Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 101

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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2024, a decrease of $11 million (79%). Realized gains (losses) on securities consisted of the following (in millions): 

Three months ended March 31,20252024Realized gains (losses) before impairment allowances:Disposals$— $(3)Change in the fair value of equity securities9 20 Change in the fair value of derivatives1 (1)10 16 Change in allowance for impairments on securities(7)(2)Realized gains (losses) on securities$3 $14 

The $9 million net realized gain from the change in the fair value of equity securities in the first three months of 2025 includes gains of $5 million on investments in media companies and $2 million on investments in natural gas companies. The $20 million net realized gain from the change in the fair value of equity securities in the first three months of 2024 includes gains of $11 million on investments in banks and financing companies and $4 million on investments in natural gas companies.

Consolidated Income Taxes

AFG’s consolidated provision for income taxes was $43 million for the first three months of 2025 compared to $62 million for the first three months of 2024, a decrease of $19 million (31%). See Note J — “Income Taxes” to the financial statements for an analysis of items affecting AFG’s effective tax rate.

RECENTLY ADOPTED ACCOUNTING STANDARDS

See Note B — “Segments of Operations” to the financial statements for accounting guidance adopted in the fourth quarter of 2024, which requires enhanced disclosures about significant segment expenses and a description of the composition of other segment expenses by business segment. The title and position of the chief operating decision maker (“CODM”) and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources is also required to be disclosed.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

ACCOUNTING STANDARDS TO BE ADOPTED

In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosures by requiring (i) consistent categories