Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 194

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 194
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.42 billion in 2022, a decrease of $115 million (8%). The decrease in GAAP and core pretax earnings reflects lower underwriting profit and lower investment income from alternative investments, partially offset by higher investment income outside of alternative investments in 2023 compared to 2022.

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The following table details AFG’s GAAP and core earnings before income taxes from its property and casualty insurance operations for the years ended December 31, 2024, 2023 and 2022 (dollars in millions):

Year ended December 31,% Change2024202320222024 - 20232023 - 2022Gross written premiums$10,533 $9,656 $9,057 9 %7 %Reinsurance premiums ceded(3,394)(2,964)(2,851)15 %4 %Net written premiums7,139 6,692 6,206 7 %8 %Change in unearned premiums(103)(161)(121)(36 %)33 %Net earned premiums7,036 6,531 6,085 8 %7 %Loss and loss adjustment expenses4,455 4,017 3,629 11 %11 %Commissions and other underwriting expenses1,961 1,883 1,680 4 %12 %Underwriting gain620 631 776 (2 %)(19 %)Net investment income784 729 683 8 %7 %Other income and expenses, net(76)(56)(40)36 %40 %Core earnings before income taxes1,328 1,304 1,419 2 %(8 %)Realized loss on subsidiary— (4)— (100 %)— %GAAP earnings before income taxes$1,328 $1,300 $1,419 2 %(8 %)Year ended December 31,ChangeCombined Ratios:2024202320222024 - 20232023 - 2022Specialty linesLoss and LAE ratio63.3 %61.5 %59.6 %1.8 %1.9 %Underwriting expense ratio27.9 %28.8 %27.6 %(0.9 %)1.2 %Combined ratio91.2 %90.3 %87