Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 74

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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19 38 17 Management fees paid to AFG2 3 5 6 CLO earnings attributable to AFG2 9 4 23 (*)Included in revenues in AFG’s Statement of Earnings.The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $73 million and $66 million at June 30, 2025 and December 31, 2024, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $198 million and $172 million at those dates, respectively. At June 30, 2025, the CLOs assets did not include any loans in default for which the CLOs are not accruing interest compared to an aggregate fair value of $3 million of loans in default (with an aggregate unpaid principal balance of $5 million) at December 31, 2024.In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.09 billion at June 30, 2025 and $1.24 billion December 31, 2024.

G.    Goodwill and Other Intangibles

There were no changes in the goodwill balance of $305 million during the first six months of 2025.Included in other assets in AFG’s Balance Sheet is $193 million at June 30, 2025 and $203 million at December 31, 2024 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $69 million and $59 million, respectively. Amortization of intangibles was $5 million and $4 million in the second quarter of 2025 and 2024 and $10 million and $9 million in the first six months of 2025 and 2024, respectively.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

H.    Long-Term Debt

Long-term debt consisted of the following (in millions):June 30, 2025December 31, 2024PrincipalDiscount and Issue CostsCarrying ValuePrincipalDiscount and Issue Costs