Specialty Property and

Casualty Insurance

Association of Insurance and Financial Analysts (AIFA)

2024 Annual Conference

March 5, 2024

Forward Looking Statements

Certain statements made during this presentation, as well as included in this document, are not historical facts and may be considered "forward-looking statements" and are based on estimates, assumptions and projections which management believes are reasonable but by their nature subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward- looking statements.

The reasons which could cause actual results and/or financial condition to differ materially from those suggested by such forward-looking statements include but are not limited to those discussed or identified from time-to-time in AFG's filings with the Securities and Exchange Commission, including the annual report on Form 10-K and the quarterly reports on Form 10-Q. We do not promise to update such forward-looking statements to reflect actual results or changes in assumptions or other factors that could affect these statements.

Core net operating earnings is a non-GAAP financial measure which sets aside items that are generally not considered to be part of ongoing operations, such as net realized gains and losses, as well as other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations. AFG believes that this non-GAAP measure is a useful tool for investors and analysts in analyzing ongoing operating trends of AFG.

2

A History Dating Back More Than 150 Years

We are specialists in providing P&C insurance products that help businesses manage their unique financial risks and exposures.

Approximately 55% of Specialty P&C Group gross written premium is produced by businesses with "top 10" market rankings

Superior Underwriting

Specialty P&C

Talent

Combined Ratio

7.4%

11 years

Points of COR outperformance

Consecutive years

vs. peers over 10-year period

under 94%

ended 12/31/2023

Overall Specialty P&C combined ratio of 90.3% for the twelve months ended December 31, 2023

Record premium production for the twelve months ended December 31, 2023

3

Top Tier Specialty Property & Casualty Insurer

Entrepreneurial Culture, Strategic Alignment of Interests

Market Leading P&C Insurance Specialist

Consistent Investment Outperformance

Superior Capital Management and Strong Balance Sheet

4

Our values form the

foundation of our business,

shape our priorities, and set our expectations for how we conduct our business, service our customers and interact with each other.

5

Strategic Alignment of Interests for Optimal Results

Significant Ownership

by Management

15%

25%

60%

Individual Institutional Family, Investors Investors Executives and

Retirement Plan

Unique, Incentive-Based

Programs for P&C Business

Leaders

  • Annual awards
    • based on AY COR targets derived from ROE thresholds
    • paid over 2-3 years; claw back feature
  • Long Term Incentive Comp (LTIC) Plan
    • 5-yearmeasurement period based on AY COR targets derived from ROE thresholds
    • paid out over the following 4-5 years
  • Attract, retain and reward key operating executives & officers

Profit Sharing for Employees

  • Our Profit-Sharing Plan is a key component of AFG's Total Rewards Program, rewarding eligible employees for their contributions toward overall performance

Innovator in Risk Sharing and

Alternative Risk Transfer Programs

For Policyholders and Agents

  • A leader in providing risk sharing alternatives to the passenger transportation, moving & storage and trucking specialty transportation industries
  • Through collaboration and specialized knowledge, we work with a variety of agency and group risk sharing programs in a wide range of industry segments in our Targeted Markets operations
  • Our Strategic Comp business offers unique coverage options for workers' comp accounts that include higher retentions and specialty loss prevention - giving businesses more control over their costs, risks, and outcomes
  • Innovative commission structures for distribution

partners reward production of profitable business

6

Building Long-Term Value for AFG Shareholders

10 YEAR VIEW

OF

TOTAL VALUE

CREATION

Growth in Adjusted BVPS + Dividends

11%

CAGR

Superior P&C

Superior

Intelligent

Underwriting

Investment

Deployment of

Results

Talent

Capital

  • VALUE CREATION

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Adjusted Book Value excludes unrealized gains and losses related to fixed maturities.

7

Focusing on What We Know Best

Sale of

Commercial

Lines Division

1998 2000

Start-up of

Financial

Institution

Services

Acquired all

IPO of Infinity

minority

Property and

shares of Great

Casualty; exit

American

personal auto

Financial

business

Resources, Inc.

2003

2005

2007

2008

Acquisition of

Acquisitions of

Farmer's Crop

Strategic

Insurance

Comp &

Alliance

Marketform

IPO of National

Group Ltd.

Interstate

Start-up of

Corporation

Environmental

Division

2010

Acquisition of Vanliner

Acquisition of

Acquired

Start-up of

Summit Holding

remaining 49%

Start-up of Public

Southeast, Inc.

of NATL

Accident &

Acquisition of

shares not

Health

Acquisition of

Sector Division

Start-up of

owned by AFG

Business

Crop Risk

Sale of Medicare

Aviation Division

Start-up of

Acquired Atlas

Verikai, Inc.

Services

Sale of

supplement &

Acquisition of

El Aguila

Financial

critical illness

Public Sector

Specialty P&C

paratransit

Annuity

businesses

renewal rights

Division

business

Business

2012

2013

2014

2015

2016

2018

2019

2020

2021

2022

2023

Start-up of

Sale of long-

Acquired Tank

Sale of Neon and

Start-up of

Professional

term care

Owner Members

exit from Lloyd's

Medical Stop

Liability Division

business

Insurance Company

market

Loss Business

Start-up of Great

(TOMIC) business

Acquired ABA

American's

Singapore

Insurance

branch

Services Inc.

Start-up of M&A

(ABAIS)

Liability Division

Start-Ups

Acquisitions

Dispositions

8

We are specialists in providing property and casualty insurance solutions that fulfill today's needs and tomorrow's dreams. We are a trusted partner in delivering long- term value to our customers, employees and investors.

Specialty P&C Insurance Operations

PROPERTY &

SPECIALTY

SPECIALTY

TRANSPORTATION

CASUALTY

FINANCIAL

Agribusiness (farm & ranch)

Cyber Risk

Fidelity / Crime

Commercial Automobile

Excess and Surplus

Financial Institution Services

Commercial Property

Executive & Professional Liability

Lease and Loan Services

Crop

General Liability

Surety

Equine Mortality

M&A Liability

Trade Credit

Inland and Ocean Marine

Medical Stop Loss

Public Entities

Targeted Programs

Umbrella and Excess Liability

Workers' Compensation

9

Great American Insurance Company's Ratings

A+ A+ A1

Superior Strong

Diversified product offerings in niche markets

Consistent, solid underwriting results

Strong market positions

Strong capitalization

Low catastrophe risk profile

The Numbers Tell Our Story 3,000

Property and casualty insurance companies in the United States

50

Companies on the Ward's 50 List for safety, consistency and performance

4

Rated "A" (Excellent) or better by AM Best for 115 or more years

3

on both lists

1

Great American Insurance Company is 1 of the three

10

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Disclaimer

American Financial Group Inc. published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 12:34:01 UTC.