AMERICAN FINANCIAL GROUP INC

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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FY2025 · Filed Feb 25, 2026

AFG$154.55-1.2%Stored close · as of Nov 6, 2026

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Contents

Segmented Statement of Earnings

AFG reports its operations as two segments: (i) Property and casualty insurance (“P&C”) and (ii) Other, which includes holding company costs and income and expenses related to the managed investment entities (“MIEs”).

AFG’s net earnings, determined in accordance with GAAP, include certain items that may not be indicative of its ongoing core operations. The following tables for the three months ended December 31, 2025 and 2024 identify such items by segment and reconcile net earnings to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends (in millions):

	Other
	P&C	Consol. MIEs	Holding Co., other and unallocated	Total	Non-core reclass	GAAP Total
Revenues:
Net earned premiums	$1,806	$—	$—	$1,806	$—	$1,806
Net investment income	171	5	7	183	—	183
Realized gains (losses) on securities	—	—	—	—	(7)	(7)
Income of MIEs:
Investment income	—	69	—	69	—	69
Gain (loss) on change in fair value of assets/liabilities	—	(19)	—	(19)	—	(19)
Other income	3	(3)	31	31	—	31
Total revenues	1,980	52	38	2,070	(7)	2,063
Costs and Expenses:
Losses and loss adjustment expenses	1,061	—	—	1,061	—	1,061
Commissions and other underwriting expenses	461	—	5	466	—	466
Interest charges on borrowed money	—	—	23	23	—	23
Expenses of MIEs	—	52	—	52	—	52
Other expenses	18	—	64	82	—	82
Total costs and expenses	1,540	52	92	1,684	—	1,684
Earnings before income taxes	440	—	(54)	386	(7)	379
Provision for income taxes	92	—	(11)	81	(1)	80
Core Net Operating Earnings	348	—	(43)	305
Non-core earnings (loss) (*):
Realized gains (losses) on securities, net of tax	—	—	(6)	(6)	6	—
Net Earnings	$348	$—	$(49)	$299	$—	$299

	Other
	P&C	Consol. MIEs	Holding Co., other and unallocated	Total	Non-core reclass	GAAP Total
Revenues:
Net earned premiums	$1,850	$—	$—	$1,850	$—	$1,850
Net investment income	195	(8)	7	194	—	194
Realized gains (losses) on securities	—	—	—	—	(10)	(10)
Income of MIEs:
Investment income	—	84	—	84	—	84
Gain (loss) on change in fair value of assets/liabilities	—	(1)	—	(1)	—	(1)
Other income	2	(4)	34	32	—	32
Total revenues	2,047	71	41	2,159	(10)	2,149
Costs and Expenses:
Losses and loss adjustment expenses	1,181	—	—	1,181	—	1,181
Commissions and other underwriting expenses	467	—	13	480	—	480
Interest charges on borrowed money	—	—	19	19	—	19
Expenses of MIEs	—	71	—	71	—	71
Other expenses	21	—	57	78	—	78
Total costs and expenses	1,669	71	89	1,829	—	1,829
Earnings before income taxes	378	—	(48)	330	(10)	320
Provision for income taxes	81	—	(13)	68	(3)	65
Core Net Operating Earnings	297	—	(35)	262
Non-core earnings (loss) (*):
Realized gains (losses) on securities, net of tax	—	—	(7)	(7)	7	—
Net Earnings	$297	$—	$(42)	$255	$—	$255

(*)See the reconciliation of core earnings to GAAP net earnings under “Results of Operations — General” for details on the tax impacts of these reconciling items.

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