American Financial Group, Inc. (AFG) reported significant financial developments in its third quarter and year-to-date results for 2024, reflecting a robust performance in its property and casualty insurance segment and strategic growth initiatives.

For the third quarter of 2024, AFG's total revenues reached $2,371 million, up from $2,164 million in the same period of 2023, marking a 9.6% increase. This growth was primarily driven by net earned premiums from property and casualty insurance, which rose to $2,055 million from $1,855 million, an 11% increase year-over-year. Year-to-date, total revenues for 2024 were $6,175 million, compared to $5,744 million in 2023, reflecting a similar upward trend.

Net earnings for Q3 2024 were $181 million, or $2.16 per share, compared to $177 million, or $2.09 per share, in Q3 2023. For the nine months ended September 30, 2024, net earnings totaled $632 million, up from $589 million in the prior year. The increase in net earnings was attributed to higher yields on fixed maturity investments and net realized gains on securities, contrasting with net realized losses in 2023.

AFG's total costs and expenses for Q3 2024 were $2,140 million, an increase from $1,945 million in Q3 2023. Year-to-date costs also rose to $5,371 million from $5,006 million. The underwriting profit for the property and casualty segment decreased to $115 million in Q3 2024 from $142 million in Q3 2023, influenced by higher catastrophe losses, which amounted to $90 million in Q3 2024 compared to $56 million in the prior year.

Strategically, AFG completed the acquisition of Crop Risk Services (CRS) from American International Group for $234 million in July 2023, which contributed to the increase in gross written premiums. The property and transportation segment saw gross written premiums rise by 32% in Q3 2024, largely due to this acquisition.

As of September 30, 2024, AFG's total assets increased to $32,591 million from $29,787 million at the end of 2023, while total liabilities rose to $27,883 million from $25,529 million. Shareholders' equity also improved, reaching $4,708 million compared to $4,258 million at year-end 2023.

AFG's investment portfolio remains strong, with cash and cash equivalents at $1,322 million, up from $1,225 million at the end of 2023. The company reported net investment income of $200 million for Q3 2024, an increase from $168 million in Q3 2023, driven by higher yields on investments.

Overall, AFG's performance in the third quarter and year-to-date reflects a solid growth trajectory, supported by strategic acquisitions and favorable market conditions in the property and casualty insurance sector.