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v3.23.2

Segments of Operations (Tables) | 6 Months Ended
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Jun. 30, 2023
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,
| 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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