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Segments of Operations (Tables) | 12 Months Ended
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Dec. 31, 2024
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.
| 2024 |  | 2023
Assets |  |  |
Property and casualty insurance (*) | $ | 25,913 |  |  | $ | 24,475 |
Other | 4,923 |  |  | 5,312 |
Total assets | $ | 30,836 |  |  | $ | 29,787 |
(*)Not allocable to sub-segments.
| 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Premiums earned: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 2,793 |  |  | $ | 2,519 |  |  | $ | 2,487 |
Specialty casualty | 2,967 |  |  | 2,886 |  |  | 2,659 |
Specialty financial | 1,032 |  |  | 867 |  |  | 698 |
Other specialty | 244 |  |  | 259 |  |  | 241 |
Total premiums earned | 7,036 |  |  | 6,531 |  |  | 6,085 |
Net investment income | 784 |  |  | 729 |  |  | 683 |
Other income | 8 |  |  | 16 |  |  | 12 |
Total property and casualty insurance | 7,828 |  |  | 7,276 |  |  | 6,780 |
Other | 496 |  |  | 591 |  |  | 376 |
Total revenues before realized gains (losses) | 8,324 |  |  | 7,867 |  |  | 7,156 |
Realized gains (losses) on securities | — |  |  | (36) |  |  | (116) |
Realized loss on subsidiary | — |  |  | (4) |  |  | — |
Total revenues | $ | 8,324 |  |  | $ | 7,827 |  |  | $ | 7,040 |
| 2024 |  | 2023 |  | 2022
Earnings Before Income Taxes |  |  |  |  |
Property and casualty insurance: |  |  |  |  |
Underwriting: |  |  |  |  |
Specialty |  |  |  |  |
Property and transportation | $ | 211 |  |  | $ | 184 |  |  | $ | 208 |
Specialty casualty | 340 |  |  | 375 |  |  | 500 |
Specialty financial | 134 |  |  | 110 |  |  | 114 |
Other specialty | (59) |  |  | (36) |  |  | (42) |
Other lines | (6) |  |  | (2) |  |  | (4) |
Total underwriting (a) | 620 |  |  | 631 |  |  | 776 |
Investment and other income, net (b) | 708 |  |  | 673 |  |  | 643 |
Total property and casualty insurance | 1,328 |  |  | 1,304 |  |  | 1,419 |
Other (c) | (204) |  |  | (191) |  |  | (180) |
Total earnings before realized gains (losses) and income taxes | 1,124 |  |  | 1,113 |  |  | 1,239 |
Realized gains (losses) on securities | — |  |  | (36) |  |  | (116) |
Realized loss on subsidiary | — |  |  | (4) |  |  | — |
Total earnings before income taxes | $ | 1,124 |  |  | $ | 1,073 |  |  | $ | 1,123 |
(a)Significant segment expenses, which are losses and loss adjustment expenses and commissions and other underwriting expenses, are shown in the table below by sub-segment. (b)Includes the amortization of intangibles and other miscellaneous expenses. (c)Includes the expenses of the managed investment entities, interest charges on borrowed money and salaries, depreciation and other general expenses. Additionally, includes a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and special charges of $14 million and $15 million in 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations. The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions) for the years ended:
| 2024 |  | 2023 |  | 2022
Property and casualty insurance: |  |  |  |  |
Specialty: |  |  |  |  |
Property and transportation: |  |  |  |  |
Premiums earned | $ | 2,793 |  |  | $ | 2,519 |  |  | $ | 2,487 |
Losses and loss adjustment expenses | 1,952 |  |  | 1,741 |  |  | 1,735 |
Commissions and other underwriting expenses | 630 |  |  | 594 |  |  | 544 |
Underwriting profit | $ | 211 |  |  | $ | 184 |  |  | $ | 208 |
Specialty casualty: |  |  |  |  |
Premiums earned | $ | 2,967 |  |  | $ | 2,886 |  |  | $ | 2,659 |
Losses and loss adjustment expenses | 1,853 |  |  | 1,739 |  |  | 1,453 |
Commissions and other underwriting expenses | 774 |  |  | 772 |  |  | 706 |
Underwriting profit | $ | 340 |  |  | $ | 375 |  |  | $ | 500 |
Specialty financial: |  |  |  |  |
Premiums earned | $ | 1,032 |  |  | $ | 867 |  |  | $ | 698 |
Losses and loss adjustment expenses | 429 |  |  | 328 |  |  | 238 |
Commissions and other underwriting expenses | 469 |  |  | 429 |  |  | 346 |
Underwriting profit | $ | 134 |  |  | $ | 110 |  |  | $ | 114 |
Other Specialty: |  |  |  |  |
Premiums earned | $ | 244 |  |  | $ | 259 |  |  | $ | 241 |
Losses and loss adjustment expenses | 215 |  |  | 207 |  |  | 199 |
Commissions and other underwriting expenses | 88 |  |  | 88 |  |  | 84 |
Underwriting loss | $ | (59) |  |  | $ | (36) |  |  | $ | (42) |
Other lines: |  |  |  |  |
Losses and loss adjustment expenses | $ | 6 |  |  | $ | 2 |  |  | $ | 4 |
Underwriting loss | $ | (6) |  |  | $ | (2) |  |  | $ | (4) |
Total property and casualty insurance segment: |  |  |  |  |
Premiums earned | $ | 7,036 |  |  | $ | 6,531 |  |  | $ | 6,085 |
Losses and loss adjustment expenses | 4,455 |  |  | 4,017 |  |  | 3,629 |
Commissions and other underwriting expenses | 1,961 |  |  | 1,883 |  |  | 1,680 |
Underwriting profit | $ | 620 |  |  | $ | 631 |  |  | $ | 776 |

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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