Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2021

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2021		2020
Assets:
Cash and cash equivalents	$	589	$	215
Investment in securities	1,281		80
Investment in subsidiaries (a)	5,334		8,525
Other investments	2		2
Other assets	103		213
Total assets	$	7,309	$	9,035

Liabilities and Equity:
Long-term debt	$	1,964	$	1,963
Other liabilities	333		283
Shareholders’ equity	5,012		6,789
Total liabilities and equity	$	7,309	$	9,035

Condensed Statement of Earnings


	Year ended December 31,
	2021		2020		2019
Revenues:
Dividends from subsidiaries	$	835	$	543	$	417
Equity in undistributed earnings of subsidiaries	1,721		474		888
Investment and other income	29		32		20
Total revenues	2,585		1,049		1,325

Costs and Expenses:
Interest charges on intercompany borrowings	7		8		8
Interest charges on other borrowings	94		88		68
Other expenses	129		94		113
Total costs and expenses	230		190		189

Earnings before income taxes	2,355		859		1,136
Provision for income taxes	360		127		239
Net Earnings Attributable to Shareholders	$	1,995	$	732	$	897

Condensed Statement of Comprehensive Income


	Year ended December 31,
	2021		2020		2019
Net earnings attributable to shareholders	$	1,995	$	732	$	897
Other comprehensive income (loss), net of tax	(1,154)		414		815
Total comprehensive income (loss), net of tax	$	841	$	1,146	$	1,712

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

Condensed Statement of Cash Flows


	Year ended December 31,
	2021		2020		2019
Operating Activities:
Net earnings attributable to shareholders	$	1,995	$	732	$	897
Adjustments:
Equity in net earnings of subsidiaries	(2,144)		(780)		(1,032)
Dividends from subsidiaries	830		543		408
Other operating activities, net	152		(12)		33
Net cash provided by operating activities	833		483		306

Investing Activities:
Capital contributions to subsidiaries	(107)		(297)		(60)
Returns of capital from subsidiaries	3		—		4
Purchases of:
Investments, property and equipment	(1,478)		(2)		(3)
Businesses	(120)		—		—
Proceeds from:
Maturities and redemptions of investments	277		2		3
Sales of investments, property and equipment	11		—		—
Sales of businesses	3,581		3		—

Net cash provided by (used in) investing activities	2,167		(294)		(56)

Financing Activities:
Additional long-term borrowings	—		634		315
Reductions of long-term debt	—		(150)		(150)
Issuances of Common Stock	67		23		37
Repurchases of Common Stock	(319)		(313)		—
Cash dividends paid on Common Stock	(2,374)		(334)		(444)

Net cash used in financing activities	(2,626)		(140)		(242)

Net Change in Cash and Cash Equivalents	374		49		8
Cash and cash equivalents at beginning of year	215		166		158
Cash and cash equivalents at end of year	$	589	$	215	$	166