Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 159

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 159
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 acquisitions liability business, which cedes a larger percentage of premiums than some of the other businesses in the Specialty casualty sub-segment.

Specialty financial   Gross written premiums increased $45 million (15%) in the second quarter of 2025 compared to the second quarter of 2024 due primarily to growth in the financial institutions business. Reinsurance premiums ceded as a percentage of gross written premiums increased 2 percentage points in the second quarter of 2025 compared to the second quarter of 2024, reflecting higher cessions in the financial institutions 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

Combined Ratio

The table below (dollars in millions) details the components of the combined ratio for AFG’s property and casualty insurance segment:

Three months ended June 30,Three months ended June 30,20252024Change20252024Property and transportationLoss and LAE ratio67.2%63.7%3.5%Underwriting expense ratio28.0%29.0%(1.0%)Combined ratio95.2%92.7%2.5%Underwriting profit$27 $40 Specialty casualtyLoss and LAE ratio64.5%61.0%3.5%Underwriting expense ratio29.4%28.1%1.3%Combined ratio93.9%89.1%4.8%Underwriting profit$49 $86 Specialty financialLoss and LAE ratio38.1%42.1%(4.0%)Underwriting expense ratio48.0%47.6%0.4%Combined ratio86.1%89.7%(3.6%)Underwriting profit$38 $25 Total SpecialtyLoss and LAE ratio61.1%59.1%2.0%Underwriting expense ratio32.0%31.4%0.6%Combined ratio93.1%90.5%2.6%Underwriting profit$114 $151 Aggregate — including exited lines Loss and LAE ratio61.1%59.1%2.0%Underwriting expense ratio32.0%31.4%0.6%Combined ratio93.1%90.5%2.6%Underwriting profit$113 $150 

The Specialty property and casualty insurance operations generated an underwriting profit of $114 million in the