Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2023

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2023		2022
Assets:
Cash and cash equivalents	$	268	$	225
Investment in securities	154		591
Investment in subsidiaries (*)	5,396		4,825
Real estate and other investments	63		63
Other assets	189		132
Total assets	$	6,070	$	5,836

Liabilities and Equity:
Long-term debt	$	1,475	$	1,496
Other liabilities	337		288
Shareholders’ equity	4,258		4,052
Total liabilities and equity	$	6,070	$	5,836

Condensed Statement of Earnings


	Year ended December 31,
	2023		2022		2021
Revenues:
Dividends from subsidiaries	$	903	$	879	$	835
Equity in undistributed earnings of subsidiaries	308		405		1,721
Investment and other income	60		28		29
Total revenues	1,271		1,312		2,585

Costs and Expenses:
Interest charges on intercompany borrowings	8		7		7
Interest charges on other borrowings	76		85		94
Other expenses	114		97		129
Total costs and expenses	198		189		230

Earnings before income taxes	1,073		1,123		2,355
Provision for income taxes	221		225		360
Net Earnings	$	852	$	898	$	1,995

Condensed Statement of Comprehensive Income


	Year ended December 31,
	2023		2022		2021
Net earnings	$	852	$	898	$	1,995
Other comprehensive income (loss), net of tax	224		(662)		(1,154)
Total comprehensive income, net of tax	$	1,076	$	236	$	841

________________________

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

Condensed Statement of Cash Flows


	Year ended December 31,
	2023		2022		2021
Operating Activities:
Net earnings	$	852	$	898	$	1,995
Adjustments:
Equity in net earnings of subsidiaries	(967)		(1,030)		(2,144)
Dividends from subsidiaries	896		539		830
Other operating activities, net	(62)		(80)		152
Net cash provided by operating activities	719		327		833

Investing Activities:
Capital contributions to subsidiaries	(180)		(26)		(107)
Returns of capital from subsidiaries	7		29		3
Purchases of:
Investments, property and equipment	(35)		(223)		(1,478)
Businesses	—		—		(120)
Proceeds from:
Maturities and redemptions of investments	255		556		277
Sales of investments, property and equipment	178		656		11
Sales of businesses	—		—		3,581

Net cash provided by investing activities	225		992		2,167

Financing Activities:

Reductions of long-term debt	(21)		(477)		—
Issuances of Common Stock	17		18		67
Repurchases of Common Stock	(213)		(11)		(319)
Cash dividends paid on Common Stock	(684)		(1,213)		(2,374)

Net cash used in financing activities	(901)		(1,683)		(2,626)

Net Change in Cash and Cash Equivalents	43		(364)		374
Cash and cash equivalents at beginning of year	225		589		215
Cash and cash equivalents at end of year	$	268	$	225	$	589