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,
	2026				2025				2026				2025
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	316			$	229			$	555			$	426

Income taxes at statutory rate	$	67	21	%	$	48	21	%	$	117	21	%	$	89	21	%
Effect of:
State and local income taxes, net of federal income tax effect	2		1	%	7		3	%	5		1	%	10		2	%



Income tax credits	(1)		—	%	—		—	%	(5)		(1	%)	—		—	%

Impact of nontaxable or nondeductible items:
Tax preference investments	(1)		—	%	(2)		(1	%)	(2)		—	%	(3)		(1	%)
Other	3		1	%	2		1	%	4		1	%	2		1	%

Other adjustments	(2)		(1	%)	—		—	%	(3)		(1	%)	—		—	%
Provision for income taxes as shown in the statement of earnings	$	68	22	%	$	55	24	%	$	116	21	%	$	98	23	%