Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 197

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 197
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 compared to 2022. Detail of AFG’s property and casualty net earned premiums is shown below (dollars in millions):

Year ended December 31,% Change2024202320222024 - 20232023 - 2022NEP%NEP%NEP%Property and transportation$2,793 40 %$2,519 39 %$2,487 41 %11 %1 %Specialty casualty2,967 42 %2,886 44 %2,659 44 %3 %9 %Specialty financial1,032 15 %867 13 %698 11 %19 %24 %Other specialty244 3 %259 4 %241 4 %(6 %)7 %$7,036 100 %$6,531 100 %$6,085 100 %8 %7 %

The $877 million (9%) increase in gross written premiums in 2024 compared to 2023 reflects growth in each of the Specialty property and casualty sub-segments as a result of additional crop premiums from the CRS acquisition in the Property and transportation sub-segment and new business opportunities, increased exposures and a good renewal rate environment. Overall average renewal rates increased approximately 7% in 2024. Excluding the workers’ compensation businesses, renewal pricing increased approximately 8%.

The $599 million (7%) increase in gross written premiums in 2023 compared to 2022 reflects growth in each of the Specialty property and casualty sub-segments as a result of a combination of new business opportunities, increased exposures and a good renewal rate environment. Overall average renewal rates increased approximately 5% in 2023. Excluding the workers’ compensation businesses, renewal pricing increased approximately 6%.

Property and transportation   Gross written premiums increased $589 million (14%) in 2024 compared to 2023. Year-over-year premium growth resulted from additional crop premium associated with the CRS acquisition as well as new business opportunities, a favorable rate environment and increased exposures in the commercial auto businesses. This year-over-year premium growth was tempered by the impact of lower year-over-year commodity pricing on winter wheat premiums, coupled with elevated pricing competition and the non-renewal of certain under-performing accounts in the 

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transportation businesses. Excluding crop premium, gross and net written premiums in this group grew by 5% and 4%,