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Segments of Operations (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Reporting Information, by Segment | 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 574 |  |  | $ | 583 |  |  | $ | 1,350 |  |  | $ | 1,323 |
Specialty casualty | 560 |  |  | 658 |  |  | 1,663 |  |  | 1,921 |
Specialty financial | 155 |  |  | 161 |  |  | 455 |  |  | 458 |
Other specialty | 50 |  |  | 40 |  |  | 132 |  |  | 113 |
Other lines (a) | 42 |  |  | — |  |  | 174 |  |  | — |
Total premiums earned | 1,381 |  |  | 1,442 |  |  | 3,774 |  |  | 3,815 |
Net investment income (b) | 112 |  |  | 124 |  |  | 277 |  |  | 352 |
Other income | — |  |  | 5 |  |  | 8 |  |  | 10 |
Total property and casualty insurance | 1,493 |  |  | 1,571 |  |  | 4,059 |  |  | 4,177 |
Annuity: |  |  |  |  |  |  |
Net investment income | 464 |  |  | 448 |  |  | 1,270 |  |  | 1,334 |
Other income | 30 |  |  | 32 |  |  | 95 |  |  | 90 |
Total annuity | 494 |  |  | 480 |  |  | 1,365 |  |  | 1,424 |
Other | 58 |  |  | 90 |  |  | 194 |  |  | 284 |
Total revenues before realized gains (losses) | 2,045 |  |  | 2,141 |  |  | 5,618 |  |  | 5,885 |
Realized gains (losses) on securities | 45 |  |  | (18) |  |  | (302) |  |  | 222 |
Realized losses on subsidiaries | (30) |  |  | — |  |  | (30) |  |  | — |
Total revenues | $ | 2,060 |  |  | $ | 2,123 |  |  | $ | 5,286 |  |  | $ | 6,107 |
(a)Represents premiums earned in the Neon exited lines during the third quarter and first nine months of 2020. Neon’s $97 million and $274 million in earned premiums during the third quarter and first nine months of 2019, respectively, are included in the Specialty casualty sub-segment. (b)Includes income of $1 million for the third quarter of 2020 and a loss of $5 million in the Neon exited lines in the first nine months of 2020 (primarily from the change in fair value of equity securities).
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Earnings (Loss) Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 47 |  |  | $ | 38 |  |  | $ | 107 |  |  | $ | 81 |
Specialty casualty | 53 |  |  | 23 |  |  | 132 |  |  | 106 |
Specialty financial | 13 |  |  | 26 |  |  | 30 |  |  | 60 |
Other specialty | (9) |  |  | 1 |  |  | (22) |  |  | (11) |
Other lines (a) | (86) |  |  | (34) |  |  | (133) |  |  | (36) |
Total underwriting | 18 |  |  | 54 |  |  | 114 |  |  | 200 |
Investment and other income, net (b) | 100 |  |  | 118 |  |  | 249 |  |  | 328 |
Total property and casualty insurance | 118 |  |  | 172 |  |  | 363 |  |  | 528 |
Annuity | 78 |  |  | 73 |  |  | 90 |  |  | 234 |
Other (c) | (77) |  |  | (50) |  |  | (157) |  |  | (135) |
Total earnings before realized gains (losses) and income taxes | 119 |  |  | 195 |  |  | 296 |  |  | 627 |
Realized gains (losses) on securities | 45 |  |  | (18) |  |  | (302) |  |  | 222 |
Realized losses on subsidiaries | (30) |  |  | — |  |  | (30) |  |  | — |
Total earnings (loss) before income taxes | $ | 134 |  |  | $ | 177 |  |  | $ | (36) |  |  | $ | 849 |
(a)Includes an underwriting loss of $38 million in the third quarter of 2020 and $82 million in the first nine months of 2020 in the Neon exited lines. Neon’s $19 million and $33 million underwriting losses in the third quarter and first nine months of 2019, respectively, are included in the Specialty casualty sub-segment. Also includes special charges of $47 million and $18 million in the third quarter of 2020 and 2019, respectively, to increase asbestos and environmental (“A&E”) reserves. (b)Includes $2 million and $10 million in the third quarter and first nine months of 2020, respectively, in net expenses from the Neon exited lines, before noncontrolling interest. (c)Includes holding company interest and expenses, including special charges of $21 million and $11 million in the third quarter of 2020 and 2019, respectively, to increase A&E reserves related to AFG’s former railroad and manufacturing operations. Also includes the results of AFG’s run-off life and long-term care businesses, including a $4 million loss recognition charge recorded in the run-off long-term care business in September 2020.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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