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Cover: American Family Insurance customer Israel
Portal and his agent Alice Nguyen (right).

Our mission:
To be the most trusted and valued
service-driven insurance company.
Our vision:
To maximize customer value through
industry-leading service, exceptional
claims experiences and products that
build long-term relationships.
Our values:
Caring
Ease and Convenience
Fairness
Helpfulness

You can count on us
You assume you can count on your insurance
company, but you’re never quite sure until you have
that moment of truth.
As you’ll read in the pages that follow, that
moment of truth can be the prompt, professional
response you get when your roof is blown off by
a storm or it might be the sense of security that
comes from the trusted advice provided by your
American Family Insurance agent.
You might find a moment of truth in reading about
the caring people of American Family who joined in
the international outpouring of concern for the
nation of Haiti following its cataclysmic earthquake.
Or, you could simply find comfort in learning
about our responsible and effective investment
philosophy, which maintains our financial strength
to pay your claims.
We see these stories as milestones along the way to
meeting our mission of becoming the most trusted
and valued service-driven insurance company. As a
result of the determined efforts of American Family’s
employees and agents, our customers now:
Enjoy 24/7 service from us through our claim,
billing and policy sales and service care centers.
Use mobile devices to file claims, pay bills and
check their accounts as well as locate nearby
American Family agents and repair shops.
Have more options for buying auto insurance.They
can still work with their trusted agents, but can
now also buy it online or through our care centers.
Connect with us through social media tools and
our recruitment blogs.
Our goal is to provide the best customer service
ever, meeting the promises we make to our
policyholders to be there in their times of need. We
do this by helping you make sure your insurance
coverage keeps pace with your changing needs and
providing outstanding claims experiences.
American Family’s commitment was put to the test
in 2010, as storms hit our customers again and
again. But we kept on working, covering an
incredible amount of ground to help our customers
recover and rebuild.
These are just some of the ways we’re serving
customers and communities around the world.
No matter where you find that moment of truth, you
can count on us to be there for you.
David R. Anderson
Chairman and Chief Executive Officer
Jack C. Salzwedel
President and Chief Operating Officer
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 3

Smart investing helps secure the future for policyholders
The world can seem like a pretty uncertain place
sometimes. But there’s someone you can count on
to help protect you – American Family Insurance.
When you buy insurance from us, you’re buying
a promise – a promise that we’ll pay for events
covered by your policy. We’ve kept these promises
to our policyholders for 84 years, thanks to a
strong financial foundation.
“We are stewards of our policyholders’ money, so
we’re very judicious in our investing approach,”
says Richard White of our Investments Division.
“We need those funds to be there when our
policyholders need them.”
Our investing approach is to maintain a balanced
diversified portfolio. We invest prudently, with
a portfolio primarily composed of high-quality
bonds and stocks. Special emphasis is placed on
managing investment risk.
So no matter what happens, our investment strategy
stays on a steady course, and we can deliver on our
promises – whether for claims we’ve planned for or
unexpected catastrophes.
When Mother Nature delivers more severe weather
than we estimate, we have an extra layer of financial
protection for policyholders. It’s called policyholder
equity, and right now, we have more than $5 billion
in equity ready, just in case.
We’re committed to protecting our policyholders’
money, so we can pay covered claims, no matter
what comes your way. Or ours.
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

Caring for our customers when tragedy strikes
It’s not every day that Eagle, Wis., gets national
news coverage.
But, that’s what happened when a tornado
ravaged this quiet town the night of June 21, 2010.
Two smaller yet powerful tornados also devastated
the neighboring communities of Muskego and
Big Bend, as well as surrounding areas.
American Family swiftly responded, rebuilding
customers’ lives in the immediate aftermath of
the storms.
Just 90 minutes after the tornado struck, claim
team members arrived to help customers.
“Customers can be overwhelmed in a situation
like this,” says Jim Andersen, one of our claim
managers. “That’s why our adjusters met with
customers to make sure they were OK and they
clearly understood what to expect from us.”
Paul Hartman was one of 30 adjusters in the area
the morning after the twisters hit. The adjusters
made immediate payments to customers, answered
questions and provided some good old-fashioned
reassurance that things would get better.
“Paul brought us lunch, gave us some sodas, and
before I was even able to finish what I was eating,
I had a check in my hand,” says customer Josh
Werner, whose home was destroyed.
Customers were relieved to receive help so quickly.
“For people who no longer had a home, we
arranged for temporary housing and settled losses
in 24 to 48 hours,” says Paul.
“Josh had his home claim handled virtually the
first day, in less than 12 hours,” says Josh’s agent,
Chris Lueth. “If that doesn’t speak volumes, I don’t
know what does.”
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 5

Making the world a better place
At American Family, caring for our customers is
integral to the way we do business. We also help
strengthen communities around the United States
and beyond.
In response to the devastating earthquake that
rocked Haiti in January 2010, the company
organized a campaign to raise $50,000 through
agent and employee donations, matched by the
company. Right away, donations exceeded the
$50,000 target, so the match was raised.
“The outpouring of support was just tremendous,”
says Judy Lowell, community relations manager.
A grand total $150,000 was given to the Red Cross,
Partners in Health, the Salvation Army and 64
other organizations helping Haiti.
American Family also sponsored the National
Kidney Foundation’s U.S. Transplant Games, held
last summer in Madison, Wis.
The company’s $50,0000 sponsorship focused on
a 5K run/walk, a national donor family quilt exhibit
and a living donor recognition event featuring
American Family President and Chief Operating
Officer Jack Salzwedel, who shared the story of
donating a kidney to his brother, Chris.
“I know firsthand how life-changing organ donation
is, and I know we have agents and employees who
have given or received organs, too,” says Jack.
Numerous American Family volunteers also
contributed their time and talents to the event,
which drew thousands of spectators.
Make no mistake, American Family’s response to
Haiti and its support for the U.S. Transplant Games
in 2010 were not isolated cases of goodwill.
They are part of our long tradition of giving back to
communities everywhere to help make the world a
better place.
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

Building value, one customer at a time.
Helping customers comes naturally to Alice Nguyen,
an American Family agent in Wichita, Kan.
“I don’t approach each of my customers as a
sales person, but more like a trusted friend. And I
offer really good advice on how to prepare for the
unexpected,” she says.
This philosophy has enabled Alice to build her
business and satisfy customers – like Israel Portal.
“I had been paying too much for car insurance,
so I met with Alice,” says Israel. “She explained
everything step by step.”
A sad event – the death of his brother – spurred
Israel to buy an American Family Life Insurance
Company life policy, too.
“My brother had no life insurance, and he had
three children,” says Israel. “This made me think
about getting good life insurance. So I talked
with Alice.”
Alice always describes, in practical terms, the value
of coverage and certain options.
“I’m always helping customers by explaining the
basics,” says Alice, adding: “When you take time
to explain options to customers, they’re not as
concerned with the price as they are with the
overall value of what you have just offered.”
Alice’s fluency in Vietnamese, as well as the Spanishlanguage
skills of her staff, have come in handy
when talking with certain customers.
No matter what language Alice and her staff use,
they always strive to give customers the best
possible insurance value.
“I do my homework to offer what each customer
needs,” she says with a smile. “I love my job, and I
enjoy helping customers.”
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 7

Behind the numbers
As a mutual company, American Family exists
for one purpose: to support our customers
when they need us most. To do that, we must
be financially strong and stable.
When you scan our 2010 results in the financials
section of this report, you’ll see some positive
numbers for things like assets, equity and
revenue. And while that’s a very large part of
what makes American Family strong, it’s just
that – one part of a larger picture.
For those of you who have filed a claim, had a
question about a bill or visited your agent’s
office, you know that it’s the people who make
a difference at American Family. As chief
financial officer, it is my responsibility to
oversee the financial team that works together
to ensure our strength and stability for decades
to come. And while you may not ever speak to
me, our investment analysts, accountants or
actuaries, we are as dedicated to serving you
as our agents and claim adjusters.
We are constantly looking for opportunities to
drive efficiency and keep expenses in check.
After all, that’s what you expect when you
pay your insurance bill. We also maintain a
well-diversified portfolio of investments as a
means of strengthening our capacity to serve
our customers.
American Family has had a system of financial
checks and balances in place for many years,
ensuring that the right hand always knows what
the left hand is doing. To us, that just makes sense.
Rest assured, the financial team at American
Family will continue to address those never-ending
opportunities and challenges, with the shared
goal of better serving you, our customers.
The bottom line goes much deeper than a number
on a balance sheet. Thousands of American
Family customers find out every year the value of
doing business with a company that not only is
wholeheartedly dedicated to customer service, but
also has the financial strength to help you recover
in your time of need.
Daniel R. Schultz
Chief Financial Officer, Treasurer
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

American Family Insurance Group
Consolidated Highlights
2010 2009 2008 2007 2006
Assets (in thousands) $16,787,779 $16,250,813 $15,501,845 $16,003,955 $15,477,009
Equity (in thousands) $5,431,728 $4,826,146 $4,162,986 $5,034,285 $4,889,281
Revenue (in thousands) $6,321,474 $6,360,130 $6,742,578 $6,867,863 $6,785,819
Life insurance in force $86.5 billion $85.4 billion $84.0 billion $81.2 billion $75.9 billion
Field force 3,498 3,822 3,901 3,978 3,975
Employees 7,801 7,745 8,071 8,482 8,237
The American Family Insurance Group consists of the following ten companies:
American Family Mutual Insurance Company
American Standard Insurance Company of Wisconsin (ASIC)
American Family Life Insurance Company (AFLIC)
American Family Brokerage, Inc.
American Family Financial Services (AFFS)
American Family Insurance Company
American Standard Insurance Company of Ohio (ASICO)
AmFam, Inc.
American Family Securities, LLC
New Ventures, LLC
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 9

American Family Insurance Group
Consolidated Balance Sheet
GAAP basis - As of Dec. 31, 2010 (in thousands)
Assets 2010 2009
Bonds $10,519,550 $9,909,381
Stocks 1,919,457 1,653,156
Real estate 255,944 262,114
Mortgages 334,410 352,432
Other invested assets 253,265 255,556
Short-term investments 19,465 635
Cash and cash equivalents 238,897 353,349
Premiums receivable 993,754 1,027,000
Investment income receivable 115,837 118,288
Deferred policy-acquisition costs 827,574 868,470
Policy loans 236,247 229,781
Reinsurance recoverable 237,219 185,822
Income tax recoverable 0 69,298
Furniture and equipment 66,030 68,524
Computer equipment 105,308 92,850
Deferred tax assets 278,880 415,873
Other assets 116,048 147,199
Separate account assets 269,894 241,085
Total Assets $16,787,779 $16,250,813
Liabilities
P/C loss and loss-adjustment reserves $3,688,612 $3,966,063
Life reserves and deposit contracts 3,625,766 3,461,330
Unearned premium reserves 2,154,419 2,166,744
Loss drafts payable 139,543 156,192
Dividends payable 21,454 22,965
Income taxes payable 13,385 0
Agent-termination benefits 552,846 600,861
Expenses payable 559,417 542,637
Other liabilities 330,715 266,790
Separate account liabilities 269,894 241,085
Total Liabilities $11,356,051 $11,424,667
Equity
Accumulated other comprehensive income $507,201 $388,679
Retained earnings 4,924,527 4,437,467
Total Equity 5,431,728 4,826,146
Total Liabilities and Equity $16,787,779 $16,250,813
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

American Family Insurance Group
Consolidated Statement of Income and Equity
GAAP basis - For the years ended Dec. 31 (in thousands)
Revenues 2010 2009
P/C premiums earned $5,378,823 $5,456,182
AFLIC premiums earned 326,782 320,175
Net investment income 565,632 531,459
Other revenues 50,237 52,314
Total Revenues $6,321,474 $6,360,130
Losses and Expenses
P/C losses incurred $3,270,457 $3,592,968
P/C expenses incurred 2,100,062 2,109,168
Life insurance benefits incurred 286,518 285,008
Other expenses 174,235 175,055
Total Losses and Expenses 5,831,272 6,162,199
Gain (loss) from Operations 490,202 197,931
Realized capital gains (losses) 170,366 93,279
Income (loss) before Taxes 660,568 291,210
Tax expense (benefit) 173,508 34,273
Net Income (loss) $487,060 $256,937
Statement of Equity
Beginning equity balance $4,826,146 $4,162,986
Net income (loss) 487,060 256,937
Change in unrealized gains (losses)
Bonds (73,158) 424,729
Stocks 188,522 263,941
Tax impact of unrealized gains (41,456) (249,064)
Other changes in equity, net of tax 44,614 (33,383)
Other comprehensive income (loss) 118,522 406,223
Change in Equity 605,582 663,160
Ending Equity $5,431,728 $4,826,146
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 11

American Family Insurance Group
Premiums Written
For the year ended Dec. 31, 2010 (in thousands)
All dollar amounts have been rounded to the nearest thousand.
6%
5%
89%
American Family Mutual Insurance Company
American Standard Insurance Company of Wisconsin
American Family Life Insurance Company
Premiums Written
American Family Mutual Insurance Company $5,026,117* 89%
American Standard Insurance Company of Wisconsin $298,173** 5%
American Family Life Insurance Company $330,854 6%
American Family Life Insurance Company
Total insurance in force
New business issued
$86.5 billion
$8.1 billion
* Before reinsurance assumed from ASIC and ASICO. Includes AFIC.
** Includes ASICO.
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

American Family Mutual Insurance Company
Balance Sheet GAAP basis - As of Dec. 31, 2010 (in thousands)
Assets
Bonds $6,639,516
Stocks, unaffiliated 1,820,018
Stocks, affiliated 1,475,487
Real estate 255,944
Other invested assets 251,812
Short term investments 15,065
Cash and cash equivalents 171,747
Premiums receivable 968,011
Investment income receivable 74,265
Reinsurance recoverable 108,058
Deferred policy-acquisition costs 338,925
Furniture and equipment 66,030
Computer equipment 105,308
Deferred tax assets 316,371
Other assets 234,846
Total Assets $12,841,403
Liabilities
Property and casualty loss reserves $2,886,467
Loss-adjustment expense reserves 802,145
Unearned premium reserves 2,154,419
Loss drafts payable 118,186
Income taxes payable 13,418
Dividends payable 2,232
Agent-termination benefits 552,846
Expenses payable 623,979
Other liabilities 255,983
Total Liabilities 7,409,675
Equity
Accumulated other comprehensive income 506,540
Retained earnings 4,925,188
Total Equity 5,431,728
Total Liabilities and Equity $12,841,403
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 13

American Standard Insurance Company of Wisconsin
Balance Sheet
GAAP basis - As of Dec. 31, 2010 (in thousands)
Assets
Bonds $307,709
Short term investments 4,400
Cash and cash equivalents 12,558
Investment income receivable 2,809
Reinsurance recoverable 299,698
Other assets 21,318
Total Assets $648,492
Liabilities
Loss and loss-adjustment expense reserves $193,273
Unearned premium reserves 90,948
Loss drafts payable 16,804
Income taxes payable (9)
Deferred-tax liability 1,711
Expenses payable 47,180
Other liabilities 7,082
Total Liabilities 356,989
Equity
Stock and paid-in capital 6,000
Accumulated other comprehensive income 3,151
Retained earnings 282,352
Total Equity 291,503
Total Liabilities and Equity $648,492
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

American Family Life Insurance Company
Balance Sheet
GAAP basis - As of Dec. 31, 2010 (in thousands)
Assets
Bonds $3,548,653
Stocks, unaffiliated 94,939
Mortgages 334,410
Cash and cash equivalents 41,729
Policy loans 236,247
Investment income receivable 38,365
Deferred acquisition costs 488,630
Income tax recoverable 8,232
Reinsurance recoverable 129,057
Other assets 15,512
Separate account assets 269,894
Total Assets $5,205,668
Liabilities
Life reserves and deposit contracts $3,625,766
Claims payable 16,333
Dividends payable 20,088
Expenses payable 43,941
Deferred tax liability 37,080
Other liabilities 38,235
Separate account liabilities 269,894
Total Liabilities 4,051,337
Equity
Stock and paid-in capital 3,540
Accumulated other comprehensive income 87,828
Retained earnings 1,062,963
Total Equity 1,154,331
Total Liabilities and Equity $5,205,668
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 15

2010 Officers
David R. Anderson
Chairman and Chief Executive Officer
Jack C. Salzwedel
President and Chief Operating Officer
Daniel R. Schultz
Chief Financial Officer, Treasurer
Mark V. Afable
Executive Vice President
Gerry W. Benusa
Executive Vice President
Bradley J. Gleason
Executive Vice President
Jerry G. Rekowski
Executive Vice President
Mary L. Schmoeger
Executive Vice President
Christopher S. Spencer
Chief Legal Officer, Secretary
Senior Vice President
Peter C. Gunder
Senior Vice President
Investments
Kristin R. Kirkconnell
Senior Vice President
Information Services
Lisa R. Bacus
Vice President
Marketing
Carolyn S. Gilb
Vice President
Commercial-Farm/Ranch
Bernard T. McCartan
Vice President
Claims Legal
John W. Thedinga
Vice President
Product Lines Territory
Betty A. Bergquist
Vice President
Education
Kari E. Grasee
Vice President
Controller
Alan E. Meyer
Vice President
Life
Mary A. Theilen
Vice President
P&C Loss Reserving
Timothy D. Constien
Vice President
Claims Operations
Justin B. Cruz
Vice President
Actuarial
Michael R. Duran
Vice President, Agency Sales
West Region
Richard A. Fetherston
Vice President
Public Relations
David C. Holman
Vice President
Corporate Legal
Daniel J. Kelly
Vice President
Human Resources
Annette S. Knapstein
Vice President
Business and Workplace Services
Christopher R. Listau
Vice President, Agency Sales
Central Region
Scott J. Seymour
Vice President
Government Affairs
and Compliance
Pamela M. Stampen
Vice President
Customer Service Touch Points
Richard M. Steffen
Vice President, Agency Sales
East Region
Evonne M. Steger
Vice President
Corporate Strategy and Planning
William B. Westrate
Vice President
Personal Lines
Joseph J. Zwettler
Vice President
Brokerage and Alliances
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

Board of Directors
David R. Anderson (Chair)
Chairman and Chief Executive Officer
American Family Insurance Group
Craig C. Culver
President and Owner
Culver Franchising Systems, Inc.
Londa J. Dewey
President
QTI Group
Leslie Ann Howard
President and Chief Executive Officer
United Way of Dane County
Ted D. Kellner, CFA
Chairman and Chief Executive Officer
Fiduciary Management, Inc.
Michael M. Knetter, Ph.D.
President
University of Wisconsin Foundation
Walter M. Oliver
Senior Vice President
Human Resources and Administration
General Dynamics Corporation
Harvey R. Pierce
Retired Chairman and
Chief Executive Officer
American Family Insurance Group
Eliot G. Protsch
President
Wapsie Investment & Advisory, LLC
Richard R. Renk
Chairman of the Board
Wm. F. Renk & Sons
Jack C. Salzwedel
President and Chief Operating Officer
American Family Insurance Group
Jerry Sue Thornton, Ph.D.
President
Cuyahoga Community College
Thomas J. Zimbrick
Chief Executive Officer
Zimbrick, Inc.
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 17

American Family Products
Some products are not available in every state. To learn more about any of these products or services,
contact an American Family agent or visit our website at amfam.com.
These products are underwritten by American Family Mutual Insurance Company and its subsidiaries,
American Standard Insurance Company of Wisconsin, American Standard Insurance Company of Ohio and
American Family Insurance Company.
Personal Lines
Auto
All-Terrain Vehicle (ATV)
Boatowners
Campers/Motorhomes
Condominiums
Custom Value Homes
Golf Carts
Homeowners
Mobile/Manufactured Homeowners
Motorcycle
Personal Liability Umbrella
Renters
Snowmobile
Commercial-Farm/Ranch
Business auto
Businessowners policy
Business key policy
Contractors Package Program
Commercial general liability
Commercial property
Commercial liability umbrella policy
Crime and Fidelity
Farm/Ranch policy
Farm/Ranch personal liability umbrella policy
Inland Marine
Nonprofit Directors and Officers Liability
Rental Dwelling Protection Program
Workers’ compensation
Health*
HSA-qualified High Deductible
Health Plan**
Major medical plan***
Medicare supplement plans****
These products are underwritten by American Family Life Insurance Company:
Life
Fixed annuities
Term life
Universal life
Whole life
*American Family sells the individual health insurance products offered through subsidiaries of American Enterprise Group Inc., of Des
Moines, Iowa. American Family has discontinued its own health insurance line.
**HSA-qualified High Deductible Health Plan available in all operating states except Idaho, Oregon, Utah and Washington.
***Major medical plan available in all operating states except Idaho, Minnesota, Oregon, South Dakota, Utah and Washington.
****Medicare supplement available in all our operating states except Idaho and Washington.
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2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT

Our Operating Territory
Our Operating Territory
We’re proud to offer our products in Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa,
Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah,
Washington and Wisconsin.
Our National Headquarters is in Madison, Wis. We also have regional offices in Englewood, Colo.,
Madison and St. Joseph, Mo.
2010 AMERICAN FAMILY INSURANCE ANNUAL REPORT 19

See the entire
2010 American Family Insurance annual report:
http://www.amfam.com/2010-report

American Family Insurance Company and its subsidiaries
6000 American Parkway Madison, WI 53783-0001
1-800-MYAMFAM (1-800-692-6326)
amfam.com
2010 annual report website: http://www.amfam.com/2010-report
PR-05642 Rev. 12/10