Company: AFGC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001042046-25-000020
Chunk: 125

Company: AMERICAN FINANCIAL GROUP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 125
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 insurance segment were $1.61 billion for the first three months of 2025 compared to $1.63 billion for the first three months of 2024, a decrease of $23 million (1%). Detail of net written premiums is shown below (dollars in millions):

Three months ended March 31,20252024NWP%NWP%% ChangeProperty and transportation$563 35 %$597 37 %(6 %)Specialty casualty772 48 %803 49 %(4 %)Specialty financial276 17 %234 14 %18 %$1,611 100 %$1,634 100 %(1 %)

Net Earned Premiums

Net earned premiums (“NEP”) for AFG’s property and casualty insurance segment were $1.58 billion for the first three months of 2025 compared to $1.55 billion for the first three months of 2024, an increase of $34 million (2%). Detail of net earned premiums is shown below (dollars in millions):

Three months ended March 31,20252024NEP%NEP%% ChangeProperty and transportation$500 32 %$520 33 %(4 %)Specialty casualty794 50 %783 51 %1 %Specialty financial286 18 %243 16 %18 %$1,580 100 %$1,546 100 %2 %

Gross written premiums for the first three months of 2025 decreased $45 million (2%) compared to the first three months of 2024. Year-over-year premium growth continues to be achieved in selected businesses as a result of a combination of new business opportunities, a good renewal rate environment and increased exposures. However, strategic decisions to 

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

optimize long-term results, including the non-renewal of certain under-performing accounts, and proactive underwriting measures to address the impact of social inflation and competitive market conditions in selected lines of business, tempered growth in the current year quarter. Overall average renewal rates increased approximately 5% in the first three months of 2025. Excluding the workers’ compensation businesses, renewal rates increased approximately 7%.

Property and transportation   Gross written premiums decreased $62