Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 194

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 194
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 losses) totaled $171 million in the first nine months of 2025 compared to $156 million in the first nine months of 2024, an increase of $15 million (10%). AFG’s net core pretax loss outside of its property and casualty insurance segment totaled $146 million in the first nine months of 2025 compared to $142 million in the first nine months of 2024, an increase of $4 million (3%).

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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 nine months ended September 30, 2025 and 2024 (dollars in millions): 

Nine months ended September 30,20252024% ChangeRevenues:Net investment income$18 $22 (18%)Other income — P&C fees71 83 (14%)Other income12 12 —%Total revenues101 117 (14%)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses25 38 (34%)Other expense — expenses associated with P&C fees46 45 2%Other expenses (*)119 119 —%Costs and expenses, excluding interest charges on borrowed money190 202 (6%)Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(89)(85)5%Interest charges on borrowed money57 57 —%Core loss before income taxes, excluding realized gains and losses(146)(142)3%Pretax non-core special A&E charge(25)(14)79%GAAP loss before income taxes, excluding realized gains and losses$(171)$(156)10%

(*)Excludes pretax non-core special A&E charges of $25 million and $14 million in the first nine months 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 $18 million in the first nine months of 2025 compared to $22 million in the first nine months of 2024, a decrease of $4 million (18%) reflecting lower income on fixed maturity investments.

Holding Company and Other — P&C Fees and Related