American Financial Group, Inc.

- No specific mention of new fundraising through debt or equity in the call. - The company expects to generate significant excess capital throughout 2026. - They have flexibility for capital deployment including acquisitions, special dividends, or share repurchases. - Capital management is actively evaluated; proceeds from asset sales (e.g., marina sale) may be redeployed. - No indication of plans for new debt issuance or equity offering at this time.

- Continued investment in IT initiatives focused on: - Customer experience - IT security - Data analytics (This creates modest upward pressure on expense ratios) - Significant excess capital expected throughout 2026 to support: - Acquisitions - Special dividends - Share repurchases - Opportunities to redeploy proceeds from Charleston Harbor Resort and Marina sale (~$125 million pretax gain) into: - Share repurchases - Investments in bonds - Business operations with high returns on capital - Focused on disciplined capital deployment evaluating best use of capital regularly, balancing growth and shareholder returns

- Crop insurance gross written premium expected to be flat; net written premiums projected to increase due to quota share changes. (Page 6) - Crop pricing shows early positive signs with corn and soybean futures trading 7% and 5% higher respectively compared to 2020 spring discovery prices. (Page 3, 6) - Specialty Property and Casualty Group expects continued premium growth driven by new business and renewals; Q1 2026 saw 6% gross and 3% net written premium increases. (Page 3) - Specialty Casualty Group's gross and net written premiums increased 2% in Q1 2026; growth from new opportunities and renewals partly offset by competition. (Page 3) - Specialty Financial Group's gross written premiums increased 6% in Q1 2026 due to lender services business growth; net premiums slightly up. (Page 3) - Overall, consistent premium growth expected supported by rate increases and new business opportunities across segments. (Pages 3, 6)

- Core net operating earnings per share for Q1 2026 were $2.47, up 36% year-over-year. - Annualized core operating return on equity for Q1 2026 was 17%, driven by strong underwriting margins. - Expectation of significant excess capital generation for the remainder of 2026, enabling acquisitions, special dividends, or share repurchases. - Crop insurance premiums are anticipated to be flat gross written but with net premiums increasing due to quota share changes. - Commercial auto liability underwriting profit achieved in Q1, with continued focus on rate increases above loss ratio trends for further improvement. - Financial segment sees modest near-term impact from external inflationary pressures but remains well-positioned. - Share repurchases viewed as good use of capital, reflecting confidence in valuations and prospects. - Overall, business plan targets around 8% full-year returns, though this may be aggressive given Q1 results; better performance expected later in the year.

The transcript does not explicitly mention "current," "expected orderbook," or "pending orders" figures. However, relevant insights related to business growth and premiums include: - Gross and net written premiums increased across segments in Q1 2026 compared to prior year: - Specialty Property & Casualty Group: Gross premiums +11%, net premiums +6% - Specialty Casualty Group: Gross and net premiums both +2% - Specialty Financial Group: Gross premiums +6%, net premiums +1% - Growth driven by new business opportunities, favorable rate environment, higher exposures. - Crop insurance premiums growth supported by mostly flat planted acreage but higher commodity prices. - Expectation of flat gross written premium but moderately up net written premium in crop insurance due to quota share changes. - Overall premium growth contributes to a positive outlook for underwriting profitability and value creation. No explicit backlog or pending order data are disclosed.