<SEC-DOCUMENT>0001140361-25-035114.txt : 20250916
<SEC-HEADER>0001140361-25-035114.hdr.sgml : 20250916
<ACCEPTANCE-DATETIME>20250916161127
ACCESSION NUMBER:		0001140361-25-035114
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250916
DATE AS OF CHANGE:		20250916

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				311544320
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277425
		FILM NUMBER:		251317446

	BUSINESS ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135792121

	MAIL ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FINANCIAL GROUP HOLDINGS INC
		DATE OF NAME CHANGE:	19970709

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN FINANCIAL GROUP INC
		CENTRAL INDEX KEY:			0001042046
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				311544320
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5135792121

	MAIL ADDRESS:	
		STREET 1:		GREAT AMERICAN INSURANCE GROUP TOWER
		STREET 2:		301 E. 4TH STREET
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FINANCIAL GROUP HOLDINGS INC
		DATE OF NAME CHANGE:	19970709
</SEC-HEADER>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right;">Filed Pursuant to Rule 433</div>
    <div style="text-align: right;">Dated September 16, 2025</div>
    <div style="text-align: right;">Registration Statement No. 333-277425</div>
    <div style="text-align: right;">Relating to Preliminary Prospectus Supplement</div>
    <div style="text-align: right;">dated September 16, 2025 to</div>
    <div style="text-align: right;">Prospectus dated February 27, 2024</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="ny20055573x3_img01.jpg"></div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">5.000% Senior Notes due 2035</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z16e36a9e75fa416fac717b251e7e11d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Issuer:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>American Financial Group, Inc.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Ratings*:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>Baa1 (Moody&#8217;s) / BBB+ (S&amp;P)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Security Type:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>Senior Unsecured Fixed Rate Notes</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Size:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>$350,000,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Trade Date:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>September 16, 2025</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Settlement Date:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>September 23, 2025 (T+5**)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Maturity Date:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>September 23, 2035</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Coupon:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>5.000%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Optional Redemption:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div style="text-align: justify;">Prior to June 23, 2035 (3 months prior to their maturity date) (the &#8220;Par Call Date&#8221;), the Issuer may redeem the senior notes at its option, in
              whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</div>
            <div>&#160;</div>
            <div style="text-indent: 29.1pt;">(1)</div>
            <div style="margin: -12pt 0px 0px 72pt;">(a) the sum of the present values of the
                remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the senior notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
                the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, and;</div>
            <div>&#160;</div>
            <div style="text-indent: 29.1pt;">(2)</div>
            <div style="margin: -12pt 0px 0px 72pt;">100% of the principal amount of the senior
                notes to be redeemed,</div>
            <div>&#160;</div>
            <div style="text-align: justify;">plus, in either case, accrued and unpaid interest thereon to the redemption date.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">On or after the Par Call Date, the Issuer may redeem the senior notes, in whole or in part, at any time and from time to time, at a redemption
              price equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Interest Payment Dates:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>March 23 and September 23 of each year, commencing on March 23, 2026</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>UST 4.250% due August 15, 2035</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Spread to Benchmark Treasury:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>+ 108 basis points</div>
          </td>
        </tr>

    </table>
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    <div><br>
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        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Benchmark Treasury Yield:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>4.028%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Price to Public:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>99.162%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Yield to Maturity:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>5.108%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Net Proceeds (before expenses):</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>$344,792,000</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Underwriting Discounts &amp; Commissions:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>0.650% ($2,275,000 total)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP / ISIN:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>025932 AQ7/US025932AQ75</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Joint Book-Running Managers:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>BofA Securities, Inc.</div>
            <div>J.P. Morgan Securities LLC</div>
            <div>Wells Fargo Securities, LLC</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.67%; vertical-align: top;">
            <div style="font-weight: bold;">Co-Managers:</div>
          </td>
          <td style="width: 59.33%; vertical-align: top;">
            <div>PNC Capital Markets LLC</div>
            <div>Fifth Third Securities, Inc.</div>
            <div>MUFG Securities Americas Inc.</div>
            <div>U.S. Bancorp Investments, Inc.</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40.67%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 59.33%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">*Ratings may be changed, suspended or withdrawn at any time and are not a recommendation to buy, hold or sell any security.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">No PRIIPs or UK PRIIPS KID &#8212; No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the
      EEA or UK.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">**Pursuant to Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required
      to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers of the senior notes who wish to trade the senior notes on any date prior to the&#160; business day before delivery thereof will be
      required, by virtue of the fact that the senior notes initially will settle in T+5, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the senior notes who wish to trade the senior
      notes prior to such date should consult their own advisors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">The Issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and
      Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement in that registration statement and other documents the Issuer has filed with the
      Securities and Exchange Commission for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission&#8217;s website at www.sec.gov. Alternatively, the Issuer,
      any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, J.P. Morgan Securities LLC,
      collect at (212) 834-4533, or Wells Fargo Securities, LLC, toll-free at (800) 645-3751.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such
      disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
