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Segments of Operations (Tables) | 12 Months Ended
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Dec. 31, 2021
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.
| 2021 |  | 2020
Assets |  |  |
Property and casualty insurance (a) | $ | 21,312 |  |  | $ | 19,620 |
Other | 7,619 |  |  | 6,205 |
Total assets of continuing operations | 28,931 |  |  | 25,825 |
Assets of discontinued annuity operations | — |  |  | 47,885 |
Total assets | $ | 28,931 |  |  | $ | 73,710 |
| 2021 |  | 2020 |  | 2019
Revenues |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Premiums earned: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 2,144 |  |  | $ | 1,871 |  |  | $ | 1,828 |
Specialty casualty | 2,408 |  |  | 2,235 |  |  | 2,597 |
Specialty financial | 642 |  |  | 613 |  |  | 610 |
Other specialty | 210 |  |  | 180 |  |  | 150 |
Other lines (b) | — |  |  | 200 |  |  | — |
Total premiums earned | 5,404 |  |  | 5,099 |  |  | 5,185 |
Net investment income (c) | 663 |  |  | 399 |  |  | 472 |
Other income | 27 |  |  | 8 |  |  | 11 |
Total property and casualty insurance | 6,094 |  |  | 5,506 |  |  | 5,668 |
Other | 293 |  |  | 266 |  |  | 353 |
Real estate-related entities (d) | 51 |  |  | 49 |  |  | 37 |
Total revenues before realized gains (losses) | 6,438 |  |  | 5,821 |  |  | 6,058 |
Realized gains (losses) on securities | 110 |  |  | (75) |  |  | 155 |
Realized gains on subsidiaries | 4 |  |  | 23 |  |  | — |
Total revenues | $ | 6,552 |  |  | $ | 5,769 |  |  | $ | 6,213 |
(a)Not allocable to sub-segments. (b)Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million in earned premiums during 2019 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). (d)Represents investment income from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.
| 2021 |  | 2020 |  | 2019
Earnings Before Income Taxes |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Underwriting: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 279 |  |  | $ | 181 |  |  | $ | 79 |
Specialty casualty | 377 |  |  | 223 |  |  | 175 |
Specialty financial | 96 |  |  | 50 |  |  | 92 |
Other specialty | (15) |  |  | (28) |  |  | (21) |
Other lines (a) | (4) |  |  | (202) |  |  | (113) |
Total underwriting | 733 |  |  | 224 |  |  | 212 |
Investment and other income, net (b) | 657 |  |  | 360 |  |  | 437 |
Total property and casualty insurance | 1,390 |  |  | 584 |  |  | 649 |
Other (c) | (220) |  |  | (215) |  |  | (196) |
Real estate-related entities (d) | 51 |  |  | 22 |  |  | 26 |
Total earnings before realized gains (losses) and income taxes | 1,221 |  |  | 391 |  |  | 479 |
Realized gains (losses) on securities | 110 |  |  | (75) |  |  | 155 |
Realized gains on subsidiaries | 4 |  |  | 23 |  |  | — |
Total earnings before income taxes | $ | 1,335 |  |  | $ | 339 |  |  | $ | 634 |
(a)Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million underwriting loss in 2019 is 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 2019, 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 and $11 million in 2019). (d)Represents investment income (net of DAC) from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.

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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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