Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 176

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 176
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.05% for the third quarter of 2024, an increase of 0.04 percentage points. The annualized return earned on alternative investments was 6.2% in the third quarter of 2025 compared to 5.4% in the comparable prior year period.

Property and Casualty Other Income and Expenses, Net

Other income and expenses, net for AFG’s property and casualty insurance operations was a net expense of $15 million for the third quarter of 2025 compared to $19 million for the third quarter of 2024, an improvement of $4 million (21%). The table below details the items included in other income and expenses, net for AFG’s property and casualty insurance operations (in millions): 

Three months ended September 30,20252024Other income$6 $2 Other expenses:Amortization of intangibles5 5 Interest expense on funds withheld11 13 Other5 3 Total other expenses21 21 Other income and expenses, net$(15)$(19)

The increase in other income in the third quarter of 2025 compared to the third quarter of 2024 reflects a death benefit received on a company-owned life insurance policy in the third quarter of 2025.

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 $73 million in the third quarter of 2025 compared to $60 million in the third quarter of 2024, an increase of $13 million (22%). AFG’s net core pretax loss outside of its property and casualty insurance segments totaled $48 million in the third quarter of 2025 compared to $46 million in the third quarter of 2024, an increase of $2 million (4%).

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

The following table details AFG’s GAAP and core loss before income taxes from operations outside of its property and casualty insurance segment for the three months ended September 30, 2025 and 2024 (dollars in millions): 

Three months ended September 30,20252024% ChangeRevenues:Net investment income$6 $7 (14%)Other income — P&C fees23 23 —%