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Long-Term Debt | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in millions):
| March 31, 2026 |  | December 31, 2025
| 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 |  |  | 350 |  |  | (6) |  |  | 344 |
5.25% Senior Notes due April 2030 | 253 |  |  | (3) |  |  | 250 |  |  | 253 |  |  | (3) |  |  | 250 |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 1,173 |  |  | (10) |  |  | 1,163 |  |  | 1,173 |  |  | (10) |  |  | 1,163 |
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 |  |  | $ | 1,848 |  |  | $ | (28) |  |  | $ | 1,820 |
Scheduled principal payments on debt for the balance of 2026, the subsequent five years and thereafter are as follows: 2026 — none; 2027 — none; 2028 — none; 2029 — none; 2030 — $253 million; 2031 — none and thereafter — $1.60 billion. 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 March 31, 2026 or December 31, 2025.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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