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Segments of Operations | 9 Months Ended
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Sep. 30, 2018
Segment Reporting [Abstract] |
Segments of Operations | Segments of Operations AFG manages its business as three segments: (i) Property and casualty insurance, (ii) Annuity and (iii) Other, which includes holding company costs, revenues and costs of AFG’s limited insurance operations outside of property and casualty insurance and annuities, and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses, trucks and recreational vehicles, inland and ocean marine, agricultural-related products and other property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverage in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for leasing and financing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s annuity business markets traditional fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, registered investment advisor and education markets. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Effective January 1, 2018, the results of AFG’s run-off long-term care and life businesses are included in the “Other” segment instead of as a separate reportable segment based on the immaterial size of the remaining operations. Prior period amounts were reclassified for consistent presentation. The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment.
| Three months ended September 30, |  | Nine months ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 526 |  |  | $ | 527 |  |  | $ | 1,250 |  |  | $ | 1,226 |
Specialty casualty | 616 |  |  | 568 |  |  | 1,790 |  |  | 1,613 |
Specialty financial | 149 |  |  | 142 |  |  | 457 |  |  | 435 |
Other specialty | 36 |  |  | 30 |  |  | 98 |  |  | 80 |
Total premiums earned | 1,327 |  |  | 1,267 |  |  | 3,595 |  |  | 3,354 |
Net investment income | 108 |  |  | 94 |  |  | 323 |  |  | 276 |
Other income (a) | 4 |  |  | 1 |  |  | 8 |  |  | 21 |
Total property and casualty insurance | 1,439 |  |  | 1,362 |  |  | 3,926 |  |  | 3,651 |
Annuity: |  |  |  |  |  |  |
Net investment income | 413 |  |  | 375 |  |  | 1,219 |  |  | 1,082 |
Other income | 27 |  |  | 26 |  |  | 80 |  |  | 79 |
Total annuity | 440 |  |  | 401 |  |  | 1,299 |  |  | 1,161 |
Other | 95 |  |  | 84 |  |  | 263 |  |  | 246 |
Total revenues before realized gains (losses) | 1,974 |  |  | 1,847 |  |  | 5,488 |  |  | 5,058 |
Realized gains (losses) on securities | 34 |  |  | (12 | ) |  | (28 | ) |  | (1 | )
Total revenues | $ | 2,008 |  |  | $ | 1,835 |  |  | $ | 5,460 |  |  | $ | 5,057 |
Earnings Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | — |  |  | $ | 6 |  |  | $ | 56 |  |  | $ | 70 |
Specialty casualty | 49 |  |  | 2 |  |  | 119 |  |  | 46 |
Specialty financial | 9 |  |  | (3 | ) |  | 46 |  |  | 42 |
Other specialty | (3 | ) |  | 4 |  |  | (1 | ) |  | 3 |
Other lines (b) | (17 | ) |  | (90 | ) |  | (19 | ) |  | (92 | )
Total underwriting | 38 |  |  | (81 | ) |  | 201 |  |  | 69 |
Investment and other income, net (a) | 101 |  |  | 87 |  |  | 300 |  |  | 271 |
Total property and casualty insurance | 139 |  |  | 6 |  |  | 501 |  |  | 340 |
Annuity | 117 |  |  | 102 |  |  | 341 |  |  | 283 |
Other (c) | (46 | ) |  | (67 | ) |  | (136 | ) |  | (165 | )
Total earnings before realized gains (losses) and income taxes | 210 |  |  | 41 |  |  | 706 |  |  | 458 |
Realized gains (losses) on securities | 34 |  |  | (12 | ) |  | (28 | ) |  | (1 | )
Total earnings before income taxes | $ | 244 |  |  | $ | 29 |  |  | $ | 678 |  |  | $ | 457 |
(a) | Includes income of $13 million (before noncontrolling interest) from the sale of a hotel in the first quarter of 2017.
(b) | Includes special charges of $18 million and $89 million in the third quarter of 2018 and 2017, respectively, to increase asbestos and environmental (“A&E”) reserves.
(c) | Includes holding company interest and expenses, including losses on retirement of debt of $4 million in the third quarter of 2017 and $7 million in the second quarter of 2017, and special charges of $9 million and $24 million in the third quarter of 2018 and 2017, respectively, to increase A&E reserves related to AFG’s former railroad and manufacturing operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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