Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2014

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.

	2014		2013		2012
Assets
Property and casualty insurance (a)	$	14,069	$	11,717	$	12,163
Annuity	27,317		24,294		20,909
Run-off long-term care and life	2,489		2,408		2,304
Other	3,660		3,668		3,795
Total assets	$	47,535	$	42,087	$	39,171

Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	1,544	$	1,521		$	1,423
Specialty casualty	1,765		1,135			948
Specialty financial	469		469			405
Other specialty	100		79			71
Total premiums earned	3,878		3,204			2,847
Net investment income	294		263			275
Other income	9		15			24
Total property and casualty insurance	4,181		3,482			3,146
Annuity:
Net investment income	1,136		1,034			976
Other income	78		67			52
Total annuity	1,214		1,101			1,028
Run-off long-term care and life	194		194			191
Medicare supplement and critical illness (b)	—		—			212
Other	72		98			9
Total revenues before realized gains (losses)	5,661		4,875			4,586
Realized gains on securities	52		221			210
Realized gains (losses) on subsidiaries	—		(4		)	161
Total revenues	$	5,713	$	5,092		$	4,957

(a)   Not allocable to sub-segments.

(b)   Sold in August 2012.

	2014			2013			2012
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	21		$	12		$	19
Specialty casualty	136			102			53
Specialty financial	64			67			44
Other specialty	16			25			15
Other lines (a)	(25		)	(61		)	(44		)
Total underwriting	212			145			87
Investment and other income, net	244			230			235
Total property and casualty insurance	456			375			322
Annuity (b)	328			323			256
Run-off long-term care and life (c)	(10		)	(10		)	(157		)
Medicare supplement and critical illness (d)	—			—			28
Other (e)	(200		)	(216		)	(283		)
Total earnings before realized gains (losses) and income taxes	574			472			166
Realized gains on securities	52			221			210
Realized gains (losses) on subsidiaries	—			(4		)	161
Total earnings before income taxes	$	626		$	689		$	537

(a) Includes special charges to increase asbestos and environmental (“A&E”) reserves of $24 million, $54 million and $31 million in 2014, 2013 and 2012, respectively.

(b) Includes a $5 million charge in the second quarter of 2013 to cover expected assessments from state guaranty funds related to insolvency and liquidation of an unaffiliated life insurance company.

(c) Includes a loss recognition charge of $153 million in the fourth quarter of 2012.

(d) Sold in August 2012.

(e) Includes holding company expenses, special charges to increase A&E reserves ($6 million in 2014, $22 million in 2013 and $2 million in 2012) and losses of managed investment entities attributable to noncontrolling interests ($51 million in 2014, $26 million in 2013 and $98 million in 2012). Holding company expenses in 2012 also 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.