Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 170

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 170
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.4 points) in the third quarter of 2024.

Aggregate   Aggregate underwriting results for AFG’s property and casualty insurance segment includes adverse prior year reserve development of $1 million in the third quarter of 2025 and $2 million in the third quarter of 2024 related to business outside of the Specialty group that AFG no longer writes.

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

Losses and Loss Adjustment Expenses

AFG’s overall loss and LAE ratio was 67.3% for the third quarter of 2025 compared to 69.6% for the third quarter of 2024, a decrease of 2.3 percentage points. The components of AFG’s property and casualty losses and LAE amounts and ratio are detailed below (dollars in millions):

Three months ended September 30,AmountRatioChange in2025202420252024RatioProperty and transportationCurrent year, excluding catastrophe losses$735 $764 78.5%77.1%1.4%Prior accident years development(11)(14)(1.1%)(1.4%)0.3%Current year catastrophe losses including the impact of net reinstatement premiums4 34 0.4%3.7%(3.3%)Property and transportation losses and LAE and ratio$728 $784 77.8%79.4%(1.6%)Specialty casualtyCurrent year, excluding catastrophe losses$534 $496 65.9%62.3%3.6%Prior accident years development(1)6 (0.1%)0.8%(0.9%)Current year catastrophe losses including the impact of net reinstatement premiums8 17 1.0%2.0%(1.0%)Specialty casualty losses and LAE and ratio$541 $519 66.8%65.1%1.7%Specialty financialCurrent year, excluding catastrophe losses$86 $95 32.4%35.4%(3.0%)Prior accident years development(12)(9)(4.7%)(3.3%)(1.4%)Current year catastrophe losses including the impact of net reinstatement premiums11 39 4.1%14.4%(10.3%)Specialty financial losses and LAE and ratio$85 $125 31.