Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 100

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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 on borrowed money and other expenses308 — — 308 Total costs and expenses5,228 219 (30)5,417 Earnings before income taxes694 3 (3)694 Provision for income taxes151 — — 151 Net earnings$543 $3 $(3)$543 Nine months ended September 30, 2024Revenues:Net earned premiums$5,186 $— $— $5,186 Net investment income611 — (25)(b)586 Realized gains (losses) on securities10 — — 10 Income of managed investment entities:Investment income— 296 — 296 Gain (loss) on change in fair value of assets/liabilities— 9 (4)(b)5 Other income101 — (9)(c)92 Total revenues5,908 305 (38)6,175 Costs and Expenses:Insurance benefits and expenses4,806 — — 4,806 Expenses of managed investment entities— 301 (34)(b)(c)267 Interest charges on borrowed money and other expenses298 — — 298 Total costs and expenses5,104 301 (34)5,371 Earnings before income taxes804 4 (4)804 Provision for income taxes172 — — 172 Net earnings$632 $4 $(4)$632 

(a)Includes income of $10 million in the first nine months of 2025 and $25 million in the first nine months of 2024, representing the change in fair value of AFG’s CLO investments and $8 million and $9 million of income in the first nine months of 2025 and 2024, respectively, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $22 million and $25 million in the first nine months of 2025 and 2024, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

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