Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 24

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at June 30, 2025 and December 31, 2024 (in millions):June 30, 2025December 31, 2024Actual CostFair ValueFair Value Over CostActual CostFair ValueFair Value Over CostCommon stocks$347 $389 $42 $304 $336 $32 Perpetual preferred stocks388 411 23 380 415 35 Total equity securities carried at fair value$735 $800 $65 $684 $751 $67 The following table summarizes investments accounted for using the equity method, by strategy (in millions):Net Investment IncomeCarrying ValueThree months ended June 30,Six months ended June 30,June 30, 2025December 31, 20242025202420252024Real estate-related investments (*)$1,413 $1,392 $(16)$11 $1 $5 Private equity838 804 7 1 1 31 Private debt90 81 3 2 5 3 Total investments accounted for using the equity method$2,341 $2,277 $(6)$14 $7 $39 (*)88% of the carrying value relates to underlying investments in multi-family properties as of June 30, 2025 and December 31, 2024.The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments.With respect to partnerships and similar investments, AFG had unfunded commitments of $492 million and $457 million as of June 30, 2025 and December 31, 2024, respectively.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet