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Segments of Operations | 12 Months Ended
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Dec. 31, 2019
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 assets and costs, revenues and costs of AFG’s limited insurance operations outside of property and casualty insurance and annuity segments, 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 and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages 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 lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety 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 sells traditional fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Sales of property and casualty insurance outside of the United States represented 7% of AFG’s revenues in 2019 and in 2018 and 5% of AFG’s revenues in 2017. Approximately two-thirds of these 2019 sales were through the Neon Lloyd’s of London business, which AFG is exiting and will no longer write property and casualty business (beginning in early 2020). The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
| 2019 |  | 2018 |  | 2017
Assets |  |  |  |  |
Property and casualty insurance (a) | $ | 19,098 |  |  | $ | 17,681 |  |  | $ | 17,171 |
Annuity | 45,074 |  |  | 39,952 |  |  | 37,179 |
Other | 5,958 |  |  | 5,823 |  |  | 6,308 |
Total assets | $ | 70,130 |  |  | $ | 63,456 |  |  | $ | 60,658 |
Revenues |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Premiums earned: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 1,828 |  |  | $ | 1,729 |  |  | $ | 1,711 |
Specialty casualty | 2,597 |  |  | 2,403 |  |  | 2,186 |
Specialty financial | 610 |  |  | 598 |  |  | 576 |
Other specialty | 150 |  |  | 135 |  |  | 106 |
Total premiums earned | 5,185 |  |  | 4,865 |  |  | 4,579 |
Net investment income | 472 |  |  | 438 |  |  | 362 |
Other income | 11 |  |  | 10 |  |  | 28 |
Total property and casualty insurance | 5,668 |  |  | 5,313 |  |  | 4,969 |
Annuity: |  |  |  |  |
Net investment income | 1,792 |  |  | 1,638 |  |  | 1,458 |
Other income | 108 |  |  | 107 |  |  | 103 |
Total annuity | 1,900 |  |  | 1,745 |  |  | 1,561 |
Other | 382 |  |  | 358 |  |  | 330 |
Total revenues before realized gains (losses) | 7,950 |  |  | 7,416 |  |  | 6,860 |
Realized gains (losses) on securities | 287 |  |  | (266 | ) |  | 5 |
Total revenues | $ | 8,237 |  |  | $ | 7,150 |  |  | $ | 6,865 |
(a) | Not allocable to sub-segments.
| 2019 |  | 2018 |  | 2017
Earnings Before Income Taxes |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Underwriting: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 79 |  |  | $ | 120 |  |  | $ | 154 |
Specialty casualty | 175 |  |  | 141 |  |  | 104 |
Specialty financial | 92 |  |  | 66 |  |  | 61 |
Other specialty | (21 | ) |  | (5 | ) |  | (2 | )
Other lines (a) | (113 | ) |  | (20 | ) |  | (75 | )
Total underwriting | 212 |  |  | 302 |  |  | 242 |
Investment and other income, net | 437 |  |  | 407 |  |  | 349 |
Total property and casualty insurance | 649 |  |  | 709 |  |  | 591 |
Annuity | 362 |  |  | 361 |  |  | 380 |
Other (b) | (190 | ) |  | (165 | ) |  | (252 | )
Total earnings before realized gains (losses) and income taxes | 821 |  |  | 905 |  |  | 719 |
Realized gains (losses) on securities | 287 |  |  | (266 | ) |  | 5 |
Total earnings before income taxes | $ | 1,108 |  |  | $ | 639 |  |  | $ | 724 |
(a) | Includes special charges to increase asbestos and environmental (“A&E”) reserves of $18 million in both 2019 and 2018 and $89 million in 2017, respectively. Also includes a $76 million charge in 2019 and $18 million in favorable development recorded in 2017 related to the Neon exited lines.
(b) Primarily holding company interest and expenses, including losses on retirement of debt of $5 million in 2019 and $51 million in 2017 and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($11 million in 2019, $9 million in 2018 and $24 million in 2017).

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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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