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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2021
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____ to ____

Commission File No. 1-13653

https://cdn.kscope.io/88539b2808e913d8405958081ee9c505-afg-20210930_g1.jpg
AMERICAN FINANCIAL GROUP, INC.
Incorporated under the Laws of Ohio                                                                IRS Employer I.D. No. 31-1544320
301 East Fourth Street, Cincinnati, Ohio 45202
(513) 579-2121
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes  No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                          Accelerated filer                           Non-accelerated filer  
Smaller reporting company                     Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockAFGNew York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059AFGBNew York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060AFGDNew York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059AFGCNew York Stock Exchange
4.50% Subordinated Debentures due September 15, 2060AFGENew York Stock Exchange
As of November 1, 2021, there were 84,807,882 shares of the Registrant’s Common Stock outstanding, excluding 14.9 million shares owned by subsidiaries.
____________________________________________________________________________________________


Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q
TABLE OF CONTENTS
 
Page


Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q
PART I
ITEM 1. — FINANCIAL STATEMENTS
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Dollars in Millions)
September 30,
2021
December 31,
2020
Assets:
Cash and cash equivalents$2,833 $1,665 
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,211 and $8,812; allowance for expected credit losses of $9 and $12)
10,427 9,084 
Fixed maturities, trading at fair value29 24 
Equity securities, at fair value993 889 
Investments accounted for using the equity method1,407 1,235 
Mortgage loans537 377 
Real estate and other investments161 220 
Total cash and investments16,387 13,494 
Recoverables from reinsurers3,523 3,288 
Prepaid reinsurance premiums1,028 768 
Agents’ balances and premiums receivable1,492 1,229 
Deferred policy acquisition costs262 244 
Assets of managed investment entities5,130 4,971 
Other receivables1,097 678 
Other assets847 977 
Goodwill176 176 
Assets of discontinued annuity operations 47,885 
Total assets$29,942 $73,710 
Liabilities and Equity:
Unpaid losses and loss adjustment expenses$10,991 $10,392 
Unearned premiums3,415 2,803 
Payable to reinsurers1,146 807 
Liabilities of managed investment entities5,034 4,914 
Long-term debt1,964 1,963 
Other liabilities2,152 1,584 
Liabilities of discontinued annuity operations 44,458 
Total liabilities24,702 66,921 
Shareholders’ equity:
Common Stock, no par value
       — 200,000,000 shares authorized
       — 84,795,008 and 86,345,246 shares outstanding
85 86 
Capital surplus1,315 1,281 
Retained earnings3,680 4,149 
Accumulated other comprehensive income, net of tax160 1,273 
Total shareholders’ equity5,240 6,789 
Noncontrolling interests  
Total equity5,240 6,789 
Total liabilities and equity$29,942 $73,710 
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AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
(In Millions, Except Per Share Data)
Three months ended September 30,Nine months ended September 30,
2021202020212020
Revenues:
Property and casualty insurance net earned premiums$1,529 $1,381 $3,952 $3,774 
Net investment income169 122 521 314 
Realized gains (losses) on:
Securities(17)23 103 (197)
Subsidiaries (30)4 (30)
Income of managed investment entities:
Investment income45 46 135 154 
Gain (loss) on change in fair value of assets/liabilities1 (5)9 (21)
Other income27 19 70 62 
Total revenues1,754 1,556 4,794 4,056 
Costs and Expenses:
Property and casualty insurance:
Losses and loss adjustment expenses954 963 2,335 2,441 
Commissions and other underwriting expenses417 406 1,187 1,235 
Interest charges on borrowed money24 24 71 64 
Expenses of managed investment entities37 34 115 129 
Other expenses55 89 196 192 
Total costs and expenses1,487 1,516 3,904 4,061 
Earnings (loss) from continuing operations before income taxes267 40 890 (5)
Provision (credit) for income taxes48 (48)164 (52)
Net earnings from continuing operations, including noncontrolling interests219 88 726 47 
Net earnings (loss) from discontinued operations 76 914 (20)
Net earnings, including noncontrolling interests219 164 1,640 27 
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests   (13)
Net Earnings Attributable to Shareholders$219 $164 $1,640 $40 
Earnings (Loss) Attributable to Shareholders per Basic Common Share from:
Continuing operations$2.57 $1.00 $8.52 $0.67 
Discontinued operations 0.86 10.72 (0.22)
Total basic earnings attributable to shareholders$2.57 $1.86 $19.24 $0.45 
Earnings (Loss) Attributable to Shareholders per Diluted Common Share:
Continuing operations$2.56 $1.00 $8.45 $0.66 
Discontinued operations 0.86 10.66 (0.21)
Total diluted earnings attributable to shareholders$2.56 $1.86 $19.11 $0.45 
Average number of Common Shares:
Basic84.8 88.2 85.2 89.4 
Diluted85.2 88.5 85.8 89.9 
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AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
(In Millions)
 
Three months ended September 30,Nine months ended September 30,
2021202020212020
Net earnings, including noncontrolling interests$219 $164 $1,640 $27 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period(29)194 (177)350 
Reclassification adjustment for realized (gains) losses included in net earnings2 (12)(16) 
Reclassification adjustment for unrealized gains of subsidiaries sold  (884) 
Total net unrealized gains (losses) on securities(27)182 (1,077)350 
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period 1 (1)49 
Reclassification adjustment for investment income included in net earnings (7)(11)(25)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold  (29) 
Total net unrealized gains (losses) on cash flow hedges (6)(41)24 
Foreign currency translation adjustments(3) (3)(6)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding losses on pension and OPRP arising during the period  (1) 
Reclassification adjustment for pension settlement loss included in net earnings  9  
Total pension and OPRP adjustments  8  
Other comprehensive income (loss), net of tax(30)176 (1,113)368 
Total comprehensive income, net of tax189 340 527 395 
Less: Comprehensive income (loss) attributable to noncontrolling interests   (11)
Comprehensive income attributable to shareholders$189 $340 $527 $406 
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AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
(Dollars in Millions)
 Shareholders’ Equity  
Accumulated
CommonCommon Stock
and Capital
RetainedOther 
Comprehensive
 NoncontrollingTotal
SharesSurplusEarningsIncomeTotalInterestsEquity
Balance at June 30, 202184,713,927 $1,388 $4,023 $190 $5,601 $ $5,601 
Net earnings— — 219 — 219  219 
Other comprehensive loss— — — (30)(30)— (30)
Dividends ($6.50 per share)
— — (551)— (551)— (551)
Shares issued:
Exercise of stock options153,842 6 — — 6 — 6 
Restricted stock awards — — — — — — 
Other benefit plans17,029 2 — — 2 — 2 
Dividend reinvestment plan6,272 1 — — 1 — 1 
Stock-based compensation expense
— 4 — — 4 — 4 
Shares acquired and retired(94,960)(1)(11)— (12)— (12)
Shares exchanged — benefit plans(562)  —  —  
Forfeitures of restricted stock
(540)— — — — — — 
Balance at September 30, 202184,795,008 $1,400 $3,680 $160 $5,240 $ $5,240 
Balance at June 30, 202088,659,407 $1,388 $3,685 $1,053 $6,126 $ $6,126 
Net earnings— — 164 — 164  164 
Other comprehensive income— — — 176 176 — 176 
Dividends ($0.45 per share)
— — (39)— (39)— (39)
Shares issued:
Exercise of stock options19,865 1 — — 1 — 1 
Restricted stock awards — — — — — — 
Other benefit plans38,822 2 — — 2 — 2 
Dividend reinvestment plan2,901 1 — — 1 — 1 
Stock-based compensation expense
— 5 — — 5 — 5 
Shares acquired and retired(1,447,588)(23)(73)— (96)— (96)
Shares exchanged — benefit plans(1,337)  —  —  
Forfeitures of restricted stock(5,488)  —  —  
Other (4) 4 —   
Balance at September 30, 202087,266,582 $1,370 $3,737 $1,233 $6,340 $ $6,340 

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AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) — CONTINUED
(Dollars in Millions)
 Shareholders’ Equity  Redeemable
CommonCommon Stock
and Capital
RetainedAccumulated
Other Comp.
 Noncon-
trolling
TotalNoncon-
trolling
SharesSurplusEarningsIncomeTotalInterestsEquityInterests
Balance at December 31, 202086,345,246 $1,367 $4,149 $1,273 $6,789 $ $6,789 
Net earnings— — 1,640 — 1,640  1,640 
Other comprehensive loss— — — (1,113)(1,113)— (1,113)
Dividends ($21.50 per share)
— — (1,826)— (1,826)— (1,826)
Shares issued:
Exercise of stock options1,118,586 55 — — 55 — 55 
Restricted stock awards207,020 — — — — — — 
Other benefit plans60,494 7 — — 7 — 7 
Dividend reinvestment plan42,926 5 — — 5 — 5 
Stock-based compensation expense
— 11 — — 11 — 11 
Shares acquired and retired(2,769,182)(44)(274)— (318)— (318)
Shares exchanged — benefit plans(91,926)(1)(9)— (10)— (10)
Forfeitures of restricted stock
(118,156)— — — — — — 
Balance at September 30, 202184,795,008 $1,400 $3,680 $160 $5,240 $ $5,240 
Balance at December 31, 201990,303,686 $1,397 $4,009 $863 $6,269 $ $6,269 $ 
Cumulative effect of accounting change— — 7 — 7 — 7 — 
Net earnings (loss)— — 40 — 40  40 (13)
Other comprehensive income— — — 366 366 — 366 2 
Dividends ($1.35 per share)
— — (120)— (120)— (120)— 
Shares issued:
Exercise of stock options229,208 10 — — 10 — 10 — 
Restricted stock awards227,867 — — — — — — — 
Other benefit plans105,318 7 — — 7 — 7 — 
Dividend reinvestment plan7,251 1 — — 1 — 1 — 
Stock-based compensation expense
— 15 — — 15 — 15 — 
Shares acquired and retired(3,468,107)(54)(179)— (233)— (233)— 
Shares exchanged — benefit plans(97,731)(2)(9)— (11)— (11)— 
Forfeitures of restricted stock(40,910)