Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 160

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 160
---
 second quarter of 2025 compared to $151 million in the second quarter of 2024, a decrease of $37 million (25%). Higher year-over-year underwriting profit in the Specialty financial sub-segment was more than offset by lower underwriting profit in the Property and transportation and Specialty casualty sub-segments. Overall catastrophe losses were $38 million (2.3 points on the combined ratio) in the second quarter of 2025 compared to catastrophe losses of $36 million (2.3 points) in the second quarter of 2024.

Property and transportation   Underwriting profit for this group was $27 million for the second quarter of 2025 compared to $40 million for the second quarter of 2024, a decrease of $13 million (33%), reflecting the impact of particularly strong crop results in the second quarter of 2024. Catastrophe losses were $12 million (2.0 points on the combined ratio) in the second quarter of 2025 compared to $13 million (2.4 points) in the second quarter of 2024.

Specialty casualty   Underwriting profit for this group was $49 million for the second quarter of 2025 compared to $86 million for the second quarter of 2024, a decrease of $37 million (43%), reflecting lower underwriting profit in the excess and surplus and social services businesses. Catastrophe losses were $7 million (0.9 points on the combined ratio) in the second quarter of 2025 compared to catastrophe losses of $5 million (0.6 points) in the second quarter of 2024.

Specialty financial   Underwriting profit for this group was $38 million for the second quarter of 2025 compared to $25 million in the second quarter of 2024, an increase of $13 million (52%). This increase was due primarily to higher 

49

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

year-over-year underwriting profitability in the financial institutions and surety businesses. Catastrophe losses were $19 million (7.3 points on the combined ratio) in the second quarter of 2025 compared to $18 million (7.2 points) in the second quarter of 2024.

Aggregate   Aggregate underwriting results for AFG’s property and casualty insurance segment includes