American Financial Group
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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The commentary follows AFG’s Q1 2023 earnings announcement on Tuesday, in which the carrier reported a 5.2-point deterioration in its P&C operations combined ratio to 89.2%.
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The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
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Public D&O and higher excess liability are two areas where the company is “not quite getting” to where it wants to be in terms of rates, co-CEO Carl Lindner said.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The property and transportation division’s CoR deteriorated 9.5 points to 90% in the fourth quarter, driven by its crop insurance operations.
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Amid record high economic inflation, continuing supply chain issues and proliferating nuclear verdicts, carrier CEOs have emphasized the need to keep rate above loss costs during Q3 conference calls.
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On a call with analysts, Lindner said AFG is assuming commercial auto liability loss cost trends at 7%.
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The company’s top line grew 18.7% to $3.15bn, primarily due to growth in the crop insurance business.
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Loss cost trends have been approximately 5% for AFG’s specialty P&C businesses, excluding workers' compensation, and approximately 3% overall throughout 2022.
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The company’s top line grew 9.6% to $2.1bn, but the speed of growth was smaller compared to Q1.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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