Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 37

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 37
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— 1 Reductions due to sales or redemptions— (5)(5)Balance at December 31, 2024$11 $23 $34 (*)Includes MBS, collateralized loan obligations and other asset-backed securities (“ABS”).In 2024, 2023 and 2022, AFG did not purchase any securities with expected credit losses.The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 31, 2024 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.  Amortized Cost, net (*)Fair ValueAmount%MaturityOne year or less$552 $540 5 %After one year through five years2,738 2,704 26 %After five years through ten years1,296 1,286 12 %After ten years250 235 2 %4,836 4,765 45 %Collateralized loan obligations and other ABS (average life of approximately 3 years)3,645 3,593 35 %MBS (average life of approximately 6 years)2,172 2,040 20 %Total$10,653 $10,398 100 %(*)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 December 31, 2024 or 2023.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Net Investment Income   The following table shows (in millions) investment income earned and investment expenses incurred.202420232022Investment income:Fixed maturities:Interest and amortization$544 $502 $376 Change in fair value (*)17 (3)— Equity securities:Dividends29 34 39 Change in fair value57