Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 137

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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2024, respectively, in management fees paid to AFG by the AFG-managed CLOs (AFG’s consolidated managed investment entities). The management fees are eliminated in consolidation — see the other income line in the Consolidate MIEs column under “Results of Operations — Segmented Statement of Earnings.” Excluding amounts eliminated in consolidation, AFG recorded other income outside of its property and casualty insurance segment of $4 million in the first nine months of 2025 compared to $3 million in the first nine months of 2024, an increase of $1 million (33%).

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

Holding Company and Other — Other Expenses

Excluding the non-core special A&E charges discussed below, AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded other expenses of $119 million in both the first nine months of 2025 and the first nine months of 2024.

Holding Company and Other — Interest Charges on Borrowed Money

AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded interest expense of $57 million in both the first nine months of 2025 and the first nine months of 2024.

Holding Company and Other — Special A&E Charges

See “Holding Company and Other — Special A&E Charges” under “Results of Operations — Holding Company, Other and Unallocated” for the quarters ended September 30, 2025 and 2024 for a discussion of the $25 million and $14 million pretax non-core special A&E charges recorded in the third quarter of 2025 and the third quarter of 2024, respectively.

Realized Gains (Losses) on Securities

AFG’s realized gains (losses) on securities were net gains of $17 million in the first nine months of 2025 compared to $10 million in the first nine months of 2024, an increase of $7 million (70%). Realized gains (losses) on securities consisted of the following (in millions):

Nine months ended September 30,20252024Realized gains (losses) before impairment allowances:Disposals$(9)$(4)Change in the fair value of equity securities32 29 Change in the fair value of derivatives2 2 25