{"text_format":"1","workbook":"xlsx","n_sheets":27,"sheets":["Cover Page","Contents","Pg 3 Highlights","Pg 4 Earnings","Pg 5 Earnings Per Share","Pg 6 P&C_UW","Pg 7 P&C_Specialty_UW","Pg 8 P&C_P&T_UW","Pg 9 P&C_SC_UW","Pg 10 P&C_SF_UW","Module1","Pg 11 Balance Sheet","Pg 12 Book Value","Pg 13 Capitalization","Pg 14 Additional Supp Data","Pg 15 Inv_Schedule","Pg 16 Qtr_NII","Pg 17 Alt_Inv","Pg 18 Inv_FM_Cons","Pg 19 FM_Rating_NAIC","Pg 20 FM_Rating_NAIC_PY","Pg 21 Corp_by_Rating","Pg 22 Corp_by_Rating_PY","Pg 23 ABS_by_Rating","Pg 24 ABS_by_Rating_PY","Pg 25 Real_Estate_Investment","Pg 26 Real_Estate_Investment_PY"],"not_rendered":{"charts":0,"images":2,"macros":1,"external_links":0,"defined_names":63,"comments":1,"pivot_tables":0},"unopened":[{"sheet":"Module1","index":10,"reason":"part_missing"}],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover Page","index":0,"n_rows":23,"n_cols":8,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Note: Updated December 31, 2025 Balance Sheet information to final."]
[null,null,"Only pages 3, 11 and 14 are impacted as a result of the update."]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,"American Financial Group, Inc."]
[null,null,null,null,null,null,null,"Investor Supplement - Fourth Quarter 2025"]
[]
[]
[null,null,null,null,null,null,null,"2026-02-03"]
[]
[]
[]
[null,null,null,null,null,null,null,"American Financial Group, Inc."]
[null,null,null,null,null,null,null,"Corporate Headquarters"]
[null,null,null,null,null,null,null,"Great American Insurance Group Tower"]
[null,null,null,null,null,null,null,"301 E Fourth Street"]
[null,null,null,null,null,null,null,"Cincinnati, OH 45202"]
[null,null,null,null,null,null,null,"513 579 6739"]

{"sheet":"Contents","index":1,"n_rows":38,"n_cols":4,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Table of Contents - Investor Supplement - Fourth Quarter 2025",null,null,4]
[]
["Section","Page"]
[]
["Table of Contents - Investor Supplement - Fourth Quarter 2025",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]
[]
["Consolidated Balance Sheet / Book Value / Debt"]
["Consolidated Balance Sheet",11]
["Book Value Per Share and Price / Book Summary",12]
["Capitalization",13]
["Additional Supplemental Information",14]
[]
["Consolidated Investment Supplement "]
["Total Cash and Investments",15]
["Net Investment Income",16]
["Alternative Investments",17]
["Fixed Maturities - By Security Type - AFG Consolidated",18]
[]
["Appendix"]
["A.  Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2025",19]
["B.  Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024",20]
["C.  Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2025",21]
["D.  Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2024",22]
["E.  Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2025",23]
["F.  Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2024",24]
["G.  Real Estate-Related Investments 12/31/2025",25]
["H.  Real Estate-Related Investments 12/31/2024",26]

{"sheet":"Pg 3 Highlights","index":2,"n_rows":38,"n_cols":19,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Financial Highlights"]
["(in millions, except per share information)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
[]
["Highlights"]
["Net earnings",299,215,174,154,255,null,842,887,null,887,632,451,null,0,0,0,0,0]
["Core net operating earnings",305,224,179,152,262,null,860,902,null,902,640,446,null,0,0,0,0,0]
["Total assets",32642,33834,30669,30294,30836,null,32642,30836,"",32591,32591,29913,null,0,0,0,0,0]
["Shareholders' equity, excluding AOCI (a)",4870,4803,4648,4571,4706,null,4870,4706,"",4844,4844,4715,null,0,0,0,0,0]
["Property and Casualty net written premiums",1444,2252,1803,1611,1460,null,7110,7139,null,7139,5679,3326,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Per share data",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Diluted earnings per share",3.58,2.58,2.0700000000000003,1.84,3.0300000000000002,null,10.079999999999998,10.569999999999999,null,10.569999999999999,7.54,5.3800000000000008,null,0,0,0,0,0]
["Core net operating earnings per share",3.65,2.69,2.14,1.81,3.12,null,10.29,10.75,null,10.75,7.63,5.32,null,0,0,0,0,0]
["Book value per share, excluding AOCI (a)",58.377885929371153,57.589237539118237,55.74077183220205,54.632595496486111,56.028486270213634,null,58.377885929371153,56.028486270213634,null,57.709576278255071,57.709576278255071,56.189864119098416,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Dividends per common share",2.88,0.79999999999999982,0.79999999999999982,2.8,4.799999999999998,null,7.2799999999999994,9.43,null,9.43,4.63,3.92,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Financial ratios",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Annualized return on equity (b)",0.247,0.182,0.15,0.13300000000000001,0.21299999999999999,null,0.17799999999999999,0.19,null,0.19,0.18,0.19500000000000001,null,0,0,0,0,0]
["Annualized core operating return on equity (b)",0.252,0.19,0.155,0.13100000000000001,0.219,null,0.182,0.193,null,0.193,0.183,0.193,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Property and Casualty combined ratio - Specialty:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss & LAE ratio",0.58599999999999997,0.67200000000000004,0.61099999999999999,0.61,0.63700000000000001,null,0.622,0.63300000000000001,null,0.63300000000000001,0.63100000000000001,0.58799999999999997,null,0,0,0,0,0]
["Underwriting expense ratio",0.255,0.25800000000000001,0.32,0.33,0.253,null,0.28799999999999998,0.27900000000000003,null,0.27900000000000003,0.28799999999999998,0.314,null,0,0,0,0,0]
["Combined ratio - Specialty",0.84099999999999997,0.93,0.93100000000000005,0.94,0.89,null,0.90999999999999992,0.91200000000000003,null,0.91200000000000003,0.91900000000000004,0.90199999999999991,null,0,0,0,0,0]
[]
[]
["(a) A reconciliation to the GAAP measure is on page 12."]
["(b) Excludes accumulated other comprehensive income."]

{"sheet":"Pg 4 Earnings","index":3,"n_rows":28,"n_cols":19,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Summary of Earnings"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
["Property and Casualty Insurance"]
["Underwriting profit ",284,138,113,94,202,null,629,620,null,620,418,303,null,0,0,0,0,0]
["Net investment income",171,205,179,170,195,null,725,784,null,784,589,394,null,0,0,0,0,0]
["Other income (expense)",-15,-15,-19,-18,-19,null,-67,-76,null,-76,-57,-38,null,0,0,0,0,0]
["Property and Casualty Insurance operating earnings ",440,328,273,246,378,null,1287,1328,null,1328,950,659,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Interest expense of parent holding companies",-23,-19,-19,-19,-19,null,-80,-76,null,-76,-57,-38,null,0,0,0,0,0]
["Other expense",-31,-29,-27,-33,-29,null,-120,-114,null,-114,-85,-58,null,0,0,0,0,0]
["Pretax core operating earnings",386,280,227,194,330,null,1087,1138,null,1138,808,563,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Income tax expense",81,56,48,42,68,null,227,236,null,236,168,117,null,0,0,0,0,0]
["Core net operating earnings",305,224,179,152,262,null,860,902,null,902,640,446,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Non-core items, net of tax:  ",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Realized gains (losses) on securities",-6,10,2,2,-7,null,8,0,null,0,7,9,null,0,0,0,0,0]
["Realized gain on subsidiaries",0,1,0,0,0,null,1,0,null,0,0,-4,null,0,0,0,0,-4]
["Special A&E charges - Former Railroad and Manufacturing operations ",0,-20,0,0,0,null,-20,-11,null,-11,-11,0,null,0,0,0,0,0]
["Other non-core items",0,0,-7,0,0,null,-7,-4,null,-4,-4,0,null,0,0,0,0,4]
["Special A&E charges:  ",0,0,0,0,0,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Property and Casualty Insurance run-off operations ",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,887]
["Gain (loss) on retirement of debt",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,0]
["Net earnings",299,215,174,154,255,null,842,887,null,887,632,451,null,0,0,0,0,0]

{"sheet":"Pg 5 Earnings Per Share","index":4,"n_rows":24,"n_cols":19,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Earnings Per Share Summary"]
["(in millions, except per share information)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Core net operating earnings",305,224,179,152,262,null,860,902,null,902,640,446,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Net earnings",299,215,174,154,255,null,842,887,null,887,632,451,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Average number of diluted shares",83.411000000000001,83.397000000000006,83.488,83.841999999999999,83.965999999999994,null,83.533000000000001,83.903000000000006,null,83.903000000000006,83.882000000000005,83.852999999999994,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Diluted earnings per share:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Core net operating earnings per share",3.65,2.69,2.14,1.81,3.12,null,10.29,10.75,null,10.75,7.63,5.32,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Realized gains (losses) on securities",-7.0000000000000007E-2,0.12,0.02,0.03,-0.09,null,0.11,0,null,0,0.09,0.11,null,0,0,0,0,0]
["Realized gain on subsidiaries",0,0.01,0,0,0,null,0.01,0,null,0,0,-0.05,null,0,0,0,0,-0.05]
["Special A&E charges - Former Railroad and Manufacturing operations ",0,-0.24,0,0,0,null,-0.24,-0.13,null,-0.13,-0.13,0,null,0,0,0,0,0]
["Other non-core items",0,0,-0.09,0,0,null,-0.09,-0.05,null,-0.05,-0.05,0,null,0,0,0,0,0.05]
["Special A&E charges:  ",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,-0.13]
["Property and Casualty Insurance run-off operations ",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,0]
["Gain (loss) on retirement of debt",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,0]
["Diluted earnings per share",3.58,2.58,2.0700000000000003,1.84,3.0300000000000002,null,10.079999999999998,10.569999999999999,null,10.569999999999999,7.54,5.3800000000000008,null,0,0,0,0,0]

{"sheet":"Pg 6 P&C_UW","index":5,"n_rows":46,"n_cols":19,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Property and Casualty Insurance - Summary Underwriting Results (GAAP)"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Property and Transportation",216,55,27,37,81,null,335,214,null,211,129,95,null,0,0,0,0,0]
["Specialty Casualty",27,33,49,20,69,null,129,279,null,340,258,182,null,0,0,0,0,0]
["Specialty Financial",44,51,38,37,54,null,170,133,null,134,80,58,null,0,0,0,0,0]
["Underwriting profit - Specialty",287,139,114,94,204,null,634,626,null,626,422,305,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Other core charges, included in loss and LAE",-3,-1,-1,0,-2,null,-5,-6,null,-6,-4,-2,null,0,0,0,0,0]
["Underwriting profit - Core",284,138,113,94,202,null,629,418,null,620,418,303,null,0,0,0,0,202]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Special A&E charges, included in loss and LAE",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,0]
["Underwriting profit - Property and Casualty Insurance",284,138,113,94,202,null,629,620,null,620,418,303,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Included in results above:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year catastrophe losses:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Catastrophe reinstatement premium",0,0,0,0,1,null,0,2,null,2,1,1,null,0,0,0,0,0]
["Catastrophe losses",4,23,38,72,20,null,137,180,null,180,160,70,null,0,0,0,0,0]
["Total current accident year catastrophe losses",4,23,38,72,21,null,137,182,null,182,161,71,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Prior year loss reserve development (favorable) / adverse",-27,-23,-11,-20,36,null,-81,-64,null,-64,-100,-85,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Property and Transportation",0.70599999999999996,0.94100000000000006,0.95200000000000007,0.92500000000000004,0.89500000000000002,null,0.878,0.92446850672328373,null,0.92399999999999993,0.93599999999999994,0.91000000000000014,null,0,0,0,0,0]
["Specialty Casualty",0.96699999999999997,0.95799999999999996,0.93900000000000006,0.97599999999999998,0.91400000000000003,null,0.96,0.91226196473551635,null,0.88500000000000001,0.88400000000000001,0.877,null,0,0,0,0,0]
["Specialty Financial",0.83000000000000007,0.81099999999999994,0.86099999999999999,0.87000000000000011,0.80699999999999994,null,0.84400000000000008,0.872,null,0.871,0.89400000000000002,0.88100000000000001,null,0,0,0,0,0]
["Combined ratio - Specialty ",0.84099999999999997,0.93,0.93100000000000005,0.94,0.89,null,0.90999999999999992,0.91200000000000003,null,0.91200000000000003,0.91900000000000004,0.90199999999999991,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Other core charges",2E-3,1E-3,0,1E-3,1E-3,null,0,0,null,0,0,1E-3,null,0,0,0,0,0]
["Combined ratio",0.84299999999999997,0.93100000000000005,0.93100000000000005,0.94099999999999995,0.89100000000000001,null,0.90999999999999992,0.91200000000000003,"",0.91200000000000003,0.91900000000000004,0.90299999999999991,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["P&C combined ratio excl. catastrophe losses and prior year reserve development",0.85499999999999998,0.93,0.91500000000000004,0.90799999999999992,0.86099999999999999,null,0.90300000000000002,0.89600000000000002,null,0.89600000000000002,0.90799999999999992,0.90700000000000003,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE components:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year, excluding catastrophe losses",0.6,0.67200000000000004,0.59499999999999997,0.57799999999999996,0.60799999999999998,null,0.61499999999999999,0.61699999999999999,null,0.61699999999999999,0.62,0.59299999999999997,null,0,0,0,0,0]
["Prior accident year loss reserve development",-1.4999999999999999E-2,-1.0999999999999999E-2,-7.0000000000000001E-3,-1.2999999999999999E-2,1.9E-2,null,-1.0999999999999999E-2,-8.9999999999999993E-3,null,-8.9999999999999993E-3,-1.9E-2,-2.7E-2,null,0,0,0,0,0]
["Current accident year catastrophe losses",3.0000000000000001E-3,1.2E-2,2.3E-2,4.5999999999999999E-2,1.0999999999999999E-2,null,1.7999999999999999E-2,2.5000000000000001E-2,null,2.5000000000000001E-2,0.03,2.3E-2,null,0,0,0,0,0]
["Loss and LAE ratio",0.58799999999999997,0.67300000000000004,0.61099999999999999,0.61099999999999999,0.63800000000000001,null,0.622,0.63300000000000001,null,0.63300000000000001,0.63100000000000001,0.58899999999999997,null,0,0,0,0,0]
[]
[]
[]
["    "]

{"sheet":"Pg 7 P&C_Specialty_UW","index":6,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Specialty - Underwriting Results (GAAP)"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Gross written premiums",2085,3665,2653,2291,2043,null,10694,10533,"",10533,8490,4742,null,0,0,0,0,0]
["Ceded reinsurance premiums",-641,-1413,-850,-680,-583,null,-3584,-3394,"",-3394,-2811,-1416,null,0,0,0,0,0]
["Net written premiums",1444,2252,1803,1611,1460,null,7110,7139,"",7139,5679,3326,null,0,0,0,0,0]
["Change in unearned premiums",362,-239,-156,-31,390,null,-64,-103,"",-103,-493,-195,null,0,0,0,0,0]
["Net earned premiums",1806,2013,1647,1580,1850,null,7046,7036,"",7036,5186,3131,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE",1058,1354,1006,965,1179,null,4383,4449,"",4449,3270,1842,null,0,0,0,0,0]
["Underwriting expense",461,520,527,521,467,null,2029,1961,"",1961,1494,984,null,0,0,0,0,0]
["Underwriting profit",287,139,114,94,204,null,634,626,"",626,422,305,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Included in results above:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year catastrophe losses:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Catastrophe reinstatement premium",0,0,0,0,1,null,0,2,"",2,1,1,null,0,0,0,0,0]
["Catastrophe losses",4,23,38,72,20,null,137,180,"",180,160,70,null,0,0,0,0,0]
["Total current accident year catastrophe losses",4,23,38,72,21,null,137,182,"",182,161,71,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Prior year loss reserve development (favorable) / adverse",-30,-24,-12,-20,34,null,-86,-70,"",-70,-104,-87,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE ratio",0.58599999999999997,0.67200000000000004,0.61099999999999999,0.61,0.63700000000000001,null,0.622,0.63300000000000001,null,0.63300000000000001,0.63100000000000001,0.58799999999999997,null,0,0,0,0,0]
["Underwriting expense ratio",0.255,0.25800000000000001,0.32,0.33,0.253,null,0.28799999999999998,0.27900000000000003,null,0.27900000000000003,0.28799999999999998,0.314,null,0,0,0,0,0]
["Combined ratio",0.84099999999999997,0.93,0.93100000000000005,0.94,0.89,null,0.90999999999999992,0.91200000000000003,null,0.91200000000000003,0.91900000000000004,0.90199999999999991,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio excl. catastrophe losses and prior year reserve development",0.85499999999999998,0.93,0.91500000000000004,0.90799999999999992,0.86099999999999999,null,0.90199999999999991,0.89600000000000002,null,0.89600000000000002,0.90799999999999992,0.90700000000000003,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE components:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year, excluding catastrophe losses",0.6,0.67200000000000004,0.59499999999999997,0.57799999999999996,0.60799999999999998,null,0.61399999999999999,0.61699999999999999,null,0.61699999999999999,0.62,0.59299999999999997,null,0,0,0,0,0]
["Prior accident year loss reserve development",-1.6E-2,-1.2E-2,-7.0000000000000001E-3,-1.2999999999999999E-2,1.7999999999999999E-2,null,-1.2E-2,-0.01,null,-0.01,-0.02,-2.8000000000000001E-2,null,0,0,0,0,0]
["Current accident year catastrophe losses",2E-3,1.2E-2,2.3E-2,4.4999999999999998E-2,1.0999999999999999E-2,null,0.02,2.5999999999999999E-2,null,2.5999999999999999E-2,3.1E-2,2.3E-2,null,0,0,0,0,0]
["Loss and LAE ratio",0.58599999999999997,0.67200000000000004,0.61099999999999999,0.61,0.63700000000000001,null,0.622,0.63300000000000001,null,0.63300000000000001,0.63100000000000001,0.58799999999999997,null,0,0,0,0,0]

{"sheet":"Pg 8 P&C_P&T_UW","index":7,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Property and Transportation - Underwriting Results (GAAP)"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Gross written premiums",612,1975,1247,897,585,null,4731,4735,null,4735,4150,2043,null,0,0,0,0,0]
["Ceded reinsurance premiums",-214,-924,-488,-334,-177,null,-1960,-1889,null,-1924,-1738,-771,null,0,0,0,0,0]
["Net written premiums",398,1051,759,563,408,null,2771,2846,null,2811,2412,1272,null,0,0,0,0,0]
["Change in unearned premiums",337,-116,-183,-63,357,null,-25,-20,null,-18,-375,-216,null,0,0,0,0,0]
["Net earned premiums",735,935,576,500,765,null,2746,2826,null,2793,2037,1056,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE",417,728,387,311,531,null,1843,1972,null,1952,1429,652,null,0,0,0,0,0]
["Underwriting expense",102,152,162,152,153,null,568,640,null,630,479,309,null,0,0,0,0,0]
["Underwriting profit",216,55,27,37,81,null,335,214,null,211,129,95,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Included in results above:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year catastrophe losses:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Catastrophe reinstatement premium",0,0,0,0,1,null,0,1,null,1,0,0,null,0,0,0,0,0]
["Catastrophe losses",0,4,12,10,9,null,26,65,null,64,55,21,null,0,0,0,0,0]
["Total current accident year catastrophe losses",0,4,12,10,10,null,26,66,null,65,55,21,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Prior year loss reserve development (favorable) / adverse",-20,-11,-13,-19,-2,null,-63,-96,null,-94,-91,-76,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE ratio",0.56799999999999995,0.77800000000000002,0.67200000000000004,0.621,0.69500000000000006,null,0.67100000000000004,0.69799999999999995,null,0.69899999999999995,0.70099999999999996,0.6170000000000001,null,0,0,0,0,0]
["Underwriting expense ratio",0.13800000000000001,0.16300000000000001,0.28000000000000003,0.30399999999999999,0.2,null,0.20699999999999999,0.22646850672328378,null,0.22500000000000001,0.23499999999999999,0.29299999999999998,null,0,0,0,0,0]
["Combined ratio",0.70599999999999996,0.94100000000000006,0.95200000000000007,0.92500000000000004,0.89500000000000002,null,0.878,0.92446850672328373,null,0.92399999999999993,0.93599999999999994,0.91000000000000014,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio excl. catastrophe losses and prior year reserve development",0.73399999999999999,0.94800000000000006,0.95400000000000007,0.94399999999999995,0.88500000000000001,null,0.89100000000000001,0.93546850672328374,null,0.93499999999999994,0.95299999999999996,0.96100000000000008,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE components:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year, excluding catastrophe losses",0.59599999999999997,0.78500000000000003,0.67400000000000004,0.64,0.68500000000000005,null,0.68400000000000005,0.70899999999999996,null,0.71,0.71799999999999997,0.66800000000000004,null,0,0,0,0,0]
["Prior accident year loss reserve development",-2.7E-2,-1.0999999999999999E-2,-2.1999999999999999E-2,-3.9E-2,-3.0000000000000001E-3,null,-2.3E-2,-3.4000000000000002E-2,null,-3.4000000000000002E-2,-4.3999999999999997E-2,-7.1999999999999995E-2,null,0,0,0,1E-3,0]
["Current accident year catastrophe losses",-1E-3,4.0000000000000001E-3,0.02,0.02,1.2999999999999999E-2,null,0.01,2.3E-2,null,2.3E-2,2.7E-2,2.1000000000000001E-2,null,0,0,0,-9.9999999999999915E-4,0]
["Loss and LAE ratio",0.56799999999999995,0.77800000000000002,0.67200000000000004,0.621,0.69500000000000006,null,0.67100000000000004,0.69799999999999995,null,0.69899999999999995,0.70099999999999996,0.6170000000000001,null,0,0,0,0,0]

{"sheet":"Pg 9 P&C_SC_UW","index":8,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Specialty Casualty - Underwriting Results (GAAP)"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Gross written premiums",1153,1337,1062,1068,1126,null,4620,4543,null,4543,3417,2120,null,0,0,0,0,0]
["Ceded reinsurance premiums",-357,-423,-297,-296,-353,null,-1373,-1297,null,-1500,-1099,-665,null,0,0,0,0,0]
["Net written premiums",796,914,765,772,773,null,3247,3246,null,3043,2318,1455,null,0,0,0,0,0]
["Change in unearned premiums",16,-104,34,22,32,null,-32,-70,null,-76,-105,14,null,0,0,0,0,0]
["Net earned premiums",812,810,799,794,805,null,3215,3176,null,2967,2213,1469,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE",558,541,516,536,541,null,2151,2045,null,1853,1358,885,null,0,0,0,0,0]
["Underwriting expense",227,236,234,238,195,null,935,852,null,774,597,402,null,0,0,0,0,0]
["Underwriting profit",27,33,49,20,69,null,129,279,null,340,258,182,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Included in results above:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year catastrophe losses:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Catastrophe reinstatement premium",0,0,0,0,0,null,0,1,null,1,1,1,null,0,0,0,0,0]
["Catastrophe losses",-3,8,7,27,-6,null,39,34,null,31,36,20,null,0,0,0,0,0]
["Total current accident year catastrophe losses",-3,8,7,27,-6,null,39,35,null,32,37,21,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Prior year loss reserve development (favorable) / adverse",-1,-1,10,12,44,null,20,37,null,-10,-46,-42,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE ratio",0.68699999999999994,0.66800000000000004,0.64500000000000002,0.67600000000000005,0.67200000000000004,null,0.66900000000000004,0.64400000000000002,null,0.624,0.61399999999999999,0.60299999999999998,null,0,0,0,0,0]
["Underwriting expense ratio",0.28000000000000003,0.28999999999999998,0.29399999999999998,0.3,0.24199999999999999,null,0.29099999999999998,0.26826196473551639,null,0.26100000000000001,0.27,0.27400000000000002,null,0,0,0,0,0]
["Combined ratio",0.96699999999999997,0.95799999999999996,0.93900000000000006,0.97599999999999998,0.91400000000000003,null,0.96,0.91226196473551635,null,0.88500000000000001,0.88400000000000001,0.877,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio excl. catastrophe losses and prior year reserve development",0.97099999999999997,0.94900000000000007,0.91799999999999993,0.92599999999999993,0.86699999999999999,null,0.94100000000000006,0.89026196473551633,null,0.878,0.88700000000000001,0.89100000000000001,null,0,0,0,0,-9.9999999999988987E-4]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE components:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year, excluding catastrophe losses",0.69099999999999995,0.65900000000000003,0.624,0.626,0.625,null,0.65,0.622,null,0.61699999999999999,0.61699999999999999,0.61699999999999999,null,0,0,0,0,-1.0000000000000009E-3]
["Prior accident year loss reserve development",-1E-3,-1E-3,1.2E-2,1.6E-2,5.3999999999999999E-2,null,6.0000000000000001E-3,1.2E-2,null,-4.0000000000000001E-3,-2.1000000000000001E-2,-2.9000000000000001E-2,null,0,0,0,0,0]
["Current accident year catastrophe losses",-3.0000000000000001E-3,0.01,8.9999999999999993E-3,3.4000000000000002E-2,-7.0000000000000001E-3,null,1.2999999999999999E-2,0.01,null,1.0999999999999999E-2,1.7999999999999999E-2,1.4999999999999999E-2,null,0,0,0,0,9.9999999999999915E-4]
["Loss and LAE ratio",0.68699999999999994,0.66800000000000004,0.64500000000000002,0.67600000000000005,0.67200000000000004,null,0.66900000000000004,0.64400000000000002,null,0.624,0.61399999999999999,0.60299999999999998,null,0,0,0,0,0]

{"sheet":"Pg 10 P&C_SF_UW","index":9,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Specialty Financial - Underwriting Results (GAAP)"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
[]
["Gross written premiums",320,353,344,326,332,null,1343,1255,null,1255,923,579,null,0,0,0,0,0]
["Ceded reinsurance premiums",-70,-66,-65,-50,-53,null,-251,-208,null,-210,-157,-97,null,0,0,0,0,0]
["Net written premiums",250,287,279,276,279,null,1092,1047,null,1045,766,482,null,0,0,0,0,0]
["Change in unearned premiums",9,-19,-7,10,1,null,-7,-13,null,-13,-13,2,null,0,0,0,0,0]
["Net earned premiums",259,268,272,286,280,null,1085,1034,null,1032,753,484,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE",83,85,103,118,107,null,389,432,null,429,323,199,null,0,0,0,0,0]
["Underwriting expense",132,132,131,131,119,null,526,469,null,469,350,227,null,0,0,0,0,0]
["Underwriting profit",44,51,38,37,54,null,170,133,null,134,80,58,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Included in results above:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year catastrophe losses:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Catastrophe reinstatement premium",0,0,0,0,0,null,0,0,null,0,0,0,null,0,0,0,0,0]
["Catastrophe losses",7,11,19,35,17,null,72,81,null,81,64,25,null,0,0,0,0,0]
["Total current accident year catastrophe losses",7,11,19,35,17,null,72,81,null,81,64,25,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Prior year loss reserve development (favorable) / adverse",-9,-12,-9,-13,-8,null,-43,-11,null,-11,-3,6,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE ratio",0.32000000000000006,0.318,0.38100000000000006,0.41100000000000003,0.38099999999999995,null,0.35900000000000004,0.41799999999999998,null,0.41599999999999998,0.42899999999999999,0.41199999999999998,null,0,0,0,0,0]
["Underwriting expense ratio",0.51,0.49299999999999999,0.48,0.45900000000000002,0.42599999999999999,null,0.48499999999999999,0.45400000000000001,null,0.45500000000000002,0.46500000000000002,0.46899999999999997,null,0,0,0,0,0]
["Combined ratio",0.83000000000000007,0.81099999999999994,0.86099999999999999,0.87000000000000011,0.80699999999999994,null,0.84400000000000008,0.872,null,0.871,0.89400000000000002,0.88100000000000001,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Combined ratio excl. catastrophe losses and prior year reserve development",0.83499999999999996,0.81699999999999995,0.82000000000000006,0.79700000000000004,0.77499999999999991,null,0.81699999999999995,0.80400000000000005,null,0.80400000000000005,0.81400000000000006,0.81699999999999995,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Loss and LAE components:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Current accident year, excluding catastrophe losses",0.32500000000000001,0.32400000000000001,0.34,0.33800000000000002,0.34899999999999998,null,0.33200000000000002,0.35,null,0.34899999999999998,0.34899999999999998,0.34799999999999998,null,0,0,0,0,0]
["Prior accident year loss reserve development",-0.03,-4.7E-2,-3.2000000000000001E-2,-4.5999999999999999E-2,-0.03,null,-3.9E-2,-1.0999999999999999E-2,null,-1.0999999999999999E-2,-4.0000000000000001E-3,1.2E-2,null,0,0,0,9.9999999999999742E-4,9.9999999999999915E-4]
["Current accident year catastrophe losses",2.5000000000000001E-2,4.1000000000000002E-2,7.2999999999999995E-2,0.11899999999999999,6.2E-2,null,6.6000000000000003E-2,7.9000000000000001E-2,null,7.8E-2,8.4000000000000005E-2,5.1999999999999998E-2,null,0,0,0,-1.0000000000000009E-3,-1.0000000000000009E-3]
["Loss and LAE ratio",0.32000000000000006,0.318,0.38100000000000006,0.41100000000000003,0.38099999999999995,null,0.35900000000000004,0.41799999999999998,null,0.41599999999999998,0.42899999999999999,0.41199999999999998,null,0,0,0,0,0]

{"sheet":"Pg 11 Balance Sheet","index":11,"n_rows":36,"n_cols":19,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Consolidated Balance Sheet"]
["($ in millions)"]
[]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31","2024-09-30"]
["Assets:"]
["Total cash and investments",17182,16761,16049,15994,15852,15741,null,null,null,null,null,null,null,0,0,0,0,0]
["Recoverables from reinsurers",5528,5565,4733,4945,5176,5217,null,null,null,null,null,null,null,0,0,0,0,0]
["Prepaid reinsurance premiums",1089,1443,1256,1105,1013,1346,null,null,null,null,null,null,null,0,0,0,0,0]
["Agents' balances and premiums receivable",1641,2034,1946,1589,1532,1995,null,null,null,null,null,null,null,0,0,0,0,0]
["Deferred policy acquisition costs",333,349,345,316,320,340,null,null,null,null,null,null,null,0,0,0,0,0]
["Assets of managed investment entities",4050,3972,3833,3848,4140,4332,null,null,null,null,null,null,null,0,0,0,0,0]
["Other receivables",1212,2075,877,855,1123,1989,null,null,null,null,null,null,null,0,0,0,0,0]
["Other assets",1280,1308,1325,1337,1375,1326,null,null,null,null,null,null,null,0,0,0,0,0]
["Goodwill",327,327,305,305,305,305,null,null,null,null,null,null,null,0,0,0,0,0]
["Total assets",32642,33834,30669,30294,30836,32591,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Liabilities and Equity:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Unpaid losses and loss adjustment expenses",15094,15079,13834,13970,14179,14206,null,null,null,null,null,null,null,0,0,0,0,0]
["Unearned premiums",3736,4450,4026,3710,3584,4320,null,null,null,null,null,null,null,0,0,0,0,0]
["Payable to reinsurers",1195,1578,1152,1028,1191,1620,null,null,null,null,null,null,null,0,0,0,0,0]
["Liabilities of managed investment entities",3907,3834,3685,3726,3965,4168,null,null,null,null,null,null,null,0,0,0,0,0]
["Long-term debt",1820,1820,1476,1476,1475,1475,null,null,null,null,null,null,null,0,0,0,0,0]
["Other liabilities",2070,2343,1980,1992,1976,2094,null,null,null,null,null,null,null,0,0,0,0,0]
["Total liabilities",27822,29104,26153,25902,26370,27883,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Shareholders' equity:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Common stock",83,83,83,84,84,84,null,null,null,null,null,null,null,0,0,0,0,0]
["Capital surplus",1430,1421,1414,1409,1411,1400,null,null,null,null,null,null,null,0,0,0,0,0]
["Retained earnings",3357,3299,3151,3078,3211,3360,null,null,null,null,null,null,null,0,0,0,0,0]
["Unrealized gains (losses) - fixed maturities",-22,-43,-101,-141,-202,-100,null,null,null,null,null,null,null,0,0,0,0,0]
["Unrealized gains (losses) - fixed maturity-related cash flow hedges",-2,-3,-5,-7,-10,-7,null,null,null,null,null,null,null,0,0,0,0,0]
["Other comprehensive income (loss), net of tax",-26,-27,-26,-31,-28,-29,null,null,null,null,null,null,null,0,0,0,0,0]
["Total shareholders' equity",4820,4730,4516,4392,4466,4708,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Total liabilities and equity",32642,33834,30669,30294,30836,32591,null,null,null,null,null,null,null,0,0,0,0,0]

{"sheet":"Pg 12 Book Value","index":12,"n_rows":27,"n_cols":19,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Book Value Per Share and Price / Book Summary"]
["(in millions, except per share information)"]
[]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31","2024-09-30"]
[]
["Shareholders' equity",4820,4730,4516,4392,4466,4708,null,null,null,null,null,null,null,0,0,0,0,0]
["Accumulated other comprehensive income (loss)",-50,-73,-132,-179,-240,-136,null,null,null,null,null,null,null,0,0,0,0,0]
["Shareholders' equity, excluding AOCI",4870,4803,4648,4571,4706,4844,null,null,null,null,null,null,null,0,0,0,0,0]
["Goodwill",327,327,305,305,305,305,null,null,null,null,null,null,null,0,0,0,0,0]
["Intangibles",189,192,193,198,203,199,null,null,null,null,null,null,null,0,0,0,0,0]
["Tangible shareholders' equity, excluding AOCI",4354,4284,4150,4068,4198,4340,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Common shares outstanding",83.421999999999997,83.400999999999996,83.385999999999996,83.668000000000006,83.977999999999994,83.923000000000002,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Book value per share:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Book value per share",57.77852365083551,56.723948274001515,54.147772287914044,52.503187359563988,53.180594917716547,56.099043170525363,null,null,null,null,null,null,null,0,0,0,0,0]
["Book value per share, excluding AOCI",58.377885929371153,57.589237539118237,55.74077183220205,54.632595496486111,56.028486270213634,57.709576278255071,null,null,null,null,null,null,null,0,0,0,0,0]
["Tangible, excluding AOCI",52.202467214883363,51.376290572055488,49.768546278751835,48.620739111727296,49.979282907428143,51.724071231962633,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Market capitalization",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["AFG's closing common share price",136.68,145.72,126.21,131.34,136.93,134.6,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Market capitalization",11402,12153,10524,10989,11499,11296,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Price / Book value per share, excluding AOCI",2.3412975277207391,2.5303338996460547,2.2642312951807226,2.4040593130605994,2.4439353820771696,2.3323685370865768,null,null,null,null,null,null,null,0,0,0,0,0]

{"sheet":"Pg 13 Capitalization","index":13,"n_rows":20,"n_cols":19,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."," "]
["Capitalization"]
["($ in millions)"]
[]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31","2024-09-30"]
[]
["AFG senior obligations",1173,1173,823,823,823,823,null,null,null,null,null,null,null,0,0,0,0,0]
["Borrowings drawn under credit facility",0,0,0,0,0,0,null,null,null,null,null,null,null,0,0,0,0,0]
["Debt excluding subordinated debt",1173,1173,823,823,823,823,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["AFG subordinated debentures",675,675,675,675,675,675,null,null,null,null,null,null,null,0,0,0,0,0]
["Total principal amount of long-term debt",1848,1848,1498,1498,1498,1498,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Shareholders' equity",4820,4730,4516,4392,4466,4708,null,null,null,null,null,null,null,0,0,0,0,0]
["Accumulated other comprehensive income (loss)",-50,-73,-132,-179,-240,-136,null,null,null,null,null,null,null,0,0,0,0,0]
["Total capital, excluding AOCI",6718,6651,6146,6069,6204,6342,null,null,null,null,null,null,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Ratio of debt to total capital, excluding AOCI:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Including subordinated debt",0.27508186960404885,0.27785295444294089,0.24373576309794989,0.24682814302191464,0.24145712443584785,0.23620309050772628,null,null,null,null,null,null,null,0,0,0,0,0]
["Excluding subordinated debt",0.17460553736231021,0.17636445647271087,0.13390823299707127,0.13560718405009062,0.13265635074145712,0.12976978871018607,null,null,null,null,null,null,null,0,0,0,0,0]

{"sheet":"Pg 14 Additional Supp Data","index":14,"n_rows":24,"n_cols":19,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Additional Supplemental Information"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
["Property and Casualty Insurance"]
[]
["Paid Losses (GAAP)",984,936,931,967,1179,null,3818,4034,null,4034,2855,1958,null,0,0,0,0,0]
[]
[]
[]
[]
[]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2024-09-30"]
["GAAP Equity (excluding AOCI)"]
[]
["Property and Casualty Insurance",6354,6173,5935,5853,5962,null,6150,null,null,null,null,null,null,0,0,0,0,0]
["Parent and other subsidiaries",-1484,-1370,-1287,-1282,-1256,null,-1306,null,null,null,null,null,null,0,0,0,0,0]
["AFG GAAP Equity (excluding AOCI)",4870,4803,4648,4571,4706,null,4844,null,null,null,null,null,null,0,0,0,0,0]
[null,""]
["Allowable dividends without regulatory approval"]
[]
["Property and Casualty Insurance",1081,1004,1004,1004,1004,null,946,null,null,null,null,null,null,0,0,0,0,0]

{"sheet":"Pg 15 Inv_Schedule","index":15,"n_rows":34,"n_cols":7,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Total Cash and Investments"]
["($ in millions)"]
[]
[null,"Carrying Value - December 31, 2025"]
[null,"Property and",null,null,null,"% of"]
[null,"Casualty","Parent &","Consolidate","Total AFG","Investment"]
[null,"Insurance"," Other","CLOs","Consolidated","Portfolio"]
["Total cash and investments:"]
["Cash and cash equivalents",1377,350,0,1727,0.1]
["Fixed maturities - Available for sale",10923,129,0,11052,0.64,""]
["Fixed maturities - Trading",91,0,0,91,0.01]
["Equity securities - Common stocks",365,0,0,365,0.02]
["Equity securities - Perpetual preferred",420,0,0,420,0.02]
["Investments accounted for using the equity method",2419,2,0,2421,0.14000000000000001,""]
["Mortgage loans",947,0,0,947,0.06]
["Real estate and other investments",199,103,-143,159,0.01,""]
["Total cash and investments",16741,584,-143,17182,"100%"]
[null,null,null,""]
[]
[null,"Carrying Value - December 31, 2024"]
[null,"Property and",null,null,null,"% of"]
[null,"Casualty","Parent &","Consolidate","Total AFG","Investment"]
[null,"Insurance"," Other","CLOs","Consolidated","Portfolio"]
["Total cash and investments:"]
["Cash and cash equivalents",1105,301,0,1406,0.09]
["Fixed maturities - Available for sale",10356,42,0,10398,0.66,""]
["Fixed maturities - Trading",76,0,0,76,0]
["Equity securities - Common stocks",336,0,0,336,0.02]
["Equity securities - Perpetual preferred",415,0,0,415,0.03]
["Investments accounted for using the equity method",2275,2,0,2277,0.14000000000000001]
["Mortgage loans",791,0,0,791,0.05]
["Real estate and other investments",229,98,-174,153,0.01]
["Total cash and investments",15583,443,-174,15852,"100%"]

{"sheet":"Pg 16 Qtr_NII","index":16,"n_rows":37,"n_cols":19,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Net Investment Income"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
["Property and Casualty Insurance:"]
["Gross investment income excluding alternative investments"]
["Fixed maturities",138,135,140,137,134,null,550,532,null,532,398,264,null,0,0,0,0,0]
["Equity securities",6,6,15,6,9,null,33,29,null,29,20,14,null,0,0,0,0,0]
["Other investments (a)",27,27,23,21,24,null,98,87,null,87,63,38,null,0,0,0,0,0]
["Gross investment income excluding alternative investments",171,168,178,164,167,null,681,648,null,648,481,316,null,0,0,0,0,0]
["Gross investment income from alternative investments (b)",6,43,8,12,33,null,69,158,null,158,125,89,null,0,0,0,0,0]
["Total gross investment income",177,211,186,176,200,null,750,806,null,806,606,405,null,0,0,0,0,0]
["Investment expenses",-6,-6,-7,-6,-5,null,-25,-22,null,-22,-17,-11,null,0,0,0,0,0]
["Total net investment income",171,205,179,170,195,null,725,784,null,784,589,394,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Average cash and investments (c)",16520,16095,15921,15881,15718,null,16144,15479,null,15479,15389,15321,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Average yield - overall portfolio, net (d)","4.14%","5.09%","4.50%","4.28%","4.96%",null,"4.49%","5.06%",null,"5.06%","5.10%","5.14%",null,0,0,0,0,0]
["Average yield - fixed maturities before inv expenses (d)",5.11E-2,5.1200000000000002E-2,5.2400000000000002E-2,5.1299999999999998E-2,5.0900000000000001E-2,null,5.1299999999999998E-2,5.0200000000000002E-2,null,5.0200000000000002E-2,5.0099999999999999E-2,4.99E-2,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["AFG consolidated net investment income:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Property & Casualty core",171,205,179,170,195,null,725,784,null,784,589,394,null,0,0,0,0,0]
["Parent & other",7,6,7,5,7,null,25,29,null,29,22,15,null,0,0,0,0,0]
["Consolidate CLOs",5,-6,-2,-2,-8,null,-5,-33,null,-33,-25,-23,null,0,0,0,0,0]
["Total net investment income",183,205,184,173,194,null,745,780,null,780,586,386,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Average cash and investments (c)",17013,16496,16175,16140,15987,null,16496,15767,null,15767,15682,15620,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Average yield - overall portfolio, net (d)","4.30%","4.97%","4.55%","4.29%","4.85%",null,"4.52%","4.95%",null,"4.95%","4.98%","4.94%",null,0,0,0,0,0]
["Average yield - fixed maturities before inv expenses (d)",5.11E-2,5.11E-2,5.2400000000000002E-2,5.1299999999999998E-2,5.0999999999999997E-2,null,5.1299999999999998E-2,5.04E-2,null,5.04E-2,5.0299999999999997E-2,5.0099999999999999E-2,null,0,0,0,0,0]
[]
["(a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents."]
["(b) Investment income on alternative investments is detailed on page 17."]
["(c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances."]
["(d) Average yield is calculated by dividing investment income for the period by the average balance."]

{"sheet":"Pg 17 Alt_Inv","index":17,"n_rows":43,"n_cols":19,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Alternative Investments"]
["($ in millions)"]
[]
[null,"Three Months Ended",null,null,null,null,null,"Twelve Months Ended"]
[null,"2025-12-31","2025-09-30","2025-06-30","2025-03-31","2024-12-31",null,"2025-12-31","2024-12-31",null,"2024-12-31","2024-09-30","2024-06-30"]
["Property and Casualty Insurance:"]
["Net Investment Income"]
["Fixed maturities MTM through investment income",1,16,8,-3,12,null,22,22,null,22,10,2,null,0,0,0,0,0]
["Equity securities MTM through investment income (a)",-12,-6,4,0,12,null,-14,57,null,57,45,25,null,0,0,0,0,0]
["Investments accounted for using the equity method (b)",22,27,-6,13,1,null,56,46,null,46,45,39,null,0,0,0,0,0]
["AFG managed CLOs (eliminated in consolidation)",-5,6,2,2,8,null,5,33,null,33,25,23,null,0,0,0,0,0]
["Total Property & Casualty",6,43,8,12,33,null,69,158,null,158,125,89,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Investments",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Fixed maturities MTM through investment income",44,30,55,50,75,null,44,75,null,75,51,32,null,0,0,0,0,0]
["Equity securities MTM through investment income (a)",211,243,233,232,222,null,211,222,null,222,563,544,null,0,0,0,0,0]
["Investments accounted for using the equity method (b)",2419,2381,2338,2324,2275,null,2419,2275,null,2275,1909,1880,null,0,0,0,0,0]
["AFG managed CLOs (eliminated in consolidation)",143,138,148,122,174,null,143,174,null,174,163,158,null,0,0,0,0,0]
["Total Property & Casualty",2817,2792,2774,2728,2746,null,2817,2746,null,2746,2686,2614,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Annualized Return - Property & Casualty",8.9999999999999993E-3,6.2E-2,1.2E-2,1.7999999999999999E-2,4.9000000000000002E-2,null,2.5000000000000001E-2,6.0999999999999999E-2,null,6.0999999999999999E-2,6.5000000000000002E-2,7.0000000000000007E-2,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["AFG Consolidated:",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Net Investment Income",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Fixed maturities MTM through investment income",1,16,8,-3,12,null,22,22,null,22,10,2,null,0,0,0,0,0]
["Equity securities MTM through investment income (a)",-12,-6,4,0,12,null,-14,57,null,57,45,25,null,0,0,0,0,0]
["Investments accounted for using the equity method (b)",22,27,-6,13,1,null,56,46,null,46,45,39,null,0,0,0,0,0]
["AFG managed CLOs (eliminated in consolidation)",-5,6,2,2,8,null,5,33,null,33,25,23,null,0,0,0,0,0]
["Total AFG Consolidated ",6,43,8,12,33,null,69,158,null,158,125,89,null,0,0,0,0,0]
[null,"","","","","",null,"","",null,"","",""]
["Investments",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Fixed maturities MTM through investment income",44,30,55,50,75,null,44,75,null,75,51,32,null,0,0,0,0,0]
["Equity securities MTM through investment income (a)",211,243,233,232,222,null,211,222,null,222,563,544,null,0,0,0,0,0]
["Investments accounted for using the equity method (b)",2421,2383,2341,2326,2277,null,2421,2277,null,2277,1911,1882,null,0,0,0,0,0]
["AFG managed CLOs (eliminated in consolidation)",143,138,148,122,174,null,143,174,null,174,163,158,null,0,0,0,0,0]
["Total AFG Consolidated ",2819,2794,2777,2730,2748,null,2819,2748,null,2748,2688,2616,null,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0]
["Annualized Return - AFG Consolidated",8.9999999999999993E-3,6.2E-2,1.2E-2,1.7999999999999999E-2,4.9000000000000002E-2,null,2.5000000000000001E-2,6.0999999999999999E-2,null,6.0999999999999999E-2,6.5000000000000002E-2,7.0000000000000007E-2,null,0,0,0,0,0]
[]
[]
["(a) AFG records holding gains and losses in net investment income on certain securities classified at purchase as \"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."]

{"sheet":"Pg 18 Inv_FM_Cons","index":18,"n_rows":35,"n_cols":7,"rows_kept":35,"cut":false,"hidden":false,"merged":[]}
["American Financial Group, Inc."]
["Fixed Maturities - By Security Type - AFG Consolidated"]
["($ in millions )"]
[]
[null,null,null,null,null,"% of"]
[null,null,null,"Unrealized","% of","Investment"]
["December 31, 2025","Book Value (a)","Fair Value","Gain (Loss)","Fair Value","Portfolio"]
["US Government and government agencies",160,161,1,0.01,0.01]
["States, municipalities and political subdivisions",853,835,-18,7.0000000000000007E-2,0.05]
["Foreign government",301,303,2,0.03,0.02]
["Residential mortgage-backed securities",2807,2747,-60,0.25,0.16]
["Collateralized loan obligations",1162,1160,-2,0.1,7.0000000000000007E-2]
["Other asset-backed securities",2534,2525,-9,0.23,0.13999999999999999]
["Corporate and other bonds",3354,3412,58,"31%","20%"]
["Total AFG consolidated",11171,11143,-28,"100%","65%",""]
[null,null,null,null,""]
[]
["Approximate duration - P&C","3.3 years"]
["Approximate duration - P&C including cash","2.9 years"]
[null,null,null,null,null,"% of"]
[null,null,null,"Unrealized","% of","Investment"]
["December 31, 2024","Book Value (a)","Fair Value","Gain (Loss)","Fair Value","Portfolio"]
["US Government and government agencies",176,173,-3,0.02,0.01]
["States, municipalities and political subdivisions",905,859,-46,0.08,0.05]
["Foreign government",283,284,1,0.03,0.02]
["Residential mortgage-backed securities",2121,1989,-132,0.19,0.13]
["Collateralized loan obligations",1239,1237,-2,0.12,0.08]
["Other asset-backed securities",2457,2407,-50,0.22,0.15]
["Corporate and other bonds",3548,3525,-23,"34%","22%"]
["Total AFG consolidated",10729,10474,-255,"100%","66%",""]
[null,null,null,null,""]
["Approximate duration - P&C","3.1 years"]
["Approximate duration - P&C including cash","2.8 years"]
[]
["(a) Book Value is amortized cost, net of allowance for expected credit losses."]

{"sheet":"Pg 19 FM_Rating_NAIC","index":19,"n_rows":51,"n_cols":10,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
["Appendix A"]
["American Financial Group, Inc."]
["Fixed Maturities by Credit Rating & NAIC Designation by Type"]
["12/31/2025"]
["($ in millions)"]
[]
[]
[null,"Fair Value by Type"]
["Credit Rating (a)","US Gov","Munis","Frgn Gov","RMBS","CLOs","ABS","Corp/Oth","Total","% Total"]
["Investment grade"]
["AAA",0,161,255,2475,1137,831,13,4872,0.44]
["AA",161,644,14,87,20,349,222,1497,0.13]
["A",0,21,30,75,3,743,998,1870,0.17]
["BBB",0,8,4,27,0,520,1898,2457,0.22]
["  Subtotal - Investment grade",161,834,303,2664,1160,2443,3131,10696,0.96000000000000008]
[]
["BB",0,0,0,2,0,5,122,129,0.01]
["B",0,0,0,1,0,1,20,22,0]
["CCC, CC, C",0,0,0,25,0,2,3,30,0.01]
["D",0,0,0,0,0,0,0,0,"0%"]
["  Subtotal - Non-Investment grade",0,0,0,28,0,8,145,181,0.02]
[]
["Not Rated (b)",0,1,0,55,0,74,136,266,0.02]
[]
["Total",161,835,303,2747,1160,2525,3412,11143,"100%"]
[null,null,null,null,null,null,null,null,""]
[]
[null,"Fair Value by Type"]
["NAIC designation","US Gov","Munis","Frgn Gov","RMBS","CLOs","ABS","Corp/Oth","Total","% Total"]
["      1",161,822,239,2639,1059,1906,1230,8056,0.75]
["      2",0,8,0,26,0,509,1861,2404,"22%"]
["   Subtotal",161,830,239,2665,1059,2415,3091,10460,0.97]
[]
["      3",0,0,0,1,0,5,174,180,0.02]
["      4",0,0,0,1,0,5,35,41,0]
["      5",0,0,0,13,0,1,62,76,0.01]
["      6",0,0,0,1,0,3,1,5,"0%"]
["   Subtotal",0,0,0,16,0,14,272,302,"3%"]
[]
["Total insurance companies",161,830,239,2681,1059,2429,3363,10762,"100%"]
[]
["No NAIC designation (c)",0,0,0,0,0,39,17,56]
["Non-Insurance and Foreign Companies (d)",0,5,64,66,101,57,32,325]
["Total",161,835,303,2747,1160,2525,3412,11143,""]
[]
[" (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, 39% are NAIC 1 and 52% do not have a designation."]
["       For Corp/Oth, 12% are NAIC 1, 24% NAIC 3 and 43% NAIC 5."]
["       For Total, 37% are NAIC 1, 11% NAIC 3, 24% NAIC 5 and 15% do not have a designation."]
[" (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT."]
[" (d) 99% are investment grade rated."]

{"sheet":"Pg 20 FM_Rating_NAIC_PY","index":20,"n_rows":51,"n_cols":10,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
["Appendix B"]
["American Financial Group, Inc."]
["Fixed Maturities by Credit Rating & NAIC Designation by Type"]
["2024-12-31"]
["($ in millions)"]
[]
[]
[null,"Fair Value by Type"]
["Credit Rating (a)","US Gov","Munis","Frgn Gov","RMBS","CLOs","ABS","Corp/Oth","Total","% Total"]
["Investment grade"]
["AAA",0,342,264,1717,1166,856,14,4359,0.42]
["AA",173,469,9,92,66,305,175,1289,0.12]
["A",0,38,5,69,4,649,925,1690,0.16]
["BBB",0,8,6,20,0,519,1990,2543,0.24]
["  Subtotal - Investment grade",173,857,284,1898,1236,2329,3104,9881,0.94000000000000006]
[]
["BB",0,0,0,2,0,7,167,176,0.02]
["B",0,0,0,2,0,2,33,37,0]
["CCC, CC, C",0,0,0,28,0,3,14,45,0.01]
["D",0,0,0,0,0,0,12,12,"0%"]
["  Subtotal - Non-Investment grade",0,0,0,32,0,12,226,270,0.03]
[]
["Not Rated (b)",0,2,0,59,1,66,195,323,0.03]
[]
["Total",173,859,284,1989,1237,2407,3525,10474,"100%"]
[null,null,null,null,null,null,null,null,""]
[]
[null,"Fair Value by Type"]
["NAIC designation","US Gov","Munis","Frgn Gov","RMBS","CLOs","ABS","Corp/Oth","Total","% Total"]
["      1",173,846,237,1898,1220,1810,1119,7303,0.71]
["      2",0,8,0,20,0,508,1988,2524,"25%"]
["   Subtotal",173,854,237,1918,1220,2318,3107,9827,0.96]
[]
["      3",0,0,0,8,0,7,172,187,0.02]
["      4",0,0,0,0,0,2,59,61,0.01]
["      5",0,0,0,6,0,4,127,137,0.01]
["      6",0,0,0,1,0,2,16,19,"0%"]
["   Subtotal",0,0,0,15,0,15,374,404,"4%"]
[]
["Total insurance companies",173,854,237,1933,1220,2333,3481,10231,"100%"]
[]
["No NAIC designation (c)",0,0,0,0,1,25,8,34]
["Non-Insurance and Foreign Companies (d)",0,5,47,56,16,49,36,209]
["Total",173,859,284,1989,1237,2407,3525,10474,""]
[]
[" (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, 57% are NAIC 1 and 38% do not have a designation."]
["       For Corp/Oth, 9% are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5."]
["       For Total, 29% are NAIC 1, 8% NAIC 2, 10% NAIC 4, 37% NAIC 5 and 11% do not have a designation."]
[" (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT."]
[" (d) 98% are investment grade rated."]

{"sheet":"Pg 21 Corp_by_Rating","index":21,"n_rows":49,"n_cols":19,"rows_kept":49,"cut":false,"hidden":false,"merged":[[20,0,20,1],[29,0,29,1],[30,0,30,1],[31,0,31,1],[8,0,8,1],[9,0,9,1],[14,0,14,1],[15,0,15,1],[38,0,38,1],[32,0,32,1],[34,0,34,1],[35,0,35,1],[36,0,36,1],[37,0,37,1]]}
["Appendix C"]
["American Financial Group, Inc."]
["Corporate Securities by Credit Rating & NAIC Designation by Industry"]
["12/31/2025"]
["($ in millions)"]
[]
[]
[null,null,"Fair Value By Industry"]
["Credit Rating (a)",null,"Banking","Other Financials","Insurance","Asset Managers","Technology","Utilities","Retailers","Consumer","REITs","Basic Industry","Capital Goods","Autos","Healthcare","Media","Other","Total","% Total"]
["  Investment Grade"]
["AAA",null,0,0,0,0,11,0,0,0,0,0,0,0,0,0,2,13,0]
["AA",null,0,32,58,5,30,10,10,49,0,0,0,0,15,0,13,222,0.06]
["A",null,179,70,155,52,48,151,23,51,55,16,31,101,36,0,30,998,0.28999999999999998]
["BBB",null,264,94,53,769,160,90,45,41,56,79,45,55,39,15,93,1898,"56%"]
["   Subtotal",null,443,196,266,826,249,251,78,141,111,95,76,156,90,15,138,3131,0.91]
[]
["BB",null,6,0,0,0,4,0,36,9,6,8,1,18,3,25,6,122,0.04]
["B",null,2,0,0,0,0,0,0,7,0,0,0,0,5,6,0,20,0.01]
["CCC, CC, C",null,0,0,0,0,0,0,0,0,0,0,3,0,0,0,0,3,0]
["D",null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,"0%"]
["   Subtotal",null,8,0,0,0,4,0,36,16,6,8,4,18,8,31,6,145,0.05]
[]
["Not Rated (b)",null,0,25,6,0,2,0,0,28,5,2,2,1,43,20,2,136,"4%"]
[]
["Total",null,451,221,272,826,255,251,114,185,122,105,82,175,141,66,146,3412,"100%"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,""]
[]
[]
[null,null,"Fair Value By Industry"]
["NAIC designation",null,"Banking","Other Financials","Insurance","Asset Managers","Technology","Utilities","Retailers","Consumer","REITs","Basic Industry","Capital Goods","Autos","Healthcare","Media","Other","Total","% Total"]
["    1",null,176,104,211,57,88,161,33,101,55,16,33,101,50,0,44,1230,0.37]
["    2",null,261,70,52,763,157,88,45,48,56,77,44,54,38,14,94,1861,"55%"]
["   Subtotal",null,437,174,263,820,245,249,78,149,111,93,77,155,88,14,138,3091,0.92]
[]
["    3",null,7,24,0,0,4,0,36,16,6,4,1,18,27,25,6,174,0.05]
["    4",null,2,0,0,0,0,0,0,18,0,4,0,0,5,6,0,35,0.01]
["    5",null,0,10,0,0,1,0,0,2,5,1,3,0,20,20,0,62,0.02]
["    6",null,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,1,"0%"]
["   Subtotal",null,9,35,0,0,5,0,36,36,11,9,4,18,52,51,6,272,0.08]
[]
["Total insurance companies",null,446,209,263,820,250,249,114,185,122,102,81,173,140,65,144,3363,"100%"]
[]
["No NAIC designation (c)",null,0,11,6,0,0,0,0,0,0,0,0,0,0,0,0,17]
["Non-Insurance and Foreign Companies","Total non-insurance",5,1,3,6,5,2,0,0,0,3,1,2,1,1,2,32]
["Total",null,451,221,272,826,255,251,114,185,122,105,82,175,141,66,146,3412]
[null,null,"","","","","","","","","","","","","","","",""]
[" (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) 12% of not rated securities are NAIC 1, 24% NAIC 3 and 43% NAIC 5."]
[" (c) Surplus notes that are classified as other invested assets for STAT."]

{"sheet":"Pg 22 Corp_by_Rating_PY","index":22,"n_rows":49,"n_cols":19,"rows_kept":49,"cut":false,"hidden":false,"merged":[[8,0,8,1],[9,0,9,1],[14,0,14,1],[15,0,15,1],[20,0,20,1],[29,0,29,1],[30,0,30,1],[31,0,31,1],[38,0,38,1],[32,0,32,1],[34,0,34,1],[35,0,35,1],[36,0,36,1],[37,0,37,1]]}
["Appendix D"]
["American Financial Group, Inc."]
["Corporate Securities by Credit Rating & NAIC Designation by Industry"]
["2024-12-31"]
["($ in millions)"]
[]
[]
[null,null,"Fair Value By Industry"]
["Credit Rating (a)",null,"Asset Managers","Banking","Technology","Insurance","Other Financials","Utilities","Consumer","Autos","Healthcare","REITs","Basic Industry","Retailers","Capital Goods","Media","Other","Total","% Total"]
["  Investment Grade"]
["AAA",null,0,0,11,0,0,0,0,0,0,0,0,0,0,0,3,14,0]
["AA",null,5,0,22,44,32,5,39,0,14,0,0,10,0,0,4,175,0.05]
["A",null,40,186,28,150,67,122,56,95,30,47,11,17,40,3,33,925,0.26]
["BBB",null,767,242,172,51,83,92,64,68,31,75,110,38,47,45,105,1990,"57%"]
["   Subtotal",null,812,428,233,245,182,219,159,163,75,122,121,65,87,48,145,3104,0.88]
[]
["BB",null,24,6,8,0,2,0,22,5,5,6,13,36,1,30,9,167,0.05]
["B",null,4,2,2,0,0,0,11,0,9,0,0,0,4,0,1,33,0.01]
["CCC, CC, C",null,0,0,2,0,0,0,0,0,12,0,0,0,0,0,0,14,0]
["D",null,0,0,0,0,0,0,0,0,0,0,0,12,0,0,0,12,"0%"]
["   Subtotal",null,28,8,12,0,2,0,33,5,26,6,13,48,5,30,10,226,0.06]
[]
["Not Rated (b)",null,0,0,16,7,43,0,12,2,47,8,0,15,23,20,2,195,"6%"]
[]
["Total",null,840,436,261,252,227,219,204,170,148,136,134,128,115,98,157,3525,"100%"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,""]
[]
[]
[null,null,"Fair Value By Industry"]
["NAIC designation",null,"Asset Managers","Banking","Technology","Insurance","Other Financials","Utilities","Consumer","Autos","Healthcare","REITs","Basic Industry","Retailers","Capital Goods","Media","Other","Total","% Total"]
["    1",null,45,183,61,191,113,127,94,95,46,47,11,27,40,3,36,1119,0.32]
["    2",null,763,239,168,50,83,90,71,66,43,75,107,37,47,44,105,1988,"57%"]
["   Subtotal",null,808,422,229,241,196,217,165,161,89,122,118,64,87,47,141,3107,0.89]
[]
["    3",null,24,6,8,1,4,0,27,5,6,6,8,36,2,30,9,172,0.05]
["    4",null,4,2,12,0,0,0,6,2,24,0,4,0,4,0,1,59,0.02]
["    5",null,0,0,7,0,24,0,2,0,28,8,1,15,21,20,1,127,0.04]
["    6",null,0,0,0,0,2,0,1,0,0,0,0,12,0,0,1,16,"0%"]
["   Subtotal",null,28,8,27,1,30,0,36,7,58,14,13,63,27,50,12,374,0.11]
[]
["Total insurance companies",null,836,430,256,242,226,217,201,168,147,136,131,127,114,97,153,3481,"100%"]
[]
["No NAIC designation (c)",null,0,0,0,7,1,0,0,0,0,0,0,0,0,0,0,8]
["Non-Insurance and Foreign Companies","Total non-insurance",4,6,5,3,0,2,3,2,1,0,3,1,1,1,4,36]
["Total",null,840,436,261,252,227,219,204,170,148,136,134,128,115,98,157,3525]
[null,null,"","","","","","","","","","","","","","","",""]
[" (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) 9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5."]
[" (c) Surplus notes that are classified as other invested assets for STAT."]

{"sheet":"Pg 23 ABS_by_Rating","index":23,"n_rows":48,"n_cols":15,"rows_kept":48,"cut":false,"hidden":false,"merged":[[7,0,7,1],[8,0,8,1],[13,0,13,1],[14,0,14,1],[19,0,19,1],[35,0,35,1],[36,0,36,1],[37,0,37,1],[28,0,28,1],[29,0,29,1],[30,0,30,1],[31,0,31,1],[33,0,33,1],[34,0,34,1]]}
["Appendix E"]
["American Financial Group, Inc."]
["Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type"]
["12/31/2025"]
["($ in millions)"]
[]
[null,null,"Fair Value By Collateral Type"]
["Credit Rating (a)",null,"Whole Business","Triple Net Lease","TruPS","Railcar","Aircraft","Secured Financing","Commercial Real Estate","Single Family Rental","Auto","Other","Total","% Total"]
["  Investment Grade"]
["AAA",null,0,231,170,0,15,0,113,93,92,117,831,0.33]
["AA",null,76,51,82,64,15,30,0,0,0,31,349,0.14000000000000001]
["A",null,10,16,3,169,175,63,0,0,0,307,743,0.28999999999999998]
["BBB",null,439,0,0,5,14,1,0,0,0,61,520,"21%"]
["   Subtotal",null,525,298,255,238,219,94,113,93,92,516,2443,0.97]
[]
["BB",null,0,0,0,0,2,1,0,0,0,2,5,0]
["B",null,0,0,0,0,1,0,0,0,0,0,1,0]
["CCC, CC, C",null,0,0,0,0,2,0,0,0,0,0,2,0]
["D",null,0,0,0,0,0,0,0,0,0,0,0,"0%"]
["   Subtotal",null,0,0,0,0,5,1,0,0,0,2,8,0]
[]
["Not Rated (b)",null,0,0,0,0,3,29,0,0,0,42,74,"3%"]
[]
["Total",null,525,298,255,238,227,124,113,93,92,560,2525,"100%"]
[null,null,null,null,null,null,null,null,null,null,null,null,""]
[]
[]
[null,null,"Fair Value By Collateral Type"]
["NAIC designation",null,"Whole Business","Triple Net Lease","TruPS","Railcar","Aircraft","Secured Financing","Commercial Real Estate","Single Family Rental","Auto","Other","Total","% Total"]
["    1",null,86,290,252,219,203,121,106,90,87,452,1906,0.79]
["    2",null,431,0,0,5,13,1,0,0,0,59,509,"21%"]
["   Subtotal",null,517,290,252,224,216,122,106,90,87,511,2415,1]
[]
["    3",null,0,0,0,0,1,2,0,0,0,2,5,0]
["    4",null,0,0,0,0,1,0,0,0,0,4,5,0]
["    5",null,0,0,0,0,1,0,0,0,0,0,1,0]
["    6",null,0,0,0,0,3,0,0,0,0,0,3,"0%"]
["   Subtotal",null,0,0,0,0,6,2,0,0,0,6,14,0]
[]
["Total insurance companies",null,517,290,252,224,222,124,106,90,87,517,2429,"100%"]
[]
["No NAIC designation",null,0,0,0,0,2,0,0,0,0,37,39]
["Non-Insurance and Foreign Companies",null,8,8,3,14,3,0,7,3,5,6,57]
["Total",null,525,298,255,238,227,124,113,93,92,560,2525,""]
[null,null,"","","","","","","","","","","",null,""]
[]
[" (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) 39% of not rated securities are NAIC 1 and 52% do not have a designation."]

{"sheet":"Pg 24 ABS_by_Rating_PY","index":24,"n_rows":48,"n_cols":15,"rows_kept":48,"cut":false,"hidden":false,"merged":[[7,0,7,1],[8,0,8,1],[13,0,13,1],[14,0,14,1],[19,0,19,1],[28,0,28,1],[29,0,29,1],[30,0,30,1],[37,0,37,1],[31,0,31,1],[33,0,33,1],[34,0,34,1],[35,0,35,1],[36,0,36,1]]}
["Appendix F"]
["American Financial Group, Inc."]
["Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type"]
["2024-12-31"]
["($ in millions)"]
[]
[null,null,"Fair Value By Collateral Type"]
["Credit Rating (a)",null,"Whole Business","Commercial Real Estate","Triple Net Lease","TruPS","Railcar","Aircraft","Secured Financing","Single Family Rental","Auto","Other","Total","% Total"]
["  Investment Grade"]
["AAA",null,0,258,191,46,0,7,17,125,69,143,856,0.36]
["AA",null,75,0,14,130,25,4,25,0,0,32,305,0.12]
["A",null,10,0,17,18,156,118,65,0,0,265,649,0.27]
["BBB",null,427,0,0,0,6,21,1,0,0,64,519,"22%"]
["   Subtotal",null,512,258,222,194,187,150,108,125,69,504,2329,0.97]
[]
["BB",null,0,0,0,0,0,5,1,0,0,1,7,0]
["B",null,0,0,0,0,0,2,0,0,0,0,2,0]
["CCC, CC, C",null,0,0,0,0,0,3,0,0,0,0,3,0]
["D",null,0,0,0,0,0,0,0,0,0,0,0,"0%"]
["   Subtotal",null,0,0,0,0,0,10,1,0,0,1,12,0]
[]
["Not Rated (b)",null,0,0,0,0,0,2,33,0,0,31,66,"3%"]
[]
["Total",null,512,258,222,194,187,162,142,125,69,536,2407,"100%"]
[null,null,null,null,null,null,null,null,null,null,null,null,""]
[]
[]
[null,null,"Fair Value By Collateral Type"]
["NAIC designation",null,"Whole Business","Commercial Real Estate","Triple Net Lease","TruPS","Railcar","Aircraft","Secured Financing","Single Family Rental","Auto","Other","Total","% Total"]
["    1",null,85,240,219,191,179,127,139,121,67,442,1810,0.77]
["    2",null,416,0,0,0,6,21,1,0,0,64,508,"22%"]
["   Subtotal",null,501,240,219,191,185,148,140,121,67,506,2318,0.99]
[]
["    3",null,0,0,0,0,0,4,2,0,0,1,7,0.01]
["    4",null,0,0,0,0,0,2,0,0,0,0,2,0]
["    5",null,0,0,0,0,0,3,0,0,0,1,4,0]
["    6",null,0,0,0,0,0,2,0,0,0,0,2,"0%"]
["   Subtotal",null,0,0,0,0,0,11,2,0,0,2,15,0.01]
[]
["Total insurance companies",null,501,240,219,191,185,159,142,121,67,508,2333,"100%"]
[]
["No NAIC designation",null,0,0,0,0,0,0,0,0,0,25,25]
["Non-Insurance and Foreign Companies",null,11,18,3,3,2,3,0,4,2,3,49]
["Total",null,512,258,222,194,187,162,142,125,69,536,2407,""]
[null,null,"","","","","","","","","","","",null,""]
[]
[" (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) 57% of not rated securities are NAIC 1 and 38% do not have a designation."]

{"sheet":"Pg 25 Real_Estate_Investment","index":25,"n_rows":50,"n_cols":5,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["Appendix G"]
["American Financial Group, Inc."]
["Real Estate-Related Investments"]
["12/31/2025"]
["($ in millions)"]
[]
[]
[]
["Investments accounted for using equity method (Real Estate Funds/Investments) (a)"]
[]
[null,null,"% of "]
["Investment Type","Book Value","Book Value","Occupancy (b)","Collection Rate (c)"]
[]
[" Multi-family",1250,0.87,0.91,0.96]
[" Fund Investments",105,0.08,"-","-"]
[" QOZ Fund - Development",28,0.02,"-","-"]
[" Office",18,0.01,0.88,1]
[" Marina",16,0.01,"-","-"]
[" Hospitality",12,0.01,"-","-"]
[" Land Development",2,"0%","-","-"]
["Total ",1431,"100%"]
[]
[]
["Real Estate"]
[null,null,"% of "]
["Property Type","Book Value","Book Value","Debt"]
[]
["Resort & Marina",52,0.50980392156862742,0]
["Marina",35,0.34313725490196079,0]
["Office Building",13,0.12745098039215685,0]
["Land",2,"2%",0]
["Total ",102,"100%",0]
[]
[]
["Mortgage Loans"]
[null,null,"% of ","Loan To "]
["Property Type","Book Value","Book Value","Value"]
[]
["Multifamily",688,0.72650475184794083,0.66]
["Hospitality",160,0.16895459345300951,0.42]
["Marina",52,5.4910242872228086E-2,0.52]
["Office",47,"5%","98%"]
["Total ",947,"100%","63%"]
[null,""]
["Currently, no loans are receiving interest deferral through forbearance agreements. "]
[]
[]
["(a) Total investments accounted for using the equity method is $2.4 billion, the amounts presented in this table only relate to real estate funds/investments."]
["(b) Occupancy as of 12/31/2025"]
["(c) Collections for October - December"]

{"sheet":"Pg 26 Real_Estate_Investment_PY","index":26,"n_rows":50,"n_cols":5,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["Appendix H"]
["American Financial Group, Inc."]
["Real Estate-Related Investments"]
["2024-12-31"]
["($ in millions)"]
[]
[]
[]
["Investments accounted for using equity method (Real Estate Funds/Investments) (a)"]
[]
[null,null,"% of "]
["Investment Type","Book Value","Book Value","Occupancy (b)","Collection Rate (c)"]
[]
[" Multi-family",1222,0.88,0.92,0.97]
[" Fund Investments",93,7.0000000000000007E-2,"-","-"]
[" QOZ Fund - Development",28,0.02,"-","-"]
[" Office",17,0.01,0.91,1]
[" Marina",16,0.01,"-","-"]
[" Hospitality",10,0.01,"-","-"]
[" Land Development",6,0,"-","-"]
["Total ",1392,"100%"]
[]
[]
["Real Estate"]
[null,null,"% of "]
["Property Type","Book Value","Book Value","Debt"]
[]
["Resort & Marina",50,0.52,0]
["Marina",35,0.37,0]
["Office Building",9,0.09,0]
["Land",2,"2%",0]
["Total ",96,"100%",0]
[]
[]
["Mortgage Loans"]
[null,null,"% of ","Loan To "]
["Property Type","Book Value","Book Value","Value"]
[]
["Multifamily",568,0.72,0.65]
["Hospitality",122,0.15,0.49]
["Marina",52,7.0000000000000007E-2,0.52]
["Office",49,"6%","98%"]
["Total ",791,"100%","64%"]
[]
["Currently, no loans are receiving interest deferral through forbearance agreements. "]
[]
[]
["(a) Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this table only relate to real estate funds/investments."]
["(b) Occupancy as of 12/31/2024"]
["(c) Collections for October - December"]