Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 212

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 212
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2, an increase of $20 million (36%) in 2024 compared to 2023 and an increase of $16 million (40%) in 2023 compared to 2022. The table below details the items included in other income and expenses, net for AFG’s property and casualty insurance operations (in millions):

Year ended December 31,202420232022Other income:Income related to the sale of real estate$— $— $1 Other8 16 11 Total other income8 16 12 Other expenses:Amortization of intangibles20 15 11 Interest expense on funds withheld50 41 29 Acquisition expenses related to CRS— 3 — Other (*)14 13 12 Total other expenses84 72 52 Other income and expenses, net$(76)$(56)$(40)

(*)Includes $9 million of expenses in 2024, 2023 and 2022 related to certain technology initiatives.

The decrease in other income in 2024 compared to 2023 is due primarily to death benefits received in 2023 from company-owned life insurance policies. The higher amortization of intangibles in 2024 compared to 2023 and 2023 compared to 2022 reflects the acquisition of CRS in July 2023. The $9 million (22%) increase in interest expense on funds withheld in 2024 compared to 2023 and the $12 million (41%) increase in 2023 compared to 2022 reflects the impact of higher balances and higher interest rates paid on funds withheld.

Holding Company, Other and Unallocated — Results of Operations

AFG’s net GAAP pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $204 million in 2024 compared to $191 million in 2023, an increase of $13 million (7%). AFG’s net core pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $190 million in 2024 compared to $177 million in 2023, an increase of $13 million (7%).

AFG’s net GAAP pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $191 million in 2023 compared to $180 million in 2022, an increase of $11 million (6%).