Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 15

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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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 June 30,Six months ended June 30,2025202420252024Property and casualty insurance:Specialty:Property and transportation:Net earned premiums$576 $552 $1,076 $1,072 Losses and loss adjustment expenses387 351 698 657 Commissions and other underwriting expenses162 161 314 315 Underwriting profit$27 $40 $64 $100 Specialty casualty:Net earned premiums$799 $791 $1,593 $1,574 Losses and loss adjustment expenses516 483 1,052 985 Commissions and other underwriting expenses234 222 472 442 Underwriting profit$49 $86 $69 $147 Specialty financial:Net earned premiums$272 $242 $558 $485 Losses and loss adjustment expenses103 102 221 200 Commissions and other underwriting expenses131 115 262 227 Underwriting profit$38 $25 $75 $58 Other lines:Losses and loss adjustment expenses$1 $1 $1 $2 Underwriting profit (loss)$(1)$(1)$(1)$(2)Total property and casualty insurance segment:Net earned premiums$1,647 $1,585 $3,227 $3,131 Losses and loss adjustment expenses1,007 937 1,972 1,844 Commissions and other underwriting expenses527 498 1,048 984 Underwriting profit$113 $150 $207 $303 

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

C.    Fair Value Measurements

Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows:Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities, highly liquid government bonds for which quoted market prices in active markets are available and