In This Story
American Financial Group Inc. (AFG-0.87%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net earnings of $181 million for the third quarter of 2024, compared to $177 million in the same quarter of the previous year. This increase is attributed to higher net investment income and lower net realized losses on securities.
Gross written premiums for the property and casualty insurance segment increased by 19% year-over-year, driven primarily by additional premiums from the CRS acquisition and growth in other areas.
The company's property and casualty insurance operations reported a combined ratio of 94.4% for the third quarter of 2024, compared to 92.3% in the previous year. The increase in the combined ratio is due to higher catastrophe losses.
Net investment income for the property and casualty insurance operations was $195 million, up from $170 million in the prior year, reflecting higher returns on fixed maturity investments and alternative investments.
AFG's holding companies and other operations recorded a net pretax loss of $60 million for the third quarter of 2024, compared to a loss of $56 million in the prior year. This was due to lower net investment income and higher other expenses.
The filing also includes a special non-core A&E charge of $14 million related to liabilities from former railroad and manufacturing operations.
Realized gains and losses on securities resulted in a net loss of $2 million for the third quarter of 2024, compared to a net loss of $19 million in the previous year.
The filing outlines AFG's continued focus on maintaining sufficient liquidity and capital resources, with no borrowings under its credit facilities during the reporting period.
The company anticipates continued premium growth and strong underwriting results in the property and casualty insurance market, despite ongoing economic uncertainties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Financial Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.