XML 30 R18.htm IDEA: XBRL DOCUMENT v3.26.1
Income Taxes
 3 Months Ended
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,
20262025
Amount% of EBTAmount% 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%)
Other1 —%— —%
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.