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Published: 2021-05-05 00:00:00 ET

EX-99.2 3 d303414dex992.htm EX-99.2 EX-99.2

Exhibit 99.2


		American Financial Group, Inc.
		Investor Supplement - First Quarter 2021
		May 4, 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 - First Quarter 2021


Section		Page

Table of Contents - Investor Supplement - First 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 3/31/2021	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 3/31/2021	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 3/31/2021	25
F.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020	26
G.	Real Estate-Related Investments 3/31/2021	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															Twelve Months End
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Highlights
Net earnings (loss)	$	419		$	692		$	164		$	177		$	(301	)	$	732		$	897
Net earnings (loss) from continuing operations		267			265			88			113			(141	)		325			519
Core net operating earnings		206			175			121			60			125			481			482
Total assets		74,197			73,710			73,234			70,985			67,786			73,710			70,246
Adjusted shareholders’ equity (a)		5,695			5,493			5,087			5,049			4,987			5,493			5,390
Property and Casualty net written premiums		1,205			1,216			1,488			1,123			1,165			4,992			5,342

Per share data
Diluted earnings (loss) per share	$	4.84		$	7.93		$	1.86		$	1.97		$	(3.34	)	$	8.20		$	9.85
Diluted earnings (loss) per share from continuing operations		3.08			3.03			1.00			1.26			(1.57	)		3.63			5.70
Core net operating earnings per share		2.38			2.01			1.38			0.67			1.36			5.40			5.29
Adjusted book value per share (a)		66.89			63.61			58.29			56.95			55.52			63.61			59.70
Cash dividends per common share		0.5000			2.5000			0.4500			0.4500			0.4500			3.8500			4.9500

Financial ratios
Annualized return on equity (b)		29.9	%		52.1	%		12.9	%		14.1	%		(23.1	%)		14.0	%		17.1	%
Annualized core operating return on equity (b)		14.7	%		13.2	%		9.6	%		4.8	%		9.6	%		9.2	%		9.2	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%
Underwriting expense ratio		31.7	%		27.6	%		28.3	%		32.6	%		33.7	%		30.4	%		32.2	%

Combined ratio - Specialty		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%

(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															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Property and Casualty Insurance
Underwriting profit	$	134		$	163		$	103		$	52		$	88		$	406		$	306
Net investment income		159			122			111			72			99			404			472
Other expense		(5	)		(11	)		(9	)		(8	)		(6	)		(34	)		(25	)

Property and Casualty Insurance operating earnings		288			274			205			116			181			776			753

Real estate entities and other to be acquired from Annuity		28			9			3			1			6			19			21
Interest expense of parent holding companies		(24	)		(24	)		(24	)		(23	)		(17	)		(88	)		(68	)
Other expense		(34	)		(32	)		(29	)		(20	)		(17	)		(98	)		(107	)

Pretax core operating earnings		258			227			155			74			153			609			599

Income tax expense		52			52			34			14			28			128			117

Core net operating earnings		206			175			121			60			125			481			482

Non-core items, net of tax:
Realized gains (losses) on securities		61			97			18			85			(259	)		(59	)		122
Special A&E charges:
Property and Casualty Insurance run-off operations		—			—			(37	)		—			—			(37	)		(14	)
Former Railroad and Manufacturing operations		—			—			(17	)		—			—			(17	)		(9	)
Neon exited lines		—			(3	)		3			(32	)		(7	)		(39	)		(58	)
Other non-core items		—			(4	)		—			—			—			(4	)		(4	)

Net earnings (loss) from continuing operations	$	267		$	265		$	88		$	113		$	(141	)	$	325		$	519

Discontinued Annuity operations		152			427			76			64			(160	)		407			378

Net earnings (loss)	$	419		$	692		$	164		$	177		$	(301	)	$	732		$	897

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Twelve Months Ended
	3/31/21		12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Core net operating earnings	$	206	$	175		$	121		$	60		$	125		$	481		$	482


Net earnings (loss) from continuing operations	$	267	$	265		$	88		$	113		$	(141	)	$	325		$	519


Net earnings (loss)	$	419	$	692		$	164		$	177		$	(301	)	$	732		$	897


Average number of diluted shares - core		86.577		87.156			88.546			89.997			91.138			89.202			91.024
Average number of diluted shares - net		86.577		87.156			88.546			89.997			90.295			89.202			91.024

Diluted earnings per share:
Core net operating earnings per share	$	2.38	$	2.01		$	1.38		$	0.67		$	1.36		$	5.40		$	5.29

Realized gains (losses) on securities		0.70		1.10			0.20			0.95			(2.86	)		(0.67	)		1.34
Special A&E charges:
Property and Casualty Insurance run-off operations		—		—			(0.42	)		—			—			(0.42	)		(0.15	)
Former Railroad and Manufacturing operations		—		—			(0.19	)		—			—			(0.19	)		(0.10	)
Neon exited lines		—		(0.04	)		0.03			(0.36	)		(0.07	)		(0.45	)		(0.64	)
Other non-core items		—		(0.04	)		—			—			—			(0.04	)		(0.04	)

Diluted earnings (loss) per share, continuing operations	$	3.08	$	3.03		$	1.00		$	1.26		$	(1.57	)	$	3.63		$	5.70

Discontinued Annuity operations		1.76		4.90			0.86			0.71			(1.77	)		4.57			4.15

Diluted earnings (loss) per share	$	4.84	$	7.93		$	1.86		$	1.97		$	(3.34	)	$	8.20		$	9.85

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Property and Transportation	$	56		$	74		$	47		$	33		$	27		$	181		$	79
Specialty Casualty		56			91			53			27			52			223			175
Specialty Financial		25			20			13			—			17			50			92
Other Specialty		(3	)		(6	)		(9	)		(6	)		(7	)		(28	)		(21	)

Underwriting profit - Specialty		134			179			104			54			89			426			325

Other core charges, included in loss and LAE		—			(16	)		(1	)		(2	)		(1	)		(20	)		(19	)

Underwriting profit - Core		134			163			103			52			88			406			306

Special A&E charges, included in loss and LAE		—			—			(47	)		—			—			(47	)		(18	)
Neon exited lines (a)		—			(53	)		(38	)		(43	)		(1	)		(135	)		(76	)

Underwriting profit (loss) - Property and Casualty Insurance	$	134		$	110		$	18		$	9		$	87		$	224		$	212


Included in results above:
COVID-19 related losses	$	9		$	—		$	—		$	105		$	10		$	115		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	11		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		20			41			52			26			9			128			60

Total current accident year catastrophe losses	$	31		$	38		$	57		$	26		$	9		$	130		$	61

Prior year loss reserve development (favorable) / adverse	$	(59	)	$	(8	)	$	—		$	(77	)	$	(42	)	$	(127	)	$	(143	)


Combined ratio:
Property and Transportation		85.6	%		85.8	%		91.9	%		91.7	%		92.9	%		90.4	%		95.7	%
Specialty Casualty		90.2	%		84.0	%		90.7	%		94.9	%		90.7	%		90.0	%		93.3	%
Specialty Financial		84.1	%		86.8	%		91.6	%		100.4	%		89.1	%		91.8	%		85.0	%
Other Specialty		104.6	%		116.9	%		115.6	%		114.2	%		117.7	%		116.1	%		113.3	%
Combined ratio — Specialty		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%

Other core charges		0.1	%		1.2	%		0.1	%		0.2	%		0.1	%		0.5	%		0.4	%
Neon exited lines charge		0.0	%		4.2	%		3.1	%		3.8	%		0.5	%		2.7	%		1.4	%
Special A&E charges		0.0	%		0.0	%		3.5	%		0.0	%		0.0	%		1.0	%		0.3	%

Combined ratio		88.6	%		91.6	%		98.8	%		99.2	%		92.8	%		95.5	%		95.8	%

P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		91.2	%		89.1	%		95.0	%		94.8	%		94.6	%		93.3	%		97.4	%


Loss and LAE components — property and casualty insurance
Current accident year, excluding COVID-19 related and catastrophe losses		59.5	%		60.1	%		66.0	%		60.7	%		60.3	%		61.9	%		64.6	%
COVID-19 related losses		0.8	%		0.0	%		0.0	%		8.8	%		0.8	%		2.2	%		0.0	%
Current accident year catastrophe losses		1.7	%		3.1	%		3.8	%		2.1	%		0.8	%		2.5	%		1.2	%
Prior accident year loss reserve development		(5.1	%)		(0.6	%)		0.0	%		(6.5	%)		(3.4	%)		(2.5	%)		(2.8	%)

Loss and LAE ratio		56.9	%		62.6	%		69.8	%		65.1	%		58.5	%		64.1	%		63.0	%

(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															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Gross written premiums	$	1,616		$	1,707		$	2,223		$	1,539		$	1,526		$	6,995		$	7,299
Ceded reinsurance premiums		(411	)		(491	)		(735	)		(416	)		(361	)		(2,003	)		(1,957	)

Net written premiums		1,205			1,216			1,488			1,123			1,165			4,992			5,342
Change in unearned premiums		(32	)		83			(149	)		—			(27	)		(93	)		(157	)

Net earned premiums		1,173			1,299			1,339			1,123			1,138			4,899			5,185

Loss and LAE		667			762			855			703			666			2,986			3,188
Underwriting expense		372			358			380			366			383			1,487			1,672

Underwriting profit	$	134		$	179		$	104		$	54		$	89		$	426		$	325


Included in results above:
COVID-19 related losses	$	9		$	—		$	—		$	85		$	10		$	95		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	11		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		20			20			36			26			9			91			60

Total current accident year catastrophe losses	$	31		$	17		$	41		$	26		$	9		$	93		$	61

Prior year loss reserve development (favorable) / adverse	$	(59	)	$	(32	)	$	(48	)	$	(85	)	$	(48	)	$	(213	)	$	(187	)


Combined ratio:
Loss and LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%
Underwriting expense ratio		31.7	%		27.6	%		28.3	%		32.6	%		33.7	%		30.4	%		32.2	%

Combined ratio		88.5	%		86.2	%		92.1	%		95.2	%		92.2	%		91.3	%		93.7	%

Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		91.2	%		87.1	%		93.1	%		92.9	%		94.7	%		91.9	%		96.2	%


Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		59.5	%		59.5	%		64.8	%		60.3	%		61.0	%		61.5	%		64.0	%
COVID-19 related losses		0.8	%		0.0	%		0.0	%		7.6	%		0.9	%		1.9	%		0.0	%
Current accident year catastrophe losses		1.7	%		1.5	%		2.7	%		2.3	%		0.8	%		1.9	%		1.2	%
Prior accident year loss reserve development		(5.2	%)		(2.4	%)		(3.7	%)		(7.6	%)		(4.2	%)		(4.4	%)		(3.7	%)

Loss and LAE ratio		56.8	%		58.6	%		63.8	%		62.6	%		58.5	%		60.9	%		61.5	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Gross written premiums	$	520		$	647		$	1,061		$	611		$	494		$	2,813		$	2,759
Ceded reinsurance premiums		(117	)		(207	)		(426	)		(185	)		(108	)		(926	)		(883	)

Net written premiums		403			440			635			426			386			1,887			1,876
Change in unearned premiums		(9	)		81			(61	)		(36	)		—			(16	)		(48	)

Net earned premiums		394			521			574			390			386			1,871			1,828

Loss and LAE		221			329			403			239			237			1,208			1,297
Underwriting expense		117			118			124			118			122			482			452

Underwriting profit	$	56		$	74		$	47		$	33		$	27		$	181		$	79


Included in results above:
COVID-19 related losses	$	—		$	—		$	1		$	3		$	3		$	7		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	8		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		14			6			18			15			8			47			32

Total current accident year catastrophe losses	$	22		$	6		$	18		$	15		$	8		$	47		$	32

Prior year loss reserve development (favorable) / adverse	$	(43	)	$	(29	)	$	(26	)	$	(28	)	$	(24	)	$	(107	)	$	(67	)


Combined ratio:
Loss and LAE ratio		56.0	%		63.3	%		70.1	%		61.3	%		61.4	%		64.6	%		71.0	%
Underwriting expense ratio		29.6	%		22.5	%		21.8	%		30.4	%		31.5	%		25.8	%		24.7	%

Combined ratio		85.6	%		85.8	%		91.9	%		91.7	%		92.9	%		90.4	%		95.7	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		93.0	%		90.0	%		93.2	%		94.3	%		96.2	%		93.2	%		97.5	%


Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		63.4	%		67.5	%		71.4	%		63.9	%		64.7	%		67.4	%		72.8	%
COVID-19 related losses		0.1	%		0.2	%		0.1	%		0.8	%		0.6	%		0.4	%		0.0	%
Current accident year catastrophe losses		3.6	%		1.2	%		3.1	%		3.8	%		2.2	%		2.5	%		1.8	%
Prior accident year loss reserve development		(11.1	%)		(5.6	%)		(4.5	%)		(7.2	%)		(6.1	%)		(5.7	%)		(3.6	%)

Loss and LAE ratio		56.0	%		63.3	%		70.1	%		61.3	%		61.4	%		64.6	%		71.0	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Gross written premiums	$	904		$	865		$	978		$	752		$	849		$	3,444		$	3,768
Ceded reinsurance premiums		(316	)		(300	)		(336	)		(241	)		(263	)		(1,140	)		(1,067	)

Net written premiums		588			565			642			511			586			2,304			2,701
Change in unearned premiums		(17	)		7			(82	)		36			(30	)		(69	)		(104	)

Net earned premiums		571			572			560			547			556			2,235			2,597

Loss and LAE		361			337			352			367			340			1,396			1,586
Underwriting expense		154			144			155			153			164			616			836

Underwriting profit	$	56		$	91		$	53		$	27		$	52		$	223		$	175


Included in results above:
COVID-19 related losses		7			2			(1	)	$	52		$	7		$	60		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	1		$	(3	)	$	5		$	—		$	—		$	2		$	1
Catastrophe loss		1			5			3			6			—			14			17

Total current accident year catastrophe losses	$	2		$	2		$	8		$	6		$	—		$	16		$	18

Prior year loss reserve development (favorable) / adverse	$	(9	)	$	(6	)	$	(16	)	$	(51	)	$	(24	)	$	(97	)	$	(88	)

Combined ratio:
Loss and LAE ratio		63.1	%		59.0	%		62.9	%		67.1	%		61.1	%		62.5	%		61.1	%
Underwriting expense ratio		27.1	%		25.0	%		27.8	%		27.8	%		29.6	%		27.5	%		32.2	%

Combined ratio		90.2	%		84.0	%		90.7	%		94.9	%		90.7	%		90.0	%		93.3	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		90.4	%		84.0	%		92.9	%		93.8	%		93.6	%		91.0	%		96.0	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		63.3	%		59.0	%		65.1	%		66.0	%		64.0	%		63.5	%		63.8	%
COVID-19 related losses		1.2	%		0.3	%		(0.1	%)		9.5	%		1.3	%		2.7	%		0.0	%
Current accident year catastrophe losses		0.3	%		0.8	%		0.8	%		0.9	%		0.0	%		0.6	%		0.7	%
Prior accident year loss reserve development		(1.7	%)		(1.1	%)		(2.9	%)		(9.3	%)		(4.2	%)		(4.3	%)		(3.4	%)

Loss and LAE ratio		63.1	%		59.0	%		62.9	%		67.1	%		61.1	%		62.5	%		61.1	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Gross written premiums	$	192		$	195		$	184		$	176		$	183		$	738		$	772
Ceded reinsurance premiums		(31	)		(32	)		(31	)		(37	)		(34	)		(134	)		(155	)

Net written premiums		161			163			153			139			149			604			617
Change in unearned premiums		(4	)		(5	)		2			5			7			9			(7	)

Net earned premiums		157			158			155			144			156			613			610

Loss and LAE		53			56			62			65			59			242			192
Underwriting expense		79			82			80			79			80			321			326

Underwriting profit	$	25		$	20		$	13		$	—		$	17		$	50		$	92


Included in results above:
COVID-19 related losses	$	2		$	(3	)	$	(1	)	$	30		$	—		$	26		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		4			7			13			5			1			26			10

Total current accident year catastrophe losses	$	6		$	7		$	13		$	5		$	1		$	26		$	10

Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(6	)	$	(9	)	$	(11	)	$	(2	)	$	(28	)	$	(38	)


Combined ratio:
Loss and LAE ratio		33.8	%		35.6	%		39.9	%		44.9	%		38.0	%		39.5	%		31.5	%
Underwriting expense ratio		50.3	%		51.2	%		51.7	%		55.5	%		51.1	%		52.3	%		53.5	%

Combined ratio		84.1	%		86.8	%		91.6	%		100.4	%		89.1	%		91.8	%		85.0	%

Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		85.9	%		87.7	%		89.5	%		83.7	%		89.5	%		87.7	%		89.7	%

Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		35.6	%		36.5	%		37.8	%		28.2	%		38.4	%		35.4	%		36.2	%
COVID-19 related losses		1.5	%		(1.8	%)		(0.8	%)		21.1	%		0.1	%		4.3	%		0.0	%
Current accident year catastrophe losses		2.1	%		4.5	%		8.6	%		3.6	%		0.6	%		4.3	%		1.6	%
Prior accident year loss reserve development		(5.4	%)		(3.6	%)		(5.7	%)		(8.0	%)		(1.1	%)		(4.5	%)		(6.3	%)

Loss and LAE ratio		33.8	%		35.6	%		39.9	%		44.9	%		38.0	%		39.5	%		31.5	%

Page 10

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		53			48			58			47			44			197			148

Net written premiums		53			48			58			47			44			197			148
Change in unearned premiums		(2	)		—			(8	)		(5	)		(4	)		(17	)		2

Net earned premiums		51			48			50			42			40			180			150

Loss and LAE		32			40			38			32			30			140			113
Underwriting expense		22			14			21			16			17			68			58

Underwriting profit (loss)	$	(3	)	$	(6	)	$	(9	)	$	(6	)	$	(7	)	$	(28	)	$	(21	)


Included in results above:
COVID-19 related losses	$	—		$	1		$	1		$	—		$	—		$	2		$	—

Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			2			2			—			—			4			1

Total current accident year catastrophe losses	$	1		$	2		$	2		$	—		$	—		$	4		$	1


Prior year loss reserve development (favorable) / adverse	$	1		$	9		$	3		$	5		$	2		$	19		$	6


Combined ratio:
Loss and LAE ratio		62.3	%		80.2	%		78.6	%		76.9	%		73.9	%		77.6	%		75.4	%
Underwriting expense ratio		42.3	%		36.7	%		37.0	%		37.3	%		43.8	%		38.5	%		37.9	%

Combined ratio		104.6	%		116.9	%		115.6	%		114.2	%		117.7	%		116.1	%		113.3	%


Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		100.2	%		92.5	%		107.8	%		100.3	%		113.4	%		103.1	%		108.9	%

Page 11

American Financial Group, Inc.

Discontinued Annuity Operations

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19

Pretax Annuity earnings historically reported as core operating:
Net investment income (a)	$	366		$	368		$	418		$	421		$	428		$	1,635		$	1,682
Alternative investments MTM to be retained by Annuity		76			42			37			(46	)		(18	)		15			77
Alternative investments MTM to be retained by AFG		29			19			9			9			12			49			33
Guaranteed withdrawal benefit fees		17			17			18			17			17			69			67
Policy charges and other miscellaneous income		14			19			17			13			18			67			52

Total revenues		502			465			499			414			457			1,835			1,911
Annuity benefits (a)		238			242			282			274			287			1,085			1,107
Acquisition expenses		66			68			64			62			71			265			256
Other expenses (a)		32			26			32			36			32			126			139

Total costs and expenses		336			336			378			372			390			1,476			1,502

Pretax Annuity earnings historically reported as core operating earnings	$	166		$	129		$	121		$	42		$	67		$	359		$	409
Impact of fair vaule, reinsurance accounting & unlocking	$	22		$	(48	)	$	(43	)	$	(59	)	$	(38	)	$	(188	)	$	(47	)
Realized gains (losses)		81			470			22			96			(223	)		365			132
Run-off life and long-term care		—			(2	)		(3	)		—			(3	)		(8	)		1

Pretax earnings of businesses to be sold to Mass Mutual	$	269		$	549		$	97		$	79		$	(197	)	$	528		$	495
Less amounts included in continuing operations		(28	)		(9	)		(3	)		(1	)		(6	)		(19	)		(21	)

Pretax results from discontinued operations	$	241		$	540		$	94		$	78		$	(203	)	$	509		$	474
Taxes		(89	)		(113	)		(18	)		(14	)		43			(102	)		(96	)

Net earnings from discontinued operations	$	152		$	427		$	76		$	64		$	(160	)	$	407		$	378

(a)	The decreases in Net Investment Income, Annuity Benefits, and Other Expenses beginning in Q4 2020 reflect the impact of the Annuity Segment’s October 2020 block reinsurance transaction.

Page 12

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
Assets:
Total cash and investments	$	13,900		$	13,494		$	13,685		$	13,216		$	12,346		$	12,886
Recoverables from reinsurers		3,231			3,288			3,324			3,132			3,116			3,134
Prepaid reinsurance premiums		755			768			862			733			708			678
Agents’ balances and premiums receivable		1,209			1,229			1,382			1,363			1,299			1,333
Deferred policy acquisition costs		244			244			269			296			310			322
Assets of managed investment entities		5,102			4,971			4,717			4,393			4,026			4,736
Other receivables		576			678			854			539			525			630
Assets of discontinued annuity operations		48,139			47,885			46,947			46,183			44,250			45,433
Other assets		865			977			1,018			954			1,030			918
Goodwill		176			176			176			176			176			176

Total assets	$	74,197		$	73,710		$	73,234		$	70,985		$	67,786		$	70,246


Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	10,384		$	10,392		$	10,754		$	10,321		$	10,106		$	10,232
Unearned premiums		2,821			2,803			3,015			2,778			2,808			2,830
Payable to reinsurers		753			807			977			746			779			814
Liabilities of managed investment entities		5,045			4,914			4,666			4,355			4,009			4,687
Long-term debt		1,963			1,963			2,108			1,912			1,473			1,473
Other liabilities		1,653			1,584			1,650			1,597			1,498			1,537
Liabilities of discontinued annuity operations		44,893			44,458			43,724			43,150			42,066			42,404

Total liabilities	$	67,512		$	66,921		$	66,894		$	64,859		$	62,739		$	63,977

Shareholders’ equity:
Common stock	$	85		$	86		$	87		$	89		$	90		$	90
Capital surplus		1,279			1,281			1,283			1,299			1,309			1,307
Retained earnings		4,354			4,149			3,737			3,685			3,616			4,009
Unrealized gains - fixed maturities		963			1,255			1,212			1,030			16			862
Unrealized gains (losses) - fixed maturity-related cash flow hedges		27			41			41			47			44			17
Other comprehensive income, net of tax		(23	)		(23	)		(20	)		(24	)		(28	)		(16	)

Total shareholders’ equity		6,685			6,789			6,340			6,126			5,047			6,269

Total liabilities and equity	$	74,197		$	73,710		$	73,234		$	70,985		$	67,786		$	70,246

Page 13

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19

Shareholders’ equity	$	6,685		$	6,789		$	6,340		$	6,126		$	5,047		$	6,269
Unrealized (gains) related to fixed maturities		(990	)		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)

Adjusted shareholders’ equity		5,695			5,493			5,087			5,049			4,987			5,390
Goodwill from continuing and discontinued operations		(207	)		(207	)		(207	)		(207	)		(207	)		(207	)
Intangibles		(31	)		(34	)		(34	)		(37	)		(40	)		(43	)

Tangible adjusted shareholders’ equity	$	5,457		$	5,252		$	4,846		$	4,805		$	4,740		$	5,140


Common shares outstanding		85.126			86.345			87.267			88.659			89.827			90.304

Book value per share:
Book value per share	$	78.53		$	78.62		$	72.65		$	69.10		$	56.18		$	69.43
Adjusted (a)		66.89			63.61			58.29			56.95			55.52			59.70
Tangible, adjusted (b)		64.10			60.82			55.53			54.20			52.77			56.93

Market capitalization

AFG’s closing common share price	$	114.10		$	87.62		$	66.98		$	63.46		$	70.08		$	109.65

Market capitalization	$	9,713		$	7,566		$	5,845		$	5,626		$	6,295		$	9,902

Price / Adjusted book value ratio		1.71			1.38			1.15			1.11			1.26			1.84

(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)


	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19

AFG senior obligations	$	1,318		$	1,318		$	1,318		$	1,318		$	1,018		$	1,018
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	1,318		$	1,318		$	1,318		$	1,318		$	1,018		$	1,018

AFG subordinated debentures		675			675			825			625			475			475

Total principal amount of long-term debt	$	1,993		$	1,993		$	2,143		$	1,943		$	1,493		$	1,493

Shareholders’ equity		6,685			6,789			6,340			6,126			5,047			6,269
Noncontrolling interests (including redeemable NCI)		—			—			—			—			—			—
Less:
Unrealized (gains) related to fixed maturity investments		(990	)		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)


Total adjusted capital	$	7,688		$	7,486		$	7,230		$	6,992		$	6,480		$	6,883

Ratio of debt to total adjusted capital:
Including subordinated debt		25.9	%		26.6	%		29.6	%		27.8	%		23.0	%		21.7	%
Excluding subordinated debt		17.1	%		17.6	%		18.2	%		18.9	%		15.7	%		14.8	%

Page 15

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Twelve Months Ended
	3/31/21		12/31/20		9/30/20		6/30/20		3/31/20		12/31/20		12/31/19
Property and Casualty Insurance

Paid Losses (GAAP)	$	674	$	758	$	646	$	601	$	751	$	2,756	$	2,866


	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/19
GAAP Equity (excluding AOCI)

Property and Casualty Insurance	$	4,571		$	4,458		$	4,154		$	3,945		$	3,800		$	4,043
Annuity		3,012			2,893			2,659			2,579			2,512			2,715
Parent and other subsidiaries		(1,865	)		(1,835	)		(1,706	)		(1,451	)		(1,297	)		(1,352	)

AFG GAAP Equity (excluding AOCI)	$	5,718		$	5,516		$	5,107		$	5,073		$	5,015		$	5,406


Allowable dividends without regulatory approval

Property and Casualty Insurance	$	416		$	416		$	565		$	565		$	565		$	565
Annuity and Run-off		289			289			287			287			287			287

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

Page 16

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - March 31, 2021
	Property and Casualty Insurance		Parent and Other Non- Insurance (a)		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,454	$	237	$	—		$	1,691		12	%
Fixed maturities — Available for sale		9,282		7		—			9,289		67	%
Fixed maturities — Trading		26		—		—			26		0	%
Equity securities — common stocks		461		75		—			536		4	%
Equity securities — perpetual preferred		408		—		—			408		3	%
Investments accounted for using the equity method		861		463		—			1,324		9	%
Mortgage loans		408		—		—			408		3	%
Real estate and other investments		124		151		(57	)		218		2	%

Total cash and investments	$	13,024	$	933	$	(57	)	$	13,900		100	%


	Carrying Value - December 31, 2020
	Property and Casualty Insurance		Parent and Other Non- Insurance (a)		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	%

(a)

On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will acquire approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC.

Page 17

American Financial Group, Inc.

Net Investment Income From Continuing Operations

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities - Available for sale	$	72		$	71		$	72		$	75		$	81		$	299		$	310
Fixed maturities - Trading		—			—			—			—			1			1			3
Equity securities - dividends		8			7			8			8			10			33			49
Equity securities - MTM		23			8			(3	)		2			3			10			9
Equity in investees		49			27			27			(15	)		11			50			64
AFG managed CLOs		5			6			4			—			(11	)		(1	)		1
Other investments (a)		4			4			5			3			6			18			42

Gross investment income		161			123			113			73			101			410			478
Investment expenses		(2	)		(1	)		(2	)		(1	)		(2	)		(6	)		(6	)

Total net investment income	$	159		$	122		$	111		$	72		$	99		$	404		$	472


Average cash and investments (b)	$	12,573		$	12,135		$	11,764		$	11,454		$	11,457		$	11,760		$	11,348


Average yield (c)		5.06	%		4.02	%		3.77	%		2.51	%		3.46	%		3.44	%		4.16	%


AFG consolidated net investment income:
Property & Casualty core	$	159		$	122		$	111		$	72		$	99		$	404		$	472
Neon exited lines non-core		—			—			1			—			(6	)		(5	)		—
Equity in Investees (d)		29			19			9			9			12			49			33
Other Investments (d)		—			1			1			(2	)		—			—			4
Parent & other		5			11			4			9			(12	)		12			24
Consolidate CLOs		(5	)		(6	)		(4	)		—			11			1			(1	)

Total net investment income	$	188		$	147		$	122		$	88		$	104		$	461		$	532

(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)

On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will retain approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC. Investment income from these assets to be retained are included in continuting operations.

Page 18

American Financial Group, Inc.

Alternative Investments - Continuing Operations

($ in millions)


	Three Months Ended															Twelve Months Ended
	3/31/21			12/31/20			9/30/20			6/30/20			3/31/20			12/31/20			12/31/19
Property and Casualty Insurance:
Net Investment Income
Equity securities MTM through investment income (a)	$	23		$	8		$	(3	)	$	2		$	3		$	10		$	9
Investments accounted for using the equity method (b)		49			27			27			(15	)		11			50			64
AFG managed CLOs (eliminated in consolidation)		5			6			4			—			(11	)		(1	)		1

Total Property & Casualty	$	77		$	41		$	28		$	(13	)	$	3		$	59		$	74


Investments
Equity securities MTM through investment income (a)	$	159		$	129		$	109		$	95		$	86		$	129		$	71
Investments accounted for using the equity method (b)		861			806			778			755			736			806			703
AFG managed CLOs (eliminated in consolidation)		57			57			46			39			40			57			48

Total Property & Casualty	$	1,077		$	992		$	933		$	889		$	862		$	992		$	822


Annualized Yield - Property & Casualty		29.8	%		17.0	%		12.3	%		(5.9	%)		1.4	%		6.6	%		10.3	%

Continuing Operations (c):
Net Investment Income
Equity securities MTM through investment income (a)	$	23		$	8		$	(3	)	$	2		$	3		$	10		$	9
Investments accounted for using the equity method (b)		78			46			36			(6	)		23			99			97
AFG managed CLOs (eliminated in consolidation)		5			6			4			—			(11	)		(1	)		1

Total Continuing operations	$	106		$	60		$	37		$	(4	)	$	15		$	108		$	107


Investments
Equity securities MTM through investment income (a)	$	159		$	129		$	109		$	95		$	86		$	129		$	71
Investments accounted for using the equity method (b)		1,324			1,235			1,194			1,150			1,095			1,235			1,028
AFG managed CLOs (eliminated in consolidation)		57			57			46			39			40			57			48

Total Continuing operations	$	1,540		$	1,421		$	1,349		$	1,284		$	1,221		$	1,421		$	1,147


Annualized Yield - Continuing operations		28.6	%		17.3	%		11.2	%		(1.3	%)		5.1	%		8.4	%		10.7	%

(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)

On January 27, 2021, AFG entered into a definitive agreement to sell its annuity subsidiaries to Mass Mutual (which includes the run-off life and long term care business). As part of the sale of the annuity business, AFG will retain approximately $460 million in real estate-related partnerships and approximately $100 million in directly owned real estate from GALIC. Investment income from these assets to be retained are included in continuting operations.

Page 19

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions)


March 31, 2021 (a)	Book Value (d)			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	212		$	215	$	3		2	%		2	%
States, municipalities and political subdivisions		2,076			2,167		91		24	%		16	%
Foreign government		211			213		2		2	%		2	%
Residential mortgage-backed securities		796			847		51		9	%		6	%
Commercial mortgage-backed securities		106			109		3		1	%		1	%
Collateralized loan obligations		1,130			1,131		1		12	%		8	%
Other asset-backed securities		2,170			2,188		18		24	%		16	%
Corporate and other bonds		2,374			2,445		71		26	%		18	%

Total AFG consolidated	$	9,075		$	9,315	$	240		100	%		69	%


Annualized yield on available for sale fixed maturities:
Excluding investment expense (b)		3.23	%
Net of investment expense (b)		3.16	%
Tax equivalent, net of investment expense (c)		3.34	%

Approximate average life and duration:
Approximate average life		4 years
Approximate duration		3 years

December 31, 2020 (a)	Book Value (d)			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 (b)		3.32	%
Net of investment expense (b)		3.26	%
Tax equivalent, net of investment expense (c)		3.40	%

Approximate average life and duration:
Approximate average life		4 years
Approximate duration		3 years

(a)	Excludes $34.79 billion at March 31, 2021 and $34.17 billion at December 31, 2020 in fair value related to fixed maturities that are held in assets of discontinued annuity operations.

(b)	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.

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

(d)	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

3/31/2021

($ 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	$	215	$	859	$	200	$	448	$	79	$	895	$	940	$	46	$	3,682		40	%
AA		—		1,201		—		18		10		166		420		170		1,985		21	%
A		—		86		—		29		1		60		414		639		1,229		13	%
BBB		—		9		3		9		12		9		221		978		1,241		13	%

Subtotal - Investment grade		215		2,155		203		504		102		1,130		1,995		1,833		8,137		87	%
BB		—		—		—		9		7		—		2		120		138		2	%
B		—		—		—		23		—		—		10		28		61		1	%
CCC, CC, C		—		—		—		162		—		—		—		9		171		2	%
D		—		—		—		32		—		—		—		—		32		0	%

Subtotal - Non-Investment grade		—		—		—		226		7		—		12		157		402		5	%
Not Rated (b)		—		12		10		117		—		1		181		455		776		8	%

Total	$	215	$	2,167	$	213	$	847	$	109	$	1,131	$	2,188	$	2,445	$	9,315		100	%


	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	215	$	2,157	$	190	$	818	$	100	$	1,120	$	1,952	$	1,249	$	7,801		84	%
2		—		9		—		3		2		9		221		1,008		1,252		14	%

Subtotal		215		2,166		190		821		102		1,129		2,173		2,257		9,053		98	%
3		—		—		—		4		7		—		2		119		132		1	%
4		—		—		—		3		—		—		10		41		54		1	%
5		—		—		—		10		—		1		2		22		35		0	%
6		—		—		—		1		—		—		—		2		3		0	%

Subtotal		—		—		—		18		7		1		14		184		224		2	%
No designation (c)		—		1		23		8		—		1		1		4		38		0	%

Total	$	215	$	2,167	$	213	$	847	$	109	$	1,131	$	2,188	$	2,445	$	9,315		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, 6% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

For Total, 89% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

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

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 C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry

3/31/2021

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	10	$	—	$	10	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—	$	—	$	2	$	46		2	%
AA		28		7		35		—		28		37		12		5		15		—		—		—		—		—		—		—		—		—		3		170		7	%
A		120		44		115		69		24		23		22		49		21		62		26		1		—		28		26		—		4		—		5		639		26	%
BBB		172		85		20		241		79		32		42		36		34		13		6		18		3		117		36		1		16		6		21		978		40	%

Subtotal		320		136		170		310		141		92		86		101		70		75		32		19		3		145		75		1		20		6		31		1,833		75	%

BB		—		6		6		—		20		12		9		35		—		5		—		4		—		12		1		7		2		1		—		120		5	%
B		—		—		—		—		2		—		3		4		14		—		—		—		—		4		—		—		1		—		—		28		1	%
CCC, CC, C		—		—		—		—		2		—		—		2		—		—		—		—		—		—		—		—		—		5		—		9		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		6		6		—		24		12		12		41		14		5		—		4		—		16		1		7		3		6		—		157		6	%

Not Rated (b)		—		375		9		22		2		—		2		12		13		1		—		—		17		—		—		—		—		1		1		455		19	%


Total	$	320	$	517	$	185	$	332	$	167	$	104	$	100	$	154	$	97	$	81	$	32	$	23	$	20	$	161	$	76	$	8	$	23	$	13	$	32	$	2,445		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
1	$	148	$	419	$	158	$	68	$	66	$	60	$	46	$	67	$	36	$	63	$	26	$	1	$	13	$	27	$	39	$	—	$	4	$	—	$	8	$	1,249		51	%
2		172		91		22		264		79		32		41		36		34		14		5		18		4		117		36		1		16		6		20		1,008		41	%

Subtotal		320		510		180		332		145		92		87		103		70		77		31		19		17		144		75		1		20		6		28		2,257		92	%

3		—		6		4		—		15		12		8		35		6		4		1		4		—		12		1		7		2		2		—		119		5	%
4		—		—		—		—		2		—		4		8		21		—		—		—		—		5		—		—		1		—		—		41		2	%
5		—		—		1		—		5		—		1		7		—		—		—		—		3		—		—		—		—		5		—		22		1	%
6		—		1		—		—		—		—		—		1		—		—		—		—		—		—		—		—		—		—		—		2		0	%

Subtotal		—		7		5		—		22		12		13		51		27		4		1		4		3		17		1		7		3		7		—		184		8	%

No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		4		4		0	%


Total	$	320	$	517	$	185	$	332	$	167	$	104	$	100	$	154	$	97	$	81	$	32	$	23	$	20	$	161	$	76	$	8	$	23	$	13	$	32	$	2,445		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, 98% are NAIC 1.

For the Total, 87% are NAIC 1, 6% NAIC 2, 2% NAIC 3, 2% NAIC 4, 3% NAIC 5.

(c)	Primarily relates to securities 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)	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	16	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—	$	—	$	2	$	41		2	%
AA		28		12		35		8		23		37		12		5		—		—		—		—		—		—		—		—		—		—		3		163		7	%
A		121		39		96		53		24		25		22		50		36		63		27		1		—		28		26		—		4		—		5		620		27	%
BBB		190		65		21		147		81		33		45		36		23		13		5		19		4		119		37		1		16		6		26		887		39	%

Subtotal		339		116		152		208		144		95		89		91		59		76		32		20		4		147		76		1		20		6		36		1,711		75	%

BB		—		9		6		—		16		13		4		21		—		4		1		4		—		11		1		2		1		2		—		95		4	%
B		—		—		—		—		2		3		3		3		15		—		—		1		—		—		—		2		1		—		—		30		1	%
CCC, CC, C		—		—		—		—		2		—		1		2		—		—		—		2		—		—		—		1		—		5		—		13		1	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		9		6		—		20		16		8		26		15		4		1		7		—		11		1		5		2		7		—		138		6	%

Not Rated (b)		—		385		8		—		3		—		—		7		13		2		—		—		16		—		—		—		—		2		—		436		19	%


Total	$	339	$	510	$	166	$	208	$	167	$	111	$	97	$	124	$	87	$	82	$	33	$	27	$	20	$	158	$	77	$	6	$	22	$	15	$	36	$	2,285		100	%


	Fair Value By Industry
NAIC designation	Banking		Other Financials		Insurance		Asset Managers		Technology		Energy		Healthcare		Consumer		REITs		Capital Goods		Utilities		Basic Industry		Media		Autos		Communications		Retailers		Aviation		Restaurants, Hospitality & Leisure		Other		Total		% Total
1	$	149	$	432	$	131	$	62	$	63	$	62	$	45	$	55	$	35	$	63	$	27	$	1	$	—	$	28	$	39	$	—	$	4	$	—	$	7	$	1,203		53	%
2		190		69		22		146		81		33		45		36		24		14		5		19		17		119		37		1		16		6		27		907		40	%

Subtotal		339		501		153		208		144		95		90		91		59		77		32		20		17		147		76		1		20		6		34		2,110		93	%

3		—		9		4		—		14		13		3		20		5		4		1		4		—		11		1		2		1		3		—		95		4	%
4		—		—		8		—		2		3		4		5		23		—		—		1		—		—		—		2		1		—		—		49		2	%
5		—		—		1		—		6		—		—		8		—		1		—		2		3		—		—		1		—		6		—		28		1	%
6		—		—		—		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		—		1		0	%

Subtotal		—		9		13		—		23		16		7		33		28		5		1		7		3		11		1		5		2		9		—		173		7	%

No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		2		2		0	%


Total	$	339	$	510	$	166	$	208	$	167	$	111	$	97	$	124	$	87	$	82	$	33	$	27	$	20	$	158	$	77	$	6	$	22	$	15	$	36	$	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

3/31/2021

($ in millions)


	Fair Value By Collateral Type
Credit Rating (a)	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	485	$	128	$	—	$	39	$	56	$	232	$	940		43	%
AA		64		171		40		—		12		39		—		—		42		52		420		19	%
A		47		35		4		153		—		6		40		—		40		89		414		19	%
BBB		2		—		138		—		—		—		32		46		—		3		221		10	%

Subtotal		113		206		182		153		497		173		72		85		138		376		1,995		91	%

BB		—		—		—		—		—		—		2		—		—		—		2		0	%
B		1		—		—		—		—		—		8		—		—		1		10		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		—		—		0	%
D		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		1		—		—		—		—		—		10		—		—		1		12		1	%

Not Rated (b)		146		—		—		—		—		—		3		—		—		32		181		8	%


Total	$	260	$	206	$	182	$	153	$	497	$	173	$	85	$	85	$	138	$	409	$	2,188		100	%


	Fair Value By Collateral Type
NAIC designation	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	257	$	206	$	44	$	153	$	497	$	173	$	40	$	39	$	138	$	405	$	1,952		89	%
2		2		—		138		—		—		—		32		46		—		3		221		10	%

Subtotal		259		206		182		153		497		173		72		85		138		408		2,173		99	%

3		—		—		—		—		—		—		2		—		—		—		2		0	%
4		1		—		—		—		—		—		8		—		—		1		10		1	%
5		—		—		—		—		—		—		2		—		—		—		2		0	%
6		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		1		—		—		—		—		—		12		—		—		1		14		1	%

No designation (d)		—		—		—		—		—		—		1		—		—		—		1		0	%


Total	$	260	$	206	$	182	$	153	$	497	$	173	$	85	$	85	$	138	$	409	$	2,188		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 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)	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	427	$	151	$	—	$	39	$	53	$	219	$	889		43	%
AA		61		173		41		—		6		46		—		—		33		47		407		20	%
A		13		36		4		140		—		5		38		—		22		72		330		16	%
BBB		—		—		134		—		—		—		30		40		—		4		208		10	%

Subtotal		74		209		179		140		433		202		68		79		108		342		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	$	243	$	209	$	179	$	140	$	433	$	202	$	80	$	79	$	108	$	374	$	2,047		100	%


	Fair Value By Collateral Type
NAIC designation	Secured Financing (c)		TruPS		Whole Business		Railcar		Commercial Real Estate		Single Family Rental		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	241	$	209	$	46	$	140	$	433	$	201	$	37	$	40	$	108	$	368	$	1,823		89	%
2		1		—		133		—		—		—		31		39		—		4		208		10	%

Subtotal		242		209		179		140		433		201		68		79		108		372		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	$	243	$	209	$	179	$	140	$	433	$	202	$	80	$	79	$	108	$	374	$	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 G

American Financial Group, Inc.

Real Estate-Related Investments

3/31/2021

($ 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	$	863		88	%		96	%		98	%
Fund Investments		38		4	%		—			—
Student Housing		25		2	%		94	%		98	%
QOZ Fund - Development		19		2	%		—			—
Land Development		17		2	%		—			—
Office		15		1	%		81	%		100	%
Hospitality		8		1	%		—			—

Total	$	985		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt

Marina	$	63		39	%	$	—
Resort & Marina		55		34	%		—
Hotel		23		14	%		—
Office Building		17		10	%		—
Land		5		3	%		—

Total	$	163		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value (d)

Multifamily		169		41	%		66	%
Hospitality		160		39	%		56	%
Office		73		18	%		72	%
Retail		6		2	%		57	%
Other		—		0	%		—

Total	$	408		100	%		63	%

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

(a)	Total investments accounted for using the equity method is $1.3 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 3/31/21

(c)	Collections for January - March

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

Page 27

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	%
Other		—		0	%		—

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