Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 161

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 161
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 adverse prior year reserve development of $1 million in both the second quarter of 2025 and the second quarter of 2024 related to business outside of the Specialty group that AFG no longer writes.

Losses and Loss Adjustment Expenses

AFG’s overall loss and LAE ratio was 61.1% for the second quarter of 2025 compared to 59.1% for the second quarter of 2024, an increase of 2.0 percentage points. The components of AFG’s property and casualty losses and LAE amounts and ratio are detailed below (dollars in millions):

Three months ended June 30,AmountRatioChange in2025202420252024RatioProperty and transportationCurrent year, excluding catastrophe losses$388 $372 67.4%67.6%(0.2%)Prior accident years development(13)(34)(2.2%)(6.3%)4.1%Current year catastrophe losses including the impact of net reinstatement premiums12 13 2.0%2.4%(0.4%)Property and transportation losses and LAE and ratio$387 $351 67.2%63.7%3.5%Specialty casualtyCurrent year, excluding catastrophe losses$499 $480 62.4%60.6%1.8%Prior accident years development10 (2)1.2%(0.2%)1.4%Current year catastrophe losses including the impact of net reinstatement premiums7 5 0.9%0.6%0.3%Specialty casualty losses and LAE and ratio$516 $483 64.5%61.0%3.5%Specialty financialCurrent year, excluding catastrophe losses$93 $84 34.0%34.8%(0.8%)Prior accident years development(9)— (3.2%)0.1%(3.3%)Current year catastrophe losses including the impact of net reinstatement premiums19 18 7.3%7.2%0.1%Specialty financial losses and LAE and ratio$103 $102 38.1%42.1%(4.0%)Total SpecialtyCurrent year, excluding catastrophe losses$980 $936 59.5%59.1%0.4%Prior accident years development(12)(36)(0.7%)(2.3%)1.6%Current year catastrophe losses including the impact of net reinstatement