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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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 years ended December 31, 2025, 2024 and 2023 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	$7,046	$—	$—	$7,046	$—	$7,046
Net investment income	725	(5)	25	745	—	745
Realized gains (losses) on:
Securities	—	—	—	—	10	10
Subsidiaries	—	—	—	—	1	1
Income of MIEs:
Investment income	—	283	—	283	—	283
Gain (loss) on change in fair value of assets/liabilities	—	(26)	—	(26)	—	(26)
Other income	12	(11)	114	115	—	115
Total revenues	7,783	241	139	8,163	11	8,174
Costs and Expenses:
Losses and loss adjustment expenses	4,388	—	—	4,388	—	4,388
Commissions and other underwriting expenses	2,029	—	30	2,059	—	2,059
Interest charges on borrowed money	—	—	80	80	—	80
Expenses of MIEs	—	241	—	241	—	241
Other expenses	79	—	229	308	25	333
Total costs and expenses	6,496	241	339	7,076	25	7,101
Earnings before income taxes	1,287	—	(200)	1,087	(14)	1,073
Provision for income taxes	264	—	(37)	227	4	231
Core Net Operating Earnings	1,023	—	(163)	860
Non-core earnings (loss) (*):
Realized gains (losses) on securities, net of tax	—	—	8	8	(8)	—
Realized gain on subsidiaries, net of tax	1	—	—	1	(1)	—
Special A&E charge, net of tax	—	—	(20)	(20)	20	—
Other	—	—	(7)	(7)	7	—
Net Earnings	$1,024	$—	$(182)	$842	$—	$842

	Other
	P&C	Consol. MIEs	Holding Co., other and unallocated	Total	Non-core reclass	GAAP Total
Revenues:
Net earned premiums	$7,036	$—	$—	$7,036	$—	$7,036
Net investment income	784	(33)	29	780	—	780
Realized gains (losses) on securities	—	—	—	—	—	—
Income of MIEs:
Investment income	—	380	—	380	—	380
Gain (loss) on change in fair value of assets/liabilities	—	4	—	4	—	4
Other income	8	(13)	129	124	—	124
Total revenues	7,828	338	158	8,324	—	8,324
Costs and Expenses:
Losses and loss adjustment expenses	4,455	—	5	4,460	—	4,460
Commissions and other underwriting expenses	1,961	—	46	2,007	—	2,007
Interest charges on borrowed money	—	—	76	76	—	76
Expenses of MIEs	—	338	—	338	—	338
Other expenses	84	—	221	305	14	319
Total costs and expenses	6,500	338	348	7,186	14	7,200
Earnings before income taxes	1,328	—	(190)	1,138	(14)	1,124
Provision for income taxes	279	—	(43)	236	1	237
Core Net Operating Earnings	1,049	—	(147)	902
Non-core earnings (loss) (*):
Realized gains (losses) on securities, net of tax	—	—	—	—	—	—
Special A&E charge, net of tax	—	—	(11)	(11)	11	—
Other	(4)	—	—	(4)	4	—
Net Earnings	$1,045	$—	$(158)	$887	$—	$887

	Other
	P&C	Consol. MIEs	Holding Co., other and unallocated	Total	Non-core reclass	GAAP Total
Revenues:
Net earned premiums	$6,531	$—	$—	$6,531	$—	$6,531
Net investment income	729	(27)	40	742	—	742
Realized gains (losses) on:
Securities	—	—	—	—	(36)	(36)
Subsidiary	—	—	—	—	(4)	(4)
Income of MIEs:
Investment income	—	421	—	421	—	421
Gain (loss) on change in fair value of assets/liabilities	—	27	—	27	—	27
Other income	16	(16)	146	146	—	146
Total revenues	7,276	405	186	7,867	(40)	7,827
Costs and Expenses:
Losses and loss adjustment expenses	4,017	—	16	4,033	—	4,033
Commissions and other underwriting expenses	1,883	—	52	1,935	—	1,935
Interest charges on borrowed money	—	—	76	76	—	76
Expenses of MIEs	—	405	—	405	—	405
Other expenses	72	—	219	291	14	305
Total costs and expenses	5,972	405	363	6,740	14	6,754
Earnings before income taxes	1,304	—	(177)	1,127	(54)	1,073
Provision for income taxes	265	—	(33)	232	(11)	221
Core Net Operating Earnings	1,039	—	(144)	895
Non-core earnings (loss) (*):
Realized gains (losses) on securities, net of tax	—	—	(28)	(28)	28	—
Realized loss on subsidiary	(4)	—	—	(4)	4	—
Special A&E charge, net of tax	—	—	(12)	(12)	12	—
Gain on retirement of debt, net of tax	—	—	1	1	(1)	—
Net Earnings	$1,035	$—	$(183)	$852	$—	$852

(*)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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