Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 63

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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ofLevel 3Balance at June 30, 2024AFS fixed maturities:State and municipal$2 $— $— $— $— $— $— $2 Residential MBS2 — — — — — — 2 Collateralized loan obligations1 — — — — — — 1 Other asset-backed securities351 (1)4 24 (12)— (26)340 Corporate and other380 (1)1 48 (12)— (5)411 Total AFS fixed maturities736 (2)5 72 (24)— (31)756 Trading fixed maturities— — — 12 — — — 12 Equity securities485 35 — 90 (8)— — 602 Assets of MIE9 (2)— 5 — — — 12 Total Level 3 assets$1,230 $31 $5 $179 $(32)$— $(31)$1,382 Contingent consideration — acquisitions$(2)$— $— $— $— $— $— $(2)Total Level 3 liabilities$(2)$— $— $— $— $— $— $(2)

18

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

Fair Value of Financial Instruments   The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions):Carrying ValueFair ValueTotalLevel 1Level 2Level 3June 30, 2025Financial assets:Cash and cash equivalents$1,268 $1,268 $1,268 $— $— Mortgage loans909 881 — — 881 Total financial assets not accounted for at fair value$2,177 $2,149 $1,268 $— $881 Long-term debt$1,476 $1,235 $— $1,232 $3 Total financial liabilities not accounted for at fair value$1,476 $1,235 $—