Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 136

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 136
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istent with internal management reporting, these fees and the related expenses are netted and recorded as a reduction of commissions and other underwriting expenses in AFG’s segmented results.

Holding Company and Other — Other Income

Other income in the table above includes $3 million in both the first three months of 2025 and the first three months of 2024 in management fees paid to AFG by the AFG-managed CLOs (AFG’s consolidated managed investment entities). The management fees are eliminated in consolidation — see the other income line in the Consolidate MIEs column under “Results of Operations — Segmented Statement of Earnings.” 

Holding Company and Other — Other Expenses

AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded other expenses of $40 million in the first three months of 2025 compared to $42 million in the first three months of 2024, a decrease of $2 million (5%).

Holding Company and Other — Interest Charges on Borrowed Money

AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded interest expense of $19 million in both the first three months of 2025 and the first three months of 2024.

Realized Gains (Losses) on Securities

AFG’s realized gains (losses) on securities were net gains of $3 million in the first three months of 2025 compared to $14 million in the first three months of 2024, a decrease of $11 million (79%). Realized gains (losses) on securities consisted of the following (in millions): 

Three months ended March 31,20252024Realized gains (losses) before impairment allowances:Disposals$— $(3)Change in the fair value of equity securities9 20 Change in the fair value of derivatives1 (1)10 16 Change in allowance for impairments on securities(7)(2)Realized gains (losses) on securities$3 $14 

The $9 million net realized gain from the change in the fair value of equity securities in the first three months of 2025 includes gains of $5 million on investments in media companies and $2 million on investments in natural gas companies. The $20 million net realized gain from the change in the fair value of equity securities in the first three months of 2024 includes gains of $