Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 34

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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, 2025 and $305 million at December 31, 2024, an increase of $22 million due to the July 2025 acquisition of Radion (see Note B — “Acquisition of Business”).Included in other assets in AFG’s Balance Sheet is $192 million at September 30, 2025 and $203 million at December 31, 2024 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $69 million and $59 million, respectively. Amortization of intangibles was $5 million in both the third quarter of 2025 and 2024 and $15 million and $14 million in the first nine months of 2025 and 2024, respectively. In the third quarter of 2025, AFG wrote off $2 million of amortizable intangible assets that became obsolete in connection with certain changes in AFG’s business. This write-off is included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings.

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

I.    Long-Term Debt

Long-term debt consisted of the following (in millions):September 30, 2025December 31, 2024PrincipalDiscount and Issue CostsCarrying ValuePrincipalDiscount and Issue CostsCarrying ValueDirect Senior Obligations of AFG:4.50% Senior Notes due June 2047$567 $(1)$566 $567 $(1)$566 5.00% Senior Notes due September 2035350 (6)344 — — — 5.25% Senior Notes due April 2030253 (3)250 253 (4)249 Other3 — 3 3 — 3 1,173 (10)1,163 823 (5)818 Direct Subordinated Obligations of AFG:4.50% Subordinated Debentures due September 2060200 (5)195 200 (5)195 5.125% Subordinated Debentures due December 2059200 (5)195 200 (5)195 5.625% Subordinated Debentures due June 2060150 (4)146