v3.25.2
Segments of Operations (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
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.
June 30,
2025		December 31,
2024
Assets
Property and casualty insurance (*)$26,089 $25,913 
Other4,580 4,923 
Total assets$30,669 $30,836 
(*)Not allocable to sub-segments.
Three months ended June 30,Six months ended June 30,
2025202420252024
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation$576 $552 $1,076 $1,072 
Specialty casualty799 791 1,593 1,574 
Specialty financial272 242 558 485 
Total net earned premiums
1,647 1,585 3,227 3,131 
Net investment income179 189 349 394 
Other income— 2 3 4 
Total property and casualty insurance1,826 1,776 3,579 3,529 
Other96 126 196 265 
Total revenues before realized gains (losses)
1,922 1,902 3,775 3,794 
Realized gains (losses) on securities
2 (2)5 12 
Total revenues$1,924 $1,900 $3,780 $3,806 
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation$27 $40 $64 $100 
Specialty casualty49 86 69 147 
Specialty financial38 25 75 58 
Other lines(1)(1)(1)(2)
Total underwriting (a)
113 150 207 303 
Investment and other income, net (b)
160 169 312 356 
Total property and casualty insurance273 319 519 659 
Other (c)
(46)(46)(98)(96)
Total earnings before realized gains (losses) and income taxes
227 273 421 563 
Realized gains (losses) on securities
2 (2)5 12 
Total earnings before income taxes
$229 $271 $426 $575 
(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, salaries, depreciation and other general expenses.
The following table shows the components of underwriting profit, including significant segment expenses, for the Property and casualty insurance segment (in millions):
Three months ended June 30,Six months ended June 30,
2025202420252024
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums
$576 $552 $1,076 $1,072 
Losses and loss adjustment expenses387 351 698 657 
Commissions and other underwriting expenses162 161 314 315 
Underwriting profit
$27 $40 $64 $100 
Specialty casualty:
Net earned premiums
$799 $791 $1,593 $1,574 
Losses and loss adjustment expenses516 483 1,052 985 
Commissions and other underwriting expenses234 222 472 442 
Underwriting profit
$49 $86 $69 $147 
Specialty financial:
Net earned premiums
$272 $242 $558 $485 
Losses and loss adjustment expenses103 102 221 200 
Commissions and other underwriting expenses131 115 262 227 
Underwriting profit
$38 $25 $75 $58 
Other lines:
Losses and loss adjustment expenses$1 $1 $1 $2 
Underwriting profit (loss)
$(1)$(1)$(1)$(2)
Total property and casualty insurance segment:
Net earned premiums
$1,647 $1,585 $3,227 $3,131 
Losses and loss adjustment expenses1,007 937 1,972 1,844 
Commissions and other underwriting expenses527 498 1,048 984 
Underwriting profit
$113 $150 $207 $303