EX-99.23d932101dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
American Financial Group, Inc.
Investor Supplement - First Quarter 2025
May 6, 2025
American Financial Group, Inc.
Corporate Headquarters
Great American Insurance Group
Tower
301 E Fourth Street
Cincinnati, OH 45202
513 579 6739
American Financial Group, Inc.
Table
of Contents - Investor Supplement - First Quarter 2025
Section
Page
Table of Contents - Investor Supplement - First Quarter 2025
2
Financial Highlights
3
Summary of Earnings
4
Earnings Per Share Summary
5
Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
6
Specialty - Underwriting Results (GAAP)
7
Property and Transportation - Underwriting Results (GAAP)
8
Specialty Casualty - Underwriting Results (GAAP)
9
Specialty Financial - Underwriting Results (GAAP)
10
Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet
11
Book Value Per Share and Price / Book Summary
12
Capitalization
13
Additional Supplemental Information
14
Consolidated Investment Supplement
Total Cash and Investments
15
Net Investment Income
16
Alternative Investments
17
Fixed Maturities - By Security Type - AFG Consolidated
18
Appendix
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 3/31/2025
19
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2024
20
C. Corporate Securities by Credit Rating & NAIC Designation by Industry
3/31/2025
21
D. Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2024
22
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral
Type 3/31/2025
23
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral
Type 12/31/2024
24
G. Real Estate-Related Investments 3/31/2025
25
H. Real Estate-Related Investments 12/31/2024
26
Page 2
American Financial Group, Inc.
Financial Highlights
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Highlights
Net earnings
$
154
$
255
$
181
$
209
$
242
$
887
$
852
Core net operating earnings
152
262
194
215
231
902
895
Total assets
30,294
30,836
32,591
29,913
30,001
30,836
29,787
Shareholders’ equity, excluding AOCI (a)
4,571
4,706
4,844
4,715
4,555
4,706
4,577
Property and Casualty net written premiums
1,611
1,460
2,353
1,692
1,634
7,139
6,692
Per share data
Diluted earnings per share
$
1.84
$
3.03
$
2.16
$
2.49
$
2.89
$
10.57
$
10.05
Core net operating earnings per share
1.81
3.12
2.31
2.56
2.76
10.75
10.56
Book value per share, excluding AOCI (a)
54.63
56.03
57.71
56.19
54.32
56.03
54.72
Dividends per common share
2.80
4.80
0.71
0.71
3.21
9.43
8.10
Financial ratios
Annualized return on equity (b)
13.3
%
21.3
%
15.2
%
18.0
%
21.2
%
19.0
%
18.8
%
Annualized core operating return on equity (b)
13.1
%
21.9
%
16.2
%
18.5
%
20.2
%
19.3
%
19.8
%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio
61.0
%
63.7
%
69.5
%
59.1
%
58.6
%
63.3
%
61.5
%
Underwriting expense ratio
33.0
%
25.3
%
24.8
%
31.4
%
31.5
%
27.9
%
28.8
%
Combined ratio - Specialty
94.0
%
89.0
%
94.3
%
90.5
%
90.1
%
91.2
%
90.3
%
(a)
A reconciliation to the GAAP measure is on page 12.
(b)
Excludes accumulated other comprehensive income.
Page 3
American Financial Group, Inc.
Summary of Earnings
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Property and Casualty Insurance
Underwriting profit
$
94
$
202
$
115
$
150
$
153
$
620
$
631
Net investment income
170
195
195
189
205
784
729
Other income (expense)
(18
)
(19
)
(19
)
(20
)
(18
)
(76
)
(56
)
Property and Casualty Insurance operating earnings
246
378
291
319
340
1,328
1,304
Interest expense of parent holding companies
(19
)
(19
)
(19
)
(19
)
(19
)
(76
)
(76
)
Other expense
(33
)
(29
)
(27
)
(27
)
(31
)
(114
)
(101
)
Pretax core operating earnings
194
330
245
273
290
1,138
1,127
Income tax expense
42
68
51
58
59
236
232
Core net operating earnings
152
262
194
215
231
902
895
Non-core items, net of tax:
Realized gains (losses) on securities
2
(7
)
(2
)
(2
)
11
—
(28
)
Realized loss on subsidiaries
—
—
—
(4
)
—
(4
)
(4
)
Special A&E charges - Former Railroad and Manufacturing operations
—
—
(11
)
—
—
(11
)
(12
)
Gain (loss) on retirement of debt
—
—
—
—
—
—
1
Net earnings
$
154
$
255
$
181
$
209
$
242
$
887
$
852
Page 4
American Financial Group, Inc.
Earnings Per Share Summary
(in millions, except per share
information)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Core net operating earnings
$
152
$
262
$
194
$
215
$
231
$
902
$
895
Net earnings
$
154
$
255
$
181
$
209
$
242
$
887
$
852
Average number of diluted shares
83.842
83.966
83.939
83.912
83.795
83.903
84.774
Diluted earnings per share:
Core net operating earnings per share
$
1.81
$
3.12
$
2.31
$
2.56
$
2.76
$
10.75
$
10.56
Realized gains (losses) on securities
0.03
(0.09
)
(0.02
)
(0.02
)
0.13
—
(0.33
)
Realized loss on subsidiaries
—
—
—
(0.05
)
—
(0.05
)
(0.04
)
Special A&E charges - Former Railroad and Manufacturing operations
—
—
(0.13
)
—
—
(0.13
)
(0.15
)
Gain (loss) on retirement of debt
—
—
—
—
—
—
0.01
Diluted earnings per share
$
1.84
$
3.03
$
2.16
$
2.49
$
2.89
$
10.57
$
10.05
Page 5
American Financial Group, Inc.
Property and Casualty Insurance - Summary Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Property and Transportation
$
37
$
81
$
33
$
40
$
60
$
214
$
174
Specialty Casualty
20
69
63
86
61
279
348
Specialty Financial
37
54
21
25
33
133
111
Underwriting profit - Specialty
94
204
117
151
154
626
633
Other core charges, included in loss and LAE
—
(2
)
(2
)
(1
)
(1
)
(6
)
(2
)
Underwriting profit - Property and Casualty Insurance
$
94
$
202
$
115
$
150
$
153
$
620
$
631
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
1
$
—
$
—
$
1
$
2
$
3
Catastrophe losses
72
20
90
36
34
180
162
Total current accident year catastrophe losses
$
72
$
21
$
90
$
36
$
35
$
182
$
165
Prior year loss reserve development (favorable) / adverse
$
(20
)
$
36
$
(15
)
$
(35
)
$
(50
)
$
(64
)
$
(224
)
Combined ratio:
Property and Transportation
92.5
%
89.5
%
96.8
%
92.7
%
88.5
%
92.4
%
93.1
%
Specialty Casualty
97.6
%
91.4
%
92.1
%
89.1
%
92.2
%
91.2
%
88.8
%
Specialty Financial
87.0
%
80.7
%
92.3
%
89.7
%
86.6
%
87.2
%
87.2
%
Combined ratio - Specialty
94.0
%
89.0
%
94.3
%
90.5
%
90.1
%
91.2
%
90.3
%
Other core charges
0.1
%
0.1
%
0.1
%
0.0
%
0.0
%
0.0
%
0.1
%
Combined ratio
94.1
%
89.1
%
94.4
%
90.5
%
90.1
%
91.2
%
90.4
%
P&C combined ratio excl. catastrophe losses and prior year reserve development
90.8
%
86.1
%
90.7
%
90.5
%
91.1
%
89.6
%
91.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
57.8
%
60.8
%
65.9
%
59.1
%
59.6
%
61.7
%
62.4
%
Prior accident year loss reserve development
(1.3
%)
1.9
%
(0.7
%)
(2.2
%)
(3.2
%)
(0.9
%)
(3.4
%)
Current accident year catastrophe losses
4.6
%
1.1
%
4.4
%
2.2
%
2.2
%
2.5
%
2.6
%
Loss and LAE ratio
61.1
%
63.8
%
69.6
%
59.1
%
58.6
%
63.3
%
61.6
%
Page 6
American Financial Group, Inc.
Specialty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Gross written premiums
$
2,291
$
2,043
$
3,748
$
2,406
$
2,336
$
10,533
$
9,656
Ceded reinsurance premiums
(680
)
(583
)
(1,395
)
(714
)
(702
)
(3,394
)
(2,964
)
Net written premiums
1,611
1,460
2,353
1,692
1,634
7,139
6,692
Change in unearned premiums
(31
)
390
(298
)
(107
)
(88
)
(103
)
(161
)
Net earned premiums
1,580
1,850
2,055
1,585
1,546
7,036
6,531
Loss and LAE
965
1,179
1,428
936
906
4,449
4,015
Underwriting expense
521
467
510
498
486
1,961
1,883
Underwriting profit
$
94
$
204
$
117
$
151
$
154
$
626
$
633
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
1
$
—
$
—
$
1
$
2
$
3
Catastrophe losses
72
20
90
36
34
180
162
Total current accident year catastrophe losses
$
72
$
21
$
90
$
36
$
35
$
182
$
165
Prior year loss reserve development (favorable) / adverse
$
(20
)
$
34
$
(17
)
$
(36
)
$
(51
)
$
(70
)
$
(226
)
Combined ratio:
Loss and LAE ratio
61.0
%
63.7
%
69.5
%
59.1
%
58.6
%
63.3
%
61.5
%
Underwriting expense ratio
33.0
%
25.3
%
24.8
%
31.4
%
31.5
%
27.9
%
28.8
%
Combined ratio
94.0
%
89.0
%
94.3
%
90.5
%
90.1
%
91.2
%
90.3
%
Combined ratio excl. catastrophe losses and prior year reserve development
90.8
%
86.1
%
90.7
%
90.5
%
91.1
%
89.6
%
91.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
57.8
%
60.8
%
65.9
%
59.1
%
59.6
%
61.7
%
62.4
%
Prior accident year loss reserve development
(1.3
%)
1.8
%
(0.8
%)
(2.3
%)
(3.3
%)
(1.0
%)
(3.4
%)
Current accident year catastrophe losses
4.5
%
1.1
%
4.4
%
2.3
%
2.3
%
2.6
%
2.5
%
Loss and LAE ratio
61.0
%
63.7
%
69.5
%
59.1
%
58.6
%
63.3
%
61.5
%
Page 7
American Financial Group, Inc.
Property and Transportation - Underwriting Results (GAAP)
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Gross written premiums
$
897
$
585
$
2,107
$
1,084
$
959
$
4,735
$
4,146
Ceded reinsurance premiums
(334
)
(177
)
(956
)
(394
)
(362
)
(1,889
)
(1,560
)
Net written premiums
563
408
1,151
690
597
2,846
2,586
Change in unearned premiums
(63
)
357
(162
)
(138
)
(77
)
(20
)
(36
)
Net earned premiums
500
765
989
552
520
2,826
2,550
Loss and LAE
311
531
784
351
306
1,972
1,773
Underwriting expense
152
153
172
161
154
640
603
Underwriting profit
$
37
$
81
$
33
$
40
$
60
$
214
$
174
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
1
$
—
$
—
$
—
$
1
$
2
Catastrophe losses
10
9
34
13
9
65
54
Total current accident year catastrophe losses
$
10
$
10
$
34
$
13
$
9
$
66
$
56
Prior year loss reserve development (favorable) / adverse
$
(19
)
$
(2)
$
(14
)
$
(34
)
$
(46
)
$
(96
)
$
(82
)
Combined ratio:
Loss and LAE ratio
62.1
%
69.5
%
79.4
%
63.7
%
58.7
%
69.8
%
69.5
%
Underwriting expense ratio
30.4
%
20.0
%
17.4
%
29.0
%
29.8
%
22.6
%
23.6
%
Combined ratio
92.5
%
89.5
%
96.8
%
92.7
%
88.5
%
92.4
%
93.1
%
Combined ratio excl. catastrophe losses and prior year reserve development
94.4
%
88.5
%
94.5
%
96.6
%
95.6
%
93.5
%
94.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
64.0
%
68.5
%
77.1
%
67.6
%
65.8
%
70.9
%
70.6
%
Prior accident year loss reserve development
(3.9
%)
(0.2
%)
(1.3
%)
(6.3
%)
(8.8
%)
(3.4
%)
(3.2
%)
Current accident year catastrophe losses
2.0
%
1.2
%
3.6
%
2.4
%
1.7
%
2.3
%
2.1
%
Loss and LAE ratio
62.1
%
69.5
%
79.4
%
63.7
%
58.7
%
69.8
%
69.5
%
Page 8
American Financial Group, Inc.
Specialty Casualty - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Gross written premiums
$
1,068
$
1,126
$
1,297
$
1,023
$
1,097
$
4,543
$
4,368
Ceded reinsurance premiums
(296
)
(353
)
(380
)
(270
)
(294
)
(1,297
)
(1,199
)
Net written premiums
772
773
917
753
803
3,246
3,169
Change in unearned premiums
22
32
(120
)
38
(20
)
(70
)
(57
)
Net earned premiums
794
805
797
791
783
3,176
3,112
Loss and LAE
536
541
519
483
502
2,045
1,914
Underwriting expense
238
195
215
222
220
852
850
Underwriting profit
$
20
$
69
$
63
$
86
$
61
$
279
$
348
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
1
$
1
$
1
Catastrophe losses
27
(6
)
17
5
18
34
58
Total current accident year catastrophe losses
$
27
$
(6)
$
17
$
5
$
19
$
35
$
59
Prior year loss reserve development (favorable) / adverse
$
12
$
44
$
6
$
(2
)
$
(11
)
$
37
$
(111
)
Combined ratio:
Loss and LAE ratio
67.6
%
67.2
%
65.1
%
61.0
%
64.2
%
64.4
%
61.5
%
Underwriting expense ratio
30.0
%
24.2
%
27.0
%
28.1
%
28.0
%
26.8
%
27.3
%
Combined ratio
97.6
%
91.4
%
92.1
%
89.1
%
92.2
%
91.2
%
88.8
%
Combined ratio excl. catastrophe losses and prior year reserve development
92.6
%
86.7
%
89.3
%
88.7
%
91.2
%
88.9
%
90.5
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
62.6
%
62.5
%
62.3
%
60.6
%
63.2
%
62.1
%
63.2
%
Prior accident year loss reserve development
1.6
%
5.4
%
0.7
%
(0.2
%)
(1.4
%)
1.2
%
(3.6
%)
Current accident year catastrophe losses
3.4
%
(0.7
%)
2.1
%
0.6
%
2.4
%
1.1
%
1.9
%
Loss and LAE ratio
67.6
%
67.2
%
65.1
%
61.0
%
64.2
%
64.4
%
61.5
%
Page 9
American Financial Group, Inc.
Specialty Financial - Underwriting Results (GAAP)
($ in
millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Gross written premiums
$
326
$
332
$
344
$
299
$
280
$
1,255
$
1,142
Ceded reinsurance premiums
(50
)
(53
)
(59
)
(50
)
(46
)
(208
)
(205
)
Net written premiums
276
279
285
249
234
1,047
937
Change in unearned premiums
10
1
(16
)
(7
)
9
(13
)
(68
)
Net earned premiums
286
280
269
242
243
1,034
869
Loss and LAE
118
107
125
102
98
432
328
Underwriting expense
131
119
123
115
112
469
430
Underwriting profit
$
37
$
54
$
21
$
25
$
33
$
133
$
111
Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Catastrophe losses
35
17
39
18
7
81
50
Total current accident year catastrophe losses
$
35
$
17
$
39
$
18
$
7
$
81
$
50
Prior year loss reserve development (favorable) / adverse
$
(13
)
$
(8
)
$
(9)
$
—
$
6
$
(11
)
$
(33
)
Combined ratio:
Loss and LAE ratio
41.1
%
38.1
%
46.5
%
42.1
%
40.5
%
41.8
%
37.8
%
Underwriting expense ratio
45.9
%
42.6
%
45.8
%
47.6
%
46.1
%
45.4
%
49.4
%
Combined ratio
87.0
%
80.7
%
92.3
%
89.7
%
86.6
%
87.2
%
87.2
%
Combined ratio excl. catastrophe losses and prior year reserve development
79.7
%
77.5
%
81.2
%
82.4
%
81.0
%
80.4
%
85.2
%
Loss and LAE components:
Current accident year, excluding catastrophe losses
33.8
%
34.9
%
35.4
%
34.8
%
34.9
%
35.0
%
35.8
%
Prior accident year loss reserve development
(4.6
%)
(2.9
%)
(3.2
%)
0.0
%
2.4
%
(1.0
%)
(3.7
%)
Current accident year catastrophe losses
11.9
%
6.1
%
14.3
%
7.3
%
3.2
%
7.8
%
5.7
%
Loss and LAE ratio
41.1
%
38.1
%
46.5
%
42.1
%
40.5
%
41.8
%
37.8
%
Page 10
American Financial Group, Inc.
Consolidated Balance Sheet
($ in millions)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Assets:
Total cash and investments
$
15,994
$
15,852
$
15,741
$
15,261
$
15,254
$
15,263
Recoverables from reinsurers
4,945
5,176
5,217
4,157
4,510
4,477
Prepaid reinsurance premiums
1,105
1,013
1,346
1,143
1,078
961
Agents’ balances and premiums receivable
1,589
1,532
1,995
1,909
1,606
1,471
Deferred policy acquisition costs
316
320
340
328
309
309
Assets of managed investment entities
3,848
4,140
4,332
4,695
4,669
4,484
Other receivables
855
1,123
1,989
758
958
1,171
Other assets
1,337
1,375
1,326
1,357
1,312
1,346
Goodwill
305
305
305
305
305
305
Total assets
$
30,294
$
30,836
$
32,591
$
29,913
$
30,001
$
29,787
Liabilities and Equity:
Unpaid losses and loss adjustment expenses
$
13,970
$
14,179
$
14,206
$
12,607
$
13,050
$
13,087
Unearned premiums
3,710
3,584
4,320
3,816
3,650
3,451
Payable to reinsurers
1,028
1,191
1,620
1,176
1,078
1,186
Liabilities of managed investment entities
3,726
3,965
4,168
4,536
4,468
4,307
Long-term debt
1,476
1,475
1,475
1,475
1,475
1,475
Other liabilities
1,992
1,976
2,094
1,919
2,040
2,023
Total liabilities
$
25,902
$
26,370
$
27,883
$
25,529
$
25,761
$
25,529
Shareholders’ equity:
Common stock
$
84
$
84
$
84
$
84
$
84
$
84
Capital surplus
1,409
1,411
1,400
1,392
1,382
1,372
Retained earnings
3,078
3,211
3,360
3,239
3,089
3,121
Unrealized gains (losses) - fixed maturities
(141
)
(202
)
(100
)
(290
)
(278
)
(287
)
Unrealized gains (losses) - fixed maturity-related cash flow hedges
(7
)
(10
)
(7
)
(20
)
(22
)
(17
)
Other comprehensive income (loss), net of tax
(31
)
(28
)
(29
)
(21
)
(15
)
(15
)
Total shareholders’ equity
4,392
4,466
4,708
4,384
4,240
4,258
Total liabilities and equity
$
30,294
$
30,836
$
32,591
$
29,913
$
30,001
$
29,787
Page 11
American Financial Group, Inc.
Book
Value Per Share and Price / Book Summary
(in millions, except per share information)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Shareholders’ equity
$
4,392
$
4,466
$
4,708
$
4,384
$
4,240
$
4,258
Accumulated other comprehensive income (loss)
(179
)
(240
)
(136
)
(331
)
(315
)
(319
)
Shareholders’ equity, excluding AOCI
4,571
4,706
4,844
4,715
4,555
4,577
Goodwill
305
305
305
305
305
305
Intangibles
198
203
199
204
208
213
Tangible shareholders’ equity, excluding AOCI
$
4,068
$
4,198
$
4,340
$
4,206
$
4,042
$
4,059
Common shares outstanding
83.668
83.978
83.923
83.897
83.857
83.636
Book value per share:
Book value per share
$
52.50
$
53.18
$
56.10
$
52.25
$
50.57
$
50.91
Book value per share, excluding AOCI
54.63
56.03
57.71
56.19
54.32
54.72
Tangible, excluding AOCI
48.62
49.98
51.72
50.13
48.20
48.52
Market capitalization
AFG’s closing common share price
$
131.34
$
136.93
$
134.60
$
123.02
$
136.48
$
118.89
Market capitalization
$
10,989
$
11,499
$
11,296
$
10,321
$
11,445
$
9,943
Price / Book value per share, excluding AOCI
2.40
2.44
2.33
2.19
2.51
2.17
Page 12
American Financial Group, Inc.
Capitalization
($ in millions)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
AFG senior obligations
$
823
$
823
$
823
$
823
$
823
$
823
Borrowings drawn under credit facility
—
—
—
—
—
—
Debt excluding subordinated debt
$
823
$
823
$
823
$
823
$
823
$
823
AFG subordinated debentures
675
675
675
675
675
675
Total principal amount of long-term debt
$
1,498
$
1,498
$
1,498
$
1,498
$
1,498
$
1,498
Shareholders’ equity
4,392
4,466
4,708
4,384
4,240
4,258
Accumulated other comprehensive income (loss)
(179
)
(240
)
(136
)
(331
)
(315
)
(319
)
Total capital, excluding AOCI
$
6,069
$
6,204
$
6,342
$
6,213
$
6,053
$
6,075
Ratio of debt to total capital, excluding AOCI:
Including subordinated debt
24.7
%
24.1
%
23.6
%
24.1
%
24.7
%
24.7
%
Excluding subordinated debt
13.6
%
13.3
%
13.0
%
13.2
%
13.6
%
13.5
%
Page 13
American Financial Group, Inc.
Additional Supplemental Information
($ in
millions)
Three Months Ended
Twelve Months
Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Property and Casualty Insurance
Paid Losses (GAAP)
$
967
$
1,179
$
897
$
969
$
989
$
4,034
$
3,426
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
GAAP Equity (excluding AOCI)
Property and Casualty Insurance
$
5,853
$
5,962
$
6,150
$
5,919
$
5,780
$
5,710
Parent and other subsidiaries
(1,282
)
(1,256
)
(1,306
)
(1,204
)
(1,225
)
(1,133
)
AFG GAAP Equity (excluding AOCI)
$
4,571
$
4,706
$
4,844
$
4,715
$
4,555
$
4,577
Allowable dividends without regulatory approval
Property and Casualty Insurance
$
1,004
$
1,004
$
946
$
946
$
946
$
946
Page 14
American Financial Group, Inc.
Total
Cash and Investments
($ in millions)
Carrying Value - March 31, 2025
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,034
$
242
$
—
$
1,276
8
%
Fixed maturities - Available for sale
10,534
34
—
10,568
66
%
Fixed maturities - Trading
71
—
—
71
0
%
Equity securities - Common stocks
341
—
—
341
2
%
Equity securities - Perpetual preferred
429
—
—
429
3
%
Investments accounted for using the equity method
2,324
2
—
2,326
15
%
Mortgage loans
827
—
—
827
5
%
Real estate and other investments
178
100
(122
)
156
1
%
Total cash and investments
$
15,738
$
378
$
(122
)
$
15,994
100
%
Carrying Value - December 31, 2024
Property and
Casualty
Insurance
Parent &
Other
Consolidate
CLOs
Total AFG
Consolidated
% of
Investment
Portfolio
Total cash and investments:
Cash and cash equivalents
$
1,105
$
301
$
—
$
1,406
9
%
Fixed maturities - Available for sale
10,356
42
—
10,398
66
%
Fixed maturities - Trading
76
—
—
76
0
%
Equity securities - common stocks
336
—
—
336
2
%
Equity securities - perpetual preferred
415
—
—
415
3
%
Investments accounted for using the equity method
2,275
2
—
2,277
14
%
Mortgage loans
791
—
—
791
5
%
Real estate and other investments
229
98
(174
)
153
1
%
Total cash and investments
$
15,583
$
443
$
(174
)
$
15,852
100
%
Page 15
American Financial Group, Inc.
Net
Investment Income
($ in millions)
Three Months Ended
Twelve Months Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Property and Casualty Insurance:
Gross investment income excluding alternative investments
Fixed maturities
$
137
$
134
$
134
$
133
$
131
$
532
$
481
Equity securities
6
9
6
7
7
29
32
Other investments (a)
21
24
25
21
17
87
69
Gross investment income excluding alternative investments
164
167
165
161
155
648
582
Gross investment income from alternative investments (b)
12
33
36
33
56
158
163
Total gross investment income
176
200
201
194
211
806
745
Investment expenses
(6
)
(5
)
(6
)
(5
)
(6
)
(22
)
(16
)
Total net investment income
$
170
$
195
$
195
$
189
$
205
$
784
$
729
Average cash and investments (c)
$
15,881
$
15,718
$
15,447
$
15,346
$
15,331
$
15,479
$
14,753
Average yield - fixed maturities before inv expenses (d)
5.13
%
5.09
%
5.06
%
5.04
%
4.93
%
5.02
%
4.67
%
Average yield - overall portfolio, net (d)
4.28
%
4.96
%
5.05
%
4.93
%
5.35
%
5.06
%
4.94
%
AFG consolidated net investment income:
Property & Casualty core
$
170
$
195
$
195
$
189
$
205
$
784
$
729
Parent & other
5
7
7
8
7
29
40
Consolidate CLOs
(2
)
(8
)
(2
)
(9
)
(14
)
(33
)
(27
)
Total net investment income
$
173
$
194
$
200
$
188
$
198
$
780
$
742
Average cash and investments (c)
$
16,140
$
15,987
$
15,748
$
15,617
$
15,616
$
15,767
$
15,254
Average yield - overall portfolio, net (d)
4.29
%
4.85
%
5.08
%
4.82
%
5.07
%
4.95
%
4.86
%
Average yield - fixed maturities before inv expenses (d)
5.13
%
5.10
%
5.08
%
5.06
%
4.95
%
5.04
%
4.70
%
(a)
Includes income from mortgage loans, real estate, short-term investments, and cash equivalents.
(b)
Investment income on alternative investments is detailed on page 17.
(c)
Average cash and investments is the average of the beginning and ending quarter balances, or the average of the
five quarters balances.
(d)
Average yield is calculated by dividing investment income for the period by the average balance.
Page 16
American Financial Group, Inc.
Alternative Investments
($ in millions)
Three Months Ended
Twelve Months
Ended
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
12/31/24
12/31/23
Property and Casualty Insurance:
Net Investment Income
Fixed maturities MTM through investment income
$
(3
)
$
12
$
8
$
1
$
1
$
22
$
(1
)
Equity securities MTM through investment income (a)
—
12
20
9
16
57
38
Investments accounted for using the equity method (b)
13
1
6
14
25
46
99
AFG managed CLOs (eliminated in consolidation)
2
8
2
9
14
33
27
Total Property & Casualty
$
12
$
33
$
36
$
33
$
56
$
158
$
163
Investments
Fixed maturities MTM through investment income
$
50
$
75
$
51
$
32
$
18
$
75
$
17
Equity securities MTM through investment income (a)
232
222
563
544
494
222
440
Investments accounted for using the equity method (b)
2,324
2,275
1,909
1,880
1,846
2,275
1,812
AFG managed CLOs (eliminated in consolidation)
122
174
163
158
199
174
175
Total Property & Casualty
$
2,728
$
2,746
$
2,686
$
2,614
$
2,557
$
2,746
$
2,444
Annualized Return - Property & Casualty
1.8
%
4.9
%
5.4
%
5.1
%
9.0
%
6.1
%
7.0
%
AFG Consolidated:
Net Investment Income
Fixed maturities MTM through investment income
$
(3
)
$
12
$
8
$
1
$
1
$
22
$
(1
)
Equity securities MTM through investment income (a)
—
12
20
9
16
57
38
Investments accounted for using the equity method (b)
13
1
6
14
25
46
99
AFG managed CLOs (eliminated in consolidation)
2
8
2
9
14
33
27
Total AFG Consolidated
$
12
$
33
$
36
$
33
$
56
$
158
$
163
Investments
Fixed maturities MTM through investment income
$
50
$
75
$
51
$
32
$
18
$
75
$
17
Equity securities MTM through investment income (a)
232
222
563
544
494
222
440
Investments accounted for using the equity method (b)
2,326
2,277
1,911
1,882
1,848
2,277
1,814
AFG managed CLOs (eliminated in consolidation)
122
174
163
158
199
174
175
Total AFG Consolidated
$
2,730
$
2,748
$
2,688
$
2,616
$
2,559
$
2,748
$
2,446
Annualized Return - AFG Consolidated
1.8
%
4.9
%
5.4
%
5.1
%
8.9
%
6.1
%
7.0
%
(a)
AFG records holding gains and losses in net investment income on certain securities classified at purchase as
“fair value through net investment income.”
(b)
The majority of AFG’s investments accounted for using the equity method mark their underlying assets to
market through net income.
Page 17
American Financial Group, Inc.
Fixed
Maturities - By Security Type - AFG Consolidated
($ in millions )
March 31, 2025
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of
Fair Value
% of
Investment
Portfolio
US Government and government agencies
$
182
$
180
$
(2
)
2
%
1
%
States, municipalities and political subdivisions
921
875
(46
)
8
%
5
%
Foreign government
293
297
4
3
%
2
%
Residential mortgage-backed securities
2,222
2,118
(104
)
20
%
13
%
Commercial mortgage-backed securities
41
41
—
0
%
0
%
Collateralized loan obligations
1,246
1,241
(5
)
12
%
8
%
Other asset-backed securities
2,414
2,381
(33
)
22
%
15
%
Corporate and other bonds
3,499
3,506
7
33
%
22
%
Total AFG consolidated
$
10,818
$
10,639
$
(179
)
100
%
66
%
Approximate duration - P&C
3.0 years
Approximate duration - P&C including cash
2.8 years
December 31, 2024
Book Value (a)
Fair Value
Unrealized
Gain (Loss)
% of Fair
Value
% of
Investment
Portfolio
US Government and government agencies
$
176
$
173
$
(3
)
2
%
1
%
States, municipalities and political subdivisions
905
859
(46
)
8
%
5
%
Foreign government
283
284
1
3
%
2
%
Residential mortgage-backed securities
2,121
1,989
(132
)
19
%
13
%
Commercial mortgage-backed securities
51
51
—
0
%
0
%
Collateralized loan obligations
1,239
1,237
(2
)
12
%
8
%
Other asset-backed securities
2,406
2,356
(50
)
22
%
15
%
Corporate and other bonds
3,548
3,525
(23
)
34
%
22
%
Total AFG consolidated
$
10,729
$
10,474
$
(255
)
100
%
66
%
Approximate duration - P&C
3.1 years
Approximate duration - P&C including cash
2.8 years
(a)
Book Value is amortized cost, net of allowance for expected credit losses.
Page 18
Appendix A
American Financial Group,
Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
3/31/2025
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn gov
RMBS
CMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
—
$
359
$
269
$
1,795
$
36
$
1,187
$
809
$
13
$
4,468
42
%
AA
180
468
10
130
4
49
312
173
1,326
13
%
A
—
38
8
69
1
4
666
912
1,698
16
%
BBB
—
8
10
34
—
—
523
1,997
2,572
24
%
Subtotal - Investment grade
180
873
297
2,028
41
1,240
2,310
3,095
10,064
95
%
BB
—
—
—
2
—
—
6
191
199
2
%
B
—
—
—
2
—
—
2
29
33
0
%
CCC, CC, C
—
—
—
28
—
—
2
11
41
0
%
D
—
—
—
—
—
—
—
9
9
0
%
Subtotal - Non-Investment grade
—
—
—
32
—
—
10
240
282
2
%
Not Rated (b)
—
2
—
58
—
1
61
171
293
3
%
Total
$
180
$
875
$
297
$
2,118
$
41
$
1,241
$
2,381
$
3,506
$
10,639
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn gov
RMBS
CMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
180
$
862
$
241
$
2,018
$
41
$
1,229
$
1,787
$
1,111
$
7,469
72
%
2
—
8
—
23
—
—
511
1,990
2,532
24
%
Subtotal
180
870
241
2,041
41
1,229
2,298
3,101
10,001
96
%
3
—
—
—
2
—
—
5
211
218
2
%
4
—
—
—
—
—
—
1
40
41
1
%
5
—
—
—
13
—
—
3
98
114
1
%
6
—
—
—
2
—
—
2
11
15
0
%
Subtotal
—
—
—
17
—
—
11
360
388
4
%
Total insurance companies
$
180
$
870
$
241
$
2,058
$
41
$
1,229
$
2,309
$
3,461
$
10,389
100
%
No NAIC designation (c)
—
—
—
—
—
1
25
11
37
Non-Insurance and Foreign Companies (d)
—
5
56
60
—
11
47
34
213
Total
$
180
$
875
$
297
$
2,118
$
41
$
1,241
$
2,381
$
3,506
$
10,639
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
For ABS, 54% are NAIC 1 and 41% do not have a designation.
For Corp/Oth, 13% are NAIC 1, 16% NAIC 2 and 50% NAIC 5.
For Total, 31% are NAIC 1, 10% NAIC 2, 34% NAIC 5 and 12% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
98% are investment grade rated.
Page 19
Appendix B
American Financial Group,
Inc.
Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2024
($ in millions)
Fair Value by Type
Credit Rating (a)
US Gov
Munis
Frgn Gov
RMBS
CMBS
CLOs
ABS
Corp/Oth
Total
% Total
Investment grade
AAA
$
—
$
342
$
264
$
1,717
$
39
$
1,166
$
817
$
14
$
4,359
42
%
AA
173
469
9
92
11
66
294
175
1,289
12
%
A
—
38
5
69
1
4
648
925
1,690
16
%
BBB
—
8
6
20
—
—
519
1,990
2,543
24
%
Subtotal - Investment grade
173
857
284
1,898
51
1,236
2,278
3,104
9,881
94
%
BB
—
—
—
2
—
—
7
167
176
2
%
B
—
—
—
2
—
—
2
33
37
0
%
CCC, CC, C
—
—
—
28
—
—
3
14
45
1
%
D
—
—
—
—
—
—
—
12
12
0
%
Subtotal - Non-Investment grade
—
—
—
32
—
—
12
226
270
3
%
Not Rated (b)
—
2
—
59
—
1
66
195
323
3
%
Total
$
173
$
859
$
284
$
1,989
$
51
$
1,237
$
2,356
$
3,525
$
10,474
100
%
Fair Value by Type
NAIC designation
US Gov
Munis
Frgn gov
RMBS
CMBS
CLOs
ABS
Corp/Oth
Total
% Total
1
$
173
$
846
$
237
$
1,898
$
51
$
1,220
$
1,759
$
1,119
$
7,303
71
%
2
—
8
—
20
—
—
508
1,988
2,524
25
%
Subtotal
173
854
237
1,918
51
1,220
2,267
3,107
9,827
96
%
3
—
—
—
8
—
—
7
172
187
2
%
4
—
—
—
—
—
—
2
59
61
1
%
5
—
—
—
6
—
—
4
127
137
1
%
6
—
—
—
1
—
—
2
16
19
0
%
Subtotal
—
—
—
15
—
—
15
374
404
4
%
Total insurance companies
$
173
$
854
$
237
$
1,933
$
51
$
1,220
$
2,282
$
3,481
$
10,231
100
%
No NAIC designation (c)
—
—
—
—
—
1
25
8
34
Non-Insurance and Foreign Companies (d)
—
5
47
56
—
16
49
36
209
Total
$
173
$
859
$
284
$
1,989
$
51
$
1,237
$
2,356
$
3,525
$
10,474
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
For ABS, 57% are NAIC 1 and 38% do not have a designation.
For Corp/Oth, 9% are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.
For Total, 29% are NAIC 1, 8% NAIC 2, 10% NAIC 4, 37% NAIC 5 and 11% do not have a designation.
(c)
Surplus notes and CLO equity tranches that are classified as other invested assets for STAT.
(d)
98% are investment grade rated.
Page 20
Appendix C
American Financial Group,
Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
3/31/2025
($ in millions)
Fair Value By Industry
Credit Rating (a)
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
REITs
Healthcare
Retailers
Basic
Industry
Capital
Goods
Media
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2
$
13
0
%
AA
5
—
44
23
5
32
37
—
—
14
10
—
—
—
3
173
5
%
A
36
188
152
28
128
62
54
88
52
25
17
11
35
3
33
912
26
%
BBB
786
246
52
173
93
92
63
69
76
38
43
83
48
34
101
1,997
57
%
Subtotal
827
434
248
235
226
186
154
157
128
77
70
94
83
37
139
3,095
88
%
BB
24
7
—
4
—
2
23
18
6
5
36
33
1
23
9
191
6
%
B
4
2
—
2
—
—
8
—
—
5
—
—
3
3
2
29
1
%
CCC, CC, C
—
—
—
2
—
—
—
—
—
9
—
—
—
—
—
11
0
%
D
—
—
—
—
—
—
—
—
—
—
9
—
—
—
—
9
0
%
Subtotal
28
9
—
8
—
2
31
18
6
19
45
33
4
26
11
240
7
%
Not Rated (b)
—
3
7
12
—
31
12
1
6
43
14
—
20
20
2
171
5
%
Total
$
855
$
446
$
255
$
255
$
226
$
219
$
197
$
176
$
140
$
139
$
129
$
127
$
107
$
83
$
152
$
3,506
100
%
Fair Value By Industry
NAIC designation
Asset
Managers
Banking
Insurance
Technology
Utilities
Other
Financials
Consumer
Autos
REITs
Healthcare
Retailers
Basic
Industry
Capital
Goods
Media
Other
Total
% Total
1
$
41
$
185
$
194
$
61
$
133
$
108
$
93
$
88
$
52
$
42
$
27
$
11
$
37
$
3
$
36
$
1,111
32
%
2
772
247
51
169
91
91
70
68
76
50
43
81
46
32
103
1,990
58
%
Subtotal
813
432
245
230
224
199
163
156
128
92
70
92
83
35
139
3,101
90
%
3
34
7
—
5
—
4
24
18
6
16
36
27
2
23
9
211
6
%
4
4
2
—
12
—
—
5
—
—
5
—
4
3
3
2
40
1
%
5
—
—
—
3
—
10
2
—
6
25
14
1
18
20
(1
)
98
3
%
6
—
—
—
—
—
1
1
—
—
—
9
—
—
—
—
11
0
%
Subtotal
38
9
—
20
—
15
32
18
12
46
59
32
23
46
10
360
10
%
Total insurance companies
$
851
$
441
$
245
$
250
$
224
$
214
$
195
$
174
$
140
$
138
$
129
$
124
$
106
$
81
$
149
$
3,461
100
%
No NAIC designation (c)
—
—
7
—
—
4
—
—
—
—
—
—
—
—
—
11
Non-Insurance and Foreign Companies
4
5
3
5
2
1
2
2
—
1
—
3
1
2
3
34
Total
$
855
$
446
$
255
$
255
$
226
$
219
$
197
$
176
$
140
$
139
$
129
$
127
$
107
$
83
$
152
$
3,506
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
13% of not rated securities are NAIC 1, 16% NAIC 2 and 50% NAIC 5.
(c)
Surplus notes that are classified as other invested assets for STAT.
Page 21
Appendix D
American Financial Group,
Inc.
Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2024
($ in millions)
Fair Value By Industry
Credit Rating (a)
Asset
Managers
Banking
Technology
Insurance
Other
Financials
Utilities
Consumer
Autos
Healthcare
REITs
Basic
Industry
Retailers
Capital
Goods
Media
Other
Total
% Total
Investment Grade
AAA
$
—
$
—
$
11
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3
$
14
0
%
AA
5
—
22
44
32
5
39
—
14
—
—
10
—
—
4
175
5
%
A
40
186
28
150
67
122
56
95
30
47
11
17
40
3
33
925
26
%
BBB
767
242
172
51
83
92
64
68
31
75
110
38
47
45
105
1,990
57
%
Subtotal
812
428
233
245
182
219
159
163
75
122
121
65
87
48
145
3,104
88
%
BB
24
6
8
—
2
—
22
5
5
6
13
36
1
30
9
167
5
%
B
4
2
2
—
—
—
11
—
9
—
—
—
4
—
1
33
1
%
CCC, CC, C
—
—
2
—
—
—
—
—
12
—
—
—
—
—
—
14
0
%
D
—
—
—
—
—
—
—
—
—
—
—
12
—
—
—
12
0
%
Subtotal
28
8
12
—
2
—
33
5
26
6
13
48
5
30
10
226
6
%
Not Rated (b)
—
—
16
7
43
—
12
2
47
8
—
15
23
20
2
195
6
%
Total
$
840
$
436
$
261
$
252
$
227
$
219
$
204
$
170
$
148
$
136
$
134
$
128
$
115
$
98
$
157
$
3,525
100
%
Fair Value By Industry
NAIC designation
Asset
Managers
Banking
Technology
Insurance
Other
Financials
Utilities
Consumer
Autos
Healthcare
REITs
Basic
Industry
Retailers
Capital
Goods
Media
Other
Total
% Total
1
$
45
$
183
$
61
$
191
$
113
$
127
$
94
$
95
$
46
$
47
$
11
$
27
$
40
$
3
$
36
$
1,119
32
%
2
763
239
168
50
83
90
71
66
43
75
107
37
47
44
105
1,988
57
%
Subtotal
808
422
229
241
196
217
165
161
89
122
118
64
87
47
141
3,107
89
%
3
24
6
8
1
4
—
27
5
6
6
8
36
2
30
9
172
5
%
4
4
2
12
—
—
—
6
2
24
—
4
—
4
—
1
59
2
%
5
—
—
7
—
24
—
2
—
28
8
1
15
21
20
1
127
4
%
6
—
—
—
—
2
—
1
—
—
—
—
12
—
—
1
16
0
%
Subtotal
28
8
27
1
30
—
36
7
58
14
13
63
27
50
12
374
11
%
Total insurance companies
$
836
$
430
$
256
$
242
$
226
$
217
$
201
$
168
$
147
$
136
$
131
$
127
$
114
$
97
$
153
$
3,481
100
%
No NAIC designation (c)
—
—
—
7
1
—
—
—
—
—
—
—
—
—
—
8
Non-Insurance and Foreign Companies
4
6
5
3
—
2
3
2
1
—
3
1
1
1
4
36
Total
$
840
$
436
$
261
$
252
$
227
$
219
$
204
$
170
$
148
$
136
$
134
$
128
$
115
$
98
$
157
$
3,525
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
9% of not rated securities are NAIC 1, 12% NAIC 2, 15% NAIC 4 and 57% NAIC 5.
(c)
Surplus notes that are classified as other invested assets for STAT.
Page 22
Appendix E
American Financial Group,
Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
3/31/2025
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Commercial
Real Estate
TruPS
Triple Net
Lease
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
233
$
80
$
198
$
—
$
7
$
—
$
123
$
69
$
99
$
809
34
%
AA
76
—
149
15
29
3
20
—
—
20
312
13
%
A
10
—
3
17
162
141
69
—
—
264
666
28
%
BBB
430
—
—
—
6
21
1
—
—
65
523
22
%
Subtotal
516
233
232
230
197
172
90
123
69
448
2,310
97
%
BB
—
—
—
—
—
4
1
—
—
1
6
0
%
B
—
—
—
—
—
1
1
—
—
—
2
0
%
CCC, CC, C
—
—
—
—
—
2
—
—
—
—
2
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
—
7
2
—
—
1
10
0
%
Not Rated (b)
—
—
—
—
—
3
33
—
—
25
61
3
%
Total
$
516
$
233
$
232
$
230
$
197
$
182
$
125
$
123
$
69
$
474
$
2,381
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Commercial
Real Estate
TruPS
Triple Net
Lease
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
1
$
86
$
218
$
229
$
227
$
188
$
149
$
122
$
120
$
67
$
381
$
1,787
77
%
2
419
—
—
—
6
21
1
—
—
64
511
22
%
Subtotal
505
218
229
227
194
170
123
120
67
445
2,298
99
%
3
—
—
—
—
—
3
2
—
—
—
5
1
%
4
—
—
—
—
—
1
—
—
—
—
1
0
%
5
—
—
—
—
—
3
—
—
—
—
3
0
%
6
—
—
—
—
—
2
—
—
—
—
2
0
%
Subtotal
—
—
—
—
—
9
2
—
—
—
11
1
%
Total insurance companies
$
505
$
218
$
229
$
227
$
194
$
179
$
125
$
120
$
67
$
445
$
2,309
100
%
No NAIC designation
—
—
—
—
—
—
—
—
—
25
25
Non-Insurance and Foreign Companies
11
15
3
3
3
3
—
3
2
4
47
Total
$
516
$
233
$
232
$
230
$
197
$
182
$
125
$
123
$
69
$
474
$
2,381
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
54% of not rated securities are NAIC 1 and 41% do not have a designation.
Page 23
Appendix F
American Financial Group,
Inc.
Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
12/31/2024
($ in millions)
Fair Value By Collateral Type
Credit Rating (a)
Whole
Business
Commercial
Real Estate
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
Investment Grade
AAA
$
—
$
258
$
191
$
46
$
—
$
7
$
17
$
125
$
69
$
104
$
817
35
%
AA
75
—
14
130
25
4
25
—
—
21
294
12
%
A
10
—
17
18
156
118
65
—
—
264
648
28
%
BBB
427
—
—
—
6
21
1
—
—
64
519
22
%
Subtotal
512
258
222
194
187
150
108
125
69
453
2,278
97
%
BB
—
—
—
—
—
5
1
—
—
1
7
0
%
B
—
—
—
—
—
2
—
—
—
—
2
0
%
CCC, CC, C
—
—
—
—
—
3
—
—
—
—
3
0
%
D
—
—
—
—
—
—
—
—
—
—
—
0
%
Subtotal
—
—
—
—
—
10
1
—
—
1
12
0
%
Not Rated (b)
—
—
—
—
—
2
33
—
—
31
66
3
%
Total
$
512
$
258
$
222
$
194
$
187
$
162
$
142
$
125
$
69
$
485
$
2,356
100
%
Fair Value By Collateral Type
NAIC designation
Whole
Business
Commercial
Real Estate
Triple Net
Lease
TruPS
Railcar
Aircraft
Secured
Financing
Single
Family
Rental
Auto
Other
Total
% Total
1
$
85
$
240
$
219
$
191
$
179
$
127
$
139
$
121
$
67
$
391
$
1,759
77
%
2
416
—
—
—
6
21
1
—
—
64
508
22
%
Subtotal
501
240
219
191
185
148
140
121
67
455
2,267
99
%
3
—
—
—
—
—
4
2
—
—
1
7
1
%
4
—
—
—
—
—
2
—
—
—
—
2
0
%
5
—
—
—
—
—
3
—
—
—
1
4
0
%
6
—
—
—
—
—
2
—
—
—
—
2
0
%
Subtotal
—
—
—
—
—
11
2
—
—
2
15
1
%
Total insurance companies
$
501
$
240
$
219
$
191
$
185
$
159
$
142
$
121
$
67
$
457
$
2,282
100
%
No NAIC designation
—
—
—
—
—
—
—
—
—
25
25
Non-Insurance and Foreign Companies
11
18
3
3
2
3
—
4
2
3
49
Total
$
512
$
258
$
222
$
194
$
187
$
162
$
142
$
125
$
69
$
485
$
2,356
(a)
If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies
rate a security, the rating displayed is the second lowest.
(b)
57% of not rated securities are NAIC 1 and 38% do not have a designation.
Page 24
Appendix G
American Financial Group,
Inc.
Real Estate-Related Investments
3/31/2025
($ in millions)
Investments accounted for using equity method (Real
Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,254
88
%
92
%
97
%
Fund Investments
99
7
%
—
—
QOZ Fund - Development
27
2
%
—
—
Office
17
1
%
86
%
100
%
Marina
16
1
%
—
—
Hospitality
11
1
%
—
—
Land Development
5
0
%
—
—
Total
$
1,429
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
49
51
%
$
—
Marina
36
37
%
—
Office Building
10
10
%
—
Land
2
2
%
—
Total
$
97
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
605
73
%
66
%
Hospitality
121
15
%
49
%
Marina
52
6
%
52
%
Office
49
6
%
98
%
Total
$
827
100
%
64
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 3/31/25
(c)
Collections for January - March
Page 25
Appendix H
American Financial Group,
Inc.
Real Estate-Related Investments
12/31/2024
($ in millions)
Investments accounted for using equity method (Real
Estate Funds/Investments) (a)
Investment Type
Book Value
% of
Book Value
Occupancy (b)
Collection Rate (c)
Multi-family
$
1,222
88
%
92
%
97
%
Fund Investments
93
7
%
—
—
QOZ Fund - Development
28
2
%
—
—
Office
17
1
%
91
%
100
%
Marina
16
1
%
—
—
Hospitality
10
1
%
—
—
Land Development
6
0
%
—
—
Total
$
1,392
100
%
Real Estate
Property Type
Book Value
% of
Book Value
Debt
Resort & Marina
$
50
52
%
$
—
Marina
35
37
%
—
Office Building
9
9
%
—
Land
2
2
%
—
Total
$
96
100
%
$
—
Mortgage Loans
Property Type
Book Value
% of
Book Value
Loan To
Value
Multifamily
$
568
72
%
65
%
Hospitality
122
15
%
49
%
Marina
52
7
%
52
%
Office
49
6
%
98
%
Total
$
791
100
%
64
%
Currently, no loans are receiving interest deferral through forbearance agreements.
(a)
Total investments accounted for using the equity method is $2.3 billion, the amounts presented in this
table only relate to real estate funds/investments.
(b)
Occupancy as of 12/31/24
(c)
Collections for October - December
Page 26
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Q1 earnings performance
“Net earnings were $154 million and core net operating earnings were $152 million for the first quarter of 2025.”
Theme · P&C underwriting results
“Underwriting profit was $94 million for the first quarter of 2025.”
Theme · Catastrophe losses impact
“Included in results above: Current accident year catastrophe losses: Catastrophe losses $72 million.”
Theme · Net written premium growth
“Property and Casualty net written premiums were $1,611 million.”
Theme · Combined ratio deterioration
“Combined ratio was 94.1% for the first quarter of 2025.”
Theme · Investment income contribution
“Net investment income was $170 million for the first quarter of 2025.”
Theme · Book value per share
“Book value per share, excluding AOCI was $54.63.”
Theme · Specialty segment results
“Underwriting profit - Specialty was $94 million for the first quarter of 2025.”
Theme · Prior year reserve development
“Prior year loss reserve development (favorable) / adverse $ (20) million.”
Theme · Investment portfolio composition
“Total cash and investments were $15,994 million at March 31, 2025.”
Source: SEC EDGAR · public domain · Highlights by Palanor