AMERICAN FINANCIAL GROUP INC

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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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.

FY2025 · Filed Feb 25, 2026

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 2025, 2024, and 2023:
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)	Form of Amended and Restated Non-Employee Directors Compensation Plan
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(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 23, 2025.		(*)
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)	2026 Senior Executive Long Term Incentive Compensation Plan, filed as Exhibit 10.1 to the Form 8-K filed by AFG on February 18, 2026		(*)
10(h)	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, 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,
	2025	2024
Assets:
Cash and cash equivalents	$335	$283
Investment in securities	128	42
Investment in subsidiaries (*)	6,203	5,681
Real estate and other investments	66	64
Other assets	256	219
Total assets	$6,988	$6,289
Liabilities and Equity:
Long-term debt	$1,820	$1,475
Other liabilities	348	348
Shareholders’ equity	4,820	4,466
Total liabilities and equity	$6,988	$6,289

Condensed Statement of Earnings

	Year ended December 31,
	2025	2024	2023
Revenues:
Dividends from subsidiaries	$731	$841	$903
Equity in undistributed earnings of subsidiaries	534	454	308
Investment and other income	23	28	60
Total revenues	1,288	1,323	1,271
Costs and Expenses:
Interest charges on intercompany borrowings	7	8	8
Interest charges on other borrowings	80	76	76
Other expenses	128	115	114
Total costs and expenses	215	199	198
Earnings before income taxes	1,073	1,124	1,073
Provision for income taxes	231	237	221
Net Earnings	$842	$887	$852

Condensed Statement of Comprehensive Income

	Year ended December 31,
	2025	2024	2023
Net earnings	$842	$887	$852
Other comprehensive income, net of tax	190	79	224
Total comprehensive income, net of tax	$1,032	$966	$1,076

(*)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,
	2025	2024	2023
Operating Activities:
Net earnings	$842	$887	$852
Adjustments:
Equity in net earnings of subsidiaries	(1,008)	(1,030)	(967)
Dividends from subsidiaries	699	812	896
Other operating activities, net	49	43	(62)
Net cash provided by operating activities	582	712	719
Investing Activities:
Capital contributions to subsidiaries	(40)	(36)	(180)
Returns of capital from subsidiaries	4	30	7
Purchases of investments, property and equipment	(169)	(55)	(35)
Proceeds from:
Maturities and redemptions of investments	23	129	255
Sales of investments, property and equipment	—	4	178
Net cash provided by (used in) investing activities	(182)	72	225
Financing Activities:
Additional long-term borrowings	344	—	—
Reductions of long-term debt	—	—	(21)
Issuances of Common Stock	13	19	17
Repurchases of Common Stock	(99)	—	(213)
Cash dividends paid on Common Stock	(606)	(788)	(684)
Net cash used in financing activities	(348)	(769)	(901)
Net Change in Cash and Cash Equivalents	52	15	43
Cash and cash equivalents at beginning of year	283	268	225
Cash and cash equivalents at end of year	$335	$283	$268

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THREE YEARS ENDED DECEMBER 31, 2025

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	$333	$15,094	$3,736	$7,046	$725	$4,388	$775	$1,333	$7,110
Other	—	—	—	—	20	—	—	605	—
Total	$333	$15,094	$3,736	$7,046	$745	$4,388	$775	$1,938	$7,110
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

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, 2026	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, 2026
Carl H. Lindner III	(Principal Executive Officer)
/s/ S. Craig Lindner	Co-Chief Executive Officer and Director	February 25, 2026
S. Craig Lindner	(Principal Executive Officer)
/s/ Brian S. Hertzman	Senior Vice President and Chief Financial Officer	February 25, 2026
Brian S. Hertzman	(Principal Financial and Accounting Officer)
/s/ John B. Berding	President and Director	February 25, 2026
/s/ Gregory G. Joseph	Lead Independent Director*	February 25, 2026
Gregory G. Joseph
/s/ Craig Lindner Jr.	Director	February 25, 2026
Craig Lindner Jr.
/s/ Mary Beth Martin	Director	February 25, 2026
Mary Beth Martin
/s/ Amy Y. Murray	Director*	February 25, 2026
Amy Y. Murray
/s/ Roger K. Newport	Director*	February 25, 2026
Roger K. Newport
/s/ Evans N. Nwankwo	Director	February 25, 2026
Evans N. Nwankwo
/s/ David L. Thompson	Director	February 25, 2026
David L. Thompson
/s/ William W. Verity	Director	February 25, 2026
William W. Verity
/s/ John I. Von Lehman	Director*	February 25, 2026
John I. Von Lehman
* Member of the Audit Committee

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