Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 169

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 169
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5 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 losses were $8 million (1.0 points on the combined ratio) in the third quarter of 2025 compared to catastrophe losses of $17 million (2.0 points) in the third quarter of 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

Specialty financial   Underwriting profit for this group was $51 million for the third quarter of 2025 compared to $21 million in the third quarter of 2024, an increase of $30 million (143%). This increase was due primarily to improved results in the financial institutions business, largely attributable to lower year-over-year catastrophe losses, and higher underwriting profitability in the surety and fidelity businesses. Catastrophe losses were $11 million (4.1 points on the combined ratio) in the third quarter of 2025 compared to $39 million (14