Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 168

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 168
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’s CLO investments and $4 million of income in both the fourth quarter of 2024 and 2023, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $12 million and $11 million in the fourth quarter of 2024 and 2023, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

45

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS - CONTINUEDBefore CLOConsol. (a)ManagedInvestmentEntitiesConsol.EntriesConsolidatedAs ReportedYear ended December 31, 2024Revenues:Net earned premiums$7,036 $— $— $7,036 Net investment income813 — (33)(b)780 Realized gains (losses) on securities— — — — Income of managed investment entities:Investment income— 380 — 380 Gain (loss) on change in fair value of assets/liabilities— 12 (8)(b)4 Other income137 — (13)(c)124 Total revenues7,986 392 (54)8,324 Costs and Expenses:Insurance benefits and expenses6,467 — — 6,467 Expenses of managed investment entities— 388 (50)(b)(c) 338 Interest charges on borrowed money and other expenses395 — — 395 Total costs and expenses6,862 388 (50)7,200 Earnings before income taxes1,124 4 (4)1,124 Provision for income taxes237 — — 237 Net earnings$887 $4 $(4)$887 Year ended December 31, 2023Revenues:Net earned premiums$6,531 $— $— $6,531 Net investment income769 — (27)(b)742 Realized gains (losses) on:Securities(36)— — (36)Subsidiaries(4)— — (4)Income of managed investment entities:Investment income— 421 — 421 Gain (loss) on change in fair value of assets