EX-99.23d124182dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - Second Quarter 2026
August 4, 2026
American Financial Group, Inc.
Corporate Headquarters
Great American Insurance Group Tower
301 E
Fourth Street
Cincinnati, OH 45202
513 579 6739
American Financial Group, Inc.
Table of Contents - Investor Supplement - Second Quarter 2026
Section
Page
Table of Contents - Investor Supplement - Second Quarter 2026
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 6/30/2026
19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025
20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry
6/30/2026
21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2025
22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
6/30/2026
23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
24
G. Real Estate-Related Investments 6/30/2026
25
H. Real Estate-Related Investments 12/31/2025
26
Page 2
American Financial Group, Inc.
Financial Highlights
(in millions, except per share information)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Highlights
Net earnings
$
248
$
191
$
299
$
215
$
174
$
439
$
328
Core net operating earnings
234
206
305
224
179
440
331
Total assets
33,034
32,353
32,642
33,834
30,669
33,034
30,669
Shareholders’ equity, excluding AOCI (a)
4,963
4,805
4,870
4,803
4,648
4,963
4,648
Property and Casualty net written premiums
1,915
1,664
1,444
2,252
1,803
3,579
3,414
Per share data
Diluted earnings per share
$
2.99
$
2.29
$
3.58
$
2.58
$
2.07
$
5.28
$
3.92
Core net operating earnings per share
2.82
2.47
3.65
2.69
2.14
5.29
3.96
Book value per share, excluding AOCI (a)
59.85
57.83
58.38
57.59
55.74
59.85
55.74
Dividends per common share
0.88
2.38
2.88
0.80
0.80
3.26
3.60
Financial ratios
Annualized return on equity (b)
20.3
%
15.8
%
24.7
%
18.2
%
15.0
%
18.0
%
14.1
%
Annualized core operating return on equity (b)
19.2
%
17.0
%
25.2
%
19.0
%
15.5
%
18.0
%
14.3
%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio
58.9
%
56.3
%
58.6
%
67.2
%
61.1
%
57.6
%
61.1
%
Underwriting expense ratio
32.6
%
34.0
%
25.5
%
25.8
%
32.0
%
33.3
%
32.5
%
Combined ratio - Specialty
91.5
%
90.3
%
84.1
%
93.0
%
93.1
%
90.9
%
93.6
%
(a)
A reconciliation to the GAAP measure is on page 12.
(b)
Excludes accumulated other comprehensive income.
Page 3
American Financial Group, Inc.
Summary of Earnings
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Property and Casualty Insurance
Underwriting profit
$
142
$
156
$
284
$
138
$
113
$
298
$
207
Net investment income
221
168
171
205
179
389
349
Other income (expense)
(13
)
(15
)
(15
)
(15
)
(19
)
(28
)
(37
)
Property and Casualty Insurance operating earnings
350
309
440
328
273
659
519
Interest expense of parent holding companies
(24
)
(23
)
(23
)
(19
)
(19
)
(47
)
(38
)
Other expense
(26
)
(29
)
(31
)
(29
)
(27
)
(55
)
(60
)
Pretax core operating earnings
300
257
386
280
227
557
421
Income tax expense
66
51
81
56
48
117
90
Core net operating earnings
234
206
305
224
179
440
331
Non-core items, net of tax:
Realized gains (losses) on securities
14
(15
)
(6
)
10
2
(1
)
4
Realized gain on subsidiaries
—
—
—
1
—
—
—
Special A&E charges - Former Railroad and Manufacturing operations
—
—
—
(20
)
—
—
—
Other non-core items
—
—
—
—
(7
)
—
(7
)
Net earnings
$
248
$
191
$
299
$
215
$
174
$
439
$
328
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share information)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Core net operating earnings
$
234
$
206
$
305
$
224
$
179
$
440
$
331
Net earnings
$
248
$
191
$
299
$
215
$
174
$
439
$
328
Average number of diluted shares
83.026
83.263
83.411
83.397
83.488
83.144
83.664
Diluted earnings per share:
Core net operating earnings per share
$
2.82
$
2.47
$
3.65
$
2.69
$
2.14
$
5.29
$
3.96
Realized gains (losses) on securities
0.17
(0.18
)
(0.07
)
0.12
0.02
(0.01
)
0.05
Realized gain on subsidiaries
—
—
—
0.01
—
—
—
Special A&E charges - Former Railroad and Manufacturing operations
—
—
—
(0.24
)
—
—
—
Other non-core items
—
—
—
—
(0.09
)
—
(0.09
)
Diluted earnings per share
$
2.99
$
2.29
$
3.58
$
2.58
$
2.07
$
5.28
$
3.92
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Property and Transportation
$
57
$
65
$
216
$
55
$
27
$
122
$
64
Specialty Casualty
45
34
27
33
49
79
69
Specialty Financial
42
57
44
51
38
99
75
Underwriting profit - Specialty
144
156
287
139
114
300
208
Other core charges, included in loss and LAE
(2
)
—
(3
)
(1
)
(1
)
(2
)
(1
)
Underwriting profit - Property and Casualty Insurance
$
142
$
156
$
284
$
138
$
113
$
298
$
207
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
31
35
4
23
38
66
110
Total current accident year catastrophe losses
$
31
$
35
$
4
$
23
$
38
$
66
$
110
Prior year loss reserve development (favorable) / adverse
$
(55
)
$
(70
)
$
(27
)
$
(23
)
$
(11
)
$
(125
)
$
(31
)
Combined ratio:
Property and Transportation
90.3
%
87.6
%
70.6
%
94.1
%
95.2
%
89.1
%
94.0
%
Specialty Casualty
94.5
%
95.8
%
96.7
%
95.8
%
93.9
%
95.1
%
95.8
%
Specialty Financial
85.6
%
80.0
%
83.0
%
81.1
%
86.1
%
82.8
%
86.5
%
Combined ratio - Specialty
91.5
%
90.3
%
84.1
%
93.0
%
93.1
%
90.9
%
93.6
%
Other core charges
0.1
%
0.1
%
0.2
%
0.1
%
0.0
%
0.1
%
0.0
%
Combined ratio
91.6
%
90.4
%
84.3
%
93.1
%
93.1
%
91.0
%
93.6
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
93.1
%
92.5
%
85.5
%
93.0
%
91.5
%
92.8
%
91.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
60.5
%
58.5
%
60.0
%
67.2
%
59.5
%
59.5
%
58.7
%
Prior accident year loss reserve development
(3.3
%)
(4.3
%)
(1.5
%)
(1.1
%)
(0.7
%)
(3.8
%)
(1.0
%)
Current accident year catastrophe losses
1.8
%
2.2
%
0.3
%
1.2
%
2.3
%
2.0
%
3.4
%
Loss and LAE ratio
59.0
%
56.4
%
58.8
%
67.3
%
61.1
%
57.7
%
61.1
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Gross written premiums
$
2,850
$
2,435
$
2,085
$
3,665
$
2,653
$
5,285
$
4,944
Ceded reinsurance premiums
(935
)
(771
)
(641
)
(1,413
)
(850
)
(1,706
)
(1,530
)
Net written premiums
1,915
1,664
1,444
2,252
1,803
3,579
3,414
Change in unearned premiums
(221
)
(55
)
362
(239
)
(156
)
(276
)
(187
)
Net earned premiums
1,694
1,609
1,806
2,013
1,647
3,303
3,227
Loss and LAE
998
906
1,058
1,354
1,006
1,904
1,971
Underwriting expense
552
547
461
520
527
1,099
1,048
Underwriting profit
$
144
$
156
$
287
$
139
$
114
$
300
$
208
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
31
35
4
23
38
66
110
Total current accident year catastrophe losses
$
31
$
35
$
4
$
23
$
38
$
66
$
110
Prior year loss reserve development (favorable) / adverse
$
(57
)
$
(70
)
$
(30
)
$
(24
)
$
(12
)
$
(127
)
$
(32
)
Combined ratio:
Loss and LAE ratio
58.9
%
56.3
%
58.6
%
67.2
%
61.1
%
57.6
%
61.1
%
Underwriting expense ratio
32.6
%
34.0
%
25.5
%
25.8
%
32.0
%
33.3
%
32.5
%
Combined ratio
91.5
%
90.3
%
84.1
%
93.0
%
93.1
%
90.9
%
93.6
%
Combined ratio excl. catastrophe losses and prior year reserve development
93.1
%
92.5
%
85.5
%
93.0
%
91.5
%
92.8
%
91.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
60.5
%
58.5
%
60.0
%
67.2
%
59.5
%
59.5
%
58.7
%
Prior accident year loss reserve development
(3.4
%)
(4.4
%)
(1.6
%)
(1.2
%)
(0.7
%)
(3.9
%)
(1.0
%)
Current accident year catastrophe losses
1.8
%
2.2
%
0.2
%
1.2
%
2.3
%
2.0
%
3.4
%
Loss and LAE ratio
58.9
%
56.3
%
58.6
%
67.2
%
61.1
%
57.6
%
61.1
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Gross written premiums
$
1,351
$
999
$
612
$
1,975
$
1,247
$
2,350
$
2,144
Ceded reinsurance premiums
(554
)
(403
)
(214
)
(924
)
(488
)
(957
)
(822
)
Net written premiums
797
596
398
1,051
759
1,393
1,322
Change in unearned premiums
(207
)
(70
)
337
(116
)
(183
)
(277
)
(246
)
Net earned premiums
590
526
735
935
576
1,116
1,076
Loss and LAE
369
301
417
728
387
670
698
Underwriting expense
164
160
102
152
162
324
314
Underwriting profit
$
57
$
65
$
216
$
55
$
27
$
122
$
64
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
12
12
—
4
12
24
22
Total current accident year catastrophe losses
$
12
$
12
$
—
$
4
$
12
$
24
$
22
Prior year loss reserve development (favorable) / adverse
$
(42
)
$
(47
)
$
(20
)
$
(11
)
$
(13
)
$
(89
)
$
(32
)
Combined ratio:
Loss and LAE ratio
62.6
%
57.1
%
56.8
%
77.8
%
67.2
%
60.1
%
64.9
%
Underwriting expense ratio
27.7
%
30.5
%
13.8
%
16.3
%
28.0
%
29.0
%
29.1
%
Combined ratio
90.3
%
87.6
%
70.6
%
94.1
%
95.2
%
89.1
%
94.0
%
Combined ratio excl. catastrophe losses and prior year reserve development
95.2
%
94.4
%
73.4
%
94.8
%
95.4
%
94.9
%
94.9
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
67.5
%
63.9
%
59.6
%
78.5
%
67.4
%
65.9
%
65.8
%
Prior accident year loss reserve development
(7.0
%)
(9.0
%)
(2.7
%)
(1.1
%)
(2.2
%)
(8.0
%)
(3.0
%)
Current accident year catastrophe losses
2.1
%
2.2
%
(0.1
%)
0.4
%
2.0
%
2.2
%
2.1
%
Loss and LAE ratio
62.6
%
57.1
%
56.8
%
77.8
%
67.2
%
60.1
%
64.9
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Gross written premiums
$
1,119
$
1,089
$
1,153
$
1,337
$
1,062
$
2,208
$
2,130
Ceded reinsurance premiums
(307
)
(300
)
(357
)
(423
)
(297
)
(607
)
(593
)
Net written premiums
812
789
796
914
765
1,601
1,537
Change in unearned premiums
2
10
16
(104
)
34
12
56
Net earned premiums
814
799
812
810
799
1,613
1,593
Loss and LAE
525
517
558
541
516
1,042
1,052
Underwriting expense
244
248
227
236
234
492
472
Underwriting profit
$
45
$
34
$
27
$
33
$
49
$
79
$
69
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
9
11
(3
)
8
7
20
34
Total current accident year catastrophe losses
$
9
$
11
$
(3
)
$
8
$
7
$
20
$
34
Prior year loss reserve development (favorable) / adverse
$
(1
)
$
—
$
(1
)
$
(1
)
$
10
$
(1
)
$
22
Combined ratio:
Loss and LAE ratio
64.6
%
64.7
%
68.7
%
66.8
%
64.5
%
64.6
%
66.1
%
Underwriting expense ratio
29.9
%
31.1
%
28.0
%
29.0
%
29.4
%
30.5
%
29.7
%
Combined ratio
94.5
%
95.8
%
96.7
%
95.8
%
93.9
%
95.1
%
95.8
%
Combined ratio excl. catastrophe losses and prior year reserve development
93.6
%
94.4
%
97.1
%
94.9
%
91.8
%
93.9
%
92.3
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
63.7
%
63.3
%
69.1
%
65.9
%
62.4
%
63.4
%
62.6
%
Prior accident year loss reserve development
(0.1
%)
0.0
%
(0.1
%)
(0.1
%)
1.2
%
(0.1
%)
1.4
%
Current accident year catastrophe losses
1.0
%
1.4
%
(0.3
%)
1.0
%
0.9
%
1.3
%
2.1
%
Loss and LAE ratio
64.6
%
64.7
%
68.7
%
66.8
%
64.5
%
64.6
%
66.1
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Gross written premiums
$
380
$
347
$
320
$
353
$
344
$
727
$
670
Ceded reinsurance premiums
(74
)
(68
)
(70
)
(66
)
(65
)
(142
)
(115
)
Net written premiums
306
279
250
287
279
585
555
Change in unearned premiums
(16
)
5
9
(19
)
(7
)
(11
)
3
Net earned premiums
290
284
259
268
272
574
558
Loss and LAE
104
88
83
85
103
192
221
Underwriting expense
144
139
132
132
131
283
262
Underwriting profit
$
42
$
57
$
44
$
51
$
38
$
99
$
75
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
10
12
7
11
19
22
54
Total current accident year catastrophe losses
$
10
$
12
$
7
$
11
$
19
$
22
$
54
Prior year loss reserve development (favorable) / adverse
$
(14
)
$
(23
)
$
(9
)
$
(12
)
$
(9
)
$
(37
)
$
(22
)
Combined ratio:
Loss and LAE ratio
35.6
%
31.2
%
32.0
%
31.8
%
38.1
%
33.4
%
39.6
%
Underwriting expense ratio
50.0
%
48.8
%
51.0
%
49.3
%
48.0
%
49.4
%
46.9
%
Combined ratio
85.6
%
80.0
%
83.0
%
81.1
%
86.1
%
82.8
%
86.5
%
Combined ratio excl. catastrophe losses and prior year reserve development
87.3
%
83.7
%
83.5
%
81.7
%
82.0
%
85.5
%
80.7
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
37.3
%
34.9
%
32.5
%
32.4
%
34.0
%
36.1
%
33.8
%
Prior accident year loss reserve development
(5.1
%)
(7.9
%)
(3.0
%)
(4.7
%)
(3.2
%)
(6.5
%)
(3.9
%)
Current accident year catastrophe losses
3.4
%
4.2
%
2.5
%
4.1
%
7.3
%
3.8
%
9.7
%
Loss and LAE ratio
35.6
%
31.2
%
32.0
%
31.8
%
38.1
%
33.4
%
39.6
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
Assets:
Total cash and investments
$
17,069
$
17,143
$
17,182
$
16,761
$
16,049
$
15,994
Recoverables from reinsurers
5,267
5,303
5,528
5,565
4,733
4,945
Prepaid reinsurance premiums
1,375
1,211
1,089
1,443
1,256
1,105
Agents’ balances and premiums receivable
2,046
1,670
1,641
2,034
1,946
1,589
Deferred policy acquisition costs
366
334
333
349
345
316
Assets of managed investment entities
4,142
3,987
4,050
3,972
3,833
3,848
Other receivables
1,117
1,058
1,212
2,075
877
855
Other assets
1,325
1,320
1,280
1,308
1,325
1,337
Goodwill
327
327
327
327
305
305
Total assets
$
33,034
$
32,353
$
32,642
$
33,834
$
30,669
$
30,294
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
14,842
$
14,914
$
15,094
$
15,079
$
13,834
$
13,970
Unearned premiums
4,297
3,911
3,736
4,450
4,026
3,710
Payable to reinsurers
1,133
1,065
1,195
1,578
1,152
1,028
Liabilities of managed investment entities
3,993
3,854
3,907
3,834
3,685
3,726
Long-term debt
1,821
1,820
1,820
1,820
1,476
1,476
Other liabilities
2,127
2,111
2,070
2,343
1,980
1,992
Total liabilities
28,213
27,675
27,822
29,104
26,153
25,902
Shareholders’ equity:
Common stock
83
83
83
83
83
84
Capital surplus
1,434
1,428
1,430
1,421
1,414
1,409
Retained earnings
3,446
3,294
3,357
3,299
3,151
3,078
Unrealized gains (losses) - fixed maturities
(112
)
(100
)
(22
)
(43
)
(101
)
(141
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(4
)
(1
)
(2
)
(3
)
(5
)
(7
)
Other comprehensive income (loss), net of tax
(26
)
(26
)
(26
)
(27
)
(26
)
(31
)
Total shareholders’ equity
4,821
4,678
4,820
4,730
4,516
4,392
Total liabilities and equity
$
33,034
$
32,353
$
32,642
$
33,834
$
30,669
$
30,294
Page 11
American Financial Group, Inc.
Book Value Per Share and Price / Book Summary
(in millions, except per share information)
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
Shareholders’ equity
$
4,821
$
4,678
$
4,820
$
4,730
$
4,516
$
4,392
Accumulated other comprehensive income (loss)
(142
)
(127
)
(50
)
(73
)
(132
)
(179
)
Shareholders’ equity, excluding AOCI
4,963
4,805
4,870
4,803
4,648
4,571
Goodwill
327
327
327
327
305
305
Intangibles
179
184
189
192
193
198
Tangible shareholders’ equity, excluding AOCI
$
4,457
$
4,294
$
4,354
$
4,284
$
4,150
$
4,068
Common shares outstanding
82.917
83.086
83.422
83.401
83.386
83.668
Book value per share:
Book value per share
$
58.14
$
56.30
$
57.78
$
56.72
$
54.15
$
52.50
Book value per share, excluding AOCI
59.85
57.83
58.38
57.59
55.74
54.63
Tangible, excluding AOCI
53.76
51.69
52.20
51.38
49.77
48.62
Market capitalization
AFG’s closing common share price
$
139.94
$
127.71
$
136.68
$
145.72
$
126.21
$
131.34
Market capitalization
$
11,603
$
10,611
$
11,402
$
12,153
$
10,524
$
10,989
Price / Book value per share, excluding AOCI
2.34
2.21
2.34
2.53
2.26
2.40
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
AFG senior obligations
$
1,173
$
1,173
$
1,173
$
1,173
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
1,173
1,173
1,173
1,173
823
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
1,848
1,848
1,848
1,848
1,498
1,498
Shareholders’ equity
4,821
4,678
4,820
4,730
4,516
4,392
Accumulated other comprehensive income (loss)
(142
)
(127
)
(50
)
(73
)
(132
)
(179
)
Total capital, excluding AOCI
$
6,811
$
6,653
$
6,718
$
6,651
$
6,146
$
6,069
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
27.1
%
27.8
%
27.5
%
27.8
%
24.4
%
24.7
%
Excluding subordinated debt
17.2
%
17.6
%
17.5
%
17.6
%
13.4
%
13.6
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Property and Casualty Insurance
Paid Losses (GAAP)
$
1,014
$
888
$
984
$
936
$
931
$
1,902
$
1,898
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
3/31/25
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
6,528
$
6,354
$
6,354
$
6,173
$
5,935
$
5,853
Parent and other subsidiaries
(1,565
)
(1,549
)
(1,484
)
(1,370
)
(1,287
)
(1,282
)
AFG GAAP Equity (excluding AOCI)
$
4,963
$
4,805
$
4,870
$
4,803
$
4,648
$
4,571
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,083
$
1,083
$
1,081
$
1,004
$
1,004
$
1,004
Page 14
American Financial Group, Inc.
Total Cash and Investments
($ in millions)
Carrying Value - June 30, 2026
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,164
$
274
$
—
$
1,438
9
%
Fixed maturities - Available for sale
11,173
85
—
11,258
66
%
Fixed maturities - Trading
80
—
—
80
1
%
Equity securities - Common stocks
371
—
—
371
2
%
Equity securities - Perpetual preferred
408
—
—
408
2
%
Investments accounted for using the equity method
2,434
3
—
2,437
14
%
Mortgage loans
920
—
—
920
5
%
Real estate and other investments
200
106
(149
)
157
1
%
Total cash and investments
$
16,750
$
468
$
(149
)
$
17,069
100
%
Carrying Value - December 31, 2025
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,377
$
350
$
—
$
1,727
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
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
147
$
141
$
138
$
135
$
140
$
288
$
277
Equity securities
5
10
6
6
15
15
21
Other investments (a)
25
27
27
27
23
52
44
Gross investment income excluding alternative investments
177
178
171
168
178
355
342
Gross investment income from alternative investments (b)
50
(3
)
6
43
8
47
20
Total gross investment income
227
175
177
211
186
402
362
Investment expenses
(6
)
(7
)
(6
)
(6
)
(7
)
(13
)
(13
)
Total net investment income
$
221
$
168
$
171
$
205
$
179
$
389
$
349
Average cash and investments (c)
$
16,916
$
16,855
$
16,520
$
16,095
$
15,921
$
16,868
$
15,894
Average yield - overall portfolio, net (d)
5.23
%
3.99
%
4.14
%
5.09
%
4.50
%
4.61
%
4.39
%
Average yield - fixed maturities before inv expenses (d)
5.13
%
5.04
%
5.11
%
5.12
%
5.24
%
5.10
%
5.19
%
AFG consolidated net investment income:
Property & Casualty
$
221
$
168
$
171
$
205
$
179
$
389
$
349
Parent & other
9
6
7
6
7
15
12
Consolidate CLOs
(9
)
13
5
(6
)
(2
)
4
(4
)
Total net investment income
$
221
$
187
$
183
$
205
$
184
$
408
$
357
Average cash and investments (c)
$
17,240
$
17,240
$
17,013
$
16,496
$
16,175
$
17,230
$
16,152
Average yield - overall portfolio, net (d)
5.13
%
4.34
%
4.30
%
4.97
%
4.55
%
4.74
%
4.42
%
Average yield - fixed maturities before inv expenses (d)
5.12
%
5.05
%
5.11
%
5.11
%
5.24
%
5.11
%
5.20
%
(a)
Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.
(b)
Investment income on alternative investments is detailed on page 17.
(c)
Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.
(d)
Average yield is calculated by dividing investment income for the period by the average balance.
Page 16
American Financial Group, Inc.
Alternative Investments
($ in millions)
Three Months Ended
Six Months Ended
6/30/26
3/31/26
12/31/25
9/30/25
6/30/25
6/30/26
6/30/25
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
1
$
2
$
1
$
16
$
8
$
3
$
5
Equity securities MTM through investment income (a)
2
(10
)
(12
)
(6
)
4
(8
)
4
Investments accounted for using the equity method (b)
38
18
22
27
(6
)
56
7
AFG managed CLOs (eliminated in consolidation)
9
(13
)
(5
)
6
2
(4
)
4
Total Property & Casualty
$
50
$
(3
)
$
6
$
43
$
8
$
47
$
20
Investments
Fixed maturities MTM through investment income
$
34
$
31
$
44
$
30
$
55
$
34
$
55
Equity securities MTM through investment income (a)
221
190
211
243
233
221
233
Investments accounted for using the equity method (b)
2,434
2,440
2,419
2,381
2,338
2,434
2,338
AFG managed CLOs (eliminated in consolidation)
149
133
143
138
148
149
148
Total Property & Casualty
$
2,838
$
2,794
$
2,817
$
2,792
$
2,774
$
2,838
$
2,774
Annualized Return - Property & Casualty
7.1
%
(0.4
%)
0.9
%
6.2
%
1.2
%
3.3
%
1.5
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
1
$
2
$
1
$
16
$
8
$
3
$
5
Equity securities MTM through investment income (a)
2
(10
)
(12
)
(6
)
4
(8
)
4
Investments accounted for using the equity method (b)
38
18
22
27
(6
)
56
7
AFG managed CLOs (eliminated in consolidation)
9
(13
)
(5
)
6
2
(4
)
4
Total AFG Consolidated
$
50
$
(3
)
$
6
$
43
$
8
$
47
$
20
Investments
Fixed maturities MTM through investment income
$
34
$
31
$
44
$
30
$
55
$
34
$
55
Equity securities MTM through investment income (a)
221
190
211
243
233
221
233
Investments accounted for using the equity method (b)
2,437
2,443
2,421
2,383
2,341
2,437
2,341
AFG managed CLOs (eliminated in consolidation)
149
133
143
138
148
149
148
Total AFG Consolidated
$
2,841
$
2,797
$
2,819
$
2,794
$
2,777
$
2,841
$
2,777
Annualized Return - AFG Consolidated
7.1
%
(0.4
%)
0.9
%
6.2
%
1.2
%
3.3
%
1.5
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed Maturities - By Security Type - AFG Consolidated
($ in millions )
June 30, 2026
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
144
$
143
$
(1
)
1
%
1
%
States, municipalities and political subdivisions
795
773
(22
)
7
%
5
%
Foreign government
299
301
2
3
%
2
%
Residential mortgage-backed securities
3,280
3,183
(97
)
28
%
19
%
Collateralized loan obligations
1,099
1,096
(3
)
10
%
6
%
Other asset-backed securities
2,604
2,567
(37
)
22
%
15
%
Corporate and other bonds
3,259
3,275
16
29
%
19
%
Total AFG consolidated
$
11,480
$
11,338
$
(142
)
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
6/30/2026
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
6
$
146
$
236
$
2,704
$
1,082
$
927
$
13
$
5,114
45
%
AA
137
596
18
317
14
363
211
1,656
15
%
A
—
21
40
60
—
747
1,011
1,879
17
%
BBB
—
8
4
26
—
492
1,787
2,317
20
%
Subtotal - Investment grade
143
771
298
3,107
1,096
2,529
3,022
10,966
97
%
BB
—
—
—
1
—
4
131
136
1
%
B
—
—
—
1
—
1
25
27
0
%
CCC, CC, C
—
—
—
23
—
2
3
28
0
%
D
—
—
—
—
—
—
—
—
0
%
Subtotal - Non-Investment grade
—
—
—
25
—
7
159
191
1
%
Not Rated (b)
—
2
3
51
—
31
94
181
2
%
Total
$
143
$
773
$
301
$
3,183
$
1,096
$
2,567
$
3,275
$
11,338
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
143
$
760
$
232
$
3,073
$
1,035
$
1,993
$
1,228
$
8,464
77
%
2
—
8
—
25
—
483
1,776
2,292
21
%
Subtotal
143
768
232
3,098
1,035
2,476
3,004
10,756
98
%
3
—
—
—
1
—
4
130
135
1
%
4
—
—
—
—
—
5
53
58
1
%
5
—
—
—
12
—
1
39
52
0
%
6
—
—
—
1
—
3
4
8
0
%
Subtotal
—
—
—
14
—
13
226
253
2
%
Total insurance companies
$
143
$
768
$
232
$
3,112
$
1,035
$
2,489
$
3,230
$
11,009
100
%
No NAIC designation (c)
—
—
—
—
—
26
15
41
Non-Insurance and Foreign Companies (d)
—
5
69
71
61
52
30
288
Total
$
143
$
773
$
301
$
3,183
$
1,096
$
2,567
$
3,275
$
11,338
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
For ABS, 12% are NAIC 4 and 82% do not have a designation.
For Corp/Oth, 13% are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.
For Total, 27% are NAIC 1, 14% NAIC 4, 25% NAIC 5 and 17% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
98% are investment grade rated.
Page 19
Appendix B
American Financial Group, Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2025
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
—
$
161
$
255
$
2,475
$
1,137
$
831
$
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
6/30/2026
($ in millions)
Fair Value By Industry
Credit Rating (a)
Asset
Managers
Banking
Technology
Insurance
Utilities
Other
Financials
Autos
Consumer
Healthcare
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
2
$
13
0
%
AA
5
5
30
60
10
33
—
25
20
23
211
6
%
A
88
168
77
147
152
64
99
49
30
137
1,011
31
%
BBB
717
267
135
52
89
58
46
47
38
338
1,787
55
%
Subtotal
810
440
253
259
251
155
145
121
88
500
3,022
92
%
BB
9
8
5
—
—
20
17
11
5
56
131
4
%
B
—
—
7
—
—
—
—
10
5
3
25
1
%
CCC, CC, C
—
—
—
—
—
—
—
—
1
2
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
9
8
12
—
—
20
17
21
11
61
159
5
%
Not Rated (b)
5
—
1
6
—
22
—
18
33
9
94
3
%
Total
$
824
$
448
$
266
$
265
$
251
$
197
$
162
$
160
$
132
$
570
$
3,275
100
%
Fair Value By Industry
NAIC designation
Asset
Managers
Banking
Technology
Insurance
Utilities
Other
Financials
Autos
Consumer
Healthcare
Other
Total
% Total
1
$
93
$
170
$
117
$
205
$
162
$
100
$
99
$
71
$
50
$
161
$
1,228
38
%
2
721
265
132
51
87
58
44
47
38
333
1,776
55
%
Subtotal
814
435
249
256
249
158
143
118
88
494
3,004
93
%
3
4
8
3
—
—
19
17
13
15
51
130
4
%
4
—
—
9
—
—
—
—
29
8
7
53
2
%
5
—
—
1
—
—
9
—
—
21
8
39
1
%
6
—
—
—
—
—
1
—
—
—
3
4
0
%
Subtotal
4
8
13
—
—
29
17
42
44
69
226
7
%
Total insurance companies
$
818
$
443
$
262
$
256
$
249
$
187
$
160
$
160
$
132
$
563
$
3,230
100
%
No NAIC designation (c)
—
—
—
5
—
10
—
—
—
—
15
Non-Insurance and Foreign Companies
6
5
4
4
2
—
2
—
—
7
30
Total
$
824
$
448
$
266
$
265
$
251
$
197
$
162
$
160
$
132
$
570
$
3,275
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
13% of not rated securities are NAIC 1, 10% NAIC 3, 23% NAIC 4 and 37% NAIC 5.
(c)
Surplus notes that are classified as other invested assets for STAT.
Page 21
Appendix D
American Financial Group, Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2025
($ in millions)
Fair Value By Industry
Credit Rating (a)
Banking
Other
Financials
Insurance
Asset
Managers
Technology
Utilities
Consumer
Autos
Healthcare
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
—
$
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
6/30/2026
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Triple Net
Lease
Railcar
TruPS
Aircraft
Auto
Single
Family
Rental
Secured
Financing
Commercial
Real Estate
Other
Total
% Total
Investment Grade
AAA
$
—
$
282
$
—
$
230
$
24
$
104
$
89
$
—
$
73
$
125
$
927
36
%
AA
50
50
136
57
11
—
—
29
—
30
363
15
%
A
10
15
155
—
195
—
—
54
—
318
747
29
%
BBB
428
—
—
—
4
—
—
1
—
59
492
19
%
Subtotal
488
347
291
287
234
104
89
84
73
532
2,529
99
%
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
—
—
—
—
28
31
1
%
Total
$
488
$
347
$
291
$
287
$
240
$
104
$
89
$
86
$
73
$
562
$
2,567
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Triple Net
Lease
Railcar
TruPS
Aircraft
Auto
Single
Family
Rental
Secured
Financing
Commercial
Real Estate
Other
Total
% Total
1
$
60
$
339
$
274
$
286
$
229
$
100
$
87
$
83
$
67
$
468
$
1,993
80
%
2
421
—
—
—
3
—
—
1
—
58
483
20
%
Subtotal
481
339
274
286
232
100
87
84
67
526
2,476
100
%
3
—
—
—
—
1
—
—
1
—
2
4
0
%
4
—
—
—
—
—
—
—
1
—
4
5
0
%
5
—
—
—
—
1
—
—
—
—
—
1
0
%
6
—
—
—
—
3
—
—
—
—
—
3
0
%
Subtotal
—
—
—
—
5
—
—
2
—
6
13
0
%
Total insurance companies
$
481
$
339
$
274
$
286
$
237
$
100
$
87
$
86
$
67
$
532
$
2,489
100
%
No NAIC designation
—
—
—
—
1
—
—
—
—
25
26
Non-Insurance and Foreign Companies
7
8
17
1
2
4
2
—
6
5
52
Total
$
488
$
347
$
291
$
287
$
240
$
104
$
89
$
86
$
73
$
562
$
2,567
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
12% of not rated securities are NAIC 4 and 82% do not have a designation.
Page 23
Appendix F
American Financial Group, Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2025
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Commercial
Real Estate
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
231
$
170
$
—
$
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
6/30/2026
($ in millions)
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,231
88
%
92
%
96
%
Fund Investments
95
7
%
—
—
QOZ Fund - Development
27
2
%
—
—
Office
18
1
%
88
%
100
%
Marina
16
1
%
—
—
Hospitality
11
1
%
—
—
Land Development
1
0
%
—
—
Total
$
1,399
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
50
51
%
$
—
Marina
35
35
%
—
Office Building
12
12
%
—
Land
2
2
%
—
Total
$
99
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
662
72
%
66
%
Hospitality
159
17
%
42
%
Marina
52
6
%
52
%
Office
47
5
%
98
%
Total
$
920
100
%
63
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 6/30/2026
(c)
Collections for April - June
Page 25
Appendix H
American Financial Group, Inc.
Real Estate-Related Investments
12/31/2025
($ in millions)
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,250
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 $142 million for the second quarter of 2026.”
Theme · Investment income growth
“Net investment income was $221 million for the second quarter of 2026.”
Theme · Specialty segment performance
“Underwriting profit - Specialty was $144 million for the second quarter of 2026.”
Theme · Reserve development
“Prior year loss reserve development (favorable) / adverse $ (55) million.”
Theme · Book value increase
“Book value per share, excluding AOCI was $59.85 for the second quarter of 2026.”
Theme · Catastrophe losses
“Total current accident year catastrophe losses were $31 million for the second quarter of 2026.”
Theme · Alternative investment returns
“Annualized Return - Property & Casualty was 7.1% for the second quarter of 2026.”
Theme · Capital management
“Allowable dividends without regulatory approval were $1,083 million.”
Source: SEC EDGAR · public domain · Highlights by Palanor