Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 14

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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-segments as the ceding businesses. The CODMs believe this presentation better reflects the performance of the underlying operating businesses and enhances the financial reporting. Information from prior periods has been recast for consistent presentation. The impacts of all intercompany transactions between segments have been eliminated.AFG’s CODMs are its Co-CEOs. The CODMs evaluate the performance of the Property and casualty insurance segment based on return on equity and underwriting profit. The CODMs use this measure to allocate resources and make capital decisions.Sales of property and casualty insurance outside of the United States represented 4% and 3% of AFG’s revenues in the third quarter of 2025 and 2024, respectively, and 4% in both the first nine months of 2025 and 2024.The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.September 30,2025December 31,2024AssetsProperty and casualty insurance (*)$28,810 $25,913 Other5,024 4,923 Total assets$33,834 $30,836 (*)Not allocable to sub-segments.

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

Three months ended September 30,Nine months ended September 30,2025202420252024RevenuesProperty and casualty insurance:Net earned premiums:SpecialtyProperty and transportation$935 $989 $2,011 $2,061 Specialty casualty810 797 2,403 2,371 Specialty financial268 269 826 754 Total net earned premiums2,013 2,055 5,240 5,186 Net investment income205 195 554 589 Other income6 2 9 6 Total property and casualty insurance2,224 2,252 5,803 5,781 Other94 119 290 384 Total revenues before realized gains (losses)2,318 2,371 6,093 6,165 Realized gains (losses) on securities12 (2)17 10 Realized gain on subsidiaries1 — 1 — Total revenues$2,331 $2,369 $6,111 $6,175 Earnings Before Income