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v3.26.1

Segments of Operations | 3 Months Ended
--- | ---
Mar. 31, 2026
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. The impacts of all intercompany transactions between segments have been eliminated. AFG’s Chief Operating Decision Makers (“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 5% and 4% of AFG’s revenues in the first three months of 2026 and 2025, respectively. The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
| March 31, 2026 |  | December 31, 2025
Assets |  |  |
Property and casualty insurance (*) | $ | 27,527 |  |  | $ | 27,654 |
Other | 4,826 |  |  | 4,988 |
Total assets | $ | 32,353 |  |  | $ | 32,642 |
(*)Not allocable to sub-segments.
|  |  | Three months ended March 31,
|  |  |  |  | 2026 |  | 2025
Revenues |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation |  |  |  |  | $ | 526 |  |  | $ | 500 |
Specialty casualty |  |  |  |  | 799 |  |  | 794 |
Specialty financial |  |  |  |  | 284 |  |  | 286 |
Total net earned premiums |  |  |  |  | 1,609 |  |  | 1,580 |
Net investment income |  |  |  |  | 168 |  |  | 170 |
Other income |  |  |  |  | 4 |  |  | 3 |
Total property and casualty insurance |  |  |  |  | 1,781 |  |  | 1,753 |
Other |  |  |  |  | 91 |  |  | 100 |
Total revenues before realized gains (losses) |  |  |  |  | 1,872 |  |  | 1,853 |
Realized gains (losses) on securities |  |  |  |  | (18) |  |  | 3 |
Total revenues |  |  |  |  | $ | 1,854 |  |  | $ | 1,856 |
Earnings Before Income Taxes |  |  |  |  |  |  |
Property and casualty insurance: |  |  |  |  |  |  |
Underwriting: |  |  |  |  |  |  |
Specialty |  |  |  |  |  |  |
Property and transportation |  |  |  |  | $ | 65 |  |  | $ | 37 |
Specialty casualty |  |  |  |  | 34 |  |  | 20 |
Specialty financial |  |  |  |  | 57 |  |  | 37 |
Total underwriting (a) |  |  |  |  | 156 |  |  | 94 |
Investment and other income, net |  |  |  |  | 153 |  |  | 152 |
Total property and casualty insurance |  |  |  |  | 309 |  |  | 246 |
Other (b) |  |  |  |  | (52) |  |  | (52) |
Total earnings before realized gains (losses) and income taxes |  |  |  |  | 257 |  |  | 194 |
Realized gains (losses) on securities |  |  |  |  | (18) |  |  | 3 |
Total earnings before income taxes |  |  |  |  | $ | 239 |  |  | $ | 197 |
(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. 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,
|  |  |  |  | 2026 |  | 2025
Property and casualty insurance: |  |  |  |  |  |  |
Specialty: |  |  |  |  |  |  |
Property and transportation: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 526 |  |  | $ | 500 |
Losses and loss adjustment expenses |  |  |  |  | 301 |  |  | 311 |
Commissions and other underwriting expenses |  |  |  |  | 160 |  |  | 152 |
Underwriting profit |  |  |  |  | $ | 65 |  |  | $ | 37 |
Specialty casualty: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 799 |  |  | $ | 794 |
Losses and loss adjustment expenses |  |  |  |  | 517 |  |  | 536 |
Commissions and other underwriting expenses |  |  |  |  | 248 |  |  | 238 |
Underwriting profit |  |  |  |  | $ | 34 |  |  | $ | 20 |
Specialty financial: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 284 |  |  | $ | 286 |
Losses and loss adjustment expenses |  |  |  |  | 88 |  |  | 118 |
Commissions and other underwriting expenses |  |  |  |  | 139 |  |  | 131 |
Underwriting profit |  |  |  |  | $ | 57 |  |  | $ | 37 |
Total property and casualty insurance segment: |  |  |  |  |  |  |
Net earned premiums |  |  |  |  | $ | 1,609 |  |  | $ | 1,580 |
Losses and loss adjustment expenses |  |  |  |  | 906 |  |  | 965 |
Commissions and other underwriting expenses |  |  |  |  | 547 |  |  | 521 |
Underwriting profit |  |  |  |  | $ | 156 |  |  | $ | 94 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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