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v3.25.1

Segments of Operations (Tables) | 3 Months Ended
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Mar. 31, 2025
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.
| March 31, 2025 |  | December 31, 2024
Assets |  |  |
Property and casualty insurance (*) | $ | 25,704 |  |  | $ | 25,913 |
Other | 4,590 |  |  | 4,923 |
Total assets | $ | 30,294 |  |  | $ | 30,836 |
(*)Not allocable to sub-segments.
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation |  |  |  |  | $ | 500 |  |  | $ | 520 |
Specialty casualty |  |  |  |  | 794 |  |  | 783 |
Specialty financial |  |  |  |  | 286 |  |  | 243 |
Total net earned premiums |  |  |  |  | 1,580 |  |  | 1,546 |
Net investment income |  |  |  |  | 170 |  |  | 205 |
Other income |  |  |  |  | 3 |  |  | 2 |
Total property and casualty insurance |  |  |  |  | 1,753 |  |  | 1,753 |
Other |  |  |  |  | 100 |  |  | 139 |
Total revenues before realized gains |  |  |  |  | 1,853 |  |  | 1,892 |
Realized gains on securities |  |  |  |  | 3 |  |  | 14 |
Total revenues |  |  |  |  | $ | 1,856 |  |  | $ | 1,906 |
Earnings Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation |  |  |  |  | $ | 37 |  |  | $ | 60 |
Specialty casualty |  |  |  |  | 20 |  |  | 61 |
Specialty financial |  |  |  |  | 37 |  |  | 33 |
Other lines |  |  |  |  | — |  |  | (1) |
Total underwriting (a) |  |  |  |  | 94 |  |  | 153 |
Investment and other income, net (b) |  |  |  |  | 152 |  |  | 187 |
Total property and casualty insurance |  |  |  |  | 246 |  |  | 340 |
Other (c) |  |  |  |  | (52) |  |  | (50) |
Total earnings before realized gains and income taxes |  |  |  |  | 194 |  |  | 290 |
Realized gains on securities |  |  |  |  | 3 |  |  | 14 |
Total earnings before income taxes |  |  |  |  | $ | 197 |  |  | $ | 304 |
(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, salaries, depreciation and other general expenses. The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Property and casualty insurance: |  |  |  |  |  |  |
Specialty: |  |  |  |  |  |  |
Property and transportation: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 500 |  |  | $ | 520 |
Losses and loss adjustment expenses |  |  |  |  | 311 |  |  | 306 |
Commissions and other underwriting expenses |  |  |  |  | 152 |  |  | 154 |
Underwriting profit |  |  |  |  | $ | 37 |  |  | $ | 60 |
Specialty casualty: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 794 |  |  | $ | 783 |
Losses and loss adjustment expenses |  |  |  |  | 536 |  |  | 502 |
Commissions and other underwriting expenses |  |  |  |  | 238 |  |  | 220 |
Underwriting profit |  |  |  |  | $ | 20 |  |  | $ | 61 |
Specialty financial: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 286 |  |  | $ | 243 |
Losses and loss adjustment expenses |  |  |  |  | 118 |  |  | 98 |
Commissions and other underwriting expenses |  |  |  |  | 131 |  |  | 112 |
Underwriting profit |  |  |  |  | $ | 37 |  |  | $ | 33 |
Other lines: |  |  |  |  |  |  |
Losses and loss adjustment expenses |  |  |  |  | $ | — |  |  | $ | 1 |
Underwriting profit (loss) |  |  |  |  | $ | — |  |  | $ | (1) |
Total property and casualty insurance segment: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 1,580 |  |  | $ | 1,546 |
Losses and loss adjustment expenses |  |  |  |  | 965 |  |  | 907 |
Commissions and other underwriting expenses |  |  |  |  | 521 |  |  | 486 |
Underwriting profit |  |  |  |  | $ | 94 |  |  | $ | 153 |

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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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