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Condensed Financial Information of Parent Company
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company
AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
(In Millions)


Condensed Balance Sheet
 December 31,
 20252024
Assets:
Cash and cash equivalents$335 $283 
Investment in securities128 42 
Investment in subsidiaries (*)6,203 5,681 
Real estate and other investments66 64 
Other assets256 219 
Total assets$6,988 $6,289 
Liabilities and Equity:
Long-term debt$1,820 $1,475 
Other liabilities348 348 
Shareholders’ equity4,820 4,466 
Total liabilities and equity$6,988 $6,289 


Condensed Statement of Earnings
Year ended December 31,
202520242023
Revenues:
Dividends from subsidiaries$731 $841 $903 
Equity in undistributed earnings of subsidiaries534 454 308 
Investment and other income23 28 60 
Total revenues1,288 1,323 1,271 
Costs and Expenses:
Interest charges on intercompany borrowings7 8 8 
Interest charges on other borrowings80 76 76 
Other expenses128 115 114 
Total costs and expenses215 199 198 
Earnings before income taxes1,073 1,124 1,073 
Provision for income taxes231 237 221 
Net Earnings
$842 $887 $852 


Condensed Statement of Comprehensive Income
Year ended December 31,
202520242023
Net earnings
$842 $887 $852 
Other comprehensive income, net of tax
190 79 224 
Total comprehensive income, net of tax
$1,032 $966 $1,076 

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(*)Investment in subsidiaries includes intercompany receivables and payables.
Condensed Statement of Cash Flows
Year ended December 31,
202520242023
Operating Activities:
Net earnings
$842 $887 $852 
Adjustments:
Equity in net earnings of subsidiaries(1,008)(1,030)(967)
Dividends from subsidiaries699 812 896 
Other operating activities, net49 43 (62)
Net cash provided by operating activities
582 712 719 
Investing Activities:
Capital contributions to subsidiaries(40)(36)(180)
Returns of capital from subsidiaries4 30 7 
Purchases of investments, property and equipment
(169)(55)(35)
Proceeds from:
Maturities and redemptions of investments23 129 255 
Sales of investments, property and equipment— 4 178 
Net cash provided by (used in) investing activities
(182)72 225 
Financing Activities:
Additional long-term borrowings344 — — 
Reductions of long-term debt— — (21)
Issuances of Common Stock13 19 17 
Repurchases of Common Stock(99)— (213)
Cash dividends paid on Common Stock(606)(788)(684)
Net cash used in financing activities
(348)(769)(901)
Net Change in Cash and Cash Equivalents52 15 43 
Cash and cash equivalents at beginning of year283 268 225 
Cash and cash equivalents at end of year$335 $283 $268