Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 158

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 158
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 and $7 million in the third quarter of 2025 and 2024, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

42

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

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS

Before CLOConsol. (a)ManagedInvestmentEntitiesConsol.EntriesConsolidatedAs ReportedNine months ended September 30, 2025Revenues:Net earned premiums$5,240 $— $— $5,240 Net investment income572 — (10)(b)562 Realized gains (losses) on:Securities17 — — 17 Subsidiaries1 — — 1 Income of managed investment entities:Investment income— 214 — 214 Gain (loss) on change in fair value of assets/liabilities— 8 (15)(b)(7)Other income92 — (8)(c)84 Total revenues5,922 222 (33)6,111 Costs and Expenses:Insurance benefits and expenses4,920 — — 4,920 Expenses of managed investment entities— 219 (30)(b)(c)189 Interest charges on borrowed money and other expenses308 — — 308 Total costs and expenses5,228 219 (30)5,417 Earnings before income taxes694 3 (3)694 Provision for income taxes151 — — 151 Net earnings$543 $3 $(3)$543 Nine months ended September 30, 2024Revenues:Net earned premiums$5,186 $— $— $5,186 Net investment income611 — (25)(b)586 Realized gains (losses) on securities10 — — 10 Income of managed investment entities:Investment income— 296 — 296 Gain (loss) on change in fair value of assets/liabilities— 9 (4)(b)5 Other income101 —