Segments of Operations (Tables)

9 Months Ended

Sep. 30, 2023

Segment reporting information, by segment

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


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	828	$	857	$	1,837	$	1,805
Specialty casualty	734		677		2,149		1,973
Specialty financial	232		171		623		505
Other specialty	61		62		190		179

Total premiums earned	1,855		1,767		4,799		4,462
Net investment income	170		145		568		524
Other income	5		2		13		12
Total property and casualty insurance	2,030		1,914		5,380		4,998
Other	157		105		435		256
Total revenues before realized gains (losses)	2,187		2,019		5,815		5,254
Realized gains (losses) on securities	(19)		(35)		(67)		(143)
Realized loss on subsidiary	(4)		—		(4)		—
Total revenues	$	2,164	$	1,984	$	5,744	$	5,111

Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	42	$	39	$	117	$	140
Specialty casualty	78		118		261		372
Specialty financial	29		15		65		81
Other specialty	(6)		(14)		(22)		(30)
Other lines	(1)		(3)		(1)		(5)
Total underwriting	142		155		420		558
Investment and other income, net	156		134		527		498
Total property and casualty insurance	298		289		947		1,056
Other (*)	(56)		(44)		(138)		(136)
Total earnings (loss) before realized gains (losses) and income taxes	242		245		809		920
Realized gains (losses) on securities	(19)		(35)		(67)		(143)
Realized loss on subsidiary	(4)		—		(4)		—
Total earnings before income taxes	$	219	$	210	$	738	$	777

(*)Includes holding company interest and expenses, which includes gains/(losses) on retirement of debt as follows: zero and $1 million in the third quarters of 2023 and 2022, respectively; $1 million and ($10) million in the first nine months of 2023 and 2022, respectively. Also includes a special charge of $15 million in the third quarter of 2023 to increase A&E reserves related to AFG’s former railroad and manufacturing operations.