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Segments of Operations | 12 Months Ended
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Dec. 31, 2020
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. As discussed in Note B — “Acquisitions and Sale of Businesses,” AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off in December 2019. Beginning with the first quarter of 2020, the results for AFG’s Specialty casualty sub-segment exclude the run-off operations of Neon (“Neon exited lines”). AFG completed the sale of Neon in December 2020. Sales of property and casualty insurance outside of the United States represented 5% of AFG’s revenues in 2020 and 7% of AFG’s revenues in 2019 and 2018. Approximately one-half and two-thirds of these 2020 and 2019 sales, respectively, were through the Neon Lloyd’s of London business. 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 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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