Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 48

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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 GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

Three months ended March 31,20252024RevenuesProperty and casualty insurance:Net earned premiums:SpecialtyProperty and transportation$500 $520 Specialty casualty794 783 Specialty financial286 243 Total net earned premiums1,580 1,546 Net investment income170 205 Other income3 2 Total property and casualty insurance1,753 1,753 Other100 139 Total revenues before realized gains1,853 1,892 Realized gains on securities3 14 Total revenues$1,856 $1,906 Earnings Before Income TaxesProperty and casualty insurance:Underwriting:SpecialtyProperty and transportation$37 $60 Specialty casualty20 61 Specialty financial37 33 Other lines— (1)Total underwriting (a)94 153 Investment and other income, net (b)152 187 Total property and casualty insurance246 340 Other (c)(52)(50)Total earnings before realized gains and income taxes194 290 Realized gains on securities3 14 Total earnings before income taxes$197 $304 (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 the amortization of intangibles and other miscellaneous expenses. (c)Includes the expenses of the managed investment entities, interest charges on borrowed money, salaries, depreciation and other general expenses.

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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 March 31,20252024Property and casualty insurance:Specialty:Property and transportation:Net earned premiums$500 $520 Losses and loss adjustment expenses311 306 Commissions and other underwriting expenses152 154 Underwriting profit$37 $60 Specialty casualty:Net earned premiums$794 $783 Losses and loss adjustment expenses536 502 Commissions and other underwriting expenses238 220 Underwriting profit$20 $61