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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the components of the Company’s total revenues and expenses, pretax income (loss), net income (loss), net income (loss) attributable to common shareholders and total assets by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of AFG, which will include investment income on its investment portfolio and costs to maintain the operations of AFG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives.
|  | Legacy Financial Guarantee Insurance |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Consolidated (2)
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 11 |  |  | $ | 3 |  |  |  |  |  |  |  |  | $ | 14 |
Net investment income (loss) |  | (22) |  |  | — |  |  |  |  | $ | 1 |  |  |  |  | (21) |
Net gains on derivative contracts |  | 28 |  |  |  |  |  |  | 1 |  |  |  |  | 29 |
Net realized gains on extinguishment of debt |  | 57 |  |  |  |  |  |  |  |  |  |  | 57 |
Commission income |  |  |  |  |  | $ | 6 |  |  |  |  |  |  | 6 |
Other (1) |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 2 |
Total revenues (2) |  | 75 |  |  | 4 |  |  | 6 |  |  | 2 |  |  |  |  | 86 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expenses (benefit) |  | (14) |  |  | 2 |  |  |  |  |  |  |  |  | (12) |
Operating expenses (3) |  | 23 |  |  | 3 |  |  | 2 |  |  | 1 |  |  |  |  | 29 |
Depreciation expense (3) |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Intangible amortization |  | 13 |  |  |  |  | 1 |  |  |  |  |  |  | 13 |
Sub-producer commissions (3) |  |  |  |  |  | 4 |  |  |  |  |  |  | 4 |
Interest expense |  | 45 |  |  |  |  |  |  |  |  |  |  | 45 |
Total expenses (2) |  | 68 |  |  | 5 |  |  | 6 |  |  | 1 |  |  |  |  | 80 |
Pretax income (loss) |  | $ | 7 |  |  | $ | (1) |  |  | $ | — |  |  | $ | 1 |  |  |  |  | $ | 6 |
Total assets (2) |  | $ | 9,579 |  |  | $ | 229 |  |  | $ | 94 |  |  | $ | 159 |  |  |  |  | $ | 10,061 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 24 |  |  | $ | 4 |  |  |  |  |  |  |  |  | $ | 28 |
Net investment income (loss) |  | (18) |  |  | 1 |  |  |  |  | $ | 1 |  |  |  |  | (16) |
Net gains on derivative contracts |  | 85 |  |  | — |  |  |  |  | 1 |  |  |  |  | 86 |
Net realized gains on extinguishment of debt |  | 57 |  |  | — |  |  |  |  |  |  |  |  | 57 |
Commission income |  |  |  |  |  | $ | 15 |  |  |  |  |  |  | 15 |
Other (1) |  | 35 |  |  | 1 |  |  | — |  |  | — |  |  |  |  | 36 |
Total revenues (2) |  | 184 |  |  | 5 |  |  | 15 |  |  | 2 |  |  |  |  | 206 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expenses (benefit) |  | 9 |  |  | 3 |  |  |  |  |  |  |  |  | 12 |
Operating expenses (3) |  | 44 |  |  | 7 |  |  | 3 |  |  | 4 |  |  |  |  | 58 |
Depreciation expense (3) |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Intangible amortization |  | 26 |  |  |  |  | 1 |  |  |  |  |  |  | 28 |
Sub-producer commissions (3) |  |  |  |  |  | 8 |  |  |  |  |  |  | 8 |
Interest expense |  | 89 |  |  |  |  |  |  |  |  |  |  | 89 |
Total expenses (2) |  | 170 |  |  | 9 |  |  | 13 |  |  | 4 |  |  |  |  | 197 |
Pretax income (loss) |  | $ | 13 |  |  | $ | (4) |  |  | $ | 2 |  |  | $ | (3) |  |  |  |  | $ | 9 |
|  | Legacy Financial Guarantee Insurance |  | Specialty Property & Casualty Insurance |  | Insurance Distribution |  | Corporate & Other |  |  |  | Consolidated (2)
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 11 |  |  | $ | — |  |  |  |  |  |  |  |  | $ | 11 |
Net investment income |  | 41 |  |  | — |  |  |  |  | $ | — |  |  |  |  | 42 |
Net gains (losses) on derivative contracts |  | (11) |  |  |  |  |  |  |  |  |  |  | (11) |
Net realized gains on extinguishment of debt |  | — |  |  | — |  |  |  |  |  |  |  |  | — |
Commission income |  |  |  |  |  | $ | 6 |  |  |  |  |  |  | 6 |
Other (1) |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Total revenues (2) |  | 42 |  |  | — |  |  | 6 |  |  | — |  |  |  |  | 49 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expenses (benefit) |  | (26) |  |  | — |  |  |  |  |  |  |  |  | (26) |
Operating expenses (3) |  | 21 |  |  | 2 |  |  | 1 |  |  | — |  |  |  |  | 24 |
Depreciation expense (3) |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Intangible amortization |  | 13 |  |  |  |  | 1 |  |  |  |  |  |  | 14 |
Sub-producer commissions (3) |  |  |  |  |  | 4 |  |  |  |  |  |  | 4 |
Interest expense |  | 50 |  |  |  |  |  |  |  |  |  |  | 50 |
Total expenses |  | 59 |  |  | 2 |  |  | 6 |  |  | — |  |  |  |  | 66 |
Pretax income (loss) (2) |  | $ | (16) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (18) |
Total assets (2) |  | $ | 12,532 |  |  | $ | 109 |  |  | $ | 97 |  |  | $ | 169 |  |  |  |  | $ | 12,907 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned |  | $ | 25 |  |  | $ | — |  |  |  |  |  |  |  |  | $ | 25 |
Net investment income |  | 90 |  |  | — |  |  |  |  | $ | — |  |  |  |  | 91 |
Net gains on derivative contracts |  | 14 |  |  | — |  |  |  |  |  |  |  |  | 14 |
Net realized gains on extinguishment of debt |  | 33 |  |  | — |  |  |  |  |  |  |  |  | 33 |
Commission income |  |  |  |  |  | $ | 13 |  |  |  |  |  |  | 13 |
Other revenues (1) |  | (2) |  |  | — |  |  | — |  |  | 4 |  |  |  |  | 2 |
Total revenues (2) |  | 160 |  |  | — |  |  | 13 |  |  | 4 |  |  |  |  | 178 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expenses (benefit) |  | (18) |  |  | — |  |  |  |  |  |  |  |  | (18) |
Operating expenses (3) |  | 38 |  |  | 3 |  |  | 3 |  |  | 10 |  |  |  |  | 54 |
Depreciation expense (3) |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1 |
Intangible amortization |  | 31 |  |  |  |  | 1 |  |  |  |  |  |  | 33 |
Sub-producer commissions (3) |  |  |  |  |  | 7 |  |  |  |  |  |  | 7 |
Interest expense |  | 100 |  |  |  |  |  |  |  |  |  |  | 100 |
Total expenses |  | 152 |  |  | 3 |  |  | 11 |  |  | 10 |  |  |  |  | 177 |
Pretax income (loss) (2) |  | $ | 8 |  |  | $ | (3) |  |  | $ | 2 |  |  | $ | (6) |  |  |  |  | $ | 1 |
(1)Other revenues include the following line items on the Consolidated Statements of Total Comprehensive Income: Net investment gains (losses), including impairments, income (loss) on variable interest entities and other income (expense). (2)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately. Total assets noted in the Corporate and Other Column is net of AFG's investment in surplus notes issued by the Legacy Financial Guarantee Segment with fair values of $61 and $116 at June 30, 2022 and 2021. (3)The Consolidated Statements of Comprehensive Income presents the sum of these items as Operating Expenses.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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