EX-99.23d939869dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - Third Quarter 2025
November 4, 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 - Third Quarter 2025
Section
Page
Table of Contents - Investor Supplement - Third 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 9/30/2025
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 9/30/2025
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
9/30/2025
23
F.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2024
24
G.
Real Estate-Related Investments 9/30/2025
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
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Highlights
Net earnings
$
215
$
174
$
154
$
255
$
181
$
543
$
632
Core net operating earnings
224
179
152
262
194
555
640
Total assets
33,834
30,669
30,294
30,836
32,591
33,834
32,591
Shareholders’ equity, excluding AOCI (a)
4,803
4,648
4,571
4,706
4,844
4,803
4,844
Property and Casualty net written premiums
2,252
1,803
1,611
1,460
2,353
5,666
5,679
Per share data
Diluted earnings per share
$
2.58
$
2.07
$
1.84
$
3.03
$
2.16
$
6.50
$
7.54
Core net operating earnings per share
2.69
2.14
1.81
3.12
2.31
6.65
7.63
Book value per share, excluding AOCI (a)
57.59
55.74
54.63
56.03
57.71
57.59
57.71
Dividends per common share
0.80
0.80
2.80
4.80
0.71
4.40
4.63
Financial ratios
Annualized return on equity (b)
18.2
%
15.0
%
13.3
%
21.3
%
15.2
%
15.5
%
18.0
%
Annualized core operating return on equity (b)
19.0
%
15.5
%
13.1
%
21.9
%
16.2
%
15.8
%
18.3
%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio
67.2
%
61.1
%
61.0
%
63.7
%
69.5
%
63.4
%
63.1
%
Underwriting expense ratio
25.8
%
32.0
%
33.0
%
25.3
%
24.8
%
29.9
%
28.8
%
T1Combined ratio - Specialty
93.0
%
93.1
%
94.0
%
89.0
%
94.3
%
93.3
%
91.9
%
(a)
A reconciliation to the GAAP measure is on page 12.
(b)
Excludes accumulated other comprehensive income.
Page 3
American Financial Group, Inc.
Summary of Earnings
($ in millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Property and Casualty Insurance
T2Underwriting profit
$
138
$
113
$
94
$
202
$
115
$
345
$
418
Net investment income
205
179
170
195
195
554
589
Other income (expense)
(15
)
(19
)
(18
)
(19
)
(19
)
(52
)
(57
)
Property and Casualty Insurance operating earnings
328
273
246
378
291
847
950
Interest expense of parent holding companies
(19
)
(19
)
(19
)
(19
)
(19
)
(57
)
(57
)
Other expense
(29
)
(27
)
(33
)
(29
)
(27
)
(89
)
(85
)
Pretax core operating earnings
280
227
194
330
245
701
808
Income tax expense
56
48
42
68
51
146
168
Core net operating earnings
224
179
152
262
194
555
640
Non-core items, net of tax:
Realized gains (losses) on securities
10
2
2
(7
)
(2
)
14
7
Realized gain on subsidiaries
1
—
—
—
—
1
—
Special A&E charges - Former Railroad and Manufacturing operations
(20
)
—
—
—
(11
)
(20
)
(11
)
Other non-core items
—
(7
)
—
—
—
(7
)
(4
)
Net earnings
$
215
$
174
$
154
$
255
$
181
$
543
$
632
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share
information)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Core net operating earnings
$
224
$
179
$
152
$
262
$
194
$
555
$
640
Net earnings
$
215
$
174
$
154
$
255
$
181
$
543
$
632
Average number of diluted shares
83.397
83.488
83.842
83.966
83.939
83.574
83.882
Diluted earnings per share:
Core net operating earnings per share
$
2.69
$
2.14
$
1.81
$
3.12
$
2.31
$
6.65
$
7.63
Realized gains (losses) on securities
0.12
0.02
0.03
(0.09
)
(0.02
)
0.17
0.09
Realized gain on subsidiaries
0.01
—
—
—
—
0.01
—
Special A&E charges - Former Railroad and Manufacturing operations
(0.24
)
—
—
—
(0.13
)
(0.24
)
(0.13
)
Other non-core items
—
(0.09
)
—
—
—
(0.09
)
(0.05
)
Diluted earnings per share
$
2.58
$
2.07
$
1.84
$
3.03
$
2.16
$
6.50
$
7.54
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Property and Transportation
$
55
$
27
$
37
$
81
$
33
$
119
$
133
Specialty Casualty
33
49
20
69
63
102
210
Specialty Financial
51
38
37
54
21
126
79
Underwriting profit - Specialty
139
114
94
204
117
347
422
Other core charges, included in loss and LAE
(1
)
(1
)
—
(2
)
(2
)
(2
)
(4
)
Underwriting profit - Property and Casualty Insurance
$
138
$
113
$
94
$
202
$
115
$
345
$
418
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
1
$
—
$
—
$
1
Catastrophe losses
23
38
72
20
90
133
160
Total current accident year T3catastrophe losses
$
23
$
38
$
72
$
21
$
90
$
133
$
161
Prior year loss reserve development (favorable) / adverse
$
(23
)
$
(11
)
$
(20
)
$
36
$
(15
)
$
(54
)
$
(100
)
Combined ratio:
Property and Transportation
94.1
%
95.2
%
92.5
%
89.5
%
96.8
%
94.1
%
93.5
%
Specialty Casualty
95.8
%
93.9
%
97.6
%
91.4
%
92.1
%
95.7
%
91.1
%
Specialty Financial
81.1
%
86.1
%
87.0
%
80.7
%
92.3
%
84.8
%
89.5
%
Combined ratio - Specialty
93.0
%
93.1
%
94.0
%
89.0
%
94.3
%
93.3
%
91.9
%
Other core charges
0.1
%
0.0
%
0.1
%
0.1
%
0.1
%
0.1
%
0.0
%
T4Combined ratio
93.1
%
93.1
%
94.1
%
89.1
%
94.4
%
93.4
%
91.9
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
93.0
%
91.5
%
90.8
%
86.1
%
90.7
%
91.9
%
90.8
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
67.2
%
59.5
%
57.8
%
60.8
%
65.9
%
62.0
%
62.0
%
Prior accident year loss reserve development
(1.1
%)
(0.7
%)
(1.3
%)
1.9
%
(0.7
%)
(1.0
%)
(1.9
%)
Current accident year catastrophe losses
1.2
%
2.3
%
4.6
%
1.1
%
4.4
%
2.5
%
3.0
%
Loss and LAE ratio
67.3
%
61.1
%
61.1
%
63.8
%
69.6
%
63.5
%
63.1
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Gross written premiums
$
3,665
$
2,653
$
2,291
$
2,043
$
3,748
$
8,609
$
8,490
Ceded reinsurance premiums
(1,413
)
(850
)
(680
)
(583
)
(1,395
)
(2,943
)
(2,811
)
Net written premiums
2,252
1,803
1,611
1,460
2,353
5,666
5,679
Change in unearned premiums
(239
)
(156
)
(31
)
390
(298
)
(426
)
(493
)
Net earned premiums
2,013
1,647
1,580
1,850
2,055
5,240
5,186
Loss and LAE
1,354
1,006
965
1,179
1,428
3,325
3,270
Underwriting expense
520
527
521
467
510
1,568
1,494
Underwriting profit
$
139
$
114
$
94
$
204
$
117
$
347
$
422
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
1
$
—
$
—
$
1
Catastrophe losses
23
38
72
20
90
133
160
Total current accident year catastrophe losses
$
23
$
38
$
72
$
21
$
90
$
133
$
161
Prior year loss reserve development (favorable) / adverse
$
(24
)
$
(12
)
$
(20
)
$
34
$
(17
)
$
(56
)
$
(104
)
Combined ratio:
Loss and LAE ratio
67.2
%
61.1
%
61.0
%
63.7
%
69.5
%
63.4
%
63.1
%
Underwriting expense ratio
25.8
%
32.0
%
33.0
%
25.3
%
24.8
%
29.9
%
28.8
%
Combined ratio
93.0
%
93.1
%
94.0
%
89.0
%
94.3
%
93.3
%
91.9
%
Combined ratio excl. catastrophe losses and prior year reserve development
93.0
%
91.5
%
90.8
%
86.1
%
90.7
%
91.9
%
90.8
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
67.2
%
59.5
%
57.8
%
60.8
%
65.9
%
62.0
%
62.0
%
Prior accident year loss reserve development
(1.2
%)
(0.7
%)
(1.3
%)
1.8
%
(0.8
%)
(1.1
%)
(2.0
%)
Current accident year catastrophe losses
1.2
%
2.3
%
4.5
%
1.1
%
4.4
%
2.5
%
3.1
%
Loss and LAE ratio
67.2
%
61.1
%
61.0
%
63.7
%
69.5
%
63.4
%
63.1
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Gross written premiums
$
1,975
$
1,247
$
897
$
585
$
2,107
$
4,119
$
4,150
Ceded reinsurance premiums
(924
)
(488
)
(334
)
(177
)
(956
)
(1,746
)
(1,712
)
Net written premiums
1,051
759
563
408
1,151
2,373
2,438
Change in unearned premiums
(116
)
(183
)
(63
)
357
(162
)
(362
)
(377
)
Net earned premiums
935
576
500
765
989
2,011
2,061
Loss and LAE
728
387
311
531
784
1,426
1,441
Underwriting expense
152
162
152
153
172
466
487
Underwriting profit
$
55
$
27
$
37
$
81
$
33
$
119
$
133
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
1
$
—
$
—
$
—
Catastrophe losses
4
12
10
9
34
26
56
Total current accident year catastrophe losses
$
4
$
12
$
10
$
10
$
34
$
26
$
56
Prior year loss reserve development (favorable) / adverse
$
(11
)
$
(13
)
$
(19
)
$
(2
)
$
(14
)
$
(43
)
$
(94
)
Combined ratio:
Loss and LAE ratio
77.8
%
67.2
%
62.1
%
69.5
%
79.4
%
70.9
%
69.9
%
Underwriting expense ratio
16.3
%
28.0
%
30.4
%
20.0
%
17.4
%
23.2
%
23.6
%
Combined ratio
94.1
%
95.2
%
92.5
%
89.5
%
96.8
%
94.1
%
93.5
%
Combined ratio excl. catastrophe losses and prior year reserve development
94.8
%
95.4
%
94.4
%
88.5
%
94.5
%
94.9
%
95.4
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
78.5
%
67.4
%
64.0
%
68.5
%
77.1
%
71.7
%
71.8
%
Prior accident year loss reserve development
(1.1
%)
(2.2
%)
(3.9
%)
(0.2
%)
(1.4
%)
(2.1
%)
(4.6
%)
Current accident year catastrophe losses
0.4
%
2.0
%
2.0
%
1.2
%
3.7
%
1.3
%
2.7
%
Loss and LAE ratio
77.8
%
67.2
%
62.1
%
69.5
%
79.4
%
70.9
%
69.9
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Gross written premiums
$
1,337
$
1,062
$
1,068
$
1,126
$
1,297
$
3,467
$
3,417
Ceded reinsurance premiums
(423
)
(297
)
(296
)
(353
)
(380
)
(1,016
)
(944
)
Net written premiums
914
765
772
773
917
2,451
2,473
Change in unearned premiums
(104
)
34
22
32
(120
)
(48
)
(102
)
Net earned premiums
810
799
794
805
797
2,403
2,371
Loss and LAE
541
516
536
541
519
1,593
1,504
Underwriting expense
236
234
238
195
215
708
657
Underwriting profit
$
33
$
49
$
20
$
69
$
63
$
102
$
210
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
1
Catastrophe losses
8
7
27
(6
)
17
42
40
Total current accident year catastrophe losses
$
8
$
7
$
27
$
(6
)
$
17
$
42
$
41
Prior year loss reserve development (favorable) / adverse
$
(1
)
$
10
$
12
$
44
$
6
$
21
$
(7
)
Combined ratio:
Loss and LAE ratio
66.8
%
64.5
%
67.6
%
67.2
%
65.1
%
66.3
%
63.4
%
Underwriting expense ratio
29.0
%
29.4
%
30.0
%
24.2
%
27.0
%
29.4
%
27.7
%
Combined ratio
95.8
%
93.9
%
97.6
%
91.4
%
92.1
%
95.7
%
91.1
%
Combined ratio excl. catastrophe losses and prior year reserve development
94.9
%
91.8
%
92.6
%
86.7
%
89.3
%
93.1
%
89.7
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
65.9
%
62.4
%
62.6
%
62.5
%
62.3
%
63.7
%
62.0
%
Prior accident year loss reserve development
(0.1
%)
1.2
%
1.6
%
5.4
%
0.8
%
0.9
%
(0.3
%)
Current accident year catastrophe losses
1.0
%
0.9
%
3.4
%
(0.7
%)
2.0
%
1.7
%
1.7
%
Loss and LAE ratio
66.8
%
64.5
%
67.6
%
67.2
%
65.1
%
66.3
%
63.4
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Gross written premiums
$
353
$
344
$
326
$
332
$
344
$
1,023
$
923
Ceded reinsurance premiums
(66
)
(65
)
(50
)
(53
)
(59
)
(181
)
(155
)
Net written premiums
287
279
276
279
285
842
768
Change in unearned premiums
(19
)
(7
)
10
1
(16
)
(16
)
(14
)
Net earned premiums
268
272
286
280
269
826
754
Loss and LAE
85
103
118
107
125
306
325
Underwriting expense
132
131
131
119
123
394
350
Underwriting profit
$
51
$
38
$
37
$
54
$
21
$
126
$
79
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
11
19
35
17
39
65
64
Total current accident year catastrophe losses
$
11
$
19
$
35
$
17
$
39
$
65
$
64
Prior year loss reserve development (favorable) / adverse
$
(12
)
$
(9
)
$
(13
)
$
(8
)
$
(9
)
$
(34
)
$
(3
)
Combined ratio:
Loss and LAE ratio
31.8
%
38.1
%
41.1
%
38.1
%
46.5
%
37.1
%
43.1
%
Underwriting expense ratio
49.3
%
48.0
%
45.9
%
42.6
%
45.8
%
47.7
%
46.4
%
Combined ratio
81.1
%
86.1
%
87.0
%
80.7
%
92.3
%
84.8
%
89.5
%
Combined ratio excl. catastrophe losses and prior year reserve development
81.7
%
82.0
%
79.7
%
77.5
%
81.2
%
81.1
%
81.4
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
32.4
%
34.0
%
33.8
%
34.9
%
35.4
%
33.4
%
35.0
%
Prior accident year loss reserve development
(4.7
%)
(3.2
%)
(4.6
%)
(2.9
%)
(3.3
%)
(4.2
%)
(0.4
%)
Current accident year catastrophe losses
4.1
%
7.3
%
11.9
%
6.1
%
14.4
%
7.9
%
8.5
%
Loss and LAE ratio
31.8
%
38.1
%
41.1
%
38.1
%
46.5
%
37.1
%
43.1
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Assets:
Total cash and investments
$
16,761
$
16,049
$
15,994
$
15,852
$
15,741
$
15,261
Recoverables from reinsurers
5,565
4,733
4,945
5,176
5,217
4,157
Prepaid reinsurance premiums
1,443
1,256
1,105
1,013
1,346
1,143
Agents’ balances and premiums receivable
2,034
1,946
1,589
1,532
1,995
1,909
Deferred policy acquisition costs
349
345
316
320
340
328
Assets of managed investment entities
3,972
3,833
3,848
4,140
4,332
4,695
Other receivables
2,075
877
855
1,123
1,989
758
Other assets
1,308
1,325
1,337
1,375
1,326
1,357
Goodwill
327
305
305
305
305
305
Total assets
$
33,834
$
30,669
$
30,294
$
30,836
$
32,591
$
29,913
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
15,079
$
13,834
$
13,970
$
14,179
$
14,206
$
12,607
Unearned premiums
4,450
4,026
3,710
3,584
4,320
3,816
Payable to reinsurers
1,578
1,152
1,028
1,191
1,620
1,176
Liabilities of managed investment entities
3,834
3,685
3,726
3,965
4,168
4,536
Long-term debt
1,820
1,476
1,476
1,475
1,475
1,475
Other liabilities
2,343
1,980
1,992
1,976
2,094
1,919
Total liabilities
$
29,104
$
26,153
$
25,902
$
26,370
$
27,883
$
25,529
Shareholders’ equity:
Common stock
$
83
$
83
$
84
$
84
$
84
$
84
Capital surplus
1,421
1,414
1,409
1,411
1,400
1,392
Retained earnings
3,299
3,151
3,078
3,211
3,360
3,239
Unrealized gains (losses) - fixed maturities
(43
)
(101
)
(141
)
(202
)
(100
)
(290
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(3
)
(5
)
(7
)
(10
)
(7
)
(20
)
Other comprehensive income (loss), net of tax
(27
)
(26
)
(31
)
(28
)
(29
)
(21
)
Total shareholders’ equity
4,730
4,516
4,392
4,466
4,708
4,384
Total liabilities and equity
$
33,834
$
30,669
$
30,294
$
30,836
$
32,591
$
29,913
Page 11
American Financial Group, Inc.
Book
Value Per Share and Price / Book Summary
(in millions, except per share information)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Shareholders’ equity
$
4,730
$
4,516
$
4,392
$
4,466
$
4,708
$
4,384
Accumulated other comprehensive income (loss)
(73
)
(132
)
(179
)
(240
)
(136
)
(331
)
Shareholders’ equity, excluding AOCI
4,803
4,648
4,571
4,706
4,844
4,715
Goodwill
327
305
305
305
305
305
Intangibles
192
193
198
203
199
204
Tangible shareholders’ equity, excluding AOCI
$
4,284
$
4,150
$
4,068
$
4,198
$
4,340
$
4,206
Common shares outstanding
83.401
83.386
83.668
83.978
83.923
83.897
Book value per share:
Book value per share
$
56.72
$
54.15
$
52.50
$
53.18
$
56.10
$
52.25
Book value per share, excluding AOCI
57.59
55.74
54.63
56.03
57.71
56.19
Tangible, excluding AOCI
51.38
49.77
48.62
49.98
51.72
50.13
Market capitalization
AFG’s closing common share price
$
145.72
$
126.21
$
131.34
$
136.93
$
134.60
$
123.02
Market capitalization
$
12,153
$
10,524
$
10,989
$
11,499
$
11,296
$
10,321
Price / Book value per share, excluding AOCI
2.53
2.26
2.40
2.44
2.33
2.19
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
AFG senior obligations
$
1,173
$
823
$
823
$
823
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
$
1,173
$
823
$
823
$
823
$
823
$
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
$
1,848
$
1,498
$
1,498
$
1,498
$
1,498
$
1,498
Shareholders’ equity
4,730
4,516
4,392
4,466
4,708
4,384
Accumulated other comprehensive income (loss)
(73
)
(132
)
(179
)
(240
)
(136
)
(331
)
Total capital, excluding AOCI
$
6,651
$
6,146
$
6,069
$
6,204
$
6,342
$
6,213
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
27.8
%
24.4
%
24.7
%
24.1
%
23.6
%
24.1
%
Excluding subordinated debt
17.6
%
13.4
%
13.6
%
13.3
%
13.0
%
13.2
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in
millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Property and Casualty Insurance
Paid Losses (GAAP)
$
936
$
931
$
967
$
1,179
$
897
$
2,834
$
2,855
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
6,173
$
5,935
$
5,853
$
5,962
$
6,150
$
5,919
Parent and other subsidiaries
(1,370
)
(1,287
)
(1,282
)
(1,256
)
(1,306
)
(1,204
)
AFG GAAP Equity (excluding AOCI)
$
4,803
$
4,648
$
4,571
$
4,706
$
4,844
$
4,715
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,004
$
1,004
$
1,004
$
1,004
$
946
$
946
Page 14
American Financial Group, Inc.
Total
Cash and Investments
($ in millions)
Carrying Value - September 30, 2025
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,367
$
475
$
—
$
1,842
11
%
Fixed maturities - Available for sale
10,415
103
—
10,518
63
%
Fixed maturities - Trading
80
—
—
80
1
%
Equity securities - Common stocks
384
—
—
384
2
%
Equity securities - Perpetual preferred
416
—
—
416
2
%
Investments accounted for using the equity method
2,381
2
—
2,383
14
%
Mortgage loans
975
—
—
975
6
%
Real estate and other investments
193
108
(138
)
163
1
%
Total cash and investments
$
16,211
$
688
$
(138
)
$
16,761
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
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
135
$
140
$
137
$
134
$
134
$
412
$
398
Equity securities
6
15
6
9
6
27
20
Other investments (a)
27
23
21
24
25
71
63
Gross investment income excluding alternative investments
168
178
164
167
165
510
481
Gross investment income from alternative investments (b)
43
8
12
33
36
63
125
Total gross investment income
211
186
176
200
201
573
606
Investment expenses
(6
)
(7
)
(6
)
(5
)
(6
)
(19
)
(17
)
Total T5net investment income
$
205
$
179
$
170
$
195
$
195
$
554
$
589
Average cash and investments (c)
$
16,095
$
15,921
$
15,881
$
15,718
$
15,447
$
15,988
$
15,389
Average yield - overall portfolio, net (d)
5.09
%
4.50
%
4.28
%
4.96
%
5.05
%
4.62
%
5.10
%
Average yield - fixed maturities before inv expenses (d)
5.12
%
5.24
%
5.13
%
5.09
%
5.06
%
5.17
%
5.01
%
AFG consolidated net investment income:
Property & Casualty core
$
205
$
179
$
170
$
195
$
195
$
554
$
589
Parent & other
6
7
5
7
7
18
22
Consolidate CLOs
(6
)
(2
)
(2
)
(8
)
(2
)
(10
)
(25
)
Total net investment income
$
205
$
184
$
173
$
194
$
200
$
562
$
586
Average cash and investments (c)
$
16,496
$
16,175
$
16,140
$
15,987
$
15,748
$
16,318
$
15,682
Average yield - overall portfolio, net (d)
4.97
%
4.55
%
4.29
%
4.85
%
5.08
%
4.59
%
4.98
%
Average yield - fixed maturities before inv expenses (d)
5.11
%
5.24
%
5.13
%
5.10
%
5.08
%
5.17
%
5.03
%
(a)
Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.
(b)
Investment income on alternative investments is detailed on page 17.
(c)
Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.
(d)
Average yield is calculated by dividing investment income for the period by the average balance.
Page 16
American Financial Group, Inc.
Alternative Investments
($ in millions)
Three Months Ended
Nine Months Ended
9/30/25
6/30/25
3/31/25
12/31/24
9/30/24
9/30/25
9/30/24
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
16
$
8
$
(3
)
$
12
$
8
$
21
$
10
Equity securities MTM through investment income (a)
(6
)
4
—
12
20
(2
)
45
Investments accounted for using the equity method (b)
27
(6
)
13
1
6
34
45
AFG managed CLOs (eliminated in consolidation)
6
2
2
8
2
10
25
Total Property & Casualty
$
43
$
8
$
12
$
33
$
36
$
63
$
125
Investments
Fixed maturities MTM through investment income
$
30
$
55
$
50
$
75
$
51
$
30
$
51
Equity securities MTM through investment income (a)
243
233
232
222
563
243
563
Investments accounted for using the equity method (b)
2,381
2,338
2,324
2,275
1,909
2,381
1,909
AFG managed CLOs (eliminated in consolidation)
138
148
122
174
163
138
163
Total Property & Casualty
$
2,792
$
2,774
$
2,728
$
2,746
$
2,686
$
2,792
$
2,686
Annualized Return - Property & Casualty
6.2
%
1.2
%
1.8
%
4.9
%
5.4
%
3.0
%
6.5
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
16
$
8
$
(3
)
$
12
$
8
$
21
$
10
Equity securities MTM through investment income (a)
(6
)
4
—
12
20
(2
)
45
Investments accounted for using the equity method (b)
27
(6
)
13
1
6
34
45
AFG managed CLOs (eliminated in consolidation)
6
2
2
8
2
10
25
Total AFG Consolidated
$
43
$
8
$
12
$
33
$
36
$
63
$
125
Investments
Fixed maturities MTM through investment income
$
30
$
55
$
50
$
75
$
51
$
30
$
51
Equity securities MTM through investment income (a)
243
233
232
222
563
243
563
Investments accounted for using the equity method (b)
2,383
2,341
2,326
2,277
1,911
2,383
1,911
AFG managed CLOs (eliminated in consolidation)
138
148
122
174
163
138
163
Total AFG Consolidated
$
2,794
$
2,777
$
2,730
$
2,748
$
2,688
$
2,794
$
2,688
Annualized Return - AFG Consolidated
6.2
%
1.2
%
1.8
%
4.9
%
5.4
%
3.0
%
6.5
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed
Maturities - By Security Type - AFG Consolidated
($ in millions )
September 30, 2025
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
170
$
170
$
—
2
%
1
%
States, municipalities and political subdivisions
877
853
(24
)
8
%
5
%
Foreign government
314
318
4
3
%
2
%
Residential mortgage-backed securities
2,387
2,311
(76
)
22
%
14
%
Collateralized loan obligations
1,101
1,100
(1
)
10
%
7
%
Other asset-backed securities
2,420
2,403
(17
)
23
%
14
%
Corporate and other bonds
3,383
3,443
60
32
%
21
%
Total AFG consolidated
$
10,652
$
10,598
$
(54
)
100
%
64
%
Approximate duration - P&C
3.1 years
Approximate duration - P&C including cash
2.7 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
9/30/2025
($ 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
$
162
$
277
$
2,039
$
1,051
$
789
$
13
$
4,333
41
%
AA
168
653
14
90
46
326
178
1,475
14
%
A
—
28
22
70
3
702
970
1,795
17
%
BBB
—
8
4
28
—
518
1,952
2,510
24
%
Subtotal - Investment grade
170
851
317
2,227
1,100
2,335
3,113
10,113
96
%
BB
—
—
—
1
—
4
159
164
2
%
B
—
—
—
2
—
1
33
36
0
%
CCC, CC, C
—
—
—
26
—
2
1
29
0
%
D
—
—
—
—
—
—
—
—
0
%
Subtotal - Non-Investment grade
—
—
—
29
—
7
193
229
2
%
Not Rated (b)
—
2
1
55
—
61
137
256
2
%
Total
$
170
$
853
$
318
$
2,311
$
1,100
$
2,403
$
3,443
$
10,598
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
170
$
839
$
253
$
2,200
$
1,026
$
1,802
$
1,172
$
7,462
73
%
2
—
8
—
31
—
504
1,939
2,482
24
%
Subtotal
170
847
253
2,231
1,026
2,306
3,111
9,944
97
%
3
—
—
—
2
—
5
184
191
2
%
4
—
—
—
—
—
1
48
49
0
%
5
—
—
—
13
—
2
57
72
1
%
6
—
—
—
1
—
3
1
5
0
%
Subtotal
—
—
—
16
—
11
290
317
3
%
Total insurance companies
$
170
$
847
$
253
$
2,247
$
1,026
$
2,317
$
3,401
$
10,261
100
%
No NAIC designation (c)
—
—
—
—
—
29
11
40
Non-Insurance and Foreign Companies (d)
—
6
65
64
74
57
31
297
Total
$
170
$
853
$
318
$
2,311
$
1,100
$
2,403
$
3,443
$
10,598
(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, 47% are NAIC 1 and 48% do not have a designation.
For Corp/Oth, 14% are NAIC 1, 22% NAIC 3 and 41% NAIC 5.
For Total, 33% are NAIC 1, 12% NAIC 3, 27% NAIC 5 and 16% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
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
9/30/2025
($ in millions)
Fair Value By Industry
Credit Rating (a)
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Autos
Consumer
Healthcare
REITs
Retailers
Basic
Industry
Capital
Goods
Media
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2
$
13
0
%
AA
5
—
48
23
5
32
—
37
15
—
10
—
—
—
3
178
5
%
A
37
192
154
43
139
63
101
51
36
53
21
16
30
3
31
970
28
%
BBB
796
261
53
161
90
95
66
49
39
60
45
85
45
15
92
1,952
57
%
Subtotal
838
453
255
238
234
190
167
137
90
113
76
101
75
18
128
3,113
90
%
BB
34
7
—
4
—
—
18
11
2
6
36
11
1
22
7
159
5
%
B
4
2
—
—
—
—
—
7
10
—
—
—
4
6
—
33
1
%
CCC, CC, C
—
—
—
—
—
—
—
—
1
—
—
—
—
—
—
1
0
%
D
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
38
9
—
4
—
—
18
18
13
6
36
11
5
28
7
193
6
%
Not Rated (b)
—
—
7
1
—
29
1
18
41
5
11
—
2
20
2
137
4
%
Total
$
876
$
462
$
262
$
243
$
234
$
219
$
186
$
173
$
144
$
124
$
123
$
112
$
82
$
66
$
137
$
3,443
100
%
Fair Value By Industry
NAIC designation
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Autos
Consumer
Healthcare
REITs
Retailers
Basic
Industry
Capital
Goods
Media
Other
Total
% Total
1
$
42
$
189
$
200
$
76
$
144
$
108
$
101
$
91
$
51
$
53
$
31
$
16
$
33
$
3
$
34
$
1,172
34
%
2
792
258
52
157
88
95
66
55
38
60
44
82
44
14
94
1,939
57
%
Subtotal
834
447
252
233
232
203
167
146
89
113
75
98
77
17
128
3,111
91
%
3
34
7
—
4
—
—
17
18
26
6
36
6
1
22
7
184
6
%
4
4
2
—
—
—
—
—
7
9
—
12
4
4
6
—
48
1
%
5
—
—
—
1
—
10
—
2
19
5
—
—
—
20
—
57
2
%
6
—
—
—
—
—
1
—
—
—
—
—
—
—
—
—
1
0
%
Subtotal
38
9
—
5
—
11
17
27
54
11
48
10
5
48
7
290
9
%
Total insurance companies
$
872
$
456
$
252
$
238
$
232
$
214
$
184
$
173
$
143
$
124
$
123
$
108
$
82
$
65
$
135
$
3,401
100
%
No NAIC designation (c)
—
—
7
—
—
4
—
—
—
—
—
—
—
—
—
11
Non-Insurance and Foreign Companies
4
6
3
5
2
1
2
—
1
—
—
4
—
1
2
31
Total
$
876
$
462
$
262
$
243
$
234
$
219
$
186
$
173
$
144
$
124
$
123
$
112
$
82
$
66
$
137
$
3,443
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
14% of not rated securities are NAIC 1, 22% NAIC 3 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
12/31/2024
($ 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
9/30/2025
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
TruPS
Triple Net
Lease
Aircraft
Railcar
Commercial
Real Estate
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
119
$
213
$
16
$
—
$
149
$
—
$
95
$
69
$
128
$
789
33
%
AA
76
138
14
17
29
—
20
—
—
32
326
14
%
A
10
3
15
152
169
—
66
—
—
287
702
29
%
BBB
436
—
—
16
6
—
2
—
—
58
518
21
%
Subtotal
522
260
242
201
204
149
88
95
69
505
2,335
97
%
BB
—
—
—
2
—
—
1
—
—
1
4
0
%
B
—
—
—
1
—
—
—
—
—
—
1
0
%
CCC, CC, C
—
—
—
2
—
—
—
—
—
—
2
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
5
—
—
1
—
—
1
7
0
%
Not Rated (b)
—
—
—
4
—
—
29
—
—
28
61
3
%
Total
$
522
$
260
$
242
$
210
$
204
$
149
$
118
$
95
$
69
$
534
$
2,403
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
TruPS
Triple Net
Lease
Aircraft
Railcar
Commercial
Real Estate
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
1
$
86
$
258
$
237
$
184
$
183
$
139
$
114
$
92
$
67
$
442
$
1,802
78
%
2
426
—
—
15
6
—
1
—
—
56
504
22
%
Subtotal
512
258
237
199
189
139
115
92
67
498
2,306
100
%
3
—
—
—
1
—
—
2
—
—
2
5
0
%
4
—
—
—
1
—
—
—
—
—
—
1
0
%
5
—
—
—
1
—
—
—
—
—
1
2
0
%
6
—
—
—
3
—
—
—
—
—
—
3
0
%
Subtotal
—
—
—
6
—
—
2
—
—
3
11
0
%
Total insurance companies
$
512
$
258
$
237
$
205
$
189
$
139
$
117
$
92
$
67
$
501
$
2,317
100
%
No NAIC designation
—
—
—
1
—
—
1
—
—
27
29
Non-Insurance and Foreign Companies
10
2
5
4
15
10
—
3
2
6
57
Total
$
522
$
260
$
242
$
210
$
204
$
149
$
118
$
95
$
69
$
534
$
2,403
(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)
47% of not rated securities are NAIC 1 and 48% 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
9/30/2025
($ 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
$
1,246
88
%
92
%
96
%
Fund Investments
102
7
%
—
—
QOZ Fund - Development
27
2
%
—
—
Office
17
1
%
91
%
100
%
Marina
16
1
%
—
—
Hospitality
12
1
%
—
—
Land Development
2
0
%
—
—
Total
$
1,422
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
53
52
%
$
—
Marina
35
35
%
—
Office Building
12
11
%
—
Land
2
2
%
—
Total
$
102
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
688
71
%
66
%
Hospitality
186
19
%
45
%
Marina
52
5
%
52
%
Office
49
5
%
98
%
Total
$
975
100
%
63
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 9/30/2025 (c) Collections for July-September
Page 25
Appendix H
American Financial Group,
Inc.
Real Estate-Related Investments
12/31/2024
($ 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 · Reserve development
“Prior year loss reserve development (favorable) $(23)”
Source: SEC EDGAR · public domain · Highlights by Palanor