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v3.26.1

Income Taxes | 3 Months Ended
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Mar. 31, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):
|  |  | Three months ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  |  |  |  |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings before income taxes (“EBT”) |  |  |  |  |  |  |  |  | $ | 239 |  |  |  |  | $ | 197 |  |  |
Income taxes at statutory rate |  |  |  |  |  |  |  |  | $ | 50 |  |  | 21 | % |  | $ | 41 |  |  | 21 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax effect (*) |  |  |  |  |  |  |  |  | 3 |  |  | 1 | % |  | 3 |  |  | 2 | %
Income tax credits |  |  |  |  |  |  |  |  | (4) |  |  | (2 | %) |  | — |  |  | — | %
Impact of nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax preference investments |  |  |  |  |  |  |  |  | (1) |  |  | — | % |  | (1) |  |  | (1 | %)
Other |  |  |  |  |  |  |  |  | 1 |  |  | — | % |  | — |  |  | — | %
Other adjustments |  |  |  |  |  |  |  |  | (1) |  |  | — | % |  | — |  |  | — | %
Provision for income taxes as shown in the statement of earnings |  |  |  |  |  |  |  |  | $ | 48 |  |  | 20 | % |  | $ | 43 |  |  | 22 | %
(*)State taxes in Florida and Illinois represent the majority (greater than 50%) of the state and local net tax effect in the first three months of both 2026 and 2025.

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