Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 49

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 49
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Total net unrealized gains (losses) on cash flow hedges— (37)8 (29)(29)Foreign currency translation adjustments(18)(1)(1)(2)(20)Pension and other postretirement plan adjustments1 2 — 2 3 Total$119 $(839)$177 $(662)$(543)(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:OCI componentAffected line in the statement of earningsPretax - Net unrealized gains (losses) on securitiesRealized gains (losses) on securitiesPretax - Net unrealized gains (losses) on cash flow hedgesNet investment incomePretax - Net unrealized gains (losses) on pension and other postretirement plansOther expensesTaxProvision for income taxes

F-31

Table of ContentsAMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

L.    Income Taxes

The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):202420232022Amount% of EBTAmount% of EBTAmount% of EBTEarnings before income taxes (“EBT”)$1,124 $1,073 $1,123 Income taxes at statutory rate$236 21 %$225 21 %$236 21 %Effect of:Employee stock ownership plan dividend paid deduction(5)(1 %)(5)(1 %)(8)(1 %)Tax exempt interest(5)(1 %)(5)(1 %)(6)(1 %)Stock-based compensation(3)— %(2)— %(5)— %Change in valuation allowance(3)— %(2)— %(9)(1 %)Dividend received deduction(1)— %(2)— %(2)— %Nondeductible expenses7 1 %11 1 %8 1 %Adjustment related to sale of subsidiary (*)4 1 %— — %— — %Adjustment to prior year taxes1 — %(5)— %(3)— %Foreign operations2 — %6 1 %7 1 %Other4 — %