Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 174

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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 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 6% in the first six months of 2025. Excluding the workers’ compensation businesses, renewal pricing increased approximately 7%.

Property and transportation   Gross written premiums increased $101 million (5%) in the first six months of 2025 compared to the first six months of 2024. This increase was primarily the result of earlier reporting of crop acreage in the second quarter of 2025 compared to 2024, which impacts the timing of crop premiums. In addition, increased exposures, new business opportunities and a favorable rate environment contributed to growth in the transportation businesses. Average renewal rates increased approximately 7% for this group in the first six months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first six months of 2025 compared to the first six months of 2024 reflecting growth in the alternative risk transfer products in the transportation businesses and higher premiums in the crop business, which cede a higher percentage of premiums than some of the other businesses in the Property and transportation sub-segment.

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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 $10 million in the first six months of 2025 compared to the first six months of 2024, reflecting higher year-over-year premiums in the mergers and acquisitions liability business and growth across several other businesses in the Specialty casualty sub-segment resulting from new business opportunities, higher rates and strong policy retention. These items were partially offset by lower premiums due to a challenging market in the directors’ and officers’ liability business as well as the continued non-renewal of certain housing and daycare accounts in the social services businesses. Average renewal rates increased approximately 6% for this group in the first six months of 2025. Excluding overall rate decreases in the workers’ compensation businesses, renewal rates for this group increased approximately 9%. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first six months of 2025 compared to the first six months of 2024 reflecting higher cessions, higher reinsurance costs and higher reinstatement premiums paid to reinsurers in the excess liability business and growth in the mergers and acquisitions liability business, which cedes a