Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2020

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.


	2020		2019		2018
Assets
Property and casualty insurance (a)	$	19,689	$	19,098	$	17,681
Annuity	47,626		45,074		39,952
Other	6,251		5,958		5,823
Total assets	$	73,566	$	70,130	$	63,456



Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	1,871	$	1,828	$	1,729
Specialty casualty	2,235		2,597		2,403
Specialty financial	613		610		598
Other specialty	180		150		135
Other lines (b)	200		—		—
Total premiums earned	5,099		5,185		4,865
Net investment income (c)	399		472		438
Other income	8		11		10
Total property and casualty insurance	5,506		5,668		5,313
Annuity:
Net investment income	1,699		1,792		1,638
Other income	131		120		125
Total annuity	1,830		1,912		1,763
Other	261		370		340
Total revenues before realized gains (losses)	7,597		7,950		7,416
Realized gains (losses) on securities	289		287		(266)
Realized gains on subsidiaries	23		—		—
Total revenues	$	7,909	$	8,237	$	7,150

(a)Not allocable to sub-segments.

(b)Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million and $306 million in earned premiums during 2019 and 2018, respectively, are included in the Specialty casualty sub-segment.

(c)Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities).


	2020		2019		2018
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	181	$	79	$	120
Specialty casualty	223		175		141
Specialty financial	50		92		66
Other specialty	(28)		(21)		(5)
Other lines (a)	(202)		(113)		(20)
Total underwriting	224		212		302
Investment and other income, net (b)	360		437		407
Total property and casualty insurance	584		649		709
Annuity	171		362		361
Other (c)	(219)		(190)		(165)
Total earnings before realized gains (losses) and income taxes	536		821		905
Realized gains (losses) on securities	289		287		(266)
Realized gains on subsidiaries	23		—		—
Total earnings before income taxes	$	848	$	1,108	$	639

(a)Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million and $63 million underwriting losses in 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in both 2019 and 2018, and a $76 million charge in 2019 related to the Neon exited lines.

(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 $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020, $11 million in 2019 and $9 million in 2018). Also includes the results of AFG’s run-off life and long-term care businesses, including a $4 million loss recognition charge recorded in the run-off long-term care business in 2020.