AMERICAN FINANCIAL GROUP INC

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

AFG$160.84+1.9%Stored close · as of Nov 10, 2026

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Contents

Item 15. Exhibits and Financial Statement Schedules

(a)	Documents filed as part of this Report:
1.	Financial Statements are included in Part II, Item 8.
2.	Financial Statement Schedules:
Schedules filed herewith for 2023, 2022, and 2021:
Page
II — Condensed Financial Information of Registrant	S-3
III — Supplementary Insurance Information	S-5
All other schedules for which provisions are made in the applicable regulation of the Securities and Exchange Commission have been omitted as they are not applicable, not required, or the information required thereby is set forth in the Financial Statements or the notes thereto.
3.	Exhibits — See Exhibit Index on the next page.

INDEX TO EXHIBITS

(*) Incorporated herein by reference.
Number	Exhibit Description
2	Stock Purchase Agreement, dated as of January 27, 2021, by and among Massachusetts Mutual Life Insurance Company, Great American Financial Resources, Inc. and American Financial Group, Inc., filed as Exhibit 2.1 to the Form 8-K filed on January 28, 2021.		(*)
3(a)	Amended and Restated Articles of Incorporation, filed as Exhibit 3.A to AFG’s Form 10-K for 2019.		(*)
3(b)	Amended and Restated Code of Regulations, filed as Exhibit 3.1 to the Form 8-K filed on April 1, 2020.		(*)
4	Instruments defining the rights of security holders.	Registrant has no outstanding debt issues exceeding 10% of the assets of Registrant and consolidated subsidiaries.
	Material Contracts:
10(a)	Amended and Restated Non-Employee Directors Compensation Plan, filed as Exhibit 10 to the Form S-8 Registration Statement (File No. 333-184913) filed by AFG on November 13, 2012.		(*)
10(b)	Deferred Compensation Plan Amended and Restated as of January 1, 2022 filed as Exhibit 10 to the Form S-8 Registration Statement (File No. 333-268292) filed by AFG on November 10, 2022.		(*)
10(c)	Annual Senior Executive Bonus Plan, filed as Exhibit 10(d) to AFG’s 10-K for 2017.		(*)
10(d)	Amended and Restated Nonqualified Auxiliary RASP, filed as Exhibit 10(f) to AFG’s Form 10-K for 2008.		(*)
10(f)	Senior Executive Long Term Incentive Compensation Plan, filed as Appendix A to AFG’s Proxy Statement filed on April 1, 2016.		(*)
10(g)	Amended and Restated Credit Agreement entered into among American Financial Group, Inc., the Bank of America, N.A., as Administrative Agent, and several lenders, filed as Exhibit 10.1 to AFG’s Form 8-K filed on June 27, 2023.		(*)
21	Subsidiaries of the Registrant.
23	Consent of independent registered public accounting firm.
31(a)	Certification of Co-Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31(b)	Certification of Co-Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31(c)	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32	Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97	American Financial Group, Inc. Executive Officer Clawback Policy
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Condensed Balance Sheet

	December 31,
	2023	2022
Assets:
Cash and cash equivalents	$268	$225
Investment in securities	154	591
Investment in subsidiaries (*)	5,396	4,825
Real estate and other investments	63	63
Other assets	189	132
Total assets	$6,070	$5,836
Liabilities and Equity:
Long-term debt	$1,475	$1,496
Other liabilities	337	288
Shareholders’ equity	4,258	4,052
Total liabilities and equity	$6,070	$5,836

Condensed Statement of Earnings

	Year ended December 31,
	2023	2022	2021
Revenues:
Dividends from subsidiaries	$903	$879	$835
Equity in undistributed earnings of subsidiaries	308	405	1,721
Investment and other income	60	28	29
Total revenues	1,271	1,312	2,585
Costs and Expenses:
Interest charges on intercompany borrowings	8	7	7
Interest charges on other borrowings	76	85	94
Other expenses	114	97	129
Total costs and expenses	198	189	230
Earnings before income taxes	1,073	1,123	2,355
Provision for income taxes	221	225	360
Net Earnings	$852	$898	$1,995

Condensed Statement of Comprehensive Income

	Year ended December 31,
	2023	2022	2021
Net earnings	$852	$898	$1,995
Other comprehensive income (loss), net of tax	224	(662)	(1,154)
Total comprehensive income, net of tax	$1,076	$236	$841

(*)Investment in subsidiaries includes intercompany receivables and payables.

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT — CONTINUED

Condensed Statement of Cash Flows

	Year ended December 31,
	2023	2022	2021
Operating Activities:
Net earnings	$852	$898	$1,995
Adjustments:
Equity in net earnings of subsidiaries	(967)	(1,030)	(2,144)
Dividends from subsidiaries	896	539	830
Other operating activities, net	(62)	(80)	152
Net cash provided by operating activities	719	327	833
Investing Activities:
Capital contributions to subsidiaries	(180)	(26)	(107)
Returns of capital from subsidiaries	7	29	3
Purchases of:
Investments, property and equipment	(35)	(223)	(1,478)
Businesses	—	—	(120)
Proceeds from:
Maturities and redemptions of investments	255	556	277
Sales of investments, property and equipment	178	656	11
Sales of businesses	—	—	3,581
Net cash provided by investing activities	225	992	2,167
Financing Activities:
Reductions of long-term debt	(21)	(477)	—
Issuances of Common Stock	17	18	67
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Net cash used in financing activities	(901)	(1,683)	(2,626)
Net Change in Cash and Cash Equivalents	43	(364)	374
Cash and cash equivalents at beginning of year	225	589	215
Cash and cash equivalents at end of year	$268	$225	$589

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THREE YEARS ENDED DECEMBER 31, 2023

(IN MILLIONS)

Segment	Deferred policy acquisition costs	Reserves for claims and unpaid losses and LAE	Unearned premiums	Net earned premiums	Net investment income	Claims, losses and settlement expenses	Amortization of deferred policy acquisition costs	Other operating expenses	Net written premiums
Property and casualty insurance	$309	$13,087	$3,451	$6,531	$729	$4,017	$720	$1,235	$6,692
Other	—	—	—	—	13	16	—	766	—
Total	$309	$13,087	$3,451	$6,531	$742	$4,033	$720	$2,001	$6,692
Property and casualty insurance	$288	$11,974	$3,246	$6,085	$683	$3,629	$641	$1,091	$6,206
Other	—	—	—	—	34	—	—	556	—
Total	$288	$11,974	$3,246	$6,085	$717	$3,629	$641	$1,647	$6,206
Property and casualty insurance	$267	$11,074	$3,041	$5,404	$663	$3,157	$580	$967	$5,573
Other	—	—	—	—	67	—	—	513	—
Total	$267	$11,074	$3,041	$5,404	$730	$3,157	$580	$1,480	$5,573

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	American Financial Group, Inc.
February 23, 2024	By:	/s/ Brian S. Hertzman
		Brian S. Hertzman
		Senior Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

John B. Berding
Signature	Capacity	Date
/s/ Carl H. Lindner III	Co-Chief Executive Officer and Director	February 23, 2024
Carl H. Lindner III	(Principal Executive Officer)
/s/ S. Craig Lindner	Co-Chief Executive Officer and Director	February 23, 2024
S. Craig Lindner	(Principal Executive Officer)
/s/ Brian S. Hertzman	Senior Vice President and Chief Financial Officer	February 23, 2024
Brian S. Hertzman	(Principal Financial and Accounting Officer)
/s/ John B. Berding	President and Director	February 23, 2024
/s/ James E. Evans	Director	February 23, 2024
James E. Evans
/s/ Terry S. Jacobs	Director*	February 23, 2024
Terry S. Jacobs
/s/ Gregory G. Joseph	Lead Independent Director*	February 23, 2024
Gregory G. Joseph
/s/ Mary Beth Martin	Director	February 23, 2024
Mary Beth Martin
/s/ Amy Y. Murray	Director*	February 23, 2024
Amy Y. Murray
/s/ Evans N. Nwankwo	Director	February 23, 2024
Evans N. Nwankwo
/s/ William W. Verity	Director	February 23, 2024
William W. Verity
/s/ John I. Von Lehman	Director*	February 23, 2024
John I. Von Lehman
* Member of the Audit Committee

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