Company: AFGC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001042046-25-000011
Chunk: 75

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 75
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 property) for social service agencies, leisure, entertainment and non-profit organizations, customized solutions for other targeted markets and alternative risk programs using agency captives.Umbrella and Excess LiabilityCoverage in excess of primary layers.Workers’ CompensationCoverage for prescribed benefits payable to employees who are injured on the job.Specialty FinancialFidelity and SuretyFidelity and crime coverage for government, mercantile and financial institutions and surety coverage for various types of contractors and public and private corporations.Lease and Loan ServicesCoverage for insurance risk management programs for lending and leasing institutions, including equipment leasing and collateral and lender-placed mortgage property insurance.Trade CreditExport and domestic trade credit insurance products for global trade and related financing activities.

Management believes specialization is the key element to the underwriting success of these business units. These specialty businesses are opportunistic and premium volume will vary based on prevailing market conditions. AFG continually evaluates expansion in existing markets and opportunities in new specialty markets that meet its profitability objectives. Likewise, AFG will withdraw from markets that do not meet its profit objectives or business strategy.

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2024 SPECIALTY PROPERTY AND CASUALTY BY SUB-SEGMENT

(*)Excludes underwriting profits and losses recorded outside of AFG’s Specialty property and casualty group.

Premium Distribution

The following table shows the net written premiums by sub-segment for AFG’s property and casualty insurance operations for 2024, 2023 and 2022 (in millions):

202420232022Property and transportation$2,811 $2,551 $2,515 Specialty casualty3,043 2,944 2,728 Specialty financial1,045 935 711 Other specialty (*)240 262 252 $7,139 $6,692 $6,206 

(*)Premiums assumed by AFG’s internal reinsurance program from the operations that make up AFG’s Specialty property and casualty insurance sub-segments.

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The geographic distribution of statutory direct written premiums by AFG’s U.S.-based insurers for 2024, 2023 and 2022 is shown below. Approximately 2% of AFG’s direct written premiums in 2024 were derived from non U.S.-based insurers.

202420232022202420232022California12.3 %12.6 %12.7 %Kansas2.5 %2.5 %2.9 %Florida8.2 %8.9 %8.2 %I