XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Segments of Operations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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.
| September 30, 2025 |  | December 31, 2024
Assets |  |  |
Property and casualty insurance (*) | $ | 28,810 |  |  | $ | 25,913 |
Other | 5,024 |  |  | 4,923 |
Total assets | $ | 33,834 |  |  | $ | 30,836 |
(*)Not allocable to sub-segments.
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 935 |  |  | $ | 989 |  |  | $ | 2,011 |  |  | $ | 2,061 |
Specialty casualty | 810 |  |  | 797 |  |  | 2,403 |  |  | 2,371 |
Specialty financial | 268 |  |  | 269 |  |  | 826 |  |  | 754 |
Total net earned premiums | 2,013 |  |  | 2,055 |  |  | 5,240 |  |  | 5,186 |
Net investment income | 205 |  |  | 195 |  |  | 554 |  |  | 589 |
Other income | 6 |  |  | 2 |  |  | 9 |  |  | 6 |
Total property and casualty insurance | 2,224 |  |  | 2,252 |  |  | 5,803 |  |  | 5,781 |
Other | 94 |  |  | 119 |  |  | 290 |  |  | 384 |
Total revenues before realized gains (losses) | 2,318 |  |  | 2,371 |  |  | 6,093 |  |  | 6,165 |
Realized gains (losses) on securities | 12 |  |  | (2) |  |  | 17 |  |  | 10 |
Realized gain on subsidiaries | 1 |  |  | — |  |  | 1 |  |  | — |
Total revenues | $ | 2,331 |  |  | $ | 2,369 |  |  | $ | 6,111 |  |  | $ | 6,175 |
Earnings Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation | $ | 55 |  |  | $ | 33 |  |  | $ | 119 |  |  | $ | 133 |
Specialty casualty | 33 |  |  | 63 |  |  | 102 |  |  | 210 |
Specialty financial | 51 |  |  | 21 |  |  | 126 |  |  | 79 |
Other lines | (1) |  |  | (2) |  |  | (2) |  |  | (4) |
Total underwriting (a) | 138 |  |  | 115 |  |  | 345 |  |  | 418 |
Investment and other income, net | 190 |  |  | 176 |  |  | 502 |  |  | 532 |
Total property and casualty insurance | 328 |  |  | 291 |  |  | 847 |  |  | 950 |
Other (b) | (73) |  |  | (60) |  |  | (171) |  |  | (156) |
Total earnings before realized gains (losses) and income taxes | 255 |  |  | 231 |  |  | 676 |  |  | 794 |
Realized gains (losses) on securities | 12 |  |  | (2) |  |  | 17 |  |  | 10 |
Realized gain on subsidiaries | 1 |  |  | — |  |  | 1 |  |  | — |
Total earnings before income taxes | $ | 268 |  |  | $ | 229 |  |  | $ | 694 |  |  | $ | 804 |
(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 interest charges on borrowed money and other holding company expenses. Holding company expenses include special charges of $25 million and $14 million in the third quarter of 2025 and 2024, 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):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Property and casualty insurance: |  |  |  |  |  |  |
Specialty: |  |  |  |  |  |  |
Property and transportation: |  |  |  |  |  |  |
Net earned premiums | $ | 935 |  |  | $ | 989 |  |  | $ | 2,011 |  |  | $ | 2,061 |
Losses and loss adjustment expenses | 728 |  |  | 784 |  |  | 1,426 |  |  | 1,441 |
Commissions and other underwriting expenses | 152 |  |  | 172 |  |  | 466 |  |  | 487 |
Underwriting profit | $ | 55 |  |  | $ | 33 |  |  | $ | 119 |  |  | $ | 133 |
Specialty casualty: |  |  |  |  |  |  |
Net earned premiums | $ | 810 |  |  | $ | 797 |  |  | $ | 2,403 |  |  | $ | 2,371 |
Losses and loss adjustment expenses | 541 |  |  | 519 |  |  | 1,593 |  |  | 1,504 |
Commissions and other underwriting expenses | 236 |  |  | 215 |  |  | 708 |  |  | 657 |
Underwriting profit | $ | 33 |  |  | $ | 63 |  |  | $ | 102 |  |  | $ | 210 |
Specialty financial: |  |  |  |  |  |  |
Net earned premiums | $ | 268 |  |  | $ | 269 |  |  | $ | 826 |  |  | $ | 754 |
Losses and loss adjustment expenses | 85 |  |  | 125 |  |  | 306 |  |  | 325 |
Commissions and other underwriting expenses | 132 |  |  | 123 |  |  | 394 |  |  | 350 |
Underwriting profit | $ | 51 |  |  | $ | 21 |  |  | $ | 126 |  |  | $ | 79 |
Other lines: |  |  |  |  |  |  |
Losses and loss adjustment expenses | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |
Underwriting profit (loss) | $ | (1) |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | (4) |
Total property and casualty insurance segment: |  |  |  |  |  |  |
Net earned premiums | $ | 2,013 |  |  | $ | 2,055 |  |  | $ | 5,240 |  |  | $ | 5,186 |
Losses and loss adjustment expenses | 1,355 |  |  | 1,430 |  |  | 3,327 |  |  | 3,274 |
Commissions and other underwriting expenses | 520 |  |  | 510 |  |  | 1,568 |  |  | 1,494 |
Underwriting profit | $ | 138 |  |  | $ | 115 |  |  | $ | 345 |  |  | $ | 418 |

X
- 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
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration