Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2021

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.


	2021		2020
Assets
Property and casualty insurance (a)	$	21,312	$	19,620
Other	7,619		6,205
Total assets of continuing operations	28,931		25,825

Assets of discontinued annuity operations	—		47,885
Total assets	$	28,931	$	73,710


	2021		2020		2019
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,144	$	1,871	$	1,828
Specialty casualty	2,408		2,235		2,597
Specialty financial	642		613		610
Other specialty	210		180		150
Other lines (b)	—		200		—
Total premiums earned	5,404		5,099		5,185
Net investment income (c)	663		399		472
Other income	27		8		11
Total property and casualty insurance	6,094		5,506		5,668
Other	293		266		353
Real estate-related entities (d)	51		49		37
Total revenues before realized gains (losses)	6,438		5,821		6,058
Realized gains (losses) on securities	110		(75)		155
Realized gains on subsidiaries	4		23		—
Total revenues	$	6,552	$	5,769	$	6,213

(a)Not allocable to sub-segments.

(b)Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million in earned premiums during 2019 are included in the Specialty casualty sub-segment.

(c)Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities).

(d)Represents investment income from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.


	2021		2020		2019
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	279	$	181	$	79
Specialty casualty	377		223		175
Specialty financial	96		50		92
Other specialty	(15)		(28)		(21)
Other lines (a)	(4)		(202)		(113)
Total underwriting	733		224		212
Investment and other income, net (b)	657		360		437
Total property and casualty insurance	1,390		584		649
Other (c)	(220)		(215)		(196)
Real estate-related entities (d)	51		22		26
Total earnings before realized gains (losses) and income taxes	1,221		391		479
Realized gains (losses) on securities	110		(75)		155
Realized gains on subsidiaries	4		23		—
Total earnings before income taxes	$	1,335	$	339	$	634

(a)Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million underwriting loss in 2019 is included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in 2019, and a $76 million charge in 2019 related to the Neon exited lines.

(b)Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest.

(c)Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020 and $11 million in 2019).

(d)Represents investment income (net of DAC) from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.