Material Event (Form 8-K)

On September 16, 2025, American Financial Group, Inc. (the "Registrant") entered into a Purchase Agreement (the "Purchase Agreement") by and among the Registrant and BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters, relating to the issuance and sale in an underwritten public offering of $350 million aggregate principal amount of the Registrant's 5.000% Senior Notes due September 2035 (the "Senior Notes"). The Senior Notes will be issued under an indenture dated as of November 12, 1997 between the Registrant and U.S. Bank Trust Company, National Association, as Trustee, (the "Indenture"), as supplemented by the Tenth Supplemental Indenture dated as of September 23, 2025 (the "Tenth Supplemental Indenture").

For a description of the Senior Notes, see the materials set forth in the section captioned "Description of Debt Securities" in the Registration Statement described below and the materials set forth in the section captioned "Description of Senior Notes" in the Prospectus Supplement of the Registrant dated September 16, 2025 and filed with the Commission on September 17, 2025 pursuant to Rule 424(b) under the Securities Act of 1933, as amended, which is incorporated in this Current Report on Form 8-K by reference.

The Indenture, as supplemented by the Tenth Supplemental Indenture, together with specimen copy of each of the Senior Notes, are incorporated by reference in this Current Report on Form 8-K. The foregoing description of the Senior Notes and the other documents relating to this transaction does not purport to be complete and is qualified in its entirety by reference to the full text of these securities and documents, forms or copies of which are incorporated in this Current Report on Form 8-K by reference.

The Senior Notes are being offered and sold by the Registrant pursuant to a Registration Statement on Form S-3 (File No. 333-277425).

Section 9 - Financial Statements and Exhibits