Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 20

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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,568 December 31, 2024Fixed maturities:U.S. government and government agencies$176 $— $— $(3)$(3)$173 States, municipalities and political subdivisions905 — 3 (49)(46)859 Foreign government236 — 2 (1)1 237 Residential MBS2,122 1 22 (154)(132)1,989 Commercial MBS51 — — — — 51 Collateralized loan obligations1,243 4 10 (12)(2)1,237 Other asset-backed securities2,412 6 19 (69)(50)2,356 Corporate and other3,542 23 42 (65)(23)3,496 Total fixed maturities$10,687 $34 $98 $(353)$(255)$10,398 

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

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2025 and December 31, 2024 (in millions):March 31, 2025December 31, 2024Actual CostFair ValueFair Value Over CostActual CostFair ValueFair Value Over CostCommon stocks$312 $341 $29 $304 $336 $32 Perpetual preferred stocks391 429 38 380 415 35 Total equity securities carried at fair value$703 $770 $67 $684 $751 $67 The following table summarizes investments accounted for using the equity method, by strategy (in millions):Net Investment IncomeCarrying ValueThree months ended March 31,March 31, 2025December 31, 202420252024Real estate-related investments (*)$1,429 $1,392 $17 $(6)Private equity815 804 (6)30 Private debt82 81 2 1 Total investments accounted for using the equity method$2,326 $2,277 $13 $25 (*)88% of the carrying value relates to underlying investments in multi-family properties as of March