Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 175

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 175
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 larger percentage of premiums than some of the other businesses in the Specialty casualty sub-segment.

Specialty financial   Gross written premiums increased $91 million (16%) in the first six months of 2025 compared to the first six months of 2024 due primarily to growth in the financial institutions business. Average renewal rates increased approximately 1% for this group in the first six months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums were comparable in the first six months of 2025 and the first six months of 2024.

Combined Ratio

The table below (dollars in millions) details the components of the combined ratio and underwriting profit for AFG’s property and casualty insurance segment:

Six months ended June 30,Six months ended June 30,20252024Change20252024Property and transportationLoss and LAE ratio64.9%61.2%3.7%Underwriting expense ratio29.1%29.4%(0.3%)Combined ratio94.0%90.6%3.4%Underwriting profit$64 $100 Specialty casualtyLoss and LAE ratio66.1%62.6%3.5%Underwriting expense ratio29.7%28.1%1.6%Combined ratio95.8%90.7%5.1%Underwriting profit$69 $147 Specialty financialLoss and LAE ratio39.6%41.3%(1.7%)Underwriting expense ratio46.9%46.8%0.1%Combined ratio86.5%88.1%(1.6%)Underwriting profit$75 $58 Total SpecialtyLoss and LAE ratio61.1%58.8%2.3%Underwriting expense ratio32.5%31.4%1.1%Combined ratio93.6%90.2%3.4%Underwriting profit$208 $305 Aggregate — including exited linesLoss and LAE ratio61.1%58.9%2.2%Underwriting expense ratio32.5%31.4%1.1%Combined ratio93.6%90.3%3.3%Underwriting profit$207 $303 

The Specialty property and casualty insurance operations generated an underwriting profit of $208 million for the first six months of 2025 compared to $305 million for the first six months of 2024, a decrease of