Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 172

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 172
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writing expense ratio32.5%31.4%1.1%Combined ratio93.6%90.2%3.4%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%

AFG reports the underwriting performance of its Specialty property and casualty insurance business in the following sub-segments: (i) Property and transportation, (ii) Specialty casualty and (iii) Specialty financial.

Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, the internal reinsurance results are included within the same sub-segments as the ceding businesses to align with senior management’s evolving view of the program. The overall results for AFG’s Specialty property and casualty insurance operations are not impacted by this change. Information from prior periods has been recast for consistent presentation.

Gross Written Premiums

Gross written premiums (“GWP”) for AFG’s property and casualty insurance segment were $4.94 billion for the first six months of 2025 compared to $4.74 billion for the first six months of 2024, an increase of $202 million (4%). Detail of AFG’s property and casualty gross written premiums is shown below (dollars in millions):

Six months ended June 30,20252024GWP%GWP%% ChangeProperty and transportation$2,144 43%$2,043 43%5%Specialty casualty2,130 43%2,120 45%—%Specialty financial670 14%579 12%16%$4,944 100%$4,742 100%4%

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

Reinsurance Premiums Ceded

Reinsurance premiums ceded (“Ceded”) for AFG’s property and casualty insurance segment were 31% of gross written premiums in the first six months of 2025 compared to 30% of gross written premiums for the first six months of 2024, an increase of 1 percentage point. Detail of AFG’s