Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 23

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Fair Value of Financial Instruments   The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions):Carrying ValueFair ValueTotalLevel 1Level 2Level 3September 30, 2025Financial assets:Cash and cash equivalents$1,842 $1,842 $1,842 $— $— Mortgage loans975 958 — — 958 Total financial assets not accounted for at fair value$2,817 $2,800 $1,842 $— $958 Long-term debt$1,820 $1,646 $— $1,643 $3 Total financial liabilities not accounted for at fair value$1,820 $1,646 $— $1,643 $3 December 31, 2024Financial assets:Cash and cash equivalents$1,406 $1,406 $1,406 $— $— Mortgage loans791 754 — — 754 Total financial assets not accounted for at fair value$2,197 $2,160 $1,406 $— $754 Long-term debt$1,475 $1,276 $— $1,273 $3 Total financial liabilities not accounted for at fair value$1,475 $1,276 $— $1,273 $3 

E.    Investments

Available for sale fixed maturities at September 30, 2025 and December 31, 2024, consisted of the following (in millions):AmortizedCostAllowance for Expected Credit LossesGross UnrealizedNetUnrealizedFairValueGainsLossesSeptember 30, 2025Fixed maturities:U.S. government and government agencies$170 $— $1 $(1)$— $170 States, municipalities and political subdivisions877 — 8 (32)(24)853 Foreign government249 — 4 — 4 253 Residential MBS2,388 1 37