XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.25.3

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Available for sale fixed maturities | Available for sale fixed maturities at September 30, 2025 and December 31, 2024, consisted of the following (in millions):
| Amortized Cost |  | Allowance for Expected Credit Losses |  | Gross Unrealized |  | Net Unrealized |  | Fair Value
Gains |  | Losses
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies | $ | 170 |  |  | $ | — |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 170 |
States, municipalities and political subdivisions | 877 |  |  | — |  |  | 8 |  |  | (32) |  |  | (24) |  |  | 853 |
Foreign government | 249 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | 253 |
Residential MBS | 2,388 |  |  | 1 |  |  | 37 |  |  | (113) |  |  | (76) |  |  | 2,311 |
Collateralized loan obligations | 1,106 |  |  | 5 |  |  | 4 |  |  | (5) |  |  | (1) |  |  | 1,100 |
Other asset-backed securities | 2,425 |  |  | 5 |  |  | 27 |  |  | (44) |  |  | (17) |  |  | 2,403 |
Corporate and other | 3,373 |  |  | 5 |  |  | 86 |  |  | (26) |  |  | 60 |  |  | 3,428 |
Total fixed maturities | $ | 10,588 |  |  | $ | 16 |  |  | $ | 167 |  |  | $ | (221) |  |  | $ | (54) |  |  | $ | 10,518 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies | $ | 176 |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | (3) |  |  | $ | 173 |
States, municipalities and political subdivisions | 905 |  |  | — |  |  | 3 |  |  | (49) |  |  | (46) |  |  | 859 |
Foreign government | 236 |  |  | — |  |  | 2 |  |  | (1) |  |  | 1 |  |  | 237 |
Residential MBS | 2,122 |  |  | 1 |  |  | 22 |  |  | (154) |  |  | (132) |  |  | 1,989 |
Collateralized loan obligations | 1,243 |  |  | 4 |  |  | 10 |  |  | (12) |  |  | (2) |  |  | 1,237 |
Other asset-backed securities | 2,463 |  |  | 6 |  |  | 19 |  |  | (69) |  |  | (50) |  |  | 2,407 |
Corporate and other | 3,542 |  |  | 23 |  |  | 42 |  |  | (65) |  |  | (23) |  |  | 3,496 |
Total fixed maturities | $ | 10,687 |  |  | $ | 34 |  |  | $ | 98 |  |  | $ | (353) |  |  | $ | (255) |  |  | $ | 10,398 |
Equity securities reported at fair value | Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2025 and December 31, 2024 (in millions):
| September 30, 2025 |  | December 31, 2024
| Actual Cost |  | Fair Value |  | Fair Value Over Cost |  | Actual Cost |  | Fair Value |  | Fair Value Over Cost
Common stocks | $ | 323 |  |  | $ | 384 |  |  | $ | 61 |  |  | $ | 304 |  |  | $ | 336 |  |  | $ | 32 |
Perpetual preferred stocks | 391 |  |  | 416 |  |  | 25 |  |  | 380 |  |  | 415 |  |  | 35 |
Total equity securities carried at fair value | $ | 714 |  |  | $ | 800 |  |  | $ | 86 |  |  | $ | 684 |  |  | $ | 751 |  |  | $ | 67 |
Investments accounted for using the equity method | The following table summarizes investments accounted for using the equity method, by strategy (in millions):
|  |  |  |  | Net Investment Income
| Carrying Value |  | Three months ended September 30, |  | Nine months ended September 30,
| September 30, 2025 |  | December 31, 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Real estate-related investments (*) | $ | 1,422 |  |  | $ | 1,392 |  |  | $ | 12 |  |  | $ | 10 |  |  | $ | 13 |  |  | $ | 15 |
Private equity | 870 |  |  | 804 |  |  | 13 |  |  | (5) |  |  | 14 |  |  | 26 |
Private debt | 91 |  |  | 81 |  |  | 2 |  |  | 1 |  |  | 7 |  |  | 4 |
Total investments accounted for using the equity method | $ | 2,383 |  |  | $ | 2,277 |  |  | $ | 27 |  |  | $ | 6 |  |  | $ | 34 |  |  | $ | 45 |
(*)88% of the carrying value relates to underlying investments in multi-family properties as of September 30, 2025 and December 31, 2024.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position | The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates.
| Less Than Twelve Months |  | Twelve Months or More
Unrealized Loss |  | Fair Value |  | Fair Value as % of Cost |  | Unrealized Loss |  | Fair Value |  | Fair Value as % of Cost
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies | $ | — |  |  | $ | 8 |  |  | 100 | % |  | $ | (1) |  |  | $ | 66 |  |  | 99 | %
States, municipalities and political subdivisions | (2) |  |  | 86 |  |  | 98 | % |  | (30) |  |  | 429 |  |  | 93 | %
Foreign government | — |  |  | 8 |  |  | 100 | % |  | — |  |  | 42 |  |  | 100 | %
Residential MBS | (1) |  |  | 145 |  |  | 99 | % |  | (112) |  |  | 935 |  |  | 89 | %
Collateralized loan obligations | — |  |  | 25 |  |  | 100 | % |  | (5) |  |  | 178 |  |  | 97 | %
Other asset-backed securities | (1) |  |  | 161 |  |  | 99 | % |  | (43) |  |  | 891 |  |  | 95 | %
Corporate and other | (1) |  |  | 121 |  |  | 99 | % |  | (25) |  |  | 872 |  |  | 97 | %
Total fixed maturities | $ | (5) |  |  | $ | 554 |  |  | 99 | % |  | $ | (216) |  |  | $ | 3,413 |  |  | 94 | %
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies | $ | — |  |  | $ | 35 |  |  | 100 | % |  | $ | (3) |  |  | $ | 105 |  |  | 97 | %
States, municipalities and political subdivisions | (5) |  |  | 256 |  |  | 98 | % |  | (44) |  |  | 470 |  |  | 91 | %
Foreign government | — |  |  | 98 |  |  | 100 | % |  | (1) |  |  | 50 |  |  | 98 | %
Residential MBS | (6) |  |  | 452 |  |  | 99 | % |  | (148) |  |  | 916 |  |  | 86 | %
Collateralized loan obligations | — |  |  | — |  |  | — | % |  | (12) |  |  | 247 |  |  | 95 | %
Other asset-backed securities | (4) |  |  | 332 |  |  | 99 | % |  | (65) |  |  | 1,217 |  |  | 95 | %
Corporate and other | (10) |  |  | 605 |  |  | 98 | % |  | (55) |  |  | 1,151 |  |  | 95 | %
Total fixed maturities | $ | (25) |  |  | $ | 1,778 |  |  | 99 | % |  | $ | (328) |  |  | $ | 4,156 |  |  | 93 | %
Roll forward of allowance for credit losses on fixed maturity securities | A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions):
| Structured Securities (*) |  | Corporate and Other |  | Total
Balance at June 30, 2025 | $ | 10 |  |  | $ | 5 |  |  | $ | 15 |
Provision for expected credit losses on securities with no previous allowance | — |  |  | — |  |  | — |
Additions to previously recognized expected credit losses | 1 |  |  | — |  |  | 1 |
Reductions due to sales or redemptions | — |  |  | — |  |  | — |
Balance at September 30, 2025 | $ | 11 |  |  | $ | 5 |  |  | $ | 16 |
Balance at June 30, 2024 | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Provision for expected credit losses on securities with no previous allowance | — |  |  | 15 |  |  | 15 |
Additions to previously recognized expected credit losses | — |  |  | — |  |  | — |
Reductions due to sales or redemptions | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | 10 |  |  | $ | 15 |  |  | $ | 25 |
Balance at December 31, 2024 | $ | 11 |  |  | $ | 23 |  |  | $ | 34 |
Provision for expected credit losses on securities with no previous allowance | — |  |  | 3 |  |  | 3 |
Additions to previously recognized expected credit losses | — |  |  | 5 |  |  | 5 |
Reductions due to sales or redemptions | — |  |  | (26) |  |  | (26) |
Balance at September 30, 2025 | $ | 11 |  |  | $ | 5 |  |  | $ | 16 |
Balance at December 31, 2023 | $ | 9 |  |  | $ | 3 |  |  | $ | 12 |
Provision for expected credit losses on securities with no previous allowance | 1 |  |  | 15 |  |  | 16 |
Additions to previously recognized expected credit losses | 1 |  |  | — |  |  | 1 |
Reductions due to sales or redemptions | (1) |  |  | (3) |  |  | (4) |
Balance at September 30, 2024 | $ | 10 |  |  | $ | 15 |  |  | $ | 25 |
(*)Includes residential MBS, CLOs and other asset-backed securities (“ABS”).
Available for sale fixed maturity securities by contractual maturity date | The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of September 30, 2025 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.
| Amortized |  | Fair Value
Cost, net (*) |  | Amount |  | %
Maturity |  |  |  |  |
One year or less | $ | 759 |  |  | $ | 751 |  |  | 7 | %
After one year through five years | 2,349 |  |  | 2,369 |  |  | 23 | %
After five years through ten years | 1,325 |  |  | 1,364 |  |  | 13 | %
After ten years | 231 |  |  | 220 |  |  | 2 | %
| 4,664 |  |  | 4,704 |  |  | 45 | %
CLOs and other ABS (average life of approximately 3 years) | 3,521 |  |  | 3,503 |  |  | 33 | %
Residential MBS (average life of approximately 6 years) | 2,387 |  |  | 2,311 |  |  | 22 | %
Total | $ | 10,572 |  |  | $ | 10,518 |  |  | 100 | %
(*)Amortized cost, net of allowance for expected credit losses.
Net investment income earned and investment expenses incurred | The following table shows investment income earned and investment expenses incurred (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Investment income: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Interest and amortization | $ | 148 |  |  | $ | 136 |  |  | $ | 429 |  |  | $ | 406 |
Change in fair value (*) | 4 |  |  | 7 |  |  | 6 |  |  | 7 |
Equity securities: |  |  |  |  |  |  |
Dividends | 6 |  |  | 6 |  |  | 27 |  |  | 20 |
Change in fair value | (6) |  |  | 20 |  |  | (2) |  |  | 45 |
Equity in earnings of partnerships and similar investments | 27 |  |  | 6 |  |  | 34 |  |  | 45 |
Cash and cash equivalents | 14 |  |  | 16 |  |  | 37 |  |  | 40 |
Other | 18 |  |  | 15 |  |  | 50 |  |  | 40 |
Gross investment income | 211 |  |  | 206 |  |  | 581 |  |  | 603 |
Investment expenses | (6) |  |  | (6) |  |  | (19) |  |  | (17) |
Net investment income | $ | 205 |  |  | $ | 200 |  |  | $ | 562 |  |  | $ | 586 |
(*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments | Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):
| Three months ended September 30, 2025 |  | Three months ended September 30, 2024
| Realized gains (losses) |  |  |  | Realized gains (losses) |  |
| Before Impairments |  | Impairment Allowance |  | Total |  | Change in Unrealized |  | Before Impairments |  | Impairment Allowance |  | Total |  | Change in Unrealized
Fixed maturities | $ | — |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 74 |  |  | $ | 3 |  |  | $ | (15) |  |  | $ | (12) |  |  | $ | 241 |
Equity securities | 13 |  |  | — |  |  | 13 |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Mortgage loans and other investments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total pretax | 13 |  |  | (1) |  |  | 12 |  |  | 74 |  |  | 13 |  |  | (15) |  |  | (2) |  |  | 241 |
Tax effects | (3) |  |  | 1 |  |  | (2) |  |  | (16) |  |  | (3) |  |  | 3 |  |  | — |  |  | (51) |
Net of tax | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 58 |  |  | $ | 10 |  |  | $ | (12) |  |  | $ | (2) |  |  | $ | 190 |
| Nine months ended September 30, 2025 |  | Nine months ended September 30, 2024
| Realized gains (losses) |  |  |  | Realized gains (losses) |  |
| Before Impairments |  | Impairment Allowance |  | Total |  | Change in Unrealized |  | Before Impairments |  | Impairment Allowance |  | Total |  | Change in Unrealized
Fixed maturities | $ | (7) |  |  | $ | (8) |  |  | $ | (15) |  |  | $ | 201 |  |  | $ | (2) |  |  | $ | (17) |  |  | $ | (19) |  |  | $ | 237 |
Equity securities | 32 |  |  | — |  |  | 32 |  |  | — |  |  | 29 |  |  | — |  |  | 29 |  |  | — |
Mortgage loans and other investments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total pretax | 25 |  |  | (8) |  |  | 17 |  |  | 201 |  |  | 27 |  |  | (17) |  |  | 10 |  |  | 237 |
Tax effects | (5) |  |  | 2 |  |  | (3) |  |  | (42) |  |  | (6) |  |  | 3 |  |  | (3) |  |  | (50) |
Net of tax | $ | 20 |  |  | $ | (6) |  |  | $ | 14 |  |  | $ | 159 |  |  | $ | 21 |  |  | $ | (14) |  |  | $ | 7 |  |  | $ | 187 |
Holding gains (losses) on equity securities still held | AFG recorded net holding gains (losses) on equity securities during the third quarter and first nine months of 2025 and 2024 on securities that were still owned at September 30, 2025 and September 30, 2024 as follows (in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Included in realized gains (losses) | $ | 7 |  |  | $ | 10 |  |  | $ | 24 |  |  | $ | 25 |
Included in net investment income | (5) |  |  | 20 |  |  | (2) |  |  | 45 |
| $ | 2 |  |  | $ | 30 |  |  | $ | 22 |  |  | $ | 70 |
Gross realized gains and losses on available for sale fixed maturity and equity security investments | Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions):
| Nine months ended September 30,
2025 |  | 2024
Gross gains | $ | 4 |  |  | $ | 1 |
Gross losses | (13) |  |  | (5) |

X
- Definition Tabular disclosure of holding gains (losses) on equity securities still held. + References No definition available. + Details
Name: | afg_HoldingGainsLossesonEquitySecuritiesStillHeldTableTextBlock
Namespace Prefix: | afg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments. + References No definition available. + Details
Name: | afg_RealizedGainsLossesAndChangesInUnrealizedAppreciationDepreciationRelatedToFixedMaturityAndEquitySecurityInvestmentsTableTextBlock
Namespace Prefix: | afg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-9 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration