Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 94

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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AFG has approximately $80 million of direct exposure to office commercial real estate through property ownership, mortgages or equity method investments. AFG’s fixed maturity portfolio includes securities (the majority of which are AAA-rated) with a carrying value of approximately $320 million that have minimal exposure to office commercial real estate.

Summarized information for the unrealized gains and losses recorded in AFG’s Balance Sheet at September 30, 2025, is shown in the following table (dollars in millions). There were $507 million of available for sale fixed maturity securities with no unrealized gains or losses at September 30, 2025.

SecuritiesWithUnrealizedGainsSecuritiesWithUnrealizedLossesAvailable for Sale Fixed MaturitiesFair value of securities$6,044 $3,967 Amortized cost of securities, net of allowance for expected credit losses$5,877 $4,188 Gross unrealized gain (loss)$167 $(221)Fair value as % of amortized cost103%95%Number of security positions1,070 895 Number individually exceeding $2 million gain or loss1 28 Concentration of gains (losses) by type or industry (exceeding 5% of unrealized):Residential mortgage-backed securities$37 $(113)Other asset-backed securities27 (44)Banking18 (6)Asset managers15 (5)States and municipalities8 (32)Percentage rated investment grade96%96%

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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 table below sets forth the scheduled maturities of AFG’s available for sale fixed maturity securities at September 30, 2025, based on their fair values. Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.

SecuritiesWithUnrealizedGainsSecuritiesWithUnrealizedLossesMaturityOne year or less3%13%After one year through five years24%18%After five years through ten years19%6%After ten years1%4%47%41%CLOs and other asset-backed securities (average life of approximately 3 years)33%32%Residential mortgage-backed securities (average life of approximately 6 years)20%27%100%100