Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 135

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 of 2025 compared to $57 million for the first nine months of 2024, an improvement of $5 million (9%). The table below details the items included in other income and expenses, net for AFG’s property and casualty insurance operations (in millions):

Nine months ended September 30,20252024Other income$9 $6 Other expenses:Amortization of intangibles15 14 Interest expense on funds withheld34 38 Other12 11 Total other expenses61 63 Other income and expenses, net$(52)$(57)

The increase in other income in the first nine months of 2025 compared to the first nine months of 2024 reflects a death benefit received on a company-owned life insurance policy in the third quarter of 2025.

Holding Company, Other and Unallocated — Results of Operations

AFG’s net GAAP pretax loss outside of its property and casualty insurance segment (excluding realized gains and losses) totaled $171 million in the first nine months of 2025 compared to $156 million in the first nine months of 2024, an increase of $15 million (10%). AFG’s net core pretax loss outside of its property and casualty insurance segment totaled $146 million in the first nine months of 2025 compared to $142 million in the first nine months of 2024, an increase of $4 million (3%).

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

The following table details AFG’s GAAP and core loss before income taxes from operations outside of its property and casualty insurance segment for the nine months ended September 30, 2025 and 2024 (dollars in millions): 

Nine months ended September 30,20252024% ChangeRevenues:Net investment income$18 $22 (18%)Other income — P&C fees71 83 (14%)Other income12 12 —%Total revenues101 117 (14%)Costs and Expenses:Property and casualty insurance — loss adjustment and underwriting expenses25 38 (34%)Other expense — expenses associated with P&C fees46 45 2%Other expenses (*)119 119 —%Costs and expenses, excluding interest charges on borrowed money190 202 (6%)Loss before income taxes, excluding realized gains and