AMERICAN FINANCIAL GROUP INC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Condensed Parent Only Cash Flows
AFG’s parent holding company only condensed cash flows from operating, investing and financing activities are shown below (in millions):
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net cash provided by operating activities | $582 | $712 | $719 |
| Net cash provided by (used in) investing activities | (182) | 72 | 225 |
| Net cash used in financing activities | (348) | (769) | (901) |
| Net change in cash and cash equivalents | $52 | $15 | $43 |
Parent Net Cash Provided by Operating Activities Parent holding company cash flows from operating activities consist primarily of dividends and tax payments received from AFG’s insurance subsidiaries, reduced by tax payments to the IRS and holding company interest and other expenses. Parent holding company net cash provided by operating activities was $582 million in 2025 compared to $712 million in 2024 and $719 million in 2023. The decrease in net cash provided by operating activities in 2025 compared to 2024 and 2023 was due primarily to lower cash dividends received from subsidiaries.
Parent Net Cash Provided by (Used in) Investing Activities Parent holding company investing activities consist of capital contributions to and returns of capital from subsidiaries and parent company investment activity. Parent holding company net cash used in investing activities was $182 million in 2025 compared to net cash provided by investing activities of $72 million in 2024 and $225 million in 2023. The $254 million increase in net cash used in investing activities reflects the investment of cash in fixed maturity securities and lower maturities and redemptions of investments in 2025 compared to 2024. The $153 million decrease in net cash provided by investing activities in 2024 compared to 2023 was due primarily to lower balances of invested assets.
Parent Net Cash Used in Financing Activities Parent company financing activities consist primarily of the issuance and retirement of long-term debt, repurchases of AFG Common Stock and dividends to shareholders. Significant long-term debt and Common Stock transactions are discussed above under“Parent Holding Company Liquidity.” Parent holding company net cash used in financing activities was $348 million in 2025 compared to $769 million in 2024 and $901 million in 2023. The $421 million decrease in net cash used in financing activities in 2025 compared to 2024 reflects $344 million in net proceeds from AFG’s issuance of $350 million in 5.00% Senior Notes in September 2025 and lower dividends paid to shareholders (due primarily to special dividends of $4.00 per share in 2025 compared to special dividends of $6.50 per share in 2024), partially offset by $99 million in repurchases of Common Stock in 2025 compared to no repurchases in 2024. The $132 million decrease in net cash used in financing activities in 2024 compared to 2023 reflects no repurchases of Common Stock in 2024 compared to repurchases of Common Stock of $213 million in 2023, partially offset by higher dividends paid to shareholders (due primarily to special dividends of $6.50 per share in 2024 compared to special dividends of $5.50 per share in 2023).
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