Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 145

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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17%8%After ten years1%4%46%43%CLOs and other asset-backed securities (average life of approximately 3 years)34%33%Residential mortgage-backed securities (average life of approximately 6 years)20%24%100%100%

The table below (dollars in millions) summarizes the unrealized gains and losses on fixed maturity securities by dollar amount:

AggregateFairValueAggregateUnrealizedGain (Loss)FairValue as% of CostFixed Maturities at June 30, 2025Securities with unrealized gains:Exceeding $500,000 (53 securities)$829 $48 106%$500,000 or less (889 securities)4,595 94 102%$5,424 $142 103%Securities with unrealized losses:Exceeding $500,000 (114 securities)$1,339 $(178)88%$500,000 or less (970 securities)3,280 (92)97%$4,619 $(270)94%

The following table (dollars in millions) summarizes the unrealized losses for all securities with unrealized losses by issuer quality and the length of time those securities have been in an unrealized loss position:

AggregateFairValueAggregateUnrealizedLossFairValue as% of CostSecurities with Unrealized Losses at June 30, 2025Investment grade fixed maturities with losses for:Less than one year (162 securities)$907 $(9)99%One year or longer (766 securities)3,532 (250)93%$4,439 $(259)94%Non-investment grade fixed maturities with losses for:Less than one year (40 securities)$58 $(2)97%One year or longer (116 securities)122 (9)93%$180 $(11)94%

When a decline in the value of a specific investment is considered to be other-than-temporary, an allowance for credit losses (impairment) is charged to earnings (accounted for as a realized loss). The determination of whether unrealized losses are other-than-temporary requires judgment based on subjective as well as objective factors as detailed in AFG’s 2024 Form 10-K under Management’s Discussion and Analysis — “Investments.”

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