Segments of Operations (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020			2019
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	386		$	361
Specialty casualty	556			629
Specialty financial	156			146
Other specialty	40			37
Other lines (a)	71			—
Total premiums earned	1,209			1,173
Net investment income (b)	93			104
Other income	5			3
Total property and casualty insurance	1,307			1,280
Annuity:
Net investment income	422			435
Other income	35			28
Total annuity	457			463
Other	62			97
Total revenues before realized gains (losses)	1,826			1,840
Realized gains (losses) on securities	(551		)	184
Total revenues	$	1,275		$	2,024

(a) Represents premiums earned in the Neon exited lines during the first three months of 2020. Neon’s $88 million in earned premiums during the first three months of 2019 are included in the Specialty casualty sub-segment.

(b) Includes a net loss of $6 million in the Neon exited lines, primarily from the change in fair value of equity securities.

	Three months ended March 31,
	2020			2019
Earnings (Loss) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	27		$	39
Specialty casualty	52			36
Specialty financial	17			13
Other specialty	(7		)	—
Other lines (a)	(2		)	(1		)
Total underwriting	87			87
Investment and other income, net (b)	84			95
Total property and casualty insurance	171			182
Annuity	29			90
Other (c)	(37		)	(43		)
Total earnings before realized gains (losses) and income taxes	163			229
Realized gains (losses) on securities	(551		)	184
Total earnings (loss) before income taxes	$	(388	)	$	413

(a) Includes a $1 million underwriting loss in the first three months of 2020 in the Neon exited lines. Neon’s $10 million underwriting loss in the first three months of 2019 is included in the Specialty casualty sub-segment.

(b) Includes $9 million in net expenses from the Neon exited lines, before noncontrolling interest.

(c)

Includes holding company interest and expenses.