Segments of Operations (Tables)

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	857	$	700	$	1,805	$	1,547
Specialty casualty	677		613		1,973		1,772
Specialty financial	171		163		505		477
Other specialty	62		53		179		156

Total premiums earned	1,767		1,529		4,462		3,952
Net investment income	145		165		524		467
Other income	2		4		12		9
Total property and casualty insurance	1,914		1,698		4,998		4,428
Other	105		73		256		208
Real estate-related entities (*)	—		—		—		51
Total revenues before realized gains (losses)	2,019		1,771		5,254		4,687
Realized gains (losses) on securities	(35)		(17)		(143)		103
Realized gain on subsidiaries	—		—		—		4
Total revenues	$	1,984	$	1,754	$	5,111	$	4,794

(*)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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Earnings From Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	39	$	45	$	140	$	163
Specialty casualty	118		110		372		237
Specialty financial	15		26		81		72
Other specialty	(14)		(12)		(30)		(16)
Other lines	(3)		(1)		(5)		(2)
Total underwriting	155		168		558		454
Investment and other income, net	134		161		498		451
Total property and casualty insurance	289		329		1,056		905
Other (a)	(44)		(45)		(136)		(173)
Real estate-related entities (b)	—		—		—		51
Total earnings from continuing operations before realized gains (losses) and income taxes	245		284		920		783
Realized gains (losses) on securities	(35)		(17)		(143)		103
Realized gain on subsidiaries	—		—		—		4
Total earnings from continuing operations before income taxes	$	210	$	267	$	777	$	890

(a)Includes holding company interest and expenses, including a gain of $1 million and a loss of $10 million on retirement of debt in the third quarter and first nine 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.