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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

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- References

No definition available.

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