Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2018

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



	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018			2017
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	374	$	357	$	724		$	699
Specialty casualty	595		537		1,174			1,045
Specialty financial	159		146		308			293
Other specialty	33		25		62			50
Total premiums earned	1,161		1,065		2,268			2,087
Net investment income	115		96		215			182
Other income (a)	2		4		4			20
Total property and casualty insurance	1,278		1,165		2,487			2,289
Annuity:
Net investment income	412		360		806			707
Other income	27		26		53			53
Total annuity	439		386		859			760
Other	85		87		168			162
Total revenues before realized gains (losses)	1,802		1,638		3,514			3,211
Realized gains (losses) on securities	31		8		(62		)	11
Total revenues	$	1,833	$	1,646	$	3,452		$	3,222



Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	23		$	21		$	56		$	64
Specialty casualty	29			29			70			44
Specialty financial	22			23			37			45
Other specialty	(1		)	—			2			(1		)
Other lines	(1		)	(1		)	(2		)	(2		)
Total underwriting	72			72			163			150
Investment and other income, net (a)	106			91			199			184
Total property and casualty insurance	178			163			362			334
Annuity	99			85			224			181
Other (b)	(48		)	(51		)	(90		)	(98		)
Total earnings before realized gains (losses) and income taxes	229			197			496			417
Realized gains (losses) on securities	31			8			(62		)	11
Total earnings before income taxes	$	260		$	205		$	434		$	428


(a)	Includes income of $13 million (before noncontrolling interest) from the sale of a hotel in the first quarter of 2017.


(b)	Includes holding company interest and expenses, including a $7 million loss on retirement of debt in the second quarter of 2017.