Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 126

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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666 100%$5,679 100%—%

Net Earned Premiums

Net earned premiums (“NEP”) for AFG’s property and casualty insurance segment were $5.24 billion for the first nine months of 2025 compared to $5.19 billion for the first nine months of 2024, an increase of $54 million (1%). Detail of AFG’s property and casualty net earned premiums is shown below (dollars in millions):

Nine months ended September 30,20252024NEP%NEP%% ChangeProperty and transportation$2,011 38%$2,061 40%(2%)Specialty casualty2,403 46%2,371 46%1%Specialty financial826 16%754 14%10%$5,240 100%$5,186 100%1%

Gross written premiums for the first nine months of 2025 increased $119 million (1%) compared to the first nine months of 2024. The Specialty property and casualty insurance operations continue to achieve year-over-year premium growth as a result of new business opportunities, a good renewal rate environment and increased exposures. Overall average renewal rates increased approximately 5% in the first nine months of 2025. Excluding the workers’ compensation businesses, renewal pricing increased approximately 6%.

Property and transportation   Gross written premiums decreased $31 million (1%) in the first nine months of 2025 compared to the first nine months of 2024. This decrease was primarily the result of the impact of lower commodity prices on crop insurance premiums, partially offset by growth in the transportation businesses as a result of increased exposures, new business opportunities and a favorable rate environment. Average renewal rates increased approximately 7% for this group in the first nine months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first nine months of 2025 compared to the first nine months of 2024 reflecting growth in alternative risk transfer and excess liability products in the transportation businesses, which cede a higher percentage of premiums than some of the other businesses in the Property and transportation sub-segment, and higher cessions in the crop business.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

Specialty casualty   Gross written premiums increased $50 million (1%) in the