AFG
Specialty Property and
Casualty Insurance
Investor Presentation
March 21, 2024
Forward Looking Statements
Certain statements made during this presentation, as well as included in this document, are not historical facts and may be considered "forward-looking statements" and are based on estimates, assumptions and projections which management believes are reasonable but by their nature subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward- looking statements.
The reasons which could cause actual results and/or financial condition to differ materially from those suggested by such forward-looking statements include but are not limited to those discussed or identified from time-to-time in AFG's filings with the Securities and Exchange Commission, including the annual report on Form 10-K and the quarterly reports on Form 10-Q. We do not promise to update such forward-looking statements to reflect actual results or changes in assumptions or other factors that could affect these statements.
Core net operating earnings is a non-GAAP financial measure which sets aside items that are generally not considered to be part of ongoing operations, such as net realized gains and losses, as well as other significant items that are not able to be estimated with reasonable precision, or that may not be indicative of ongoing operations. AFG believes that this non-GAAP measure is a useful tool for investors and analysts in analyzing ongoing operating trends of AFG.
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A History Dating Back More Than 150 Years
We are specialists in providing P&C insurance products that help businesses manage their unique financial risks and exposures.
Approximately 55% of Specialty P&C Group gross written premium is produced by businesses with "top 10" market rankings
Superior Underwriting
Specialty P&C
Talent
Combined Ratio
7.5%
11 years
Points of COR outperformance
Consecutive years
vs. peers over 10-year period
under 94%
ended 12/31/2023
Overall Specialty P&C combined ratio of 90.3% for the twelve months ended December 31, 2023
Record premium production for the twelve months ended December 31, 2023
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Top Tier Specialty Property & Casualty Insurer
Entrepreneurial Culture, Strategic Alignment of Interests
Market Leading P&C Insurance Specialist
Consistent Investment Outperformance
Superior Capital Management and Strong Balance Sheet
4
Our values form the
foundation of our business,
shape our priorities, and set our expectations for how we conduct our business, service our customers and interact with each other.
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Strategic Alignment of Interests for Optimal Results
Significant Ownership
by Management
15%
25%
60%
Individual Institutional Family, Investors Investors Executives and
Retirement Plan
Unique, Incentive-Based
Programs for P&C Business
Leaders
Profit Sharing for Employees
Innovator in Risk Sharing and
Alternative Risk Transfer Programs
For Policyholders and Agents
partners reward production of profitable business
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Building Long-Term Value for AFG Shareholders
10 YEAR VIEW
OF
TOTAL VALUE
CREATION
Growth in Adjusted BVPS + Dividends
11%
CAGR
Superior P&C
Superior
Intelligent
Underwriting
Investment
Deployment of
Results
Talent
Capital
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Adjusted Book Value excludes unrealized gains and losses related to fixed maturities.
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Focusing on What We Know Best
Sale of
Commercial
Lines Division
1998 2000
Start-up of
Financial
Institution
Services
Acquired all
IPO of Infinity
minority
Property and
shares of Great
Casualty; exit
American
personal auto
Financial
business
Resources, Inc.
2003
2005
2007
2008
Acquisition of
Acquisitions of
Farmer's Crop
Strategic
Insurance
Comp &
Alliance
Marketform
IPO of National
Group Ltd.
Interstate
Start-up of
Corporation
Environmental
Division
2010
Acquisition of Vanliner
Acquisition of
Acquired
Start-up of
Summit Holding
remaining 49%
Start-up of Public
Southeast, Inc.
of NATL
Accident &
Acquisition of
shares not
Health
Acquisition of
Sector Division
Start-up of
owned by AFG
Business
Crop Risk
Sale of Medicare
Aviation Division
Start-up of
Acquired Atlas
Verikai, Inc.
Services
Sale of
supplement &
Acquisition of
El Aguila
Financial
critical illness
Public Sector
Specialty P&C
paratransit
Annuity
businesses
renewal rights
Division
business
Business
2012
2013
2014
2015
2016
2018
2019
2020
2021
2022
2023
Start-up of
Sale of long-
Acquired Tank
Sale of Neon and
Start-up of
Professional
term care
Owner Members
exit from Lloyd's
Medical Stop
Liability Division
business
Insurance Company
market
Loss Business
Start-up of Great
(TOMIC) business
Acquired ABA
American's
Singapore
Insurance
branch
Services Inc.
Start-up of M&A
(ABAIS)
Liability Division
Start-Ups
Acquisitions
Dispositions
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We are specialists in providing property and casualty insurance solutions that fulfill today's needs and tomorrow's dreams. We are a trusted partner in delivering long- term value to our customers, employees and investors.
Specialty P&C Insurance Operations
PROPERTY &
SPECIALTY
SPECIALTY
TRANSPORTATION
CASUALTY
FINANCIAL
Agribusiness (farm & ranch)
Cyber Risk
Fidelity / Crime
Commercial Automobile
Excess and Surplus
Financial Institution Services
Commercial Property
Executive & Professional Liability
Lease and Loan Services
Crop
General Liability
Surety
Equine Mortality
M&A Liability
Trade Credit
Inland and Ocean Marine
Medical Stop Loss
Public Entities
Targeted Programs
Umbrella and Excess Liability
Workers' Compensation
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Great American Insurance Company's Ratings
A+ A+ A1
Superior Strong
Diversified product offerings in niche markets
Consistent, solid underwriting results
Strong market positions
Strong capitalization
Low catastrophe risk profile
The Numbers Tell Our Story 3,000
Property and casualty insurance companies in the United States
50
Companies on the Ward's 50 List for safety, consistency and performance
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Rated "A" (Excellent) or better by AM Best for 115 or more years
3
on both lists
1
Great American Insurance Company is 1 of the three
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Disclaimer
American Financial Group Inc. published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 11:53:04 UTC.