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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 March 31, 2023
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/0449eec573cc26a31a03480832194379-afglogoa04.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
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
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 
As of May 1, 2023, there were 85,179,671 shares of the Registrant’s Common Stock outstanding, excluding 14.9 million shares owned by subsidiaries.


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


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)
March 31,
2023
December 31,
2022
Assets:
Cash and cash equivalents$857 $872 
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,583 and $10,736; allowance for expected credit losses of $16 and $11)
10,044 10,095 
Fixed maturities, trading at fair value36 32 
Equity securities, at fair value1,008 1,010 
Investments accounted for using the equity method1,733 1,700 
Mortgage loans646 676 
Real estate and other investments127 127 
Total cash and investments14,451 14,512 
Recoverables from reinsurers3,838 3,977 
Prepaid reinsurance premiums1,021 917 
Agents’ balances and premiums receivable1,459 1,339 
Deferred policy acquisition costs285 288 
Assets of managed investment entities5,391 5,447 
Other receivables637 886 
Other assets1,153 1,219 
Goodwill246 246 
Total assets$28,481 $28,831 
Liabilities and Equity:
Unpaid losses and loss adjustment expenses$11,761 $11,974 
Unearned premiums3,435 3,246 
Payable to reinsurers911 1,035 
Liabilities of managed investment entities5,258 5,332 
Long-term debt1,478 1,496 
Other liabilities1,697 1,696 
Total liabilities24,540 24,779 
Shareholders’ equity:
Common Stock, no par value
       — 200,000,000 shares authorized
       — 85,171,658 and 85,204,006 shares outstanding
85 85 
Capital surplus1,374 1,368 
Retained earnings2,933 3,142 
Accumulated other comprehensive income (loss), net of tax(451)(543)
Total shareholders’ equity3,941 4,052 
Total liabilities and shareholders’ equity$28,481 $28,831 
2

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 March 31,
20232022
Revenues:
Property and casualty insurance net earned premiums$1,437 $1,302 
Net investment income217 230 
Realized gains (losses) on securities
(46)(15)
Income of managed investment entities:
Investment income104 46 
Gain (loss) on change in fair value of assets/liabilities
(4)(5)
Other income32 30 
Total revenues1,740 1,588 
Costs and Expenses:
Property and casualty insurance:
Losses and loss adjustment expenses820 693 
Commissions and other underwriting expenses473 414 
Interest charges on borrowed money19 23 
Expenses of managed investment entities95 39 
Other expenses69 58 
Total costs and expenses1,476 1,227 
Earnings before income taxes
264 361 
Provision for income taxes
52 71 
Net Earnings
$212 $290 
Earnings per Common Share:
Total basic earnings$2.49 $3.41 
Total diluted earnings$2.49 $3.40 
Average number of Common Shares:
Basic85.2 85.0 
Diluted85.4 85.2 
3

AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
(In Millions)
 
Three months ended March 31,
20232022
Net earnings
$212 $290 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period
61 (247)
Reclassification adjustment for realized (gains) losses included in net earnings23 2 
Total net unrealized gains (losses) on securities
84 (245)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period4 (3)
Reclassification adjustment for investment income included in net earnings4 (1)
Total net unrealized gains (losses) on cash flow hedges
8 (4)
Foreign currency translation adjustments (1)
Other comprehensive income (loss), net of tax
92 (250)
Comprehensive income
$304 $40 
4

AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
(Dollars in Millions)
 Shareholders’ Equity
CommonCommon Stock
and Capital
RetainedAccumulated
Other Comp.
 
SharesSurplusEarningsIncome (Loss)Total
Balance at December 31, 202285,204,006 $1,453 $3,142 $(543)$4,052 
Net earnings
— — 212 — 212 
Other comprehensive income
— — — 92 92 
Dividends ($4.63 per share)
— — (394)— (394)
Shares issued:
Exercise of stock options64,339 3 — — 3 
Restricted stock awards147,169 — — — — 
Other benefit plans12,299 2 — — 2 
Dividend reinvestment plan10,911 1 — — 1 
Stock-based compensation expense— 5 — — 5 
Shares acquired and retired(199,762)(4)(20)— (24)
Shares exchanged — benefit plans(55,382)(1)(7)— (8)
Forfeitures of restricted stock(11,922)— — — — 
Balance at March 31, 202385,171,658 $1,459 $2,933 $(451)$3,941 
Balance at December 31, 202184,920,965 $1,415 $3,478 $119 $5,012 
Net earnings
— — 290 — 290 
Other comprehensive loss
— — — (250)(250)
Dividends ($2.56 per share)
— — (217)— (217)
Shares issued:
Exercise of stock options105,404 4 — — 4 
Restricted stock awards151,080 — — — — 
Other benefit plans10,607 1 — — 1 
Dividend reinvestment plan6,282 1 — — 1 
Stock-based compensation expense— 6 — — 6 
Shares acquired and retired(35,201)(1)(4)— (5)
Shares exchanged — benefit plans(47,909)(1)(6)— (7)
Forfeitures of restricted stock(8,399)— — — — 
Balance at March 31, 202285,102,829 $1,425 $3,541 $(131)$4,835 
5

AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In Millions)
Three months ended March 31,
20232022
Operating Activities:
Net earnings$212 $290 
Adjustments:
Depreciation and amortization20 26 
Realized (gains) losses on investing activities45 15 
Net purchases of trading securities(3)(1)
Change in:
Reinsurance and other receivables162 39 
Other assets48 1 
Insurance claims and reserves(24)77 
Payable to reinsurers(124)(10)
Other liabilities(28)18 
Managed investment entities’ assets/liabilities139 172 
Other operating activities, net(44)(124)
Net cash provided by operating activities
403 503 
Investing Activities:
Purchases of:
Fixed maturities(575)(1,682)
Equity securities(41)(45)
Mortgage loans (265)
Other investments(49)(47)
Real estate, property and equipment(13)(23)
Proceeds from:
Maturities and redemptions of fixed maturities381 959 
Repayments of mortgage loans32 1 
Sales of fixed maturities342 17 
Sales of equity securities56 60 
Sales of other investments33 59 
Sales of real estate, property and equipment1  
Managed investment entities:
Purchases of investments(648)(357)
Proceeds from sales and redemptions of investments554 217 
Other investing activities, net (5)
Net cash provided by (used in) investing activities
73 (1,111)
Financing Activities:
Reductions of long-term debt(16)(50)
Issuances of Common Stock4 5 
Repurchases of Common Stock(24)(5)
Cash dividends paid on Common Stock(393)(216)
Issuances of managed investment entities’ liabilities588 60 
Retirements of managed investment entities’ liabilities(650)(136)
Net cash used in financing activities
(491)(342)
Net Change in Cash and Cash Equivalents(15)(950)
Cash and cash equivalents at beginning of period872 2,131 
Cash and cash equivalents at end of period$857 $1,181 
6

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
INDEX TO NOTES
A.Accounting PoliciesH.Long-Term Debt
B.Segments of OperationsI.Shareholders’ Equity
C.Fair Value MeasurementsJ.Income Taxes
D.InvestmentsK.Contingencies
E.DerivativesL.Insurance
F.Managed Investment EntitiesM.Subsequent Event
G.Goodwill and Other Intangibles

A.    Accounting Policies

Basis of Presentation   The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”).

Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to March 31, 2023, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein.

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.

Fair Value Measurements   Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first three months of 2023.

Investments   Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore carried at fair value), and certain other securities classified at purchase as “fair value through net investment income” in net investment income.

Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance.

Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations.

Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the
7

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income.

Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. The allowance is limited to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value.

Credit Losses on Financial Instruments Measured at Amortized Cost   Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected.

Derivatives   Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (primarily interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees.

To qualify for hedge accounting, at the inception of a derivative contract, AFG formally documents the relationship between the terms of the hedge and the hedged items and its risk management objective. This documentation includes defining how hedge effectiveness is evaluated at the inception date and over the life of the derivative.

Changes in the fair value of derivatives that are designated and qualify as highly effective cash flow hedges are recorded in AOCI and are reclassified into earnings when the variability of the cash flows from the hedged items impacts earnings. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line item in the statement of earnings as the cash flows from the hedged item. AFG uses interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities.

Goodwill   Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.

Reinsurance   Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies.

8

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
Deferred Policy Acquisition Costs (“DPAC”)   Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses and unamortized acquisition costs exceed the related unearned premiums. A premium deficiency is first recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency is greater than unamortized acquisition costs, a liability is accrued for the excess deficiency and reported with unpaid losses and loss adjustment expenses.

Managed Investment Entities   A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE.

AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note F — “Managed Investment Entities”). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs.

Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings.

The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.

At March 31, 2023, assets and liabilities of managed investment entities included $66 million in assets and $53 million in liabilities of a temporary warehousing entity that was established to provide AFG the ability to form a new CLO. At closing, all warehoused assets will be transferred to the new CLO and the liabilities will be repaid.

Unpaid Losses and Loss Adjustment Expenses   The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage.

Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate and reasonable.

Debt Issuance Costs   Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet.

Leases   Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows.
9

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

At March 31, 2023 AFG has a $126 million lease liability included in other liabilities and a lease right-of-use asset of $114 million included in other assets compared to $116 million and $103 million, respectively, at December 31, 2022.

Premium Recognition   Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations.

Income Taxes   Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date.

AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.

Stock-Based Compensation   All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant.

AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.

Benefit Plans   AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.

Earnings Per Share   Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: first three months of both 2023 and 2022 — 0.2 million.

There were no anti-dilutive potential common shares for the first three months of 2023 or 2022.

Statement of Cash Flows   For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

B.    Segments of Operations

AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs and operations attributable to the noncontrolling interests of the managed investment entities.

AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage
10

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.

The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment.
Three months ended March 31,
20232022
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation$475 $443 
Specialty casualty704 639 
Specialty financial196 163 
Other specialty62 57 
Total premiums earned1,437 1,302 
Net investment income207 223 
Other income5 4 
Total property and casualty insurance1,649 1,529 
Other137 74 
Total revenues before realized gains (losses)1,786 1,603 
Realized gains (losses) on securities
(46)(15)
Total revenues$1,740 $1,588 
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation$43 $62 
Specialty casualty88 124 
Specialty financial26 29 
Other specialty(2)(7)
Other lines(1)(1)
Total underwriting154 207 
Investment and other income, net196 215 
Total property and casualty insurance350 422 
Other (*)(40)(46)
Total earnings before realized gains (losses) and income taxes
310 376 
Realized gains (losses) on securities
(46)(15)
Total earnings before income taxes
$264 $361 
(*)Includes holding company interest and expenses, including a gain of $2 million and a loss of $2 million on retirement of debt in the first three months of 2023 and 2022, respectively.
11

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
C.    Fair Value Measurements

Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows:

Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities, highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities.

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. AFG’s Level 2 financial instruments include corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2.

Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3.

The contingent consideration liability (included in other liabilities in AFG’s Balance Sheet) relates primarily to AFG’s acquisition of Verikai in December 2021. This liability is remeasured at fair value at each balance sheet date with changes in fair value recognized in net earnings. To estimate the fair value of the contingent consideration liability related to the Verikai acquisition ($23 million at March 31, 2023), AFG uses a weighted probability-based income approach which includes significant unobservable inputs and is classified as Level 3. There was no change to the estimated fair value of this liability during the first three months of 2023.

As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments.

AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities.

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AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):
Level 1Level 2Level 3Total
March 31, 2023
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies$225 $ $ $225 
States, municipalities and political subdivisions 988 5 993 
Foreign government 226  226 
Residential MBS 1,584 5 1,589 
Commercial MBS 78  78 
Collateralized loan obligations 1,898 1 1,899 
Other asset-backed securities 1,906 335 2,241 
Corporate and other8 2,426 359 2,793 
Total AFS fixed maturities233 9,106 705 10,044 
Trading fixed maturities 36  36 
Equity securities568 29 411 1,008 
Assets of managed investment entities (“MIE”)477 4,902 12 5,391 
Other assets — derivatives 4  4 
Total assets accounted for at fair value$1,278 $14,077 $1,128 $16,483 
Liabilities:
Contingent consideration — acquisitions$ $ $25 $25 
Liabilities of managed investment entities465 4,781 12 5,258 
Other liabilities — derivatives 28  28 
Total liabilities accounted for at fair value$465 $4,809 $37 $5,311 
December 31, 2022
Assets:
Available for sale fixed maturities:
U.S. government and government agencies$219 $ $ $219 
States, municipalities and political subdivisions 1,181 5 1,186 
Foreign government 226  226 
Residential MBS 1,589 9 1,598 
Commercial MBS 85  85 
Collateralized loan obligations 1,919 2 1,921 
Other asset-backed securities 1,916 329 2,245 
Corporate and other8 2,288 319 2,615 
Total AFS fixed maturities227 9,204 664 10,095 
Trading fixed maturities 32  32 
Equity securities556 27 427 1,010 
Assets of managed investment entities659 4,777 11 5,447 
Total assets accounted for at fair value$1,442 $14,040 $1,102 $16,584 
Liabilities:
Contingent consideration — acquisitions$ $ $25 $25 
Liabilities of managed investment entities645 4,676 11 5,332 
Other liabilities — derivatives 42  42 
Total liabilities accounted for at fair value$645 $4,718 $36 $5,399 

Approximately 7% of the total assets carried at fair value at March 31, 2023, were Level 3 assets. Approximately 11% ($120 million) of those Level 3 assets were priced using non-binding broker quotes, for which there is a lack of transparency as to the inputs used to determine fair value. Details as to the quantitative inputs are neither provided by the brokers nor otherwise reasonably obtainable by AFG. Approximately 5% ($58 million) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers, or other market factors led management to determine these securities be classified as Level 3 assets. Approximately 25% ($279 million) of the Level 3 assets were equity investments in limited partnerships and similar investments that do not
13

AMERICAN FINANCIAL GROUP, INC. 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED
qualify for equity method accounting whose prices were determined based on financial information provided by the limited partnerships.

Internally developed prices for fixed maturities are estimated using a variety of inputs, including appropriate credit spreads over the treasury yield (of a similar duration), trade information and prices of comparable securities and other security specific features (such as optional early redemption). Internally developed Level 3 asset fair values represent approximately $671 million (59%) of the total fair value of Level 3 assets at March 31, 2023. Approximately 70% ($472 million) of these internally developed Level 3 assets are priced using a pricing model that uses a discounted cash flow approach to estimate the fair value of fixed maturity securities. The credit spread applied by management is the significant unobservable input of the pricing model. In instances where the security is currently callable at par value and the pricing model suggests a higher price, management caps the fair value at par value. Approximately 18% ($123 million) of the internally developed Level 3 assets are equity securities which are priced primarily using broker quotes and internal models with some inputs that are not market observable. Management believes that any justifiable changes in unobservable inputs used to determine internally developed fair values would not have resulted in a material change in AFG’s financial position.
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2022Net
earnings (loss)
Other comprehensive income (loss)Purchases
and
issuances
Sales and
settlements
Transfer
into
Level 3
Transfer
out of
Level 3
Balance at March 31, 2023
AFS fixed maturities:
U.S. government agency
$ $ $ $ $ $ $ $ 
State and municipal5       5 
Residential MBS9    (3)4 (5)5 
Commercial MBS        
Collateralized loan obligations2      (1)1 
Other asset-backed securities
329  4 7 (5)  335 
Corporate and other319 5 2 44