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Segments of Operations | 12 Months Ended
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Dec. 31, 2024
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 assets and costs. 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 (loss) 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 impacts of all intercompany transactions between segments have been eliminated. AFG’s CODMs are its Co-CEOs. The CODMs evaluate the performance of the Property and casualty insurance segment based on return on equity and underwriting profit. The CODMs use this measure to allocate resources and make capital decisions. Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in 2024, 3% in 2023 and 4% in 2022. 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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