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v3.22.2

Segments of Operations | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segments of Operations | Segments of Operations Subsequent to the sale of its annuity operations, see Note B — “Discontinued Operations,” AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs 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 and other specialty transportation niches, 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 reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show AFG’s revenues and earnings from continuing operations before income taxes by segment and sub-segment.
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 505 |  |  | $ | 453 |  |  | $ | 948 |  |  | $ | 847 |
Specialty casualty | 657 |  |  | 588 |  |  | 1,296 |  |  | 1,159 |
Specialty financial | 171 |  |  | 157 |  |  | 334 |  |  | 314 |
Other specialty | 60 |  |  | 52 |  |  | 117 |  |  | 103 |
Total premiums earned | 1,393 |  |  | 1,250 |  |  | 2,695 |  |  | 2,423 |
Net investment income | 156 |  |  | 143 |  |  | 379 |  |  | 302 |
Other income | 6 |  |  | 1 |  |  | 10 |  |  | 5 |
Total property and casualty insurance | 1,555 |  |  | 1,394 |  |  | 3,084 |  |  | 2,730 |
Other | 77 |  |  | 68 |  |  | 151 |  |  | 135 |
Real estate-related entities (*) | — |  |  | 22 |  |  | — |  |  | 51 |
Total revenues before realized gains (losses) | 1,632 |  |  | 1,484 |  |  | 3,235 |  |  | 2,916 |
Realized gains (losses) on securities | (93) |  |  | 43 |  |  | (108) |  |  | 120 |
Realized gain on subsidiaries | — |  |  | 4 |  |  | — |  |  | 4 |
Total revenues | $ | 1,539 |  |  | $ | 1,531 |  |  | $ | 3,127 |  |  | $ | 3,040 |
(*)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.
| Three months ended June 30, |  | Six months ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Earnings From Continuing Operations Before Income Taxes |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 39 |  |  | $ | 62 |  |  | $ | 101 |  |  | $ | 118 |
Specialty casualty | 130 |  |  | 71 |  |  | 254 |  |  | 127 |
Specialty financial | 37 |  |  | 21 |  |  | 66 |  |  | 46 |
Other specialty | (9) |  |  | (1) |  |  | (16) |  |  | (4) |
Other lines | (1) |  |  | (1) |  |  | (2) |  |  | (1) |
Total underwriting | 196 |  |  | 152 |  |  | 403 |  |  | 286 |
Investment and other income, net | 149 |  |  | 136 |  |  | 364 |  |  | 290 |
Total property and casualty insurance | 345 |  |  | 288 |  |  | 767 |  |  | 576 |
Other (a) | (46) |  |  | (69) |  |  | (92) |  |  | (128) |
Real estate-related entities (b) | — |  |  | 22 |  |  | — |  |  | 51 |
Total earnings from continuing operations before realized gains (losses) and income taxes | 299 |  |  | 241 |  |  | 675 |  |  | 499 |
Realized gains (losses) on securities | (93) |  |  | 43 |  |  | (108) |  |  | 120 |
Realized gain on subsidiaries | — |  |  | 4 |  |  | — |  |  | 4 |
Total earnings from continuing operations before income taxes | $ | 206 |  |  | $ | 288 |  |  | $ | 567 |  |  | $ | 623 |
(a)Includes holding company interest and expenses, including losses of $9 million and $11 million on retirement of debt in the second quarter and first six months of 2022, respectively. (b)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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