Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 32

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 32
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4 (36)5 Residential MBS14 — (1)— (1)7 (10)9 Commercial MBS— — — — — — — — Collateralized loan obligations— — — — — 2 — 2 Other asset-backed securities278 1 (27)94 (52)35 — 329 Corporate and other267 (1)(22)129 (39)20 (35)319 Total AFS fixed maturities600 — (53)223 (93)68 (81)664 Equity securities313 29 — 112 (24)4 (7)427 Assets of MIE13 (5)— 3 — — — 11 Total Level 3 assets$926 $24 $(53)$338 $(117)$72 $(88)$1,102 Contingent consideration — acquisitions$(23)$— $— $(2)$— $— $— $(25)Total Level 3 liabilities$(23)$— $— $(2)$— $— $— $(25)

F-19

Table of ContentsAMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Fair Value of Financial Instruments   The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions):CarryingFair ValueValueTotalLevel 1Level 2Level 32024Financial assets:Cash and cash equivalents$1,406 $1,406 $1,406 $— $— Mortgage loans791 754 — — 754 Total financial assets not accounted for at fair value$2,197 $2,160 $1,406 $— $754 Long-term debt$1,475 $1,276 $— $1,273 $3 Total financial liabilities not accounted for at fair value$1,475 $1,276 $— $1,273 $3 2023Financial assets:Cash and cash equivalents$1,225 $1,225 $1,225 $— $—