0001042046-24-000009 | 10-K | XBRL Viewer | American Financial Group INC

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Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 34	$ (90)	$ 119
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	(2)	(95)	65
Investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 36	$ 5	$ 54

Income Taxes - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%
Income (losses) subject to tax in foreign jurisdictions	$ 32	$ 64	$ 33
Amount of expense for penalties related to a tax position	0	0	0
Cash payments for income taxes	201	242	212
AFG
Income Tax Reconciliation [Line Items]
Income tax penalties accrued	0	0
Maximum \| AFG
Income Tax Reconciliation [Line Items]
Unrecognized tax benefits that would impact the effective tax rate	1	1
Interest included in tax provision	1	1	$ 1
Interest on income taxes accrued	1	$ 1
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 38			£ 30

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary 1 (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase		$ 234	$ 10	$ 123
Crop Risk Services
Business Acquisitions [Line Items]
Cash paid at purchase	$ 234
Tangible assets acquired:
Cash and cash equivalents	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	193
Liabilities acquired:
Other liabilities	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	210
Deferred tax asset acquired	1
Goodwill acquired during period	85	$ 85
Crop Risk Services \| Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Annuity Business Effective May 31, 2021, AFG completed the sale of its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”). MassMutual acquired Great American Life Insurance Company 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 and AFG realized a $656 million net gain on the sale in 2021.

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


	May 31, 2021
Assets of businesses sold:
Cash and cash equivalents	$	2,060
Investments	38,323
Recoverables from reinsurers	6,748
Other assets	2,152
Total assets of discontinued annuity operations	49,283
Liabilities of businesses sold:
Annuity benefits accumulated	43,690
Other liabilities	1,813
Total liabilities of discontinued annuity operations	45,503

Reclassify AOCI	(913)
Net investment in annuity businesses sold, excluding AOCI	$	2,867

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


	Year Ended December 31, 2021 (*)
Net investment income	$	746
Realized gains on securities	112
Other income	52
Total revenues	910
Annuity benefits	377
Annuity and supplemental insurance acquisition expenses	136
Other expenses	73
Total costs and expenses	586
Earnings before income taxes from discontinued operations	324
Provision for income taxes on discontinued operations	66
Net earnings from discontinued operations, net of tax	258
Gain on sale of discontinued operations, net of tax	656
Net earnings from discontinued operations	$	914

(*)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	$	3,571
Sale related expenses	(8)
Total net proceeds	3,563

Net investment in annuity businesses sold, excluding AOCI	2,867
Reclassify net deferred tax asset	(199)
Pretax gain on sale	895
Income tax expense:
Reclassify net deferred tax asset	199
Tax liabilities triggered by the sale	41
Other	(1)
Total income tax expense	239
Net gain on sale	$	656

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


	Year Ended December 31, 2021 (*)
Net cash provided by operating activities	$	67
Net cash used in investing activities	(1,689)
Net cash provided by financing activities	477

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

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses			$ 0	$ 0	$ 3,581
Equity attributable to parent			$ 4,258	$ 4,052
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses	$ 3,571
Sale related expenses	(8)
Total net proceeds	3,563
Equity attributable to parent	2,867	$ 2,867
Reclassify net deferred tax asset	199
Realized gains (losses) on subsidiaries	895
Tax liabilities triggered by the sale	41
Other tax expense on gain on sale of subsidiaries	(1)
Total income tax expense on gain on sale of subsidiaries	239
Gain on sale of discontinued operations, net of tax	$ 656	$ 656

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current taxes:
Federal	$ 176	$ 192	$ 162
State	9	10	7
Foreign	(1)	1	1
Deferred taxes:
Federal	37	22	84
Provision for income taxes as shown in the Statement of Earnings	$ 221	$ 225	$ 254

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease payments due in 2024	$ 37
Lease payments due in 2025	30
Lease payments due in 2026	26
Lease payments due in 2027	24
Lease payments due in 2028	20
Lease payments due thereafter	150
Total lease payments	287
Less: future lease payments impact of discounting	(89)
Operating lease liability	$ 198	$ 116

Acquisitions and Sale of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jul. 03, 2023	Dec. 06, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase				$ 234	$ 10	$ 123
Finite-lived intangible assets useful life		10 years
Crop Risk Services
Business Acquisitions [Line Items]
Cash paid at purchase	$ 234
Net tangible assets acquired, at fair value	24
Acquisition costs incurred	3
Goodwill acquired during period	85			$ 85
Goodwill deductible for tax purposes	79
Crop Risk Services \| Customer relationships
Business Acquisitions [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life				14 years
Crop Risk Services \| Crop Insurance Contract, Crop Year 2022
Business Acquisitions [Line Items]
Gross written premiums	$ 1,200
Verikai, Inc.
Business Acquisitions [Line Items]
Cash paid at purchase		$ 120
Acquisition costs incurred		1
Intangible assets acquired		76
Goodwill acquired during period		70				$ 70
Total purchase price		$ 143
Insurance Agency
Business Acquisitions [Line Items]
Cash paid at purchase			$ 10
Total purchase price			$ 12

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Summary of Carrying value of long-term debt
Principal	$ 1,498	$ 1,521
Discount and Issue Costs	(23)	(25)
Carrying Value	1,475	1,496
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,475	1,496
Senior Notes \| AFG
Summary of Carrying value of long-term debt
Principal	823	846
Discount and Issue Costs	(5)	(6)
Carrying Value	818	840
Senior Notes \| 4.50% Senior Notes due June 2047 \| AFG
Summary of Carrying value of long-term debt
Principal	567	582
Discount and Issue Costs	(1)	(1)
Carrying Value	$ 566	$ 581
Interest rate on debt instruments	4.50%	4.50%
Senior Notes \| 5.25% Senior Notes due April 2030 \| AFG
Summary of Carrying value of long-term debt
Principal	$ 253	$ 261
Discount and Issue Costs	(4)	(5)
Carrying Value	$ 249	$ 256
Interest rate on debt instruments	5.25%	5.25%
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	(18)	(19)
Carrying Value	657	656
Subordinated Debentures \| 4.50% Subordinated Debentures due September 2060 \| AFG
Summary of Carrying value of long-term debt
Principal	200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Interest rate on debt instruments	4.50%
Subordinated Debentures \| 5.125% Subordinated Debentures due December 2059 \| AFG
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(6)
Carrying Value	$ 195	194
Interest rate on debt instruments	5.125%
Subordinated Debentures \| 5.625% Subordinated Debentures due June 2060 \| AFG
Summary of Carrying value of long-term debt
Principal	$ 150	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Interest rate on debt instruments	5.625%
Subordinated Debentures \| 5.875% Subordinated Debentures due March 2059 \| AFG
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121
Interest rate on debt instruments	5.875%

Shareholders' Equity - Data relating to grants of restricted stock (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1, 2023 \| shares	615,867
Granted \| shares	165,513
Vested \| shares	(189,606)
Forfeited \| shares	(18,882)
Outstanding at December 31, 2023 \| shares	572,892
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, Outstanding, Beginning balance \| $ / shares	$ 111.97
Average grant date fair value, Granted \| $ / shares	130.52
Average grant date fair value, Vested \| $ / shares	101.86
Average grant date fair value, Forfeited \| $ / shares	123.65
Average grant date fair value, Outstanding, Ending balance \| $ / shares	$ 120.28

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
Collateralized loan obligations and other asset-backed securities average life	3 years
Average life of MBS	6 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 531
After one year through five years	2,744
After five years through ten years	1,147
After ten years	278
Fixed maturities amortized cost, Subtotal	4,700
Amortized cost	10,740
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	521
After one year through five years	2,663
After five years through ten years	1,143
After ten years	269
Fixed maturities fair value, Subtotal	4,596
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	5.00%
After one year through five years	26.00%
After five years through ten years	11.00%
After ten years	2.00%
Fixed maturities fair value, Subtotal, Percent	44.00%
Fair value, Total, Percent	100.00%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 4,178
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 4,049
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	39.00%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 1,862
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 1,732
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	17.00%

Insurance

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Insurance

Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.22 billion at December 31, 2023, were on deposit as required by regulatory authorities.

Property and Casualty Insurance Reserves Estimating the liability for unpaid losses and loss adjustment expenses (“LAE”) is inherently judgmental and is influenced by factors that are subject to significant variation. Determining the liability is a complex process incorporating input from many areas of the Company including actuarial, underwriting, pricing, claims and operations management.

The process used to determine the total reserve for liabilities involves estimating the ultimate incurred losses and LAE, adjusted for amounts already paid on the claims. The incurred but not reported (“IBNR”) reserve is derived by first estimating the ultimate unpaid reserve liability and subtracting case reserves for loss and LAE.

In determining management’s best estimate of the ultimate liability, management (with the assistance of Company actuaries) considers items such as the effect of inflation on medical, hospitalization, material, repair and replacement costs, the nature and maturity of lines of insurance, general economic trends and the legal environment. In addition, historical trends adjusted for changes in underwriting standards, policy provisions, product mix and other factors are analyzed using actuarial reserve development techniques. Weighing all of the factors, the management team determines a single or “point” estimate that it records as its best estimate of the ultimate liability. Ranges of loss reserves are not developed by Company actuaries. This reserve analysis and review is completed each quarter and for almost every business within AFG’s property and casualty insurance sub-segments.

Each quarterly review includes in-depth analysis of several hundred subdivisions of the business, employing multiple actuarial techniques. For each subdivision, actuaries use informed, professional judgment to adjust these techniques as necessary to respond to specific conditions in the data or within the business.

Some of the standard actuarial methods employed for the quarterly reserve analysis may include (but may not be limited to):

•Case Incurred Development Method

•Paid Development Method

•Bornhuetter-Ferguson Method

•Incremental Paid LAE to Paid Loss Methods

Each method has particular strengths and weaknesses and no single estimation method is most accurate in all situations. When applied to a particular group of claims, the relative strengths and weaknesses of each method can change over time based on the facts and circumstances. Ultimately, the estimation methods chosen are those which the actuary believes produce the most reliable indication for the particular liabilities under review.

The period of time from the event triggering a claim through the settlement of the liability is referred to as the “tail”. Generally, the same actuarial methods are considered for both short-tail and long-tail lines of business because most of them work properly for both. The methods are designed to incorporate the effects of the differing length of time to settle particular claims. For nearly all lines of business, the actuaries rely heavily on the Bornhuetter-Ferguson method for more recent accident periods. As accident years mature and the underlying claim data becomes more credible, more weight is given to the Case Incurred and Paid Development methods. This transition occurs relatively quickly for short-tailed lines, and over a number of years for long-tail lines. Liability claims for long-tail lines are more susceptible to litigation and can be significantly affected by changing contract interpretation and the legal environment. Therefore, the estimation of loss reserves for these classes is more complex and subject to a higher degree of variability.

The level of detail in which data is analyzed varies among the different lines of business. Data is generally analyzed by major product or by coverage within product, using countrywide data; however, in some situations, data may be reviewed by state or region. Appropriate segmentation of the data is determined based on data credibility, homogeneity of development patterns, mix of business, and other actuarial considerations.

Supplementary statistical information is also reviewed to determine which methods are most appropriate to use or if adjustments are needed to particular methods. Such information includes:

•Open and closed claim counts

•Average case reserves and average incurred on open claims

•Closure rates and statistics related to closed and open claim percentages

•Average closed claim severity

•Ultimate claim severity

•Reported loss ratios

•Projected ultimate loss ratios

•Loss payment patterns

Within each business, results of individual methods are reviewed, supplementary statistical information is analyzed, and data from underwriting, operating and claim management are considered in deriving management’s best estimate of the ultimate liability. This estimate may be the result of one method, a weighted average of several methods, or a judgmental selection as the management team determines is appropriate.

The liability for losses and LAE for a very limited number of claims with long-term scheduled payments under certain workers’ compensation policies has been discounted at 4.5% at December 31, 2023 and 3.5% at December 31, 2022, which represents an approximation of long-term investment yields. Because of the limited amount of claims involved, the net impact of discounting did not materially impact AFG’s total liability for unpaid losses and loss adjustment expenses (net reductions from discounting of $9 million at both December 31, 2023 and 2022, respectively).

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions):


	2023		2022		2021
Balance at beginning of period	$	11,974	$	11,074	$	10,392
Less reinsurance recoverables, net of allowance	3,767		3,419		3,117
Net liability at beginning of period	8,207		7,655		7,275
Provision for losses and LAE occurring in the current year	4,256		3,914		3,436


Net decrease in the provision for claims of prior years	(223)		(285)		(279)
Total losses and LAE incurred	4,033		3,629		3,157
Payments for losses and LAE of:
Current year	(1,261)		(1,212)		(1,024)
Prior years	(2,181)		(1,870)		(1,753)
Total payments	(3,442)		(3,082)		(2,777)
Foreign currency translation and other	1		5		—
Net liability at end of period	8,799		8,207		7,655
Add back reinsurance recoverables, net of allowance	4,288		3,767		3,419
Gross unpaid losses and LAE included in the balance sheet	$	13,087	$	11,974	$	11,074

The net decrease in the provision for claims of prior years in 2023 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency and severity across the transportation businesses and lower than anticipated claim frequency in the property and inland marine and ocean marine businesses and in the Singapore operations (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability and environmental businesses and favorable reserve development related to COVID-19 losses across several businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit, financial institutions and surety businesses and lower than expected claim frequency and severity in the fidelity business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector business and higher than expected claim frequency and severity in the excess liability and general liability businesses (within the Specialty casualty sub-segment).

The net decrease in the provision for claims of prior years in 2022 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency in the trucking and ocean marine businesses and in the Singapore operations, lower than expected claim frequency and severity in the aviation business and lower than anticipated 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 and lower than expected claim frequency in the executive liability and excess and surplus businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety, trade credit and financial institutions businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the general liability, umbrella and excess liability, and certain targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program, primarily related to social inflation exposed business assumed from the Specialty casualty sub-segment (within Other specialty).

The net decrease in the provision for claims of prior years in 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business, lower than expected claim severity in the ocean marine business and lower than expected claim frequency in the aviation 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 and trade credit businesses 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 anticipated claim

severity in the general liability and targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program, primarily related to social inflation exposed business assumed from the Specialty casualty sub-segment (within Other specialty).

A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions):


	2023
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,636
Specialty casualty	4,984
Specialty financial	328
Other specialty	580
Total Specialty (excluding foreign reserves)	7,528

Other reserves
Foreign operations	396
A&E reserves	370
Unallocated LAE	448
Other	57
Total other reserves	1,271
Total reserves, net of reinsurance	8,799

Add back reinsurance recoverables, net of allowance	4,288
Gross unpaid losses and LAE included in the balance sheet	$	13,087

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences

between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	844	$	828	$	817	$	820	$	815	$	808	$	804	$	802	$	800	$	800	$	5	133,284
2015			818		784		779		777		777		772		768		769		769		4		135,083
2016					746		716		714		706		694		688		689		689		8		121,400
2017							889		847		843		823		816		820		820		11		140,998
2018									932		902		886		876		882		876		15		130,721
2019											1,111		1,058		1,051		1,055		1,057		26		154,248
2020													1,043		974		957		949		39		122,112
2021															1,119		1,023		1,022		69		123,416
2022																	1,393		1,316		157		136,540
2023																			1,472		432		127,664
																	Total		$	9,770


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	329	$	632	$	693	$	744	$	770	$	783	$	789	$	791	$	792	$	793	99.1	%
2015			359		582		667		707		736		744		750		755		761		99.0	%
2016					294		521		577		618		640		656		665		672		97.5	%
2017							379		640		696		735		755		783		794		96.8	%
2018									396		676		738		781		824		838		95.7	%
2019											527		823		904		959		998		94.4	%
2020													461		726		804		857		90.3	%
2021															449		767		867		84.8	%
2022																	587		1,018		77.4	%
2023																			562		38.2	%
																	Total		$	8,160
							Unpaid losses and LAE — years 2014 through 2023												1,610
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																26
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,636


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.7	%	31.5	%	8.3	%	5.4	%	3.5	%	2.0	%	1.0	%	0.6	%	0.5	%	0.1	%
Cumulative	44.7	%	76.2	%	84.5	%	89.9	%	93.4	%	95.4	%	96.4	%	97.0	%	97.5	%	97.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,035	$	1,008	$	1,008	$	1,006	$	982	$	967	$	952	$	950	$	955	$	951	$	28	57,373
2015			1,081		1,043		1,041		1,042		1,024		1,021		1,015		1,007		1,002		36		58,456
2016					1,131		1,122		1,116		1,101		1,090		1,069		1,046		1,036		63		56,695
2017							1,211		1,221		1,204		1,189		1,162		1,139		1,139		110		57,386
2018									1,277		1,307		1,302		1,262		1,269		1,264		169		59,456
2019											1,308		1,311		1,322		1,280		1,284		230		59,684
2020													1,352		1,329		1,258		1,232		313		54,129
2021															1,384		1,389		1,342		497		55,962
2022																	1,475		1,503		697		56,742
2023																			1,648		1,035		53,352
																	Total		$	12,401


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	190	$	412	$	574	$	680	$	755	$	801	$	829	$	862	$	881	$	899	94.5	%
2015			178		411		577		702		792		844		888		913		934		93.2	%
2016					186		418		584		713		806		870		906		938		90.5	%
2017							200		422		612		755		833		902		959		84.2	%
2018									210		475		649		794		901		991		78.4	%
2019											212		455		651		795		913		71.1	%
2020													188		446		613		757		61.4	%
2021															191		438		625		46.6	%
2022																	198		507		33.7	%
2023																			248		15.0	%
																	Total		$	7,771
							Unpaid losses and LAE — years 2014 through 2023												4,630
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																354
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,984


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	16.4	%	20.9	%	15.4	%	11.9	%	8.4	%	5.9	%	4.0	%	3.0	%	2.0	%	1.9	%
Cumulative	16.4	%	37.3	%	52.7	%	64.6	%	73.0	%	78.9	%	82.9	%	85.9	%	87.9	%	89.8	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	146	$	157	$	156	$	153	$	147	$	142	$	137	$	136	$	135	$	134	$	—	29,471
2015			156		160		158		153		145		138		136		135		133		—		37,629
2016					179		184		187		182		174		170		173		172		1		45,185
2017							212		215		212		208		203		202		210		5		48,840
2018									212		217		219		207		201		198		6		46,805
2019											194		198		191		186		182		9		41,939
2020													231		215		202		193		15		29,732
2021															223		201		187		25		27,355
2022																	243		234		54		23,638
2023																			310		127		20,542
																	Total		$	1,953


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	62	$	109	$	125	$	128	$	137	$	139	$	141	$	140	$	141	$	141	105.2	%
2015			72		110		129		133		132		134		134		134		133		100.0	%
2016					88		141		158		161		163		164		171		172		100.0	%
2017							120		169		186		194		193		192		194		92.4	%
2018									112		163		187		188		192		193		97.5	%
2019											99		146		164		168		170		93.4	%
2020													100		144		159		162		83.9	%
2021															98		136		146		78.1	%
2022																	108		164		70.1	%
2023																			150		48.4	%
																	Total		$	1,625
							Unpaid losses and LAE — years 2014 through 2023												328
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																—
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	328


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	51.8	%	26.3	%	9.9	%	2.2	%	1.6	%	0.7	%	1.6	%	(0.1	%)	—	%	—	%
Cumulative	51.8	%	78.1	%	88.0	%	90.2	%	91.8	%	92.5	%	94.1	%	94.0	%	94.0	%	94.0	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Other specialty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	58	$	57	$	59	$	59	$	60	$	61	$	64	$	66	$	68	$	72	$	3	—
2015			59		60		63		66		76		82		84		87		87		5		—
2016					61		61		65		71		76		77		78		77		8		—
2017							63		65		70		81		88		95		97		8		—
2018									86		90		92		94		100		111		21		—
2019											108		107		108		111		119		21		—
2020													122		117		129		126		39		—
2021															135		141		138		69		—
2022																	159		152		92		—
2023																			201		137		—
																	Total		$	1,180


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (b)
2014	$	13	$	21	$	30	$	36	$	43	$	50	$	53	$	54	$	56	$	60	83.3	%
2015			10		26		31		50		62		69		75		76		81		93.1	%
2016					9		19		31		47		53		60		64		66		85.7	%
2017							10		19		30		52		63		76		83		85.6	%
2018									12		23		32		44		60		77		69.4	%
2019											9		24		49		61		79		66.4	%
2020													9		21		44		66		52.4	%
2021															8		27		49		35.5	%
2022																	11		35		23.0	%
2023																			29		14.4	%
																	Total		$	625
							Unpaid losses and LAE — years 2014 through 2023												555
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																25
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	580


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	10.5	%	12.6	%	13.6	%	16.0	%	12.0	%	11.1	%	5.9	%	1.7	%	4.3	%	5.6	%
Cumulative	10.5	%	23.1	%	36.7	%	52.7	%	64.7	%	75.8	%	81.7	%	83.4	%	87.7	%	93.3	%

(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,083	$	2,050	$	2,040	$	2,038	$	2,004	$	1,978	$	1,957	$	1,954	$	1,958	$	1,957	$	36	220,128
2015			2,114		2,047		2,041		2,038		2,022		2,013		2,003		1,998		1,991		45		231,168
2016					2,117		2,083		2,082		2,060		2,034		2,004		1,986		1,974		80		223,280
2017							2,375		2,348		2,329		2,301		2,269		2,256		2,266		134		247,224
2018									2,507		2,516		2,499		2,439		2,452		2,449		211		236,982
2019											2,721		2,674		2,672		2,632		2,642		286		255,871
2020													2,748		2,635		2,546		2,500		406		205,973
2021															2,861		2,754		2,689		660		206,733
2022																	3,270		3,205		1,000		216,920
2023																			3,631		1,731		201,558
																	Total		$	25,304


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	594	$	1,174	$	1,422	$	1,588	$	1,705	$	1,773	$	1,812	$	1,847	$	1,870	$	1,893	96.7	%
2015			619		1,129		1,404		1,592		1,722		1,791		1,847		1,878		1,909		95.9	%
2016					577		1,099		1,350		1,539		1,662		1,750		1,806		1,848		93.6	%
2017							709		1,250		1,524		1,736		1,844		1,953		2,030		89.6	%
2018									730		1,337		1,606		1,807		1,977		2,099		85.7	%
2019											847		1,448		1,768		1,983		2,160		81.8	%
2020													758		1,337		1,620		1,842		73.7	%
2021															746		1,368		1,687		62.7	%
2022																	904		1,724		53.8	%
2023																			989		27.2	%
																	Total		$	18,181
							Unpaid losses and LAE — years 2014 through 2023												7,123
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																405
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	7,528


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.7	%	25.0	%	12.2	%	8.9	%	6.2	%	4.2	%	2.8	%	1.8	%	1.4	%	1.2	%
Cumulative	29.7	%	54.7	%	66.9	%	75.8	%	82.0	%	86.2	%	89.0	%	90.8	%	92.2	%	93.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Deferred Policy Acquisition Costs Included in property and casualty insurance commissions and other underwriting expenses in AFG’s Statement of Earnings is amortization of deferred policy acquisition costs of $720 million, $641 million, and $580 million in 2023, 2022 and 2021, respectively.

Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):


	Net Earnings						Capital and Surplus
	2023		2022		2021		2023		2022
Property and casualty companies	$	1,004	$	912	$	1,007	$	4,436	$	4,356

The National Association of Insurance Commissioners’ (“NAIC”) model law for risk-based capital (“RBC”) applies to property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2023 and 2022, the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2023 or 2022.

Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2024 from its insurance subsidiaries without seeking regulatory approval is $944 million. Additional amounts of dividends require regulatory approval.

Holding Company Dividends AFG declared and paid common stock dividends to shareholders totaling $687 million, $1.22 billion and $2.38 billion in 2023, 2022 and 2021, respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net earnings that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2023, AFG could pay dividends of approximately $1.5 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries, and rating agency commitments.

Reinsurance In the normal course of business, AFG cedes reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. However, AFG remains liable to its insureds regardless of whether a reinsurer is able to meet its obligations. The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.


	2023		2022		2021
Direct premiums written	$	9,309	$	8,774	$	7,700
Reinsurance assumed	347		283		246
Reinsurance ceded	(2,964)		(2,851)		(2,373)
Net written premiums	$	6,692	$	6,206	$	5,573

Direct premiums earned	$	9,133	$	8,582	$	7,462
Reinsurance assumed	321		274		249
Reinsurance ceded	(2,923)		(2,771)		(2,307)
Net earned premiums	$	6,531	$	6,085	$	5,404

Reinsurance recoveries	$	2,336	$	2,065	$	1,478

AFG maintains supplemental fully collateralized reinsurance coverage up to 94% of $323 million for catastrophe losses in excess of $127 million of traditional catastrophe reinsurance through a catastrophe bond. AFG’s cost for this coverage is approximately $16 million per year. Recoveries from the catastrophe bond apply before calculating losses recoverable from this catastrophe excess of loss reinsurance.

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


	Recoverables from Reinsurers						Premiums Receivable
	2023		2022		2021		2023		2022		2021
Balance at January 1	$	8	$	8	$	6	$	8	$	8	$	10
Increase in allowance from acquisition of CRS	—		—		—		4		—		—
Provision for expected credit losses	2		—		2		3		—		(2)
Write-offs charged against the allowance	—		—		—		—		—		—
Balance at December 31	$	10	$	8	$	8	$	15	$	8	$	8

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		$ 1,102	$ 926	$ 3,706
Total realized/unrealized gains (losses) included in Net earnings		7	24	181
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		11	(53)	(27)
Purchases and issuances		270	338	636
Sales and settlements		(109)	(117)	(565)
Transfer into Level 3		46	72	66
Transfer out of Level 3		(97)	(88)	(352)
Sale of annuity business	$ (2,719)
Financial assets, ending balance		$ 1,230	1,102	926
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]		OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Realized gains (losses) on securities
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		$ 664	600	538
Total realized/unrealized gains (losses) included in Net earnings		(4)	0	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		11	(53)	(5)
Purchases and issuances		147	223	344
Sales and settlements		(70)	(93)	(210)
Transfer into Level 3		46	68	33
Transfer out of Level 3		(58)	(81)	(97)
Sale of annuity business	0
Financial assets, ending balance		736	664	600
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		0	0	0
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	0
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	0
Financial assets, ending balance		0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		5	41	39
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	(3)	0
Purchases and issuances		0	0	0
Sales and settlements		(1)	(1)	(4)
Transfer into Level 3		1	4	8
Transfer out of Level 3		(3)	(36)	(2)
Sale of annuity business	0
Financial assets, ending balance		2	5	41
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		9	14	38
Total realized/unrealized gains (losses) included in Net earnings		1	0	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(1)	(1)	0
Purchases and issuances		0	0	6
Sales and settlements		(3)	(1)	(3)
Transfer into Level 3		5	7	6
Transfer out of Level 3		(9)	(10)	(29)
Sale of annuity business	0
Financial assets, ending balance		2	9	14
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		0	0	2
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	0
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	(2)
Sale of annuity business	0
Financial assets, ending balance		0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		2	0	16
Total realized/unrealized gains (losses) included in Net earnings		(2)	0	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		1	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	(2)
Transfer into Level 3		1	2	0
Transfer out of Level 3		(1)	0	(15)
Sale of annuity business	0
Financial assets, ending balance		1	2	0
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		329	278	305
Total realized/unrealized gains (losses) included in Net earnings		1	1	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		6	(27)	0
Purchases and issuances		55	94	154
Sales and settlements		(39)	(52)	(156)
Transfer into Level 3		31	35	14
Transfer out of Level 3		(32)	0	(40)
Sale of annuity business	0
Financial assets, ending balance		351	329	278
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		319	267	138
Total realized/unrealized gains (losses) included in Net earnings		(4)	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		5	(22)	(5)
Purchases and issuances		92	129	184
Sales and settlements		(27)	(39)	(45)
Transfer into Level 3		8	20	5
Transfer out of Level 3		(13)	(35)	(9)
Sale of annuity business	0
Financial assets, ending balance		380	319	267
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		427	313	176
Total realized/unrealized gains (losses) included in Net earnings		15	29	99
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		121	112	78
Sales and settlements		(39)	(24)	(28)
Transfer into Level 3		0	4	0
Transfer out of Level 3		(39)	(7)	(12)
Sale of annuity business	0
Financial assets, ending balance		485	427	313
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		11	13	21
Total realized/unrealized gains (losses) included in Net earnings		(4)	(5)	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		2	3	5
Sales and settlements		0	0	0
Transfer into Level 3		0	0	1
Transfer out of Level 3		0	0	(14)
Sale of annuity business	0
Financial assets, ending balance		$ 9	11	13
Assets of discontinued annuity operations \| Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance			$ 0	2,971
Total realized/unrealized gains (losses) included in Net earnings				85
Total realized/unrealized gains (losses) included in other comprehensive income (loss)				(22)
Purchases and issuances				209
Sales and settlements				(327)
Transfer into Level 3				32
Transfer out of Level 3				(229)
Sale of annuity business	$ (2,719)
Financial assets, ending balance				$ 0

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 11	$ 9	$ 12
Provision for expected credit losses on securities with no previous allowance	9	5	1
Reductions to previously recognized expected credit losses	1	(2)	(2)
Reductions due to sales or redemptions	9	1	2
Ending balance	12	11	9
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	10	8	10
Provision for expected credit losses on securities with no previous allowance	1	4	0
Reductions to previously recognized expected credit losses	2	(2)	(2)
Reductions due to sales or redemptions	4	0	0
Ending balance	9	10	8
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	1	1	2
Provision for expected credit losses on securities with no previous allowance	8	1	1
Reductions to previously recognized expected credit losses	(1)	0	0
Reductions due to sales or redemptions	5	1	2
Ending balance	$ 3	$ 1	$ 1

Shareholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
Shareholders' Equity - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 8,000,000	$ 18,000,000	$ 88,000,000
Cash received from the exercise of stock options	4,000,000	7,000,000	58,000,000
Tax benefit related to exercise of stock options	1,000,000	3,000,000	14,000,000
Total compensation expense related to stock incentive plans	18,000,000	19,000,000	16,000,000
Tax benefit related to compensation costs	$ 6,000,000	8,000,000	19,000,000
Year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20.00%
Year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20.00%
Year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20.00%
Year four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20.00%
Year five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20.00%
Share-based payment arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance under stock incentive plans (shares)	2,100,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock vesting period	4 years
Restricted Common Stock vested during period, fair value	$ 25,000,000	$ 23,000,000	$ 28,000,000
Weighted average period of cost expected to be recognized	2 years 6 months
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 32,000,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, period before vesting begins	1 year
Duration of options expiration, after date of grant	10 years
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 0

Segments of Operations - Narrative (Details) $ in Millions	12 Months Ended
Segments of Operations - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of segments \| segment	2
Percent of total revenue derived from sales of property and casualty insurance outside of the United States	3.00%	4.00%	4.00%
Other
Segment Reporting Information [Line Items]
Gain (loss) on retirement of debt	$ 1	$ (9)
Special charge to increase asbestos and environmental reserves	$ 15

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Cincinnati, Ohio
Auditor Firm ID	42

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 7,827	$ 7,040	$ 6,552
Costs and Expenses:
Interest charges on other borrowings	76	85	94
Other expenses	305	255	264
Total costs and expenses	6,754	5,917	5,217
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Provision for income taxes	221	225	254
Net Earnings	852	898	1,995
AFG
Revenues:
Dividends from subsidiaries	903	879	835
Equity in undistributed earnings of subsidiaries	308	405	1,721
Investment and other income	60	28	29
Total revenues	1,271	1,312	2,585
Costs and Expenses:
Interest charges on intercompany borrowings	8	7	7
Interest charges on other borrowings	76	85	94
Other expenses	114	97	129
Total costs and expenses	198	189	230
Earnings from continuing operations before income taxes	1,073	1,123	2,355
Provision for income taxes	221	225	360
Net Earnings	$ 852	$ 898	$ 1,995

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Mortgage loans	$ 643	$ 676
Long-term debt	1,475	1,496
Level 1
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,225	872
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	1,342	1,299
Total financial liabilities not accounted for at fair value	1,342	1,299
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	596	626
Total financial assets not accounted for at fair value	596	626
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	643	676
Total financial assets not accounted for at fair value	1,868	1,548
Long-term debt	1,475	1,496
Total financial liabilities not accounted for at fair value	1,475	1,496
Fair Value
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	596	626
Total financial assets not accounted for at fair value	1,821	1,498
Long-term debt	1,345	1,302
Total financial liabilities not accounted for at fair value	$ 1,345	$ 1,302

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Disclosure of supplemental Balance Sheet information related to leases

AFG’s operating lease right-of-use asset and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions):


	2023		2022
Right-of-use asset	$	176	$	103
Lease liability	198		116

Lease activity

The following table details AFG’s lease activity for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021

Operating lease expense included in other expenses	$	36	$	36	$	41


Sublease income (*)	—		(2)		(2)
Total lease expense, net of sublease income	$	36	$	34	$	39

(*)Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings.

Other operating lease liability information

Other operating lease information for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021
Cash paid for lease liabilities reported in operating cash flows	$	38	$	38	$	43
Right-of-use assets obtained under new leases	102		11		10

Undiscounted contractual maturities of operating lease liabilities

The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2023 (in millions):


Operating lease payments:
2024	$	37
2025	30
2026	26
2027	24
2028	20
Thereafter	150
Total lease payments	287
Impact of discounting	(89)
Operating lease liability	$	198

Schedule of weighted-average remaining lease term and weighted-average discount rate


Weighted-average remaining lease term	13.6 years
Weighted-average discount rate	5.1	%

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Jul. 03, 2023	Dec. 06, 2021	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, beginning balance					$ 246	$ 176
Goodwill, impairment loss				$ (26)
Goodwill, ending balance			$ 305		305	246
Verikai, Inc.
Goodwill [Line Items]
Goodwill, impairment loss			$ (26)
Verikai, Inc.
Goodwill [Line Items]
Goodwill acquired during period		$ 70				$ 70
Crop Risk Services
Goodwill [Line Items]
Goodwill acquired during period	$ 85				$ 85

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net earned premiums	$ 6,531	$ 6,085	$ 5,404
Net investment income	742	717	730
Other income	146	117	113
Revenues before realized gains (losses)	$ 7,867	$ 7,156	$ 6,438
Investment, Type [Extensible Enumeration]	Real Estate Funds [Member]	Real Estate Funds [Member]	Real Estate Funds [Member]
Realized gains (losses) on securities	$ (36)	$ (116)	$ 110
Realized gains (losses) on subsidiaries	(4)	0	4
Total revenues	7,827	7,040	6,552
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	6,531	6,085	5,404
Net investment income	729	683	663
Other income	16	12	27
Revenues before realized gains (losses)	7,276	6,780	6,094
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	591	376	293
Other \| Continuing operations
Segment Reporting Information [Line Items]
Net investment income	0	0	51
Property and transportation \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,519	2,487	2,144
Specialty casualty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,886	2,659	2,408
Specialty financial \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	867	698	642
Other specialty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 259	$ 241	$ 210

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives included in the Balance Sheet at fair value

The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions):


		December 31, 2023				December 31, 2022
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	1	$	22	$	—	$	37

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	81		—		40		—
Total return swap	Other assets/Other liabilities	5		—		—		5
		$	87	$	22	$	40	$	42

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

The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2023, 2022 and 2021 (in millions):


		Non-designated hedges - gains (losses) included in net earnings						Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings
	Statement of Earnings Line	2023		2022		2021		2023		2022		2021
Derivative instruments of continuing operations:
Interest rate swaps	Net investment income	$	—	$	—	$	—	$	(26)	$	—	$	—
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	(2)		(12)		(6)		—		—		—
Fixed maturities with embedded derivatives	Net investment income	(4)		—		—		—		—		—
Total return swap	Other expenses	13		(5)		—		—		—		—
Total earnings (losses) of continuing operations		$	7	$	(17)	$	(6)	$	(26)	$	—	$	—

Derivative instruments of discontinued operations (*):
Interest rate swaps	Net earnings from discontinued operations	$	—	$	—	$	—	$	—	$	—	$	14
MBS with embedded derivatives	Net earnings from discontinued operations	—		—		(1)		—		—		—
Fixed-indexed and variable-indexed annuities (embedded derivative)	Net earnings from discontinued operations	—		—		(222)		—		—		—
Equity index call options	Net earnings from discontinued operations	—		—		237		—		—		—
Equity index put options	Net earnings from discontinued operations	—		—		5		—		—		—
Reinsurance contract (embedded derivative)	Net earnings from discontinued operations	—		—		1		—		—		—
Total earnings (losses) of discontinued operations		—		—		20		—		—		14
Earnings (losses)		$	7	$	(17)	$	14	$	(26)	$	—	$	14

(*)Earnings (losses) for 2021 are through the May 31, 2021 effective date of the sale of the annuity business.

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries $ in Millions	5 Months Ended
	May 31, 2021 USD ($)
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 67
Net cash used in investing activities	(1,689)
Net cash provided by financing activities	$ 477

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares at Dec. 31, 2020			86,345,246
Beginning balance at Dec. 31, 2020		$ 6,789		$ 1,367	$ 4,149	$ 1,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,995	1,995			1,995
Other comprehensive income (loss)	(1,154)	(1,154)				(1,154)
Dividends		(2,382)			(2,382)
Shares issued:
Exercise of stock options, shares			1,208,964
Exercise of stock options		59		59
Restricted stock awards, shares			207,020
Restricted stock awards		0		0
Other benefit plans, shares			81,286
Other benefit plans		10		10
Dividend reinvestment plan, shares			69,095
Dividend reinvestment plan		8		8
Stock-based compensation expense		16		16
Shares acquired and retired, shares			(2,777,684)
Shares acquired and retired		(319)		(44)	(275)
Shares exchanged — benefit plans, shares			(92,209)
Shares exchanged — benefit plans		(10)		(1)	(9)
Forfeitures of restricted stock, shares			(120,753)
Ending balance, shares at Dec. 31, 2021			84,920,965
Ending balance at Dec. 31, 2021		5,012		1,415	3,478	119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	898	898			898
Other comprehensive income (loss)	$ (662)	(662)				(662)
Dividends		(1,217)			(1,217)
Shares issued:
Exercise of stock options, shares			182,054
Exercise of stock options		7		7
Restricted stock awards, shares			151,080
Restricted stock awards		0		0
Other benefit plans, shares			78,460
Other benefit plans		10		10
Dividend reinvestment plan, shares			33,794
Dividend reinvestment plan		4		4
Stock-based compensation expense		19		19
Shares acquired and retired, shares			(89,368)
Shares acquired and retired		(11)		(1)	(10)
Shares exchanged — benefit plans, shares			(57,420)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock, shares			(15,559)
Ending balance, shares at Dec. 31, 2022	85,204,006		85,204,006
Ending balance at Dec. 31, 2022	$ 4,052	4,052		1,453	3,142	(543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	852	852			852
Other comprehensive income (loss)	$ 224	224				224
Dividends		(687)			(687)
Shares issued:
Exercise of stock options, shares	96,953		96,953
Exercise of stock options		4		4
Restricted stock awards, shares			165,513
Restricted stock awards		0		0
Other benefit plans, shares			104,207
Other benefit plans		13		13
Dividend reinvestment plan, shares			20,614
Dividend reinvestment plan		3		3
Stock-based compensation expense		18		18
Shares acquired and retired, shares			(1,872,544)
Shares acquired and retired		(213)		(34)	(179)
Shares exchanged — benefit plans, shares			(64,060)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock, shares			(18,882)
Ending balance, shares at Dec. 31, 2023	83,635,807		83,635,807
Ending balance at Dec. 31, 2023	$ 4,258	$ 4,258		$ 1,456	$ 3,121	$ (319)

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	May 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassify AOCI	$ (319)	$ (543)
Equity attributable to parent	$ 4,258	$ 4,052
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			$ 2,060
Investments			38,323
Recoverables from reinsurers			6,748
Other assets			2,152
Total assets of discontinued annuity operations			49,283
Annuity benefits accumulated			43,690
Other liabilities			1,813
Total liabilities of discontinued annuity operations			45,503
Reclassify AOCI			(913)
Equity attributable to parent			$ 2,867

Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company

AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY

SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

(In Millions)

Condensed Balance Sheet


	December 31,
	2023		2022
Assets:
Cash and cash equivalents	$	268	$	225
Investment in securities	154		591
Investment in subsidiaries (*)	5,396		4,825
Real estate and other investments	63		63
Other assets	189		132
Total assets	$	6,070	$	5,836

Liabilities and Equity:
Long-term debt	$	1,475	$	1,496
Other liabilities	337		288
Shareholders’ equity	4,258		4,052
Total liabilities and equity	$	6,070	$	5,836

Condensed Statement of Earnings


	Year ended December 31,
	2023		2022		2021
Revenues:
Dividends from subsidiaries	$	903	$	879	$	835
Equity in undistributed earnings of subsidiaries	308		405		1,721
Investment and other income	60		28		29
Total revenues	1,271		1,312		2,585

Costs and Expenses:
Interest charges on intercompany borrowings	8		7		7
Interest charges on other borrowings	76		85		94
Other expenses	114		97		129
Total costs and expenses	198		189		230

Earnings before income taxes	1,073		1,123		2,355
Provision for income taxes	221		225		360
Net Earnings	$	852	$	898	$	1,995

Condensed Statement of Comprehensive Income


	Year ended December 31,
	2023		2022		2021
Net earnings	$	852	$	898	$	1,995
Other comprehensive income (loss), net of tax	224		(662)		(1,154)
Total comprehensive income, net of tax	$	1,076	$	236	$	841

________________________

(*)Investment in subsidiaries includes intercompany receivables and payables.

Condensed Statement of Cash Flows


	Year ended December 31,
	2023		2022		2021
Operating Activities:
Net earnings	$	852	$	898	$	1,995
Adjustments:
Equity in net earnings of subsidiaries	(967)		(1,030)		(2,144)
Dividends from subsidiaries	896		539		830
Other operating activities, net	(62)		(80)		152
Net cash provided by operating activities	719		327		833

Investing Activities:
Capital contributions to subsidiaries	(180)		(26)		(107)
Returns of capital from subsidiaries	7		29		3
Purchases of:
Investments, property and equipment	(35)		(223)		(1,478)
Businesses	—		—		(120)
Proceeds from:
Maturities and redemptions of investments	255		556		277
Sales of investments, property and equipment	178		656		11
Sales of businesses	—		—		3,581

Net cash provided by investing activities	225		992		2,167

Financing Activities:

Reductions of long-term debt	(21)		(477)		—
Issuances of Common Stock	17		18		67
Repurchases of Common Stock	(213)		(11)		(319)
Cash dividends paid on Common Stock	(684)		(1,213)		(2,374)

Net cash used in financing activities	(901)		(1,683)		(2,626)

Net Change in Cash and Cash Equivalents	43		(364)		374
Cash and cash equivalents at beginning of year	225		589		215
Cash and cash equivalents at end of year	$	268	$	225	$	589

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 8.10	$ 14.31	$ 28.06

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 10,752	$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	$ 12	$ 11
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	83,635,807	85,204,006

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, impairment loss		$ (26)
Amortizable intangible assets related to acquisitions	$ 213		$ 213	$ 108
Accumulated amortization	39		39	24
Amortization of intangible assets			$ 15	$ 11	$ 6
Weighted average useful life of finite-lived intangible assets acquired			6 years
Future amortization of intangibles in next year	20		$ 20
Future amortization of intangibles in year two	19		19
Future amortization of intangibles in year three	19		19
Future amortization of intangibles in year four	20		20
Future amortization of intangibles in year five	17		17
Future amortization of intangibles after year five	118		$ 118
Verikai, Inc.
Goodwill [Line Items]
Goodwill, impairment loss	$ (26)

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 8	$ 6
Provision for expected credit losses	2	0	2
Write-offs charged against the allowance	0	0	0
Ending balance	10	$ 8	$ 8
Crop Risk Services
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 0

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net earnings	$ 852	$ 898	$ 1,995

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 852	$ 898	$ 1,995
Adjustments:
Depreciation and amortization	78	100	187
Annuity benefits	0	0	377
Realized gains (losses) on investing activities	38	110	(1,131)
Net (purchases) sales of trading securities	(5)	(2)	(5)
Deferred annuity and life policy acquisition costs	0	0	(98)
Change in:
Reinsurance and other receivables	(794)	(644)	(350)
Other assets	(19)	(138)	344
Insurance claims and reserves	1,318	1,105	912
Payable to reinsurers	151	115	113
Other liabilities	72	(69)	(70)
Managed investment entities’ assets/liabilities	305	(183)	(144)
Other operating activities, net	(26)	(139)	(416)
Net cash provided by operating activities	1,970	1,153	1,714
Investing Activities:
Purchases of fixed maturities	(2,005)	(4,387)	(7,978)
Purchases of equity securities	(146)	(239)	(193)
Purchases of mortgage loans	0	(273)	(218)
Purchases of equity index call options and other investments	(150)	(141)	(391)
Purchases of real estate, property and equipment	(72)	(86)	(62)
Purchases of businesses	(234)	(10)	(123)
Proceeds from maturities and redemptions of fixed maturities	1,310	2,511	5,035
Proceeds from repayments of mortgage loans	34	118	84
Proceeds from sales of fixed maturities	650	1,294	745
Proceeds from sales of equity securities	164	174	523
Proceeds from sales and settlements of equity index call options and other investments	78	141	584
Proceeds from sales of real estate, property and equipment	3	31	46
Proceeds from sale of businesses	0	0	3,581
Cash and cash equivalents of businesses acquired and sold	26	0	(2,058)
Managed investment entities:
Purchases of investments	(1,466)	(1,515)	(2,155)
Proceeds from sales and redemptions of investments	2,228	1,335	2,112
Other investing activities, net	(6)	(4)	32
Net cash provided by (used in) investing activities	414	(1,051)	(436)
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	15	16	66
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Annuity receipts	0	0	2,403
Ceded annuity receipts	0	0	(311)
Annuity surrenders, benefits and withdrawals	0	0	(1,931)
Ceded annuity surrenders, benefits and withdrawals	0	0	282
Net transfers from variable annuity assets	0	0	34
Issuances of managed investment entities’ liabilities	670	1,206	2,883
Retirements of managed investment entities’ liabilities	(1,798)	(882)	(2,690)
Net cash used in financing activities	(2,031)	(1,361)	(1,957)
Net Change in Cash and Cash Equivalents	353	(1,259)	(679)
Cash and cash equivalents at beginning of year	872	2,131	2,810
Cash and cash equivalents at end of year	$ 1,225	$ 872	$ 2,131

Investments - Narrative (Details) $ in Millions	12 Months Ended
Investments - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 418	$ 396
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	94.00%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	95.00%
Multifamily
Schedule of Investments [Line Items]
Percent of real estate-related investments by property type	92.00%	92.00%
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities	$ (470)	$ (669)
Number of fixed maturities in an unrealized loss position \| security	1,450,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Available for sale fixed maturities at December 31 consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2023
Fixed maturities:
U.S. Government and government agencies	$	243	$	—	$	1	$	(8)	$	(7)	$	236
States, municipalities and political subdivisions	1,014		—		8		(38)		(30)		984
Foreign government	236		—		1		(7)		(6)		230
Residential MBS	1,788		1		26		(155)		(129)		1,658
Commercial MBS	75		—		—		(1)		(1)		74
Collateralized loan obligations	1,709		3		9		(28)		(19)		1,687
Other asset-backed securities	2,477		5		10		(120)		(110)		2,362
Corporate and other	3,210		3		52		(113)		(61)		3,146
Total fixed maturities	$	10,752	$	12	$	107	$	(470)	$	(363)	$	10,377

December 31, 2022
Fixed maturities:
U.S. Government and government agencies	$	233	$	—	$	—	$	(14)	$	(14)	$	219
States, municipalities and political subdivisions	1,234		—		3		(51)		(48)		1,186
Foreign government	240		—		—		(14)		(14)		226
Residential MBS	1,757		2		23		(180)		(157)		1,598
Commercial MBS	88		—		—		(3)		(3)		85
Collateralized loan obligations	1,988		1		1		(67)		(66)		1,921
Other asset-backed securities	2,435		7		1		(184)		(183)		2,245
Corporate and other	2,761		1		11		(156)		(145)		2,615
Total fixed maturities	$	10,736	$	11	$	39	$	(669)	$	(630)	$	10,095

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions):


	2023						2022
	Actual Cost		Fair Value		Fair Value Over (Under) Cost		Actual Cost		Fair Value		Fair Value Over (Under) Cost
Common stocks	$	512	$	586	$	74	$	556	$	553	$	(3)
Perpetual preferred stocks	422		432		10		436		457		21
Total equity securities carried at fair value	$	934	$	1,018	$	84	$	992	$	1,010	$	18

The following table shows the carrying value and net investment income from investments accounted for using the equity method held by AFG’s continuing operations (in millions):


	Carrying Value				Net Investment Income
	December 31, 2023		December 31, 2022		2023		2022		2021
Real estate-related investments (*)	$	1,320	$	1,229	$	85	$	233	$	226
Private equity	457		438		9		32		100
Private debt	37		33		5		2		(5)
Total investments accounted for using the equity method	$	1,814	$	1,700	$	99	$	267	$	321

(*)92% of the carrying value relates to underlying investments in multi-family housing properties at both December 31, 2023 and December 31, 2022.

The earnings (losses) from these investments are generally reported on a quarter 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 had unfunded commitments of $418 million and $396 million as of December 31, 2023 and December 31, 2022, respectively.

The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities 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

December 31, 2023
Fixed maturities:
U.S. Government and government agencies	$	—	$	11	100	%	$	(8)	$	191	96	%
States, municipalities and political subdivisions	(1)		76		99	%	(37)		526		93	%
Foreign government	—		—		—	%	(7)		207		97	%
Residential MBS	(1)		42		98	%	(154)		1,089		88	%
Commercial MBS	—		—		—	%	(1)		61		98	%
Collateralized loan obligations	—		25		100	%	(28)		807		97	%
Other asset-backed securities	(1)		151		99	%	(119)		1,663		93	%
Corporate and other	(4)		123		97	%	(109)		1,455		93	%
Total fixed maturities	$	(7)	$	428	98	%	$	(463)	$	5,999	93	%

December 31, 2022
Fixed maturities:
U.S. Government and government agencies	$	(4)	$	111	97	%	$	(10)	$	107	91	%
States, municipalities and political subdivisions	(50)		967		95	%	(1)		15		94	%
Foreign government	(5)		90		95	%	(9)		134		94	%
Residential MBS	(115)		1,078		90	%	(65)		315		83	%
Commercial MBS	(2)		44		96	%	(1)		33		97	%
Collateralized loan obligations	(44)		1,224		97	%	(23)		587		96	%
Other asset-backed securities	(100)		1,361		93	%	(84)		740		90	%
Corporate and other	(105)		1,665		94	%	(51)		413		89	%
Total fixed maturities	$	(425)	$	6,540	94	%	$	(244)	$	2,344	91	%

At December 31, 2023, the gross unrealized losses on fixed maturities of $470 million relate to approximately 1,450 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 94% of the gross unrealized loss and 95% of the fair value of securities with unrealized losses.

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 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 December 31, 2023.

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


	Structured securities (*)		Corporate and other		Total
Balance at December 31, 2020	$	10	$	2	$	12

Provision for expected credit losses on securities with no previous allowance	—		1		1
Reductions to previously recognized expected credit losses	(2)		—		(2)
Reductions due to sales or redemptions	—		(2)		(2)
Balance at December 31, 2021	8		1		9

Provision for expected credit losses on securities with no previous allowance	4		1		5
Reductions to previously recognized expected credit losses	(2)		—		(2)
Reductions due to sales or redemptions	—		(1)		(1)
Balance at December 31, 2022	10		1		11

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions (reductions) to previously recognized expected credit losses	2		(1)		1
Reductions due to sales or redemptions	(4)		(5)		(9)
Balance at December 31, 2023	$	9	$	3	$	12

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

In 2023, 2022 and 2021, AFG 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 December 31, 2023 (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 Cost, net (*)		Fair Value
			Amount		%
Maturity
One year or less	$	531	$	521	5	%
After one year through five years	2,744		2,663		26	%
After five years through ten years	1,147		1,143		11	%
After ten years	278		269		2	%
	4,700		4,596		44	%
Collateralized loan obligations and other ABS (average life of approximately 3 years)	4,178		4,049		39	%
MBS (average life of approximately 6.5 years)	1,862		1,732		17	%
Total	$	10,740	$	10,377	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 December 31, 2023 or 2022.

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


	2023		2022		2021
Investment income:
Fixed maturities:
Interest and amortization	$	502	$	376	$	290
Change in fair value (a)	(3)		—		—
Equity securities:
Dividends	34		39		30
Change in fair value (b)	36		(2)		61
Equity in earnings of partnerships and similar investments	99		267		321
Other	90		53		40
Gross investment income	758		733		742
Investment expenses	(16)		(16)		(12)
Net investment income	$	742	$	717	$	730

(a)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.

(b)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 on limited partnerships and similar investments that do not qualify for equity method accounting and related equity investments in 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):


	2023								2022
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(35)	$	(10)	$	(45)	$	267	$	(27)	$	(3)	$	(30)	$	(803)
Equity securities	10		—		10		—		(96)		—		(96)		—
Mortgage loans and other investments	—		(1)		(1)		—		10		—		10		—

Total pretax	(25)		(11)		(36)		267		(113)		(3)		(116)		(803)
Tax effects	5		3		8		(57)		23		1		24		170


Net of tax	$	(20)	$	(8)	$	(28)	$	210	$	(90)	$	(2)	$	(92)	$	(633)


	2021
	Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(1)	$	1	$	—	$	(111)
Equity securities	110		—		110		—
Mortgage loans and other investments	—		—		—		—

Total pretax	109		1		110		(111)
Tax effects	(23)		—		(23)		23

Net of tax	$	86	$	1	$	87	$	(88)

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 2023, 2022 and 2021 on securities that were still owned at December 31 of each year presented as follows (in millions):


	2023		2022		2021
Included in realized gains (losses)	$	(2)	$	(95)	$	65
Included in net investment income	36		5		54
	$	34	$	(90)	$	119

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):


	2023		2022		2021
Gross gains	$	5	$	3	$	7
Gross losses	(38)		(18)		(1)

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ (543)
Other comprehensive income (loss), pretax	283	$ (839)	$ (1,460)
Other comprehensive income (loss), tax	(59)	177	306
Other comprehensive income (loss)	224	(662)	(1,154)
AOCI ending balance	(319)	(543)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	224	(821)	(275)
Unrealized holding gains (losses) on securities arising during the period, tax	(48)	174	57
Unrealized holding gains (losses) on securities arising during the period, after tax	(176)	647	218
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	43	18	(22)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(9)	(4)	5
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	34	14	(17)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, pretax			(1,119)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, tax			235
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	0	0	(884)
Total net unrealized gains (losses) on securities, pretax	267	(803)	(1,416)
Total net unrealized gains (losses) on securities, tax	(57)	170	297
Total net unrealized gains (losses) on securities	210	(633)	(1,119)
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(11)	(37)	(1)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	2	8	0
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(9)	(29)	(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	26	0	(14)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	(5)	0	3
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	21	0	(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, pretax			(37)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, tax			8
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	0	0	(29)
Total net unrealized gains (losses) on cash flow hedges, pretax	15	(37)	(52)
Total net unrealized gains (losses) on cash flow hedges, tax	(3)	8	11
Total net unrealized gains (losses) on cash flow hedges	12	(29)	(41)
Foreign currency translation adjustments, pretax	2	(1)	(2)
Foreign currency translation adjustments, tax	1	(1)	0
Foreign currency translation adjustments	3	(2)	(2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Unrealized holding gains (losses) on pension and OPRP arising during the period, pretax			(1)
Unrealized holding gains (losses) on pension and OPRP arising during the period, tax			0
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)	2	(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings, pretax			11
Reclassification adjustment for pension settlement loss included in other expense in net earnings, tax			(2)
Reclassification adjustment for pension settlement loss included in net earnings	0	0	9
Total pension and OPRP adjustments, pretax	(1)	2	10
Total pension and OPRP adjustments, tax	0	0	(2)
Total pension and OPRP adjustments	(1)	2	8
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(497)	136	1,255
AOCI ending balance	(287)	(497)	136
Accumulated net gain (loss) on cash flow hedges attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(29)	0	41
AOCI ending balance	(17)	(29)	0
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(20)	(18)	(16)
AOCI ending balance	(17)	(20)	(18)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	3	1	(7)
AOCI ending balance	2	3	1
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(543)	119	1,273
Other comprehensive income (loss)	224	(662)	(1,154)
AOCI ending balance	$ (319)	$ (543)	$ 119

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 87	$ 40
Derivative liability	22	42
Interest rate swaps \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	1	0
Derivative liability	$ 22	$ 37
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Fixed maturities with embedded derivatives \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 81	$ 40
Derivative liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities	Available for sale (AFS) fixed maturities
Total return swap \| Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5	$ 0
Derivative liability	$ 0	$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available for sale fixed maturities and equity securities

Available for sale fixed maturities at December 31 consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
December 31, 2023
Fixed maturities:
U.S. Government and government agencies	$	243	$	—	$	1	$	(8)	$	(7)	$	236
States, municipalities and political subdivisions	1,014		—		8		(38)		(30)		984
Foreign government	236		—		1		(7)		(6)		230
Residential MBS	1,788		1		26		(155)		(129)		1,658
Commercial MBS	75		—		—		(1)		(1)		74
Collateralized loan obligations	1,709		3		9		(28)		(19)		1,687
Other asset-backed securities	2,477		5		10		(120)		(110)		2,362
Corporate and other	3,210		3		52		(113)		(61)		3,146
Total fixed maturities	$	10,752	$	12	$	107	$	(470)	$	(363)	$	10,377

December 31, 2022
Fixed maturities:
U.S. Government and government agencies	$	233	$	—	$	—	$	(14)	$	(14)	$	219
States, municipalities and political subdivisions	1,234		—		3		(51)		(48)		1,186
Foreign government	240		—		—		(14)		(14)		226
Residential MBS	1,757		2		23		(180)		(157)		1,598
Commercial MBS	88		—		—		(3)		(3)		85
Collateralized loan obligations	1,988		1		1		(67)		(66)		1,921
Other asset-backed securities	2,435		7		1		(184)		(183)		2,245
Corporate and other	2,761		1		11		(156)		(145)		2,615
Total fixed maturities	$	10,736	$	11	$	39	$	(669)	$	(630)	$	10,095

Equity securities reported at fair value

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions):


	2023						2022
	Actual Cost		Fair Value		Fair Value Over (Under) Cost		Actual Cost		Fair Value		Fair Value Over (Under) Cost
Common stocks	$	512	$	586	$	74	$	556	$	553	$	(3)
Perpetual preferred stocks	422		432		10		436		457		21
Total equity securities carried at fair value	$	934	$	1,018	$	84	$	992	$	1,010	$	18

Equity method investments

The following table shows the carrying value and net investment income from investments accounted for using the equity method held by AFG’s continuing operations (in millions):


	Carrying Value				Net Investment Income
	December 31, 2023		December 31, 2022		2023		2022		2021
Real estate-related investments (*)	$	1,320	$	1,229	$	85	$	233	$	226
Private equity	457		438		9		32		100
Private debt	37		33		5		2		(5)
Total investments accounted for using the equity method	$	1,814	$	1,700	$	99	$	267	$	321

(*)92% of the carrying value relates to underlying investments in multi-family housing properties at both December 31, 2023 and December 31, 2022.

Gross unrealized losses on securities by investment category and length of time that have been 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

December 31, 2023
Fixed maturities:
U.S. Government and government agencies	$	—	$	11	100	%	$	(8)	$	191	96	%
States, municipalities and political subdivisions	(1)		76		99	%	(37)		526		93	%
Foreign government	—		—		—	%	(7)		207		97	%
Residential MBS	(1)		42		98	%	(154)		1,089		88	%
Commercial MBS	—		—		—	%	(1)		61		98	%
Collateralized loan obligations	—		25		100	%	(28)		807		97	%
Other asset-backed securities	(1)		151		99	%	(119)		1,663		93	%
Corporate and other	(4)		123		97	%	(109)		1,455		93	%
Total fixed maturities	$	(7)	$	428	98	%	$	(463)	$	5,999	93	%

December 31, 2022
Fixed maturities:
U.S. Government and government agencies	$	(4)	$	111	97	%	$	(10)	$	107	91	%
States, municipalities and political subdivisions	(50)		967		95	%	(1)		15		94	%
Foreign government	(5)		90		95	%	(9)		134		94	%
Residential MBS	(115)		1,078		90	%	(65)		315		83	%
Commercial MBS	(2)		44		96	%	(1)		33		97	%
Collateralized loan obligations	(44)		1,224		97	%	(23)		587		96	%
Other asset-backed securities	(100)		1,361		93	%	(84)		740		90	%
Corporate and other	(105)		1,665		94	%	(51)		413		89	%
Total fixed maturities	$	(425)	$	6,540	94	%	$	(244)	$	2,344	91	%

Roll forward of allowance for credit losses on fixed maturity securities

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


	Structured securities (*)		Corporate and other		Total
Balance at December 31, 2020	$	10	$	2	$	12

Provision for expected credit losses on securities with no previous allowance	—		1		1
Reductions to previously recognized expected credit losses	(2)		—		(2)
Reductions due to sales or redemptions	—		(2)		(2)
Balance at December 31, 2021	8		1		9

Provision for expected credit losses on securities with no previous allowance	4		1		5
Reductions to previously recognized expected credit losses	(2)		—		(2)
Reductions due to sales or redemptions	—		(1)		(1)
Balance at December 31, 2022	10		1		11

Provision for expected credit losses on securities with no previous allowance	1		8		9
Additions (reductions) to previously recognized expected credit losses	2		(1)		1
Reductions due to sales or redemptions	(4)		(5)		(9)
Balance at December 31, 2023	$	9	$	3	$	12

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

Available for sale fixed maturity securities by contractual maturity date


	Amortized Cost, net (*)		Fair Value
			Amount		%
Maturity
One year or less	$	531	$	521	5	%
After one year through five years	2,744		2,663		26	%
After five years through ten years	1,147		1,143		11	%
After ten years	278		269		2	%
	4,700		4,596		44	%
Collateralized loan obligations and other ABS (average life of approximately 3 years)	4,178		4,049		39	%
MBS (average life of approximately 6.5 years)	1,862		1,732		17	%
Total	$	10,740	$	10,377	100	%

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

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.


	2023		2022		2021
Investment income:
Fixed maturities:
Interest and amortization	$	502	$	376	$	290
Change in fair value (a)	(3)		—		—
Equity securities:
Dividends	34		39		30
Change in fair value (b)	36		(2)		61
Equity in earnings of partnerships and similar investments	99		267		321
Other	90		53		40
Gross investment income	758		733		742
Investment expenses	(16)		(16)		(12)
Net investment income	$	742	$	717	$	730

(a)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.

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):


	2023								2022
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(35)	$	(10)	$	(45)	$	267	$	(27)	$	(3)	$	(30)	$	(803)
Equity securities	10		—		10		—		(96)		—		(96)		—
Mortgage loans and other investments	—		(1)		(1)		—		10		—		10		—

Total pretax	(25)		(11)		(36)		267		(113)		(3)		(116)		(803)
Tax effects	5		3		8		(57)		23		1		24		170


Net of tax	$	(20)	$	(8)	$	(28)	$	210	$	(90)	$	(2)	$	(92)	$	(633)


	2021
	Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(1)	$	1	$	—	$	(111)
Equity securities	110		—		110		—
Mortgage loans and other investments	—		—		—		—

Total pretax	109		1		110		(111)
Tax effects	(23)		—		(23)		23

Net of tax	$	86	$	1	$	87	$	(88)

Holding gains (losses) on equity securities still held

AFG recorded net holding gains (losses) on equity securities from continuing operations during 2023, 2022 and 2021 on securities that were still owned at December 31 of each year presented as follows (in millions):


	2023		2022		2021
Included in realized gains (losses)	$	(2)	$	(95)	$	65
Included in net investment income	36		5		54
	$	34	$	(90)	$	119

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


	2023		2022		2021
Gross gains	$	5	$	3	$	7
Gross losses	(38)		(18)		(1)

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	$ 177
Investment in CLO tranches, ending balance	177
Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	137	$ 112	$ 76	$ 57
Face amount of managed investment entities liabilities purchased during the period	32	66	21
Sales of managed investment entities liabilities	0	0	0
Distributions from managed investment entities liabilities	(34)	(18)	(22)
Mark-to-market of ownership of managed investment entities liabilities	27	(11)	20
Change in accrued interest of ownership of managed investment entities liabilities	0	(1)	0
Investment in CLO tranches, ending balance	$ 137	$ 112	$ 76

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period	$ 11,974	$ 11,074	$ 10,392
Less reinsurance recoverables, net of allowance	4,288	3,767	3,419	$ 3,117
Net liability at beginning of period	8,207	7,655	7,275
Provision for losses and LAE occurring in the current year	4,256	3,914	3,436
Net increase (decrease) in the provision for claims of prior years:
Total losses and LAE incurred	4,033	3,629	3,157
Payments for losses and LAE of:
Current year	(1,261)	(1,212)	(1,024)
Prior years	(2,181)	(1,870)	(1,753)
Total payments	(3,442)	(3,082)	(2,777)
Foreign currency translation and other	1	5	0
Net liability at end of period	8,799	8,207	7,655
Add back reinsurance recoverables, net of allowance	4,288	3,767	3,419
Gross unpaid losses and LAE included in the balance sheet	13,087	11,974	11,074
Net decrease in the provision for claims of prior years
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	$ (223)	$ (285)	$ (279)

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2023
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	29.70%
Year 2	25.00%
Year 3	12.20%
Year 4	8.90%
Year 5	6.20%
Year 6	4.20%
Year 7	2.80%
Year 8	1.80%
Year 9	1.40%
Year 10	1.20%
Year 1, Cumulative	29.70%
Year 2, Cumulative	54.70%
Year 3, Cumulative	66.90%
Year 4, Cumulative	75.80%
Year 5, Cumulative	82.00%
Year 6, Cumulative	86.20%
Year 7, Cumulative	89.00%
Year 8, Cumulative	90.80%
Year 9, Cumulative	92.20%
Year 10, Cumulative	93.40%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	44.70%
Year 2	31.50%
Year 3	8.30%
Year 4	5.40%
Year 5	3.50%
Year 6	2.00%
Year 7	1.00%
Year 8	0.60%
Year 9	0.50%
Year 10	0.10%
Year 1, Cumulative	44.70%
Year 2, Cumulative	76.20%
Year 3, Cumulative	84.50%
Year 4, Cumulative	89.90%
Year 5, Cumulative	93.40%
Year 6, Cumulative	95.40%
Year 7, Cumulative	96.40%
Year 8, Cumulative	97.00%
Year 9, Cumulative	97.50%
Year 10, Cumulative	97.60%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	16.40%
Year 2	20.90%
Year 3	15.40%
Year 4	11.90%
Year 5	8.40%
Year 6	5.90%
Year 7	4.00%
Year 8	3.00%
Year 9	2.00%
Year 10	1.90%
Year 1, Cumulative	16.40%
Year 2, Cumulative	37.30%
Year 3, Cumulative	52.70%
Year 4, Cumulative	64.60%
Year 5, Cumulative	73.00%
Year 6, Cumulative	78.90%
Year 7, Cumulative	82.90%
Year 8, Cumulative	85.90%
Year 9, Cumulative	87.90%
Year 10, Cumulative	89.80%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	51.80%
Year 2	26.30%
Year 3	9.90%
Year 4	2.20%
Year 5	1.60%
Year 6	0.70%
Year 7	1.60%
Year 8	(0.10%)
Year 9	0.00%
Year 10	0.00%
Year 1, Cumulative	51.80%
Year 2, Cumulative	78.10%
Year 3, Cumulative	88.00%
Year 4, Cumulative	90.20%
Year 5, Cumulative	91.80%
Year 6, Cumulative	92.50%
Year 7, Cumulative	94.10%
Year 8, Cumulative	94.00%
Year 9, Cumulative	94.00%
Year 10, Cumulative	94.00%
Other specialty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	10.50%
Year 2	12.60%
Year 3	13.60%
Year 4	16.00%
Year 5	12.00%
Year 6	11.10%
Year 7	5.90%
Year 8	1.70%
Year 9	4.30%
Year 10	5.60%
Year 1, Cumulative	10.50%
Year 2, Cumulative	23.10%
Year 3, Cumulative	36.70%
Year 4, Cumulative	52.70%
Year 5, Cumulative	64.70%
Year 6, Cumulative	75.80%
Year 7, Cumulative	81.70%
Year 8, Cumulative	83.40%
Year 9, Cumulative	87.70%
Year 10, Cumulative	93.30%

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Changes in the carrying value of goodwill during 2021, 2022 and 2023 are presented in the following table (in millions):


Balance at January 1, 2021	$	176
Purchase of Verikai	70
Balance at December 31, 2021 and 2022	246
Purchase of CRS	85
Goodwill impairment charge related to investment in Verikai	(26)
Balance at December 31, 2023	$	305

AFG recorded a goodwill impairment charge of $26 million in 2023 related to its investment in Verikai (included in the property and casualty insurance segment). The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note E — “Fair Value Measurements”) are included in realized loss on subsidiaries in AFG’s Statement of Earnings.

Included in other assets in AFG’s Balance Sheet is $213 million at December 31, 2023 and $108 million at December 31, 2022 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $39 million and $24 million, respectively. Amortization of intangibles was $15 million in 2023, $11 million in 2022 and $6 million in 2021. The increase in amortizable intangible assets is a result of AFG’s acquisition of CRS in July 2023 and relates primarily to existing agency relationships (see Note C — “Acquisitions and Sale of Businesses”). Future amortization of intangibles (weighted average amortization period of 6 years is estimated to be $20 million per year in 2024, $19 million in 2025 and 2026, $20 million in 2027, $17 million in 2028 and $118 million thereafter.

Supplementary Insurance Information

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Supplementary Insurance Information

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES

SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION

THREE YEARS ENDED DECEMBER 31, 2023

(IN MILLIONS)


Segment	Deferred policy acquisition costs		Reserves for claims and unpaid losses and LAE		Unearned premiums		Net earned premiums		Net investment income		Claims, losses and settlement expenses		Amortization of deferred policy acquisition costs		Other operating expenses		Net written premiums
2023
Property and casualty insurance	$	309	$	13,087	$	3,451	$	6,531	$	729	$	4,017	$	720	$	1,235	$	6,692
Other	—		—		—		—		13		16		—		766		—
Total	$	309	$	13,087	$	3,451	$	6,531	$	742	$	4,033	$	720	$	2,001	$	6,692

2022
Property and casualty insurance	$	288	$	11,974	$	3,246	$	6,085	$	683	$	3,629	$	641	$	1,091	$	6,206
Other	—		—		—		—		34		—		—		556		—
Total	$	288	$	11,974	$	3,246	$	6,085	$	717	$	3,629	$	641	$	1,647	$	6,206

2021
Property and casualty insurance	$	267	$	11,074	$	3,041	$	5,404	$	663	$	3,157	$	580	$	967	$	5,573
Other	—		—		—		—		67		—		—		513		—
Total	$	267	$	11,074	$	3,041	$	5,404	$	730	$	3,157	$	580	$	1,480	$	5,573

Insurance - Reinsurance information table including assumed, ceded, and recoveries (Details) - Property and casualty insurance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Direct premiums written	$ 9,309	$ 8,774	$ 7,700
Reinsurance assumed	347	283	246
Reinsurance ceded	(2,964)	(2,851)	(2,373)
Net written premiums	6,692	6,206	5,573
Direct premiums earned	9,133	8,582	7,462
Reinsurance assumed	321	274	249
Reinsurance ceded	(2,923)	(2,771)	(2,307)
Net earned premiums	6,531	6,085	5,404
Reinsurance recoveries	$ 2,336	$ 2,065	$ 1,478

Leases - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Operating lease, renewal term	10 years

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 309	$ 288	$ 267
Reserves for claims and unpaid losses and LAE	13,087	11,974	11,074
Unearned premiums	3,451	3,246	3,041
Net earned premiums	6,531	6,085	5,404
Net investment income	742	717	730
Claims, losses and settlement expenses	4,033	3,629	3,157
Amortization of deferred policy acquisition costs	720	641	580
Other operating expenses	2,001	1,647	1,480
Net written premiums	6,692	6,206	5,573
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	309	288	267
Reserves for claims and unpaid losses and LAE	13,087	11,974	11,074
Unearned premiums	3,451	3,246	3,041
Net earned premiums	6,531	6,085	5,404
Net investment income	729	683	663
Claims, losses and settlement expenses	4,017	3,629	3,157
Amortization of deferred policy acquisition costs	720	641	580
Other operating expenses	1,235	1,091	967
Net written premiums	6,692	6,206	5,573
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net investment income	13	34	67
Claims, losses and settlement expenses	16
Other operating expenses	$ 766	$ 556	$ 513

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,814	$ 1,700
Equity in earnings of partnerships and similar investments	99	267	$ 321
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,320	1,229
Equity in earnings of partnerships and similar investments	85	233	226
Private equity funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	457	438
Equity in earnings of partnerships and similar investments	9	32	100
Private debt funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	37	33
Equity in earnings of partnerships and similar investments	$ 5	$ 2	$ (5)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. Accruals (included in other liabilities) have been recorded for various environmental and occupational injury and disease claims and other contingencies arising out of the railroad operations disposed of by Penn Central Transportation Company (“PCTC”), the predecessor to American Premier Underwriters, Inc (including its subsidiaries, “American Premier”), prior to PCTC’s bankruptcy reorganization in 1978 and certain manufacturing operations disposed of by American Premier and Great American Financial Resources, Inc. (“GAFRI”). AFG completed in-depth internal reviews of its asbestos and environmental (“A&E”) reserves in the third quarters of 2023, 2022 and 2021. The 2023 internal review resulted in a pretax special A&E charge of $15 million for the former railroad and manufacturing operations. The 2022 and 2021 reviews resulted in smaller adjustments to AFG’s A&E reserves. The property and casualty group’s liability for A&E reserves was $498 million at December 31, 2023; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $128 million. At December 31, 2023, American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $94 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2023, GAFRI had a liability of $7 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. While management believes AFG has recorded adequate reserves for the items discussed above, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) swap	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps entered into during the period \| swap	6
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.	$ (20)
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(26)	$ 0	$ 14
Designated as hedging instrument \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(26)	0	0
Interest rate swaps \| Designated as hedging instrument \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(26)	0	0
Interest rate swaps \| Designated as hedging instrument \| Continuing operations \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income		1
Interest rate swaps \| Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,300	1,250
Receivable for collateral posted related to swaps	48	62
Total return swap \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	0	0	$ 0
Total return swap \| Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Receivable for collateral posted related to swaps		$ 7
Payable to return collateral related to swaps	5
New interest rate swaps entered during the period \| Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 230

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

As discussed under “Derivatives” in Note A — “Accounting Policies,” AFG uses derivatives to mitigate certain market risks related to its investment portfolio and deferred compensation obligations to employees.

The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions):


		December 31, 2023				December 31, 2022
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	1	$	22	$	—	$	37

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	81		—		40		—
Total return swap	Other assets/Other liabilities	5		—		—		5
		$	87	$	22	$	40	$	42

AFG’s interest rate swaps are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities included in AFG’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of AFG’s floating-rate fixed maturity securities to fixed rates by offsetting the variability in cash flows attributable to changes in the applicable Secured Overnight Financing Rate (“SOFR”).

Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on SOFR (previously based on LIBOR). The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between July 2024 and July 2028) in anticipation of the expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on SOFR. The total outstanding notional amount of AFG’s interest rate swaps was $1.30 billion at December 31, 2023 compared to $1.25 billion at December 31, 2022, reflecting the issuance of six new swaps with a total notional amount of $230 million in 2023, partially offset by scheduled amortization. In 2023 and 2022 a loss of $26 million and income of less than $1 million (net), respectively, were reclassified from AOCI to net earnings. Based on forward interest rate curves at December 31, 2023, management estimates that it will reclassify approximately $20 million of pre-tax net losses on interest rate swaps in AOCI to net investment income over the next twelve months. The actual amount will vary based on changes in SOFR. A collateral receivable supporting these swaps of $48 million and $62 million at December 31, 2023 and December 31, 2022, respectively, is included in other assets in AFG’s Balance Sheet.

The fixed maturities with embedded derivatives consist of convertible fixed maturity securities and interest-only and principal-only MBS. AFG records the change in the fair value of these securities in net earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio.

AFG is exposed to fair value changes from certain equity and fixed maturity market-based exposures related to its deferred compensation obligations to certain employees. To mitigate this risk, AFG entered into a total return swap, beginning in 2022. AFG’s Balance Sheet includes a $5 million liability to return collateral related to the swap (included in other liabilities) at December 31, 2023, and a $7 million receivable for collateral posted related to the swap (included in other assets) at December 31, 2022.

The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2023, 2022 and 2021 (in millions):


		Non-designated hedges - gains (losses) included in net earnings						Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings
	Statement of Earnings Line	2023		2022		2021		2023		2022		2021
Derivative instruments of continuing operations:
Interest rate swaps	Net investment income	$	—	$	—	$	—	$	(26)	$	—	$	—
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	(2)		(12)		(6)		—		—		—
Fixed maturities with embedded derivatives	Net investment income	(4)		—		—		—		—		—
Total return swap	Other expenses	13		(5)		—		—		—		—
Total earnings (losses) of continuing operations		$	7	$	(17)	$	(6)	$	(26)	$	—	$	—

Derivative instruments of discontinued operations (*):
Interest rate swaps	Net earnings from discontinued operations	$	—	$	—	$	—	$	—	$	—	$	14
MBS with embedded derivatives	Net earnings from discontinued operations	—		—		(1)		—		—		—
Fixed-indexed and variable-indexed annuities (embedded derivative)	Net earnings from discontinued operations	—		—		(222)		—		—		—
Equity index call options	Net earnings from discontinued operations	—		—		237		—		—		—
Equity index put options	Net earnings from discontinued operations	—		—		5		—		—		—
Reinsurance contract (embedded derivative)	Net earnings from discontinued operations	—		—		1		—		—		—
Total earnings (losses) of discontinued operations		—		—		20		—		—		14
Earnings (losses)		$	7	$	(17)	$	14	$	(26)	$	—	$	14

(*)Earnings (losses) for 2021 are through the May 31, 2021 effective date of the sale of the annuity business.

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	13 years 7 months 6 days
Weighted-average discount rate	5.10%

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Summary of restricted stock awards

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:


	Shares	Average Grant Date Fair Value
Outstanding at January 1, 2023	615,867	$	111.97
Granted	165,513	$	130.52
Vested	(189,606)	$	101.86
Forfeited	(18,882)	$	123.65
Outstanding at December 31, 2023	572,892	$	120.28

Summary of stock options activity

Data for stock options issued under AFG’s stock incentive plans is presented below:


	Shares	Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	243,604	$	44.75
Exercised	(96,953)	$	42.46
Forfeited/Cancelled	—	$	—
Outstanding at December 31, 2023	146,651	$	46.26	0.7 years	$	11

Options exercisable at December 31, 2023	146,651	$	46.26	0.7 years	$	11

Components of accumulated other comprehensive income (loss)

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


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	224	$	(48)	$	176
Reclassification adjustment for realized (gains) losses included in net earnings (*)			43		(9)		34
Total net unrealized gains (losses) on securities	$	(497)	267		(57)		210		$	(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(11)		2		(9)
Reclassification adjustment for investment income included in net earnings (*)			26		(5)		21
Total net unrealized gains (losses) on cash flow hedges	(29)		15		(3)		12		(17)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		(1)		—		(1)		2
Total	$	(543)	$	283	$	(59)	$	224	$	(319)

Year ended December 31, 2022
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(821)	$	174	$	(647)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			18		(4)		14
Total net unrealized gains (losses) on securities	$	136	(803)		170		(633)		$	(497)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(37)		8		(29)
Reclassification adjustment for investment income included in net earnings (*)			—		—		—
Total net unrealized gains (losses) on cash flow hedges	—		(37)		8		(29)		(29)
Foreign currency translation adjustments	(18)		(1)		(1)		(2)		(20)
Pension and other postretirement plan adjustments	1		2		—		2		3
Total	$	119	$	(839)	$	177	$	(662)	$	(543)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(275)	$	57	$	(218)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(22)		5		(17)
Reclassification for unrealized gains of subsidiaries sold			(1,119)		235		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,416)		297		(1,119)		$	136
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—
Foreign currency translation adjustments	(16)		(2)		—		(2)		(18)
Pension and other postretirement plan adjustments:
Unrealized holding gains (losses) on pension and other postretirement plans arising during the period			(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9
Total pension and other postretirement plan adjustments	(7)		10		(2)		8		1
Total	$	1,273	$	(1,460)	$	306	$	(1,154)	$	119

(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - Net unrealized gains (losses) on securities

Realized gains (losses) on securities

Pretax - Net unrealized gains (losses) on cash flow hedges

Net investment income

Pretax - Net unrealized gains (losses) on pension and other postretirement plans

Other expenses

Tax

Provision for income taxes

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 852	$ 898	$ 1,995
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	176	(647)	(218)
Reclassification adjustment for realized (gains) losses included in net earnings	34	14	(17)
Reclassification adjustment for unrealized gains of subsidiaries sold	0	0	(884)
Total net unrealized gains (losses) on securities	210	(633)	(1,119)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(9)	(29)	(1)
Reclassification adjustment for investment income included in net earnings	21	0	(11)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	0	0	(29)
Total net unrealized gains (losses) on cash flow hedges	12	(29)	(41)
Foreign currency translation adjustments	3	(2)	(2)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding gains (losses) on pension and OPRP arising during the period	(1)	2	(1)
Reclassification adjustment for pension settlement loss included in net earnings	0	0	9
Total pension and OPRP adjustments	(1)	2	8
Other comprehensive income (loss), net of tax	224	(662)	(1,154)
Comprehensive income	$ 1,076	$ 236	$ 841

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Property and casualty insurance net earned premiums	$ 6,531	$ 6,085	$ 5,404
Net investment income	742	717	730
Realized gains (losses) on:
Securities	(36)	(116)	110
Realized gains (losses) on subsidiaries	(4)	0	4
Income of managed investment entities:
Investment income	421	268	181
Gain (loss) on change in fair value of assets/liabilities	27	(31)	10
Other income	146	117	113
Total revenues	7,827	7,040	6,552
Costs and Expenses:
Losses and loss adjustment expenses	4,033	3,629	3,157
Commissions and other underwriting expenses	1,935	1,718	1,547
Interest charges on borrowed money	76	85	94
Expenses of managed investment entities	405	230	155
Other expenses	305	255	264
Total costs and expenses	6,754	5,917	5,217
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Provision for income taxes	221	225	254
Net earnings from continuing operations	852	898	1,081
Net earnings from discontinued operations	0	0	914
Net Earnings	$ 852	$ 898	$ 1,995
Earnings per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 10.06	$ 10.55	$ 12.70
Basic (USD per share) from discontinued operations	0	0	10.74
Basic (USD per share)	10.06	10.55	23.44
Earnings per Diluted Common Share:
Diluted (USD per share) from continuing operations	10.05	10.53	12.62
Diluted (USD per share) from discontinued operations	0	0	10.68
Diluted (USD per share)	$ 10.05	$ 10.53	$ 23.30
Average number of Common Shares:
Basic (shares)	84.7	85.1	85.1
Diluted (shares)	84.8	85.3	85.6

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary 2 (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 06, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase		$ 234	$ 10	$ 123
Verikai, Inc.
Business Acquisitions [Line Items]
Cash paid at purchase	$ 120
Contingent consideration — acquisitions	23
Total purchase price	143
Total tangible assets acquired	16
Total liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	130
Deferred tax on intangible assets acquired	16
Goodwill acquired during period	$ 70			$ 70

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,225	$ 872
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,752 and $10,736; allowance for expected credit losses of $12 and $11)	10,377	10,095
Fixed maturities, trading at fair value	57	32
Equity securities, at fair value	1,018	1,010
Investments accounted for using the equity method	1,814	1,700
Mortgage loans	643	676
Real estate and other investments	129	127
Total cash and investments	15,263	14,512
Recoverables from reinsurers	4,477	3,977
Prepaid reinsurance premiums	961	917
Agents’ balances and premiums receivable	1,471	1,339
Deferred policy acquisition costs	309	288
Assets of managed investment entities	4,484	5,447
Other receivables	1,171	886
Other assets	1,346	1,219
Goodwill	305	246
Total assets	29,787	28,831
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	13,087	11,974
Unearned premiums	3,451	3,246
Payable to reinsurers	1,186	1,035
Liabilities of managed investment entities	4,307	5,332
Long-term debt	1,475	1,496
Other liabilities	2,023	1,696
Total liabilities	25,529	24,779
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,635,807 and 85,204,006 shares outstanding	84	85
Capital surplus	1,372	1,368
Retained earnings	3,121	3,142
Accumulated other comprehensive income (loss), net of tax	(319)	(543)
Shareholders’ equity	4,258	4,052
Total liabilities and shareholders’ equity	$ 29,787	$ 28,831

Segments of Operations

12 Months Ended

Dec. 31, 2023

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 assets and 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 and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. 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 a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.

Sales of property and casualty insurance outside of the United States represented 3% of AFG’s revenues in 2023 and 4% in both 2022 and 2021.

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


	2023		2022
Assets
Property and casualty insurance (*)	$	24,475	$	22,225
Other	5,312		6,606
Total assets	$	29,787	$	28,831

(*)Not allocable to sub-segments.


	2023		2022		2021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,519	$	2,487	$	2,144
Specialty casualty	2,886		2,659		2,408
Specialty financial	867		698		642
Other specialty	259		241		210

Total premiums earned	6,531		6,085		5,404
Net investment income	729		683		663
Other income	16		12		27
Total property and casualty insurance	7,276		6,780		6,094
Other	591		376		293
Real estate-related entities (*)	—		—		51
Total revenues before realized gains (losses)	7,867		7,156		6,438
Realized gains (losses) on securities	(36)		(116)		110
Realized gains (losses) on subsidiaries	(4)		—		4
Total revenues	$	7,827	$	7,040	$	6,552

(*)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.


	2023		2022		2021
Earnings from Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	184	$	208	$	279
Specialty casualty	375		500		377
Specialty financial	110		114		96
Other specialty	(36)		(42)		(15)
Other lines	(2)		(4)		(4)
Total underwriting	631		776		733
Investment and other income, net	673		643		657
Total property and casualty insurance	1,304		1,419		1,390
Other (a)	(191)		(180)		(220)
Real estate-related entities (b)	—		—		51
Total earnings from continuing operations before realized gains (losses) and income taxes	1,113		1,239		1,221
Realized gains (losses) on securities	(36)		(116)		110
Realized gains (losses) on subsidiaries	(4)		—		4
Total earnings from continuing operations before income taxes	$	1,073	$	1,123	$	1,335

(a)Includes holding company interest and expenses, including a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and a $15 million special charge in 2023 to increase asbestos and environmental (“A&E”) reserves related to AFG’s former railroad and manufacturing operations.

(b)Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

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.

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. At December 31, 2023, there were 2.1 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans.

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:


	Shares	Average Grant Date Fair Value
Outstanding at January 1, 2023	615,867	$	111.97
Granted	165,513	$	130.52
Vested	(189,606)	$	101.86
Forfeited	(18,882)	$	123.65
Outstanding at December 31, 2023	572,892	$	120.28

The total fair value of restricted stock that vested during 2023, 2022 and 2021 was $25 million, $23 million and $28 million, respectively.

AFG has not granted any stock options since 2015. Options granted in prior years have an exercise price equal to the market price of AFG Common Stock at the date of grant (adjusted for certain special dividends). Options generally became exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant.

Data for stock options issued under AFG’s stock incentive plans is presented below:


	Shares	Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	243,604	$	44.75
Exercised	(96,953)	$	42.46
Forfeited/Cancelled	—	$	—
Outstanding at December 31, 2023	146,651	$	46.26	0.7 years	$	11

Options exercisable at December 31, 2023	146,651	$	46.26	0.7 years	$	11

The total intrinsic value of options exercised during 2023, 2022 and 2021 was $8 million, $18 million and $88 million, respectively. During 2023, 2022 and 2021, AFG received $4 million, $7 million and $58 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $1 million, $3 million and $14 million during those years, respectively.

Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $18 million for 2023, $19 million for 2022 and $16 million for 2021. AFG’s provision for income tax includes tax benefits of $6 million in 2023, $8 million in 2022 and $19 million in 2021 related to AFG’s stock incentive plans. At December 31, 2023, there was $32 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.5 years. At December 31, 2023, there was no unrecognized compensation expense related to unvested stock options.

Accumulated Other Comprehensive Income (Loss), 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 (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

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


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	224	$	(48)	$	176
Reclassification adjustment for realized (gains) losses included in net earnings (*)			43		(9)		34
Total net unrealized gains (losses) on securities	$	(497)	267		(57)		210		$	(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(11)		2		(9)
Reclassification adjustment for investment income included in net earnings (*)			26		(5)		21
Total net unrealized gains (losses) on cash flow hedges	(29)		15		(3)		12		(17)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		(1)		—		(1)		2
Total	$	(543)	$	283	$	(59)	$	224	$	(319)

Year ended December 31, 2022
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(821)	$	174	$	(647)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			18		(4)		14
Total net unrealized gains (losses) on securities	$	136	(803)		170		(633)		$	(497)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(37)		8		(29)
Reclassification adjustment for investment income included in net earnings (*)			—		—		—
Total net unrealized gains (losses) on cash flow hedges	—		(37)		8		(29)		(29)
Foreign currency translation adjustments	(18)		(1)		(1)		(2)		(20)
Pension and other postretirement plan adjustments	1		2		—		2		3
Total	$	119	$	(839)	$	177	$	(662)	$	(543)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(275)	$	57	$	(218)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(22)		5		(17)
Reclassification for unrealized gains of subsidiaries sold			(1,119)		235		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,416)		297		(1,119)		$	136
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—
Foreign currency translation adjustments	(16)		(2)		—		(2)		(18)
Pension and other postretirement plan adjustments:
Unrealized holding gains (losses) on pension and other postretirement plans arising during the period			(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9
Total pension and other postretirement plan adjustments	(7)		10		(2)		8		1
Total	$	1,273	$	(1,460)	$	306	$	(1,154)	$	119

(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:

OCI component

Affected line in the statement of earnings

Pretax - Net unrealized gains (losses) on securities

Realized gains (losses) on securities

Pretax - Net unrealized gains (losses) on cash flow hedges

Net investment income

Pretax - Net unrealized gains (losses) on pension and other postretirement plans

Other expenses

Tax

Provision for income taxes

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: 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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//505/tableOfContent

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,018	$ 1,010
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	512	556
Equity securities	586	553
Equity securities, fair value in excess of cost	74	(3)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	422	436
Equity securities	432	457
Equity securities, fair value in excess of cost	10	21
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	934	992
Equity securities	1,018	1,010
Equity securities, fair value in excess of cost	$ 84	$ 18

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 852	$ 898	$ 1,995
Adjustments:
Net cash provided by operating activities	1,970	1,153	1,714
Investing Activities:
Payments to acquire subsidiaries	(234)	(10)	(123)
Net cash provided by (used in) investing activities	414	(1,051)	(436)
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	15	16	66
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Net cash used in financing activities	(2,031)	(1,361)	(1,957)
Cash and cash equivalents, period increase (decrease)	353	(1,259)	(679)
Cash and cash equivalents at beginning of year	872
Cash and cash equivalents at end of year	1,225	872
AFG
Operating Activities:
Net earnings	852	898	1,995
Adjustments:
Equity in net earnings of subsidiaries	(967)	(1,030)	(2,144)
Dividends from subsidiaries	896	539	830
Other operating activities, net	(62)	(80)	152
Net cash provided by operating activities	719	327	833
Investing Activities:
Capital contributions to subsidiaries	(180)	(26)	(107)
Returns of capital from subsidiaries	7	29	3
Investments, property and equipment	(35)	(223)	(1,478)
Payments to acquire subsidiaries	0	0	(120)
Proceeds from maturities and redemptions of investments	255	556	277
Sales of investments, property and equipment	178	656	11
Proceeds from sales of businesses	0	0	3,581
Net cash provided by (used in) investing activities	225	992	2,167
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	17	18	67
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Net cash used in financing activities	(901)	(1,683)	(2,626)
Cash and cash equivalents, period increase (decrease)	43	(364)	374
Cash and cash equivalents at beginning of year	225	589	215
Cash and cash equivalents at end of year	$ 268	$ 225	$ 589

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 01, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8,590
Entity Common Stock, Shares Outstanding		83,661,691
Document Financial Statement Error Correction [Flag]	false
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% Subordinated 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

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2023 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. \| Expiring 2024 - 2041
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 10
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 38	£ 30

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance		$ (25)	$ (23)	$ (3,933)
Total realized/unrealized gains (losses) included in Net earnings		23	0	(223)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	(2)	(169)
Sales and settlements		0	0	159
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	$ 4,143
Financial liabilities, ending balance		(2)	$ (25)	(23)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Realized gains (losses) on securities
Contingent consideration - acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance		(25)	$ (23)	0
Total realized/unrealized gains (losses) included in Net earnings		23	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	(2)	(23)
Sales and settlements		0	0	0
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	0
Financial liabilities, ending balance		$ (2)	(25)	(23)
Liabilities of discontinued annuity operations \| Annuity subsidiaries
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance			$ 0	(3,933)
Total realized/unrealized gains (losses) included in Net earnings				(223)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)				0
Purchases and issuances				(146)
Sales and settlements				159
Transfer into Level 3				0
Transfer out of Level 3				0
Sale of annuity business	$ 4,143
Financial liabilities, ending balance				$ 0

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	Dec. 31, 2023	Dec. 31, 2022
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (7)	$ (425)
Fair value - less than twelve months	$ 428	$ 6,540
Fair value as percentage of cost - less than twelve months	98.00%	94.00%
Unrealized loss - twelve months or more	$ (463)	$ (244)
Fair value - twelve months or more	$ 5,999	$ 2,344
Fair value as a percentage of cost - twelve months or more	93.00%	91.00%
U.S. Government and government agencies
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (4)
Fair value - less than twelve months	$ 11	$ 111
Fair value as percentage of cost - less than twelve months	100.00%	97.00%
Unrealized loss - twelve months or more	$ (8)	$ (10)
Fair value - twelve months or more	$ 191	$ 107
Fair value as a percentage of cost - twelve months or more	96.00%	91.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (50)
Fair value - less than twelve months	$ 76	$ 967
Fair value as percentage of cost - less than twelve months	99.00%	95.00%
Unrealized loss - twelve months or more	$ (37)	$ (1)
Fair value - twelve months or more	$ 526	$ 15
Fair value as a percentage of cost - twelve months or more	93.00%	94.00%
Foreign government
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (5)
Fair value - less than twelve months	$ 0	$ 90
Fair value as percentage of cost - less than twelve months	0.00%	95.00%
Unrealized loss - twelve months or more	$ (7)	$ (9)
Fair value - twelve months or more	$ 207	$ 134
Fair value as a percentage of cost - twelve months or more	97.00%	94.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (115)
Fair value - less than twelve months	$ 42	$ 1,078
Fair value as percentage of cost - less than twelve months	98.00%	90.00%
Unrealized loss - twelve months or more	$ (154)	$ (65)
Fair value - twelve months or more	$ 1,089	$ 315
Fair value as a percentage of cost - twelve months or more	88.00%	83.00%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (2)
Fair value - less than twelve months	$ 0	$ 44
Fair value as percentage of cost - less than twelve months	0.00%	96.00%
Unrealized loss - twelve months or more	$ (1)	$ (1)
Fair value - twelve months or more	$ 61	$ 33
Fair value as a percentage of cost - twelve months or more	98.00%	97.00%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (44)
Fair value - less than twelve months	$ 25	$ 1,224
Fair value as percentage of cost - less than twelve months	100.00%	97.00%
Unrealized loss - twelve months or more	$ (28)	$ (23)
Fair value - twelve months or more	$ 807	$ 587
Fair value as a percentage of cost - twelve months or more	97.00%	96.00%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (100)
Fair value - less than twelve months	$ 151	$ 1,361
Fair value as percentage of cost - less than twelve months	99.00%	93.00%
Unrealized loss - twelve months or more	$ (119)	$ (84)
Fair value - twelve months or more	$ 1,663	$ 740
Fair value as a percentage of cost - twelve months or more	93.00%	90.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (4)	$ (105)
Fair value - less than twelve months	$ 123	$ 1,665
Fair value as percentage of cost - less than twelve months	97.00%	94.00%
Unrealized loss - twelve months or more	$ (109)	$ (51)
Fair value - twelve months or more	$ 1,455	$ 413
Fair value as a percentage of cost - twelve months or more	93.00%	89.00%

Insurance (Tables)

12 Months Ended

Dec. 31, 2023

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 over the past three years (in millions):


	2023		2022		2021
Balance at beginning of period	$	11,974	$	11,074	$	10,392
Less reinsurance recoverables, net of allowance	3,767		3,419		3,117
Net liability at beginning of period	8,207		7,655		7,275
Provision for losses and LAE occurring in the current year	4,256		3,914		3,436


Net decrease in the provision for claims of prior years	(223)		(285)		(279)
Total losses and LAE incurred	4,033		3,629		3,157
Payments for losses and LAE of:
Current year	(1,261)		(1,212)		(1,024)
Prior years	(2,181)		(1,870)		(1,753)
Total payments	(3,442)		(3,082)		(2,777)
Foreign currency translation and other	1		5		—
Net liability at end of period	8,799		8,207		7,655
Add back reinsurance recoverables, net of allowance	4,288		3,767		3,419
Gross unpaid losses and LAE included in the balance sheet	$	13,087	$	11,974	$	11,074

Short-duration insurance contracts, reconciliation of claims development to liability


	2023
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,636
Specialty casualty	4,984
Specialty financial	328
Other specialty	580
Total Specialty (excluding foreign reserves)	7,528

Other reserves
Foreign operations	396
A&E reserves	370
Unallocated LAE	448
Other	57
Total other reserves	1,271
Total reserves, net of reinsurance	8,799

Add back reinsurance recoverables, net of allowance	4,288
Gross unpaid losses and LAE included in the balance sheet	$	13,087

Short-duration insurance contracts, claims development

between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	844	$	828	$	817	$	820	$	815	$	808	$	804	$	802	$	800	$	800	$	5	133,284
2015			818		784		779		777		777		772		768		769		769		4		135,083
2016					746		716		714		706		694		688		689		689		8		121,400
2017							889		847		843		823		816		820		820		11		140,998
2018									932		902		886		876		882		876		15		130,721
2019											1,111		1,058		1,051		1,055		1,057		26		154,248
2020													1,043		974		957		949		39		122,112
2021															1,119		1,023		1,022		69		123,416
2022																	1,393		1,316		157		136,540
2023																			1,472		432		127,664
																	Total		$	9,770


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	329	$	632	$	693	$	744	$	770	$	783	$	789	$	791	$	792	$	793	99.1	%
2015			359		582		667		707		736		744		750		755		761		99.0	%
2016					294		521		577		618		640		656		665		672		97.5	%
2017							379		640		696		735		755		783		794		96.8	%
2018									396		676		738		781		824		838		95.7	%
2019											527		823		904		959		998		94.4	%
2020													461		726		804		857		90.3	%
2021															449		767		867		84.8	%
2022																	587		1,018		77.4	%
2023																			562		38.2	%
																	Total		$	8,160
							Unpaid losses and LAE — years 2014 through 2023												1,610
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																26
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,636


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.7	%	31.5	%	8.3	%	5.4	%	3.5	%	2.0	%	1.0	%	0.6	%	0.5	%	0.1	%
Cumulative	44.7	%	76.2	%	84.5	%	89.9	%	93.4	%	95.4	%	96.4	%	97.0	%	97.5	%	97.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,035	$	1,008	$	1,008	$	1,006	$	982	$	967	$	952	$	950	$	955	$	951	$	28	57,373
2015			1,081		1,043		1,041		1,042		1,024		1,021		1,015		1,007		1,002		36		58,456
2016					1,131		1,122		1,116		1,101		1,090		1,069		1,046		1,036		63		56,695
2017							1,211		1,221		1,204		1,189		1,162		1,139		1,139		110		57,386
2018									1,277		1,307		1,302		1,262		1,269		1,264		169		59,456
2019											1,308		1,311		1,322		1,280		1,284		230		59,684
2020													1,352		1,329		1,258		1,232		313		54,129
2021															1,384		1,389		1,342		497		55,962
2022																	1,475		1,503		697		56,742
2023																			1,648		1,035		53,352
																	Total		$	12,401


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	190	$	412	$	574	$	680	$	755	$	801	$	829	$	862	$	881	$	899	94.5	%
2015			178		411		577		702		792		844		888		913		934		93.2	%
2016					186		418		584		713		806		870		906		938		90.5	%
2017							200		422		612		755		833		902		959		84.2	%
2018									210		475		649		794		901		991		78.4	%
2019											212		455		651		795		913		71.1	%
2020													188		446		613		757		61.4	%
2021															191		438		625		46.6	%
2022																	198		507		33.7	%
2023																			248		15.0	%
																	Total		$	7,771
							Unpaid losses and LAE — years 2014 through 2023												4,630
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																354
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,984


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	16.4	%	20.9	%	15.4	%	11.9	%	8.4	%	5.9	%	4.0	%	3.0	%	2.0	%	1.9	%
Cumulative	16.4	%	37.3	%	52.7	%	64.6	%	73.0	%	78.9	%	82.9	%	85.9	%	87.9	%	89.8	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	146	$	157	$	156	$	153	$	147	$	142	$	137	$	136	$	135	$	134	$	—	29,471
2015			156		160		158		153		145		138		136		135		133		—		37,629
2016					179		184		187		182		174		170		173		172		1		45,185
2017							212		215		212		208		203		202		210		5		48,840
2018									212		217		219		207		201		198		6		46,805
2019											194		198		191		186		182		9		41,939
2020													231		215		202		193		15		29,732
2021															223		201		187		25		27,355
2022																	243		234		54		23,638
2023																			310		127		20,542
																	Total		$	1,953


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	62	$	109	$	125	$	128	$	137	$	139	$	141	$	140	$	141	$	141	105.2	%
2015			72		110		129		133		132		134		134		134		133		100.0	%
2016					88		141		158		161		163		164		171		172		100.0	%
2017							120		169		186		194		193		192		194		92.4	%
2018									112		163		187		188		192		193		97.5	%
2019											99		146		164		168		170		93.4	%
2020													100		144		159		162		83.9	%
2021															98		136		146		78.1	%
2022																	108		164		70.1	%
2023																			150		48.4	%
																	Total		$	1,625
							Unpaid losses and LAE — years 2014 through 2023												328
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																—
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	328


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	51.8	%	26.3	%	9.9	%	2.2	%	1.6	%	0.7	%	1.6	%	(0.1	%)	—	%	—	%
Cumulative	51.8	%	78.1	%	88.0	%	90.2	%	91.8	%	92.5	%	94.1	%	94.0	%	94.0	%	94.0	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Other specialty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	58	$	57	$	59	$	59	$	60	$	61	$	64	$	66	$	68	$	72	$	3	—
2015			59		60		63		66		76		82		84		87		87		5		—
2016					61		61		65		71		76		77		78		77		8		—
2017							63		65		70		81		88		95		97		8		—
2018									86		90		92		94		100		111		21		—
2019											108		107		108		111		119		21		—
2020													122		117		129		126		39		—
2021															135		141		138		69		—
2022																	159		152		92		—
2023																			201		137		—
																	Total		$	1,180


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (b)
2014	$	13	$	21	$	30	$	36	$	43	$	50	$	53	$	54	$	56	$	60	83.3	%
2015			10		26		31		50		62		69		75		76		81		93.1	%
2016					9		19		31		47		53		60		64		66		85.7	%
2017							10		19		30		52		63		76		83		85.6	%
2018									12		23		32		44		60		77		69.4	%
2019											9		24		49		61		79		66.4	%
2020													9		21		44		66		52.4	%
2021															8		27		49		35.5	%
2022																	11		35		23.0	%
2023																			29		14.4	%
																	Total		$	625
							Unpaid losses and LAE — years 2014 through 2023												555
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																25
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	580


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	10.5	%	12.6	%	13.6	%	16.0	%	12.0	%	11.1	%	5.9	%	1.7	%	4.3	%	5.6	%
Cumulative	10.5	%	23.1	%	36.7	%	52.7	%	64.7	%	75.8	%	81.7	%	83.4	%	87.7	%	93.3	%

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,083	$	2,050	$	2,040	$	2,038	$	2,004	$	1,978	$	1,957	$	1,954	$	1,958	$	1,957	$	36	220,128
2015			2,114		2,047		2,041		2,038		2,022		2,013		2,003		1,998		1,991		45		231,168
2016					2,117		2,083		2,082		2,060		2,034		2,004		1,986		1,974		80		223,280
2017							2,375		2,348		2,329		2,301		2,269		2,256		2,266		134		247,224
2018									2,507		2,516		2,499		2,439		2,452		2,449		211		236,982
2019											2,721		2,674		2,672		2,632		2,642		286		255,871
2020													2,748		2,635		2,546		2,500		406		205,973
2021															2,861		2,754		2,689		660		206,733
2022																	3,270		3,205		1,000		216,920
2023																			3,631		1,731		201,558
																	Total		$	25,304


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	594	$	1,174	$	1,422	$	1,588	$	1,705	$	1,773	$	1,812	$	1,847	$	1,870	$	1,893	96.7	%
2015			619		1,129		1,404		1,592		1,722		1,791		1,847		1,878		1,909		95.9	%
2016					577		1,099		1,350		1,539		1,662		1,750		1,806		1,848		93.6	%
2017							709		1,250		1,524		1,736		1,844		1,953		2,030		89.6	%
2018									730		1,337		1,606		1,807		1,977		2,099		85.7	%
2019											847		1,448		1,768		1,983		2,160		81.8	%
2020													758		1,337		1,620		1,842		73.7	%
2021															746		1,368		1,687		62.7	%
2022																	904		1,724		53.8	%
2023																			989		27.2	%
																	Total		$	18,181
							Unpaid losses and LAE — years 2014 through 2023												7,123
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																405
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	7,528


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.7	%	25.0	%	12.2	%	8.9	%	6.2	%	4.2	%	2.8	%	1.8	%	1.4	%	1.2	%
Cumulative	29.7	%	54.7	%	66.9	%	75.8	%	82.0	%	86.2	%	89.0	%	90.8	%	92.2	%	93.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Short-duration insurance contracts, schedule of historical claims duration

between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.


Property and transportation
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	844	$	828	$	817	$	820	$	815	$	808	$	804	$	802	$	800	$	800	$	5	133,284
2015			818		784		779		777		777		772		768		769		769		4		135,083
2016					746		716		714		706		694		688		689		689		8		121,400
2017							889		847		843		823		816		820		820		11		140,998
2018									932		902		886		876		882		876		15		130,721
2019											1,111		1,058		1,051		1,055		1,057		26		154,248
2020													1,043		974		957		949		39		122,112
2021															1,119		1,023		1,022		69		123,416
2022																	1,393		1,316		157		136,540
2023																			1,472		432		127,664
																	Total		$	9,770


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	329	$	632	$	693	$	744	$	770	$	783	$	789	$	791	$	792	$	793	99.1	%
2015			359		582		667		707		736		744		750		755		761		99.0	%
2016					294		521		577		618		640		656		665		672		97.5	%
2017							379		640		696		735		755		783		794		96.8	%
2018									396		676		738		781		824		838		95.7	%
2019											527		823		904		959		998		94.4	%
2020													461		726		804		857		90.3	%
2021															449		767		867		84.8	%
2022																	587		1,018		77.4	%
2023																			562		38.2	%
																	Total		$	8,160
							Unpaid losses and LAE — years 2014 through 2023												1,610
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																26
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,636


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.7	%	31.5	%	8.3	%	5.4	%	3.5	%	2.0	%	1.0	%	0.6	%	0.5	%	0.1	%
Cumulative	44.7	%	76.2	%	84.5	%	89.9	%	93.4	%	95.4	%	96.4	%	97.0	%	97.5	%	97.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty casualty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,035	$	1,008	$	1,008	$	1,006	$	982	$	967	$	952	$	950	$	955	$	951	$	28	57,373
2015			1,081		1,043		1,041		1,042		1,024		1,021		1,015		1,007		1,002		36		58,456
2016					1,131		1,122		1,116		1,101		1,090		1,069		1,046		1,036		63		56,695
2017							1,211		1,221		1,204		1,189		1,162		1,139		1,139		110		57,386
2018									1,277		1,307		1,302		1,262		1,269		1,264		169		59,456
2019											1,308		1,311		1,322		1,280		1,284		230		59,684
2020													1,352		1,329		1,258		1,232		313		54,129
2021															1,384		1,389		1,342		497		55,962
2022																	1,475		1,503		697		56,742
2023																			1,648		1,035		53,352
																	Total		$	12,401


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	190	$	412	$	574	$	680	$	755	$	801	$	829	$	862	$	881	$	899	94.5	%
2015			178		411		577		702		792		844		888		913		934		93.2	%
2016					186		418		584		713		806		870		906		938		90.5	%
2017							200		422		612		755		833		902		959		84.2	%
2018									210		475		649		794		901		991		78.4	%
2019											212		455		651		795		913		71.1	%
2020													188		446		613		757		61.4	%
2021															191		438		625		46.6	%
2022																	198		507		33.7	%
2023																			248		15.0	%
																	Total		$	7,771
							Unpaid losses and LAE — years 2014 through 2023												4,630
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																354
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,984


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	16.4	%	20.9	%	15.4	%	11.9	%	8.4	%	5.9	%	4.0	%	3.0	%	2.0	%	1.9	%
Cumulative	16.4	%	37.3	%	52.7	%	64.6	%	73.0	%	78.9	%	82.9	%	85.9	%	87.9	%	89.8	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Specialty financial
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	146	$	157	$	156	$	153	$	147	$	142	$	137	$	136	$	135	$	134	$	—	29,471
2015			156		160		158		153		145		138		136		135		133		—		37,629
2016					179		184		187		182		174		170		173		172		1		45,185
2017							212		215		212		208		203		202		210		5		48,840
2018									212		217		219		207		201		198		6		46,805
2019											194		198		191		186		182		9		41,939
2020													231		215		202		193		15		29,732
2021															223		201		187		25		27,355
2022																	243		234		54		23,638
2023																			310		127		20,542
																	Total		$	1,953


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	62	$	109	$	125	$	128	$	137	$	139	$	141	$	140	$	141	$	141	105.2	%
2015			72		110		129		133		132		134		134		134		133		100.0	%
2016					88		141		158		161		163		164		171		172		100.0	%
2017							120		169		186		194		193		192		194		92.4	%
2018									112		163		187		188		192		193		97.5	%
2019											99		146		164		168		170		93.4	%
2020													100		144		159		162		83.9	%
2021															98		136		146		78.1	%
2022																	108		164		70.1	%
2023																			150		48.4	%
																	Total		$	1,625
							Unpaid losses and LAE — years 2014 through 2023												328
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																—
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	328


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	51.8	%	26.3	%	9.9	%	2.2	%	1.6	%	0.7	%	1.6	%	(0.1	%)	—	%	—	%
Cumulative	51.8	%	78.1	%	88.0	%	90.2	%	91.8	%	92.5	%	94.1	%	94.0	%	94.0	%	94.0	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Other specialty
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	58	$	57	$	59	$	59	$	60	$	61	$	64	$	66	$	68	$	72	$	3	—
2015			59		60		63		66		76		82		84		87		87		5		—
2016					61		61		65		71		76		77		78		77		8		—
2017							63		65		70		81		88		95		97		8		—
2018									86		90		92		94		100		111		21		—
2019											108		107		108		111		119		21		—
2020													122		117		129		126		39		—
2021															135		141		138		69		—
2022																	159		152		92		—
2023																			201		137		—
																	Total		$	1,180


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (b)
2014	$	13	$	21	$	30	$	36	$	43	$	50	$	53	$	54	$	56	$	60	83.3	%
2015			10		26		31		50		62		69		75		76		81		93.1	%
2016					9		19		31		47		53		60		64		66		85.7	%
2017							10		19		30		52		63		76		83		85.6	%
2018									12		23		32		44		60		77		69.4	%
2019											9		24		49		61		79		66.4	%
2020													9		21		44		66		52.4	%
2021															8		27		49		35.5	%
2022																	11		35		23.0	%
2023																			29		14.4	%
																	Total		$	625
							Unpaid losses and LAE — years 2014 through 2023												555
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																25
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	580


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	10.5	%	12.6	%	13.6	%	16.0	%	12.0	%	11.1	%	5.9	%	1.7	%	4.3	%	5.6	%
Cumulative	10.5	%	23.1	%	36.7	%	52.7	%	64.7	%	75.8	%	81.7	%	83.4	%	87.7	%	93.3	%

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).


Total Specialty Group
(Dollars in Millions)

	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,083	$	2,050	$	2,040	$	2,038	$	2,004	$	1,978	$	1,957	$	1,954	$	1,958	$	1,957	$	36	220,128
2015			2,114		2,047		2,041		2,038		2,022		2,013		2,003		1,998		1,991		45		231,168
2016					2,117		2,083		2,082		2,060		2,034		2,004		1,986		1,974		80		223,280
2017							2,375		2,348		2,329		2,301		2,269		2,256		2,266		134		247,224
2018									2,507		2,516		2,499		2,439		2,452		2,449		211		236,982
2019											2,721		2,674		2,672		2,632		2,642		286		255,871
2020													2,748		2,635		2,546		2,500		406		205,973
2021															2,861		2,754		2,689		660		206,733
2022																	3,270		3,205		1,000		216,920
2023																			3,631		1,731		201,558
																	Total		$	25,304


	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	594	$	1,174	$	1,422	$	1,588	$	1,705	$	1,773	$	1,812	$	1,847	$	1,870	$	1,893	96.7	%
2015			619		1,129		1,404		1,592		1,722		1,791		1,847		1,878		1,909		95.9	%
2016					577		1,099		1,350		1,539		1,662		1,750		1,806		1,848		93.6	%
2017							709		1,250		1,524		1,736		1,844		1,953		2,030		89.6	%
2018									730		1,337		1,606		1,807		1,977		2,099		85.7	%
2019											847		1,448		1,768		1,983		2,160		81.8	%
2020													758		1,337		1,620		1,842		73.7	%
2021															746		1,368		1,687		62.7	%
2022																	904		1,724		53.8	%
2023																			989		27.2	%
																	Total		$	18,181
							Unpaid losses and LAE — years 2014 through 2023												7,123
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																405
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	7,528


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.7	%	25.0	%	12.2	%	8.9	%	6.2	%	4.2	%	2.8	%	1.8	%	1.4	%	1.2	%
Cumulative	29.7	%	54.7	%	66.9	%	75.8	%	82.0	%	86.2	%	89.0	%	90.8	%	92.2	%	93.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Statutory information

Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):


	Net Earnings						Capital and Surplus
	2023		2022		2021		2023		2022
Property and casualty companies	$	1,004	$	912	$	1,007	$	4,436	$	4,356

Reinsurance information

The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.


	2023		2022		2021
Direct premiums written	$	9,309	$	8,774	$	7,700
Reinsurance assumed	347		283		246
Reinsurance ceded	(2,964)		(2,851)		(2,373)
Net written premiums	$	6,692	$	6,206	$	5,573

Direct premiums earned	$	9,133	$	8,582	$	7,462
Reinsurance assumed	321		274		249
Reinsurance ceded	(2,923)		(2,771)		(2,307)
Net earned premiums	$	6,531	$	6,085	$	5,404

Reinsurance recoveries	$	2,336	$	2,065	$	1,478

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):


	Recoverables from Reinsurers						Premiums Receivable
	2023		2022		2021		2023		2022		2021
Balance at January 1	$	8	$	8	$	6	$	8	$	8	$	10
Increase in allowance from acquisition of CRS	—		—		—		4		—		—
Provision for expected credit losses	2		—		2		3		—		(2)
Write-offs charged against the allowance	—		—		—		—		—		—
Balance at December 31	$	10	$	8	$	8	$	15	$	8	$	8

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Managed Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) collateralized_loan_obligation	Dec. 31, 2022 USD ($) collateralized_loan_obligation	Dec. 31, 2021 USD ($) collateralized_loan_obligation
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum	9.00%
Percentage of investment of most subordinate debt tranche, Maximum	100.00%
Number of collateralized loan obligation entities \| collateralized_loan_obligation	12
Number of CLOs formed during the period \| collateralized_loan_obligation	1	2	1
Number of CLOs substantially liquidated during the period \| collateralized_loan_obligation	4
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 109	$ 339
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	253	413
Carrying amount of CLO loans in default	7	4
Aggregate unpaid principal balance of CLO loans in default	13	17
Available for sale (AFS) fixed maturities	10,377	10,095
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	407	754	$ 408
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	16	48	$ 14
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	177
New collateralized loan obligation, temporary warehousing entities
Variable Interest Entity [Line Items]
Aggregate fair value of investment in temporary warehousing entities of collateralized loan obligations	38	3
Subordinated debt obligations \| Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	106
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,687	1,921
Collateralized loan obligations \| Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	$ 1,690	$ 1,920

Leases - Lease activity (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease activity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense included in other expenses	$ 36	$ 36	$ 41
Sublease income	0	(2)	(2)
Total lease expense, net of sublease income	$ 36	$ 34	$ 39

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2023, and prior to the filing of this Form 10-K, 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 in conformity with U.S. generally accepted accounting principles (“GAAP”) 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. In 2023, AFG had nonrecurring fair value measurements for the purchase price allocation related to its acquisition of Crop Risk Services (see Note C — “Acquisitions and Sale of Businesses”) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note I — “Goodwill and Other Intangibles”). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other material nonrecurring fair value measurements in 2023, 2022 or 2021.
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 limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. 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.
Credit Losses on Financial Instruments	Credit Losses on Fixed Maturity Investments 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 is separated into two components: (i) the allowance 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. The allowance is limited 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). 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. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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.
Derivatives	Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (convertible fixed maturities and interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. To qualify for hedge accounting, at the inception of a derivative contract, AFG formally documents the relationship between the terms of the hedge and the hedged items and its risk management objective. This documentation includes defining how hedge effectiveness is evaluated at the inception date and over the life of the derivative. Changes in the fair value of derivatives that are designated and qualify as highly effective cash flow hedges are recorded in AOCI and are reclassified into earnings when the variability of the cash flows from the hedged items impacts earnings. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line item in the statement of earnings as the cash flows from the hedged item. AFG uses interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities.
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 reports 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 H — “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. At December 31, 2023, assets and liabilities of managed investment entities included $263 million in assets and $225 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs. At closing, all warehoused assets will be transferred to the new CLOs and the liabilities will be repaid.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The 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 and reasonable.
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.
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: 2023 – 0.1 million, 2022 – 0.2 million and 2021 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 or 2021.
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 and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. 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 a deferred gain on a retroactive reinsurance transaction related to the sale of a business. 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 (Loss), 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 (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

Insurance - Reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 8,799	$ 8,207	$ 7,655	$ 7,275
Reinsurance recoverables, net of allowance	4,288	3,767	3,419	3,117
Gross unpaid losses and LAE included in the balance sheet	13,087	$ 11,974	$ 11,074	$ 10,392
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	7,528
Other unpaid losses and LAE, net of reinsurance	1,271
Unallocated LAE	448
Total reserves, net of reinsurance	8,799
Reinsurance recoverables, net of allowance	4,288
Gross unpaid losses and LAE included in the balance sheet	13,087
Property and casualty insurance \| Foreign operations
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	396
Property and casualty insurance \| A&E reserves
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	370
Property and casualty insurance \| Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	57
Property and casualty insurance \| Property and transportation
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	1,636
Property and casualty insurance \| Specialty casualty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	4,984
Property and casualty insurance \| Specialty financial
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	328
Property and casualty insurance \| Other specialty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	$ 580

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Long-term debt consisted of the following at December 31 (in millions):


	2023						2022
	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	$	567	$	(1)	$	566	$	582	$	(1)	$	581
5.25% Senior Notes due April 2030	253		(4)		249		261		(5)		256
Other	3		—		3		3		—		3
	823		(5)		818		846		(6)		840

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(5)		195		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		(18)		657		675		(19)		656
	$	1,498	$	(23)	$	1,475	$	1,521	$	(25)	$	1,496

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Discontinued Operations - Narrative (Details) - Annuity subsidiaries - USD ($) $ in Millions		5 Months Ended
	May 31, 2021	May 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of businesses	$ 3,570
Gain on sale of discontinued operations, net of tax	$ 656	$ 656

Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 4,288	$ 3,767	$ 3,419	$ 3,117
Property and Casualty Group
Loss Contingencies [Line Items]
Liability for asbestos and environmental reserves	498
American Premier and its subsidiaries
Loss Contingencies [Line Items]
Liability for environmental and other claims	94
GAFRI
Loss Contingencies [Line Items]
Liability for environmental and other claims	7
A&E reserves \| Property and Casualty Group
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 128

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value

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


	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	235	$	1	$	—	$	236
States, municipalities and political subdivisions	—		982		2		984
Foreign government	—		230		—		230
Residential MBS	—		1,656		2		1,658
Commercial MBS	—		74		—		74
Collateralized loan obligations	—		1,686		1		1,687
Other asset-backed securities	—		2,011		351		2,362
Corporate and other	9		2,757		380		3,146
Total AFS fixed maturities	244		9,397		736		10,377
Trading fixed maturities	—		57		—		57
Equity securities	500		33		485		1,018
Assets of managed investment entities (“MIE”)	335		4,140		9		4,484
Other assets — derivatives	—		6		—		6
Total assets accounted for at fair value	$	1,079	$	13,633	$	1,230	$	15,942
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	322		3,976		9		4,307
Other liabilities — derivatives	—		22		—		22
Total liabilities accounted for at fair value	$	322	$	3,998	$	11	$	4,331

December 31, 2022
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies	$	219	$	—	$	—	$	219
States, municipalities and political subdivisions	—		1,181		5		1,186
Foreign government	—		226		—		226
Residential MBS	—		1,589		9		1,598
Commercial MBS	—		85		—		85
Collateralized loan obligations	—		1,919		2		1,921
Other asset-backed securities	—		1,916		329		2,245
Corporate and other	8		2,288		319		2,615
Total AFS fixed maturities	227		9,204		664		10,095
Trading fixed maturities	—		32		—		32
Equity securities	556		27		427		1,010
Assets of managed investment entities	659		4,777		11		5,447
Total assets accounted for at fair value	$	1,442	$	14,040	$	1,102	$	16,584
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	25	$	25
Liabilities of managed investment entities	645		4,676		11		5,332
Other liabilities — derivatives	—		42		—		42
Total liabilities accounted for at fair value	$	645	$	4,718	$	36	$	5,399

Changes in asset balances of Level 3 financial assets

Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2023, 2022 and 2021 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 December 31, 2022		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		(1)		1		(3)		2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2021		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2022
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		(3)		—		(1)		4		(36)		5
Residential MBS	14		—		(1)		—		(1)		7		(10)		9
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	—		—		—		—		—		2		—		2
Other asset-backed securities	278		1		(27)		94		(52)		35		—		329
Corporate and other	267		(1)		(22)		129		(39)		20		(35)		319
Total AFS fixed maturities	600		—		(53)		223		(93)		68		(81)		664
Equity securities	313		29		—		112		(24)		4		(7)		427
Assets of MIE	13		(5)		—		3		—		—		—		11
Total Level 3 assets	$	926	$	24	$	(53)	$	338	$	(117)	$	72	$	(88)	$	1,102

Contingent consideration — acquisitions	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)
Total Level 3 liabilities	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)


			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 December 31, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(4)		8		(2)		—		41
Residential MBS	38		(4)		—		6		(3)		6		(29)		—		14
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		—		—		(2)		—		(15)		—		—
Other asset-backed securities	305		1		—		154		(156)		14		(40)		—		278
Corporate and other	138		(1)		(5)		184		(45)		5		(9)		—		267
Total AFS fixed maturities	538		(3)		(5)		344		(210)		33		(97)		—		600
Equity securities	176		99		—		78		(28)		—		(12)		—		313
Assets of MIE	21		—		—		5		—		1		(14)		—		13
Assets of discontinued annuity operations	2,971		85		(22)		209		(327)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	181	$	(27)	$	636	$	(565)	$	66	$	(352)	$	(2,719)	$	926

Contingent consideration — acquisitions	$	—	$	—	$	—	$	(23)	$	—	$	—	$	—	$	—	$	(23)
Liabilities of discontinued annuity operations	(3,933)		(223)		—		(146)		159		—		—		4,143		—
Total Level 3 liabilities	$	(3,933)	$	(223)	$	—	$	(169)	$	159	$	—	$	—	$	4,143	$	(23)

Changes in liability balances of Level 3 financial liabilities


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2022		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		(1)		1		(3)		2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2021		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2022
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		(3)		—		(1)		4		(36)		5
Residential MBS	14		—		(1)		—		(1)		7		(10)		9
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	—		—		—		—		—		2		—		2
Other asset-backed securities	278		1		(27)		94		(52)		35		—		329
Corporate and other	267		(1)		(22)		129		(39)		20		(35)		319
Total AFS fixed maturities	600		—		(53)		223		(93)		68		(81)		664
Equity securities	313		29		—		112		(24)		4		(7)		427
Assets of MIE	13		(5)		—		3		—		—		—		11
Total Level 3 assets	$	926	$	24	$	(53)	$	338	$	(117)	$	72	$	(88)	$	1,102

Contingent consideration — acquisitions	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)
Total Level 3 liabilities	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)


			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 December 31, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(4)		8		(2)		—		41
Residential MBS	38		(4)		—		6		(3)		6		(29)		—		14
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		—		—		(2)		—		(15)		—		—
Other asset-backed securities	305		1		—		154		(156)		14		(40)		—		278
Corporate and other	138		(1)		(5)		184		(45)		5		(9)		—		267
Total AFS fixed maturities	538		(3)		(5)		344		(210)		33		(97)		—		600
Equity securities	176		99		—		78		(28)		—		(12)		—		313
Assets of MIE	21		—		—		5		—		1		(14)		—		13
Assets of discontinued annuity operations	2,971		85		(22)		209		(327)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	181	$	(27)	$	636	$	(565)	$	66	$	(352)	$	(2,719)	$	926

Contingent consideration — acquisitions	$	—	$	—	$	—	$	(23)	$	—	$	—	$	—	$	—	$	(23)
Liabilities of discontinued annuity operations	(3,933)		(223)		—		(146)		159		—		—		4,143		—
Total Level 3 liabilities	$	(3,933)	$	(223)	$	—	$	(169)	$	159	$	—	$	—	$	4,143	$	(23)

Fair value of financial instruments

The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
2023
Financial assets:
Cash and cash equivalents	$	1,225	$	1,225	$	1,225	$	—	$	—
Mortgage loans	643		596		—		—		596
Total financial assets not accounted for at fair value	$	1,868	$	1,821	$	1,225	$	—	$	596

Long-term debt	$	1,475	$	1,345	$	—	$	1,342	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,345	$	—	$	1,342	$	3

2022
Financial assets:
Cash and cash equivalents	$	872	$	872	$	872	$	—	$	—
Mortgage loans	676		626		—		—		626
Total financial assets not accounted for at fair value	$	1,548	$	1,498	$	872	$	—	$	626

Long-term debt	$	1,496	$	1,302	$	—	$	1,299	$	3
Total financial liabilities not accounted for at fair value	$	1,496	$	1,302	$	—	$	1,299	$	3

Discontinued Operations - Details of the results of the Annuity subsidiaries sold (Details) - USD ($) $ in Millions		5 Months Ended
	May 31, 2021	May 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Net earnings from discontinued operations
Net earnings from discontinued operations		$ 914
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations, net of tax	$ 656	656
Annuity subsidiaries \| Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		746
Realized gains on securities		112
Other income		52
Total revenues		910
Annuity benefits		377
Annuity and supplemental insurance acquisition expenses		136
Other expenses		73
Total costs and expenses		586
Earnings before income taxes from discontinued operations		324
Provision for income taxes on operations		66
Net earnings from discontinued operations, net of tax		$ 258

Fair Value Measurements - Narrative (Details)	3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) professional	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 06, 2021 USD ($)
Fair Value Measurements (Textual) [Abstract]
Goodwill, impairment loss	$ 26,000,000
AFG's internal investment professionals \| professional		20
Level 3 assets as a percentage of total assets measured at fair value		8.00%
Percentage of level 3 assets that were priced using non-binding broker quotes		9.00%
Level 3 assets that were priced using non-binding broker quotes		$ 111,000,000
Percentage of Level 3 assets that were priced by pricing services		1.00%
Level 3 assets that were priced by pricing services.		$ 9,000,000
Percentage of equity investments in Level 3 assets that do not qualify for equity accounting		28.00%
Equity investments in Level 3 assets that do not qualify for equity accounting		$ 345,000,000
Internally developed Level 3 assets		$ 765,000,000
Percentage of internally developed Level 3 assets compared to total Level 3 assets		62.00%
Percentage of Level 3 assets that were priced using a discounted cash flow approach		69.00%
Level 3 assets that were priced using a discounted cash flow approach		$ 528,000,000
Percentage of equity securities in Level 3 priced using broker quotes and internal models		18.00%
Equity securities in Level 3 priced using broker quotes and internal models		$ 139,000,000
Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions		2,000,000	$ 25,000,000
Verikai, Inc.
Fair Value Measurements (Textual) [Abstract]
Contingent consideration possible to be paid, maximum				$ 50,000,000
Contingent consideration — acquisitions					$ 23,000,000
Verikai, Inc. \| Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions	0
Gain on change in fair value of contingent consideration liability	$ 22,000,000
Level 3 \| Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions		$ 2,000,000	$ 25,000,000

Managed Investment Entities

12 Months Ended

Dec. 31, 2023

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

Managed Investment Entities

AFG is the investment manager and it has investments ranging from 9.0% to 100% 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 2023, 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 $177 million (including $106 million invested in the most subordinate tranches and $38 million invested in temporary warehousing entities) at December 31, 2023.

In 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG). In 2022, AFG formed two new CLOs, which issued $754 million face amount of liabilities (including $48 million face amount purchased by AFG). In 2021, AFG formed one new CLO, which issued $408 million face amount of liabilities (including $14 million face amount purchased by AFG’s continuing operations). In 2023, four CLOs were substantially liquidated in accordance with the CLO indentures.

The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions):


	2023		2022		2021
Balance at beginning of period	$	112	$	76	$	57
Purchases	32		66		21
Sales	—		—		—
Distributions	(34)		(18)		(22)
Change in fair value	27		(11)		20
Change in accrued interest	—		(1)		—
Balance at end of period (*)	$	137	$	112	$	76

(*)Excludes $38 million and $3 million invested in temporary warehousing entities at December 31, 2023 and December 31, 2022, respectively, that were established to provide AFG the ability to form new CLOs.

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 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):


	Year ended December 31,
	2023		2022		2021
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	144	$	(267)	$	69
Liabilities	(117)		236		(59)
Management fees paid to AFG	16		17		16
CLO earnings (losses) attributable to AFG:
From continuing operations	$	27	$	(10)	$	20
From discontinued annuity operations	—		—		20
Total	$	27	$	(10)	$	40

(*)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 $109 million and $339 million at December 31, 2023 and 2022, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $253 million and $413 million at those dates. The CLO assets include loans with an aggregate fair value of $7 million at December 31, 2023 and $4 million at December 31, 2022, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $13 million at December 31, 2023 and $17 million at December 31, 2022).

In addition to the CLOs that it manages, AFG 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 $1.69 billion at December 31, 2023 and $1.92 billion at December 31, 2022.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

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
Assets of businesses sold:
Cash and cash equivalents	$	2,060
Investments	38,323
Recoverables from reinsurers	6,748
Other assets	2,152
Total assets of discontinued annuity operations	49,283
Liabilities of businesses sold:
Annuity benefits accumulated	43,690
Other liabilities	1,813
Total liabilities of discontinued annuity operations	45,503

Reclassify AOCI	(913)
Net investment in annuity businesses sold, excluding AOCI	$	2,867

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


	Year Ended December 31, 2021 (*)
Net investment income	$	746
Realized gains on securities	112
Other income	52
Total revenues	910
Annuity benefits	377
Annuity and supplemental insurance acquisition expenses	136
Other expenses	73
Total costs and expenses	586
Earnings before income taxes from discontinued operations	324
Provision for income taxes on discontinued operations	66
Net earnings from discontinued operations, net of tax	258
Gain on sale of discontinued operations, net of tax	656
Net earnings from discontinued operations	$	914

(*)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	$	3,571
Sale related expenses	(8)
Total net proceeds	3,563

Net investment in annuity businesses sold, excluding AOCI	2,867
Reclassify net deferred tax asset	(199)
Pretax gain on sale	895
Income tax expense:
Reclassify net deferred tax asset	199
Tax liabilities triggered by the sale	41
Other	(1)
Total income tax expense	239
Net gain on sale	$	656

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


	Year Ended December 31, 2021 (*)
Net cash provided by operating activities	$	67
Net cash used in investing activities	(1,689)
Net cash provided by financing activities	477

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

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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+ Details

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 29,787	$ 28,831
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	24,475	22,225
Other
Segment Reporting Information [Line Items]
Total assets	$ 5,312	$ 6,606

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 144	$ (267)	$ 69
Liabilities	(117)	236	(59)
Management fees paid to AFG	16	17	16
CLO earnings (losses) attributable to AFG Shareholders	27	(10)	40
Variable interest entity, primary beneficiary \| Continuing operations
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	27	(10)	20
Variable interest entity, primary beneficiary \| Net earnings (loss) from discontinued operations \| Annuity subsidiaries
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	$ 0	$ 0	$ 20

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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.

The contingent consideration liability related to the 2021 acquisition of Verikai, was measured using a weighted probability-based income approach which includes significant unobservable inputs and is classified as Level 3 and represents the fair value of the up to $50 million in potential acquisition-related contingent consideration tied to performance measures over a specific time period. Due to slower than anticipated growth in the business supported by the Verikai technology, the fair value of this liability was reduced to zero in the third quarter of 2023. The $22 million gain from this change in fair value and a goodwill impairment charge of $26 million related to Verikai (see Note I — “Goodwill and Other Intangibles”) is included in realized gain (loss) on subsidiaries in AFG’s Statement of Earnings.

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, AFG 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 measured and carried at fair value in the financial statements are summarized below (in millions):


	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies	$	235	$	1	$	—	$	236
States, municipalities and political subdivisions	—		982		2		984
Foreign government	—		230		—		230
Residential MBS	—		1,656		2		1,658
Commercial MBS	—		74		—		74
Collateralized loan obligations	—		1,686		1		1,687
Other asset-backed securities	—		2,011		351		2,362
Corporate and other	9		2,757		380		3,146
Total AFS fixed maturities	244		9,397		736		10,377
Trading fixed maturities	—		57		—		57
Equity securities	500		33		485		1,018
Assets of managed investment entities (“MIE”)	335		4,140		9		4,484
Other assets — derivatives	—		6		—		6
Total assets accounted for at fair value	$	1,079	$	13,633	$	1,230	$	15,942
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	322		3,976		9		4,307
Other liabilities — derivatives	—		22		—		22
Total liabilities accounted for at fair value	$	322	$	3,998	$	11	$	4,331

December 31, 2022
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies	$	219	$	—	$	—	$	219
States, municipalities and political subdivisions	—		1,181		5		1,186
Foreign government	—		226		—		226
Residential MBS	—		1,589		9		1,598
Commercial MBS	—		85		—		85
Collateralized loan obligations	—		1,919		2		1,921
Other asset-backed securities	—		1,916		329		2,245
Corporate and other	8		2,288		319		2,615
Total AFS fixed maturities	227		9,204		664		10,095
Trading fixed maturities	—		32		—		32
Equity securities	556		27		427		1,010
Assets of managed investment entities	659		4,777		11		5,447
Total assets accounted for at fair value	$	1,442	$	14,040	$	1,102	$	16,584
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	25	$	25
Liabilities of managed investment entities	645		4,676		11		5,332
Other liabilities — derivatives	—		42		—		42
Total liabilities accounted for at fair value	$	645	$	4,718	$	36	$	5,399

Approximately 8% of the total assets carried at fair value at December 31, 2023, were Level 3 assets. Approximately 9% ($111 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 1% ($9 million) 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. Approximately 28% ($345 million) of the Level 3 assets were equity investments in limited partnerships and similar investments that do not

qualify for equity method accounting whose prices were determined based on financial information provided by the limited partnerships.

Internally developed prices for fixed maturities are estimated 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 Level 3 asset fair values represent approximately $765 million (62%) of the total fair value of Level 3 assets at December 31, 2023. Approximately 69% ($528 million) of these internally developed Level 3 assets are priced using a pricing model that uses a discounted cash flow approach to estimate the fair value of fixed maturity securities. The credit spread applied by management is the significant unobservable input of the pricing model. In instances where the security is currently callable at par value and the pricing model suggests a higher price, management caps the fair value at par value. Approximately 18% ($139 million) of the internally developed Level 3 assets are equity securities which are priced primarily using internal models with some inputs that are not market observable. Management believes that any justifiable changes in unobservable inputs used to determine internally developed fair values would not have resulted in a material change in AFG’s financial position.


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2022		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		(1)		1		(3)		2
Residential MBS	9		1		(1)		—		(3)		5		(9)		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		(2)		1		—		—		1		(1)		1
Other asset-backed securities	329		1		6		55		(39)		31		(32)		351
Corporate and other	319		(4)		5		92		(27)		8		(13)		380
Total AFS fixed maturities	664		(4)		11		147		(70)		46		(58)		736
Equity securities	427		15		—		121		(39)		—		(39)		485
Assets of MIE	11		(4)		—		2		—		—		—		9
Total Level 3 assets	$	1,102	$	7	$	11	$	270	$	(109)	$	46	$	(97)	$	1,230

Contingent consideration — acquisitions	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)
Total Level 3 liabilities	$	(25)	$	23	$	—	$	—	$	—	$	—	$	—	$	(2)


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2021		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at December 31, 2022
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	41		—		(3)		—		(1)		4		(36)		5
Residential MBS	14		—		(1)		—		(1)		7		(10)		9
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	—		—		—		—		—		2		—		2
Other asset-backed securities	278		1		(27)		94		(52)		35		—		329
Corporate and other	267		(1)		(22)		129		(39)		20		(35)		319
Total AFS fixed maturities	600		—		(53)		223		(93)		68		(81)		664
Equity securities	313		29		—		112		(24)		4		(7)		427
Assets of MIE	13		(5)		—		3		—		—		—		11
Total Level 3 assets	$	926	$	24	$	(53)	$	338	$	(117)	$	72	$	(88)	$	1,102

Contingent consideration — acquisitions	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)
Total Level 3 liabilities	$	(23)	$	—	$	—	$	(2)	$	—	$	—	$	—	$	(25)


			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 December 31, 2021
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	39		—		—		—		(4)		8		(2)		—		41
Residential MBS	38		(4)		—		6		(3)		6		(29)		—		14
Commercial MBS	2		—		—		—		—		—		(2)		—		—
Collateralized loan obligations	16		1		—		—		(2)		—		(15)		—		—
Other asset-backed securities	305		1		—		154		(156)		14		(40)		—		278
Corporate and other	138		(1)		(5)		184		(45)		5		(9)		—		267
Total AFS fixed maturities	538		(3)		(5)		344		(210)		33		(97)		—		600
Equity securities	176		99		—		78		(28)		—		(12)		—		313
Assets of MIE	21		—		—		5		—		1		(14)		—		13
Assets of discontinued annuity operations	2,971		85		(22)		209		(327)		32		(229)		(2,719)		—
Total Level 3 assets	$	3,706	$	181	$	(27)	$	636	$	(565)	$	66	$	(352)	$	(2,719)	$	926

Contingent consideration — acquisitions	$	—	$	—	$	—	$	(23)	$	—	$	—	$	—	$	—	$	(23)
Liabilities of discontinued annuity operations	(3,933)		(223)		—		(146)		159		—		—		4,143		—
Total Level 3 liabilities	$	(3,933)	$	(223)	$	—	$	(169)	$	159	$	—	$	—	$	4,143	$	(23)

Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions):


	Carrying		Fair Value
	Value		Total		Level 1		Level 2		Level 3
2023
Financial assets:
Cash and cash equivalents	$	1,225	$	1,225	$	1,225	$	—	$	—
Mortgage loans	643		596		—		—		596
Total financial assets not accounted for at fair value	$	1,868	$	1,821	$	1,225	$	—	$	596

Long-term debt	$	1,475	$	1,345	$	—	$	1,342	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,345	$	—	$	1,342	$	3

2022
Financial assets:
Cash and cash equivalents	$	872	$	872	$	872	$	—	$	—
Mortgage loans	676		626		—		—		626
Total financial assets not accounted for at fair value	$	1,548	$	1,498	$	872	$	—	$	626

Long-term debt	$	1,496	$	1,302	$	—	$	1,299	$	3
Total financial liabilities not accounted for at fair value	$	1,496	$	1,302	$	—	$	1,299	$	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 - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (36)	$ (116)	$ 110
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(20)	(90)	86
Realized - impairments	(8)	(2)	1
Realized gains (losses) on securities	(28)	(92)	87
Change in unrealized	210	(633)	(88)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(25)	(113)	109
Realized - impairments	(11)	(3)	1
Realized gains (losses) on securities	(36)	(116)	110
Change in unrealized	267	(803)	(111)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(35)	(27)	(1)
Realized - impairments	(10)	(3)	1
Realized gains (losses) on securities	(45)	(30)	0
Change in unrealized	267	(803)	(111)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	10	(96)	110
Realized - impairments	0	0	0
Realized gains (losses) on securities	10	(96)	110
Change in unrealized	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	10	0
Realized - impairments	(1)	0	0
Realized gains (losses) on securities	(1)	10	0
Change in unrealized	0	0	0
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	5	23	(23)
Realized - impairments	3	1	0
Realized gains (losses) on securities	8	24	(23)
Change in unrealized	$ (57)	$ 170	$ 23

Additional Information	12 Months Ended
Additional Information	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2023, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $513 million. Benefit Plans AFG expensed approximately $63 million in 2023, $41 million in 2022 and $61 million in 2021 for its retirement and employee savings plans.

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 1,113	$ 1,239	$ 1,221
Realized gains (losses) on securities	(36)	(116)	110
Realized gains (losses) on subsidiaries	(4)	0	4
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	631	776	733
Investment and other income, net	673	643	657
Earnings before realized gains (losses) and income taxes	1,304	1,419	1,390
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(191)	(180)	(220)
Other \| Continuing operations
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	0	0	51
Property and transportation \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	184	208	279
Specialty casualty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	375	500	377
Specialty financial \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	110	114	96
Other specialty \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(36)	(42)	(15)
Other lines \| Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (2)	$ (4)	$ (4)

Insurance - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Insurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	$ 1,220
Workers' compensation insurance discount rate	4.50%	3.50%
Amortization of deferred policy acquisition costs	$ 720	$ 641	$ 580
Dividends on common stock	687	1,220	$ 2,380
Dividends payments without violating the most restrictive debt covenants, minimum	1,500
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	$ 944
Catastrophe Bonds
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention percentage	94.00%
Reinsurance, excess retention, amount reinsured, per event	$ 323
Reinsurance, amount retained, per event	127
Catastrophe reinsurance coverage, annual cost	16
Workers' Compensation Insurance
Insurance [Line Items]
Impact of discount on workers' compensation policies	$ 9
Impact of discount on workers' compensation policies, prior year amount		$ 9

Managed Investment Entities (Tables)

12 Months Ended

Dec. 31, 2023

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

Selected financial information related to collateralized loan obligations

The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions):


	2023		2022		2021
Balance at beginning of period	$	112	$	76	$	57
Purchases	32		66		21
Sales	—		—		—
Distributions	(34)		(18)		(22)
Change in fair value	27		(11)		20
Change in accrued interest	—		(1)		—
Balance at end of period (*)	$	137	$	112	$	76

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


	Year ended December 31,
	2023		2022		2021
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	144	$	(267)	$	69
Liabilities	(117)		236		(59)
Management fees paid to AFG	16		17		16
CLO earnings (losses) attributable to AFG:
From continuing operations	$	27	$	(10)	$	20
From discontinued annuity operations	—		—		20
Total	$	27	$	(10)	$	40

(*)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

Shareholders' Equity - Data for stock options issued under the stock incentive plans (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2023 \| shares	243,604
Exercised \| shares	(96,953)
Forfeited/Cancelled \| shares	0
Outstanding at December 31, 2023 \| shares	146,651
Options exercisable at December 31, 2023 \| shares	146,651
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance \| $ / shares	$ 44.75
Average exercise price, Exercised \| $ / shares	42.46
Average exercise price, Forfeited/Cancelled \| $ / shares	0
Average exercise price, Ending balance \| $ / shares	46.26
Average exercise price, Options exercisable \| $ / shares	$ 46.26
Average remaining contractual term, Options outstanding	8 months 12 days
Average remaining contractual term, Options exercisable	8 months 12 days
Aggregate intrinsic value, Options outstanding \| $	$ 11
Aggregate intrinsic value, Options exercisable \| $	$ 11

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitments to fund credit facilities and limited partnerships	$ 513
Retirement and employee savings plan expense	$ 63	$ 41	$ 61

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Assets of managed investment entities	$ 4,484	$ 5,447
Liabilities of managed investment entities	$ 4,307	$ 5,332
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Weighted average common shares adjustment related to stock-based compensation	100,000	200,000	500,000
Anti-dilutive potential common shares related to stock-based compensation plans	0	0	0
Maturities of short term investments	3 months
New collateralized loan obligation, temporary warehousing entities
Significant Accounting Policies [Line Items]
Assets of managed investment entities	$ 263
Liabilities of managed investment entities	$ 225

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill

Changes in the carrying value of goodwill during 2021, 2022 and 2023 are presented in the following table (in millions):


Balance at January 1, 2021	$	176
Purchase of Verikai	70
Balance at December 31, 2021 and 2022	246
Purchase of CRS	85
Goodwill impairment charge related to investment in Verikai	(26)
Balance at December 31, 2023	$	305

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - Property and casualty companies - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory information
Net Earnings	$ 1,004	$ 912	$ 1,007
Capital and Surplus	$ 4,436	$ 4,356

Investments - Gross realized gains and losses on available for sale fixed maturity security investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 5	$ 3	$ 7
Gross losses	$ (38)	$ (18)	$ (1)

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	7 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 03, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year		$ 0	$ 0
Scheduled principal payments on debt in year two		0	0
Scheduled principal payments on debt in year three		0	0
Scheduled principal payments on debt in year four		0	0
Scheduled principal payments on debt in year five		0	0
Scheduled principal payments on debt after year five		$ 1,500,000,000	1,500,000,000
Repayments of long-term debt			21,000,000	$ 477,000,000	$ 0
Cash interest payments on long-term debt			74,000,000	89,000,000	92,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Repayments of long-term debt			21,000,000	477,000,000	$ 0
Revolving credit facility term		5 years
Revolving credit line		$ 450,000,000	450,000,000
Amount borrowed under AFG revolving credit facility		$ 0	0	0
SOFR \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.25%
SOFR \| AFG \| Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.00%
SOFR \| AFG \| Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.75%
Senior Notes \| 4.50% Senior Notes due June 2047 \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed		$ 15,000,000	$ 15,000,000	$ 8,000,000
Interest rate on debt instruments		4.50%	4.50%	4.50%
Debt instrument, repurchase amount		$ 13,000,000	$ 13,000,000	$ 6,000,000
Senior Notes \| 5.25% Senior Notes due April 2030 \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed		$ 8,000,000	$ 8,000,000	$ 39,000,000
Interest rate on debt instruments		5.25%	5.25%	5.25%
Debt instrument, repurchase amount		$ 8,000,000	$ 8,000,000	$ 38,000,000
Senior Notes \| 3.50% Senior Notes due August 2026
Long-term Debt, Fiscal Year Maturity [Abstract]
Gain (loss) on retirement of debt	$ 6,000,000
Senior Notes \| 3.50% Senior Notes due August 2026 \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed				$ 49,000,000		$ 376,000,000
Interest rate on debt instruments				3.50%
Debt instrument, repurchase amount				$ 51,000,000
Repayments of long-term debt	$ 382,000,000

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 8	$ 10
Provision for expected credit losses	3	0	(2)
Write-offs charged against the allowance	0	0	0
Ending balance	15	$ 8	$ 8
Crop Risk Services
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 4

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	$ 10,752	$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	12	11	$ 9	$ 12
Available for sale (AFS) fixed maturities	10,377	10,095
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	10,752	10,736
Fixed maturities, available for sale, allowance for expected credit losses	12	11
Gross unrealized gains on available for sale fixed maturities	107	39
Gross unrealized losses on available for sale fixed maturities	(470)	(669)
Net unrealized gain (loss) on available for sale fixed maturities	(363)	(630)
Available for sale (AFS) fixed maturities	10,377	10,095
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	243	233
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	1	0
Gross unrealized losses on available for sale fixed maturities	(8)	(14)
Net unrealized gain (loss) on available for sale fixed maturities	(7)	(14)
Available for sale (AFS) fixed maturities	236	219
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,014	1,234
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	8	3
Gross unrealized losses on available for sale fixed maturities	(38)	(51)
Net unrealized gain (loss) on available for sale fixed maturities	(30)	(48)
Available for sale (AFS) fixed maturities	984	1,186
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	236	240
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	1	0
Gross unrealized losses on available for sale fixed maturities	(7)	(14)
Net unrealized gain (loss) on available for sale fixed maturities	(6)	(14)
Available for sale (AFS) fixed maturities	230	226
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,788	1,757
Fixed maturities, available for sale, allowance for expected credit losses	1	2
Gross unrealized gains on available for sale fixed maturities	26	23
Gross unrealized losses on available for sale fixed maturities	(155)	(180)
Net unrealized gain (loss) on available for sale fixed maturities	(129)	(157)
Available for sale (AFS) fixed maturities	1,658	1,598
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	75	88
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	0	0
Gross unrealized losses on available for sale fixed maturities	(1)	(3)
Net unrealized gain (loss) on available for sale fixed maturities	(1)	(3)
Available for sale (AFS) fixed maturities	74	85
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,709	1,988
Fixed maturities, available for sale, allowance for expected credit losses	3	1
Gross unrealized gains on available for sale fixed maturities	9	1
Gross unrealized losses on available for sale fixed maturities	(28)	(67)
Net unrealized gain (loss) on available for sale fixed maturities	(19)	(66)
Available for sale (AFS) fixed maturities	1,687	1,921
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,477	2,435
Fixed maturities, available for sale, allowance for expected credit losses	5	7
Gross unrealized gains on available for sale fixed maturities	10	1
Gross unrealized losses on available for sale fixed maturities	(120)	(184)
Net unrealized gain (loss) on available for sale fixed maturities	(110)	(183)
Available for sale (AFS) fixed maturities	2,362	2,245
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	3,210	2,761
Fixed maturities, available for sale, allowance for expected credit losses	3	1	$ 1	$ 2
Gross unrealized gains on available for sale fixed maturities	52	11
Gross unrealized losses on available for sale fixed maturities	(113)	(156)
Net unrealized gain (loss) on available for sale fixed maturities	(61)	(145)
Available for sale (AFS) fixed maturities	$ 3,146	$ 2,615

Acquisitions and Sale of Businesses

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions and Sale of Businesses

Crop Risk Services On July 3, 2023, AFG completed the acquisition of Crop Risk Services (“CRS”) from American International Group (“AIG”). CRS is a primary crop insurance general agent based in Decatur, Illinois, that generated crop year 2022 gross written premiums of approximately $1.2 billion and was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums. At closing, AFG paid AIG $234 million (based on $24 million in net tangible assets) using cash on hand.

AFG expensed the $3 million in acquisition costs incurred. The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	July 3, 2023
Cash paid at purchase	$	234

Tangible assets acquired:
Cash and cash equivalents	$	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	$	193

Liabilities acquired:
Other liabilities	$	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	$	210

Allocation of excess purchase price:
Intangible assets acquired (*)	$	124
Deferred tax asset (*)	1
Goodwill	85
	$	210

(*)Included in Other assets in AFG’s Balance Sheet.

In the purchase price allocation, $124 million of the purchase price was recognized as finite lived intangible assets primarily related to existing agency relationships, which will be amortized over an average estimated life of approximately 14 years. The acquisition resulted in the recognition of $85 million in GAAP basis goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The acquisition resulted in $79 million of tax basis goodwill, which is deductible for tax purposes.

Verikai In December 2021, AFG acquired Verikai, Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool to assess insurance risk, for $120 million using cash on hand at the parent. Verikai continues to operate as a stand-alone company to service its insurance clients. AFG expects to benefit from Verikai’s predictive risk tool as it enters the medical stop loss insurance business, with a primary focus on small and underserved risks.

AFG expensed the approximately $1 million in acquisition costs incurred. The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	December 6, 2021
Purchase price:
Cash	$	120
Fair value of contingent consideration	23
Total purchase price	143

Tangible assets acquired	16
Liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	$	130

Allocation of excess purchase price:
Intangible assets acquired (*)	$	76
Deferred tax on intangible assets acquired (*)	(16)
Goodwill	70
	$	130

(*)Included in Other assets in AFG’s Balance Sheet.

In the purchase price allocation, $76 million of the purchase price was recognized as finite lived intangible assets related to acquired technology and customer relationships, which will be amortized over an average estimated life of approximately 10 years. The acquisition resulted in the recognition of $70 million in goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The goodwill represents the fair value of acquired intangible assets that do not qualify for separate recognition, including the value of Verikai’s future technology and opportunities and assembled workforce.

In the third quarter of 2022, AFG acquired an insurance agency business for $12 million, including $10 million in cash. Virtually all of the purchase price was recorded as an amortizing intangible asset representing the fair value of the agency’s customer base at acquisition.

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.

On December 31, 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 received an additional $10 million of cash proceeds and recognized a pretax gain of $4 million related to contingent consideration received on the sale of Neon.

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations before income taxes (“EBT”)	$ 1,073	$ 1,123	$ 1,335
Income taxes at statutory rate	225	236	280
Effect of employee stock ownership plan dividend paid deduction	(5)	(8)	(16)
Effect of tax exempt interest	(5)	(6)	(8)
Effect of adjustments to prior year taxes	(5)	(3)	(1)
Effect of stock-based compensation	(2)	(5)	(13)
Effect of change in valuation allowance (excluding change in tax rate)	(2)	(9)	(4)
Effect of dividends received deduction	(2)	(2)	(2)
Effect of nondeductible expenses	11	8	8
Effect of foreign operations	6	7	0
Effect of other income tax reconciliation	0	7	10
Provision for income taxes as shown in the Statement of Earnings	$ 221	$ 225	$ 254
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%
Effect of employee stock ownership plan dividend paid deduction as a percentage of EBT	(1.00%)	(1.00%)	(1.00%)
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(1.00%)	(1.00%)
Effect of prior year income taxes as a percentage of EBT	0.00%	0.00%	0.00%
Effect of stock-based compensation as a percentage of EBT	0.00%	0.00%	(1.00%)
Effect of change in valuation allowance (excluding change in tax rate) as a percentage of EBT	0.00%	(1.00%)	0.00%
Effect of dividend received deduction as a percentage of EBT	0.00%	0.00%	0.00%
Effect of nondeductible expenses as a percentage of EBT	1.00%	1.00%	1.00%
Effect of foreign operations as a percentage of EBT	1.00%	1.00%	0.00%
Effect of other income tax reconciliation as a percentage of EBT	0.00%	0.00%	0.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	21.00%	20.00%	19.00%

Leases - Other operating lease liability information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 38	$ 38	$ 43
Right-of-use assets obtained under new leases	$ 102	$ 11	$ 10

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

AFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance or short-term leases at December 31, 2023 or December 31, 2022.


	2023		2022
Right-of-use asset	$	176	$	103
Lease liability	198		116

The increase in the lease liability and right-of-use asset in 2023 is due primarily to the renewal of AFG’s largest office lease in the second quarter of 2023, which extended the term for an additional 10 years.

The following table details AFG’s lease activity for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021

Operating lease expense included in other expenses	$	36	$	36	$	41


Sublease income (*)	—		(2)		(2)
Total lease expense, net of sublease income	$	36	$	34	$	39

(*)Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings.

Other operating lease information for the years ended December 31, 2023, 2022 and 2021 (in millions):


	2023		2022		2021
Cash paid for lease liabilities reported in operating cash flows	$	38	$	38	$	43
Right-of-use assets obtained under new leases	102		11		10

The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2023 (in millions):


Operating lease payments:
2024	$	37
2025	30
2026	26
2027	24
2028	20
Thereafter	150
Total lease payments	287
Impact of discounting	(89)
Operating lease liability	$	198


Weighted-average remaining lease term	13.6 years
Weighted-average discount rate	5.1	%

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal net operating loss carryforwards	$ 2	$ 2
Foreign underwriting losses	10	10
Insurance claims and reserves	269	255
Employee benefits	111	108
Other, net	25	24
Total deferred tax assets before valuation allowance	417	399
Valuation allowance against deferred tax assets	(14)	(16)
Total deferred tax assets	403	383
Deferred tax liabilities:
Investment securities	(177)	(52)
Deferred policy acquisition costs	(70)	(66)
Insurance claims and reserves transition liability	(8)	(12)
Real estate, property and equipment	(12)	(23)
Total deferred tax liabilities	(267)	(153)
Net deferred tax asset	$ 136	$ 230

Income Taxes

12 Months Ended

Dec. 31, 2023

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):


	2023				2022				2021
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings from continuing operations before income taxes (“EBT”)	$	1,073			$	1,123			$	1,335

Income taxes at statutory rate	$	225	21	%	$	236	21	%	$	280	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	(5)		(1	%)	(8)		(1	%)	(16)		(1	%)
Tax exempt interest	(5)		(1	%)	(6)		(1	%)	(8)		(1	%)
Adjustment to prior year taxes	(5)		—	%	(3)		—	%	(1)		—	%
Stock-based compensation	(2)		—	%	(5)		—	%	(13)		(1	%)
Change in valuation allowance	(2)		—	%	(9)		(1	%)	(4)		—	%
Dividend received deduction	(2)		—	%	(2)		—	%	(2)		—	%
Nondeductible expenses	11		1	%	8		1	%	8		1	%
Foreign operations	6		1	%	7		1	%	—		—	%
Other	—		—	%	7		—	%	10		—	%
Provision for income taxes as shown in the statement of earnings	$	221	21	%	$	225	20	%	$	254	19	%

On January 1, 2023, the two major tax provisions in the Inflation Reduction Act ("IRA”) became effective. The IRA created a new corporate alternative minimum tax (“CAMT”) based on the earnings that a company reports in its financial statements and imposes a 1% excise tax on corporate stock repurchases. Any CAMT incurred would be available to offset taxes payable under the standard calculation in future periods. Accordingly, the CAMT is a timing difference and would result in the recording of an offsetting deferred tax asset with no impact on overall income tax expense. Based on current guidance, while AFG meets the financial statement income thresholds to be subject to CAMT, management does not believe AFG will incur a CAMT liability for 2023. The excise tax on stock repurchases in excess of any issuances is recorded as part of the cost of the repurchases directly in shareholders’ equity.

Since almost all of AFG’s earnings are taxable based on U.S. tax rates, the Global Intangible Low-taxed Income (“GILTI”) provision is not expected to be material to AFG’s results of operations and will be recorded in the period that any tax arises.

The Organisation for Economic Co-operation and Development, an intergovernmental organization with 38 member countries, has proposed a global minimum corporate tax rate of 15% (“Pillar Two”). Due to AFG’s limited international operations and the tax rate AFG is subject to in those jurisdictions, management does not believe Pillar Two will have a material impact on AFG’s results of operations.

AFG’s 2013 — 2018 and 2020 — 2023 tax years remain subject to examination by the IRS.

Total earnings before income taxes include earnings subject to tax in foreign jurisdictions of $32 million in 2023, $64 million in 2022 and $33 million in 2021.

The total income tax provision of continuing operations consists of (in millions):


	2023		2022		2021
Current taxes:
Federal	$	176	$	192	$	162
State	9		10		7
Foreign	(1)		1		1
Deferred taxes:
Federal	37		22		84
Provision for income taxes	$	221	$	225	$	254

For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2023 (in millions):


	Expiring	Amount
Operating Loss – U.S.	2024 - 2041	$	10
Operating Loss – United Kingdom	indefinite	38		(*)

(*)£30 million

Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions):


	2023		2022
Deferred tax assets:
Federal net operating loss carryforwards	$	2	$	2
Foreign underwriting losses	10		10

Insurance claims and reserves	269		255
Employee benefits	111		108
Other, net	25		24
Total deferred tax assets before valuation allowance	417		399
Valuation allowance against deferred tax assets	(14)		(16)
Total deferred tax assets	403		383
Deferred tax liabilities:
Investment securities	(177)		(52)
Deferred policy acquisition costs	(70)		(66)
Insurance claims and reserves transition liability	(8)		(12)
Real estate, property and equipment	(12)		(23)
Total deferred tax liabilities	(267)		(153)
Net deferred tax asset	$	136	$	230

AFG’s net deferred tax asset at December 31, 2023 and 2022 is included in other assets in AFG’s Balance Sheet. The decrease in AFG’s net deferred tax asset at December 31, 2023 compared to December 31, 2022 reflects lower net unrealized losses on fixed maturities at December 31, 2023 compared to December 31, 2022 and the increase in fair value of equity securities still owned.

The likelihood of realizing deferred tax assets is reviewed periodically. Any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known.

At both December 31, 2023 and December 31, 2022, there are unrecognized tax benefits and related interest and penalties of less than $1 million that, if recognized, would impact the effective tax rate. AFG’s provision for income taxes in 2023, 2022 and 2021 included interest expense of less than $1 million related to unrecognized tax benefits. There were liabilities of less than $1 million for interest related to unrecognized tax benefits at both December 31, 2023 and

December 31, 2022. There were no penalties related to unrecognized tax benefits included in AFG’s provision for income taxes in 2023, 2022 and 2021. There is no liability for penalties related to unrecognized tax benefits at December 31, 2023 or December 31, 2022.

Cash payments for income taxes, net of refunds, were $201 million, $242 million and $212 million for 2023, 2022 and 2021, respectively.

- 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

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+ Details

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Dec. 31, 2023 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized \| shares	12,500,000
Preferred Stock, par value \| $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized \| shares	12,500,000
Preferred Stock, par value \| $ / shares	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Investment income	$ 758	$ 733	$ 742
Equity in earnings of partnerships and similar investments	99	267	321
Investment expenses	(16)	(16)	(12)
Net investment income	742	717	730
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	36	(2)	61
Fixed maturities \| Investment income
Net Investment Income [Line Items]
Change in fair value of fixed maturities	(3)	0	0
Fixed maturities \| Investment income
Net Investment Income [Line Items]
Investment income	502	376	290
Other
Net Investment Income [Line Items]
Investment income	90	53	40
Investment income \| Equity securities
Net Investment Income [Line Items]
Investment income	$ 34	$ 39	$ 30

Derivatives - Gains (losses) included in the Statement of Earnings for changes in the fair value of derivatives (Details) - USD ($) $ in Millions	5 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		$ 7	$ (17)	$ 14
Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 0	0		20
Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		7	(17)	(6)
Interest rate swaps \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		0
Interest rate swaps \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		0	0	0
Fixed maturities with embedded derivatives \| Continuing operations \| Realized gains (losses) on securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(2)	(12)	(6)
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Fixed maturities with embedded derivatives \| Continuing operations \| Investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(4)	0	0
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
MBS with embedded derivatives \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		(1)
Total return swap \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		13	(5)	0
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Fixed-indexed and variable-indexed annuities (embedded derivative) \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		(222)
Equity index call options \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		237
Equity index put options \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		5
Reinsurance contract (embedded derivative) \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		1
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		(26)	0	14
Designated as hedging instrument \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		14
Designated as hedging instrument \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		(26)	0	0
Designated as hedging instrument \| Interest rate swaps \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		14
Designated as hedging instrument \| Interest rate swaps \| Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		(26)	$ 0	0
Designated as hedging instrument \| MBS with embedded derivatives \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument \| Fixed-indexed and variable-indexed annuities (embedded derivative) \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument \| Equity index call options \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument \| Equity index put options \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument \| Reinsurance contract (embedded derivative) \| Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	$ 0	$ 0		$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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


	2023				2022				2021
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings from continuing operations before income taxes (“EBT”)	$	1,073			$	1,123			$	1,335

Income taxes at statutory rate	$	225	21	%	$	236	21	%	$	280	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	(5)		(1	%)	(8)		(1	%)	(16)		(1	%)
Tax exempt interest	(5)		(1	%)	(6)		(1	%)	(8)		(1	%)
Adjustment to prior year taxes	(5)		—	%	(3)		—	%	(1)		—	%
Stock-based compensation	(2)		—	%	(5)		—	%	(13)		(1	%)
Change in valuation allowance	(2)		—	%	(9)		(1	%)	(4)		—	%
Dividend received deduction	(2)		—	%	(2)		—	%	(2)		—	%
Nondeductible expenses	11		1	%	8		1	%	8		1	%
Foreign operations	6		1	%	7		1	%	—		—	%
Other	—		—	%	7		—	%	10		—	%
Provision for income taxes as shown in the statement of earnings	$	221	21	%	$	225	20	%	$	254	19	%

Components of income tax provision (credit)

The total income tax provision of continuing operations consists of (in millions):


	2023		2022		2021
Current taxes:
Federal	$	176	$	192	$	162
State	9		10		7
Foreign	(1)		1		1
Deferred taxes:
Federal	37		22		84
Provision for income taxes	$	221	$	225	$	254

Summary of operating loss carryforwards

For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2023 (in millions):


	Expiring	Amount
Operating Loss – U.S.	2024 - 2041	$	10
Operating Loss – United Kingdom	indefinite	38		(*)

(*)£30 million

Components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions):


	2023		2022
Deferred tax assets:
Federal net operating loss carryforwards	$	2	$	2
Foreign underwriting losses	10		10

Insurance claims and reserves	269		255
Employee benefits	111		108
Other, net	25		24
Total deferred tax assets before valuation allowance	417		399
Valuation allowance against deferred tax assets	(14)		(16)
Total deferred tax assets	403		383
Deferred tax liabilities:
Investment securities	(177)		(52)
Deferred policy acquisition costs	(70)		(66)
Insurance claims and reserves transition liability	(8)		(12)
Real estate, property and equipment	(12)		(23)
Total deferred tax liabilities	(267)		(153)
Net deferred tax asset	$	136	$	230

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2023, and prior to the filing of this Form 10-K, 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 in conformity with U.S. generally accepted accounting principles (“GAAP”) 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. In 2023, AFG had nonrecurring fair value measurements for the purchase price allocation related to its acquisition of Crop Risk Services (see Note C — “Acquisitions and Sale of Businesses”) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note I — “Goodwill and Other Intangibles”). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other material nonrecurring fair value measurements in 2023, 2022 or 2021. 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 limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. 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. Credit Losses on Fixed Maturity Investments 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 is separated into two components: (i) the allowance 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. The allowance is limited 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). 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. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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. Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (convertible fixed maturities and interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. To qualify for hedge accounting, at the inception of a derivative contract, AFG formally documents the relationship between the terms of the hedge and the hedged items and its risk management objective. This documentation includes defining how hedge effectiveness is evaluated at the inception date and over the life of the derivative. Changes in the fair value of derivatives that are designated and qualify as highly effective cash flow hedges are recorded in AOCI and are reclassified into earnings when the variability of the cash flows from the hedged items impacts earnings. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line item in the statement of earnings as the cash flows from the hedged item. AFG uses interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities. 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 reports 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 H — “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. At December 31, 2023, assets and liabilities of managed investment entities included $263 million in assets and $225 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs. At closing, all warehoused assets will be transferred to the new CLOs and the liabilities will be repaid. Unpaid Losses and Loss Adjustment Expenses The 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 and reasonable. 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. 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: 2023 – 0.1 million, 2022 – 0.2 million and 2021 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 or 2021. 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.

Acquisitions and Sale of Businesses - Narrative on sale of businesses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses		$ 0	$ 0	$ 3,581
Realized gains on subsidiaries		$ (4)	$ 0	$ 4
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 10				$ 6
Realized gains on subsidiaries	$ 4

Segments of Operations (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

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


	2023		2022
Assets
Property and casualty insurance (*)	$	24,475	$	22,225
Other	5,312		6,606
Total assets	$	29,787	$	28,831

(*)Not allocable to sub-segments.


	2023		2022		2021
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	2,519	$	2,487	$	2,144
Specialty casualty	2,886		2,659		2,408
Specialty financial	867		698		642
Other specialty	259		241		210

Total premiums earned	6,531		6,085		5,404
Net investment income	729		683		663
Other income	16		12		27
Total property and casualty insurance	7,276		6,780		6,094
Other	591		376		293
Real estate-related entities (*)	—		—		51
Total revenues before realized gains (losses)	7,867		7,156		6,438
Realized gains (losses) on securities	(36)		(116)		110
Realized gains (losses) on subsidiaries	(4)		—		4
Total revenues	$	7,827	$	7,040	$	6,552


	2023		2022		2021
Earnings from Continuing Operations Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	184	$	208	$	279
Specialty casualty	375		500		377
Specialty financial	110		114		96
Other specialty	(36)		(42)		(15)
Other lines	(2)		(4)		(4)
Total underwriting	631		776		733
Investment and other income, net	673		643		657
Total property and casualty insurance	1,304		1,419		1,390
Other (a)	(191)		(180)		(220)
Real estate-related entities (b)	—		—		51
Total earnings from continuing operations before realized gains (losses) and income taxes	1,113		1,239		1,221
Realized gains (losses) on securities	(36)		(116)		110
Realized gains (losses) on subsidiaries	(4)		—		4
Total earnings from continuing operations before income taxes	$	1,073	$	1,123	$	1,335

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Trading fixed maturities	57	32
Equity securities, at fair value	1,018	1,010
Assets of managed investment entities	4,484	5,447
Other assets — derivatives	87	40
Total assets accounted for at fair value	15,942	16,584
Liabilities:
Liabilities of managed investment entities	4,307	5,332
Other liabilities — derivatives	22	42
Total liabilities accounted for at fair value	4,331	5,399
Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	2	25
Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	22	42
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,377	10,095
Trading fixed maturities	57	32
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	236	219
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	984	1,186
Foreign government
Assets:
Available for sale (AFS) fixed maturities	230	226
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,658	1,598
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	74	85
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,687	1,921
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,362	2,245
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,146	2,615
Equity securities
Assets:
Equity securities, at fair value	1,018	1,010
Other assets
Assets:
Other assets — derivatives	6
Level 1
Assets:
Assets of managed investment entities	335	659
Total assets accounted for at fair value	1,079	1,442
Liabilities:
Liabilities of managed investment entities	322	645
Total liabilities accounted for at fair value	322	645
Level 1 \| Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 1 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 1 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	244	227
Trading fixed maturities	0	0
Level 1 \| U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	235	219
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	9	8
Level 1 \| Equity securities
Assets:
Equity securities, at fair value	500	556
Level 1 \| Other assets
Assets:
Other assets — derivatives	0
Level 2
Assets:
Assets of managed investment entities	4,140	4,777
Total assets accounted for at fair value	13,633	14,040
Liabilities:
Liabilities of managed investment entities	3,976	4,676
Total liabilities accounted for at fair value	3,998	4,718
Level 2 \| Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 2 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	22	42
Level 2 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,397	9,204
Trading fixed maturities	57	32
Level 2 \| U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	1	0
Level 2 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	982	1,181
Level 2 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	230	226
Level 2 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,656	1,589
Level 2 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	74	85
Level 2 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,686	1,919
Level 2 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,011	1,916
Level 2 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,757	2,288
Level 2 \| Equity securities
Assets:
Equity securities, at fair value	33	27
Level 2 \| Other assets
Assets:
Other assets — derivatives	6
Level 3
Assets:
Assets of managed investment entities	9	11
Total assets accounted for at fair value	1,230	1,102
Liabilities:
Liabilities of managed investment entities	9	11
Total liabilities accounted for at fair value	11	36
Level 3 \| Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	2	25
Level 3 \| Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 3 \| Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	736	664
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	2	5
Level 3 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2	9
Level 3 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1	2
Level 3 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	351	329
Level 3 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	380	319
Level 3 \| Equity securities
Assets:
Equity securities, at fair value	485	$ 427
Level 3 \| Other assets
Assets:
Other assets — derivatives	$ 0

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Net earnings	$ 852	$ 898	$ 1,995
Comprehensive income	1,076	236	841
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings	852	898	1,995
Other comprehensive income (loss), net of tax	224	(662)	(1,154)
Comprehensive income	$ 1,076	$ 236	$ 841

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 176	$ 103
Operating lease liability	$ 198	$ 116

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following at December 31 (in millions):


	2023						2022
	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	$	567	$	(1)	$	566	$	582	$	(1)	$	581
5.25% Senior Notes due April 2030	253		(4)		249		261		(5)		256
Other	3		—		3		3		—		3
	823		(5)		818		846		(6)		840

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(5)		195		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		(18)		657		675		(19)		656
	$	1,498	$	(23)	$	1,475	$	1,521	$	(25)	$	1,496

At December 31, 2023, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2024 — none; 2025 — none; 2026 — none; 2027 — none; 2028 — none and thereafter — $1.50 billion.

During 2023, AFG repurchased $15 million principal amount of its 4.50% Senior Notes due in June 2047 for $13 million and $8 million principal amount of its 5.25% Senior Notes due in April 2030 for $8 million in open market transactions.

During 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 for $51 million, $8 million principal amount of its 4.50% Senior Notes due in June 2047 for $6 million and $39 million principal amount of

its 5.25% Senior Notes due in April 2030 for $38 million in open market transactions. In June 2022, AFG redeemed the remaining $376 million of outstanding 3.50% Senior Notes due August 2026 for $382 million (including a $6 million make-whole call premium).

In June 2023, AFG replaced its existing credit facility with a new five-year, $450 million revolving credit facility which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (based on AFG’s credit rating, currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at December 31, 2023 or under AFG’s previous credit facility at December 31, 2022.

Cash interest payments on long-term debt were $74 million in 2023, $89 million in 2022 and $92 million in 2021.

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 1,225	$ 872
Real estate and other investments	129	127
Other assets	1,346	1,219
Total assets	29,787	28,831
Liabilities and Equity:
Long-term debt	1,475	1,496
Other liabilities	2,023	1,696
Equity attributable to parent	4,258	4,052
Total liabilities and shareholders’ equity	29,787	28,831
AFG
Assets:
Cash and cash equivalents	268	225	$ 589	$ 215
Investment in securities	154	591
Investment in subsidiaries	5,396	4,825
Real estate and other investments	63	63
Other assets	189	132
Total assets	6,070	5,836
Liabilities and Equity:
Long-term debt	1,475	1,496
Other liabilities	337	288
Equity attributable to parent	4,258	4,052
Total liabilities and shareholders’ equity	$ 6,070	$ 5,836

Acquisitions and Sale of Businesses (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of estimated fair values of assets acquired and liabilities assumed

The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	July 3, 2023
Cash paid at purchase	$	234

Tangible assets acquired:
Cash and cash equivalents	$	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	$	193

Liabilities acquired:
Other liabilities	$	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	$	210

Allocation of excess purchase price:
Intangible assets acquired (*)	$	124
Deferred tax asset (*)	1
Goodwill	85
	$	210

(*)Included in Other assets in AFG’s Balance Sheet.

The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).


	December 6, 2021
Purchase price:
Cash	$	120
Fair value of contingent consideration	23
Total purchase price	143

Tangible assets acquired	16
Liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	$	130

Allocation of excess purchase price:
Intangible assets acquired (*)	$	76
Deferred tax on intangible assets acquired (*)	(16)
Goodwill	70
	$	130

(*)Included in Other assets in AFG’s Balance Sheet.