Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 177

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 177
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 on the combined ratio) in the first six months of 2025 compared to $25 million (5.2 points) in the first six months of 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 six months of 2025 and $2 million in the first six 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 six months of 2025 compared to 58.9% for the first six months of 2024, an increase of 2.2 percentage points. The components of AFG’s property and casualty losses and LAE amounts and ratio are detailed below (dollars in millions):

Six months ended June 30,AmountRatioChange in2025202420252024RatioProperty and transportationCurrent year, excluding catastrophe losses$708 $715 65.8%66.7%(0.9%)Prior accident years development(32)(80)(3.0%)(7.5%)4.5%Current year catastrophe losses including the impact of net reinstatement premiums22 22 2.1%2.0%0.1%Property and transportation losses and LAE and ratio$698 $657 64.9%61.2%3.7%Specialty casualtyCurrent year, excluding catastrophe losses$996 $975 62.6%61.9%0.7%Prior accident years development22 (13)1.4%(0.8%)2.2%Current year catastrophe losses including the impact of net reinstatement premiums34 23 2.1%1.5%0.6%Specialty casualty losses and LAE and ratio$1,052 $985 66.1%62.6%3.5%Specialty financialCurrent year, excluding catastrophe losses$189 $169 33.8%34.8%(1.0%)Prior accident years development(22)6 (3.9%)1.3%(5.2%)Current year catastrophe losses including the impact of net reinstatement premiums54 25 9.7