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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings before income taxes (“EBT”) | $ | 229 |  |  |  |  | $ | 271 |  |  |  |  | $ | 426 |  |  |  |  | $ | 575 |  |  |
Income taxes at statutory rate | $ | 48 |  |  | 21 | % |  | $ | 57 |  |  | 21 | % |  | $ | 89 |  |  | 21 | % |  | $ | 121 |  |  | 21 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee stock ownership plan dividend paid deduction | — |  |  | — | % |  | — |  |  | — | % |  | (2) |  |  | (1 | %) |  | (2) |  |  | — | %
Tax exempt interest | (1) |  |  | — | % |  | (1) |  |  | — | % |  | (2) |  |  | (1 | %) |  | (2) |  |  | (1 | %)
Stock-based compensation | — |  |  | — | % |  | — |  |  | — | % |  | (1) |  |  | — | % |  | (2) |  |  | — | %
Dividends received deduction | (1) |  |  | — | % |  | (1) |  |  | — | % |  | (1) |  |  | — | % |  | (1) |  |  | — | %
Nondeductible expenses | 3 |  |  | 1 | % |  | 2 |  |  | 1 | % |  | 6 |  |  | 1 | % |  | 4 |  |  | 1 | %
Adjustment related to sale of subsidiary | 7 |  |  | 3 | % |  | 4 |  |  | 1 | % |  | 7 |  |  | 2 | % |  | 4 |  |  | 1 | %
Foreign operations | 1 |  |  | — | % |  | — |  |  | — | % |  | 3 |  |  | 1 | % |  | — |  |  | — | %
Other | (2) |  |  | (1 | %) |  | 1 |  |  | — | % |  | (1) |  |  | — | % |  | 2 |  |  | — | %
Provision for income taxes as shown in the statement of earnings | $ | 55 |  |  | 24 | % |  | $ | 62 |  |  | 23 | % |  | $ | 98 |  |  | 23 | % |  | $ | 124 |  |  | 22 | %
In the second quarter of 2025, AFG recorded $7 million in net tax expense related to a pending state income tax examination regarding the sale of a subsidiary in a prior year. In the second quarter of 2024, AFG recorded $4 million in net tax expense related to a pending IRS settlement regarding the sale of a different subsidiary in a prior year. The One Big Beautiful Bill Act (enacted on July 4, 2025), among other things, extends many of the federal tax provisions of the 2017 Tax Cuts and Jobs Act and contains provisions that will accelerate the timing of certain tax deductions beginning in 2025 with an offsetting impact to deferred taxes and no impact on total income tax expense. While management is still evaluating the full impact of the bill, there was no impact on AFG’s financial statements at June 30, 2025 and the tax provisions of the bill are not expected to be material to AFG’s results of operations in future periods.

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