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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, 2020
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/2e6457f6755c39274989a6dd782c61a0-afg-20200930_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
6% Subordinated Debentures due November 15, 2055AFGHNew 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, 2020, there were 86,844,220 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,
2020
December 31,
2019
Assets:
Cash and cash equivalents$3,747 $2,314 
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $45,297 and $44,524; allowance for expected credit losses of $54 at September 30, 2020)
48,193 46,505 
Fixed maturities, trading at fair value92 113 
Equity securities, at fair value1,606 1,937 
Investments accounted for using the equity method1,841 1,688 
Mortgage loans1,482 1,329 
Policy loans154 164 
Equity index call options697 924 
Real estate and other investments275 278 
Total cash and investments58,087 55,252 
Recoverables from reinsurers3,819 3,415 
Prepaid reinsurance premiums862 678 
Agents’ balances and premiums receivable1,384 1,335 
Deferred policy acquisition costs497 1,037 
Assets of managed investment entities4,717 4,736 
Other receivables1,185 975 
Variable annuity assets (separate accounts)603 628 
Other assets1,749 1,867 
Goodwill207 207 
Total assets$73,110 $70,130 
Liabilities and Equity:
Unpaid losses and loss adjustment expenses$10,754 $10,232 
Unearned premiums3,015 2,830 
Annuity benefits accumulated41,932 40,406 
Life, accident and health reserves609 612 
Payable to reinsurers977 814 
Liabilities of managed investment entities4,541 4,571 
Long-term debt2,108 1,473 
Variable annuity liabilities (separate accounts)603 628 
Other liabilities2,231 2,295 
Total liabilities66,770 63,861 
Redeemable noncontrolling interests  
Shareholders’ equity:
Common Stock, no par value
       — 200,000,000 shares authorized
       — 87,266,582 and 90,303,686 shares outstanding
87 90 
Capital surplus1,283 1,307 
Retained earnings3,737 4,009 
Accumulated other comprehensive income, net of tax1,233 863 
Total shareholders’ equity6,340 6,269 
Noncontrolling interests  
Total equity6,340 6,269 
Total liabilities and equity$73,110 $70,130 
2

Table of Contents
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,
2020201920202019
Revenues:
Property and casualty insurance net earned premiums$1,381 $1,442 $3,774 $3,815 
Net investment income572 588 1,584 1,710 
Realized gains (losses) on:
Securities45 (18)(302)222 
Subsidiaries(30) (30) 
Income of managed investment entities:
Investment income46 67 154 206 
Gain (loss) on change in fair value of assets/liabilities1 (14)(47)(16)
Other income45 58 153 170 
Total revenues2,060 2,123 5,286 6,107 
Costs and Expenses:
Property and casualty insurance:
Losses and loss adjustment expenses963 944 2,441 2,359 
Commissions and other underwriting expenses406 450 1,235 1,275 
Annuity benefits203 250 905 900 
Annuity and supplemental insurance acquisition
 expenses
172 120 250 181 
Interest charges on borrowed money24 17 64 50 
Expenses of managed investment entities31 54 117 168 
Other expenses127 111 310 325 
Total costs and expenses1,926 1,946 5,322 5,258 
Earnings (loss) before income taxes134 177 (36)849 
Provision (credit) for income taxes(30)34 (63)171 
Net earnings, including noncontrolling interests164 143 27 678 
Less: Net earnings (loss) attributable to noncontrolling interests
 (4)(13)(8)
Net Earnings Attributable to Shareholders$164 $147 $40 $686 
Earnings Attributable to Shareholders per Common Share:
Basic$1.86 $1.64 $0.45 $7.65 
Diluted$1.86 $1.62 $0.45 $7.55 
Average number of Common Shares:
Basic88.2 90.0 89.4 89.7 
Diluted88.5 91.1 89.9 90.9 
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Table of Contents
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,
2020201920202019
Net earnings, including noncontrolling interests$164 $143 $27 $678 
Other comprehensive income (loss), net of tax:
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period
194 107 350 847 
Reclassification adjustment for realized (gains) losses included in net earnings
(12)1  (10)
Total net unrealized gains on securities182 108 350 837 
Net unrealized gains (losses) on cash flow hedges(6)7 24 36 
Foreign currency translation adjustments (7)(6)(3)
Pension and other postretirement plans adjustments 1  1 
Other comprehensive income, net of tax176 109 368 871 
Total comprehensive income, net of tax340 252 395 1,549 
Less: Comprehensive income (loss) attributable to noncontrolling interests
 (3)(11)(6)
Comprehensive income attributable to shareholders$340 $255 $406 $1,555 
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Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
(Dollars in Millions)
 
 Shareholders’ Equity  Redeemable
CommonCommon Stock
and Capital
RetainedAccumulated
Other Comp.
 Noncon-
trolling
TotalNoncon-
trolling
SharesSurplusEarningsIncomeTotalInterestsEquityInterests
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 $ 
Balance at June 30, 201989,917,601 $1,367 $3,914 $809 $6,090 $ $6,090 $ 
Net earnings (loss)— — 147 — 147  147 (4)
Other comprehensive income— — — 108 108 — 108 1 
Dividends ($0.40 per share)
— — (36)— (36)— (36)— 
Shares issued:
Exercise of stock options191,227 8 — — 8 — 8 — 
Restricted stock awards70 — — — — — — — 
Other benefit plans17,345 2 — — 2 — 2 — 
Dividend reinvestment plan1,570  — —  —  — 
Stock-based compensation expense
— 5 — — 5 — 5 — 
Shares exchanged — benefit plans(80)  —  —  — 
Forfeitures of restricted stock(310)— — — — — — — 
Other— — (3)— (3) (3)3 
Balance at September 30, 201990,127,423 $1,382 $4,022 $917 $6,321 $ $6,321 $ 
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Table of Contents
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, 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)— — — — — — — 
Other— (4)(11)4 (11) (11)11 
Balance at September 30, 202087,266,582 $1,370 $3,737 $1,233 $6,340 $ $6,340 $ 
Balance at December 31, 201889,291,724 $1,334 $3,588 $48 $4,970 $2 $4,972 $ 
Net earnings (loss)— — 686 — 686  686 (8)
Other comprehensive income— — — 869 869 — 869 2 
Dividends ($2.70 per share)
— — (242)— (242)— (242)— 
Shares issued:
Exercise of stock options591,233 25 — — 25 — 25 — 
Restricted stock awards232,635 — — — — — — — 
Other benefit plans58,488 6 — — 6 — 6 — 
Dividend reinvestment plan11,059 1 — — 1 — 1 — 
Stock-based compensation expense
— 17 — — 17 — 17 —