Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting Information, by Segment

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


	2023		2022
Assets
Property and casualty insurance (*)	$	24,475	$	22,225
Other	5,312		6,606
Total assets	$	29,787	$	28,831

(*)Not allocable to sub-segments.


	2023		2022		2021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,519	$	2,487	$	2,144
Specialty casualty	2,886		2,659		2,408
Specialty financial	867		698		642
Other specialty	259		241		210

Total premiums earned	6,531		6,085		5,404
Net investment income	729		683		663
Other income	16		12		27
Total property and casualty insurance	7,276		6,780		6,094
Other	591		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.


	2023		2022		2021
Earnings from Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	184	$	208	$	279
Specialty casualty	375		500		377
Specialty financial	110		114		96
Other specialty	(36)		(42)		(15)
Other lines	(2)		(4)		(4)
Total underwriting	631		776		733
Investment and other income, net	673		643		657
Total property and casualty insurance	1,304		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 taxes	1,113		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.