Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 183

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 183
---
$847 $950 (11%)Nine months ended September 30,20252024ChangeCombined Ratios:Specialty linesLoss and LAE ratio63.4%63.1%0.3%Underwriting expense ratio29.9%28.8%1.1%Combined ratio93.3%91.9%1.4%Aggregate — including exited linesLoss and LAE ratio63.5%63.1%0.4%Underwriting expense ratio29.9%28.8%1.1%Combined ratio93.4%91.9%1.5%

AFG reports the underwriting performance of its Specialty property and casualty insurance business in the following sub-segments: (i) Property and transportation, (ii) Specialty casualty and (iii) Specialty financial.

Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, the internal reinsurance results are included within the same sub-segments as the ceding businesses to align with senior management’s evolving view of the program. The overall results for AFG’s Specialty property and casualty insurance operations are not impacted by this change. Information from prior periods has been recast for consistent presentation.

Gross Written Premiums

Gross written premiums (“GWP”) for AFG’s property and casualty insurance segment were $8.61 billion for the first nine months of 2025 compared to $8.49 billion for the first nine months of 2024, an increase of $119 million (1%). Detail of AFG’s property and casualty gross written premiums is shown below (dollars in millions):

Nine months ended September 30,20252024GWP%GWP%% ChangeProperty and transportation$4,119 48%$4,150 49%(1%)Specialty casualty3,467 40%3,417 40%1%Specialty financial1,023 12%923 11%11%$8,609 100%$8,490 100%1%

61

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

Reinsurance Premiums Ceded

Reinsurance premiums ceded (“Ceded”) for AFG’s property and casualty insurance segment were 34