Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 15

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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TaxesProperty and casualty insurance:Underwriting:SpecialtyProperty and transportation$55 $33 $119 $133 Specialty casualty33 63 102 210 Specialty financial51 21 126 79 Other lines(1)(2)(2)(4)Total underwriting (a)138 115 345 418 Investment and other income, net190 176 502 532 Total property and casualty insurance328 291 847 950 Other (b)(73)(60)(171)(156)Total earnings before realized gains (losses) and income taxes255 231 676 794 Realized gains (losses) on securities12 (2)17 10 Realized gain on subsidiaries1 — 1 — Total earnings before income taxes$268 $229 $694 $804 (a)Significant segment expenses, which are losses and loss adjustment expenses and commissions and other underwriting expenses, are shown in the table below by sub-segment.(b)Includes interest charges on borrowed money and other holding company expenses. Holding company expenses include special charges of $25 million and $14 million in the third quarter of 2025 and 2024, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations.

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions):Three months ended September 30,Nine months ended September 30,2025202420252024Property and casualty insurance:Specialty:Property and transportation:Net earned premiums$935 $989 $2,011 $2,061 Losses and loss adjustment expenses728 784 1,426 1,441 Commissions and other underwriting expenses152 172 466 487 Underwriting profit$55 $33 $119 $133 Specialty casualty:Net earned premiums$810 $797 $2,403 $2,371 Losses and loss adjustment expenses541 519 1,593 1,504 Commissions and other underwriting expenses236 215 708 657 Underwriting profit$33 $63 $102 $210 Specialty