American Financial Group, Inc. Announces the Offering of $300 Million of Senior Notes

American Financial Group, Inc. (NYSE: AFG) announced today the registered offering of $300 million of 5.250% Senior Notes (the “Notes”) due April 2, 2030. The Notes were priced at 98.625% of their principal amount.

The Company intends to use the $293 million of net proceeds from this offering for general corporate purposes, which may include repurchases of AFG’s outstanding common shares.

The closing of the offering of the Notes is expected to occur on April 2, 2020, and is subject to the satisfaction of customary closing conditions. J.P. Morgan Securities LLC, BofA Securities, Inc., and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC") on February 26, 2018. Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction. Any offer, or solicitation to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the SEC.

Copies of the prospectus and related prospectus supplement may be obtained at no cost by visiting the SEC website at http://www.sec.gov. Alternatively, copies or information concerning this offering may be obtained by contacting the joint book-runners: J.P. Morgan Securities LLC at 1-212-834-4533, BofA Securities, Inc., at 1-800-294-1322 or Wells Fargo Securities, LLC at 1-800-645-3751.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets of $70 billion at December 31, 2019. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed and indexed annuities in the retail, financial institutions, broker-dealer, and registered investment advisor markets. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.