Segments of Operations (Tables)

3 Months Ended

Mar. 31, 2021

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,
		2021		2020
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation		$	394	$	386
Specialty casualty		571		556
Specialty financial		157		156
Other specialty		51		40
Other lines (a)		—		71
Total premiums earned		1,173		1,209
Net investment income (b)		159		93
Other income		4		5
Total property and casualty insurance		1,336		1,307
Other (c)		96		76
Total revenues before realized gains (losses)		1,432		1,383
Realized gains (losses) on securities		77		(328)

Total revenues		$	1,509	$	1,055

(a)Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the first three months of 2020.

(b)Includes a loss of $6 million in the Neon exited lines in the first three months of 2020 (primarily from the change in fair value of equity securities).

(c)Includes $29 million in the first three months of 2021 and $12 million in the first three months of 2020 in investment income from real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale.


	Three months ended March 31,
		2021		2020
Earnings (Loss) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation		$	56	$	27
Specialty casualty		56		52
Specialty financial		25		17
Other specialty		(3)		(7)
Other lines (a)		—		(2)
Total underwriting		134		87
Investment and other income, net (b)		154		84
Total property and casualty insurance		288		171
Other (c)		(30)		(28)
Total earnings before realized gains (losses) and income taxes		258		143
Realized gains (losses) on securities		77		(328)

Total earnings (loss) before income taxes		$	335	$	(185)

(a)Includes an underwriting loss of $1 million in the first three months of 2020 in the Neon exited lines.

(b)Includes $9 million in the first three months of 2020 in net expenses from the Neon exited lines, before noncontrolling interest.

(c)Includes holding company interest and expenses and $29 million in the first three months of 2021 and $6 million (net of DAC) in the first three months of 2020 of earnings from the real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale.