Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 154

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 154
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IEsHolding Co., other and unallocatedTotalNon-core reclassGAAP TotalThree months ended June 30, 2024Revenues:Net earned premiums$1,585 $— $— $1,585 $— $1,585 Net investment income189 (9)8 188 — 188 Realized gains (losses) on securities— — — — (2)(2)Income of MIEs:Investment income— 98 — 98 — 98 Gain (loss) on change in fair value of assets/liabilities— 4 — 4 — 4 Other income2 (3)28 27 — 27 Total revenues1,776 90 36 1,902 (2)1,900 Costs and Expenses:Losses and loss adjustment expenses937 — — 937 — 937 Commissions and other underwriting expenses498 — 8 506 — 506 Interest charges on borrowed money— — 19 19 — 19 Expenses of MIEs— 90 — 90 — 90 Other expenses22 — 55 77 — 77 Total costs and expenses1,457 90 82 1,629 — 1,629 Earnings before income taxes319 — (46)273 (2)271 Provision for income taxes67 — (9)58 4 62 Core Net Operating Earnings252 — (37)215 Non-core earnings (loss) (*):Realized gains (losses) on securities, net of tax— — (2)(2)2 — Other(4)— — (4)4 — Net Earnings$248 $— $(39)$209 $— $209 

(*)See the reconciliation of core earnings to GAAP net earnings under “Results of Operations — General” for details on the tax impacts of these reconciling items.

Property and Casualty Insurance Segment — Results of Operations

Performance measures such as underwriting profit or loss and related combined ratios are often used by property and casualty insurers to help users of their financial statements better understand the company’s performance. Underwriting profitability is measured by the combined ratio, which