Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 95

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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1,635 68 (8)1,695 Earnings before income taxes229 — — 229 Provision for income taxes55 — — 55 Net earnings$174 $— $— $174 Three months ended June 30, 2024Revenues:Net earned premiums$1,585 $— $— $1,585 Net investment income197 — (9)(b)188 Realized gains (losses) on securities(2)— — (2)Income of managed investment entities:Investment income— 98 — 98 Gain (loss) on change in fair value of assets/liabilities— 7 (3)(b)4 Other income30 — (3)(c)27 Total revenues1,810 105 (15)1,900 Costs and Expenses:Insurance benefits and expenses1,443 — — 1,443 Expenses of managed investment entities— 102 (12)(b)(c)90 Interest charges on borrowed money and other expenses96 — — 96 Total costs and expenses1,539 102 (12)1,629 Earnings before income taxes271 3 (3)271 Provision for income taxes62 — — 62 Net earnings$209 $3 $(3)$209 

(a)Includes income of $2 million in the second quarter of 2025 and $9 million in the second quarter of 2024, representing the change in fair value of AFG’s CLO investments and $2 million and $3 million of income in the second quarter of 2025 and 2024, respectively, in CLO management fees earned.

(b)Elimination of the change in fair value of AFG’s investments in the CLOs, including $6 million and $9 million in the second quarter of 2025 and 2024, respectively, in distributions recorded as interest expense by the CLOs.

(c)Elimination of management fees earned by AFG.

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

CONDENSED CONS