Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 149

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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)27 Total revenues1,810 105 (15)1,900 Costs and Expenses:Insurance benefits and expenses1,443 — — 1,443 Expenses of managed investment entities— 102 (12)(b)(c)90 Interest charges on borrowed money and other expenses96 — — 96 Total costs and expenses1,539 102 (12)1,629 Earnings before income taxes271 3 (3)271 Provision for income taxes62 — — 62 Net earnings$209 $3 $(3)$209 

(a)Includes income of $2 million in the second quarter of 2025 and $9 million in the second quarter of 2024, representing the change in fair value of AFG’s CLO investments and $2 million and $3 million of income in the second quarter of 2025 and 2024, respectively, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $6 million and $9 million in the second quarter of 2025 and 2024, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

41

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 ReportedSix months ended June 30, 2025Revenues:Net earned premiums$3,227 $— $— $3,227 Net investment income361 — (4)(b)357 Realized gains (losses) on securities5 — — 5 Income of managed investment entities:Investment income— 144 — 144 Gain (loss) on change in fair value of assets/liabilities— 5 (12)(b)(7)Other income59 — (5)(c)54 Total revenues3,652 149 (21)3,780 Costs and Expenses:Insurance benefits and expenses