Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 108

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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ars 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 

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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 to the third quarter of 2024 as a result of premium growth from new business opportunities, increased exposures and a good renewal rate environment. Overall average renewal rates increased approximately 5% in the third quarter of 2025, both including and excluding the workers’ compensation businesses.

Property and transportation   Gross written premiums decreased $132 million (6%) in the third quarter of 2025 compared to the third quarter of 2024. This decrease was primarily the result of earlier reporting of 2025 crop acreage, which shifted the timing of reporting of some crop premium from the third quarter to the second quarter. Excluding the crop business, gross written premiums for this group increased 2% compared to the third quarter of 2024, reflecting new business opportunities, a favorable rate environment and increased exposures in the transportation businesses. Average renewal rates increased approximately 6% for this group in the third quarter of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 2 percentage points in the third quarter of 2025 compared to the third quarter of 2024, reflecting growth in alternative risk transfer 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 an increase in ceded premiums in the aviation business, partially offset by a decrease in cessions due to the timing of premiums in the crop business.

Specialty casualty   Gross written premiums increased $40 million (3%) in the third quarter of 202