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Published: 2023-08-03 00:00:00 ET

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EX-99.2 3 d531353dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

American Financial Group, Inc.

Investor Supplement - Second Quarter 2023

August 2, 2023

American Financial Group, Inc.

Corporate Headquarters

Great American Insurance Group Tower

301 E Fourth Street

Cincinnati, OH 45202

513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Second Quarter 2023


Section	Page
Table of Contents - Investor Supplement - Second Quarter 2023		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

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		12
Book Value Per Share and Price / Book Summary		13
Capitalization		14
Additional Supplemental Information		15

Consolidated Investment Supplement
Total Cash and Investments		16
Net Investment Income		17
Alternative Investments		18
Fixed Maturities - By Security Type - AFG Consolidated		19

Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2023		20
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022		21
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2023		22
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022		23
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2023		24
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022		25
G. Real Estate-Related Investments 6/30/2023		26
H. Real Estate-Related Investments 12/31/2022		27

Page 2

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Highlights
Net earnings	$	200		$	212		$	276		$	165		$	167		$	412		$	457
Core net operating earnings		202			247			255			192			243			449			546
Total assets		29,048			28,481			28,831			29,532			28,084			29,048			28,084
Adjusted shareholders’ equity (a)		4,490			4,375			4,578			4,515			4,401			4,490			4,401
Property and Casualty net written premiums		1,667			1,519			1,338			1,984			1,516			3,186			2,884
Per share data
Diluted earnings per share	$	2.34		$	2.49		$	3.24		$	1.93		$	1.96		$	4.83		$	5.36
Core net operating earnings per share		2.38			2.89			2.99			2.24			2.85			5.27			6.41
Adjusted book value per share (a)		52.90			51.37			53.73			53.03			51.68			52.90			51.68
Dividends per common share		0.63			4.63			2.63			0.56			8.56			5.26			11.12
Financial ratios
Annualized return on equity (b)		17.9	%		18.9	%		24.2	%		14.7	%		14.3	%		18.3	%		19.2	%
Annualized core operating return on equity (b)		18.2	%		22.0	%		22.3	%		17.1	%		20.7	%		20.0	%		23.0	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		60.2	%		57.0	%		60.8	%		66.4	%		55.4	%		58.6	%		54.3	%
Underwriting expense ratio		31.7	%		32.2	%		25.8	%		24.7	%		30.4	%		32.0	%		30.6	%

Combined ratio - Specialty		91.9	%		89.2	%		86.6	%		91.1	%		85.8	%		90.6	%		84.9	%

(a)	Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure is on page 13.

(b)	Excludes accumulated other comprehensive income.

Page 3

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Property and Casualty Insurance
Underwriting profit	$	124		$	154		$	218		$	155		$	196		$	278		$	403
Net investment income		191			207			159			145			156			398			379
Other income (expense)		(16	)		(11	)		(14	)		(11	)		(7	)		(27	)		(15	)

Property and Casualty Insurance operating earnings		299			350			363			289			345			649			767
Interest expense of parent holding companies		(19	)		(19	)		(20	)		(19	)		(23	)		(38	)		(46	)
Other expense		(22	)		(23	)		(25	)		(26	)		(14	)		(45	)		(35	)

Pretax core operating earnings		258			308			318			244			308			566			686
Income tax expense		56			61			63			52			65			117			140

Core net operating earnings		202			247			255			192			243			449			546
Non-core items, net of tax:
Realized gains (losses) on securities		(1	)		(37	)		21			(28	)		(73	)		(38	)		(85	)
Gain (loss) on retirement of debt		(1	)		2			—			1			(7	)		1			(8	)
Other non-core items		—			—			—			—			4			—			4

Net earnings	$	200		$	212		$	276		$	165		$	167		$	412		$	457

Page 4

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended														Six Months Ended
	6/30/23			3/31/23			12/31/22		9/30/22			6/30/22			6/30/23			6/30/22
Core net operating earnings	$	202		$	247		$	255	$	192		$	243		$	449		$	546

Net earnings	$	200		$	212		$	276	$	165		$	167		$	412		$	457

Average number of diluted shares		85.172			85.378			85.350		85.365			85.339			85.274			85.290
Diluted earnings per share:
Core net operating earnings per share	$	2.38		$	2.89		$	2.99	$	2.24		$	2.85		$	5.27		$	6.41
Realized gains (losses) on securities		(0.02	)		(0.42	)		0.25		(0.32	)		(0.86	)		(0.45	)		(1.00	)
Gain (loss) on retirement of debt		(0.02	)		0.02			—		0.01			(0.08	)		0.01			(0.10	)
Other non-core items		—			—			—		—			0.05			—			0.05

Diluted earnings per share	$	2.34		$	2.49		$	3.24	$	1.93		$	1.96		$	4.83		$	5.36

Page 5

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Property and Transportation	$	32		$	43		$	68		$	39		$	39		$	75		$	101
Specialty Casualty		95			88			128			118			130			183			254
Specialty Financial		10			26			33			15			37			36			66
Other Specialty		(14	)		(2	)		(12	)		(14	)		(9	)		(16	)		(16	)

Underwriting profit - Specialty		123			155			217			158			197			278			405
Other core charges, included in loss and LAE		1			(1	)		1			(3	)		(1	)		—			(2	)

Underwriting profit - Property and Casualty Insurance	$	124		$	154		$	218		$	155		$	196		$	278		$	403

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	(13	)	$	18		$	—		$	2		$	—
Catastrophe losses		51			31			24			33			22			82			31

Total current accident year catastrophe losses	$	53		$	31		$	11		$	51		$	22		$	84		$	31

Prior year loss reserve development (favorable) / adverse	$	(62	)	$	(63	)	$	(59	)	$	(53	)	$	(85	)	$	(125	)	$	(173	)

Combined ratio:
Property and Transportation		94.2	%		91.0	%		90.0	%		95.4	%		92.4	%		92.6	%		89.3	%
Specialty Casualty		86.6	%		87.5	%		81.3	%		82.6	%		80.1	%		87.1	%		80.4	%
Specialty Financial		95.0	%		86.5	%		83.1	%		91.3	%		78.4	%		90.8	%		80.1	%
Other Specialty		122.2	%		103.5	%		118.1	%		122.7	%		114.6	%		113.1	%		113.8	%
Combined ratio - Specialty		91.9	%		89.2	%		86.6	%		91.1	%		85.8	%		90.6	%		84.9	%
Other core charges		(0.2	%)		0.1	%		(0.1	%)		0.1	%		0.2	%		(0.1	%)		0.1	%

Combined ratio		91.7	%		89.3	%		86.5	%		91.2	%		86.0	%		90.5	%		85.0	%

P&C combined ratio excl. catastrophe losses and prior year reserve development		92.4	%		91.5	%		89.3	%		91.7	%		90.5	%		92.1	%		90.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.7	%		59.3	%		63.5	%		67.0	%		60.1	%		60.1	%		59.6	%
Current accident year catastrophe losses		3.5	%		2.2	%		0.8	%		2.5	%		1.6	%		2.7	%		1.2	%
Prior accident year loss reserve development		(4.2	%)		(4.4	%)		(3.6	%)		(3.0	%)		(6.1	%)		(4.3	%)		(6.4	%)

Loss and LAE ratio		60.0	%		57.1	%		60.7	%		66.5	%		55.6	%		58.5	%		54.4	%

Page 6

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Gross written premiums	$	2,369		$	2,155		$	1,845		$	3,153		$	2,123		$	4,524		$	4,059
Ceded reinsurance premiums		(702	)		(636	)		(507	)		(1,169	)		(607	)		(1,338	)		(1,175	)

Net written premiums		1,667			1,519			1,338			1,984			1,516			3,186			2,884
Change in unearned premiums		(160	)		(82	)		285			(217	)		(123	)		(242	)		(189	)

Net earned premiums		1,507			1,437			1,623			1,767			1,393			2,944			2,695
Loss and LAE		906			819			987			1,173			773			1,725			1,465
Underwriting expense		478			463			419			436			423			941			825

Underwriting profit	$	123		$	155		$	217		$	158		$	197		$	278		$	405

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	(13	)	$	18		$	—		$	2		$	—
Catastrophe losses		51			31			24			33			22			82			31

Total current accident year catastrophe losses	$	53		$	31		$	11		$	51		$	22		$	84		$	31

Prior year loss reserve development (favorable) / adverse	$	(61	)	$	(64	)	$	(58	)	$	(56	)	$	(86	)	$	(125	)	$	(175	)

Combined ratio:
Loss and LAE ratio		60.2	%		57.0	%		60.8	%		66.4	%		55.4	%		58.6	%		54.3	%
Underwriting expense ratio		31.7	%		32.2	%		25.8	%		24.7	%		30.4	%		32.0	%		30.6	%

Combined ratio		91.9	%		89.2	%		86.6	%		91.1	%		85.8	%		90.6	%		84.9	%

Specialty combined ratio excl. catastrophe losses and prior year reserve development		92.4	%		91.5	%		89.3	%		91.7	%		90.5	%		92.1	%		90.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		60.7	%		59.3	%		63.5	%		67.0	%		60.1	%		60.1	%		59.6	%
Current accident year catastrophe losses		3.5	%		2.2	%		0.9	%		2.5	%		1.5	%		2.7	%		1.2	%
Prior accident year loss reserve development		(4.0	%)		(4.5	%)		(3.6	%)		(3.1	%)		(6.2	%)		(4.2	%)		(6.5	%)

Loss and LAE ratio		60.2	%		57.0	%		60.8	%		66.4	%		55.4	%		58.6	%		54.3	%

Page 7

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Gross written premiums	$	1,059		$	872		$	601		$	1,737		$	962		$	1,931		$	1,722
Ceded reinsurance premiums		(391	)		(320	)		(178	)		(778	)		(330	)		(711	)		(589	)

Net written premiums		668			552			423			959			632			1,220			1,133
Change in unearned premiums		(134	)		(77	)		259			(102	)		(127	)		(211	)		(185	)

Net earned premiums		534			475			682			857			505			1,009			948
Loss and LAE		346			289			489			663			327			635			583
Underwriting expense		156			143			125			155			139			299			264

Underwriting profit	$	32		$	43		$	68		$	39		$	39		$	75		$	101

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	(1	)	$	4		$	—		$	—		$	—
Catastrophe losses		15			19			8			9			19			34			25

Total current accident year catastrophe losses	$	15		$	19		$	7		$	13		$	19		$	34		$	25

Prior year loss reserve development (favorable) / adverse	$	(21	)	$	(37	)	$	(13	)	$	(15	)	$	(30	)	$	(58	)	$	(64	)

Combined ratio:
Loss and LAE ratio		64.8	%		60.9	%		71.8	%		77.3	%		64.7	%		62.9	%		61.4	%
Underwriting expense ratio		29.4	%		30.1	%		18.2	%		18.1	%		27.7	%		29.7	%		27.9	%

Combined ratio		94.2	%		91.0	%		90.0	%		95.4	%		92.4	%		92.6	%		89.3	%

Combined ratio excl. catastrophe losses and prior year reserve development		95.1	%		94.8	%		90.8	%		95.8	%		94.6	%		95.0	%		93.4	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		65.7	%		64.7	%		72.6	%		77.7	%		66.9	%		65.3	%		65.5	%
Current accident year catastrophe losses		2.9	%		4.0	%		1.0	%		1.4	%		3.8	%		3.3	%		2.7	%
Prior accident year loss reserve development		(3.8	%)		(7.8	%)		(1.8	%)		(1.8	%)		(6.0	%)		(5.7	%)		(6.8	%)

Loss and LAE ratio		64.8	%		60.9	%		71.8	%		77.3	%		64.7	%		62.9	%		61.4	%

Page 8

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Gross written premiums	$	1,012		$	1,061		$	1,007		$	1,184		$	948		$	2,073		$	1,924
Ceded reinsurance premiums		(319	)		(339	)		(352	)		(407	)		(302	)		(658	)		(628	)

Net written premiums		693			722			655			777			646			1,415			1,296
Change in unearned premiums		18			(18	)		31			(100	)		11			—			—

Net earned premiums		711			704			686			677			657			1,415			1,296
Loss and LAE		421			417			381			374			354			838			698
Underwriting expense		195			199			177			185			173			394			344

Underwriting profit	$	95		$	88		$	128		$	118		$	130		$	183		$	254

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	2		$	—		$	(1	)	$	1		$	—		$	2		$	—
Catastrophe losses		6			3			8			2			—			9			1

Total current accident year catastrophe losses	$	8		$	3		$	7		$	3		$	—		$	11		$	1

Prior year loss reserve development (favorable) / adverse	$	(24	)	$	(27	)	$	(50	)	$	(42	)	$	(49	)	$	(51	)	$	(98	)

Combined ratio:
Loss and LAE ratio		59.2	%		59.2	%		55.4	%		55.3	%		53.9	%		59.2	%		53.9	%
Underwriting expense ratio		27.4	%		28.3	%		25.9	%		27.3	%		26.2	%		27.9	%		26.5	%

Combined ratio		86.6	%		87.5	%		81.3	%		82.6	%		80.1	%		87.1	%		80.4	%

Combined ratio excl. catastrophe losses and prior year reserve development		89.0	%		90.9	%		87.5	%		88.5	%		87.5	%		90.0	%		87.9	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		61.6	%		62.6	%		61.6	%		61.2	%		61.3	%		62.1	%		61.4	%
Current accident year catastrophe losses		1.0	%		0.4	%		1.1	%		0.4	%		0.1	%		0.7	%		0.0	%
Prior accident year loss reserve development		(3.4	%)		(3.8	%)		(7.3	%)		(6.3	%)		(7.5	%)		(3.6	%)		(7.5	%)

Loss and LAE ratio		59.2	%		59.2	%		55.4	%		55.3	%		53.9	%		59.2	%		53.9	%

Page 9

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Gross written premiums	$	298		$	222		$	237		$	232		$	213		$	520		$	413
Ceded reinsurance premiums		(58	)		(38	)		(38	)		(56	)		(36	)		(96	)		(77	)

Net written premiums		240			184			199			176			177			424			336
Change in unearned premiums		(45	)		12			(6	)		(5	)		(6	)		(33	)		(2	)

Net earned premiums		195			196			193			171			171			391			334
Loss and LAE		79			71			66			80			44			150			92
Underwriting expense		106			99			94			76			90			205			176

Underwriting profit	$	10		$	26		$	33		$	15		$	37		$	36		$	66

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	(10	)	$	13		$	—		$	—		$	—
Catastrophe losses		19			4			7			21			3			23			5

Total current accident year catastrophe losses	$	19		$	4		$	(3	)	$	34		$	3		$	23		$	5

Prior year loss reserve development (favorable) / adverse	$	(11	)	$	(3	)	$	(8	)	$	(11	)	$	(15	)	$	(14	)	$	(28	)

Combined ratio:
Loss and LAE ratio		40.9	%		36.0	%		33.8	%		47.2	%		25.7	%		38.5	%		27.5	%
Underwriting expense ratio		54.1	%		50.5	%		49.3	%		44.1	%		52.7	%		52.3	%		52.6	%

Combined ratio		95.0	%		86.5	%		83.1	%		91.3	%		78.4	%		90.8	%		80.1	%

Combined ratio excl. catastrophe losses and prior year reserve development		91.1	%		85.7	%		85.3	%		82.4	%		85.7	%		88.5	%		87.2	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		37.0	%		35.2	%		36.0	%		38.3	%		33.0	%		36.2	%		34.6	%
Current accident year catastrophe losses		9.6	%		2.2	%		1.9	%		15.2	%		1.6	%		5.8	%		1.4	%
Prior accident year loss reserve development		(5.7	%)		(1.4	%)		(4.1	%)		(6.3	%)		(8.9	%)		(3.5	%)		(8.5	%)

Loss and LAE ratio		40.9	%		36.0	%		33.8	%		47.2	%		25.7	%		38.5	%		27.5	%

Page 10

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		66			61			61			72			61			127			119

Net written premiums		66			61			61			72			61			127			119
Change in unearned premiums		1			1			1			(10	)		(1	)		2			(2	)

Net earned premiums		67			62			62			62			60			129			117
Loss and LAE		60			42			51			56			48			102			92
Underwriting expense		21			22			23			20			21			43			41

Underwriting profit (loss)	$	(14	)	$	(2	)	$	(12	)	$	(14	)	$	(9	)	$	(16	)	$	(16	)

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	(1	)	$	—		$	—		$	—		$	—
Catastrophe losses		11			5			1			1			—			16			—

Total current accident year catastrophe losses	$	11		$	5		$	—		$	1		$	—		$	16		$	—

Prior year loss reserve development (favorable) / adverse	$	(5	)	$	3		$	13		$	12		$	8		$	(2	)	$	15

Combined ratio:
Loss and LAE ratio		91.1	%		69.0	%		83.3	%		89.3	%		79.6	%		80.3	%		78.4	%
Underwriting expense ratio		31.1	%		34.5	%		34.8	%		33.4	%		35.0	%		32.8	%		35.4	%

Combined ratio		122.2	%		103.5	%		118.1	%		122.7	%		114.6	%		113.1	%		113.8	%

Combined ratio excl. catastrophe losses and prior year reserve development		111.7	%		92.0	%		98.5	%		100.7	%		101.5	%		102.1	%		100.7	%

Loss and LAE components:
Current accident year, excluding catastrophe losses		80.6	%		57.5	%		63.7	%		67.3	%		66.5	%		69.3	%		65.3	%
Current accident year catastrophe losses		18.0	%		7.5	%		0.7	%		1.1	%		0.1	%		12.9	%		0.2	%
Prior accident year loss reserve development		(7.5	%)		4.0	%		18.9	%		20.9	%		13.0	%		(1.9	%)		12.9	%

Loss and LAE ratio		91.1	%		69.0	%		83.3	%		89.3	%		79.6	%		80.3	%		78.4	%

Page 11

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22
Assets:
Total cash and investments	$	14,489		$	14,451		$	14,512		$	14,322		$	14,268		$	15,601
Recoverables from reinsurers		3,852			3,838			3,977			4,108			3,567			3,478
Prepaid reinsurance premiums		1,112			1,021			917			1,180			1,006			933
Agents’ balances and premiums receivable		1,796			1,459			1,339			1,698			1,623			1,391
Deferred policy acquisition costs		316			285			288			292			293			271
Assets of managed investment entities		5,235			5,391			5,447			5,099			5,218			5,231
Other receivables		721			637			886			1,328			740			645
Other assets		1,281			1,153			1,219			1,259			1,123			966
Goodwill		246			246			246			246			246			246

Total assets	$	29,048		$	28,481		$	28,831		$	29,532		$	28,084		$	28,762

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	11,925		$	11,761		$	11,974		$	12,067		$	11,201		$	10,986
Unearned premiums		3,686			3,435			3,246			3,785			3,397			3,206
Payable to reinsurers		1,038			911			1,035			1,366			971			910
Liabilities of managed investment entities		5,098			5,258			5,332			5,002			5,133			5,112
Long-term debt		1,474			1,478			1,496			1,533			1,542			1,917
Other liabilities		1,834			1,697			1,696			1,847			1,773			1,796

Total liabilities	$	25,055		$	24,540		$	24,779		$	25,600		$	24,017		$	23,927
Shareholders’ equity:
Common stock	$	85		$	85		$	85		$	85		$	85		$	85
Capital surplus		1,377			1,374			1,368			1,358			1,351			1,340
Retained earnings		3,042			2,933			3,142			3,091			2,979			3,541
Unrealized gains (losses) - fixed maturities		(464	)		(413	)		(497	)		(554	)		(326	)		(109	)
Unrealized losses - fixed maturity-related cash flow hedges		(33	)		(21	)		(29	)		(29	)		(8	)		(4	)
Other comprehensive income (loss), net of tax		(14	)		(17	)		(17	)		(19	)		(14	)		(18	)

Total shareholders’ equity		3,993			3,941			4,052			3,932			4,067			4,835

Total liabilities and equity	$	29,048		$	28,481		$	28,831		$	29,532		$	28,084		$	28,762

Page 12

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22
Shareholders’ equity	$	3,993		$	3,941		$	4,052		$	3,932		$	4,067		$	4,835
Unrealized (gains) losses related to fixed maturities		497			434			526			583			334			113

Adjusted shareholders’ equity		4,490			4,375			4,578			4,515			4,401			4,948
Goodwill		(246	)		(246	)		(246	)		(246	)		(246	)		(246	)
Intangibles		(102	)		(105	)		(108	)		(111	)		(101	)		(104	)

Tangible adjusted shareholders’ equity	$	4,142		$	4,024		$	4,224		$	4,158		$	4,054		$	4,598

Common shares outstanding		84.859			85.172			85.204			85.141			85.154			85.103
Book value per share:
Book value per share	$	47.06		$	46.27		$	47.56		$	46.18		$	47.76		$	56.81
Adjusted (a)		52.90			51.37			53.73			53.03			51.68			58.14
Tangible, adjusted (b)		48.80			47.25			49.58			48.84			47.60			54.02
Market capitalization
AFG’s closing common share price	$	118.75		$	121.50		$	137.28		$	122.93		$	138.81		$	145.62
Market capitalization	$	10,077		$	10,348		$	11,697		$	10,466		$	11,820		$	12,393
Price / Adjusted book value ratio		2.24			2.37			2.56			2.32			2.69			2.50

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

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

Page 13

American Financial Group, Inc.

Capitalization

($ in millions)


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22
AFG senior obligations	$	823		$	828		$	846		$	884		$	893		$	1,270
Borrowings drawn under credit facility		—			—			—			—			—			—

Debt excluding subordinated debt	$	823		$	828		$	846		$	884		$	893		$	1,270
AFG subordinated debentures		675			675			675			675			675			675

Total principal amount of long-term debt	$	1,498		$	1,503		$	1,521		$	1,559		$	1,568		$	1,945
Shareholders’ equity		3,993			3,941			4,052			3,932			4,067			4,835
Less:
Unrealized (gains) losses related to fixed maturity investments		497			434			526			583			334			113

Total adjusted capital	$	5,988		$	5,878		$	6,099		$	6,074		$	5,969		$	6,893

Ratio of debt to total adjusted capital:
Including subordinated debt		25.0	%		25.6	%		24.9	%		25.7	%		26.3	%		28.2	%
Excluding subordinated debt		13.7	%		14.1	%		13.9	%		14.6	%		15.0	%		18.4	%

Page 14

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Six Months Ended
	6/30/23		3/31/23		12/31/22		9/30/22		6/30/22		6/30/23		6/30/22
Property and Casualty Insurance
Paid Losses (GAAP)	$	802	$	881	$	914	$	776	$	678	$	1,683	$	1,392


	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			3/31/22
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	5,581		$	5,392		$	5,433		$	5,527		$	5,399		$	5,375
Parent and other subsidiaries		(1,077	)		(1,000	)		(838	)		(993	)		(984	)		(409	)

AFG GAAP Equity (excluding AOCI)	$	4,504		$	4,392		$	4,595		$	4,534		$	4,415		$	4,966

Allowable dividends without regulatory approval
Property and Casualty Insurance	$	887		$	887		$	887		$	843		$	843		$	843

Page 15

American Financial Group, Inc.

Total Cash and Investments

($ in millions)


	Carrying Value - June 30, 2023
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	785	$	203	$	—		$	988		7	%
Fixed maturities - Available for sale		9,584		301		—			9,885		68	%
Fixed maturities - Trading		38		—		—			38		0	%
Equity securities - Common stocks		617		—		—			617		4	%
Equity securities - Perpetual preferred		431		—		—			431		3	%
Investments accounted for using the equity method		1,755		1		—			1,756		12	%
Mortgage loans		645		—		—			645		5	%
Real estate and other investments		174		91		(136	)		129		1	%

Total cash and investments	$	14,029	$	596	$	(136	)	$	14,489		100	%


	Carrying Value - December 31, 2022
	Property and Casualty Insurance		Parent & Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	622	$	250	$	—		$	872		6	%
Fixed maturities - Available for sale		9,505		590		—			10,095		70	%
Fixed maturities - Trading		32		—		—			32		0	%
Equity securities - common stocks		553		—		—			553		4	%
Equity securities - perpetual preferred		457		—		—			457		3	%
Investments accounted for using the equity method		1,699		1		—			1,700		12	%
Mortgage loans		676		—		—			676		4	%
Real estate and other investments		153		89		(115	)		127		1	%

Total cash and investments	$	13,697	$	930	$	(115	)	$	14,512		100	%

Page 16

American Financial Group, Inc.

Net Investment Income

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities	$	117		$	112		$	107		$	93		$	82		$	229		$	158
Equity securities		8			9			13			8			7			17			14
Other investments (a)		16			13			14			12			9			29			14

Gross investment income excluding alternative investments		141			134			134			113			98			275			186
Gross investment income from alternative investments (b)		55			78			28			36			62			133			201

Total gross investment income		196			212			162			149			160			408			387
Investment expenses		(5	)		(5	)		(3	)		(4	)		(4	)		(10	)		(8	)

Total net investment income	$	191		$	207		$	159		$	145		$	156		$	398		$	379

Average cash and investments (c)	$	14,498		$	14,350		$	14,304		$	14,105		$	13,983		$	14,438		$	13,878

Average yield - fixed maturities before inv expenses (d)		4.62	%		4.40	%		4.15	%		3.73	%		3.33	%		4.51	%		3.29	%
Average yield - overall portfolio, net (d)		5.27	%		5.77	%		4.45	%		4.11	%		4.46	%		5.51	%		5.46	%
Average tax equivalent yield - overall portfolio, net (d)		5.34	%		5.83	%		4.53	%		4.21	%		4.56	%		5.58	%		5.56	%
AFG consolidated net investment income:
Property & Casualty core	$	191		$	207		$	159		$	145		$	156		$	398		$	379
Parent & other		12			11			9			10			—			23			5
Consolidate CLOs		(5	)		(1	)		—			(4	)		12			(6	)		14

Total net investment income	$	198		$	217		$	168		$	151		$	168		$	415		$	398

Average cash and investments (c)	$	15,025		$	15,058		$	15,083		$	14,852		$	15,210		$	15,064		$	15,331

Average yield - overall portfolio, net (d)		5.27	%		5.76	%		4.46	%		4.07	%		4.42	%		5.51	%		5.19	%
Average yield - fixed maturities before inv expenses (d)		4.67	%		4.43	%		4.19	%		3.74	%		3.17	%		4.55	%		3.14	%

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

(b)	Investment income on alternative investments is detailed on page 18.

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

(d)	Average yield is calculated by dividing investment income for the period by the average balance.

Page 17

American Financial Group, Inc.

Alternative Investments

($ in millions)


	Three Months Ended															Six Months Ended
	6/30/23			3/31/23			12/31/22			9/30/22			6/30/22			6/30/23			6/30/22
Property and Casualty Insurance:
Net Investment Income
Convertible fixed maturities MTM through investment income	$	8		$	4		$	—		$	—		$	—		$	12		$	—
Equity securities MTM through investment income (a)		14			16			7			(5	)		(2	)		30			6
Investments accounted for using the equity method (b)		28			57			21			37			76			85			209
AFG managed CLOs (eliminated in consolidation)		5			1			—			4			(12	)		6			(14	)

Total Property & Casualty	$	55		$	78		$	28		$	36		$	62		$	133		$	201

Investments
Convertible fixed maturities MTM through investment income	$	28		$	19		$	—		$	—		$	—		$	28		$	—
Equity securities MTM through investment income (a)		423			377			332			289			276			423			276
Investments accounted for using the equity method (b)		1,755			1,732			1,699			1,661			1,626			1,755			1,626
AFG managed CLOs (eliminated in consolidation)		136			132			115			97			85			136			85

Total Property & Casualty	$	2,342		$	2,260		$	2,146		$	2,047		$	1,987		$	2,342		$	1,987

Annualized Return - Property & Casualty		9.6	%		14.2	%		5.3	%		7.1	%		12.4	%		11.8	%		20.7	%
AFG Consolidated:
Net Investment Income
Convertible fixed maturities MTM through investment income	$	8		$	4		$	—		$	—		$	—		$	12		$	—
Equity securities MTM through investment income (a)		14			16			7			(5	)		(2	)		30			6
Investments accounted for using the equity method (b)		28			57			21			37			76			85			209
AFG managed CLOs (eliminated in consolidation)		5			1			—			4			(12	)		6			(14	)

Total AFG Consolidated	$	55		$	78		$	28		$	36		$	62		$	133		$	201

Investments
Convertible fixed maturities MTM through investment income	$	28		$	19		$	—		$	—		$	—		$	28		$	—
Equity securities MTM through investment income (a)		423			377			332			289			276			423			276
Investments accounted for using the equity method (b)		1,756			1,733			1,700			1,661			1,626			1,756			1,626
AFG managed CLOs (eliminated in consolidation)		136			132			115			97			85			136			85

Total AFG Consolidated	$	2,343		$	2,261		$	2,147		$	2,047		$	1,987		$	2,343		$	1,987

Annualized Return - AFG Consolidated		9.6	%		14.2	%		5.3	%		7.1	%		12.4	%		11.8	%		20.7	%

(a)	AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as “fair value through net investment income.”

(b)	The majority of AFG’s investments accounted for using the equity method mark their underlying assets to market through net income.

Page 18

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

($ in millions)


June 30, 2023	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	241	$	229	$	(12	)		2	%		1	%
States, municipalities and political subdivisions		1,012		968		(44	)		10	%		7	%
Foreign government		276		262		(14	)		3	%		2	%
Residential mortgage-backed securities		1,708		1,546		(162	)		15	%		11	%
Commercial mortgage-backed securities		81		79		(2	)		1	%		0	%
Collateralized loan obligations		1,904		1,859		(45	)		19	%		13	%
Other asset-backed securities		2,331		2,169		(162	)		22	%		15	%
Corporate and other bonds		2,957		2,811		(146	)		28	%		19	%

Total AFG consolidated	$	10,510	$	9,923	$	(587	)		100	%		68	%

Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.9 years
December 31, 2022	Book Value (a)		Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	233	$	219	$	(14	)		2	%		2	%
States, municipalities and political subdivisions		1,234		1,186		(48	)		12	%		8	%
Foreign government		266		252		(14	)		2	%		2	%
Residential mortgage-backed securities		1,755		1,598		(157	)		16	%		11	%
Commercial mortgage-backed securities		88		85		(3	)		1	%		1	%
Collateralized loan obligations		1,987		1,921		(66	)		19	%		13	%
Other asset-backed securities		2,428		2,245		(183	)		22	%		15	%
Corporate and other bonds		2,766		2,621		(145	)		26	%		18	%

Total AFG consolidated	$	10,757	$	10,127	$	(630	)		100	%		70	%

Approximate duration - P&C		3.1 years
Approximate duration - P&C including cash		2.9 years

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

Page 19

Appendix A

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type 6/30/2023

($ 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	$	229	$	373	$	244	$	1,294	$	68	$	1,638	$	838	$	22	$	4,706		47	%
AA		—		534		9		39		7		177		280		158		1,204		12	%
A		—		51		4		29		1		42		483		741		1,351		14	%
BBB		—		8		5		—		—		—		448		1,509		1,970		20	%

Subtotal - Investment grade		229		966		262		1,362		76		1,857		2,049		2,430		9,231		93	%
BB		—		—		—		7		3		—		8		214		232		2	%
B		—		—		—		8		—		—		2		61		71		1	%
CCC, CC, C		—		—		—		95		—		—		4		6		105		1	%
D		—		—		—		8		—		—		—		2		10		0	%

Subtotal - Non-Investment grade		—		—		—		118		3		—		14		283		418		4	%
Not Rated (b)		—		2		—		66		—		2		106		98		274		3	%

Total	$	229	$	968	$	262	$	1,546	$	79	$	1,859	$	2,169	$	2,811	$	9,923		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	229	$	960	$	214	$	1,485	$	76	$	1,690	$	1,611	$	940	$	7,205		75	%
2		—		8		—		7		—		—		447		1,515		1,977		21	%

Subtotal		229		968		214		1,492		76		1,690		2,058		2,455		9,182		96	%
3		—		—		—		1		3		—		8		241		253		3	%
4		—		—		—		—		—		—		2		74		76		1	%
5		—		—		—		3		—		—		9		21		33		0	%
6		—		—		—		—		—		—		—		2		2		0	%

Subtotal		—		—		—		4		3		—		19		338		364		4	%
Total insurance companies	$	229	$	968	$	214	$	1,496	$	79	$	1,690	$	2,077	$	2,793	$	9,546		100	%

Total non-insurance (c)		—		—		48		50		—		169		92		18		377

Total	$	229	$	968	$	262	$	1,546	$	79	$	1,859	$	2,169	$	2,811	$	9,923

(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, 89% are NAIC 1 and 5% are NAIC 5.

For Corp/Oth, 23% are NAIC 1, 7% NAIC 2, 25% NAIC 3, 17% NAIC 4, 14% NAIC 5 and 14% are held by non-insurance companies.

For Total, 64% are NAIC 1, 4% NAIC 2, 9% NAIC 3, 6% NAIC 4, 7% NAIC 5 and 10% are held by non-insurance companies.

(c)	83% are investment grade rated.

Page 20

Appendix B

American Financial Group, Inc.

Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022

($ 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	$	219	$	477	$	239	$	1,317	$	63	$	1,708	$	860	$	24	$	4,907		49	%
AA		—		648		9		6		14		169		347		163		1,356		13	%
A		—		50		4		76		2		41		475		670		1,318		13	%
BBB		—		7		—		—		3		—		443		1,287		1,740		17	%

Subtotal - Investment grade		219		1,182		252		1,399		82		1,918		2,125		2,144		9,321		92	%
BB		—		—		—		8		3		—		8		200		219		2	%
B		—		—		—		8		—		—		1		51		60		1	%
CCC, CC, C		—		—		—		103		—		—		5		1		109		1	%
D		—		—		—		8		—		—		—		—		8		0	%

Subtotal - Non-Investment grade		—		—		—		127		3		—		14		252		396		4	%
Not Rated (b)		—		4		—		72		—		3		106		225		410		4	%

Total	$	219	$	1,186	$	252	$	1,598	$	85	$	1,921	$	2,245	$	2,621	$	10,127		100	%


	Fair Value by Type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	219	$	1,178	$	213	$	1,506	$	82	$	1,627	$	1,657	$	878	$	7,360		78	%
2		—		8		—		11		—		—		443		1,310		1,772		19	%

Subtotal		219		1,186		213		1,517		82		1,627		2,100		2,188		9,132		97	%
3		—		—		—		1		3		—		8		239		251		3	%
4		—		—		—		—		—		—		1		46		47		0	%
5		—		—		—		3		—		—		10		22		35		0	%
6		—		—		—		1		—		—		—		—		1		0	%

Subtotal		—		—		—		5		3		—		19		307		334		3	%
Total insurance companies	$	219	$	1,186	$	213	$	1,522	$	85	$	1,627	$	2,119	$	2,495	$	9,466		100	%

Total non-insurance (c)		—		—		39		76		—		294		126		126		661

Total	$	219	$	1,186	$	252	$	1,598	$	85	$	1,921	$	2,245	$	2,621	$	10,127

(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, 95% are NAIC 1 and 5% are NAIC 5.

For Corp/Oth, 53% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.

For Total, 46% are NAIC 1, 7% NAIC 2, 9% NAIC 3 and 31% are held by non-insurance companies.

(c)	76% are investment grade rated.

Page 21

Appendix C

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry 6/30/2023

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Technology		Consumer		Insurance		Other Financials		Basic Industry		REITs		Retailers		Media		Utilities		Capital Goods		Autos		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	22		1	%
AA		5		—		23		41		33		29		—		—		10		—		5		—		—		12		158		6	%
A		34		154		53		54		150		28		11		49		17		3		51		45		41		51		741		26	%
BBB		509		185		140		67		34		86		118		86		33		44		42		34		25		106		1,509		54	%

Subtotal		548		339		226		162		217		143		129		135		60		47		98		79		66		181		2,430		87	%
BB		22		1		29		24		1		12		17		—		50		34		—		2		5		17		214		8	%
B		—		—		2		37		—		—		—		—		—		—		—		4		4		14		61		2	%
CCC, CC, C		—		—		—		1		—		—		—		—		—		—		1		—		—		4		6		0	%
D		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%

Subtotal		22		1		33		62		1		12		17		—		50		34		1		6		9		35		283		10	%
Not Rated (b)		—		—		4		20		14		14		1		—		—		20		—		15		—		10		98		3	%

Total	$	570	$	340	$	263	$	244	$	232	$	169	$	147	$	135	$	110	$	101	$	99	$	100	$	75	$	226	$	2,811		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Technology		Consumer		Insurance		Other Financials		Basic Industry		REITs		Retailers		Media		Utilities		Capital Goods		Autos		Other		Total		% Total
1	$	39	$	154	$	86	$	107	$	183	$	69	$	11	$	49	$	27	$	3	$	56	$	45	$	41	$	70	$	940		34	%
2		509		185		139		69		34		86		118		86		33		44		42		34		25		111		1,515		54	%

Subtotal		548		339		225		176		217		155		129		135		60		47		98		79		66		181		2,455		88	%
3		22		1		28		28		2		14		18		—		50		54		—		2		5		17		241		8	%
4		—		—		2		34		—		—		—		—		—		—		—		19		4		15		74		3	%
5		—		—		5		6		—		—		—		—		—		—		1		—		—		9		21		1	%
6		—		—		2		—		—		—		—		—		—		—		—		—		—		—		2		0	%

Subtotal		22		1		37		68		2		14		18		—		50		54		1		21		9		41		338		12	%
Total insurance companies	$	570	$	340	$	262	$	244	$	219	$	169	$	147	$	135	$	110	$	101	$	99	$	100	$	75	$	222	$	2,793		100	%

Total non-insurance		—		—		1		—		13		—		—		—		—		—		—		—		—		4		18

Total	$	570	$	340	$	263	$	244	$	232	$	169	$	147	$	135	$	110	$	101	$	99	$	100	$	75	$	226	$	2,811

(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 the Total, 23% are NAIC 1, 7% NAIC 2, 25% NAIC 3, 17% NAIC 4, 14% NAIC 5 and 14% are held by non-insurance companies.

Page 22

Appendix D

American Financial Group, Inc.

Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022

($ in millions)


	Fair Value By Industry
Credit Rating (a)	Asset Managers		Banking		Other Financials		Technology		Insurance		Consumer		REITs		Retailers		Basic Industry		Media		Autos		Capital Goods		Energy		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	10	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	24		1	%
AA		—		—		23		39		21		48		—		5		—		—		—		—		16		11		163		6	%
A		52		144		43		54		129		29		54		17		3		—		42		45		—		58		670		26	%
BBB		442		214		90		105		27		44		63		32		83		32		30		22		17		86		1,287		49	%

Subtotal		494		358		156		208		177		121		117		54		86		32		72		67		33		169		2,144		82	%
BB		22		—		12		23		1		22		2		49		8		34		11		1		5		10		200		7	%
B		—		—		—		3		1		26		—		—		—		—		4		4		—		13		51		2	%
CCC, CC, C		—		—		—		—		—		1		—		—		—		—		—		—		—		—		1		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		22		—		12		26		2		49		2		49		8		34		15		5		5		23		252		9	%
Not Rated (b)		1		—		120		11		16		25		12		—		2		23		—		3		1		11		225		9	%

Total	$	517	$	358	$	288	$	245	$	195	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	203	$	2,621		100	%


	Fair Value By Industry
NAIC designation	Asset Managers		Banking		Other Financials		Technology		Insurance		Consumer		REITs		Retailers		Basic Industry		Media		Autos		Capital Goods		Energy		Other		Total		% Total
1	$	52	$	144	$	79	$	103	$	150	$	88	$	54	$	22	$	3	$	—	$	42	$	45	$	16	$	80	$	878		35	%
2		443		213		91		105		29		48		75		32		83		32		30		24		17		88		1,310		53	%

Subtotal		495		357		170		208		179		136		129		54		86		32		72		69		33		168		2,188		88	%
3		22		—		12		29		2		27		2		49		10		54		11		2		6		13		239		9	%
4		—		—		—		5		—		24		—		—		—		—		4		4		—		9		46		2	%
5		—		—		—		3		—		8		—		—		—		3		—		—		—		8		22		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		22		—		12		37		2		59		2		49		10		57		15		6		6		30		307		12	%
Total insurance companies	$	517	$	357	$	182	$	245	$	181	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	198	$	2,495		100	%

Total non-insurance		—		1		106		—		14		—		—		—		—		—		—		—		—		5		126

Total	$	517	$	358	$	288	$	245	$	195	$	195	$	131	$	103	$	96	$	89	$	87	$	75	$	39	$	203	$	2,621

(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, 88% are held by non-insurance companies and 11% are NAIC 1.

For the Total, 53% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.

Page 23

Appendix E

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 6/30/2023

($ in millions)


	Fair Value By Collateral Type

Credit Rating (a)	Commercial Real Estate		Whole Business		TruPS		Railcar		Single Family Rental		Triple Net Lease		Secured Financing (c)		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
Investment Grade
AAA	$	418	$	—	$	47	$	—	$	153	$	133	$	25	$	—	$	5	$	11	$	46	$	838		39	%
AA		6		60		143		—		10		20		5		6		—		11		19		280		13	%
A		—		4		16		157		—		8		31		42		—		22		203		483		22	%
BBB		—		328		—		6		—		—		1		28		59		—		26		448		21	%

Subtotal		424		392		206		163		163		161		62		76		64		44		294		2,049		95	%
BB		—		—		—		—		—		—		1		7		—		—		—		8		0	%
B		—		—		—		—		—		—		—		2		—		—		—		2		0	%
CCC, CC, C		—		—		—		—		—		—		—		4		—		—		—		4		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		—		—		1		13		—		—		—		14		0	%
Not Rated (b)		—		—		—		—		—		—		95		4		—		—		7		106		5	%

Total	$	424	$	392	$	206	$	163	$	163	$	161	$	158	$	93	$	64	$	44	$	301	$	2,169		100	%


	Fair Value By Collateral Type

NAIC designation	Commercial Real Estate ABS		Whole Business		TruPS		Railcar		Single Family Rental		Triple Net Lease		Secured Financing (b)		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Other		Total		% Total
1	$	352	$	64	$	206	$	157	$	162	$	161	$	156	$	48	$	5	$	31	$	269	$	1,611		78	%
2		—		328		—		6		—		—		1		28		59		—		25		447		22	%

Subtotal		352		392		206		163		162		161		157		76		64		31		294		2,058		100	%
3		—		—		—		—		—		—		1		7		—		—		—		8		0	%
4		—		—		—		—		—		—		—		2		—		—		—		2		0	%
5		—		—		—		—		—		—		—		8		—		—		1		9		0	%
6		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		—		—		—		1		17		—		—		1		19		0	%
Total insurance companies	$	352	$	392	$	206	$	163	$	162	$	161	$	158	$	93	$	64	$	31	$	295	$	2,077		100	%

Total non-insurance		72		—		—		—		1		—		—		—		—		13		6		92

Total	$	424	$	392	$	206	$	163	$	163	$	161	$	158	$	93	$	64	$	44	$	301	$	2,169

(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)	89% of not rated securities are NAIC 1, 5% are NAIC 5.

(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, and Commerical and Residental mortgages.

Page 24

Appendix F

American Financial Group, Inc.

Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022

($ in millions)


	Fair Value By Collateral Type

Credit Rating (a)	Commercial Real Estate		Whole Business		TruPS		Secured Financing (c)		Triple Net Lease		Single Family Rental		Railcar		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Auto		Other		Total		% Total
Investment Grade
AAA	$	456	$	—	$	40	$	25	$	138	$	156	$	—	$	—	$	5	$	8	$	3	$	29	$	860		38	%
AA		8		60		186		25		21		11		—		7		—		12		13		4		347		16	%
A		—		4		7		34		8		—		160		38		—		33		—		191		475		21	%
BBB		—		326		—		1		—		—		6		26		62		—		—		22		443		20	%

Subtotal		464		390		233		85		167		167		166		71		67		53		16		246		2,125		95	%
BB		—		—		—		1		—		—		—		7		—		—		—		—		8		0	%
B		—		—		—		—		—		—		—		1		—		—		—		—		1		0	%
CCC, CC, C		—		—		—		—		—		—		—		5		—		—		—		—		5		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		1		—		—		—		13		—		—		—		—		14		0	%
Not Rated (b)		—		—		—		95		—		—		—		5		—		—		—		6		106		5	%

Total	$	464	$	390	$	233	$	181	$	167	$	167	$	166	$	89	$	67	$	53	$	16	$	252	$	2,245		100	%


	Fair Value By Collateral Type

NAIC designation	Commercial Real Estate		Whole Business		TruPS		Secured Financing (c)		Triple Net Lease		Single Family Rental		Railcar		Aircraft		Mortgage Servicer Receivables		Consumer Loans		Auto		Other		Total		% Total
1	$	358	$	64	$	233	$	179	$	167	$	166	$	160	$	46	$	5	$	34	$	16	$	229	$	1,657		78	%
2		—		326		—		1		—		—		6		26		62		—		—		22		443		21	%

Subtotal		358		390		233		180		167		166		166		72		67		34		16		251		2,100		99	%
3		—		—		—		1		—		—		—		7		—		—		—		—		8		0	%
4		—		—		—		—		—		—		—		1		—		—		—		—		1		0	%
5		—		—		—		—		—		—		—		9		—		—		—		1		10		1	%
6		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%

Subtotal		—		—		—		1		—		—		—		17		—		—		—		1		19		1	%
Total insurance companies	$	358	$	390	$	233	$	181	$	167	$	166	$	166	$	89	$	67	$	34	$	16	$	252	$	2,119		100	%

Total non-insurance		106		—		—		—		—		1		—		—		—		19		—		—		126

Total	$	464	$	390	$	233	$	181	$	167	$	167	$	166	$	89	$	67	$	53	$	16	$	252	$	2,245

(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)	95% of not rated securities are NAIC 1 and 5% are NAIC 5.

(c)	Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, and Commerical and Residental mortgages.

Page 25

Appendix G

American Financial Group, Inc.

Real Estate-Related Investments

6/30/2023

($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,208		92	%		95	%		98	%
Fund Investments		56		4	%		—			—
QOZ Fund - Development		18		2	%		—			—
Office		15		1	%		90	%		100	%
Hospitality		10		1	%		—			—
Land Development		5		0	%		—			—
Student Housing		1		0	%		—			—

Total	$	1,313		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	53		53	%	$	—
Marina		35		36	%		—
Office Building		9		9	%		—
Land		2		2	%		—

Total	$	99		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	461		71	%		68	%
Hospitality		126		20	%		51	%
Office		58		9	%		89	%

Total	$	645		100	%		67	%

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

(a)	Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 6/30/23

(c)	Collections for April - June

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Appendix H

American Financial Group, Inc.

Real Estate-Related Investments 12/31/2022

($ in millions)

Investments accounted for using equity method (Real Estate Funds/Investments) (a)


Investment Type	Book Value		% of Book Value			Occupancy (b)			Collection Rate (c)
Multi-family	$	1,127		92	%		95	%		98	%
Fund Investments		52		4	%		—			—
QOZ Fund - Development		19		2	%		—			—
Office		15		1	%		93	%		100	%
Hospitality		9		1	%		—			—
Land Development		6		0	%		—			—
Student Housing		1		0	%		—			—

Total	$	1,229		100	%

Real Estate


Property Type	Book Value		% of Book Value			Debt
Resort & Marina	$	50		52	%	$	—
Marina		35		36	%		—
Office Building		10		10	%		—
Land		2		2	%		—

Total	$	97		100	%	$	—

Mortgage Loans


Property Type	Book Value		% of Book Value			Loan To Value
Multifamily	$	491		73	%		67	%
Hospitality		127		19	%		52	%
Office		58		8	%		1

Total	$	676		100	%		66	%

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

(a)	Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this table only relate to real estate funds/investments.

(b)	Occupancy as of 12/31/22

(c)	Collections for October - December

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