consolidation)
2
2
8
2
9
4
23
Total Property & Casualty
$
8
$
12
$
33
$
36
$
33
$
20
$
89
Investments
Fixed maturities MTM through investment income
$
55
$
50
$
75
$
51
$
32
$
55
$
32
Equity securities MTM through investment income (a)
233
232
222
563
544
233
544
Investments accounted for using the equity method (b)
2,338
2,324
2,275
1,909
1,880
2,338
1,880
AFG managed CLOs (eliminated in consolidation)
148
122
174
163
158
148
158
Total Property & Casualty
$
2,774
$
2,728
$
2,746
$
2,686
$
2,614
$
2,774
$
2,614
T2Annualized Return - Property & Casualty
1.2
%
1.8
%
4.9
%
5.4
%
5.1
%
1.5
%
7.0
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
8
$
(3
)
$
12
$
8
$
1
$
5
$
2
Equity securities MTM through investment income (a)
4
—
12
20
9
4
25
Investments accounted for using the equity method (b)
(6
)
13
1
6
14
7
39
AFG managed CLOs (eliminated in consolidation)
2
2
8
2
9
4
23
Total AFG Consolidated
$
8
$
12
$
33
$
36
$
33
$
20
$
89
Investments
Fixed maturities MTM through investment income
$
55
$
50
$
75
$
51
$
32
$
55
$
32
Equity securities MTM through investment income (a)
233
232
222
563
544
233
544
Investments accounted for using the equity method (b)
2,341
2,326
2,277
1,911
1,882
2,341
1,882
AFG managed CLOs (eliminated in consolidation)
148
122
174
163
158
148
158
Total AFG Consolidated
$
2,777
$
2,730
$
2,748
$
2,688
$
2,616
$
2,777
$
2,616
Annualized Return - AFG Consolidated
1.2
%
1.8
%
4.9
%
5.4
%
5.1
%
1.5
%
7.0
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed Maturities - By Security Type - AFG Consolidated
($
in millions)
June 30, 2025
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
188
$
188
$
—
2
%
1
%
States, municipalities and political subdivisions
910
868
(42
)
8
%
5
%
Foreign government
319
322
3
3
%
2
%
Residential mortgage-backed securities
2,313
2,217
(96
)
21
%
14
%
Collateralized loan obligations
1,090
1,088
(2
)
10
%
7
%
Other asset-backed securities
2,428
2,406
(22
)
23
%
15
%
Corporate and other bonds
3,451
3,482
31
33
%
22
%
Total AFG consolidated
$
10,699
$
10,571
$
(128
)
100
%
66
%
Approximate duration - P&C
3.0 years
Approximate duration - P&C including cash
2.8 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
6/30/2025
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
2
$
165
$
286
$
1,942
$
1,035
$
796
$
12
$
4,238
40
%
AA
186
655
13
91
49
314
174
1,482
14
%
A
—
38
18
69
4
691
927
1,747
17
%
BBB
—
8
4
29
—
531
1,981
2,553
24
%
Subtotal - Investment grade
188
866
321
2,131
1,088
2,332
3,094
10,020
95
%
BB
—
—
—
1
—
5
179
185
2
%
B
—
—
—
1
—
2
34
37
0
%
CCC, CC, C
—
—
—
27
—
2
11
40
0
%
D
—
—
—
—
—
—
—
—
0
%
Subtotal - Non-Investment grade
—
—
—
29
—
9
224
262
2
%
Not Rated (b)
—
2
1
57
—
65
164
289
3
%
Total
$
188
$
868
$
322
$
2,217
$
1,088
$
2,406
$
3,482
$
10,571
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
188
$
854
$
255
$
2,109
$
1,081
$
1,802
$
1,126
$
7,415
72
%
2
—
8
—
26
—
519
1,972
2,525
24
%
Subtotal
188
862
255
2,135
1,081
2,321
3,098
9,940
96
%
3
—
—
—
3
—
6
202
211
2
%
4
—
—
—
—
—
1
47
48
1
%
5
—
—
—
13
—
3
91
107
1
%
6
—
—
—
2
—
2
1
5
0
%
Subtotal
—
—
—
18
—
12
341
371
4
%
Total insurance companies
$
188
$
862
$
255
$
2,153
$
1,081
$
2,333
$
3,439
$
10,311
100
%
No NAIC designation (c)
—
—
—
—
—
28
11
39
Non-Insurance and Foreign Companies (d)
—
6
67
64
7
45
32
221
Total
$
188
$
868
$
322
$
2,217
$
1,088
$
2,406
$
3,482
$
10,571
(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, 51% are NAIC 1 and 44% do not have a designation.
For Corp/Oth, 12% are NAIC 1, 8% NAIC 2, 18% NAIC 3 and 48% NAIC 5.
For Total, 32% are NAIC 1, 5% NAIC 2, 11% NAIC 3, 32% NAIC 5 and 14% 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
12/31/2024
($ 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
6/30/2025
($ in millions)
Fair Value By Industry
Credit
Rating (a)
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
Healthcare
REITs
Basic
Industry
Capital
Goods
Retailers
Media
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
1
$
12
0
%
AA
5
—
44
23
5
32
37
—
15
—
—
—
10
—
3
174
5
%
A
36
190
153
29
137
62
50
89
25
52
11
36
21
3
33
927
27
%
BBB
803
258
53
174
90
92
60
66
38
59
84
47
44
14
99
1,981
57
%
Subtotal
844
448
250
237
232
186
147
155
78
111
95
83
75
17
136
3,094
89
%
BB
24
6
—
4
—
2
21
17
5
—
25
2
36
30
7
179
5
%
B
4
2
—
2
—
—
13
—
5
—
—
4
—
3
1
34
1
%
CCC, CC, C
—
—
—
2
—
—
—
—
9
—
—
—
—
—
—
11
0
%
D
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
28
8
—
8
—
2
34
17
19
—
25
6
36
33
8
224
6
%
Not Rated (b)
—
—
7
1
—
29
26
1
39
12
—
27
—
20
2
164
5
%
Total
$
872
$
456
$
257
$
246
$
232
$
217
$
207
$
173
$
136
$
123
$
120
$
116
$
111
$
70
$
146
$
3,482
100
%
Fair Value By Industry
NAIC
designation
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
Healthcare
REITs
Basic
Industry
Capital
Goods
Retailers
Media
Other
Total
% Total
1
$
42
$
187
$
195
$
62
$
142
$
107
$
90
$
89
$
42
$
52
$
11
$
37
$
31
$
3
$
36
$
1,126
33
%
2
798
255
51
170
88
93
70
65
38
59
80
47
44
14
100
1,972
57
%
Subtotal
840
442
246
232
230
200
160
154
80
111
91
84
75
17
136
3,098
90
%
3
24
6
—
5
—
2
22
17
27
6
20
2
36
29
6
202
6
%
4
4
2
—
1
—
—
23
—
5
—
4
4
—
3
1
47
1
%
5
—
—
—
3
—
10
1
—
24
6
1
25
—
20
1
91
3
%
6
—
—
—
—
—
1
—
—
—
—
—
—
—
—
—
1
0
%
Subtotal
28
8
—
9
—
13
46
17
56
12
25
31
36
52
8
341
10
%
Total insurance companies
$
868
$
450
$
246
$
241
$
230
$
213
$
206
$
171
$
136
$
123
$
116
$
115
$
111
$
69
$
144
$
3,439
100
%
No NAIC designation (c)
—
—
7
—
—
4
—
—
—
—
—
—
—
—
—
11
Non-Insurance and Foreign Companies
4
6
4
5
2
—
1
2
—
—
4
1
—
1
2
32
Total
$
872
$
456
$
257
$
246
$
232
$
217
$
207
$
173
$
136
$
123
$
120
$
116
$
111
$
70
$
146
$
3,482
(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, 8% NAIC 2, 18% NAIC 3 and 48% 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
6/30/2025
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
TruPS
Triple Net
Lease
Railcar
Aircraft
Commercial
Real Estate
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
102
$
194
$
—
$
7
$
177
$
—
$
111
$
69
$
136
$
796
33
%
AA
76
150
14
29
3
—
20
—
—
22
314
13
%
A
10
3
17
160
155
—
65
—
—
281
691
29
%
BBB
446
—
—
6
18
—
1
—
—
60
531
22
%
Subtotal
532
255
225
195
183
177
86
111
69
499
2,332
97
%
BB
—
—
—
—
2
—
1
—
—
2
5
0
%
B
—
—
—
—
1
—
1
—
—
—
2
0
%
CCC, CC, C
—
—
—
—
2
—
—
—
—
—
2
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
5
—
2
—
—
2
9
0
%
Not Rated (b)
—
—
—
—
4
—
33
—
—
28
65
3
%
Total
$
532
$
255
$
225
$
195
$
192
$
177
$
121
$
111
$
69
$
529
$
2,406
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
TruPS
Triple Net
Lease
Railcar
Aircraft
Commercial
Real Estate
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
1
$
86
$
252
$
222
$
186
$
163
$
165
$
118
$
108
$
67
$
435
$
1,802
77
%
2
435
—
—
6
17
—
1
—
—
60
519
22
%
Subtotal
521
252
222
192
180
165
119
108
67
495
2,321
99
%
3
—
—
—
—
3
—
2
—
—
1
6
1
%
4
—
—
—
—
1
—
—
—
—
—
1
0
%
5
—
—
—
—
2
—
—
—
—
1
3
0
%
6
—
—
—
—
2
—
—
—
—
—
2
0
%
Subtotal
—
—
—
—
8
—
2
—
—
2
12
0
%
Total insurance companies
$
521
$
252
$
222
$
192
$
188
$
165
$
121
$
108
$
67
$
497
$
2,333
100
%
No NAIC designation
—
—
—
—
1
—
—
—
—
27
28
Non-Insurance and Foreign Companies
11
3
3
3
3
12
—
3
2
5
45
Total
$
532
$
255
$
225
$
195
$
192
$
177
$
121
$
111
$
69
$
529
$
2,406
(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)
51% of not rated securities are NAIC 1 and 44% 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
6/30/2025
($ 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
$
1,240
88
%
92
%
97
%
Fund Investments
100
7
%
—
—
QOZ Fund - Development
27
2
%
—
—
Office
17
1
%
91
%
100
%
Marina
16
1
%
—
—
Hospitality
11
1
%
—
—
Land Development
2
0
%
—
—
Total
$
1,413
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
52
52
%
$
—
Marina
35
35
%
—
Office Building
11
11
%
—
Land
3
2
%
—
Total
$
101
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
688
76
%
66
%
Hospitality
121
13
%
48
%
Marina
51
6
%
52
%
Office
49
5
%
98
%
Total
$
909
100
%
65
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 6/30/25
(c)
Collections for April - June
Page 25
Appendix H
American Financial Group,
Inc.
Real Estate-Related Investments
12/31/2024
($ 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 12/31/24
(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 · P&C underwriting profitability
“Property and Casualty Insurance operating earnings $273 million.”
Theme · Investment income stability
“Net investment income $179 million.”
Theme · Fixed maturity portfolio
“Total AFG consolidated fixed maturities $10,571 million.”
Theme · Catastrophe loss impact
“Current accident year catastrophe losses: Catastrophe losses $38 million.”
Theme · Specialty segment strength
“Underwriting profit - Specialty $114 million.”
Theme · Reserve development favorability
“Prior year loss reserve development (favorable) / adverse $(11) million.”
Source: SEC EDGAR · public domain · Highlights by Palanor