Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 102

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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31 $6.65 $7.63 Realized gains (losses) on securities0.12 (0.02)0.17 0.09 Realized gain on subsidiaries0.01 — 0.01 — Special A&E charges(0.24)(0.13)(0.24)(0.13)Other (*)— — (0.09)(0.05)Net earnings$2.58 $2.16 $6.50 $7.54 

(*)Adjustments to income tax expense related to sales of subsidiaries in prior years.

Net earnings were $215 million in the third quarter of 2025 compared to $181 million in the third quarter of 2024 reflecting higher core net operating earnings and net realized gains on securities in the 2025 quarter compared to net realized losses on securities in the 2024 quarter, partially offset by higher special A&E charges in the 2025 quarter compared to the 2024 quarter. Core net operating earnings in the third quarter of 2025 increased $30 million compared to the third 

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

quarter of 2024 reflecting higher underwriting profit and higher net investment income. Net realized gains on securities in the third quarter of 2025 and net realized losses in the third quarter of 2024 include after-tax gains of $6 million and $8 million, respectively, resulting from the change in fair value of equity securities that were still held at the balance sheet date.

Net earnings were $543 million in the first nine months of 2025 compared to $632 million in the first nine months of 2024 reflecting lower core net operating earnings. Core net operating earnings decreased $85 million compared to the first nine months of 2024 reflecting lower underwriting profit and lower net investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments. Net realized gains on securities in the first nine months of 2025 and 2024 include after-tax gains of $19 million and $20 million, respectively, resulting from the change in fair value of equity securities that were still held at the balance sheet date.

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Table of ContentsAMERICAN FINANCIAL GROUP,