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Segments of Operations
 9 Months Ended
Sep. 30, 2025
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. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, to be consistent with how the Chief Operating Decision Makers (“CODMs”) currently view and evaluate AFG’s Property and casualty sub-segments, the internal reinsurance results are included within the same sub-segments as the ceding businesses. The CODMs believe this presentation better reflects the performance of the underlying operating businesses and enhances the financial reporting. Information from prior periods has been recast for consistent presentation. 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% and 3% of AFG’s revenues in the third quarter of 2025 and 2024, respectively, and 4% in both the first nine months of 2025 and 2024.

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 
Other5,024 4,923 
Total assets$33,834 $30,836 
(*)Not allocable to sub-segments.
Three months ended September 30,Nine months ended September 30,
2025202420252024
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation$935 $989 $2,011 $2,061 
Specialty casualty810 797 2,403 2,371 
Specialty financial268 269 826 754 
Total net earned premiums
2,013 2,055 5,240 5,186 
Net investment income205 195 554 589 
Other income6 2 9 6 
Total property and casualty insurance2,224 2,252 5,803 5,781 
Other94 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 casualty33 63 102 210 
Specialty financial51 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 insurance328 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 subsidiaries1 — 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,
2025202420252024
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums
$935 $989 $2,011 $2,061 
Losses and loss adjustment expenses728 784 1,426 1,441 
Commissions and other underwriting expenses152 172 466 487 
Underwriting profit
$55 $33 $119 $133 
Specialty casualty:
Net earned premiums
$810 $797 $2,403 $2,371 
Losses and loss adjustment expenses541 519 1,593 1,504 
Commissions and other underwriting expenses236 215 708 657 
Underwriting profit
$33 $63 $102 $210 
Specialty financial:
Net earned premiums
$268 $269 $826 $754 
Losses and loss adjustment expenses85 125 306 325 
Commissions and other underwriting expenses132 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 expenses1,355 1,430 3,327 3,274 
Commissions and other underwriting expenses520 510 1,568 1,494 
Underwriting profit
$138 $115 $345 $418