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Segments of Operations (Tables)

12 Months Ended

Dec. 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.

			2025						2024
Assets
Property and casualty insurance (*)			$	27,654					$	25,913
Other			4,988						4,923
Total assets			$	32,642					$	30,836

(*)Not allocable to sub-segments.

			2025						2024						2023
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation			$	2,746					$	2,826					$	2,550
Specialty casualty			3,215						3,176						3,112
Specialty financial			1,085						1,034						869
Total net earned premiums			7,046						7,036						6,531
Net investment income			725						784						729
Other income			12						8						16
Total property and casualty insurance			7,783						7,828						7,276
Other			380						496						591
Total revenues before realized gains (losses)			8,163						8,324						7,867
Realized gains (losses) on securities			10						—						(36)
Realized gains (losses) on subsidiaries			1						—						(4)
Total revenues			$	8,174					$	8,324					$	7,827

			2025						2024						2023
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation			$	335					$	214					$	174
Specialty casualty			129						279						348
Specialty financial			170						133						111
Other lines			(5)						(6)						(2)
Total underwriting (a)			629						620						631
Investment and other income, net			658						708						673
Total property and casualty insurance			1,287						1,328						1,304
Other (b)			(225)						(204)						(191)
Total earnings before realized gains (losses) and income taxes			1,062						1,124						1,113
Realized gains (losses) on securities			10						—						(36)
Realized gains (losses) on subsidiaries			1						—						(4)
Total earnings before income taxes			$	1,073					$	1,124					$	1,073

(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, $14 million and $15 million in 2025, 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations and a gain on retirement of debt of $1 million in 2023.

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:

			2025						2024						2023
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums			$	2,746					$	2,826					$	2,550
Losses and loss adjustment expenses			1,843						1,972						1,773
Commissions and other underwriting expenses			568						640						603
Underwriting profit			$	335					$	214					$	174
Specialty casualty:
Net earned premiums			$	3,215					$	3,176					$	3,112
Losses and loss adjustment expenses			2,151						2,045						1,914
Commissions and other underwriting expenses			935						852						850
Underwriting profit			$	129					$	279					$	348
Specialty financial:
Net earned premiums			$	1,085					$	1,034					$	869
Losses and loss adjustment expenses			389						432						328
Commissions and other underwriting expenses			526						469						430
Underwriting profit			$	170					$	133					$	111
Other lines:
Losses and loss adjustment expenses			$	5					$	6					$	2
Underwriting loss			$	(5)					$	(6)					$	(2)
Total property and casualty insurance segment:
Net earned premiums			$	7,046					$	7,036					$	6,531
Losses and loss adjustment expenses			4,388						4,455						4,017
Commissions and other underwriting expenses			2,029						1,961						1,883
Underwriting profit			$	629					$	620					$	631

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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