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v3.23.2

Segments of Operations | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segments of Operations | Segments of 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 a deferred gain on a retroactive reinsurance transaction related to the sale of a business. 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 before income taxes by segment and sub-segment.
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Premiums earned: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 534 |  |  | $ | 505 |  |  | $ | 1,009 |  |  | $ | 948 |
Specialty casualty | 711 |  |  | 657 |  |  | 1,415 |  |  | 1,296 |
Specialty financial | 195 |  |  | 171 |  |  | 391 |  |  | 334 |
Other specialty | 67 |  |  | 60 |  |  | 129 |  |  | 117 |
Total premiums earned | 1,507 |  |  | 1,393 |  |  | 2,944 |  |  | 2,695 |
Net investment income | 191 |  |  | 156 |  |  | 398 |  |  | 379 |
Other income | 3 |  |  | 6 |  |  | 8 |  |  | 10 |
Total property and casualty insurance | 1,701 |  |  | 1,555 |  |  | 3,350 |  |  | 3,084 |
Other | 141 |  |  | 77 |  |  | 278 |  |  | 151 |
Total revenues before realized gains (losses) | 1,842 |  |  | 1,632 |  |  | 3,628 |  |  | 3,235 |
Realized gains (losses) on securities | (2) |  |  | (93) |  |  | (48) |  |  | (108) |
Total revenues | $ | 1,840 |  |  | $ | 1,539 |  |  | $ | 3,580 |  |  | $ | 3,127 |
Earnings Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 32 |  |  | $ | 39 |  |  | $ | 75 |  |  | $ | 101 |
Specialty casualty | 95 |  |  | 130 |  |  | 183 |  |  | 254 |
Specialty financial | 10 |  |  | 37 |  |  | 36 |  |  | 66 |
Other specialty | (14) |  |  | (9) |  |  | (16) |  |  | (16) |
Other lines | 1 |  |  | (1) |  |  | — |  |  | (2) |
Total underwriting | 124 |  |  | 196 |  |  | 278 |  |  | 403 |
Investment and other income, net | 175 |  |  | 149 |  |  | 371 |  |  | 364 |
Total property and casualty insurance | 299 |  |  | 345 |  |  | 649 |  |  | 767 |
Other (*) | (42) |  |  | (46) |  |  | (82) |  |  | (92) |
Total earnings before realized gains (losses) and income taxes | 257 |  |  | 299 |  |  | 567 |  |  | 675 |
Realized gains (losses) on securities | (2) |  |  | (93) |  |  | (48) |  |  | (108) |
Total earnings before income taxes | $ | 255 |  |  | $ | 206 |  |  | $ | 519 |  |  | $ | 567 |
(*)Includes holding company interest and expenses, including a loss of $1 million and a gain of $1 million on retirement of debt in the second quarter and first six months of 2023, respectively, and losses of $9 million and $11 million on retirement of debt in the second quarter and first six months of 2022, respectively.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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