Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 169

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 169
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/liabilities— 29 (2)(b)27 Other income162 — (16)(c)146 Total revenues7,422 450 (45)7,827 Costs and Expenses:Insurance benefits and expenses5,968 — — 5,968 Expenses of managed investment entities— 450 (45)(b)(c) 405 Interest charges on borrowed money and other expenses381 — — 381 Total costs and expenses6,349 450 (45)6,754 Earnings before income taxes1,073 — — 1,073 Provision for income taxes221 — — 221 Net earnings$852 $— $— $852 

(a)Includes income of $33 million in 2024 and $27 million in 2023, representing the change in fair value of AFG’s CLO investments and $13 million and $16 million of income in 2024 and 2023, respectively, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $37 million and $29 million in 2024 and 2023, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

46

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS - CONTINUED

Before CLOConsol. (a)ManagedInvestmentEntitiesConsol.EntriesConsolidatedAs ReportedYear ended December 31, 2022Revenues:Net earned premiums$6,085 $— $— $6,085 Net investment income707 — 10 (b)717 Realized gains (losses) on securities(116)— — (116)Income of managed investment entities:Investment income— 268 — 268 Gain (loss) on change in fair value of assets/liabilities— (2)(29)(b)(31)Other income134 — (17)(c)117 Total revenues6,810 266 (36)7,040 Costs and Expenses:Insurance benefits and expenses5,347 — — 5,347 Expenses of managed investment entities— 265 (35)(b)(