Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 85

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 insurance (“P&C”) and (ii) Other, which includes holding company costs and income and expenses related to the managed investment entities (“MIEs”).

AFG’s net earnings, determined in accordance with GAAP, include certain items that may not be indicative of its ongoing core operations. The following tables for the three months ended March 31, 2025 and 2024 identify such items by segment and reconcile net earnings to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends (in millions):

OtherP&CConsol. MIEsHolding Co., other and unallocatedTotalNon-core reclassGAAP TotalThree months ended March 31, 2025Revenues:Net earned premiums$1,580 $— $— $1,580 $— $1,580 Net investment income170 (2)5 173 — 173 Realized gains on securities— — — — 3 3 Income of MIEs:Investment income— 76 — 76 — 76 Gain (loss) on change in fair value of assets/liabilities— (3)— (3)— (3)Other income3 (3)27 27 — 27 Total revenues1,753 68 32 1,853 3 1,856 Costs and Expenses:Losses and loss adjustment expenses965 — — 965 — 965 Commissions and other underwriting expenses521 — 9 530 — 530 Interest charges on borrowed money— — 19 19 — 19 Expenses of MIEs— 68 — 68 — 68 Other expenses21 — 56 77 — 77 Total costs and expenses1,507 68 84 1,659 — 1,659 Earnings before income taxes246 — (52)194 3 197 Provision for income taxes53 — (11)42 1 43 Core Net Operating Earnings193 — (41)152 Non-core earnings (loss) (*):Realized gains on securities, net of tax— — 2 2 (2)— Net Earnings$193