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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)

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