Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 118

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 118
---
Gross written premiums$4,944 $4,742 4%Reinsurance premiums ceded(1,530)(1,416)8%Net written premiums3,414 3,326 3%Change in unearned premiums(187)(195)(4%)Net earned premiums3,227 3,131 3%Loss and loss adjustment expenses1,972 1,844 7%Commissions and other underwriting expenses1,048 984 7%Underwriting gain207 303 (32%)Net investment income349 394 (11%)Other income and expenses, net(37)(38)(3%)Earnings before income taxes$519 $659 (21%)Six months ended June 30,20252024ChangeCombined Ratios:Specialty linesLoss and LAE ratio61.1%58.8%2.3%Underwriting expense ratio32.5%31.4%1.1%Combined ratio93.6%90.2%3.4%Aggregate — including exited linesLoss and LAE ratio61.1%58.9%2.2%Underwriting expense ratio32.5%31.4%1.1%Combined ratio93.6%90.3%3.3%

AFG reports the underwriting performance of its Specialty property and casualty insurance business in the following sub-segments: (i) Property and transportation, (ii) Specialty casualty and (iii) Specialty financial.

Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, the internal reinsurance results are included within the same sub-segments as the ceding businesses to align with senior management’s evolving view of the program. The overall results for AFG’s Specialty property and casualty insurance operations are not impacted by this change. Information from prior periods has been recast for consistent presentation.

Gross Written Premiums

Gross written premiums (“GWP”) for AFG’s property and casualty insurance segment were $4.94 billion for the first six months of 2025 compared to $4.74 billion for the first six months of 2024, an increase of $202 million (4%). Detail of AFG’s property and casualty gross written premiums is shown below (dollars in millions):

Six months ended June 30,