Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2020

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2020		2019
Assets:
Cash and cash equivalents	$	215	$	166
Investment in securities	80		77
Investment in subsidiaries (a)	8,525		7,623
Other investments	2		2
Other assets	213		143
Total assets	$	9,035	$	8,011

Liabilities and Equity:
Long-term debt	$	1,963	$	1,473
Other liabilities	283		269
Shareholders’ equity	6,789		6,269
Total liabilities and equity	$	9,035	$	8,011

Condensed Statement of Earnings


	Year ended December 31,
	2020		2019		2018
Revenues:
Dividends from subsidiaries	$	543	$	417	$	261
Equity in undistributed earnings of subsidiaries	474		888		529
Investment and other income	32		20		2
Total revenues	1,049		1,325		792

Costs and Expenses:
Interest charges on intercompany borrowings	8		8		8
Interest charges on other borrowings	88		68		62
Other expenses	94		113		70
Total costs and expenses	190		189		140

Earnings before income taxes	859		1,136		652
Provision for income taxes	127		239		122
Net Earnings Attributable to Shareholders	$	732	$	897	$	530

Condensed Statement of Comprehensive Income


Net earnings attributable to shareholders	$	732	$	897	$	530
Other comprehensive income (loss), net of tax	414		815		(544)
Total comprehensive income (loss), net of tax	$	1,146	$	1,712	$	(14)

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

Condensed Statement of Cash Flows


	Year ended December 31,
	2020		2019		2018
Operating Activities:
Net earnings attributable to shareholders	$	732	$	897	$	530
Adjustments:
Equity in net earnings of subsidiaries	(780)		(1,032)		(637)
Dividends from subsidiaries	543		408		238
Other operating activities, net	(12)		33		84
Net cash provided by operating activities	483		306		215

Investing Activities:
Capital contributions to subsidiaries	(297)		(60)		(11)
Returns of capital from subsidiaries	—		4		23
Purchases of investments, property and equipment	(2)		(3)		(5)
Proceeds from:
Maturities and redemptions of investments	2		3		3

Sales of businesses	3		—		—

Net cash provided by (used in) investing activities	(294)		(56)		10

Financing Activities:
Additional long-term borrowings	634		315		—
Reductions of long-term debt	(150)		(150)		—
Issuances of Common Stock	23		37		34
Repurchases of Common Stock	(313)		—		(6)
Cash dividends paid on Common Stock	(334)		(444)		(394)

Net cash used in financing activities	(140)		(242)		(366)

Net Change in Cash and Cash Equivalents	49		8		(141)
Cash and cash equivalents at beginning of year	166		158		299
Cash and cash equivalents at end of year	$	215	$	166	$	158