Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 98

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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:Realized gains (losses) on securities— — 1 3 Other (*)7 4 7 4 Total provision for income taxes55 62 98 124 Net earnings$174 $209 $328 $451 Net earnings:Core net operating earnings$179 $215 $331 $446 Realized gains (losses) on securities2 (2)4 9 Other (*)(7)(4)(7)(4)Net earnings$174 $209 $328 $451 Diluted per share amounts:Core net operating earnings$2.14 $2.56 $3.96 $5.32 Realized gains (losses) on securities0.02 (0.02)0.05 0.11 Other (*)(0.09)(0.05)(0.09)(0.05)Net earnings$2.07 $2.49 $3.92 $5.38 

(*)Adjustments to income tax expense related to sales of subsidiaries in prior years.

Net earnings were $174 million in the second quarter of 2025 compared to $209 million in the second quarter of 2024 reflecting lower core net operating earnings, which decreased $36 million compared to the second quarter of 2024 reflecting lower underwriting profit and lower net investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments. Net realized gains on securities in the second quarter of 2025 and 2024 include after-tax gains of $7 million and after-tax losses of $2 million, respectively, resulting from the change in fair value of equity securities that were still held at the balance sheet date.

Net earnings were $328 million in the first six months of 2025 compared to $451 million in the first six months of 2024 reflecting lower core net operating earnings, which decreased $115 million compared to the first six months of 2024 reflecting lower underwriting profit and lower net investment income from AFG’s alternative investment portfolio (partnerships and similar investments and AFG-managed CLOs), partially offset by higher investment income outside of alternative investments. Net realized gains on securities in the first six months of 2025 and 2024 include after-tax gains of 

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