Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 182

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 182
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ized return earned on alternative investments (partnerships and similar investments and AFG-managed CLOs) was 1.5% in the first six months of 2025 compared to 7.0% in the prior year period.

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

Property and Casualty Other Income and Expenses, Net

Other income and expenses, net for AFG’s property and casualty insurance operations was a net expense of $37 million for the first six months of 2025 compared to $38 million for the first six months of 2024, a decrease of $1 million (3%). The table below details the items included in other income and expenses, net for AFG’s property and casualty insurance operations (in millions):

Six months ended June 30,20252024Other income$3 $4 Other expenses:Amortization of intangibles10 9 Interest expense on funds withheld23 25 Other7 8 Total other expenses40 42 Other income and expenses, net$(37)$(38)

Holding Company, Other and Unallocated — Results of Operations

AFG’s net pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $98 million in the first six months of 2025 compared to $96 million in the first six months of 2024, an increase of $2 million (2%).

The following table details AFG’s loss before income taxes from operations outside of its property and casualty insurance segment for the six months ended June 30, 2025 and 2024 (dollars in millions): 

Six months ended June 30,20252024% ChangeRevenues:Net investment income$12 $15 (20%)Other income — P&C fees48 60 (20%)Other income8 8 —%Total revenues68 83 (18%)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses16 30 (47%)Other expense — expenses associated with P&C fees32 30 7%Other expenses80 81 (1%)Costs and expenses, excluding interest charges on borrowed money128 141 (9%)Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(60)(58)3%Interest charges on borrowed