Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 200

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 200
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 to 2022, reflecting changes in premiums retained, primarily from businesses in the Specialty casualty sub-segment.

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Combined Ratio

The table below (dollars in millions) details the components of the combined ratio for AFG’s property and casualty insurance segment for 2024, 2023 and 2022:

Year ended December 31,ChangeYear ended December 31,2024202320222024 - 20232023 - 2022202420232022Property and transportationLoss and LAE ratio69.9 %69.2 %69.8 %0.7 %(0.6 %)Underwriting expense ratio22.5 %23.6 %21.9 %(1.1 %)1.7 %Combined ratio92.4 %92.8 %91.7 %(0.4 %)1.1 %Underwriting profit$211 $184 $208 Specialty casualtyLoss and LAE ratio62.4 %60.3 %54.7 %2.1 %5.6 %Underwriting expense ratio26.1 %26.7 %26.5 %(0.6 %)0.2 %Combined ratio88.5 %87.0 %81.2 %1.5 %5.8 %Underwriting profit$340 $375 $500 Specialty financialLoss and LAE ratio41.6 %37.8 %34.1 %3.8 %3.7 %Underwriting expense ratio45.5 %49.5 %49.6 %(4.0 %)(0.1 %)Combined ratio87.1 %87.3 %83.7 %(0.2 %)3.6 %Underwriting profit$134 $110 $114 Total SpecialtyLoss 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 %87.2 %0.9 %3.1 %Underwriting profit$626 $633 $780 Aggregate — including exited linesLoss and LAE ratio63