0001042046-24-000028 | 10-Q | XBRL Viewer | American Financial Group INC

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Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Summary of Carrying value of long-term debt
Principal	$ 1,498	$ 1,498
Discount and Issue Costs	(23)	(23)
Carrying Value	1,475	1,475
Senior Notes \| AFG
Summary of Carrying value of long-term debt
Principal	823	823
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 818	818
Senior Notes \| 4.50% Senior Notes due June 2047 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 567	567
Discount and Issue Costs	(1)	(1)
Carrying Value	$ 566	566
Senior Notes \| 5.25% Senior Notes due April 2030 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%
Summary of Carrying value of long-term debt
Principal	$ 253	253
Discount and Issue Costs	(4)	(4)
Carrying Value	249	249
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)	(18)
Carrying Value	$ 657	657
Subordinated Debentures \| 4.50% Subordinated Debentures due September 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures \| 5.125% Subordinated Debentures due December 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures \| 5.625% Subordinated Debentures due June 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Subordinated Debentures \| 5.875% Subordinated Debentures due March 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available for sale fixed maturities

Available for sale fixed maturities at June 30, 2024 and December 31, 2023, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
June 30, 2024
Fixed maturities:
U.S. government and government agencies	$	182	$	—	$	—	$	(6)	$	(6)	$	176
States, municipalities and political subdivisions	917		—		4		(53)		(49)		868
Foreign government	234		—		1		(4)		(3)		231
Residential MBS	1,805		1		22		(163)		(141)		1,663
Commercial MBS	70		—		—		—		—		70
Collateralized loan obligations	1,467		3		14		(19)		(5)		1,459
Other asset-backed securities	2,450		6		14		(95)		(81)		2,363
Corporate and other	3,448		—		31		(113)		(82)		3,366
Total fixed maturities	$	10,573	$	10	$	86	$	(453)	$	(367)	$	10,196

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

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 June 30, 2024 and December 31, 2023 (in millions):


	June 30, 2024						December 31, 2023
	Actual Cost		Fair Value		Fair Value Over Cost		Actual Cost		Fair Value		Fair Value Over Cost
Common stocks	$	558	$	655	$	97	$	512	$	586	$	74
Perpetual preferred stocks	389		422		33		422		432		10
Total equity securities carried at fair value	$	947	$	1,077	$	130	$	934	$	1,018	$	84

Investments accounted for using the equity method

The following table shows the carrying value and net investment income from investments accounted for using the equity method (in millions):


					Net Investment Income
	Carrying Value				Three months ended June 30,				Six months ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Real estate-related investments (*)	$	1,325	$	1,320	$	11	$	28	$	5	$	75
Private equity	519		457		1		(1)		31		7
Private debt	38		37		2		1		3		3
Total investments accounted for using the equity method	$	1,882	$	1,814	$	14	$	28	$	39	$	85

(*)90% and 92% of the carrying value relates to underlying investments in multi-family properties as of June 30, 2024 and December 31, 2023, respectively.

Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position

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
June 30, 2024
Fixed maturities:
U.S. government and government agencies	$	—	$	33	100	%	$	(6)	$	130	96	%
States, municipalities and political subdivisions	(5)		179		97	%	(48)		530		92	%
Foreign government	(1)		73		99	%	(3)		145		98	%
Residential MBS	(2)		190		99	%	(161)		962		86	%
Commercial MBS	—		5		100	%	—		39		100	%
Collateralized loan obligations	—		26		100	%	(19)		326		94	%
Other asset-backed securities	(1)		124		99	%	(94)		1,530		94	%
Corporate and other	(6)		547		99	%	(107)		1,451		93	%
Total fixed maturities	$	(15)	$	1,177	99	%	$	(438)	$	5,113	92	%

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	%

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 is shown below (in millions):


	Structured Securities (*)		Corporate and Other		Total
Balance at March 31, 2024	$	11	$	—	$	11

Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions to previously recognized expected credit losses	—		—		—
Reductions due to sales or redemptions	(1)		—		(1)
Balance at June 30, 2024	$	10	$	—	$	10

Balance at March 31, 2023	$	11	$	5	$	16

Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions to previously recognized expected credit losses	—		—		—
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2023	$	11	$	5	$	16

Balance at December 31, 2023	$	9	$	3	$	12

Provision for expected credit losses on securities with no previous allowance	1		—		1
Additions to previously recognized expected credit losses	1		—		1
Reductions due to sales or redemptions	(1)		(3)		(4)
Balance at June 30, 2024	$	10	$	—	$	10

Balance at December 31, 2022	$	10	$	1	$	11

Provision for expected credit losses on securities with no previous allowance	1		5		6
Reductions to previously recognized expected credit losses	—		(1)		(1)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2023	$	11	$	5	$	16

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

Available for sale fixed maturity securities by contractual maturity date

The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of June 30, 2024 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.


	Amortized		Fair Value
	Cost, net (*)		Amount		%
Maturity
One year or less	$	414	$	404	4	%
After one year through five years	2,857		2,764		27	%
After five years through ten years	1,226		1,204		12	%
After ten years	284		269		3	%
	4,781		4,641		46	%
Collateralized loan obligations and other ABS (average life of approximately 3 years)	3,908		3,822		37	%
MBS (average life of approximately 6.5 years)	1,874		1,733		17	%
Total	$	10,563	$	10,196	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.


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Investment income:
Fixed maturities:
Interest and amortization	$	136	$	124	$	270	$	243
Change in fair value (a)	—		7		—		10
Equity securities:
Dividends	7		9		14		18
Change in fair value (b)	9		13		25		29
Equity in earnings of partnerships and similar investments	14		28		39		85
Other	27		22		49		40
Gross investment income	193		203		397		425
Investment expenses	(5)		(5)		(11)		(10)
Net investment income	$	188	$	198	$	386	$	415

(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)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) related to fixed maturity and equity security investments

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


	Three months ended June 30, 2024								Three months ended June 30, 2023
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(1)	$	—	$	(1)	$	(15)	$	(5)	$	—	$	(5)	$	(64)
Equity securities	(1)		—		(1)		—		3		—		3		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	(2)		—		(2)		(15)		(2)		—		(2)		(64)
Tax effects	—		—		—		3		1		—		1		13
Net of tax	$	(2)	$	—	$	(2)	$	(12)	$	(1)	$	—	$	(1)	$	(51)

	Six months ended June 30, 2024								Six months ended June 30, 2023
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(5)	$	(2)	$	(7)	$	(4)	$	(28)	$	(5)	$	(33)	$	43
Equity securities	19		—		19		—		(15)		—		(15)		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	14		(2)		12		(4)		(43)		(5)		(48)		43
Tax effects	(3)		—		(3)		1		9		1		10		(10)
Net of tax	$	11	$	(2)	$	9	$	(3)	$	(34)	$	(4)	$	(38)	$	33

Holding gains (losses) on equity securities still held

AFG recorded net holding gains (losses) on equity securities during the second quarter and first six months of 2024 and 2023 on securities that were still owned at June 30, 2024 and June 30, 2023 as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Included in realized gains (losses)	$	(3)	$	2	$	17	$	(21)
Included in net investment income	9		13		25		29
	$	6	$	15	$	42	$	8

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

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


	Six months ended June 30,
	2024		2023
Gross gains	$	—	$	2
Gross losses	(4)		(27)

Segments of Operations

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments of Operations

AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs and operations attributable to the noncontrolling interests of the managed investment entities.

AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks 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.

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	543	$	534	$	1,056	$	1,009
Specialty casualty	739		711		1,469		1,415
Specialty financial	241		195		484		391
Other specialty	62		67		122		129

Total premiums earned	1,585		1,507		3,131		2,944
Net investment income	189		191		394		398
Other income	2		3		4		8
Total property and casualty insurance	1,776		1,701		3,529		3,350
Other	126		141		265		278
Total revenues before realized gains (losses)	1,902		1,842		3,794		3,628
Realized gains (losses) on securities	(2)		(2)		12		(48)

Total revenues	$	1,900	$	1,840	$	3,806	$	3,580

Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	39	$	32	$	95	$	75
Specialty casualty	108		95		182		183
Specialty financial	25		10		58		36
Other specialty	(21)		(14)		(30)		(16)
Other lines	(1)		1		(2)		—
Total underwriting	150		124		303		278
Investment and other income, net	169		175		356		371
Total property and casualty insurance	319		299		659		649
Other (*)	(46)		(42)		(96)		(82)
Total earnings before realized gains (losses) and income taxes	273		257		563		567
Realized gains (losses) on securities	(2)		(2)		12		(48)

Total earnings before income taxes	$	271	$	255	$	575	$	519

(*)Includes holding company interest and expenses, which includes a loss of $1 million and a gain of $1 million on retirement of debt in the second quarter and first six months of 2023, respectively.

- 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.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Managed Investment Entities - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($) collateralized_loan_obligation	Jun. 30, 2024 USD ($) collateralized_loan_obligation	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum		13.30%
Percentage of investment of most subordinate debt tranche, Maximum		100.00%
Number of collateralized loan obligation entities \| collateralized_loan_obligation		14
Number of collateralized loan obligation entities formed during the period \| collateralized_loan_obligation	1	2
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments		$ 109	$ 109
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt		276	253
Carrying amount of CLO loans in default		8	7
Aggregate unpaid principal balance of variable interest entity loans in default		16	13
Available for sale (AFS) fixed maturities		10,196	10,377
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,459	1,687
Managed by third parties \| Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,460	$ 1,690
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches		159
Variable interest entity, primary beneficiary \| Subordinated debt obligations
Variable Interest Entity [Line Items]
Investment in CLO tranches		146
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	$ 407	813
Face amount of managed investment entities liabilities purchased at issuance date	$ 16	$ 73
New collateralized loan obligation temporary warehousing entities
Variable Interest Entity [Line Items]
Investment in CLO tranches				$ 19

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,903,815
Entity Central Index Key	0001042046
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Stock
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

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets:
Available for sale (AFS) fixed maturities	$ 10,196	$ 10,377
Trading fixed maturities	65	57
Equity securities	1,077	1,018
Assets of managed investment entities	4,695	4,484
Other assets	60	87
Total assets accounted for at fair value	16,034	15,942
Liabilities:
Liabilities of managed investment entities	4,536	4,307
Derivative liability	26	22
Total liabilities accounted for at fair value	4,564	4,331
Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	2	2
Other liabilities — derivatives
Liabilities:
Derivative liability	26	22
Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	10,196	10,377
Trading fixed maturities	65	57
U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	176	236
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	868	984
Foreign government
Assets:
Available for sale (AFS) fixed maturities	231	230
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,663	1,658
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	70	74
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,459	1,687
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,363	2,362
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,366	3,146
Equity securities
Assets:
Equity securities	1,077	1,018
Other assets
Assets:
Other assets	1	6
Level 1
Assets:
Assets of managed investment entities	558	335
Total assets accounted for at fair value	1,180	1,079
Liabilities:
Liabilities of managed investment entities	539	322
Total liabilities accounted for at fair value	539	322
Level 1 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 1 \| Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 1 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	187	244
Trading fixed maturities	0	0
Level 1 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	176	235
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	11	9
Level 1 \| Equity securities
Assets:
Equity securities	435	500
Level 1 \| Other assets
Assets:
Other assets	0	0
Level 2
Assets:
Assets of managed investment entities	4,125	4,140
Total assets accounted for at fair value	13,472	13,633
Liabilities:
Liabilities of managed investment entities	3,985	3,976
Total liabilities accounted for at fair value	4,011	3,998
Level 2 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 2 \| Other liabilities — derivatives
Liabilities:
Derivative liability	26	22
Level 2 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	9,253	9,397
Trading fixed maturities	53	57
Level 2 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	1
Level 2 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	866	982
Level 2 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	231	230
Level 2 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,661	1,656
Level 2 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	70	74
Level 2 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,458	1,686
Level 2 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,023	2,011
Level 2 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,944	2,757
Level 2 \| Equity securities
Assets:
Equity securities	40	33
Level 2 \| Other assets
Assets:
Other assets	1	6
Level 3
Assets:
Assets of managed investment entities	12	9
Total assets accounted for at fair value	1,382	1,230
Liabilities:
Liabilities of managed investment entities	12	9
Total liabilities accounted for at fair value	14	11
Level 3 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	2	2
Level 3 \| Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 3 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	756	736
Trading fixed maturities	12	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	2
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	2
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	1
Level 3 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	340	351
Level 3 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	411	380
Level 3 \| Equity securities
Assets:
Equity securities	602	485
Level 3 \| Other assets
Assets:
Other assets	$ 0	$ 0

Derivatives - Gains (losses) included in the Statement of Earnings for changes in the fair value of derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 1	$ 6	$ 6	$ 16
Earnings (losses) on derivatives	(6)	(1)	(8)	4
Fixed maturities with embedded derivatives \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	1	7	1	10
Fixed maturities with embedded derivatives \| Realized gains (losses) on securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	(4)	(1)	(3)
Total return swap \| Other expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	3	6	9
Designated as hedging instrument \| Interest rate swaps \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (7)	$ (7)	$ (14)	$ (12)

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Jun. 30, 2024 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) \| shares	12,500,000
Preferred Stock, par value (USD per share) \| $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) \| shares	12,500,000
Preferred Stock, par value (USD per share) \| $ / 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
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) professional
Fair Value Disclosures [Abstract]
AFG's internal investment professionals \| professional	20
Level 3 assets as a percentage of total assets measured at fair value	9.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	8.00%
Level 3 assets that were priced using non-binding broker quotes	$ 119
Percentage of level 3 assets that were priced by pricing services	1.00%
Level 3 assets that were priced by pricing services.	$ 8
Percentage of level 3 equity investments that do not qualify for equity accounting	32.00%
Level 3 assets that are equity securities that do not qualify for equity accounting	$ 440
Percentage of internally developed level 3 assets compared to total level 3 assets	59.00%
Internally developed level 3 assets	$ 815
Percentage of level three assets that were priced using a discounted cash flow approach	71.00%
Level three assets that were priced using a discounted cash flow approach	$ 577
Percentage of level three assets, equity securities, priced using broker quotes and internal models	20.00%
Level three assets, equity securities, priced using broker quotes and internal models	$ 159

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)			157,681
Fair value per share of restricted Common Stock issued under Stock Incentive Plan (USD per share)			$ 126.24
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 5	$ 4	$ 9	$ 9

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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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 718
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Available for sale fixed maturities at June 30, 2024 and December 31, 2023, consisted of the following (in millions):


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Net Unrealized		Fair Value
					Gains		Losses
June 30, 2024
Fixed maturities:
U.S. government and government agencies	$	182	$	—	$	—	$	(6)	$	(6)	$	176
States, municipalities and political subdivisions	917		—		4		(53)		(49)		868
Foreign government	234		—		1		(4)		(3)		231
Residential MBS	1,805		1		22		(163)		(141)		1,663
Commercial MBS	70		—		—		—		—		70
Collateralized loan obligations	1,467		3		14		(19)		(5)		1,459
Other asset-backed securities	2,450		6		14		(95)		(81)		2,363
Corporate and other	3,448		—		31		(113)		(82)		3,366
Total fixed maturities	$	10,573	$	10	$	86	$	(453)	$	(367)	$	10,196

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

Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at June 30, 2024 and December 31, 2023 (in millions):


	June 30, 2024						December 31, 2023
	Actual Cost		Fair Value		Fair Value Over Cost		Actual Cost		Fair Value		Fair Value Over Cost
Common stocks	$	558	$	655	$	97	$	512	$	586	$	74
Perpetual preferred stocks	389		422		33		422		432		10
Total equity securities carried at fair value	$	947	$	1,077	$	130	$	934	$	1,018	$	84

The following table shows the carrying value and net investment income from investments accounted for using the equity method (in millions):


					Net Investment Income
	Carrying Value				Three months ended June 30,				Six months ended June 30,
	June 30, 2024		December 31, 2023		2024		2023		2024		2023
Real estate-related investments (*)	$	1,325	$	1,320	$	11	$	28	$	5	$	75
Private equity	519		457		1		(1)		31		7
Private debt	38		37		2		1		3		3
Total investments accounted for using the equity method	$	1,882	$	1,814	$	14	$	28	$	39	$	85

(*)90% and 92% of the carrying value relates to underlying investments in multi-family properties as of June 30, 2024 and December 31, 2023, respectively.

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 $461 million and $418 million as of June 30, 2024 and December 31, 2023, respectively.


	Less Than Twelve Months						Twelve Months or More
	Unrealized Loss		Fair Value		Fair Value as % of Cost		Unrealized Loss		Fair Value		Fair Value as % of Cost
June 30, 2024
Fixed maturities:
U.S. government and government agencies	$	—	$	33	100	%	$	(6)	$	130	96	%
States, municipalities and political subdivisions	(5)		179		97	%	(48)		530		92	%
Foreign government	(1)		73		99	%	(3)		145		98	%
Residential MBS	(2)		190		99	%	(161)		962		86	%
Commercial MBS	—		5		100	%	—		39		100	%
Collateralized loan obligations	—		26		100	%	(19)		326		94	%
Other asset-backed securities	(1)		124		99	%	(94)		1,530		94	%
Corporate and other	(6)		547		99	%	(107)		1,451		93	%
Total fixed maturities	$	(15)	$	1,177	99	%	$	(438)	$	5,113	92	%

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	%

At June 30, 2024, the gross unrealized losses on fixed maturities of $453 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 June 30, 2024.

A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions):


	Structured Securities (*)		Corporate and Other		Total
Balance at March 31, 2024	$	11	$	—	$	11

Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions to previously recognized expected credit losses	—		—		—
Reductions due to sales or redemptions	(1)		—		(1)
Balance at June 30, 2024	$	10	$	—	$	10

Balance at March 31, 2023	$	11	$	5	$	16

Provision for expected credit losses on securities with no previous allowance	—		—		—
Additions to previously recognized expected credit losses	—		—		—
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2023	$	11	$	5	$	16

Balance at December 31, 2023	$	9	$	3	$	12

Provision for expected credit losses on securities with no previous allowance	1		—		1
Additions to previously recognized expected credit losses	1		—		1
Reductions due to sales or redemptions	(1)		(3)		(4)
Balance at June 30, 2024	$	10	$	—	$	10

Balance at December 31, 2022	$	10	$	1	$	11

Provision for expected credit losses on securities with no previous allowance	1		5		6
Reductions to previously recognized expected credit losses	—		(1)		(1)
Reductions due to sales or redemptions	—		—		—
Balance at June 30, 2023	$	11	$	5	$	16

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

In the first six months of 2024 and 2023, AFG did not purchase any securities with expected credit losses.


	Amortized		Fair Value
	Cost, net (*)		Amount		%
Maturity
One year or less	$	414	$	404	4	%
After one year through five years	2,857		2,764		27	%
After five years through ten years	1,226		1,204		12	%
After ten years	284		269		3	%
	4,781		4,641		46	%
Collateralized loan obligations and other ABS (average life of approximately 3 years)	3,908		3,822		37	%
MBS (average life of approximately 6.5 years)	1,874		1,733		17	%
Total	$	10,563	$	10,196	100	%

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

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

There were no investments in individual issuers that exceeded 10% of shareholders’ equity at June 30, 2024 or December 31, 2023.

Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred.


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Investment income:
Fixed maturities:
Interest and amortization	$	136	$	124	$	270	$	243
Change in fair value (a)	—		7		—		10
Equity securities:
Dividends	7		9		14		18
Change in fair value (b)	9		13		25		29
Equity in earnings of partnerships and similar investments	14		28		39		85
Other	27		22		49		40
Gross investment income	193		203		397		425
Investment expenses	(5)		(5)		(11)		(10)
Net investment income	$	188	$	198	$	386	$	415

(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)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) included in AOCI related to fixed maturity securities are summarized as follows (in millions):


	Three months ended June 30, 2024								Three months ended June 30, 2023
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(1)	$	—	$	(1)	$	(15)	$	(5)	$	—	$	(5)	$	(64)
Equity securities	(1)		—		(1)		—		3		—		3		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	(2)		—		(2)		(15)		(2)		—		(2)		(64)
Tax effects	—		—		—		3		1		—		1		13
Net of tax	$	(2)	$	—	$	(2)	$	(12)	$	(1)	$	—	$	(1)	$	(51)

	Six months ended June 30, 2024								Six months ended June 30, 2023
	Realized gains (losses)								Realized gains (losses)
	Before Impairments		Impairment Allowance		Total		Change in Unrealized		Before Impairments		Impairment Allowance		Total		Change in Unrealized
Fixed maturities	$	(5)	$	(2)	$	(7)	$	(4)	$	(28)	$	(5)	$	(33)	$	43
Equity securities	19		—		19		—		(15)		—		(15)		—
Mortgage loans and other investments	—		—		—		—		—		—		—		—
Total pretax	14		(2)		12		(4)		(43)		(5)		(48)		43
Tax effects	(3)		—		(3)		1		9		1		10		(10)
Net of tax	$	11	$	(2)	$	9	$	(3)	$	(34)	$	(4)	$	(38)	$	33

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 during the second quarter and first six months of 2024 and 2023 on securities that were still owned at June 30, 2024 and June 30, 2023 as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Included in realized gains (losses)	$	(3)	$	2	$	17	$	(21)
Included in net investment income	9		13		25		29
	$	6	$	15	$	42	$	8


	Six months ended June 30,
	2024		2023
Gross gains	$	—	$	2
Gross losses	(4)		(27)

Goodwill and Other Intangibles	6 Months Ended
Goodwill and Other Intangibles	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles There were no changes in the goodwill balance of $305 million during the first six months of 2024. Included in other assets in AFG’s Balance Sheet is $204 million at June 30, 2024 and $213 million at December 31, 2023 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $48 million and $39 million, respectively. Amortization of intangibles was $4 million and $3 million in the second quarters of 2024 and 2023 and $9 million and $6 million in the first six months of 2024 and 2023, respectively.

Acquisition of Business

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition of Business

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.

Expenses related to the acquisition were $3 million and were expensed as 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 6	$ 15	$ 42	$ 8
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	(3)	2	17	(21)
Net investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 9	$ 13	$ 25	$ 29

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total premiums earned	$ 1,585	$ 1,507	$ 3,131	$ 2,944
Net investment income	188	198	386	415
Other income	27	25	66	57
Revenues before realized gains (losses)	1,902	1,842	3,794	3,628
Realized gains (losses) on securities	(2)	(2)	12	(48)
Total revenues	1,900	1,840	3,806	3,580
Operating Segments \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	1,585	1,507	3,131	2,944
Net investment income	189	191	394	398
Other income	2	3	4	8
Revenues before realized gains (losses)	1,776	1,701	3,529	3,350
Operating Segments \| Property and Casualty Insurance \| Property and transportation
Segment Reporting Information [Line Items]
Total premiums earned	543	534	1,056	1,009
Operating Segments \| Property and Casualty Insurance \| Specialty casualty
Segment Reporting Information [Line Items]
Total premiums earned	739	711	1,469	1,415
Operating Segments \| Property and Casualty Insurance \| Specialty financial
Segment Reporting Information [Line Items]
Total premiums earned	241	195	484	391
Operating Segments \| Property and Casualty Insurance \| Other specialty
Segment Reporting Information [Line Items]
Total premiums earned	62	67	122	129
Operating Segments \| Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	$ 126	$ 141	$ 265	$ 278

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year		$ 0
Scheduled principal payments on debt in year one		0
Scheduled principal payments on debt in year two		0
Scheduled principal payments on debt in year three		0
Scheduled principal payments on debt in year four		0
Scheduled principal payments on debt in year five		0
Scheduled principal payments on debt thereafter		$ 1,500,000,000
Variable interest rate on debt instrument		Secured Overnight Financing Rate (SOFR) [Member]
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line		$ 450,000,000
Interest rate on revolving debt facility		1.25%
Amount borrowed under revolving credit facility		$ 0	$ 0
AFG \| 4.50% Senior Notes due June 2047 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased	$ 15,000,000
Interest rate on debt instruments		4.50%
Amount of debt repurchased	13,000,000
AFG \| 5.25% Senior Notes due April 2030 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased	8,000,000
Interest rate on debt instruments		5.25%
Amount of debt repurchased	$ 8,000,000
AFG \| Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
AFG \| Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.75%

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 209	$ 200	$ 451	$ 412
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(13)	(52)	(8)	9
Reclassification adjustment for realized (gains) losses included in net earnings	1	1	5	24
Total net unrealized gains (losses) on securities	(12)	(51)	(3)	33
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(4)	(17)	(14)	(13)
Reclassification adjustment for investment income included in net earnings	6	5	11	9
Total net unrealized gains (losses) on cash flow hedges	2	(12)	(3)	(4)
Foreign currency translation adjustments	(6)	3	(6)	3
Other comprehensive income (loss), net of tax	(16)	(60)	(12)	32
Comprehensive income	$ 193	$ 140	$ 439	$ 444

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

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
Quarter ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(16)	$	3	$	(13)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			1		—		1
Total net unrealized gains (losses) on securities	$	(278)	(15)		3		(12)		$	(290)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(5)		1		(4)
Reclassification adjustment for investment income included in net earnings (*)			7		(1)		6
Total net unrealized gains (losses) on cash flow hedges	(22)		2		—		2		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(315)	$	(18)	$	2	$	(16)	$	(331)

Quarter ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(66)	$	14	$	(52)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			2		(1)		1
Total net unrealized gains (losses) on securities	$	(413)	(64)		13		(51)		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(21)		4		(17)
Reclassification adjustment for investment income included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on cash flow hedges	(21)		(15)		3		(12)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(451)	$	(77)	$	17	$	(60)	$	(511)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Six months ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(10)	$	2	$	(8)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on securities	$	(287)	(4)		1		(3)		$	(290)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(18)		4		(14)
Reclassification adjustment for investment income included in net earnings (*)			14		(3)		11
Total net unrealized gains (losses) on cash flow hedges	(17)		(4)		1		(3)		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(319)	$	(13)	$	1	$	(12)	$	(331)

Six months ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	12	$	(3)	$	9
Reclassification adjustment for realized (gains) losses included in net earnings (*)			31		(7)		24
Total net unrealized gains (losses) on securities	$	(497)	43		(10)		33		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(16)		3		(13)
Reclassification adjustment for investment income included in net earnings (*)			11		(2)		9
Total net unrealized gains (losses) on cash flow hedges	(29)		(5)		1		(4)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(543)	$	40	$	(8)	$	32	$	(511)

(*)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

Tax

Provision for income taxes

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 273	$ 257	$ 563	$ 567
Realized gains (losses) on securities	(2)	(2)	12	(48)
Earnings before income taxes	271	255	575	519
Operating Segments \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	150	124	303	278
Investment and other income, net	169	175	356	371
Earnings before realized gains (losses) and income taxes	319	299	659	649
Operating Segments \| Property and Casualty Insurance \| Property and transportation
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	39	32	95	75
Operating Segments \| Property and Casualty Insurance \| Specialty casualty
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	108	95	182	183
Operating Segments \| Property and Casualty Insurance \| Specialty financial
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	25	10	58	36
Operating Segments \| Property and Casualty Insurance \| Other specialty
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(21)	(14)	(30)	(16)
Operating Segments \| Property and Casualty Insurance \| Other lines
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(1)	1	(2)	0
Operating Segments \| Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ (46)	$ (42)	$ (96)	$ (82)

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,077	$ 1,018
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	558	512
Equity securities	655	586
Equity securities, fair value in excess of cost	97	74
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	389	422
Equity securities	422	432
Equity securities, fair value in excess of cost	33	10
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	947	934
Equity securities	1,077	1,018
Equity securities, fair value in excess of cost	$ 130	$ 84

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 15	$ 8	$ 15	$ 8
Provision (credit) for expected credit losses	4	1	4	1
Write-offs charged against the allowance	(1)	0	(1)	0
Ending Balance	$ 18	$ 9	$ 18	$ 9

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net earnings	$ 451	$ 412
Adjustments:
Depreciation and amortization	39	39
Realized (gains) losses on investing activities	(12)	46
Net purchases of trading securities	(12)	(2)
Change in:
Reinsurance and other receivables	112	(354)
Other assets	12	(40)
Insurance claims and reserves	(115)	391
Payable to reinsurers	(10)	3
Other liabilities	(185)	24
Managed investment entities’ assets/liabilities	(239)	70
Other operating activities, net	(22)	(71)
Net cash provided by operating activities	19	518
Purchases of:
Fixed maturities	(821)	(851)
Equity securities	(94)	(76)
Mortgage loans	(141)	0
Other investments	(94)	(73)
Real estate, property and equipment	(71)	(33)
Proceeds from:
Maturities and redemptions of fixed maturities	930	705
Repayments of mortgage loans	9	32
Sales of fixed maturities	99	401
Sales of equity securities	81	67
Sales of other investments	15	43
Sales of real estate, property and equipment	25	2
Managed investment entities:
Purchases of investments	(1,078)	(951)
Proceeds from sales and redemptions of investments	1,135	1,104
Other investing activities, net	(1)	(2)
Net cash provided by (used in) investing activities	(6)	368
Financing Activities:
Reductions of long-term debt	0	(21)
Issuances of Common Stock	10	8
Repurchases of Common Stock	0	(67)
Cash dividends paid on Common Stock	(327)	(446)
Issuances of managed investment entities’ liabilities	1,774	617
Retirements of managed investment entities’ liabilities	(1,574)	(861)
Net cash used in financing activities	(117)	(770)
Net Change in Cash and Cash Equivalents	(104)	116
Cash and cash equivalents at beginning of period	1,225	872
Cash and cash equivalents at end of period	$ 1,121	$ 988

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (2)	$ (2)	$ 12	$ (48)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	(2)	(1)	11	(34)
Impairment allowance on securities	0	0	(2)	(4)
Realized gains (losses) on securities	(2)	(1)	9	(38)
Change in unrealized	(12)	(51)	(3)	33
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	(2)	(2)	14	(43)
Impairment allowance on securities	0	0	(2)	(5)
Realized gains (losses) on securities	(2)	(2)	12	(48)
Change in unrealized	(15)	(64)	(4)	43
Fixed maturities:
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	(1)	(5)	(5)	(28)
Impairment allowance on fixed maturity securities	0	0	(2)	(5)
Realized gains (losses) on securities	(1)	(5)	(7)	(33)
Change in unrealized	(15)	(64)	(4)	43
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	(1)	3	19	(15)
Realized gains (losses) on securities	(1)	3	19	(15)
Change in unrealized	0	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	0	0	0	0
Impairment allowance on mortgage loans and other investments	0	0	0	0
Realized gains (losses) on securities	0	0	0	0
Change in unrealized	0	0	0	0
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) securities before impairments	0	1	(3)	9
Impairment allowance on securities	0	0	0	1
Realized gains (losses) on securities	0	1	(3)	10
Change in unrealized	$ 3	$ 13	$ 1	$ (10)

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

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

Accumulated Other Comprehensive Income (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
Quarter ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(16)	$	3	$	(13)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			1		—		1
Total net unrealized gains (losses) on securities	$	(278)	(15)		3		(12)		$	(290)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(5)		1		(4)
Reclassification adjustment for investment income included in net earnings (*)			7		(1)		6
Total net unrealized gains (losses) on cash flow hedges	(22)		2		—		2		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(315)	$	(18)	$	2	$	(16)	$	(331)

Quarter ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(66)	$	14	$	(52)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			2		(1)		1
Total net unrealized gains (losses) on securities	$	(413)	(64)		13		(51)		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(21)		4		(17)
Reclassification adjustment for investment income included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on cash flow hedges	(21)		(15)		3		(12)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(451)	$	(77)	$	17	$	(60)	$	(511)


			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Six months ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(10)	$	2	$	(8)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on securities	$	(287)	(4)		1		(3)		$	(290)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(18)		4		(14)
Reclassification adjustment for investment income included in net earnings (*)			14		(3)		11
Total net unrealized gains (losses) on cash flow hedges	(17)		(4)		1		(3)		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(319)	$	(13)	$	1	$	(12)	$	(331)

Six months ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	12	$	(3)	$	9
Reclassification adjustment for realized (gains) losses included in net earnings (*)			31		(7)		24
Total net unrealized gains (losses) on securities	$	(497)	43		(10)		33		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(16)		3		(13)
Reclassification adjustment for investment income included in net earnings (*)			11		(2)		9
Total net unrealized gains (losses) on cash flow hedges	(29)		(5)		1		(4)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(543)	$	40	$	(8)	$	32	$	(511)

(*)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

Tax

Provision for income taxes

Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first six months of 2024, AFG issued 157,681 shares of restricted Common Stock (fair value of $126.24 per share) under the stock incentive plans.

Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $5 million and $4 million in the second quarter of 2024 and 2023, respectively, and $9 million in both the first six months of 2024 and 2023.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Property and casualty insurance net earned premiums	$ 1,585	$ 1,507	$ 3,131	$ 2,944
Net investment income	188	198	386	415
Realized gains (losses) on securities	(2)	(2)	12	(48)
Income of managed investment entities:
Investment income	98	112	197	216
Gain (loss) on change in fair value of assets/liabilities	4	0	14	(4)
Other income	27	25	66	57
Total revenues	1,900	1,840	3,806	3,580
Property and casualty insurance:
Commissions and other underwriting expenses	506	485	1,009	958
Interest charges on borrowed money	19	19	38	38
Expenses of managed investment entities	90	103	182	198
Other expenses	77	73	153	142
Total costs and expenses	1,629	1,585	3,231	3,061
Earnings before income taxes	271	255	575	519
Provision for income taxes	62	55	124	107
Net Earnings	$ 209	$ 200	$ 451	$ 412
Earnings per Common Share:
Total basic earnings (USD per share)	$ 2.49	$ 2.35	$ 5.38	$ 4.84
Total diluted earnings (USD per share)	$ 2.49	$ 2.34	$ 5.38	$ 4.83
Average number of Common Shares:
Basic (shares)	83.9	85.1	83.8	85.2
Diluted (shares)	83.9	85.2	83.9	85.3
Property and casualty insurance
Property and casualty insurance:
Losses and loss adjustment expenses	$ 937	$ 905	$ 1,849	$ 1,725

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Operating lease liability	$ 227		$ 227		$ 198
Operating lease liability, current, Statement of Financial Position	Other Liabilities		Other Liabilities		Other Liabilities
Operating lease right-of-use asset	$ 206		$ 206		$ 176
Operating lease, right-of-use asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Weighted average common shares adjustment related to stock-based compensation (shares)	0	100,000	100,000	100,000
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0		0	0
Maturities of short term investments			3 months

Derivatives

6 Months Ended

Jun. 30, 2024

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):


		June 30, 2024				December 31, 2023
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	—	$	26	$	1	$	22

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	59		—		81		—
Total return swap	Other assets/Other liabilities	1		—		5		—
		$	60	$	26	$	87	$	22

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. 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 $1.19 billion at June 30, 2024 compared to $1.30 billion at December 31, 2023, reflecting scheduled amortization. Amounts reclassified from AOCI to net earnings were losses of $7 million in the second quarter of both 2024 and 2023,and losses of $14 million and $12 million in the first six months of 2024 and 2023, respectively. Based on forward interest rate curves at June 30, 2024, management estimates that it will reclassify approximately $17 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 $47 million and $48 million at June 30, 2024 and December 31, 2023, 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 in 2022. A liability to return collateral related to the swap of $1 million and $5 million is included in other liabilities on AFG’s Balance Sheet at June 30, 2024 and December 31, 2023, respectively.

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


		Three months ended June 30,				Six months ended June 30,
	Statement of Earnings Line	2024		2023		2024		2023
Qualifying cash flow hedges:
Interest rate swaps	Net investment income	$	(7)	$	(7)	$	(14)	$	(12)

Non-designated hedges:
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	—		(4)		(1)		(3)
Fixed maturities with embedded derivatives	Net investment income	1		7		1		10
Total return swap	Other expenses	—		3		6		9
Earnings (losses) on non-designated hedges		1		6		6		16
Total earnings (losses) on derivatives		$	(6)	$	(1)	$	(8)	$	4

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

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


	June 30, 2024						December 31, 2023
	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	$	567	$	(1)	$	566
5.25% Senior Notes due April 2030	253		(4)		249		253		(4)		249
Other	3		—		3		3		—		3
	823		(5)		818		823		(5)		818

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		(5)		195
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		(18)		657
	$	1,498	$	(23)	$	1,475	$	1,498	$	(23)	$	1,475

Scheduled principal payments on debt for the balance of 2024, the subsequent five years and thereafter are as follows: 2024 — none; 2025 — none; 2026 — none; 2027 — none; 2028 — none; 2029 — none and thereafter — $1.50 billion.

In the first six months of 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.

AFG can borrow up to $450 million under its revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest, based on AFG’s credit rating, at rates ranging from 1.00% to 1.75% (currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at June 30, 2024 or December 31, 2023.

Managed Investment Entities (Tables)

6 Months Ended

Jun. 30, 2024

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 (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	169	$	119	$	137	$	112
Purchases	34		—		62		11
Sales	(40)		—		(40)		—
Distributions	(11)		(7)		(20)		(12)
Change in fair value	5		5		18		6
Change in accrued interest	1		—		1		—
Balance at end of period (*)	$	158	$	117	$	158	$	117

(*)Excludes $19 million invested in a temporary warehousing entity at June 30, 2023 that was established to provide AFG the ability to form a new CLO.

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	(15)	$	32	$	(3)	$	66
Liabilities	19		(32)		17		(70)
Management fees paid to AFG	3		4		6		8
CLO earnings attributable to AFG	9		5		23		6

(*)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

Acquisition of Business (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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.

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 10,196	$ 10,377
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years
Average life of MBS	6 years 6 months
Fixed maturities:
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 414
After one year through five years	2,857
After five years through ten years	1,226
After ten years	284
Fixed maturities amortized cost, Subtotal	4,781
Amortized cost	10,563
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	404
After one year through five years	2,764
After five years through ten years	1,204
After ten years	269
Fixed maturities fair value, subtotal	4,641
Available for sale (AFS) fixed maturities	$ 10,196	$ 10,377
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	4.00%
After one year through five years	27.00%
After five years through ten years	12.00%
After ten years	3.00%
Fixed maturities fair value, subtotal, percent	46.00%
Fair value, total, percent	100.00%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 3,908
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 3,822
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	37.00%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,874
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,733
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	17.00%

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,297	$ 1,128	$ 1,230	$ 1,102
Total realized/unrealized gains (losses) included in Net earnings (loss)	13	3	31	4
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	5	8	5	14
Purchases and issuances	87	45	179	129
Sales and settlements	(19)	(31)	(32)	(72)
Transfer into Level 3	0	33	0	37
Transfer out of Level 3	(1)	(26)	(31)	(54)
Financial assets, Ending Balance	1,382	1,160	1,382	1,160
Fixed maturities:
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	742	705	736	664
Total realized/unrealized gains (losses) included in Net earnings (loss)	(1)	(6)	(2)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	5	8	5	14
Purchases and issuances	24	15	72	66
Sales and settlements	(13)	(28)	(24)	(47)
Transfer into Level 3	0	33	0	37
Transfer out of Level 3	(1)	(26)	(31)	(32)
Financial assets, Ending Balance	756	701	756	701
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	5	2	5
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	2	5	2	5
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	5	2	9
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	(3)
Transfer into Level 3	0	0	0	4
Transfer out of Level 3	0	0	0	(5)
Financial assets, Ending Balance	2	5	2	5
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1	1	1	2
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	(1)
Financial assets, Ending Balance	1	1	1	1
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	335	335	351	329
Total realized/unrealized gains (losses) included in Net earnings (loss)	(1)	(2)	(1)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	4	0	4	4
Purchases and issuances	9	3	24	10
Sales and settlements	(7)	(26)	(12)	(31)
Transfer into Level 3	0	31	0	31
Transfer out of Level 3	0	(20)	(26)	(20)
Financial assets, Ending Balance	340	321	340	321
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	402	359	380	319
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	(4)	(1)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	8	1	10
Purchases and issuances	15	12	48	56
Sales and settlements	(6)	(2)	(12)	(13)
Transfer into Level 3	0	2	0	2
Transfer out of Level 3	(1)	(6)	(5)	(6)
Financial assets, Ending Balance	411	369	411	369
Trading fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0		0
Total realized/unrealized gains (losses) included in Net earnings (loss)	0		0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0
Purchases and issuances	12		12
Sales and settlements	0		0
Transfer into Level 3	0		0
Transfer out of Level 3	0		0
Financial assets, Ending Balance	12		12
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	545	411	485	427
Total realized/unrealized gains (losses) included in Net earnings (loss)	15	10	35	7
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	48	30	90	61
Sales and settlements	(6)	(3)	(8)	(25)
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	(22)
Financial assets, Ending Balance	602	448	602	448
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	10	12	9	11
Total realized/unrealized gains (losses) included in Net earnings (loss)	(1)	(1)	(2)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	3	0	5	2
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	$ 12	$ 11	$ 12	$ 11

Acquisition of Business - Allocation of purchase price of subsidiary (Details) - Crop Risk Services $ in Millions	Jul. 03, 2023 USD ($)
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 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 recorded	85
Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 11	$ 16	$ 12	$ 11
Provision for expected credit losses on securities with no previous allowance	0	0	1	6
Additions to previously recognized expected credit losses	0	0	1	(1)
Reductions due to sales or redemptions	(1)	0	(4)	0
Ending balance	10	16	10	16
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	11	11	9	10
Provision for expected credit losses on securities with no previous allowance	0	0	1	1
Additions to previously recognized expected credit losses	0	0	1	0
Reductions due to sales or redemptions	(1)	0	(1)	0
Ending balance	10	11	10	11
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	0	5	3	1
Provision for expected credit losses on securities with no previous allowance	0	0	0	5
Additions to previously recognized expected credit losses	0	0	0	(1)
Reductions due to sales or redemptions	0	0	(3)	0
Ending balance	$ 0	$ 5	$ 0	$ 5

Segments of Operations (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment reporting information, by segment

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Property and casualty insurance:
Premiums earned:
Specialty
Property and transportation	$	543	$	534	$	1,056	$	1,009
Specialty casualty	739		711		1,469		1,415
Specialty financial	241		195		484		391
Other specialty	62		67		122		129

Total premiums earned	1,585		1,507		3,131		2,944
Net investment income	189		191		394		398
Other income	2		3		4		8
Total property and casualty insurance	1,776		1,701		3,529		3,350
Other	126		141		265		278
Total revenues before realized gains (losses)	1,902		1,842		3,794		3,628
Realized gains (losses) on securities	(2)		(2)		12		(48)

Total revenues	$	1,900	$	1,840	$	3,806	$	3,580

Earnings Before Income Taxes
Property and casualty insurance:
Underwriting:
Specialty
Property and transportation	$	39	$	32	$	95	$	75
Specialty casualty	108		95		182		183
Specialty financial	25		10		58		36
Other specialty	(21)		(14)		(30)		(16)
Other lines	(1)		1		(2)		—
Total underwriting	150		124		303		278
Investment and other income, net	169		175		356		371
Total property and casualty insurance	319		299		659		649
Other (*)	(46)		(42)		(96)		(82)
Total earnings before realized gains (losses) and income taxes	273		257		563		567
Realized gains (losses) on securities	(2)		(2)		12		(48)

Total earnings before income taxes	$	271	$	255	$	575	$	519

(*)Includes holding company interest and expenses, which includes a loss of $1 million and a gain of $1 million on retirement of debt in the second quarter and first six months of 2023, respectively.

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,882		$ 1,882		$ 1,814
Equity in earnings of partnerships and similar investments	14	$ 28	39	$ 85
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,325		1,325		1,320
Equity in earnings of partnerships and similar investments	11	28	5	75
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	519		519		457
Equity in earnings of partnerships and similar investments	1	(1)	31	7
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	38		38		$ 37
Equity in earnings of partnerships and similar investments	$ 2	$ 1	$ 3	$ 3

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ 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 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
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+ Details

Derivatives (Tables)

6 Months Ended

Jun. 30, 2024

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):


		June 30, 2024				December 31, 2023
	Balance Sheet Line	Asset		Liability		Asset		Liability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps	Other assets/Other liabilities	$	—	$	26	$	1	$	22

Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives	Fixed maturities	59		—		81		—
Total return swap	Other assets/Other liabilities	1		—		5		—
		$	60	$	26	$	87	$	22

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 (in millions):


		Three months ended June 30,				Six months ended June 30,
	Statement of Earnings Line	2024		2023		2024		2023
Qualifying cash flow hedges:
Interest rate swaps	Net investment income	$	(7)	$	(7)	$	(14)	$	(12)

Non-designated hedges:
Fixed maturities with embedded derivatives	Realized gains (losses) on securities	—		(4)		(1)		(3)
Fixed maturities with embedded derivatives	Net investment income	1		7		1		10
Total return swap	Other expenses	—		3		6		9
Earnings (losses) on non-designated hedges		1		6		6		16
Total earnings (losses) on derivatives		$	(6)	$	(1)	$	(8)	$	4

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the goodwill			$ 0
Goodwill	$ 305,000,000		305,000,000		$ 305,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	204,000,000		204,000,000		213,000,000
Accumulated amortization	48,000,000		48,000,000		$ 39,000,000
Amortization of intangible assets	$ 4,000,000	$ 3,000,000	$ 9,000,000	$ 6,000,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

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

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


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	271			$	255			$	575			$	519

Income taxes at statutory rate	$	57	21	%	$	54	21	%	$	121	21	%	$	109	21	%
Effect of:

Employee stock ownership plan dividend paid deduction	—		—	%	—		—	%	(2)		—	%	(3)		(1	%)
Stock-based compensation	—		—	%	—		—	%	(2)		—	%	(2)		—	%
Tax exempt interest	(1)		—	%	(1)		—	%	(2)		(1	%)	(2)		—	%

Dividends received deduction	(1)		—	%	—		—	%	(1)		—	%	(1)		—	%
Nondeductible expenses	2		1	%	2		1	%	4		1	%	5		1	%
Adjustment related to sale of subsidiary	4		1	%	—		—	%	4		1	%	—		—	%
Foreign operations	—		—	%	2		1	%	—		—	%	4		1	%

Other	1		—	%	(2)		(1	%)	2		—	%	(3)		(1	%)
Provision for income taxes as shown in the statement of earnings	$	62	23	%	$	55	22	%	$	124	22	%	$	107	21	%

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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
June 30, 2024
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies	$	176	$	—	$	—	$	176
States, municipalities and political subdivisions	—		866		2		868
Foreign government	—		231		—		231
Residential MBS	—		1,661		2		1,663
Commercial MBS	—		70		—		70
Collateralized loan obligations	—		1,458		1		1,459
Other asset-backed securities	—		2,023		340		2,363
Corporate and other	11		2,944		411		3,366
Total AFS fixed maturities	187		9,253		756		10,196
Trading fixed maturities	—		53		12		65
Equity securities	435		40		602		1,077
Assets of managed investment entities (“MIE”)	558		4,125		12		4,695
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	1,180	$	13,472	$	1,382	$	16,034
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	539		3,985		12		4,536
Other liabilities — derivatives	—		26		—		26
Total liabilities accounted for at fair value	$	539	$	4,011	$	14	$	4,564

December 31, 2023
Assets:
Available for sale 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	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

Changes in balances of Level 3 financial assets

Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2024 and 2023 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2024		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(1)		4		9		(7)		—		—		340
Corporate and other	402		—		1		15		(6)		—		(1)		411
Total AFS fixed maturities	742		(1)		5		24		(13)		—		(1)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	545		15		—		48		(6)		—		—		602
Assets of MIE	10		(1)		—		3		—		—		—		12
Total Level 3 assets	$	1,297	$	13	$	5	$	87	$	(19)	$	—	$	(1)	$	1,382

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


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	5		—		—		—		—		—		—		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(2)		—		3		(26)		31		(20)		321
Corporate and other	359		(4)		8		12		(2)		2		(6)		369
Total AFS fixed maturities	705		(6)		8		15		(28)		33		(26)		701
Equity securities	411		10		—		30		(3)		—		—		448
Assets of MIE	12		(1)		—		—		—		—		—		11
Total Level 3 assets	$	1,128	$	3	$	8	$	45	$	(31)	$	33	$	(26)	$	1,160

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


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	351		(1)		4		24		(12)		—		(26)		340
Corporate and other	380		(1)		1		48		(12)		—		(5)		411
Total AFS fixed maturities	736		(2)		5		72		(24)		—		(31)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	485		35		—		90		(8)		—		—		602
Assets of MIE	9		(2)		—		5		—		—		—		12
Total Level 3 assets	$	1,230	$	31	$	5	$	179	$	(32)	$	—	$	(31)	$	1,382

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


			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 June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	9		—		—		—		(3)		4		(5)		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		—		—		—		—		—		(1)		1
Other asset-backed securities	329		(2)		4		10		(31)		31		(20)		321
Corporate and other	319		1		10		56		(13)		2		(6)		369
Total AFS fixed maturities	664		(1)		14		66		(47)		37		(32)		701
Equity securities	427		7		—		61		(25)		—		(22)		448
Assets of MIE	11		(2)		—		2		—		—		—		11
Total Level 3 assets	$	1,102	$	4	$	14	$	129	$	(72)	$	37	$	(54)	$	1,160

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

Changes in balances of Level 3 financial liabilities


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2024		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(1)		4		9		(7)		—		—		340
Corporate and other	402		—		1		15		(6)		—		(1)		411
Total AFS fixed maturities	742		(1)		5		24		(13)		—		(1)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	545		15		—		48		(6)		—		—		602
Assets of MIE	10		(1)		—		3		—		—		—		12
Total Level 3 assets	$	1,297	$	13	$	5	$	87	$	(19)	$	—	$	(1)	$	1,382

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


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	5		—		—		—		—		—		—		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(2)		—		3		(26)		31		(20)		321
Corporate and other	359		(4)		8		12		(2)		2		(6)		369
Total AFS fixed maturities	705		(6)		8		15		(28)		33		(26)		701
Equity securities	411		10		—		30		(3)		—		—		448
Assets of MIE	12		(1)		—		—		—		—		—		11
Total Level 3 assets	$	1,128	$	3	$	8	$	45	$	(31)	$	33	$	(26)	$	1,160

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


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	351		(1)		4		24		(12)		—		(26)		340
Corporate and other	380		(1)		1		48		(12)		—		(5)		411
Total AFS fixed maturities	736		(2)		5		72		(24)		—		(31)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	485		35		—		90		(8)		—		—		602
Assets of MIE	9		(2)		—		5		—		—		—		12
Total Level 3 assets	$	1,230	$	31	$	5	$	179	$	(32)	$	—	$	(31)	$	1,382

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


			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 June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	9		—		—		—		(3)		4		(5)		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		—		—		—		—		—		(1)		1
Other asset-backed securities	329		(2)		4		10		(31)		31		(20)		321
Corporate and other	319		1		10		56		(13)		2		(6)		369
Total AFS fixed maturities	664		(1)		14		66		(47)		37		(32)		701
Equity securities	427		7		—		61		(25)		—		(22)		448
Assets of MIE	11		(2)		—		2		—		—		—		11
Total Level 3 assets	$	1,102	$	4	$	14	$	129	$	(72)	$	37	$	(54)	$	1,160

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

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 are summarized below (in millions):


	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
June 30, 2024
Financial assets:
Cash and cash equivalents	$	1,121	$	1,121	$	1,121	$	—	$	—
Mortgage loans	773		726		—		—		726
Total financial assets not accounted for at fair value	$	1,894	$	1,847	$	1,121	$	—	$	726

Long-term debt	$	1,475	$	1,324	$	—	$	1,321	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,324	$	—	$	1,321	$	3

December 31, 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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 209	$ 200	$ 451	$ 412

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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+ Details

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to June 30, 2024, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first six months of 2024.
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 G — “Managed Investment Entities”). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The 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. At June 30, 2024 AFG has a $227 million lease liability included in other liabilities and a lease right-of-use asset of $206 million included in other assets compared to $198 million and $176 million, respectively, at December 31, 2023.
Premium Recognition	Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations.
Income Taxes	Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.
Stock-Based Compensation	Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.
Benefit Plans	Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.
Earnings Per Share	Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: second quarter of 2024 and 2023 — none and 0.1 million; first six months of both 2024 and 2023 — 0.1 million. There were no anti-dilutive potential common shares for the second quarter or the first six months of 2024 or 2023.
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.

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income (Loss)
Beginning Balance (shares) at Dec. 31, 2022			85,204,006
Beginning Balance at Dec. 31, 2022		$ 4,052		$ 1,453	$ 3,142	$ (543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 412	412			412
Other comprehensive loss		32				32
Dividends		(448)			(448)
Shares issued:
Exercise of stock options (shares)			77,401
Exercise of stock options		3		3
Restricted stock awards (shares)			165,513
Other benefit plans (shares)			46,287
Other benefit plans		6		6
Dividend reinvestment plan (shares)			12,463
Dividend reinvestment plan		2		2
Stock-based compensation expense		9		9
Shares acquired and retired (shares)			(574,720)
Shares acquired and retired		(67)		(10)	(57)
Shares exchanged — benefit plans (shares)			(56,436)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock (shares)			(15,986)
Ending Balance (shares) at Jun. 30, 2023			84,858,528
Ending Balance at Jun. 30, 2023		3,993		1,462	3,042	(511)
Beginning Balance (shares) at Mar. 31, 2023			85,171,658
Beginning Balance at Mar. 31, 2023		3,941		1,459	2,933	(451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 200	200			200
Other comprehensive loss		(60)				(60)
Dividends		(54)			(54)
Shares issued:
Exercise of stock options (shares)			13,062
Exercise of stock options		0		0
Restricted stock awards (shares)			18,344
Other benefit plans (shares)			33,988
Other benefit plans		4		4
Dividend reinvestment plan (shares)			1,552
Dividend reinvestment plan		1		1
Stock-based compensation expense		4		4
Shares acquired and retired (shares)			(374,958)
Shares acquired and retired		(43)		(6)	(37)
Shares exchanged — benefit plans (shares)			(1,054)
Shares exchanged — benefit plans		0		0	0
Forfeitures of restricted stock (shares)			(4,064)
Ending Balance (shares) at Jun. 30, 2023			84,858,528
Ending Balance at Jun. 30, 2023		3,993		1,462	3,042	(511)
Beginning Balance (shares) at Dec. 31, 2023	83,635,807		83,635,807
Beginning Balance at Dec. 31, 2023		4,258		1,456	3,121	(319)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 451	451			451
Other comprehensive loss		(12)				(12)
Dividends		(328)			(328)
Shares issued:
Exercise of stock options (shares)			96,134
Exercise of stock options		4		4
Restricted stock awards (shares)			157,681
Other benefit plans (shares)			51,161
Other benefit plans		7		7
Dividend reinvestment plan (shares)			10,068
Dividend reinvestment plan		1		1
Stock-based compensation expense		9		9
Shares acquired and retired (shares)			0
Shares acquired and retired		0		0	0
Shares exchanged — benefit plans (shares)			(47,891)
Shares exchanged — benefit plans		(6)		(1)	(5)
Forfeitures of restricted stock (shares)			(5,693)
Ending Balance (shares) at Jun. 30, 2024	83,897,267		83,897,267
Ending Balance at Jun. 30, 2024		4,384		1,476	3,239	(331)
Beginning Balance (shares) at Mar. 31, 2024			83,857,354
Beginning Balance at Mar. 31, 2024		4,240		1,466	3,089	(315)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 209	209			209
Other comprehensive loss		(16)				(16)
Dividends		(59)			(59)
Shares issued:
Exercise of stock options (shares)			3,283
Restricted stock awards (shares)			0
Other benefit plans (shares)			35,357
Other benefit plans		5		5
Dividend reinvestment plan (shares)			1,815
Dividend reinvestment plan		0		0
Stock-based compensation expense		5		5
Shares acquired and retired (shares)			0
Shares acquired and retired		0		0	0
Shares exchanged — benefit plans (shares)			(21)
Shares exchanged — benefit plans				0	0
Forfeitures of restricted stock (shares)			(521)
Ending Balance (shares) at Jun. 30, 2024	83,897,267		83,897,267
Ending Balance at Jun. 30, 2024		$ 4,384		$ 1,476	$ 3,239	$ (331)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Statutory rate of income taxes	21.00%	21.00%	21.00%	21.00%
Effect of adjustment related to sale of subsidiary	$ 4	$ 0	$ 4	$ 0

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 10,573	$ 10,752
Fixed maturities, available for sale, allowance for expected credit losses	$ 10	$ 12
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized (shares)	200,000,000	200,000,000
Common Stock, shares outstanding (shares)	83,897,267	83,635,807

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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


	Three months ended June 30,								Six months ended June 30,
	2024				2023				2024				2023
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	271			$	255			$	575			$	519

Income taxes at statutory rate	$	57	21	%	$	54	21	%	$	121	21	%	$	109	21	%
Effect of:

Employee stock ownership plan dividend paid deduction	—		—	%	—		—	%	(2)		—	%	(3)		(1	%)
Stock-based compensation	—		—	%	—		—	%	(2)		—	%	(2)		—	%
Tax exempt interest	(1)		—	%	(1)		—	%	(2)		(1	%)	(2)		—	%

Dividends received deduction	(1)		—	%	—		—	%	(1)		—	%	(1)		—	%
Nondeductible expenses	2		1	%	2		1	%	4		1	%	5		1	%
Adjustment related to sale of subsidiary	4		1	%	—		—	%	4		1	%	—		—	%
Foreign operations	—		—	%	2		1	%	—		—	%	4		1	%

Other	1		—	%	(2)		(1	%)	2		—	%	(3)		(1	%)
Provision for income taxes as shown in the statement of earnings	$	62	23	%	$	55	22	%	$	124	22	%	$	107	21	%

In the second quarter of 2024, AFG recorded $4 million in net tax expense related to a pending IRS settlement regarding the sale of a subsidiary in a prior year.

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 2024. 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.

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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Managed Investment Entities

6 Months Ended

Jun. 30, 2024

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 13.3% to 100% of the most subordinate debt tranche of fourteen 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 2024, 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 $159 million (including $146 million invested in the most subordinate tranches) at June 30, 2024.

In the first six months of 2024, AFG formed two new CLOs, which issued an aggregate $813 million face amount of liabilities (including $73 million face amount purchased by AFG). In March 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG).

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	169	$	119	$	137	$	112
Purchases	34		—		62		11
Sales	(40)		—		(40)		—
Distributions	(11)		(7)		(20)		(12)
Change in fair value	5		5		18		6
Change in accrued interest	1		—		1		—
Balance at end of period (*)	$	158	$	117	$	158	$	117

(*)Excludes $19 million invested in a temporary warehousing entity at June 30, 2023 that was established to provide AFG the ability to form a new CLO.

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):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Gains (losses) on change in fair value of assets/liabilities (*):
Assets	$	(15)	$	32	$	(3)	$	66
Liabilities	19		(32)		17		(70)
Management fees paid to AFG	3		4		6		8
CLO earnings attributable to AFG	9		5		23		6

(*)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 at both June 30, 2024 and December 31, 2023. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $276 million and $253 million at those dates, respectively. The CLO assets include loans with an aggregate fair value of $8 million at June 30, 2024 and $7 million at December 31, 2023, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $16 million at June 30, 2024 and $13 million at December 31, 2023).

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 $1.46 billion at June 30, 2024 and $1.69 billion at December 31, 2023.

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,121	$ 1,225
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,573 and $10,752; allowance for expected credit losses of $10 and $12)	10,196	10,377
Fixed maturities, trading at fair value	65	57
Equity securities, at fair value	1,077	1,018
Investments accounted for using the equity method	1,882	1,814
Mortgage loans	773	643
Real estate and other investments	147	129
Total cash and investments	15,261	15,263
Recoverables from reinsurers	4,157	4,477
Prepaid reinsurance premiums	1,143	961
Agents’ balances and premiums receivable	1,909	1,471
Deferred policy acquisition costs	328	309
Assets of managed investment entities	4,695	4,484
Other receivables	758	1,171
Other assets	1,357	1,346
Goodwill	305	305
Total assets	29,913	29,787
Liabilities and Equity:
Unearned premiums	3,816	3,451
Payable to reinsurers	1,176	1,186
Liabilities of managed investment entities	4,536	4,307
Long-term debt	1,475	1,475
Other liabilities	1,919	2,023
Total liabilities	25,529	25,529
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,897,267 and 83,635,807 shares outstanding	84	84
Capital surplus	1,392	1,372
Retained earnings	3,239	3,121
Accumulated other comprehensive income (loss), net of tax	(331)	(319)
Total shareholders’ equity	4,384	4,258
Total liabilities and shareholders’ equity	29,913	29,787
Property and casualty insurance
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$ 12,607	$ 13,087	$ 11,925	$ 11,974

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Less reinsurance recoverables, net of allowance	$ 4,288	$ 3,767
Net liability at beginning of year	8,799	8,207
Provision for losses and LAE occurring in the current period	1,934	1,850
Net decrease in the provision for claims of prior years	(85)	(125)
Total losses and LAE incurred	1,849	1,725
Payments for losses and LAE of:
Current year	(425)	(338)
Prior years	(1,533)	(1,345)
Total payments	(1,958)	(1,683)
Foreign currency translation and other	(1)	0
Net liability at end of period	8,689	8,249
Add back reinsurance recoverables, net of allowance	$ 3,918	$ 3,676

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (15)	$ (7)
Fair value - less than twelve months	$ 1,177	$ 428
Fair value as percentage of cost - less than twelve months	99.00%	98.00%
Unrealized Loss - twelve months or more	$ (438)	$ (463)
Fair Value - twelve months or more	$ 5,113	$ 5,999
Fair value as percentage of cost - twelve months or more	92.00%	93.00%
U.S. government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 33	$ 11
Fair value as percentage of cost - less than twelve months	100.00%	100.00%
Unrealized Loss - twelve months or more	$ (6)	$ (8)
Fair Value - twelve months or more	$ 130	$ 191
Fair value as percentage of cost - twelve months or more	96.00%	96.00%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (5)	$ (1)
Fair value - less than twelve months	$ 179	$ 76
Fair value as percentage of cost - less than twelve months	97.00%	99.00%
Unrealized Loss - twelve months or more	$ (48)	$ (37)
Fair Value - twelve months or more	$ 530	$ 526
Fair value as percentage of cost - twelve months or more	92.00%	93.00%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ 0
Fair value - less than twelve months	$ 73	$ 0
Fair value as percentage of cost - less than twelve months	99.00%	0.00%
Unrealized Loss - twelve months or more	$ (3)	$ (7)
Fair Value - twelve months or more	$ 145	$ 207
Fair value as percentage of cost - twelve months or more	98.00%	97.00%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (2)	$ (1)
Fair value - less than twelve months	$ 190	$ 42
Fair value as percentage of cost - less than twelve months	99.00%	98.00%
Unrealized Loss - twelve months or more	$ (161)	$ (154)
Fair Value - twelve months or more	$ 962	$ 1,089
Fair value as percentage of cost - twelve months or more	86.00%	88.00%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 5	$ 0
Fair value as percentage of cost - less than twelve months	100.00%	0.00%
Unrealized Loss - twelve months or more	$ 0	$ (1)
Fair Value - twelve months or more	$ 39	$ 61
Fair value as percentage of cost - twelve months or more	100.00%	98.00%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 26	$ 25
Fair value as percentage of cost - less than twelve months	100.00%	100.00%
Unrealized Loss - twelve months or more	$ (19)	$ (28)
Fair Value - twelve months or more	$ 326	$ 807
Fair value as percentage of cost - twelve months or more	94.00%	97.00%
Other asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 124	$ 151
Fair value as percentage of cost - less than twelve months	99.00%	99.00%
Unrealized Loss - twelve months or more	$ (94)	$ (119)
Fair Value - twelve months or more	$ 1,530	$ 1,663
Fair value as percentage of cost - twelve months or more	94.00%	93.00%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (6)	$ (4)
Fair value - less than twelve months	$ 547	$ 123
Fair value as percentage of cost - less than twelve months	99.00%	97.00%
Unrealized Loss - twelve months or more	$ (107)	$ (109)
Fair Value - twelve months or more	$ 1,451	$ 1,455
Fair value as percentage of cost - twelve months or more	93.00%	93.00%

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities: - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 0	$ 2
Gross losses	$ (4)	$ (27)

Investments - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 461	$ 418
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	94.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	95.00%
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	90.00%	92.00%
Fixed maturities:
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 453	$ 470
Number of fixed maturity securities in an unrealized loss position \| security	1,450

- 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

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3.

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

AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, 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
June 30, 2024
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. government and government agencies	$	176	$	—	$	—	$	176
States, municipalities and political subdivisions	—		866		2		868
Foreign government	—		231		—		231
Residential MBS	—		1,661		2		1,663
Commercial MBS	—		70		—		70
Collateralized loan obligations	—		1,458		1		1,459
Other asset-backed securities	—		2,023		340		2,363
Corporate and other	11		2,944		411		3,366
Total AFS fixed maturities	187		9,253		756		10,196
Trading fixed maturities	—		53		12		65
Equity securities	435		40		602		1,077
Assets of managed investment entities (“MIE”)	558		4,125		12		4,695
Other assets — derivatives	—		1		—		1
Total assets accounted for at fair value	$	1,180	$	13,472	$	1,382	$	16,034
Liabilities:
Contingent consideration — acquisitions	$	—	$	—	$	2	$	2
Liabilities of managed investment entities	539		3,985		12		4,536
Other liabilities — derivatives	—		26		—		26
Total liabilities accounted for at fair value	$	539	$	4,011	$	14	$	4,564

December 31, 2023
Assets:
Available for sale 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	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

Approximately 9% of the total assets carried at fair value at June 30, 2024, were Level 3 assets. Approximately 8% ($119 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% ($8 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 32%

($440 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 59% ($815 million) of the total fair value of Level 3 assets at June 30, 2024. Approximately 71% ($577 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 20% ($159 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 March 31, 2024		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(1)		4		9		(7)		—		—		340
Corporate and other	402		—		1		15		(6)		—		(1)		411
Total AFS fixed maturities	742		(1)		5		24		(13)		—		(1)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	545		15		—		48		(6)		—		—		602
Assets of MIE	10		(1)		—		3		—		—		—		12
Total Level 3 assets	$	1,297	$	13	$	5	$	87	$	(19)	$	—	$	(1)	$	1,382

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


			Total realized/unrealized gains (losses) included in
	Balance at March 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	5		—		—		—		—		—		—		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	335		(2)		—		3		(26)		31		(20)		321
Corporate and other	359		(4)		8		12		(2)		2		(6)		369
Total AFS fixed maturities	705		(6)		8		15		(28)		33		(26)		701
Equity securities	411		10		—		30		(3)		—		—		448
Assets of MIE	12		(1)		—		—		—		—		—		11
Total Level 3 assets	$	1,128	$	3	$	8	$	45	$	(31)	$	33	$	(26)	$	1,160

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


			Total realized/unrealized gains (losses) included in
	Balance at December 31, 2023		Net earnings (loss)		Other comprehensive income (loss)		Purchases and issuances		Sales and settlements		Transfer into Level 3		Transfer out of Level 3		Balance at June 30, 2024
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	2		—		—		—		—		—		—		2
Residential MBS	2		—		—		—		—		—		—		2
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	1		—		—		—		—		—		—		1
Other asset-backed securities	351		(1)		4		24		(12)		—		(26)		340
Corporate and other	380		(1)		1		48		(12)		—		(5)		411
Total AFS fixed maturities	736		(2)		5		72		(24)		—		(31)		756
Trading fixed maturities	—		—		—		12		—		—		—		12
Equity securities	485		35		—		90		(8)		—		—		602
Assets of MIE	9		(2)		—		5		—		—		—		12
Total Level 3 assets	$	1,230	$	31	$	5	$	179	$	(32)	$	—	$	(31)	$	1,382

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


			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 June 30, 2023
AFS fixed maturities:
U.S. government agency	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	5		—		—		—		—		—		—		5
Residential MBS	9		—		—		—		(3)		4		(5)		5
Commercial MBS	—		—		—		—		—		—		—		—
Collateralized loan obligations	2		—		—		—		—		—		(1)		1
Other asset-backed securities	329		(2)		4		10		(31)		31		(20)		321
Corporate and other	319		1		10		56		(13)		2		(6)		369
Total AFS fixed maturities	664		(1)		14		66		(47)		37		(32)		701
Equity securities	427		7		—		61		(25)		—		(22)		448
Assets of MIE	11		(2)		—		2		—		—		—		11
Total Level 3 assets	$	1,102	$	4	$	14	$	129	$	(72)	$	37	$	(54)	$	1,160

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

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 are summarized below (in millions):


	Carrying Value		Fair Value
			Total		Level 1		Level 2		Level 3
June 30, 2024
Financial assets:
Cash and cash equivalents	$	1,121	$	1,121	$	1,121	$	—	$	—
Mortgage loans	773		726		—		—		726
Total financial assets not accounted for at fair value	$	1,894	$	1,847	$	1,121	$	—	$	726

Long-term debt	$	1,475	$	1,324	$	—	$	1,321	$	3
Total financial liabilities not accounted for at fair value	$	1,475	$	1,324	$	—	$	1,321	$	3

December 31, 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

- 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

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-Topic 820
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-Section 55
-Paragraph 107
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-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounting Policies	6 Months Ended
Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to June 30, 2024, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first six months of 2024. 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 G — “Managed Investment Entities”). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Unpaid Losses and Loss Adjustment Expenses The 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. At June 30, 2024 AFG has a $227 million lease liability included in other liabilities and a lease right-of-use asset of $206 million included in other assets compared to $198 million and $176 million, respectively, at December 31, 2023. Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense. Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur. Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: second quarter of 2024 and 2023 — none and 0.1 million; first six months of both 2024 and 2023 — 0.1 million. There were no anti-dilutive potential common shares for the second quarter or the first six months of 2024 or 2023. 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.

Insurance

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Insurance

Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2024 and 2023 (in millions):


	Six months ended June 30,
	2024		2023
Balance at beginning of year	$	13,087	$	11,974
Less reinsurance recoverables, net of allowance	4,288		3,767
Net liability at beginning of year	8,799		8,207
Provision for losses and LAE occurring in the current period	1,934		1,850


Net decrease in the provision for claims of prior years	(85)		(125)
Total losses and LAE incurred	1,849		1,725
Payments for losses and LAE of:
Current year	(425)		(338)
Prior years	(1,533)		(1,345)
Total payments	(1,958)		(1,683)
Foreign currency translation and other	(1)		—
Net liability at end of period	8,689		8,249
Add back reinsurance recoverables, net of allowance	3,918		3,676
Gross unpaid losses and LAE included in the balance sheet at end of period	$	12,607	$	11,925

The net decrease in the provision for claims of prior years during the first six months of 2024 reflects (i) lower than anticipated losses in the crop business and lower than expected claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than expected claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the fidelity 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 excess liability business and higher than expected claim frequency and severity in the social services business (within the Specialty casualty sub-segment), (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment) and (iii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty).

The net decrease in the provision for claims of prior years during the first six months of 2023 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency and severity in the trucking business and lower than anticipated claim frequency 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, 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 and financial institutions businesses and lower than expected claim frequency and severity in the surety business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector and excess liability businesses (within the Specialty casualty sub-segment).

Recoverables from Reinsurers and Premiums Receivable Progressions of the 2024 and 2023 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):


	Recoverables from Reinsurers				Premiums Receivable
	2024		2023		2024		2023
Balance at March 31	$	10	$	9	$	15	$	8

Provision (credit) for expected credit losses	—		—		4		1
Write-offs charged against the allowance	—		—		(1)		—
Balance at June 30	$	10	$	9	$	18	$	9

Balance at December 31	$	10	$	8	$	15	$	8

Provision (credit) for expected credit losses	—		1		4		1
Write-offs charged against the allowance	—		—		(1)		—
Balance at June 30	$	10	$	9	$	18	$	9

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial liabilities, Beginning Balance	$ (2)	$ (25)	$ (2)	$ (25)
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	(2)	(25)	(2)	(25)
Contingent consideration — acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial liabilities, Beginning Balance	(2)	(25)	(2)	(25)
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	$ (2)	$ (25)	$ (2)	$ (25)

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 10,573		$ 10,752
Fixed maturities, available for sale, allowance for expected credit losses	10	$ 11	12	$ 16	$ 16	$ 11
Available for sale (AFS) fixed maturities	10,196		10,377
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	10,573		10,752
Fixed maturities, available for sale, allowance for expected credit losses	10		12
Fixed maturities, available for sale, gross unrealized, gains	86		107
Fixed maturities, available for sale, gross unrealized, losses	(453)		(470)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(367)		(363)
Available for sale (AFS) fixed maturities	10,196		10,377
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	182		243
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		1
Fixed maturities, available for sale, gross unrealized, losses	(6)		(8)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(6)		(7)
Available for sale (AFS) fixed maturities	176		236
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	917		1,014
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	4		8
Fixed maturities, available for sale, gross unrealized, losses	(53)		(38)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(49)		(30)
Available for sale (AFS) fixed maturities	868		984
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	234		236
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	1		1
Fixed maturities, available for sale, gross unrealized, losses	(4)		(7)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(3)		(6)
Available for sale (AFS) fixed maturities	231		230
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,805		1,788
Fixed maturities, available for sale, allowance for expected credit losses	1		1
Fixed maturities, available for sale, gross unrealized, gains	22		26
Fixed maturities, available for sale, gross unrealized, losses	(163)		(155)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(141)		(129)
Available for sale (AFS) fixed maturities	1,663		1,658
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	70		75
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	0		(1)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	0		(1)
Available for sale (AFS) fixed maturities	70		74
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,467		1,709
Fixed maturities, available for sale, allowance for expected credit losses	3		3
Fixed maturities, available for sale, gross unrealized, gains	14		9
Fixed maturities, available for sale, gross unrealized, losses	(19)		(28)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(5)		(19)
Available for sale (AFS) fixed maturities	1,459		1,687
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,450		2,477
Fixed maturities, available for sale, allowance for expected credit losses	6		5
Fixed maturities, available for sale, gross unrealized, gains	14		10
Fixed maturities, available for sale, gross unrealized, losses	(95)		(120)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(81)		(110)
Available for sale (AFS) fixed maturities	2,363		2,362
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	3,448		3,210
Fixed maturities, available for sale, allowance for expected credit losses	0	$ 0	3	$ 5	$ 5	$ 1
Fixed maturities, available for sale, gross unrealized, gains	31		52
Fixed maturities, available for sale, gross unrealized, losses	(113)		(113)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(82)		(61)
Available for sale (AFS) fixed maturities	$ 3,366		$ 3,146

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 10	$ 9	$ 10	$ 8
Provision (credit) for expected credit losses	0	0	0	1
Write-offs charged against the allowance	0	0	0	0
Ending Balance	$ 10	$ 9	$ 10	$ 9

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (USD per share)	$ 0.71	$ 0.63	$ 3.92	$ 5.26

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

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


	June 30, 2024						December 31, 2023
	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	$	567	$	(1)	$	566
5.25% Senior Notes due April 2030	253		(4)		249		253		(4)		249
Other	3		—		3		3		—		3
	823		(5)		818		823		(5)		818

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		(5)		195
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		(18)		657
	$	1,498	$	(23)	$	1,475	$	1,498	$	(23)	$	1,475

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Variable Interest Entity, Ownership [Roll Forward]
Balance at beginning of period of ownership of CLO tranches	$ 169	$ 119	$ 137	$ 112
Purchases	34	0	62	11
Sales	(40)	0	(40)	0
Distributions	(11)	(7)	(20)	(12)
Change in fair value	5	5	18	6
Change in accrued interest	1	0	1	0
Balance at end of period of ownership of CLO tranches	$ 158	$ 117	$ 158	$ 117

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Other assets	$ 60	$ 87
Derivative liability	26	22
Interest rate swaps \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	0	1
Derivative liability	$ 26	$ 22
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 \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	$ 59	$ 81
Derivative liability	$ 0	0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities
Total return swap \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	$ 1	5
Derivative liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note N — “Contingencies” of AFG’s 2023 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of subsidiaries’ former railroad and manufacturing operations.

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.			$ (17)
Interest rate swaps \| Designated as hedging instrument \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (7)	$ (7)	(14)	$ (12)
Interest rate swaps \| Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,190		1,190		$ 1,300
Collateral receivable supporting swaps	47		47		48
Total return swap \| Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability to return collateral related to swaps	$ 1		$ 1		$ 5

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
Segments of Operations - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2024 segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of segments \| segment		2
Other \| Operating Segments
Segment Reporting Information [Line Items]
Gain (loss) on retirement of debt \| $	$ (1)		$ 1

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ (15)	$ 32	$ (3)	$ 66
Liabilities	19	(32)	17	(70)
Management fees paid to AFG	3	4	6	8
Variable interest entity, primary beneficiary
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings attributable to AFG	$ 9	$ 5	$ 23	$ 6

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance			$ (319)
Other comprehensive income (loss), pretax	$ (18)	$ (77)	(13)	$ 40
Other comprehensive income (loss), tax	2	17	1	(8)
Other comprehensive income (loss), net of tax	(16)	(60)	(12)	32
AOCI ending balance	(331)		(331)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	(16)	(66)	(10)	12
Unrealized holding gains (losses) on securities arising during the period, tax	3	14	2	(3)
Unrealized holding gains (losses) on securities arising during the period, after tax	(13)	(52)	(8)	9
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	1	2	6	31
Reclassification adjustment for realized (gains) losses included in net earnings, tax	0	(1)	(1)	(7)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	1	1	5	24
Total net unrealized gains (losses) on securities, pretax	(15)	(64)	(4)	43
Total net unrealized gains (losses) on securities, tax	3	13	1	(10)
Total net unrealized gains (losses) on securities	(12)	(51)	(3)	33
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(5)	(21)	(18)	(16)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	1	4	4	3
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(4)	(17)	(14)	(13)
Reclassification adjustment for investment income included in net earnings, pretax	7	6	14	11
Reclassification adjustment for investment income included in net earnings, tax	(1)	(1)	(3)	(2)
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	6	5	11	9
Total net unrealized gains (losses) on cash flow hedges, pretax	2	(15)	(4)	(5)
Total net unrealized gains (losses) on cash flow hedges, tax	0	3	1	1
Total net unrealized gains (losses) on cash flow hedges	2	(12)	(3)	(4)
Foreign currency translation adjustments, pretax	(5)	2	(5)	2
Foreign currency translation adjustments, tax	(1)	1	(1)	1
Foreign currency translation adjustments, after tax	(6)	3	(6)	3
Total pension and OPRP adjustments, pretax	0	0	0	0
Total pension and OPRP adjustments, tax	0	0	0	0
Total pension and OPRP adjustments, after Tax	0	0	0	0
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(315)	(451)	(319)	(543)
AOCI ending balance	(331)	(511)	(331)	(511)
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(278)	(413)	(287)	(497)
AOCI ending balance	(290)	(464)	(290)	(464)
Accumulated gain (loss), net, cash flow hedge, parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(22)	(21)	(17)	(29)
AOCI ending balance	(20)	(33)	(20)	(33)
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(17)	(20)	(17)	(20)
AOCI ending balance	(23)	(17)	(23)	(17)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	2	3	2	3
AOCI ending balance	$ 2	$ 3	$ 2	$ 3

Acquisition of Business - Narrative (Details) - Crop Risk Services - USD ($) $ in Millions	Jul. 03, 2023	Jun. 30, 2024
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 234
Net tangible assets acquired, at fair value	24
Acquisition expenses incurred	3
Goodwill recorded	85
Amount of goodwill expected to be tax deductible	79
Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life		14 years
Crop year 2022
Business Acquisition [Line Items]
Gross written premiums	$ 1,200

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 271	$ 255	$ 575	$ 519
Income taxes at statutory rate	57	54	121	109
Effect of ESOP dividend paid deduction	0	0	(2)	(3)
Effect of stock-based compensation	0	0	(2)	(2)
Effect of tax exempt interest	(1)	(1)	(2)	(2)
Effect of dividends received deduction	(1)	0	(1)	(1)
Effect of nondeductible expenses	2	2	4	5
Effect of adjustment related to sale of subsidiary	4	0	4	0
Effect of foreign operations	0	2	0	4
Effect of other income	1	(2)	2	(3)
Provision for income taxes	$ 62	$ 55	$ 124	$ 107
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%	21.00%
Effect of ESOP dividend paid deduction as a percentage of EBT	0.00%	0.00%	0.00%	(1.00%)
Effect of stock-based compensation as a percentage of EBT	0.00%	0.00%	0.00%	0.00%
Effect of tax exempt interest as a percentage of EBT	0.00%	0.00%	(1.00%)	0.00%
Effect of dividends received deduction as a percentage of EBT	0.00%	0.00%	0.00%	0.00%
Effect of nondeductible expenses as a percentage of EBT	1.00%	1.00%	1.00%	1.00%
Effect of adjustment related to sale of subsidiary as a percentage of EBT	1.00%	0.00%	1.00%	0.00%
Effect of foreign operations as a percentage of EBT	0.00%	1.00%	0.00%	1.00%
Effect of other income tax reconciliation as a percentage of EBT	0.00%	(1.00%)	0.00%	(1.00%)
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	23.00%	22.00%	22.00%	21.00%

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Investment income	$ 193	$ 203	$ 397	$ 425
Equity in earnings of partnerships and similar investments	14	28	39	85
Investment expenses	(5)	(5)	(11)	(10)
Net investment income	188	198	386	415
Fixed maturities: \| Net investment income
Net Investment Income [Line Items]
Investment income	136	124	270	243
Fixed maturities: \| Net investment income
Net Investment Income [Line Items]
Change in fair value of fixed maturity securities	0	7	0	10
Equity securities \| Net investment income
Net Investment Income [Line Items]
Dividends	7	9	14	18
Change in fair value of equity securities	9	13	25	29
Other
Net Investment Income [Line Items]
Investment income	$ 27	$ 22	$ 49	$ 40

Insurance (Tables)

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

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

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first six months of 2024 and 2023 (in millions):


	Six months ended June 30,
	2024		2023
Balance at beginning of year	$	13,087	$	11,974
Less reinsurance recoverables, net of allowance	4,288		3,767
Net liability at beginning of year	8,799		8,207
Provision for losses and LAE occurring in the current period	1,934		1,850


Net decrease in the provision for claims of prior years	(85)		(125)
Total losses and LAE incurred	1,849		1,725
Payments for losses and LAE of:
Current year	(425)		(338)
Prior years	(1,533)		(1,345)
Total payments	(1,958)		(1,683)
Foreign currency translation and other	(1)		—
Net liability at end of period	8,689		8,249
Add back reinsurance recoverables, net of allowance	3,918		3,676
Gross unpaid losses and LAE included in the balance sheet at end of period	$	12,607	$	11,925

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the 2024 and 2023 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):


	Recoverables from Reinsurers				Premiums Receivable
	2024		2023		2024		2023
Balance at March 31	$	10	$	9	$	15	$	8

Provision (credit) for expected credit losses	—		—		4		1
Write-offs charged against the allowance	—		—		(1)		—
Balance at June 30	$	10	$	9	$	18	$	9

Balance at December 31	$	10	$	8	$	15	$	8

Provision (credit) for expected credit losses	—		1		4		1
Write-offs charged against the allowance	—		—		(1)		—
Balance at June 30	$	10	$	9	$	18	$	9

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Mortgage loans	$ 773	$ 643
Long-term debt	1,475	1,475
Level 1
Financial assets:
Cash and cash equivalents	1,121	1,225
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,121	1,225
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	1,321	1,342
Total financial liabilities not accounted for at fair value	1,321	1,342
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	726	596
Total financial assets not accounted for at fair value	726	596
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,121	1,225
Mortgage loans	773	643
Total financial assets not accounted for at fair value	1,894	1,868
Long-term debt	1,475	1,475
Total financial liabilities not accounted for at fair value	1,475	1,475
Fair Value
Financial assets:
Cash and cash equivalents	1,121	1,225
Mortgage loans	726	596
Total financial assets not accounted for at fair value	1,847	1,821
Long-term debt	1,324	1,345
Total financial liabilities not accounted for at fair value	$ 1,324	$ 1,345