Company: AFGC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001042046-25-000035
Chunk: 187

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 187
---
63

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

The Specialty property and casualty insurance operations generated an underwriting profit of $347 million for the first nine months of 2025 compared to $422 million for the first nine months of 2024, a decrease of $75 million (18%). Higher year-over-year underwriting profit in the Specialty financial sub-segment was more than offset by lower underwriting profit in the Property and transportation and Specialty casualty sub-segments. Overall catastrophe losses were $133 million (2.5 points on the combined ratio) in the first nine months of 2025 compared to catastrophe losses of $161 million (3.1 points), including $1 million in net reinstatement premiums in the first nine months of 2024.

Property and transportation   Underwriting profit for this group was $119 million for the first nine months of 2025 compared to $133 million for the first nine months of 2024, a decrease of $14 million (11%), reflecting the impact of lower year-over-year underwriting profit in the property and inland marine business. Catastrophe losses were $26 million (1.3 points on the combined ratio) in the first nine months of 2025 compared to $56 million (2.7 points) in the first nine months of 2024.

Specialty casualty   Underwriting profit for this group was $102 million for the first nine months of 2025 compared to $210 million for the first nine months of 2024, a decrease of $108 million (51%), reflecting lower underwriting profit in the directors’ and officers’ liability, excess and surplus, mergers and acquisitions liability and workers’ compensation businesses. Catastrophe losses were $42 million (1.7 points on the combined ratio) in the first nine months of 2025 compared to catastrophe losses of $41 million (1.7 points), including $1 million in net reinstatement premiums in the first nine months of 2024.

Specialty financial   Underwriting profit for this group was $126 million for the first nine months of 2025 compared to $79 million for the first nine months of 2024, an increase of $47 million (59%), reflecting favorable prior year reserve development and improved accident year results. Catast