Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 60

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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13 25 Cash and cash equivalents13 12 Other13 10 Gross investment income180 204 Investment expenses(7)(6)Net investment income$173 $198 (*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):Three months ended March 31, 2025Three months ended March 31, 2024Realized gains (losses)Realized gains (losses)Before ImpairmentsImpairment AllowanceTotalChange in UnrealizedBefore ImpairmentsImpairment AllowanceTotalChange in UnrealizedFixed maturities$1 $(7)$(6)$76 $(4)$(2)$(6)$11 Equity securities9 — 9 — 20 — 20 — Mortgage loans and other investments— — — — — — — — Total pretax10 (7)3 76 16 (2)14 11 Tax effects(2)1 (1)(15)(3)— (3)(2)Net of tax$8 $(6)$2 $61 $13 $(2)$11 $9 All equity securities are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities during the first three months of 2025 and 2024 on securities that were still owned at March 31, 2025 and March 31, 2024 as follows (in millions):Three months ended March 31,20252024Included in realized gains (losses)$7 $19 Included in net investment income(1)16 $6 $35 Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions):Three months ended March 31,20252024Gross gains$— $— Gross losses— (3)

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

E.    Deriv