Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 34

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9C
Chunk 34
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 3 52 (113)(61)3,146 Total fixed maturities$10,752 $12 $107 $(470)$(363)$10,377 

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES    NOTES 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 December 31 (in millions):20242023Actual CostFair ValueFair Value Over CostActual CostFair ValueFair Value Over CostCommon stocks$304 $336 $32 $512 $586 $74 Perpetual preferred stocks380 415 35 422 432 10 Total equity securities carried at fair value$684 $751 $67 $934 $1,018 $84 The following table summarizes investments accounted for using the equity method, by strategy (in millions):Carrying ValueNet Investment IncomeDecember 31, 2024December 31, 2023202420232022Real estate-related investments (*)$1,392 $1,320 $8 $85 $233 Private equity804 457 32 9 32 Private debt81 37 6 5 2 Total investments accounted for using the equity method$2,277 $1,814 $46 $99 $267 (*)88% and 92% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2024 and December 31, 2023, respectively.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 $457 million and $418 million as of December 31, 2024 and December 31, 2023, respectively.

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

The following