Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 182

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 182
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Provision for income taxes198 — (30)168 4 172 Core Net Operating Earnings752 — (112)640 Non-core earnings (loss) (*):Realized gains (losses) on securities, net of tax— — 7 7 (7)— Special A&E charge, net of tax— — (11)(11)11 — Other(4)— — (4)4 — Net Earnings$748 $— $(116)$632 $— $632 

(*)See the reconciliation of core earnings to GAAP net earnings under “Results of Operations — General” for details on the tax impacts of these reconciling items.

Property and Casualty Insurance Segment — Results of Operations

AFG’s property and casualty insurance operations contributed $847 million in pretax earnings in the first nine months of 2025 compared to $950 million in the first nine months of 2024, a decrease of $103 million (11%). The decrease in pretax earnings reflects lower underwriting profit and lower investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments in the first nine months of 2025 compared to the first nine months of 2024.

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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 earnings before income taxes from its property and casualty insurance operations for the nine months ended September 30, 2025 and 2024 (dollars in millions):

Nine months ended September 30,20252024% ChangeGross written premiums$8,609 $8,490 1%Reinsurance premiums ceded(2,943)(2,811)5%Net written premiums5,666 5,679 —%Change in unearned premiums(426)(493)(14%)Net earned premiums5,240 5,186 1%Loss and loss adjustment expenses3,327 3,274 2%Commissions and other underwriting expenses1,568 1,494 5%Underwriting gain345 418 (17%)Net investment income554 589 (6%)Other income and expenses, net(52)(57)(9%)Earnings before income taxes