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Sales of Businesses | 6 Months Ended
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Jun. 30, 2021
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] |
Sales of Businesses | Sales of Businesses Annuity Operations See Note B — “Discontinued Operations,” for information on the sale of AFG’s annuity operations. Neon In December 2019, AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing Neon Underwriting Ltd. and its other Lloyd’s subsidiaries in run-off. Neon and its predecessor, Marketform, failed to achieve AFG’s profitability objectives since AFG’s purchase of Marketform in 2008. In December 2020, AFG completed the sale of GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own Neon, to RiverStone Holdings Limited for proceeds of $6 million. The sale completed AFG’s exit from the Lloyd’s of London insurance market. In the second quarter of 2021, AFG recognized a pretax gain on sale of a subsidiary of $4 million related to contingent consideration received on the sale of Neon. Under GAAP accounting guidance, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Because AFG’s primary business continues to be commercial property and casualty insurance, as well as the immaterial expected impact on AFG’s ongoing results of operations, the sale of Neon was not reported as a discontinued operation. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions):
| Three months ended |  | Six months ended
| June 30, 2020 |  | June 30, 2020
Net earned premiums | $ | 61 |  |  | $ | 132 |
Loss and loss adjustment expenses | 66 |  |  | 106 |
Commissions and other underwriting expenses | 38 |  |  | 70 |
Underwriting loss | (43) |  |  | (44) |
Net investment income | — |  |  | (6) |
Other income and expenses, net | 1 |  |  | (2) |
Loss before income taxes and noncontrolling interests | $ | (42) |  |  | $ | (52) |

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- Definition Disclosure of the disposal of business not classified as discontinued operations + References No definition available. + Details
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- References No definition available. + Details
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