Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 86

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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 Analysis of Financial Condition and Results of Operations — Continued

Net Cash Provided by (Used in) Investing Activities   AFG’s investing activities consist primarily of the investment of funds provided by its property and casualty businesses. Investing activities also include the purchase and disposal of managed investment entity investments, which are presented separately in AFG’s Balance Sheet. Net investment activity in the managed investment entities was a $333 million source of cash in the first six months of 2025 compared to $57 million in the first six months of 2024, accounting for a $276 million increase in net cash provided by investing activities in the first six months of 2025 compared to the 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note F — “Managed Investment Entities” to the financial statements. Excluding the activity of the managed investment entities, investing activities were a $274 million use of cash in the first six months of 2025 compared to $63 million in the first six months of 2024.

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 $730 million for the first six months of 2025 compared to $117 million in the first six months of 2024, an increase of $613 million. AFG paid cash dividends totaling $301 million in the first six months of 2025 compared to $327 million in the first six months of 2024, a decrease in cash used by financing activities of $26 million. During the first six months of 2025, AFG repurchased $97 million of its Common Stock compared to no repurchases in the comparable 2024 period. Financing activities also include issuances and retirements of managed investment entity liabilities, which are nonrecourse to AFG and presented separately in AFG’s Balance Sheet. Retirements of managed investment entity liabilities exceeded issuances by $339 million in the first six months of 2025 compared to issuances exceeding retirements by $200 million in the first six months of 2024, accounting for a $539 million increase in net cash used in financing activities in the 2025 period compared to the 2024 period. See Note A — “Accounting Policies — Managed Investment Entities” and Note F — “Managed Investment Entities