Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 80

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 decrease in the provision for claims of prior years(31)(85)Total losses and LAE incurred1,972 1,849 Payments for losses and LAE of:Current year(448)(425)Prior years(1,450)(1,533)Total payments(1,898)(1,958)Foreign currency translation and other(10)(1)Net liability at end of period9,286 8,689 Add back reinsurance recoverables, net of allowance4,548 3,918 Gross unpaid losses and LAE included in the balance sheet at end of period$13,834 $12,607 The net decrease in the provision for claims of prior years during the first six months of 2025 reflects (i) lower than anticipated losses in the crop business, lower than anticipated claim severity in the aviation and agribusiness operations and lower than expected claim frequency in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the financial institutions business and lower than expected claim severity in the trade credit, surety and fidelity businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the excess and surplus and social services businesses (within the Specialty casualty sub-segment).The net decrease in the provision for claims of prior years during the first six months of 2024 reflects (i) lower than anticipated losses in the crop business and lower than expected claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than expected claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the fidelity and trade credit businesses and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the excess and surplus businesses and higher than expected claim frequency and severity in the social services business (within the Specialty casualty sub-segment) and (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment).Recoverables from Reinsurers and Premiums Receivable   Progressions of the