Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 123

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 of assets/liabilities— 5 — 5 — 5 Other income6 (9)95 92 — 92 Total revenues5,781 267 117 6,165 10 6,175 Costs and Expenses:Losses and loss adjustment expenses3,274 — 5 3,279 — 3,279 Commissions and other underwriting expenses1,494 — 33 1,527 — 1,527 Interest charges on borrowed money— — 57 57 — 57 Expenses of MIEs— 267 — 267 — 267 Other expenses63 — 164 227 14 241 Total costs and expenses4,831 267 259 5,357 14 5,371 Earnings before income taxes950 — (142)808 (4)804 Provision for income taxes198 — (30)168 4 172 Core Net Operating Earnings752 — (112)640 Non-core earnings (loss) (*):Realized gains (losses) on securities, net of tax— — 7 7 (7)— Special A&E charge, net of tax— — (11)(11)11 — Other(4)— — (4)4 — Net Earnings$748 $— $(116)$632 $— $632 

(*)See the reconciliation of core earnings to GAAP net earnings under “Results of Operations — General” for details on the tax impacts of these reconciling items.

Property and Casualty Insurance Segment — Results of Operations

AFG’s property and casualty insurance operations contributed $847 million in pretax earnings in the first nine months of 2025 compared to $950 million in the first nine months of 2024, a decrease of $103 million (11%). The decrease in pretax earnings reflects lower underwriting profit and lower 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 in the first nine months of 2025 compared to the first nine months of 2024.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of