American Financial Group, Inc. Announces the Pricing of $150 Million Aggregate Principal Amount of Subordinated Debentures Due 2060

American Financial Group, Inc. (NYSE: AFG) announced today that it priced an offering of $150 million aggregate principal amount of 5.625% Subordinated Debentures due June 1, 2060 (the “Debentures”).

The offering is expected to close on May 29, 2020, subject to customary closing conditions. The Company intends to apply to list the Debentures on the New York Stock Exchange under the symbol “AFGD”. If approved for listing, trading of the Debentures on the New York Stock Exchange is expected to commence within 30 days after they are first issued.

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

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are joint book-running managers of the offering.

This offering is being made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained from:

• BofA Securities, Inc., at NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or email: [e-mail];

• Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, telephone: [phone];

• UBS Securities LLC, at 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, telephone: [phone];

• Wells Fargo Securities, LLC, at 608 2^nd Avenue South, Suite 1000, South Minneapolis, Minnesota 55402, Attention: WFS Customer Service, toll-free number: 1-800-645-3751 or email: [e-mail]; or

• J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, NY 10179, telephone: [phone], Attention: Investment Grade Syndicate Desk.

Alternatively, one may obtain these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale in any jurisdiction where such offer, solicitation or sale is not permitted.

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio with assets of approximately $68 billion as of March 31, 2020. 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.