Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 110

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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ty financialLoss and LAE ratio31.8%46.5%(14.7%)Underwriting expense ratio49.3%45.8%3.5%Combined ratio81.1%92.3%(11.2%)Underwriting profit$51 $21 Total SpecialtyLoss and LAE ratio67.2%69.5%(2.3%)Underwriting expense ratio25.8%24.8%1.0%Combined ratio93.0%94.3%(1.3%)Underwriting profit$139 $117 Aggregate — including exited lines Loss and LAE ratio67.3%69.6%(2.3%)Underwriting expense ratio25.8%24.8%1.0%Combined ratio93.1%94.4%(1.3%)Underwriting profit$138 $115 

The Specialty property and casualty insurance operations generated an underwriting profit of $139 million in the third quarter of 2025 compared to $117 million in the third quarter of 2024, an increase of $22 million (19%). Higher year-over-year underwriting profit in the Specialty financial and Property and transportation sub-segments was partially offset by lower underwriting profit in the Specialty casualty sub-segment. Overall catastrophe losses were $23 million (1.2 points on the combined ratio) in the third quarter of 2025 compared to $90 million (4.4 points) in the third quarter of 2024.

Property and transportation   Underwriting profit for this group was $55 million for the third quarter of 2025 compared to $33 million for the third quarter of 2024, an increase of $22 million (67%), reflecting the impact of lower catastrophe losses. Catastrophe losses were $4 million (0.4 points on the combined ratio) in the third quarter of 2025 compared to $34 million (3.7 points) in the third quarter of 2024.

Specialty casualty   Underwriting profit for this group was $33 million for the third quarter of 2025 compared to $63 million for the third quarter of 2024, a decrease of $30 million (48%). Higher underwriting profit in the executive liability business was more than offset by lower year-over-year underwriting profit in some of the social inflation exposed businesses and, to a lesser extent, the mergers and acquisitions liability and workers’ compensation businesses. Catastrophe