Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 128

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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Combined ratio95.7%91.1%4.6%Underwriting profit$102 $210 Specialty financialLoss and LAE ratio37.1%43.1%(6.0%)Underwriting expense ratio47.7%46.4%1.3%Combined ratio84.8%89.5%(4.7%)Underwriting profit$126 $79 Total SpecialtyLoss and LAE ratio63.4%63.1%0.3%Underwriting expense ratio29.9%28.8%1.1%Combined ratio93.3%91.9%1.4%Underwriting profit$347 $422 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%Underwriting profit$345 $418 

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

The Specialty property and casualty insurance operations generated an underwriting profit of $347 million for the first nine months of 2025 compared to $422 million for the first nine months of 2024, a decrease of $75 million (18%). Higher year-over-year underwriting profit in the Specialty financial sub-segment was more than offset by lower underwriting profit in the Property and transportation and Specialty casualty sub-segments. Overall catastrophe losses were $133 million (2.5 points on the combined ratio) in the first nine months of 2025 compared to catastrophe losses of $161 million (3.1 points), including $1 million in net reinstatement premiums in the first nine months of 2024.

Property and transportation   Underwriting profit for this group was $119 million for the first nine months of 2025 compared to $133 million for the first nine months of 2024, a decrease of $14 million (11%), reflecting the impact of lower year-over-year underwriting profit in the property and inland marine business. Catastrophe losses were $26 million (1.3 points on the combined ratio) in the first nine months of 2025 compared to $56 million (2.7 points) in the first nine months of 2024.

Specialty casualty   Underwriting