Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 180

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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2025 AND 2024

Segmented Statement of Earnings

AFG reports its operations as two segments: (i) Property and casualty insurance (“P&C”) and (ii) Other, which includes holding company costs and income and expenses related to the managed investment entities (“MIEs”).

AFG’s net earnings, determined in accordance with GAAP, include certain items that may not be indicative of its ongoing core operations. The following tables for the nine months ended September 30, 2025 and 2024 identify such items by segment and reconcile net earnings to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends (in millions):

OtherP&CConsol. MIEsHolding Co., other and unallocatedTotalNon-core reclassGAAP TotalNine months ended September 30, 2025Revenues:Net earned premiums$5,240 $— $— $5,240 $— $5,240 Net investment income554 (10)18 562 — 562 Realized gains (losses) on:Securities— — — — 17 17 Subsidiaries— — — — 1 1 Income of MIEs:Investment income— 214 — 214 — 214 Gain (loss) on change in fair value of assets/liabilities— (7)— (7)— (7)Other income9 (8)83 84 — 84 Total revenues5,803 189 101 6,093 18 6,111 Costs and Expenses:Losses and loss adjustment expenses3,327 — — 3,327 — 3,327 Commissions and other underwriting expenses1,568 — 25 1,593 — 1,593 Interest charges on borrowed money— — 57 57 — 57 Expenses of MIEs— 189 — 189 — 189 Other expenses61 — 165 226 25 251 Total costs and expenses4,956 189 247 5,392 25 5,417 Earnings before income taxes847 — (146)701 (7)694