Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 147

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 147
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3, resulting in a $385 million decrease in net cash provided by investing activities in 2024 compared to 2023. See Note A — “Accounting Policies — Managed Investment Entities” and Note G — “Managed Investment Entities” to the financial statements. Investing activities for 2024 include the fourth quarter acquisitions of an insurance agency and a consulting business for $9 million in cash. Investing activities for 2023 include the July 2023 acquisition of Crop Risk Services (“CRS”) for $234 million in cash. Excluding these acquisitions and the activity of the managed investment entities, investing activities resulted in uses of cash of $273 million in 2024 and $114 million in 2023.

Net cash provided by investing activities was $414 million in 2023 compared to net cash used by investing activities of $1.05 billion in 2022, an increase in cash provided by investing activities of $1.47 billion. Net investment activity in the managed investment entities was a $762 million source of cash in 2023 compared to a $180 million use of cash in 2022, resulting in a $942 million increase in net cash provided by investing activities in 2023 compared to 2022. Excluding the acquisition of CRS in 2023 and the activity of the managed investment entities, investing activities resulted in uses of cash of $114 million in 2023 and $871 million in 2022, reflecting the opportunistic investment of cash on hand in the property and casualty operations during the rising interest rate environment in 2022.

Net Cash Used In Financing Activities   AFG’s financing activities consist primarily of issuances and retirements of long-term debt, issuances and repurchases of common stock and dividend payments. Net cash used in financing activities was $1.07 billion in 2024 compared to $2.03 billion in 2023, a decrease of $965 million. AFG paid cash dividends totaling $788 million in 2024 compared to $684 million in 2023, resulting in a $104 million increase in net cash used in financing activities in 2024 compared to 2023. There were no debt retirements in 2024 compared to $21 million in debt retirements in 2023. In 2024, AFG did not repurchase any of its Common Stock compared to repurchases of $213