AFG — what changed in the latest 10-Q
A section-by-section comparison of AFG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +117 | −28 | ~60 | 85 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
AFG reported net earnings of $248 million ($2.99 per share, diluted) for the second quarter of 2026 compared to $174 million ($2.07 per share, diluted) for the second quarter of 2025 and $439 million ($5.28 per share, diluted) for the first six months of 2026 compared to $328 million ($3.92 per shar…
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Continued
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Continued
AFG’s investment portfolio at June 30, 2026, contained $11.26 billion in fixed maturity securities classified as available for sale and carried at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) and $80 million in fixed maturities classified as t…
Summarized information for the unrealized gains and losses recorded in AFG’s Balance Sheet at June 30, 2026, is shown in the following table (dollars in millions). There were $391 million of available for sale fixed maturity securities with no unrealized gains or losses at June 30, 2026.
Text removed vs the prior filing · source: 10-Q · 2026-05-07
AFG reported net earnings of $191 million ($2.29 per share, diluted) for the first three months of 2026 compared to $154 million ($1.84 per share, diluted) for the first three months of 2025, reflecting higher underwriting profit.
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Continued
Net Cash Provided by (Used in) Investing Activities AFG’s investing activities consist primarily of the investment of funds provided by its property and casualty businesses. Investing activities also include the purchase and disposal of managed investment entity investments, which are presented sepa…
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Continued
AFG’s investment portfolio at March 31, 2026, contained $11.40 billion in fixed maturity securities classified as available for sale and carried at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) and $80 million in fixed maturities classified as …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice