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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 
Other4,826 4,988 
Total assets$32,353 $32,642 
(*)Not allocable to sub-segments.
Three months ended March 31,
20262025
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation$526 $500 
Specialty casualty799 794 
Specialty financial284 286 
Total net earned premiums
1,609 1,580 
Net investment income168 170 
Other income4 3 
Total property and casualty insurance1,781 1,753 
Other91 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 casualty34 20 
Specialty financial57 37 
Total underwriting (a)
156 94 
Investment and other income, net
153 152 
Total property and casualty insurance309 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,
20262025
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums
$526 $500 
Losses and loss adjustment expenses301 311 
Commissions and other underwriting expenses160 152 
Underwriting profit
$65 $37 
Specialty casualty:
Net earned premiums
$799 $794 
Losses and loss adjustment expenses517 536 
Commissions and other underwriting expenses248 238 
Underwriting profit
$34 $20 
Specialty financial:
Net earned premiums
$284 $286 
Losses and loss adjustment expenses88 118 
Commissions and other underwriting expenses139 131 
Underwriting profit
$57 $37 
Total property and casualty insurance segment:
Net earned premiums
$1,609 $1,580 
Losses and loss adjustment expenses906 965 
Commissions and other underwriting expenses547 521 
Underwriting profit
$156 $94