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Insurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses
The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions):
202420232022
Balance at beginning of period$13,087 $11,974 $11,074 
Less reinsurance recoverables, net of allowance4,288 3,767 3,419 
Net liability at beginning of period8,799 8,207 7,655 
Provision for losses and LAE occurring in the current year4,524 4,256 3,914 
Net decrease in the provision for claims of prior years
(64)(223)(285)
Total losses and LAE incurred4,460 4,033 3,629 
Payments for losses and LAE of:
Current year(1,497)(1,261)(1,212)
Prior years(2,537)(2,181)(1,870)
Total payments(4,034)(3,442)(3,082)
Foreign currency translation and other(3)1 5 
Net liability at end of period9,222 8,799 8,207 
Add back reinsurance recoverables, net of allowance4,957 4,288 3,767 
Gross unpaid losses and LAE included in the balance sheet$14,179 $13,087 $11,974 
Short-duration insurance contracts, reconciliation of claims development to liability
A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions):
2024
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation$1,696 
Specialty casualty5,266 
Specialty financial405 
Other specialty597 
Total Specialty (excluding foreign reserves)7,964 
Other reserves
Foreign operations406 
A&E reserves359 
Unallocated LAE435 
Other58 
Total other reserves1,258 
Total reserves, net of reinsurance9,222 
Add back reinsurance recoverables, net of allowance4,957 
Gross unpaid losses and LAE included in the balance sheet$14,179 
Short-duration insurance contracts, claims development
The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.
Property and transportation
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$818 $784 $779 $777 $777 $772 $768 $769 $769 $769 $3 135,094 
2016746 716 714 706 694 688 689 689 686 5 121,410 
2017889 847 843 823 816 820 820 817 7 141,023 
2018932 902 886 876 882 876 878 9 130,781 
20191,111 1,058 1,051 1,055 1,057 1,059 18 154,370 
20201,043 974 957 949 948 22 122,246 
20211,119 1,023 1,022 1,028 50 123,746 
20221,393 1,316 1,313 100 137,902 
20231,472 1,392 178 143,664 
20241,592 419 156,368 
Total$10,482 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$359 $582 $667 $707 $736 $744 $750 $755 $761 $762 99.1 %
2016294 521 577 618 640 656 665 672 674 98.3 %
2017379 640 696 735 755 783 794 804 98.4 %
2018396 676 738 781 824 838 852 97.0 %
2019527 823 904 959 998 1,023 96.6 %
2020461 726 804 857 896 94.5 %
2021449 767 867 935 91.0 %
2022587 1,018 1,119 85.2 %
2023562 1,065 76.5 %
2024678 42.6 %
Total$8,808 
Unpaid losses and LAE — years 2015 through 20241,674 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)22 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$1,696 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual45.1 %31.3 %8.3 %5.5 %3.7 %2.2 %1.3 %1.0 %0.5 %0.1 %
Cumulative45.1 %76.4 %84.7 %90.2 %93.9 %96.1 %97.4 %98.4 %98.9 %99.0 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Specialty casualty
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$1,081 $1,043 $1,041 $1,042 $1,024 $1,021 $1,015 $1,007 $1,002 $1,019 $45 58,641 
20161,131 1,122 1,116 1,101 1,090 1,069 1,046 1,036 1,035 57 56,831 
20171,211 1,221 1,204 1,189 1,162 1,139 1,139 1,149 88 57,492 
20181,277 1,307 1,302 1,262 1,269 1,264 1,263 137 59,615 
20191,308 1,311 1,322 1,280 1,284 1,286 178 60,028 
20201,352 1,329 1,258 1,232 1,232 225 54,632 
20211,384 1,389 1,342 1,319 349 56,929 
20221,475 1,503 1,516 497 59,184 
20231,648 1,670 764 62,764 
20241,685 1,067 55,113 
Total$13,174 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$178 $411 $577 $702 $792 $844 $888 $913 $934 $946 92.8 %
2016186 418 584 713 806 870 906 938 951 91.9 %
2017200 422 612 755 833 902 959 1,007 87.6 %
2018210 475 649 794 901 991 1,046 82.8 %
2019212 455 651 795 913 994 77.3 %
2020188 446 613 757 887 72.0 %
2021191 438 625 794 60.2 %
2022198 507 771 50.9 %
2023248 596 35.7 %
2024267 15.8 %
Total$8,259 
Unpaid losses and LAE — years 2015 through 20244,915 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)351 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$5,266 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual15.9 %20.6 %15.4 %12.1 %8.8 %6.1 %4.3 %3.2 %1.7 %1.2 %
Cumulative15.9 %36.5 %51.9 %64.0 %72.8 %78.9 %83.2 %86.4 %88.1 %89.3 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Specialty financial
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$156 $160 $158 $153 $145 $138 $136 $135 $133 $133 $— 37,631 
2016179 184 187 182 174 170 173 172 172 — 45,186 
2017212 215 212 208 203 202 210 210 5 48,843 
2018212 217 219 207 201 198 197 5 46,813 
2019194 198 191 186 182 178 4 41,970 
2020231 215 202 193 191 12 29,772 
2021223 201 187 179 16 27,467 
2022243 234 222 29 24,054 
2023310 329 75 24,393 
2024383 157 20,590 
Total$2,194 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$72 $110 $129 $133 $132 $134 $134 $134 $133 $132 99.2 %
201688 141 158 161 163 164 171 172 172 100.0 %
2017120 169 186 194 193 192 194 196 93.3 %
2018112 163 187 188 192 193 193 98.0 %
201999 146 164 168 170 172 96.6 %
2020100 144 159 162 167 87.4 %
202198 136 146 156 87.2 %
2022108 164 187 84.2 %
2023150 230 69.9 %
2024176 46.0 %
Total$1,781 
Unpaid losses and LAE — years 2015 through 2024413 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)(8)
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$405 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual52.2 %25.4 %9.8 %2.6 %1.0 %0.6 %1.3 %0.5 %(0.4 %)(0.8 %)
Cumulative52.2 %77.6 %87.4 %90.0 %91.0 %91.6 %92.9 %93.4 %93.0 %92.2 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Other specialty
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims (a)
Accident Year2015201620172018201920202021202220232024
2015$59 $60 $63 $66 $76 $82 $84 $87 $87 $88 $2 — 
201661 61 65 71 76 77 78 77 77 6 — 
201763 65 70 81 88 95 97 107 7 — 
201886 90 92 94 100 111 113 14 — 
2019108 107 108 111 119 134 20 — 
2020122 117 129 126 141 29 — 
2021135 141 138 143 52 — 
2022159 152 153 72 — 
2023201 189 104 — 
2024165 132 — 
Total$1,310 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (b)
2015$10 $26 $31 $50 $62 $69 $75 $76 $81 $84 95.5 %
20169 19 31 47 53 60 64 66 68 88.3 %
201710 19 30 52 63 76 83 93 86.9 %
201812 23 32 44 60 77 87 77.0 %
20199 24 49 61 79 95 70.9 %
20209 21 44 66 93 66.0 %
20218 27 49 73 51.0 %
202211 35 67 43.8 %
202329 59 31.2 %
202417 10.3 %
Total$736 
Unpaid losses and LAE — years 2015 through 2024574 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)23 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$597 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual9.5 %12.7 %13.8 %16.4 %13.1 %11.2 %6.9 %4.4 %4.1 %3.4 %
Cumulative9.5 %22.2 %36.0 %52.4 %65.5 %76.7 %83.6 %88.0 %92.1 %95.5 %
(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).
(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Total Specialty Group
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$2,114 $2,047 $2,041 $2,038 $2,022 $2,013 $2,003 $1,998 $1,991 $2,009 $50 231,366 
20162,117 2,083 2,082 2,060 2,034 2,004 1,986 1,974 1,970 68 223,427 
20172,375 2,348 2,329 2,301 2,269 2,256 2,266 2,283 107 247,358 
20182,507 2,516 2,499 2,439 2,452 2,449 2,451 165 237,209 
20192,721 2,674 2,672 2,632 2,642 2,657 220 256,368 
20202,748 2,635 2,546 2,500 2,512 288 206,650 
20212,861 2,754 2,689 2,669 467 208,142 
20223,270 3,205 3,204 698 221,140 
20233,631 3,580 1,121 230,821 
20243,825 1,775 232,071 
Total$27,160 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$619 $1,129 $1,404 $1,592 $1,722 $1,791 $1,847 $1,878 $1,909 $1,924 95.8 %
2016577 1,099 1,350 1,539 1,662 1,750 1,806 1,848 1,865 94.7 %
2017709 1,250 1,524 1,736 1,844 1,953 2,030 2,100 92.0 %
2018730 1,337 1,606 1,807 1,977 2,099 2,178 88.9 %
2019847 1,448 1,768 1,983 2,160 2,284 86.0 %
2020758 1,337 1,620 1,842 2,043 81.3 %
2021746 1,368 1,687 1,958 73.4 %
2022904 1,724 2,144 66.9 %
2023989 1,950 54.5 %
20241,138 29.8 %
Total$19,584 
Unpaid losses and LAE — years 2015 through 20247,576 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)388 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$7,964 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual29.7 %24.6 %12.2 %9.1 %6.5 %4.5 %3.1 %2.2 %1.2 %0.7 %
Cumulative29.7 %54.3 %66.5 %75.6 %82.1 %86.6 %89.7 %91.9 %93.1 %93.8 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Short-duration insurance contracts, schedule of historical claims duration
The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.
Property and transportation
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$818 $784 $779 $777 $777 $772 $768 $769 $769 $769 $3 135,094 
2016746 716 714 706 694 688 689 689 686 5 121,410 
2017889 847 843 823 816 820 820 817 7 141,023 
2018932 902 886 876 882 876 878 9 130,781 
20191,111 1,058 1,051 1,055 1,057 1,059 18 154,370 
20201,043 974 957 949 948 22 122,246 
20211,119 1,023 1,022 1,028 50 123,746 
20221,393 1,316 1,313 100 137,902 
20231,472 1,392 178 143,664 
20241,592 419 156,368 
Total$10,482 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$359 $582 $667 $707 $736 $744 $750 $755 $761 $762 99.1 %
2016294 521 577 618 640 656 665 672 674 98.3 %
2017379 640 696 735 755 783 794 804 98.4 %
2018396 676 738 781 824 838 852 97.0 %
2019527 823 904 959 998 1,023 96.6 %
2020461 726 804 857 896 94.5 %
2021449 767 867 935 91.0 %
2022587 1,018 1,119 85.2 %
2023562 1,065 76.5 %
2024678 42.6 %
Total$8,808 
Unpaid losses and LAE — years 2015 through 20241,674 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)22 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$1,696 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual45.1 %31.3 %8.3 %5.5 %3.7 %2.2 %1.3 %1.0 %0.5 %0.1 %
Cumulative45.1 %76.4 %84.7 %90.2 %93.9 %96.1 %97.4 %98.4 %98.9 %99.0 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Specialty casualty
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$1,081 $1,043 $1,041 $1,042 $1,024 $1,021 $1,015 $1,007 $1,002 $1,019 $45 58,641 
20161,131 1,122 1,116 1,101 1,090 1,069 1,046 1,036 1,035 57 56,831 
20171,211 1,221 1,204 1,189 1,162 1,139 1,139 1,149 88 57,492 
20181,277 1,307 1,302 1,262 1,269 1,264 1,263 137 59,615 
20191,308 1,311 1,322 1,280 1,284 1,286 178 60,028 
20201,352 1,329 1,258 1,232 1,232 225 54,632 
20211,384 1,389 1,342 1,319 349 56,929 
20221,475 1,503 1,516 497 59,184 
20231,648 1,670 764 62,764 
20241,685 1,067 55,113 
Total$13,174 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$178 $411 $577 $702 $792 $844 $888 $913 $934 $946 92.8 %
2016186 418 584 713 806 870 906 938 951 91.9 %
2017200 422 612 755 833 902 959 1,007 87.6 %
2018210 475 649 794 901 991 1,046 82.8 %
2019212 455 651 795 913 994 77.3 %
2020188 446 613 757 887 72.0 %
2021191 438 625 794 60.2 %
2022198 507 771 50.9 %
2023248 596 35.7 %
2024267 15.8 %
Total$8,259 
Unpaid losses and LAE — years 2015 through 20244,915 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)351 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$5,266 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual15.9 %20.6 %15.4 %12.1 %8.8 %6.1 %4.3 %3.2 %1.7 %1.2 %
Cumulative15.9 %36.5 %51.9 %64.0 %72.8 %78.9 %83.2 %86.4 %88.1 %89.3 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Specialty financial
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$156 $160 $158 $153 $145 $138 $136 $135 $133 $133 $— 37,631 
2016179 184 187 182 174 170 173 172 172 — 45,186 
2017212 215 212 208 203 202 210 210 5 48,843 
2018212 217 219 207 201 198 197 5 46,813 
2019194 198 191 186 182 178 4 41,970 
2020231 215 202 193 191 12 29,772 
2021223 201 187 179 16 27,467 
2022243 234 222 29 24,054 
2023310 329 75 24,393 
2024383 157 20,590 
Total$2,194 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$72 $110 $129 $133 $132 $134 $134 $134 $133 $132 99.2 %
201688 141 158 161 163 164 171 172 172 100.0 %
2017120 169 186 194 193 192 194 196 93.3 %
2018112 163 187 188 192 193 193 98.0 %
201999 146 164 168 170 172 96.6 %
2020100 144 159 162 167 87.4 %
202198 136 146 156 87.2 %
2022108 164 187 84.2 %
2023150 230 69.9 %
2024176 46.0 %
Total$1,781 
Unpaid losses and LAE — years 2015 through 2024413 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)(8)
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$405 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual52.2 %25.4 %9.8 %2.6 %1.0 %0.6 %1.3 %0.5 %(0.4 %)(0.8 %)
Cumulative52.2 %77.6 %87.4 %90.0 %91.0 %91.6 %92.9 %93.4 %93.0 %92.2 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Other specialty
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims (a)
Accident Year2015201620172018201920202021202220232024
2015$59 $60 $63 $66 $76 $82 $84 $87 $87 $88 $2 — 
201661 61 65 71 76 77 78 77 77 6 — 
201763 65 70 81 88 95 97 107 7 — 
201886 90 92 94 100 111 113 14 — 
2019108 107 108 111 119 134 20 — 
2020122 117 129 126 141 29 — 
2021135 141 138 143 52 — 
2022159 152 153 72 — 
2023201 189 104 — 
2024165 132 — 
Total$1,310 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (b)
2015$10 $26 $31 $50 $62 $69 $75 $76 $81 $84 95.5 %
20169 19 31 47 53 60 64 66 68 88.3 %
201710 19 30 52 63 76 83 93 86.9 %
201812 23 32 44 60 77 87 77.0 %
20199 24 49 61 79 95 70.9 %
20209 21 44 66 93 66.0 %
20218 27 49 73 51.0 %
202211 35 67 43.8 %
202329 59 31.2 %
202417 10.3 %
Total$736 
Unpaid losses and LAE — years 2015 through 2024574 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)23 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$597 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual9.5 %12.7 %13.8 %16.4 %13.1 %11.2 %6.9 %4.4 %4.1 %3.4 %
Cumulative9.5 %22.2 %36.0 %52.4 %65.5 %76.7 %83.6 %88.0 %92.1 %95.5 %
(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).
(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Total Specialty Group
(Dollars in Millions)
Incurred Claims and Allocated LAE, Net of ReinsuranceAs of December 31, 2024
For the Years Ended (2015–2023 is Supplementary Information and Unaudited)Total IBNR Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims
Accident Year2015201620172018201920202021202220232024
2015$2,114 $2,047 $2,041 $2,038 $2,022 $2,013 $2,003 $1,998 $1,991 $2,009 $50 231,366 
20162,117 2,083 2,082 2,060 2,034 2,004 1,986 1,974 1,970 68 223,427 
20172,375 2,348 2,329 2,301 2,269 2,256 2,266 2,283 107 247,358 
20182,507 2,516 2,499 2,439 2,452 2,449 2,451 165 237,209 
20192,721 2,674 2,672 2,632 2,642 2,657 220 256,368 
20202,748 2,635 2,546 2,500 2,512 288 206,650 
20212,861 2,754 2,689 2,669 467 208,142 
20223,270 3,205 3,204 698 221,140 
20233,631 3,580 1,121 230,821 
20243,825 1,775 232,071 
Total$27,160 
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident YearFor the Years Ended (2015–2023 is Supplementary Information and Unaudited)
2015201620172018201920202021202220232024% (a)
2015$619 $1,129 $1,404 $1,592 $1,722 $1,791 $1,847 $1,878 $1,909 $1,924 95.8 %
2016577 1,099 1,350 1,539 1,662 1,750 1,806 1,848 1,865 94.7 %
2017709 1,250 1,524 1,736 1,844 1,953 2,030 2,100 92.0 %
2018730 1,337 1,606 1,807 1,977 2,099 2,178 88.9 %
2019847 1,448 1,768 1,983 2,160 2,284 86.0 %
2020758 1,337 1,620 1,842 2,043 81.3 %
2021746 1,368 1,687 1,958 73.4 %
2022904 1,724 2,144 66.9 %
2023989 1,950 54.5 %
20241,138 29.8 %
Total$19,584 
Unpaid losses and LAE — years 2015 through 20247,576 
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)388 
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)$7,964 
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
(Supplementary Information and Unaudited)
Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
Annual29.7 %24.6 %12.2 %9.1 %6.5 %4.5 %3.1 %2.2 %1.2 %0.7 %
Cumulative29.7 %54.3 %66.5 %75.6 %82.1 %86.6 %89.7 %91.9 %93.1 %93.8 %
(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2024).
Statutory information Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):
 Net EarningsCapital and Surplus
 20242023202220242023
Property and casualty companies$974 $1,004 $912 $4,614 $4,436 
Reinsurance information The following table shows (in millions) (i) amounts deducted from written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.
202420232022
Direct premiums written$9,933 $9,309 $8,774 
Reinsurance assumed600 347 283 
Reinsurance ceded(3,394)(2,964)(2,851)
Net written premiums$7,139 $6,692 $6,206 
Direct premiums earned$9,763 $9,133 $8,582 
Reinsurance assumed611 321 274 
Reinsurance ceded(3,338)(2,923)(2,771)
Net earned premiums$7,036 $6,531 $6,085 
Reinsurance recoveries$3,040 $2,336 $2,065 
Reinsurance recoverable and premiums receivable, allowance for credit loss Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):
Recoverables from ReinsurersPremiums Receivable
202420232022202420232022
Balance at January 1$10 $8 $8 $15 $8 $8 
Increase in allowance from acquisition of CRS
— — — — 4 — 
Provision for expected credit losses1 2 — 5 3 — 
Write-offs charged against the allowance— — — (1)— — 
Balance at December 31$11 $10 $8 $19 $15 $8