Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2022

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2022		2021
Assets:
Cash and cash equivalents	$	225	$	589
Investment in securities	591		1,281
Investment in subsidiaries (*)	4,825		5,334
Real estate and other investments	63		2
Other assets	132		103
Total assets	$	5,836	$	7,309

Liabilities and Equity:
Long-term debt	$	1,496	$	1,964
Other liabilities	288		333
Shareholders’ equity	4,052		5,012
Total liabilities and equity	$	5,836	$	7,309

Condensed Statement of Earnings


	Year ended December 31,
	2022		2021		2020
Revenues:
Dividends from subsidiaries	$	879	$	835	$	543
Equity in undistributed earnings of subsidiaries	405		1,721		474
Investment and other income	28		29		32
Total revenues	1,312		2,585		1,049

Costs and Expenses:
Interest charges on intercompany borrowings	7		7		8
Interest charges on other borrowings	85		94		88
Other expenses	97		129		94
Total costs and expenses	189		230		190

Earnings before income taxes	1,123		2,355		859
Provision for income taxes	225		360		127
Net Earnings Attributable to Shareholders	$	898	$	1,995	$	732

Condensed Statement of Comprehensive Income


	Year ended December 31,
	2022		2021		2020
Net earnings attributable to shareholders	$	898	$	1,995	$	732
Other comprehensive income (loss), net of tax	(662)		(1,154)		414
Total comprehensive income (loss), net of tax	$	236	$	841	$	1,146

________________________

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

Condensed Statement of Cash Flows


	Year ended December 31,
	2022		2021		2020
Operating Activities:
Net earnings attributable to shareholders	$	898	$	1,995	$	732
Adjustments:
Equity in net earnings of subsidiaries	(1,030)		(2,144)		(780)
Dividends from subsidiaries	539		830		543
Other operating activities, net	(80)		152		(12)
Net cash provided by operating activities	327		833		483

Investing Activities:
Capital contributions to subsidiaries	(26)		(107)		(297)
Returns of capital from subsidiaries	29		3		—
Purchases of:
Investments, property and equipment	(223)		(1,478)		(2)
Businesses	—		(120)		—
Proceeds from:
Maturities and redemptions of investments	556		277		2
Sales of investments, property and equipment	656		11		—
Sales of businesses	—		3,581		3

Net cash provided by (used in) investing activities	992		2,167		(294)

Financing Activities:
Additional long-term borrowings	—		—		634
Reductions of long-term debt	(477)		—		(150)
Issuances of Common Stock	18		67		23
Repurchases of Common Stock	(11)		(319)		(313)
Cash dividends paid on Common Stock	(1,213)		(2,374)		(334)

Net cash used in financing activities	(1,683)		(2,626)		(140)

Net Change in Cash and Cash Equivalents	(364)		374		49
Cash and cash equivalents at beginning of year	589		215		166
Cash and cash equivalents at end of year	$	225	$	589	$	215