Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 68

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 68
---
751 $67 The following table summarizes investments accounted for using the equity method, by strategy (in millions):Net Investment IncomeCarrying ValueThree months ended September 30,Nine months ended September 30,September 30, 2025December 31, 20242025202420252024Real estate-related investments (*)$1,422 $1,392 $12 $10 $13 $15 Private equity870 804 13 (5)14 26 Private debt91 81 2 1 7 4 Total investments accounted for using the equity method$2,383 $2,277 $27 $6 $34 $45 (*)88% of the carrying value relates to underlying investments in multi-family properties as of September 30, 2025 and December 31, 2024.The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments.With respect to partnerships and similar investments, AFG had unfunded commitments of $474 million and $457 million as of September 30, 2025 and December 31, 2024, respectively.

20

Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates.Less Than Twelve MonthsTwelve Months or MoreUnrealizedLossFairValueFair Value as% of CostUnrealizedLossFairValueFair Value as% of CostSeptember 30, 2025Fixed maturities:U.S. government and government agencies$— $8 100%$(1)$66 99%States, municipalities and political subdivisions(2)86 98%(30)429 93%Foreign government— 8 100%— 42 100%Residential MBS(