Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 188

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 188
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rophe losses were $65 million (7.9 points on the combined ratio) in the first nine months of 2025 compared to $64 million (8.5 points) in the first nine months of 2024.

Aggregate   Aggregate underwriting results for AFG’s property and casualty insurance segment includes adverse prior year reserve development of $2 million in the first nine months of 2025 and $4 million in the first nine 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 63.5% for the first nine months of 2025 compared to 63.1% for the first nine months of 2024, an increase of 0.4 percentage points. The components of AFG’s property and casualty losses and LAE amounts and ratio are detailed below (dollars in millions):

Nine months ended September 30,AmountRatioChange in2025202420252024RatioProperty and transportationCurrent year, excluding catastrophe losses$1,443 $1,479 71.7%71.8%(0.1%)Prior accident years development(43)(94)(2.1%)(4.6%)2.5%Current year catastrophe losses including the impact of net reinstatement premiums26 56 1.3%2.7%(1.4%)Property and transportation losses and LAE and ratio$1,426 $1,441 70.9%69.9%1.0%Specialty casualtyCurrent year, excluding catastrophe losses$1,530 $1,471 63.7%62.0%1.7%Prior accident years development21 (7)0.9%(0.3%)1.2%Current year catastrophe losses including the impact of net reinstatement premiums42 40 1.7%1.7%—%Specialty casualty losses and LAE and ratio$1,593 $1,504 66.3%63.4%2.9%Specialty financialCurrent year, excluding catastrophe losses$275 $264 33.4%35.0%(1.6%)Prior accident years development(34)(3)(4.2%)(0.