Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 95

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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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 September 30, 2025Securities with unrealized gains:Exceeding $500,000 (66 securities)$928 $59 107%$500,000 or less (1,004 securities)5,116 108 102%$6,044 $167 103%Securities with unrealized losses:Exceeding $500,000 (94 securities)$1,173 $(150)89%$500,000 or less (801 securities)2,794 (71)98%$3,967 $(221)95%

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 September 30, 2025Investment grade fixed maturities with losses for:Less than one year (81 securities)$512 $(4)99%One year or longer (701 securities)3,285 (209)94%$3,797 $(213)95%Non-investment grade fixed maturities with losses for:Less than one year (25 securities)$42 $(1)98%One year or longer (88 securities)128 (7)95%$170 $(8)96%

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 and Results of Operations — Continued

Based on its analysis, management believes AFG will recover its cost basis (net of any allowance) in the fixed maturity securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had