The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):


	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	229			$	271			$	426			$	575

Income taxes at statutory rate	$	48	21	%	$	57	21	%	$	89	21	%	$	121	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	—		—	%	—		—	%	(2)		(1	%)	(2)		—	%
Tax exempt interest	(1)		—	%	(1)		—	%	(2)		(1	%)	(2)		(1	%)
Stock-based compensation	—		—	%	—		—	%	(1)		—	%	(2)		—	%

Dividends received deduction	(1)		—	%	(1)		—	%	(1)		—	%	(1)		—	%
Nondeductible expenses	3		1	%	2		1	%	6		1	%	4		1	%
Adjustment related to sale of subsidiary	7		3	%	4		1	%	7		2	%	4		1	%

Foreign operations	1		—	%	—		—	%	3		1	%	—		—	%

Other	(2)		(1	%)	1		—	%	(1)		—	%	2		—	%
Provision for income taxes as shown in the statement of earnings	$	55	24	%	$	62	23	%	$	98	23	%	$	124	22	%