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Segments of Operations
 12 Months Ended
Dec. 31, 2023
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 a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.

Sales of property and casualty insurance outside of the United States represented 3% of AFG’s revenues in 2023 and 4% in both 2022 and 2021.

The following tables (in millions) show AFG’s assets, revenues and earnings from continuing operations before income taxes by segment and sub-segment.
20232022
Assets
Property and casualty insurance (*)$24,475 $22,225 
Other5,312 6,606 
Total assets$29,787 $28,831 
(*)Not allocable to sub-segments.
202320222021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation$2,519 $2,487 $2,144 
Specialty casualty2,886 2,659 2,408 
Specialty financial867 698 642 
Other specialty259 241 210 
Total premiums earned6,531 6,085 5,404 
Net investment income
729 683 663 
Other income16 12 27 
Total property and casualty insurance7,276 6,780 6,094 
Other591 376 293 
Real estate-related entities (*)
— — 51 
Total revenues before realized gains (losses)7,867 7,156 6,438 
Realized gains (losses) on securities(36)(116)110 
Realized gains (losses) on subsidiaries
(4)— 4 
Total revenues$7,827 $7,040 $6,552 
(*)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.
202320222021
Earnings from Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation$184 $208 $279 
Specialty casualty375 500 377 
Specialty financial110 114 96 
Other specialty(36)(42)(15)
Other lines
(2)(4)(4)
Total underwriting631 776 733 
Investment and other income, net
673 643 657 
Total property and casualty insurance1,304 1,419 1,390 
Other (a)
(191)(180)(220)
Real estate-related entities (b)
— — 51 
Total earnings from continuing operations before realized gains (losses) and income taxes1,113 1,239 1,221 
Realized gains (losses) on securities(36)(116)110 
Realized gains (losses) on subsidiaries(4)— 4 
Total earnings from continuing operations before income taxes
$1,073 $1,123 $1,335 
(a)Includes holding company interest and expenses, including a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and a $15 million special charge in 2023 to increase asbestos and environmental (“A&E”) reserves related to AFG’s former railroad and manufacturing operations.
(b)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.