On December 3, 2025, the Board of Directors of American Financial Group, Inc. (the "Company") approved a new share repurchase program authorizing the repurchase of up to 5,000,000 shares of the Company's common stock from time to time on the open market (including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended), in privately negotiated transactions or by other methods in accordance with federal securities laws and other restrictions, at the Company's discretion. The Company's new share repurchase program, which will expire following December 31, 2030, will replace the current share repurchase program, which is scheduled to expire after December 31, 2025. The timing and amount of any shares repurchased under the program will be determined by the Company's management based on its evaluation of market and business conditions and other factors. The Company is not obligated to repurchase any specific amount of shares of common stock.