Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 56

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 56
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ateralized loan obligations1,243 4 10 (12)(2)1,237 Other asset-backed securities2,412 6 19 (69)(50)2,356 Corporate and other3,542 23 42 (65)(23)3,496 Total fixed maturities$10,687 $34 $98 $(353)$(255)$10,398 

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2025 and December 31, 2024 (in millions):March 31, 2025December 31, 2024Actual CostFair ValueFair Value Over CostActual CostFair ValueFair Value Over CostCommon stocks$312 $341 $29 $304 $336 $32 Perpetual preferred stocks391 429 38 380 415 35 Total equity securities carried at fair value$703 $770 $67 $684 $751 $67 The following table summarizes investments accounted for using the equity method, by strategy (in millions):Net Investment IncomeCarrying ValueThree months ended March 31,March 31, 2025December 31, 202420252024Real estate-related investments (*)$1,429 $1,392 $17 $(6)Private equity815 804 (6)30 Private debt82 81 2 1 Total investments accounted for using the equity method$2,326 $2,277 $13 $25 (*)88% of the carrying value relates to underlying investments in multi-family properties as of March 31, 2025 and December 31, 2024.The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments.With respect to partnerships and similar investments, AFG had unfunded commitments of $481 million and $457 million as of March 31, 202