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Document and Entity Information - USD ($) $ in Billions	6 Months Ended
Document and Entity Information - USD ($) $ in Billions	Jun. 30, 2011	Aug. 01, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Entity Central Index Key	0001042046
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		100,516,338

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Assets:
Cash and cash equivalents	$ 1,629	$ 1,099
Investments:
Fixed maturities, available for sale at fair value (amortized cost - $19,417 and $18,490)	20,500	19,328
Fixed maturities, trading at fair value	395	393
Equity securities, at fair value (cost - $549 and $458)	779	690
Mortgage loans	340	468
Policy loans	255	264
Real estate and other investments	470	428
Total cash and investments	24,368	22,670
Recoverables from reinsurers	2,866	2,964
Prepaid reinsurance premiums	439	422
Agents' balances and premiums receivable	705	535
Deferred policy acquisition costs	1,198	1,244
Assets of managed investment entities	2,591	2,537
Other receivables	438	674
Variable annuity assets (separate accounts)	624	616
Other assets	638	606
Goodwill	186	186
Total assets	34,053	32,454
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	6,345	6,413
Unearned premiums	1,555	1,534
Annuity benefits accumulated	14,123	12,905
Life, accident and health reserves	1,685	1,650
Payable to reinsurers	302	320
Liabilities of managed investment entities	2,430	2,323
Long-term debt	940	952
Variable annuity liabilities (separate accounts)	624	616
Other liabilities	1,424	1,121
Total liabilities	29,428	27,834
Shareholders' equity:
Common Stock, no par value - 200,000,000 shares authorized -101,020,235 and 105,168,366 shares outstanding	101	105
Capital surplus	1,138	1,166
Retained earnings:
Appropriated - managed investment entities	142	197
Unappropriated	2,512	2,523
Accumulated other comprehensive income, net of tax	579	479
Total shareholders' equity	4,472	4,470
Noncontrolling interests	153	150
Total equity	4,625	4,620
Total liabilities and equity	$ 34,053	$ 32,454

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Investments:
Fixed maturities, available for sale at amortized cost	$ 19,417	$ 18,490
Equity securities, at cost	$ 549	$ 458
Shareholders' equity:
Common Stock, par value	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	101,020,235	105,168,366

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Property and casualty insurance premiums	$ 609	$ 572	$ 1,208	$ 1,151
Life, accident and health premiums	107	113	217	228
Investment income	306	294	606	589
Realized gains (losses) on:
Securities	19	11	19	15
Subsidiaries			(3)
Income (loss) of managed investment entities:
Investment income	26	23	51	45
Loss on change in fair value of assets/liabilities	(22)	(15)	(55)	(40)
Other income	48	54	89	98
Total revenues	1,093	1,052	2,132	2,086
Costs and Expenses:
Property and casualty insurance losses and loss adjustment expenses	413	302	754	606
Property and casualty insurance commissions and other underwriting expenses	207	207	419	411
Annuity benefits	125	118	241	226
Life, accident and health benefits	89	93	185	189
Annuity and supplemental insurance acquisition expenses	52	54	105	103
Interest charges on borrowed money	21	18	42	36
Expenses of managed investment entities	18	14	36	23
Other operating and general expenses	99	88	186	187
Total costs and expenses	1,024	894	1,968	1,781
Operating earnings before income taxes	69	158	164	305
Provision for income taxes	32	58	78	117
Net earnings, including noncontrolling interests	37	100	86	188
Less: Net earnings (loss) attributable to noncontrolling interests	(18)	(8)	(52)	(26)
Net Earnings Attributable to Shareholders	$ 55	$ 108	$ 138	$ 214
Earnings Attributable to Shareholders per Common Share:
Basic	$ 0.53	$ 0.98	$ 1.33	$ 1.92
Diluted	$ 0.52	$ 0.97	$ 1.31	$ 1.90
Average number of Common Shares:
Basic	102.7	110.2	103.7	111.1
Diluted	104.4	111.8	105.3	112.5
Cash dividends per Common Share	$ 0.1625	$ 0.1375	$ 0.325	$ 0.275
Supplemental disclosure of Realized gains (losses) on securities:
Realized gains before impairments	$ 40	$ 27	$ 50	$ 52
Losses on securities with impairment	(10)	(20)	(17)	(34)
Non-credit portion recognized in other comprehensive income (loss)	(11)	4	(14)	(3)
Impairment charges recognized in earnings	(21)	(16)	(31)	(37)
Total realized gains (losses) on securities	$ 19	$ 11	$ 19	$ 15

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings Appro.	Retained Earnings Unappro.	Accum. Other Comprehensive Inc. (Loss)	Total Shareholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2009	$ 3,919		$ 1,344	$ 0	$ 2,274	$ 163	$ 3,781	$ 138
Beginning Balance, shares at Dec. 31, 2009		113,386,343
Cumulative effect of accounting change	261			261	4	(4)	261
Net earnings	188				214		214	(26)
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on securities	242					240	240	2
Change in foreign currency translation	(1)					(1)	(1)
Total comprehensive income (loss)	429						453	(24)
Allocation of losses of managed investment entities				(33)			(33)	33
Dividends on Common Stock	(31)				(31)		(31)
Shares issued:
Exercise of stock options	11		11				11
Exercise of stock options, shares		523,671
Other benefit plans	5		5				5
Other benefit plans, shares		371,186
Dividend reinvestment plan, shares		8,672
Stock-based compensation expense	6		6				6
Shares acquired and retired	(151)		(66)		(85)		(151)
Shares acquired and retired, shares		(5,642,355)
Other	(2)		(1)				(1)	(1)
Ending Balance at Jun. 30, 2010	4,447		1,299	228	2,376	398	4,301	146
Ending Balance, shares at Jun. 30, 2010		108,647,517
Beginning Balance at Dec. 31, 2010	$ 4,620		1,271	197	2,523	479	4,470	150
Beginning Balance, shares at Dec. 31, 2010	105,168,366	105,168,366
Net earnings	$ 86				138		138	(52)
Other comprehensive income (loss), net of tax:
Change in unrealized gain (loss) on securities	96					94	94	2
Change in foreign currency translation	5					5	5
Change in unrealized pension and other postretirement benefits	1					1	1
Total comprehensive income (loss)	188						238	(50)
Allocation of losses of managed investment entities				(55)			(55)	55
Dividends on Common Stock	(34)				(34)		(34)
Shares issued:
Exercise of stock options	16		16				16
Exercise of stock options, shares		654,799
Other benefit plans	8		8				8
Other benefit plans, shares		357,042
Dividend reinvestment plan, shares		7,870
Stock-based compensation expense	7		7				7
Shares acquired and retired	(178)		(63)		(115)		(178)
Shares acquired and retired, shares		(5,167,842)
Other	(2)							(2)
Ending Balance at Jun. 30, 2011	$ 4,625		$ 1,239	$ 142	$ 2,512	$ 579	$ 4,472	$ 153
Ending Balance, shares at Jun. 30, 2011	101,020,235	101,020,235

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating Activities:
Net earnings, including noncontrolling interests	$ 86	$ 188
Adjustments:
Depreciation and amortization	96	97
Annuity benefits	241	226
Realized gains on investing activities	(16)	(15)
Net (purchases) sales of trading securities	6	(9)
Deferred annuity and life policy acquisition costs	(126)	(97)
Change in:
Reinsurance and other receivables	156	571
Other assets	12	10
Insurance claims and reserves	(12)	(329)
Payable to reinsurers	(18)	(185)
Other liabilities	113	(28)
Other operating activities, net	(4)	32
Net cash provided by (used in) operating activities	534	461
Investing Activities:
Purchases of fixed maturities	(2,302)	(2,353)
Purchases of equity securities	(104)	(24)
Purchases of mortgage loans	(91)	(137)
Purchases of real estate, property and equipment	(57)	(54)
Proceeds from maturities and redemptions of fixed maturities	1,106	970
Proceeds from repayments of mortgage loans	224	27
Proceeds from sales of fixed maturities	374	932
Proceeds from sales of equity securities	41	8
Proceeds from sales of real estate, property and equipment	1	1
Managed investment entities:
Purchases of investments	(681)	(394)
Proceeds from sales and redemptions of investments	754	441
Other investing activities, net	(6)	(124)
Net cash provided by (used in) investing activities	(741)	(707)
Financing Activities:
Annuity receipts	1,578	945
Annuity surrenders, benefits and withdrawals	(636)	(617)
Additional long-term borrowings	2	30
Reductions of long-term debt	(14)	(6)
Managed investment entities' retirement of liabilities	(8)	(39)
Issuances of Common Stock	16	11
Repurchases of Common Stock	(178)	(151)
Cash dividends paid on Common Stock	(34)	(31)
Other financing activities, net	11	(5)
Net cash provided by (used in) financing activities	737	137
Net Change in Cash and Cash Equivalents	530	(109)
Cash and cash equivalents at beginning of period	1,099	1,120
Cash and cash equivalents at end of period	$ 1,629	$ 1,011

Accounting Policies

6 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

Accounting Policies

Accounting Policies

Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. (“AFG”) and subsidiaries are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles.

Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to June 30, 2011, and prior to the filing date of this Form 10-Q, have been evaluated for potential recognition or disclosure herein.

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.

Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. In the first six months of 2011, AFG did not have any significant nonrecurring fair value measurements of nonfinancial assets and liabilities.

Investments Fixed maturity and equity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss) in AFG’s Balance Sheet. Fixed maturity and equity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in investment income. Mortgage and policy loans are carried primarily at the aggregate unpaid balance.

Premiums and discounts on fixed maturity securities are amortized using the interest method; mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations.

Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses)) and the cost basis of that investment is reduced. If management can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: 1) the amount related to credit losses (recorded in earnings) and 2) the amount related to all other factors (recorded in other comprehensive income (loss)). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. Both components are shown in the Statement of Earnings. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value.

Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value and consist primarily of (i) components of certain fixed maturity securities (primarily interest-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related call options (included in other investments) designed to be consistent with the characteristics of the liabilities and used to mitigate the risk embedded in those annuity products. Changes in the fair value of derivatives are included in earnings.

Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets. Goodwill is not amortized, but is subject to an impairment test at least annually.

Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG’s property and casualty insurance subsidiaries report as assets (a) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (b) amounts paid to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers as well as ceded premiums retained by AFG’s property and casualty insurance subsidiaries under contracts to fund ceded losses as they become due. AFG’s insurance subsidiaries also assume reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies.

Certain annuity and supplemental insurance subsidiaries cede life insurance policies to a third party on a funds withheld basis whereby the subsidiaries retain the assets (securities) associated with the reinsurance contracts. Interest is credited to the reinsurer based on the actual investment performance of the retained assets. These reinsurance contracts are considered to contain embedded derivatives (that must be adjusted to fair value) because the yield on the payables is based on specific blocks of the ceding companies’ assets, rather than the overall creditworthiness of the ceding company. AFG determined that changes in the fair value of the underlying portfolios of fixed maturity securities is an appropriate measure of the value of the embedded derivative. The securities related to these transactions are classified as “trading.” The adjustment to fair value on the embedded derivatives offsets the investment income recorded on the adjustment to fair value of the related trading portfolios.

Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and other marketing and underwriting expenses) related to the production of new business are deferred. DPAC also includes capitalized costs associated with sales inducements offered to fixed annuity policyholders such as enhanced interest rates and premium and persistency bonuses.

For the property and casualty companies, DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses, unamortized acquisition costs and policy maintenance costs exceed the related unearned premiums. A premium deficiency is first recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency is greater than unamortized acquisition costs, a liability is accrued for the excess deficiency and reported with unpaid losses and loss adjustment expenses.

DPAC related to annuities is deferred to the extent deemed recoverable and amortized, with interest, in relation to the present value of actual and expected gross profits on the policies. Expected gross profits consist principally of estimated future investment margin (estimated future net investment income less interest credited on policyholder funds) and surrender, mortality, and other life and variable annuity policy charges, less death and annuitization benefits in excess of account balances and estimated future policy administration expenses. To the extent that realized gains and losses result in adjustments to the amortization of DPAC related to annuities, such adjustments are reflected as components of realized gains (losses).

DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues.

DPAC related to annuities is also adjusted, net of tax, for the change in amortization that would have been recorded if the unrealized gains (losses) from securities had actually been realized. This adjustment is included in unrealized gains on marketable securities, a component of accumulated other comprehensive income in AFG’s Balance Sheet.

New accounting guidance issued in October 2010 specifies that a cost must be directly related to the successful acquisition of an insurance contract to qualify for deferral. The guidance is effective January 1, 2012, with retrospective application permitted, but not required. This guidance will result in fewer acquisition costs being capitalized by AFG. Management continues assessing the impact of adoption and expects that adoption will be reported retrospectively.

DPAC includes the present value of future profits on business in force of annuity and supplemental insurance companies acquired (“PVFP”). PVFP represents the portion of the costs to acquire companies that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. PVFP is amortized with interest in relation to expected gross profits of the acquired policies for annuities and universal life products and in relation to the premium paying period for traditional life and health insurance products.

Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE.

AFG manages, and has minor investments in, six collateralized loan obligations (“CLOs”) that are VIEs (see Note H — “Managed Investment Entities”). Both the management fees (payment of which are subordinate to other obligations of the CLOs) and the investments in the CLOs are considered variable interests. AFG has determined that it is the primary beneficiary of the CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) it has exposure to CLO losses (through its investments in the CLO subordinated debt tranches) and the right to receive benefits (through its subordinated management fees and returns on its investments), both of which could potentially be significant to the CLOs.

Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. As permitted under accounting guidance adopted on January 1, 2010, the assets and liabilities of the CLOs are included in AFG’s Balance Sheet at fair value. Prior to adoption of this guidance, the CLOs were not consolidated. Upon adoption of the guidance, the $261 million excess of fair value of the CLOs’ assets over the fair value of the liabilities was recorded in AFG’s Balance Sheet as appropriated retained earnings — managed investment entities, representing the cumulative effect of adopting the new guidance that ultimately will inure to the benefit of the CLO debt holders.

AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value subsequent to January 1, 2010, is separately presented in AFG’s Statement of Earnings. CLO earnings attributable to AFG’s shareholders represent the change in fair value of AFG’s investments in the CLOs and management fees earned. All other CLO earnings (losses) are not attributable to AFG’s shareholders and will ultimately inure to the benefit of the other CLO debt holders. As a result, such CLO earnings (losses) are included in net earnings (loss) attributable to noncontrolling interests in AFG’s Statement of Earnings and in appropriated retained earnings — managed investment entities in the Balance Sheet. As the CLOs approach maturity (2016 to 2022), it is expected that losses attributable to noncontrolling interests will reduce appropriated retained earnings towards zero as the fair values of the assets and liabilities converge and the CLO assets are used to pay the CLO debt.

Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims are based upon (a) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (b) estimates received from ceding reinsurers and insurance pools and associations; (c) estimates of unreported losses (including possible development on known claims) based on past experience; (d) estimates based on experience of expenses for investigating and adjusting claims; and (e) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage.

Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the Statement of Earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate.

Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability for interest credited are charged to expense and decreases for surrender charges are credited to other income.

For certain products, annuity benefits accumulated also includes reserves for accrued persistency and premium bonuses and excess benefits expected to be paid on future deaths and annuitizations (“EDAR”). The liability for EDAR is accrued for and modified using assumptions consistent with those used in determining DPAC and DPAC amortization, except that amounts are determined in relation to the present value of total expected assessments. Total expected assessments consist principally of estimated future investment margin, surrender, mortality, and other life and variable annuity policy charges, and unearned revenues once they are recognized as income.

Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends.

Variable Annuity Assets and Liabilities Separate accounts related to variable annuities represent the fair value of deposits invested in underlying investment funds on which AFG earns a fee. Investment funds are selected and may be changed only by the policyholder, who retains all investment risk.

AFG’s variable annuity contracts contain a guaranteed minimum death benefit (“GMDB”) to be paid if the policyholder dies before the annuity payout period commences. In periods of declining equity markets, the GMDB may exceed the value of the policyholder’s account. A GMDB liability is established for future excess death benefits using assumptions together with a range of reasonably possible scenarios for investment fund performance that are consistent with DPAC capitalization and amortization assumptions.

Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account, which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses.

Noncontrolling Interests For Balance Sheet purposes, noncontrolling interests represents the interests of shareholders other than AFG in consolidated entities. In the Statement of Earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities.

Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. Deferred tax assets are recognized if it is more likely than not that a benefit will be realized.

AFG records a liability for the inherent uncertainty in quantifying its income tax provisions. Related interest and penalties are recognized as a component of tax expense.

Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated “fair value” at the date of grant. AFG uses the Black-Scholes pricing model to measure the fair value of employee stock options. See Note K – “Shareholders’ Equity” for further information.

Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.

Earnings Per Share Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. The calculation of diluted earnings per share includes adjustments to weighted average common shares related to stock-based compensation plans: second quarter 2011 and 2010 — 1.7 million and 1.6 million; first six months of 2011 and 2010 — 1.6 million and 1.4 million, respectively.

AFG’s weighted average diluted shares outstanding excludes the following anti-dilutive potential common shares related to stock compensation plans: second quarter 2011 and 2010 — 2.4 million and 3.8 million; first six months of 2011 and 2010 — 2.1 million and 4.3 million, respectively. Adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share were nominal in the 2011 and 2010 periods.

Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Acquisition

6 Months Ended

Jun. 30, 2011

Acquisition [Abstract]

Acquisition

Acquisition

Vanliner Group, Inc. (“Vanliner”) In July 2010, National Interstate (“NATL”), a 52%-owned subsidiary of AFG, completed the acquisition of Vanliner, a market leader in providing insurance for the moving and storage industry, for $114 million (including post-closing adjustments). Vanliner’s moving and storage insurance premiums associated with policies in force as of December 31, 2010, totaled approximately $90 million, representing approximately 78% of its total business.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
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+ Details

Segments of Operations

6 Months Ended

Jun. 30, 2011

Segments of Operations [Abstract]

Segments of Operations

Segments of Operations

AFG manages its business as three segments: (i) property and casualty insurance, (ii) annuity and supplemental insurance and (iii) other, which includes holding company costs and operations of the managed investment entities.

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, trucks and recreational vehicles, inland and ocean marine, agricultural-related products and other property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, general liability, executive liability, umbrella and excess liability, customized programs for small to mid-sized businesses and California workers’ compensation, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including collateral and mortgage protection insurance), surety and fidelity products and trade credit insurance. AFG’s annuity and supplemental insurance business markets traditional fixed and indexed annuities and a variety of supplemental insurance products such as Medicare supplement. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.

The following tables (in millions) show AFG’s revenues and operating earnings before income taxes by significant business segment and sub-segment.


	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	274		$	209		$	529		$	425
Specialty casualty		219			219			435			437
Specialty financial		100			127			212			255
Other		16			17			32			34

Total premiums earned		609			572			1,208			1,151
Investment income		75			85			148			177
Realized gains (losses)		32			13			32			23
Other income		20			21			35			36

Total property and casualty insurance		736			691			1,423			1,387
Annuity and supplemental insurance:
Investment income		230			208			456			410
Life, accident and health premiums		107			113			217			228
Realized gains (losses)		(13	)		(2	)		(16	)		(8	)
Other income		27			33			50			58

Total annuity and supplemental insurance		351			352			707			688
Other		6			9			2			11


Total revenues	$	1,093		$	1,052		$	2,132		$	2,086


Operating Earnings Before Income Taxes
Property and casualty insurance:
Underwriting income (loss):
Specialty
Property and transportation	$	—		$	8		$	33		$	40
Specialty casualty		21			23			23			41
Specialty financial		13			33			23			54
Other		5			4			6			10
Other lines (a)		(50	)		(5	)		(50	)		(11	)

Total underwriting		(11	)		63			35			134
Investment and other income, net		70			81			138			162
Realized gains (losses)		32			13			32			23

Total property and casualty insurance		91			157			205			319
Annuity and supplemental insurance:
Operations		56			46			108			90
Realized gains (losses)		(13	)		(2	)		(16	)		(8	)

Total annuity and supplemental insurance		43			44			92			82
Other (b)		(65	)		(43	)		(133	)		(96	)


Total operating earnings before income taxes	$	69		$	158		$	164		$	305


(a)		Includes a second quarter 2011 special charge of $50 million to increase asbestos and environmental reserves.

(b)		Includes a second quarter 2011 special charge of $9 million to increase asbestos and environmental reserves and the following earnings (losses) of managed investment entities for the second quarter and first six months of 2011 and 2010 (in millions):


Attributable to:
AFG shareholders, including management fees	$	6		$	7		$	15		$	15
Noncontrolling interests	$	(20	)	$	(13	)	$	(55	)	$	(33	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 10
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-Topic 280
-SubTopic 10
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-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Fair Value Measurements

Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows:

Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities.

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. AFG’s Level 2 financial instruments include separate account assets, corporate and municipal fixed maturity securities, mortgage-backed securities (“MBS”) and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2.

Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available in the circumstances. AFG’s Level 3 is comprised of financial instruments, including liabilities of managed investment entities, whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information.

AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers.

Assets and liabilities measured at fair value are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
June 30, 2011
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	242	$	163	$	—	$	405
States, municipalities and political subdivisions		—		3,391		84		3,475
Foreign government		—		271		—		271
Residential MBS		—		3,587		255		3,842
Commercial MBS		—		2,361		10		2,371
All other corporate		10		9,744		382		10,136

Total AFS fixed maturities		252		19,517		731		20,500

Trading fixed maturities		—		394		1		395
Equity securities		629		129		21		779
Assets of managed investment entities (“MIE”)		125		2,413		53		2,591
Variable annuity assets (separate accounts) (a)		—		624		—		624
Other investments		—		113		—		113

Total assets accounted for at fair value	$	1,006	$	23,190	$	806	$	25,002


Liabilities:
Liabilities of managed investment entities	$	108	$	—	$	2,322	$	2,430
Derivatives in annuity benefits accumulated		—		—		299		299

Total liabilities accounted for at fair value	$	108	$	—	$	2,621	$	2,729


December 31, 2010
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	249	$	218	$	—	$	467
States, municipalities and political subdivisions		—		2,919		20		2,939
Foreign government		—		278		—		278
Residential MBS		—		3,563		312		3,875
Commercial MBS		—		2,117		6		2,123
All other corporate		9		9,201		436		9,646

Total AFS fixed maturities		258		18,296		774		19,328

Trading fixed maturities		—		390		3		393
Equity securities		461		208		21		690
Assets of managed investment entities (“MIE”)		96		2,393		48		2,537
Variable annuity assets (separate accounts) (a)		—		616		—		616
Other investments		—		98		—		98

Total assets accounted for at fair value	$	815	$	22,001	$	846	$	23,662


Liabilities:
Liabilities of managed investment entities	$	65	$	—	$	2,258	$	2,323
Derivatives in annuity benefits accumulated		—		—		190		190

Total liabilities accounted for at fair value	$	65	$	—	$	2,448	$	2,513


(a)		Variable annuity liabilities equal the fair value of variable annuity assets.

During the second quarter of 2011, there were no significant transfers between Level 1 and Level 2. Approximately 3% of the total assets measured at fair value on June 30, 2011, were Level 3 assets. Approximately 33% of these assets were MBS whose fair values were determined primarily using non-binding broker quotes; the balance was primarily private placement debt securities whose fair values were determined internally using significant unobservable inputs, including the evaluation of underlying collateral and issuer creditworthiness, as well as certain Level 2 inputs such as comparable yields and multiples on similar publicly traded issues. The fair values of the liabilities of managed investment entities were determined using non-binding broker quotes, which were reviewed by AFG’s investment professionals.

Changes in balances of Level 3 financial assets and liabilities during the second quarter and first six months of 2011 and 2010 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.


				Total
				realized/unrealized
				gains (losses)
				included in
							Other
	Balance at						comp.			Purchases						Transfer		Transfer			Balance at
	March 31,			Net			income			and			Sales and			into		out of			June 30,
	2011			income			(loss)			issuances			Settlements			Level 3		Level 3			2011
AFS fixed maturities:
State and municipal	$	21		$	—		$	—		$	53		$	—		$	10	$	—		$	84
Residential MBS		271			—			(2	)		17			(7	)		—		(24	)		255
Commercial MBS		9			—			—			—			—			1		—			10
All other corporate		424			1			6			46			(26	)		2		(71	)		382
Trading fixed maturities		1			—			—			—			—			—		—			1
Equity securities		21			—			—			—			—			—		—			21
Assets of MIE		54			—			—			9			(2	)		2		(10	)		53
Liabilities of MIE (*)		(2,316	)		(10	)		—			—			4			—		—			(2,322	)
Embedded derivatives		(234	)		(10	)		—			(60	)		5			—		—			(299	)


(*)		Total realized/unrealized loss included in net income includes losses of $10 million related to liabilities outstanding as of June 30, 2011. See Note H — “Managed Investment Entities.”


				Total
				realized/unrealized
				gains (losses)
				included in
							Other		Purchases,
	Balance at						comp.		sales,			Transfer		Transfer			Balance at
	March 31,			Net			income		issuances and			into		out of			June 30,
	2010			income			(loss)		settlements			Level 3		Level 3			2010
AFS fixed maturities:
State and municipal	$	6		$	—		$	1		($3	)	$	17	$	—		$	21
Residential MBS		372			1			10		(12	)		2		(47	)		326
Commercial MBS		6			—			—		—			—		—			6
All other corporate		356			(11	)		9		42			46		(16	)		426
Trading fixed maturities		4			—			—		—			—		(3	)		1
Equity securities		24			—			—		—			—		—			24
Assets of MIE		100			1			—		(10	)		7		(52	)		46
Liabilities of MIE		(2,178	)		16			—		10			—		—			(2,152	)
Embedded derivatives		(131	)		13			—		(10	)		—		—			(128	)


				Total
				realized/unrealized
				gains (losses)
				included in
							Other
	Balance at						comp.			Purchases						Transfer		Transfer			Balance at
	Dec. 31,			Net			income			and			Sales and			into		out of			June 30,
	2010			income			(loss)			issuances			Settlements			Level 3		Level 3			2011
AFS fixed maturities:
State and municipal	$	20		$	—		$	1		$	53		$	—		$	10	$	—		$	84
Residential MBS		312			1			(2	)		17			(20	)		7		(60	)		255
Commercial MBS		6			—			—			—			—			4		—			10
All other corporate		436			(1	)		6			91			(37	)		24		(137	)		382
Trading fixed maturities		3			—			—			—			—			—		(2	)		1
Equity securities		21			—			2			—			(2	)		—		—			21
Assets of MIE		48			(1	)		—			16			(6	)		8		(12	)		53
Liabilities of MIE (*)		(2,258	)		(72	)		—			—			8			—		—			(2,322	)
Embedded derivatives		(190	)		(29	)		—			(90	)		10			—		—			(299	)


(*)		Total realized/unrealized loss included in net income includes losses of $71 million related to liabilities outstanding as of June 30, 2011. See Note H — “Managed Investment Entities.”


							Total
							realized/unrealized
							gains (losses)
							included in
				Consolidate						Other			Purchases,
	Balance at			Managed						comp.			sales,			Transfer		Transfer			Balance at
	Dec. 31,			Inv.			Net			income			issuances and			into		out of			June 30,
	2009			Entities			income			(loss)			settlements			Level 3		Level 3			2010
AFS fixed maturities:
State and municipal	$	23		$	—		$	—		$	1			($3	)	$	17		($17	)	$	21
Residential MBS		435			—			2			11			6			2		(130	)		326
Commercial MBS		—			—			—			—			6			—		—			6
All other corporate		311			(6	)		(12	)		8			87			69		(31	)		426
Trading fixed maturities		1			—			—			—			4			—		(4	)		1
Equity securities		25			—			—			(1	)		—			—		—			24
Assets of MIE		—			90			5			—			(4	)		7		(52	)		46
Liabilities of MIE		—			(2,100	)		(90	)		—			38			—		—			(2,152	)
Embedded derivatives		(113	)		—			1			—			(16	)		—		—			(128	)

Fair Value of Financial Instruments The following table presents (in millions) the carrying value and estimated fair value of AFG’s financial instruments at June 30, 2011 and December 31, 2010.


	June 30, 2011				December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets:
Cash and cash equivalents	$	1,629	$	1,629	$	1,099	$	1,099
Fixed maturities		20,895		20,895		19,721		19,721
Equity securities		779		779		690		690
Mortgage loans		340		349		468		469
Policy loans		255		255		264		264
Other investments — derivatives		113		113		98		98
Assets of managed investment entities		2,591		2,591		2,537		2,537
Variable annuity assets (separate accounts)		624		624		616		616

Liabilities:
Annuity benefits accumulated(*)	$	13,915	$	13,512	$	12,696	$	12,233
Long-term debt		940		1,033		952		1,023
Liabilities of managed investment entities		2,430		2,430		2,323		2,323
Variable annuity liabilities (separate accounts)		624		624		616		616
Other liabilities — derivatives		18		18		14		14


(*)		Excludes life contingent annuities in the payout phase.

The carrying amount of cash and cash equivalents approximates fair value. Fair values for mortgage loans are estimated by discounting the future contractual cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. The fair value of policy loans is estimated to approximate carrying value; policy loans have no defined maturity dates and are inseparable from insurance contracts. The fair value of annuity benefits was estimated based on expected cash flows discounted using forward interest rates adjusted for the Company’s credit risk and includes the impact of maintenance expenses and capital costs. Fair values of long-term debt are based primarily on quoted market prices.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Investments

6 Months Ended

Jun. 30, 2011

Investments [Abstract]

Investments

Investments

Available for sale fixed maturities and equity securities at June 30, 2011, and December 31, 2010, consisted of the following (in millions):


	June 30, 2011									December 31, 2010
	Amortized		Fair		Gross Unrealized					Amortized		Fair		Gross Unrealized
	Cost		Value		Gains		Losses			Cost		Value		Gains		Losses

Fixed maturities:
U.S. Government and government agencies	$	391	$	405	$	14	$	—		$	453	$	467	$	15	$	(1	)
States, municipalities and political subdivisions		3,378		3,475		112		(15	)		2,927		2,939		53		(41	)
Foreign government		260		271		11		—			269		278		9		—
Residential MBS		3,735		3,842		224		(117	)		3,781		3,875		222		(128	)
Commercial MBS		2,183		2,371		190		(2	)		1,972		2,123		153		(2	)
All other corporate		9,470		10,136		693		(27	)		9,088		9,646		602		(44	)


Total fixed maturities	$	19,417	$	20,500	$	1,244	$	(161	)	$	18,490	$	19,328	$	1,054	$	(216	)


Common stocks	$	407	$	633	$	231	$	(5	)	$	312	$	543	$	232	$	(1	)


Perpetual preferred stocks	$	142	$	146	$	8	$	(4	)	$	146	$	147	$	6	$	(5	)

The non-credit related portion of other-than-temporary impairment charges are included in other comprehensive income (loss). Such charges taken for residential MBS still owned at June 30, 2011 and December 31, 2010, respectively were $238 million and $258 million.

The following tables show gross unrealized losses (in millions) on fixed maturities and equity securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2011 and December 31, 2010.


	Less Than Twelve Months								Twelve Months or More
	Unrealized			Fair		Fair Value as			Unrealized			Fair		Fair Value as
	Loss			Value		% of Cost			Loss			Value		% of Cost
June 30, 2011
Fixed maturities:
U.S. Government and government agencies	$	—		$	38		100	%	$	—		$	—		—	%
States, municipalities and political subdivisions		(12	)		665		98	%		(3	)		46		94	%
Foreign government		—			1		100	%		—			—		—	%
Residential MBS		(20	)		629		97	%		(97	)		466		83	%
Commercial MBS		(1	)		102		99	%		(1	)		11		92	%
All other corporate		(19	)		1,066		98	%		(8	)		116		94	%


Total fixed maturities	$	(52	)	$	2,501		98	%	$	(109	)	$	639		85	%


Common Stocks	$	(5	)	$	47		90	%	$	—		$	—		—	%


Perpetual Preferred Stocks	$	—		$	5		100	%	$	(4	)	$	41		91	%


December 31, 2010
Fixed maturities:
U.S. Government and government agencies	$	(1	)	$	86		99	%	$	—		$	—		—	%
States, municipalities and political subdivisions		(38	)		1,180		97	%		(3	)		40		93	%
Foreign government		—			37		99	%		—			—		—	%
Residential MBS		(11	)		412		97	%		(117	)		551		82	%
Commercial MBS		(2	)		83		98	%		—			15		97	%
All other corporate		(24	)		1,020		98	%		(20	)		275		93	%


Total fixed maturities	$	(76	)	$	2,818		97	%	$	(140	)	$	881		86	%


Common Stocks	$	—		$	21		99	%	$	(1	)	$	4		88	%


Perpetual Preferred Stocks	$	—		$	22		98	%	$	(5	)	$	37		88	%

At June 30, 2011 the gross unrealized losses on fixed maturities of $161 million relate to approximately 900 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 49% of the gross unrealized loss and 79% of the fair value.

Gross Unrealized Losses on MBS At June 30, 2011, gross unrealized losses on AFG’s residential MBS represented 73% of the total gross unrealized loss on fixed maturity securities (and 90% of the “twelve months or more”). Of the residential MBS that have been in an unrealized loss position (“impaired”) for 12 months or more (237 securities), approximately 35% of the unrealized losses and 51% of the fair value relate to investment grade rated securities. AFG analyzes its MBS securities for other-than-temporary impairment each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data. For the first six months of 2011, AFG recorded in earnings $34 million in other-than-temporary impairment charges related to its residential MBS.

Gross Unrealized Losses on All Other Corporates For the first six months of 2011, AFG recorded in earnings $2 million in other-than-temporary charges on “all other corporate” securities. Management concluded that no additional charges for other-than-temporary impairments were required based on many factors, including AFG’s ability and intent to hold the investments for a period of time sufficient to allow for anticipated recovery of its amortized cost, the length of time and the extent to which fair value has been below cost, analysis of historical and projected company-specific financial data, the outlook for industry sectors, and credit ratings.

The following tables progress the credit portion of other-than-temporary impairments on fixed maturity securities for which the non-credit portion of an impairment has been recognized in other comprehensive income (loss) (in millions).


	2011			2010
Balance at March 31	$	151		$	122
Additional credit impairments on:
Previously impaired securities		22			4
Securities without prior impairments		4			3
Reductions — disposals		(6	)		(8	)


Balance at June 30	$	171		$	121


Balance at January 1	$	143		$	99
Additional credit impairments on:
Previously impaired securities		29			23
Securities without prior impairments		5			7
Reductions — disposals		(6	)		(8	)


Balance at June 30	$	171		$	121

The table below sets forth the scheduled maturities of available for sale fixed maturities as of June 30, 2011 (in millions). Asset-backed securities and other securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. MBS had an average life of approximately 4 years at June 30, 2011.


	Amortized		Fair Value
Maturity	Cost		Amount		%
One year or less	$	457	$	471		2	%
After one year through five years		5,154		5,475		27
After five years through ten years		5,904		6,287		31
After ten years		1,984		2,054		10

		13,499		14,287		70
MBS		5,918		6,213		30

Total	$	19,417	$	20,500		100	%

Certain risks are inherent in connection with fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates.

There were no investments in individual issuers that exceeded 10% of Shareholders’ Equity at June 30, 2011 or December 31, 2010.

Net Unrealized Gain on Marketable Securities In addition to adjusting equity securities and fixed maturity securities classified as “available for sale” to fair value, GAAP requires that deferred policy acquisition costs related to annuities and certain other balance sheet amounts be adjusted to the extent that unrealized gains and losses from securities would result in adjustments to those balances had the unrealized gains or losses actually been realized. The following table shows the components of the net unrealized gain on securities that is included in Accumulated Other Comprehensive Income in AFG’s Balance Sheet.


				Deferred Tax and
				Amounts Attributable
				to Noncontrolling
	Pre-tax			Interests			Net
June 30, 2011
Unrealized gain on:
Fixed maturity securities	$	1,083		$	(384	)	$	699
Equity securities		230			(81	)		149
Deferred policy acquisition costs		(434	)		152			(282	)
Annuity benefits and other liabilities		6			(2	)		4

	$	885		$	(315	)	$	570


December 31, 2010
Unrealized gain on:
Fixed maturity securities	$	838		$	(295	)	$	543
Equity securities		232			(82	)		150
Deferred policy acquisition costs		(340	)		118			(222	)
Annuity benefits and other liabilities		6			(2	)		4

	$	736		$	(261	)	$	475

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows (in millions):


							Mortgage Loans									Noncon-
	Fixed			Equity			and Other						Tax			trolling
	Maturities			Securities			Investments			Other(a)			Effects			Interests			Total
Quarter ended June 30, 2011
Realized before impairments	$	11		$	34		$	(5	)	$	—		$	(15	)	$	(1	)	$	24
Realized — impairments		(26	)		—			(1	)		6			8			—			(13	)
Change in Unrealized		208			(15	)		—			(70	)		(44	)		(2	)		77

Quarter ended June 30, 2010
Realized before impairments	$	35		$	1		$	(7	)	$	(2	)	$	(10	)	$	(1	)	$	16
Realized — impairments		(22	)		—			(1	)		7			6			—			(10	)
Change in Unrealized		283			2			—			(110	)		(62	)		—			113

Six months ended June 30, 2011
Realized before impairments	$	24		$	35		$	(7	)	$	(2	)	$	(18	)	$	(1	)	$	31
Realized — impairments		(37	)		—			(4	)		10			11			—			(20	)
Change in Unrealized		245			(2	)		—			(94	)		(53	)		(2	)		94

Six months ended June 30, 2010
Realized before impairments	$	69		$	2		$	(14	)	$	(5	)	$	(18	)	$	(1	)	$	33
Realized — impairments		(50	)		—			(3	)		16			13			—			(24	)
Change in Unrealized		633			(3	)		—			(257	)		(131	)		(2	)		240


(a)		Primarily adjustments to deferred policy acquisition costs related to annuities.

Realized gains (losses) on securities includes net losses of less than $1 million in the second quarter and $3 million in the first six months of 2011 compared to net gains of $9 million and $26 million in the second quarter and first six months of 2010 from the mark-to-market of certain MBS, primarily interest-only securities with interest rates that float inversely with short-term rates. Gross realized gains and losses (excluding impairment writedowns and mark-to-market of derivatives) on available for sale fixed maturity and equity security investment transactions included in the Statement of Cash Flows consisted of the following (in millions):


	Six months ended
	June 30,
	2011			2010
Fixed maturities:
Gross gains	$	29		$	52
Gross losses		(2	)		(9	)

Equity securities:
Gross gains		36			2
Gross losses		—			—

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6509901
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Derivatives

6 Months Ended

Jun. 30, 2011

Derivatives [Abstract]

Derivatives

Derivatives

As discussed under “Derivatives” in Note A, AFG uses derivatives in certain areas of its operations. AFG’s derivatives do not qualify for hedge accounting under GAAP; changes in the fair value of derivatives are included in earnings.

The following derivatives are included in AFG’s Balance Sheet at fair value (in millions):


		June 30, 2011				December 31, 2010
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
MBS with embedded derivatives	Fixed maturities	$	93	$	—	$	101	$	—
Interest rate swaptions	Other investments		21		—		21		—
Indexed annuities (embedded derivative)	Annuity benefits accumulated		—		299		—		190
Equity index call options	Other investments		92		—		77		—
Reinsurance contracts (embedded derivative)	Other liabilities		—		18		—		14

		$	206	$	317	$	199	$	204

The MBS with embedded derivatives consist primarily of interest-only MBS with interest rates that float inversely with short-term rates. AFG records the entire change in the fair value of these securities in earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio.

AFG has entered into $1 billion notional amount of pay-fixed interest rate swaptions (options to enter into pay-fixed/receive floating interest rate swaps at future dates expiring between 2012 and 2015) to mitigate interest rate risk in its annuity operations. AFG paid $29 million to purchase these swaptions, which represents its maximum potential economic loss over the life of the contracts.

AFG’s indexed annuities, which represented 30% of annuity benefits accumulated at June 30, 2011, provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market index. AFG attempts to mitigate the risk in the index-based component of these products through the purchase of call options on the appropriate index. AFG’s strategy is designed so that an increase in the liabilities, due to an increase in the market index, will be generally offset by unrealized and realized gains on the call options purchased by AFG. Both the index-based component of the annuities and the related call options are considered derivatives.

As discussed under “Reinsurance” in Note A, certain reinsurance contracts in AFG’s annuity and supplemental insurance business are considered to contain embedded derivatives.

The following table summarizes the gain (loss) included in the Statement of Earnings for changes in the fair value of these derivatives for the second quarter and first six months of 2011 and 2010 (in millions):


		Three months ended						Six months ended
		June 30,						June 30,
Derivative	Statement of Earnings Line	2011			2010			2011			2010
MBS with embedded derivatives	Realized gains	$	—		$	9		$	(3	)	$	26
Interest rate swaptions	Realized gains		(5	)		(6	)		(7	)		(14	)
Indexed annuities (embedded derivative)	Annuity benefits		(10	)		13			(29	)		1
Equity index call options	Annuity benefits		2			(23	)		20			(12	)
Reinsurance contracts (embedded derivative)	Investment income		(4	)		(5	)		(4	)		(10	)

		$	(17	)	$	(12	)	$	(23	)	$	(9	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Deferred Policy Acquisition Costs

6 Months Ended

Jun. 30, 2011

Deferred Policy Acquisition Costs [Abstract]

Deferred Policy Acquisition Costs

Deferred Policy Acquisition Costs

Deferred policy acquisition costs consisted of the following (in millions):


	June 30,			December 31,
	2011			2010
Property and casualty insurance	$	331		$	324
Annuity and supplemental insurance:
Policy acquisition costs		940			892
Policyholder sales inducements		208			204
Present value of future profits (“PVFP”)		153			164
Impact of unrealized gains and losses on securities		(434	)		(340	)

Total annuity and supplemental		867			920


	$	1,198		$	1,244

The PVFP amounts in the table above are net of $185 million and $174 million of accumulated amortization at June 30, 2011 and December 31, 2010, respectively. Amortization of the PVFP was $5 million in the second quarter and $11 million during the first six months of 2011 and $10 million in the second quarter and $16 million in the first six months of 2010, respectively.

Managed Investment Entities

6 Months Ended

Jun. 30, 2011

Managed Investment Entities [Abstract]

Managed Investment Entities

Managed Investment Entities

AFG is the investment manager and has investments ranging from 7.5% to 24.4% of the most subordinate debt tranche of six collateralized loan obligation entities or “CLOs,” which are considered variable interest entities. Upon formation between 2004 and 2007, these entities issued securities in various senior and subordinate classes and invested the proceeds primarily in secured bank loans, which serve as collateral for the debt securities issued by each particular CLO. None of the collateral was purchased from AFG. AFG’s investments in these entities receive residual income from the CLOs only after the CLOs pay operating expenses (including management fees to AFG), interest on and returns of capital to senior levels of debt securities. There are no contractual requirements for AFG to provide additional funding for these entities. AFG has not provided and does not intend to provide any financial support to these entities. One of the CLOs is expected to be liquidated in August 2011, resulting in a reduction in assets and liabilities of managed investment entities of approximately $498 million and $480 million, respectively, and an $18 million reduction in appropriated retained earnings. The impact on net income attributable to shareholders is not expected to be material.

AFG’s maximum ultimate exposure to economic loss on its CLOs is limited to its investment in the CLOs, which had an aggregate fair value of $19 million at June 30, 2011.

The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings after the elimination of management fees and earnings attributable to shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions):


	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Gains (losses) on change in fair value of assets/liabilities (a):
Assets	$	(12	)	$	(31	)	$	17		$	50
Liabilities		(10	)		16			(72	)		(90	)
Management fees paid to AFG		5			4			8			8
CLO earnings (losses) attributable to:
AFG shareholders (b)		1			3			7			7
Noncontrolling interests (b)		(20	)		(13	)		(55	)		(33	)


(a)		Included in AFG’s “Revenues.”

(b)		Included in AFG’s “Operating earnings before income taxes.”

The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $60 million and $69 million at June 30, 2011 and December 31, 2010. The aggregate unpaid principal balance of the CLOs’ debt exceeded its fair value by $229 million and $301 million at those dates. The CLO assets include $6 million in loans at both June 30, 2011 and December 31, 2010, (aggregate unpaid principal balance of $18 million and $12 million, respectively) for which the CLOs are not accruing interest because the loans are in default.

Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangibles [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

There were no changes in the goodwill balance of $186 million during the six months ended June 30, 2011. Included in other assets in AFG’s Balance Sheet is $43 million at June 30, 2011 and $49 million at December 31, 2010, in amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $41 million and $35 million, respectively. Amortization of these intangibles was $3 million in the second quarter and $6 million during the first six months of both 2011 and 2010.

Other assets also include $8 million in non-amortizable intangible assets related to insurance licenses acquired in the acquisition of Vanliner in 2010.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt

6 Months Ended

Jun. 30, 2011

Long-Term Debt [Abstract]

Long-Term Debt

Long-Term Debt

The carrying value of long-term debt consisted of the following (in millions):


	June 30,		December 31,
	2011		2010
Direct obligations of AFG:
9-7/8% Senior Notes due June 2019	$	350	$	350
7% Senior Notes due September 2050		132		132
7-1/8% Senior Debentures due February 2034		115		115
Other		3		3

		600		600

Subsidiaries:
Obligations of AAG Holding (guaranteed by AFG):
7-1/2% Senior Debentures due November 2033		112		112
7-1/4% Senior Debentures due January 2034		86		86
Notes payable secured by real estate due 2011 through 2016		65		65
Secured borrowings ($17 and $18 guaranteed by AFG)		35		41
National Interstate bank credit facility		22		20
American Premier 10-7/8% Subordinated Notes		—		8

		320		332

Payable to Subsidiary Trusts:
AAG Holding Variable Rate Subordinated Debentures due May 2033		20		20


	$	940	$	952

		Scheduled principal payments on debt for the balance of 2011 and the subsequent five years were as follows: 2011 – $6 million; 2012 – $34 million; 2013 – $20 million; 2014 – $2 million; 2015 – $14 million and 2016 – $45 million.

		As shown below (in millions), the majority of AFG’s long-term debt is unsecured obligations of the holding company and its subsidiaries:


	June 30,		December 31,
	2011		2010
Unsecured obligations	$	840	$	846
Obligations secured by real estate		65		65
Other secured borrowings		35		41

	$	940	$	952

		AFG can borrow up to $500 million under its revolving credit facility which expires in August 2013. Amounts borrowed under this agreement bear interest at rates ranging from 1.75% to 3.00% (currently 2%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at June 30, 2011.

		In May 2011, American Premier paid $8 million to redeem its outstanding 10-7/8% Subordinated Notes at maturity.

		In June 2010, National Interstate borrowed $30 million under its bank credit facility in connection with the July acquisition of Vanliner. In September 2010, AFG issued $132 million of 7% Senior Notes due in 2050.

Shareholders' Equity

6 Months Ended

Jun. 30, 2011

Shareholders' equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

		AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.

		Accumulated Other Comprehensive Income (Loss), Net of Tax Comprehensive income (loss) is defined as all changes in Shareholders’ Equity except those arising from transactions with shareholders. Comprehensive income (loss) includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale securities and foreign currency translation. The progression of the components of accumulated other comprehensive income (loss) follows (in millions):


							Pension and
	Pretax			Foreign			Other									Accumulated
	Net Unrealized			Currency			Postretirement						Noncon-			Other
	Gains (Losses)			Translation			Plans			Tax			trolling			Comprehensive
	on Securities			Adjustment			Adjustment			Effects			Interests			Income (Loss)
Balance at December 31, 2010	$	736	(a)	$	9		$	(13	)	$	(253	)	$	—		$	479	(a)
Unrealized holding gains on securities arising during the period		179			—			—			(63	)		(3	)		113
Realized gains included in net income		(30	)		—			—			10			1			(19	)
Foreign currency translation gains		—			5			—			—			—			5
Other		—			—			1			—			—			1


Balance at June 30, 2011	$	885	(a)	$	14		$	(12	)	$	(306	)	$	(2	)	$	579	(a)


Balance at December 31, 2009	$	258		$	1		$	(13	)	$	(86	)	$	3		$	163
Unrealized holding gains on securities arising during the period		405			—			—			(142	)		(3	)		260
Realized gains included in net income		(32	)		—			—			11			1			(20	)
Foreign currency translation losses		—			(1	)		—			—			—			(1	)
Other		(6	)		—			1			1			—			(4	)


Balance at June 30, 2010	$	625		$	—		$	(12	)	$	(216	)	$	1		$	398


(a)		Includes a net pretax unrealized gain of $1 million at June 30, 2011 compared to a net pretax unrealized loss of $17 million at December 31, 2010 ($11 million net of tax) related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

		Stock Based Compensation Under AFG’s Stock Incentive Plan, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first six months of 2011, AFG issued 131,955 shares of restricted Common Stock (fair value of $34.34 per share) and granted stock options for 1.1 million shares of Common Stock (at an average exercise price of $34.34) under the Stock Incentive Plan. In addition, AFG issued 188,302 shares of Common Stock (fair value of $33.99 per share) in the first quarter of 2011 under its Annual Co-CEO Equity Bonus Plan.

		AFG uses the Black-Scholes option pricing model to calculate the “fair value” of its option grants. Expected volatility is based on historical volatility over a period equal to the expected term. The expected term was estimated based on historical exercise patterns and post vesting cancellations. The weighted average fair value of options granted during 2011 was $12.49 per share based on the following assumptions: expected dividend yield – 1.9%; expected volatility – 38%; expected term – 7.3 years; risk-free rate – 3.04%.

		Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $5 million in the second quarter and $10 million during the first six months of both 2011 and 2010.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 1
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02.29-31)
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-Publisher FASB
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Income Taxes

Income Taxes

		Operating earnings before income taxes includes $20 million and $13 million in the second quarter of 2011 and 2010, respectively, and $55 million and $33 million in the first six months of 2011 and 2010, respectively, in non-deductible losses of managed investment entities attributable to noncontrolling interests, thereby increasing AFG’s effective tax rate.

		There have been no material changes to AFG’s liability for uncertain tax positions, which is discussed in Note L - “Income Taxes,” to AFG’s 2010 Form 10-K.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Contingencies

6 Months Ended

Jun. 30, 2011

Contingencies [Abstract]

Contingencies

Contingencies

Except as discussed in Management’s Discussion and Analysis – “Special Asbestos and Environmental Reserve Charge,” there have been no significant changes to the matters discussed and referred to in Note M – “Contingencies” of AFG’s 2010 Form 10-K covering property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims as well as environmental and occupational injury and disease claims of former subsidiary railroad and manufacturing operations.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Condensed Consolidating Information

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Information [Abstract]

Condensed Consolidating Information

Condensed Consolidating Information AFG has guaranteed all of the outstanding debt of Great American Financial Resources, Inc. (“GAFRI”) and GAFRI’s wholly-owned subsidiary, AAG Holding Company, Inc. In addition, GAFRI guarantees AAG Holding’s public debt. The AFG and GAFRI guarantees are full and unconditional and joint and several. Condensed consolidating financial statements for AFG are as follows:

CONDENSED CONSOLIDATING BALANCE SHEET
(In millions)


					AAG		All Other		Consol.
	AFG		GAFRI		Holding		Subs		Entries			Consolidated
JUNE 30, 2011

Assets:
Cash and investments	$	358	$	37	$	—	$	23,974	$	(1	)	$	24,368
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,305		—			3,305
Agents’ balances and premiums receivable		—		—		—		705		—			705
Deferred policy acquisition costs		—		—		—		1,198		—			1,198
Assets of managed investment entities		—		—		—		2,591		—			2,591
Other assets		80		8		8		1,806		(16	)		1,886
Investment in subsidiaries and affiliates		4,838		2,021		2,116		656		(9,631	)		—


Total assets	$	5,276	$	2,066	$	2,124	$	34,235	$	(9,648	)	$	34,053


Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	7,900	$	—		$	7,900
Annuity, life, accident and health benefits and reserves		—		—		—		15,809		(1	)		15,808
Liabilities of managed investment entities		—		—		—		2,430		—			2,430
Long-term debt		600		—		219		121		—			940
Other liabilities		204		20		112		2,159		(145	)		2,350

Total liabilities		804		20		331		28,419		(146	)		29,428

Total shareholders’ equity		4,472		2,046		1,793		5,663		(9,502	)		4,472
Noncontrolling interests		—		—		—		153		—			153


Total liabilities and equity	$	5,276	$	2,066	$	2,124	$	34,235	$	(9,648	)	$	34,053


DECEMBER 31, 2010

Assets:
Cash and investments	$	412	$	33	$	—	$	22,228	$	(3	)	$	22,670
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,386		—			3,386
Agents’ balances and premiums receivable		—		—		—		535		—			535
Deferred policy acquisition costs		—		—		—		1,244		—			1,244
Assets of managed investment entities		—		—		—		2,537		—			2,537
Other assets		36		6		5		2,050		(15	)		2,082
Investment in subsidiaries and affiliates		4,816		1,899		1,996		671		(9,382	)		—


Total assets	$	5,264	$	1,938	$	2,001	$	32,651	$	(9,400	)	$	32,454


Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	7,947	$	—		$	7,947
Annuity, life, accident and health benefits and reserves		—		—		—		14,556		(1	)		14,555
Liabilities of managed investment entities		—		—		—		2,323		—			2,323
Long-term debt		600		1		219		133		(1	)		952
Other liabilities		194		19		110		1,888		(154	)		2,057

Total liabilities		794		20		329		26,847		(156	)		27,834

Total shareholders’ equity		4,470		1,918		1,672		5,654		(9,244	)		4,470
Noncontrolling interests		—		—		—		150		—			150


Total liabilities and equity	$	5,264	$	1,938	$	2,001	$	32,651	$	(9,400	)	$	32,454

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
(In millions)


						AAG		All Other			Consol.
	AFG			GAFRI		Holding		Subs			Entries			Consolidated
FOR THE THREE MONTHS ENDED JUNE 30, 2011

Revenues:
Property and casualty insurance premiums	$	—		$	—	$	—	$	609		$	—		$	609
Life, accident and health premiums		—			—		—		107			—			107
Realized gains (losses)		—			—		—		20			(1	)		19
Income (loss) of managed investment entities		—			—		—		4			—			4
Investment and other income		—			2		—		359			(7	)		354
Equity in earnings of subsidiaries		118			40		48		—			(206	)		—

Total revenues		118			42		48		1,099			(214	)		1,093

Costs and Expenses:
Insurance benefits and expenses		—			—		—		886			—			886
Interest charges on borrowed money		16			—		7		4			(6	)		21
Expenses of managed investment entities		—			—		—		18			—			18
Other operating and general expenses		15			6		1		79			(2	)		99

Total costs and expenses		31			6		8		987			(8	)		1,024


Operating earnings before income taxes		87			36		40		112			(206	)		69
Provision (credit) for income taxes		32			12		14		46			(72	)		32


Net earnings, including noncontrolling interests		55			24		26		66			(134	)		37
Less: Net earnings (loss) attributable to noncontrolling interests		—			—		—		(18	)		—			(18	)


Net Earnings Attributable to Shareholders	$	55		$	24	$	26	$	84		$	(134	)	$	55


						AAG		All Other			Consol.
	AFG			GAFRI		Holding		Subs			Entries			Consolidated
FOR THE THREE MONTHS ENDED JUNE 30, 2010

Revenues:
Property and casualty insurance premiums	$	—		$	—	$	—	$	572		$	—		$	572
Life, accident and health premiums		—			—		—		113			—			113
Realized gains (losses)		—			—		—		11			—			11
Income (loss) of managed investment entities		—			—		—		8			—			8
Investment and other income		(1	)		3		—		352			(6	)		348
Equity in earnings of subsidiaries		187			41		47		—			(275	)		—

Total revenues		186			44		47		1,056			(281	)		1,052

Costs and Expenses:
Insurance benefits and expenses		—			—		—		774			—			774
Interest charges on borrowed money		13			—		7		4			(6	)		18
Expenses of managed investment entities		—			—		—		14			—			14
Other operating and general expenses		7			3		1		74			3			88

Total costs and expenses		20			3		8		866			(3	)		894


Operating earnings before income taxes		166			41		39		190			(278	)		158
Provision (credit) for income taxes		58			15		14		67			(96	)		58


Net earnings, including noncontrolling interests		108			26		25		123			(182	)		100
Less: Net earnings (loss) attributable to noncontrolling interests		—			—		—		(8	)		—			(8	)


Net Earnings Attributable to Shareholders	$	108		$	26	$	25	$	131		$	(182	)	$	108

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
(In millions)


					AAG		All Other			Consol.
	AFG		GAFRI		Holding		Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2011

Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	1,208		$	—		$	1,208
Life, accident and health premiums		—		—		—		217			—			217
Realized gains (losses)		—		—		—		17			(1	)		16
Income (loss) of managed investment entities		—		—		—		(4	)		—			(4	)
Investment and other income		2		5		—		702			(14	)		695
Equity in earnings of subsidiaries		278		89		105		—			(472	)		—

Total revenues		280		94		105		2,140			(487	)		2,132

Costs and Expenses:
Insurance benefits and expenses		—		—		—		1,704			—			1,704
Interest charges on borrowed money		32		—		13		8			(11	)		42
Expenses of managed investment entities		—		—		—		36			—			36
Other operating and general expenses		32		9		2		146			(3	)		186

Total costs and expenses		64		9		15		1,894			(14	)		1,968


Operating earnings before income taxes		216		85		90		246			(473	)		164
Provision (credit) for income taxes		78		30		32		104			(166	)		78


Net earnings, including noncontrolling interests		138		55		58		142			(307	)		86
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(52	)		—			(52	)


Net Earnings Attributable to Shareholders	$	138	$	55	$	58	$	194		$	(307	)	$	138


					AAG		All Other			Consol.
	AFG		GAFRI		Holding		Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2010

Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	1,151		$	—		$	1,151
Life, accident and health premiums		—		—		—		228			—			228
Realized gains (losses)		—		—		—		15			—			15
Income (loss) of managed investment entities		—		—		—		5			—			5
Investment and other income		—		5		—		693			(11	)		687
Equity in earnings of subsidiaries		379		81		96		—			(556	)		—

Total revenues		379		86		96		2,092			(567	)		2,086

Costs and Expenses:
Insurance benefits and expenses		—		—		—		1,535			—			1,535
Interest charges on borrowed money		27		—		13		7			(11	)		36
Expenses of managed investment entities		—		—		—		23			—			23
Other operating and general expenses		21		7		3		156			—			187

Total costs and expenses		48		7		16		1,721			(11	)		1,781


Operating earnings before income taxes		331		79		80		371			(556	)		305
Provision (credit) for income taxes		117		28		28		139			(195	)		117


Net earnings, including noncontrolling interests		214		51		52		232			(361	)		188
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(26	)		—			(26	)


Net Earnings Attributable to Shareholders	$	214	$	51	$	52	$	258		$	(361	)	$	214

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions)


							AAG			All Other			Consol.
	AFG			GAFRI			Holding			Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2011

Operating Activities:
Net earnings, including noncontrolling interests	$	138		$	55		$	58		$	142		$	(307	)	$	86
Adjustments:
Equity in net earnings of subsidiaries		(181	)		(58	)		(68	)		—			307			—
Dividends from subsidiaries		190			—			—			—			(190	)		—
Other operating activities, net		(18	)		(1	)		1			466			—			448

Net cash provided by (used in) operating activities		129			(4	)		(9	)		608			(190	)		534


Investing Activities:
Purchases of investments, property and equipment		(25	)		—			—			(2,529	)		—			(2,554	)
Returns of capital from (capital contributions to) subsidiaries		29			(10	)		(1	)		—			(18	)		—
Proceeds from maturities and redemptions of investments		2			8			—			1,320			—			1,330
Proceeds from sales of investments, property and equipment		5			—			—			411			—			416
Managed investment entities:
Purchases of investments		—			—			—			(681	)		—			(681	)
Proceeds from sales and redemptions of investments		—			—			—			754			—			754
Other investing activities, net		—			—			—			(6	)		—			(6	)

Net cash provided by (used in) investing activities		11			(2	)		(1	)		(731	)		(18	)		(741	)


Financing Activities:
Annuity receipts		—			—			—			1,578			—			1,578
Annuity surrenders, benefits and withdrawals		—			—			—			(636	)		—			(636	)
Additional long-term borrowings		—			—			—			2			—			2
Reductions of long-term debt		—			—			—			(14	)		—			(14	)
Managed investment entities’ retirement of liabilities		—			—			—			(8	)		—			(8	)
Issuances of Common Stock		16			—			—			—			—			16
Capital contributions from (returns of capital to) parent		—			8			10			(36	)		18			—
Repurchases of Common Stock		(178	)		—			—			—			—			(178	)
Cash dividends paid		(34	)		—			—			(190	)		190			(34	)
Other financing activities, net		—			—			—			11			—			11

Net cash provided by (used in) financing activities		(196	)		8			10			707			208			737


Net change in cash and cash equivalents		(56	)		2			—			584			—			530
Cash and cash equivalents at beginning of period		370			20			—			709			—			1,099


Cash and cash equivalents at end of period	$	314		$	22		$	—		$	1,293		$	—		$	1,629

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions)


							AAG			All Other			Consol.
	AFG			GAFRI			Holding			Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2010

Operating Activities:
Net earnings, including noncontrolling interests	$	214		$	51		$	52		$	232		$	(361	)	$	188
Adjustments:
Equity in net earnings of subsidiaries		(246	)		(53	)		(63	)		—			362			—
Dividends from subsidiaries		204			—			16			—			(220	)		—
Other operating activities, net		(61	)		(2	)		3			334			(1	)		273

Net cash provided by (used in) operating activities		111			(4	)		8			566			(220	)		461


Investing Activities:
Purchases of investments, property and equipment		(3	)		—			—			(2,565	)		—			(2,568	)
Returns of capital from (capital contributions to) subsidiaries		(8	)		8			—			—			—			—
Proceeds from maturities and redemptions of investments		—			4			—			993			—			997
Proceeds from sales of investments, property and equipment		—			—			—			941			—			941
Managed investment entities:
Purchases of investments		—			—			—			(394	)		—			(394	)
Proceeds from sales and redemptions of investments		—			—			—			441			—			441
Other investing activities, net		—			—			—			(124	)		—			(124	)

Net cash provided by (used in) investing activities		(11	)		12			—			(708	)		—			(707	)


Financing Activities:
Annuity receipts		—			—			—			945			—			945
Annuity surrenders, benefits and withdrawals		—			—			—			(617	)		—			(617	)
Additional long-term borrowings		—			—			—			30			—			30
Reductions of long-term debt		—			—			—			(6	)		—			(6	)
Managed investment entities’ retirement of liabilities		—			—			—			(39	)		—			(39	)
Issuances of Common Stock		11			—			—			—			—			11
Capital contributions from (returns of capital to) parent		—			8			(8	)		—			—			—
Repurchases of Common Stock		(151	)		—			—			—			—			(151	)
Cash dividends paid		(31	)		—			—			(220	)		220			(31	)
Other financing activities, net		(2	)		—			—			(3	)		—			(5	)

Net cash provided by (used in) financing activities		(173	)		8			(8	)		90			220			137


Net change in cash and cash equivalents		(73	)		16			—			(52	)		—			(109	)
Cash and cash equivalents at beginning of period		197			12			—			911			—			1,120


Cash and cash equivalents at end of period	$	124		$	28		$	—		$	859		$	—		$	1,011

Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

Basis of Presentation

Fair Value Measurements

Deferred Policy Acquisition Costs ("DPAC")

Managed Investment Entities

Unpaid Losses and Loss Adjustment Expenses

Annuity Benefits Accumulated

Life, Accident and Health Reserves

Variable Annuity Assets and Liabilities

Premium Recognition

Noncontrolling Interests

Income Taxes

AFG records a liability for the inherent uncertainty in quantifying its income tax provisions. Related interest and penalties are recognized as a component of tax expense.

Stock-Based Compensation

Benefit Plans

Earnings Per Share

Statement of Cash Flows

Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2011

Segments of Operations [Abstract]

Segment Reporting Information, by Segment


	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	274		$	209		$	529		$	425
Specialty casualty		219			219			435			437
Specialty financial		100			127			212			255
Other		16			17			32			34

Total premiums earned		609			572			1,208			1,151
Investment income		75			85			148			177
Realized gains (losses)		32			13			32			23
Other income		20			21			35			36

Total property and casualty insurance		736			691			1,423			1,387
Annuity and supplemental insurance:
Investment income		230			208			456			410
Life, accident and health premiums		107			113			217			228
Realized gains (losses)		(13	)		(2	)		(16	)		(8	)
Other income		27			33			50			58

Total annuity and supplemental insurance		351			352			707			688
Other		6			9			2			11


Total revenues	$	1,093		$	1,052		$	2,132		$	2,086


Operating Earnings Before Income Taxes
Property and casualty insurance:
Underwriting income (loss):
Specialty
Property and transportation	$	—		$	8		$	33		$	40
Specialty casualty		21			23			23			41
Specialty financial		13			33			23			54
Other		5			4			6			10
Other lines (a)		(50	)		(5	)		(50	)		(11	)

Total underwriting		(11	)		63			35			134
Investment and other income, net		70			81			138			162
Realized gains (losses)		32			13			32			23

Total property and casualty insurance		91			157			205			319
Annuity and supplemental insurance:
Operations		56			46			108			90
Realized gains (losses)		(13	)		(2	)		(16	)		(8	)

Total annuity and supplemental insurance		43			44			92			82
Other (b)		(65	)		(43	)		(133	)		(96	)


Total operating earnings before income taxes	$	69		$	158		$	164		$	305


(a)		Includes a second quarter 2011 special charge of $50 million to increase asbestos and environmental reserves.

(b)		Includes a second quarter 2011 special charge of $9 million to increase asbestos and environmental reserves and the following earnings (losses) of managed investment entities for the second quarter and first six months of 2011 and 2010 (in millions):


Attributable to:
AFG shareholders, including management fees	$	6		$	7		$	15		$	15
Noncontrolling interests	$	(20	)	$	(13	)	$	(55	)	$	(33	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Assets and liabilities measured at fair value


	Level 1		Level 2		Level 3		Total
June 30, 2011
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	242	$	163	$	—	$	405
States, municipalities and political subdivisions		—		3,391		84		3,475
Foreign government		—		271		—		271
Residential MBS		—		3,587		255		3,842
Commercial MBS		—		2,361		10		2,371
All other corporate		10		9,744		382		10,136

Total AFS fixed maturities		252		19,517		731		20,500

Trading fixed maturities		—		394		1		395
Equity securities		629		129		21		779
Assets of managed investment entities (“MIE”)		125		2,413		53		2,591
Variable annuity assets (separate accounts) (a)		—		624		—		624
Other investments		—		113		—		113

Total assets accounted for at fair value	$	1,006	$	23,190	$	806	$	25,002


Liabilities:
Liabilities of managed investment entities	$	108	$	—	$	2,322	$	2,430
Derivatives in annuity benefits accumulated		—		—		299		299

Total liabilities accounted for at fair value	$	108	$	—	$	2,621	$	2,729


December 31, 2010
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	249	$	218	$	—	$	467
States, municipalities and political subdivisions		—		2,919		20		2,939
Foreign government		—		278		—		278
Residential MBS		—		3,563		312		3,875
Commercial MBS		—		2,117		6		2,123
All other corporate		9		9,201		436		9,646

Total AFS fixed maturities		258		18,296		774		19,328

Trading fixed maturities		—		390		3		393
Equity securities		461		208		21		690
Assets of managed investment entities (“MIE”)		96		2,393		48		2,537
Variable annuity assets (separate accounts) (a)		—		616		—		616
Other investments		—		98		—		98

Total assets accounted for at fair value	$	815	$	22,001	$	846	$	23,662


Liabilities:
Liabilities of managed investment entities	$	65	$	—	$	2,258	$	2,323
Derivatives in annuity benefits accumulated		—		—		190		190

Total liabilities accounted for at fair value	$	65	$	—	$	2,448	$	2,513


(a)		Variable annuity liabilities equal the fair value of variable annuity assets.

Changes in balances of Level 3 financial assets and liabilities


				Total
				realized/unrealized
				gains (losses)
				included in
							Other
	Balance at						comp.			Purchases						Transfer		Transfer			Balance at
	March 31,			Net			income			and			Sales and			into		out of			June 30,
	2011			income			(loss)			issuances			Settlements			Level 3		Level 3			2011
AFS fixed maturities:
State and municipal	$	21		$	—		$	—		$	53		$	—		$	10	$	—		$	84
Residential MBS		271			—			(2	)		17			(7	)		—		(24	)		255
Commercial MBS		9			—			—			—			—			1		—			10
All other corporate		424			1			6			46			(26	)		2		(71	)		382
Trading fixed maturities		1			—			—			—			—			—		—			1
Equity securities		21			—			—			—			—			—		—			21
Assets of MIE		54			—			—			9			(2	)		2		(10	)		53
Liabilities of MIE (*)		(2,316	)		(10	)		—			—			4			—		—			(2,322	)
Embedded derivatives		(234	)		(10	)		—			(60	)		5			—		—			(299	)


(*)		Total realized/unrealized loss included in net income includes losses of $10 million related to liabilities outstanding as of June 30, 2011. See Note H — “Managed Investment Entities.”


				Total
				realized/unrealized
				gains (losses)
				included in
							Other		Purchases,
	Balance at						comp.		sales,			Transfer		Transfer			Balance at
	March 31,			Net			income		issuances and			into		out of			June 30,
	2010			income			(loss)		settlements			Level 3		Level 3			2010
AFS fixed maturities:
State and municipal	$	6		$	—		$	1		($3	)	$	17	$	—		$	21
Residential MBS		372			1			10		(12	)		2		(47	)		326
Commercial MBS		6			—			—		—			—		—			6
All other corporate		356			(11	)		9		42			46		(16	)		426
Trading fixed maturities		4			—			—		—			—		(3	)		1
Equity securities		24			—			—		—			—		—			24
Assets of MIE		100			1			—		(10	)		7		(52	)		46
Liabilities of MIE		(2,178	)		16			—		10			—		—			(2,152	)
Embedded derivatives		(131	)		13			—		(10	)		—		—			(128	)


				Total
				realized/unrealized
				gains (losses)
				included in
							Other
	Balance at						comp.			Purchases						Transfer		Transfer			Balance at
	Dec. 31,			Net			income			and			Sales and			into		out of			June 30,
	2010			income			(loss)			issuances			Settlements			Level 3		Level 3			2011
AFS fixed maturities:
State and municipal	$	20		$	—		$	1		$	53		$	—		$	10	$	—		$	84
Residential MBS		312			1			(2	)		17			(20	)		7		(60	)		255
Commercial MBS		6			—			—			—			—			4		—			10
All other corporate		436			(1	)		6			91			(37	)		24		(137	)		382
Trading fixed maturities		3			—			—			—			—			—		(2	)		1
Equity securities		21			—			2			—			(2	)		—		—			21
Assets of MIE		48			(1	)		—			16			(6	)		8		(12	)		53
Liabilities of MIE (*)		(2,258	)		(72	)		—			—			8			—		—			(2,322	)
Embedded derivatives		(190	)		(29	)		—			(90	)		10			—		—			(299	)


(*)		Total realized/unrealized loss included in net income includes losses of $71 million related to liabilities outstanding as of June 30, 2011. See Note H — “Managed Investment Entities.”


							Total
							realized/unrealized
							gains (losses)
							included in
				Consolidate						Other			Purchases,
	Balance at			Managed						comp.			sales,			Transfer		Transfer			Balance at
	Dec. 31,			Inv.			Net			income			issuances and			into		out of			June 30,
	2009			Entities			income			(loss)			settlements			Level 3		Level 3			2010
AFS fixed maturities:
State and municipal	$	23		$	—		$	—		$	1			($3	)	$	17		($17	)	$	21
Residential MBS		435			—			2			11			6			2		(130	)		326
Commercial MBS		—			—			—			—			6			—		—			6
All other corporate		311			(6	)		(12	)		8			87			69		(31	)		426
Trading fixed maturities		1			—			—			—			4			—		(4	)		1
Equity securities		25			—			—			(1	)		—			—		—			24
Assets of MIE		—			90			5			—			(4	)		7		(52	)		46
Liabilities of MIE		—			(2,100	)		(90	)		—			38			—		—			(2,152	)
Embedded derivatives		(113	)		—			1			—			(16	)		—		—			(128	)

Fair value of financial instruments


	June 30, 2011				December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets:
Cash and cash equivalents	$	1,629	$	1,629	$	1,099	$	1,099
Fixed maturities		20,895		20,895		19,721		19,721
Equity securities		779		779		690		690
Mortgage loans		340		349		468		469
Policy loans		255		255		264		264
Other investments — derivatives		113		113		98		98
Assets of managed investment entities		2,591		2,591		2,537		2,537
Variable annuity assets (separate accounts)		624		624		616		616

Liabilities:
Annuity benefits accumulated(*)	$	13,915	$	13,512	$	12,696	$	12,233
Long-term debt		940		1,033		952		1,023
Liabilities of managed investment entities		2,430		2,430		2,323		2,323
Variable annuity liabilities (separate accounts)		624		624		616		616
Other liabilities — derivatives		18		18		14		14


(*)		Excludes life contingent annuities in the payout phase.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2011

Investments [Abstract]

Available for sale fixed maturities and equity securities


	June 30, 2011									December 31, 2010
	Amortized		Fair		Gross Unrealized					Amortized		Fair		Gross Unrealized
	Cost		Value		Gains		Losses			Cost		Value		Gains		Losses

Fixed maturities:
U.S. Government and government agencies	$	391	$	405	$	14	$	—		$	453	$	467	$	15	$	(1	)
States, municipalities and political subdivisions		3,378		3,475		112		(15	)		2,927		2,939		53		(41	)
Foreign government		260		271		11		—			269		278		9		—
Residential MBS		3,735		3,842		224		(117	)		3,781		3,875		222		(128	)
Commercial MBS		2,183		2,371		190		(2	)		1,972		2,123		153		(2	)
All other corporate		9,470		10,136		693		(27	)		9,088		9,646		602		(44	)


Total fixed maturities	$	19,417	$	20,500	$	1,244	$	(161	)	$	18,490	$	19,328	$	1,054	$	(216	)


Common stocks	$	407	$	633	$	231	$	(5	)	$	312	$	543	$	232	$	(1	)


Perpetual preferred stocks	$	142	$	146	$	8	$	(4	)	$	146	$	147	$	6	$	(5	)

Available for sale securities in a continuous unrealized loss position


	Less Than Twelve Months								Twelve Months or More
	Unrealized			Fair		Fair Value as			Unrealized			Fair		Fair Value as
	Loss			Value		% of Cost			Loss			Value		% of Cost
June 30, 2011
Fixed maturities:
U.S. Government and government agencies	$	—		$	38		100	%	$	—		$	—		—	%
States, municipalities and political subdivisions		(12	)		665		98	%		(3	)		46		94	%
Foreign government		—			1		100	%		—			—		—	%
Residential MBS		(20	)		629		97	%		(97	)		466		83	%
Commercial MBS		(1	)		102		99	%		(1	)		11		92	%
All other corporate		(19	)		1,066		98	%		(8	)		116		94	%


Total fixed maturities	$	(52	)	$	2,501		98	%	$	(109	)	$	639		85	%


Common Stocks	$	(5	)	$	47		90	%	$	—		$	—		—	%


Perpetual Preferred Stocks	$	—		$	5		100	%	$	(4	)	$	41		91	%


December 31, 2010
Fixed maturities:
U.S. Government and government agencies	$	(1	)	$	86		99	%	$	—		$	—		—	%
States, municipalities and political subdivisions		(38	)		1,180		97	%		(3	)		40		93	%
Foreign government		—			37		99	%		—			—		—	%
Residential MBS		(11	)		412		97	%		(117	)		551		82	%
Commercial MBS		(2	)		83		98	%		—			15		97	%
All other corporate		(24	)		1,020		98	%		(20	)		275		93	%


Total fixed maturities	$	(76	)	$	2,818		97	%	$	(140	)	$	881		86	%


Common Stocks	$	—		$	21		99	%	$	(1	)	$	4		88	%


Perpetual Preferred Stocks	$	—		$	22		98	%	$	(5	)	$	37		88	%

Rollforward of cumulative credit portion of other-than-temporary impairments on fixed maturity securities


	2011			2010
Balance at March 31	$	151		$	122
Additional credit impairments on:
Previously impaired securities		22			4
Securities without prior impairments		4			3
Reductions — disposals		(6	)		(8	)


Balance at June 30	$	171		$	121


Balance at January 1	$	143		$	99
Additional credit impairments on:
Previously impaired securities		29			23
Securities without prior impairments		5			7
Reductions — disposals		(6	)		(8	)


Balance at June 30	$	171		$	121

Available for sale fixed maturity securities by contractual maturity date


	Amortized		Fair Value
Maturity	Cost		Amount		%
One year or less	$	457	$	471		2	%
After one year through five years		5,154		5,475		27
After five years through ten years		5,904		6,287		31
After ten years		1,984		2,054		10

		13,499		14,287		70
MBS		5,918		6,213		30

Total	$	19,417	$	20,500		100	%

Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income


				Deferred Tax and
				Amounts Attributable
				to Noncontrolling
	Pre-tax			Interests			Net
June 30, 2011
Unrealized gain on:
Fixed maturity securities	$	1,083		$	(384	)	$	699
Equity securities		230			(81	)		149
Deferred policy acquisition costs		(434	)		152			(282	)
Annuity benefits and other liabilities		6			(2	)		4

	$	885		$	(315	)	$	570


December 31, 2010
Unrealized gain on:
Fixed maturity securities	$	838		$	(295	)	$	543
Equity securities		232			(82	)		150
Deferred policy acquisition costs		(340	)		118			(222	)
Annuity benefits and other liabilities		6			(2	)		4

	$	736		$	(261	)	$	475

Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments


							Mortgage Loans									Noncon-
	Fixed			Equity			and Other						Tax			trolling
	Maturities			Securities			Investments			Other(a)			Effects			Interests			Total
Quarter ended June 30, 2011
Realized before impairments	$	11		$	34		$	(5	)	$	—		$	(15	)	$	(1	)	$	24
Realized — impairments		(26	)		—			(1	)		6			8			—			(13	)
Change in Unrealized		208			(15	)		—			(70	)		(44	)		(2	)		77

Quarter ended June 30, 2010
Realized before impairments	$	35		$	1		$	(7	)	$	(2	)	$	(10	)	$	(1	)	$	16
Realized — impairments		(22	)		—			(1	)		7			6			—			(10	)
Change in Unrealized		283			2			—			(110	)		(62	)		—			113

Six months ended June 30, 2011
Realized before impairments	$	24		$	35		$	(7	)	$	(2	)	$	(18	)	$	(1	)	$	31
Realized — impairments		(37	)		—			(4	)		10			11			—			(20	)
Change in Unrealized		245			(2	)		—			(94	)		(53	)		(2	)		94

Six months ended June 30, 2010
Realized before impairments	$	69		$	2		$	(14	)	$	(5	)	$	(18	)	$	(1	)	$	33
Realized — impairments		(50	)		—			(3	)		16			13			—			(24	)
Change in Unrealized		633			(3	)		—			(257	)		(131	)		(2	)		240


(a)		Primarily adjustments to deferred policy acquisition costs related to annuities.

Gross realized gains and losses on available for sale fixed maturity and equity security investments


	Six months ended
	June 30,
	2011			2010
Fixed maturities:
Gross gains	$	29		$	52
Gross losses		(2	)		(9	)

Equity securities:
Gross gains		36			2
Gross losses		—			—

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References + Details

Derivatives (Tables)

6 Months Ended

Jun. 30, 2011

Derivatives [Abstract]

Derivatives included in Balance Sheet at fair value


		June 30, 2011				December 31, 2010
Derivative	Balance Sheet Line	Asset		Liability		Asset		Liability
MBS with embedded derivatives	Fixed maturities	$	93	$	—	$	101	$	—
Interest rate swaptions	Other investments		21		—		21		—
Indexed annuities (embedded derivative)	Annuity benefits accumulated		—		299		—		190
Equity index call options	Other investments		92		—		77		—
Reinsurance contracts (embedded derivative)	Other liabilities		—		18		—		14

		$	206	$	317	$	199	$	204

Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives


		Three months ended						Six months ended
		June 30,						June 30,
Derivative	Statement of Earnings Line	2011			2010			2011			2010
MBS with embedded derivatives	Realized gains	$	—		$	9		$	(3	)	$	26
Interest rate swaptions	Realized gains		(5	)		(6	)		(7	)		(14	)
Indexed annuities (embedded derivative)	Annuity benefits		(10	)		13			(29	)		1
Equity index call options	Annuity benefits		2			(23	)		20			(12	)
Reinsurance contracts (embedded derivative)	Investment income		(4	)		(5	)		(4	)		(10	)

		$	(17	)	$	(12	)	$	(23	)	$	(9	)

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2011

Deferred Policy Acquisition Costs [Abstract]

Deferred Policy Acquisition Costs


	June 30,			December 31,
	2011			2010
Property and casualty insurance	$	331		$	324
Annuity and supplemental insurance:
Policy acquisition costs		940			892
Policyholder sales inducements		208			204
Present value of future profits (“PVFP”)		153			164
Impact of unrealized gains and losses on securities		(434	)		(340	)

Total annuity and supplemental		867			920


	$	1,198		$	1,244

Managed Investment Entities (Tables)

6 Months Ended

Jun. 30, 2011

Managed Investment Entities [Abstract]

Selected financial information related to collateralized loan obligations


	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Gains (losses) on change in fair value of assets/liabilities (a):
Assets	$	(12	)	$	(31	)	$	17		$	50
Liabilities		(10	)		16			(72	)		(90	)
Management fees paid to AFG		5			4			8			8
CLO earnings (losses) attributable to:
AFG shareholders (b)		1			3			7			7
Noncontrolling interests (b)		(20	)		(13	)		(55	)		(33	)


(a)		Included in AFG’s “Revenues.”

(b)		Included in AFG’s “Operating earnings before income taxes.”

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 4
-Subparagraph g
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 2, 14, 15, 16, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 140
-Paragraph 35
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5728-111685

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5710-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6970148&loc=d3e5747-111685

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Variable Interest Entity
-URI http://asc.fasb.org/extlink&oid=6528138

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph C4
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22B

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 22E

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 23A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 167
-Appendix D
-Paragraph 24

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228884-111685

+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2011

Long-Term Debt [Abstract]

Schedule of long-term debt instruments


	June 30,		December 31,
	2011		2010
Direct obligations of AFG:
9-7/8% Senior Notes due June 2019	$	350	$	350
7% Senior Notes due September 2050		132		132
7-1/8% Senior Debentures due February 2034		115		115
Other		3		3

		600		600

Subsidiaries:
Obligations of AAG Holding (guaranteed by AFG):
7-1/2% Senior Debentures due November 2033		112		112
7-1/4% Senior Debentures due January 2034		86		86
Notes payable secured by real estate due 2011 through 2016		65		65
Secured borrowings ($17 and $18 guaranteed by AFG)		35		41
National Interstate bank credit facility		22		20
American Premier 10-7/8% Subordinated Notes		—		8

		320		332

Payable to Subsidiary Trusts:
AAG Holding Variable Rate Subordinated Debentures due May 2033		20		20


	$	940	$	952

Summary of secured and unsecured long-term debt


	June 30,		December 31,
	2011		2010
Unsecured obligations	$	840	$	846
Obligations secured by real estate		65		65
Other secured borrowings		35		41

	$	940	$	952

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2011

Shareholders' equity [Abstract]

Accumulated other comprehensive income (loss), net of tax


							Pension and
	Pretax			Foreign			Other									Accumulated
	Net Unrealized			Currency			Postretirement						Noncon-			Other
	Gains (Losses)			Translation			Plans			Tax			trolling			Comprehensive
	on Securities			Adjustment			Adjustment			Effects			Interests			Income (Loss)
Balance at December 31, 2010	$	736	(a)	$	9		$	(13	)	$	(253	)	$	—		$	479	(a)
Unrealized holding gains on securities arising during the period		179			—			—			(63	)		(3	)		113
Realized gains included in net income		(30	)		—			—			10			1			(19	)
Foreign currency translation gains		—			5			—			—			—			5
Other		—			—			1			—			—			1


Balance at June 30, 2011	$	885	(a)	$	14		$	(12	)	$	(306	)	$	(2	)	$	579	(a)


Balance at December 31, 2009	$	258		$	1		$	(13	)	$	(86	)	$	3		$	163
Unrealized holding gains on securities arising during the period		405			—			—			(142	)		(3	)		260
Realized gains included in net income		(32	)		—			—			11			1			(20	)
Foreign currency translation losses		—			(1	)		—			—			—			(1	)
Other		(6	)		—			1			1			—			(4	)


Balance at June 30, 2010	$	625		$	—		$	(12	)	$	(216	)	$	1		$	398


(a)		Includes a net pretax unrealized gain of $1 million at June 30, 2011 compared to a net pretax unrealized loss of $17 million at December 31, 2010 ($11 million net of tax) related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Condensed Consolidating Information (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Information [Abstract]

Condensed Consolidating Balance Sheet


					AAG		All Other		Consol.
	AFG		GAFRI		Holding		Subs		Entries			Consolidated
JUNE 30, 2011

Assets:
Cash and investments	$	358	$	37	$	—	$	23,974	$	(1	)	$	24,368
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,305		—			3,305
Agents’ balances and premiums receivable		—		—		—		705		—			705
Deferred policy acquisition costs		—		—		—		1,198		—			1,198
Assets of managed investment entities		—		—		—		2,591		—			2,591
Other assets		80		8		8		1,806		(16	)		1,886
Investment in subsidiaries and affiliates		4,838		2,021		2,116		656		(9,631	)		—


Total assets	$	5,276	$	2,066	$	2,124	$	34,235	$	(9,648	)	$	34,053


Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	7,900	$	—		$	7,900
Annuity, life, accident and health benefits and reserves		—		—		—		15,809		(1	)		15,808
Liabilities of managed investment entities		—		—		—		2,430		—			2,430
Long-term debt		600		—		219		121		—			940
Other liabilities		204		20		112		2,159		(145	)		2,350

Total liabilities		804		20		331		28,419		(146	)		29,428

Total shareholders’ equity		4,472		2,046		1,793		5,663		(9,502	)		4,472
Noncontrolling interests		—		—		—		153		—			153


Total liabilities and equity	$	5,276	$	2,066	$	2,124	$	34,235	$	(9,648	)	$	34,053


DECEMBER 31, 2010

Assets:
Cash and investments	$	412	$	33	$	—	$	22,228	$	(3	)	$	22,670
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,386		—			3,386
Agents’ balances and premiums receivable		—		—		—		535		—			535
Deferred policy acquisition costs		—		—		—		1,244		—			1,244
Assets of managed investment entities		—		—		—		2,537		—			2,537
Other assets		36		6		5		2,050		(15	)		2,082
Investment in subsidiaries and affiliates		4,816		1,899		1,996		671		(9,382	)		—


Total assets	$	5,264	$	1,938	$	2,001	$	32,651	$	(9,400	)	$	32,454


Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	7,947	$	—		$	7,947
Annuity, life, accident and health benefits and reserves		—		—		—		14,556		(1	)		14,555
Liabilities of managed investment entities		—		—		—		2,323		—			2,323
Long-term debt		600		1		219		133		(1	)		952
Other liabilities		194		19		110		1,888		(154	)		2,057

Total liabilities		794		20		329		26,847		(156	)		27,834

Total shareholders’ equity		4,470		1,918		1,672		5,654		(9,244	)		4,470
Noncontrolling interests		—		—		—		150		—			150


Total liabilities and equity	$	5,264	$	1,938	$	2,001	$	32,651	$	(9,400	)	$	32,454

Condensed Consolidating Statement of Earnings


						AAG		All Other			Consol.
	AFG			GAFRI		Holding		Subs			Entries			Consolidated
FOR THE THREE MONTHS ENDED JUNE 30, 2011

Revenues:
Property and casualty insurance premiums	$	—		$	—	$	—	$	609		$	—		$	609
Life, accident and health premiums		—			—		—		107			—			107
Realized gains (losses)		—			—		—		20			(1	)		19
Income (loss) of managed investment entities		—			—		—		4			—			4
Investment and other income		—			2		—		359			(7	)		354
Equity in earnings of subsidiaries		118			40		48		—			(206	)		—

Total revenues		118			42		48		1,099			(214	)		1,093

Costs and Expenses:
Insurance benefits and expenses		—			—		—		886			—			886
Interest charges on borrowed money		16			—		7		4			(6	)		21
Expenses of managed investment entities		—			—		—		18			—			18
Other operating and general expenses		15			6		1		79			(2	)		99

Total costs and expenses		31			6		8		987			(8	)		1,024


Operating earnings before income taxes		87			36		40		112			(206	)		69
Provision (credit) for income taxes		32			12		14		46			(72	)		32


Net earnings, including noncontrolling interests		55			24		26		66			(134	)		37
Less: Net earnings (loss) attributable to noncontrolling interests		—			—		—		(18	)		—			(18	)


Net Earnings Attributable to Shareholders	$	55		$	24	$	26	$	84		$	(134	)	$	55


						AAG		All Other			Consol.
	AFG			GAFRI		Holding		Subs			Entries			Consolidated
FOR THE THREE MONTHS ENDED JUNE 30, 2010

Revenues:
Property and casualty insurance premiums	$	—		$	—	$	—	$	572		$	—		$	572
Life, accident and health premiums		—			—		—		113			—			113
Realized gains (losses)		—			—		—		11			—			11
Income (loss) of managed investment entities		—			—		—		8			—			8
Investment and other income		(1	)		3		—		352			(6	)		348
Equity in earnings of subsidiaries		187			41		47		—			(275	)		—

Total revenues		186			44		47		1,056			(281	)		1,052

Costs and Expenses:
Insurance benefits and expenses		—			—		—		774			—			774
Interest charges on borrowed money		13			—		7		4			(6	)		18
Expenses of managed investment entities		—			—		—		14			—			14
Other operating and general expenses		7			3		1		74			3			88

Total costs and expenses		20			3		8		866			(3	)		894


Operating earnings before income taxes		166			41		39		190			(278	)		158
Provision (credit) for income taxes		58			15		14		67			(96	)		58


Net earnings, including noncontrolling interests		108			26		25		123			(182	)		100
Less: Net earnings (loss) attributable to noncontrolling interests		—			—		—		(8	)		—			(8	)


Net Earnings Attributable to Shareholders	$	108		$	26	$	25	$	131		$	(182	)	$	108

CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
(In millions)


					AAG		All Other			Consol.
	AFG		GAFRI		Holding		Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2011

Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	1,208		$	—		$	1,208
Life, accident and health premiums		—		—		—		217			—			217
Realized gains (losses)		—		—		—		17			(1	)		16
Income (loss) of managed investment entities		—		—		—		(4	)		—			(4	)
Investment and other income		2		5		—		702			(14	)		695
Equity in earnings of subsidiaries		278		89		105		—			(472	)		—

Total revenues		280		94		105		2,140			(487	)		2,132

Costs and Expenses:
Insurance benefits and expenses		—		—		—		1,704			—			1,704
Interest charges on borrowed money		32		—		13		8			(11	)		42
Expenses of managed investment entities		—		—		—		36			—			36
Other operating and general expenses		32		9		2		146			(3	)		186

Total costs and expenses		64		9		15		1,894			(14	)		1,968


Operating earnings before income taxes		216		85		90		246			(473	)		164
Provision (credit) for income taxes		78		30		32		104			(166	)		78


Net earnings, including noncontrolling interests		138		55		58		142			(307	)		86
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(52	)		—			(52	)


Net Earnings Attributable to Shareholders	$	138	$	55	$	58	$	194		$	(307	)	$	138


					AAG		All Other			Consol.
	AFG		GAFRI		Holding		Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2010

Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	1,151		$	—		$	1,151
Life, accident and health premiums		—		—		—		228			—			228
Realized gains (losses)		—		—		—		15			—			15
Income (loss) of managed investment entities		—		—		—		5			—			5
Investment and other income		—		5		—		693			(11	)		687
Equity in earnings of subsidiaries		379		81		96		—			(556	)		—

Total revenues		379		86		96		2,092			(567	)		2,086

Costs and Expenses:
Insurance benefits and expenses		—		—		—		1,535			—			1,535
Interest charges on borrowed money		27		—		13		7			(11	)		36
Expenses of managed investment entities		—		—		—		23			—			23
Other operating and general expenses		21		7		3		156			—			187

Total costs and expenses		48		7		16		1,721			(11	)		1,781


Operating earnings before income taxes		331		79		80		371			(556	)		305
Provision (credit) for income taxes		117		28		28		139			(195	)		117


Net earnings, including noncontrolling interests		214		51		52		232			(361	)		188
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(26	)		—			(26	)


Net Earnings Attributable to Shareholders	$	214	$	51	$	52	$	258		$	(361	)	$	214

Condensed Consolidating Statement of Cash Flows


							AAG			All Other			Consol.
	AFG			GAFRI			Holding			Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2011

Operating Activities:
Net earnings, including noncontrolling interests	$	138		$	55		$	58		$	142		$	(307	)	$	86
Adjustments:
Equity in net earnings of subsidiaries		(181	)		(58	)		(68	)		—			307			—
Dividends from subsidiaries		190			—			—			—			(190	)		—
Other operating activities, net		(18	)		(1	)		1			466			—			448

Net cash provided by (used in) operating activities		129			(4	)		(9	)		608			(190	)		534


Investing Activities:
Purchases of investments, property and equipment		(25	)		—			—			(2,529	)		—			(2,554	)
Returns of capital from (capital contributions to) subsidiaries		29			(10	)		(1	)		—			(18	)		—
Proceeds from maturities and redemptions of investments		2			8			—			1,320			—			1,330
Proceeds from sales of investments, property and equipment		5			—			—			411			—			416
Managed investment entities:
Purchases of investments		—			—			—			(681	)		—			(681	)
Proceeds from sales and redemptions of investments		—			—			—			754			—			754
Other investing activities, net		—			—			—			(6	)		—			(6	)

Net cash provided by (used in) investing activities		11			(2	)		(1	)		(731	)		(18	)		(741	)


Financing Activities:
Annuity receipts		—			—			—			1,578			—			1,578
Annuity surrenders, benefits and withdrawals		—			—			—			(636	)		—			(636	)
Additional long-term borrowings		—			—			—			2			—			2
Reductions of long-term debt		—			—			—			(14	)		—			(14	)
Managed investment entities’ retirement of liabilities		—			—			—			(8	)		—			(8	)
Issuances of Common Stock		16			—			—			—			—			16
Capital contributions from (returns of capital to) parent		—			8			10			(36	)		18			—
Repurchases of Common Stock		(178	)		—			—			—			—			(178	)
Cash dividends paid		(34	)		—			—			(190	)		190			(34	)
Other financing activities, net		—			—			—			11			—			11

Net cash provided by (used in) financing activities		(196	)		8			10			707			208			737


Net change in cash and cash equivalents		(56	)		2			—			584			—			530
Cash and cash equivalents at beginning of period		370			20			—			709			—			1,099


Cash and cash equivalents at end of period	$	314		$	22		$	—		$	1,293		$	—		$	1,629

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
(In millions)


							AAG			All Other			Consol.
	AFG			GAFRI			Holding			Subs			Entries			Consolidated
FOR THE SIX MONTHS ENDED JUNE 30, 2010

Operating Activities:
Net earnings, including noncontrolling interests	$	214		$	51		$	52		$	232		$	(361	)	$	188
Adjustments:
Equity in net earnings of subsidiaries		(246	)		(53	)		(63	)		—			362			—
Dividends from subsidiaries		204			—			16			—			(220	)		—
Other operating activities, net		(61	)		(2	)		3			334			(1	)		273

Net cash provided by (used in) operating activities		111			(4	)		8			566			(220	)		461


Investing Activities:
Purchases of investments, property and equipment		(3	)		—			—			(2,565	)		—			(2,568	)
Returns of capital from (capital contributions to) subsidiaries		(8	)		8			—			—			—			—
Proceeds from maturities and redemptions of investments		—			4			—			993			—			997
Proceeds from sales of investments, property and equipment		—			—			—			941			—			941
Managed investment entities:
Purchases of investments		—			—			—			(394	)		—			(394	)
Proceeds from sales and redemptions of investments		—			—			—			441			—			441
Other investing activities, net		—			—			—			(124	)		—			(124	)

Net cash provided by (used in) investing activities		(11	)		12			—			(708	)		—			(707	)


Financing Activities:
Annuity receipts		—			—			—			945			—			945
Annuity surrenders, benefits and withdrawals		—			—			—			(617	)		—			(617	)
Additional long-term borrowings		—			—			—			30			—			30
Reductions of long-term debt		—			—			—			(6	)		—			(6	)
Managed investment entities’ retirement of liabilities		—			—			—			(39	)		—			(39	)
Issuances of Common Stock		11			—			—			—			—			11
Capital contributions from (returns of capital to) parent		—			8			(8	)		—			—			—
Repurchases of Common Stock		(151	)		—			—			—			—			(151	)
Cash dividends paid		(31	)		—			—			(220	)		220			(31	)
Other financing activities, net		(2	)		—			—			(3	)		—			(5	)

Net cash provided by (used in) financing activities		(173	)		8			(8	)		90			220			137


Net change in cash and cash equivalents		(73	)		16			—			(52	)		—			(109	)
Cash and cash equivalents at beginning of period		197			12			—			911			—			1,120


Cash and cash equivalents at end of period	$	124		$	28		$	—		$	859		$	—		$	1,011

Accounting Policies (Details) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011 shares	Jun. 30, 2010 shares	Jun. 30, 2011 shares	Jun. 30, 2010 shares	Dec. 31, 2009 USD ($)
Accounting Policies (Textuals) [Abstract]
Number of collateralized loan obligation entities			6
Excess of fair value of assets over liabilities of managed investment entities \| $					$ 261
Weighted average common shares adjustment related to stock-based compensation	1.7	1.6	1.6	1.4
Anti-dilutive potential common shares related to stock-based compensation plans	2.4	3.8	2.1	4.3

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Acquisition (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Acquisition (Details) - USD ($) $ in Millions	Jul. 31, 2010	Dec. 31, 2010
National Interstate (NATL) [Member]
Acquisition (Textuals) [Abstract]
Percentage ownership of National Interstate	52.00%
Cash paid for acquisition	$ 114
Vanliner Group, Inc. Moving and Storage Insurance Business [Member]
Acquisition (Textuals) [Abstract]
Gross written premiums		$ 90
Percentage of total gross written premiums of Vanliner Group, Inc.		78.00%

Segments of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segments of Operations (Details) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues by significant business segment and sub-segment
Total premiums earned	$ 609	$ 572	$ 1,208	$ 1,151
Investment income	306	294	606	589
Life, accident and health premiums	107	113	217	228
Realized gains (losses)	19	11	16	15
Other income	48	54	89	98
Total revenues	1,093	1,052	2,132	2,086
Property and Casualty Insurance [Member]
Revenues by significant business segment and sub-segment
Investment income	75	85	148	177
Realized gains (losses)	32	13	32	23
Other income	20	21	35	36
Total revenues	736	691	1,423	1,387
Annuity and Supplemental Insurance [Member]
Revenues by significant business segment and sub-segment
Investment income	230	208	456	410
Life, accident and health premiums	107	113	217	228
Realized gains (losses)	(13)	(2)	(16)	(8)
Other income	27	33	50	58
Total revenues	351	352	707	688
Other Segment [Member]
Revenues by significant business segment and sub-segment
Total revenues	6	9	2	11
Specialty Property and Transportation [Member]
Revenues by significant business segment and sub-segment
Total premiums earned	274	209	529	425
Specialty Casualty [Member]
Revenues by significant business segment and sub-segment
Total premiums earned	219	219	435	437
Specialty Financial [Member]
Revenues by significant business segment and sub-segment
Total premiums earned	100	127	212	255
Specialty Other [Member]
Revenues by significant business segment and sub-segment
Total premiums earned	$ 16	$ 17	$ 32	$ 34

Segments of Operations (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segments of Operations (Details 1) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating earnings before income taxes by significant business segment and sub-segment
Realized gains (losses)	$ 19	$ 11	$ 16	$ 15
Operating earnings before income taxes	69	158	164	305
Property and Casualty Insurance [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)	(11)	63	35	134
Investment and other income, net	70	81	138	162
Realized gains (losses)	32	13	32	23
Operating earnings before income taxes	91	157	205	319
Annuity and Supplemental Insurance [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Operations	56	46	108	90
Realized gains (losses)	(13)	(2)	(16)	(8)
Operating earnings before income taxes	43	44	92	82
Other Segment [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Operating earnings before income taxes	(65)	(43)	(133)	(96)
Specialty Property and Transportation [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)		8	33	40
Specialty Casualty [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)	21	23	23	41
Specialty Financial [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)	13	33	23	54
Specialty Other [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)	5	4	6	10
Other Lines [Member]
Operating earnings before income taxes by significant business segment and sub-segment
Property and casualty insurance underwriting income (loss)	$ (50)	$ (5)	$ (50)	$ (11)

Segments of Operations (Details Textuals) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Segments of Operations (Textuals) [Abstract]
Earnings (losses) of managed investment entities attributable to noncontrolling interests	$ (20)	$ (13)	$ (55)	$ (33)
Property and Casualty Insurance [Member]
Segments of Operations (Textuals) [Abstract]
Special charges to increase asbestos and environmental reserves			50
Other Segment [Member]
Segments of Operations (Textuals) [Abstract]
Earnings (losses) of managed investment entities attributable to AFG shareholders, including management fees	6	7	15	15
Earnings (losses) of managed investment entities attributable to noncontrolling interests	$ (20)	$ (13)	(55)	$ (33)
Special charges to increase asbestos and environmental reserves			$ 9

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Assets:
Total AFS securities	$ 20,500	$ 19,328
Trading fixed maturities	395	393
Assets of managed investment entities (MIE)	2,591	2,537
Total assets accounted for at fair value	25,002	23,662
Liabilities:
Liabilities of managed investment entities	2,430	2,323
Derivatives in annuity benefits accumulated	299	190
Total liabilities accounted for at fair value	2,729	2,513
Level 1 [Member]
Assets:
Total AFS securities	252	258
Trading fixed maturities	0	0
Assets of managed investment entities (MIE)	125	96
Total assets accounted for at fair value	1,006	815
Liabilities:
Liabilities of managed investment entities	108	65
Derivatives in annuity benefits accumulated	0	0
Total liabilities accounted for at fair value	108	65
Level 2 [Member]
Assets:
Total AFS securities	19,517	18,296
Trading fixed maturities	394	390
Assets of managed investment entities (MIE)	2,413	2,393
Total assets accounted for at fair value	23,190	22,001
Liabilities:
Liabilities of managed investment entities	0	0
Derivatives in annuity benefits accumulated	0	0
Total liabilities accounted for at fair value	0	0
Level 3 [Member]
Assets:
Total AFS securities	731	774
Trading fixed maturities	1	3
Assets of managed investment entities (MIE)	53	48
Total assets accounted for at fair value	806	846
Liabilities:
Liabilities of managed investment entities	2,322	2,258
Derivatives in annuity benefits accumulated	299	190
Total liabilities accounted for at fair value	2,621	2,448
Variable Annuity Assets (separate accounts) [Member]
Assets:
Variable annuity assets	624	616
Variable Annuity Assets (separate accounts) [Member] \| Level 1 [Member]
Assets:
Variable annuity assets	0	0
Variable Annuity Assets (separate accounts) [Member] \| Level 2 [Member]
Assets:
Variable annuity assets	624	616
Variable Annuity Assets (separate accounts) [Member] \| Level 3 [Member]
Assets:
Variable annuity assets	0	0
Other Investments [Member]
Assets:
Other Investments	113	98
Other Investments [Member] \| Level 1 [Member]
Assets:
Other Investments	0	0
Other Investments [Member] \| Level 2 [Member]
Assets:
Other Investments	113	98
Other Investments [Member] \| Level 3 [Member]
Assets:
Other Investments	0	0
U.S. Government and government agencies [Member]
Assets:
Total AFS securities	405	467
U.S. Government and government agencies [Member] \| Level 1 [Member]
Assets:
Total AFS securities	242	249
U.S. Government and government agencies [Member] \| Level 2 [Member]
Assets:
Total AFS securities	163	218
U.S. Government and government agencies [Member] \| Level 3 [Member]
Assets:
Total AFS securities	0	0
States, municipalities and political subdivisions [Member]
Assets:
Total AFS securities	3,475	2,939
States, municipalities and political subdivisions [Member] \| Level 1 [Member]
Assets:
Total AFS securities	0	0
States, municipalities and political subdivisions [Member] \| Level 2 [Member]
Assets:
Total AFS securities	3,391	2,919
States, municipalities and political subdivisions [Member] \| Level 3 [Member]
Assets:
Total AFS securities	84	20
Foreign government [Member]
Assets:
Total AFS securities	271	278
Foreign government [Member] \| Level 1 [Member]
Assets:
Total AFS securities	0	0
Foreign government [Member] \| Level 2 [Member]
Assets:
Total AFS securities	271	278
Foreign government [Member] \| Level 3 [Member]
Assets:
Total AFS securities	0	0
Residential Mortgage Backed Securities [Member]
Assets:
Total AFS securities	3,842	3,875
Residential Mortgage Backed Securities [Member] \| Level 1 [Member]
Assets:
Total AFS securities	0	0
Residential Mortgage Backed Securities [Member] \| Level 2 [Member]
Assets:
Total AFS securities	3,587	3,563
Residential Mortgage Backed Securities [Member] \| Level 3 [Member]
Assets:
Total AFS securities	255	312
Commercial Mortgage Backed Securities [Member]
Assets:
Total AFS securities	2,371	2,123
Commercial Mortgage Backed Securities [Member] \| Level 1 [Member]
Assets:
Total AFS securities	0	0
Commercial Mortgage Backed Securities [Member] \| Level 2 [Member]
Assets:
Total AFS securities	2,361	2,117
Commercial Mortgage Backed Securities [Member] \| Level 3 [Member]
Assets:
Total AFS securities	10	6
All other corporate [Member]
Assets:
Total AFS securities	10,136	9,646
All other corporate [Member] \| Level 1 [Member]
Assets:
Total AFS securities	10	9
All other corporate [Member] \| Level 2 [Member]
Assets:
Total AFS securities	9,744	9,201
All other corporate [Member] \| Level 3 [Member]
Assets:
Total AFS securities	382	436
Equity Securities [Member]
Assets:
Total AFS securities	779	690
Equity Securities [Member] \| Level 1 [Member]
Assets:
Total AFS securities	629	461
Equity Securities [Member] \| Level 2 [Member]
Assets:
Total AFS securities	129	208
Equity Securities [Member] \| Level 3 [Member]
Assets:
Total AFS securities	$ 21	$ 21

Fair Value Measurements (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Fair Value Measurements (Details 1) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Liabilities of Managed Investment Entities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (2,316)	$ (2,178)	$ (2,258)
Consolidate Managed Investment Entities				$ (2,100)
Total realized/unrealized Gains (losses) included in Net income	(10)	16	(72)	(90)
Purchases, sales, issuances and settlements		10		38
Sales and settlements	4		8
Financial liabilities, Ending Balance	(2,322)	(2,152)	(2,322)	(2,152)
Embedded derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(234)	(131)	(190)	(113)
Total realized/unrealized Gains (losses) included in Net income	(10)	13	(29)	1
Purchases, sales, issuances and settlements		(10)		(16)
Purchases and issuances	(60)		(90)
Sales and settlements	5		10
Financial liabilities, Ending Balance	(299)	(128)	(299)	(128)
States, municipalities and political subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	21	6	20	23
Total realized/unrealized gains (losses) included in Other comprehensive income loss		1	1	1
Purchases, sales, issuances and settlements		(3)		(3)
Purchases and issuances	53		53
Transfer into Level 3	10	17	10	17
Transfer out of Level 3				(17)
Financial assets, Ending Balance	84	21	84	21
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	271	372	312	435
Total realized/unrealized gains (losses) included in Net income		1	1	2
Total realized/unrealized gains (losses) included in Other comprehensive income loss	(2)	10	(2)	11
Purchases, sales, issuances and settlements		(12)		6
Purchases and issuances	17		17
Sales and settlements	(7)		(20)
Transfer into Level 3		2	7	2
Transfer out of Level 3	(24)	(47)	(60)	(130)
Financial assets, Ending Balance	255	326	255	326
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	9	6	6
Purchases, sales, issuances and settlements		0		6
Transfer into Level 3	1		4
Financial assets, Ending Balance	10	6	10	6
Assets of Managed Investment Entities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	54	100	48
Consolidate Managed Investment Entities				90
Total realized/unrealized gains (losses) included in Net income		1	(1)	5
Purchases, sales, issuances and settlements		(10)		(4)
Purchases and issuances	9		16
Sales and settlements	(2)		(6)
Transfer into Level 3	2	7	8	7
Transfer out of Level 3	(10)	(52)	(12)	(52)
Financial assets, Ending Balance	53	46	53	46
All other corporate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	424	356	436	311
Consolidate Managed Investment Entities				(6)
Total realized/unrealized gains (losses) included in Net income	1	(11)	(1)	(12)
Total realized/unrealized gains (losses) included in Other comprehensive income loss	6	9	6	8
Purchases, sales, issuances and settlements		42		87
Purchases and issuances	46		91
Sales and settlements	(26)		(37)
Transfer into Level 3	2	46	24	69
Transfer out of Level 3	(71)	(16)	(137)	(31)
Financial assets, Ending Balance	382	426	382	426
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	21	24	21	25
Total realized/unrealized gains (losses) included in Other comprehensive income loss		0	2	(1)
Sales and settlements			(2)
Financial assets, Ending Balance	21	24	21	24
Trading fixed maturities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	1	4	3	1
Purchases, sales, issuances and settlements				4
Transfer out of Level 3		(3)	(2)	(4)
Financial assets, Ending Balance	$ 1	$ 1	$ 1	$ 1

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Assets:
Cash and cash equivalents	$ 1,629	$ 1,099	$ 1,011	$ 1,120
Equity securities	779	690
Mortgage loans	340	468
Policy loans	255	264
Assets of managed investment entities	2,591	2,537
Variable annuity assets (separate accounts)	624	616
Liabilities:
Long-term debt	940	952
Liabilities of managed investment entities	2,430	2,323
Variable annuity liabilities (separate accounts)	624	616
Carrying Value [Member]
Assets:
Cash and cash equivalents	1,629	1,099
Fixed maturities	20,895	19,721
Equity securities	779	690
Mortgage loans	340	468
Policy loans	255	264
Other investments - derivatives	113	98
Assets of managed investment entities	2,591	2,537
Variable annuity assets (separate accounts)	624	616
Liabilities:
Annuity benefits accumulated	13,915	12,696
Long-term debt	940	952
Liabilities of managed investment entities	2,430	2,323
Variable annuity liabilities (separate accounts)	624	616
Other liabilities - derivatives	18	14
Fair Value [Member]
Assets:
Cash and cash equivalents	1,629	1,099
Fixed maturities	20,895	19,721
Equity securities	779	690
Mortgage loans	349	469
Policy loans	255	264
Other investments - derivatives	113	98
Assets of managed investment entities	2,591	2,537
Variable annuity assets (separate accounts)	624	616
Liabilities:
Annuity benefits accumulated	13,512	12,233
Long-term debt	1,033	1,023
Liabilities of managed investment entities	2,430	2,323
Variable annuity liabilities (separate accounts)	624	616
Other liabilities - derivatives	$ 18	$ 14

Fair Value Measurements (Details Textuals) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2011
Fair Value Measurements (Textuals) [Abstract]
Level 3 assets as a percentage of total asset measured at fair value		3.00%
Percentage of mortgage backed securities included in level 3 assets measured at fair value		33.00%
Total realized/unrealized losses included in net income on liabilities still outstanding	$ 10	$ 71

Investments (Details) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
U.S. Government and government agencies [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	$ 391	$ 453
Fair Value	405	467
Gross Unrealized, Gains	14	15
Gross Unrealized Losses	0	(1)
States, municipalities and political subdivisions [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	3,378	2,927
Fair Value	3,475	2,939
Gross Unrealized, Gains	112	53
Gross Unrealized Losses	(15)	(41)
Foreign government [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	260	269
Fair Value	271	278
Gross Unrealized, Gains	11	9
Gross Unrealized Losses	0	0
Residential Mortgage Backed Securities [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	3,735	3,781
Fair Value	3,842	3,875
Gross Unrealized, Gains	224	222
Gross Unrealized Losses	(117)	(128)
Commercial Mortgage Backed Securities [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	2,183	1,972
Fair Value	2,371	2,123
Gross Unrealized, Gains	190	153
Gross Unrealized Losses	(2)	(2)
All Other Corporate [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	9,470	9,088
Fair Value	10,136	9,646
Gross Unrealized, Gains	693	602
Gross Unrealized Losses	(27)	(44)
Fixed Maturity Securities [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	19,417	18,490
Fair Value	20,500	19,328
Gross Unrealized, Gains	1,244	1,054
Gross Unrealized Losses	(161)	(216)
Common Stocks [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	407	312
Fair Value	633	543
Gross Unrealized, Gains	231	232
Gross Unrealized Losses	(5)	(1)
Perpetual preferred stocks [Member]
Available for sale fixed maturities and equity securities
Amortized Cost	142	146
Fair Value	146	147
Gross Unrealized, Gains	8	6
Gross Unrealized Losses	$ (4)	$ (5)

Investments (Details 1) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
U.S. Government and government agencies [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 38	$ 86
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
States, municipalities and political subdivisions [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (12)	$ (38)
Fair Value - Less than twelve months	$ 665	$ 1,180
Fair Value as % of Cost - Less than twelve months	98.00%	97.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (3)
Fair Value - Twelve months or more	$ 46	$ 40
Fair Value as % of Cost - Twelve months or more	94.00%	93.00%
Foreign government [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ 0
Fair Value - Less than twelve months	$ 1	$ 37
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
Residential Mortgage Backed Securities [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (20)	$ (11)
Fair Value - Less than twelve months	$ 629	$ 412
Fair Value as % of Cost - Less than twelve months	97.00%	97.00%
Unrealized Loss - Twelve months or more	$ (97)	$ (117)
Fair Value - Twelve months or more	$ 466	$ 551
Fair Value as % of Cost - Twelve months or more	83.00%	82.00%
Commercial Mortgage Backed Securities [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ (2)
Fair Value - Less than twelve months	$ 102	$ 83
Fair Value as % of Cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (1)	$ 0
Fair Value - Twelve months or more	$ 11	$ 15
Fair Value as % of Cost - Twelve months or more	92.00%	97.00%
All Other Corporate [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (19)	$ (24)
Fair Value - Less than twelve months	$ 1,066	$ 1,020
Fair Value as % of Cost - Less than twelve months	98.00%	98.00%
Unrealized Loss - Twelve months or more	$ (8)	$ (20)
Fair Value - Twelve months or more	$ 116	$ 275
Fair Value as % of Cost - Twelve months or more	94.00%	93.00%
Fixed Maturity Securities [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (52)	$ (76)
Fair Value - Less than twelve months	$ 2,501	$ 2,818
Fair Value as % of Cost - Less than twelve months	98.00%	97.00%
Unrealized Loss - Twelve months or more	$ (109)	$ (140)
Fair Value - Twelve months or more	$ 639	$ 881
Fair Value as % of Cost - Twelve months or more	85.00%	86.00%
Common Stocks [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (5)	$ 0
Fair Value - Less than twelve months	$ 47	$ 21
Fair Value as % of Cost - Less than twelve months	90.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ (1)
Fair Value - Twelve months or more	$ 0	$ 4
Fair Value as % of Cost - Twelve months or more	0.00%	88.00%
Perpetual preferred stocks [Member]
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ 0
Fair Value - Less than twelve months	$ 5	$ 22
Fair Value as % of Cost - Less than twelve months	100.00%	98.00%
Unrealized Loss - Twelve months or more	$ (4)	$ (5)
Fair Value - Twelve months or more	$ 41	$ 37
Fair Value as % of Cost - Twelve months or more	91.00%	88.00%

Investments (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Investments (Details 2) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
The credit portion of other-than-temporary impairments on fixed maturity securities, non-credit portion of an impairment has been recognized in other comprehensive income (loss)
Beginning Balance	$ 151	$ 122	$ 143	$ 99
Additional credit impairments on:
Previously impaired securities	22	4	29	23
Securities without prior impairments	4	3	5	7
Reductions - disposals	(6)	(8)	(6)	(8)
Ending Balance	$ 171	$ 121	$ 171	$ 121

Investments (Details 3) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
The scheduled maturities of available for sale fixed maturities
Fixed maturities amortized cost, One year or less	$ 457
Fixed maturities fair value, One year or less	$ 471
Fixed maturities fair value, One year or less, Percent	2.00%
Fixed maturities amortized cost, After one year through five years	$ 5,154
Fixed maturities fair value, After one year through five years	$ 5,475
Fixed maturities fair value, After one year through five years, Percent	27.00%
Fixed maturities amortized cost, After five years through ten years	$ 5,904
Fixed maturities fair value, After five years through ten years	$ 6,287
Fixed maturities fair value, After five years through ten years, Percent	31.00%
Fixed maturities amortized cost, After ten years	$ 1,984
Fixed maturities fair value, After ten years	$ 2,054
Fixed maturities fair value, After ten years, Percent	10.00%
Fixed maturities amortized cost, Subtotal	$ 13,499
Fixed maturities fair value, Subtotal	$ 14,287
Fixed maturities fair value, Subtotal, Percent	70.00%
Fixed maturities amortized cost, MBS	$ 5,918
Fixed maturities fair value, MBS	$ 6,213
Fixed maturities fair value, MBS, Percent	30.00%
Fixed Maturity Securities [Member]
The scheduled maturities of available for sale fixed maturities
Amortized Cost	$ 19,417	$ 18,490
Fair Value	$ 20,500	$ 19,328
Fair value, Total, Percent	100.00%

Investments (Details 4) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Unrealized gain on:
Pre-tax	$ 885	$ 736
Deferred Tax and Amounts Attributable to Noncontrolling Interests	(315)	(261)
Net	570	475
Fixed Maturity Securities [Member]
Unrealized gain on:
Pre-tax	1,083	838
Deferred Tax and Amounts Attributable to Noncontrolling Interests	(384)	(295)
Net	699	543
Equity Securities [Member]
Unrealized gain on:
Pre-tax	230	232
Deferred Tax and Amounts Attributable to Noncontrolling Interests	(81)	(82)
Net	149	150
Deferred Policy Acquisition Costs [Member]
Unrealized gain on:
Pre-tax	(434)	(340)
Deferred Tax and Amounts Attributable to Noncontrolling Interests	152	118
Net	(282)	(222)
Annuity Benefits And Other Liabilities [Member]
Unrealized gain on:
Pre-tax	6	6
Deferred Tax and Amounts Attributable to Noncontrolling Interests	(2)	(2)
Net	$ 4	$ 4

Investments (Details 5) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Investments (Details 5) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	$ 40	$ 27	$ 50	$ 52
Realized - impairments	(21)	(16)	(31)	(37)
Fixed Maturity Securities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	11	35	24	69
Realized - impairments	(26)	(22)	(37)	(50)
Change in unrealized	208	283	245	633
Equity Securities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	34	1	35	2
Change in unrealized	(15)	2	(2)	(3)
Mortgage Loans and other investments [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(5)	(7)	(7)	(14)
Realized - impairments	(1)	(1)	(4)	(3)
Other [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(2)	(2)	(5)
Realized - impairments	6	7	10	16
Change in unrealized	(70)	(110)	(94)	(257)
Tax Effects [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(15)	(10)	(18)	(18)
Realized - impairments	8	6	11	13
Change in unrealized	(44)	(62)	(53)	(131)
Noncontrolling Interests [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(1)	(1)	(1)	(1)
Change in unrealized	(2)		(2)	(2)
Marketable Securities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	24	16	31	33
Realized - impairments	(13)	(10)	(20)	(24)
Change in unrealized	$ 77	$ 113	$ 94	$ 240

Investments (Details 6) - USD ($) $ in Millions	6 Months Ended
Investments (Details 6) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010
Fixed Maturity Securities [Member]
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 29	$ 52
Gross losses	(2)	(9)
Equity Securities [Member]
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	36	2
Gross losses	$ 0	$ 0

Investments (Details Textuals) $ in Millions	3 Months Ended		6 Months Ended
Investments (Details Textuals) $ in Millions	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Dec. 31, 2010 USD ($)
Investments (Textuals) [Abstract]
Number of available for sale securities in an unrealized loss position			900
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			49.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			79.00%
Number of Residential MBS that have been in an unrealized loss position for 12 months or more			237
RMBS unrealized losses for 12 months or more as a percentage of total AFS fixed maturity unrealized losses for 12 months or more			90.00%
Other than temporary impairment charges	$ 21	$ 16	$ 31	$ 37
Average life of MBS			4 years
Realized gain (loss) from the mark-to-market of certain MBS	(1)	9	$ (3)	26
Residential Mortgage Backed Securities [Member]
Investments (Textuals) [Abstract]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	238		238		$ 258
Gross unrealized losses on fixed maturities	117		$ 117		128
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			35.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			51.00%
Percentage of gross unrealized losses on the available for sale fixed maturity portfolio			73.00%
Other than temporary impairment charges			$ 34
Commercial Mortgage Backed Securities [Member]
Investments (Textuals) [Abstract]
Gross unrealized losses on fixed maturities	2		2		2
Fixed Maturity Securities [Member]
Investments (Textuals) [Abstract]
Gross unrealized losses on fixed maturities	161		161		$ 216
Other than temporary impairment charges	26	$ 22	37	$ 50
All other corporate [Member]
Investments (Textuals) [Abstract]
Gross unrealized losses on fixed maturities	$ 0		0
Other than temporary impairment charges			$ 2

Derivatives (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 206	$ 199
Derivative liability, at fair value	317	204
MBS with embedded derivatives [Member] \| Fixed Maturities [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	93	101
Interest rate swaptions [Member] \| Other Investments [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	21	21
Indexed annuities embedded derivative [Member] \| Annuity benefits accumulated [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	299	190
Equity index call options [Member] \| Other Investments [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	92	77
Reinsurance contracts embedded derivative [Member] \| Other Liabilities [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 18	$ 14

Derivatives (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Derivatives (Details 1) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (17)	$ (12)	$ (23)	$ (9)
MBS with embedded derivatives [Member] \| Realized gains [Member]
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		9	(3)	26
Interest rate swaptions [Member] \| Realized gains [Member]
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(5)	(6)	(7)	(14)
Indexed annuities embedded derivative [Member] \| Annuity benefits [Member]
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(10)	13	(29)	1
Equity index call options [Member] \| Annuity benefits [Member]
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	2	(23)	20	(12)
Reinsurance contracts embedded derivative [Member] \| Investment Income [Member]
Summary of gain (loss) included in earnings for changes in the fair value of derivatives
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (4)	$ (5)	$ (4)	$ (10)

Derivatives (Details Textuals) $ in Millions	6 Months Ended
Derivatives (Details Textuals) $ in Millions	Jun. 30, 2011 USD ($)
Derivatives (Textuals) [Abstract]
Notional amount of pay-fixed interest rate swaptions	$ 1,000
Payments to purchase swaptions	$ 29
Indexed annuities as a percentage of annuity benefits accumulated	30.00%

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Summary of deferred policy acquisition costs
Deferred policy acquisition costs	$ 1,198		$ 1,198		$ 1,244
Deferred Policy Acquisition Costs (Textuals) [Abstract]
Accumulated amortization of present value of future profits	185		185		174
Amortization of present value of future profits	5	$ 10	11	$ 16
Property and Casualty Insurance [Member]
Summary of deferred policy acquisition costs
Policy acquisition costs	331		331		324
Annuity and Supplemental Insurance [Member]
Summary of deferred policy acquisition costs
Policy acquisition costs	940		940		892
Policyholder sales inducements	208		208		204
Present value of future profits	153		153		164
Impact of unrealized gains and losses on securities	(434)		(434)		(340)
Deferred policy acquisition costs	$ 867		$ 867		$ 920

Managed Investment Entities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Gains (losses) on change in fair value of assets/liabilities (a):
Assets	$ (12)	$ (31)	$ 17	$ 50
Liabilities	(10)	16	(72)	(90)
Management fees paid to AFG	5	4	8	8
Collateralized loan obligations' earnings (losses) attributable to:
AFG shareholders	1	3	7	7
Noncontrolling interests	$ (20)	$ (13)	$ (55)	$ (33)

Managed Investment Entities (Details Textuals) $ in Millions	6 Months Ended
	Jun. 30, 2011 USD ($)	Dec. 31, 2010 USD ($)
Variable Interest Entity [Line Items]
Assets of managed investment entities	$ 2,591	$ 2,537
Liabilities of managed investment entities	2,430	2,323
Appropriated - managed investment entities	$ 142	197
Managed Investment Entities (Textuals) [Abstract]
Percentage of investment of most subordinate debt tranche, Minimum	7.50%
Percentage of investment of most subordinate debt tranche, Maximum	24.40%
Number of collateralized loan obligation entities	6
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 60	69
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	229	301
Aggregate unpaid principal balance of CLO loans in default	18	12
Carrying amount of CLO loans in default	6	$ 6
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate fair value of collateralized loan obligations	19
CLO expected to be liquidated [Member]
Variable Interest Entity [Line Items]
Assets of managed investment entities	498
Liabilities of managed investment entities	480
Appropriated - managed investment entities	$ 18

Goodwill and Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Goodwill and other intangibles (Textuals) [Abstract]
Goodwill	$ 186		$ 186		$ 186
Amortizable intangible assets related to property and casualty insurance acquisitions	43		43		49
Amortization of intangible assets	3	$ 3	6	$ 6
Accumulated amortization	41		41		$ 35
Non-amortizable intangible assets related to insurance licenses	$ 8		$ 8

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Summary of Carrying value of long-term debt
Long-term debt	$ 940	$ 952
Notes payable secured by real estate due 2011 through 2016	65	65
Secured borrowings ($17 and $18 guaranteed by AFG)	35	41
AFG [Member]
Summary of Carrying value of long-term debt
Other long-term debt	3	3
Long-term debt	600	600
Subsidiaries [Member]
Summary of Carrying value of long-term debt
Long-term debt	320	332
Notes payable secured by real estate due 2011 through 2016	65	65
Secured borrowings ($17 and $18 guaranteed by AFG)	35	41
National Interstate bank credit facility	22	20
Payable To Subsidiary Trusts [Member]
Summary of Carrying value of long-term debt
AAG Holding Variable Rate Subordinated Debentures due May 2033	20	20
9-7/8% Senior Notes due June 2019 [Member] \| AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	350	350
7% Senior Notes due September 2050 [Member] \| AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	132	132
7-1/2% Senior Debentures due November 2033 [Member] \| Subsidiaries [Member]
Summary of Carrying value of long-term debt
Senior Notes	112	112
7-1/4% Senior Debentures due January 2034 [Member] \| Subsidiaries [Member]
Summary of Carrying value of long-term debt
Senior Notes	86	86
7-1/8% Senior Debentures due February 2034 [Member] \| AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	115	115
10-7/8% Subordinated Notes due May 2011 [Member] \| Subsidiaries [Member]
Summary of Carrying value of long-term debt
American Premier Underwriters 10-7/8% Subordinated Notes due May 2011	$ 0	$ 8

Long-Term Debt (Details 1) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Summary showing division of total long term debt
Unsecured obligations	$ 840	$ 846
Obligations secured by real estate	65	65
Other secured borrowings	35	41
Long-term Debt	$ 940	$ 952

Long-Term Debt (Details Textuals) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
Long-Term Debt (Details Textuals) - USD ($) $ in Millions	May 31, 2011	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Long-Term Debt (Textuals) [Abstract]
Secured Borrowings guaranteed by AFG		$ 17		$ 18
Scheduled principal payments on debt in 2011		6
Scheduled principal payments on debt in 2012		34
Scheduled principal payments on debt in 2013		20
Scheduled principal payments on debt in 2014		2
Scheduled principal payments on debt in 2015		14
Scheduled principal payments on debt in 2016		45
AFG's revolving credit line		$ 500
Interest rate range for revolving credit facility		1.75% to 3.00% (currently 2%) over LIBOR
Amount borrowed under AFG revolving credit facility		$ 0
Amount borrowed under National Interstate bank credit facility			$ 30
9-7/8% Senior Notes due June 2019 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		9.875%
7% Senior Notes due September 2050 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		7.00%
7-1/2% Senior Debentures due November 2033 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		7.50%
7-1/4% Senior Debentures due January 2034 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		7.25%
7-1/8% Senior Debentures due February 2034 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		7.125%
10-7/8% Subordinated Notes due May 2011 [Member]
Debt Instrument [Line Items]
Interest rate on debt instruments		10.875%
10-7/8% Subordinated Notes due May 2011 [Member] \| Subsidiaries [Member]
Debt Instrument [Line Items]
American Premier 10-7/8% Subordinated Notes due May 2011	$ 8

Shareholders' Equity (Details) - USD ($) $ in Millions	6 Months Ended
Shareholders' Equity (Details) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010
Accumulated other comprehensive income (loss), net of tax
Pretax Net Unrealized Gains (Losses) on Securities, Beginning Balance	$ 736	$ 258
Foreign Currency Translation Adjustment, Beginning Balance	9	1
Pension and Other Postretirement Plans Adjustment, Beginning Balance	(13)	(13)
Tax Effects, Beginning Balance	(253)	(86)
Non-controlling Interest, Beginning Balance	0	3
Accumulated Other Comprehensive Income (Loss), Beginning Balance	479	163
Unrealized holding gains (losses) on securities arising during the period, before tax	179	405
Unrealized holding gains (losses) on securities arising during the period, tax	(63)	(142)
Unrealized holding gains (losses) on securities arising during the period, net of tax, attributable to non-controlling interests	(3)	(3)
Unrealized holding gains (losses) on securities arising during the period, net of tax	113	260
Realized gains included in net income, before tax	(30)	(32)
Realized gains included in net income, tax	10	11
Realized gains included in net income, net of tax, attributable to non-controlling interests	1	(1)
Realized gains included in net income, net of tax	(19)	(20)
Foreign currency translation gains (losses)	5	(1)
Foreign currency translation gains (losses), net of tax	5	(1)
Other changes in net unrealized gains (losses) on securities, before tax		(6)
Other changes in pension and other postretirement plans, before tax	1	1
Other, tax		1
Other, net of tax	1	(4)
Pretax Net Unrealized Gains (Losses) on Securities, Ending Balance	885	625
Foreign Currency Translation Adjustment, Ending Balance	14	0
Pension and Other Postretirement Plans Adjustment, Ending Balance	(12)	(12)
Tax Effects, Ending Balance	(306)	(216)
Non-controlling Interest, Ending Balance	(2)	(1)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ 579	$ 398

Shareholders' Equity (Details Textuals) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Stockholders' Equity (Textuals) [Abstract]
Pretax unrealized gains (losses) related to credit-only impaired securities	$ 1			$ 1		$ (17)
Net of tax unrealized gains (losses) related to credit-only impaired securities						$ (11)
Restricted Common Stock, shares issued				131,955
Restricted Common Stock, fair value per share				$ 34.34
Common Stock issued, fair value per share		$ 33.99
Fair value per share of options granted				$ 12.49
Expected dividend yield				1.90%
Expected volatility				38.00%
Expected term				7.3
Risk-free rate				3.04%
Total share based compensation	$ 5		$ 5	$ 10	$ 10
Stock incentive plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock options issued under stock incentive plan, average exercise price	$ 34.34			$ 34.34
Common Stock options issued under stock incentive plan				1,100,000
Annual Co-CEO Equity Bonus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other benefit plans, shares		188,302
Voting Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, shares authorized	12,500,000			12,500,000
Preferred Stock, par value	$ 0			$ 0
Nonvoting Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, shares authorized	12,500,000			12,500,000
Preferred Stock, par value	$ 0			$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Income Taxes (Textuals) [Abstract]
AFG's liability for uncertain tax positions			$ 0
Variable Interest Entity, Primary Beneficiary [Member]
Income Tax Reconciliation [Line Items]
Non-deductible losses of managed investment entities	$ 20	$ 13	$ 55	$ 33

Condensed Consolidating Information (Details) - USD ($) $ in Millions	Jun. 30, 2011	Dec. 31, 2010
Assets:
Cash and investments	$ 24,368	$ 22,670
Recoverables from reinsurers and prepaid reinsurance premiums	3,305	3,386
Agents' balances and premiums receivable	705	535
Deferred policy acquisition costs	1,198	1,244
Assets of managed investment entities	2,591	2,537
Other assets	1,886	2,082
Investment in subsidiaries and affiliates	0	0
Total assets	34,053	32,454
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	7,900	7,947
Annuity, life, accident and health benefits and reserves	15,808	14,555
Liabilities of managed investment entities	2,430	2,323
Long-term debt	940	952
Other liabilities	2,350	2,057
Total liabilities	29,428	27,834
Total shareholders' equity	4,472	4,470
Noncontrolling interests	153	150
Total liabilities and equity	34,053	32,454
AFG [Member]
Assets:
Cash and investments	358	412
Recoverables from reinsurers and prepaid reinsurance premiums	0	0
Agents' balances and premiums receivable	0	0
Deferred policy acquisition costs	0	0
Assets of managed investment entities	0	0
Other assets	80	36
Investment in subsidiaries and affiliates	4,838	4,816
Total assets	5,276	5,264
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	0	0
Annuity, life, accident and health benefits and reserves	0	0
Liabilities of managed investment entities	0	0
Long-term debt	600	600
Other liabilities	204	194
Total liabilities	804	794
Total shareholders' equity	4,472	4,470
Noncontrolling interests	0	0
Total liabilities and equity	5,276	5,264
GAFRI [Member]
Assets:
Cash and investments	37	33
Recoverables from reinsurers and prepaid reinsurance premiums	0	0
Agents' balances and premiums receivable	0	0
Deferred policy acquisition costs	0	0
Assets of managed investment entities	0	0
Other assets	8	6
Investment in subsidiaries and affiliates	2,021	1,899
Total assets	2,066	1,938
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	0	0
Annuity, life, accident and health benefits and reserves	0	0
Liabilities of managed investment entities	0	0
Long-term debt	0	1
Other liabilities	20	19
Total liabilities	20	20
Total shareholders' equity	2,046	1,918
Noncontrolling interests	0	0
Total liabilities and equity	2,066	1,938
AAG Holding [Member]
Assets:
Cash and investments	0	0
Recoverables from reinsurers and prepaid reinsurance premiums	0	0
Agents' balances and premiums receivable	0	0
Deferred policy acquisition costs	0	0
Assets of managed investment entities	0	0
Other assets	8	5
Investment in subsidiaries and affiliates	2,116	1,996
Total assets	2,124	2,001
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	0	0
Annuity, life, accident and health benefits and reserves	0	0
Liabilities of managed investment entities	0	0
Long-term debt	219	219
Other liabilities	112	110
Total liabilities	331	329
Total shareholders' equity	1,793	1,672
Noncontrolling interests	0	0
Total liabilities and equity	2,124	2,001
All Other Subs [Member]
Assets:
Cash and investments	23,974	22,228
Recoverables from reinsurers and prepaid reinsurance premiums	3,305	3,386
Agents' balances and premiums receivable	705	535
Deferred policy acquisition costs	1,198	1,244
Assets of managed investment entities	2,591	2,537
Other assets	1,806	2,050
Investment in subsidiaries and affiliates	656	671
Total assets	34,235	32,651
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	7,900	7,947
Annuity, life, accident and health benefits and reserves	15,809	14,556
Liabilities of managed investment entities	2,430	2,323
Long-term debt	121	133
Other liabilities	2,159	1,888
Total liabilities	28,419	26,847
Total shareholders' equity	5,663	5,654
Noncontrolling interests	153	150
Total liabilities and equity	34,235	32,651
Consol. Entries [Member]
Assets:
Cash and investments	(1)	(3)
Recoverables from reinsurers and prepaid reinsurance premiums	0	0
Agents' balances and premiums receivable	0	0
Deferred policy acquisition costs	0	0
Assets of managed investment entities	0	0
Other assets	(16)	(15)
Investment in subsidiaries and affiliates	(9,631)	(9,382)
Total assets	(9,648)	(9,400)
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	0	0
Annuity, life, accident and health benefits and reserves	(1)	(1)
Liabilities of managed investment entities	0	0
Long-term debt	0	(1)
Other liabilities	(145)	(154)
Total liabilities	(146)	(156)
Total shareholders' equity	(9,502)	(9,244)
Noncontrolling interests	0	0
Total liabilities and equity	$ (9,648)	$ (9,400)

Condensed Consolidating Information (Details 1) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Property and casualty insurance premiums	$ 609	$ 572	$ 1,208	$ 1,151
Life, accident and health premiums	107	113	217	228
Realized gains (losses)	19	11	16	15
Income (loss) of managed investment entities	4	8	(4)	5
Investment and other income	354	348	695	687
Total revenues	1,093	1,052	2,132	2,086
Costs and Expenses:
Insurance benefits and expenses	886	774	1,704	1,535
Interest charges on borrowed money	21	18	42	36
Expenses of managed investment entities	18	14	36	23
Other operating and general expenses	99	88	186	187
Total costs and expenses	1,024	894	1,968	1,781
Operating earnings before income taxes	69	158	164	305
Provision (credit) for income taxes	32	58	78	117
Net earnings, including noncontrolling interests	37	100	86	188
Less: Net earnings (loss) attributable to noncontrolling interests	(18)	(8)	(52)	(26)
Net Earnings Attributable to Shareholders	55	108	138	214
AFG [Member]
Revenues:
Investment and other income		(1)	2
Equity in earnings of subsidiaries	118	187	278	379
Total revenues	118	186	280	379
Costs and Expenses:
Interest charges on borrowed money	16	13	32	27
Other operating and general expenses	15	7	32	21
Total costs and expenses	31	20	64	48
Operating earnings before income taxes	87	166	216	331
Provision (credit) for income taxes	32	58	78	117
Net earnings, including noncontrolling interests	55	108	138	214
Net Earnings Attributable to Shareholders	55	108	138	214
GAFRI [Member]
Revenues:
Investment and other income	2	3	5	5
Equity in earnings of subsidiaries	40	41	89	81
Total revenues	42	44	94	86
Costs and Expenses:
Other operating and general expenses	6	3	9	7
Total costs and expenses	6	3	9	7
Operating earnings before income taxes	36	41	85	79
Provision (credit) for income taxes	12	15	30	28
Net earnings, including noncontrolling interests	24	26	55	51
Net Earnings Attributable to Shareholders	24	26	55	51
AAG Holding [Member]
Revenues:
Equity in earnings of subsidiaries	48	47	105	96
Total revenues	48	47	105	96
Costs and Expenses:
Interest charges on borrowed money	7	7	13	13
Other operating and general expenses	1	1	2	3
Total costs and expenses	8	8	15	16
Operating earnings before income taxes	40	39	90	80
Provision (credit) for income taxes	14	14	32	28
Net earnings, including noncontrolling interests	26	25	58	52
Net Earnings Attributable to Shareholders	26	25	58	52
All Other Subs [Member]
Revenues:
Property and casualty insurance premiums	609	572	1,208	1,151
Life, accident and health premiums	107	113	217	228
Realized gains (losses)	20	11	17	15
Income (loss) of managed investment entities	4	8	(4)	5
Investment and other income	359	352	702	693
Total revenues	1,099	1,056	2,140	2,092
Costs and Expenses:
Insurance benefits and expenses	886	774	1,704	1,535
Interest charges on borrowed money	4	4	8	7
Expenses of managed investment entities	18	14	36	23
Other operating and general expenses	79	74	146	156
Total costs and expenses	987	866	1,894	1,721
Operating earnings before income taxes	112	190	246	371
Provision (credit) for income taxes	46	67	104	139
Net earnings, including noncontrolling interests	66	123	142	232
Less: Net earnings (loss) attributable to noncontrolling interests	(18)	(8)	(52)	(26)
Net Earnings Attributable to Shareholders	84	131	194	258
Consol. Entries [Member]
Revenues:
Realized gains (losses)	(1)		(1)
Investment and other income	(7)	(6)	(14)	(11)
Equity in earnings of subsidiaries	(206)	(275)	(472)	(556)
Total revenues	(214)	(281)	(487)	(567)
Costs and Expenses:
Interest charges on borrowed money	(6)	(6)	(11)	(11)
Other operating and general expenses	(2)	3	(3)
Total costs and expenses	(8)	(3)	(14)	(11)
Operating earnings before income taxes	(206)	(278)	(473)	(556)
Provision (credit) for income taxes	(72)	(96)	(166)	(195)
Net earnings, including noncontrolling interests	(134)	(182)	(307)	(361)
Net Earnings Attributable to Shareholders	$ (134)	$ (182)	$ (307)	$ (361)

Condensed Consolidating Information (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating Activities:
Net earnings, including noncontrolling interests	$ 37	$ 100	$ 86	$ 188
Adjustments:
Other operating activities, net			448	273
Net cash provided by (used in) operating activities			534	461
Investing Activities:
Purchases of investments, property and equipment			(2,554)	(2,568)
Proceeds from maturities and redemptions of investments			1,330	997
Proceeds from sales of investments, property and equipment			416	941
Managed investment entities:
Purchases of investments			(681)	(394)
Proceeds from sales and redemptions of investments			754	441
Other investing activities, net			(6)	(124)
Net cash provided by (used in) investing activities			(741)	(707)
Financing Activities:
Annuity receipts			1,578	945
Annuity surrenders, benefits and withdrawals			(636)	(617)
Additional long-term borrowings			2	30
Reductions of long-term debt			(14)	(6)
Managed investment entities' retirement of liabilities			(8)	(39)
Issuances of Common Stock			16	11
Repurchases of Common Stock			(178)	(151)
Cash dividends paid on Common Stock			(34)	(31)
Other financing activities, net			11	(5)
Net cash provided by (used in) financing activities			737	137
Net Change in Cash and Cash Equivalents			530	(109)
Cash and cash equivalents at beginning of period			1,099	1,120
Cash and cash equivalents at end of period	1,629	1,011	1,629	1,011
AFG [Member]
Operating Activities:
Net earnings, including noncontrolling interests	55	108	138	214
Adjustments:
Equity in net earnings of subsidiaries			(181)	(246)
Dividends from subsidiaries			190	204
Other operating activities, net			(18)	(61)
Net cash provided by (used in) operating activities			129	111
Investing Activities:
Purchases of investments, property and equipment			(25)	(3)
Returns of capital from (capital contributions to) subsidiaries			29	(8)
Proceeds from maturities and redemptions of investments			2
Proceeds from sales of investments, property and equipment			5
Managed investment entities:
Net cash provided by (used in) investing activities			11	(11)
Financing Activities:
Issuances of Common Stock			16	11
Repurchases of Common Stock			(178)	(151)
Cash dividends paid on Common Stock			(34)	(31)
Other financing activities, net				(2)
Net cash provided by (used in) financing activities			(196)	(173)
Net Change in Cash and Cash Equivalents			(56)	(73)
Cash and cash equivalents at beginning of period			370	197
Cash and cash equivalents at end of period	314	124	314	124
GAFRI [Member]
Operating Activities:
Net earnings, including noncontrolling interests	24	26	55	51
Adjustments:
Equity in net earnings of subsidiaries			(58)	(53)
Other operating activities, net			(1)	(2)
Net cash provided by (used in) operating activities			(4)	(4)
Investing Activities:
Returns of capital from (capital contributions to) subsidiaries			(10)	8
Proceeds from maturities and redemptions of investments			8	4
Managed investment entities:
Net cash provided by (used in) investing activities			(2)	12
Financing Activities:
Capital contributions from (returns of capital to) parent			8	8
Net cash provided by (used in) financing activities			8	8
Net Change in Cash and Cash Equivalents			2	16
Cash and cash equivalents at beginning of period			20	12
Cash and cash equivalents at end of period	22	28	22	28
AAG Holding [Member]
Operating Activities:
Net earnings, including noncontrolling interests	26	25	58	52
Adjustments:
Equity in net earnings of subsidiaries			(68)	(63)
Dividends from subsidiaries				16
Other operating activities, net			1	3
Net cash provided by (used in) operating activities			(9)	8
Investing Activities:
Returns of capital from (capital contributions to) subsidiaries			(1)
Managed investment entities:
Net cash provided by (used in) investing activities			(1)
Financing Activities:
Capital contributions from (returns of capital to) parent			10	(8)
Net cash provided by (used in) financing activities			10	(8)
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
All Other Subs [Member]
Operating Activities:
Net earnings, including noncontrolling interests	66	123	142	232
Adjustments:
Other operating activities, net			466	334
Net cash provided by (used in) operating activities			608	566
Investing Activities:
Purchases of investments, property and equipment			(2,529)	(2,565)
Proceeds from maturities and redemptions of investments			1,320	993
Proceeds from sales of investments, property and equipment			411	941
Managed investment entities:
Purchases of investments			(681)	(394)
Proceeds from sales and redemptions of investments			754	441
Other investing activities, net			(6)	(124)
Net cash provided by (used in) investing activities			(731)	(708)
Financing Activities:
Annuity receipts			1,578	945
Annuity surrenders, benefits and withdrawals			(636)	(617)
Additional long-term borrowings			2	30
Reductions of long-term debt			(14)	(6)
Managed investment entities' retirement of liabilities			(8)	(39)
Capital contributions from (returns of capital to) parent			(36)
Cash dividends paid on Common Stock			(190)	(220)
Other financing activities, net			11	(3)
Net cash provided by (used in) financing activities			707	90
Net Change in Cash and Cash Equivalents			584	(52)
Cash and cash equivalents at beginning of period			709	911
Cash and cash equivalents at end of period	1,293	859	1,293	859
Consol. Entries [Member]
Operating Activities:
Net earnings, including noncontrolling interests	(134)	(182)	(307)	(361)
Adjustments:
Equity in net earnings of subsidiaries			307	362
Dividends from subsidiaries			(190)	(220)
Other operating activities, net				(1)
Net cash provided by (used in) operating activities			(190)	(220)
Investing Activities:
Returns of capital from (capital contributions to) subsidiaries			(18)
Managed investment entities:
Net cash provided by (used in) investing activities			(18)
Financing Activities:
Capital contributions from (returns of capital to) parent			18
Cash dividends paid on Common Stock			190	220
Net cash provided by (used in) financing activities			208	220
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	$ 0	$ 0	$ 0	$ 0