v3.26.1
Segments of Operations
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments of Operations Segments of Operations
AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company assets and costs.

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 and excess liability, general liability for the energy, construction and environmental industries, executive and professional liability, specialty coverages in targeted markets, 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), surety and fidelity products and trade credit insurance. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The impacts of all intercompany transactions between segments have been eliminated.
AFG’s Chief Operating Decision Makers (“CODMs”) are its Co-CEOs. The CODMs evaluate the performance of the Property and casualty insurance segment based on return on equity and underwriting profit. The CODMs use this measure to allocate resources and make capital decisions.

Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in both the second quarter and first six months of 2026 and 2025.

The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
June 30,
2026		December 31,
2025
Assets
Property and casualty insurance (*)$28,065 $27,654 
Other4,969 4,988 
Total assets$33,034 $32,642 
(*)Not allocable to sub-segments.
Three months ended June 30,Six months ended June 30,
2026202520262025
Revenues
Property and casualty insurance:
Net earned premiums:
Specialty
Property and transportation$590 $576 $1,116 $1,076 
Specialty casualty814 799 1,613 1,593 
Specialty financial290 272 574 558 
Total net earned premiums
1,694 1,647 3,303 3,227 
Net investment income221 179 389 349 
Other income3 — 7 3 
Total property and casualty insurance1,918 1,826 3,699 3,579 
Other96 96 187 196 
Total revenues before realized gains (losses)
2,014 1,922 3,886 3,775 
Realized gains (losses) on securities
16 2 (2)5 
Total revenues$2,030 $1,924 $3,884 $3,780 
Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation$57 $27 $122 $64 
Specialty casualty45 49 79 69 
Specialty financial42 38 99 75 
Other lines(2)(1)(2)(1)
Total underwriting (a)
142 113 298 207 
Investment and other income, net
208 160 361 312 
Total property and casualty insurance350 273 659 519 
Other (b)
(50)(46)(102)(98)
Total earnings before realized gains (losses) and income taxes
300 227 557 421 
Realized gains (losses) on securities
16 2 (2)5 
Total earnings before income taxes
$316 $229 $555 $426 
(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 interest charges on borrowed money and other holding company 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,
2026202520262025
Property and casualty insurance:
Specialty:
Property and transportation:
Net earned premiums
$590 $576 $1,116 $1,076 
Losses and loss adjustment expenses369 387 670 698 
Commissions and other underwriting expenses164 162 324 314 
Underwriting profit
$57 $27 $122 $64 
Specialty casualty:
Net earned premiums
$814 $799 $1,613 $1,593 
Losses and loss adjustment expenses525 516 1,042 1,052 
Commissions and other underwriting expenses244 234 492 472 
Underwriting profit
$45 $49 $79 $69 
Specialty financial:
Net earned premiums
$290 $272 $574 $558 
Losses and loss adjustment expenses104 103 192 221 
Commissions and other underwriting expenses144 131 283 262 
Underwriting profit
$42 $38 $99 $75 
Other lines:
Losses and loss adjustment expenses$2 $1 $2 $1 
Underwriting profit (loss)
$(2)$(1)$(2)$(1)
Total property and casualty insurance segment:
Net earned premiums
$1,694 $1,647 $3,303 $3,227 
Losses and loss adjustment expenses1,000 1,007 1,906 1,972 
Commissions and other underwriting expenses552 527 1,099 1,048 
Underwriting profit
$142 $113 $298 $207