Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2022

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.


	2022		2021
Assets
Property and casualty insurance (*)	$	22,225	$	21,312
Other	6,606		7,619
Total assets	$	28,831	$	28,931

(*)Not allocable to sub-segments.


	2022		2021		2020
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,487	$	2,144	$	1,871
Specialty casualty	2,659		2,408		2,235
Specialty financial	698		642		613
Other specialty	241		210		180
Other lines (a)	—		—		200
Total premiums earned	6,085		5,404		5,099
Net investment income (b)	683		663		399
Other income	12		27		8
Total property and casualty insurance	6,780		6,094		5,506
Other	376		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.


	2022		2021		2020
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	208	$	279	$	181
Specialty casualty	500		377		223
Specialty financial	114		96		50
Other specialty	(42)		(15)		(28)
Other lines (a)	(4)		(4)		(202)
Total underwriting	776		733		224
Investment and other income, net (b)	643		657		360
Total property and casualty insurance	1,419		1,390		584
Other (c)	(180)		(220)		(215)
Real estate-related entities (d)	—		51		22
Total earnings before realized gains (losses) and income taxes	1,239		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.