Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 46

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 46
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 operating lease information for the years ended December 31, 2024, 2023 and 2022 (in millions):202420232022Cash paid for lease liabilities reported in operating cash flows$40 $38 $38 Right-of-use assets obtained under new leases68 102 11 The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2024 (in millions):Operating lease payments:2025$40 202637 202734 202829 202924 Thereafter164 Total lease payments328 Impact of discounting(96)Operating lease liability$232 Weighted-average remaining lease term12.6 yearsWeighted-average discount rate5.3 %

K.    Shareholders’ Equity

AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.Stock Incentive Plans   Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2024, there were 2.4 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans.The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:SharesAverageGrant DateFair ValueOutstanding at January 1, 2024572,892 $120.28 Granted157,681 $126.24 Vested(151,377)$105.96 Forfeited(12,832)$127.26 Outstanding at December 31, 2024566,364 $125.61 The total fair value of restricted stock that vested during 2024, 2023 and 2022 was $19 million, $25 million and $23 million, respectively.

F-29

Table of ContentsAMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

AFG has not granted any stock options since 2015. There are 18,932 options outstanding and exercisable as of December 31, 2024, all of which expired in February