Company: AFGC
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001042046-25-000024
Chunk: 120

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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, an increase of $96 million (3%). Detail of AFG’s property and casualty net earned premiums is shown below (dollars in millions):

Six months ended June 30,20252024NEP%NEP%% ChangeProperty and transportation$1,076 33%$1,072 34%—%Specialty casualty1,593 50%1,574 50%1%Specialty financial558 17%485 16%15%$3,227 100%$3,131 100%3%

Gross written premiums for the first six months of 2025 increased $202 million (4%) compared to the first six months of 2024. Earlier reporting of crop acreage by insureds impacted the timing of the recording of crop premiums and contributed to the year-over-year increase. The Specialty property and casualty insurance operations continue to achieve year-over-year premium growth as a result of new business opportunities, a good renewal rate environment and increased exposures. Overall average renewal rates increased approximately 6% in the first six months of 2025. Excluding the workers’ compensation businesses, renewal pricing increased approximately 7%.

Property and transportation   Gross written premiums increased $101 million (5%) in the first six months of 2025 compared to the first six months of 2024. This increase was primarily the result of earlier reporting of crop acreage in the second quarter of 2025 compared to 2024, which impacts the timing of crop premiums. In addition, increased exposures, new business opportunities and a favorable rate environment contributed to growth in the transportation businesses. Average renewal rates increased approximately 7% for this group in the first six months of 2025. Reinsurance premiums ceded as a percentage of gross written premiums increased 1 percentage point in the first six months of 2025 compared to the first six months of 2024 reflecting growth in the alternative risk transfer products in the transportation businesses and higher premiums in the crop business, which cede a higher percentage of premiums than some of the other businesses in the Property and transportation sub-segment.

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

Specialty casualty   Gross written premiums increased $10 million in the first six months of 2025 compared to the first six months of 2024, reflecting higher year-over-year premiums in the mergers and acquisitions liability business and growth across