b)    In January 2020, AFG announced its plans to exit the Lloyd's of London 
      insurance market and actions it had initiated to place its Lloyd's 
      subsidiaries including its Lloyd's Managing Agency, Neon Underwriting 
      Ltd., into run-off. AFG recorded a net favorable $3 million ($0.03 per 
      share) non-core, after-tax impact from Neon Exited Lines in the third 
      quarter of 2020. AFG sold the legal entities that owned its Lloyd's of 
      London insurer, Neon, to RiverStone Holdings Limited in a transaction 
      that closed in the fourth quarter of 2020. In the second quarter of 
      2021, AFG recognized an after-tax non-core gain of $3 million ($0.03 per 
      share) related to contingent consideration received on the sale of 
      Neon. 
c)    Components of core net operating earnings (dollars in millions): 
                    Three months ended        Nine months ended 
                       September 30,            September 30, 
                 ------------------------  ----------------------- 
                     2021         2020         2021        2020 
                 ------------  ----------  ------------  --------- 
Core Operating 
Earnings 
before Income 
Taxes: 
-------------- 
P&C insurance 
 segment          $   329       $    205    $   905      $  502 
Real estate 
entities and 
other acquired 
from 
   Annuity 
    operations          -              3         50          10 
Interest and 
 other 
 corporate 
 expenses             (45)           (53)      (161)       (130) 
                     ----          -----       ----       ----- 
Core operating 
 earnings 
 before income 
 taxes                284            155        794         382 
Related income 
 taxes                 53             34        152          76 
                     ----          -----       ----       ----- 
Core net 
 operating 
 earnings         $   231       $    121    $   642      $  306 
                     ====          =====       ====       ===== 
d)    Shareholders' Equity at September 30, 2021 includes $178 million ($2.10 
      per share) in unrealized after-tax gains on fixed maturities. 
      Shareholders' Equity at December 31, 2020 includes $1.3 billion ($14.54 
      per share) in unrealized after-tax gains on fixed maturities and $41 
      million ($0.47 per share) in unrealized after-tax gains on fixed 
      maturity-related cash flow hedges. 
e)    Supplemental Notes: 
      ------------------------------------------------------------------------ 
      Property & Transportation includes primarily physical damage and 
      liability coverage for buses and trucks, inland and ocean marine, 
      agricultural-related products and other commercial property coverages. 
      Specialty Casualty includes primarily excess and surplus, general 
      liability, executive liability, professional liability, umbrella and 
      excess liability, specialty coverages in targeted markets, customized 
      programs for small to mid-sized businesses and workers' compensation 
      insurance. Specialty Financial includes risk management insurance 
      programs for lending and leasing institutions (including equipment 
      leasing and collateral and lender-placed mortgage property insurance), 
      surety and fidelity products and trade credit insurance. Other includes 
      an internal reinsurance facility. 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006347/en/

    CONTACT:    Diane P. Weidner, IRC 

Vice President -- Investor & Media Relations

(513) 369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com