Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 166

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 166
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.1% in the comparable prior year period. The impact on rental rates and occupancy from a surge in new apartment supply in certain otherwise 

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

strong markets reduced the fair value of certain multi-family investments and tempered the performance of AFG’s alternative investment portfolio in the second quarter of 2025.

Property and Casualty Other Income and Expenses, Net

Other income and expenses, net for AFG’s property and casualty insurance operations was a net expense of $19 million for the second quarter of 2025 compared to $20 million for the second quarter of 2024, a decrease of $1 million (5%). 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 June 30,20252024Other income$— $2 Other expenses:Amortization of intangibles5 4 Interest expense on funds withheld12 13 Other2 5 Total other expenses19 22 Other income and expenses, net$(19)$(20)

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 $46 million in both the second quarter of 2025 and the second quarter of 2024.

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 June 30, 2025 and 2024 (dollars in millions): 

Three months ended June 30,20252024% ChangeRevenues:Net investment income$7 $8 (13%)Other income — P&C fees23 24 (4%)Other income6 4 50%Total revenues36 36 —%Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses7 8 (13%)Other expense — expenses associated with P&C fees16 16 —%Other expenses40 39 3%Costs and expenses, excluding interest charges on borrowed money63 63 —%Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(27)(27)—%Interest charges on borrowed money19 19 —%Loss before income