AMERICAN FINANCIAL GROUP Business Summary

American Financial Group (AFG) operates as a specialized insurance holding company, generating revenue primarily through net earned premiums and investment income derived from its Great American Insurance Group subsidiary. The company’s business model is organized into three core segments: Specialty Casualty, which provides executive liability, umbrella, and excess liability coverages; Property and Transportation, focusing on agricultural (crop), marine, and specialized commercial transportation; and Specialty Financial, offering fidelity, surety, and equipment leasing products. Since divesting its annuity business in 2021, AFG has focused on niche commercial markets, maintaining a 2025 statutory combined ratio of 91.3%, significantly outperforming the industry average of 95.0%. Direct competitors include W. R. Berkley Corporation, Cincinnati Financial, and Old Republic International; AFG maintains a competitive advantage through a decentralized underwriting model that empowers local business units to achieve high-margin growth in specialized sub-sectors. The company is directed by Co-Chief Executive Officers Carl H. Lindner III and S. Craig Lindner, who have led the firm since 2005 and represent the second generation of the founding Lindner family. The senior leadership team includes John B. Berding, who was elected President in 2023, and Brian S. Hertzman, who serves as Senior Vice President and Chief Financial Officer. Governance is overseen by a board of directors that includes Lead Independent Director Gregory G. Joseph and recently appointed members Craig Lindner Jr. and David L. Thompson Jr., the latter of whom also serves as Chairman and COO of Great American Insurance Company. As of February 2026, AFG remains a prominent NYSE-listed entity with a market capitalization of approximately $10.8 billion, supported by a strong institutional investor base including Vanguard and BlackRock, alongside significant insider ownership by the Lindner family.