Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 179

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 179
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 of $2 million in the third quarter of 2024, a change of $14 million (700%). Realized gains (losses) on securities consisted of the following (in millions): 

Three months ended September 30,20252024Realized gains (losses) before impairment allowances:Disposals$(1)$— Change in the fair value of equity securities13 10 Change in the fair value of derivatives1 3 13 13 Change in allowance for impairments on securities(1)(15)Realized gains (losses) on securities$12 $(2)

The $13 million net realized gain from the change in the fair value of equity securities in the third quarter of 2025 includes gains of $11 million on investments in media companies and $6 million on investments in banks and financing companies, partially offset by losses of $10 million on investments in manufacturing companies. The $10 million net realized gain from the change in the fair value of equity securities in the third quarter of 2024 includes gains of $6 million on investments in banks and financing companies and $3 million on investments in media companies.

The $15 million change in allowance for impairments on securities in the third quarter 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 2025, AFG recorded a $3 million pretax realized gain resulting from the remeasurement of its existing investment in Radion Holdings, LLC to fair value (see Note B — “Acquisition of Business” to the financial statements) and a $2 million pretax realized loss on the write-off of certain intangible assets (see Note H — “Goodwill and Other Intangibles” to the financial statements).

Consolidated Income Taxes

AFG’s consolidated provision for income taxes was $53 million for the third quarter of 2025 compared to $48 million for the third quarter of 2024, an increase of $5 million (10%). See Note K — “Income Taxes” to the financial statements for an analysis of items affecting AFG’s effective tax rate.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

RESULTS OF OPERATIONS — NINE MONTHS ENDED SEPTEMBER 30,