Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 106

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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%(4.0%)Underwriting expense ratio48.0%47.6%0.4%Combined ratio86.1%89.7%(3.6%)Underwriting profit$38 $25 Total SpecialtyLoss and LAE ratio61.1%59.1%2.0%Underwriting expense ratio32.0%31.4%0.6%Combined ratio93.1%90.5%2.6%Underwriting profit$114 $151 Aggregate — including exited lines Loss and LAE ratio61.1%59.1%2.0%Underwriting expense ratio32.0%31.4%0.6%Combined ratio93.1%90.5%2.6%Underwriting profit$113 $150 

The Specialty property and casualty insurance operations generated an underwriting profit of $114 million in the second quarter of 2025 compared to $151 million in the second quarter of 2024, a decrease of $37 million (25%). Higher year-over-year underwriting profit in the Specialty financial sub-segment was more than offset by lower underwriting profit in the Property and transportation and Specialty casualty sub-segments. Overall catastrophe losses were $38 million (2.3 points on the combined ratio) in the second quarter of 2025 compared to catastrophe losses of $36 million (2.3 points) in the second quarter of 2024.

Property and transportation   Underwriting profit for this group was $27 million for the second quarter of 2025 compared to $40 million for the second quarter of 2024, a decrease of $13 million (33%), reflecting the impact of particularly strong crop results in the second quarter of 2024. Catastrophe losses were $12 million (2.0 points on the combined ratio) in the second quarter of 2025 compared to $13 million (2.4 points) in the second quarter of 2024.

Specialty casualty   Underwriting profit for this group was $49 million for the second quarter of 2025 compared to $86 million for the second quarter of 2024, a decrease of $37 million (43%), reflecting lower underwriting profit in the excess and surplus and social services businesses. Catastrophe losses were $7 million (0.9 points on the combined ratio) in the second quarter of 2025 compared to catastrophe losses of $5 million (