Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 196

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 196
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 million in both the first nine months of 2025 and the first nine months of 2024.

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 $57 million in both the first nine months of 2025 and the first nine months of 2024.

Holding Company and Other — Special A&E Charges

See “Holding Company and Other — Special A&E Charges” under “Results of Operations — Holding Company, Other and Unallocated” for the quarters ended September 30, 2025 and 2024 for a discussion of the $25 million and $14 million pretax non-core special A&E charges recorded in the third quarter of 2025 and the third quarter of 2024, respectively.

Realized Gains (Losses) on Securities

AFG’s realized gains (losses) on securities were net gains of $17 million in the first nine months of 2025 compared to $10 million in the first nine months of 2024, an increase of $7 million (70%). Realized gains (losses) on securities consisted of the following (in millions):

Nine months ended September 30,20252024Realized gains (losses) before impairment allowances:Disposals$(9)$(4)Change in the fair value of equity securities32 29 Change in the fair value of derivatives2 2 25 27 Change in allowance for impairments on securities(8)(17)Realized gains (losses) on securities$17 $10 

The $32 million net realized gain from the change in the fair value of equity securities in the first nine months of 2025 includes gains of $14 million on investments in media companies and $12 million on investments in banks and financing companies. The $29 million net realized gain from the change in the fair value of equity securities in the first nine months of 2024 includes gains of $19 million on investments in banks and financing companies, $5 million on investments in natural gas companies and $5 million on investments in healthcare companies.

The $17 million change in allowance for impairments on securities in the first nine months of 2024 relates primarily to an allowance taken on corporate bonds from a single issuer in the financial sector.

Realized Gain on Subsidiaries

During the third quarter of