Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 148

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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 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 used in financing activities of $18 million. During the first nine months of 2025, AFG repurchased $98 million of its Common Stock compared to no repurchases in the comparable 2024 period. Financing activities also include issuances and retirements of managed investment entity liabilities, which are nonrecourse to AFG and presented separately in AFG’s Balance Sheet. Retirements of managed investment entity liabilities exceeded issuances by $130 million in the first nine months of 2025 compared to $125 million in the first nine months of 2024, accounting for a $5 million increase in net cash used in financing activities in the 2025 period compared to the 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note G — “Managed Investment Entities” to the financial statements.

Parent and Subsidiary Liquidity

Parent Holding Company Liquidity   Management believes AFG has sufficient resources to meet its liquidity