Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 92

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 $33 Total SpecialtyLoss and LAE ratio61.0 %58.6 %2.4 %Underwriting expense ratio33.0 %31.5 %1.5 %Combined ratio94.0 %90.1 %3.9 %Underwriting profit$94 $154 Aggregate — including exited lines Loss and LAE ratio61.1 %58.6 %2.5 %Underwriting expense ratio33.0 %31.5 %1.5 %Combined ratio94.1 %90.1 %4.0 %Underwriting profit$94 $153 

The Specialty property and casualty insurance operations generated an underwriting profit of $94 million in the first three months of 2025 compared to $154 million in the first three months of 2024, a decrease of $60 million (39%). 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 $72 million (4.5 points on the combined ratio) in the first three months of 2025 compared to catastrophe losses of $35 million (2.3 points), including $1 million in net reinstatement premiums in the first three months of 2024.

Property and transportation   Underwriting profit for this group was $37 million for the first three months of 2025 compared to $60 million for the first three months of 2024, a decrease of $23 million (38%). This decrease was due primarily to lower year-over-year underwriting profit in the crop insurance business and the impact of particularly strong 2024 first quarter results in the property and inland marine business. Catastrophe losses were $10 million (2.0 points on the combined ratio) in the first three months of 2025 compared to $9 million (1.7 points) in the first three months of 2024.

Specialty casualty   Underwriting profit for this group was $20 million for the first three months of 2025 compared to $61 million for the first three months of 2024, a decrease of $41 million (67%), reflecting lower underwriting profit in the workers’ compensation and executive liability businesses and higher catastrophe losses. Catastrophe losses were $27 million (3.4 points on