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Segments of Operations (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting Information, by Segment | The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
| 2020 |  | 2019 |  | 2018
Assets |  |  |  |  |
Property and casualty insurance (a) | $ | 19,689 |  |  | $ | 19,098 |  |  | $ | 17,681 |
Annuity | 47,626 |  |  | 45,074 |  |  | 39,952 |
Other | 6,251 |  |  | 5,958 |  |  | 5,823 |
Total assets | $ | 73,566 |  |  | $ | 70,130 |  |  | $ | 63,456 |
Revenues |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Premiums earned: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 1,871 |  |  | $ | 1,828 |  |  | $ | 1,729 |
Specialty casualty | 2,235 |  |  | 2,597 |  |  | 2,403 |
Specialty financial | 613 |  |  | 610 |  |  | 598 |
Other specialty | 180 |  |  | 150 |  |  | 135 |
Other lines (b) | 200 |  |  | — |  |  | — |
Total premiums earned | 5,099 |  |  | 5,185 |  |  | 4,865 |
Net investment income (c) | 399 |  |  | 472 |  |  | 438 |
Other income | 8 |  |  | 11 |  |  | 10 |
Total property and casualty insurance | 5,506 |  |  | 5,668 |  |  | 5,313 |
Annuity: |  |  |  |  |
Net investment income | 1,699 |  |  | 1,792 |  |  | 1,638 |
Other income | 131 |  |  | 120 |  |  | 125 |
Total annuity | 1,830 |  |  | 1,912 |  |  | 1,763 |
Other | 261 |  |  | 370 |  |  | 340 |
Total revenues before realized gains (losses) | 7,597 |  |  | 7,950 |  |  | 7,416 |
Realized gains (losses) on securities | 289 |  |  | 287 |  |  | (266) |
Realized gains on subsidiaries | 23 |  |  | — |  |  | — |
Total revenues | $ | 7,909 |  |  | $ | 8,237 |  |  | $ | 7,150 |
(a)Not allocable to sub-segments. (b)Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million and $306 million in earned premiums during 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. (c)Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities).
| 2020 |  | 2019 |  | 2018
Earnings Before Income Taxes |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Underwriting: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 181 |  |  | $ | 79 |  |  | $ | 120 |
Specialty casualty | 223 |  |  | 175 |  |  | 141 |
Specialty financial | 50 |  |  | 92 |  |  | 66 |
Other specialty | (28) |  |  | (21) |  |  | (5) |
Other lines (a) | (202) |  |  | (113) |  |  | (20) |
Total underwriting | 224 |  |  | 212 |  |  | 302 |
Investment and other income, net (b) | 360 |  |  | 437 |  |  | 407 |
Total property and casualty insurance | 584 |  |  | 649 |  |  | 709 |
Annuity | 171 |  |  | 362 |  |  | 361 |
Other (c) | (219) |  |  | (190) |  |  | (165) |
Total earnings before realized gains (losses) and income taxes | 536 |  |  | 821 |  |  | 905 |
Realized gains (losses) on securities | 289 |  |  | 287 |  |  | (266) |
Realized gains on subsidiaries | 23 |  |  | — |  |  | — |
Total earnings before income taxes | $ | 848 |  |  | $ | 1,108 |  |  | $ | 639 |
(a)Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million and $63 million underwriting losses in 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in both 2019 and 2018, and a $76 million charge in 2019 related to the Neon exited lines. (b)Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c)Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020, $11 million in 2019 and $9 million in 2018). 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 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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