Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 104

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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%). Detail of net earned premiums is shown below (dollars in millions):

Three months ended June 30,20252024NEP%NEP%% ChangeProperty and transportation$576 35%$552 35%4%Specialty casualty799 48%791 50%1%Specialty financial272 17%242 15%12%$1,647 100%$1,585 100%4%

Gross written premiums for the second quarter of 2025 increased $247 million (10%) compared to the second quarter of 2024. Earlier reporting of crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year increase, particularly when compared to later reporting of acreage in the previous year. Excluding 

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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 crop business, gross written premiums increased 6% compared to the second quarter of 2024 as a result of year-over-year premium growth from new business opportunities, a good renewal rate environment, and increased exposures. Overall average renewal rates increased approximately 6% in the second quarter of 2025. Excluding the workers’ compensation businesses, renewal rates increased approximately 7%.

Property and transportation   Gross written premiums increased $163 million (15%) in the second quarter of 2025 compared to the second quarter of 2024. This increase was primarily the result of earlier reporting of crop acreage in the second quarter of 2025 compared to 2024, which impacts the timing of crop premiums. Excluding the crop business, gross written premiums for this group increased 6% compared to the second quarter of 2024, reflecting increased exposures, new business opportunities and a favorable rate environment in the transportation businesses. Average renewal rates increased approximately 8% for this group in the second quarter of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 3 percentage points in the second quarter of 2025 compared to the second quarter of 2024, reflecting higher premiums in the crop business and growth in alternative risk transfer products in the transportation businesses, both of which cede a higher percentage of premiums than some of the other businesses in the Property and transportation sub-segment.

Specialty casualty   Gross written premiums increased $39 million (4%) in the second quarter of 2025 compared to the second quarter of