0001042046-26-000010 | 10-K | XBRL Viewer | American Financial Group INC

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Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 17	$ 80	$ 34
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	19	24	(2)
Net investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ (2)	$ 56	$ 36

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Acquisitions of Businesses

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Acquisitions of Businesses

In the third quarter of 2025, AFG acquired the 52% of Radion Insurance Holdings, LLC (“Radion”) that it did not previously own for $7 million in cash, making Radion a wholly-owned subsidiary. Radion, a managing general underwriter, specializes in healthcare coverage for small and midsize businesses. At acquisition, in accordance with accounting guidance, the existing investment in Radion (previously accounted for using the equity method of accounting) was remeasured to fair value resulting in a $3 million realized gain. The acquisition also resulted in the recognition of $5 million of amortizing intangible assets related to technology and $22 million in goodwill (see Note H — “Goodwill and Other Intangibles”).

In the fourth quarter of 2024, AFG acquired an insurance agency business for $6 million, including $5 million in cash, and a consulting company for $4 million in cash. Virtually all of the purchase price for each acquisition was recorded as an amortizing intangible asset representing the fair value of the customer bases at acquisition.

Crop Risk Services On July 3, 2023, AFG completed the acquisition of Crop Risk Services (“CRS”) from American International Group (“AIG”). CRS is a primary crop insurance general agent based in Decatur, Illinois, that generated crop year 2022 gross written premiums of approximately $1.2 billion and was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums. At closing, AFG paid AIG $234 million (based on $24 million in net tangible assets) using cash on hand.

Expenses related to the acquisition were $3 million and were expensed as incurred. The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	July 3, 2023
Cash paid at purchase	$	234

Tangible assets acquired:
Cash and cash equivalents	$	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	$	193

Liabilities acquired:
Other liabilities	$	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	$	210

Allocation of excess purchase price:
Intangible assets acquired (*)	$	124
Deferred tax asset (*)	1
Goodwill	85
	$	210

(*)Included in Other assets in AFG’s Balance Sheet.

In the purchase price allocation, $124 million of the purchase price was recognized as finite lived intangible assets primarily related to existing agency relationships, which will be amortized over an average estimated life of approximately 14 years. The acquisition resulted in the recognition of $85 million in GAAP basis goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The acquisition resulted in $79 million of tax basis goodwill, which is deductible for tax purposes.

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (7)	$ (25)
Fair value - less than twelve months	$ 909	$ 1,778
Fair value as percentage of cost - less than twelve months	99.00%	99.00%
Unrealized loss - twelve months or more	$ (186)	$ (328)
Fair value - twelve months or more	$ 3,133	$ 4,156
Fair value as a percentage of cost - twelve months or more	94.00%	93.00%
U.S. government and government agencies
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 15	$ 35
Fair value as percentage of cost - less than twelve months	100.00%	100.00%
Unrealized loss - twelve months or more	$ 0	$ (3)
Fair value - twelve months or more	$ 44	$ 105
Fair value as a percentage of cost - twelve months or more	100.00%	97.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (5)
Fair value - less than twelve months	$ 47	$ 256
Fair value as percentage of cost - less than twelve months	100.00%	98.00%
Unrealized loss - twelve months or more	$ (26)	$ (44)
Fair value - twelve months or more	$ 426	$ 470
Fair value as a percentage of cost - twelve months or more	94.00%	91.00%
Foreign government
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 52	$ 98
Fair value as percentage of cost - less than twelve months	100.00%	100.00%
Unrealized loss - twelve months or more	$ 0	$ (1)
Fair value - twelve months or more	$ 5	$ 50
Fair value as a percentage of cost - twelve months or more	100.00%	98.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (4)	$ (6)
Fair value - less than twelve months	$ 186	$ 452
Fair value as percentage of cost - less than twelve months	98.00%	99.00%
Unrealized loss - twelve months or more	$ (99)	$ (148)
Fair value - twelve months or more	$ 914	$ 916
Fair value as a percentage of cost - twelve months or more	90.00%	86.00%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 124	$ 0
Fair value as percentage of cost - less than twelve months	100.00%	0.00%
Unrealized loss - twelve months or more	$ (3)	$ (12)
Fair value - twelve months or more	$ 147	$ 247
Fair value as a percentage of cost - twelve months or more	98.00%	95.00%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (4)
Fair value - less than twelve months	$ 311	$ 332
Fair value as percentage of cost - less than twelve months	100.00%	99.00%
Unrealized loss - twelve months or more	$ (37)	$ (65)
Fair value - twelve months or more	$ 803	$ 1,217
Fair value as a percentage of cost - twelve months or more	96.00%	95.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (2)	$ (10)
Fair value - less than twelve months	$ 174	$ 605
Fair value as percentage of cost - less than twelve months	99.00%	98.00%
Unrealized loss - twelve months or more	$ (21)	$ (55)
Fair value - twelve months or more	$ 794	$ 1,151
Fair value as a percentage of cost - twelve months or more	97.00%	95.00%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 01, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-13653
Entity Registrant Name	AMERICAN FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1544320
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 8,990
Entity Common Stock, Shares Outstanding		83,298,833
Entity Central Index Key	0001042046
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common stocks
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal net operating loss carryforwards	$ 8	$ 2
Foreign underwriting losses	9	10
Insurance claims and reserves	300	283
Employee benefits	117	114
Lease liabilities	41	45
Other, net	29	20
Total deferred tax assets before valuation allowance	504	474
Valuation allowance against deferred tax assets	(12)	(11)
Total deferred tax assets	492	463
Deferred tax liabilities:
Investment securities	(324)	(233)
Deferred policy acquisition costs	(76)	(73)
Insurance claims and reserves transition liability	0	(4)
Lease right of use assets	(37)	(42)
Real estate, property and equipment	(42)	(7)
Total deferred tax liabilities	(479)	(359)
Net deferred tax asset	$ 13	$ 104

Insurance (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions):


	2025		2024		2023
Balance at beginning of period	$	14,179	$	13,087	$	11,974
Less reinsurance recoverables, net of allowance	4,957		4,288		3,767
Net liability at beginning of period	9,222		8,799		8,207
Provision for losses and LAE occurring in the current year	4,469		4,524		4,256


Net decrease in the provision for claims of prior years	(81)		(64)		(223)
Total losses and LAE incurred	4,388		4,460		4,033
Payments for losses and LAE of:
Current year	(1,330)		(1,497)		(1,261)
Prior years	(2,488)		(2,537)		(2,181)
Total payments	(3,818)		(4,034)		(3,442)
Foreign currency translation and other	(4)		(3)		1
Net liability at end of period	9,788		9,222		8,799
Add back reinsurance recoverables, net of allowance	5,306		4,957		4,288
Gross unpaid losses and LAE included in the balance sheet	$	15,094	$	14,179	$	13,087

Short-duration insurance contracts, reconciliation of claims development to liability

A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions):


	2025
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,847
Specialty casualty	6,177
Specialty financial	460
Total Specialty (excluding foreign reserves)	8,484

Other reserves
Foreign operations	443
A&E reserves	347
Unallocated LAE	455
Other	59
Total other reserves	1,304
Total reserves, net of reinsurance	9,788

Add back reinsurance recoverables, net of allowance	5,306
Gross unpaid losses and LAE included in the balance sheet	$	15,094

Short-duration insurance contracts, claims development

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	753	$	723	$	720	$	713	$	700	$	694	$	695	$	695	$	692	$	690	$	70	121,425
2017			897		855		850		829		822		826		825		823		820		56		141,054
2018					942		912		897		886		891		886		888		890		52		130,840
2019							1,125		1,071		1,062		1,065		1,068		1,070		1,070		59		154,461
2020									1,053		983		969		962		963		964		71		122,348
2021											1,130		1,034		1,033		1,038		1,034		86		123,890
2022													1,409		1,335		1,329		1,313		104		138,424
2023															1,502		1,408		1,397		149		145,066
2024																	1,614		1,558		247		175,137
2025																			1,462		564		135,480
																	Total		$	11,198


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	295	$	524	$	580	$	622	$	645	$	661	$	670	$	676	$	679	$	681	98.7	%
2017			381		643		699		738		760		788		799		809		811		98.9	%
2018					400		680		744		787		831		845		859		873		98.1	%
2019							529		829		911		967		1,006		1,032		1,046		97.8	%
2020									462		728		808		866		905		929		96.4	%
2021											449		770		872		941		972		94.0	%
2022													588		1,024		1,128		1,184		90.2	%
2023															564		1,070		1,176		84.2	%
2024																	681		1,173		75.3	%
2025																			528		36.1	%
																	Total		$	9,373
							Unpaid losses and LAE — years 2016 through 2025												1,825
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																22
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,847


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.0	%	31.6	%	7.9	%	5.4	%	3.6	%	2.4	%	1.4	%	1.2	%	0.3	%	0.3	%
Cumulative	44.0	%	75.6	%	83.5	%	88.9	%	92.5	%	94.9	%	96.3	%	97.5	%	97.8	%	98.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	1,184	$	1,176	$	1,175	$	1,165	$	1,160	$	1,140	$	1,118	$	1,107	$	1,106	$	1,115	$	49	56,921
2017			1,264		1,277		1,267		1,263		1,243		1,227		1,231		1,250		1,260		81		57,594
2018					1,352		1,386		1,382		1,345		1,359		1,364		1,365		1,365		120		59,771
2019							1,401		1,404		1,419		1,380		1,391		1,408		1,397		137		60,242
2020									1,463		1,436		1,374		1,344		1,357		1,368		194		54,981
2021											1,507		1,518		1,469		1,451		1,426		274		57,465
2022													1,617		1,635		1,652		1,678		413		60,252
2023															1,818		1,841		1,853		639		64,764
2024																	1,826		1,828		850		64,130
2025																			1,924		1,291		57,463
																	Total		$	15,214


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	195	$	433	$	611	$	755	$	854	$	925	$	965	$	1,000	$	1,014	$	1,031	92.5	%
2017			208		438		638		803		890		972		1,036		1,095		1,128		89.5	%
2018					218		494		675		832		953		1,060		1,125		1,173		85.9	%
2019							219		473		693		848		984		1,079		1,166		83.5	%
2020									196		465		652		814		971		1,064		77.8	%
2021											199		462		668		861		1,013		71.0	%
2022													208		536		829		1,038		61.9	%
2023															275		650		924		49.9	%
2024																	281		647		35.4	%
2025																			264		13.7	%
																	Total		$	9,448
							Unpaid losses and LAE — years 2016 through 2025												5,766
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																411
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	6,177


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	15.0	%	19.5	%	15.2	%	12.3	%	9.4	%	6.9	%	4.9	%	3.8	%	1.9	%	1.5	%
Cumulative	15.0	%	34.5	%	49.7	%	62.0	%	71.4	%	78.3	%	83.2	%	87.0	%	88.9	%	90.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	180	$	184	$	187	$	182	$	174	$	170	$	173	$	172	$	172	$	173	$	—	45,187
2017			214		216		212		209		204		203		210		210		213		6		48,850
2018					213		218		220		208		202		199		198		196		2		46,818
2019							195		199		191		187		183		179		177		3		41,979
2020									232		216		203		194		192		187		6		29,793
2021											224		202		187		180		172		8		27,502
2022													244		235		223		215		19		24,155
2023															311		331		335		74		24,686
2024																	385		363		83		23,858
2025																			359		154		17,220
																	Total		$	2,390


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	87	$	142	$	159	$	162	$	163	$	164	$	171	$	172	$	172	$	173	100.0	%
2017			120		169		187		195		194		193		195		196		199		93.4	%
2018					112		163		187		188		193		194		194		195		99.5	%
2019							99		146		164		168		170		173		173		97.7	%
2020									100		144		160		162		167		174		93.0	%
2021											98		136		147		156		162		94.2	%
2022													108		164		187		193		89.8	%
2023															150		230		249		74.3	%
2024																	176		247		68.0	%
2025																			166		46.2	%
																	Total		$	1,931
							Unpaid losses and LAE — years 2016 through 2025												459
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																1
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	460


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	52.0	%	24.7	%	9.0	%	2.5	%	1.7	%	1.2	%	1.2	%	0.5	%	0.7	%	0.6	%
Cumulative	52.0	%	76.7	%	85.7	%	88.2	%	89.9	%	91.1	%	92.3	%	92.8	%	93.5	%	94.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	2,117	$	2,083	$	2,082	$	2,060	$	2,034	$	2,004	$	1,986	$	1,974	$	1,970	$	1,978	$	119	223,533
2017			2,375		2,348		2,329		2,301		2,269		2,256		2,266		2,283		2,293		143		247,498
2018					2,507		2,516		2,499		2,439		2,452		2,449		2,451		2,451		174		237,429
2019							2,721		2,674		2,672		2,632		2,642		2,657		2,644		199		256,682
2020									2,748		2,635		2,546		2,500		2,512		2,519		271		207,122
2021											2,861		2,754		2,689		2,669		2,632		368		208,857
2022													3,270		3,205		3,204		3,206		536		222,831
2023															3,631		3,580		3,585		862		234,516
2024																	3,825		3,749		1,180		263,125
2025																			3,745		2,009		210,163
																	Total		$	28,802


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	577	$	1,099	$	1,350	$	1,539	$	1,662	$	1,750	$	1,806	$	1,848	$	1,865	$	1,885	95.3	%
2017			709		1,250		1,524		1,736		1,844		1,953		2,030		2,100		2,138		93.2	%
2018					730		1,337		1,606		1,807		1,977		2,099		2,178		2,241		91.4	%
2019							847		1,448		1,768		1,983		2,160		2,284		2,385		90.2	%
2020									758		1,337		1,620		1,842		2,043		2,167		86.0	%
2021											746		1,368		1,687		1,958		2,147		81.6	%
2022													904		1,724		2,144		2,415		75.3	%
2023															989		1,950		2,349		65.5	%
2024																	1,138		2,067		55.1	%
2025																			958		25.6	%
																	Total		$	20,752
							Unpaid losses and LAE — years 2016 through 2025												8,050
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																434
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	8,484


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.2	%	24.6	%	11.9	%	9.0	%	6.6	%	4.8	%	3.3	%	2.6	%	1.3	%	1.0	%
Cumulative	29.2	%	53.8	%	65.7	%	74.7	%	81.3	%	86.1	%	89.4	%	92.0	%	93.3	%	94.3	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).

Short-duration insurance contracts, schedule of historical claims duration


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	753	$	723	$	720	$	713	$	700	$	694	$	695	$	695	$	692	$	690	$	70	121,425
2017			897		855		850		829		822		826		825		823		820		56		141,054
2018					942		912		897		886		891		886		888		890		52		130,840
2019							1,125		1,071		1,062		1,065		1,068		1,070		1,070		59		154,461
2020									1,053		983		969		962		963		964		71		122,348
2021											1,130		1,034		1,033		1,038		1,034		86		123,890
2022													1,409		1,335		1,329		1,313		104		138,424
2023															1,502		1,408		1,397		149		145,066
2024																	1,614		1,558		247		175,137
2025																			1,462		564		135,480
																	Total		$	11,198


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	295	$	524	$	580	$	622	$	645	$	661	$	670	$	676	$	679	$	681	98.7	%
2017			381		643		699		738		760		788		799		809		811		98.9	%
2018					400		680		744		787		831		845		859		873		98.1	%
2019							529		829		911		967		1,006		1,032		1,046		97.8	%
2020									462		728		808		866		905		929		96.4	%
2021											449		770		872		941		972		94.0	%
2022													588		1,024		1,128		1,184		90.2	%
2023															564		1,070		1,176		84.2	%
2024																	681		1,173		75.3	%
2025																			528		36.1	%
																	Total		$	9,373
							Unpaid losses and LAE — years 2016 through 2025												1,825
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																22
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,847


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.0	%	31.6	%	7.9	%	5.4	%	3.6	%	2.4	%	1.4	%	1.2	%	0.3	%	0.3	%
Cumulative	44.0	%	75.6	%	83.5	%	88.9	%	92.5	%	94.9	%	96.3	%	97.5	%	97.8	%	98.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	1,184	$	1,176	$	1,175	$	1,165	$	1,160	$	1,140	$	1,118	$	1,107	$	1,106	$	1,115	$	49	56,921
2017			1,264		1,277		1,267		1,263		1,243		1,227		1,231		1,250		1,260		81		57,594
2018					1,352		1,386		1,382		1,345		1,359		1,364		1,365		1,365		120		59,771
2019							1,401		1,404		1,419		1,380		1,391		1,408		1,397		137		60,242
2020									1,463		1,436		1,374		1,344		1,357		1,368		194		54,981
2021											1,507		1,518		1,469		1,451		1,426		274		57,465
2022													1,617		1,635		1,652		1,678		413		60,252
2023															1,818		1,841		1,853		639		64,764
2024																	1,826		1,828		850		64,130
2025																			1,924		1,291		57,463
																	Total		$	15,214


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	195	$	433	$	611	$	755	$	854	$	925	$	965	$	1,000	$	1,014	$	1,031	92.5	%
2017			208		438		638		803		890		972		1,036		1,095		1,128		89.5	%
2018					218		494		675		832		953		1,060		1,125		1,173		85.9	%
2019							219		473		693		848		984		1,079		1,166		83.5	%
2020									196		465		652		814		971		1,064		77.8	%
2021											199		462		668		861		1,013		71.0	%
2022													208		536		829		1,038		61.9	%
2023															275		650		924		49.9	%
2024																	281		647		35.4	%
2025																			264		13.7	%
																	Total		$	9,448
							Unpaid losses and LAE — years 2016 through 2025												5,766
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																411
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	6,177


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	15.0	%	19.5	%	15.2	%	12.3	%	9.4	%	6.9	%	4.9	%	3.8	%	1.9	%	1.5	%
Cumulative	15.0	%	34.5	%	49.7	%	62.0	%	71.4	%	78.3	%	83.2	%	87.0	%	88.9	%	90.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	180	$	184	$	187	$	182	$	174	$	170	$	173	$	172	$	172	$	173	$	—	45,187
2017			214		216		212		209		204		203		210		210		213		6		48,850
2018					213		218		220		208		202		199		198		196		2		46,818
2019							195		199		191		187		183		179		177		3		41,979
2020									232		216		203		194		192		187		6		29,793
2021											224		202		187		180		172		8		27,502
2022													244		235		223		215		19		24,155
2023															311		331		335		74		24,686
2024																	385		363		83		23,858
2025																			359		154		17,220
																	Total		$	2,390


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	87	$	142	$	159	$	162	$	163	$	164	$	171	$	172	$	172	$	173	100.0	%
2017			120		169		187		195		194		193		195		196		199		93.4	%
2018					112		163		187		188		193		194		194		195		99.5	%
2019							99		146		164		168		170		173		173		97.7	%
2020									100		144		160		162		167		174		93.0	%
2021											98		136		147		156		162		94.2	%
2022													108		164		187		193		89.8	%
2023															150		230		249		74.3	%
2024																	176		247		68.0	%
2025																			166		46.2	%
																	Total		$	1,931
							Unpaid losses and LAE — years 2016 through 2025												459
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																1
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	460


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	52.0	%	24.7	%	9.0	%	2.5	%	1.7	%	1.2	%	1.2	%	0.5	%	0.7	%	0.6	%
Cumulative	52.0	%	76.7	%	85.7	%	88.2	%	89.9	%	91.1	%	92.3	%	92.8	%	93.5	%	94.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	2,117	$	2,083	$	2,082	$	2,060	$	2,034	$	2,004	$	1,986	$	1,974	$	1,970	$	1,978	$	119	223,533
2017			2,375		2,348		2,329		2,301		2,269		2,256		2,266		2,283		2,293		143		247,498
2018					2,507		2,516		2,499		2,439		2,452		2,449		2,451		2,451		174		237,429
2019							2,721		2,674		2,672		2,632		2,642		2,657		2,644		199		256,682
2020									2,748		2,635		2,546		2,500		2,512		2,519		271		207,122
2021											2,861		2,754		2,689		2,669		2,632		368		208,857
2022													3,270		3,205		3,204		3,206		536		222,831
2023															3,631		3,580		3,585		862		234,516
2024																	3,825		3,749		1,180		263,125
2025																			3,745		2,009		210,163
																	Total		$	28,802


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	577	$	1,099	$	1,350	$	1,539	$	1,662	$	1,750	$	1,806	$	1,848	$	1,865	$	1,885	95.3	%
2017			709		1,250		1,524		1,736		1,844		1,953		2,030		2,100		2,138		93.2	%
2018					730		1,337		1,606		1,807		1,977		2,099		2,178		2,241		91.4	%
2019							847		1,448		1,768		1,983		2,160		2,284		2,385		90.2	%
2020									758		1,337		1,620		1,842		2,043		2,167		86.0	%
2021											746		1,368		1,687		1,958		2,147		81.6	%
2022													904		1,724		2,144		2,415		75.3	%
2023															989		1,950		2,349		65.5	%
2024																	1,138		2,067		55.1	%
2025																			958		25.6	%
																	Total		$	20,752
							Unpaid losses and LAE — years 2016 through 2025												8,050
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																434
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	8,484


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.2	%	24.6	%	11.9	%	9.0	%	6.6	%	4.8	%	3.3	%	2.6	%	1.3	%	1.0	%
Cumulative	29.2	%	53.8	%	65.7	%	74.7	%	81.3	%	86.1	%	89.4	%	92.0	%	93.3	%	94.3	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).

Statutory information

Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):


	Net Earnings						Capital and Surplus
	2025		2024		2023		2025		2024
Property and casualty companies	$	1,052	$	974	$	1,004	$	4,968	$	4,614

Reinsurance information

The following table shows (in millions) (i) amounts deducted from written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.


	2025		2024		2023
Direct premiums written	$	10,342	$	9,933	$	9,309
Reinsurance assumed	352		600		347
Reinsurance ceded	(3,584)		(3,394)		(2,964)
Net written premiums	$	7,110	$	7,139	$	6,692

Direct premiums earned	$	10,213	$	9,763	$	9,133
Reinsurance assumed	347		611		321
Reinsurance ceded	(3,514)		(3,338)		(2,923)
Net earned premiums	$	7,046	$	7,036	$	6,531

Reinsurance recoveries	$	2,527	$	3,040	$	2,336

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):


	Recoverables from Reinsurers						Premiums Receivable
	2025		2024		2023		2025		2024		2023
Balance at January 1	$	11	$	10	$	8	$	19	$	15	$	8
Increase in allowance from acquisition of CRS	—		—		—		—		—		4
Provision for expected credit losses	(1)		1		2		1		5		3
Write-offs charged against the allowance	—		—		—		—		(1)		—
Balance at December 31	$	10	$	11	$	10	$	20	$	19	$	15

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 2,421	$ 2,277
Equity in earnings of partnerships and similar investments	56	46	$ 99
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,431	1,392
Equity in earnings of partnerships and similar investments	12	8	85
Private equity funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	895	804
Equity in earnings of partnerships and similar investments	35	32	9
Private debt funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	95	81
Equity in earnings of partnerships and similar investments	$ 9	$ 6	$ 5

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Narrative (Details) £ in Millions	12 Months Ended
Income Taxes - Narrative (Details) £ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%
Net tax expense related to a pending state income tax examination regarding sale of subsidiary	$ 11,000,000	$ 9,000,000	$ 8,000,000
Net tax expense related to pending IRS settlement regarding the sale of a subsidiary	5,000,000	1,000,000	2,000,000
AFG
Income Tax Reconciliation [Line Items]
Income tax penalties accrued	3,000,000
Unrecognized tax benefits that would impact the effective tax rate		0
AFG \| Maximum
Income Tax Reconciliation [Line Items]
Unrecognized tax benefits that would impact the effective tax rate			$ 1,000,000
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards \| £				£ 27
Subsidiary 1
Income Tax Reconciliation [Line Items]
Net tax expense related to a pending state income tax examination regarding sale of subsidiary	$ 7,000,000
Subsidiary 2
Income Tax Reconciliation [Line Items]
Net tax expense related to pending IRS settlement regarding the sale of a subsidiary		$ 4,000,000

Investments - Gross realized gains and losses on available for sale fixed maturity security investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 7	$ 1	$ 5
Gross losses	$ (14)	$ (5)	$ (38)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings

The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):


	2025				2024				2023
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	1,073			$	1,124			$	1,073

Income taxes at statutory rate	$	225	21	%	$	236	21	%	$	225	21	%
Effect of:
State and local income taxes, net of federal income tax effect (*)	11		1	%	9		1	%	8		1	%
Foreign tax effects	(1)		—	%	—		—	%	—		—	%
Changes in tax laws or rates enacted in the current period	—		—	%	—		—	%	—		—	%
Cross-border tax laws	(1)		—	%	2		—	%	(3)		—	%
Income tax credits	(3)		—	%	(2)		—	%	(3)		—	%
Changes in valuation allowance	(5)		—	%	(2)		—	%	(2)		—	%
Impact of nontaxable or nondeductible items:
Tax preference investments	(6)		—	%	(6)		(1	%)	(7)		(1	%)
Other	5		—	%	1		—	%	2		—	%
Changes in unrecognized income tax benefits	3		—	%	(1)		—	%	—		—	%
Other adjustments	3		—	%	—		—	%	1		—	%
Provision for income taxes as shown in the statement of earnings	$	231	22	%	$	237	21	%	$	221	21	%

(*)State taxes in California and Florida represent the majority (greater than 50%) of the state and local net tax effect in 2025. State taxes in Florida and Illinois represent the majority of the state and local net tax effect in both 2024 and 2023.

Summary of earnings before income taxes subject to foreign tax jurisdictions

The table below highlights the portion of AFG’s earnings before income taxes that is subject to income taxes outside the United States (in millions):


	2025		2024		2023
U.S. only	$	1,031	$	1,088	$	1,041
Foreign jurisdictions	42		36		32
Total earnings before income taxes	$	1,073	$	1,124	$	1,073

Components of income tax provision (credit)

The total income tax provision consists of (in millions):


	2025		2024		2023
Current taxes:
U.S. federal	$	168	$	217	$	169
U.S. state and local	17		11		9
Foreign	5		1		6
Total current tax expense	190		229		184
Deferred taxes:
U.S. federal	41		8		37


Total deferred tax expense	41		8		37
Total income tax provision:
U.S. federal	209		225		206
U.S. state and local	17		11		9
Foreign	5		1		6
Total income tax provision	$	231	$	237	$	221

Summary of operating loss carryforwards

For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2025 (in millions):

Expiring

Amount

Operating Loss – U.S.

2041 - 2045

Operating Loss – U.S.

indefinite

Operating Loss – United Kingdom

indefinite

(*)

(*)£27 million

Components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions):


	2025		2024
Deferred tax assets:
Federal net operating loss carryforwards	$	8	$	2
Foreign underwriting losses	9		10

Insurance claims and reserves	300		283
Employee benefits	117		114
Lease liabilities	41		45
Other, net	29		20
Total deferred tax assets before valuation allowance	504		474
Valuation allowance against deferred tax assets	(12)		(11)
Total deferred tax assets	492		463
Deferred tax liabilities:
Investment securities	(324)		(233)
Deferred policy acquisition costs	(76)		(73)
Insurance claims and reserves transition liability	—		(4)
Lease right of use assets	(37)		(42)
Real estate, property and equipment	(42)		(7)
Total deferred tax liabilities	(479)		(359)
Net deferred tax asset	$	13	$	104

Cash payments for income taxes

Cash payments for income taxes, net of refunds, were as follows (in millions):


	2025		2024		2023
U.S. federal	$	150	$	187	$	188
U.S. state and local	14		12		10
Foreign	4		2		3
Total cash payments for income taxes, net of refunds	$	168	$	201	$	201

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net earnings	$ 842	$ 887	$ 852
Other comprehensive income (loss)	190	79	224
Comprehensive income	1,032	966	1,076
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings	842	887	852
Other comprehensive income (loss)	190	79	224
Comprehensive income	$ 1,032	$ 966	$ 1,076

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative asset	$ 54	$ 82
Derivative liability	3	18
Interest rate swaps \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	1	1
Derivative liability	$ 3	$ 14
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Fixed maturities with embedded derivatives \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 53	$ 81
Derivative liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities	Available for sale (AFS) fixed maturities
Total return swap \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	$ 0
Derivative liability	$ 0	$ 4
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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 consist primarily of fixed maturity securities 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 related to the 2021 acquisition of Verikai, was measured using a weighted probability-based income approach which includes significant unobservable inputs and was classified as Level 3 and represented the fair value of the up to $50 million in potential acquisition-related contingent consideration. Due to slower than anticipated growth in the business supported by the Verikai technology, the fair value of this liability was reduced to zero in the third quarter of 2023. The $22 million gain from this change in fair value and a goodwill impairment charge of $26 million related to Verikai (see Note H — “Goodwill and Other Intangibles”) is included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings.

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 group includes approximately 25 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, AFG 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.

Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies	$	157	$	4	$	—	$	161
States, municipalities and political subdivisions	—		831		4		835
Foreign government	—		238		—		238
Residential MBS	—		2,744		3		2,747
Collateralized loan obligations	—		1,160		—		1,160
Other asset-backed securities	—		2,215		310		2,525
Corporate and other	1		2,990		395		3,386
Total AFS fixed maturities	158		10,182		712		11,052
Trading fixed maturities	—		66		25		91
Equity securities	478		51		256		785
Assets of managed investment entities (“MIE”)	310		3,725		15		4,050
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	946	$	14,025	$	1,008	$	15,979
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	3	$	3
Liabilities of managed investment entities	298		3,594		15		3,907
Other liabilities — derivatives	—		3		—		3
Total liabilities accounted for at fair value	$	298	$	3,597	$	18	$	3,913

December 31, 2024
Assets:
Available for sale fixed maturities:
U.S. government and government agencies	$	173	$	—	$	—	$	173
States, municipalities and political subdivisions	—		858		1		859
Foreign government	—		237		—		237
Residential MBS	—		1,988		1		1,989
Collateralized loan obligations	—		1,237		—		1,237
Other asset-backed securities	—		2,111		296		2,407
Corporate and other	12		3,014		470		3,496
Total AFS fixed maturities	185		9,445		768		10,398
Trading fixed maturities	—		50		26		76
Equity securities	419		40		292		751
Assets of managed investment entities	419		3,711		10		4,140
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	1,023	$	13,247	$	1,096	$	15,366
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	402		3,553		10		3,965
Other liabilities — derivatives	—		18		—		18
Total liabilities accounted for at fair value	$	402	$	3,571	$	12	$	3,985

Approximately 6% of the total assets carried at fair value at December 31, 2025, were Level 3 assets. 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 88% ($883 million) of the total fair value of Level 3 assets at December 31, 2025. Approximately 70% ($614 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. The remainder of the internally developed Level 3 investments ($269 million) are priced using internal models or inputs from third parties 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.

Approximately 9% ($91 million) of the Level 3 assets were investments whose prices were determined based on financial information provided by third party asset managers. Approximately 3% ($34 million) of Level 3 assets were priced using non-binding broker quotes or pricing services, for which there is a lack of transparency as to the inputs used to determine fair value.

Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2025, 2024 and 2023 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, 2024		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2025
AFS fixed maturities:

State and municipal	$	1	$	—	$	—	$	—	$	(1)	$	5	$	(1)	$	4
Residential MBS	1		—		—		—		—		2		—		3

Other asset-backed securities	296		—		9		63		(58)		—		—		310
Corporate and other	470		15		8		91		(172)		3		(20)		395
Total AFS fixed maturities	768		15		17		154		(231)		10		(21)		712
Trading fixed maturities	26		2		—		11		(14)		—		—		25
Equity securities	292		(1)		—		28		(23)		7		(47)		256
Assets of MIE	10		(5)		—		10		—		—		—		15
Total Level 3 assets	$	1,096	$	11	$	17	$	203	$	(268)	$	17	$	(68)	$	1,008

Contingent consideration — acquisitions	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)
Total Level 3 liabilities	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2024
AFS fixed maturities:

State and municipal	$	2	$	—	$	—	$	—	$	(1)	$	—	$	—	$	1
Residential MBS	2		—		—		—		—		—		(1)		1
Collateralized loan obligations	1		(1)		—		—		—		—		—		—
Other asset-backed securities	351		(1)		8		59		(100)		5		(26)		296
Corporate and other	380		16		6		105		(31)		4		(10)		470
Total AFS fixed maturities	736		14		14		164		(132)		9		(37)		768
Trading fixed maturities	—		2		—		24		—		—		—		26
Equity securities (*)	485		60		—		174		(57)		—		(370)		292
Assets of MIE	9		—		(5)		6		—		—		—		10
Total Level 3 assets	$	1,230	$	76	$	9	$	368	$	(189)	$	9	$	(407)	$	1,096

Contingent consideration — acquisitions	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)

(*)Transfers out primarily relate to investments now accounted for using the equity method.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2022		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:

State and municipal	$	5	$	—	$	—	$	—	$	(1)	$	1	$	(3)	$	2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)

Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
2025
Financial assets:
Cash and cash equivalents	$	1,727	$	1,727	$	1,727	$	—	$	—
Mortgage loans	947		937		—		—		937
Total financial assets not accounted for at fair value	$	2,674	$	2,664	$	1,727	$	—	$	937

Long-term debt	$	1,820	$	1,609	$	—	$	1,606	$	3
Total financial liabilities not accounted for at fair value	$	1,820	$	1,609	$	—	$	1,606	$	3

2024
Financial assets:
Cash and cash equivalents	$	1,406	$	1,406	$	1,406	$	—	$	—
Mortgage loans	791		754		—		—		754
Total financial assets not accounted for at fair value	$	2,197	$	2,160	$	1,406	$	—	$	754

Long-term debt	$	1,475	$	1,276	$	—	$	1,273	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,276	$	—	$	1,273	$	3

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2025
Goodwill [Line Items]
Goodwill, beginning balance		$ 305
Goodwill, ending balance		327
Radion Insurance Holdings, LLC
Goodwill [Line Items]
Purchase of Radion	$ 22	$ 22

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Managed Investment Entities

12 Months Ended

Dec. 31, 2025

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Managed Investment Entities

AFG is the investment manager and it has investments ranging from 5.4% to 100% of the most subordinate debt tranche of ten active collateralized loan obligations (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation, these entities issued securities in various senior and subordinate classes and invested the proceeds primarily in secured bank loans, which serve as collateral for the debt securities issued by each CLO. None of the collateral was purchased from AFG. AFG’s investments in the subordinate debt tranches of these entities receive residual income from the CLOs only after the CLOs pay expenses (including management fees to AFG) and interest on and returns of capital to senior levels of debt securities. There are no contractual requirements for AFG to provide additional funding for these entities. AFG has not provided and does not intend to provide any financial support to these entities.

AFG’s maximum exposure to economic loss on the CLOs that it manages is limited to its investment in those CLOs, which had an aggregate fair value of $143 million (including $131 million invested in the most subordinate tranches) at December 31, 2025.

In 2025, AFG formed three new CLOs, which issued $1.22 billion face amount of liabilities (including $118 million face amount purchased by AFG). In 2024, AFG formed two new CLOs, which issued $813 million face amount of liabilities (including $73 million face amount purchased by AFG). In 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG). In 2025, 2024 and 2023, six, one and four CLOs were substantially liquidated in accordance with the CLO indentures, respectively.

The following table shows a progression of the fair value of AFG's investment in CLO tranches and temporary warehousing entities (in millions):


	2025		2024		2023
Balance at beginning of period	$	175	$	177	$	116
Purchases	186		133		67
Sales	(175)		(123)		—
Distributions	(48)		(45)		(33)
CLO earnings attributable to AFG	5		33		27
Balance at end of period	$	143	$	175	$	177

The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions):


	Year ended December 31,
	2025		2024		2023
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	(75)	$	(2)	$	144
Liabilities	49		6		(117)
Management fees paid to AFG	11		13		16
CLO earnings attributable to AFG	5		33		27

(*)Included in revenues in AFG’s Statement of Earnings.

The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $77 million and $66 million at December 31, 2025 and 2024, respectively. The carrying value of the CLOs’ debt (excluding the most subordinated tranches) exceeded the aggregate unpaid principal balance by $13 million and $36 million at those dates, respectively. At December 31, 2025, the CLO assets did not include any loans in default for which the CLOs are not accruing interest compared to an aggregate fair value of $3 million of loans in default (with an aggregate unpaid principal balance of $5 million) at December 31, 2024.

In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.16 billion at December 31, 2025 and $1.24 billion at December 31, 2024.

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years 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 December 31, 2025, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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. Recently Adopted Accounting Standards In 2025, AFG adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a retrospective basis. The updated accounting guidance expands income tax disclosures primarily related to the rate reconciliation and income taxes paid information. See Note L — “Income Taxes.” In 2024, AFG adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the Company’s Chief Operating Decision Maker (“CODM”). See Note C — “Segments of Operations.” 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 had nonrecurring fair value measurements for the purchase price allocations related to its acquisition of Radion Insurance Holdings, LLC in 2025 and two small acquisitions in 2024 (see Note B — “Acquisitions of Businesses”). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other significant nonrecurring fair value measurements in 2025 or 2024. Investments 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Structured securities subject to prepayment risk 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. Equity securities 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 certain securities classified at purchase as “fair value through net investment income” in net investment income. 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 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. Credit Losses on Fixed Maturity Investments 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, 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 (net of any existing allowance) 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 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 (convertible fixed maturities and interest-only and principal-only mortgage-backed securities (“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. 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 G — “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. Unpaid Losses and Loss Adjustment Expenses The 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 facility 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. 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 AFG’s stock-based compensation plan: 2025 and 2024 – less than 0.1 million and 2023 – 0.1 million. There were no anti-dilutive potential common shares related to the stock compensation plan or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2025, 2024 or 2023. 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.

Insurance

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Insurance

Insurance Reserves Estimating the liability for unpaid losses and loss adjustment expenses (“LAE”) is inherently judgmental and is influenced by factors that are subject to significant variation. Determining the liability is a complex process incorporating input from many areas of the Company including actuarial, underwriting, pricing, claims and operations management.

The process used to determine the total reserve for liabilities involves estimating the ultimate incurred losses and LAE, adjusted for amounts already paid on the claims. The incurred but not reported (“IBNR”) reserve is derived by first estimating the ultimate unpaid reserve liability and subtracting case reserves for loss and LAE.

In determining management’s best estimate of the ultimate liability, management (with the assistance of Company actuaries) considers items such as the effect of inflation on medical, hospitalization, material, repair and replacement costs, the nature and maturity of lines of insurance, general economic trends and the legal environment. In addition, historical trends adjusted for changes in underwriting standards, policy provisions, product mix and other factors are analyzed using actuarial reserve development techniques. Weighing all of the factors, the management team determines a single or “point” estimate that it records as its best estimate of the ultimate liability. Ranges of loss reserves are not developed by Company actuaries. This reserve analysis and review is completed each quarter for almost every business within AFG’s property and casualty insurance sub-segments.

Each quarterly review includes in-depth analysis of several hundred subdivisions of the business, employing multiple actuarial techniques. For each subdivision, actuaries use informed, professional judgment to adjust these techniques as necessary to respond to specific conditions in the data or within the business.

Some of the standard actuarial methods employed for the quarterly reserve analysis may include (but may not be limited to):

•Case Incurred Development Method

•Paid Development Method

•Bornhuetter-Ferguson Method

•Incremental Paid LAE to Paid Loss Method

Each method has particular strengths and weaknesses and no single estimation method is most accurate in all situations. When applied to a particular group of claims, the relative strengths and weaknesses of each method can change over time based on the facts and circumstances. Ultimately, the estimation methods chosen are those which the actuary believes produce the most reliable indication for the particular liabilities under review.

The period of time from the event triggering a claim through the settlement of the liability is referred to as the “tail”. Generally, the same actuarial methods are considered for both short-tail and long-tail lines of business because most of them work properly for both. The methods are designed to incorporate the effects of the differing length of time to settle particular claims. For nearly all lines of business, the actuaries rely heavily on the Bornhuetter-Ferguson method for more recent accident periods. As accident years mature and the underlying claim data becomes more credible, more weight is given to the Case Incurred and Paid Development methods. This transition occurs relatively quickly for short-tailed lines, and over a number of years for long-tail lines. Liability claims for long-tail lines are more susceptible to litigation and can be significantly affected by changing contract interpretation and the legal environment. Therefore, the estimation of loss reserves for these classes is more complex and subject to a higher degree of variability.

The level of detail in which data is analyzed varies among the different lines of business. Data is generally analyzed by major product or by coverage within product, using countrywide data; however, in some situations, data may be reviewed by state or region. Appropriate segmentation of the data is determined based on data credibility, homogeneity of development patterns, mix of business, and other actuarial considerations.

Supplementary statistical information is also reviewed to determine which methods are most appropriate to use or if adjustments are needed to particular methods. Such information includes:

•Open and closed claim counts

•Average case reserves and average incurred on open claims

•Closure rates and statistics related to closed and open claim percentages

•Average closed claim severity

•Ultimate claim severity

•Reported loss ratios

•Projected ultimate loss ratios

•Loss payment patterns

Within each business, results of individual methods are reviewed, supplementary statistical information is analyzed, and data from underwriting, operating and claim management are considered in deriving management’s best estimate of the ultimate liability. This estimate may be the result of one method, a weighted average of several methods, or a judgmental selection as the management team determines is appropriate.

The liability for losses and LAE for a very limited number of claims with long-term scheduled payments under certain workers’ compensation policies has been discounted at 4.5% at both December 31, 2025 and December 31, 2024, which represents an approximation of long-term investment yields. Because of the limited amount of claims involved, the net impact of discounting did not materially impact AFG’s total liability for unpaid losses and loss adjustment expenses (net reductions from discounting of $8 million at both December 31, 2025 and December 31, 2024).

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions):


	2025		2024		2023
Balance at beginning of period	$	14,179	$	13,087	$	11,974
Less reinsurance recoverables, net of allowance	4,957		4,288		3,767
Net liability at beginning of period	9,222		8,799		8,207
Provision for losses and LAE occurring in the current year	4,469		4,524		4,256


Net decrease in the provision for claims of prior years	(81)		(64)		(223)
Total losses and LAE incurred	4,388		4,460		4,033
Payments for losses and LAE of:
Current year	(1,330)		(1,497)		(1,261)
Prior years	(2,488)		(2,537)		(2,181)
Total payments	(3,818)		(4,034)		(3,442)
Foreign currency translation and other	(4)		(3)		1
Net liability at end of period	9,788		9,222		8,799
Add back reinsurance recoverables, net of allowance	5,306		4,957		4,288
Gross unpaid losses and LAE included in the balance sheet	$	15,094	$	14,179	$	13,087

The net decrease in the provision for claims of prior years in 2025 reflects (i) lower than anticipated losses in the crop business, lower than expected claim severity in the aviation and ocean marine businesses and lower than anticipated claim frequency and severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation and executive liability businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the financial institutions business and lower than expected claim severity in the surety, fidelity and trade credit businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than expected claim severity in the excess and surplus, social services, excess liability, public sector and general liability businesses (within the Specialty casualty sub-segment).

The net decrease in the provision for claims of prior years in 2024 reflects (i) lower than anticipated losses in the crop business, lower than expected claim severity in the property and inland marine and aviation businesses and lower than anticipated claim frequency and severity in the ocean marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than expected claim frequency and severity in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency and severity in the financial institutions and fidelity businesses and lower than expected claim frequency in the trade credit business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim frequency and severity in the umbrella and excess liability and social services businesses and higher than expected claim severity in the public sector and general liability businesses (within the Specialty casualty sub-segment) and (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment).

The net decrease in the provision for claims of prior years in 2023 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency and severity across the transportation businesses and lower than anticipated claim frequency in the property and inland marine and ocean marine businesses and in the Singapore operations (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability and environmental businesses and favorable reserve development related to COVID-19 losses across several businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit, financial institutions and surety businesses and lower than expected claim frequency and severity in the fidelity business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector business and higher than expected claim frequency and severity in the excess liability and general liability businesses (within the Specialty casualty sub-segment).

Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, the internal reinsurance results are included within the same sub-segments as the ceding businesses to align with senior management’s evolving view of the program. The overall results for AFG’s Specialty property and casualty insurance operations are not impacted by this change. Information from prior periods has been recast for consistent presentation.


	2025
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,847
Specialty casualty	6,177
Specialty financial	460
Total Specialty (excluding foreign reserves)	8,484

Other reserves
Foreign operations	443
A&E reserves	347
Unallocated LAE	455
Other	59
Total other reserves	1,304
Total reserves, net of reinsurance	9,788

Add back reinsurance recoverables, net of allowance	5,306
Gross unpaid losses and LAE included in the balance sheet	$	15,094


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	753	$	723	$	720	$	713	$	700	$	694	$	695	$	695	$	692	$	690	$	70	121,425
2017			897		855		850		829		822		826		825		823		820		56		141,054
2018					942		912		897		886		891		886		888		890		52		130,840
2019							1,125		1,071		1,062		1,065		1,068		1,070		1,070		59		154,461
2020									1,053		983		969		962		963		964		71		122,348
2021											1,130		1,034		1,033		1,038		1,034		86		123,890
2022													1,409		1,335		1,329		1,313		104		138,424
2023															1,502		1,408		1,397		149		145,066
2024																	1,614		1,558		247		175,137
2025																			1,462		564		135,480
																	Total		$	11,198


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	295	$	524	$	580	$	622	$	645	$	661	$	670	$	676	$	679	$	681	98.7	%
2017			381		643		699		738		760		788		799		809		811		98.9	%
2018					400		680		744		787		831		845		859		873		98.1	%
2019							529		829		911		967		1,006		1,032		1,046		97.8	%
2020									462		728		808		866		905		929		96.4	%
2021											449		770		872		941		972		94.0	%
2022													588		1,024		1,128		1,184		90.2	%
2023															564		1,070		1,176		84.2	%
2024																	681		1,173		75.3	%
2025																			528		36.1	%
																	Total		$	9,373
							Unpaid losses and LAE — years 2016 through 2025												1,825
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																22
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,847


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.0	%	31.6	%	7.9	%	5.4	%	3.6	%	2.4	%	1.4	%	1.2	%	0.3	%	0.3	%
Cumulative	44.0	%	75.6	%	83.5	%	88.9	%	92.5	%	94.9	%	96.3	%	97.5	%	97.8	%	98.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	1,184	$	1,176	$	1,175	$	1,165	$	1,160	$	1,140	$	1,118	$	1,107	$	1,106	$	1,115	$	49	56,921
2017			1,264		1,277		1,267		1,263		1,243		1,227		1,231		1,250		1,260		81		57,594
2018					1,352		1,386		1,382		1,345		1,359		1,364		1,365		1,365		120		59,771
2019							1,401		1,404		1,419		1,380		1,391		1,408		1,397		137		60,242
2020									1,463		1,436		1,374		1,344		1,357		1,368		194		54,981
2021											1,507		1,518		1,469		1,451		1,426		274		57,465
2022													1,617		1,635		1,652		1,678		413		60,252
2023															1,818		1,841		1,853		639		64,764
2024																	1,826		1,828		850		64,130
2025																			1,924		1,291		57,463
																	Total		$	15,214


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	195	$	433	$	611	$	755	$	854	$	925	$	965	$	1,000	$	1,014	$	1,031	92.5	%
2017			208		438		638		803		890		972		1,036		1,095		1,128		89.5	%
2018					218		494		675		832		953		1,060		1,125		1,173		85.9	%
2019							219		473		693		848		984		1,079		1,166		83.5	%
2020									196		465		652		814		971		1,064		77.8	%
2021											199		462		668		861		1,013		71.0	%
2022													208		536		829		1,038		61.9	%
2023															275		650		924		49.9	%
2024																	281		647		35.4	%
2025																			264		13.7	%
																	Total		$	9,448
							Unpaid losses and LAE — years 2016 through 2025												5,766
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																411
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	6,177


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	15.0	%	19.5	%	15.2	%	12.3	%	9.4	%	6.9	%	4.9	%	3.8	%	1.9	%	1.5	%
Cumulative	15.0	%	34.5	%	49.7	%	62.0	%	71.4	%	78.3	%	83.2	%	87.0	%	88.9	%	90.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	180	$	184	$	187	$	182	$	174	$	170	$	173	$	172	$	172	$	173	$	—	45,187
2017			214		216		212		209		204		203		210		210		213		6		48,850
2018					213		218		220		208		202		199		198		196		2		46,818
2019							195		199		191		187		183		179		177		3		41,979
2020									232		216		203		194		192		187		6		29,793
2021											224		202		187		180		172		8		27,502
2022													244		235		223		215		19		24,155
2023															311		331		335		74		24,686
2024																	385		363		83		23,858
2025																			359		154		17,220
																	Total		$	2,390


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	87	$	142	$	159	$	162	$	163	$	164	$	171	$	172	$	172	$	173	100.0	%
2017			120		169		187		195		194		193		195		196		199		93.4	%
2018					112		163		187		188		193		194		194		195		99.5	%
2019							99		146		164		168		170		173		173		97.7	%
2020									100		144		160		162		167		174		93.0	%
2021											98		136		147		156		162		94.2	%
2022													108		164		187		193		89.8	%
2023															150		230		249		74.3	%
2024																	176		247		68.0	%
2025																			166		46.2	%
																	Total		$	1,931
							Unpaid losses and LAE — years 2016 through 2025												459
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																1
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	460


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	52.0	%	24.7	%	9.0	%	2.5	%	1.7	%	1.2	%	1.2	%	0.5	%	0.7	%	0.6	%
Cumulative	52.0	%	76.7	%	85.7	%	88.2	%	89.9	%	91.1	%	92.3	%	92.8	%	93.5	%	94.1	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2025
	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	2,117	$	2,083	$	2,082	$	2,060	$	2,034	$	2,004	$	1,986	$	1,974	$	1,970	$	1,978	$	119	223,533
2017			2,375		2,348		2,329		2,301		2,269		2,256		2,266		2,283		2,293		143		247,498
2018					2,507		2,516		2,499		2,439		2,452		2,449		2,451		2,451		174		237,429
2019							2,721		2,674		2,672		2,632		2,642		2,657		2,644		199		256,682
2020									2,748		2,635		2,546		2,500		2,512		2,519		271		207,122
2021											2,861		2,754		2,689		2,669		2,632		368		208,857
2022													3,270		3,205		3,204		3,206		536		222,831
2023															3,631		3,580		3,585		862		234,516
2024																	3,825		3,749		1,180		263,125
2025																			3,745		2,009		210,163
																	Total		$	28,802


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2016–2024 is Supplementary Information and Unaudited)
	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		% (a)
2016	$	577	$	1,099	$	1,350	$	1,539	$	1,662	$	1,750	$	1,806	$	1,848	$	1,865	$	1,885	95.3	%
2017			709		1,250		1,524		1,736		1,844		1,953		2,030		2,100		2,138		93.2	%
2018					730		1,337		1,606		1,807		1,977		2,099		2,178		2,241		91.4	%
2019							847		1,448		1,768		1,983		2,160		2,284		2,385		90.2	%
2020									758		1,337		1,620		1,842		2,043		2,167		86.0	%
2021											746		1,368		1,687		1,958		2,147		81.6	%
2022													904		1,724		2,144		2,415		75.3	%
2023															989		1,950		2,349		65.5	%
2024																	1,138		2,067		55.1	%
2025																			958		25.6	%
																	Total		$	20,752
							Unpaid losses and LAE — years 2016 through 2025												8,050
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																434
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	8,484


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.2	%	24.6	%	11.9	%	9.0	%	6.6	%	4.8	%	3.3	%	2.6	%	1.3	%	1.0	%
Cumulative	29.2	%	53.8	%	65.7	%	74.7	%	81.3	%	86.1	%	89.4	%	92.0	%	93.3	%	94.3	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2025).

Deferred Policy Acquisition Costs Included in commissions and other underwriting expenses in AFG’s Statement of Earnings is amortization of deferred policy acquisition costs of $775 million, $766 million, and $720 million in 2025, 2024 and 2023, respectively.

Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):


	Net Earnings						Capital and Surplus
	2025		2024		2023		2025		2024
Property and casualty companies	$	1,052	$	974	$	1,004	$	4,968	$	4,614

The National Association of Insurance Commissioners’ (“NAIC”) model law for risk-based capital (“RBC”) applies to property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2025 and 2024, the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2025 or 2024.

Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2026 from its insurance subsidiaries without seeking regulatory approval is $1.08 billion. Additional amounts of dividends require regulatory approval.

Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.23 billion at December 31, 2025, were on deposit as required by regulatory authorities.

Holding Company Dividends AFG declared and paid Common Stock dividends to shareholders totaling $608 million, $791 million and $687 million in 2025, 2024 and 2023, respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net earnings that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2025, AFG could pay dividends of approximately $1.80 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries and rating agency commitments.

Reinsurance In the normal course of business, AFG cedes reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. However, AFG remains liable to its insureds regardless of whether a reinsurer is able to meet its obligations. The following table shows (in millions) (i) amounts deducted from written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.


	2025		2024		2023
Direct premiums written	$	10,342	$	9,933	$	9,309
Reinsurance assumed	352		600		347
Reinsurance ceded	(3,584)		(3,394)		(2,964)
Net written premiums	$	7,110	$	7,139	$	6,692

Direct premiums earned	$	10,213	$	9,763	$	9,133
Reinsurance assumed	347		611		321
Reinsurance ceded	(3,514)		(3,338)		(2,923)
Net earned premiums	$	7,046	$	7,036	$	6,531

Reinsurance recoveries	$	2,527	$	3,040	$	2,336

Recoverables from Reinsurers and Premiums Receivable Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):


	Recoverables from Reinsurers						Premiums Receivable
	2025		2024		2023		2025		2024		2023
Balance at January 1	$	11	$	10	$	8	$	19	$	15	$	8
Increase in allowance from acquisition of CRS	—		—		—		—		—		4
Provision for expected credit losses	(1)		1		2		1		5		3
Write-offs charged against the allowance	—		—		—		—		(1)		—
Balance at December 31	$	10	$	11	$	10	$	20	$	19	$	15

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

Income Taxes - Earnings before income taxes subject to foreign tax jurisdictions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. only	$ 1,031	$ 1,088	$ 1,041
Foreign jurisdictions	42	36	32
Earnings before income taxes	$ 1,073	$ 1,124	$ 1,073

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financial assets:
Mortgage loans	$ 947	$ 791
Long-term debt	1,820	1,475
Level 1
Financial assets:
Cash and cash equivalents	1,727	1,406
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,727	1,406
Long-term debt	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	0	0
Total financial assets not accounted for at fair value	0	0
Long-term debt	1,606	1,273
Total financial liabilities not accounted for at fair value	1,606	1,273
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	937	754
Total financial assets not accounted for at fair value	937	754
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,727	1,406
Mortgage loans	947	791
Total financial assets not accounted for at fair value	2,674	2,197
Long-term debt	1,820	1,475
Total financial liabilities not accounted for at fair value	1,820	1,475
Fair Value
Financial assets:
Cash and cash equivalents	1,727	1,406
Mortgage loans	937	754
Total financial assets not accounted for at fair value	2,664	2,160
Long-term debt	1,609	1,276
Total financial liabilities not accounted for at fair value	$ 1,609	$ 1,276

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Disclosure of supplemental Balance Sheet information related to leases

AFG’s operating lease right-of-use asset and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions):


	2025		2024
Right-of-use asset	$	198	$	212
Lease liability	216		232

Other operating lease liability information

Other operating lease information for the years ended December 31, 2025, 2024 and 2023 (in millions):


	2025		2024		2023
Cash paid for lease liabilities reported in operating cash flows	$	46	$	40	$	38
Right-of-use assets obtained under new leases	18		68		102

Undiscounted contractual maturities of operating lease liabilities

The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2025 (in millions):


Operating lease payments:
2026	$	39
2027	36
2028	31
2029	26
2030	22
Thereafter	150
Total lease payments	304
Impact of discounting	(88)
Operating lease liability	$	216

Schedule of weighted-average remaining lease term and weighted-average discount rate


Weighted-average remaining lease term	12.1 years
Weighted-average discount rate	5.3	%

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 10	$ 0	$ (36)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	21	21	(20)
Impairment allowance on securities	(13)	(21)	(8)
Realized gains (losses) on securities	8	0	(28)
Change in unrealized	180	85	210
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	26	27	(25)
Impairment allowance on securities	(16)	(27)	(11)
Realized gains (losses) on securities	10	0	(36)
Change in unrealized	227	108	267
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	(5)	(5)	(35)
Impairment allowance on fixed maturity securities	(14)	(27)	(10)
Realized gains (losses) on securities	(19)	(32)	(45)
Change in unrealized	227	108	267
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	31	32	10
Realized gains (losses) on securities	31	32	10
Change in unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	0	0	0
Impairment allowance on mortgage loans and other investments	(2)	0	(1)
Realized gains (losses) on securities	(2)	0	(1)
Change in unrealized	0	0	0
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	(5)	(6)	5
Impairment allowance on securities	3	6	3
Realized gains (losses) on securities	(2)	0	8
Change in unrealized	$ (47)	$ (23)	$ (57)

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Net earned premiums	$ 7,046	$ 7,036	$ 6,531
Net investment income	745	780	742
Realized gains (losses) on:
Securities	10	0	(36)
Subsidiaries	1	0	(4)
Income of managed investment entities:
Investment income	283	380	421
Gain (loss) on change in fair value of assets/liabilities	(26)	4	27
Other income	115	124	146
Total revenues	8,174	8,324	7,827
Costs and Expenses:
Losses and loss adjustment expenses	4,388	4,460	4,033
Commissions and other underwriting expenses	2,059	2,007	1,935
Interest charges on borrowed money	80	76	76
Expenses of managed investment entities	241	338	405
Other expenses	333	319	305
Total costs and expenses	7,101	7,200	6,754
Earnings before income taxes	1,073	1,124	1,073
Provision for income taxes	231	237	221
Net Earnings	$ 842	$ 887	$ 852
Earnings per Common Share:
Basic (USD per share)	$ 10.08	$ 10.57	$ 10.06
Diluted (USD per share)	$ 10.08	$ 10.57	$ 10.05
Average number of Common Shares:
Basic (shares)	83.5	83.9	84.7
Diluted (shares)	83.5	83.9	84.8

Insurance - Reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 9,788	$ 9,222	$ 8,799	$ 8,207
Reinsurance recoverables, net of allowance	5,306	4,957	4,288	3,767
Unpaid losses and loss adjustment expenses	15,094	$ 14,179	$ 13,087	$ 11,974
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	8,484
Other unpaid losses and LAE, net of reinsurance	1,304
Unallocated LAE	455
Total reserves, net of reinsurance	9,788
Reinsurance recoverables, net of allowance	5,306
Property and casualty insurance \| Foreign operations
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	443
Property and casualty insurance \| A&E reserves
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	347
Property and casualty insurance \| Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	59
Property and casualty insurance \| Property and transportation
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	1,847
Property and casualty insurance \| Specialty casualty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	6,177
Property and casualty insurance \| Specialty financial
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	$ 460

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 8,174	$ 8,324	$ 7,827
Costs and Expenses:
Interest charges on other borrowings	80	76	76
Other expenses	333	319	305
Total costs and expenses	7,101	7,200	6,754
Earnings before income taxes	1,073	1,124	1,073
Provision for income taxes	231	237	221
Net Earnings	842	887	852
AFG
Revenues:
Dividends from subsidiaries	731	841	903
Equity in undistributed earnings of subsidiaries	534	454	308
Investment and other income	23	28	60
Total revenues	1,288	1,323	1,271
Costs and Expenses:
Interest charges on intercompany borrowings	7	8	8
Interest charges on other borrowings	80	76	76
Other expenses	128	115	114
Total costs and expenses	215	199	198
Earnings before income taxes	1,073	1,124	1,073
Provision for income taxes	231	237	221
Net Earnings	$ 842	$ 887	$ 852

Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.


	2025		2024
Assets
Property and casualty insurance (*)	$	27,654	$	25,913
Other	4,988		4,923
Total assets	$	32,642	$	30,836

(*)Not allocable to sub-segments.


	2025		2024		2023
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation	$	2,746	$	2,826	$	2,550
Specialty casualty	3,215		3,176		3,112
Specialty financial	1,085		1,034		869

Total net earned premiums	7,046		7,036		6,531
Net investment income	725		784		729
Other income	12		8		16
Total property and casualty insurance	7,783		7,828		7,276
Other	380		496		591
Total revenues before realized gains (losses)	8,163		8,324		7,867
Realized gains (losses) on securities	10		—		(36)
Realized gains (losses) on subsidiaries	1		—		(4)
Total revenues	$	8,174	$	8,324	$	7,827


	2025		2024		2023
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	335	$	214	$	174
Specialty casualty	129		279		348
Specialty financial	170		133		111
Other lines	(5)		(6)		(2)
Total underwriting (a)	629		620		631
Investment and other income, net	658		708		673
Total property and casualty insurance	1,287		1,328		1,304
Other (b)	(225)		(204)		(191)
Total earnings before realized gains (losses) and income taxes	1,062		1,124		1,113
Realized gains (losses) on securities	10		—		(36)
Realized gains (losses) on subsidiaries	1		—		(4)
Total earnings before income taxes	$	1,073	$	1,124	$	1,073

(a)Significant segment expenses, which are losses and loss adjustment expenses and commissions and other underwriting expenses, are shown in the table below by sub-segment.

(b)Includes interest charges on borrowed money and other holding company expenses. Holding company expenses include special charges of $25 million, $14 million and $15 million in 2025, 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations and a gain on retirement of debt of $1 million in 2023.

The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions) for the years ended:


	2025		2024		2023
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums	$	2,746	$	2,826	$	2,550
Losses and loss adjustment expenses	1,843		1,972		1,773
Commissions and other underwriting expenses	568		640		603
Underwriting profit	$	335	$	214	$	174

Specialty casualty:
Net earned premiums	$	3,215	$	3,176	$	3,112
Losses and loss adjustment expenses	2,151		2,045		1,914
Commissions and other underwriting expenses	935		852		850
Underwriting profit	$	129	$	279	$	348

Specialty financial:
Net earned premiums	$	1,085	$	1,034	$	869
Losses and loss adjustment expenses	389		432		328
Commissions and other underwriting expenses	526		469		430
Underwriting profit	$	170	$	133	$	111

Other lines:
Losses and loss adjustment expenses	$	5	$	6	$	2
Underwriting loss	$	(5)	$	(6)	$	(2)

Total property and casualty insurance segment:
Net earned premiums	$	7,046	$	7,036	$	6,531
Losses and loss adjustment expenses	4,388		4,455		4,017
Commissions and other underwriting expenses	2,029		1,961		1,883
Underwriting profit	$	629	$	620	$	631

Insurance - Reinsurance information table including assumed, ceded, and recoveries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Direct premiums written	$ 10,342	$ 9,933	$ 9,309
Reinsurance assumed	352	600	347
Reinsurance ceded	(3,584)	(3,394)	(2,964)
Net written premiums	7,110	7,139	6,692
Direct premiums earned	10,213	9,763	9,133
Reinsurance assumed	347	611	321
Reinsurance ceded	(3,514)	(3,338)	(2,923)
Net earned premiums	7,046	7,036	6,531
Reinsurance recoveries	$ 2,527	$ 3,040	$ 2,336

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Summary of restricted stock awards

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:


	Shares	Average Grant Date Fair Value
Outstanding at January 1, 2025	566,364	$	125.61
Granted	166,297	$	121.89
Vested	(135,042)	$	111.95
Forfeited	(21,437)	$	128.19
Outstanding at December 31, 2025	576,182	$	127.65

Components of accumulated other comprehensive income (loss)

The progression of the components of accumulated other comprehensive income (loss) follows (in millions):


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2025
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	206	$	(42)	$	164
Reclassification adjustment for realized (gains) losses included in net earnings (*)			21		(5)		16
Total net unrealized gains (losses) on securities	$	(202)	227		(47)		180		$	(22)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			1		—		1
Reclassification adjustment for investment income included in net earnings (*)			9		(2)		7
Total net unrealized gains (losses) on cash flow hedges	(10)		10		(2)		8		(2)
Foreign currency translation adjustments	(30)		2		—		2		(28)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(240)	$	239	$	(49)	$	190	$	(50)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	77	$	(16)	$	61
Reclassification adjustment for realized (gains) losses included in net earnings (*)			31		(7)		24
Total net unrealized gains (losses) on securities	$	(287)	108		(23)		85		$	(202)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(16)		4		(12)
Reclassification adjustment for investment income included in net earnings (*)			24		(5)		19
Total net unrealized gains (losses) on cash flow hedges	(17)		8		(1)		7		(10)
Foreign currency translation adjustments	(17)		(12)		(1)		(13)		(30)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(319)	$	104	$	(25)	$	79	$	(240)

Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	224	$	(48)	$	176
Reclassification adjustment for realized (gains) losses included in net earnings (*)			43		(9)		34
Total net unrealized gains (losses) on securities	$	(497)	267		(57)		210		$	(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(11)		2		(9)
Reclassification adjustment for investment income included in net earnings (*)			26		(5)		21
Total net unrealized gains (losses) on cash flow hedges	(29)		15		(3)		12		(17)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		(1)		—		(1)		2
Total	$	(543)	$	283	$	(59)	$	224	$	(319)

(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - Net unrealized gains (losses) on securities

Realized gains (losses) on securities

Pretax - Net unrealized gains (losses) on cash flow hedges

Net investment income

Pretax - Net unrealized gains (losses) on pension and other postretirement plans

Other expenses

Tax

Provision for income taxes

Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 5,306	$ 4,957	$ 4,288	$ 3,767
APU
Loss Contingencies [Line Items]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Liability for environmental and other claims	$ 101
GAFRI
Loss Contingencies [Line Items]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Liability for environmental and other claims	$ 8
Property and Casualty Group
Loss Contingencies [Line Items]
Liability for asbestos and environmental reserves	460
Property and Casualty Group \| A&E reserves
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 113

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use asset	$ 198	$ 212
Operating lease liability	$ 216	$ 232

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net earned premiums	$ 7,046	$ 7,036	$ 6,531
Net investment income	745	780	742
Other income	115	124	146
Revenues before realized gains (losses)	8,163	8,324	7,867
Realized gains (losses) on securities	10	0	(36)
Realized gains (losses) on subsidiaries	1	0	(4)
Total revenues	8,174	8,324	7,827
Operating segments \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	7,046	7,036	6,531
Net investment income	725	784	729
Other income	12	8	16
Revenues before realized gains (losses)	7,783	7,828	7,276
Operating segments \| Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	380	496	591
Operating segments \| Property and transportation \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,746	2,826	2,550
Operating segments \| Specialty casualty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	3,215	3,176	3,112
Operating segments \| Specialty financial \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,085	$ 1,034	$ 869

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities:
Net earnings	$ 842	$ 887	$ 852
Adjustments:
Other operating activities, net	(7)	(28)	(26)
Net cash provided by operating activities	1,533	1,152	1,970
Investing Activities:
Net cash provided by (used in) investing activities	(835)	95	414
Financing Activities:
Additional long-term borrowings	344	0	0
Reductions of long-term debt	0	0	(21)
Issuances of Common Stock	12	17	15
Repurchases of Common Stock	(99)	0	(213)
Cash dividends paid on Common Stock	(606)	(788)	(684)
Net cash used in financing activities	(377)	(1,066)	(2,031)
Cash and cash equivalents, period increase (decrease)	321	181	353
Cash and cash equivalents at beginning of year	1,406
Cash and cash equivalents at end of year	1,727	1,406
AFG
Operating Activities:
Net earnings	842	887	852
Adjustments:
Equity in net earnings of subsidiaries	(1,008)	(1,030)	(967)
Dividends from subsidiaries	699	812	896
Other operating activities, net	49	43	(62)
Net cash provided by operating activities	582	712	719
Investing Activities:
Capital contributions to subsidiaries	(40)	(36)	(180)
Returns of capital from subsidiaries	4	30	7
Purchases of investments, property and equipment	(169)	(55)	(35)
Proceeds from maturities and redemptions of investments	23	129	255
Sales of investments, property and equipment	0	4	178
Net cash provided by (used in) investing activities	(182)	72	225
Financing Activities:
Additional long-term borrowings	344	0	0
Reductions of long-term debt	0	0	(21)
Issuances of Common Stock	13	19	17
Repurchases of Common Stock	(99)	0	(213)
Cash dividends paid on Common Stock	(606)	(788)	(684)
Net cash used in financing activities	(348)	(769)	(901)
Cash and cash equivalents, period increase (decrease)	52	15	43
Cash and cash equivalents at beginning of year	283	268	225
Cash and cash equivalents at end of year	$ 335	$ 283	$ 268

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss	$ (26)			$ (26)
Amortizable intangible assets related to acquisitions		$ 189	$ 203
Accumulated amortization		75	59
Amortization of intangible assets		20	$ 20	$ 15
Write-off of amortizable intangible assets		$ 2
Weighted average useful life of finite-lived intangible assets acquired		5 years
Future amortization of intangibles in next year		$ 20
Future amortization of intangibles in year two		22
Future amortization of intangibles in year three		19
Future amortization of intangibles in year four		18
Future amortization of intangibles in year five		17
Future amortization of intangibles after year five		$ 93
Goodwill, impairment loss, Statement of Income or Comprehensive Income [Extensible Enumeration]				Realized gains (losses) on subsidiaries

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 7.28	$ 9.43	$ 8.10

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance	$ (2)	$ (2)	$ (25)
Total realized/unrealized gains (losses) included in Net earnings	0	(1)	23
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(2)	(1)	0
Sales and settlements	1	2	0
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial liabilities, ending balance	$ (3)	(2)	(2)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized gains (losses) on securities
Contingent consideration — acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance	$ (2)	(2)	(25)
Total realized/unrealized gains (losses) included in Net earnings	0	(1)	23
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(2)	(1)	0
Sales and settlements	1	2	0
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial liabilities, ending balance	$ (3)	$ (2)	$ (2)

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following at December 31 (in millions):


	2025						2024
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	567	$	(1)	$	566	$	567	$	(1)	$	566
5.00% Senior Notes due September 2035	350		(6)		344		—		—		—
5.25% Senior Notes due April 2030	253		(3)		250		253		(4)		249
Other	3		—		3		3		—		3
	1,173		(10)		1,163		823		(5)		818

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(5)		195		200		(5)		195
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(18)		657		675		(18)		657
	$	1,848	$	(28)	$	1,820	$	1,498	$	(23)	$	1,475

At December 31, 2025, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2026 — none; 2027 — none; 2028 — none; 2029 — none; 2030 — $253 million and thereafter — $1.60 billion.

In September 2025, AFG issued $350 million in 5.00% Senior Notes due in 2035. The net proceeds of this offering were used for general corporate purposes.

During 2023, AFG repurchased $15 million principal amount of its 4.50% Senior Notes due in June 2047 for $13 million and $8 million principal amount of its 5.25% Senior Notes due in April 2030 for $8 million in open market transactions.

AFG can borrow up to $450 million under its revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at December 31, 2025 or December 31, 2024.

Cash interest payments on long-term debt were $74 million in each of 2025, 2024 and 2023.

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 11,101	$ 10,687
Fixed maturities, available for sale, allowance for expected credit losses	$ 21	$ 34
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	83,422,202	83,978,258
Common Stock, shares issued	83,422,202

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives included in the Balance Sheet at fair value

The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions):


		December 31, 2025				December 31, 2024
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	1	$	3	$	1	$	14

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	53		—		81		—
Total return swap	Other assets/Other liabilities	—		—		—		4
		$	54	$	3	$	82	$	18

Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives

The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2025, 2024 and 2023 (in millions):


	Statement of Earnings Line	2025		2024		2023
Qualifying cash flow hedges:
Interest rate swaps	Net investment income	$	(9)	$	(24)	$	(26)

Non-designated hedges:
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	2		(1)		(2)
Fixed maturities with embedded derivatives	Net investment income	6		17		(4)
Total return swap	Other expenses	14		9		13
Earnings (losses) on non-designated hedges		22		25		7
Total earnings (losses) on derivatives		$	13	$	1	$	(19)

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Available for sale fixed maturities at December 31 consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2025
Fixed maturities:
U.S. government and government agencies	$	160	$	—	$	1	$	—	$	1	$	161
States, municipalities and political subdivisions	853		—		8		(26)		(18)		835
Foreign government	236		—		2		—		2		238
Residential MBS	2,808		1		43		(103)		(60)		2,747
Collateralized loan obligations	1,167		5		1		(3)		(2)		1,160
Other asset-backed securities	2,539		5		29		(38)		(9)		2,525
Corporate and other	3,338		10		81		(23)		58		3,386
Total fixed maturities	$	11,101	$	21	$	165	$	(193)	$	(28)	$	11,052

December 31, 2024
Fixed maturities:
U.S. government and government agencies	$	176	$	—	$	—	$	(3)	$	(3)	$	173
States, municipalities and political subdivisions	905		—		3		(49)		(46)		859
Foreign government	236		—		2		(1)		1		237
Residential MBS	2,122		1		22		(154)		(132)		1,989
Collateralized loan obligations	1,243		4		10		(12)		(2)		1,237
Other asset-backed securities	2,463		6		19		(69)		(50)		2,407
Corporate and other	3,542		23		42		(65)		(23)		3,496
Total fixed maturities	$	10,687	$	34	$	98	$	(353)	$	(255)	$	10,398

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions):


	2025						2024
	Actual Cost		Fair Value		Fair Value Over Cost		Actual Cost		Fair Value		Fair Value Over Cost
Common stocks	$	332	$	365	$	33	$	304	$	336	$	32
Perpetual preferred stocks	398		420		22		380		415		35
Total equity securities carried at fair value	$	730	$	785	$	55	$	684	$	751	$	67

The following table summarizes investments accounted for using the equity method, by strategy (in millions):


	Carrying Value				Net Investment Income
	December 31, 2025		December 31, 2024		2025		2024		2023
Real estate-related investments (*)	$	1,431	$	1,392	$	12	$	8	$	85
Private equity	895		804		35		32		9
Private debt	95		81		9		6		5
Total investments accounted for using the equity method	$	2,421	$	2,277	$	56	$	46	$	99

(*)87% and 88% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2025 and December 31, 2024, respectively.

The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments.

With respect to partnerships and similar investments, AFG had unfunded commitments of $456 million and $457 million as of December 31, 2025 and December 31, 2024, respectively.

The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates.


	Less Than Twelve Months						Twelve Months or More
	Unrealized Loss		Fair Value		Fair Value as % of Cost		Unrealized Loss		Fair Value		Fair Value as % of Cost

December 31, 2025
Fixed maturities:
U.S. government and government agencies	$	—	$	15	100	%	$	—	$	44	100	%
States, municipalities and political subdivisions	—		47		100	%	(26)		426		94	%
Foreign government	—		52		100	%	—		5		100	%
Residential MBS	(4)		186		98	%	(99)		914		90	%
Collateralized loan obligations	—		124		100	%	(3)		147		98	%
Other asset-backed securities	(1)		311		100	%	(37)		803		96	%
Corporate and other	(2)		174		99	%	(21)		794		97	%
Total fixed maturities	$	(7)	$	909	99	%	$	(186)	$	3,133	94	%

December 31, 2024
Fixed maturities:
U.S. government and government agencies	$	—	$	35	100	%	$	(3)	$	105	97	%
States, municipalities and political subdivisions	(5)		256		98	%	(44)		470		91	%
Foreign government	—		98		100	%	(1)		50		98	%
Residential MBS	(6)		452		99	%	(148)		916		86	%
Collateralized loan obligations	—		—		—	%	(12)		247		95	%
Other asset-backed securities	(4)		332		99	%	(65)		1,217		95	%
Corporate and other	(10)		605		98	%	(55)		1,151		95	%
Total fixed maturities	$	(25)	$	1,778	99	%	$	(328)	$	4,156	93	%

At December 31, 2025, the gross unrealized losses on fixed maturities of $193 million relate to approximately 850 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 96% of the gross unrealized loss and 96% of the fair value of securities with unrealized losses.

To evaluate fixed maturities for expected credit losses (impairment), management considers whether the unrealized loss is credit-driven or a result of changes in market interest rates, the extent to which fair value is less than cost basis, historical operating, balance sheet and cash flow data from the issuer, third party research, communications with industry specialists and discussions with issuer management.

AFG analyzes its residential MBS for expected credit losses (impairment) each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data.

Management believes AFG will recover its cost basis (net of any allowance) in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2025.

A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions):


	Structured securities (*)		Corporate and other		Total
Balance at December 31, 2022	$	10	$	1	$	11

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions (reductions) to previously recognized expected credit losses	2		(1)		1
Reductions due to sales or redemptions	(4)		(5)		(9)
Balance at December 31, 2023	9		3		12

Provision for expected credit losses on securities with no previous allowance	1		25		26
Additions to previously recognized expected credit losses	1		—		1
Reductions due to sales or redemptions	—		(5)		(5)
Balance at December 31, 2024	11		23		34

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions to previously recognized expected credit losses	—		5		5
Reductions due to sales or redemptions	(1)		(26)		(27)
Balance at December 31, 2025	$	11	$	10	$	21

(*)Includes residential MBS, collateralized loan obligations and other asset-backed securities (“ABS”).

AFG did not purchase any securities with expected credit losses in 2025, 2024 or 2023.

The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 31, 2025 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.


	Amortized Cost, net (*)		Fair Value
			Amount		%
Maturity
One year or less	$	629	$	626	6	%
After one year through five years	2,320		2,342		21	%
After five years through ten years	1,395		1,432		13	%
After ten years	233		220		2	%
	4,577		4,620		42	%
CLOs and other ABS (average life of approximately 3.5 years)	3,696		3,685		33	%
Residential MBS (average life of approximately 6 years)	2,807		2,747		25	%
Total	$	11,080	$	11,052	100	%

(*)Amortized cost, net of allowance for expected credit losses.

Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.

There were no investments in individual issuers that exceeded 10% of shareholders’ equity at December 31, 2025 or 2024.

Net Investment Income The following table shows investment income earned and investment expenses incurred (in millions):


	2025		2024		2023
Investment income:
Fixed maturities:
Interest and amortization	$	569	$	544	$	502
Change in fair value (*)	6		17		(3)
Equity securities:
Dividends	33		29		34
Change in fair value	(14)		57		36
Equity in earnings of partnerships and similar investments	56		46		99
Cash and cash equivalents	53		56		43
Mortgage loans	44		32		24
Other	23		21		23
Gross investment income	770		802		758
Investment expenses	(25)		(22)		(16)
Net investment income	$	745	$	780	$	742

(*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.

Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):


	2025								2024
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(5)	$	(14)	$	(19)	$	227	$	(5)	$	(27)	$	(32)	$	108
Equity securities	31		—		31		—		32		—		32		—
Mortgage loans and other investments	—		(2)		(2)		—		—		—		—		—
Total pretax	26		(16)		10		227		27		(27)		—		108
Tax effects	(5)		3		(2)		(47)		(6)		6		—		(23)
Net of tax	$	21	$	(13)	$	8	$	180	$	21	$	(21)	$	—	$	85


	2023
	Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(35)	$	(10)	$	(45)	$	267
Equity securities	10		—		10		—
Mortgage loans and other investments	—		(1)		(1)		—
Total pretax	(25)		(11)		(36)		267
Tax effects	5		3		8		(57)
Net of tax	$	(20)	$	(8)	$	(28)	$	210

All equity securities are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities during 2025, 2024 and 2023 on securities that were still owned at December 31 of each year as follows (in millions):


	2025		2024		2023
Included in realized gains (losses)	$	19	$	24	$	(2)
Included in net investment income	(2)		56		36
	$	17	$	80	$	34

Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions):


	2025		2024		2023
Gross gains	$	7	$	1	$	5
Gross losses	(14)		(5)		(38)

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Changes in the carrying value of goodwill are presented in the following table (in millions):


Balance at December 31, 2023 and 2024	$	305
Purchase of Radion	22
Balance at December 31, 2025	$	327

AFG recorded a goodwill impairment charge of $26 million in 2023 related to its investment in Verikai (included in the property and casualty insurance segment). The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note D — “Fair Value Measurements”) are included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings.

Included in other assets in AFG’s Balance Sheet is $189 million at December 31, 2025 and $203 million at December 31, 2024 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $75 million and $59 million, respectively. Amortization of intangibles was $20 million in both 2025 and 2024 and $15 million in 2023. In 2025, AFG wrote off $2 million of amortizable intangible assets that became obsolete in connection with certain changes in AFG’s business (included in realized gains (losses) on subsidiaries in AFG’s Statement of Earnings).

Future amortization of intangibles (weighted average amortization period of 5 years) is estimated to be $20 million per year in 2026, $22 million in 2027, $19 million in 2028, $18 million in 2029, $17 million in 2030 and $93 million thereafter.

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years 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 December 31, 2025, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In 2025, AFG adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a retrospective basis. The updated accounting guidance expands income tax disclosures primarily related to the rate reconciliation and income taxes paid information. See Note L — “Income Taxes.” In 2024, AFG adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the Company’s Chief Operating Decision Maker (“CODM”). See Note C — “Segments of Operations.”
Fair Value Measurements	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 had nonrecurring fair value measurements for the purchase price allocations related to its acquisition of Radion Insurance Holdings, LLC in 2025 and two small acquisitions in 2024 (see Note B — “Acquisitions of Businesses”). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other significant nonrecurring fair value measurements in 2025 or 2024.
Investments	Investments 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Structured securities subject to prepayment risk 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. Equity securities 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 certain securities classified at purchase as “fair value through net investment income” in net investment income. 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 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.
Credit Losses on Financial Instruments	Credit Losses on Fixed Maturity Investments 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, 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 (net of any existing allowance) 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 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 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 (convertible fixed maturities and interest-only and principal-only mortgage-backed securities (“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 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	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.
Deferred Policy Acquisition Costs (''DPAC'')	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	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 G — “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.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The 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 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 facility are included in other assets in AFG’s Balance Sheet.
Leases	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.
Premium Recognition	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	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	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	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	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 AFG’s stock-based compensation plan: 2025 and 2024 – less than 0.1 million and 2023 – 0.1 million. There were no anti-dilutive potential common shares related to the stock compensation plan or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2025, 2024 or 2023.
Statement of Cash Flows	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.
Segments of Operations	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 property insurance), fidelity and surety products and trade credit insurance. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, to be consistent with how the Chief Operating Decision Makers (“CODMs”) currently view and evaluate AFG’s Property and casualty sub-segments, the internal reinsurance results are included within the same sub-segments as the ceding businesses. The CODMs believe this presentation better reflects the performance of the underlying operating businesses and enhances the financial reporting. Information from prior periods has been recast for consistent presentation. The impacts of all intercompany transactions between segments have been eliminated.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Lease payments due in 2026	$ 39
Lease payments due in 2027	36
Lease payments due in 2028	31
Lease payments due in 2029	26
Lease payments due in 2030	22
Lease payments due thereafter	150
Total lease payments	304
Less: future lease payments impact of discounting	(88)
Operating lease liability	$ 216	$ 232

Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2025		2024
Assets:
Cash and cash equivalents	$	335	$	283
Investment in securities	128		42
Investment in subsidiaries (*)	6,203		5,681
Real estate and other investments	66		64
Other assets	256		219
Total assets	$	6,988	$	6,289

Liabilities and Equity:
Long-term debt	$	1,820	$	1,475
Other liabilities	348		348
Shareholders’ equity	4,820		4,466
Total liabilities and equity	$	6,988	$	6,289

Condensed Statement of Earnings


	Year ended December 31,
	2025		2024		2023
Revenues:
Dividends from subsidiaries	$	731	$	841	$	903
Equity in undistributed earnings of subsidiaries	534		454		308
Investment and other income	23		28		60
Total revenues	1,288		1,323		1,271

Costs and Expenses:
Interest charges on intercompany borrowings	7		8		8
Interest charges on other borrowings	80		76		76
Other expenses	128		115		114
Total costs and expenses	215		199		198

Earnings before income taxes	1,073		1,124		1,073
Provision for income taxes	231		237		221
Net Earnings	$	842	$	887	$	852

Condensed Statement of Comprehensive Income


	Year ended December 31,
	2025		2024		2023
Net earnings	$	842	$	887	$	852
Other comprehensive income, net of tax	190		79		224
Total comprehensive income, net of tax	$	1,032	$	966	$	1,076

________________________

(*)Investment in subsidiaries includes intercompany receivables and payables.

Condensed Statement of Cash Flows


	Year ended December 31,
	2025		2024		2023
Operating Activities:
Net earnings	$	842	$	887	$	852
Adjustments:
Equity in net earnings of subsidiaries	(1,008)		(1,030)		(967)
Dividends from subsidiaries	699		812		896
Other operating activities, net	49		43		(62)
Net cash provided by operating activities	582		712		719

Investing Activities:
Capital contributions to subsidiaries	(40)		(36)		(180)
Returns of capital from subsidiaries	4		30		7

Purchases of investments, property and equipment	(169)		(55)		(35)

Proceeds from:
Maturities and redemptions of investments	23		129		255
Sales of investments, property and equipment	—		4		178


Net cash provided by (used in) investing activities	(182)		72		225

Financing Activities:
Additional long-term borrowings	344		—		—
Reductions of long-term debt	—		—		(21)
Issuances of Common Stock	13		19		17
Repurchases of Common Stock	(99)		—		(213)
Cash dividends paid on Common Stock	(606)		(788)		(684)

Net cash used in financing activities	(348)		(769)		(901)

Net Change in Cash and Cash Equivalents	52		15		43
Cash and cash equivalents at beginning of year	283		268		225
Cash and cash equivalents at end of year	$	335	$	283	$	268

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current taxes:
U.S. federal	$ 168	$ 217	$ 169
U.S. state and local	17	11	9
Foreign	5	1	6
Total current tax expense	190	229	184
Deferred taxes:
U.S. federal	41	8	37
Total deferred tax expense	41	8	37
Total income tax provision:
U.S. federal	209	225	206
U.S. state and local	17	11	9
Foreign	5	1	6
Total income tax provision	$ 231	$ 237	$ 221

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets:
Available for sale (AFS) fixed maturities	$ 11,052	$ 10,398
Trading fixed maturities	91	76
Equity securities, at fair value	785	751
Assets of managed investment entities	4,050	4,140
Other assets — derivatives	54	82
Total assets accounted for at fair value	15,979	15,366
Liabilities:
Liabilities of managed investment entities	3,907	3,965
Other liabilities — derivatives	3	18
Total liabilities accounted for at fair value	3,913	3,985
Contingent consideration — acquisitions
Liabilities:
Contingent consideration — acquisitions	3	2
Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	3	18
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	11,052	10,398
Trading fixed maturities	91	76
U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	161	173
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	835	859
Foreign government
Assets:
Available for sale (AFS) fixed maturities	238	237
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2,747	1,989
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,160	1,237
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,525	2,407
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,386	3,496
Equity securities
Assets:
Equity securities, at fair value	785	751
Other assets
Assets:
Other assets — derivatives	1	1
Level 1
Assets:
Assets of managed investment entities	310	419
Total assets accounted for at fair value	946	1,023
Liabilities:
Liabilities of managed investment entities	298	402
Total liabilities accounted for at fair value	298	402
Level 1 \| Contingent consideration — acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 1 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 1 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	158	185
Trading fixed maturities	0	0
Level 1 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	157	173
Level 1 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	1	12
Level 1 \| Equity securities
Assets:
Equity securities, at fair value	478	419
Level 1 \| Other assets
Assets:
Other assets — derivatives	0	0
Level 2
Assets:
Assets of managed investment entities	3,725	3,711
Total assets accounted for at fair value	14,025	13,247
Liabilities:
Liabilities of managed investment entities	3,594	3,553
Total liabilities accounted for at fair value	3,597	3,571
Level 2 \| Contingent consideration — acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 2 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	3	18
Level 2 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,182	9,445
Trading fixed maturities	66	50
Level 2 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	4	0
Level 2 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	831	858
Level 2 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	238	237
Level 2 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2,744	1,988
Level 2 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,160	1,237
Level 2 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,215	2,111
Level 2 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,990	3,014
Level 2 \| Equity securities
Assets:
Equity securities, at fair value	51	40
Level 2 \| Other assets
Assets:
Other assets — derivatives	1	1
Level 3
Assets:
Assets of managed investment entities	15	10
Total assets accounted for at fair value	1,008	1,096
Liabilities:
Liabilities of managed investment entities	15	10
Total liabilities accounted for at fair value	18	12
Level 3 \| Contingent consideration — acquisitions
Liabilities:
Contingent consideration — acquisitions	3	2
Level 3 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 3 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	712	768
Trading fixed maturities	25	26
Level 3 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	4	1
Level 3 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	3	1
Level 3 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	310	296
Level 3 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	395	470
Level 3 \| Equity securities
Assets:
Equity securities, at fair value	256	292
Level 3 \| Other assets
Assets:
Other assets — derivatives	$ 0	$ 0

Accounting Policies - Narrative (Details)	12 Months Ended
Accounting Policies - Narrative (Details)	Dec. 31, 2025 shares	Dec. 31, 2024 Businesses shares	Dec. 31, 2023 shares
Significant Accounting Policies [Line Items]
Number of businesses acquired during period \| Businesses		2
Weighted average common shares adjustment related to stock-based compensation		100,000	100,000
Anti-dilutive potential common shares related to stock-based compensation plans	0	0	0
Maturities of short term investments	3 months
Maximum
Significant Accounting Policies [Line Items]
Weighted average common shares adjustment related to stock-based compensation	100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill

Changes in the carrying value of goodwill are presented in the following table (in millions):


Balance at December 31, 2023 and 2024	$	305
Purchase of Radion	22
Balance at December 31, 2025	$	327

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements - Narrative (Details)	3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) professional	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, impairment loss	$ 26,000,000		$ 26,000,000
AFG's internal investment professionals \| professional		25
Level 3 assets as a percentage of total assets measured at fair value		6.00%
Percentage of internally developed Level 3 assets compared to total Level 3 assets		88.00%
Internally developed Level 3 assets		$ 883,000,000
Percentage of Level 3 assets that were priced using a discounted cash flow approach		70.00%
Level 3 assets that were priced using a discounted cash flow approach		$ 614,000,000
Level 3 assets that were priced using unobservable internal models and third party inputs		$ 269,000,000
Percentage of level 3 assets that were priced using financial information from third parties		9.00%
Level 3 assets that were priced using financial information from third parties		$ 91,000,000
Percentage of level 3 assets that were priced using non-binding broker quotes or pricing services		3.00%
Level 3 assets that were priced using non-binding broker quotes or pricing services		$ 34,000,000
Contingent consideration — acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration — acquisitions		$ 3,000,000		$ 2,000,000
Verikai, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration possible to be paid, maximum					$ 50,000,000
Verikai, Inc. \| Contingent consideration — acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration — acquisitions	0
Gain on change in fair value of contingent consideration liability	$ 22,000,000

Supplementary Insurance Information

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Supplementary Insurance Information

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THREE YEARS ENDED DECEMBER 31, 2025

(In Millions)


Segment	Deferred policy acquisition costs		Reserves for claims and unpaid losses and LAE		Unearned premiums		Net earned premiums		Net investment income		Claims, losses and settlement expenses		Amortization of deferred policy acquisition costs		Other operating expenses		Net written premiums
2025
Property and casualty insurance	$	333	$	15,094	$	3,736	$	7,046	$	725	$	4,388	$	775	$	1,333	$	7,110
Other	—		—		—		—		20		—		—		605		—
Total	$	333	$	15,094	$	3,736	$	7,046	$	745	$	4,388	$	775	$	1,938	$	7,110

2024
Property and casualty insurance	$	320	$	14,179	$	3,584	$	7,036	$	784	$	4,455	$	766	$	1,279	$	7,139
Other	—		—		—		—		(4)		5		—		695		—
Total	$	320	$	14,179	$	3,584	$	7,036	$	780	$	4,460	$	766	$	1,974	$	7,139

2023
Property and casualty insurance	$	309	$	13,087	$	3,451	$	6,531	$	729	$	4,017	$	720	$	1,235	$	6,692
Other	—		—		—		—		13		16		—		766		—
Total	$	309	$	13,087	$	3,451	$	6,531	$	742	$	4,033	$	720	$	2,001	$	6,692

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term	12 years 1 month 6 days
Weighted-average discount rate	5.30%

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 1,062	$ 1,124	$ 1,113
Realized gains (losses) on securities	10	0	(36)
Realized gains (losses) on subsidiaries	1	0	(4)
Earnings before income taxes	1,073	1,124	1,073
Operating segments \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	629	620	631
Investment and other income, net	658	708	673
Earnings before realized gains (losses) and income taxes	1,287	1,328	1,304
Operating segments \| Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(225)	(204)	(191)
Operating segments \| Property and transportation \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	335	214	174
Operating segments \| Specialty casualty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	129	279	348
Operating segments \| Specialty financial \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	170	133	111
Operating segments \| Other lines \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (5)	$ (6)	$ (2)

Leases - Other operating lease information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 46	$ 40	$ 38
Right-of-use assets obtained under new leases	$ 18	$ 68	$ 102

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 19	$ 15	$ 8
Provision for expected credit losses	1	5	3
Write-offs charged against the allowance	0	(1)	0
Ending balance	$ 20	$ 19	15
Crop Risk Services
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS			$ 4

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	AFG recognizes the importance of assessing, identifying and managing material risks associated with cybersecurity threats as defined by the Securities and Exchange Commission. Like all businesses, AFG is a target for “cyber-attacks,” “ransomware,” “phishing,” “hacking,” “social engineering” and similar illegal or unauthorized intrusions into computer systems and networks. Such events can result in significant disruptions to information technology systems, the theft of information and financial assets and reputational harm. AFG could also incur significant expenses associated with investigating and remediating any such event. As discussed below, AFG’s enterprise risk management (“ERM”) process considers cybersecurity threat risks alongside other company risks as part of the overall risk assessment process. AFG has adopted the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework which provides a comprehensive method for developing a flexible, repeatable, performance-based and cost-effective approach to identifying and managing cybersecurity risks. The Company uses the framework to assess and improve its security posture. AFG utilizes a variety of techniques to provide for the availability of critical data and systems, maintain regulatory compliance, manage its material risks from cybersecurity threats and to protect against, detect, and respond to cybersecurity incidents including, but not limited to, the following: •Conducts regular phishing testing of all employees and all members of the Board of Directors; •Utilizes full-desk encryption on all Company laptops and desktops; •Maintains a defense in depth (“DiD”) security control strategy that is tested against high risk threats such as ransomware and other trending attack vectors; •Performs annual security awareness training and other routinely scheduled educational programming for employees; •Validates compliance with internal data security controls through the use of security monitoring utilities and internal and external audits; •Performs self-assessments measured against industry-leading cybersecurity frameworks for standards, guidelines and best practices, including the NIST Cybersecurity Framework, which now incorporates assessments of AI-related technologies and processes; •Maintains a Third-Party Risk Management program that includes an overarching approach for evaluating security controls and risks of third-party and cloud vendors, as well as for reviewing contracts to ensure appropriate security provisions are included; •Regularly scans external websites and internal applications; •Engages an external third-party to conduct an annual penetration test consisting of advanced adversarial attacks against company systems and from which findings are investigated, ranked by risk level and tracked through appropriate mediation levels; •Utilizes user protections including stringent password requirements, two-factor authentication, and timed logoffs; •Conducts regular network and endpoint monitoring; •Performs regular tabletop exercises, utilizing a third-party data security firm as a facilitator, to simulate a response to a cybersecurity incident where the Company uses the findings to improve its processes and technologies; and •Purchases information security risk insurance from a third-party insurer that provides protection against the potential losses arising from a cybersecurity incident. AFG continues to integrate assessing cybersecurity threat risks associated with its use of third-party service providers, generally at the initial engagement or renewal of the relationship. When conducting these assessments, AFG’s Enterprise Information Security Group (“EISG”) considers the risk profile of the vendor or supplier, assesses security controls with the third parties and engages in contractual review to ensure appropriate security controls are in place. AFG describes whether and how risks from identified cybersecurity threats are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition in its risk factor disclosures in Item 1A of this Annual Report on Form 10-K, which disclosures are incorporated by reference in this Item 1C. Like others in the insurance industry, AFG experiences cyber-attacks and other attempts to gain unauthorized access to its systems on a regular basis and anticipates continuing to be subject to such attempts. Over the last three years, AFG has not experienced any material adverse events and has not paid any penalties or settlements related to an information security breach.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	AFG’s enterprise risk management (“ERM”) process considers cybersecurity threat risks alongside other company risks as part of the overall risk assessment process. AFG has adopted the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework which provides a comprehensive method for developing a flexible, repeatable, performance-based and cost-effective approach to identifying and managing cybersecurity risks. The Company uses the framework to assess and improve its security posture.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	AFG’s Audit Committee is responsible for the oversight of risks from cybersecurity threats. At least annually, the full Board of Directors receives and at least quarterly, the Audit Committee receives an overview from the Chief Information Security Officer (“CISO”) or another senior member of the EISG of the Company’s cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards predetermined risk-mitigation-related goals, incident response planning and material cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, materials including a cybersecurity scorecard and other information indicating current and emerging material cybersecurity threat risks and describing the Company’s ability to mitigate those risks are provided. Members of the Board also regularly receive educational materials and engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to AFG’s cybersecurity risk management and strategy programs. AFG has designed its ERM program to reinforce the way the Company operates its business and reflects its culture, organizational structure and risks. The AFG Enterprise Risk Committee (“ERC”), consisting of AFG’s Chief Administrative Officer and Chief Human Resources Officer, AFG’s Chief Financial Officer, AFG’s General Counsel and Great American’s President, oversees the ERM process including risk identification, risk impact and mitigation strategies. Each member of the ERC directly reports to AFG’s Co-CEOs. On a day-to-day basis, the Company’s ERM process is overseen by an AFG Enterprise Risk Officer, who regularly meets with senior leaders, including the CISO, representing key areas throughout the organization. Cybersecurity risk has been identified as a significant risk monitored under the ERM program. In addition, Ms. Murray, one of AFG’s independent Directors, completed the National Association of Corporate Directors’ Cyber-Risk Oversight Program and received the CERT Certificate in Cybersecurity Oversight issued by the Software Engineering Institute at Carnegie Mellon University. AFG has also adopted a Security Incident Response Plan (“SIRP”) that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. The AFG CISO leads and facilitates the SIRP team, which also includes AFG’s Chief Administrative Officer and Chief Human Resources Officer, AFG’s Chief Financial Officer, AFG’s Chief Information Officer, AFG’s General Counsel and Great American’s President and its General Counsel. The SIRP provides for the interaction and coordination of executive, strategic and tactical teams, depending on the severity level of the incident, aimed at facilitating coordination across multiple units and departments of the Company. The incident response plan is reviewed, updated and tested at least annually. The SIRP covers the major phases of incident response process, including preparation; detection and analysis; containment and investigation; where required, notification to federal or state regulators; eradication and recovery; and incident closure and post-incident analysis. AFG’s cybersecurity program is directed by its EISG leadership team that is headed by the AFG CISO and three divisional officers who report to the CISO. This leadership group has collectively over 70 years of cybersecurity work experience, over 90 years of Information Technology (“IT”) experience and over 20 years of IT audit experience. This experience involved various roles related to managing information security; developing cybersecurity strategy; implementing and monitoring effective cybersecurity controls and penetration testing. These individuals hold many industry-standard certifications including but not limited to Certified Information Systems Security Professional, Information Systems Security Management Professional, G2700 certification, GIAC Security Leadership Certification, Certified in Risk and Information Systems Control®, Certified Information Security Manager, ITL certification and others. The CISO also holds a master’s degree in information security. All members of this leadership team are active in their local cybersecurity communities and national conferences. They speak at local universities, local conferences, national conferences, and have conducted training sessions at international conferences like Black Hat, an internationally recognized cybersecurity event series providing the most technical and relevant information security research. Their work has also been used in various best practice case studies by industry leading consulting and research firms.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	AFG’s Audit Committee is responsible for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At least annually, the full Board of Directors receives and at least quarterly, the Audit Committee receives an overview from the Chief Information Security Officer (“CISO”) or another senior member of the EISG of the Company’s cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards predetermined risk-mitigation-related goals, incident response planning and material cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, materials including a cybersecurity scorecard and other information indicating current and emerging material cybersecurity threat risks and describing the Company’s ability to mitigate those risks are provided. Members of the Board also regularly receive educational materials and engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to AFG’s cybersecurity risk management and strategy programs.
Cybersecurity Risk Role of Management [Text Block]	At least annually, the full Board of Directors receives and at least quarterly, the Audit Committee receives an overview from the Chief Information Security Officer (“CISO”) or another senior member of the EISG of the Company’s cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards predetermined risk-mitigation-related goals, incident response planning and material cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, materials including a cybersecurity scorecard and other information indicating current and emerging material cybersecurity threat risks and describing the Company’s ability to mitigate those risks are provided. Members of the Board also regularly receive educational materials and engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to AFG’s cybersecurity risk management and strategy programs.AFG has designed its ERM program to reinforce the way the Company operates its business and reflects its culture, organizational structure and risks. The AFG Enterprise Risk Committee (“ERC”), consisting of AFG’s Chief Administrative Officer and Chief Human Resources Officer, AFG’s Chief Financial Officer, AFG’s General Counsel and Great American’s President, oversees the ERM process including risk identification, risk impact and mitigation strategies. Each member of the ERC directly reports to AFG’s Co-CEOs. On a day-to-day basis, the Company’s ERM process is overseen by an AFG Enterprise Risk Officer, who regularly meets with senior leaders, including the CISO, representing key areas throughout the organization. Cybersecurity risk has been identified as a significant risk monitored under the ERM program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At least annually, the full Board of Directors receives and at least quarterly, the Audit Committee receives an overview from the Chief Information Security Officer (“CISO”) or another senior member of the EISG of the Company’s cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards predetermined risk-mitigation-related goals, incident response planning and material cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, materials including a cybersecurity scorecard and other information indicating current and emerging material cybersecurity threat risks and describing the Company’s ability to mitigate those risks are provided. Members of the Board also regularly receive educational materials and engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to AFG’s cybersecurity risk management and strategy programs. AFG has designed its ERM program to reinforce the way the Company operates its business and reflects its culture, organizational structure and risks. The AFG Enterprise Risk Committee (“ERC”), consisting of AFG’s Chief Administrative Officer and Chief Human Resources Officer, AFG’s Chief Financial Officer, AFG’s General Counsel and Great American’s President, oversees the ERM process including risk identification, risk impact and mitigation strategies. Each member of the ERC directly reports to AFG’s Co-CEOs. On a day-to-day basis, the Company’s ERM process is overseen by an AFG Enterprise Risk Officer, who regularly meets with senior leaders, including the CISO, representing key areas throughout the organization. Cybersecurity risk has been identified as a significant risk monitored under the ERM program. In addition, Ms. Murray, one of AFG’s independent Directors, completed the National Association of Corporate Directors’ Cyber-Risk Oversight Program and received the CERT Certificate in Cybersecurity Oversight issued by the Software Engineering Institute at Carnegie Mellon University.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	In addition, Ms. Murray, one of AFG’s independent Directors, completed the National Association of Corporate Directors’ Cyber-Risk Oversight Program and received the CERT Certificate in Cybersecurity Oversight issued by the Software Engineering Institute at Carnegie Mellon University. AFG’s cybersecurity program is directed by its EISG leadership team that is headed by the AFG CISO and three divisional officers who report to the CISO. This leadership group has collectively over 70 years of cybersecurity work experience, over 90 years of Information Technology (“IT”) experience and over 20 years of IT audit experience. This experience involved various roles related to managing information security; developing cybersecurity strategy; implementing and monitoring effective cybersecurity controls and penetration testing. These individuals hold many industry-standard certifications including but not limited to Certified Information Systems Security Professional, Information Systems Security Management Professional, G2700 certification, GIAC Security Leadership Certification, Certified in Risk and Information Systems Control®, Certified Information Security Manager, ITL certification and others. The CISO also holds a master’s degree in information security. All members of this leadership team are active in their local cybersecurity communities and national conferences. They speak at local universities, local conferences, national conferences, and have conducted training sessions at international conferences like Black Hat, an internationally recognized cybersecurity event series providing the most technical and relevant information security research. Their work has also been used in various best practice case studies by industry leading consulting and research firms.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	AFG has also adopted a Security Incident Response Plan (“SIRP”) that is designed to provide a management framework across Company functions for a coordinated assessment and response to potential security incidents. The AFG CISO leads and facilitates the SIRP team, which also includes AFG’s Chief Administrative Officer and Chief Human Resources Officer, AFG’s Chief Financial Officer, AFG’s Chief Information Officer, AFG’s General Counsel and Great American’s President and its General Counsel. The SIRP provides for the interaction and coordination of executive, strategic and tactical teams, depending on the severity level of the incident, aimed at facilitating coordination across multiple units and departments of the Company. The incident response plan is reviewed, updated and tested at least annually. The SIRP covers the major phases of incident response process, including preparation; detection and analysis; containment and investigation; where required, notification to federal or state regulators; eradication and recovery; and incident closure and post-incident analysis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Investment income	$ 770	$ 802	$ 758
Equity in earnings of partnerships and similar investments	56	46	99
Investment expenses	(25)	(22)	(16)
Net investment income	745	780	742
Net investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	(14)	57	36
Fixed maturities \| Net investment income
Net Investment Income [Line Items]
Change in fair value of fixed maturities	6	17	(3)
Fixed maturities \| Net investment income
Net Investment Income [Line Items]
Investment income	569	544	502
Equity securities \| Net investment income
Net Investment Income [Line Items]
Dividends	33	29	34
Cash and cash equivalents
Net Investment Income [Line Items]
Investment income	53	56	43
Mortgage loans
Net Investment Income [Line Items]
Investment income	44	32	24
Other
Net Investment Income [Line Items]
Investment income	$ 23	$ 21	$ 23

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 1,073	$ 1,124	$ 1,073
Income taxes at statutory rate	225	236	225
Effect of state and local income taxes, net of federal income tax effect	11	9	8
Effect of foreign tax effects	(1)	0	0
Effect of changes in tax laws or rates enacted in the current period	0	0	0
Effect of cross-border tax laws	(1)	2	(3)
Effect of income tax credits	(3)	(2)	(3)
Effect of changes in valuation allowance	(5)	(2)	(2)
Impact of nontaxable or nondeductible items:
Effect of tax preference investments	(6)	(6)	(7)
Effect of other nondeductible items	5	1	2
Effect of changes in unrecognized income tax benefits	3	(1)	0
Effect of other income tax reconciliation adjustments	3	0	1
Total income tax provision	$ 231	$ 237	$ 221
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%
Effect of state and local income taxes, net of federal income tax effect as a percentage of EBT	1.00%	1.00%	1.00%
Effect of foreign tax effects as a percentage of EBT	0.00%	0.00%	0.00%
Effect of changes in tax laws or rates enacted in the current period as a percentage of EBT	0.00%	0.00%	0.00%
Effect of cross-border tax laws as a percentage of EBT	0.00%	0.00%	0.00%
Effect of income tax credits as a percentage of EBT	0.00%	0.00%	0.00%
Effect of changes in valuation allowance as a percentage of EBT	0.00%	0.00%	0.00%
Impact of nontaxable or nondeductible items:
Effect of tax preference investments as a percentage of EBT	0.00%	(1.00%)	(1.00%)
Effect of other nondeductible items as a percentage of EBT	0.00%	0.00%	0.00%
Effect of changes in unrecognized income tax benefits as a percentage of EBT	0.00%	0.00%	0.00%
Effect of other income tax reconciliation adjustments as a percentage of EBT	0.00%	0.00%	0.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	22.00%	21.00%	21.00%

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	$ 239	$ 104	$ 283
Other comprehensive income (loss), tax	(49)	(25)	(59)
Other comprehensive income (loss)	190	79	224
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	206	77	224
Unrealized holding gains (losses) on securities arising during the period, tax	(42)	(16)	(48)
Unrealized holding gains (losses) on securities arising during the period, after tax	(164)	(61)	(176)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	21	31	43
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(5)	(7)	(9)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	16	24	34
Total net unrealized gains (losses) on securities, pretax	227	108	267
Total net unrealized gains (losses) on securities, tax	(47)	(23)	(57)
Total net unrealized gains (losses) on securities	180	85	210
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	1	(16)	(11)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	0	4	2
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	1	(12)	(9)
Reclassification adjustment for investment income included in net earnings from, pretax	9	24	26
Reclassification adjustment for investment income included in net earnings, tax	(2)	(5)	(5)
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	7	19	21
Total net unrealized gains (losses) on cash flow hedges, pretax	10	8	15
Total net unrealized gains (losses) on cash flow hedges, tax	(2)	(1)	(3)
Total net unrealized gains (losses) on cash flow hedges	8	7	12
Foreign currency translation adjustments, pretax	2	(12)	2
Foreign currency translation adjustments, tax	0	(1)	1
Foreign currency translation adjustments	2	(13)	3
Pension and other postretirement plan adjustments, pretax	0	0	(1)
Pension and other postretirement plan adjustments, tax	0	0	0
Pension and other postretirement plan adjustments	0	0	(1)
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(202)	(287)	(497)
Ending balance	(22)	(202)	(287)
Accumulated net gain (loss) on cash flow hedges attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(10)	(17)	(29)
Ending balance	(2)	(10)	(17)
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(30)	(17)	(20)
Ending balance	(28)	(30)	(17)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	2	2	3
Ending balance	2	2	2
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(240)	(319)	(543)
Ending balance	$ (50)	$ (240)	$ (319)

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2025 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. \| Expiring 2041 - 2045
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 14
U.S. \| Indefinite expiration
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	23
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards \| £		£ 27
United Kingdom \| Indefinite expiration
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 36

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies	$	157	$	4	$	—	$	161
States, municipalities and political subdivisions	—		831		4		835
Foreign government	—		238		—		238
Residential MBS	—		2,744		3		2,747
Collateralized loan obligations	—		1,160		—		1,160
Other asset-backed securities	—		2,215		310		2,525
Corporate and other	1		2,990		395		3,386
Total AFS fixed maturities	158		10,182		712		11,052
Trading fixed maturities	—		66		25		91
Equity securities	478		51		256		785
Assets of managed investment entities (“MIE”)	310		3,725		15		4,050
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	946	$	14,025	$	1,008	$	15,979
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	3	$	3
Liabilities of managed investment entities	298		3,594		15		3,907
Other liabilities — derivatives	—		3		—		3
Total liabilities accounted for at fair value	$	298	$	3,597	$	18	$	3,913

December 31, 2024
Assets:
Available for sale fixed maturities:
U.S. government and government agencies	$	173	$	—	$	—	$	173
States, municipalities and political subdivisions	—		858		1		859
Foreign government	—		237		—		237
Residential MBS	—		1,988		1		1,989
Collateralized loan obligations	—		1,237		—		1,237
Other asset-backed securities	—		2,111		296		2,407
Corporate and other	12		3,014		470		3,496
Total AFS fixed maturities	185		9,445		768		10,398
Trading fixed maturities	—		50		26		76
Equity securities	419		40		292		751
Assets of managed investment entities	419		3,711		10		4,140
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	1,023	$	13,247	$	1,096	$	15,366
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	402		3,553		10		3,965
Other liabilities — derivatives	—		18		—		18
Total liabilities accounted for at fair value	$	402	$	3,571	$	12	$	3,985

Changes in asset balances of Level 3 financial assets


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2024		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2025
AFS fixed maturities:

State and municipal	$	1	$	—	$	—	$	—	$	(1)	$	5	$	(1)	$	4
Residential MBS	1		—		—		—		—		2		—		3

Other asset-backed securities	296		—		9		63		(58)		—		—		310
Corporate and other	470		15		8		91		(172)		3		(20)		395
Total AFS fixed maturities	768		15		17		154		(231)		10		(21)		712
Trading fixed maturities	26		2		—		11		(14)		—		—		25
Equity securities	292		(1)		—		28		(23)		7		(47)		256
Assets of MIE	10		(5)		—		10		—		—		—		15
Total Level 3 assets	$	1,096	$	11	$	17	$	203	$	(268)	$	17	$	(68)	$	1,008

Contingent consideration — acquisitions	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)
Total Level 3 liabilities	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2024
AFS fixed maturities:

State and municipal	$	2	$	—	$	—	$	—	$	(1)	$	—	$	—	$	1
Residential MBS	2		—		—		—		—		—		(1)		1
Collateralized loan obligations	1		(1)		—		—		—		—		—		—
Other asset-backed securities	351		(1)		8		59		(100)		5		(26)		296
Corporate and other	380		16		6		105		(31)		4		(10)		470
Total AFS fixed maturities	736		14		14		164		(132)		9		(37)		768
Trading fixed maturities	—		2		—		24		—		—		—		26
Equity securities (*)	485		60		—		174		(57)		—		(370)		292
Assets of MIE	9		—		(5)		6		—		—		—		10
Total Level 3 assets	$	1,230	$	76	$	9	$	368	$	(189)	$	9	$	(407)	$	1,096

Contingent consideration — acquisitions	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)

(*)Transfers out primarily relate to investments now accounted for using the equity method.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2022		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:

State and municipal	$	5	$	—	$	—	$	—	$	(1)	$	1	$	(3)	$	2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)

Changes in liability balances of Level 3 financial liabilities


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2024		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2025
AFS fixed maturities:

State and municipal	$	1	$	—	$	—	$	—	$	(1)	$	5	$	(1)	$	4
Residential MBS	1		—		—		—		—		2		—		3

Other asset-backed securities	296		—		9		63		(58)		—		—		310
Corporate and other	470		15		8		91		(172)		3		(20)		395
Total AFS fixed maturities	768		15		17		154		(231)		10		(21)		712
Trading fixed maturities	26		2		—		11		(14)		—		—		25
Equity securities	292		(1)		—		28		(23)		7		(47)		256
Assets of MIE	10		(5)		—		10		—		—		—		15
Total Level 3 assets	$	1,096	$	11	$	17	$	203	$	(268)	$	17	$	(68)	$	1,008

Contingent consideration — acquisitions	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)
Total Level 3 liabilities	$	(2)	$	—	$	—	$	(2)	$	1	$	—	$	—	$	(3)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2024
AFS fixed maturities:

State and municipal	$	2	$	—	$	—	$	—	$	(1)	$	—	$	—	$	1
Residential MBS	2		—		—		—		—		—		(1)		1
Collateralized loan obligations	1		(1)		—		—		—		—		—		—
Other asset-backed securities	351		(1)		8		59		(100)		5		(26)		296
Corporate and other	380		16		6		105		(31)		4		(10)		470
Total AFS fixed maturities	736		14		14		164		(132)		9		(37)		768
Trading fixed maturities	—		2		—		24		—		—		—		26
Equity securities (*)	485		60		—		174		(57)		—		(370)		292
Assets of MIE	9		—		(5)		6		—		—		—		10
Total Level 3 assets	$	1,230	$	76	$	9	$	368	$	(189)	$	9	$	(407)	$	1,096

Contingent consideration — acquisitions	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(2)	$	(1)	$	—	$	(1)	$	2	$	—	$	—	$	(2)

(*)Transfers out primarily relate to investments now accounted for using the equity method.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2022		Net earnings		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:

State and municipal	$	5	$	—	$	—	$	—	$	(1)	$	1	$	(3)	$	2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)

Fair value of financial instruments

The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
2025
Financial assets:
Cash and cash equivalents	$	1,727	$	1,727	$	1,727	$	—	$	—
Mortgage loans	947		937		—		—		937
Total financial assets not accounted for at fair value	$	2,674	$	2,664	$	1,727	$	—	$	937

Long-term debt	$	1,820	$	1,609	$	—	$	1,606	$	3
Total financial liabilities not accounted for at fair value	$	1,820	$	1,609	$	—	$	1,606	$	3

2024
Financial assets:
Cash and cash equivalents	$	1,406	$	1,406	$	1,406	$	—	$	—
Mortgage loans	791		754		—		—		754
Total financial assets not accounted for at fair value	$	2,197	$	2,160	$	1,406	$	—	$	754

Long-term debt	$	1,475	$	1,276	$	—	$	1,273	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,276	$	—	$	1,273	$	3

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Accruals (included in other liabilities) have been recorded for various environmental and occupational injury and disease claims and other contingencies arising out of the railroad operations disposed of by Penn Central Transportation Company (“PCTC”), the predecessor to APU Consolidated, Inc. (including its subsidiaries, “APU”) prior to PCTC’s bankruptcy reorganization in 1978, and certain manufacturing operations disposed of by APU and Great American Financial Resources, Inc. (“GAFRI”). At December 31, 2025, APU had liabilities for environmental and personal injury claims and other contingencies aggregating $101 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2025, GAFRI had a liability of $8 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. AFG completed in-depth internal reviews of its asbestos and environmental (“A&E”) reserves in the third quarters of 2025, 2024 and 2023. The 2025, 2024 and 2023 internal reviews resulted in pretax special A&E charges of $25 million, $14 million and $15 million, respectively, for the former railroad and manufacturing operations. Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. The property and casualty group’s liability (included in unpaid losses and loss adjustment expenses) for A&E reserves was $460 million at December 31, 2025; related recoverables from reinsurers (net of allowances) at that date were $113 million. While management believes AFG has recorded adequate reserves for the items discussed above, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - Property and casualty companies - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statutory information
Net Earnings	$ 1,052	$ 974	$ 1,004
Capital and Surplus	$ 4,968	$ 4,614

Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	0
Total intrinsic value of options exercised	$ 1	$ 10	$ 8
Cash received from the exercise of stock options	1	6	4
Tax benefit related to exercise of stock options		2	1
Total compensation expense related to stock incentive plans	18	18	18
Tax benefit related to compensation costs	5	7	6
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to exercise of stock options	$ 1
Share-based payment arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance under stock incentive plan (shares)	2,200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock vested during period, fair value	$ 16	$ 19	$ 25
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 32
Weighted average period of cost expected to be recognized	2 years 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	4 years
Voting Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, shares authorized	12,500,000
Nonvoting Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, shares authorized	12,500,000

Insurance - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Insurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Line Items]
Workers' compensation insurance discount rate	4.50%	4.50%
Amortization of deferred policy acquisition costs	$ 775	$ 766	$ 720
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	1,230
Dividends	608	791	$ 687
Dividends payments without violating the most restrictive debt covenants, minimum	1,800
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	1,080
Workers' Compensation Insurance
Insurance [Line Items]
Impact of discount on workers' compensation policies	$ 8
Impact of discount on workers' compensation policies, prior year amount		$ 8

Shareholders' Equity - Data relating to grants of restricted stock (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1, 2025 \| shares	566,364
Granted \| shares	166,297
Vested \| shares	(135,042)
Forfeited \| shares	(21,437)
Outstanding at December 31, 2025 \| shares	576,182
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, outstanding, beginning balance \| $ / shares	$ 125.61
Average grant date fair value, granted \| $ / shares	121.89
Average grant date fair value, vested \| $ / shares	111.95
Average grant date fair value, forfeited \| $ / shares	128.19
Average grant date fair value, outstanding, ending balance \| $ / shares	$ 127.65

Additional Information	12 Months Ended
Additional Information	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2025, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $616 million. Benefit Plans AFG expensed approximately $71 million in 2025, $68 million in 2024 and $63 million in 2023 for its retirement and employee savings plans.

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 842	$ 887	$ 852
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	164	61	176
Reclassification adjustment for realized (gains) losses included in net earnings	16	24	34
Total net unrealized gains (losses) on securities	180	85	210
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	1	(12)	(9)
Reclassification adjustment for investment income included in net earnings	7	19	21
Total net unrealized gains (losses) on cash flow hedges	8	7	12
Foreign currency translation adjustments	2	(13)	3
Pension and other postretirement plan adjustments	0	0	(1)
Other comprehensive income, net of tax	190	79	224
Comprehensive income	$ 1,032	$ 966	$ 1,076

Derivatives - Gains (losses) included in the Statement of Earnings for changes in the fair value of derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 22	$ 25	$ 7
Earnings (losses) on derivatives	13	1	(19)
Fixed maturities with embedded derivatives \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	6	17	(4)
Fixed maturities with embedded derivatives \| Realized gains (losses) on securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	2	(1)	(2)
Total return swap \| Other expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	14	9	13
Designated as hedging instrument \| Interest rate swaps \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (9)	$ (24)	$ (26)

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents	$ 1,727	$ 1,406
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $11,101 and $10,687; allowance for expected credit losses of $21 and $34)	11,052	10,398
Fixed maturities, trading at fair value	91	76
Equity securities, at fair value	785	751
Investments accounted for using the equity method	2,421	2,277
Mortgage loans	947	791
Real estate and other investments	159	153
Total cash and investments	17,182	15,852
Recoverables from reinsurers	5,528	5,176
Prepaid reinsurance premiums	1,089	1,013
Agents’ balances and premiums receivable	1,641	1,532
Deferred policy acquisition costs	333	320
Assets of managed investment entities	4,050	4,140
Other receivables	1,212	1,123
Other assets	1,280	1,375
Goodwill	327	305
Total assets	32,642	30,836
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	15,094	14,179
Unearned premiums	3,736	3,584
Payable to reinsurers	1,195	1,191
Liabilities of managed investment entities	3,907	3,965
Long-term debt	1,820	1,475
Other liabilities	2,070	1,976
Total liabilities	27,822	26,370
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,422,202 and 83,978,258 shares outstanding	83	84
Capital surplus	1,430	1,411
Retained earnings	3,357	3,211
Accumulated other comprehensive income (loss), net of tax	(50)	(240)
Shareholders’ equity	4,820	4,466
Total liabilities and shareholders’ equity	$ 32,642	$ 30,836

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

AFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance or short-term leases at December 31, 2025 or December 31, 2024.


	2025		2024
Right-of-use asset	$	198	$	212
Lease liability	216		232

Operating lease expense was $42 million, $41 million and $36 million in December 31, 2025, 2024 and 2023, respectively.

Other operating lease information for the years ended December 31, 2025, 2024 and 2023 (in millions):


	2025		2024		2023
Cash paid for lease liabilities reported in operating cash flows	$	46	$	40	$	38
Right-of-use assets obtained under new leases	18		68		102

The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2025 (in millions):


Operating lease payments:
2026	$	39
2027	36
2028	31
2029	26
2030	22
Thereafter	150
Total lease payments	304
Impact of discounting	(88)
Operating lease liability	$	216


Weighted-average remaining lease term	12.1 years
Weighted-average discount rate	5.3	%

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 333	$ 320	$ 309
Reserves for claims and unpaid losses and LAE	15,094	14,179	13,087
Unearned premiums	3,736	3,584	3,451
Net earned premiums	7,046	7,036	6,531
Net investment income	745	780	742
Claims, losses and settlement expenses	4,388	4,460	4,033
Amortization of deferred policy acquisition costs	775	766	720
Other operating expenses	1,938	1,974	2,001
Net written premiums	7,110	7,139	6,692
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	333	320	309
Reserves for claims and unpaid losses and LAE	15,094	14,179	13,087
Unearned premiums	3,736	3,584	3,451
Net earned premiums	7,046	7,036	6,531
Net investment income	725	784	729
Claims, losses and settlement expenses	4,388	4,455	4,017
Amortization of deferred policy acquisition costs	775	766	720
Other operating expenses	1,333	1,279	1,235
Net written premiums	7,110	7,139	6,692
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net investment income	20	(4)	13
Claims, losses and settlement expenses		5	16
Other operating expenses	$ 605	$ 695	$ 766

Income Taxes - Cash payments for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal	$ 150	$ 187	$ 188
U.S. state and local	14	12	10
Foreign	4	2	3
Total cash payments for income taxes, net of refunds	$ 168	$ 201	$ 201

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,727	$ 1,406
Real estate and other investments	159	153
Other assets	1,280	1,375
Total assets	32,642	30,836
Liabilities and Equity:
Long-term debt	1,820	1,475
Other liabilities	2,070	1,976
Shareholders’ equity	4,820	4,466
Total liabilities and shareholders’ equity	32,642	30,836
AFG
Assets:
Cash and cash equivalents	335	283	$ 268	$ 225
Investment in securities	128	42
Investment in subsidiaries	6,203	5,681
Real estate and other investments	66	64
Other assets	256	219
Total assets	6,988	6,289
Liabilities and Equity:
Long-term debt	1,820	1,475
Other liabilities	348	348
Shareholders’ equity	4,820	4,466
Total liabilities and shareholders’ equity	$ 6,988	$ 6,289

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

As discussed under “Derivatives” in Note A — “Accounting Policies,” AFG uses derivatives to mitigate certain market risks related to its investment portfolio and deferred compensation obligations to employees.

The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions):


		December 31, 2025				December 31, 2024
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	1	$	3	$	1	$	14

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	53		—		81		—
Total return swap	Other assets/Other liabilities	—		—		—		4
		$	54	$	3	$	82	$	18

AFG’s interest rate swaps are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities included in AFG’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of AFG’s floating-rate fixed maturity securities to fixed rates by offsetting the variability in cash flows attributable to changes in the applicable Secured Overnight Financing Rate (“SOFR”).

Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on SOFR. The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the active swaps expire between October 2026 and October 2034) in anticipation of the expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on SOFR. The total outstanding notional amount of AFG’s interest rate swaps was $464 million at December 31, 2025 compared to $1.05 billion at December 31, 2024, reflecting scheduled amortization, partially offset by one new swap entered into in 2025 ($12 million notional amount at issuance). Amounts reclassified from AOCI to net investment income were losses of $9 million, $24 million, and $26 million in 2025, 2024, and 2023, respectively. Based on a forward interest rate curve at December 31, 2025, management estimates that it will reclassify approximately $3 million of pre-tax net losses on interest rate swaps from AOCI to net investment income over the next twelve months. The actual amount will vary based on changes in SOFR. A collateral receivable supporting these swaps of $10 million and $27 million at December 31, 2025 and December 31, 2024, respectively, is included in other assets in AFG’s Balance Sheet.

The fixed maturities with embedded derivatives consist of convertible fixed maturity securities and interest-only and principal-only MBS. AFG records the change in the fair value of these securities in net earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio.

AFG is exposed to fair value changes from certain equity and fixed maturity market-based exposures related to its deferred compensation obligations to certain employees. To mitigate this risk, AFG entered into a total return swap in 2022. AFG’s Balance Sheet includes a liability of less than $1 million to return collateral related to the swap (included in other liabilities) and a $4 million receivable for collateral posted related to the swap (included in other assets) at December 31, 2025 and December 31, 2024, respectively.

The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2025, 2024 and 2023 (in millions):


	Statement of Earnings Line	2025		2024		2023
Qualifying cash flow hedges:
Interest rate swaps	Net investment income	$	(9)	$	(24)	$	(26)

Non-designated hedges:
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	2		(1)		(2)
Fixed maturities with embedded derivatives	Net investment income	6		17		(4)
Total return swap	Other expenses	14		9		13
Earnings (losses) on non-designated hedges		22		25		7
Total earnings (losses) on derivatives		$	13	$	1	$	(19)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Cincinnati, Ohio
Auditor Firm ID	42

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Balance at beginning of period of ownership of CLO tranches	$ 175	$ 177	$ 116
Purchases	186	133	67
Sales	(175)	(123)	0
Distributions	(48)	(45)	(33)
CLO earnings attributable to AFG	5	33	27
Balance at end of period of ownership of CLO tranches	$ 143	$ 175	$ 177

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segments of Operations - Components of underwriting profit, including significant segment expenses by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net earned premiums	$ 7,046	$ 7,036	$ 6,531
Losses and loss adjustment expenses	4,388	4,460	4,033
Commissions and other underwriting expenses	2,059	2,007	1,935
Operating segments \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	7,046	7,036	6,531
Losses and loss adjustment expenses	4,388	4,455	4,017
Commissions and other underwriting expenses	2,029	1,961	1,883
Property and casualty insurance underwriting	629	620	631
Operating segments \| Property and casualty insurance \| Property and transportation
Segment Reporting Information [Line Items]
Net earned premiums	2,746	2,826	2,550
Losses and loss adjustment expenses	1,843	1,972	1,773
Commissions and other underwriting expenses	568	640	603
Property and casualty insurance underwriting	335	214	174
Operating segments \| Property and casualty insurance \| Specialty casualty
Segment Reporting Information [Line Items]
Net earned premiums	3,215	3,176	3,112
Losses and loss adjustment expenses	2,151	2,045	1,914
Commissions and other underwriting expenses	935	852	850
Property and casualty insurance underwriting	129	279	348
Operating segments \| Property and casualty insurance \| Specialty financial
Segment Reporting Information [Line Items]
Net earned premiums	1,085	1,034	869
Losses and loss adjustment expenses	389	432	328
Commissions and other underwriting expenses	526	469	430
Property and casualty insurance underwriting	170	133	111
Operating segments \| Property and casualty insurance \| Other lines
Segment Reporting Information [Line Items]
Losses and loss adjustment expenses	5	6	2
Property and casualty insurance underwriting	$ (5)	$ (6)	$ (2)

Investments - Narrative (Details) $ in Millions	12 Months Ended
Investments - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 456	$ 457
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	96.00%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	96.00%
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities	$ (193)	$ (353)
Number of fixed maturities in an unrealized loss position \| security	850
Multi-family
Schedule of Investments [Line Items]
Percent of real estate-related investments by property type	87.00%	88.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 42	$ 41	$ 36
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Segments of Operations - Narrative (Details) $ in Millions	12 Months Ended
Segments of Operations - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment	2
Percent of total revenue derived from sales of property and casualty insurance outside of the United States	4.00%	4.00%	3.00%
Other
Segment Reporting Information [Line Items]
Special charges to increase asbestos and environmental reserves	$ 25	$ 14	$ 15
Gain (loss) on retirement of debt			$ 1

Segments of Operations

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments of Operations

AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company assets and costs.

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 property insurance), fidelity and surety products and trade credit insurance. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, to be consistent with how the Chief Operating Decision Makers (“CODMs”) currently view and evaluate AFG’s Property and casualty sub-segments, the internal reinsurance results are included within the same sub-segments as the ceding businesses. The CODMs believe this presentation better reflects the performance of the underlying operating businesses and enhances the financial reporting. Information from prior periods has been recast for consistent presentation. The impacts of all intercompany transactions between segments have been eliminated.

AFG’s CODMs are its Co-CEOs. The CODMs evaluate the performance of the Property and casualty insurance segment based on return on equity and underwriting profit. The CODMs use this measure to allocate resources and make capital decisions.

Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in both 2025 and 2024 and 3% in 2023.

The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.


	2025		2024
Assets
Property and casualty insurance (*)	$	27,654	$	25,913
Other	4,988		4,923
Total assets	$	32,642	$	30,836

(*)Not allocable to sub-segments.


	2025		2024		2023
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation	$	2,746	$	2,826	$	2,550
Specialty casualty	3,215		3,176		3,112
Specialty financial	1,085		1,034		869

Total net earned premiums	7,046		7,036		6,531
Net investment income	725		784		729
Other income	12		8		16
Total property and casualty insurance	7,783		7,828		7,276
Other	380		496		591
Total revenues before realized gains (losses)	8,163		8,324		7,867
Realized gains (losses) on securities	10		—		(36)
Realized gains (losses) on subsidiaries	1		—		(4)
Total revenues	$	8,174	$	8,324	$	7,827


	2025		2024		2023
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	335	$	214	$	174
Specialty casualty	129		279		348
Specialty financial	170		133		111
Other lines	(5)		(6)		(2)
Total underwriting (a)	629		620		631
Investment and other income, net	658		708		673
Total property and casualty insurance	1,287		1,328		1,304
Other (b)	(225)		(204)		(191)
Total earnings before realized gains (losses) and income taxes	1,062		1,124		1,113
Realized gains (losses) on securities	10		—		(36)
Realized gains (losses) on subsidiaries	1		—		(4)
Total earnings before income taxes	$	1,073	$	1,124	$	1,073

(a)Significant segment expenses, which are losses and loss adjustment expenses and commissions and other underwriting expenses, are shown in the table below by sub-segment.

The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions) for the years ended:


	2025		2024		2023
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums	$	2,746	$	2,826	$	2,550
Losses and loss adjustment expenses	1,843		1,972		1,773
Commissions and other underwriting expenses	568		640		603
Underwriting profit	$	335	$	214	$	174

Specialty casualty:
Net earned premiums	$	3,215	$	3,176	$	3,112
Losses and loss adjustment expenses	2,151		2,045		1,914
Commissions and other underwriting expenses	935		852		850
Underwriting profit	$	129	$	279	$	348

Specialty financial:
Net earned premiums	$	1,085	$	1,034	$	869
Losses and loss adjustment expenses	389		432		328
Commissions and other underwriting expenses	526		469		430
Underwriting profit	$	170	$	133	$	111

Other lines:
Losses and loss adjustment expenses	$	5	$	6	$	2
Underwriting loss	$	(5)	$	(6)	$	(2)

Total property and casualty insurance segment:
Net earned premiums	$	7,046	$	7,036	$	6,531
Losses and loss adjustment expenses	4,388		4,455		4,017
Commissions and other underwriting expenses	2,029		1,961		1,883
Underwriting profit	$	629	$	620	$	631

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities:
Net earnings	$ 842	$ 887	$ 852
Adjustments:
Depreciation and amortization	86	81	78
Realized (gains) losses on investing activities	(12)	0	38
Net (purchases) sales of trading securities	7	(26)	(5)
Change in:
Reinsurance and other receivables	(628)	(769)	(794)
Other assets	62	10	(19)
Insurance claims and reserves	1,066	1,225	1,318
Payable to reinsurers	3	5	151
Other liabilities	44	(153)	72
Managed investment entities’ assets/liabilities	70	(80)	305
Other operating activities, net	(7)	(28)	(26)
Net cash provided by operating activities	1,533	1,152	1,970
Purchases of:
Fixed maturities	(2,984)	(2,136)	(2,005)
Equity securities	(65)	(187)	(146)
Mortgage loans	(211)	(191)	0
Other investments	(224)	(247)	(150)
Real estate, property and equipment	(135)	(133)	(72)
Businesses	(7)	(9)	(234)
Proceeds from:
Maturities and redemptions of fixed maturities	2,437	2,145	1,310
Repayments of mortgage loans	51	41	34
Sales of fixed maturities	124	124	650
Sales of equity securities	120	179	164
Sales of other investments	57	107	78
Sales of real estate, property and equipment	2	30	3
Cash and cash equivalents of businesses acquired	3	0	26
Managed investment entities:
Purchases of investments	(2,102)	(1,880)	(1,466)
Proceeds from sales and redemptions of investments	2,092	2,257	2,228
Other investing activities, net	7	(5)	(6)
Net cash provided by (used in) investing activities	(835)	95	414
Financing Activities:
Additional long-term borrowings	344	0	0
Reductions of long-term debt	0	0	(21)
Issuances of Common Stock	12	17	15
Repurchases of Common Stock	(99)	0	(213)
Cash dividends paid on Common Stock	(606)	(788)	(684)
Issuances of managed investment entities’ liabilities	2,993	2,336	670
Retirements of managed investment entities’ liabilities	(3,021)	(2,631)	(1,798)
Net cash used in financing activities	(377)	(1,066)	(2,031)
Net Change in Cash and Cash Equivalents	321	181	353
Cash and cash equivalents at beginning of year	1,406	1,225	872
Cash and cash equivalents at end of year	$ 1,727	$ 1,406	$ 1,225

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Carrying value of long-term debt
Principal	$ 1,848		$ 1,498
Discount and Issue Costs	(28)		(23)
Carrying Value	1,820		1,475
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,820		1,475
AFG \| Senior Notes
Summary of Carrying value of long-term debt
Principal	1,173		823
Discount and Issue Costs	(10)		(5)
Carrying Value	1,163		818
AFG \| Senior Notes \| 4.50% Senior Notes due June 2047
Summary of Carrying value of long-term debt
Principal	567		567
Discount and Issue Costs	(1)		(1)
Carrying Value	$ 566		566
Interest rate on debt instruments	4.50%			4.50%
AFG \| Senior Notes \| 5.00% Senior Notes due September 2035
Summary of Carrying value of long-term debt
Principal	$ 350	$ 350	0
Discount and Issue Costs	(6)		0
Carrying Value	$ 344		0
Interest rate on debt instruments	5.00%	5.00%
AFG \| Senior Notes \| 5.25% Senior Notes due April 2030
Summary of Carrying value of long-term debt
Principal	$ 253		253
Discount and Issue Costs	(3)		(4)
Carrying Value	$ 250		249
Interest rate on debt instruments	5.25%			5.25%
AFG \| Senior Notes \| Other
Summary of Carrying value of long-term debt
Principal	$ 3		3
Discount and Issue Costs	0		0
Carrying Value	3		3
AFG \| Subordinated Debentures
Summary of Carrying value of long-term debt
Principal	675		675
Discount and Issue Costs	(18)		(18)
Carrying Value	657		657
AFG \| Subordinated Debentures \| 4.50% Subordinated Debentures due September 2060
Summary of Carrying value of long-term debt
Principal	200		200
Discount and Issue Costs	(5)		(5)
Carrying Value	$ 195		195
Interest rate on debt instruments	4.50%
AFG \| Subordinated Debentures \| 5.125% Subordinated Debentures due December 2059
Summary of Carrying value of long-term debt
Principal	$ 200		200
Discount and Issue Costs	(5)		(5)
Carrying Value	$ 195		195
Interest rate on debt instruments	5.125%
AFG \| Subordinated Debentures \| 5.625% Subordinated Debentures due June 2060
Summary of Carrying value of long-term debt
Principal	$ 150		150
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 146		146
Interest rate on debt instruments	5.625%
AFG \| Subordinated Debentures \| 5.875% Subordinated Debentures due March 2059
Summary of Carrying value of long-term debt
Principal	$ 125		125
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 121		$ 121
Interest rate on debt instruments	5.875%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):


	2025				2024				2023
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	1,073			$	1,124			$	1,073

Income taxes at statutory rate	$	225	21	%	$	236	21	%	$	225	21	%
Effect of:
State and local income taxes, net of federal income tax effect (*)	11		1	%	9		1	%	8		1	%
Foreign tax effects	(1)		—	%	—		—	%	—		—	%
Changes in tax laws or rates enacted in the current period	—		—	%	—		—	%	—		—	%
Cross-border tax laws	(1)		—	%	2		—	%	(3)		—	%
Income tax credits	(3)		—	%	(2)		—	%	(3)		—	%
Changes in valuation allowance	(5)		—	%	(2)		—	%	(2)		—	%
Impact of nontaxable or nondeductible items:
Tax preference investments	(6)		—	%	(6)		(1	%)	(7)		(1	%)
Other	5		—	%	1		—	%	2		—	%
Changes in unrecognized income tax benefits	3		—	%	(1)		—	%	—		—	%
Other adjustments	3		—	%	—		—	%	1		—	%
Provision for income taxes as shown in the statement of earnings	$	231	22	%	$	237	21	%	$	221	21	%

In 2025, AFG recorded $7 million in net tax expense related to a pending state income tax examination regarding the sale of a subsidiary in a prior year. In 2024, AFG recorded $4 million in net tax expense related to a pending IRS settlement regarding the sale of a different subsidiary in a prior year.

The One Big Beautiful Bill Act (enacted on July 4, 2025), among other things, extends many of the federal tax provisions of the 2017 Tax Cuts and Jobs Act and contains provisions that accelerate the timing of certain tax deductions with an offsetting impact to deferred taxes and no impact on total income tax expense. Management does not expect the tax provisions of the bill to be material to AFG’s results of operations in future periods.

The federal excise tax on stock repurchases (in excess of any issuances) is recorded as part of the cost of the repurchases directly in shareholders’ equity.

The Organisation for Economic Co-operation and Development (“OECD”) proposed a global minimum corporate tax rate of 15%, commonly referred to as Pillar Two. Due to AFG’s limited international operations, management does not believe Pillar Two will have a material impact on AFG’s results of operations.

AFG’s 2014 — 2018 and 2021 — 2025 tax years remain subject to examination by the IRS.

The table below highlights the portion of AFG’s earnings before income taxes that is subject to income taxes outside the United States (in millions):


	2025		2024		2023
U.S. only	$	1,031	$	1,088	$	1,041
Foreign jurisdictions	42		36		32
Total earnings before income taxes	$	1,073	$	1,124	$	1,073

The total income tax provision consists of (in millions):


	2025		2024		2023
Current taxes:
U.S. federal	$	168	$	217	$	169
U.S. state and local	17		11		9
Foreign	5		1		6
Total current tax expense	190		229		184
Deferred taxes:
U.S. federal	41		8		37


Total deferred tax expense	41		8		37
Total income tax provision:
U.S. federal	209		225		206
U.S. state and local	17		11		9
Foreign	5		1		6
Total income tax provision	$	231	$	237	$	221

For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2025 (in millions):

Expiring

Amount

Operating Loss – U.S.

2041 - 2045

Operating Loss – U.S.

indefinite

Operating Loss – United Kingdom

indefinite

(*)

(*)£27 million

Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions):


	2025		2024
Deferred tax assets:
Federal net operating loss carryforwards	$	8	$	2
Foreign underwriting losses	9		10

Insurance claims and reserves	300		283
Employee benefits	117		114
Lease liabilities	41		45
Other, net	29		20
Total deferred tax assets before valuation allowance	504		474
Valuation allowance against deferred tax assets	(12)		(11)
Total deferred tax assets	492		463
Deferred tax liabilities:
Investment securities	(324)		(233)
Deferred policy acquisition costs	(76)		(73)
Insurance claims and reserves transition liability	—		(4)
Lease right of use assets	(37)		(42)
Real estate, property and equipment	(42)		(7)
Total deferred tax liabilities	(479)		(359)
Net deferred tax asset	$	13	$	104

AFG’s net deferred tax asset at December 31, 2025 and 2024 is included in other assets in AFG’s Balance Sheet. The decrease in AFG’s net deferred tax asset at December 31, 2025 compared to December 31, 2024 reflects lower net unrealized losses on fixed maturities and the increase in fair value of equity securities and carrying value of limited partnership investments still owned.

The likelihood of realizing deferred tax assets is reviewed periodically. Any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known.

At December 31, 2025, there are unrecognized tax benefits and related interest and penalties of $3 million (all related to penalties) that, if recognized, would impact the effective tax rate. At December 31, 2024, there were no unrecognized tax benefits or related interest and penalties. There were unrecognized tax benefits and related interest and penalties of less than $1 million at December 31, 2023.

Cash payments for income taxes, net of refunds, were as follows (in millions):


	2025		2024		2023
U.S. federal	$	150	$	187	$	188
U.S. state and local	14		12		10
Foreign	4		2		3
Total cash payments for income taxes, net of refunds	$	168	$	201	$	201

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Acquisitions of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Jul. 03, 2023	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Acquisitions [Line Items]
Payments to acquire subsidiaries				$ 7	$ 9	$ 234
Radion Insurance Holdings, LLC
Business Acquisitions [Line Items]
Percent of subsidiary acquired		52.00%
Payments to acquire subsidiaries		$ 7
Realized gain on subsidiary from remeasurement		3
Purchase of Radion		22		$ 22
Radion Insurance Holdings, LLC \| Technology-based intangible assets
Business Acquisitions [Line Items]
Intangible assets acquired		$ 5
Insurance Agency 2024
Business Acquisitions [Line Items]
Payments to acquire subsidiaries			$ 5
Business acquisition, consideration transferred			6
Consulting Company
Business Acquisitions [Line Items]
Payments to acquire subsidiaries			$ 4
Crop Risk Services
Business Acquisitions [Line Items]
Payments to acquire subsidiaries	$ 234
Purchase of Radion	85
Net tangible assets acquired, at fair value	24
Acquisition costs incurred	3
Goodwill deductible for tax purposes	79
Crop Risk Services \| Customer relationships
Business Acquisitions [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life				14 years
Crop Risk Services \| Crop Insurance Contract, Crop Year 2022
Business Acquisitions [Line Items]
Gross written premiums	$ 1,200

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 32,642	$ 30,836
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	27,654	25,913
Other
Segment Reporting Information [Line Items]
Total assets	$ 4,988	$ 4,923

- Definition

Amount of asset recognized for present right to economic benefit.

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-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ (75)	$ (2)	$ 144
Liabilities	49	6	(117)
Management fees paid to AFG	11	13	16
Variable interest entity, primary beneficiary
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings attributable to AFG	$ 5	$ 33	$ 27

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period	$ 14,179	$ 13,087	$ 11,974
Less reinsurance recoverables, net of allowance	4,957	4,288	3,767
Net liability at beginning of period	9,222	8,799	8,207
Provision for losses and LAE occurring in the current year	4,469	4,524	4,256
Net decrease in the provision for claims of prior years	(81)	(64)	(223)
Total losses and LAE incurred	4,388	4,460	4,033
Payments for losses and LAE of:
Current year	(1,330)	(1,497)	(1,261)
Prior years	(2,488)	(2,537)	(2,181)
Total payments	(3,818)	(4,034)	(3,442)
Foreign currency translation and other	(4)	(3)	1
Net liability at end of period	9,788	9,222	8,799
Add back reinsurance recoverables, net of allowance	5,306	4,957	4,288
Gross unpaid losses and LAE included in the balance sheet	$ 15,094	$ 14,179	$ 13,087

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares at Dec. 31, 2022			85,204,006
Beginning balance at Dec. 31, 2022		$ 4,052		$ 1,453	$ 3,142	$ (543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 852	852			852
Other comprehensive income		224				224
Dividends	(687)	(687)			(687)
Shares issued:
Exercise of stock options, shares			96,953
Exercise of stock options		4		4
Restricted stock awards, shares			165,513
Other benefit plans		13		13
Other benefit plans, shares			104,207
Dividend reinvestment plan, shares			20,614
Dividend reinvestment plan		3		3
Stock-based compensation expense		18		18
Shares acquired and retired, shares			(1,872,544)
Shares acquired and retired		(213)		(34)	(179)
Shares exchanged — benefit plans, shares			(64,060)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock, shares			(18,882)
Ending balance, shares at Dec. 31, 2023			83,635,807
Ending balance at Dec. 31, 2023		4,258		1,456	3,121	(319)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	887	887			887
Other comprehensive income		79				79
Dividends	$ (791)	(791)			(791)
Shares issued:
Exercise of stock options, shares			127,719
Exercise of stock options		6		6
Restricted stock awards, shares			157,681
Other benefit plans		13		13
Other benefit plans, shares			100,716
Dividend reinvestment plan, shares			22,740
Dividend reinvestment plan		3		3
Stock-based compensation expense		18		18
Shares exchanged — benefit plans, shares			(53,573)
Shares exchanged — benefit plans		(7)		(1)	(6)
Forfeitures of restricted stock, shares			(12,832)
Ending balance, shares at Dec. 31, 2024	83,978,258		83,978,258
Ending balance at Dec. 31, 2024		4,466		1,495	3,211	(240)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 842	842			842
Other comprehensive income		190				190
Dividends	$ (608)	(608)			(608)
Shares issued:
Exercise of stock options, shares			18,932
Exercise of stock options		1		1
Restricted stock awards, shares			166,297
Other benefit plans		13		13
Other benefit plans, shares			105,123
Dividend reinvestment plan, shares			17,932
Dividend reinvestment plan		2		2
Stock-based compensation expense		18		18
Shares acquired and retired, shares			(799,398)
Shares acquired and retired		(99)		(15)	(84)
Shares exchanged — benefit plans, shares			(43,505)
Shares exchanged — benefit plans		(5)		(1)	(4)
Forfeitures of restricted stock, shares			(21,437)
Ending balance, shares at Dec. 31, 2025	83,422,202		83,422,202
Ending balance at Dec. 31, 2025		$ 4,820		$ 1,513	$ 3,357	$ (50)

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11	$ 10	$ 8
Provision for expected credit losses	(1)	1	2
Write-offs charged against the allowance	0	0	0
Ending balance	$ 10	$ 11	$ 10

Acquisitions of Businesses (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Schedule of fair values of assets acquired and liabilities assumed

The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	July 3, 2023
Cash paid at purchase	$	234

Tangible assets acquired:
Cash and cash equivalents	$	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	$	193

Liabilities acquired:
Other liabilities	$	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	$	210

Allocation of excess purchase price:
Intangible assets acquired (*)	$	124
Deferred tax asset (*)	1
Goodwill	85
	$	210

(*)Included in Other assets in AFG’s Balance Sheet.

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 34	$ 12	$ 11
Provision for expected credit losses on securities with no previous allowance	9	26	9
Additions to previously recognized expected credit losses	5	1	1
Reductions due to sales or redemptions	(27)	(5)	(9)
Ending balance	21	34	12
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	11	9	10
Provision for expected credit losses on securities with no previous allowance	1	1	1
Additions to previously recognized expected credit losses	0	1	2
Reductions due to sales or redemptions	(1)	0	(4)
Ending balance	11	11	9
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	23	3	1
Provision for expected credit losses on securities with no previous allowance	8	25	8
Additions to previously recognized expected credit losses	5	0	(1)
Reductions due to sales or redemptions	(26)	(5)	(5)
Ending balance	$ 10	$ 23	$ 3

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitments to fund credit facilities and limited partnerships	$ 616
Retirement and employee savings plan expense	$ 71	$ 68	$ 63

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 785	$ 751
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	332	304
Equity securities	365	336
Equity securities, fair value in excess of cost	33	32
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	398	380
Equity securities	420	415
Equity securities, fair value in excess of cost	22	35
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	730	684
Equity securities	785	751
Equity securities, fair value in excess of cost	$ 55	$ 67

Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.

Stock Incentive Plan Under AFG’s stock incentive plan, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2025, there were 2.2 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plan.

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:


	Shares	Average Grant Date Fair Value
Outstanding at January 1, 2025	566,364	$	125.61
Granted	166,297	$	121.89
Vested	(135,042)	$	111.95
Forfeited	(21,437)	$	128.19
Outstanding at December 31, 2025	576,182	$	127.65

The total fair value of restricted stock that vested during 2025, 2024 and 2023 was $16 million, $19 million and $25 million, respectively.

AFG does not have any stock options outstanding at December 31, 2025 and has not granted any stock options since 2015. The total intrinsic value of options exercised during 2025, 2024 and 2023 was $1 million, $10 million and $8 million, respectively. During 2025, 2024 and 2023, AFG received $1 million, $6 million and $4 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was less than $1 million, $2 million and $1 million during those years, respectively.

Total compensation expense related to the stock incentive plan was $18 million for 2025, 2024 and 2023. AFG’s provision for income tax includes tax benefits of $5 million in 2025, $7 million in 2024 and $6 million in 2023 related to AFG’s stock incentive plan. At December 31, 2025, there was $32 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.4 years.

Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

The progression of the components of accumulated other comprehensive income (loss) follows (in millions):


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2025
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	206	$	(42)	$	164
Reclassification adjustment for realized (gains) losses included in net earnings (*)			21		(5)		16
Total net unrealized gains (losses) on securities	$	(202)	227		(47)		180		$	(22)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			1		—		1
Reclassification adjustment for investment income included in net earnings (*)			9		(2)		7
Total net unrealized gains (losses) on cash flow hedges	(10)		10		(2)		8		(2)
Foreign currency translation adjustments	(30)		2		—		2		(28)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(240)	$	239	$	(49)	$	190	$	(50)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	77	$	(16)	$	61
Reclassification adjustment for realized (gains) losses included in net earnings (*)			31		(7)		24
Total net unrealized gains (losses) on securities	$	(287)	108		(23)		85		$	(202)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(16)		4		(12)
Reclassification adjustment for investment income included in net earnings (*)			24		(5)		19
Total net unrealized gains (losses) on cash flow hedges	(17)		8		(1)		7		(10)
Foreign currency translation adjustments	(17)		(12)		(1)		(13)		(30)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(319)	$	104	$	(25)	$	79	$	(240)

Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	224	$	(48)	$	176
Reclassification adjustment for realized (gains) losses included in net earnings (*)			43		(9)		34
Total net unrealized gains (losses) on securities	$	(497)	267		(57)		210		$	(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(11)		2		(9)
Reclassification adjustment for investment income included in net earnings (*)			26		(5)		21
Total net unrealized gains (losses) on cash flow hedges	(29)		15		(3)		12		(17)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		(1)		—		(1)		2
Total	$	(543)	$	283	$	(59)	$	224	$	(319)

(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - Net unrealized gains (losses) on securities

Realized gains (losses) on securities

Pretax - Net unrealized gains (losses) on cash flow hedges

Net investment income

Pretax - Net unrealized gains (losses) on pension and other postretirement plans

Other expenses

Tax

Provision for income taxes

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	$ 11,101	$ 10,687
Fixed maturities, available for sale, allowance for expected credit losses	21	34	$ 12	$ 11
Available for sale (AFS) fixed maturities	11,052	10,398
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	11,101	10,687
Fixed maturities, available for sale, allowance for expected credit losses	21	34
Gross unrealized gains on available for sale fixed maturities	165	98
Gross unrealized losses on available for sale fixed maturities	(193)	(353)
Net unrealized gain (loss) on available for sale fixed maturities	(28)	(255)
Available for sale (AFS) fixed maturities	11,052	10,398
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	160	176
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	1	0
Gross unrealized losses on available for sale fixed maturities	0	(3)
Net unrealized gain (loss) on available for sale fixed maturities	1	(3)
Available for sale (AFS) fixed maturities	161	173
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	853	905
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	8	3
Gross unrealized losses on available for sale fixed maturities	(26)	(49)
Net unrealized gain (loss) on available for sale fixed maturities	(18)	(46)
Available for sale (AFS) fixed maturities	835	859
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	236	236
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	2	2
Gross unrealized losses on available for sale fixed maturities	0	(1)
Net unrealized gain (loss) on available for sale fixed maturities	2	1
Available for sale (AFS) fixed maturities	238	237
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,808	2,122
Fixed maturities, available for sale, allowance for expected credit losses	1	1
Gross unrealized gains on available for sale fixed maturities	43	22
Gross unrealized losses on available for sale fixed maturities	(103)	(154)
Net unrealized gain (loss) on available for sale fixed maturities	(60)	(132)
Available for sale (AFS) fixed maturities	2,747	1,989
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,167	1,243
Fixed maturities, available for sale, allowance for expected credit losses	5	4
Gross unrealized gains on available for sale fixed maturities	1	10
Gross unrealized losses on available for sale fixed maturities	(3)	(12)
Net unrealized gain (loss) on available for sale fixed maturities	(2)	(2)
Available for sale (AFS) fixed maturities	1,160	1,237
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,539	2,463
Fixed maturities, available for sale, allowance for expected credit losses	5	6
Gross unrealized gains on available for sale fixed maturities	29	19
Gross unrealized losses on available for sale fixed maturities	(38)	(69)
Net unrealized gain (loss) on available for sale fixed maturities	(9)	(50)
Available for sale (AFS) fixed maturities	2,525	2,407
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	3,338	3,542
Fixed maturities, available for sale, allowance for expected credit losses	10	23	$ 3	$ 1
Gross unrealized gains on available for sale fixed maturities	81	42
Gross unrealized losses on available for sale fixed maturities	(23)	(65)
Net unrealized gain (loss) on available for sale fixed maturities	58	(23)
Available for sale (AFS) fixed maturities	$ 3,386	$ 3,496

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Long-term debt consisted of the following at December 31 (in millions):


	2025						2024
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	567	$	(1)	$	566	$	567	$	(1)	$	566
5.00% Senior Notes due September 2035	350		(6)		344		—		—		—
5.25% Senior Notes due April 2030	253		(3)		250		253		(4)		249
Other	3		—		3		3		—		3
	1,173		(10)		1,163		823		(5)		818

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(5)		195		200		(5)		195
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(18)		657		675		(18)		657
	$	1,848	$	(28)	$	1,820	$	1,498	$	(23)	$	1,475

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 11,052	$ 10,398
Fair Value Percent, Fiscal Year Maturity [Abstract]
Collateralized loan obligations and other asset-backed securities average life	3 years 6 months
Average life of Residential MBS	6 years
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 629
After one year through five years	2,320
After five years through ten years	1,395
After ten years	233
Fixed maturities amortized cost, Subtotal	4,577
Amortized cost	11,080
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	626
After one year through five years	2,342
After five years through ten years	1,432
After ten years	220
Fixed maturities fair value, Subtotal	4,620
Available for sale (AFS) fixed maturities	$ 11,052	$ 10,398
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	6.00%
After one year through five years	21.00%
After five years through ten years	13.00%
After ten years	2.00%
Fixed maturities fair value, Subtotal, Percent	42.00%
Total, percent of fair value	100.00%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 3,696
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 3,685
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	33.00%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 2,807
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 2,747
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	25.00%

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) swap	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps entered into during the period \| swap	1
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.	$ (3)
Designated as hedging instrument \| Interest rate swaps \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(9)	$ (24)	$ (26)
Designated as hedging instrument \| Cash flow hedging \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	464	1,050
Receivable for collateral posted related to swaps	10	27
Designated as hedging instrument \| Cash flow hedging \| New interest rate swaps entered during the period
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	12
Derivatives not designated as hedging instruments \| Total return swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Receivable for collateral posted related to swaps		$ 4
Derivatives not designated as hedging instruments \| Total return swap \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability to return collateral related to swaps	$ 1

Managed Investment Entities (Tables)

12 Months Ended

Dec. 31, 2025

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Selected financial information related to collateralized loan obligations

The following table shows a progression of the fair value of AFG's investment in CLO tranches and temporary warehousing entities (in millions):


	2025		2024		2023
Balance at beginning of period	$	175	$	177	$	116
Purchases	186		133		67
Sales	(175)		(123)		—
Distributions	(48)		(45)		(33)
CLO earnings attributable to AFG	5		33		27
Balance at end of period	$	143	$	175	$	177

Selected financial information related to the CLOs is shown below (in millions):


	Year ended December 31,
	2025		2024		2023
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	(75)	$	(2)	$	144
Liabilities	49		6		(117)
Management fees paid to AFG	11		13		16
CLO earnings attributable to AFG	5		33		27

(*)Included in revenues in AFG’s Statement of Earnings.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2025
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	29.20%
Year 2	24.60%
Year 3	11.90%
Year 4	9.00%
Year 5	6.60%
Year 6	4.80%
Year 7	3.30%
Year 8	2.60%
Year 9	1.30%
Year 10	1.00%
Year 1, Cumulative	29.20%
Year 2, Cumulative	53.80%
Year 3, Cumulative	65.70%
Year 4, Cumulative	74.70%
Year 5, Cumulative	81.30%
Year 6, Cumulative	86.10%
Year 7, Cumulative	89.40%
Year 8, Cumulative	92.00%
Year 9, Cumulative	93.30%
Year 10, Cumulative	94.30%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	44.00%
Year 2	31.60%
Year 3	7.90%
Year 4	5.40%
Year 5	3.60%
Year 6	2.40%
Year 7	1.40%
Year 8	1.20%
Year 9	0.30%
Year 10	0.30%
Year 1, Cumulative	44.00%
Year 2, Cumulative	75.60%
Year 3, Cumulative	83.50%
Year 4, Cumulative	88.90%
Year 5, Cumulative	92.50%
Year 6, Cumulative	94.90%
Year 7, Cumulative	96.30%
Year 8, Cumulative	97.50%
Year 9, Cumulative	97.80%
Year 10, Cumulative	98.10%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	15.00%
Year 2	19.50%
Year 3	15.20%
Year 4	12.30%
Year 5	9.40%
Year 6	6.90%
Year 7	4.90%
Year 8	3.80%
Year 9	1.90%
Year 10	1.50%
Year 1, Cumulative	15.00%
Year 2, Cumulative	34.50%
Year 3, Cumulative	49.70%
Year 4, Cumulative	62.00%
Year 5, Cumulative	71.40%
Year 6, Cumulative	78.30%
Year 7, Cumulative	83.20%
Year 8, Cumulative	87.00%
Year 9, Cumulative	88.90%
Year 10, Cumulative	90.40%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	52.00%
Year 2	24.70%
Year 3	9.00%
Year 4	2.50%
Year 5	1.70%
Year 6	1.20%
Year 7	1.20%
Year 8	0.50%
Year 9	0.70%
Year 10	0.60%
Year 1, Cumulative	52.00%
Year 2, Cumulative	76.70%
Year 3, Cumulative	85.70%
Year 4, Cumulative	88.20%
Year 5, Cumulative	89.90%
Year 6, Cumulative	91.10%
Year 7, Cumulative	92.30%
Year 8, Cumulative	92.80%
Year 9, Cumulative	93.50%
Year 10, Cumulative	94.10%

Managed Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) collateralized_loan_obligation	Dec. 31, 2024 USD ($) collateralized_loan_obligation	Dec. 31, 2023 USD ($) collateralized_loan_obligation
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, minimum	5.40%
Percentage of investment of most subordinate debt tranche, maximum	100.00%
Number of active collateralized loan obligation entities \| collateralized_loan_obligation	10
Number of CLOs formed during the period \| collateralized_loan_obligation	3	2	1
Number of CLOs substantially liquidated during the period \| collateralized_loan_obligation	6	1	4
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 77	$ 66
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt	(13)	(36)
Carrying amount of CLO loans in default	0	3
Aggregate unpaid principal balance of CLO loans in default		5
Available for sale (AFS) fixed maturities	11,052	10,398
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,160	1,237
Managed by third parties \| Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,160	1,240
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches	143
Variable interest entity, primary beneficiary \| Subordinated debt obligations
Variable Interest Entity [Line Items]
Investment in CLO tranches	131
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	1,220	813	$ 407
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	$ 118	$ 73	$ 16

Long-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2025
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year	$ 0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	253,000,000
Scheduled principal payments on debt after year five	1,600,000,000
Principal	1,848,000,000	$ 1,498,000,000
Cash interest payments on long-term debt	$ 74,000,000	74,000,000	$ 74,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	$ 450,000,000
Interest rate on revolving debt facility	1.25%
Amount borrowed under AFG revolving credit facility	$ 0	0
AFG \| Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
AFG \| Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.75%
AFG \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 1,173,000,000	823,000,000
AFG \| Senior Notes \| 5.00% Senior Notes due September 2035
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 350,000,000	0		$ 350,000,000
Interest rate on debt instruments	5.00%			5.00%
AFG \| Senior Notes \| 4.50% Senior Notes due June 2047
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 567,000,000	567,000,000
Interest rate on debt instruments	4.50%		4.50%
Senior Notes, amount of the original debt instrument that was redeemed			$ 15,000,000
Debt instrument, repurchase amount			$ 13,000,000
AFG \| Senior Notes \| 5.25% Senior Notes due April 2030
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 253,000,000	$ 253,000,000
Interest rate on debt instruments	5.25%		5.25%
Senior Notes, amount of the original debt instrument that was redeemed			$ 8,000,000
Debt instrument, repurchase amount			$ 8,000,000

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	$ 1,096	$ 1,230	$ 1,102
Total realized/unrealized gains (losses) included in Net earnings	11	76	7
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	17	9	11
Purchases and issuances	203	368	270
Sales and settlements	(268)	(189)	(109)
Transfer into Level 3	17	9	46
Transfer out of Level 3	(68)	(407)	(97)
Financial assets, ending balance	$ 1,008	1,096	1,230
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized gains (losses) on securities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	$ 768	736	664
Total realized/unrealized gains (losses) included in Net earnings	15	14	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	17	14	11
Purchases and issuances	154	164	147
Sales and settlements	(231)	(132)	(70)
Transfer into Level 3	10	9	46
Transfer out of Level 3	(21)	(37)	(58)
Financial assets, ending balance	712	768	736
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	1	2	5
Total realized/unrealized gains (losses) included in Net earnings	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	0	0	0
Sales and settlements	(1)	(1)	(1)
Transfer into Level 3	5	0	1
Transfer out of Level 3	(1)	0	(3)
Financial assets, ending balance	4	1	2
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	1	2	9
Total realized/unrealized gains (losses) included in Net earnings	0	0	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	(1)
Purchases and issuances	0	0	0
Sales and settlements	0	0	(3)
Transfer into Level 3	2	0	5
Transfer out of Level 3	0	(1)	(9)
Financial assets, ending balance	3	1	2
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	0	1	2
Total realized/unrealized gains (losses) included in Net earnings		(1)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	1
Purchases and issuances		0	0
Sales and settlements		0	0
Transfer into Level 3		0	1
Transfer out of Level 3		0	(1)
Financial assets, ending balance		0	1
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	296	351	329
Total realized/unrealized gains (losses) included in Net earnings	0	(1)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	9	8	6
Purchases and issuances	63	59	55
Sales and settlements	(58)	(100)	(39)
Transfer into Level 3	0	5	31
Transfer out of Level 3	0	(26)	(32)
Financial assets, ending balance	310	296	351
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	470	380	319
Total realized/unrealized gains (losses) included in Net earnings	15	16	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	8	6	5
Purchases and issuances	91	105	92
Sales and settlements	(172)	(31)	(27)
Transfer into Level 3	3	4	8
Transfer out of Level 3	(20)	(10)	(13)
Financial assets, ending balance	395	470	380
Trading fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	26	0
Total realized/unrealized gains (losses) included in Net earnings	2	2
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	11	24
Sales and settlements	(14)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, ending balance	25	26	0
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	292	485	427
Total realized/unrealized gains (losses) included in Net earnings	(1)	60	15
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	28	174	121
Sales and settlements	(23)	(57)	(39)
Transfer into Level 3	7	0	0
Transfer out of Level 3	(47)	(370)	(39)
Financial assets, ending balance	256	292	485
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance	10	9	11
Total realized/unrealized gains (losses) included in Net earnings	(5)	0	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	(5)	0
Purchases and issuances	10	6	2
Sales and settlements	0	0	0
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial assets, ending balance	$ 15	$ 10	$ 9

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Available for sale fixed maturities and equity securities

Available for sale fixed maturities at December 31 consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2025
Fixed maturities:
U.S. government and government agencies	$	160	$	—	$	1	$	—	$	1	$	161
States, municipalities and political subdivisions	853		—		8		(26)		(18)		835
Foreign government	236		—		2		—		2		238
Residential MBS	2,808		1		43		(103)		(60)		2,747
Collateralized loan obligations	1,167		5		1		(3)		(2)		1,160
Other asset-backed securities	2,539		5		29		(38)		(9)		2,525
Corporate and other	3,338		10		81		(23)		58		3,386
Total fixed maturities	$	11,101	$	21	$	165	$	(193)	$	(28)	$	11,052

December 31, 2024
Fixed maturities:
U.S. government and government agencies	$	176	$	—	$	—	$	(3)	$	(3)	$	173
States, municipalities and political subdivisions	905		—		3		(49)		(46)		859
Foreign government	236		—		2		(1)		1		237
Residential MBS	2,122		1		22		(154)		(132)		1,989
Collateralized loan obligations	1,243		4		10		(12)		(2)		1,237
Other asset-backed securities	2,463		6		19		(69)		(50)		2,407
Corporate and other	3,542		23		42		(65)		(23)		3,496
Total fixed maturities	$	10,687	$	34	$	98	$	(353)	$	(255)	$	10,398

Equity securities reported at fair value

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions):


	2025						2024
	Actual Cost		Fair Value		Fair Value Over Cost		Actual Cost		Fair Value		Fair Value Over Cost
Common stocks	$	332	$	365	$	33	$	304	$	336	$	32
Perpetual preferred stocks	398		420		22		380		415		35
Total equity securities carried at fair value	$	730	$	785	$	55	$	684	$	751	$	67

Equity method investments

The following table summarizes investments accounted for using the equity method, by strategy (in millions):


	Carrying Value				Net Investment Income
	December 31, 2025		December 31, 2024		2025		2024		2023
Real estate-related investments (*)	$	1,431	$	1,392	$	12	$	8	$	85
Private equity	895		804		35		32		9
Private debt	95		81		9		6		5
Total investments accounted for using the equity method	$	2,421	$	2,277	$	56	$	46	$	99

(*)87% and 88% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2025 and December 31, 2024, respectively.

Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position


	Less Than Twelve Months						Twelve Months or More
	Unrealized Loss		Fair Value		Fair Value as % of Cost		Unrealized Loss		Fair Value		Fair Value as % of Cost

December 31, 2025
Fixed maturities:
U.S. government and government agencies	$	—	$	15	100	%	$	—	$	44	100	%
States, municipalities and political subdivisions	—		47		100	%	(26)		426		94	%
Foreign government	—		52		100	%	—		5		100	%
Residential MBS	(4)		186		98	%	(99)		914		90	%
Collateralized loan obligations	—		124		100	%	(3)		147		98	%
Other asset-backed securities	(1)		311		100	%	(37)		803		96	%
Corporate and other	(2)		174		99	%	(21)		794		97	%
Total fixed maturities	$	(7)	$	909	99	%	$	(186)	$	3,133	94	%

December 31, 2024
Fixed maturities:
U.S. government and government agencies	$	—	$	35	100	%	$	(3)	$	105	97	%
States, municipalities and political subdivisions	(5)		256		98	%	(44)		470		91	%
Foreign government	—		98		100	%	(1)		50		98	%
Residential MBS	(6)		452		99	%	(148)		916		86	%
Collateralized loan obligations	—		—		—	%	(12)		247		95	%
Other asset-backed securities	(4)		332		99	%	(65)		1,217		95	%
Corporate and other	(10)		605		98	%	(55)		1,151		95	%
Total fixed maturities	$	(25)	$	1,778	99	%	$	(328)	$	4,156	93	%

Roll forward of allowance for credit losses on fixed maturity securities

A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions):


	Structured securities (*)		Corporate and other		Total
Balance at December 31, 2022	$	10	$	1	$	11

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions (reductions) to previously recognized expected credit losses	2		(1)		1
Reductions due to sales or redemptions	(4)		(5)		(9)
Balance at December 31, 2023	9		3		12

Provision for expected credit losses on securities with no previous allowance	1		25		26
Additions to previously recognized expected credit losses	1		—		1
Reductions due to sales or redemptions	—		(5)		(5)
Balance at December 31, 2024	11		23		34

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions to previously recognized expected credit losses	—		5		5
Reductions due to sales or redemptions	(1)		(26)		(27)
Balance at December 31, 2025	$	11	$	10	$	21

(*)Includes residential MBS, collateralized loan obligations and other asset-backed securities (“ABS”).

Available for sale fixed maturity securities by contractual maturity date


	Amortized Cost, net (*)		Fair Value
			Amount		%
Maturity
One year or less	$	629	$	626	6	%
After one year through five years	2,320		2,342		21	%
After five years through ten years	1,395		1,432		13	%
After ten years	233		220		2	%
	4,577		4,620		42	%
CLOs and other ABS (average life of approximately 3.5 years)	3,696		3,685		33	%
Residential MBS (average life of approximately 6 years)	2,807		2,747		25	%
Total	$	11,080	$	11,052	100	%

(*)Amortized cost, net of allowance for expected credit losses.

Net investment income earned and investment expenses incurred

The following table shows investment income earned and investment expenses incurred (in millions):


	2025		2024		2023
Investment income:
Fixed maturities:
Interest and amortization	$	569	$	544	$	502
Change in fair value (*)	6		17		(3)
Equity securities:
Dividends	33		29		34
Change in fair value	(14)		57		36
Equity in earnings of partnerships and similar investments	56		46		99
Cash and cash equivalents	53		56		43
Mortgage loans	44		32		24
Other	23		21		23
Gross investment income	770		802		758
Investment expenses	(25)		(22)		(16)
Net investment income	$	745	$	780	$	742

(*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments

Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):


	2025								2024
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(5)	$	(14)	$	(19)	$	227	$	(5)	$	(27)	$	(32)	$	108
Equity securities	31		—		31		—		32		—		32		—
Mortgage loans and other investments	—		(2)		(2)		—		—		—		—		—
Total pretax	26		(16)		10		227		27		(27)		—		108
Tax effects	(5)		3		(2)		(47)		(6)		6		—		(23)
Net of tax	$	21	$	(13)	$	8	$	180	$	21	$	(21)	$	—	$	85


	2023
	Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(35)	$	(10)	$	(45)	$	267
Equity securities	10		—		10		—
Mortgage loans and other investments	—		(1)		(1)		—
Total pretax	(25)		(11)		(36)		267
Tax effects	5		3		8		(57)
Net of tax	$	(20)	$	(8)	$	(28)	$	210

Holding gains (losses) on equity securities still held

AFG recorded net holding gains (losses) on equity securities during 2025, 2024 and 2023 on securities that were still owned at December 31 of each year as follows (in millions):


	2025		2024		2023
Included in realized gains (losses)	$	19	$	24	$	(2)
Included in net investment income	(2)		56		36
	$	17	$	80	$	34

Gross realized gains and losses on available for sale fixed maturity and equity security investments


	2025		2024		2023
Gross gains	$	7	$	1	$	5
Gross losses	(14)		(5)		(38)

Acquisitions of Businesses - Allocation of the purchase price of subsidiary (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 03, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Acquisitions [Line Items]
Cash paid at purchase		$ 7	$ 9	$ 234
Crop Risk Services
Business Acquisitions [Line Items]
Cash paid at purchase	$ 234
Tangible assets acquired:
Cash and cash equivalents	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	193
Liabilities acquired:
Other liabilities	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	210
Deferred tax asset acquired	1
Purchase of Radion	85
Crop Risk Services \| Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Insurance - Short-duration insurance contracts, claims development (Details) - Property and casualty insurance $ in Millions	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 28,802
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	20,752
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	434
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	8,484
Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	8,050
Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,978	$ 1,970	$ 1,974	$ 1,986	$ 2,004	$ 2,034	$ 2,060	$ 2,082	$ 2,083	$ 2,117
Total IBNR Plus Expected Development on Reported Claims	$ 119
Cumulative Number of Reported Claims \| claim	223,533
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,885	1,865	1,848	1,806	1,750	1,662	1,539	1,350	1,099	577
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.30%
Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,293	2,283	2,266	2,256	2,269	2,301	2,329	2,348	2,375
Total IBNR Plus Expected Development on Reported Claims	$ 143
Cumulative Number of Reported Claims \| claim	247,498
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,138	2,100	2,030	1,953	1,844	1,736	1,524	1,250	709
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.20%
Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,451	2,451	2,449	2,452	2,439	2,499	2,516	2,507
Total IBNR Plus Expected Development on Reported Claims	$ 174
Cumulative Number of Reported Claims \| claim	237,429
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,241	2,178	2,099	1,977	1,807	1,606	1,337	730
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	91.40%
Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,644	2,657	2,642	2,632	2,672	2,674	2,721
Total IBNR Plus Expected Development on Reported Claims	$ 199
Cumulative Number of Reported Claims \| claim	256,682
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,385	2,284	2,160	1,983	1,768	1,448	847
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.20%
Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,519	2,512	2,500	2,546	2,635	2,748
Total IBNR Plus Expected Development on Reported Claims	$ 271
Cumulative Number of Reported Claims \| claim	207,122
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,167	2,043	1,842	1,620	1,337	758
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	86.00%
Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,632	2,669	2,689	2,754	2,861
Total IBNR Plus Expected Development on Reported Claims	$ 368
Cumulative Number of Reported Claims \| claim	208,857
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,147	1,958	1,687	1,368	746
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.60%
Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,206	3,204	3,205	3,270
Total IBNR Plus Expected Development on Reported Claims	$ 536
Cumulative Number of Reported Claims \| claim	222,831
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,415	2,144	1,724	904
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	75.30%
Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,585	3,580	3,631
Total IBNR Plus Expected Development on Reported Claims	$ 862
Cumulative Number of Reported Claims \| claim	234,516
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,349	1,950	989
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	65.50%
Accident Year 2024
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,749	3,825
Total IBNR Plus Expected Development on Reported Claims	$ 1,180
Cumulative Number of Reported Claims \| claim	263,125
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,067	1,138
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	55.10%
Accident Year 2025
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,745
Total IBNR Plus Expected Development on Reported Claims	$ 2,009
Cumulative Number of Reported Claims \| claim	210,163
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 958
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	25.60%
Property and transportation
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 11,198
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	9,373
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	22
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,847
Property and transportation \| Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,825
Property and transportation \| Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	690	692	695	695	694	700	713	720	723	753
Total IBNR Plus Expected Development on Reported Claims	$ 70
Cumulative Number of Reported Claims \| claim	121,425
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 681	679	676	670	661	645	622	580	524	295
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.70%
Property and transportation \| Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 820	823	825	826	822	829	850	855	897
Total IBNR Plus Expected Development on Reported Claims	$ 56
Cumulative Number of Reported Claims \| claim	141,054
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 811	809	799	788	760	738	699	643	381
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.90%
Property and transportation \| Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 890	888	886	891	886	897	912	942
Total IBNR Plus Expected Development on Reported Claims	$ 52
Cumulative Number of Reported Claims \| claim	130,840
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 873	859	845	831	787	744	680	400
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.10%
Property and transportation \| Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,070	1,070	1,068	1,065	1,062	1,071	1,125
Total IBNR Plus Expected Development on Reported Claims	$ 59
Cumulative Number of Reported Claims \| claim	154,461
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,046	1,032	1,006	967	911	829	529
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.80%
Property and transportation \| Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 964	963	962	969	983	1,053
Total IBNR Plus Expected Development on Reported Claims	$ 71
Cumulative Number of Reported Claims \| claim	122,348
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 929	905	866	808	728	462
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.40%
Property and transportation \| Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,034	1,038	1,033	1,034	1,130
Total IBNR Plus Expected Development on Reported Claims	$ 86
Cumulative Number of Reported Claims \| claim	123,890
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 972	941	872	770	449
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.00%
Property and transportation \| Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,313	1,329	1,335	1,409
Total IBNR Plus Expected Development on Reported Claims	$ 104
Cumulative Number of Reported Claims \| claim	138,424
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,184	1,128	1,024	588
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.20%
Property and transportation \| Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,397	1,408	1,502
Total IBNR Plus Expected Development on Reported Claims	$ 149
Cumulative Number of Reported Claims \| claim	145,066
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,176	1,070	564
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	84.20%
Property and transportation \| Accident Year 2024
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,558	1,614
Total IBNR Plus Expected Development on Reported Claims	$ 247
Cumulative Number of Reported Claims \| claim	175,137
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,173	681
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	75.30%
Property and transportation \| Accident Year 2025
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,462
Total IBNR Plus Expected Development on Reported Claims	$ 564
Cumulative Number of Reported Claims \| claim	135,480
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 528
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	36.10%
Specialty casualty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 15,214
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	9,448
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	411
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	6,177
Specialty casualty \| Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	5,766
Specialty casualty \| Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,115	1,106	1,107	1,118	1,140	1,160	1,165	1,175	1,176	1,184
Total IBNR Plus Expected Development on Reported Claims	$ 49
Cumulative Number of Reported Claims \| claim	56,921
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,031	1,014	1,000	965	925	854	755	611	433	195
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.50%
Specialty casualty \| Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,260	1,250	1,231	1,227	1,243	1,263	1,267	1,277	1,264
Total IBNR Plus Expected Development on Reported Claims	$ 81
Cumulative Number of Reported Claims \| claim	57,594
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,128	1,095	1,036	972	890	803	638	438	208
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.50%
Specialty casualty \| Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,365	1,365	1,364	1,359	1,345	1,382	1,386	1,352
Total IBNR Plus Expected Development on Reported Claims	$ 120
Cumulative Number of Reported Claims \| claim	59,771
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,173	1,125	1,060	953	832	675	494	218
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.90%
Specialty casualty \| Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,397	1,408	1,391	1,380	1,419	1,404	1,401
Total IBNR Plus Expected Development on Reported Claims	$ 137
Cumulative Number of Reported Claims \| claim	60,242
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,166	1,079	984	848	693	473	219
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	83.50%
Specialty casualty \| Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,368	1,357	1,344	1,374	1,436	1,463
Total IBNR Plus Expected Development on Reported Claims	$ 194
Cumulative Number of Reported Claims \| claim	54,981
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,064	971	814	652	465	196
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	77.80%
Specialty casualty \| Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,426	1,451	1,469	1,518	1,507
Total IBNR Plus Expected Development on Reported Claims	$ 274
Cumulative Number of Reported Claims \| claim	57,465
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,013	861	668	462	199
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	71.00%
Specialty casualty \| Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,678	1,652	1,635	1,617
Total IBNR Plus Expected Development on Reported Claims	$ 413
Cumulative Number of Reported Claims \| claim	60,252
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,038	829	536	208
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	61.90%
Specialty casualty \| Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,853	1,841	1,818
Total IBNR Plus Expected Development on Reported Claims	$ 639
Cumulative Number of Reported Claims \| claim	64,764
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 924	650	275
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	49.90%
Specialty casualty \| Accident Year 2024
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,828	1,826
Total IBNR Plus Expected Development on Reported Claims	$ 850
Cumulative Number of Reported Claims \| claim	64,130
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 647	281
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	35.40%
Specialty casualty \| Accident Year 2025
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,924
Total IBNR Plus Expected Development on Reported Claims	$ 1,291
Cumulative Number of Reported Claims \| claim	57,463
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 264
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	13.70%
Specialty financial
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,390
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	1,931
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	1
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	460
Specialty financial \| Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	459
Specialty financial \| Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	173	172	172	173	170	174	182	187	184	180
Total IBNR Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims \| claim	45,187
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 173	172	172	171	164	163	162	159	142	$ 87
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	100.00%
Specialty financial \| Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 213	210	210	203	204	209	212	216	214
Total IBNR Plus Expected Development on Reported Claims	$ 6
Cumulative Number of Reported Claims \| claim	48,850
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 199	196	195	193	194	195	187	169	$ 120
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.40%
Specialty financial \| Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 196	198	199	202	208	220	218	213
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims \| claim	46,818
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 195	194	194	193	188	187	163	$ 112
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.50%
Specialty financial \| Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 177	179	183	187	191	199	195
Total IBNR Plus Expected Development on Reported Claims	$ 3
Cumulative Number of Reported Claims \| claim	41,979
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 173	173	170	168	164	146	$ 99
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.70%
Specialty financial \| Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 187	192	194	203	216	232
Total IBNR Plus Expected Development on Reported Claims	$ 6
Cumulative Number of Reported Claims \| claim	29,793
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 174	167	162	160	144	$ 100
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.00%
Specialty financial \| Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 172	180	187	202	224
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims \| claim	27,502
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 162	156	147	136	$ 98
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.20%
Specialty financial \| Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 215	223	235	244
Total IBNR Plus Expected Development on Reported Claims	$ 19
Cumulative Number of Reported Claims \| claim	24,155
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 193	187	164	$ 108
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.80%
Specialty financial \| Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 335	331	311
Total IBNR Plus Expected Development on Reported Claims	$ 74
Cumulative Number of Reported Claims \| claim	24,686
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 249	230	$ 150
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	74.30%
Specialty financial \| Accident Year 2024
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 363	385
Total IBNR Plus Expected Development on Reported Claims	$ 83
Cumulative Number of Reported Claims \| claim	23,858
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 247	$ 176
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	68.00%
Specialty financial \| Accident Year 2025
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 359
Total IBNR Plus Expected Development on Reported Claims	$ 154
Cumulative Number of Reported Claims \| claim	17,220
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 166
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	46.20%