Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 121

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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 realized gain resulting from the remeasurement of its existing investment in Radion Holdings, LLC to fair value (see Note B — “Acquisition of Business” to the financial statements) and a $2 million pretax realized loss on the write-off of certain intangible assets (see Note H — “Goodwill and Other Intangibles” to the financial statements).

Consolidated Income Taxes

AFG’s consolidated provision for income taxes was $53 million for the third quarter of 2025 compared to $48 million for the third quarter of 2024, an increase of $5 million (10%). See Note K — “Income Taxes” to the financial statements for an analysis of items affecting AFG’s effective tax rate.

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

RESULTS OF OPERATIONS — NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Segmented Statement of Earnings

AFG reports its operations as two segments: (i) Property and casualty 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 nine months ended September 30, 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 TotalNine months ended September 30, 2025Revenues:Net earned premiums$5,240 $— $— $5,240 $— $5,240 Net investment income554 (10)18 562 — 562 Realized gains (losses) on:Securities— — — — 17 17 Subsidiaries— — — — 1 1 Income of MIEs:Investment income— 214 — 214 — 214 Gain (loss) on change in fair value of assets