Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 38

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 38
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36 (2)Equity in earnings of partnerships and similar investments46 99 267 Cash and cash equivalents56 43 11 Other53 47 42 Gross investment income802 758 733 Investment expenses(22)(16)(16)Net investment income$780 $742 $717 (*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):20242023Realized gains (losses)Realized gains (losses)Before ImpairmentsImpairment AllowanceTotalChange in UnrealizedBefore ImpairmentsImpairment AllowanceTotalChange in UnrealizedFixed maturities$(5)$(27)$(32)$108 $(35)$(10)$(45)$267 Equity securities32 — 32 — 10 — 10 — Mortgage loans and other investments— — — — — (1)(1)— Total pretax27 (27)— 108 (25)(11)(36)267 Tax effects(6)6 — (23)5 3 8 (57)Net of tax$21 $(21)$— $85 $(20)$(8)$(28)$210 2022Realized gains (losses)Before ImpairmentsImpairment AllowanceTotalChange in UnrealizedFixed maturities$(27)$(3)$(30)$(803)Equity securities(96)— (96)— Mortgage loans and other investments10 — 10 — Total pretax(113)(3)(116)(803)Tax effects23 1 24 170 Net of tax$(90)$(2)$(92)$(633)All equity securities are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities during 2024, 2023 and 2022 on securities that were still owned at December 31 of each year presented as follows (in millions):202420232022Included in realized gains (losses)$24 $(2)$(95)Included in net investment income56 36 5 $80 $34 $(90