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Segments of Operations
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segments of Operations Segments of Operations
Subsequent to the sale of its annuity operations, see Note B — Discontinued Operations,” AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company assets and costs, and operations attributable to the noncontrolling interests of the managed investment entities.

AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.

As discussed in Note C — “Acquisitions and Sale of Businesses,” AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off in December 2019. Beginning with the first quarter of 2020, the results for AFG’s Specialty casualty sub-segment exclude the run-off operations of Neon (“Neon exited lines”). AFG completed the sale of Neon in December 2020.

Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in both 2022 and 2021 and 5% in 2020.
The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
20222021
Assets
Property and casualty insurance (*)$22,225 $21,312 
Other6,606 7,619 
Total assets$28,831 $28,931 
(*)Not allocable to sub-segments.
202220212020
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation$2,487 $2,144 $1,871 
Specialty casualty2,659 2,408 2,235 
Specialty financial698 642 613 
Other specialty241 210 180 
Other lines (a)— — 200 
Total premiums earned6,085 5,404 5,099 
Net investment income (b)683 663 399 
Other income12 27 8 
Total property and casualty insurance6,780 6,094 5,506 
Other376 293 266 
Real estate-related entities (c)— 51 49 
Total revenues before realized gains (losses)7,156 6,438 5,821 
Realized gains (losses) on securities(116)110 (75)
Realized gains on subsidiaries— 4 23 
Total revenues$7,040 $6,552 $5,769 
(a)Represents premiums earned in the Neon exited lines during 2020.
(b)Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities).
(c)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.
202220212020
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation$208 $279 $181 
Specialty casualty500 377 223 
Specialty financial114 96 50 
Other specialty(42)(15)(28)
Other lines (a)(4)(4)(202)
Total underwriting776 733 224 
Investment and other income, net (b)643 657 360 
Total property and casualty insurance1,419 1,390 584 
Other (c)(180)(220)(215)
Real estate-related entities (d)— 51 22 
Total earnings before realized gains (losses) and income taxes1,239 1,221 391 
Realized gains (losses) on securities(116)110 (75)
Realized gains on subsidiaries— 4 23 
Total earnings before income taxes$1,123 $1,335 $339 
(a)Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Also includes a special charge to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020.
(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 $9 million in 2022 and $5 million in 2020 and a $21 million special charge in 2020 to increase A&E reserves related to AFG’s former railroad and manufacturing operations.
(d)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.