Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 17

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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Os. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, AFG communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):Level 1Level 2Level 3TotalJune 30, 2025Assets:Available for sale (“AFS”) fixed maturities:U.S. government and government agencies$184 $4 $— $188 States, municipalities and political subdivisions— 862 6 868 Foreign government— 255 — 255 Residential MBS— 2,216 1 2,217 Collateralized loan obligations— 1,088 — 1,088 Other asset-backed securities— 2,122 284 2,406 Corporate and other— 3,006 461 3,467 Total AFS fixed maturities184 9,553 752 10,489 Trading fixed maturities— 69 13 82 Equity securities467 47 286 800 Assets of managed investment entities (“MIE”)360 3,462 11 3,833 Other assets — derivatives— 6 — 6 Total assets accounted for at fair value$1,011 $13,137 $1,062 $15,210 Liabilities:Contingent consideration — acquisitions$— $— $1 $1 Liabilities of managed investment entities346 3,328 11 3,685 Other liabilities — derivatives— 7 — 7 Total liabilities accounted for at fair value$346 $3,335 $12