Segments of Operations (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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

	Three months ended September 30,					Nine months ended September 30,
	2019			2018		2019		2018
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	583		$	526	$	1,323	$	1,250
Specialty casualty	658			616		1,921		1,790
Specialty financial	161			149		458		457
Other specialty	40			36		113		98
Total premiums earned	1,442			1,327		3,815		3,595
Net investment income	124			108		352		323
Other income	5			4		10		8
Total property and casualty insurance	1,571			1,439		4,177		3,926
Annuity:
Net investment income	448			413		1,334		1,219
Other income	28			27		82		80
Total annuity	476			440		1,416		1,299
Other	94			95		292		263
Total revenues before realized gains (losses)	2,141			1,974		5,885		5,488
Realized gains (losses) on securities	(18		)	34		222		(28		)
Total revenues	$	2,123		$	2,008	$	6,107	$	5,460

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	38		$	—		$	81		$	56
Specialty casualty	23			49			106			119
Specialty financial	26			9			60			46
Other specialty	1			(3		)	(11		)	(1		)
Other lines (a)	(34		)	(17		)	(36		)	(19		)
Total underwriting	54			38			200			201
Investment and other income, net	118			101			328			300
Total property and casualty insurance	172			139			528			501
Annuity	73			117			234			341
Other (b)	(50		)	(46		)	(135		)	(136		)
Total earnings before realized gains (losses) and income taxes	195			210			627			706
Realized gains (losses) on securities	(18		)	34			222			(28		)
Total earnings before income taxes	$	177		$	244		$	849		$	678

(a) Includes special charges of $18 million in both the third quarter of 2019 and 2018, respectively, to increase asbestos and environmental (“A&E”) reserves.

(b)

Includes holding company interest and expenses, including special charges of $11 million and $9 million in the third quarter of 2019 and 2018, respectively, to increase A&E reserves related to AFG’s former railroad and manufacturing operations.