Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 99

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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:Amortization of intangibles5 5 Interest expense on funds withheld11 12 Other5 3 Total other expenses21 20 Other income and expenses, net$(18)$(18)

Holding Company, Other and Unallocated — Results of Operations

AFG’s net pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $52 million in the first three months of 2025 compared to $50 million in the first three months of 2024, an increase of $2 million (4%).

The following table details AFG’s loss before income taxes from operations outside of its property and casualty insurance segment for the three months ended March 31, 2025 and 2024 (dollars in millions): 

Three months ended March 31,20252024% ChangeRevenues:Net investment income$5 $7 (29 %)Other income — P&C fees25 36 (31 %)Other income2 4 (50 %)Total revenues32 47 (32 %)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses9 22 (59 %)Other expense — expenses associated with P&C fees16 14 14 %Other expenses40 42 (5 %)Costs and expenses, excluding interest charges on borrowed money65 78 (17 %)Loss before income taxes, excluding realized gains and losses and interest charges on borrowed money(33)(31)6 %Interest charges on borrowed money19 19 — %Loss before income taxes, excluding realized gains and losses$(52)$(50)4 %

Holding Company and Other — Net Investment Income

AFG recorded net investment income on investments held outside of its property and casualty insurance segment of $5 million in the first three months of 2025 compared to $7 million in the first three months of 2024, a decrease of $2 million (29%), reflecting a decrease in average investments and a change in the investment mix.

Holding Company and Other — P&C Fees and Related Expenses

Summit, a workers’ compensation insurance subsidiary, collects fees from a small group of unaffiliated insurers for providing underwriting, policy administration and claims services. In addition, certain of AFG’s property and casualty insurance businesses collect fees from customers for ancillary services such as workplace safety programs and premium financing. In the first three months