Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2024

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.


	2024		2023
Assets
Property and casualty insurance (*)	$	25,913	$	24,475
Other	4,923		5,312
Total assets	$	30,836	$	29,787

(*)Not allocable to sub-segments.


	2024		2023		2022
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,793	$	2,519	$	2,487
Specialty casualty	2,967		2,886		2,659
Specialty financial	1,032		867		698
Other specialty	244		259		241

Total premiums earned	7,036		6,531		6,085
Net investment income	784		729		683
Other income	8		16		12
Total property and casualty insurance	7,828		7,276		6,780
Other	496		591		376
Total revenues before realized gains (losses)	8,324		7,867		7,156
Realized gains (losses) on securities	—		(36)		(116)
Realized loss on subsidiary	—		(4)		—
Total revenues	$	8,324	$	7,827	$	7,040


	2024		2023		2022
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	211	$	184	$	208
Specialty casualty	340		375		500
Specialty financial	134		110		114
Other specialty	(59)		(36)		(42)
Other lines	(6)		(2)		(4)
Total underwriting (a)	620		631		776
Investment and other income, net (b)	708		673		643
Total property and casualty insurance	1,328		1,304		1,419
Other (c)	(204)		(191)		(180)
Total earnings before realized gains (losses) and income taxes	1,124		1,113		1,239
Realized gains (losses) on securities	—		(36)		(116)
Realized loss on subsidiary	—		(4)		—
Total earnings before income taxes	$	1,124	$	1,073	$	1,123

(a)Significant segment expenses, which are losses and loss adjustment expenses and commissions and other underwriting expenses, are shown in the table below by sub-segment.

(b)Includes the amortization of intangibles and other miscellaneous expenses.

(c)Includes the expenses of the managed investment entities, interest charges on borrowed money and salaries, depreciation and other general expenses. Additionally, includes a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and special charges of $14 million and $15 million in 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations.

The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions) for the years ended:


	2024		2023		2022
Property and casualty insurance:
Specialty:
Property and transportation:
Premiums earned	$	2,793	$	2,519	$	2,487
Losses and loss adjustment expenses	1,952		1,741		1,735
Commissions and other underwriting expenses	630		594		544
Underwriting profit	$	211	$	184	$	208

Specialty casualty:
Premiums earned	$	2,967	$	2,886	$	2,659
Losses and loss adjustment expenses	1,853		1,739		1,453
Commissions and other underwriting expenses	774		772		706
Underwriting profit	$	340	$	375	$	500

Specialty financial:
Premiums earned	$	1,032	$	867	$	698
Losses and loss adjustment expenses	429		328		238
Commissions and other underwriting expenses	469		429		346
Underwriting profit	$	134	$	110	$	114

Other Specialty:
Premiums earned	$	244	$	259	$	241
Losses and loss adjustment expenses	215		207		199
Commissions and other underwriting expenses	88		88		84
Underwriting loss	$	(59)	$	(36)	$	(42)

Other lines:
Losses and loss adjustment expenses	$	6	$	2	$	4
Underwriting loss	$	(6)	$	(2)	$	(4)

Total property and casualty insurance segment:
Premiums earned	$	7,036	$	6,531	$	6,085
Losses and loss adjustment expenses	4,455		4,017		3,629
Commissions and other underwriting expenses	1,961		1,883		1,680
Underwriting profit	$	620	$	631	$	776