Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 28

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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23%After five years through ten years1,325 1,364 13%After ten years231 220 2%4,664 4,704 45%CLOs and other ABS (average life of approximately 3 years)3,521 3,503 33%Residential MBS (average life of approximately 6 years)2,387 2,311 22%Total$10,572 $10,518 100%(*)Amortized cost, net of allowance for expected credit losses.Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.There were no investments in individual issuers that exceeded 10% of shareholders’ equity at September 30, 2025 or December 31, 2024.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Net Investment Income   The following table shows investment income earned and investment expenses incurred (in millions):Three months ended September 30,Nine months ended September 30,2025202420252024Investment income:Fixed maturities:Interest and amortization$148 $136 $429 $406 Change in fair value (*)4 7 6 7 Equity securities:Dividends6 6 27 20 Change in fair value(6)20 (2)45 Equity in earnings of partnerships and similar investments27 6 34 45 Cash and cash equivalents14 16 37 40 Other18 15 50 40 Gross investment income211 206 581 603 Investment expenses(6)(6)(19)(17)Net investment income$205 $200 $562 $586 (*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):Three months ended September 30, 2025Three months ended September 30, 2024Realized gains (losses