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Segments of Operations (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, |  | Six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 453 |  |  | $ | 390 |  |  | $ | 847 |  |  | $ | 776 |
Specialty casualty | 588 |  |  | 547 |  |  | 1,159 |  |  | 1,103 |
Specialty financial | 157 |  |  | 144 |  |  | 314 |  |  | 300 |
Other specialty | 52 |  |  | 42 |  |  | 103 |  |  | 82 |
Other lines (a) | — |  |  | 61 |  |  | — |  |  | 132 |
Total premiums earned | 1,250 |  |  | 1,184 |  |  | 2,423 |  |  | 2,393 |
Net investment income (b) | 143 |  |  | 72 |  |  | 302 |  |  | 165 |
Other income | 1 |  |  | 3 |  |  | 5 |  |  | 8 |
Total property and casualty insurance | 1,394 |  |  | 1,259 |  |  | 2,730 |  |  | 2,566 |
Other (c) | 90 |  |  | 78 |  |  | 186 |  |  | 154 |
Total revenues before realized gains (losses) | 1,484 |  |  | 1,337 |  |  | 2,916 |  |  | 2,720 |
Realized gains (losses) on securities | 43 |  |  | 108 |  |  | 120 |  |  | (220) |
Realized gain on subsidiary | 4 |  |  | — |  |  | 4 |  |  | — |
Total revenues | $ | 1,531 |  |  | $ | 1,445 |  |  | $ | 3,040 |  |  | $ | 2,500 |
(a)Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the second quarter and first six months of 2020. (b)Includes income of less than $1 million for the second quarter of 2020 and a loss of $6 million in the Neon exited lines in the first six months of 2020 (primarily from the change in fair value of equity securities). (c)Includes $22 million and $7 million in the second quarter of 2021 and 2020 and $51 million and $19 million in first six months of 2021 and 2020, respectively, in investment income from real estate-related entities acquired from the discontinued annuity operations prior to closing of the sale.
| Three months ended June 30, |  | Six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Earnings (Loss) Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 62 |  |  | $ | 33 |  |  | $ | 118 |  |  | $ | 60 |
Specialty casualty | 71 |  |  | 27 |  |  | 127 |  |  | 79 |
Specialty financial | 21 |  |  | — |  |  | 46 |  |  | 17 |
Other specialty | (1) |  |  | (6) |  |  | (4) |  |  | (13) |
Other lines (a) | (1) |  |  | (45) |  |  | (1) |  |  | (47) |
Total underwriting | 152 |  |  | 9 |  |  | 286 |  |  | 96 |
Investment and other income, net (b) | 136 |  |  | 65 |  |  | 290 |  |  | 149 |
Total property and casualty insurance | 288 |  |  | 74 |  |  | 576 |  |  | 245 |
Other (c) | (47) |  |  | (42) |  |  | (77) |  |  | (70) |
Total earnings before realized gains (losses) and income taxes | 241 |  |  | 32 |  |  | 499 |  |  | 175 |
Realized gains (losses) on securities | 43 |  |  | 108 |  |  | 120 |  |  | (220) |
Realized gain on subsidiary | 4 |  |  | — |  |  | 4 |  |  | — |
Total earnings (loss) before income taxes | $ | 288 |  |  | $ | 140 |  |  | $ | 623 |  |  | $ | (45) |
(a)Includes an underwriting loss of $43 million in the second quarter of 2020 and $44 million in the first six months of 2020 in the Neon exited lines. (b)Includes $1 million and $10 million in the second quarter and first six months of 2020, respectively, in net expenses from the Neon exited lines, before noncontrolling interest. (c)Includes holding company interest and expenses and $22 million and $2 million (net of DAC) in the second quarter of 2021 and 2020 and $51 million and $8 million (net of DAC) in the first six months of 2021 and 2020, respectively, of earnings from the real estate-related entities acquired from the discontinued annuity operations prior to closing of the sale.

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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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
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