Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 90

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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Gross written premiums for the first three months of 2025 decreased $45 million (2%) compared to the first three months of 2024. Year-over-year premium growth continues to be achieved in selected businesses as a result of a combination of new business opportunities, a good renewal rate environment and increased exposures. However, strategic decisions to 

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Table of ContentsAMERICAN FINANCIAL GROUP, INC. 10-QManagement’s Discussion and Analysis of Financial Condition and Results of Operations — Continued

optimize long-term results, including the non-renewal of certain under-performing accounts, and proactive underwriting measures to address the impact of social inflation and competitive market conditions in selected lines of business, tempered growth in the current year quarter. Overall average renewal rates increased approximately 5% in the first three months of 2025. Excluding the workers’ compensation businesses, renewal rates increased approximately 7%.

Property and transportation   Gross written premiums decreased $62 million (6%) in the first three months of 2025 compared to the first three months of 2024. This decrease was due primarily to the non-renewal of a few large policies in the agricultural and transportation businesses, coupled with elevated pricing competition in the transportation businesses. These decreases were partially offset by new business opportunities, a favorable rate environment and higher exposures. Average renewal rates increased approximately 7% for this group in the first three months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums decreased 1 percentage point in the first three months of 2025 compared to the first three months of 2024 reflecting the impact of lower premiums in the crop business, which cedes a larger percentage of premiums than some of the other businesses in the Property and transportation sub-segment.

Specialty casualty   Gross written premiums decreased $29 million (3%) in the first three months of 2025 compared to the first three months of 2024. The lower year-over-year premiums were primarily attributed to the excess liability, executive liability and workers’ compensation businesses and were partially offset by higher year-over-year premiums in the mergers and acquisitions liability business and new business opportunities and favorable renewal pricing in several of the other Specialty casualty businesses. Average renewal rates increased approximately 6% for this group in the first three months of 2025. Excluding the workers’ compensation businesses, renewal rates for this group increased 9%. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point