Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 152

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 152
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0.09)(0.05)Net earnings$2.07 $2.49 $3.92 $5.38 

(*)Adjustments to income tax expense related to sales of subsidiaries in prior years.

Net earnings were $174 million in the second quarter of 2025 compared to $209 million in the second quarter of 2024 reflecting lower core net operating earnings, which decreased $36 million compared to the second quarter of 2024 reflecting lower underwriting profit and lower net investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments. Net realized gains on securities in the second quarter of 2025 and 2024 include after-tax gains of $7 million and after-tax losses of $2 million, respectively, resulting from the change in fair value of equity securities that were still held at the balance sheet date.

Net earnings were $328 million in the first six months of 2025 compared to $451 million in the first six months of 2024 reflecting lower core net operating earnings, which decreased $115 million compared to the first six months of 2024 reflecting lower underwriting profit and lower net investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments. Net realized gains on securities in the first six months of 2025 and 2024 include after-tax gains of 

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

$12 million and $14 million, respectively, resulting from the change in fair value of equity securities that were still held at the balance sheet date.

RESULTS OF OPERATIONS — THREE MONTHS ENDED JUNE 30, 2025 AND 2024

Segmented Statement of Earnings

AFG reports its operations as two segments: (i) Property and casualty insurance (“P&C”) and (ii) Other, which includes holding company costs and income and expenses related to the managed investment entities (“MIEs”).

AFG’s net earnings, determined in accordance with GAAP, include certain items that may not be indicative of its ongoing core operations. The following tables for the three months ended June 30, 2025 and 2024 identify such items