Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 138

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 27 Change in allowance for impairments on securities(8)(17)Realized gains (losses) on securities$17 $10 

The $32 million net realized gain from the change in the fair value of equity securities in the first nine months of 2025 includes gains of $14 million on investments in media companies and $12 million on investments in banks and financing companies. The $29 million net realized gain from the change in the fair value of equity securities in the first nine months of 2024 includes gains of $19 million on investments in banks and financing companies, $5 million on investments in natural gas companies and $5 million on investments in healthcare companies.

The $17 million change in allowance for impairments on securities in the first nine months of 2024 relates primarily to an allowance taken on corporate bonds from a single issuer in the financial sector.

Realized Gain on Subsidiaries

During the third quarter of 2025, AFG recorded a $3 million pretax realized gain resulting from the remeasurement of its existing investment in Radion Holdings, LLC to fair value (see Note B — “Acquisition of Business” to the financial statements) and a $2 million pretax realized loss on the write-off of certain intangible assets (see Note H — “Goodwill and Other Intangibles” to the financial statements).

Consolidated Income Taxes

AFG’s consolidated provision for income taxes was $151 million for the first nine months of 2025 compared to $172 million for the first nine months of 2024, a decrease of $21 million (12%). See Note K — “Income Taxes” to the financial statements for an analysis of items affecting AFG’s effective tax rate.

RECENTLY ADOPTED ACCOUNTING STANDARDS

See Note C — “Segments of Operations” to the financial statements for accounting guidance adopted in the fourth quarter of 2024, which requires enhanced disclosures about significant segment expenses and a description of the composition of other segment expenses by business segment. The title and position of the chief operating decision maker (“CODM”) and 

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources is also required to be disclosed.

ACCOUNT