Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 118

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 2025 compared to $60 million in the third quarter of 2024, an increase of $13 million (22%). AFG’s net core pretax loss outside of its property and casualty insurance segments totaled $48 million in the third quarter of 2025 compared to $46 million in the third quarter of 2024, an increase of $2 million (4%).

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

The following table details AFG’s GAAP and core loss before income taxes from operations outside of its property and casualty insurance segment for the three months ended September 30, 2025 and 2024 (dollars in millions): 

Three months ended September 30,20252024% ChangeRevenues:Net investment income$6 $7 (14%)Other income — P&C fees23 23 —%Other income4 4 —%Total revenues33 34 (3%)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses9 8 13%Other expense — expenses associated with P&C fees14 15 (7%)Other expenses (*)39 38 3%Costs and expenses, excluding interest charges on borrowed money62 61 2%Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(29)(27)7%Interest charges on borrowed money19 19 —%Core loss before income taxes, excluding realized gains and losses(48)(46)4%Pretax non-core special A&E charge(25)(14)79%GAAP loss before income taxes, excluding realized gains and losses$(73)$(60)22%

(*)Excludes pretax non-core special A&E charges of $25 million and $14 million in the third quarters of 2025 and 2024, respectively.

Holding Company and Other — Net Investment Income

AFG recorded net investment income on investments held outside of its property and casualty insurance segment of $6 million in the third quarter of 2025 compared to $7 million in the third quarter of 2024, a decrease of $1 million (14%).

Holding Company and Other — P&C Fees and Related Expenses

Summit, a workers’ compensation insurance subsidiary, collects fees from a small group of unaffiliated insurers for providing underwriting, policy