Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 153

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 153
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 by segment and reconcile net earnings to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends (in millions):

OtherP&CConsol. MIEsHolding Co., other and unallocatedTotalNon-core reclassGAAP TotalThree months ended June 30, 2025Revenues:Net earned premiums$1,647 $— $— $1,647 $— $1,647 Net investment income179 (2)7 184 — 184 Realized gains (losses) on securities— — — — 2 2 Income of MIEs:Investment income— 68 — 68 — 68 Gain (loss) on change in fair value of assets/liabilities— (4)— (4)— (4)Other income— (2)29 27 — 27 Total revenues1,826 60 36 1,922 2 1,924 Costs and Expenses:Losses and loss adjustment expenses1,007 — — 1,007 — 1,007 Commissions and other underwriting expenses527 — 7 534 — 534 Interest charges on borrowed money— — 19 19 — 19 Expenses of MIEs— 60 — 60 — 60 Other expenses19 — 56 75 — 75 Total costs and expenses1,553 60 82 1,695 — 1,695 Earnings before income taxes273 — (46)227 2 229 Provision for income taxes55 — (7)48 7 55 Core Net Operating Earnings218 — (39)179 Non-core earnings (loss) (*):Realized gains (losses) on securities, net of tax— — 2 2 (2)— Other— — (7)(7)7 — Net Earnings$218 $— $(44)$174 $— $174 

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

OtherP&CConsol. M