American Financial Group (AFG) Raymond James Investor Meeting presentation summary

Business overview and strategy

• Specializes in property and casualty insurance with over 150 years of history and a focus on niche markets and risk management.

• Maintains an entrepreneurial culture, strategic alignment of interests, and superior capital management.

• Over 55% of gross written premium comes from businesses with top 10 market rankings.

• Offers a diversified product portfolio across property & transportation, specialty casualty, and specialty financial segments.

• Core values emphasize integrity, discipline, specialization, and customer focus.

Financial performance and growth

• Achieved $10.7 billion in gross written premiums and $7.1 billion in net written premiums in 2025.

• Specialty P&C combined ratio was 91.0% for 2025, outperforming peers by 7.6 points over 10 years.

• Core net operating earnings for 2025 were $860 million, with an 18.2% core operating ROE.

• Book value per share, excluding AOCI, grew to $58.38 at year-end 2025.

• Regular annual dividend increased by 10% in 2025, with $6.3 billion returned to shareholders over five years.

Underwriting and investment performance

• Maintained a combined ratio under 94% for 13 consecutive years.

• Delivered superior pretax P&C returns compared to industry peers over 5, 10, and 15-year periods.

• Investment portfolio valued at $17.1 billion as of March 2026, with 96% investment grade fixed maturities.

• Achieved 1.19% annualized investment outperformance over the industry for 18 years.

• Short duration fixed maturity portfolio positioned for higher interest rates, with a 5.04% annualized yield in Q1 2026.