Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 74

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 74
---
 — Continued

investment activity in the managed investment entities was a $218 million source of cash in the first three months of 2025 compared to a $73 million use of cash in the first three months of 2024, accounting for a $291 million increase in net cash provided by investing activities in the first three months of 2025 compared to the same 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note F — “Managed Investment Entities” to the financial statements. Excluding the activity of the managed investment entities, investing activities were a $195 million use of cash in the first three months of 2025 compared to $82 million in the first three months of 2024.

Net Cash Used in Financing Activities   AFG’s financing activities consist primarily of issuances and retirements of long-term debt, issuances and repurchases of common stock and dividend payments. Net cash used in financing activities was $495 million for the first three months of 2025 compared to $90 million in the first three months of 2024, an increase of $405 million. AFG paid cash dividends totaling $233 million in the first three months of 2025 compared to $268 million in the first three months of 2024, a decrease in cash used by financing activities of $35 million. During the first three months of 2025, AFG repurchased $58 million of its Common Stock compared to no repurchases in the comparable 2024 period. Financing activities also include issuances and retirements of managed investment entity liabilities, which are nonrecourse to AFG and presented separately in AFG’s Balance Sheet. Retirements of managed investment entity liabilities exceeded issuances by $207 million in the first three months of 2025 compared to issuances exceeding retirements by $172 million in the first three months of 2024, accounting for a $379 million increase in net cash used in financing activities in the 2025 period compared to the 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note F — “Managed Investment Entities” to the financial statements.

Parent and Subsidiary Liquidity

Parent Holding Company Liquidity   Management believes AFG has sufficient resources to meet its liquidity requirements. If funds generated from operations, including dividends, tax payments and borrowings from subsidiaries, are insufficient to meet fixed charges in any period