AMERICAN FINANCIAL GROUP INC

For the period ended Dec 31, 2024. Filed Feb 25, 2025.

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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.

FY2024 · Filed Feb 25, 2025

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 2024, 2023, and 2022:
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
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
10(d)	Amended and Restated Nonqualified Auxiliary RASP, filed as Exhibit 10(f) to AFG’s Form 10-K for 2008.		(*)
10(e)	Amended and Restated 2015 Stock Incentive Plan, filed as Exhibit 10.1 to the Form 8-K filed by AFG on May 24, 2024.		(*)
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.		(*)
19	AFG Insider Trading Policy
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, filed as Exhibit 97 to AFG’s Form 10-K for 2023.		(*)
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,
	2024	2023
Assets:
Cash and cash equivalents	$283	$268
Investment in securities	42	154
Investment in subsidiaries (*)	5,681	5,396
Real estate and other investments	64	63
Other assets	219	189
Total assets	$6,289	$6,070
Liabilities and Equity:
Long-term debt	$1,475	$1,475
Other liabilities	348	337
Shareholders’ equity	4,466	4,258
Total liabilities and equity	$6,289	$6,070

Condensed Statement of Earnings

	Year ended December 31,
	2024	2023	2022
Revenues:
Dividends from subsidiaries	$841	$903	$879
Equity in undistributed earnings of subsidiaries	454	308	405
Investment and other income	28	60	28
Total revenues	1,323	1,271	1,312
Costs and Expenses:
Interest charges on intercompany borrowings	8	8	7
Interest charges on other borrowings	76	76	85
Other expenses	115	114	97
Total costs and expenses	199	198	189
Earnings before income taxes	1,124	1,073	1,123
Provision for income taxes	237	221	225
Net Earnings	$887	$852	$898

Condensed Statement of Comprehensive Income

	Year ended December 31,
	2024	2023	2022
Net earnings	$887	$852	$898
Other comprehensive income (loss), net of tax	79	224	(662)
Total comprehensive income, net of tax	$966	$1,076	$236

(*)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,
	2024	2023	2022
Operating Activities:
Net earnings	$887	$852	$898
Adjustments:
Equity in net earnings of subsidiaries	(1,030)	(967)	(1,030)
Dividends from subsidiaries	812	896	539
Other operating activities, net	43	(62)	(80)
Net cash provided by operating activities	712	719	327
Investing Activities:
Capital contributions to subsidiaries	(36)	(180)	(26)
Returns of capital from subsidiaries	30	7	29
Purchases of investments, property and equipment	(55)	(35)	(223)
Proceeds from:
Maturities and redemptions of investments	129	255	556
Sales of investments, property and equipment	4	178	656
Net cash provided by investing activities	72	225	992
Financing Activities:
Reductions of long-term debt	—	(21)	(477)
Issuances of Common Stock	19	17	18
Repurchases of Common Stock	—	(213)	(11)
Cash dividends paid on Common Stock	(788)	(684)	(1,213)
Net cash used in financing activities	(769)	(901)	(1,683)
Net Change in Cash and Cash Equivalents	15	43	(364)
Cash and cash equivalents at beginning of year	268	225	589
Cash and cash equivalents at end of year	$283	$268	$225

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THREE YEARS ENDED DECEMBER 31, 2024

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	$320	$14,179	$3,584	$7,036	$784	$4,455	$766	$1,279	$7,139
Other	—	—	—	—	(4)	5	—	695	—
Total	$320	$14,179	$3,584	$7,036	$780	$4,460	$766	$1,974	$7,139
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

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 25, 2025	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 25, 2025
Carl H. Lindner III	(Principal Executive Officer)
/s/ S. Craig Lindner	Co-Chief Executive Officer and Director	February 25, 2025
S. Craig Lindner	(Principal Executive Officer)
/s/ Brian S. Hertzman	Senior Vice President and Chief Financial Officer	February 25, 2025
Brian S. Hertzman	(Principal Financial and Accounting Officer)
/s/ John B. Berding	President and Director	February 25, 2025
/s/ James E. Evans	Director	February 25, 2025
James E. Evans
/s/ Gregory G. Joseph	Lead Independent Director*	February 25, 2025
Gregory G. Joseph
/s/ Mary Beth Martin	Director	February 25, 2025
Mary Beth Martin
/s/ Amy Y. Murray	Director*	February 25, 2025
Amy Y. Murray
/s/ Roger K. Newport	Director*	February 25, 2025
Roger K. Newport
/s/ Evans N. Nwankwo	Director	February 25, 2025
Evans N. Nwankwo
/s/ William W. Verity	Director	February 25, 2025
William W. Verity
/s/ John I. Von Lehman	Director*	February 25, 2025
John I. Von Lehman
* Member of the Audit Committee

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