Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 64

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 14 (*)Included in revenues in AFG’s Statement of Earnings.The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $102 million and $66 million at March 31, 2025 and December 31, 2024, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $209 million and $172 million at those dates, respectively. The CLO assets include loans with an aggregate fair value of $3 million at both March 31, 2025 and December 31, 2024, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $7 million at March 31, 2025 and $5 million at December 31, 2024).In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.24 billion at both March 31, 2025 and December 31, 2024.

G.    Goodwill and Other Intangibles

There were no changes in the goodwill balance of $305 million during the first three months of 2025.Included in other assets in AFG’s Balance Sheet is $198 million at March 31, 2025 and $203 million at December 31, 2024 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $64 million and $59 million, respectively. Amortization of intangibles was $5 million in both the first three months of 2025 and 2024.

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

H.    Long-Term Debt

Long-term debt consisted of the following (in millions):March 31, 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 5.25% Senior Notes due April 203