Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 90

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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 used in financing activities of $18 million. During the first nine months of 2025, AFG repurchased $98 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 $130 million in the first nine months of 2025 compared to $125 million in the first nine months of 2024, accounting for a $5 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 G — “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, AFG would be required to utilize parent company cash and investments or to generate cash through borrowings, sales of other assets or similar transactions.

AFG's operations continue to generate significant excess capital for future returns of capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases or to be deployed into its property and casualty businesses as management identifies the potential for profitable organic growth, and opportunities to expand through acquisitions of established businesses or start-ups that meet target return thresholds.

In September 2025, AFG issued $350 million in 5.00% Senior Notes due in September 2035. The net proceeds of this offering will be used for general corporate purposes, which may include repurchases of AFG’s outstanding common shares.

During the first nine months of 2025, AFG repurchased 788,134 shares of its Common Stock for $98 million and paid a special cash dividend totaling $167 million ($2.00 per share) in March. On November 4, 2025, AFG declared a special cash dividend of $2.00 per share, payable on November 26, 2025. The aggregate amount of this special dividend will be approximately $167 million.

During 2024, AFG paid special cash dividends totaling $545 million ($2.50 per share in February and $4.00 per