Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 129

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 129
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2024.

Aggregate   Aggregate underwriting results for AFG’s property and casualty insurance segment includes adverse prior year reserve development of $1 million in the first three months of 2024 related to business outside of the Specialty group that AFG no longer writes.

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

Losses and Loss Adjustment Expenses

AFG’s overall loss and LAE ratio was 61.1% for the first three months of 2025 compared to 58.6% for the first three months of 2024, an increase of 2.5 percentage points. The components of AFG’s property and casualty losses and LAE amounts and ratio are detailed below (dollars in millions): 

Three months ended March 31,AmountRatioChange in2025202420252024RatioProperty and transportationCurrent year, excluding catastrophe losses$320 $343 64.0 %65.8 %(1.8 %)Prior accident years development(19)(46)(3.9 %)(8.8 %)4.9 %Current year catastrophe losses including the impact of net reinstatement premiums10 9 2.0 %1.7 %0.3 %Property and transportation losses and LAE and ratio$311 $306 62.1 %58.7 %3.4 %Specialty casualtyCurrent year, excluding catastrophe losses$497 $495 62.6 %63.2 %(0.6 %)Prior accident years development12 (11)1.6 %(1.4 %)3.0 %Current year catastrophe losses including the impact of net reinstatement premiums27 18 3.4 %2.4 %1.0 %Specialty casualty losses and LAE and ratio$536 $502 67.6 %64.2 %3.4 %Specialty financialCurrent year, excluding catastrophe losses$96 $85 33.8 %34.9 %(1.1 %)Prior accident years development(13)6 (4.6 %)2.4 %(7.0 %)Current year catastrophe losses including the impact of net reinstatement premiums35 7 11.9 %3.2 %8.7 %Specialty financial losses and LA