$AFGE

AMERICAN FINANCIAL GROUP INC

CIK:0001042046|SEC Filings

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Net earned premiums	$ 1,694	$ 1,647	$ 3,303	$ 3,227
Net investment income	221	184	408	357
Realized gains (losses) on securities	16	2	(2)	5
Income of managed investment entities:
Investment income	69	68	136	144
Gain (loss) on change in fair value of assets/liabilities	1	(4)	(19)	(7)
Other income	29	27	58	54
Total revenues	2,030	1,924	3,884	3,780
Costs and Expenses:
Losses and loss adjustment expenses	1,000	1,007	1,906	1,972
Commissions and other underwriting expenses	560	534	1,116	1,064
Interest charges on borrowed money	24	19	47	38
Expenses of managed investment entities	58	60	116	128
Other expenses	72	75	144	152
Total costs and expenses	1,714	1,695	3,329	3,354
Earnings before income taxes	316	229	555	426
Provision for income taxes	68	55	116	98
Net Earnings	$ 248	$ 174	$ 439	$ 328
Earnings per Common Share:
Total basic earnings (USD per share)	$ 2.99	$ 2.07	$ 5.28	$ 3.92
Total diluted earnings (USD per share)	$ 2.99	$ 2.07	$ 5.28	$ 3.92
Average number of Common Shares:
Basic (shares)	83.0	83.5	83.1	83.7
Diluted (shares)	83.0	83.5	83.1	83.7

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net earnings	$ 439	$ 328
Adjustments:
Depreciation and amortization	49	44
Realized gains on investing activities	(4)	(6)
Net sales of trading securities	11	2
Change in:
Reinsurance and other receivables	(335)	45
Other assets	(46)	2
Insurance claims and reserves	309	97
Payable to reinsurers	(62)	(39)
Other liabilities	43	29
Managed investment entities’ assets/liabilities	146	33
Other operating activities, net	16	(2)
Net cash provided by operating activities	566	533
Purchases of:
Fixed maturities	(1,515)	(1,046)
Equity securities	(85)	(11)
Mortgage loans	(15)	(145)
Other investments	(81)	(122)
Real estate, property and equipment	(58)	(58)
Proceeds from:
Maturities and redemptions of fixed maturities	1,135	996
Repayments of mortgage loans	41	25
Sales of fixed maturities	48	46
Sales of equity securities	96	15
Sales of other investments	78	26
Sales of real estate, property and equipment	7	2
Managed investment entities:
Purchases of investments	(797)	(837)
Proceeds from sales and redemptions of investments	567	1,170
Other investing activities, net	(3)	(2)
Net cash provided by (used in) investing activities	(582)	59
Financing Activities:
Issuances of Common Stock	5	7
Repurchases of Common Stock	(86)	(97)
Cash dividends paid on Common Stock	(271)	(301)
Issuances of managed investment entities’ liabilities	446	1,119
Retirements of managed investment entities’ liabilities	(367)	(1,458)
Net cash used in financing activities	(273)	(730)
Net Change in Cash and Cash Equivalents	(289)	(138)
Cash and cash equivalents at beginning of period	1,727	1,406
Cash and cash equivalents at end of period	$ 1,438	$ 1,268

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents	$ 1,438	$ 1,727
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $11,425 and $11,101; allowance for expected credit losses of $25 and $21)	11,258	11,052
Fixed maturities, trading at fair value	80	91
Equity securities, at fair value	779	785
Investments accounted for using the equity method	2,437	2,421
Mortgage loans	920	947
Real estate and other investments	157	159
Total cash and investments	17,069	17,182
Recoverables from reinsurers	5,267	5,528
Prepaid reinsurance premiums	1,375	1,089
Agents’ balances and premiums receivable	2,046	1,641
Deferred policy acquisition costs	366	333
Assets of managed investment entities	4,142	4,050
Other receivables	1,117	1,212
Other assets	1,325	1,280
Goodwill	327	327
Total assets	33,034	32,642
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	14,842	15,094
Unearned premiums	4,297	3,736
Payable to reinsurers	1,133	1,195
Liabilities of managed investment entities	3,993	3,907
Long-term debt	1,821	1,820
Other liabilities	2,127	2,070
Total liabilities	28,213	27,822
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 82,916,648 and 83,422,202 shares outstanding	83	83
Capital surplus	1,434	1,430
Retained earnings	3,446	3,357
Accumulated other comprehensive income (loss), net of tax	(142)	(50)
Total shareholders’ equity	4,821	4,820
Total liabilities and shareholders’ equity	$ 33,034	$ 32,642