Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill are presented in the following table (in millions):


Balance at December 31, 2023 and 2024	$	305
Purchase of Radion	22
Balance at December 31, 2025	$	327

AFG recorded a goodwill impairment charge of $26 million in 2023 related to its investment in Verikai (included in the property and casualty insurance segment). The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note D — “Fair Value Measurements”) are included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings.

Included in other assets in AFG’s Balance Sheet is $189 million at December 31, 2025 and $203 million at December 31, 2024 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $75 million and $59 million, respectively. Amortization of intangibles was $20 million in both 2025 and 2024 and $15 million in 2023. In 2025, AFG wrote off $2 million of amortizable intangible assets that became obsolete in connection with certain changes in AFG’s business (included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings).

Future amortization of intangibles (weighted average amortization period of 5 years) is estimated to be $20 million per year in 2026, $22 million in 2027, $19 million in 2028, $18 million in 2029, $17 million in 2030 and $93 million thereafter.