0001042046-21-000033 | 10-Q | XBRL Viewer | American Financial Group INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 01, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-13653
Entity Registrant Name	AMERICAN FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1544320
Entity Central Index Key	0001042046
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,749,383
Entity Common Stock, Shares Outstanding Owned by Subsidiaries		14,900,000
Common stocks
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinate Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 3,365	$ 1,665
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $9,481 and $8,812; allowance for expected credit losses of $9 and $12)	9,732	9,084
Fixed maturities, trading at fair value	26	24
Equity securities, at fair value	965	889
Investments accounted for using the equity method	1,378	1,235
Mortgage loans	461	377
Real estate and other investments	198	220
Total cash and investments	16,125	13,494
Recoverables from reinsurers	3,330	3,288
Prepaid reinsurance premiums	865	768
Agents’ balances and premiums receivable	1,423	1,229
Deferred policy acquisition costs	258	244
Assets of managed investment entities	28,780	73,710
Other receivables	682	678
Other assets	835	977
Goodwill	176	176
Assets of discontinued annuity operations	0	47,885
Total assets	28,780	73,710
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,498	10,392
Unearned premiums	3,054	2,803
Payable to reinsurers	829	807
Liabilities of managed investment entities	23,179	66,921
Long-term debt	1,963	1,963
Other liabilities	1,806	1,584
Liabilities of discontinued annuity operations	0	44,458
Total Liabilities	23,179	66,921
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 84,713,927 and 86,345,246 shares outstanding	85	86
Capital surplus	1,303	1,281
Retained earnings	4,023	4,149
Accumulated other comprehensive income, net of tax	190	1,273
Total shareholders’ equity	5,601	6,789
Noncontrolling interests	0	0
Total equity	5,601	6,789
Total liabilities and equity	28,780	73,710
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	5,086	4,971
Total assets	5,086	4,971
Liabilities and Equity:
Liabilities of managed investment entities	5,029	4,914
Total Liabilities	$ 5,029	$ 4,914

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 9,481	$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	$ 9	$ 12
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Outstanding	84,713,927	86,345,246

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Property and casualty insurance net earned premiums	$ 1,250	$ 1,184	$ 2,423	$ 2,393
Net investment income	164	88	352	192
Realized gains (losses) on securities	43	108	120	(220)
Realized gain on subsidiary	4	0	4	0
Income of managed investment entities:
Investment income	44	49	90	108
Gain (loss) on change in fair value of assets/liabilities	6	(3)	8	(16)
Other income	20	19	43	43
Total revenues	1,531	1,445	3,040	2,500
Costs and Expenses:
Losses and loss adjustment expenses	714	771	1,381	1,478
Commissions and other underwriting expenses	390	409	770	829
Interest charges on borrowed money	23	23	47	40
Expenses of managed investment entities	39	42	78	95
Other expenses	77	60	141	103
Total costs and expenses	1,243	1,305	2,417	2,545
Earnings (loss) from continuing operations before income taxes	288	140	623	(45)
Provision (credit) for income taxes	48	37	116	(4)
Net earnings (loss) from continuing operations, including noncontrolling interests	240	103	507	(41)
Net earnings (loss) from discontinued operations	762	64	914	(96)
Net earnings (loss), including noncontrolling interests	1,002	167	1,421	(137)
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests	0	(10)	0	(13)
Net Earnings (Loss) Attributable to Shareholders	$ 1,002	$ 177	$ 1,421	$ (124)
Earnings (Loss) Attributable to Shareholders per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 2.83	$ 1.26	$ 5.94	$ (0.31)
Basic (USD per share) from discontinued operations	8.95	0.72	10.69	(1.07)
Basic (USD per share)	11.78	1.98	16.63	(1.38)
Earnings (Loss) Attributable to Shareholders per Diluted Common Share:
Diluted (USD per share) from continuing operations)	2.81	1.26	5.90	(0.31)
Diluted (USD per share) from discontinued operations	8.89	0.71	10.61	(1.07)
Diluted (USD per share)	$ 11.70	$ 1.97	$ 16.51	$ (1.38)
Average number of Common Shares:
Basic (shares)	85.0	89.7	85.5	90.0
Diluted (shares)	85.6	90.0	86.1	90.0

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss), including noncontrolling interests	$ 1,002	$ 167	$ 1,421	$ (137)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	133	1,021	(148)	156
Reclassification adjustment for realized (gains) losses included in net earnings	(7)	(7)	(18)	12
Reclassification adjustment for unrealized gains of subsidiaries sold	884	0	884	0
Total net unrealized gains (losses) on securities	(758)	1,014	(1,050)	168
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	6	12	(1)	48
Reclassification adjustment for investment income included in net earnings	(4)	(9)	(11)	(18)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	(29)	0	(29)	0
Total net unrealized gains (losses) on cash flow hedges	(27)	3	(41)	30
Foreign currency translation adjustments	0	4	0	(6)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding losses on pension and OPRP arising during the period	(1)	0	(1)	0
Reclassification adjustment for pension settlement loss included in net earnings	9	0	9	0
Total pension and OPRP adjustments	8	0	8	0
Other comprehensive income (loss), net of tax	(777)	1,021	(1,083)	192
Total comprehensive income, net of tax	225	1,188	338	55
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	(10)	0	(11)
Comprehensive income attributable to shareholders	$ 225	$ 1,198	$ 338	$ 66

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income	Noncontrolling interests	Cumulative effect adjustment in period of adoption Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 6,269	$ 6,269		$ 1,397	$ 4,009	$ 863	$ 0	$ 7
Beginning Balance, shares at Dec. 31, 2019			90,303,686
Beginning Balance at Dec. 31, 2019	6,269	6,269		1,397	4,009	863	0	$ 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent	(124)	(124)			(124)
Net Income (Loss) Attributable to Noncontrolling Interest	(13)
Net earnings (loss), including noncontrolling interests	(137)
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest	(124)						0
Other comprehensive income (loss), attributable to parent		190				190
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	190
Dividends	(81)	(81)			(81)
Shares issued:
Exercise of stock options, shares			209,343
Exercise of stock options	9	9		9
Restricted stock awards, shares			227,867
Other benefit plans, shares			66,496
Other benefit plans	5	5		5
Dividend reinvestment plan, shares			4,350
Stock-based compensation expense	10	10		10
Shares acquired and retired, shares			(2,020,519)
Shares acquired and retired	(137)	(137)		(31)	(106)
Shares exchanged — benefit plans, shares			(96,394)
Shares exchanged — benefit plans	(11)	(11)		(2)	(9)
Forfeitures of restricted stock, shares			(35,422)
Other	(11)	(11)			(11)		0
Ending Balance, shares at Jun. 30, 2020			88,659,407
Ending Balance at Jun. 30, 2020	6,126	6,126		1,388	3,685	1,053	0
Beginning Balance, Redeemable Noncontrolling Interests at Dec. 31, 2019	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net earnings attributable to redeemable noncontrolling interests	(13)
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	2
Other	11
Ending Balance, Redeemable Noncontrolling Interests at Jun. 30, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	5,047	5,047		1,399	3,616	32	0
Beginning Balance, shares at Mar. 31, 2020			89,827,336
Beginning Balance at Mar. 31, 2020	5,047	5,047		1,399	3,616	32	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent	177	177			177
Net Income (Loss) Attributable to Noncontrolling Interest	(10)
Net earnings (loss), including noncontrolling interests	167
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest	177						0
Other comprehensive income (loss), attributable to parent		1,021				1,021
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	1,021
Dividends	(41)	(41)			(41)
Shares issued:
Exercise of stock options, shares			5,250
Exercise of stock options	0	0		0
Restricted stock awards, shares			0
Other benefit plans, shares			51,955
Other benefit plans	4	4		4
Dividend reinvestment plan, shares			2,733
Stock-based compensation expense	4	4		4
Shares acquired and retired, shares			(1,194,236)
Shares acquired and retired	(76)	(76)		(19)	(57)
Shares exchanged — benefit plans, shares			(540)
Shares exchanged — benefit plans	0	0		0	0
Forfeitures of restricted stock, shares			(33,091)
Other, shares			0
Other	(10)	(10)			(10)		0
Ending Balance, shares at Jun. 30, 2020			88,659,407
Ending Balance at Jun. 30, 2020	6,126	6,126		1,388	3,685	1,053	0
Beginning Balance, Redeemable Noncontrolling Interests at Mar. 31, 2020	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net earnings attributable to redeemable noncontrolling interests	(10)
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	0
Other	10
Ending Balance, Redeemable Noncontrolling Interests at Jun. 30, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,126	6,126		1,388	3,685	1,053	0
Cumulative effect of accounting change	$ 6,789	6,789		1,367	4,149	1,273	0
Beginning Balance, shares at Dec. 31, 2020	86,345,246		86,345,246
Beginning Balance at Dec. 31, 2020	$ 6,789	6,789		1,367	4,149	1,273	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent	1,421	1,421			1,421
Net Income (Loss) Attributable to Noncontrolling Interest	0						0
Net earnings (loss), including noncontrolling interests	1,421
Other comprehensive income (loss), attributable to parent		(1,083)				(1,083)
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	(1,083)
Dividends	(1,275)	(1,275)			(1,275)
Shares issued:
Exercise of stock options, shares			964,744
Exercise of stock options	49	49		49
Restricted stock awards, shares			207,020
Other benefit plans, shares			43,465
Other benefit plans	5	5		5
Dividend reinvestment plan, shares			36,654
Dividend reinvestment plan	4	4		4
Stock-based compensation expense	7	7		7
Shares acquired and retired, shares			(2,674,222)
Shares acquired and retired	(306)	(306)		(43)	(263)
Shares exchanged — benefit plans, shares			(91,364)
Shares exchanged — benefit plans	$ (10)	(10)		(1)	(9)
Forfeitures of restricted stock, shares			(117,616)
Ending Balance, shares at Jun. 30, 2021	84,713,927		84,713,927
Ending Balance at Jun. 30, 2021	$ 5,601	5,601		1,388	4,023	190	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,685	6,685		1,364	4,354	967	0
Beginning Balance, shares at Mar. 31, 2021			85,126,062
Beginning Balance at Mar. 31, 2021	6,685	6,685		1,364	4,354	967	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent	1,002	1,002			1,002
Net Income (Loss) Attributable to Noncontrolling Interest	0						0
Net earnings (loss), including noncontrolling interests	1,002
Other comprehensive income (loss), attributable to parent		(777)				(777)
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	(777)
Dividends	(1,232)	(1,232)			(1,232)
Shares issued:
Exercise of stock options, shares			561,732
Exercise of stock options	30	30		30
Restricted stock awards, shares			0
Other benefit plans, shares			27,833
Other benefit plans	3	3		3
Dividend reinvestment plan, shares			34,348
Dividend reinvestment plan	4	4		4
Stock-based compensation expense	2	2		2
Shares acquired and retired, shares			(916,520)
Shares acquired and retired	(114)	(114)		(15)	(99)
Shares exchanged — benefit plans, shares			(14,380)
Shares exchanged — benefit plans	$ (2)	(2)		0	(2)
Forfeitures of restricted stock, shares			(105,148)
Ending Balance, shares at Jun. 30, 2021	84,713,927		84,713,927
Ending Balance at Jun. 30, 2021	$ 5,601	5,601		1,388	4,023	190	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 5,601	$ 5,601		$ 1,388	$ 4,023	$ 190	$ 0

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 14.50	$ 0.45	$ 15.00	$ 0.90

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net earnings (loss), including noncontrolling interests	$ 1,421	$ (137)
Adjustments:
Depreciation and amortization	133	79
Annuity benefits	377	702
Realized (gains) losses on investing activities	(1,141)	346
Net (purchases) sales of trading securities	(1)	11
Deferred annuity and life policy acquisition costs	(98)	(79)
Change in:
Reinsurance and other receivables	(147)	46
Other assets	250	211
Insurance claims and reserves	349	30
Payable to reinsurers	22	(68)
Other liabilities	123	(233)
Managed investment entities’ assets/liabilities	(22)	116
Other operating activities, net	(296)	63
Net cash provided by operating activities	970	1,087
Investing Activities:
Purchases of fixed maturities	(5,573)	(6,121)
Purchases of equity securities	(66)	(324)
Purchases of mortgage loans	(90)	(152)
Purchases of equity index call options and other investments	(294)	(501)
Purchases of real estate, property and equipment	(26)	(20)
Proceeds from maturities and redemptions of fixed maturities	3,466	2,343
Proceeds from repayments of mortgage loans	14	7
Proceeds from sales of fixed maturities	665	2,777
Proceeds from sales of equity securities	452	342
Proceeds from sales and settlements of equity index call options and other investments	530	404
Proceeds from sales of real estate, property and equipment	1	4
Proceeds from sale of businesses	3,547	0
Cash and cash equivalents of businesses sold	(2,060)	0
Managed investment entities:
Purchases of investments	(987)	(603)
Proceeds from sales and redemptions of investments	1,061	540
Other investing activities, net	21	8
Net cash provided by (used in) investing activities	661	(1,296)
Financing Activities:
Annuity receipts	2,403	2,097
Ceded annuity receipts	(311)	(78)
Annuity surrenders, benefits and withdrawals	(1,931)	(1,641)
Ceded annuity surrenders, benefits and withdrawals	282	0
Net transfers from variable annuity assets	34	28
Additional long-term borrowings	0	439
Issuances of managed investment entities’ liabilities	1,017	0
Retirements of managed investment entities’ liabilities	(1,045)	(46)
Issuances of Common Stock	52	12
Repurchases of Common Stock	(306)	(137)
Cash dividends paid on Common Stock	(1,271)	(81)
Net cash provided by (used in) financing activities	(1,076)	593
Net Change in Cash and Cash Equivalents	555	384
Cash and cash equivalents at beginning of period	2,810	2,314
Cash and cash equivalents at end of period	$ 3,365	$ 2,698

Accounting Policies	6 Months Ended
Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) 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 (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation including reclassifying the assets and liabilities of the Annuity subsidiaries sold in May 2021 to assets and liabilities of discontinued annuity operations and their earnings to net earnings (loss) from discontinued operations. See Note B — “Discontinued Operations.” 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, 2021, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. 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. Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. 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. AFG did not have any material nonrecurring fair value measurements in the first six months of 2021. Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. AFG’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in AFG’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). Investments Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective 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. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion 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 charge. 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 is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount. 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 (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due 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 under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. 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 and unamortized acquisition 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. 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 investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities”). AFG has determined that it is the primary beneficiary of these 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) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that 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. 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 is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) 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. Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet. Leases Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. At June 30, 2021 AFG has a $143 million lease liability included in other liabilities and a lease right-of-use asset of $124 million included in other assets compared to $159 million and $139 million, respectively, at December 31, 2020. Noncontrolling Interests For balance sheet purposes, noncontrolling interests represent 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. 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. 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. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions 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 records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur. 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 Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: second quarter of 2021 and 2020 — 0.6 million and 0.3 million; first six months of 2021 and 2020 — 0.6 million and none, respectively. There were no anti-dilutive potential common shares for the second quarter of 2021 or 2020 or the first six months of 2021 and 0.6 million anti-dilutive potential common shares for the first six months 2020 due to AFG’s net loss attributable to shareholders in that period. 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, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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.

Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Annuity Business On May 28, 2021, AFG completed the sale of its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”) with an effective date of May 31, 2021. MassMutual acquired Great American Life Insurance Company (“GALIC”) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. In addition to AFG’s annuity operations, these subsidiaries included AFG’s run-off life and long-term care operations. Proceeds from the sale were $3.57 billion (including $32 million in preliminary post-closing adjustments). AFG realized a $656 million net gain on the sale. The sale continues to be subject to post-closing adjustments which are expected to be final by the end of 2021. Beginning with the first quarter of 2021, the results of the Annuity business sold were reported as discontinued operations in accordance with generally accepted accounting principles, which included adjusting prior period results to reflect these operations as discontinued.

Prior to the sale, AFG acquired approximately $480 million in investments accounted for using the equity method and approximately $100 million of directly owned real estate from GALIC.

Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions):


	May 31, 2021		December 31, 2020
Assets of businesses sold:
Cash and cash equivalents	$	2,060	$	1,145
Investments	38,322		38,011
Recoverables from reinsurers	6,748		6,804
Other assets	2,139		1,925
Total assets of discontinued annuity operations	49,269		47,885
Liabilities of businesses sold:
Annuity benefits accumulated	43,690		42,573
Other liabilities	1,801		1,885
Total liabilities of discontinued annuity operations	45,491		44,458
Receivable from AFG for real estate-related investments	—		537
Reclassify AOCI	(913)		(1,071)
Net investment in annuity businesses sold, excluding AOCI	$	2,865	$	2,893

Details of the results of operations for the discontinued annuity operations were (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021 (*)		2020		2021 (*)		2020
Net investment income	$	299	$	382	$	746	$	797
Realized gains (losses) on securities	31		96		112		(127)
Other income	20		32		52		65
Total revenues	350		510		910		735
Annuity benefits	216		426		377		702
Annuity and supplemental insurance acquisition expenses	24		(35)		136		78
Other expenses	27		41		73		80
Total costs and expenses	267		432		586		860
Earnings (loss) before income taxes from discontinued operations	83		78		324		(125)
Provision (credit) for income taxes on operations	18		14		66		(29)
Net earnings (loss) from operations, net of tax	65		64		258		(96)
Gain on sale, net of tax	697		—		656		—
Net earnings (loss) from discontinued operations	$	762	$	64	$	914	$	(96)

(*)Results through the May 31, 2021 effective date of the sale.

Net investment income in the table above excludes $22 million and $7 million in the second quarter of 2021 and 2020 and $51 million and $19 million in first six months of 2021 and 2020, respectively, related to the real estate-related entities that AFG acquired from the discontinued annuity operations prior to the completion of the sale.

The impact of the sale of the annuity business is shown below (in millions):


	May 31, 2021
Cash proceeds	$	3,537
Receivable from MassMutual	32
Sale related expenses	(8)
Total net proceeds	3,561

Net investment in annuity businesses sold, excluding AOCI	2,865
Reclassify net deferred tax asset	(210)
Pretax gain on sale	906
Income tax expense:
Reclassify net deferred tax asset	210
Tax liabilities triggered by pending sale in the first quarter of 2021	41
Other	(1)
Total income tax expense	250
Net gain on sale	$	656

Summarized cash flows for the discontinued annuity operations were (in millions):


	Six months ended June 30,
	2021		2020
Net cash provided by operating activities	$	87	$	605
Net cash used in investing activities	(1,709)		(1,008)
Net cash provided by financing activities	477		406

Derivatives The vast majority of AFG’s derivatives were held by the sold annuity subsidiaries. The following table summarizes the gains (losses) included in net earnings (loss) from discontinued operations for changes in the fair value of derivatives that do not qualify for hedge accounting for the first six months of 2021 and 2020 (in millions):


	Three months ended June 30,				Six months ended June 30,
Derivative	2021		2020		2021		2020
MBS with embedded derivatives	$	(1)	$	2	$	(1)	$	5

Fixed-indexed and variable-indexed annuities (embedded derivative)	(182)		(601)		(222)		46
Equity index call options	123		383		237		(245)
Equity index put options	3		5		5		(1)
Reinsurance contract (embedded derivative)	—		(3)		1		(1)
	$	(57)	$	(214)	$	20	$	(196)

Sales of Businesses

6 Months Ended

Jun. 30, 2021

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Sales of Businesses

Annuity Operations See Note B — “Discontinued Operations,” for information on the sale of AFG’s annuity operations.

Neon In December 2019, AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing Neon Underwriting Ltd. and its other Lloyd’s subsidiaries in run-off. Neon and its predecessor, Marketform, failed to achieve AFG’s profitability objectives since AFG’s purchase of Marketform in 2008. In December 2020, AFG completed the sale of GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own Neon, to RiverStone Holdings Limited for proceeds of $6 million. The sale completed AFG’s exit from the Lloyd’s of London insurance market. In the second quarter of 2021, AFG recognized a pretax gain on sale of a subsidiary of $4 million related to contingent consideration received on the sale of Neon.

Under GAAP accounting guidance, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Because

AFG’s primary business continues to be commercial property and casualty insurance, as well as the immaterial expected impact on AFG’s ongoing results of operations, the sale of Neon was not reported as a discontinued operation.

Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions):


	Three months ended		Six months ended
	June 30, 2020		June 30, 2020
Net earned premiums	$	61	$	132
Loss and loss adjustment expenses	66		106
Commissions and other underwriting expenses	38		70
Underwriting loss	(43)		(44)

Net investment income	—		(6)
Other income and expenses, net	1		(2)
Loss before income taxes and noncontrolling interests	$	(42)	$	(52)

Segments of Operations

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segments of Operations

Subsequent to the sale of its annuity operations, see Note B — “Discontinued Operations,” AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs and operations attributable to the noncontrolling interests 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 and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. 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 earnings before income taxes by segment and sub-segment.


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	453	$	390	$	847	$	776
Specialty casualty	588		547		1,159		1,103
Specialty financial	157		144		314		300
Other specialty	52		42		103		82
Other lines (a)	—		61		—		132
Total premiums earned	1,250		1,184		2,423		2,393
Net investment income (b)	143		72		302		165
Other income	1		3		5		8
Total property and casualty insurance	1,394		1,259		2,730		2,566
Other (c)	90		78		186		154
Total revenues before realized gains (losses)	1,484		1,337		2,916		2,720
Realized gains (losses) on securities	43		108		120		(220)
Realized gain on subsidiary	4		—		4		—
Total revenues	$	1,531	$	1,445	$	3,040	$	2,500

(a)Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the second quarter and first six months of 2020.

(b)Includes income of less than $1 million for the second quarter of 2020 and a loss of $6 million in the Neon exited lines in the first six months of 2020 (primarily from the change in fair value of equity securities).

(c)Includes $22 million and $7 million in the second quarter of 2021 and 2020 and $51 million and $19 million in first six months of 2021 and 2020, respectively, in investment income from real estate-related entities acquired from the discontinued annuity operations prior to closing of the sale.


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Earnings (Loss) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	62	$	33	$	118	$	60
Specialty casualty	71		27		127		79
Specialty financial	21		—		46		17
Other specialty	(1)		(6)		(4)		(13)
Other lines (a)	(1)		(45)		(1)		(47)
Total underwriting	152		9		286		96
Investment and other income, net (b)	136		65		290		149
Total property and casualty insurance	288		74		576		245
Other (c)	(47)		(42)		(77)		(70)
Total earnings before realized gains (losses) and income taxes	241		32		499		175
Realized gains (losses) on securities	43		108		120		(220)
Realized gain on subsidiary	4		—		4		—
Total earnings (loss) before income taxes	$	288	$	140	$	623	$	(45)

(a)Includes an underwriting loss of $43 million in the second quarter of 2020 and $44 million in the first six months of 2020 in the Neon exited lines.

(b)Includes $1 million and $10 million in the second quarter and first six months of 2020, respectively, in net expenses from the Neon exited lines, before noncontrolling interest.

(c)Includes holding company interest and expenses and $22 million and $2 million (net of DAC) in the second quarter of 2021 and 2020 and $51 million and $8 million (net of DAC) in the first six months of 2021 and 2020, respectively, of earnings from the real estate-related entities acquired from the discontinued annuity operations prior to closing of the sale.

- 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/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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, 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 corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks 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 or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments 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 are classified as Level 3.

As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments.

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. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. 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. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities.

Assets and liabilities of continuing operations measured and carried at fair value in the financial statements are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
June 30, 2021
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	218	$	3	$	—	$	221
States, municipalities and political subdivisions	—		2,024		36		2,060
Foreign government	—		208		—		208
Residential MBS	—		770		28		798
Commercial MBS	—		130		—		130
Collateralized loan obligations	—		1,378		6		1,384
Other asset-backed securities	—		2,044		315		2,359
Corporate and other	4		2,348		220		2,572
Total AFS fixed maturities	222		8,905		605		9,732
Trading fixed maturities	—		26		—		26
Equity securities	672		48		245		965
Assets of managed investment entities (“MIE”)	269		4,802		15		5,086

Total assets of continuing operations accounted for at fair value	$	1,163	$	13,781	$	865	$	15,809
Liabilities:
Liabilities of managed investment entities	$	266	$	4,749	$	14	$	5,029

Total liabilities of continuing operations accounted for at fair value	$	266	$	4,749	$	14	$	5,029

December 31, 2020
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies	$	195	$	3	$	—	$	198
States, municipalities and political subdivisions	—		2,273		39		2,312
Foreign government	—		176		—		176
Residential MBS	—		877		38		915
Commercial MBS	—		90		2		92
Collateralized loan obligations	—		1,046		16		1,062
Other asset-backed securities	—		1,742		305		2,047
Corporate and other	4		2,140		138		2,282
Total AFS fixed maturities	199		8,347		538		9,084
Trading fixed maturities	—		24		—		24
Equity securities	665		48		176		889
Assets of managed investment entities	217		4,733		21		4,971

Total assets of continuing operations accounted for at fair value	$	1,081	$	13,152	$	735	$	14,968
Liabilities:
Liabilities of managed investment entities	$	215	$	4,678	$	21	$	4,914

Total liabilities of continuing operations accounted for at fair value	$	215	$	4,678	$	21	$	4,914

Approximately 5% of the total assets of continuing operations carried at fair value at June 30, 2021, were Level 3 assets. Approximately 24% ($206 million) of those Level 3 assets were priced using non-binding broker quotes, for which there is a lack of transparency as to the inputs used to determine fair value. Details as to the quantitative inputs are neither provided by the brokers nor otherwise reasonably obtainable by AFG. Approximately $68 million (8%) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers, or other market factors led management to determine these securities be classified as Level 3 assets.

Internally developed Level 3 asset fair values of continuing operations represent approximately $491 million (57%) of the total fair value of Level 3 assets at June 30, 2021. Internally priced fixed maturities are priced using a variety of inputs, including appropriate credit spreads over the treasury yield (of a similar duration), trade information and prices of comparable securities and other security specific features (such as optional early redemption). Internally developed prices for equity securities are based primarily on financial information of the entities invested in and sales of comparable

companies. Since internally developed Level 3 asset fair values represent less than 10% of AFG’s Shareholders’ Equity, any justifiable changes in unobservable inputs used to determine internally developed fair values would not have a material impact on AFG’s financial position.

Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2021 and 2020 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
	Balance at March 31, 2021		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	27		—		—		—		(1)		3		(1)		—		28
Commercial MBS	—		—		—		—		—		—		—		—		—
Collateralized loan obligations	6		—		—		—		—		—		—		—		6
Other asset-backed securities	326		—		1		38		(49)		—		(1)		—		315
Corporate and other	204		(2)		—		22		(2)		1		(3)		—		220
Total AFS fixed maturities	602		(2)		1		60		(55)		4		(5)		—		605
Equity securities	227		18		—		12		(5)		—		(7)		—		245
Assets of MIE	14		(1)		—		1		—		1		—		—		15
Assets of discontinued annuity operations	2,806		15		21		13		(136)		—		—		(2,719)		—
Total Level 3 assets	$	3,649	$	30	$	22	$	86	$	(196)	$	5	$	(12)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		1		—		(1)		—		—		41
Residential MBS	44		—		1		—		(1)		—		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	44		(1)		3		—		—		9		—		55
Other asset-backed securities	238		1		1		39		(6)		20		—		293
Corporate and other	172		—		2		8		(4)		—		—		178
Total AFS fixed maturities	545		—		8		47		(12)		29		(2)		615
Equity securities	155		1		—		8		—		—		—		164
Assets of MIE	16		(1)		—		—		—		2		—		17
Assets of discontinued annuity operations	2,797		(2)		64		208		(38)		125		(110)		3,044
Total Level 3 assets	$	3,513	$	(2)	$	72	$	263	$	(50)	$	156	$	(112)	$	3,840

Liabilities of discontinued annuity operations	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	38		(3)		—		6		(1)		6		(18)		—		28
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		(1)		—		(1)		—		(9)		—		6
Other asset-backed securities	305		—		1		90		(72)		14		(23)		—		315
Corporate and other	138		(1)		(1)		106		(20)		3		(5)		—		220
Total AFS fixed maturities	538		(3)		(1)		202		(97)		23		(57)		—		605
Equity securities	176		71		—		24		(19)		—		(7)		—		245
Assets of MIE	21		3		—		2		—		1		(12)		—		15
Assets of discontinued annuity operations	2,971		85		(21)		209		(328)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	156	$	(22)	$	437	$	(444)	$	56	$	(305)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2019		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	40		—		2		—		(1)		—		—		41
Residential MBS	45		1		(1)		—		(2)		1		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	1		(1)		3		—		—		52		—		55
Other asset-backed securities	256		(5)		1		61		(47)		27		—		293
Corporate and other	223		(1)		(1)		32		(11)		2		(66)		178
Total AFS fixed maturities	571		(6)		4		93		(61)		82		(68)		615
Equity securities	161		(17)		—		11		—		9		—		164
Assets of MIE	17		(2)		—		—		—		2		—		17
Assets of discontinued annuity operations	3,092		(20)		20		361		(212)		258		(455)		3,044
Total Level 3 assets	$	3,841	$	(45)	$	24	$	465	$	(273)	$	351	$	(523)	$	3,840

Liabilities of discontinued annuity operations	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.

Fair Value of Financial Instruments The carrying value and fair value of financial instruments of continuing operations that are not carried at fair value in the financial statements are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
June 30, 2021
Financial assets:
Cash and cash equivalents	$	3,365	$	3,365	$	3,365	$	—	$	—
Mortgage loans	461		479		—		—		479
Total financial assets not accounted for at fair value	$	3,826	$	3,844	$	3,365	$	—	$	479

Long-term debt	$	1,963	$	2,294	$	—	$	2,291	$	3
Total financial liabilities not accounted for at fair value	$	1,963	$	2,294	$	—	$	2,291	$	3

December 31, 2020
Financial assets:
Cash and cash equivalents	$	1,665	$	1,665	$	1,665	$	—	$	—
Mortgage loans	377		382		—		—		382
Total financial assets not accounted for at fair value	$	2,042	$	2,047	$	1,665	$	—	$	382

Long-term debt	$	1,963	$	2,325	$	—	$	2,322	$	3
Total financial liabilities not accounted for at fair value	$	1,963	$	2,325	$	—	$	2,322	$	3

- 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 + Details

Investments

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Available for sale fixed maturities held by AFG’s continuing operations at June 30, 2021 and December 31, 2020, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
June 30, 2021
Fixed maturities:
U.S. Government and government agencies	$	218	$	—	$	4	$	(1)	$	3	$	221
States, municipalities and political subdivisions	1,967		—		93		—		93		2,060
Foreign government	206		—		2		—		2		208
Residential MBS	747		—		53		(2)		51		798
Commercial MBS	127		—		3		—		3		130
Collateralized loan obligations	1,382		1		5		(2)		3		1,384
Other asset-backed securities	2,341		7		29		(4)		25		2,359
Corporate and other	2,493		1		83		(3)		80		2,572
Total fixed maturities	$	9,481	$	9	$	272	$	(12)	$	260	$	9,732

December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	192	$	—	$	6	$	—	$	6	$	198
States, municipalities and political subdivisions	2,196		—		116		—		116		2,312
Foreign government	172		—		4		—		4		176
Residential MBS	859		—		57		(1)		56		915
Commercial MBS	89		—		3		—		3		92
Collateralized loan obligations	1,065		3		4		(4)		—		1,062
Other asset-backed securities	2,040		7		27		(13)		14		2,047
Corporate and other	2,199		2		88		(3)		85		2,282
Total fixed maturities	$	8,812	$	12	$	305	$	(21)	$	284	$	9,084

Available for sale fixed maturities that are included in assets of discontinued annuity operations at December 31, 2020, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	39	$	—	$	5	$	—	$	5	$	44
States, municipalities and political subdivisions	3,053		—		370		(2)		368		3,421
Foreign government	31		—		4		—		4		35
Residential MBS	1,953		3		194		(4)		190		2,140
Commercial MBS	659		—		40		(1)		39		698
Collateralized loan obligations	3,491		10		23		(13)		10		3,491
Other asset-backed securities	5,098		11		142		(53)		89		5,176
Corporate and other	17,272		4		1,874		(24)		1,850		19,118
Total fixed maturities	$	31,596	$	28	$	2,652	$	(97)	$	2,555	$	34,123

Equity securities held by AFG’s continuing operations, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at June 30, 2021 and December 31, 2020 (in millions):


	June 30, 2021						December 31, 2020
					Fair Value						Fair Value
	Actual Cost				over (under)		Actual Cost				over (under)
			Fair Value		Cost				Fair Value		Cost
Common stocks	$	455	$	561	$	106	$	516	$	510	$	(6)
Perpetual preferred stocks	358		404		46		369		379		10
Total equity securities carried at fair value	$	813	$	965	$	152	$	885	$	889	$	4

Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions):


	Carrying Value				Net Investment Income
	June 30, 2021		December 31, 2020		Three months ended June 30,				Six months ended June 30,
					2021		2020		2021		2020
Real estate-related investments (*)	$	1,014	$	915	$	45	$	13	$	99	$	38
Private equity	314		266		24		(13)		45		(17)
Private debt	50		54		2		(6)		5		(4)
Total investments accounted for using the equity method	$	1,378	$	1,235	$	71	$	(6)	$	149	$	17

(*)Includes 88% invested in multi-family properties, 2% in single family properties and 10% in other property types as of June 30, 2021 and 87% invested in multi-family properties, 2% in single family properties and 11% in other property types as of December 31, 2020.

The earnings (losses) from these investments are generally reported on a three-month lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments.

With respect to partnerships and similar investments, AFG’s continuing operations had unfunded commitments of $275 million and $290 million as of June 30, 2021 and December 31, 2020, respectively.

Assets of discontinued annuity operations includes investments accounted for under the equity method of $646 million as of December 31, 2020.

The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities held by AFG’s continuing operations by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates.


	Less Than Twelve Months						Twelve Months or More
	Unrealized Loss		Fair Value		Fair Value as % of Cost		Unrealized Loss		Fair Value		Fair Value as % of Cost
June 30, 2021
Fixed maturities:
U.S. Government and government agencies	$	(1)	$	109	99	%	$	—	$	—	—	%
States, municipalities and political subdivisions	—		6		100	%	—		17		100	%
Foreign government	—		35		100	%	—		—		—	%
Residential MBS	(1)		82		99	%	(1)		10		91	%
Commercial MBS	—		—		—	%	—		—		—	%
Collateralized loan obligations	(1)		297		100	%	(1)		235		100	%
Other asset-backed securities	(1)		288		100	%	(3)		92		97	%
Corporate and other	(2)		119		98	%	(1)		55		98	%
Total fixed maturities	$	(6)	$	936	99	%	$	(6)	$	409	99	%

December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	—	$	23	100	%	$	—	$	—	—	%
States, municipalities and political subdivisions	—		39		100	%	—		10		100	%
Foreign government	—		7		100	%	—		—		—	%
Residential MBS	(1)		86		99	%	—		7		100	%
Commercial MBS	—		7		100	%	—		5		100	%
Collateralized loan obligations	(1)		192		99	%	(3)		366		99	%
Other asset-backed securities	(10)		465		98	%	(3)		92		97	%
Corporate and other	(2)		133		99	%	(1)		17		94	%
Total fixed maturities	$	(14)	$	952	99	%	$	(7)	$	497	99	%

At June 30, 2021, the gross unrealized losses on fixed maturities of $12 million relate to 366 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 69% of the gross unrealized loss and 91% of the fair value.

To evaluate fixed maturities for expected credit losses (impairment), management considers whether the unrealized loss is credit-driven or a result of changes in market interest rates, the extent to which fair value is less than cost basis, historical operating, balance sheet and cash flow data from the issuer, third party research and communications with industry specialists and discussions with issuer management.

AFG analyzes its MBS securities for expected credit losses (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.

Management believes AFG will recover its cost basis (net of any allowance) in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at June 30, 2021.

Credit losses on available for sale fixed maturities are measured based on the present value of expected future cash flows compared to amortized cost. Beginning January 1, 2020, impairment losses are recognized through an allowance instead of directly writing down the amortized cost. Recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance. In addition, the allowance on available for sale fixed maturities cannot cause the amortized cost net of the allowance to be below fair value. Accordingly, future changes in the fair value of an impaired security (when the allowance was limited by the fair value) due to reasons other than issuer credit (e.g. changes in market interest rates) result in increases or decreases in the allowance, which are recorded through realized gains (losses) on securities. A progression of the allowance for expected credit losses on fixed maturity securities held by AFG’s continuing operations is shown below (in millions):


	Structured Securities (*)		Corporate and Other		Total
Balance at March 31, 2021	$	9	$	1	$	10
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions (reductions) to previously recognized expected credit losses	(1)		1		—
Reductions due to sales or redemptions	—		(1)		(1)
Balance at June 30, 2021	$	8	$	1	$	9

Balance at March 31, 2020	$	11	$	3	$	14
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	1		1		2
Additions (reductions) to previously recognized expected credit losses	(1)		(1)		(2)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2020	$	11	$	3	$	14

Balance at January 1, 2021	$	10	$	2	$	12

Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions (reductions) to previously recognized expected credit losses	(2)		1		(1)
Reductions due to sales or redemptions	—		(2)		(2)
Balance at June 30, 2021	$	8	$	1	$	9

Balance at January 1, 2020	$	—	$	—	$	—
Impact of adoption of new accounting policy	—		—		—
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	12		4		16
Additions (reductions) to previously recognized expected credit losses	(1)		(1)		(2)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2020	$	11	$	3	$	14

(*)Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.

In the second quarter and first six months of 2021 and 2020, AFG’s continuing operations did not purchase any securities with expected credit losses.

The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of June 30, 2021 (dollars in millions). 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.


	Amortized		Fair Value
	Cost, net (*)		Amount		%
Maturity
One year or less	$	1,045	$	1,059	11	%
After one year through five years	2,553		2,656		27	%
After five years through ten years	1,002		1,053		11	%
After ten years	283		293		3	%
	4,883		5,061		52	%
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,715		3,743		38	%
MBS (average life of approximately 3 years)	874		928		10	%
Total	$	9,472	$	9,732	100	%

(*)Amortized cost, net of allowance for expected credit losses.

Certain risks are inherent in 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, 2021 or December 31, 2020.

Net Unrealized Gain on Fixed Maturity Securities The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet.


	Pretax		Deferred Tax		Net
June 30, 2021
Net unrealized gain on fixed maturities	$	260	$	(55)	$	205










December 31, 2020
Net unrealized gain on fixed maturities held by continuing operations	$	284	$	(60)	$	224

Discontinued operations (*):
Net unrealized gain on fixed maturities	$	2,555	$	(536)	$	2,019
Deferred policy acquisition costs — annuity segment	(934)		196		(738)
Annuity benefits accumulated	(324)		68		(256)
Life, accident and health reserves	(3)		—		(3)
Unearned revenue	11		(2)		9
Total net unrealized gain from discontinued operations	1,305		(274)		1,031
Total net unrealized gain on fixed maturity securities	$	1,589	$	(334)	$	1,255

(*)In addition to adjusting fixed maturity securities classified as “available for sale” to fair value, GAAP requires that deferred policy acquisition costs and certain other balance sheet amounts related to AFG’s discontinued annuity, long-term care and life businesses 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.

Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations.


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Investment income:
Fixed maturities	$	72	$	77	$	144	$	159
Equity securities:
Dividends	7		8		15		18
Change in fair value (a) (b)	8		9		34		(8)
Equity in earnings of partnerships and similar investments	71		(6)		149		17
Other	8		1		14		9
Gross investment income	166		89		356		195
Investment expenses	(2)		(1)		(4)		(3)
Net investment income (b)	$	164	$	88	$	352	$	192

(a)Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting.

(b)Net investment income in the second quarter and first six months of 2020 includes income of less than $1 million and losses of $6 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded on equity securities that are carried at fair value through net investment income.

Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions):


	Three months ended June 30, 2021								Three months ended June 30, 2020
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	1	$	—	$	1	$	20	$	1	$	—	$	1	$	257
Equity securities	42		—		42		—		107		—		107		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	43		—		43		20		108		—		108		257
Tax effects	(9)		—		(9)		(4)		(23)		—		(23)		(54)
Net of tax	$	34	$	—	$	34	$	16	$	85	$	—	$	85	$	203

	Six months ended June 30, 2021								Six months ended June 30, 2020
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	—	$	1	$	1	$	(24)	$	4	$	(14)	$	(10)	$	(20)
Equity securities	119		—		119		—		(211)		—		(211)		—
Mortgage loans and other investments	—		—		—		—		1		—		1		—
Total pretax	119		1		120		(24)		(206)		(14)		(220)		(20)
Tax effects	(25)		—		(25)		5		43		3		46		4
Net of tax	$	94	$	1	$	95	$	(19)	$	(163)	$	(11)	$	(174)	$	(16)

All equity securities other than those accounted for under the equity method are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities from continuing operations during the second quarter and first six months of 2021 and 2020 on securities that were still owned at June 30, 2021 and June 30, 2020 as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Included in realized gains (losses)	$	36	$	86	$	98	$	(206)
Included in net investment income	8		9		34		(1)
	$	44	$	95	$	132	$	(207)

Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions from continuing operations consisted of the following (in millions):


	Six months ended June 30,
	2021		2020
Gross gains	$	3	$	5
Gross losses	(1)		(3)

Managed Investment Entities

6 Months Ended

Jun. 30, 2021

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Managed Investment Entities

AFG is the investment manager and its subsidiaries have investments ranging from 4.5% to 46.8% of the most subordinate debt tranche of twelve active collateralized loan obligation entities (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation between 2012 and 2020, 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 CLO. None of the collateral was purchased from AFG. AFG’s investments in the subordinate debt tranches of these entities receive residual income from the CLOs only after the CLOs pay expenses (including management fees to AFG) and 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.

AFG’s maximum exposure to economic loss on the CLOs that it manages is limited to its investment in those CLOs, which had an aggregate fair value of $57 million (including $45 million invested in the most subordinate tranches) at June 30, 2021, and $200 million at December 31, 2020.

During the first six months of 2020, AFG subsidiaries purchased $57 million face amount of senior and subordinate tranches of existing CLOs for $39 million. During the first six months of 2021 and 2020, AFG subsidiaries received $38 million and less than $1 million, respectively, in sale and redemption proceeds from its CLO investments.

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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Investment in CLO tranches at end of period:
Held by continuing operations	$	57	$	39	$	57	$	39
Held by discontinued annuity operations	—		118		—		118
Total	$	57	$	157	$	57	$	157
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	21	$	363	$	67	$	(316)
Liabilities	(15)		(366)		(59)		300
Management fees paid to AFG	4		4		8		8
CLO earnings (losses) attributable to AFG shareholders:
From continuing operations	$	7	$	—	$	12	$	(11)
From discontinued annuity operations	7		2		20		(23)
Total	$	14	$	2	$	32	$	(34)

(*)Included in revenues in AFG’s Statement of Earnings.

The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $69 million and $150 million at June 30, 2021 and December 31, 2020, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $182 million and $141 million at those dates. The CLO assets include loans with an aggregate fair value of $5 million at June 30, 2021 and $11 million at December 31, 2020, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $15 million at June 30, 2021 and $28 million at December 31, 2020).

In addition to the CLOs that it manages, AFG’s continuing operations had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.38 billion at June 30, 2021 and $1.06 billion at December 31, 2020.

Goodwill and Other Intangibles	6 Months Ended
Goodwill and Other Intangibles	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other IntangiblesThere were no changes in the goodwill balance from AFG’s continuing operations of $176 million during the first six months of 2021.Included in other assets in AFG’s Balance Sheet is $30 million at June 30, 2021 and $34 million at December 31, 2020 in amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $65 million and $62 million, respectively. Amortization of intangibles was $1 million and $3 million in the second quarter of 2021 and 2020, respectively, and $4 million and $6 million in the first six months of 2021 and 2020, respectively.

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following (in millions):


	June 30, 2021						December 31, 2020
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	590	$	(2)	$	588	$	590	$	(2)	$	588
3.50% Senior Notes due August 2026	425		(3)		422		425		(3)		422
5.25% Senior Notes due April 2030	300		(6)		294		300		(6)		294
Other	3		—		3		3		—		3
	1,318		(11)		1,307		1,318		(11)		1,307

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinate Debentures due December 2059	200		(6)		194		200		(6)		194
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(19)		656		675		(19)		656
	$	1,993	$	(30)	$	1,963	$	1,993	$	(30)	$	1,963

Scheduled principal payments on debt for the balance of 2021, the subsequent five years and thereafter are as follows: 2021 — none; 2022 — none; 2023 — none; 2024 — none; 2025 — none; 2026 — $425 million and thereafter — $1.57 billion.

AFG can borrow up to $500 million under its revolving credit facility, which expires in December 2025. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at June 30, 2021 or December 31, 2020.

Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [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, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities.

The progression of the components of accumulated other comprehensive income follows (in millions):


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		Attributable to noncontrolling interests		Attributable to shareholders		AOCI Ending Balance
Quarter ended June 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	168	$	(35)	$	133	$	—	$	133
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(9)		2		(7)		—		(7)
Reclassification for unrealized gains on securities of subsidiaries sold			(1,119)		235		(884)		—		(884)
Total net unrealized gains (losses) on securities	$	963	(960)		202		(758)		—		(758)		$	205
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			7		(1)		6		—		6
Reclassification adjustment for investment income included in net earnings from discontinued operations			(5)		1		(4)		—		(4)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)		—		(29)
Total net unrealized gains (losses) on cash flow hedges	27		(35)		8		(27)		—		(27)		—
Foreign currency translation adjustments	(16)		—		—		—		—		—		(16)
Pension and other postretirement plans (“OPRP”) adjustments:
Unrealized holding losses on pension and OPRP arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9		—		9
Total Pension and OPRP adjustments	(7)		10		(2)		8		—		8		1
Total	$	967	$	(985)	$	208	$	(777)	$	—	$	(777)	$	190

Quarter ended June 30, 2020
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period			$	1,293	$	(272)	$	1,021	$	—	$	1,021
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(9)		2		(7)		—		(7)
Total net unrealized gains (losses) on securities	$	16	1,284		(270)		1,014		—		1,014		$	1,030
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			16		(4)		12		—		12
Reclassification adjustment for investment income included in net earnings from discontinued operations			(12)		3		(9)		—		(9)
Total net unrealized gains on cash flow hedges	44		4		(1)		3		—		3		47
Foreign currency translation adjustments	(21)		4		—		4		—		4		(17)
Pension and other postretirement plans adjustments	(7)		—		—		—		—		—		(7)
Total	$	32	$	1,292	$	(271)	$	1,021	$	—	$	1,021	$	1,053


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		Attributable to noncontrolling interests		Attributable to shareholders		AOCI Ending Balance
Six months ended June 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period			$	(187)	$	39	$	(148)	$	—	$	(148)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(23)		5		(18)		—		(18)
Reclassification for unrealized gains of subsidiaries sold			(1,119)		235		(884)		—		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,329)		279		(1,050)		—		(1,050)		$	205
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding losses on cash flow hedges arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)		—		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)		—		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—		(41)		—
Foreign currency translation adjustments	(16)		—		—		—		—		—		(16)
Pension and OPRP adjustments:
Unrealized holding losses on pension and OPRP arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9		—		9
Total Pension and OPRP adjustments	(7)		10		(2)		8		—		8		1
Total	$	1,273	$	(1,371)	$	288	$	(1,083)	$	—	$	(1,083)	$	190

Six months ended June 30, 2020
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period			$	198	$	(42)	$	156	$	—	$	156
Reclassification adjustment for realized (gains) losses included in net earnings (*)			15		(3)		12		—		12
Total net unrealized gains (losses) on securities	$	862	213		(45)		168		—		168		$	1,030
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			61		(13)		48		—		48
Reclassification adjustment for investment income included in net earnings from discontinued operations			(23)		5		(18)		—		(18)
Total net unrealized gains on cash flow hedges	17		38		(8)		30		—		30		47
Foreign currency translation adjustments	(9)		(6)		—		(6)		(2)		(8)		(17)
Pension and other postretirement plans adjustments	(7)		—		—		—		—		—		(7)
Total	$	863	$	245	$	(53)	$	192	$	(2)	$	190	$	1,053

(*)The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - continuing operations

Realized gains (losses) on securities

Pretax - discontinued operations

Net earnings (loss) from discontinued operations

Tax - continuing operations

Provision (credit) for income taxes

Tax - discontinued operations

Net earnings (loss) from discontinued operations

Stock Incentive Plans Under AFG’s stock incentive plans, 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 2021, AFG issued 207,020 shares of restricted Common Stock (fair value of $111.13 per share) under the Stock Incentive Plan.

Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $2 million and $4 million in the second quarter of 2021 and 2020 and $7 million and $9 million in the first six months of 2021 and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The following is a reconciliation of income taxes on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):


	Three months ended June 30,								Six months ended June 30,
	2021				2020				2021				2020
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings (loss) from continuing operations before income taxes (“EBT”)	$	288			$	140			$	623			$	(45)

Income taxes at statutory rate	$	61	21	%	$	30	21	%	$	131	21	%	$	(9)	21	%
Effect of:

Stock-based compensation	(8)		(3	%)	—		—	%	(10)		(2	%)	(3)		7	%
Employee stock ownership plan dividend paid deduction	(8)		(3	%)	—		—	%	(8)		(1	%)	—		—	%
Tax exempt interest	(2)		(1	%)	(3)		(2	%)	(4)		(1	%)	(5)		11	%
Dividends received deduction	(1)		—	%	—		—	%	(1)		—	%	(1)		2	%


Foreign operations	(1)		—	%	—		—	%	(2)		—	%	1		(2	%)
Nondeductible expenses	2		1	%	1		1	%	4		1	%	2		(4	%)
Change in valuation allowance	3		1	%	9		6	%	3		—	%	11		(25	%)

Other	2		1	%	—		—	%	3		1	%	—		(1	%)
Provision (credit) for income taxes as shown in the statement of earnings	$	48	17	%	$	37	26	%	$	116	19	%	$	(4)	9	%

Approximately $27 million of AFG’s net operating loss carryforwards (“NOL”) subject to separate return limitation year (“SRLY”) tax rules will expire unutilized at December 31, 2021. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards will be offset by a corresponding reduction in the valuation allowance and will have no overall impact on AFG’s income tax expense or results of operations.

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
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+ Details

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThere have been no significant changes to the matters discussed and referred to in Note N — “Contingencies” of AFG’s 2020 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of subsidiaries’ former railroad and manufacturing operations.

Insurance

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

Insurance

Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2021 and 2020 (in millions):


	Six months ended June 30,
	2021		2020
Balance at beginning of year	$	10,392	$	10,232
Less reinsurance recoverables, net of allowance	3,117		3,024
Net liability at beginning of year	7,275		7,208
Provision for losses and LAE occurring in the current period	1,507		1,597


Net decrease in the provision for claims of prior years	(126)		(119)
Total losses and LAE incurred	1,381		1,478
Payments for losses and LAE of:
Current year	(258)		(284)
Prior years	(1,083)		(1,068)
Total payments	(1,341)		(1,352)

Foreign currency translation and other	1		(20)
Net liability at end of period	7,316		7,314
Add back reinsurance recoverables, net of allowance	3,182		3,007
Gross unpaid losses and LAE included in the balance sheet at end of period	$	10,498	$	10,321

The net decrease in the provision for claims of prior years during the first six months of 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business and lower than expected claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety business and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than expected claim frequency and severity in the equine business (within the Property and transportation sub-segment) and (ii) higher than anticipated claim severity in the general liability, targeted markets and professional liability businesses (within the Specialty casualty sub-segment).

The net decrease in the provision for claims of prior years during the first six months of 2020 reflects (i) lower than expected claim frequency and severity in the agricultural and transportation businesses (within the Property and transportation sub-segment), (ii) lower than anticipated claim frequency and severity in the workers’ compensation businesses and lower than anticipated claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit and surety businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than expected claim frequency and severity in the excess and surplus lines businesses (within the Specialty casualty sub-segment) and higher than expected losses at Neon.

Recoverables from Reinsurers and Premiums Receivable Progressions of the 2021 and 2020 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions):


	Recoverables from Reinsurers				Premiums Receivable
	2021		2020		2021		2020
Balance at March 31	$	7	$	7	$	11	$	9
Provision (credit) for expected credit losses	1		—		(2)		1
Write-offs charged against the allowance	—		—		—		—
Balance at June 30	$	8	$	7	$	9	$	10

Balance at January 1	$	6	$	18	$	10	$	13
Impact of adoption of new accounting policy	—		(11)		—		(3)
Provision (credit) for expected credit losses	2		—		(1)		—
Write-offs charged against the allowance	—		—		—		—
Balance at June 30	$	8	$	7	$	9	$	10

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) 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 (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation including reclassifying the assets and liabilities of the Annuity subsidiaries sold in May 2021 to assets and liabilities of discontinued annuity operations and their earnings to net earnings (loss) from discontinued operations. See Note B — “Discontinued Operations.” 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, 2021, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. 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.
Discontinued Operations	Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations.
Fair Value Measurements	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. AFG did not have any material nonrecurring fair value measurements in the first six months of 2021. 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, 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 corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks 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 or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments 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 are classified as Level 3. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. 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. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. 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. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. AFG’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in AFG’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). Credit losses on available for sale fixed maturities are measured based on the present value of expected future cash flows compared to amortized cost. Beginning January 1, 2020, impairment losses are recognized through an allowance instead of directly writing down the amortized cost. Recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance. In addition, the allowance on available for sale fixed maturities cannot cause the amortized cost net of the allowance to be below fair value. Accordingly, future changes in the fair value of an impaired security (when the allowance was limited by the fair value) due to reasons other than issuer credit (e.g. changes in market interest rates) result in increases or decreases in the allowance, which are recorded through realized gains (losses) on securities.
Investments	Investments Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective 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. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion 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 charge. 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 is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value.
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	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 (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due 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 under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies.
Deferred Policy Acquisition Costs (“DPAC”)	Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. 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 and unamortized acquisition 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.
Managed Investment Entities	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 investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities”). AFG has determined that it is the primary beneficiary of these 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) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that 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. 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 is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) 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.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet.
Leases	Leases Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. At June 30, 2021 AFG has a $143 million lease liability included in other liabilities and a lease right-of-use asset of $124 million included in other assets compared to $159 million and $139 million, respectively, at December 31, 2020.
Noncontrolling Interests	Noncontrolling Interests For balance sheet purposes, noncontrolling interests represent 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.
Premium Recognition	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.
Income Taxes	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. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.
Stock-Based Compensation	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 records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.
Benefit Plans	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	Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: second quarter of 2021 and 2020 — 0.6 million and 0.3 million; first six months of 2021 and 2020 — 0.6 million and none, respectively. There were no anti-dilutive potential common shares for the second quarter of 2021 or 2020 or the first six months of 2021 and 0.6 million anti-dilutive potential common shares for the first six months 2020 due to AFG’s net loss attributable to shareholders in that period.
Statement of Cash Flows	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, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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.
Segments of Operations	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Information on sale of Annuity subsidiaries

Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions):


	May 31, 2021		December 31, 2020
Assets of businesses sold:
Cash and cash equivalents	$	2,060	$	1,145
Investments	38,322		38,011
Recoverables from reinsurers	6,748		6,804
Other assets	2,139		1,925
Total assets of discontinued annuity operations	49,269		47,885
Liabilities of businesses sold:
Annuity benefits accumulated	43,690		42,573
Other liabilities	1,801		1,885
Total liabilities of discontinued annuity operations	45,491		44,458
Receivable from AFG for real estate-related investments	—		537
Reclassify AOCI	(913)		(1,071)
Net investment in annuity businesses sold, excluding AOCI	$	2,865	$	2,893

Details of the results of operations for the discontinued annuity operations were (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021 (*)		2020		2021 (*)		2020
Net investment income	$	299	$	382	$	746	$	797
Realized gains (losses) on securities	31		96		112		(127)
Other income	20		32		52		65
Total revenues	350		510		910		735
Annuity benefits	216		426		377		702
Annuity and supplemental insurance acquisition expenses	24		(35)		136		78
Other expenses	27		41		73		80
Total costs and expenses	267		432		586		860
Earnings (loss) before income taxes from discontinued operations	83		78		324		(125)
Provision (credit) for income taxes on operations	18		14		66		(29)
Net earnings (loss) from operations, net of tax	65		64		258		(96)
Gain on sale, net of tax	697		—		656		—
Net earnings (loss) from discontinued operations	$	762	$	64	$	914	$	(96)

(*)Results through the May 31, 2021 effective date of the sale.

The impact of the sale of the annuity business is shown below (in millions):


	May 31, 2021
Cash proceeds	$	3,537
Receivable from MassMutual	32
Sale related expenses	(8)
Total net proceeds	3,561

Net investment in annuity businesses sold, excluding AOCI	2,865
Reclassify net deferred tax asset	(210)
Pretax gain on sale	906
Income tax expense:
Reclassify net deferred tax asset	210
Tax liabilities triggered by pending sale in the first quarter of 2021	41
Other	(1)
Total income tax expense	250
Net gain on sale	$	656

Summarized cash flows for the discontinued annuity operations were (in millions):


	Six months ended June 30,
	2021		2020
Net cash provided by operating activities	$	87	$	605
Net cash used in investing activities	(1,709)		(1,008)
Net cash provided by financing activities	477		406


	Three months ended June 30,				Six months ended June 30,
Derivative	2021		2020		2021		2020
MBS with embedded derivatives	$	(1)	$	2	$	(1)	$	5

Fixed-indexed and variable-indexed annuities (embedded derivative)	(182)		(601)		(222)		46
Equity index call options	123		383		237		(245)
Equity index put options	3		5		5		(1)
Reinsurance contract (embedded derivative)	—		(3)		1		(1)
	$	(57)	$	(214)	$	20	$	(196)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
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+ Details

Sales of Businesses (Tables)

6 Months Ended

Jun. 30, 2021

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Revenues, costs and expenses, and earnings before income taxes for subsidiaries sold

Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions):


	Three months ended		Six months ended
	June 30, 2020		June 30, 2020
Net earned premiums	$	61	$	132
Loss and loss adjustment expenses	66		106
Commissions and other underwriting expenses	38		70
Underwriting loss	(43)		(44)

Net investment income	—		(6)
Other income and expenses, net	1		(2)
Loss before income taxes and noncontrolling interests	$	(42)	$	(52)

Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	453	$	390	$	847	$	776
Specialty casualty	588		547		1,159		1,103
Specialty financial	157		144		314		300
Other specialty	52		42		103		82
Other lines (a)	—		61		—		132
Total premiums earned	1,250		1,184		2,423		2,393
Net investment income (b)	143		72		302		165
Other income	1		3		5		8
Total property and casualty insurance	1,394		1,259		2,730		2,566
Other (c)	90		78		186		154
Total revenues before realized gains (losses)	1,484		1,337		2,916		2,720
Realized gains (losses) on securities	43		108		120		(220)
Realized gain on subsidiary	4		—		4		—
Total revenues	$	1,531	$	1,445	$	3,040	$	2,500

(a)Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the second quarter and first six months of 2020.


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Earnings (Loss) Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	62	$	33	$	118	$	60
Specialty casualty	71		27		127		79
Specialty financial	21		—		46		17
Other specialty	(1)		(6)		(4)		(13)
Other lines (a)	(1)		(45)		(1)		(47)
Total underwriting	152		9		286		96
Investment and other income, net (b)	136		65		290		149
Total property and casualty insurance	288		74		576		245
Other (c)	(47)		(42)		(77)		(70)
Total earnings before realized gains (losses) and income taxes	241		32		499		175
Realized gains (losses) on securities	43		108		120		(220)
Realized gain on subsidiary	4		—		4		—
Total earnings (loss) before income taxes	$	288	$	140	$	623	$	(45)

(a)Includes an underwriting loss of $43 million in the second quarter of 2020 and $44 million in the first six months of 2020 in the Neon exited lines.

(b)Includes $1 million and $10 million in the second quarter and first six months of 2020, respectively, in net expenses from the Neon exited lines, before noncontrolling interest.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

Assets and liabilities of continuing operations measured and carried at fair value in the financial statements are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
June 30, 2021
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	218	$	3	$	—	$	221
States, municipalities and political subdivisions	—		2,024		36		2,060
Foreign government	—		208		—		208
Residential MBS	—		770		28		798
Commercial MBS	—		130		—		130
Collateralized loan obligations	—		1,378		6		1,384
Other asset-backed securities	—		2,044		315		2,359
Corporate and other	4		2,348		220		2,572
Total AFS fixed maturities	222		8,905		605		9,732
Trading fixed maturities	—		26		—		26
Equity securities	672		48		245		965
Assets of managed investment entities (“MIE”)	269		4,802		15		5,086

Total assets of continuing operations accounted for at fair value	$	1,163	$	13,781	$	865	$	15,809
Liabilities:
Liabilities of managed investment entities	$	266	$	4,749	$	14	$	5,029

Total liabilities of continuing operations accounted for at fair value	$	266	$	4,749	$	14	$	5,029

December 31, 2020
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies	$	195	$	3	$	—	$	198
States, municipalities and political subdivisions	—		2,273		39		2,312
Foreign government	—		176		—		176
Residential MBS	—		877		38		915
Commercial MBS	—		90		2		92
Collateralized loan obligations	—		1,046		16		1,062
Other asset-backed securities	—		1,742		305		2,047
Corporate and other	4		2,140		138		2,282
Total AFS fixed maturities	199		8,347		538		9,084
Trading fixed maturities	—		24		—		24
Equity securities	665		48		176		889
Assets of managed investment entities	217		4,733		21		4,971

Total assets of continuing operations accounted for at fair value	$	1,081	$	13,152	$	735	$	14,968
Liabilities:
Liabilities of managed investment entities	$	215	$	4,678	$	21	$	4,914

Total liabilities of continuing operations accounted for at fair value	$	215	$	4,678	$	21	$	4,914

Changes in balances of Level 3 financial assets


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2021		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	27		—		—		—		(1)		3		(1)		—		28
Commercial MBS	—		—		—		—		—		—		—		—		—
Collateralized loan obligations	6		—		—		—		—		—		—		—		6
Other asset-backed securities	326		—		1		38		(49)		—		(1)		—		315
Corporate and other	204		(2)		—		22		(2)		1		(3)		—		220
Total AFS fixed maturities	602		(2)		1		60		(55)		4		(5)		—		605
Equity securities	227		18		—		12		(5)		—		(7)		—		245
Assets of MIE	14		(1)		—		1		—		1		—		—		15
Assets of discontinued annuity operations	2,806		15		21		13		(136)		—		—		(2,719)		—
Total Level 3 assets	$	3,649	$	30	$	22	$	86	$	(196)	$	5	$	(12)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		1		—		(1)		—		—		41
Residential MBS	44		—		1		—		(1)		—		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	44		(1)		3		—		—		9		—		55
Other asset-backed securities	238		1		1		39		(6)		20		—		293
Corporate and other	172		—		2		8		(4)		—		—		178
Total AFS fixed maturities	545		—		8		47		(12)		29		(2)		615
Equity securities	155		1		—		8		—		—		—		164
Assets of MIE	16		(1)		—		—		—		2		—		17
Assets of discontinued annuity operations	2,797		(2)		64		208		(38)		125		(110)		3,044
Total Level 3 assets	$	3,513	$	(2)	$	72	$	263	$	(50)	$	156	$	(112)	$	3,840

Liabilities of discontinued annuity operations	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	38		(3)		—		6		(1)		6		(18)		—		28
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		(1)		—		(1)		—		(9)		—		6
Other asset-backed securities	305		—		1		90		(72)		14		(23)		—		315
Corporate and other	138		(1)		(1)		106		(20)		3		(5)		—		220
Total AFS fixed maturities	538		(3)		(1)		202		(97)		23		(57)		—		605
Equity securities	176		71		—		24		(19)		—		(7)		—		245
Assets of MIE	21		3		—		2		—		1		(12)		—		15
Assets of discontinued annuity operations	2,971		85		(21)		209		(328)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	156	$	(22)	$	437	$	(444)	$	56	$	(305)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2019		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	40		—		2		—		(1)		—		—		41
Residential MBS	45		1		(1)		—		(2)		1		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	1		(1)		3		—		—		52		—		55
Other asset-backed securities	256		(5)		1		61		(47)		27		—		293
Corporate and other	223		(1)		(1)		32		(11)		2		(66)		178
Total AFS fixed maturities	571		(6)		4		93		(61)		82		(68)		615
Equity securities	161		(17)		—		11		—		9		—		164
Assets of MIE	17		(2)		—		—		—		2		—		17
Assets of discontinued annuity operations	3,092		(20)		20		361		(212)		258		(455)		3,044
Total Level 3 assets	$	3,841	$	(45)	$	24	$	465	$	(273)	$	351	$	(523)	$	3,840

Liabilities of discontinued annuity operations	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.

Changes in balances of Level 3 financial liabilities


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2021		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	27		—		—		—		(1)		3		(1)		—		28
Commercial MBS	—		—		—		—		—		—		—		—		—
Collateralized loan obligations	6		—		—		—		—		—		—		—		6
Other asset-backed securities	326		—		1		38		(49)		—		(1)		—		315
Corporate and other	204		(2)		—		22		(2)		1		(3)		—		220
Total AFS fixed maturities	602		(2)		1		60		(55)		4		(5)		—		605
Equity securities	227		18		—		12		(5)		—		(7)		—		245
Assets of MIE	14		(1)		—		1		—		1		—		—		15
Assets of discontinued annuity operations	2,806		15		21		13		(136)		—		—		(2,719)		—
Total Level 3 assets	$	3,649	$	30	$	22	$	86	$	(196)	$	5	$	(12)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,954)	$	(183)	$	—	$	(72)	$	66	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		1		—		(1)		—		—		41
Residential MBS	44		—		1		—		(1)		—		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	44		(1)		3		—		—		9		—		55
Other asset-backed securities	238		1		1		39		(6)		20		—		293
Corporate and other	172		—		2		8		(4)		—		—		178
Total AFS fixed maturities	545		—		8		47		(12)		29		(2)		615
Equity securities	155		1		—		8		—		—		—		164
Assets of MIE	16		(1)		—		—		—		2		—		17
Assets of discontinued annuity operations	2,797		(2)		64		208		(38)		125		(110)		3,044
Total Level 3 assets	$	3,513	$	(2)	$	72	$	263	$	(50)	$	156	$	(112)	$	3,840

Liabilities of discontinued annuity operations	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,099)	$	(601)	$	—	$	(46)	$	71	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2020		Net earnings (loss)		OCI		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Sale of annuity business		Balance at June 30, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(3)		—		—		—		36
Residential MBS	38		(3)		—		6		(1)		6		(18)		—		28
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		(1)		—		(1)		—		(9)		—		6
Other asset-backed securities	305		—		1		90		(72)		14		(23)		—		315
Corporate and other	138		(1)		(1)		106		(20)		3		(5)		—		220
Total AFS fixed maturities	538		(3)		(1)		202		(97)		23		(57)		—		605
Equity securities	176		71		—		24		(19)		—		(7)		—		245
Assets of MIE	21		3		—		2		—		1		(12)		—		15
Assets of discontinued annuity operations	2,971		85		(21)		209		(328)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	156	$	(22)	$	437	$	(444)	$	56	$	(305)	$	(2,719)	$	865

Liabilities of discontinued annuity operations	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—
Total Level 3 liabilities (*)	$	(3,933)	$	(222)	$	—	$	(146)	$	158	$	—	$	—	$	4,143	$	—


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2019		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	40		—		2		—		(1)		—		—		41
Residential MBS	45		1		(1)		—		(2)		1		(2)		42
Commercial MBS	6		—		—		—		—		—		—		6
Collateralized loan obligations	1		(1)		3		—		—		52		—		55
Other asset-backed securities	256		(5)		1		61		(47)		27		—		293
Corporate and other	223		(1)		(1)		32		(11)		2		(66)		178
Total AFS fixed maturities	571		(6)		4		93		(61)		82		(68)		615
Equity securities	161		(17)		—		11		—		9		—		164
Assets of MIE	17		(2)		—		—		—		2		—		17
Assets of discontinued annuity operations	3,092		(20)		20		361		(212)		258		(455)		3,044
Total Level 3 assets	$	3,841	$	(45)	$	24	$	465	$	(273)	$	351	$	(523)	$	3,840

Liabilities of discontinued annuity operations	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)
Total Level 3 liabilities (*)	$	(3,730)	$	46	$	—	$	(124)	$	133	$	—	$	—	$	(3,675)

(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.

Fair value of financial instruments

The carrying value and fair value of financial instruments of continuing operations that are not carried at fair value in the financial statements are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
June 30, 2021
Financial assets:
Cash and cash equivalents	$	3,365	$	3,365	$	3,365	$	—	$	—
Mortgage loans	461		479		—		—		479
Total financial assets not accounted for at fair value	$	3,826	$	3,844	$	3,365	$	—	$	479

Long-term debt	$	1,963	$	2,294	$	—	$	2,291	$	3
Total financial liabilities not accounted for at fair value	$	1,963	$	2,294	$	—	$	2,291	$	3

December 31, 2020
Financial assets:
Cash and cash equivalents	$	1,665	$	1,665	$	1,665	$	—	$	—
Mortgage loans	377		382		—		—		382
Total financial assets not accounted for at fair value	$	2,042	$	2,047	$	1,665	$	—	$	382

Long-term debt	$	1,963	$	2,325	$	—	$	2,322	$	3
Total financial liabilities not accounted for at fair value	$	1,963	$	2,325	$	—	$	2,322	$	3

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Available for sale fixed maturities

Available for sale fixed maturities held by AFG’s continuing operations at June 30, 2021 and December 31, 2020, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
June 30, 2021
Fixed maturities:
U.S. Government and government agencies	$	218	$	—	$	4	$	(1)	$	3	$	221
States, municipalities and political subdivisions	1,967		—		93		—		93		2,060
Foreign government	206		—		2		—		2		208
Residential MBS	747		—		53		(2)		51		798
Commercial MBS	127		—		3		—		3		130
Collateralized loan obligations	1,382		1		5		(2)		3		1,384
Other asset-backed securities	2,341		7		29		(4)		25		2,359
Corporate and other	2,493		1		83		(3)		80		2,572
Total fixed maturities	$	9,481	$	9	$	272	$	(12)	$	260	$	9,732

December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	192	$	—	$	6	$	—	$	6	$	198
States, municipalities and political subdivisions	2,196		—		116		—		116		2,312
Foreign government	172		—		4		—		4		176
Residential MBS	859		—		57		(1)		56		915
Commercial MBS	89		—		3		—		3		92
Collateralized loan obligations	1,065		3		4		(4)		—		1,062
Other asset-backed securities	2,040		7		27		(13)		14		2,047
Corporate and other	2,199		2		88		(3)		85		2,282
Total fixed maturities	$	8,812	$	12	$	305	$	(21)	$	284	$	9,084

Available for sale fixed maturities that are included in assets of discontinued annuity operations at December 31, 2020, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	39	$	—	$	5	$	—	$	5	$	44
States, municipalities and political subdivisions	3,053		—		370		(2)		368		3,421
Foreign government	31		—		4		—		4		35
Residential MBS	1,953		3		194		(4)		190		2,140
Commercial MBS	659		—		40		(1)		39		698
Collateralized loan obligations	3,491		10		23		(13)		10		3,491
Other asset-backed securities	5,098		11		142		(53)		89		5,176
Corporate and other	17,272		4		1,874		(24)		1,850		19,118
Total fixed maturities	$	31,596	$	28	$	2,652	$	(97)	$	2,555	$	34,123

Equity securities reported at fair value


	June 30, 2021						December 31, 2020
					Fair Value						Fair Value
	Actual Cost				over (under)		Actual Cost				over (under)
			Fair Value		Cost				Fair Value		Cost
Common stocks	$	455	$	561	$	106	$	516	$	510	$	(6)
Perpetual preferred stocks	358		404		46		369		379		10
Total equity securities carried at fair value	$	813	$	965	$	152	$	885	$	889	$	4

Investments accounted for using the equity method

Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions):


	Carrying Value				Net Investment Income
	June 30, 2021		December 31, 2020		Three months ended June 30,				Six months ended June 30,
					2021		2020		2021		2020
Real estate-related investments (*)	$	1,014	$	915	$	45	$	13	$	99	$	38
Private equity	314		266		24		(13)		45		(17)
Private debt	50		54		2		(6)		5		(4)
Total investments accounted for using the equity method	$	1,378	$	1,235	$	71	$	(6)	$	149	$	17

Available for sale securities in a continuous unrealized loss position


	Less Than Twelve Months						Twelve Months or More
	Unrealized Loss		Fair Value		Fair Value as % of Cost		Unrealized Loss		Fair Value		Fair Value as % of Cost
June 30, 2021
Fixed maturities:
U.S. Government and government agencies	$	(1)	$	109	99	%	$	—	$	—	—	%
States, municipalities and political subdivisions	—		6		100	%	—		17		100	%
Foreign government	—		35		100	%	—		—		—	%
Residential MBS	(1)		82		99	%	(1)		10		91	%
Commercial MBS	—		—		—	%	—		—		—	%
Collateralized loan obligations	(1)		297		100	%	(1)		235		100	%
Other asset-backed securities	(1)		288		100	%	(3)		92		97	%
Corporate and other	(2)		119		98	%	(1)		55		98	%
Total fixed maturities	$	(6)	$	936	99	%	$	(6)	$	409	99	%

December 31, 2020
Fixed maturities:
U.S. Government and government agencies	$	—	$	23	100	%	$	—	$	—	—	%
States, municipalities and political subdivisions	—		39		100	%	—		10		100	%
Foreign government	—		7		100	%	—		—		—	%
Residential MBS	(1)		86		99	%	—		7		100	%
Commercial MBS	—		7		100	%	—		5		100	%
Collateralized loan obligations	(1)		192		99	%	(3)		366		99	%
Other asset-backed securities	(10)		465		98	%	(3)		92		97	%
Corporate and other	(2)		133		99	%	(1)		17		94	%
Total fixed maturities	$	(14)	$	952	99	%	$	(7)	$	497	99	%

Roll forward of allowance for credit losses on fixed maturity securities

A progression of the allowance for expected credit losses on fixed maturity securities held by AFG’s continuing operations is shown below (in millions):


	Structured Securities (*)		Corporate and Other		Total
Balance at March 31, 2021	$	9	$	1	$	10
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions (reductions) to previously recognized expected credit losses	(1)		1		—
Reductions due to sales or redemptions	—		(1)		(1)
Balance at June 30, 2021	$	8	$	1	$	9

Balance at March 31, 2020	$	11	$	3	$	14
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	1		1		2
Additions (reductions) to previously recognized expected credit losses	(1)		(1)		(2)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2020	$	11	$	3	$	14

Balance at January 1, 2021	$	10	$	2	$	12

Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions (reductions) to previously recognized expected credit losses	(2)		1		(1)
Reductions due to sales or redemptions	—		(2)		(2)
Balance at June 30, 2021	$	8	$	1	$	9

Balance at January 1, 2020	$	—	$	—	$	—
Impact of adoption of new accounting policy	—		—		—
Initial allowance for purchased securities with credit deterioration	—		—		—
Provision for expected credit losses on securities with no previous allowance	12		4		16
Additions (reductions) to previously recognized expected credit losses	(1)		(1)		(2)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2020	$	11	$	3	$	14

(*)Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.

Available for sale fixed maturity securities by contractual maturity date


	Amortized		Fair Value
	Cost, net (*)		Amount		%
Maturity
One year or less	$	1,045	$	1,059	11	%
After one year through five years	2,553		2,656		27	%
After five years through ten years	1,002		1,053		11	%
After ten years	283		293		3	%
	4,883		5,061		52	%
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,715		3,743		38	%
MBS (average life of approximately 3 years)	874		928		10	%
Total	$	9,472	$	9,732	100	%

(*)Amortized cost, net of allowance for expected credit losses.

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

The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet.


	Pretax		Deferred Tax		Net
June 30, 2021
Net unrealized gain on fixed maturities	$	260	$	(55)	$	205










December 31, 2020
Net unrealized gain on fixed maturities held by continuing operations	$	284	$	(60)	$	224

Discontinued operations (*):
Net unrealized gain on fixed maturities	$	2,555	$	(536)	$	2,019
Deferred policy acquisition costs — annuity segment	(934)		196		(738)
Annuity benefits accumulated	(324)		68		(256)
Life, accident and health reserves	(3)		—		(3)
Unearned revenue	11		(2)		9
Total net unrealized gain from discontinued operations	1,305		(274)		1,031
Total net unrealized gain on fixed maturity securities	$	1,589	$	(334)	$	1,255

Net investment income earned and investment expenses incurred

The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations.


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Investment income:
Fixed maturities	$	72	$	77	$	144	$	159
Equity securities:
Dividends	7		8		15		18
Change in fair value (a) (b)	8		9		34		(8)
Equity in earnings of partnerships and similar investments	71		(6)		149		17
Other	8		1		14		9
Gross investment income	166		89		356		195
Investment expenses	(2)		(1)		(4)		(3)
Net investment income (b)	$	164	$	88	$	352	$	192

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

Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions):


	Three months ended June 30, 2021								Three months ended June 30, 2020
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	1	$	—	$	1	$	20	$	1	$	—	$	1	$	257
Equity securities	42		—		42		—		107		—		107		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	43		—		43		20		108		—		108		257
Tax effects	(9)		—		(9)		(4)		(23)		—		(23)		(54)
Net of tax	$	34	$	—	$	34	$	16	$	85	$	—	$	85	$	203

	Six months ended June 30, 2021								Six months ended June 30, 2020
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	—	$	1	$	1	$	(24)	$	4	$	(14)	$	(10)	$	(20)
Equity securities	119		—		119		—		(211)		—		(211)		—
Mortgage loans and other investments	—		—		—		—		1		—		1		—
Total pretax	119		1		120		(24)		(206)		(14)		(220)		(20)
Tax effects	(25)		—		(25)		5		43		3		46		4
Net of tax	$	94	$	1	$	95	$	(19)	$	(163)	$	(11)	$	(174)	$	(16)

Holding gains (losses) on equity securities still held

AFG recorded net holding gains (losses) on equity securities from continuing operations during the second quarter and first six months of 2021 and 2020 on securities that were still owned at June 30, 2021 and June 30, 2020 as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Included in realized gains (losses)	$	36	$	86	$	98	$	(206)
Included in net investment income	8		9		34		(1)
	$	44	$	95	$	132	$	(207)

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


	Six months ended June 30,
	2021		2020
Gross gains	$	3	$	5
Gross losses	(1)		(3)

Managed Investment Entities (Tables)

6 Months Ended

Jun. 30, 2021

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Selected financial information related to collateralized loan obligations

Selected financial information related to the CLOs is shown below (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Investment in CLO tranches at end of period:
Held by continuing operations	$	57	$	39	$	57	$	39
Held by discontinued annuity operations	—		118		—		118
Total	$	57	$	157	$	57	$	157
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	21	$	363	$	67	$	(316)
Liabilities	(15)		(366)		(59)		300
Management fees paid to AFG	4		4		8		8
CLO earnings (losses) attributable to AFG shareholders:
From continuing operations	$	7	$	—	$	12	$	(11)
From discontinued annuity operations	7		2		20		(23)
Total	$	14	$	2	$	32	$	(34)

(*)Included in revenues in AFG’s Statement of Earnings.

- 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 + Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Long-term debt consisted of the following (in millions):


	June 30, 2021						December 31, 2020
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	590	$	(2)	$	588	$	590	$	(2)	$	588
3.50% Senior Notes due August 2026	425		(3)		422		425		(3)		422
5.25% Senior Notes due April 2030	300		(6)		294		300		(6)		294
Other	3		—		3		3		—		3
	1,318		(11)		1,307		1,318		(11)		1,307

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinate Debentures due December 2059	200		(6)		194		200		(6)		194
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(19)		656		675		(19)		656
	$	1,993	$	(30)	$	1,963	$	1,993	$	(30)	$	1,963

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Components of accumulated other comprehensive income (loss)

The progression of the components of accumulated other comprehensive income follows (in millions):


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		Attributable to noncontrolling interests		Attributable to shareholders		AOCI Ending Balance
Quarter ended June 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	168	$	(35)	$	133	$	—	$	133
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(9)		2		(7)		—		(7)
Reclassification for unrealized gains on securities of subsidiaries sold			(1,119)		235		(884)		—		(884)
Total net unrealized gains (losses) on securities	$	963	(960)		202		(758)		—		(758)		$	205
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			7		(1)		6		—		6
Reclassification adjustment for investment income included in net earnings from discontinued operations			(5)		1		(4)		—		(4)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)		—		(29)
Total net unrealized gains (losses) on cash flow hedges	27		(35)		8		(27)		—		(27)		—
Foreign currency translation adjustments	(16)		—		—		—		—		—		(16)
Pension and other postretirement plans (“OPRP”) adjustments:
Unrealized holding losses on pension and OPRP arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9		—		9
Total Pension and OPRP adjustments	(7)		10		(2)		8		—		8		1
Total	$	967	$	(985)	$	208	$	(777)	$	—	$	(777)	$	190

Quarter ended June 30, 2020
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period			$	1,293	$	(272)	$	1,021	$	—	$	1,021
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(9)		2		(7)		—		(7)
Total net unrealized gains (losses) on securities	$	16	1,284		(270)		1,014		—		1,014		$	1,030
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			16		(4)		12		—		12
Reclassification adjustment for investment income included in net earnings from discontinued operations			(12)		3		(9)		—		(9)
Total net unrealized gains on cash flow hedges	44		4		(1)		3		—		3		47
Foreign currency translation adjustments	(21)		4		—		4		—		4		(17)
Pension and other postretirement plans adjustments	(7)		—		—		—		—		—		(7)
Total	$	32	$	1,292	$	(271)	$	1,021	$	—	$	1,021	$	1,053


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		Attributable to noncontrolling interests		Attributable to shareholders		AOCI Ending Balance
Six months ended June 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period			$	(187)	$	39	$	(148)	$	—	$	(148)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(23)		5		(18)		—		(18)
Reclassification for unrealized gains of subsidiaries sold			(1,119)		235		(884)		—		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,329)		279		(1,050)		—		(1,050)		$	205
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding losses on cash flow hedges arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)		—		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)		—		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—		(41)		—
Foreign currency translation adjustments	(16)		—		—		—		—		—		(16)
Pension and OPRP adjustments:
Unrealized holding losses on pension and OPRP arising during the period			(1)		—		(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9		—		9
Total Pension and OPRP adjustments	(7)		10		(2)		8		—		8		1
Total	$	1,273	$	(1,371)	$	288	$	(1,083)	$	—	$	(1,083)	$	190

Six months ended June 30, 2020
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period			$	198	$	(42)	$	156	$	—	$	156
Reclassification adjustment for realized (gains) losses included in net earnings (*)			15		(3)		12		—		12
Total net unrealized gains (losses) on securities	$	862	213		(45)		168		—		168		$	1,030
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period			61		(13)		48		—		48
Reclassification adjustment for investment income included in net earnings from discontinued operations			(23)		5		(18)		—		(18)
Total net unrealized gains on cash flow hedges	17		38		(8)		30		—		30		47
Foreign currency translation adjustments	(9)		(6)		—		(6)		(2)		(8)		(17)
Pension and other postretirement plans adjustments	(7)		—		—		—		—		—		(7)
Total	$	863	$	245	$	(53)	$	192	$	(2)	$	190	$	1,053

(*)The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - continuing operations

Realized gains (losses) on securities

Pretax - discontinued operations

Net earnings (loss) from discontinued operations

Tax - continuing operations

Provision (credit) for income taxes

Tax - discontinued operations

Net earnings (loss) from discontinued operations

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings


	Three months ended June 30,								Six months ended June 30,
	2021				2020				2021				2020
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings (loss) from continuing operations before income taxes (“EBT”)	$	288			$	140			$	623			$	(45)

Income taxes at statutory rate	$	61	21	%	$	30	21	%	$	131	21	%	$	(9)	21	%
Effect of:

Stock-based compensation	(8)		(3	%)	—		—	%	(10)		(2	%)	(3)		7	%
Employee stock ownership plan dividend paid deduction	(8)		(3	%)	—		—	%	(8)		(1	%)	—		—	%
Tax exempt interest	(2)		(1	%)	(3)		(2	%)	(4)		(1	%)	(5)		11	%
Dividends received deduction	(1)		—	%	—		—	%	(1)		—	%	(1)		2	%


Foreign operations	(1)		—	%	—		—	%	(2)		—	%	1		(2	%)
Nondeductible expenses	2		1	%	1		1	%	4		1	%	2		(4	%)
Change in valuation allowance	3		1	%	9		6	%	3		—	%	11		(25	%)

Other	2		1	%	—		—	%	3		1	%	—		(1	%)
Provision (credit) for income taxes as shown in the statement of earnings	$	48	17	%	$	37	26	%	$	116	19	%	$	(4)	9	%

Insurance (Tables)

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2021 and 2020 (in millions):


	Six months ended June 30,
	2021		2020
Balance at beginning of year	$	10,392	$	10,232
Less reinsurance recoverables, net of allowance	3,117		3,024
Net liability at beginning of year	7,275		7,208
Provision for losses and LAE occurring in the current period	1,507		1,597


Net decrease in the provision for claims of prior years	(126)		(119)
Total losses and LAE incurred	1,381		1,478
Payments for losses and LAE of:
Current year	(258)		(284)
Prior years	(1,083)		(1,068)
Total payments	(1,341)		(1,352)

Foreign currency translation and other	1		(20)
Net liability at end of period	7,316		7,314
Add back reinsurance recoverables, net of allowance	3,182		3,007
Gross unpaid losses and LAE included in the balance sheet at end of period	$	10,498	$	10,321

Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss

Progressions of the 2021 and 2020 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions):


	Recoverables from Reinsurers				Premiums Receivable
	2021		2020		2021		2020
Balance at March 31	$	7	$	7	$	11	$	9
Provision (credit) for expected credit losses	1		—		(2)		1
Write-offs charged against the allowance	—		—		—		—
Balance at June 30	$	8	$	7	$	9	$	10

Balance at January 1	$	6	$	18	$	10	$	13
Impact of adoption of new accounting policy	—		(11)		—		(3)
Provision (credit) for expected credit losses	2		—		(1)		—
Write-offs charged against the allowance	—		—		—		—
Balance at June 30	$	8	$	7	$	9	$	10

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ 5,601	$ 6,126	$ 5,601	$ 6,126	$ 6,685	$ 6,789	$ 5,047	$ 6,269
Operating lease liability	$ 143		$ 143			$ 159
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities			us-gaap:OtherLiabilities
Operating lease right-of-use asset	$ 124		$ 124			$ 139
Weighted average common shares adjustment related to stock-based compensation (shares)	600,000	300,000	600,000	0
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0	0	0	600,000
Maturities of short term investments			3 months
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ 4,023	$ 3,685	$ 4,023	$ 3,685	$ 4,354	$ 4,149	$ 3,616	4,009
Cumulative effect adjustment in period of adoption \| Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change								7
Cumulative effect adjustment in period of adoption \| Retained Earnings \| Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change								$ 7

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method			$ 1,378			$ 1,378		$ 1,235
Net investment income			164	$ 88		352	$ 192
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of businesses	$ 3,570
Post-closing adjustments	32	$ 32			$ 32
Gain on sale, net of tax	656	697		0	656		0
Real estate-related investments \| Continuing operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income			$ 22	$ 7		$ 51	$ 19
Great American Life Insurance Company \| Investments accounted for using the equity method
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method	480	480			480
Great American Life Insurance Company \| Real Estate
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Real Estate	$ 100	$ 100			$ 100

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets of discontinued annuity operations	$ 0		$ 47,885
Liabilities of discontinued annuity operations	0		44,458
Reclassify AOCI	190		1,273
Net investment in annuity businesses sold, excluding AOCI	$ 5,601		6,789
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 2,060
Investments		38,322
Recoverables from reinsurers		6,748
Other assets		2,139
Total assets of discontinued annuity operations		49,269	47,885
Annuity benefits accumulated		43,690
Other liabilities		1,801
Liabilities of discontinued annuity operations		45,491	44,458
Receivable from AFG for real estate-related investments		0	537
Reclassify AOCI		(913)	(1,071)
Net investment in annuity businesses sold, excluding AOCI		$ 2,865	2,893
Annuity subsidiaries \| Assets of discontinued annuity operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			1,145
Investments			38,011
Recoverables from reinsurers			6,804
Other assets			1,925
Annuity subsidiaries \| Liabilities of discontinued annuity operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annuity benefits accumulated			42,573
Other liabilities			$ 1,885

Discontinued Operations - Details of the results of the Annuity subsidiaries sold (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings (loss) from discontinued operations		$ 762	$ 762	$ 64	$ 914	$ 914	$ (96)
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale, net of tax	$ 656	697		0	656		0
Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		299		382	746		797
Realized gains (losses) on securities		31		96	112		(127)
Other income		20		32	52		65
Total revenues		350		510	910		735
Annuity benefits		216		426	377		702
Annuity and supplemental insurance acquisition expenses		24		(35)	136		78
Other expenses		27		41	73		80
Total costs and expenses		267		432	586		860
Earnings (loss) before income taxes from discontinued operations		83		78	324		(125)
Provision (credit) for income taxes on operations		18		14	66		(29)
Net earnings (loss) from operations, net of tax		$ 65		$ 64	$ 258		$ (96)

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
	May 31, 2021	May 31, 2021	Jun. 30, 2020	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses					$ 3,547	$ 0
Net investment in annuity businesses sold, excluding AOCI					$ 5,601		$ 6,789
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses	$ 3,537
Receivable from MassMutual	32	$ 32		$ 32
Sale related expenses	(8)
Total net proceeds	3,561
Net investment in annuity businesses sold, excluding AOCI	2,865	2,865		2,865			$ 2,893
Reclassify net deferred tax asset	210
Realized gain on subsidiary	906
Tax liabilities triggered by pending sale in the first quarter of 2021	41
Other tax expense on gain on sale of subsidiaries	(1)
Total income tax expense on gain on sale of subsidiaries	250
Gain on sale, net of tax	$ 656	$ 697	$ 0	$ 656		$ 0

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 87	$ 605
Net cash used in investing activities	(1,709)	(1,008)
Net cash provided by financing activities	$ 477	$ 406

Discontinued Operations - Gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (Details) - Not designated as hedging instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ (57)	$ (214)	$ 20	$ (196)
MBS with embedded derivatives \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(1)	2	(1)	5
Fixed-indexed and variable-indexed annuities (embedded derivative) \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(182)	(601)	(222)	46
Equity index call options \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	123	383	237	(245)
Equity index put options \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	3	5	5	(1)
Reinsurance contract (embedded derivative) \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ 0	$ (3)	$ 1	$ (1)

Sales of Businesses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses				$ 3,547	$ 0
Realized gain on subsidiary	$ 4		$ 0	$ 4	$ 0
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses		$ 6

Sales of Businesses - Revenues, costs and expenses, and earnings before income taxes of business disposed (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums	$ 1,250	$ 1,184	$ 2,423	$ 2,393
Losses and loss adjustment expenses	714	771	1,381	1,478
Commissions and other underwriting expenses	390	409	770	829
Net investment income	164	88	352	192
Net earnings (loss), including noncontrolling interests	$ 1,002	167	$ 1,421	(137)
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums		61		132
Losses and loss adjustment expenses		66		106
Commissions and other underwriting expenses		38		70
Underwriting loss		(43)		(44)
Net investment income		0		(6)
Other income and expenses, net		1		(2)
Net earnings (loss), including noncontrolling interests		$ (42)		$ (52)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Segments of Operations - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of segments \| segment			2
Net investment income	$ 164	$ 88	$ 352	$ 192
Neon Capital Limited
Segment Reporting Information [Line Items]
Net investment income		0		(6)
Neon Capital Limited \| Maximum
Segment Reporting Information [Line Items]
Net investment income		1
Continuing operations
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	22	2	51	8
Continuing operations \| Real estate-related investments
Segment Reporting Information [Line Items]
Net investment income	22	7	51	19
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net investment income	143	72	302	165
Property and casualty insurance underwriting	152	9	286	96
Investment and other income, net	136	65	290	149
Other lines \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (1)	(45)	$ (1)	(47)
Other lines \| Property and Casualty Insurance \| Neon Capital Limited
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		(43)		(44)
Investment and other income, net		(1)		(10)
Neon Capital Limited \| Other lines \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net investment income				$ (6)
Neon Capital Limited \| Other lines \| Property and Casualty Insurance \| Maximum
Segment Reporting Information [Line Items]
Net investment income		$ 1

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,250	$ 1,184	$ 2,423	$ 2,393
Net investment income	164	88	352	192
Other income	20	19	43	43
Revenues before realized gains (losses)	1,484	1,337	2,916	2,720
Realized gains (losses) on securities	43	108	120	(220)
Realized gain on subsidiary	4	0	4	0
Total revenues	1,531	1,445	3,040	2,500
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	1,250	1,184	2,423	2,393
Net investment income	143	72	302	165
Other income	1	3	5	8
Revenues before realized gains (losses)	1,394	1,259	2,730	2,566
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	90	78	186	154
Specialty Property and transportation \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	453	390	847	776
Specialty casualty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	588	547	1,159	1,103
Specialty financial \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	157	144	314	300
Other specialty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	52	42	103	82
Other lines \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 0	$ 61	$ 0	$ 132

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 241	$ 32	$ 499	$ 175
Realized gains (losses) on securities	43	108	120	(220)
Realized gain on subsidiary	4	0	4	0
Earnings (loss) from continuing operations before income taxes	288	140	623	(45)
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	152	9	286	96
Investment and other income, net	136	65	290	149
Earnings before realized gains (losses) and income taxes	288	74	576	245
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(47)	(42)	(77)	(70)
Specialty Property and transportation \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	62	33	118	60
Specialty casualty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	71	27	127	79
Specialty financial \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	21	0	46	17
Other specialty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(1)	(6)	(4)	(13)
Other lines \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (1)	$ (45)	$ (1)	$ (47)

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($) professional
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals \| professional	20
Level 3 \| Continuing operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 3 assets as a percentage of total assets measured at fair value	5.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	24.00%
Level 3 assets that were priced using non-binding broker quotes	$ 206
Level three assets that were priced by pricing services.	$ 68
Percentage Of Level Three Assets That Were Priced By Pricing Services	8.00%
Internally developed level 3 assets	$ 491
Percentage Of Internally Developed Level Three Assets Compared to Total Level 3 Assets	57.00%

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Available for sale (AFS) fixed maturities	$ 9,732	$ 9,084
Trading fixed maturities	26	24
Equity securities	965	889
Assets of managed investment entities	28,780	73,710
Total assets of continuing operations accounted for at fair value	15,809	14,968
Liabilities:
Liabilities of managed investment entities	23,179	66,921
Total liabilities of continuing operations accounted for at fair value	5,029	4,914
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	5,086	4,971
Liabilities:
Liabilities of managed investment entities	5,029	4,914
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,732	9,084
Trading fixed maturities	26	24
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	221	198
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	2,060	2,312
Foreign government
Assets:
Available for sale (AFS) fixed maturities	208	176
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	798	915
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	130	92
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,384	1,062
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,359	2,047
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,572	2,282
Equity securities
Assets:
Equity securities	965	889
Level 1
Assets:
Total assets of continuing operations accounted for at fair value	1,163	1,081
Liabilities:
Total liabilities of continuing operations accounted for at fair value	266	215
Level 1 \| Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	269	217
Liabilities:
Liabilities of managed investment entities	266	215
Level 1 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	222	199
Trading fixed maturities	0	0
Level 1 \| U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	218	195
Level 1 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	4	4
Level 1 \| Equity securities
Assets:
Equity securities	672	665
Level 2
Assets:
Total assets of continuing operations accounted for at fair value	13,781	13,152
Liabilities:
Total liabilities of continuing operations accounted for at fair value	4,749	4,678
Level 2 \| Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,802	4,733
Liabilities:
Liabilities of managed investment entities	4,749	4,678
Level 2 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	8,905	8,347
Trading fixed maturities	26	24
Level 2 \| U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	3	3
Level 2 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	2,024	2,273
Level 2 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	208	176
Level 2 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	770	877
Level 2 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	130	90
Level 2 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,378	1,046
Level 2 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,044	1,742
Level 2 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,348	2,140
Level 2 \| Equity securities
Assets:
Equity securities	48	48
Level 3
Assets:
Total assets of continuing operations accounted for at fair value	865	735
Liabilities:
Total liabilities of continuing operations accounted for at fair value	14	21
Level 3 \| Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	15	21
Liabilities:
Liabilities of managed investment entities	14	21
Level 3 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	605	538
Trading fixed maturities	0	0
Level 3 \| U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	36	39
Level 3 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	28	38
Level 3 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	2
Level 3 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	6	16
Level 3 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	315	305
Level 3 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	220	138
Level 3 \| Equity securities
Assets:
Equity securities	$ 245	$ 176

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		$ 3,649	$ 3,513	$ 3,706	$ 3,841
Total realized/unrealized gains (losses) included in Net income		30	(2)	156	(45)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		22	72	(22)	24
Purchases and issuances		86	263	437	465
Sales and settlements		(196)	(50)	(444)	(273)
Transfer into Level 3		5	156	56	351
Transfer out of Level 3		(12)	(112)	(305)	(523)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance		865	3,840	865	3,840
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		602	545	538	571
Total realized/unrealized gains (losses) included in Net income		(2)	0	(3)	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		1	8	(1)	4
Purchases and issuances		60	47	202	93
Sales and settlements		(55)	(12)	(97)	(61)
Transfer into Level 3		4	29	23	82
Transfer out of Level 3		(5)	(2)	(57)	(68)
Sale of annuity business	0
Financial assets, Ending Balance		605	615	605	615
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	0	0	0
Total realized/unrealized gains (losses) included in Net income		0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		0	0	0	0
Sales and settlements		0	0	0	0
Transfer into Level 3		0	0	0	0
Transfer out of Level 3		0	0	0	0
Sale of annuity business	0
Financial assets, Ending Balance		0	0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		39	41	39	40
Total realized/unrealized gains (losses) included in Net income		0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	1	0	2
Purchases and issuances		0	0	0	0
Sales and settlements		(3)	(1)	(3)	(1)
Transfer into Level 3		0	0	0	0
Transfer out of Level 3		0	0	0	0
Sale of annuity business	0
Financial assets, Ending Balance		36	41	36	41
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		27	44	38	45
Total realized/unrealized gains (losses) included in Net income		0	0	(3)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	1	0	(1)
Purchases and issuances		0	0	6	0
Sales and settlements		(1)	(1)	(1)	(2)
Transfer into Level 3		3	0	6	1
Transfer out of Level 3		(1)	(2)	(18)	(2)
Sale of annuity business	0
Financial assets, Ending Balance		28	42	28	42
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	6	2	6
Total realized/unrealized gains (losses) included in Net income		0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		0	0	0	0
Sales and settlements		0	0	0	0
Transfer into Level 3		0	0	0	0
Transfer out of Level 3		0	0	(2)	0
Sale of annuity business	0
Financial assets, Ending Balance		0	6	0	6
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		6	44	16	1
Total realized/unrealized gains (losses) included in Net income		0	(1)	1	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	3	(1)	3
Purchases and issuances		0	0	0	0
Sales and settlements		0	0	(1)	0
Transfer into Level 3		0	9	0	52
Transfer out of Level 3		0	0	(9)	0
Sale of annuity business	0
Financial assets, Ending Balance		6	55	6	55
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		326	238	305	256
Total realized/unrealized gains (losses) included in Net income		0	1	0	(5)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		1	1	1	1
Purchases and issuances		38	39	90	61
Sales and settlements		(49)	(6)	(72)	(47)
Transfer into Level 3		0	20	14	27
Transfer out of Level 3		(1)	0	(23)	0
Sale of annuity business	0
Financial assets, Ending Balance		315	293	315	293
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		204	172	138	223
Total realized/unrealized gains (losses) included in Net income		(2)	0	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	2	(1)	(1)
Purchases and issuances		22	8	106	32
Sales and settlements		(2)	(4)	(20)	(11)
Transfer into Level 3		1	0	3	2
Transfer out of Level 3		(3)	0	(5)	(66)
Sale of annuity business	0
Financial assets, Ending Balance		220	178	220	178
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		227	155	176	161
Total realized/unrealized gains (losses) included in Net income		18	1	71	(17)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		12	8	24	11
Sales and settlements		(5)	0	(19)	0
Transfer into Level 3		0	0	0	9
Transfer out of Level 3		(7)	0	(7)	0
Sale of annuity business	0
Financial assets, Ending Balance		245	164	245	164
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		14	16	21	17
Total realized/unrealized gains (losses) included in Net income		(1)	(1)	3	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		1	0	2	0
Sales and settlements		0	0	0	0
Transfer into Level 3		1	2	1	2
Transfer out of Level 3		0	0	(12)	0
Sale of annuity business	0
Financial assets, Ending Balance		15	17	15	17
Assets of discontinued annuity operations \| Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		2,806	2,797	2,971	3,092
Total realized/unrealized gains (losses) included in Net income		15	(2)	85	(20)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		21	64	(21)	20
Purchases and issuances		13	208	209	361
Sales and settlements		(136)	(38)	(328)	(212)
Transfer into Level 3		0	125	32	258
Transfer out of Level 3		0	(110)	(229)	(455)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance		$ 0	$ 3,044	$ 0	$ 3,044

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (3,954)	$ (3,099)	$ (3,933)	$ (3,730)
Total realized/unrealized gains (losses) included in Net income		(183)	(601)	(222)	46
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		(72)	(46)	(146)	(124)
Sales and settlements		66	71	158	133
Transfer into Level 3		0	0	0	0
Transfer out of Level 3		0	0	0	0
Sale of annuity business	$ 4,143
Financial liabilities, Ending Balance		0	(3,675)	0	(3,675)
Liabilities of discontinued annuity operations \| Annuity subsidiaries
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		(3,954)	(3,099)	(3,933)	(3,730)
Total realized/unrealized gains (losses) included in Net income		(183)	(601)	(222)	46
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0	0
Purchases and issuances		(72)	(46)	(146)	(124)
Sales and settlements		66	71	158	133
Transfer into Level 3		0	0	0	0
Transfer out of Level 3		0	0	0	0
Sale of annuity business	$ 4,143
Financial liabilities, Ending Balance		$ 0	$ (3,675)	$ 0	$ (3,675)

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Mortgage loans	$ 461	$ 377
Long-term debt	1,963	1,963
Level 1
Financial assets:
Cash and cash equivalents	3,365	1,665
Mortgage loans	0	0
Total financial assets not accounted for at fair value	3,365	1,665
Long-term debt	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	0	0
Total financial assets not accounted for at fair value	0	0
Long-term debt	2,291	2,322
Total financial liabilities not accounted for at fair value	2,291	2,322
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	479	382
Total financial assets not accounted for at fair value	479	382
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	3,365	1,665
Mortgage loans	461	377
Total financial assets not accounted for at fair value	3,826	2,042
Long-term debt	1,963	1,963
Total financial liabilities not accounted for at fair value	1,963	1,963
Fair Value
Financial assets:
Cash and cash equivalents	3,365	1,665
Mortgage loans	479	382
Total financial assets not accounted for at fair value	3,844	2,047
Long-term debt	2,294	2,325
Total financial liabilities not accounted for at fair value	$ 2,294	$ 2,325

Investments - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Investments - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) security	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 275		$ 275		$ 290
Investments accounted for using the equity method	1,378		$ 1,378		$ 1,235
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			69.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade			91.00%
Net investment income	$ 164	$ 88	$ 352	$ 192
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	88.00%		88.00%		87.00%
Single Family
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	2.00%		2.00%		2.00%
Other Property
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	10.00%		10.00%		11.00%
Annuity subsidiaries \| Assets of discontinued annuity operations
Schedule of Investments [Line Items]
Investments accounted for using the equity method					$ 646
Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income		0		(6)
Neon Capital Limited \| Maximum
Schedule of Investments [Line Items]
Net investment income		$ 1
Neon Capital Limited \| Investment income
Schedule of Investments [Line Items]
Loss on sale of equity securities				$ (7)
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 12		$ 12		21
Number of available for sale securities in an unrealized loss position \| security			366
Fixed maturities \| Annuity subsidiaries \| Assets of discontinued annuity operations
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities					$ 97

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 965	$ 889
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	455	516
Equity securities	561	510
Equity securities, fair value in excess of cost	106	(6)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	358	369
Equity securities	404	379
Equity securities, fair value in excess of cost	46	10
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	813	885
Equity securities	965	889
Equity securities, fair value in excess of cost	$ 152	$ 4

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,378		$ 1,378		$ 1,235
Equity in earnings of partnerships and similar investments	71	$ (6)	149	$ 17
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,014		1,014		915
Equity in earnings of partnerships and similar investments	45	13	99	38
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	314		314		266
Equity in earnings of partnerships and similar investments	24	(13)	45	(17)
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	50		50		$ 54
Equity in earnings of partnerships and similar investments	$ 2	$ (6)	$ 5	$ (4)

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (6)	$ (14)
Fair value - less than twelve months	$ 936	$ 952
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (6)	$ (7)
Fair Value - Twelve months or more	$ 409	$ 497
Fair value as percentage of cost - Twelve months or more	99.00%	99.00%
U.S. Government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ 0
Fair value - less than twelve months	$ 109	$ 23
Fair value as percentage of cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair value as percentage of cost - Twelve months or more	0.00%	0.00%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 6	$ 39
Fair value as percentage of cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 17	$ 10
Fair value as percentage of cost - Twelve months or more	100.00%	100.00%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 35	$ 7
Fair value as percentage of cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair value as percentage of cost - Twelve months or more	0.00%	0.00%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 82	$ 86
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ 0
Fair Value - Twelve months or more	$ 10	$ 7
Fair value as percentage of cost - Twelve months or more	91.00%	100.00%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 0	$ 7
Fair value as percentage of cost - Less than twelve months	0.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 5
Fair value as percentage of cost - Twelve months or more	0.00%	100.00%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 297	$ 192
Fair value as percentage of cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (3)
Fair Value - Twelve months or more	$ 235	$ 366
Fair value as percentage of cost - Twelve months or more	100.00%	99.00%
Other asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (10)
Fair value - less than twelve months	$ 288	$ 465
Fair value as percentage of cost - Less than twelve months	100.00%	98.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (3)
Fair Value - Twelve months or more	$ 92	$ 92
Fair value as percentage of cost - Twelve months or more	97.00%	97.00%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (2)	$ (2)
Fair value - less than twelve months	$ 119	$ 133
Fair value as percentage of cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (1)
Fair Value - Twelve months or more	$ 55	$ 17
Fair value as percentage of cost - Twelve months or more	98.00%	94.00%

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 10	$ 14	$ 12	$ 0
Impact of adoption of new accounting policy	9	14	9	14
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	0	2	0	16
Additions (reductions) to previously recognized expected credit losses	0	(2)	(1)	(2)
Reductions due to sales or redemptions	(1)	0	(2)	0
Ending balance	9	14	9	14
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	9	11	10	0
Impact of adoption of new accounting policy	8	11	8	11	$ 0
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	0	1	0	12
Additions (reductions) to previously recognized expected credit losses	(1)	(1)	(2)	(1)
Reductions due to sales or redemptions	0	0	0	0
Ending balance	8	11	8	11
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	1	3	2	0
Impact of adoption of new accounting policy	1	3	1	3	0
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	0	1	0	4
Additions (reductions) to previously recognized expected credit losses	1	(1)	1	(1)
Reductions due to sales or redemptions	(1)	0	(2)	0
Ending balance	$ 1	$ 3	$ 1	$ 3
Accounting Standards Update 2016-13
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy					$ 0

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 9,732	$ 9,084
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years 6 months
Average life of MBS	3 years
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 1,045
After one year through five years	2,553
After five years through ten years	1,002
After ten years	283
Fixed maturities amortized cost, Subtotal	4,883
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,715
MBS (average life of approximately 3 years)	874
Amortized Cost	9,472
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	1,059
After one year through five years	2,656
After five years through ten years	1,053
After ten years	293
Fixed maturities fair value, Subtotal	5,061
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,743
MBS (average life of approximately 3 years)	928
Fair Value	$ 9,732	$ 9,084
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	11.00%
After one year through five years	27.00%
After five years through ten years	11.00%
After ten years	3.00%
Fixed maturities fair value, Subtotal, Percent	52.00%
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	38.00%
MBS (average life of approximately 3 years)	10.00%
Fair value, Total, Percent	100.00%

Investments - Components of the net unrealized gain on securities that is included in AOCI in the Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Unrealized gain on:
Pretax		$ 1,589
Deferred Tax		(334)
Net		1,255
Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		1,305
Deferred Tax		(274)
Net		1,031
Total fixed maturities
Unrealized gain on:
Pretax	$ 260	284
Deferred Tax	(55)	(60)
Net	$ 205	224
Fixed maturities — annuity segment \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		2,555
Deferred Tax		(536)
Net		2,019
Deferred policy acquisition costs — annuity segment \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(934)
Deferred Tax		196
Net		(738)
Annuity benefits accumulated \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(324)
Deferred Tax		68
Net		(256)
Life, accident and health reserves \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(3)
Deferred Tax		0
Net		(3)
Unearned revenue \| Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		11
Deferred Tax		(2)
Net		$ 9

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Line Items]
Investment income	$ 166	$ 89	$ 356	$ 195
Equity in earnings of partnerships and similar investments	71	(6)	149	17
Investment expenses	(2)	(1)	(4)	(3)
Net Investment Income, Total	164	88	352	192
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	8	9	34	(8)
Fixed maturities
Net Investment Income [Line Items]
Investment income	72	77	144	159
Other
Net Investment Income [Line Items]
Investment income	8	1	14	9
Investment income \| Equity securities
Net Investment Income [Line Items]
Investment income	$ 7	$ 8	$ 15	$ 18

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 43	$ 108	$ 120	$ (220)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	34	85	94	(163)
Realized — impairments	0	0	1	(11)
Realized gains (losses) on securities	34	85	95	(174)
Change in unrealized	16	203	(19)	(16)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	43	108	119	(206)
Realized — impairments	0	0	1	(14)
Realized gains (losses) on securities	43	108	120	(220)
Change in unrealized	20	257	(24)	(20)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	1	1	0	4
Realized — impairments	0	0	1	(14)
Realized gains (losses) on securities	1	1	1	(10)
Change in unrealized	20	257	(24)	(20)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	42	107	119	(211)
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	42	107	119	(211)
Change in unrealized	0	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	0	0	0	1
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	0	0	0	1
Change in unrealized	0	0	0	0
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(9)	(23)	(25)	43
Realized — impairments	0	0	0	3
Realized gains (losses) on securities	(9)	(23)	(25)	46
Change in unrealized	$ (4)	$ (54)	$ 5	$ 4

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	$ 44	$ 95	$ 132	$ (207)
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	36	86	98	(206)
Investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	$ 8	$ 9	$ 34	$ (1)

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 3	$ 5
Gross losses	$ (1)	$ (3)

Managed Investment Entities - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) collateralizedloanobligation	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum	4.50%
Percentage of investment of most subordinate debt tranche, Maximum	46.80%
Number of collateralized loan obligation entities \| collateralizedloanobligation	12
Face amount of managed investment entities liabilities purchased by subsidiaries after issuance date		$ 57
Amount paid by subsidiaries to purchase managed investment entities liabilities after issuance date		39
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities	$ 38
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	69		$ 150
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt	182		141
Carrying amount of CLO loans in default	5		11
Aggregate unpaid principal balance of variable interest entity loans in default	15		28
Available for sale (AFS) fixed maturities	9,732		9,084
Maximum
Variable Interest Entity [Line Items]
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities		1
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,384		1,062
Collateralized loan obligations \| Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,380		1,060
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	57	$ 157	$ 200
Variable interest entity, primary beneficiary \| Subordinated Debt Obligations
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	$ 45

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 21	$ 363	$ 67	$ (316)
Liabilities	(15)	(366)	(59)	300
Management fees paid to AFG	4	4	8	8
CLO earnings (losses) attributable to AFG shareholders	14	2	32	(34)
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches	57	157	57	157	$ 200
Variable interest entity, primary beneficiary \| Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches	57	39	57	39
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	7	0	12	(11)
Variable interest entity, primary beneficiary \| Net earnings (loss) from discontinued operations \| Annuity subsidiaries
Variable Interest Entity [Line Items]
Investment in CLO tranches	0	118	0	118
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	$ 7	$ 2	$ 20	$ (23)

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the goodwill balance during the period			$ 0
Goodwill	$ 176,000,000		176,000,000		$ 176,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	30,000,000		30,000,000		34,000,000
Accumulated amortization	65,000,000		65,000,000		$ 62,000,000
Amortization of intangible assets	$ 1,000,000	$ 3,000,000	$ 4,000,000	$ 6,000,000

Long-Term Debt - Narrative (Details) - USD ($)	6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year	$ 0
Scheduled principal payments on debt in year one	0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	425,000,000
Scheduled principal payments on debt thereafter	1,570,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	$ 500,000,000
Interest rate description for revolving credit facility	1.00% to 1.875% (currently 1.375%) over LIBOR
Amount borrowed under revolving credit facility	$ 0	$ 0
LIBOR \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.375%
LIBOR \| AFG \| Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
LIBOR \| AFG \| Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.875%

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Summary of Carrying value of long-term debt
Principal	$ 1,993	$ 1,993
Discount and Issue Costs	(30)	(30)
Carrying Value	1,963	1,963
Senior Notes \| AFG
Summary of Carrying value of long-term debt
Principal	1,318	1,318
Discount and Issue Costs	(11)	(11)
Carrying Value	$ 1,307	1,307
Senior Notes \| 4.50% Senior Notes due June 2047 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 590	590
Discount and Issue Costs	(2)	(2)
Carrying Value	$ 588	588
Senior Notes \| 3.50% Senior Notes due August 2026 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	3.50%
Summary of Carrying value of long-term debt
Principal	$ 425	425
Discount and Issue Costs	(3)	(3)
Carrying Value	$ 422	422
Senior Notes \| 5.25% Senior Notes due April 2030 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%
Summary of Carrying value of long-term debt
Principal	$ 300	300
Discount and Issue Costs	(6)	(6)
Carrying Value	294	294
Senior Notes \| Other \| AFG
Summary of Carrying value of long-term debt
Principal	3	3
Discount and Issue Costs	0	0
Carrying Value	3	3
Subordinated Debentures \| AFG
Summary of Carrying value of long-term debt
Principal	675	675
Discount and Issue Costs	(19)	(19)
Carrying Value	$ 656	656
Subordinated Debentures \| 4.50% Subordinated Debentures due September 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures \| 5.125% Subordinate Debentures due December 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(6)	(6)
Carrying Value	$ 194	194
Subordinated Debentures \| 5.625% Subordinated Debentures due June 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Subordinated Debentures \| 5.875% Subordinated Debentures due March 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Jun. 30, 2021 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized \| shares	12,500,000
Preferred Stock, par value (in USD per share) \| $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized \| shares	12,500,000
Preferred Stock, par value (in USD per share) \| $ / shares	$ 0

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 2	$ 4	$ 7	$ 9
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)			207,020
Restricted Common Stock, fair value per share (USD per share)			$ 111.13

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance			$ 1,273
Other comprehensive income (loss), pretax	$ (985)	$ 1,292	(1,371)	$ 245
Other comprehensive income (loss), tax	208	(271)	288	(53)
Other comprehensive income (loss), net of tax	(777)	1,021	(1,083)	192
Reclassify AOCI	190		190
AOCI ending balance	190		190
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	168	1,293	(187)	198
Unrealized holding gains (losses) on securities arising during the period, tax	(35)	(272)	39	(42)
Unrealized holding gains (losses) on securities arising during the period, after tax	(133)	(1,021)	148	(156)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	(9)	(9)	(23)	15
Reclassification adjustment for realized (gains) losses included in net earnings, tax	2	2	5	(3)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	(7)	(7)	(18)	12
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, pretax	(1,119)		(1,119)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, tax	235		235
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	(884)	0	(884)	0
Total net unrealized gains (losses) on securities, pretax	(960)	1,284	(1,329)	213
Total net unrealized gains (losses) on securities, tax	202	(270)	279	(45)
Total net unrealized gains (losses) on securities	(758)	1,014	(1,050)	168
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	7	16	(1)	61
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	(1)	(4)	0	(13)
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	6	12	(1)	48
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	(5)	(12)	(14)	(23)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	1	3	3	5
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	(4)	(9)	(11)	(18)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, pretax	(37)		(37)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, tax	8		8
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	(29)	0	(29)	0
Total net unrealized gains (losses) on cash flow hedges, pretax	(35)	4	(52)	38
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	8	(1)	11	(8)
Total net unrealized gains (losses) on cash flow hedges	(27)	3	(41)	30
Foreign currency translation adjustments, pretax	0	4	0	(6)
Foreign currency translation adjustments, tax	0	0	0	0
Foreign currency translation adjustments	0	4	0	(6)
Pension and other postretirement plans (“OPRP”) adjustments:
Unrealized holding gains (losses) on pension and OPRP arising during the period, pretax	(1)		(1)
Unrealized holding gains (losses) on pension and OPRP arising during the period, tax	0		0
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)	0	(1)	0
Reclassification adjustment for pension settlement loss included in other expense in net earnings, pretax	11		11
Reclassification adjustment for pension settlement loss included in other expense in net earnings, tax	(2)		(2)
Reclassification adjustment for pension settlement loss included in net earnings	9	0	9	0
Total pension and OPRP adjustments, pretax	10	0	10	0
Total pension and OPRP adjustments, tax	(2)	0	(2)	0
Total pension and OPRP adjustments	8	0	8	0
Attributable to noncontrolling interests
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax	0	0	0	(2)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	0	0	0	0
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	0	0	0	0
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	0		0
Total net unrealized gains (losses) on securities	0	0	0	0
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	0	0	0	0
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	0	0	0
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	0		0
Total net unrealized gains (losses) on cash flow hedges	0	0	0	0
Foreign currency translation adjustments	0	0	0	(2)
Pension and other postretirement plans (“OPRP”) adjustments:
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	0		0
Reclassification adjustment for pension settlement loss included in net earnings	0		0
Total pension and OPRP adjustments	0	0	0	0
Attributable to shareholders
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax	(777)	1,021	(1,083)	190
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	(133)	(1,021)	148	(156)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	(7)	(7)	(18)	12
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	(884)		(884)
Total net unrealized gains (losses) on securities	(758)	1,014	(1,050)	168
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	6	12	(1)	48
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	(4)	(9)	(11)	(18)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	(29)		(29)
Total net unrealized gains (losses) on cash flow hedges	(27)	3	(41)	30
Foreign currency translation adjustments	0	4	0	(8)
Pension and other postretirement plans (“OPRP”) adjustments:
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)		(1)
Reclassification adjustment for pension settlement loss included in net earnings	9		9
Total pension and OPRP adjustments	8	0	8	0
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	963	16	1,255	862
Reclassify AOCI	205	1,030	205	1,030
AOCI ending balance	205	1,030	205	1,030
Accumulated gain (loss), net, cash flow hedge, parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	27	44	41	17
Reclassify AOCI	0	47	0	47
AOCI ending balance	0	47	0	47
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(16)	(21)	(16)	(9)
Reclassify AOCI	(16)	(17)	(16)	(17)
AOCI ending balance	(16)	(17)	(16)	(17)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(7)	(7)	(7)	(7)
Reclassify AOCI	1	(7)	1	(7)
AOCI ending balance	1	(7)	1	(7)
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	967	32	1,273	863
Reclassify AOCI	190	1,053	190	1,053
AOCI ending balance	$ 190	$ 1,053	$ 190	$ 1,053

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%	21.00%
Separate Return Limitation Year Tax Rules
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to SRLY tax rules will expire unutilized at December 31, 2021	$ 27		$ 27

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings (loss) from continuing operations before income taxes (“EBT”)	$ 288	$ 140	$ 623	$ (45)
Income taxes at statutory rate	61	30	131	(9)
Effect of stock-based compensation	(8)	0	(10)	(3)
Effect of ESOP dividend paid deduction	(8)	0	(8)	0
Effect of tax exempt interest	(2)	(3)	(4)	(5)
Effect of dividends received deduction	(1)	0	(1)	(1)
Effect of foreign operations	(1)	0	(2)	1
Effect of nondeductible expenses	2	1	4	2
Effect of change in valuation allowance	3	9	3	11
Effect of other income	2	0	3	0
Provision for income taxes as shown on the Statement of Earnings	$ 48	$ 37	$ 116	$ (4)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%	21.00%
Effect of stock-based compensation as a percentage of EBT	(3.00%)	0.00%	(2.00%)	7.00%
Effect of ESOP dividend paid deduction as a percentage of EBT	(3.00%)	0.00%	(1.00%)	0.00%
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(2.00%)	(1.00%)	11.00%
Effect of dividends received deduction as a percentage of EBT	0.00%	0.00%	0.00%	2.00%
Effect of foreign operations as a percentage of EBT	0.00%	0.00%	0.00%	(2.00%)
Effect of nondeductible expenses as a percentage of EBT	1.00%	1.00%	1.00%	(4.00%)
Effect of change in valuation allowance as a percentage of EBT	1.00%	6.00%	0.00%	(25.00%)
Effect of other income tax reconciliation as a percentage of EBT	1.00%	0.00%	1.00%	(1.00%)
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	17.00%	26.00%	19.00%	9.00%

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of year	$ 10,392	$ 10,232
Less reinsurance recoverables, net of allowance	3,117	3,024
Net liability at beginning of year	7,275	7,208
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Provision for losses and LAE occurring in the current period	1,507	1,597
Net increase (decrease) in the provision for claims of prior years	(126)	(119)
Total losses and LAE incurred	1,381	1,478
Payments for losses and LAE of:
Current year	(258)	(284)
Prior years	(1,083)	(1,068)
Total payments	(1,341)	(1,352)
Foreign currency translation and other	1	(20)
Net liability at end of period	7,316	7,314
Add back reinsurance recoverables, net of allowance	3,182	3,007
Gross unpaid losses and LAE included in the balance sheet at end of period	$ 10,498	$ 10,321

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 01, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 7	$ 7	$ 6	$ 18
Impact of adoption of new accounting principles	(8)	(7)	(8)	(7)	$ (11)
Provision (credit) for expected credit losses	1	0	2	0
Write-offs charged against the allowance	0	0	0	0
Ending Balance	$ 8	$ 7	$ 8	$ 7

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 01, 2020
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 11	$ 9	$ 10	$ 13
Impact of adoption of new accounting principles	(9)	(10)	(9)	(10)	$ (3)
Provision (credit) for expected credit losses	(2)	1	(1)	0
Write-offs charged against the allowance	0	0	0	0
Ending Balance	$ 9	$ 10	$ 9	$ 10

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 9,481		$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	9	$ 10	12	$ 14	$ 14		$ 0
Available for sale (AFS) fixed maturities	9,732		9,084
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	9,481		8,812
Fixed maturities, available for sale, allowance for expected credit losses	9		12
Fixed maturities, available for sale, gross unrealized, gains	272		305
Fixed maturities, available for sale, gross unrealized, losses	(12)		(21)
Available for sale (AFS) fixed maturities	9,732		9,084
Total fixed maturities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			31,596
Fixed maturities, available for sale, allowance for expected credit losses			28
Fixed maturities, available for sale, gross unrealized, gains			2,652
Fixed maturities, available for sale, gross unrealized, losses			(97)
Available for sale (AFS) fixed maturities			34,123
Total fixed maturities \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	260		284
Total fixed maturities \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			2,555
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	218		192
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	4		6
Fixed maturities, available for sale, gross unrealized, losses	(1)		0
Available for sale (AFS) fixed maturities	221		198
U.S. Government and government agencies \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			39
Fixed maturities, available for sale, allowance for expected credit losses			0
Fixed maturities, available for sale, gross unrealized, gains			5
Fixed maturities, available for sale, gross unrealized, losses			0
Available for sale (AFS) fixed maturities			44
U.S. Government and government agencies \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3		6
U.S. Government and government agencies \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			5
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,967		2,196
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	93		116
Fixed maturities, available for sale, gross unrealized, losses	0		0
Available for sale (AFS) fixed maturities	2,060		2,312
States, municipalities and political subdivisions \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			3,053
Fixed maturities, available for sale, allowance for expected credit losses			0
Fixed maturities, available for sale, gross unrealized, gains			370
Fixed maturities, available for sale, gross unrealized, losses			(2)
Available for sale (AFS) fixed maturities			3,421
States, municipalities and political subdivisions \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	93		116
States, municipalities and political subdivisions \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			368
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	206		172
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	2		4
Fixed maturities, available for sale, gross unrealized, losses	0		0
Available for sale (AFS) fixed maturities	208		176
Foreign government \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			31
Fixed maturities, available for sale, allowance for expected credit losses			0
Fixed maturities, available for sale, gross unrealized, gains			4
Fixed maturities, available for sale, gross unrealized, losses			0
Available for sale (AFS) fixed maturities			35
Foreign government \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	2		4
Foreign government \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			4
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	747		859
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	53		57
Fixed maturities, available for sale, gross unrealized, losses	(2)		(1)
Available for sale (AFS) fixed maturities	798		915
Residential MBS \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			1,953
Fixed maturities, available for sale, allowance for expected credit losses			3
Fixed maturities, available for sale, gross unrealized, gains			194
Fixed maturities, available for sale, gross unrealized, losses			(4)
Available for sale (AFS) fixed maturities			2,140
Residential MBS \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	51		56
Residential MBS \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			190
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	127		89
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	3		3
Fixed maturities, available for sale, gross unrealized, losses	0		0
Available for sale (AFS) fixed maturities	130		92
Commercial MBS \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			659
Fixed maturities, available for sale, allowance for expected credit losses			0
Fixed maturities, available for sale, gross unrealized, gains			40
Fixed maturities, available for sale, gross unrealized, losses			(1)
Available for sale (AFS) fixed maturities			698
Commercial MBS \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3		3
Commercial MBS \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			39
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,382		1,065
Fixed maturities, available for sale, allowance for expected credit losses	1		3
Fixed maturities, available for sale, gross unrealized, gains	5		4
Fixed maturities, available for sale, gross unrealized, losses	(2)		(4)
Available for sale (AFS) fixed maturities	1,384		1,062
Collateralized loan obligations \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			3,491
Fixed maturities, available for sale, allowance for expected credit losses			10
Fixed maturities, available for sale, gross unrealized, gains			23
Fixed maturities, available for sale, gross unrealized, losses			(13)
Available for sale (AFS) fixed maturities			3,491
Collateralized loan obligations \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3		0
Collateralized loan obligations \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			10
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,341		2,040
Fixed maturities, available for sale, allowance for expected credit losses	7		7
Fixed maturities, available for sale, gross unrealized, gains	29		27
Fixed maturities, available for sale, gross unrealized, losses	(4)		(13)
Available for sale (AFS) fixed maturities	2,359		2,047
Other asset-backed securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			5,098
Fixed maturities, available for sale, allowance for expected credit losses			11
Fixed maturities, available for sale, gross unrealized, gains			142
Fixed maturities, available for sale, gross unrealized, losses			(53)
Available for sale (AFS) fixed maturities			5,176
Other asset-backed securities \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	25		14
Other asset-backed securities \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			89
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,493		2,199
Fixed maturities, available for sale, allowance for expected credit losses	1	$ 1	2	$ 3	$ 3	$ 0	$ 0
Fixed maturities, available for sale, gross unrealized, gains	83		88
Fixed maturities, available for sale, gross unrealized, losses	(3)		(3)
Available for sale (AFS) fixed maturities	2,572		2,282
Corporate and other \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost			17,272
Fixed maturities, available for sale, allowance for expected credit losses			4
Fixed maturities, available for sale, gross unrealized, gains			1,874
Fixed maturities, available for sale, gross unrealized, losses			(24)
Available for sale (AFS) fixed maturities			19,118
Corporate and other \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	$ 80		85
Corporate and other \| Debt Securities \| Assets of discontinued annuity operations \| Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax			$ 1,850