Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 122

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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%88.1%(1.6%)Underwriting profit$75 $58 Total SpecialtyLoss and LAE ratio61.1%58.8%2.3%Underwriting expense ratio32.5%31.4%1.1%Combined ratio93.6%90.2%3.4%Underwriting profit$208 $305 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%Underwriting profit$207 $303 

The Specialty property and casualty insurance operations generated an underwriting profit of $208 million for the first six months of 2025 compared to $305 million for the first six months of 2024, a decrease of $97 million (32%). Higher year-over-year underwriting profit in the Specialty financial sub-segment was more than offset by lower underwriting profit in the 

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

Property and transportation and Specialty casualty sub-segments. Overall catastrophe losses were $110 million (3.4 points on the combined ratio) in the first six months of 2025 compared to catastrophe losses of $71 million (2.3 points), including $1 million in net reinstatement premiums in the first six months of 2024.

Property and transportation   Underwriting profit for this group was $64 million for the first six months of 2025 compared to $100 million for the first six months of 2024, a decrease of $36 million (36%). This decrease was due primarily to the impact of particularly strong crop insurance business results in the first six months of 2024 and lower year-over-year underwriting profit in the property and inland marine business. Catastrophe losses were $22 million (2.1 points on the combined ratio) in the first six months of 2025 compared to $22 million (2.0 points) in the first six months of 2024.

Specialty casualty   Underwriting profit for this group was $69 million for the first six months of 2025 compared to $147 million for the first six months of 2024, a decrease of $78 million (