v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize the components of the Company’s total revenues and expenses, pretax income (loss) and total assets by reportable business segment. Information provided below for “Corporate and Other” primarily relates to the operations of AFG, which will include investment income on its investment portfolio and costs to maintain the operations of AFG, including public company reporting, capital management and business development costs for the acquisition and development of new business initiatives.
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Consoli-dated (2)
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & OtherConsoli-dated (2)
Revenues:
Net premiums earned$6 $27 $33 $8 $8 $15 
Commission income$13 13 $10 10 
Program fees3 3 2 2 
Net investment income32 1 — $2 36 32 1 — $2 35 
Net investment gains (losses), including impairments(1)— 5 4 (3)— — (3)
Net gains (losses) on derivative contracts1 — — 1 — — 
Other (1)
16 — — — 15 2 — — — 3 
Total revenues (2)
53 32 13 6 105 39 11 10 2 62 
Expenses:
Losses and loss adjustment expenses (benefit)(5)23 18 2 6 7 
Amortization of deferred acquisition costs, net— 5 5 — 1 1 
Commission expenses8 8 6 6 
General and administrative expenses (3)
22 5 3 17 47 23 4 2 6 36 
Depreciation expense (3)
— — — — 1 — — — — — 
Intangible amortization7 1 8 6 1 7 
Interest expense16 16 16 16 
Total expenses (2)
40 33 12 17 103 47 11 9 6 73 
Pretax income (loss)$13 $(1)$1 $(11)$2 $(8)$— $1 $(4)$(11)
Total assets (2)
$7,100 $713 $155 $216 $8,184 $7,376 $395 $137 $225 $8,132 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & Other
Consoli-dated (2)
Legacy Financial Guarantee InsuranceSpecialty Property & Casualty InsuranceInsurance DistributionCorporate & OtherConsoli-dated (2)
Revenues:
Net premiums earned$13 $53 $66 $14 $15 $29 
Commission income$31 $31 $25 $25 
Program fees$6 $6 $4 $4 
Net investment income (loss)$70 $3 $— $4 $78 $63 $2 $4 $69 
Net investment gains (losses), including impairments$— $— $5 $4 $(8)$— $— $(8)
Net gains (losses) on derivative contracts$2 $— $2 $(3)$— $(3)
Other (1)
$21 $— $— $— $21 $4 $— $— $— $4 
Total revenues (2)
$107 $61 $31 $8 $207 $71 $20 $25 $4 $120 
Expenses:
Losses and loss adjustment expenses$(26)$42 $16 $15 $10 $25 
Amortization of deferred acquisition costs, net$— $10 $10 $— $3 $3 
Commission expenses$18 $18 $14 $14 
General and administrative expenses (3)
$44 $8 $6 $24 $82 $52 $8 $5 $7 $72 
Depreciation expense (3)
$— $— $— $1 $1 $1 $— $— $— $1 
Intangible amortization$18 $2 $21 $11 $2 $13 
Interest expense$32 $32 $32 $32 
Total expenses (2)
$69 $61 $26 $24 $180 $111 $21 $20 $8 $160 
Pretax income (loss)$38 $1 $5 $(16)$27 $(40)$(1)$4 $(3)$(40)
(1)Other revenues include the following line item on the Consolidated Statements of Total Comprehensive Income: Income (loss) on variable interest entities and other income.
(2)Inter-segment revenues and inter-segment pre-tax income (loss) amounts are insignificant and are not presented separately.
(3)The Consolidated Statements of Comprehensive Income presents the sum of these items as General & Administrative Expenses.