Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2022

Segment reporting information, by segment

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	505	$	453	$	948	$	847
Specialty casualty	657		588		1,296		1,159
Specialty financial	171		157		334		314
Other specialty	60		52		117		103

Total premiums earned	1,393		1,250		2,695		2,423
Net investment income	156		143		379		302
Other income	6		1		10		5
Total property and casualty insurance	1,555		1,394		3,084		2,730
Other	77		68		151		135
Real estate-related entities (*)	—		22		—		51
Total revenues before realized gains (losses)	1,632		1,484		3,235		2,916
Realized gains (losses) on securities	(93)		43		(108)		120
Realized gain on subsidiaries	—		4		—		4
Total revenues	$	1,539	$	1,531	$	3,127	$	3,040

(*)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Earnings From Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	39	$	62	$	101	$	118
Specialty casualty	130		71		254		127
Specialty financial	37		21		66		46
Other specialty	(9)		(1)		(16)		(4)
Other lines	(1)		(1)		(2)		(1)
Total underwriting	196		152		403		286
Investment and other income, net	149		136		364		290
Total property and casualty insurance	345		288		767		576
Other (a)	(46)		(69)		(92)		(128)
Real estate-related entities (b)	—		22		—		51
Total earnings from continuing operations before realized gains (losses) and income taxes	299		241		675		499
Realized gains (losses) on securities	(93)		43		(108)		120
Realized gain on subsidiaries	—		4		—		4
Total earnings from continuing operations before income taxes	$	206	$	288	$	567	$	623

(a)Includes holding company interest and expenses, including losses of $9 million and $11 million on retirement of debt in the second quarter and first six months of 2022, respectively.

(b)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.