Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 114

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
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 in AFG’s segmented results.

Holding Company and Other — Other Income

Other income in the table above includes $2 million in the second quarter of 2025 and $3 million in the second quarter of 2024 in management fees paid to AFG by the AFG-managed CLOs (AFG’s consolidated managed investment entities). The management fees are eliminated in consolidation — see the other income line in the Consolidate MIEs column under “Results of Operations — Segmented Statement of Earnings.” Excluding amounts eliminated in consolidation, AFG recorded other income outside of its property and casualty insurance segment of $4 million in the second quarter of 2025 compared to $1 million in the second quarter of 2024, an increase of $3 million (300%), reflecting income from the sale of certain real estate assets.

Holding Company and Other — Other Expenses

AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded other expenses of $40 million in the second quarter of 2025 compared to $39 million in the second quarter of 2024, an increase of $1 million (3%).

Holding Company and Other — Interest Charges on Borrowed Money

AFG’s holding companies and other operations outside of its property and casualty insurance segment recorded interest expense of $19 million in both the second quarter of 2025 and the second quarter of 2024.

Realized Gains (Losses) on Securities

AFG’s realized gains (losses) on securities were net gains of $2 million in the second quarter of 2025 compared to net losses of $2 million in the second quarter of 2024, a change of $4 million (200%). Realized gains (losses) on securities consisted of the following (in millions): 

Three months ended June 30,20252024Realized gains (losses) before impairment allowances:Disposals$(8)$(1)Change in the fair value of equity securities10 (1)Change in the fair value of derivatives— — 2 (2)Change in allowance for impairments on securities— — Realized gains (losses) on securities$2 $(2)

The $10 million net realized gain from the change in the fair value of equity securities in the second quarter of 2025 includes gains of $10 million on investments in manufacturing companies and $6