Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 123

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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2024.

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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 following table details AFG’s earnings before income taxes from its property and casualty insurance operations for the three months ended March 31, 2025 and 2024 (dollars in millions):

Three months ended March 31,20252024% ChangeGross written premiums$2,291 $2,336 (2 %)Reinsurance premiums ceded(680)(702)(3 %)Net written premiums1,611 1,634 (1 %)Change in unearned premiums(31)(88)(65 %)Net earned premiums1,580 1,546 2 %Loss and loss adjustment expenses965 907 6 %Commissions and other underwriting expenses521 486 7 %Underwriting gain94 153 (39 %)Net investment income170 205 (17 %)Other income and expenses, net(18)(18)— %Earnings before income taxes$246 $340 (28 %)Three months ended March 31,20252024ChangeCombined Ratios:Specialty linesLoss and LAE ratio61.0 %58.6 %2.4 %Underwriting expense ratio33.0 %31.5 %1.5 %Combined ratio94.0 %90.1 %3.9 %Aggregate — including exited linesLoss and LAE ratio61.1 %58.6 %2.5 %Underwriting expense ratio33.0 %31.5 %1.5 %Combined ratio94.1 %90.1 %4.0 %

AFG reports the underwriting performance of its Specialty property and casualty insurance business in the following sub-segments: (i) Property and transportation, (ii) Specialty casualty and (iii) Specialty financial.

Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, the internal reinsurance results are included within the same sub-segments as the ceding businesses to align with senior management’s evolving view of the program. The overall results for AFG’s Specialty property and casualty insurance operations are not impacted by this change. Information