Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 54

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 $— $— $— $— State and municipal2 — — — — — — 2 Residential MBS2 — — — — — — 2 Commercial MBS— — — — — — — — Collateralized loan obligations1 — — — — — — 1 Other asset-backed securities351 — — 15 (5)— (26)335 Corporate and other380 (1)— 33 (6)— (4)402 Total AFS fixed maturities736 (1)— 48 (11)— (30)742 Equity securities485 20 — 42 (2)— — 545 Assets of MIE9 (1)— 2 — — — 10 Total Level 3 assets$1,230 $18 $— $92 $(13)$— $(30)$1,297 Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)

16

Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES 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 are summarized below (in millions):Carrying ValueFair ValueTotalLevel 1Level 2Level 3March 31, 2025Financial assets:Cash and cash equivalents$1,276 $1,276 $1,276 $— $— Mortgage loans827 790 — — 790 Total financial assets not accounted for at fair value$2,103 $2,066 $1,276 $— $790 Long-term debt$1,476 $1,264 $— $1,261 $3 Total financial liabilities not accounted for at fair value$1,476 $1,264 $— $1,261 $3 December 31, 2024Financial assets:Cash