AMERICAN FINANCIAL GROUP INCAFG
AMERICAN FINANCIAL GROUP INC Segments Disclosure
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, 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. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Historically, AFG reported the results of its internal reinsurance facility (that assumes business from several of AFG’s Specialty property and casualty businesses) in an Other Specialty sub-segment. Beginning in 2025, to be consistent with how the Chief Operating Decision Makers (“CODMs”) currently view and evaluate AFG’s Property and casualty sub-segments, the internal reinsurance results are included within the same sub-segments as the ceding businesses. The CODMs believe this presentation better reflects the performance of the underlying operating businesses and enhances the financial reporting. Information from prior periods has been recast for consistent presentation. The impacts of all intercompany transactions between segments have been eliminated.
AFG’s 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 2025 and 2024 and 3% in 2023.
The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment.
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Property and casualty insurance (*) | $ | 27,654 | $ | 25,913 | |||||||
| Other | 4,988 | 4,923 | |||||||||
| Total assets | $ | 32,642 | $ | 30,836 | |||||||
(*)Not allocable to sub-segments.
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | |||||||||||||||||
| Property and casualty insurance: | |||||||||||||||||
Net earned premiums: | |||||||||||||||||
| Specialty | |||||||||||||||||
| Property and transportation | $ | 2,746 | $ | 2,826 | $ | 2,550 | |||||||||||
| Specialty casualty | 3,215 | 3,176 | 3,112 | ||||||||||||||
| Specialty financial | 1,085 | 1,034 | 869 | ||||||||||||||
Total net earned premiums | 7,046 | 7,036 | 6,531 | ||||||||||||||
| Net investment income | 725 | 784 | 729 | ||||||||||||||
| Other income | 12 | 8 | 16 | ||||||||||||||
| Total property and casualty insurance | 7,783 | 7,828 | 7,276 | ||||||||||||||
| Other | 380 | 496 | 591 | ||||||||||||||
Total revenues before realized gains (losses) | 8,163 | 8,324 | 7,867 | ||||||||||||||
Realized gains (losses) on securities | 10 | — | (36) | ||||||||||||||
Realized gains (losses) on subsidiaries | 1 | — | (4) | ||||||||||||||
| Total revenues | $ | 8,174 | $ | 8,324 | $ | 7,827 | |||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Earnings Before Income Taxes | |||||||||||||||||
| Property and casualty insurance: | |||||||||||||||||
| Underwriting: | |||||||||||||||||
| Specialty | |||||||||||||||||
| Property and transportation | $ | 335 | $ | 214 | $ | 174 | |||||||||||
| Specialty casualty | 129 | 279 | 348 | ||||||||||||||
| Specialty financial | 170 | 133 | 111 | ||||||||||||||
| Other lines | (5) | (6) | (2) | ||||||||||||||
Total underwriting (a) | 629 | 620 | 631 | ||||||||||||||
Investment and other income, net | 658 | 708 | 673 | ||||||||||||||
| Total property and casualty insurance | 1,287 | 1,328 | 1,304 | ||||||||||||||
Other (b) | (225) | (204) | (191) | ||||||||||||||
Total earnings before realized gains (losses) and income taxes | 1,062 | 1,124 | 1,113 | ||||||||||||||
Realized gains (losses) on securities | 10 | — | (36) | ||||||||||||||
Realized gains (losses) on subsidiaries | 1 | — | (4) | ||||||||||||||
Total earnings before income taxes | $ | 1,073 | $ | 1,124 | $ | 1,073 | |||||||||||
(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. Holding company expenses include special charges of $25 million, $14 million and $15 million in 2025, 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations and a gain on retirement of debt of $1 million in 2023.
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:
| 2025 | 2024 | 2023 | |||||||||||||||
Property and casualty insurance: | |||||||||||||||||
Specialty: | |||||||||||||||||
Property and transportation: | |||||||||||||||||
Net earned premiums | $ | 2,746 | $ | 2,826 | $ | 2,550 | |||||||||||
| Losses and loss adjustment expenses | 1,843 | 1,972 | 1,773 | ||||||||||||||
| Commissions and other underwriting expenses | 568 | 640 | 603 | ||||||||||||||
Underwriting profit | $ | 335 | $ | 214 | $ | 174 | |||||||||||
| Specialty casualty: | |||||||||||||||||
Net earned premiums | $ | 3,215 | $ | 3,176 | $ | 3,112 | |||||||||||
| Losses and loss adjustment expenses | 2,151 | 2,045 | 1,914 | ||||||||||||||
| Commissions and other underwriting expenses | 935 | 852 | 850 | ||||||||||||||
Underwriting profit | $ | 129 | $ | 279 | $ | 348 | |||||||||||
| Specialty financial: | |||||||||||||||||
Net earned premiums | $ | 1,085 | $ | 1,034 | $ | 869 | |||||||||||
| Losses and loss adjustment expenses | 389 | 432 | 328 | ||||||||||||||
| Commissions and other underwriting expenses | 526 | 469 | 430 | ||||||||||||||
Underwriting profit | $ | 170 | $ | 133 | $ | 111 | |||||||||||
Other lines: | |||||||||||||||||
| Losses and loss adjustment expenses | $ | 5 | $ | 6 | $ | 2 | |||||||||||
Underwriting loss | $ | (5) | $ | (6) | $ | (2) | |||||||||||
Total property and casualty insurance segment: | |||||||||||||||||
| Net earned premiums | $ | 7,046 | $ | 7,036 | $ | 6,531 | |||||||||||
| Losses and loss adjustment expenses | 4,388 | 4,455 | 4,017 | ||||||||||||||
| Commissions and other underwriting expenses | 2,029 | 1,961 | 1,883 | ||||||||||||||
Underwriting profit | $ | 629 | $ | 620 | $ | 631 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.