Enhanced Investments - Financial Portal

Published: 2021-11-03 00:00:00 ET

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Exhibit 99.2

American Financial Group, Inc.

Investor Supplement—Third Quarter 2021

November 2, 2021

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 2021

LOGO


Section	Page
Table of Contents—Investor Supplement—Third Quarter 2021		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
Other Specialty—Underwriting Results (GAAP)		11

Annuity Segment
Discontinued Annuity Operations		12

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		13
Book Value Per Share and Price / Book Summary		14
Capitalization		15
Additional Supplemental Information		16

Consolidated Investment Supplement
Total Cash and Investments		17
Net Investment Income From Continuing Operations		18
Alternative Investments—Continuing Operations		19
Fixed Maturities—By Security Type—AFG Consolidated		20

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 9/30/2021		21
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020		22
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 9/30/2021		23
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020		24
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2021		25
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020		26
G. Real Estate-Related Investments 9/30/2021		27
H. Real Estate-Related Investments 12/31/2020		28

Page 2


American Financial Group, Inc.
Financial Highlights
(in millions, except per share information)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Highlights
Net earnings	$	219		$	1,002		$	419		$	692		$	164		$	1,640		$	40
Net earnings from continuing operations		219			240			267			265			88			726			60
Core net operating earnings		231			205			206			175			121			642			306
Total assets		29,942			28,780			74,197			73,710			73,234			29,942			73,234
Adjusted shareholders’ equity (a)		5,062			5,396			5,695			5,493			5,087			5,062			5,087
Property and Casualty net written premiums		1,729			1,369			1,205			1,216			1,488			4,303			3,776
Per share data
Diluted earnings per share	$	2.56		$	11.70		$	4.84		$	7.93		$	1.86		$	19.11		$	0.45
Diluted earnings per share from continuing operations		2.56			2.81			3.08			3.03			1.00			8.45			0.66
Core net operating earnings per share		2.71			2.39			2.38			2.01			1.38			7.48			3.40
Adjusted book value per share (a)		59.70			63.70			66.89			63.61			58.29			59.70			58.29
Dividends per common share		6.5000			14.5000			0.5000			2.5000			0.4500			21.5000			1.3500
Financial ratios
Annualized return on equity (b)		16.6	%		72.0	%		29.9	%		52.1	%		12.9	%		40.3	%		1.0	%
Annualized core operating return on equity (b)		17.6	%		14.7	%		14.7	%		13.2	%		9.6	%		15.8	%		7.9	%
Property and Casualty combined ratio—Specialty:
Loss & LAE ratio		62.4	%		57.2	%		56.8	%		58.6	%		63.8	%		59.0	%		61.8	%
Underwriting expense ratio		26.6	%		30.7	%		31.7	%		27.6	%		28.3	%		29.4	%		31.4	%

Combined ratio—Specialty		89.0	%		87.9	%		88.5	%		86.2	%		92.1	%		88.4	%		93.2	%

(a)	Excludes unrealized gains related to fixed maturity investments, a reconciliation to the GAAP measure is on page 14.

(b)	Excludes accumulated other comprehensive income.

Page 3


American Financial Group, Inc.
Summary of Earnings
($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Property and Casualty Insurance
Underwriting profit	$	168		$	152		$	134		$	163		$	103		$	454		$	243
Net investment income		165			143			159			122			111			467			282
Other expense		(4	)		(7	)		(5	)		(11	)		(9	)		(16	)		(23	)

Property and Casualty Insurance operating earnings		329			288			288			274			205			905			502
Real estate entities and other acquired from Annuity		—			22			28			9			3			50			10
Interest expense of parent holding companies		(24	)		(23	)		(24	)		(24	)		(24	)		(71	)		(64	)
Other expense		(21	)		(35	)		(34	)		(32	)		(29	)		(90	)		(66	)

Pretax core operating earnings		284			252			258			227			155			794			382
Income tax expense		53			47			52			52			34			152			76

Core net operating earnings		231			205			206			175			121			642			306
Non-core items, net of tax:
Realized gains (losses) on securities		(12	)		34			61			97			18			83			(156	)
Special A&E charges:
Property and Casualty Insurance run-off operations		—			—			—			—			(37	)		—			(37	)
Former Railroad and Manufacturing operations		—			—			—			—			(17	)		—			(17	)
Neon exited lines		—			3			—			(3	)		3			3			(36	)
Other non-core items		—			(2	)		—			(4	)		—			(2	)		—

Net earnings from continuing operations	$	219		$	240		$	267		$	265		$	88		$	726		$	60

Discontinued Annuity operations		—			762			152			427			76			914			(20	)

Net earnings	$	219		$	1,002		$	419		$	692		$	164		$	1,640		$	40

Page 4


American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share information)


	Three Months Ended														Nine Months Ended
	9/30/21			6/30/21			3/31/21		12/31/20			9/30/20			9/30/21			9/30/20
Core net operating earnings	$	231		$	205		$	206	$	175		$	121		$	642		$	306

Net earnings from continuing operations	$	219		$	240		$	267	$	265		$	88		$	726		$	60

Net earnings	$	219		$	1,002		$	419	$	692		$	164		$	1,640		$	40

Average number of diluted shares—core		85.171			85.618			86.577		87.156			88.546			85.785			89.889
Average number of diluted shares—net		85.171			85.618			86.577		87.156			88.546			85.785			89.889
Diluted earnings per share:
Core net operating earnings per share	$	2.71		$	2.39		$	2.38	$	2.01		$	1.38		$	7.48		$	3.40
Realized gains (losses) on securities		(0.15	)		0.40			0.70		1.10			0.20			0.95			(1.72	)
Special A&E charges:
Property and Casualty Insurance run-off operations		—			—			—		—			(0.42	)		—			(0.42	)
Former Railroad and Manufacturing operations		—			—			—		—			(0.19	)		—			(0.19	)
Neon exited lines		—			0.04			—		(0.04	)		0.03			0.04			(0.41	)
Other non-core items		—			(0.02	)		—		(0.04	)		—			(0.02	)		—

Diluted earnings per share, continuing operations	$	2.56		$	2.81		$	3.08	$	3.03		$	1.00		$	8.45		$	0.66

Discontinued Annuity operations		—			8.89			1.76		4.90			0.86			10.66			(0.21	)

Diluted earnings per share	$	2.56		$	11.70		$	4.84	$	7.93		$	1.86		$	19.11		$	0.45

Page 5


American Financial Group, Inc.
Property and Casualty Insurance—Summary Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Property and Transportation	$	45		$	62		$	56		$	74		$	47		$	163		$	107
Specialty Casualty		110			71			56			91			53			237			132
Specialty Financial		26			21			25			20			13			72			30
Other Specialty		(12	)		(1	)		(3	)		(6	)		(9	)		(16	)		(22	)

Underwriting profit—Specialty		169			153			134			179			104			456			247
Other core charges, included in loss and LAE		(1	)		(1	)		—			(16	)		(1	)		(2	)		(4	)

Underwriting profit—Core		168			152			134			163			103			454			243
Special A&E charges, included in loss and LAE		—			—			—			—			(47	)		—			(47	)
Neon exited lines (a)		—			—			—			(53	)		(38	)		—			(82	)

Underwriting profit (loss)—Property and Casualty Insurance	$	168		$	152		$	134		$	110		$	18		$	454		$	114

Included in results above:
Current accident year COVID-19 related losses	$	3		$	2		$	9		$	—		$	—		$	14		$	115

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	11		$	(3	)	$	5		$	12		$	5
Catastrophe loss		31			10			20			41			52			61			87

Total current accident year catastrophe losses	$	31		$	11		$	31		$	38		$	57		$	73		$	92

Prior year loss reserve development (favorable) / adverse	$	(82	)	$	(67	)	$	(59	)	$	(8	)	$	—		$	(208	)	$	(119	)

Combined ratio:
Property and Transportation		93.5	%		86.6	%		85.6	%		85.8	%		91.9	%		89.6	%		92.1	%
Specialty Casualty		82.0	%		87.9	%		90.2	%		84.0	%		90.7	%		86.6	%		92.1	%
Specialty Financial		84.2	%		86.4	%		84.1	%		86.8	%		91.6	%		84.9	%		93.5	%
Other Specialty		122.5	%		103.2	%		104.6	%		116.9	%		115.6	%		110.2	%		115.7	%
Combined ratio—Specialty		89.0	%		87.9	%		88.5	%		86.2	%		92.1	%		88.4	%		93.2	%
Other core charges		0.0	%		0.0	%		0.1	%		1.2	%		0.1	%		0.0	%		0.1	%
Neon exited lines charge		0.0	%		0.0	%		0.0	%		4.2	%		3.1	%		0.0	%		2.4	%
Special A&E charges		0.0	%		0.0	%		0.0	%		0.0	%		3.5	%		0.0	%		1.3	%

Combined ratio		89.0	%		87.9	%		88.6	%		91.6	%		98.8	%		88.4	%		97.0	%

P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		92.3	%		92.2	%		91.2	%		89.1	%		95.0	%		91.8	%		94.8	%

Loss and LAE components—property and casualty insurance
Current accident year, excluding COVID-19 related and catastrophe losses		65.7	%		61.5	%		59.5	%		60.1	%		66.0	%		62.4	%		62.5	%
COVID-19 related losses		0.1	%		0.2	%		0.8	%		0.0	%		0.0	%		0.3	%		3.0	%
Current accident year catastrophe losses		2.0	%		0.9	%		1.7	%		3.1	%		3.8	%		1.5	%		2.3	%
Prior accident year loss reserve development		(5.4	%)		(5.4	%)		(5.1	%)		(0.6	%)		0.0	%		(5.2	%)		(3.1	%)

Loss and LAE ratio		62.4	%		57.2	%		56.9	%		62.6	%		69.8	%		59.0	%		64.7	%

(a)	In the fourth quarter of 2020, AFG recorded $55 million in non-core losses from Neon’s operations and a $1 million reduction in the estimated tax benefit related to the sale of Neon, partially offset by a $53 million favorable adjustment to the estimated loss on sale recorded in Q3.

Page 6


American Financial Group, Inc.
Specialty—Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Gross written premiums	$	2,656		$	1,937		$	1,616		$	1,707		$	2,223		$	6,209		$	5,288
Ceded reinsurance premiums		(927	)		(568	)		(411	)		(491	)		(735	)		(1,906	)		(1,512	)

Net written premiums		1,729			1,369			1,205			1,216			1,488			4,303			3,776
Change in unearned premiums		(200	)		(119	)		(32	)		83			(149	)		(351	)		(176	)

Net earned premiums		1,529			1,250			1,173			1,299			1,339			3,952			3,600
Loss and LAE		953			713			667			762			855			2,333			2,224
Underwriting expense		407			384			372			358			380			1,163			1,129

Underwriting profit	$	169		$	153		$	134		$	179		$	104		$	456		$	247

Included in results above:
Current accident year COVID-19 related losses	$	3		$	2		$	9		$	—		$	—		$	14		$	95

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	11		$	(3	)	$	5		$	12		$	5
Catastrophe loss		31			10			20			20			36			61			71

Total current accident year catastrophe losses	$	31		$	11		$	31		$	17		$	41		$	73		$	76

Prior year loss reserve development (favorable) / adverse	$	(83	)	$	(68	)	$	(59	)	$	(32	)	$	(48	)	$	(210	)	$	(181	)

Combined ratio:
Loss and LAE ratio		62.4	%		57.2	%		56.8	%		58.6	%		63.8	%		59.0	%		61.8	%
Underwriting expense ratio		26.6	%		30.7	%		31.7	%		27.6	%		28.3	%		29.4	%		31.4	%

Combined ratio		89.0	%		87.9	%		88.5	%		86.2	%		92.1	%		88.4	%		93.2	%

Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		92.3	%		92.2	%		91.2	%		87.1	%		93.1	%		91.9	%		93.6	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		65.7	%		61.5	%		59.5	%		59.5	%		64.8	%		62.5	%		62.2	%
COVID-19 related losses		0.1	%		0.2	%		0.8	%		0.0	%		0.0	%		0.3	%		2.6	%
Current accident year catastrophe losses		2.0	%		0.9	%		1.7	%		1.5	%		2.7	%		1.5	%		2.0	%
Prior accident year loss reserve development		(5.4	%)		(5.4	%)		(5.2	%)		(2.4	%)		(3.7	%)		(5.3	%)		(5.0	%)

Loss and LAE ratio		62.4	%		57.2	%		56.8	%		58.6	%		63.8	%		59.0	%		61.8	%

Page 7


American Financial Group, Inc.
Property and Transportation—Underwriting Results (GAAP)
($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Gross written premiums	$	1,334		$	851		$	520		$	647		$	1,061		$	2,705		$	2,166
Ceded reinsurance premiums		(561	)		(287	)		(117	)		(207	)		(426	)		(965	)		(719	)

Net written premiums		773			564			403			440			635			1,740			1,447
Change in unearned premiums		(73	)		(111	)		(9	)		81			(61	)		(193	)		(97	)

Net earned premiums		700			453			394			521			574			1,547			1,350
Loss and LAE		516			263			221			329			403			1,000			879
Underwriting expense		139			128			117			118			124			384			364

Underwriting profit	$	45		$	62		$	56		$	74		$	47		$	163		$	107

Included in results above:
Current accident year COVID-19 related losses	$	—		$	—		$	—		$	—		$	1		$	—		$	7

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	1		$	8		$	—		$	—		$	9		$	—
Catastrophe loss		14			6			14			6			18			34			41

Total current accident year catastrophe losses	$	14		$	7		$	22		$	6		$	18		$	43		$	41

Prior year loss reserve development (favorable) / adverse	$	(18	)	$	(40	)	$	(43	)	$	(29	)	$	(26	)	$	(101	)	$	(78	)

Combined ratio:
Loss and LAE ratio		73.7	%		58.2	%		56.0	%		63.3	%		70.1	%		64.7	%		65.1	%
Underwriting expense ratio		19.8	%		28.4	%		29.6	%		22.5	%		21.8	%		24.9	%		27.0	%

Combined ratio		93.5	%		86.6	%		85.6	%		85.8	%		91.9	%		89.6	%		92.1	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		94.0	%		94.0	%		93.0	%		90.0	%		93.2	%		93.9	%		94.4	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		74.2	%		65.6	%		63.4	%		67.5	%		71.4	%		69.0	%		67.4	%
COVID-19 related losses		0.0	%		0.0	%		0.1	%		0.2	%		0.1	%		0.0	%		0.5	%
Current accident year catastrophe losses		2.0	%		1.4	%		3.6	%		1.2	%		3.1	%		2.2	%		3.0	%
Prior accident year loss reserve development		(2.5	%)		(8.8	%)		(11.1	%)		(5.6	%)		(4.5	%)		(6.5	%)		(5.8	%)

Loss and LAE ratio		73.7	%		58.2	%		56.0	%		63.3	%		70.1	%		64.7	%		65.1	%

Page 8

American Financial Group, Inc.

Specialty Casualty—Underwriting Results (GAAP)

($ in millions)

LOGO


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Gross written premiums	$	1,121		$	897		$	904		$	865		$	978		$	2,922		$	2,579
Ceded reinsurance premiums		(389	)		(305	)		(316	)		(300	)		(336	)		(1,010	)		(840	)

Net written premiums		732			592			588			565			642			1,912			1,739
Change in unearned premiums		(119	)		(4	)		(17	)		7			(82	)		(140	)		(76	)

Net earned premiums		613			588			571			572			560			1,772			1,663
Loss and LAE		335			363			361			337			352			1,059			1,059
Underwriting expense		168			154			154			144			155			476			472

Underwriting profit	$	110		$	71		$	56		$	91		$	53		$	237		$	132

Included in results above:
Current accident year COVID-19 related losses		1			—			7			2			(1	)	$	8		$	58

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	1		$	(3	)	$	5		$	1		$	5
Catastrophe loss		3			2			1			5			3			6			9

Total current accident year catastrophe losses	$	3		$	2		$	2		$	2		$	8		$	7		$	14

Prior year loss reserve development (favorable) / adverse	$	(56	)	$	(20	)	$	(9	)	$	(6	)	$	(16	)	$	(85	)	$	(91	)

Combined ratio:
Loss and LAE ratio		54.6	%		61.9	%		63.1	%		59.0	%		62.9	%		59.7	%		63.7	%
Underwriting expense ratio		27.4	%		26.0	%		27.1	%		25.0	%		27.8	%		26.9	%		28.4	%

Combined ratio		82.0	%		87.9	%		90.2	%		84.0	%		90.7	%		86.6	%		92.1	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		90.6	%		90.9	%		90.4	%		84.0	%		92.9	%		90.7	%		93.5	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		63.2	%		64.9	%		63.3	%		59.0	%		65.1	%		63.8	%		65.1	%
COVID-19 related losses		0.1	%		0.1	%		1.2	%		0.3	%		(0.1	%)		0.4	%		3.5	%
Current accident year catastrophe losses		0.4	%		0.3	%		0.3	%		0.8	%		0.8	%		0.3	%		0.6	%
Prior accident year loss reserve development		(9.1	%)		(3.4	%)		(1.7	%)		(1.1	%)		(2.9	%)		(4.8	%)		(5.5	%)

Loss and LAE ratio		54.6	%		61.9	%		63.1	%		59.0	%		62.9	%		59.7	%		63.7	%

Page 9

American Financial Group, Inc.

Specialty Financial—Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Gross written premiums	$	201		$	189		$	192		$	195		$	184		$	582		$	543
Ceded reinsurance premiums		(36	)		(30	)		(31	)		(32	)		(31	)		(97	)		(102	)

Net written premiums		165			159			161			163			153			485			441
Change in unearned premiums		(2	)		(2	)		(4	)		(5	)		2			(8	)		14

Net earned premiums		163			157			157			158			155			477			455
Loss and LAE		56			52			53			56			62			161			186
Underwriting expense		81			84			79			82			80			244			239

Underwriting profit	$	26		$	21		$	25		$	20		$	13		$	72		$	30

Included in results above:
Current accident year COVID-19 related losses	$	2		$	2		$	2		$	(3	)	$	(1	)	$	6		$	29

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	2		$	—		$	—		$	2		$	—
Catastrophe loss		14			2			4			7			13			20			19

Total current accident year catastrophe losses	$	14		$	2		$	6		$	7		$	13		$	22		$	19

Prior year loss reserve development (favorable) / adverse	$	(18	)	$	(12	)	$	(8	)	$	(6	)	$	(9	)	$	(38	)	$	(22	)

Combined ratio:
Loss and LAE ratio		34.2	%		33.0	%		33.8	%		35.6	%		39.9	%		33.7	%		40.8	%
Underwriting expense ratio		50.0	%		53.4	%		50.3	%		51.2	%		51.7	%		51.2	%		52.7	%

Combined ratio		84.2	%		86.4	%		84.1	%		86.8	%		91.6	%		84.9	%		93.5	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		86.3	%		90.6	%		85.9	%		87.7	%		89.5	%		87.5	%		87.6	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		36.3	%		37.2	%		35.6	%		36.5	%		37.8	%		36.3	%		34.9	%
COVID-19 related losses		0.9	%		1.3	%		1.5	%		(1.8	%)		(0.8	%)		1.2	%		6.4	%
Current accident year catastrophe losses		8.2	%		1.8	%		2.1	%		4.5	%		8.6	%		4.1	%		4.3	%
Prior accident year loss reserve development		(11.2	%)		(7.3	%)		(5.4	%)		(3.6	%)		(5.7	%)		(7.9	%)		(4.8	%)

Loss and LAE ratio		34.2	%		33.0	%		33.8	%		35.6	%		39.9	%		33.7	%		40.8	%

Page 10

American Financial Group, Inc.

Other Specialty—Underwriting Results (GAAP)

($ in millions)

LOGO


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		59			54			53			48			58			166			149

Net written premiums		59			54			53			48			58			166			149
Change in unearned premiums		(6	)		(2	)		(2	)		—			(8	)		(10	)		(17	)

Net earned premiums		53			52			51			48			50			156			132
Loss and LAE		46			35			32			40			38			113			100
Underwriting expense		19			18			22			14			21			59			54

Underwriting profit (loss)	$	(12	)	$	(1	)	$	(3	)	$	(6	)	$	(9	)	$	(16	)	$	(22	)

Included in results above:
Current accident year COVID-19 related losses	$	—		$	—		$	—		$	1		$	1		$	—		$	1

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		—			—			1			2			2			1			2

Total current accident year catastrophe losses	$	—		$	—		$	1		$	2		$	2		$	1		$	2

Prior year loss reserve development (favorable) / adverse	$	9		$	4		$	1		$	9		$	3		$	14		$	10

Combined ratio:
Loss and LAE ratio		87.8	%		67.5	%		62.3	%		80.2	%		78.6	%		72.7	%		76.6	%
Underwriting expense ratio		34.7	%		35.7	%		42.3	%		36.7	%		37.0	%		37.5	%		39.1	%

Combined ratio		122.5	%		103.2	%		104.6	%		116.9	%		115.6	%		110.2	%		115.7	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		105.4	%		96.7	%		100.2	%		92.5	%		107.8	%		100.9	%		107.0	%

Page 11

American Financial Group, Inc.

Discontinued Annuity Operations

($ in millions)

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	Three Months Ended (a)														Nine Months Ended
	9/30/21		6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Pretax Annuity historically reported as core operating (a)	$	—	$	129		$	166		$	129		$	121		$	295		$	230
Impact of fair vaule, reinsurance accounting & unlocking		—		(55	)		22			(48	)		(43	)		(33	)		(140	)
Realized gains (losses) of Annuity subs to be sold		—		31			81			470			22			112			(105	)
Run-off life and long-term care		—		—			—			(2	)		(3	)		—			(6	)

Pretax earnings of businesses to be sold to Mass Mutual	$	—	$	105		$	269		$	549		$	97		$	374		$	(21	)
Less amounts included in continuing operations		—		(22	)		(28	)		(9	)		(3	)		(50	)		(10	)

Pretax results from discontinued operations, excluding the gain on sale of discontinued operations	$	—	$	83		$	241		$	540		$	94		$	324		$	(31	)
Taxes		—		(18	)		(48	)		(113	)		(18	)		(66	)		11

Net earnings from discontinued operations, excluding the gain on sale of discontinued operations	$	—	$	65		$	193		$	427		$	76		$	258		$	(20	)
Gain on sale of annuity business		—		697			(41	)		—			—			656			—

Net earnings (loss) from discontinued operations	$	—	$	762		$	152		$	427		$	76		$	914		$	(20	)

(a)	AFG completed the sale of its Annuity businesses on May 28, 2021. The amounts for three months ended 6/30/21 and nine months ended 9/30/21 only include earnings through the sale date.

Page 12

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)

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	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Assets:
Total cash and investments	$	16,387		$	16,125		$	13,900		$	13,494		$	13,685		$	13,216
Recoverables from reinsurers		3,523			3,330			3,231			3,288			3,324			3,132
Prepaid reinsurance premiums		1,028			865			755			768			862			733
Agents’ balances and premiums receivable		1,492			1,423			1,209			1,229			1,382			1,363
Deferred policy acquisition costs		262			258			244			244			269			296
Assets of managed investment entities		5,130			5,086			5,102			4,971			4,717			4,393
Other receivables		1,097			682			576			678			854			539
Assets of discontinued annuity operations		—			—			48,139			47,885			46,947			46,183
Other assets		847			835			865			977			1,018			954
Goodwill		176			176			176			176			176			176

Total assets	$	29,942		$	28,780		$	74,197		$	73,710		$	73,234		$	70,985

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	10,991		$	10,498		$	10,384		$	10,392		$	10,754		$	10,321
Unearned premiums		3,415			3,054			2,821			2,803			3,015			2,778
Payable to reinsurers		1,146			829			753			807			977			746
Liabilities of managed investment entities		5,034			5,029			5,045			4,914			4,666			4,355
Long-term debt		1,964			1,963			1,963			1,963			2,108			1,912
Other liabilities		2,152			1,806			1,653			1,584			1,650			1,597
Liabilities of discontinued annuity operations		—			—			44,893			44,458			43,724			43,150

Total liabilities	$	24,702		$	23,179		$	67,512		$	66,921		$	66,894		$	64,859
Shareholders’ equity:
Common stock	$	85		$	85		$	85		$	86		$	87		$	89
Capital surplus		1,315			1,303			1,279			1,281			1,283			1,299
Retained earnings		3,680			4,023			4,354			4,149			3,737			3,685
Unrealized gains—fixed maturities		178			205			963			1,255			1,212			1,030
Unrealized gains (losses)—fixed maturity-related cash flow hedges		—			—			27			41			41			47
Other comprehensive income, net of tax		(18	)		(15	)		(23	)		(23	)		(20	)		(24	)

Total shareholders’ equity		5,240			5,601			6,685			6,789			6,340			6,126

Total liabilities and equity	$	29,942		$	28,780		$	74,197		$	73,710		$	73,234		$	70,985

Page 13

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)

LOGO


	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
Shareholders’ equity	$	5,240		$	5,601		$	6,685		$	6,789		$	6,340		$	6,126
Unrealized (gains) related to fixed maturities		(178	)		(205	)		(990	)		(1,296	)		(1,253	)		(1,077	)

Adjusted shareholders’ equity		5,062			5,396			5,695			5,493			5,087			5,049
Goodwill from continuing and discontinued operations		(176	)		(176	)		(207	)		(207	)		(207	)		(207	)
Intangibles		(29	)		(30	)		(31	)		(34	)		(34	)		(37	)

Tangible adjusted shareholders’ equity	$	4,857		$	5,190		$	5,457		$	5,252		$	4,846		$	4,805

Common shares outstanding		84.795			84.714			85.126			86.345			87.267			88.659
Book value per share:
Book value per share	$	61.80		$	66.12		$	78.53		$	78.62		$	72.65		$	69.10
Adjusted (a)		59.70			63.70			66.89			63.61			58.29			56.95
Tangible, adjusted (b)		57.28			61.27			64.10			60.82			55.53			54.20
Market capitalization
AFG’s closing common share price	$	125.83		$	124.72		$	114.10		$	87.62		$	66.98		$	63.46
Market capitalization	$	10,670		$	10,566		$	9,713		$	7,566		$	5,845		$	5,626
Price / Adjusted book value ratio		2.11			1.96			1.71			1.38			1.15			1.11

(a)	Excludes unrealized gains related to fixed maturity investments.

(b)	Excludes unrealized gains related to fixed maturity investments, goodwill and intangibles.

Page 14

American Financial Group, Inc.

Capitalization

($ in millions)


	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			6/30/20
AFG senior obligations	$	1,318		$	1,318		$	1,318		$	1,318		$	1,318		$	1,318
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	1,318		$	1,318		$	1,318		$	1,318		$	1,318		$	1,318
AFG subordinated debentures		675			675			675			675			825			625

Total principal amount of long-term debt	$	1,993		$	1,993		$	1,993		$	1,993		$	2,143		$	1,943
Shareholders’ equity		5,240			5,601			6,685			6,789			6,340			6,126
Noncontrolling interests (including redeemable NCI)		—			—			—			—			—			—
Less:
Unrealized (gains) related to fixed maturity investments		(178	)		(205	)		(990	)		(1,296	)		(1,253	)		(1,077	)

Total adjusted capital	$	7,055		$	7,389		$	7,688		$	7,486		$	7,230		$	6,992

Ratio of debt to total adjusted capital:
Including subordinated debt		28.2	%		27.0	%		25.9	%		26.6	%		29.6	%		27.8	%
Excluding subordinated debt		18.7	%		17.8	%		17.1	%		17.6	%		18.2	%		18.9	%

Page 15

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Nine Months Ended
	9/30/21		6/30/21		3/31/21		12/31/20		9/30/20		9/30/21		9/30/20
Property and Casualty Insurance
Paid Losses (GAAP)	$	678	$	667	$	674	$	758	$	646	$	2,019	$	1,998



	9/30/21		6/30/21		3/31/21			12/31/20			9/30/20			6/30/20
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	4,934	$	4,779	$	4,571		$	4,458		$	4,154		$	3,945
Annuity		—		—		3,012			2,893			2,659			2,579
Parent and other subsidiaries		146		632		(1,865	)		(1,835	)		(1,706	)		(1,451	)

AFG GAAP Equity (excluding AOCI)	$	5,080	$	5,411	$	5,718		$	5,516		$	5,107		$	5,073

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	416	$	416	$	416		$	416		$	565		$	565
Annuity and Run-off		—		—		289			289			287			287

Total	$	416	$	416	$	705		$	705		$	852		$	852

Page 16

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value—September 30, 2021
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,469	$	1,364	$	—		$	2,833		17	%
Fixed maturities—Available for sale		9,147		1,280		—			10,427		64	%
Fixed maturities—Trading		29		—		—			29		0	%
Equity securities—common stocks		484		79		—			563		3	%
Equity securities—perpetual preferred		430		—		—			430		3	%
Investments accounted for using the equity method		1,407		—		—			1,407		9	%
Mortgage loans		537		—		—			537		3	%
Real estate and other investments		152		105		(96	)		161		1	%

Total cash and investments	$	13,655	$	2,828	$	(96	)	$	16,387		100	%


	Carrying Value—December 31, 2020
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,408	$	257	$	—		$	1,665		12	%
Fixed maturities—Available for sale		9,076		8		—			9,084		67	%
Fixed maturities—Trading		24		—		—			24		0	%
Equity securities—common stocks		438		72		—			510		4	%
Equity securities—perpetual preferred		379		—		—			379		3	%
Investments accounted for using the equity method		806		429		—			1,235		9	%
Mortgage loans		377		—		—			377		3	%
Real estate and other investments		125		151		(56	)		220		2	%

Total cash and investments	$	12,633	$	917	$	(56	)	$	13,494		100	%

Page 17

American Financial Group, Inc.

Net Investment Income From Continuing Operations

($ in millions)

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	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities—Available for sale	$	70		$	70		$	72		$	71		$	72		$	212		$	228
Fixed maturities—Trading		1			—			—			—			—			1			1
Equity securities—dividends		6			6			8			7			8			20			26
Equity securities—MTM		6			5			23			8			(3	)		34			2
Equity in investees		73			51			49			27			27			173			23
AFG managed CLOs		5			7			5			6			4			17			(7	)
Other investments (a)		8			6			4			4			5			18			14

Gross investment income		169			145			161			123			113			475			287
Investment expenses		(4	)		(2	)		(2	)		(1	)		(2	)		(8	)		(5	)

Total net investment income	$	165		$	143		$	159		$	122		$	111		$	467		$	282

Average cash and investments (b)	$	13,194		$	12,630		$	12,573		$	12,135		$	11,764		$	12,763		$	11,611

Average yield (c)		5.00	%		4.53	%		5.06	%		4.02	%		3.77	%		4.88	%		3.24	%

AFG consolidated net investment income:
Property & Casualty core	$	165		$	143		$	159		$	122		$	111		$	467		$	282
Neon exited lines non-core		—			—			—			—			1			—			(5	)
Equity in Investees (d)		—			20			29			19			9			49			30
Other Investments (d)		—			2			—			1			1			2			(1	)
Parent & other		9			6			5			11			4			20			1
Consolidate CLOs		(5	)		(7	)		(5	)		(6	)		(4	)		(17	)		7

Total net investment income	$	169		$	164		$	188		$	147		$	122		$	521		$	314

(a)	Includes income from mortgage loans, real estate, policy loans, short-term investments, and cash equivalents.

(b)	Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances.

(c)	Average yield is calculated by dividing investment income for the quarter by the average cash and investment balance over the quarter.

(d)	Investment income on real estate-related assets retained by AFG from the sale of the annuity business.

Page 18

American Financial Group, Inc.

Alternative Investments—Continuing Operations

($ in millions)

LOGO


	Three Months Ended															Nine Months Ended
	9/30/21			6/30/21			3/31/21			12/31/20			9/30/20			9/30/21			9/30/20
Property and Casualty Insurance:
Net Investment Income
Equity securities MTM through investment income (a)	$	6		$	5		$	23		$	8		$		(3)	$	34		$	2
Investments accounted for using the equity method (b)		73			51			49			27			27			173			23
AFG managed CLOs (eliminated in consolidation)		5			7			5			6			4			17			(7	)

Total Property & Casualty	$	84		$	63		$	77		$	41		$	28		$	224		$	18

Investments
Equity securities MTM through investment income (a)	$	195		$	172		$	159		$	129		$	109		$	195		$	109
Investments accounted for using the equity method (b)		1,407			1,378			861			806			778			1,407			778
AFG managed CLOs (eliminated in consolidation)		96			57			57			57			46			96			46

Total Property & Casualty	$	1,698		$	1,607		$	1,077		$	992		$	933		$	1,698		$	933

Annualized Return—Property & Casualty		20.3	%		22.9	%		29.8	%		17.0	%		12.3	%		24.4	%		2.7	%
Continuing Operations:
Net Investment Income
Equity securities MTM through investment income (a)	$	6		$	5		$	23		$	8		$		(3)	$	34		$	2
Investments accounted for using the equity method (b)(c)		73			71			78			46			36			222			53
AFG managed CLOs (eliminated in consolidation)		5			7			5			6			4			17			(7	)

Total Continuing operations	$	84		$	83		$	106		$	60		$	37		$	273		$	48

Investments
Equity securities MTM through investment income (a)	$	195		$	172		$	159		$	129		$	109		$	195		$	109
Investments accounted for using the equity method (b)		1,407			1,378			1,324			1,235			1,194			1,407			1,194
AFG managed CLOs (eliminated in consolidation)		96			57			57			57			46			96			46

Total Continuing operations	$	1,698		$	1,607		$	1,540		$	1,421		$	1,349		$	1,698		$	1,349

Annualized Return—Continuing operations		20.3	%		21.1	%		28.6	%		17.3	%		11.2	%		23.2	%		5.1	%

(a)	AFG carries the small portion of its equity securities previously classified as “trading” and investments in limited partnerships and similar investments that aren’t accounted for using the equity method at 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.

(c)	Includes investment income on real estate-related partnerships retained by AFG from the sale of the annuity business.

Page 19

American Financial Group, Inc.

Fixed Maturities—By Security Type—AFG Consolidated

($ in millions)

LOGO


September 30, 2021	Book Value (c)			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	216		$	218	$	2		2	%		1	%
States, municipalities and political subdivisions		1,849			1,926		77		19	%		12	%
Foreign government		241			242		1		2	%		1	%
Residential mortgage-backed securities		704			754		50		7	%		5	%
Commercial mortgage-backed securities		110			113		3		1	%		1	%
Collateralized loan obligations		1,826			1,829		3		18	%		11	%
Other asset-backed securities		2,625			2,645		20		25	%		16	%
Corporate and other bonds		2,660			2,729		69		26	%		17	%

Total AFG consolidated	$	10,231		$	10,456	$	225		100	%		64	%

Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		2.95	%
Net of investment expense (a)		2.84	%
Tax equivalent, net of investment expense (b)		2.98	%
Approximate average life and duration:
Approximate average life		3.5 years
Approximate duration		2 years


December 31, 2020	Book Value (c)			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	192		$	198	$	6		2	%		1	%
States, municipalities and political subdivisions		2,196			2,312		116		25	%		17	%
Foreign government		193			197		4		2	%		1	%
Residential mortgage-backed securities		859			915		56		10	%		7	%
Commercial mortgage-backed securities		89			92		3		1	%		1	%
Collateralized loan obligations		1,062			1,062		—		12	%		8	%
Other asset-backed securities		2,033			2,047		14		23	%		15	%
Corporate and other bonds		2,200			2,285		85		25	%		17	%

Total AFG consolidated	$	8,824		$	9,108	$	284		100	%		67	%

Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		3.32	%
Net of investment expense (a)		3.26	%
Tax equivalent, net of investment expense (b)		3.40	%
Approximate average life and duration:
Approximate average life		4 years
Approximate duration		3 years

(a)	Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

(b)	Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield.

(c)	Book Value is amortized cost, net of allowance for expected credit losses.

Page 20

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

9/30/2021

($ in millions)


	Fair Value by Type
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	218	$	765	$	228	$	423	$	82	$	1,584	$	1,290	$	51	$	4,641		44	%
AA		—		1,076		—		11		8		177		392		189		1,853		18	%
A		—		65		—		22		1		57		457		716		1,318		13	%
BBB		—		9		4		8		14		10		277		1,058		1,380		13	%

Subtotal—Investment grade		218		1,915		232		464		105		1,828		2,416		2,014		9,192		88	%
BB		—		—		—		4		8		—		4		143		159		2	%
B		—		—		—		18		—		—		11		11		40		0	%
CCC, CC, C		—		—		—		149		—		—		—		9		158		2	%
D		—		—		—		19		—		—		—		1		20		0	%

Subtotal—Non-Investment grade		—		—		—		190		8		—		15		164		377		4	%
Not Rated (b)		—		11		10		100		—		1		214		551		887		8	%

Total	$	218	$	1,926	$	242	$	754	$	113	$	1,829	$	2,645	$	2,729	$	10,456		100	%


	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	218	$	1,916	$	216	$	684	$	96	$	1,254	$	1,899	$	1,232	$	7,515		82	%
2		—		9		—		2		2		9		276		1,093		1,391		15	%

Subtotal		218		1,925		216		686		98		1,263		2,175		2,325		8,906		97	%
3		—		—		—		3		8		—		4		149		164		2	%
4		—		—		—		1		—		—		11		21		33		0	%
5		—		—		—		7		—		1		2		26		36		1	%
6		—		—		—		2		—		—		—		1		3		0	%

Subtotal		—		—		—		13		8		1		17		197		236		3	%
Total insurance companies	$	218	$	1,925	$	216	$	699	$	106	$	1,264	$	2,192	$	2,522	$	9,142		100	%

Total non-insurance (c)		—		1		26		55		7		565		453		207		1,314

Total	$	218	$	1,926	$	242	$	754	$	113	$	1,829	$	2,645	$	2,729	$	10,456

(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, 85% are NAIC 1 and 14% are held by non-insurance companies.

For Corp/Oth, 53% are NAIC 1, 5% NAIC 2 and 37% are held by non-insurance companies.

For Total, 65% are NAIC 1, 3% NAIC 2 and 27% are held by non-insurance companies.

(c)	80% are investment grade rated.

Page 21

Appendix B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type

12/31/2020

($ in millions)


	Fair Value by Type
By Credit Rating (a)	US Gov		Munis		Frgn Gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
Investment grade
AAA	$	198	$	922	$	179	$	492	$	62	$	801	$	889	$	41	$	3,584		39	%
AA		—		1,271		—		20		8		179		407		163		2,048		22	%
A		—		97		—		31		1		72		330		620		1,151		13	%
BBB		—		9		2		10		14		9		208		887		1,139		13	%

Subtotal—Investment grade		198		2,299		181		553		85		1,061		1,834		1,711		7,922		87	%
BB		—		—		—		10		6		—		2		95		113		1	%
B		—		—		—		24		—		—		10		30		64		1	%
CCC, CC, C		—		—		—		170		1		—		—		13		184		2	%
D		—		—		—		38		—		—		—		—		38		0	%

Subtotal—Non-Investment grade		—		—		—		242		7		—		12		138		399		4	%
Not Rated (b)		—		13		16		120		—		1		201		436		787		9	%

Total	$	198	$	2,312	$	197	$	915	$	92	$	1,062	$	2,047	$	2,285	$	9,108		100	%


	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	198	$	2,302	$	176	$	883	$	83	$	1,051	$	1,823	$	1,203	$	7,719		85	%
2		—		9		—		2		2		9		208		907		1,137		12	%

Subtotal		198		2,311		176		885		85		1,060		2,031		2,110		8,856		97	%
3		—		—		—		7		7		—		2		95		111		1	%
4		—		—		—		2		—		—		10		49		61		1	%
5		—		—		—		10		—		1		2		28		41		1	%
6		—		—		—		2		—		—		—		1		3		0	%

Subtotal		—		—		—		21		7		1		14		173		216		3	%
No designation (c)		—		1		21		9		—		1		2		2		36		0	%

Total	$	198	$	2,312	$	197	$	915	$	92	$	1,062	$	2,047	$	2,285	$	9,108		100	%

(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, 98% are NAIC 1.

For Corp/Oth, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5.

For Total, 90% are NAIC 1, 2% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

(c)	Primarily relates to securities held by non-insurance companies.

Page 22

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

9/30/2021

($ 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	$	899		88	%		96	%		98	%
Fund Investments		42		4	%		—			—
Student Housing		25		2	%		94	%		98	%
QOZ Fund—Development		19		2	%		—			—
Land Development		16		2	%		—			—
Office		15		1	%		81	%		100	%
Hospitality		8		1	%		—			—

Total	$	1,024		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	53		40	%	$	—
Marina		38		29	%		—
Hotel		21		16	%		—
Office Building		16		12	%		—
Land		5		3	%		—

Total	$	133		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value (d)
Multifamily		312		58	%		68	%
Hospitality		146		27	%		54	%
Office		72		14	%		72	%
Retail		7		1	%		56	%

Total	$	537		100	%		64	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)	Total investments accounted for using the equity method is $1.4 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 9/30/21

(c)	Collections for July—September

(d)	Based on most recent property appraisals, the vast majority of which are prior to March 2020.

Page 27

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

9/30/2021

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Other Financials		Asset Managers		Banking		Technology		Insurance		Autos		Consumer		REITs		Healthcare		Energy		Capital Goods		Communications		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	16	$	—	$	—	$	10	$	—	$	10	$	—	$	—	$	13	$	2	$	51		2	%
AA		12		—		27		48		35		—		17		—		12		36		—		—		2		189		7	%
A		95		47		116		27		117		56		44		48		22		23		61		25		35		716		26	%
BBB		95		289		204		78		25		88		34		63		41		31		13		34		63		1,058		39	%

Subtotal		202		336		347		169		177		144		105		111		85		90		74		72		102		2,014		74	%
BB		4		5		—		34		7		12		36		—		10		9		4		—		22		143		5	%
B		—		—		—		2		—		4		3		—		2		—		—		—		—		11		1	%
CCC, CC, C		—		—		—		2		—		—		2		—		—		—		—		—		5		9		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		1		1		0	%

Subtotal		4		5		—		38		7		16		41		—		12		9		4		—		28		164		6	%
Not Rated (b)		470		20		—		1		10		—		14		6		7		—		2		—		21		551		20	%

Total	$	676	$	361	$	347	$	208	$	194	$	160	$	160	$	117	$	104	$	99	$	80	$	72	$	151	$	2,729		100	%


	Fair Value By Industry
NAIC designation	Other Financials		Asset Managers		Banking		Technology		Insurance		Autos		Consumer		REITs		Healthcare		Energy		Capital Goods		Communications		Other		Total		% Total
1	$	372	$	34	$	143	$	90	$	162	$	56	$	74	$	48	$	45	$	59	$	61	$	38	$	50	$	1,232		49	%
2		96		321		204		79		26		89		36		56		41		31		15		34		65		1,093		43	%

Subtotal		468		355		347		169		188		145		110		104		86		90		76		72		115		2,325		92	%
3		4		6		—		33		6		11		38		6		9		9		4		—		23		149		6	%
4		—		—		—		2		—		4		5		7		3		—		—		—		—		21		1	%
5		—		—		—		4		—		—		7		—		6		—		—		—		9		26		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		1		1		0	%

Subtotal		4		6		—		39		6		15		50		13		18		9		4		—		33		197		8	%
Total insurance companies	$	472	$	361	$	347	$	208	$	194	$	160	$	160	$	117	$	104	$	99	$	80	$	72	$	148	$	2,522		100	%
Total non-insurance		204		—		—		—		—		—		—		—		—		—		—		—		3		207

Total	$	676	$	361	$	347	$	208	$	194	$	160	$	160	$	117	$	104	$	99	$	80	$	72	$	151	$	2,729

(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 Other Financials, 56% are NAIC 1 and 43% are held by non-insurance companies.

For the Total, 53% are NAIC 1, 5% NAIC 2, and 37% are held by non-insurance companies.

Page 23

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Other Financials		Banking		Asset Managers		Technology		Insurance		Autos		Consumer		Energy		Healthcare		REITs		Capital Goods		Communications		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	16	$	—	$	—	$	—	$	—	$	10	$	—	$	—	$	13	$	2	$	41		2	%
AA		12		28		8		23		35		—		5		37		12		—		—		—		3		163		7	%
A		39		121		53		24		96		28		50		25		22		36		63		26		37		620		27	%
BBB		65		190		147		81		21		119		36		33		45		23		13		37		77		887		39	%

Subtotal		116		339		208		144		152		147		91		95		89		59		76		76		119		1,711		75	%
BB		9		—		—		16		6		11		21		13		4		—		4		1		10		95		4	%
B		—		—		—		2		—		—		3		3		3		15		—		—		4		30		1	%
CCC, CC, C		—		—		—		2		—		—		2		—		1		—		—		—		8		13		1	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		9		—		—		20		6		11		26		16		8		15		4		1		22		138		6	%
Not Rated (b)		385		—		—		3		8		—		7		—		—		13		2		—		18		436		19	%

Total	$	510	$	339	$	208	$	167	$	166	$	158	$	124	$	111	$	97	$	87	$	82	$	77	$	159	$	2,285		100	%


	Fair Value By Industry
NAIC designation	Other Financials		Banking		Asset Managers		Technology		Insurance		Autos		Consumer		Energy		Healthcare		REITs		Capital Goods		Communications		Other		Total		% Total
1	$	432	$	149	$	62	$	63	$	131	$	28	$	55	$	62	$	45	$	35	$	63	$	39	$	39	$	1,203		53	%
2		69		190		146		81		22		119		36		33		45		24		14		37		91		907		40	%

Subtotal		501		339		208		144		153		147		91		95		90		59		77		76		130		2,110		93	%
3		9		—		—		14		4		11		20		13		3		5		4		1		11		95		4	%
4		—		—		—		2		8		—		5		3		4		23		—		—		4		49		2	%
5		—		—		—		6		1		—		8		—		—		—		1		—		12		28		1	%
6		—		—		—		1		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		9		—		—		23		13		11		33		16		7		28		5		1		27		173		7	%
No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		2		2		0	%

Total	$	510	$	339	$	208	$	167	$	166	$	158	$	124	$	111	$	97	$	87	$	82	$	77	$	159	$	2,285		100	%

(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 Other Financials, 99% are NAIC 1.

For the Total, 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 4% NAIC 4, 3% NAIC 5.

(c)	Primarily relates to securities held by non-insurance companies.

Page 24

Appendix E

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 9/30/2021

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Commercial Real Estate		Secured Financing (c)		Auto		TruPS		Whole Business		Single Family Rental		Railcar		Consumer Loans		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Other		Total		% Total
Investment Grade
AAA	$	628	$	—	$	211	$	—	$	—	$	128	$	—	$	40	$	92	$	—	$	39	$	152	$	1,290		49	%
AA		8		40		21		179		41		32		—		44		10		—		—		17		392		15	%
A		—		84		13		20		4		—		135		42		12		51		—		96		457		17	%
BBB		—		2		—		—		154		—		—		—		—		44		63		14		277		10	%

Subtotal		636		126		245		199		199		160		135		126		114		95		102		279		2,416		91	%
BB		—		—		—		—		—		—		—		—		—		4		—		—		4		0	%
B		—		1		—		—		—		—		—		—		—		9		—		1		11		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		1		—		—		—		—		—		—		—		13		—		1		15		1	%
Not Rated (b)		—		211		—		—		—		—		—		—		—		3		—		—		214		8	%

Total	$	636	$	338	$	245	$	199	$	199	$	160	$	135	$	126	$	114	$	111	$	102	$	280	$	2,645		100	%


	Fair Value By Collateral Type
NAIC designation	Commercial Real Estate		Secured Financing (c)		Auto		TruPS		Whole Business		Single Family Rental		Railcar		Consumer Loans		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Other		Total		% Total
1	$	502	$	306	$	50	$	199	$	45	$	159	$	135	$	115	$	114	$	51	$	39	$	184	$	1,899		87	%
2		—		2		—		—		154		—		—		—		—		44		63		13		276		12	%

Subtotal		502		308		50		199		199		159		135		115		114		95		102		197		2,175		99	%
3		—		—		—		—		—		—		—		—		—		4		—		—		4		0	%
4		—		1		—		—		—		—		—		—		—		9		—		1		11		1	%
5		—		—		—		—		—		—		—		—		—		2		—		—		2		0	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		1		—		—		—		—		—		—		—		15		—		1		17		1	%
Total insurance companies	$	502	$	309	$	50	$	199	$	199	$	159	$	135	$	115	$	114	$	110	$	102	$	198	$	2,192		100	%
Total non-insurance		134		29		195		—		—		1		—		11		—		1		—		82		453

Total	$	636	$	338	$	245	$	199	$	199	$	160	$	135	$	126	$	114	$	111	$	102	$	280	$	2,645

(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)	85% of not rated securities are NAIC 1 and 14% are held by non-insurance companies.

(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages.

Page 25

Appendix F

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type

12/31/2020

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Commercial Real Estate		Secured Financing (c)		TruPS		Single Family Rental		Whole Business		Railcar		Consumer Loans		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Auto		Other		Total		% Total
Investment Grade
AAA	$	427	$	—	$	—	$	151	$	—	$	—	$	53	$	74	$	—	$	39	$	29	$	116	$	889		43	%
AA		6		61		173		46		41		—		33		11		—		—		20		16		407		20	%
A		—		13		36		5		4		140		22		17		38		—		3		52		330		16	%
BBB		—		—		—		—		134		—		—		—		30		40		—		4		208		10	%

Subtotal		433		74		209		202		179		140		108		102		68		79		52		188		1,834		89	%
BB		—		—		—		—		—		—		—		—		2		—		—		—		2		0	%
B		—		2		—		—		—		—		—		—		7		—		—		1		10		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		2		—		—		—		—		—		—		9		—		—		1		12		1	%
Not Rated (b)		—		167		—		—		—		—		—		—		3		—		—		31		201		10	%

Total	$	433	$	243	$	209	$	202	$	179	$	140	$	108	$	102	$	80	$	79	$	52	$	220	$	2,047		100	%


	Fair Value By Collateral Type
NAIC designation	Commercial Real Estate		Secured Financing (c)		TruPS		Single Family Rental		Whole Business		Railcar		Consumer Loans		Triple Net Lease		Aircraft		Mortgage Servicer Receivables		Auto		Other		Total		% Total
1	$	433	$	241	$	209	$	201	$	46	$	140	$	108	$	102	$	37	$	40	$	52	$	214	$	1,823		89	%
2		—		1		—		—		133		—		—		—		31		39		—		4		208		10	%


Subtotal		433		242		209		201		179		140		108		102		68		79		52		218		2,031		99	%
3		—		—		—		—		—		—		—		—		2		—		—		—		2		0	%
4		—		1		—		—		—		—		—		—		7		—		—		2		10		1	%
5		—		—		—		—		—		—		—		—		2		—		—		—		2		0	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%


Subtotal		—		1		—		—		—		—		—		—		11		—		—		2		14		1	%
No designation (d)		—		—		—		1		—		—		—		—		1		—		—		—		2		0	%

Total	$	433	$	243	$	209	$	202	$	179	$	140	$	108	$	102	$	80	$	79	$	52	$	220	$	2,047		100	%

(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)	98% of not rated securities are NAIC 1.

(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, Bank Trust Preferreds, Commercial and Residential Mortgages.

(d)	Primarily relates to securities held by non-insurance companies.

Page 26

Appendix H

American Financial Group, Inc.

Real Estate-Related Investments

12/31/2020

($ 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	$	793		87	%		96	%		98	%
Fund Investments		38		4	%		—			—
Student Housing		28		3	%		94	%		98	%
Land—Development		17		2	%		—			—
QOZ Fund—Development		16		2	%		—			—
Office		15		1	%		90	%		100	%
Hospitality		8		1	%		—			—

Total	$	915		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Marina	$	63		39	%	$	—
Resort & Marina		56		34	%		—
Hotel		23		14	%		—
Office Building		17		10	%		—
Land		4		3	%		—

Total	$	163		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Hospitality		160		42	%		56	%
Multi-family		138		37	%		68	%
Office		73		19	%		72	%
Retail		6		2	%		57	%

Total	$	377		100	%		64	%

Currently, no loans are receiving interest deferral through forbearance agreements.

(a)	Total investments accounted for using the equity method is $1.2 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/20

(c)	Collections for October—December

(d)	Based on most recent property appraisals, the vast majority of which are prior to March 2020.

Page 28