Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 99

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 of managed investment entities— 95 (10)(b)(c)85 Interest charges on borrowed money and other expenses107 — — 107 Total costs and expenses2,055 95 (10)2,140 Earnings before income taxes229 — — 229 Provision for income taxes48 — — 48 Net earnings$181 $— $— $181 

(a)Includes income of $6 million in the third quarter of 2025 and $2 million in the third quarter of 2024, representing the change in fair value of AFG’s CLO investments and $3 million of income in both the third quarter of 2025 and 2024, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $8 million and $7 million in the third quarter of 2025 and 2024, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

42

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

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS

Before CLOConsol. (a)ManagedInvestmentEntitiesConsol.EntriesConsolidatedAs ReportedNine months ended September 30, 2025Revenues:Net earned premiums$5,240 $— $— $5,240 Net investment income572 — (10)(b)562 Realized gains (losses) on:Securities17 — — 17 Subsidiaries1 — — 1 Income of managed investment entities:Investment income— 214 — 214 Gain (loss) on change in fair value of assets/liabilities— 8 (15)(b)(7)Other income92 — (8)(c)84 Total revenues5,922 222 (33)6,111 Costs and Expenses:Insurance benefits and expenses4,920 — — 4,920 Expenses of managed investment entities— 219 (30)(b)(c)189 Interest charges