Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 193

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 193
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 Interest charges on borrowed money— — 85 85 — 85 Expenses of MIEs— 230 — 230 — 230 Other expenses52 — 194 246 9 255 Total costs and expenses5,361 230 317 5,908 9 5,917 Earnings before income taxes1,419 — (171)1,248 (125)1,123 Provision for income taxes295 — (40)255 (30)225 Core Net Operating Earnings1,124 — (131)993 Non-core earnings (loss) (*):Realized gains (losses) on securities, net of tax— — (92)(92)92 — Loss on retirement of debt, net of tax— — (7)(7)7 — Other, net of tax— — 4 4 (4)— Net Earnings$1,124 $— $(226)$898 $— $898 

(*)See the reconciliation of core earnings to GAAP net earnings under “Results of Operations — General” for details on the tax and noncontrolling interest impacts of these reconciling items.

Property and Casualty Insurance Segment — Results of Operations

AFG’s property and casualty insurance operations contributed $1.33 billion in GAAP pretax earnings in 2024 compared to $1.30 billion in 2023, an increase of $28 million (2%). Property and casualty core pretax earnings were $1.33 billion in 2024 compared to $1.30 billion in 2023, an increase of $24 million (2%). The increase in GAAP and core pretax earnings in 2024 compared to 2023 reflects higher investment income outside of alternative investments, partially offset by lower investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs) and lower underwriting profit.

AFG’s property and casualty insurance operations contributed $1.30 billion in GAAP pretax earnings in 2023 compared to $1.42 billion in 2022, a decrease of $119 million (8%). Property and casualty core pretax earnings were $1.30 billion in 2023 compared to $1