Long-Term Debt

12 Months Ended

Dec. 31, 2025

Long-term debt consisted of the following at December 31 (in millions):


	2025						2024
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	567	$	(1)	$	566	$	567	$	(1)	$	566
5.00% Senior Notes due September 2035	350		(6)		344		—		—		—
5.25% Senior Notes due April 2030	253		(3)		250		253		(4)		249
Other	3		—		3		3		—		3
	1,173		(10)		1,163		823		(5)		818

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(5)		195		200		(5)		195
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(18)		657		675		(18)		657
	$	1,848	$	(28)	$	1,820	$	1,498	$	(23)	$	1,475

At December 31, 2025, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2026 — none; 2027 — none; 2028 — none; 2029 — none; 2030 — $253 million and thereafter — $1.60 billion.

In September 2025, AFG issued $350 million in 5.00% Senior Notes due in 2035. The net proceeds of this offering were used for general corporate purposes.

During 2023, AFG repurchased $15 million principal amount of its 4.50% Senior Notes due in June 2047 for $13 million and $8 million principal amount of its 5.25% Senior Notes due in April 2030 for $8 million in open market transactions.

AFG can borrow up to $450 million under its revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at December 31, 2025 or December 31, 2024.

Cash interest payments on long-term debt were $74 million in each of 2025, 2024 and 2023.