Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 166

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 166
---
24Change inCeded% of GWPCeded% of GWP% of GWPProperty and transportation$(924)47%$(956)45%2%Specialty casualty(423)32%(380)29%3%Specialty financial(66)19%(59)17%2%$(1,413)39%$(1,395)37%2%

Net Written Premiums

Net written premiums (“NWP”) for AFG’s property and casualty insurance segment were $2.25 billion for the third quarter of 2025 compared to $2.35 billion for the third quarter of 2024, a decrease of $101 million (4%). Detail of net written premiums is shown below (dollars in millions):

Three months ended September 30,20252024NWP%NWP%% ChangeProperty and transportation$1,051 47%$1,151 49%(9%)Specialty casualty914 40%917 39%—%Specialty financial287 13%285 12%1%$2,252 100%$2,353 100%(4%)

Net Earned Premiums

Net earned premiums (“NEP”) for AFG’s property and casualty insurance segment were $2.01 billion for the third quarter of 2025 compared to $2.06 billion for the third quarter of 2024, a decrease of $42 million (2%). Detail of net earned premiums is shown below (dollars in millions):

Three months ended September 30,20252024NEP%NEP%% ChangeProperty and transportation$935 47%$989 48%(5%)Specialty casualty810 40%797 39%2%Specialty financial268 13%269 13%—%$2,013 100%$2,055 100%(2%)

Gross written premiums for the third quarter of 2025 decreased $83 million (2%) compared to the third quarter of 2024. Earlier reporting of 2025 crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year third quarter decrease, particularly when compared to later reporting of acreage in 2024. Excluding 

49

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

the crop business, gross written premiums increased 3% compared