Segments of Operations (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

The following tables (in millions) show AFG’s revenues and operating earnings before income taxes by significant business segment and sub-segment.

	Three months ended					Nine months ended
	September 30,					September 30,
	2012		2011			2012		2011
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	487	$	500		$	1,040	$	1,029
Specialty casualty	243		216			699		651
Specialty financial	100		101			301		313
Other	18		18			51		50
Total premiums earned	848		835			2,091		2,043
Investment income	69		73			210		223
Realized gains	44		15			88		47
Other income	16		20			47		55
Total property and casualty insurance	977		943			2,436		2,368
Annuity and supplemental insurance:
Investment income	270		236			789		694
Life, accident and health premiums	80		107			290		324
Realized gains (losses) on securities	41		(8		)	57		(22		)
Realized gains (losses) on subsidiaries	156		—			155		(2		)
Other income	30		27			84		79
Total annuity and supplemental insurance	577		362			1,375		1,073
Other	9		30			15		26
Total revenues	$	1,563	$	1,335		$	3,826	$	3,467

	Three months ended						Nine months ended
	September 30,						September 30,
	2012			2011			2012			2011
Operating Earnings (Losses) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	—		$	5		$	33		$	38
Specialty casualty	8			20			45			38
Specialty financial	1			24			28			52
Other	7			9			10			14
Other lines (a)	(32		)	—			(39		)	(50		)
Total underwriting	(16		)	58			77			92
Investment and other income, net	58			65			174			205
Realized gains	44			15			88			47
Total property and casualty insurance	86			138			339			344
Annuity and supplemental insurance:
Operations (b)	81			47			224			157
Realized gains (losses) on securities	41			(8		)	57			(22		)
Realized gains (losses) on subsidiaries	156			—			155			(2		)
Total annuity and supplemental insurance	278			39			436			133
Other (c)	(79		)	(21		)	(208		)	(159		)
Total operating earnings before income taxes	$	285		$	156		$	567		$	318

(a) Includes third quarter 2012 and second quarter 2011 special charges of $31 million and $50 million, respectively, to increase asbestos and environmental reserves.

(b) Includes earnings from the Medicare supplement and critical illness operations, which were sold in August 2012, of $10 million and $11 million for the third quarter and $28 million and $21 million for the first nine months of 2012 and 2011, respectively.

(c) Includes holding company expenses and earnings (losses) of managed investment entities attributable to noncontrolling interests of ($18) million and $8 million for the third quarter and ($64) million and ($47) million for the first nine months of 2012 and 2011, respectively. Holding company expenses for the third quarter of 2012 include an $8 million loss on retirement of debt and a $15 million charge for a labor matter related to AFG’s former railroad operations.