American Financial (AFG) 8-K American Financial Group, Inc. Announces Fourth Quarter and Full Year Results

Exhibit 99.2

	American Financial Group, Inc.
	Investor Supplement - Fourth Quarter 2020
	February 3, 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 - Fourth Quarter 2020

Section	Page
Table of Contents - Investor Supplement - Fourth Quarter 2020	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
Annuity Earnings	12a
Annuity Earnings - Alternative View	12b
Detail of Annuity Benefits Expense	13
Core Net Spread on Fixed Annuities	14
Statutory Annuity Premiums	15
Fixed Annuity Benefits Accumulated (GAAP)	16
Annuity Non-Core Earnings (Losses)	17
Reconciliation from Core to GAAP Annuity Pretax Earnings	18
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet	19
Book Value Per Share and Price / Book Summary	20
Capitalization	21
Additional Supplemental Information	22
Consolidated Investment Supplement
Total Cash and Investments	23
Net Investment Income	24
Insurance Companies’ Alternative Investments	25
Fixed Maturities - By Security Type - AFG Consolidated	26
Fixed Maturities - By Security Type Portfolio	27
Fixed Maturities - Credit Rating	28
Mortgage-Backed Securities - AFG Consolidated	29
Mortgage-Backed Securities Portfolio	30

Appendix
A.	Components of Core Operating Earnings As Reported	31
B.	Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2020	32
C.	Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2019	33
D.	Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2020	34
E.	Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2019	35
F.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2020	36
G.	Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2019	37
H.	Real Estate-Related Investments 12/31/2020	38
I.	Real Estate-Related Investments 12/31/2019	39

Page 2

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

	Three Months Ended															Twelve Months End
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Highlights
Net earnings (loss)	$	692		$	164		$	177		$	(301	)	$	211		$	732		$	897
Core net operating earnings		269			217			95			171			203			752			784
Core net operating earnings before alternative investments marked to market		196			163			139			178			173			676			647
Total assets		73,566			73,110			70,867			67,643			70,130			73,566			70,130
Adjusted shareholders’ equity (a)		5,493			5,087			5,049			4,987			5,390			5,493			5,390
Property and Casualty net written premiums		1,216			1,488			1,123			1,165			1,313			4,992			5,342
Gross Annuity statutory premiums		1,319			871			687			1,210			1,139			4,087			4,960
Net Annuity statutory premiums		1,073			703			609			1,210			1,139			3,595			4,960
Per share data
Diluted earnings (loss) per share	$	7.93		$	1.86		$	1.97		$	(3.34	)	$	2.31		$	8.20		$	9.85
Core net operating earnings per share		3.09			2.45			1.05			1.88			2.22			8.44			8.62
Core net operating earnings per share before alternative investments marked to market		2.25			1.84			1.53			1.96			1.90			7.58			7.11
Adjusted book value per share (a)		63.61			58.29			56.95			55.52			59.70			63.61			59.70
Cash dividends per common share		2.5000			0.4500			0.4500			0.4500			2.2500			3.8500			4.9500
Financial ratios
Annualized return on equity (b)		52.1	%		12.9	%		14.1	%		(23.1	%)		15.6	%		14.0	%		17.1	%
Annualized core operating return on equity (b)		20.3	%		17.1	%		7.5	%		13.2	%		15.0	%		14.4	%		14.9	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		58.6	%		63.8	%		62.6	%		58.5	%		63.2	%		60.9	%		61.5	%
Underwriting expense ratio		27.6	%		28.3	%		32.6	%		33.7	%		30.3	%		30.4	%		32.2	%
Combined ratio - Specialty		86.2	%		92.1	%		95.2	%		92.2	%		93.5	%		91.3	%		93.7	%
Net interest spread on fixed annuities - before alternative investments marked to market		1.59	%		1.51	%		1.60	%		1.59	%		1.71	%		1.57	%		1.69	%
Alternative investments marked to market		0.69	%		0.45	%		(0.36	%)		(0.06	%)		0.23	%		0.17	%		0.29	%
Net interest spread on fixed annuities - including alternative investments marked to market		2.28	%		1.96	%		1.24	%		1.53	%		1.94	%		1.74	%		1.98	%
Net spread earned on fixed annuities:
Core operating - before alternative investments marked to market		0.83	%		0.80	%		0.80	%		0.81	%		0.87	%		0.81	%		0.82	%
Alternative investments marked to market, net of DAC		0.59	%		0.39	%		(0.41	%)		(0.12	%)		0.20	%		0.10	%		0.26	%
Core operating		1.42	%		1.19	%		0.39	%		0.69	%		1.07	%		0.91	%		1.08	%

(a) Excludes unrealized gains related to fixed maturity investments, a reconciliation to the GAAP measure is on page 20.

(b) Excludes accumulated other comprehensive income.

Page 3

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Property and Casualty Insurance
Underwriting profit	$	163		$	103		$	52		$	88		$	88		$	406		$	306
Net investment income		122			111			72			99			120			404			472
Other expense		(11	)		(9	)		(8	)		(6	)		(9	)		(34	)		(25	)
Property and Casualty Insurance operating earnings		274			205			116			181			199			776			753
Annuity operating earnings		129			121			42			67			104			359			398
Interest expense of parent holding companies		(24	)		(24	)		(23	)		(17	)		(18	)		(88	)		(68	)
Other expense		(33	)		(28	)		(20	)		(20	)		(32	)		(101	)		(106	)
Pretax core operating earnings		346			274			115			211			253			946			977
Income tax expense		77			57			20			40			50			194			193
Core net operating earnings		269			217			95			171			203			752			784
Non-core items, net of tax:
Realized gains (losses) on securities		468			35			161			(435	)		51			229			227
Annuity non-core earnings (losses)		(38	)		(34	)		(47	)		(30	)		19			(149	)		(29	)
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	)		(58	)		(39	)		(58	)
Other non-core items		(4	)		(3	)		—			—			(4	)		(7	)		(4	)
Net earnings (loss)	$	692		$	164		$	177		$	(301	)	$	211		$	732		$	897

Page 4

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Core net operating earnings	$	269		$	217		$	95		$	171		$	203		$	752		$	784
Net earnings (loss)	$	692		$	164		$	177		$	(301	)	$	211		$	732		$	897
Average number of diluted shares - core		87.156			88.546			89.997			91.138			91.274			89.202			91.024
Average number of diluted shares - net		87.156			88.546			89.997			90.295			91.274			89.202			91.024
Diluted earnings per share:
Core net operating earnings per share	$	3.09		$	2.45		$	1.05		$	1.88		$	2.22		$	8.44		$	8.62
Realized gains (losses) on securities		5.36			0.40			1.80			(4.81	)		0.56			2.56			2.47
Annuity non-core earnings (losses)		(0.44	)		(0.38	)		(0.52	)		(0.34	)		0.21			(1.67	)		(0.31	)
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	)		(0.64	)		(0.45	)		(0.64	)
Other non-core items		(0.04	)		(0.03	)		—			—			(0.04	)		(0.07	)		(0.04	)
Diluted earnings (loss) per share	$	7.93		$	1.86		$	1.97		$	(3.34	)	$	2.31		$	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
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Property and Transportation	$	74		$	47		$	33		$	27		$	(2	)	$	181		$	79
Specialty Casualty		91			53			27			52			69			223			175
Specialty Financial		20			13			—			17			32			50			92
Other Specialty		(6	)		(9	)		(6	)		(7	)		(10	)		(28	)		(21	)
Underwriting profit — Specialty		179			104			54			89			89			426			325
Other core charges, included in loss and LAE		(16	)		(1	)		(2	)		(1	)		(1	)		(20	)		(19	)
Underwriting profit — Core		163			103			52			88			88			406			306
Special A&E charges, included in loss and LAE		—			(47	)		—			—			—			(47	)		(18	)
Neon exited lines (a)		(53	)		(38	)		(43	)		(1	)		(76	)		(135	)		(76	)
Underwriting profit (loss) — Property and Casualty Insurance	$	110		$	18		$	9		$	87		$	12		$	224		$	212
Included in results above:
COVID-19 related losses	$	—		$	—		$	105		$	10		$	—		$	115		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	(3	)	$	5		$	—		$	—		$	1		$	2		$	1
Catastrophe loss		41			52			26			9			14			128			60
Total current accident year catastrophe losses	$	38		$	57		$	26		$	9		$	15		$	130		$	61
Prior year loss reserve development (favorable) / adverse	$	(8	)	$	—		$	(77	)	$	(42	)	$	(45	)	$	(127	)	$	(143	)
Combined ratio:
Property and Transportation		85.8	%		91.9	%		91.7	%		92.9	%		100.4	%		90.4	%		95.7	%
Specialty Casualty		84.0	%		90.7	%		94.9	%		90.7	%		89.7	%		90.0	%		93.3	%
Specialty Financial		86.8	%		91.6	%		100.4	%		89.1	%		79.6	%		91.8	%		85.0	%
Other Specialty		116.9	%		115.6	%		114.2	%		117.7	%		122.5	%		116.1	%		113.3	%
Combined ratio — Specialty		86.2	%		92.1	%		95.2	%		92.2	%		93.5	%		91.3	%		93.7	%
Other core charges		1.2	%		0.1	%		0.2	%		0.1	%		0.1	%		0.5	%		0.4	%
Neon exited lines charge		4.2	%		3.1	%		3.8	%		0.5	%		5.5	%		2.7	%		1.4	%
Special A&E charges		0.0	%		3.5	%		0.0	%		0.0	%		0.0	%		1.0	%		0.3	%
Combined ratio		91.6	%		98.8	%		99.2	%		92.8	%		99.1	%		95.5	%		95.8	%
P&C combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		89.1	%		95.0	%		94.8	%		94.6	%		101.4	%		93.3	%		97.4	%
Loss and LAE components — property and casualty insurance
Current accident year, excluding COVID-19 related and catastrophe losses		60.1	%		66.0	%		60.7	%		60.3	%		68.9	%		61.9	%		64.6	%
COVID-19 related losses		0.0	%		0.0	%		8.8	%		0.8	%		0.0	%		2.2	%		0.0	%
Current accident year catastrophe losses		3.1	%		3.8	%		2.1	%		0.8	%		1.0	%		2.5	%		1.2	%
Prior accident year loss reserve development		(0.6	%)		0.0	%		(6.5	%)		(3.4	%)		(3.3	%)		(2.5	%)		(2.8	%)
Loss and LAE ratio		62.6	%		69.8	%		65.1	%		58.5	%		66.6	%		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
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Gross written premiums	$	1,707		$	2,223		$	1,539		$	1,526		$	1,749		$	6,995		$	7,299
Ceded reinsurance premiums		(491	)		(735	)		(416	)		(361	)		(436	)		(2,003	)		(1,957	)
Net written premiums		1,216			1,488			1,123			1,165			1,313			4,992			5,342
Change in unearned premiums		83			(149	)		—			(27	)		57			(93	)		(157	)
Net earned premiums		1,299			1,339			1,123			1,138			1,370			4,899			5,185
Loss and LAE		762			855			703			666			865			2,986			3,188
Underwriting expense		358			380			366			383			416			1,487			1,672
Underwriting profit	$	179		$	104		$	54		$	89		$	89		$	426		$	325
Included in results above:
COVID-19 related losses	$	—		$	—		$	85		$	10		$	—		$	95		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	(3	)	$	5		$	—		$	—		$	1		$	2		$	1
Catastrophe loss		20			36			26			9			14			91			60
Total current accident year catastrophe losses	$	17		$	41		$	26		$	9		$	15		$	93		$	61
Prior year loss reserve development (favorable) / adverse	$	(32	)	$	(48	)	$	(85	)	$	(48	)	$	(53	)	$	(213	)	$	(187	)
Combined ratio:
Loss and LAE ratio		58.6	%		63.8	%		62.6	%		58.5	%		63.2	%		60.9	%		61.5	%
Underwriting expense ratio		27.6	%		28.3	%		32.6	%		33.7	%		30.3	%		30.4	%		32.2	%
Combined ratio		86.2	%		92.1	%		95.2	%		92.2	%		93.5	%		91.3	%		93.7	%
Specialty combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		87.1	%		93.1	%		92.9	%		94.7	%		96.3	%		91.9	%		96.2	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		59.5	%		64.8	%		60.3	%		61.0	%		66.0	%		61.5	%		64.0	%
COVID-19 related losses		0.0	%		0.0	%		7.6	%		0.9	%		0.0	%		1.9	%		0.0	%
Current accident year catastrophe losses		1.5	%		2.7	%		2.3	%		0.8	%		1.0	%		1.9	%		1.2	%
Prior accident year loss reserve development		(2.4	%)		(3.7	%)		(7.6	%)		(4.2	%)		(3.8	%)		(4.4	%)		(3.7	%)
Loss and LAE ratio		58.6	%		63.8	%		62.6	%		58.5	%		63.2	%		60.9	%		61.5	%

Page 7

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Gross written premiums	$	647		$	1,061		$	611		$	494		$	628		$	2,813		$	2,759
Ceded reinsurance premiums		(207	)		(426	)		(185	)		(108	)		(179	)		(926	)		(883	)
Net written premiums		440			635			426			386			449			1,887			1,876
Change in unearned premiums		81			(61	)		(36	)		—			56			(16	)		(48	)
Net earned premiums		521			574			390			386			505			1,871			1,828
Loss and LAE		329			403			239			237			392			1,208			1,297
Underwriting expense		118			124			118			122			115			482			452
Underwriting profit	$	74		$	47		$	33		$	27		$		(2)	$	181		$	79
Included in results above:
COVID-19 related losses	$	—		$	1		$	3		$	3		$	—		$	7		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		6			18			15			8			7			47			32
Total current accident year catastrophe losses	$	6		$	18		$	15		$	8		$	7		$	47		$	32
Prior year loss reserve development (favorable) / adverse	$	(29	)	$	(26	)	$	(28	)	$	(24	)	$	(18	)	$	(107	)	$	(67	)
Combined ratio:
Loss and LAE ratio		63.3	%		70.1	%		61.3	%		61.4	%		77.8	%		64.6	%		71.0	%
Underwriting expense ratio		22.5	%		21.8	%		30.4	%		31.5	%		22.6	%		25.8	%		24.7	%
Combined ratio		85.8	%		91.9	%		91.7	%		92.9	%		100.4	%		90.4	%		95.7	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		90.0	%		93.2	%		94.3	%		96.2	%		102.5	%		93.2	%		97.5	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		67.5	%		71.4	%		63.9	%		64.7	%		79.9	%		67.4	%		72.8	%
COVID-19 related losses		0.2	%		0.1	%		0.8	%		0.6	%		0.0	%		0.4	%		0.0	%
Current accident year catastrophe losses		1.2	%		3.1	%		3.8	%		2.2	%		1.4	%		2.5	%		1.8	%
Prior accident year loss reserve development		(5.6	%)		(4.5	%)		(7.2	%)		(6.1	%)		(3.5	%)		(5.7	%)		(3.6	%)
Loss and LAE ratio		63.3	%		70.1	%		61.3	%		61.4	%		77.8	%		64.6	%		71.0	%

Page 8

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Gross written premiums	$	865		$	978		$	752		$	849		$	929		$	3,444		$	3,768
Ceded reinsurance premiums		(300	)		(336	)		(241	)		(263	)		(260	)		(1,140	)		(1,067	)
Net written premiums		565			642			511			586			669			2,304			2,701
Change in unearned premiums		7			(82	)		36			(30	)		7			(69	)		(104	)
Net earned premiums		572			560			547			556			676			2,235			2,597
Loss and LAE		337			352			367			340			402			1,396			1,586
Underwriting expense		144			155			153			164			205			616			836
Underwriting profit	$	91		$	53		$	27		$	52		$	69		$	223		$	175
Included in results above:
COVID-19 related losses		2			(1	)	$	52		$	7		$	—		$	60		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$		(3)	$	5		$	—		$	—		$	1		$	2		$	1
Catastrophe loss		5			3			6			—			5			14			17
Total current accident year catastrophe losses	$	2		$	8		$	6		$	—		$	6		$	16		$	18
Prior year loss reserve development (favorable) / adverse	$	(6	)	$	(16	)	$	(51	)	$	(24	)	$	(25	)	$	(97	)	$	(88	)
Combined ratio:
Loss and LAE ratio		59.0	%		62.9	%		67.1	%		61.1	%		59.4	%		62.5	%		61.1	%
Underwriting expense ratio		25.0	%		27.8	%		27.8	%		29.6	%		30.3	%		27.5	%		32.2	%
Combined ratio		84.0	%		90.7	%		94.9	%		90.7	%		89.7	%		90.0	%		93.3	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		84.0	%		92.9	%		93.8	%		93.6	%		92.7	%		91.0	%		96.0	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		59.0	%		65.1	%		66.0	%		64.0	%		62.4	%		63.5	%		63.8	%
COVID-19 related losses		0.3	%		(0.1	%)		9.5	%		1.3	%		0.0	%		2.7	%		0.0	%
Current accident year catastrophe losses		0.8	%		0.8	%		0.9	%		0.0	%		0.8	%		0.6	%		0.7	%
Prior accident year loss reserve development		(1.1	%)		(2.9	%)		(9.3	%)		(4.2	%)		(3.8	%)		(4.3	%)		(3.4	%)
Loss and LAE ratio		59.0	%		62.9	%		67.1	%		61.1	%		59.4	%		62.5	%		61.1	%

Page 9

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Gross written premiums	$	195		$	184		$	176		$	183		$	192		$	738		$	772
Ceded reinsurance premiums		(32	)		(31	)		(37	)		(34	)		(36	)		(134	)		(155	)
Net written premiums		163			153			139			149			156			604			617
Change in unearned premiums		(5	)		2			5			7			(4	)		9			(7	)
Net earned premiums		158			155			144			156			152			613			610
Loss and LAE		56			62			65			59			40			242			192
Underwriting expense		82			80			79			80			80			321			326
Underwriting profit	$	20		$	13		$	—		$	17		$	32		$	50		$	92
Included in results above:
COVID-19 related losses	$	(3	)	$	(1	)	$	30		$	—		$	—		$	26		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		7			13			5			1			2			26			10
Total current accident year catastrophe losses	$	7		$	13		$	5		$	1		$	2		$	26		$	10
Prior year loss reserve development (favorable) / adverse	$	(6	)	$	(9	)	$	(11	)	$	(2	)	$	(14	)	$	(28	)	$	(38	)
Combined ratio:
Loss and LAE ratio		35.6	%		39.9	%		44.9	%		38.0	%		26.1	%		39.5	%		31.5	%
Underwriting expense ratio		51.2	%		51.7	%		55.5	%		51.1	%		53.5	%		52.3	%		53.5	%
Combined ratio		86.8	%		91.6	%		100.4	%		89.1	%		79.6	%		91.8	%		85.0	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		87.7	%		89.5	%		83.7	%		89.5	%		87.7	%		87.7	%		89.7	%
Loss and LAE components:
Current accident year, excluding COVID-19 related and catastrophe losses		36.5	%		37.8	%		28.2	%		38.4	%		34.2	%		35.4	%		36.2	%
COVID-19 related losses		(1.8	%)		(0.8	%)		21.1	%		0.1	%		0.0	%		4.3	%		0.0	%
Current accident year catastrophe losses		4.5	%		8.6	%		3.6	%		0.6	%		1.1	%		4.3	%		1.6	%
Prior accident year loss reserve development		(3.6	%)		(5.7	%)		(8.0	%)		(1.1	%)		(9.2	%)		(4.5	%)		(6.3	%)
Loss and LAE ratio		35.6	%		39.9	%		44.9	%		38.0	%		26.1	%		39.5	%		31.5	%

Page 10

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

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Gross written premiums	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		48			58			47			44			39			197			148
Net written premiums		48			58			47			44			39			197			148
Change in unearned premiums		—			(8	)		(5	)		(4	)		(2	)		(17	)		2
Net earned premiums		48			50			42			40			37			180			150
Loss and LAE		40			38			32			30			31			140			113
Underwriting expense		14			21			16			17			16			68			58
Underwriting profit (loss)	$	(6	)	$	(9	)	$	(6	)	$	(7	)	$	(10	)	$	(28	)	$	(21	)
Included in results above:
COVID-19 related losses	$	1		$	1		$	—		$	—		$	—		$	2		$	—
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		2			2			—			—			—			4			1
Total current accident year catastrophe losses	$	2		$	2		$	—		$	—		$	—		$	4		$	1
Prior year loss reserve development (favorable) / adverse	$	9		$	3		$	5		$	2		$	4		$	19		$	6
Combined ratio:
Loss and LAE ratio		80.2	%		78.6	%		76.9	%		73.9	%		83.5	%		77.6	%		75.4	%
Underwriting expense ratio		36.7	%		37.0	%		37.3	%		43.8	%		39.0	%		38.5	%		37.9	%
Combined ratio		116.9	%		115.6	%		114.2	%		117.7	%		122.5	%		116.1	%		113.3	%
Combined ratio excl. COVID-19 related losses, catastrophe losses, and prior year loss reserve development		92.5	%		107.8	%		100.3	%		113.4	%		113.4	%		103.1	%		108.9	%

Page 11

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

	Three Months Ended												Twelve Months Ended
	12/31/20		9/30/20		6/30/20			3/31/20			12/31/19		12/31/20		12/31/19
Net investment income (a)	$	368	$	418	$	421		$	428		$	435	$	1,635	$	1,682
Alternative investments marked to market through core operating earnings		61		46		(37	)		(6	)		23		64		110
Guaranteed withdrawal benefit fees		17		18		17			17			17		69		67
Policy charges and other miscellaneous income (b)		19		17		13			18			13		67		52
Total revenues		465		499		414			457			488		1,835		1,911
Annuity benefits (a) (b)		242		282		274			287			285		1,085		1,107
Acquisition expenses		68		64		62			71			65		265		256
Other expenses (a)		26		32		36			32			34		126		139
Total costs and expenses		336		378		372			390			384		1,476		1,502
Pretax Annuity core operating earnings	$	129	$	121	$	42		$	67		$	104	$	359	$	409
Other amounts previously reported as core operating, net (c)		n/a		n/a		n/a			n/a			n/a		n/a		(11	)
Pretax Annuity core operating earnings - as reported	$	129	$	121	$	42		$	67		$	104	$	359	$	398
Components of Pretax Annuity Core Operating Earnings
Pretax annuity core operating earnings before items below	$	77	$	81	$	84		$	79		$	84	$	321	$	309
Other amounts previously reported as core operating, net (c)		n/a		n/a		n/a			n/a			n/a		n/a		(11	)
Pretax annuity core operating earnings before alternative investments marked to market		77		81		84			79			84		321		298
Alternative investments marked to market, net of DAC		52		40		(42	)		(12	)		20		38		100
Pretax Annuity core operating earnings - as reported	$	129	$	121	$	42		$	67		$	104	$	359	$	398

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

(b) Gains received on options in excess of index credits to policyholder are recorded through annuity benefits for GAAP. For the investor supplement presentation, these gains are shown in policy charges and other miscellaneous income.

(c) “Other” primarily reflects (1) the impact of fair value accounting, (2) the impact of changes in the stock market on the liability for guaranteed benefits and DAC, and (3) unlocking.

Page 12a

American Financial Group, Inc. Annuity Earnings - Alternative View ($ in millions)

	Three Months Ended												Twelve Months Ended
	12/31/20		9/30/20		6/30/20			3/31/20			12/31/19		12/31/20		12/31/19
Net investment income (excluding alternative investments marked to market) (a)	$	366	$	416	$	418		$	426		$	433	$	1,626	$	1,673
Guaranteed withdrawal benefit fees		17		18		17			17			17		69		67
Policy charges and other miscellaneous income (b)		16		14		12			15			10		57		41
Total revenues		399		448		447			458			460		1,752		1,781
Annuity benefits (a) (b)		241		281		273			285			284		1,080		1,101
Acquisition expenses (excluding alternative investments marked to market)		58		57		57			61			61		233		240
Other expenses (a)		25		31		35			32			33		123		136
Total costs and expenses		324		369		365			378			378		1,436		1,477
Pretax Annuity core operating earnings (excluding variable annuity earnings and alternative investments marked to market)		75		79		82			80			82		316		304
Variable annuity earnings		2		2		2			(1	)		2		5		5
Pretax Annuity core operating earnings (excluding alternative investments marked to market)		77		81		84			79			84		321		309
Alternative investments marked to market, net of DAC		52		40		(42	)		(12	)		20		38		100
Pretax annuity core operating earnings		129		121		42			67			104		359		409
Other amounts previously reported as core operating, net (c)		n/a		n/a		n/a			n/a			n/a		n/a		(11	)
Pretax Annuity core operating earnings - as reported	$	129	$	121	$	42		$	67		$	104	$	359	$	398

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

(b) Gains received on options in excess of index credits to policyholder are recorded through annuity benefits for GAAP. For the investor supplement presentation, these gains are shown in policy charges and other miscellaneous income.

(c) “Other” primarily reflects (1) the impact of fair value accounting, (2) the impact of changes in the stock market on the liability for guaranteed benefits and DAC, and (3) unlocking.

Page 12b

American Financial Group, Inc. Detail of Annuity Benefits Expense ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Detail of annuity benefits expense:
Cost of funds:
Amortization of options (a)	$	116		$	148		$	148		$	150		$	150		$	562		$	586
Traditional fixed annuities		57			64			64			63			62			248			244
Fixed component of fixed-indexed annuities		21			26			26			25			25			98			94
Immediate annuities		6			5			6			6			6			23			24
Pension risk transfer (PRT)		6			5			4			4			3			19			7
Federal Home Loan Bank		2			1			3			5			6			11			27
Total cost of funds		208			249			251			253			252			961			982
Guaranteed withdrawal benefit reserve		28			26			17			25			24			96			84
Amortization of sales inducements		3			2			2			2			3			9			14
Change in expected death and annuitization reserve and other		3			5			4			7			6			19			27
Total other annuity benefits		34			33			23			34			33			124			125
Total annuity benefits expense	$	242		$	282		$	274		$	287		$	285		$	1,085		$	1,107
(a)   Amortization of options, net of DAC and reserve offsets:
Amortization of options	$	116		$	148		$	148		$	150		$	150		$	562		$	586
DAC and reserve offsets		(58	)		(76	)		(77	)		(77	)		(77	)		(288	)		(297	)
Amortization of options, net of DAC and reserve offsets	$	58		$	72		$	71		$	73		$	73		$	274		$	289

Page 13

American Financial Group, Inc. Core Net Spread on Fixed Annuities ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Average fixed annuity investments (at amortized cost) (a)	$	35,538		$	40,859		$	40,570		$	40,073		$	39,316		$	39,260		$	38,216
Average annuity benefits accumulated		35,414			41,158			40,601			40,139			39,615			39,328			38,460
Annuity benefits accumulated in excess of investments (a)	$	124		$	(299	)	$	(31	)	$	(66	)	$	(299	)	$	(68	)	$	(244	)
As % of average annuity benefits accumulated (except as noted)
Net investment income (excluding alternative investments marked to market) (as % of investments)		4.12	%		4.07	%		4.13	%		4.25	%		4.40	%		4.14	%		4.38	%
Cost of funds		(2.35	%)		(2.42	%)		(2.47	%)		(2.52	%)		(2.54	%)		(2.44	%)		(2.55	%)
Other annuity benefits, net of guaranteed withdrawal benefit fees		(0.18	%)		(0.14	%)		(0.06	%)		(0.14	%)		(0.15	%)		(0.13	%)		(0.14	%)
Core net interest spread on fixed annuities		1.59	%		1.51	%		1.60	%		1.59	%		1.71	%		1.57	%		1.69	%
Policy charges and other miscellaneous income		0.18	%		0.14	%		0.11	%		0.15	%		0.11	%		0.14	%		0.11	%
Acquisition expenses (excluding alternative investments marked to market)		(0.66	%)		(0.55	%)		(0.56	%)		(0.61	%)		(0.62	%)		(0.59	%)		(0.63	%)
Other expenses		(0.28	%)		(0.30	%)		(0.35	%)		(0.32	%)		(0.33	%)		(0.31	%)		(0.35	%)
Core net spread earned on fixed annuities (excluding alternative investments marked to market)		0.83	%		0.80	%		0.80	%		0.81	%		0.87	%		0.81	%		0.82	%
Alternative investments marked to market, net of DAC		0.59	%		0.39	%		(0.41	%)		(0.12	%)		0.20	%		0.10	%		0.26	%
Core net spread earned on fixed annuities		1.42	%		1.19	%		0.39	%		0.69	%		1.07	%		0.91	%		1.08	%
Net spread earned on items previously reported as core operating		n/a			n/a			n/a			n/a			n/a			n/a			(0.03	%)
Core net spread earned on fixed annuities - as reported		1.42	%		1.19	%		0.39	%		0.69	%		1.07	%		0.91	%		1.05	%
Average annuity benefits accumulated	$	35,414		$	41,158		$	40,601		$	40,139		$	39,615		$	39,328		$	38,460
Net spread earned on fixed annuities (excluding alternative investments marked to market) - core		0.83	%		0.80	%		0.80	%		0.81	%		0.87	%		0.81	%		0.82	%
Earnings on fixed annuity benefits accumulated - core	$	74		$	82		$	82		$	81		$	85		$	319		$	314
Annuity benefits accumulated in excess of investments	$	124		$	(299	)	$	(31	)	$	(66	)	$	(299	)	$	(68	)	$	(244	)
Net investment income (excluding alternative investments marked to market) (as % of investments)		4.12	%		4.07	%		4.13	%		4.25	%		4.40	%		4.14	%		4.38	%
Earnings/(loss) on annuity benefits accumulated in excess of investments	$	1		$	(3	)	$	—		$	(1	)	$	(3	)	$	(3	)	$	(10	)
Variable annuity earnings		2			2			2			(1	)		2			5			5
Pretax Annuity core operating earnings (excluding alternative investments marked to market)		77			81			84			79			84			321			309
Alternative investments marked to market, net of DAC		52			40			(42	)		(12	)		20			38			100
Pretax Annuity core operating earnings		129			121			42			67			104			359			409
Other amounts previously reported as core operating, net		n/a			n/a			n/a			n/a			n/a			n/a			(11	)
Pretax Annuity core operating earnings - as reported	$	129		$	121		$	42		$	67		$	104		$	359		$	398

(a) Excludes non-investment assets such as deferred acquisition costs, FIA options, accrued investment income and company owned life insurance.

Page 14

American Financial Group, Inc. Statutory Annuity Premiums ($ in millions)

	Three Months Ended														Twelve Months Ended
	12/31/20				9/30/20			6/30/20			3/31/20		12/31/19		12/31/20			12/31/19
Financial institutions single premium annuities - indexed	$	358			$	332		$	258		$	424	$	359	$	1,372		$	1,537
Financial institutions single premium annuities - fixed		370		��		141			98			287		270		896			1,229
Retail single premium annuities - indexed		147				134			138			172		170		591			943
Retail single premium annuities - fixed		26				17			31			25		25		99			120
Broker dealer single premium annuities - indexed		110				109			100			138		107		457			657
Broker dealer single premium annuities - fixed		5				3			2			17		9		27			32
Pension risk transfer (PRT)		274				99			23			103		158		499			257
Education market - fixed and indexed annuities		25				33			32			39		36		129			164
Subtotal fixed annuity premiums		1,315				868			682			1,205		1,134		4,070			4,939
Variable annuities		4				3			5			5		5		17			21
Total gross annuity premiums	$	1,319			$	871		$	687		$	1,210	$	1,139	$	4,087		$	4,960
Less: Reinsurance		(246	)			(168	)		(78	)		—		—		(492	)		—
Total net annuity premiums	$	1,073			$	703		$	609		$	1,210	$	1,139	$	3,595		$	4,960
Summary by Distribution Channel:
Financial institutions	$	728			$	473		$	356		$	711	$	629	$	2,268		$	2,766
Retail		173				151			169			197		195		690			1,063
Broker dealer		115				112			102			155		116		484			689
Other		303				135			60			147		199		645			442
Total gross annuity premiums	$	1,319			$	871		$	687		$	1,210	$	1,139	$	4,087		$	4,960
Less: Reinsurance		(246	)			(168	)		(78	)		—		—		(492	)		—
Total net annuity premiums	$	1,073			$	703		$	609		$	1,210	$	1,139	$	3,595		$	4,960
Summary by Product Type:
Total indexed	$	627			$	591		$	512		$	753	$	655	$	2,483		$	3,227
Total fixed		688				277			170			452		479		1,587			1,712
Variable		4				3			5			5		5		17			21
Total gross annuity premiums	$	1,319			$	871		$	687		$	1,210	$	1,139	$	4,087		$	4,960
Less: Reinsurance		(246	)			(168	)		(78	)		—		—		(492	)		—
Total net annuity premiums	$	1,073			$	703		$	609		$	1,210	$	1,139	$	3,595		$	4,960

Page 15

American Financial Group, Inc. Fixed Annuity Benefits Accumulated (GAAP) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Beginning fixed annuity reserves	$	41,374		$	40,942		$	40,260		$	40,018		$	39,212		$	40,018		$	36,431
Premiums		1,315			868			682			1,205			1,134			4,070			4,939
Federal Home Loan Bank (“FHLB”) advances (paydowns)		(125	)		—			(40	)		200			—			35			—
Surrenders, benefits and other withdrawals		(1,058	)		(844	)		(768	)		(794	)		(829	)		(3,464	)		(3,260	)
Interest and other annuity benefit expenses:
Cost of funds		208			249			251			253			252			961			982
Embedded derivative marked to market		324			245			601			(647	)		276			523			1,100
Unlockings		—			(73	)		—			—			—			(73	)		(75	)
Other		33			(13	)		(44	)		25			(27	)		1			(99	)
Ending fixed annuity reserves	$	42,071		$	41,374		$	40,942		$	40,260		$	40,018		$	42,071		$	40,018
Reconciliation to annuity benefits accumulated:
Ending fixed annuity reserves	$	42,071		$	41,374		$	40,942		$	40,260		$	40,018		$	42,071		$	40,018
Impact of unrealized investment gains on reserves		338			394			285			38			225			338			225
Fixed component of variable annuities		164			164			165			165			163			164			163
Annuity benefits accumulated per balance sheet	$	42,573		$	41,932		$	41,392		$	40,463		$	40,406		$	42,573		$	40,406
Estimated ceded GAAP reserves (a)		(6,388	)		—			—			—			—			(6,388	)		—
Annuity benefits accumulated, net of reinsurance	$	36,185		$	41,932		$	41,392		$	40,463		$	40,406		$	36,185		$	40,406
Annualized surrenders and other withdrawals as a % of beginning reserves		10.2	%		8.3	%		7.6	%		7.9	%		8.5	%		8.7	%		8.9	%
Rider reserves included in ending fixed annuity reserves above	$	817		$	801		$	680		$	690		$	625		$	817		$	625
Embedded Derivative liability included in ending fixed annuity reserves above	$	3,933		$	3,657		$	3,675		$	3,099		$	3,730		$	3,933		$	3,730

(a) Includes block and flow deal reserves.

Page 16

American Financial Group, Inc. Annuity Non-Core Earnings (Losses) ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Annuity Non-Core Earnings (Losses):
Stock market impact on:
Liability for guaranteed benefits (a)	$	10		$	14		$	22		$		(33)	$	12		$	13		$	34
DAC and sales inducements (b)		4			3			7			(10	)		4			4			11
Fair Value (FV) accounting		6			2			9			(21	)		8			(4	)		23
Subtotal impact of changes in stock market		20			19			38			(64	)		24			13			68
Impact of changes in interest rates on FV accounting		(12	)		(17	)		(100	)		29			(4	)		(100	)		(117	)
Other FIA items		(9	)		1			3			(3	)		4			(8	)		3
Reinsurance		(47	)		—			—			—			—			(47	)		—
Unlockings		—			(46	)		—			—			—			(46	)		(1	)
Annuity Non-Core Earnings (Losses)	$	(48	)	$	(43	)	$	(59	)	$	(38	)	$	24		$	(188	)	$	(47	)
																				Core = ($11)
Reported as		Non-core			Non-core			Non-core			Non-core			Non-core			Non-core			Non-core = ($36)
Annuity Non-Core Earnings (Losses), net of taxes	$	(38	)	$	(34	)	$	(47	)	$	(30	)	$	19		$	(149	)	$	(29	)
Annuity Non-Core Net Spread Earned:
Stock market impact on:
Liability for guaranteed benefits (a)		0.11	%		0.14	%		0.22	%		(0.33	%)		0.12	%		0.03	%		0.09	%
DAC and sales inducements (b)		0.05	%		0.03	%		0.07	%		(0.10	%)		0.04	%		0.01	%		0.03	%
Fair Value (FV) accounting		0.07	%		0.02	%		0.09	%		(0.21	%)		0.08	%		(0.01	%)		0.06	%
Subtotal impact of changes in stock market		0.23	%		0.19	%		0.38	%		(0.64	%)		0.24	%		0.03	%		0.18	%
Impact of changes in interest rates on FV accounting		(0.14	%)		(0.16	%)		(0.99	%)		0.29	%		(0.04	%)		(0.25	%)		(0.31	%)
Other FIA items		(0.10	%)		0.01	%		0.03	%		(0.03	%)		0.04	%		(0.02	%)		0.01	%
Reinsurance		(0.53	%)		0.00	%		0.00	%		0.00	%		0.00	%		(0.12	%)		0.00	%
Unlockings		0.00	%		(0.45	%)		0.00	%		0.00	%		0.00	%		(0.12	%)		0.00	%
Non-core net spread earned on fixed annuities		(0.54	%)		(0.41	%)		(0.58	%)		(0.38	%)		0.24	%		(0.48	%)		(0.12	%)
																				Core = (.03%)
Reported as		Non-core			Non-core			Non-core			Non-core			Non-core			Non-core			Non-core = (.09%)

(a) Reflects the impact of changes in the stock market on AFG’s liability for fixed-indexed annuities with guaranteed benefits. Increases in the stock market will generally have a favorable earnings impact; decreases in the stock market will generally have an unfavorable impact.

(b) Reflects the impact of changes in the stock market on the current and projected lifetime profitability of AFG’s annuity business. Increases in the stock market will generally have a favorable earnings impact; decreases in the stock market will generally have an unfavorable impact.

Page 17

American Financial Group, Inc. Reconciliation from Core to GAAP Annuity Pretax Earnings ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Annuity Earnings
Core annuity operating earnings - as reported (see page 12a)	$	129		$	121		$	42		$	67		$	104		$	359		$	398
Annuity non-core earnings (losses)		(48	)		(43	)		(59	)		(38	)		24			(188	)		(36	)
Earnings before income taxes - GAAP	$	81		$	78		$	(17	)	$	29		$	128		$	171		$	362
Policy Charges and Other Miscellaneous Income
Policy charges and other miscellaneous income (see page 12a)	$	19		$	17		$	13		$	18		$	13		$	67		$	52
Annuity non-core policy charges and other miscellaneous income		—			(5	)		—			—			—			(5	)		1
Policy Charges and Other Miscellaneous Income - GAAP	$	19		$	12		$	13		$	18		$	13		$	62		$	53
Annuity Benefit Expense
Annuity benefits expense (see page 13)	$	242		$	282		$	274		$	287		$	285		$	1,085		$	1,107
Annuity non-core annuity benefits		86			(69	)		157			(3	)		(30	)		171			56
Annuity Benefit Expense - GAAP	$	328		$	213		$	431		$	284		$	255		$	1,256		$	1,163
Acquisition Expenses
Acquisition expenses (see page 12a)	$	68		$	64		$	62		$	71		$	65		$	265		$	256
Annuity non-core acquisition expenses		(38	)		107			(98	)		41			6			12			(8	)
Acquisition Expenses - GAAP	$	30		$	171		$	(36	)	$	112		$	71		$	277		$	248
Net Spread on Fixed Annuities
Core net spread earned on fixed annuities - as reported (see page 14)		1.42	%		1.19	%		0.39	%		0.69	%		1.07	%		0.91	%		1.05	%
Non-core net spread earned on fixed annuities		(0.54	%)		(0.41	%)		(0.58	%)		(0.38	%)		0.24	%		(0.48	%)		(0.09	%)
Net Spread on Fixed Annuities		0.88	%		0.78	%		(0.19	%)		0.31	%		1.31	%		0.43	%		0.96	%

Page 18

American Financial Group, Inc. Consolidated Balance Sheet ($ in millions)

	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19
Assets:
Total cash and investments	$	52,502		$	58,087		$	56,741		$	53,221		$	55,252		$	54,207
Recoverables from reinsurers:
Property and Casualty Insurance		3,288			3,324			3,132			3,116			3,133			2,977
Fixed & Indexed Annuities		6,539			229			72			—			—			—
Other		265			266			272			271			282			284
Prepaid reinsurance premiums		768			862			733			708			678			781
Agents’ balances and premiums receivable		1,231			1,384			1,366			1,302			1,335			1,403
Deferred policy acquisition costs		546			497			818			1,573			1,037			964
Assets of managed investment entities		4,971			4,717			4,393			4,026			4,736			4,702
Other receivables		959			1,185			880			981			975			1,187
Variable annuity assets (separate accounts)		664			603			577			497			628			601
Other assets		1,626			1,749			1,676			1,741			1,867			1,754
Goodwill		207			207			207			207			207			207
Total assets	$	73,566		$	73,110		$	70,867		$	67,643		$	70,130		$	69,067
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	10,392		$	10,754		$	10,321		$	10,106		$	10,232	��	$	9,847
Unearned premiums		2,803			3,015			2,778			2,808			2,830			2,986
Annuity benefits accumulated		42,573			41,932			41,392			40,463			40,406			39,651
Life, accident and health reserves		607			609			606			607			612			613
Payable to reinsurers		807			977			746			779			814			867
Liabilities of managed investment entities		4,771			4,541			4,236			3,865			4,571			4,523
Long-term debt		1,963			2,108			1,912			1,473			1,473			1,423
Variable annuity liabilities (separate accounts)		664			603			577			497			628			601
Other liabilities		2,197			2,231			2,173			1,998			2,295			2,235
Total liabilities	$	66,777		$	66,770		$	64,741		$	62,596		$	63,861		$	62,746
Shareholders’ equity:
Common stock	$	86		$	87		$	89		$	90		$	90		$	90
Capital surplus		1,281			1,283			1,299			1,309			1,307			1,292
Retained earnings		4,149			3,737			3,685			3,616			4,009			4,022
Unrealized gains — fixed maturities		1,255			1,212			1,030			16			862			920
Unrealized gains (losses) — fixed maturity-related cash flow hedges		41			41			47			44			17			25
Other comprehensive income, net of tax		(23	)		(20	)		(24	)		(28	)		(16	)		(28	)
Total shareholders’ equity		6,789			6,340			6,126			5,047			6,269			6,321
Noncontrolling interests		—			—			—			—			—			—
Total liabilities and equity	$	73,566		$	73,110		$	70,867		$	67,643		$	70,130		$	69,067

Page 19

American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information)

	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19
Shareholders’ equity	$	6,789		$	6,340		$	6,126		$	5,047		$	6,269		$	6,321
Unrealized (gains) related to fixed maturities		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)		(945	)
Adjusted shareholders’ equity		5,493			5,087			5,049			4,987			5,390			5,376
Goodwill		(207	)		(207	)		(207	)		(207	)		(207	)		(207	)
Intangibles		(34	)		(34	)		(37	)		(40	)		(43	)		(45	)
Tangible adjusted shareholders’ equity	$	5,252		$	4,846		$	4,805		$	4,740		$	5,140		$	5,124
Common shares outstanding		86.345			87.267			88.659			89.827			90.304			90.127
Book value per share:
Book value per share	$	78.62		$	72.65		$	69.10		$	56.18		$	69.43		$	70.14
Adjusted (a)		63.61			58.29			56.95			55.52			59.70			59.65
Tangible, adjusted (b)		60.82			55.53			54.20			52.77			56.93			56.84
Market capitalization
AFG’s closing common share price	$	87.62		$	66.98		$	63.46		$	70.08		$	109.65		$	107.85
Market capitalization	$	7,566		$	5,845		$	5,626		$	6,295		$	9,902		$	9,720
Price / Adjusted book value ratio		1.38			1.15			1.11			1.26			1.84			1.81

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

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

Page 20

American Financial Group, Inc. Capitalization ($ in millions)

	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19
AFG senior obligations	$	1,318		$	1,318		$	1,318		$	1,018		$	1,018		$	1,018
Borrowings drawn under credit facility		—			—			—			—			—			—
Debt excluding subordinated debt	$	1,318		$	1,318		$	1,318		$	1,018		$	1,018		$	1,018
AFG subordinated debentures		675			825			625			475			475			425
Total principal amount of long-term debt	$	1,993		$	2,143		$	1,943		$	1,493		$	1,493		$	1,443
Shareholders’ equity		6,789			6,340			6,126			5,047			6,269			6,321
Noncontrolling interests (including redeemable NCI)		—			—			—			—			—			—
Less:
Unrealized (gains) related to fixed maturity investments		(1,296	)		(1,253	)		(1,077	)		(60	)		(879	)		(945	)
Total adjusted capital	$	7,486		$	7,230		$	6,992		$	6,480		$	6,883		$	6,819
Ratio of debt to total adjusted capital:
Including subordinated debt		26.6	%		29.6	%		27.8	%		23.0	%		21.7	%		21.2	%
Excluding subordinated debt		17.6	%		18.2	%		18.9	%		15.7	%		14.8	%		14.9	%

Page 21

American Financial Group, Inc. Additional Supplemental Information ($ in millions)

	Three Months Ended										Twelve Months Ended
	12/31/20		9/30/20		6/30/20		3/31/20		12/31/19		12/31/20		12/31/19
Property and Casualty Insurance
Paid Losses (GAAP)	$	758	$	646	$	601	$	751	$	727	$	2,756	$	2,866

	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			9/30/19
GAAP Equity (excluding AOCI)
Property and Casualty Insurance	$	4,458		$	4,154		$	3,945		$	3,800		$	4,043		$	4,094
Annuity		2,881			2,659			2,579			2,512			2,715			2,613
Parent and other subsidiaries		(1,823	)		(1,706	)		(1,451	)		(1,297	)		(1,352	)		(1,303	)
AFG GAAP Equity (excluding AOCI)	$	5,516		$	5,107		$	5,073		$	5,015		$	5,406		$	5,404
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	416		$	565		$	565		$	565		$	565		$	529
Annuity and Run-off		289			287			287			287			287			768
Total	$	705		$	852		$	852		$	852		$	852		$	1,297

Page 22

American Financial Group, Inc. Total Cash and Investments ($ in millions)

	Carrying Value - December 31, 2020
	Property and Casualty Insurance		Annuity and Run-off (a)		Parent and Other Non- Insurance		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,408	$	1,166	$	236	$	—		$	2,810		5	%
Fixed maturities — Available for sale		9,076		34,123		8		—			43,207		82	%
Fixed maturities — Trading		24		42		—		—			66		0	%
Equity securities — common stocks		438		412		72		—			922		2	%
Equity securities — perpetual preferred		379		362		—		—			741		1	%
Investments accounted for using the equity method		806		1,075		—		—			1,881		4	%
Mortgage loans		377		1,246		—		—			1,623		3	%
Policy loans		—		151		—		—			151		0	%
Equity index call options		—		825		—		—			825		2	%
Real estate and other investments		125		297		54		(200	)		276		1	%
Total cash and investments	$	12,633	$	39,699	$	370	$	(200	)	$	52,502		100	%

	Carrying Value - December 31, 2019
	Property and Casualty Insurance		Annuity and Run-off		Parent and Other Non- Insurance		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	1,387	$	746	$	181	$	—		$	2,314		4	%
Fixed maturities — Available for sale		8,596		37,899		10		—			46,505		84	%
Fixed maturities — Trading		59		54		—		—			113		0	%
Equity securities — common stocks		664		553		66		—			1,283		3	%
Equity securities — perpetual preferred		397		257		—		—			654		1	%
Investments accounted for using the equity method		703		985		—		—			1,688		3	%
Mortgage loans		262		1,067		—		—			1,329		2	%
Policy loans		—		164		—		—			164		0	%
Equity index call options		—		924		—		—			924		2	%
Real estate and other investments		122		265		55		(164	)		278		1	%
Total cash and investments	$	12,190	$	42,914	$	312	$	(164	)	$	55,252		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) in a transaction that is expected to close in Q2 2021. As part of the sale of the annuity business, AFG will retain approximately $500 million in real estate-related partnerships and directly owned real estate.

Page 23

American Financial Group, Inc. Net Investment Income ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Property and Casualty Insurance:
Gross Investment Income
Fixed maturities - Available for sale	$	71		$	72		$	75		$	81		$	79		$	299		$	310
Fixed maturities - Trading		—			—			—			1			—			1			3
Equity securities - dividends		7			8			8			10			11			33			49
Equity securities - MTM		8			(3	)		2			3			(1	)		10			9
Equity in investees		27			27			(15	)		11			21			50			64
AFG managed CLOs		6			4			—			(11	)		(2	)		(1	)		1
Other investments (a)		4			5			3			6			13			18			42
Gross investment income		123			113			73			101			121			410			478
Investment expenses		(1	)		(2	)		(1	)		(2	)		(1	)		(6	)		(6	)
Total net investment income	$	122		$	111		$	72		$	99		$	120		$	404		$	472
Average cash and investments (b)	$	12,135		$	11,764		$	11,454		$	11,457		$	11,744		$	11,760		$	11,348
Average yield (c)		4.02	%		3.77	%		2.51	%		3.46	%		4.09	%		3.44	%		4.16	%
Fixed Annuity
Gross Investment Income
Fixed maturities - Available for sale	$	352		$	394		$	402		$	403		$	406		$	1,551		$	1,574
Equity securities - dividends		6			7			8			7			8			28			34
Equity securities - MTM		14			(2	)		—			5			4			17			17
Equity in investees		34			39			(39	)		14			24			48			90
AFG managed CLOs		13			9			2			(25	)		(5	)		(1	)		3
Other investments (a)		19			19			14			19			23			71			81
Gross investment income		438			466			387			423			460			1,714			1,799
Investment expenses		(11	)		(4	)		(5	)		(3	)		(4	)		(23	)		(16	)
Total net investment income	$	427		$	462		$	382		$	420		$	456		$	1,691		$	1,783
Average cash and investments (b)	$	35,538		$	40,859		$	40,570		$	40,073		$	39,316		$	39,260		$	38,216
Average yield (c)		4.81	%		4.52	%		3.77	%		4.19	%		4.63	%		4.31	%		4.67	%
AFG consolidated net investment income:
Property & Casualty core	$	122		$	111		$	72		$	99		$	120		$	404		$	472
Neon exited lines non-core		—			1			—			(6	)		—			(5	)		—
Annuity:
Fixed Annuity		427			462			382			420			456			1,691			1,783
Variable Annuity		2			2			2			2			2			8			9
Parent & other		16			9			14			(7	)		8			32			43
Consolidate CLOs		(19	)		(13	)		(2	)		36			7			2			(4	)
Total net investment income	$	548		$	572		$	468		$	544		$	593		$	2,132		$	2,303

(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.

Page 24

American Financial Group, Inc. Insurance Companies’ Alternative Investments ($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Property and Casualty Insurance:
Net Investment Income
Equity securities MTM through investment income (a)	$	8		$	(3	)	$	2		$	3		$	(1	)	$	10		$	9
Investments accounted for using the equity method (b)		27			27			(15	)		11			21			50			64
AFG managed CLOs (eliminated in consolidation)		6			4			—			(11	)		(2	)		(1	)		1
Total Property & Casualty	$	41		$	28		$	(13	)	$	3		$	18		$	59		$	74
Investments
Equity securities MTM through investment income (a)	$	129		$	109		$	95		$	86		$	71		$	129		$	71
Investments accounted for using the equity method (b)		806			778			755			736			703			806			703
AFG managed CLOs (eliminated in consolidation)		57			46			39			40			48			57			48
Total Property & Casualty	$	992		$	933		$	889		$	862		$	822		$	992		$	822
Annualized Yield - Property & Casualty		17.0	%		12.3	%		(5.9	%)		1.4	%		9.2	%		6.6	%		10.3	%
Fixed Annuity:
Net Investment Income
Equity securities MTM through investment income (a)	$	14		$	(2	)	$	—		$	5		$	4		$	17		$	17
Investments accounted for using the equity method (b)		34			39			(39	)		14			24			48			90
AFG managed CLOs (eliminated in consolidation)		13			9			2			(25	)		(5	)		(1	)		3
Total Fixed Annuity	$	61		$	46		$	(37	)	$	(6	)	$	23		$	64		$	110
Investments
Equity securities MTM through investment income (a)	$	205		$	186		$	168		$	160		$	142		$	205		$	142
Investments accounted for using the equity method (b)		1,075			1,063			1,026			1,027			985			1,075			985
AFG managed CLOs (eliminated in consolidation)		143			129			118			120			116			143			116
Total Fixed Annuity	$	1,423		$	1,378		$	1,312		$	1,307		$	1,243		$	1,423		$	1,243
Annualized Yield - Fixed Annuity		17.4	%		13.7	%		(11.3	%)		(1.9	%)		7.7	%		4.8	%		9.7	%
Combined:
Net Investment Income
Equity securities MTM through investment income (a)	$	22		$	(5	)	$	2		$	8		$	3		$	27		$	26
Investments accounted for using the equity method (b)		61			66			(54	)		25			45			98			154
AFG managed CLOs (eliminated in consolidation)		19			13			2			(36	)		(7	)		(2	)		4
Total Combined	$	102		$	74		$	(50	)	$	(3	)	$	41		$	123		$	184
Investments
Equity securities MTM through investment income (a)	$	334		$	295		$	263		$	246		$	213		$	334		$	213
Investments accounted for using the equity method (b)		1,881			1,841			1,781			1,763			1,688			1,881			1,688
AFG managed CLOs (eliminated in consolidation)		200			175			157			160			164			200			164
Total Combined	$	2,415		$	2,311		$	2,201		$	2,169		$	2,065		$	2,415		$	2,065
Annualized Yield - Combined		17.3	%		13.1	%		(9.2	%)		(0.6	%)		8.3	%		5.5	%		10.0	%

(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.     

Page 25

American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions )

December 31, 2020	Book Value (b)			Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	232		$	243	$	11			0	%		0	%
States, municipalities and political subdivisions		5,264			5,748		484			13	%		11	%
Foreign government		224			232		8			0	%		0	%
Residential mortgage-backed securities		2,810			3,056		246			7	%		6	%
Commercial mortgage-backed securities		748			790		42			2	%		1	%
Collateralized loan obligations		4,543			4,553		10			11	%		9	%
Other asset-backed securities		7,120			7,223		103			17	%		14	%
Corporate and other bonds		19,493			21,428		1,935			50	%		41	%
Total AFG consolidated	$	40,434		$	43,273	$	2,839			100	%		82	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.02	%
Net of investment expense (a)		3.91	%
Approximate average life and duration:
Approximate average life		5.5 years
Approximate duration		3.5 years
December 31, 2019	Book Value			Fair Value		Unrealized Gain (Loss)			% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	203		$	213	$	10			1	%		0	%
States, municipalities and political subdivisions		6,628			6,987		359			15	%		12	%
Foreign government		209			211		2			0	%		0	%
Residential mortgage-backed securities		2,901			3,161		260			7	%		6	%
Commercial mortgage-backed securities		896			927		31			2	%		2	%
Collateralized loan obligations		4,307			4,280		(27	)		9	%		8	%
Other asset-backed securities		6,992			7,128		136			15	%		13	%
Corporate and other bonds		22,501			23,711		1,210			51	%		43	%
Total AFG consolidated	$	44,637		$	46,618	$	1,981			100	%		84	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.48	%
Net of investment expense (a)		4.44	%
Approximate average life and duration:
Approximate average life		5.5 years
Approximate duration		4 years

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

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

Page 26

American Financial Group, Inc. Fixed Maturities - By Security Type Portfolio ($ in millions )

	December 31, 2020										December 31, 2019
Property and Casualty Insurance:	Book Value			Fair Value		Unrealized Gain (Loss)		% of Fair Value			Book Value			Fair Value		Unrealized Gain (Loss)			% of Fair Value
US Government and government agencies	$	192		$	198	$	6		2	%	$	165		$	167	$	2			2	%
States, municipalities and political subdivisions		2,196			2,312		116		25	%		2,524			2,614		90			30	%
Foreign government		193			197		4		2	%		178			177		(1	)		2	%
Residential mortgage-backed securities		858			907		49		10	%		990			1,051		61			12	%
Commercial mortgage-backed securities		89			92		3		1	%		89			92		3			1	%
Collateralized loan obligations		1,062			1,062		—		12	%		906			901		(5	)		11	%
Other asset-backed securities		2,033			2,047		14		23	%		1,727			1,741		14			20	%
Corporate and other bonds		2,200			2,285		85		25	%		1,861			1,912		51			22	%
Property and Casualty Insurance	$	8,823		$	9,100	$	277		100	%	$	8,440		$	8,655	$	215			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		3.31	%									3.94	%
Net of investment expense (a)		3.24	%									3.90	%
Tax equivalent, net of investment expense (b)		3.38	%									4.05	%
Approximate average life and duration:
Approximate average life		4 years										4.5 years
Approximate duration		3 years										3 years
	December 31, 2020										December 31, 2019
Annuity and Run-off (c):	Book Value			Fair Value		Unrealized Gain (Loss)		% of Fair Value			Book Value			Fair Value		Unrealized Gain (Loss)			% of Fair Value
US Government and government agencies	$	40		$	45	$	5		0	%	$	38		$	46	$	8			0	%
States, municipalities and political subdivisions		3,068			3,436		368		10	%		4,104			4,373		269			12	%
Foreign government		31			35		4		0	%		31			34		3			0	%
Residential mortgage-backed securities		1,951			2,141		190		7	%		1,909			2,100		191			6	%
Commercial mortgage-backed securities		659			698		39		2	%		807			835		28			2	%
Collateralized loan obligations		3,481			3,491		10		10	%		3,401			3,379		(22	)		9	%
Other asset-backed securities		5,087			5,176		89		15	%		5,265			5,387		122			14	%
Corporate and other bonds		17,293			19,143		1,850		56	%		20,640			21,799		1,159			57	%
Total Annuity and Run-off	$	31,610		$	34,165	$	2,555		100	%	$	36,195		$	37,953	$	1,758			100	%
Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.54	%									4.59	%
Net of investment expense (a)		4.41	%									4.55	%
Approximate average life and duration:
Approximate average life		5.5 years										6 years
Approximate duration		4 years										4.5 years

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

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

(c) 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) in a transaction that is expected to close in Q2 2021.

Page 27

American Financial Group, Inc. Fixed Maturities - Credit Rating ($ in millions)

	December 31, 2020
By Credit Rating (a)	Book Value		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	9,190	$	9,455	$	265			22	%
AA		6,897		7,319		422			17	%
A		7,636		8,334		698			19	%
BBB		11,951		13,168		1,217			30	%
Subtotal - Investment grade		35,674		38,276		2,602			88	%
BB		872		888		16			2	%
B		266		264		(2	)		1	%
Other (b)		3,622		3,845		223			9	%
Subtotal - Non-Investment grade		4,760		4,997		237			12	%
Total	$	40,434	$	43,273	$	2,839			100	%

97% of the fixed maturity portfolio is NAIC designated 1 or 2.

	December 31, 2019
By Credit Rating (a)	Book Value		Fair Value		Unrealized Gain (Loss)			% of Fair Value
Investment grade
AAA	$	8,854	$	9,010	$	156			19	%
AA		8,615		8,957		342			19	%
A		10,456		10,983		527			24	%
BBB		12,759		13,465		706			29	%
Subtotal - Investment grade		40,684		42,415		1,731			91	%
BB		714		724		10			2	%
B		186		183		(3	)		0	%
Other (b)		3,053		3,296		243			7	%
Subtotal - Non-Investment grade		3,953		4,203		250			9	%
Total	$	44,637	$	46,618	$	1,981			100	%

98% of the fixed maturity portfolio is NAIC designated 1 or 2.

(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) See pages 32 and 33 for more information.

Page 28

American Financial Group, Inc. Mortgage-Backed Securities - AFG Consolidated ($ in millions)

December 31, 2020	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	487	$	494	$	7		13	%		1	%
Prime (Non-Agency)		1,297		1,403		106		36	%		3	%
Alt-A		757		860		103		22	%		1	%
Subprime		269		299		30		8	%		1	%
Commercial		748		790		42		21	%		1	%
Total AFG consolidated	$	3,558	$	3,846	$	288		100	%		7	%

- Substantially all of AFG’s MBS securities are either senior tranches of securitizations or collateralized by senior tranches of securitizations.

- The average amortized cost as a percent of par is—Prime 89%; Alt-A 80%; Subprime 82%; CMBS 98%.

- The average FICO score of our residential MBS securities is—Prime 744; Alt-A 693; Subprime 631.

- 96% of our Commercial MBS portfolio is investment-grade rated (82% AAA) and the average subordination for this group of assets is 38%.

- The approximate average life by collateral type is—Residential 3.5 years; Commercial 3 years.

December 31, 2019	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	549	$	552	$	3		13	%		1	%
Prime (Non-Agency)		1,157		1,264		107		31	%		2	%
Alt-A		897		1,015		118		25	%		2	%
Subprime		298		330		32		8	%		1	%
Commercial		896		927		31		23	%		2	%
Total AFG consolidated	$	3,797	$	4,088	$	291		100	%		8	%

Page 29

American Financial Group, Inc. Mortgage-Backed Securities Portfolio ($ in millions)

Property and Casualty Insurance:	December 31, 2020
By Asset Type	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	242	$	246	$	4		25	%		2	%
Prime (Non-Agency)		324		336		12		34	%		2	%
Alt-A		189		213		24		21	%		2	%
Subprime		103		112		9		11	%		1	%
Commercial		89		92		3		9	%		1	%
Total	$	947	$	999	$	52		100	%		8	%
	December 31, 2019
By Asset Type	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	315	$	317	$	2		28	%		3	%
Prime (Non-Agency)		279		292		13		26	%		2	%
Alt-A		265		299		34		26	%		2	%
Subprime		131		143		12		12	%		1	%
Commercial		89		92		3		8	%		1	%
Total	$	1,079	$	1,143	$	64		100	%		9	%
Annuity and Run-off (a):	December 31, 2020
By Asset Type	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	245	$	248	$	3		9	%		0	%
Prime (Non-Agency)		972		1,059		87		37	%		3	%
Alt-A		568		647		79		23	%		2	%
Subprime		166		187		21		6	%		0	%
Commercial		659		698		39		25	%		2	%
Total	$	2,610	$	2,839	$	229		100	%		7	%
	December 31, 2019
By Asset Type	Book Value		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Inv Portfolio
Residential
Agency	$	234	$	235	$	1		8	%		1	%
Prime (Non-Agency)		876		962		86		33	%		2	%
Alt-A		632		716		84		25	%		2	%
Subprime		167		187		20		6	%		0	%
Commercial		807		835		28		28	%		2	%
Total	$	2,716	$	2,935	$	219		100	%		7	%

(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) in a transaction that is expected to close in Q2 2021.

Page 30

Appendix A

American Financial Group, Inc.

Components of Core Operating Earnings As Reported

($ in millions)

	Three Months Ended															Twelve Months Ended
	12/31/20			9/30/20			6/30/20			3/31/20			12/31/19			12/31/20			12/31/19
Core operating earnings before alternative investments marked to market
Property and Casualty Insurance core operating earnings before alternative investments marked to market	$	233		$	177		$	129		$	178		$	181		$	717		$	679
Annuity Pretax core operating earnings before alternative investments marked to market		77			81			84			79			84			321			298
Interest expense of parent holding companies		(24	)		(24	)		(23	)		(17	)		(18	)		(88	)		(68	)
Other expense		(33	)		(28	)		(20	)		(20	)		(32	)		(101	)		(106	)
Pre-tax core operating earnings before alternative investments marked to market		253			206			170			220			215			849			803
Income tax expense		57			43			31			42			42			173			156
Core net operating earnings before alternative investments marked to market	$	196		$	163		$	139		$	178		$	173		$	676		$	647
Alternative investments marked to market through core operating earnings, net of DAC
Property and Casualty Insurance alternative investments marked to market	$	41		$	28		$		(13)	$	3		$	18		$	59		$	74
Annuity alternative investments marked to market, net of DAC		52			40			(42	)		(12	)		20			38			100
Core pre-tax alternative investments marked to market, net of DAC		93			68			(55	)		(9	)		38			97			174
Income tax expense		20			14			(11	)		(2	)		8			21			37
Alternative investments marked to market through core operating earnings, net of DAC	$	73		$	54		$		(44)	$		(7)	$	30		$	76		$	137
Core operating earnings as reported
Property and Casualty Insurance operating earnings	$	274		$	205		$	116		$	181		$	199		$	776		$	753
Annuity operating earnings		129			121			42			67			104			359			398
Interest expense of parent holding companies		(24	)		(24	)		(23	)		(17	)		(18	)		(88	)		(68	)
Other expense		(33	)		(28	)		(20	)		(20	)		(32	)		(101	)		(106	)
Pre-tax core operating earnings as reported		346			274			115			211			253			946			977
Income tax expense		77			57			20			40			50			194			193
Core net operating earnings as reported	$	269		$	217		$	95		$	171		$	203		$	752		$	784
Average number of diluted shares		87.156			88.546			89.997			91.138			91.274			89.202			91.024
Diluted core net operating earnings per share:
Core net operating earnings before alternative investments marked to market per share	$	2.25		$	1.84		$	1.53		$	1.96		$	1.90		$	7.58		$	7.11
Core alternative investments marked to market through core operating earnings, net of DAC per share		0.84			0.61			(0.48	)		(0.08	)		0.32			0.86			1.51
Core net operating earnings as reported per share	$	3.09		$	2.45		$	1.05		$	1.88		$	2.22		$	8.44		$	8.62

Page 31

  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	$	234	$	1,727	$	179	$	1,271	$	649	$	3,306	$	1,936	$	153	$	9,455		22	%
AA		9		3,564		35		123		19		947		1,896		726		7,319		17	%
A		—		348		—		269		13		254		1,494		5,956		8,334		19	%
BBB		—		46		1		70		75		31		966		11,979		13,168		30	%
Subtotal - Investment grade		243		5,685		215		1,733		756		4,538		6,292		18,814		38,276		88	%
BB		—		10		—		47		32		—		15		784		888		2	%
B		—		—		—		85		—		—		42		137		264		1	%
CCC, CC, C		—		—		—		496		2		—		4		40		542		1	%
D		—		—		—		166		—		—		—		—		166		1	%
Subtotal - Non-Investment grade		—		10		—		794		34		—		61		961		1,860		5	%
Not Rated (b)		—		53		17		529		—		15		870		1,653		3,137		7	%
Total	$	243	$	5,748	$	232	$	3,056	$	790	$	4,553	$	7,223	$	21,428	$	43,273		100	%
	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	228	$	5,691	$	211	$	2,939	$	749	$	4,506	$	6,188	$	8,227	$	28,739		66	%
2		—		47		—		28		9		31		969		12,086		13,170		31	%
Subtotal		228		5,738		211		2,967		758		4,537		7,157		20,313		41,909		97	%
3		—		9		—		28		32		—		15		806		890		2	%
4		—		—		—		11		—		—		40		212		263		1	%
5		—		—		—		38		—		15		6		90		149		0	%
6		15		—		—		4		—		—		—		4		23		0	%
Subtotal		15		9		—		81		32		15		61		1,112		1,325		3	%
No designation (c)		—		1		21		8		—		1		5		3		39		0	%
Total	$	243	$	5,748	$	232	$	3,056	$	790	$	4,553	$	7,223	$	21,428	$	43,273		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, 99% are NAIC 1.

For Corp/Oth, 88% are NAIC 1, 4% NAIC 2, 3% NAIC 3, 3% NAIC 4, 2% NAIC 5.

For Total, 91% 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 32

  Appendix C American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2019 ($ 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	$	204	$	2,086	$	134	$	1,184	$	773	$	2,921	$	1,529	$	179	$	9,010		19	%
AA		9		4,325		52		131		20		1,074		1,779		1,567		8,957		19	%
A		—		418		8		250		16		241		1,983		8,067		10,983		24	%
BBB		—		95		3		115		78		27		742		12,405		13,465		29	%
Subtotal - Investment grade		213		6,924		197		1,680		887		4,263		6,033		22,218		42,415		91	%
BB		—		9		—		74		32		—		13		596		724		2	%
B		—		—		1		97		5		—		4		76		183		0	%
CCC, CC, C		—		—		—		544		3		—		4		42		593		1	%
D		—		—		—		185		—		—		—		1		186		0	%
Subtotal - Non-Investment grade		—		9		1		900		40		—		21		715		1,686		3	%
Not Rated (b)		—		54		13		581		—		17		1,074		778		2,517		6	%
Total	$	213	$	6,987	$	211	$	3,161	$	927	$	4,280	$	7,128	$	23,711	$	46,618		100	%
	Fair Value by type
NAIC designation	US Gov		Munis		Frgn gov		RMBS		CMBS		CLOs		ABS		Corp/Oth		Total		% Total
1	$	191	$	6,875	$	172	$	3,030	$	883	$	4,232	$	6,308	$	10,310	$	32,001		69	%
2		—		95		—		29		9		26		770		12,518		13,447		29	%
Subtotal		191		6,970		172		3,059		892		4,258		7,078		22,828		45,448		98	%
3		—		9		—		29		32		—		13		601		684		2	%
4		—		—		—		16		—		—		4		146		166		0	%
5		—		—		—		21		3		18		4		92		138		0	%
6		15		—		—		5		—		—		15		5		40		0	%
Subtotal		15		9		—		71		35		18		36		844		1,028		2	%
No designation (c)		7		8		39		31		—		4		14		39		142		0	%
Total	$	213	$	6,987	$	211	$	3,161	$	927	$	4,280	$	7,128	$	23,711	$	46,618		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) 87% are NAIC 1, 4% NAIC 2, 2% NAIC 3, 3% NAIC 4, 3% NAIC 5 and 1% NAIC 6.

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

Page 33

  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	$	—	$	—	$	—	$	—	$	20	$	—	$	21	$	32	$	—	$	—	$	—	$	—	$	—	$	—	$	79	$	—	$	—	$	—	$	1	$	153		1	%
AA		91		60		112		42		84		112		69		93		—		1		—		—		—		—		—		23		—		18		21		726		3	%
A		1,729		238		839		608		401		190		264		153		243		250		309		21		138		102		149		71		67		16		168		5,956		28	%
BBB		3,276		735		968		786		810		907		685		498		406		308		266		491		346		397		288		232		144		126		310		11,979		56	%
Subtotal		5,096		1,033		1,919		1,436		1,315		1,209		1,039		776		649		559		575		512		484		499		516		326		211		160		500		18,814		88	%
BB		42		31		25		10		69		156		62		82		38		33		14		31		22		48		3		57		20		40		1		784		3	%
B		—		—		1		—		5		20		14		11		60		—		—		9		—		—		—		2		10		5		—		137		1	%
CCC, CC, C		—		2		—		—		9		—		2		7		—		—		—		4		—		—		—		5		—		11		—		40		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		42		33		26		10		83		176		78		100		98		33		14		44		22		48		3		64		30		56		1		961		4	%
Not Rated (b)		15		1,330		13		—		25		—		28		72		46		4		1		7		42		—		—		24		—		8		38		1,653		8	%
Total	$	5,153	$	2,396	$	1,958	$	1,446	$	1,423	$	1,385	$	1,145	$	948	$	793	$	596	$	590	$	563	$	548	$	547	$	519	$	414	$	241	$	224	$	539	$	21,428		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	$	1,827	$	1,593	$	958	$	650	$	521	$	278	$	373	$	310	$	242	$	250	$	339	$	21	$	138	$	97	$	228	$	117	$	67	$	18	$	200	$	8,227		38	%
2		3,279		759		973		786		811		931		694		496		406		313		236		497		379		402		288		232		144		125		335		12,086		57	%
Subtotal		5,106		2,352		1,931		1,436		1,332		1,209		1,067		806		648		563		575		518		517		499		516		349		211		143		535		20,313		95	%
3		47		29		17		10		61		155		58		90		61		32		14		31		22		48		3		58		20		49		1		806		4	%
4		—		12		9		—		6		20		18		21		84		—		—		9		—		—		—		2		10		21		—		212		1	%
5		—		2		1		—		22		1		2		31		—		1		—		5		9		—		—		5		—		11		—		90		0	%
6		—		1		—		—		2		—		—		—		—		—		1		—		—		—		—		—		—		—		—		4		0	%
Subtotal		47		44		27		10		91		176		78		142		145		33		15		45		31		48		3		65		30		81		1		1,112		5	%
No designation (c)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		3		3		0	%
Total	$	5,153	$	2,396	$	1,958	$	1,446	$	1,423	$	1,385	$	1,145	$	948	$	793	$	596	$	590	$	563	$	548	$	547	$	519	$	414	$	241	$	224	$	539	$	21,428		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 and 99% are NAIC 1 or 2.

For the Total, 88% are NAIC 1, 4% NAIC 2, 3% NAIC 3, 3% NAIC 4, 2% NAIC 5.

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

Page 34

Appendix E American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2019 ($ 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	$	—	$	—	$	—	$	—	$	48	$	—	$	20	$	29	$	—	$	—	$	—	$	—	$	—	$	—	$	78	$	—	$	—	$	—	$	4	$	179		1	%
AA		219		72		308		205		146		204		98		114		—		1		—		—		—		35		—		22		46		20		77		1,567		7	%
A		2,482		326		921		775		471		260		425		258		352		333		450		44		112		278		176		89		166		18		131		8,067		34	%
BBB		2,691		656		1,034		576		862		1,199		753		673		845		424		291		556		454		334		264		209		133		206		245		12,405		52	%
Subtotal		5,392		1,054		2,263		1,556		1,527		1,663		1,296		1,074		1,197		758		741		600		566		647		518		320		345		244		457		22,218		94	%
BB		3		29		15		17		75		102		50		89		75		11		19		46		3		4		4		—		10		44		—		596		3	%
B		—		—		1		—		4		—		18		22		—		—		—		16		5		—		—		—		—		10		—		76		0	%
CCC, CC, C		—		1		—		—		9		1		—		2		—		—		—		—		—		—		—		12		—		17		—		42		0	%
D		—		—		—		—		—		1		—		—		—		—		—		—		—		—		—		—		—		—		—		1		0	%
Subtotal		3		30		16		17		88		104		68		113		75		11		19		62		8		4		4		12		10		71		—		715		3	%
Not Rated (b)		33		486		14		7		1		2		34		97		20		5		—		8		50		—		2		13		—		4		2		778		3	%
Total	$	5,428	$	1,570	$	2,293	$	1,580	$	1,616	$	1,769	$	1,398	$	1,284	$	1,292	$	774	$	760	$	670	$	624	$	651	$	524	$	345	$	355	$	319	$	459	$	23,711		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	$	2,712	$	842	$	1,235	$	950	$	663	$	440	$	562	$	448	$	349	$	330	$	449	$	64	$	112	$	348	$	253	$	124	$	213	$	22	$	194	$	10,310		43	%
2		2,712		675		1,031		606		862		1,222		767		688		859		428		291		552		454		298		263		209		129		224		248		12,518		53	%
Subtotal		5,424		1,517		2,266		1,556		1,525		1,662		1,329		1,136		1,208		758		740		616		566		646		516		333		342		246		442		22,828		96	%
3		3		28		15		17		66		103		50		98		84		10		19		38		3		4		4		—		13		46		—		601		3	%
4		—		13		11		—		6		—		16		27		—		—		—		16		47		—		—		—		—		10		—		146		1	%
5		—		11		—		7		16		1		2		17		—		1		—		—		7		—		2		11		—		17		—		92		0	%
6		—		—		—		—		1		3		—		—		—		—		—		—		—		—		—		1		—		—		—		5		0	%
Subtotal		3		52		26		24		89		107		68		142		84		11		19		54		57		4		6		12		13		73		—		844		4	%
No designation (c)		1		1		1		—		2		—		1		6		—		5		1		—		1		1		2		—		—		—		17		39		0	%
Total	$	5,428	$	1,570	$	2,293	$	1,580	$	1,616	$	1,769	$	1,398	$	1,284	$	1,292	$	774	$	760	$	670	$	624	$	651	$	524	$	345	$	355	$	319	$	459	$	23,711		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) 74% are NAIC 1, 9% NAIC 2, 3% NAIC 3, 8% NAIC 4, 6% NAIC 5.

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

Page 35

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		Life Ins/ Structured Settlements		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	835	$	427	$	—	$	88	$	56	$	156	$	374	$	1,936		27	%
AA		317		1,126		147		—		19		98		—		—		90		—		99		1,896		26	%
A		78		363		22		559		3		11		154		—		48		2		254		1,494		21	%
BBB		—		45		559		12		—		—		170		102		—		2		76		966		13	%
Subtotal		395		1,534		728		571		857		536		324		190		194		160		803		6,292		87	%
BB		—		1		—		—		—		—		9		—		—		5		—		15		0	%
B		10		—		—		—		—		—		30		—		—		—		2		42		1	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		1		4		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		10		1		—		—		—		—		39		—		—		8		3		61		1	%
Not Rated (b)		783		—		—		—		—		—		7		—		—		—		80		870		12	%
Total	$	1,188	$	1,535	$	728	$	571	$	857	$	536	$	370	$	190	$	194	$	168	$	886	$	7,223		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		Life Ins/ Structured Settlements		Other		Total		% Total
1	$	1,178	$	1,489	$	169	$	559	$	857	$	535	$	154	$	88	$	194	$	159	$	806	$	6,188		86	%
2		3		45		559		12		—		—		170		102		—		1		77		969		13	%
Subtotal		1,181		1,534		728		571		857		535		324		190		194		160		883		7,157		99	%
3		—		1		—		—		—		—		9		—		—		5		—		15		0	%
4		7		—		—		—		—		—		30		—		—		—		3		40		1	%
5		—		—		—		—		—		—		3		—		—		3		—		6		0	%
6		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		7		1		—		—		—		—		42		—		—		8		3		61		1	%
No designation (d)		—		—		—		—		—		1		4		—		—		—		—		5		0	%
Total	$	1,188	$	1,535	$	728	$	571	$	857	$	536	$	370	$	190	$	194	$	168	$	886	$	7,223		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) 99% 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 36

Appendix G American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2019 ($ 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		Life Ins/ Structured Settlements		Other		Total		% Total
Investment Grade
AAA	$	—	$	—	$	—	$	—	$	460	$	367	$	—	$	167	$	64	$	157	$	314	$	1,529		22	%
AA		311		990		92		—		52		106		—		34		110		—		84		1,779		25	%
A		78		326		22		602		—		11		442		—		17		3		482		1,983		28	%
BBB		10		53		599		—		—		—		—		38		—		1		41		742		10	%
Subtotal		399		1,369		713		602		512		484		442		239		191		161		921		6,033		85	%
BB		—		1		—		—		—		—		7		—		—		5		—		13		0	%
B		—		—		—		—		—		—		—		—		—		—		4		4		0	%
CCC, CC, C		—		—		—		—		—		—		—		—		—		3		1		4		0	%
D		—		—		—		—		—		—		—		—		—		—		—		—		0	%
Subtotal		—		1		—		—		—		—		7		—		—		8		5		21		0	%
Not Rated (b)		1,060		—		—		—		—		—		14		—		—		—		—		1,074		15	%
Total	$	1,459	$	1,370	$	713	$	602	$	512	$	484	$	463	$	239	$	191	$	169	$	926	$	7,128		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		Life Ins/ Structured Settlements		Other		Total		% Total
1	$	1,421	$	1,314	$	114	$	601	$	511	$	482	$	442	$	201	$	189	$	159	$	874	$	6,308		89	%
2		38		53		599		—		—		—		—		38		—		2		40		770		11	%
Subtotal		1,459		1,367		713		601		511		482		442		239		189		161		914		7,078		100	%
3		—		1		—		—		—		—		7		—		—		5		—		13		0	%
4		—		—		—		—		—		—		—		—		—		—		4		4		0	%
5		—		—		—		—		—		—		—		—		—		3		1		4		0	%
6		—		—		—		—		—		—		14		—		—		—		1		15		0	%
Subtotal		—		1		—		—		—		—		21		—		—		8		6		36		0	%
No designation (d)		—		2		—		1		1		2		—		—		2		—		6		14		0	%
Total	$	1,459	$	1,370	$	713	$	602	$	512	$	484	$	463	$	239	$	191	$	169	$	926	$	7,128		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) 99% of not rated securities are NAIC 1 or 2.

(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.

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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		81	%		96	%		98	%
Fund Investments		106		11	%		—			—
Student Housing		28		3	%		77	%		94	%
Land - Development		17		2	%		—			—
QOZ Fund - Development		16		1	%		—			—
Office		15		1	%		88	%		100	%
Hospitality		8		1	%		—			—
Total	$	983		100	%

Real Estate

Property Type	Book Value		% of Book Value			Debt
Marinas	$	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 (d)
Multifamily		716		44	%		64	%
Hospitality		622		39	%		56	%
Office		249		15	%		65	%
Retail		22		1	%		57	%
Other		14		1	%		58	%
Total	$	1,623		100	%		61	%

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

(a) Total investments accounted for using the equity method is $1.88 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.

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Appendix I American Financial Group, Inc. Real Estate-Related Investments 12/31/2019 ($ 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	$	589		77	%		96	%		99	%
Fund Investments		100		13	%
Student Housing		30		4	%		94	%		98	%
Land - Development		20		2	%
QOZ Fund - Development		16		2	%
Office		14		2	%		90	%		100	%
Total	$	769		100	%

Real Estate

Property Type	Book Value		%of Book Value			Debt
Marinas	$	63		37	%	$	—
Resort & Marina		59		35	%		—
Hotel		22		13	%		—
Office Building		20		12	%		—
Land		5		3	%		—
Total	$	169		100	%	$	—

Mortgage Loans

Property Type	Book Value		% of Book Value			Loan To Value
Hospitality		575		43	%		56	%
Multifamily		392		30	%		62	%
Office		253		19	%		65	%
Retail		61		4	%		59	%
Other		48		4	%		50	%
Total	$	1,329		100	%		59	%

(a) Total investments accounted for using the equity method is $1.69 billion, the amounts presented in this table only relate to real estate funds/investments.

(b) Occupancy as of 12/31/19

(c) Collections for October - December

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