Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	390	$	379	$	776	$	740
Specialty casualty	547		634		1,103		1,263
Specialty financial	144		151		300		297
Other specialty	42		36		82		73
Other lines (a)	61		—		132		—
Total premiums earned	1,184		1,200		2,393		2,373
Net investment income (b)	72		124		165		228
Other income	3		2		8		5
Total property and casualty insurance	1,259		1,326		2,566		2,606
Annuity:
Net investment income	384		451		806		886
Other income	30		30		65		58
Total annuity	414		481		871		944
Other	74		97		136		194
Total revenues before realized gains (losses)	1,747		1,904		3,573		3,744
Realized gains (losses) on securities	204		56		(347)		240
Total revenues	$	1,951	$	1,960	$	3,226	$	3,984

(a)Represents premiums earned in the Neon exited lines during the second quarter and first six months of 2020. Neon’s $89 million and $177 million in earned premiums during the second quarter and first six months of 2019, respectively, are included in the Specialty casualty sub-segment.

(b)Includes income of less than $1 million for the second quarter of 2020 and a loss of $6 million in the Neon exited lines in the first six months of 2020 (primarily from the change in fair value of equity securities).

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Earnings (Loss) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	33	$	4	$	60	$	43
Specialty casualty	27		47		79		83
Specialty financial	—		21		17		34
Other specialty	(6)		(12)		(13)		(12)
Other lines (a)	(45)		(1)		(47)		(2)
Total underwriting	9		59		96		146
Investment and other income, net (b)	65		115		149		210
Total property and casualty insurance	74		174		245		356
Annuity	(17)		71		12		161
Other (c)	(43)		(42)		(80)		(85)
Total earnings before realized gains (losses) and income taxes	14		203		177		432
Realized gains (losses) on securities	204		56		(347)		240
Total earnings (loss) before income taxes	$	218	$	259	$	(170)	$	672

(a)Includes an underwriting loss of $43 million in the second quarter of 2020 and $44 million in the first six months of 2020 in the Neon exited lines. Neon’s $4 million and $14 million underwriting losses in the second quarter and first six months of 2019, respectively, are included in the Specialty casualty sub-segment.

(b)Includes $1 million and $10 million in the second quarter and first six months of 2020, respectively, in net expenses from the Neon exited lines, before noncontrolling interest.

(c)Includes holding company interest and expenses.