Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 177

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 177
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 %1 %Specialty financial(53)16 %(50)17 %(1 %)Other specialty57 69 $(583)29 %$(547)27 %2 %

Net Written Premiums

Net written premiums (“NWP”) for AFG’s property and casualty insurance segment were $1.46 billion for the fourth quarter of 2024 compared to $1.45 billion for the fourth quarter of 2023, an increase of $15 million (1%). Detail of AFG’s property and casualty net written premiums is shown below (dollars in millions):

Three months ended December 31,20242023NWP%NWP%% ChangeProperty and transportation$399 27 %$426 30 %(6 %)Specialty casualty725 50 %700 48 %4 %Specialty financial279 19 %250 17 %12 %Other specialty57 4 %69 5 %(17 %)$1,460 100 %$1,445 100 %1 %

Net Earned Premiums

Net earned premiums (“NEP”) for AFG’s property and casualty insurance segment were $1.85 billion for the fourth quarter of 2024 compared to $1.73 billion for the fourth quarter of 2023, an increase of $118 million (7%). Detail of AFG’s property and casualty net earned premiums is shown below (dollars in millions):

Three months ended December 31,20242023NEP%NEP%% ChangeProperty and transportation$756 41 %$682 39 %11 %Specialty casualty754 41 %737 43 %2 %Specialty financial279 15 %244 14 %14 %Other specialty61 3 %69 4 %(12 %)$1,850 100 %$1,732 100 %7 %

Gross written premiums for the fourth quarter of 2024 increased $51 million (3%) compared to the fourth quarter of 2023 driven primarily by new business opportunities, a good renewal rate environment and increased exposures. Overall average renewal rates increased approximately 7% in the fourth quarter of 2024. Excluding overall rate decreases in the workers’ compensation businesses, renewal rates increased approximately 8%.

Property and transportation   Gross written premiums decreased $38 million (