Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 89

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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IAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

has no right to use the CLO assets and no obligation to pay the CLO liabilities and such assets and liabilities are shown separately in AFG’s Balance Sheet. Excluding the impact of the managed investment entities, net cash provided by operating activities was $645 million and $545 million in the first nine months of 2025 and 2024, respectively.

Net Cash Provided by (Used in) Investing Activities   AFG’s investing activities consist primarily of the investment of funds provided by its property and casualty businesses. Investing activities also include the purchase and disposal of managed investment entity investments, which are presented separately in AFG’s Balance Sheet. Net investment activity in the managed investment entities was a $63 million source of cash in the first nine months of 2025 compared to $204 million in the first nine months of 2024, accounting for a $141 million decrease in net cash provided by investing activities in the first nine months of 2025 compared to the 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note G — “Managed Investment Entities” to the financial statements. Investing activities for the first nine months of 2025 include the July acquisition of Radion Insurance Holdings, LLC (“Radion”) for $7 million in cash. Excluding the acquisition of Radion and the activity of the managed investment entities, investing activities were a $127 million use of cash in the first nine months of 2025 compared to $88 million in the first nine months of 2024.

Net Cash Used in Financing Activities   AFG’s financing activities consist primarily of issuances and retirements of long-term debt, issuances and repurchases of common stock and dividend payments. Net cash used in financing activities was $242 million for the first nine months of 2025 compared to $497 million in the first nine months of 2024, a decrease of $255 million. The net proceeds from AFG’s issuance of $350 million in 5.00% Senior Notes in September 2025 was a $344 million source of cash in the first nine months of 2025. AFG paid cash dividends totaling $367 million in the first nine months of 2025 compared to $385 million in the first nine months of 2024, accounting for a decrease in cash