Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 187

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 187
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15 million for the fourth quarter of 2023, an increase of $4 million (27%). The table below details the items included in other income and expenses, net for AFG’s property and casualty insurance operations (in millions):

Three months ended December 31,20242023Other income$2 $3 Other expenses:Amortization of intangibles6 4 Interest expense on funds withheld12 12 Other3 2 Total other expenses21 18 Other income and expenses, net$(19)$(15)

Holding Company, Other and Unallocated — Results of Operations

AFG’s net pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $48 million in the fourth quarter of 2024 compared to $53 million in the fourth quarter of 2023, a decrease of $5 million (9%).

The following table details AFG’s loss before income taxes from operations outside of its property and casualty insurance segment for the three months ended December 31, 2024 and 2023 (dollars in millions):

Three months ended December 31,20242023% ChangeRevenues:Net investment income$7 $7 — %Other income — P&C fees28 42 (33 %)Other income6 5 20 %Total revenues41 54 (24 %)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses13 28 (54 %)Other expense — expenses associated with P&C fees15 14 7 %Other expenses42 46 (9 %)Costs and expenses, excluding interest charges on borrowed money70 88 (20 %)Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(29)(34)(15 %)Interest charges on borrowed money19 19 — %Loss before income taxes, excluding realized gains and losses$(48)$(53)(9 %)

Holding Company and Other — Net Investment Income

AFG recorded net investment income on investments held outside of its property and casualty insurance segment of $7 million in both the fourth quarter of 2024 and the fourth quarter of 2023.

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 administration and claims services. In addition