Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 195

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 195
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.2 %0.9 %3.1 %Aggregate — including exited linesLoss and LAE ratio63.3 %61.6 %59.7 %1.7 %1.9 %Underwriting expense ratio27.9 %28.8 %27.6 %(0.9 %)1.2 %Combined ratio91.2 %90.4 %87.3 %0.8 %3.1 %

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.

Gross Written Premiums

Gross written premiums (“GWP”) for AFG’s property and casualty insurance segment were $10.53 billion in 2024 compared to $9.66 billion in 2023, an increase of $877 million (9%). GWP increased $599 million (7%) in 2023 compared to 2022. Detail of AFG’s property and casualty gross written premiums is shown below (dollars in millions):

Year ended December 31,% Change2024202320222024 - 20232023 - 2022GWP%GWP%GWP%Property and transportation$4,735 45 %$4,146 43 %$4,060 45 %14 %2 %Specialty casualty4,543 43 %4,368 45 %4,115 45 %4 %6 %Specialty financial1,255 12 %1,142 12 %882 10 %10 %29 %$10,533 100 %$9,656 100 %$9,057 100 %9 %7 %

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Reinsurance Premiums Ceded

Reinsurance premiums ceded (“Ceded”) for AFG’s property and casualty insurance segment were 32% of gross written premiums for the year ended December 31, 2024 and 31% for both years ended December 31, 2023 and December 31, 2022, an increase of 1 percentage point for 2024 compared to 2023 and 2022. Detail of AFG’s property and casualty reinsurance premiums ceded is shown below (dollars in millions):

Year