American Financial (AFG) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 01, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Entity Central Index Key	1,042,046
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4.9
Entity Common Stock, Shares Outstanding		86,591,708

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 1,220	$ 1,343
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $31,565 and $29,074)	32,284	30,734
Fixed maturities, trading at fair value	254	266
Equity securities, available for sale at fair value (cost — $1,469 and $1,283)	1,553	1,501
Equity securities, trading at fair value	166	195
Mortgage loans	1,067	1,117
Policy loans	201	228
Real estate and other investments	991	826
Total cash and investments	37,736	36,210
Recoverables from reinsurers	2,636	3,238
Prepaid reinsurance premiums	480	469
Agents’ balances and premiums receivable	937	889
Deferred policy acquisition costs	1,184	821
Assets of managed investment entities	4,047	3,108
Other receivables	820	910
Variable annuity assets (separate accounts)	608	662
Other assets	1,212	1,027
Goodwill	199	201
Total assets	49,859	47,535
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	8,127	7,872
Unearned premiums	2,060	1,956
Annuity benefits accumulated	26,622	23,764
Life, accident and health reserves	705	2,175
Payable to reinsurers	591	645
Liabilities of managed investment entities	3,781	2,819
Long-term debt	1,020	1,061
Variable annuity liabilities (separate accounts)	608	662
Other liabilities	1,575	1,527
Total liabilities	45,089	42,481
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 87,474,452 and 87,708,793 shares outstanding	87	88
Capital surplus	1,214	1,152
Retained earnings:
Appropriated — managed investment entities	0	(2)
Unappropriated	2,987	2,914
Accumulated other comprehensive income, net of tax	304	727
Total shareholders’ equity	4,592	4,879
Noncontrolling interests	178	175
Total equity	4,770	5,054
Total liabilities and equity	$ 49,859	$ 47,535

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Fixed maturities, available for sale at amortized cost	$ 31,565	$ 29,074
Equity securities, available for sale at cost	$ 1,469	$ 1,283
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	87,474,452	87,708,793

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Property and casualty insurance net earned premiums	$ 4,224	$ 3,878	$ 3,204
Life, accident and health net earned premiums	104	108	114
Net investment income	1,633	1,501	1,346
Realized gains (losses) on:
Securities	(19)	52	221
Subsidiaries	(161)	0	(4)
Income (loss) of managed investment entities:
Investment income	155	116	128
Loss on change in fair value of assets/liabilities	(34)	(44)	(14)
Other income	243	122	108
Total revenues	6,145	5,733	5,103
Costs and Expenses:
Property and casualty insurance: Losses and loss adjustment expenses	2,695	2,494	2,040
Property and casualty insurance: Commissions and other underwriting expenses	1,320	1,172	1,019
Annuity benefits	732	648	531
Life, accident and health benefits	131	164	160
Annuity and supplemental insurance acquisition expenses	179	193	178
Interest charges on borrowed money	74	73	71
Expenses of managed investment entities	112	82	89
Other expenses	337	281	326
Total costs and expenses	5,580	5,107	4,414
Earnings before income taxes	565	626	689
Provision for income taxes	195	220	236
Net earnings, including noncontrolling interests	370	406	453
Less: Net earnings (loss) attributable to noncontrolling interests	18	(46)	(18)
Net Earnings Attributable to Shareholders	$ 352	$ 452	$ 471
Earnings Attributable to Shareholders per Common Share:
Basic (USD per share)	$ 4.02	$ 5.07	$ 5.27
Diluted (USD per share)	$ 3.94	$ 4.97	$ 5.16
Average number of Common Shares:
Basic (shares)	87.6	89	89.3
Diluted (shares)	89.4	91	91.2
Cash dividends per Common Share (USD per share)	$ 2.03	$ 1.91	$ 1.805
Supplemental disclosure of Realized gains (losses) on securities:
Realized gains before impairments	$ 106	$ 88	$ 233
Losses on securities with impairment	(125)	(36)	(14)
Non-credit portion recognized in other comprehensive income (loss)	0	0	2
Impairment charges recognized in earnings	(125)	(36)	(12)
Total realized gains (losses) on securities	$ (19)	$ 52	$ 221

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 370	$ 406	$ 453
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(406)	216	(122)
Reclassification adjustment for realized (gains) losses included in net earnings	9	(33)	(144)
Reclassification for unrealized gains of subsidiaries sold	(22)	0	0
Total net unrealized gains (losses) on securities	(419)	183	(266)
Net unrealized gains on cash flow hedges	1	0	0
Foreign currency translation adjustments	(14)	(9)	(13)
Pension and other postretirement plans adjustments	1	(4)	2
Other comprehensive income (loss), net of tax	(431)	170	(277)
Total comprehensive income (loss), net of tax	(61)	576	176
Less: Comprehensive income (loss) attributable to noncontrolling interests	10	(43)	(24)
Comprehensive income (loss) attributable to shareholders	$ (71)	$ 619	$ 200

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings Approp.	Retained Earnings Unapprop.	Accumulated Other Comprehensive Inc. (Loss)	Noncontrolling Interests
Beginning Balance, shares at Dec. 31, 2012			88,979,303
Beginning Balance at Dec. 31, 2012	$ 4,748	$ 4,578		$ 1,152	$ 75	$ 2,520	$ 831	$ 170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	453	471				471		(18)
Other comprehensive income (loss)	(277)	(271)					(271)	(6)
Allocation of losses of managed investment entities	0	(26)			(26)			26
Dividends on Common Stock	(161)	(161)				(161)
Shares issued:
Exercise of stock options, shares			1,625,023
Exercise of stock options	53	53		53
Other benefit plans, shares			388,043
Other benefit plans	7	7		7
Dividend reinvestment plan, shares			28,147
Dividend reinvestment plan	2	2		2
Stock-based compensation expense	19	19		19
Shares acquired and retired, shares			(1,448,156)
Shares acquired and retired	(70)	(70)		(19)		(51)
Shares exchanged - benefit plans, shares			(58,974)
Shares exchanged - benefit plans	(3)	(3)		(1)		(2)
Other	(2)					0		(2)
Ending Balance, shares at Dec. 31, 2013			89,513,386
Ending Balance at Dec. 31, 2013	4,769	4,599		1,213	49	2,777	560	170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	406	452				452		(46)
Other comprehensive income (loss)	170	167					167	3
Allocation of losses of managed investment entities	0	(51)			(51)			51
Dividends on Common Stock	(169)	(169)				(169)
Shares issued:
Exercise of stock options, shares			1,262,313
Exercise of stock options	45	45		45
Other benefit plans, shares			242,669
Other benefit plans	8	8		8
Dividend reinvestment plan, shares			27,238
Dividend reinvestment plan	2	2		2
Stock-based compensation expense	19	19		19
Shares acquired and retired, shares			(3,303,639)
Shares acquired and retired	(191)	(191)		(46)		(145)
Shares exchanged - benefit plans, shares			(33,174)
Shares exchanged - benefit plans	(2)	(2)		(1)		(1)
Other	$ (3)	0				0	0	(3)
Ending Balance, shares at Dec. 31, 2014	87,708,793		87,708,793
Ending Balance at Dec. 31, 2014	$ 5,054	4,879		1,240	(2)	2,914	727	175
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change for variable interest entities	2	2			2
Net earnings	370	352				352		18
Other comprehensive income (loss)	(431)	(423)					(423)	(8)
Dividends on Common Stock	$ (178)	(178)				(178)
Shares issued:
Exercise of stock options, shares	1,475,202		1,475,202
Exercise of stock options	$ 59	59		59
Other benefit plans, shares			282,811
Other benefit plans	7	7		7
Dividend reinvestment plan, shares			26,167
Dividend reinvestment plan	2	2		2
Stock-based compensation expense	21	21		21
Shares acquired and retired, shares			(1,955,186)
Shares acquired and retired	(126)	(126)		(27)		(99)
Shares exchanged - benefit plans, shares			(45,765)
Shares exchanged - benefit plans	(3)	(3)		(1)		(2)
Forfeitures of restricted stock, shares			(17,570)
Forfeitures of restricted stock	0	0		0
Other	$ (7)							(7)
Ending Balance, shares at Dec. 31, 2015	87,474,452		87,474,452
Ending Balance at Dec. 31, 2015	$ 4,770	$ 4,592		$ 1,301	$ 0	$ 2,987	$ 304	$ 178

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net earnings, including noncontrolling interests	$ 370	$ 406	$ 453
Adjustments:
Depreciation and amortization	132	144	142
Annuity benefits	732	648	531
Realized (gains) losses on investing activities	100	(58)	(230)
Net (purchases) sales of trading securities	10	(109)	2
Deferred annuity and life policy acquisition costs	(224)	(198)	(222)
Change in:
Reinsurance and other receivables	(10)	(199)	176
Other assets	(13)	(87)	(149)
Insurance claims and reserves	451	587	(200)
Payable to reinsurers	(54)	134	51
Other liabilities	27	(63)	280
Managed investment entities’ assets/liabilities	(190)	2	(98)
Other operating activities, net	26	15	24
Net cash provided by operating activities	1,357	1,222	760
Investing Activities:
Purchases of fixed maturities	(7,201)	(6,846)	(6,690)
Purchases of equity securities	(570)	(471)	(461)
Purchases of mortgage loans	(213)	(450)	(274)
Purchases of real estate, property and equipment	(102)	(47)	(52)
Purchases of businesses	0	(267)	0
Proceeds from maturities and redemptions of fixed maturities	3,333	2,988	3,236
Proceeds from repayments of mortgage loans	265	116	102
Proceeds from sales of fixed maturities	321	287	275
Proceeds from sales of equity securities	364	155	434
Proceeds from sales of real estate, property and equipment	117	14	34
Proceeds from sales of businesses	7	0	0
Cash and cash equivalents of businesses acquired (sold)	(49)	1,078	(5)
Managed investment entities:
Purchases of investments	(1,530)	(1,692)	(1,426)
Proceeds from sales and redemptions of investments	855	1,417	1,904
Other investing activities, net	(174)	99	8
Net cash used in investing activities	(4,577)	(3,619)	(2,915)
Financing Activities:
Annuity receipts	4,485	3,696	4,233
Annuity surrenders, benefits and withdrawals	(2,025)	(1,773)	(1,588)
Net transfers from variable annuity assets	43	43	32
Additional long-term borrowings	145	145	0
Reductions of long-term debt	(192)	(2)	(40)
Issuances of managed investment entities’ liabilities	1,026	1,400	1,192
Retirements of managed investment entities’ liabilities	(136)	(1,094)	(1,560)
Issuances of Common Stock	61	47	54
Repurchases of Common Stock	(126)	(191)	(70)
Cash dividends paid on Common Stock	(176)	(167)	(160)
Other financing activities, net	(8)	(3)	(4)
Net cash provided by (used in) financing activities	3,097	2,101	2,089
Net Change in Cash and Cash Equivalents	(123)	(296)	(66)
Cash and cash equivalents at beginning of year	1,343	1,639	1,705
Cash and cash equivalents at end of year	$ 1,220	$ 1,343	$ 1,639

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2015 , and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. 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. Other than the fair value measurements used in recording the loss on the sale of substantially all of its long-term care business in 2015 and the acquisition of Summit Holding Southeast, Inc. and its related companies in 2014 (see Note B — “ Acquisitions and Sale of Businesses ”), AFG did not have any significant nonrecurring fair value measurements of nonfinancial assets and liabilities in 2015 or 2014 . Investments Fixed maturity and equity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity and equity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage and policy loans are carried primarily at the aggregate unpaid balance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income instead of AOCI. AFG will be required to adopt this guidance effective January 1, 2018. Premiums and discounts on fixed maturity securities are amortized using the interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on securities) and the cost basis of that investment is reduced. If management can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. Both components are shown in the Statement of Earnings. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value. Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings, unless the derivatives are designated and qualify as highly effective cash flow hedges. Derivatives that do not qualify for hedge accounting under GAAP consist primarily of (i) components of certain fixed maturity securities (primarily interest-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related call options (included in other investments) designed to be consistent with the characteristics of the liabilities and used to mitigate the risk embedded in those annuity products. 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 and ineffectiveness will be measured on a retrospective and prospective basis. 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. Any hedge ineffectiveness is immediately recorded in current period 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 included in AFG’s portfolio of fixed maturity securities. For derivatives that are designated and qualify as highly effective fair value hedges, changes in the fair value of the derivative, along with changes in the fair value of the hedged item attributable to the hedged risk, are recognized in current period earnings. AFG has entered into an interest rate swap that qualifies as a highly effective fair value hedge to mitigate the interest rate risk associated with fixed-rate long-term debt by economically converting certain fixed-rate debt obligations to floating-rate obligations. Since the terms of the swap match the terms of the hedged debt, changes in the fair value of the swap are offset by changes in the fair value of the hedged debt attributable to changes in interest rates. Accordingly, the net impact on AFG’s current period earnings is that the interest expense associated with the hedged debt is effectively recorded at the floating rate. Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG’s property and casualty insurance subsidiaries report as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers as well as ceded premiums retained by AFG’s property and casualty insurance subsidiaries under contracts to fund ceded losses as they become due. AFG’s insurance subsidiaries also assume reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. An AFG subsidiary cedes life insurance policies to a third party on a funds withheld basis whereby the subsidiary retains the assets (securities) associated with the reinsurance contract. Interest is credited to the reinsurer based on the actual investment performance of the retained assets. This reinsurance contract is considered to contain an embedded derivative (that must be adjusted to fair value) because the yield on the payable is based on a specific block of the ceding company’s assets, rather than the overall creditworthiness of the ceding company. AFG determined that changes in the fair value of the underlying portfolio of fixed maturity securities is an appropriate measure of the value of the embedded derivative. The securities related to this contract are classified as “trading.” The adjustment to fair value on the embedded derivative offsets the investment income recorded on the adjustment to fair value of the related trading portfolio. 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 also includes capitalized costs associated with sales inducements offered to fixed annuity policyholders such as enhanced interest rates and premium and persistency bonuses. For the property and casualty companies, DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses 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. DPAC related to annuities is deferred to the extent deemed recoverable and amortized, with interest, in relation to the present value of actual and expected gross profits on the policies. Expected gross profits consist principally of estimated future investment margin (estimated future net investment income less interest credited on policyholder funds) and surrender, mortality, and other life and annuity policy charges, less death, annuitization and guaranteed withdrawal benefits in excess of account balances and estimated future policy administration expenses. To the extent that realized gains and losses result in adjustments to the amortization of DPAC related to annuities, such adjustments are reflected as components of realized gains (losses) on securities. DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. See “ Life, Accident and Health Reserves ” below for details on the impact of loss recognition on the accounting for traditional life and health insurance contracts. DPAC includes the present value of future profits on business in force of annuity and life, accident and health insurance companies acquired (“PVFP”). PVFP represents the portion of the costs to acquire companies that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. PVFP is amortized with interest in relation to expected gross profits of the acquired policies for annuities and universal life products and in relation to the premium paying period for traditional life and health insurance products. DPAC and certain other balance sheet amounts related to annuity, long-term care and life businesses are also adjusted, net of tax, for the change in expense that would have been recorded if the unrealized gains (losses) from securities had actually been realized. These adjustments are included in unrealized gains (losses) on marketable securities, a component of AOCI in AFG’s Balance Sheet. Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note H — “ Managed Investment Entities ” ). Both the management fees (payment of which is subordinate to other obligations of the CLOs) and the investments in the CLOs are considered variable interests. AFG has determined that it is the primary beneficiary of the CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) it has exposure to CLO losses (through its investments in the CLO debt tranches) and the right to receive benefits (through its subordinated management fees and returns on its investments), both of which could potentially be significant to the CLOs. In February 2015, the FASB issued ASU 2015-02, which amends certain consolidation accounting guidance, including the VIE guidance that applies to collateralized financing entities such as CLOs. The new guidance, which AFG intends to adopt effective January 1, 2016, will affect how fee arrangements with CLO asset managers impact the determination of the primary beneficiary of these entities. Due to the significance of AFG’s investments in the CLOs that it manages, management does not expect the new guidance to impact the consolidation of its currently outstanding CLOs. The new guidance also impacts the consolidation analysis that applies to limited partnerships and similar entities. Management does not expect this guidance to impact the accounting for AFG’s existing investments in those entities. 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. Effective January 1, 2015, AFG adopted (on a modified retrospective basis) ASU 2014-13, which addresses the diversity in practice regarding the accounting for assets and liabilities of a consolidated collateralized financing entity (such as a CLO) when an election has been made to account for that entity’s assets and liabilities at fair value. 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. Under the new guidance, AFG has elected to 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 continue to be measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Prior to the adoption of ASU 2014-13, measuring both the CLO assets and CLO liabilities at separately determined fair values resulted in a difference between the carrying value of the CLO assets and the carrying value of the CLO liabilities that was not attributable to AFG’s ownership interest in the CLOs and CLO earnings (losses) that were not attributable to AFG’s shareholders. Accordingly, in periods prior to 2015, the difference between the fair value of the CLO assets and the fair value of the CLO liabilities was recorded as “appropriated retained earnings — managed investment entities” in AFG’s Balance Sheet and the earnings (losses) that were not attributable to AFG’s shareholders were included in net earnings (loss) attributable to noncontrolling interests in AFG’s Statement of Earnings. Under the guidance adopted in 2015, there is no longer any excess carrying value of CLO assets over the carrying value of CLO liabilities to be reported as “appropriated retained earnings — managed investment entities” in AFG’s Balance Sheet or any CLO earnings to be attributed to noncontrolling interests in AFG’s Statement of Earnings. In accordance with the guidance, the amount reported as “appropriated retained earnings — managed investment entities” at December 31, 2014 was reclassified to “liabilities of managed investment entities” on January 1, 2015 as the cumulative effect of an accounting change. While the new guidance impacted the presentation of individual CLO-related line items in AFG’s Statement of Earnings, it had no overall impact on AFG’s net earnings attributable to shareholders. At December 31, 2015 , assets and liabilities of managed investment entities included $100 million in assets and $80 million in liabilities of a temporary warehousing entity that was established in connection with the formation of a new CLO that is expected to close in the second quarter of 2016. Upon closing, all warehoused assets are expected to be transferred to the new CLO and the liabilities will be repaid. Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the Statement of Earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate. Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability for interest credited are charged to expense and decreases for policy charges are credited to other income. For certain products, annuity benefits accumulated also includes reserves for accrued persistency and premium bonuses, guaranteed withdrawals and excess benefits expected to be paid on future deaths and annuitizations (“EDAR”). The liabilities for EDAR and guaranteed withdrawals are accrued for and modified using assumptions consistent with those used in determining DPAC and DPAC amortization, except that amounts are determined in relation to the present value of total expected assessments. Total expected assessments consist principally of estimated future investment margin, surrender, mortality, and other life and annuity policy charges, and unearned revenues once they are recognized as income. Annuity benefits accumulated also includes amounts advanced from the Federal Home Loan Bank of Cincinnati. Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in other liabilities) and recognized in net earnings (included in other income) using the same assumptions and estimated gross profits used to amortize DPAC. Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life and long-term care policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded first to reduce unamortized acquisition costs and then as an additional reserve (if unamortized acquisition costs have been reduced to zero). In addition, reserves for traditional life and long-term care policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI in AFG’s Balance Sheet. Variable Annuity Assets and Liabilities Separate accounts related to variable annuities represent the fair value of deposits invested in underlying investment funds on which AFG earns a fee. Investment funds are selected and may be changed only by the policyholder, who retains all investment risk. AFG’s variable annuity contracts contain a guaranteed minimum death benefit (“GMDB”) to be paid if the policyholder dies before the annuity payout period commences. In periods of declining equity markets, the GMDB may exceed the value of the policyholder’s account. A GMDB liability is established for future excess death benefits using assumptions together with a range of reasonably possible scenarios for investment fund performance that are consistent with DPAC capitalization and amortization assumptions. Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account, which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses. Noncontrolling Interests For balance sheet purposes, noncontrolling interests represents the interests of shareholders other than AFG in consolidated entities. In the Statement of Earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities. Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. 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 uses the Black-Scholes pricing model to measure the fair value of employee stock options. See Note K — “ Shareholders’ Equity ” for further information. Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. Earnings Per Share 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: 2015 – 1.8 million , 2014 – 2.0 million and 2013 – 1.9 million . AFG’s weighted average diluted shares outstanding excludes the following anti-dilutive potential common shares related to stock compensation plans: 2015 – 1.1 million , 2014 – 1.0 million and 2013 – 1.1 million . Adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share were nominal in the 2015 , 2014 and 2013 periods. Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Acquisitions and Sale of Busine

Acquisitions and Sale of Businesses	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions and Sale of Businesses	Acquisitions and Sale of Businesses Acquisition of Summit Holding Southeast, Inc. In April 2014, AFG acquired Summit Holding Southeast, Inc. and its related companies (“Summit”), from Liberty Mutual Insurance for $259 million using cash on hand at the parent company. Immediately following the acquisition, AFG made a capital contribution of $140 million , bringing its total capital investment in the Summit business to $399 million . Summit is based in Lakeland, Florida and is a leading provider of specialty workers’ compensation solutions in the southeastern United States. Summit continues to operate under the Summit brand as a member of AFG’s Great American Insurance Group. Summit is included in the Specialty casualty sub-segment and generated $529 million in net earned premiums in 2015 and $410 million in net earned premiums during the nine months subsequent to AFG’s acquisition in 2014. Expenses related to the acquisition were less than $1 million and were expensed as incurred. The purchase price was allocated to the acquired assets and liabilities of Summit based on management’s best estimate of fair value as of the acquisition date. The allocation of the purchase price is shown in the table below (in millions): April 1, 2014 Total purchase price $ 259 Tangible assets acquired: Cash and cash equivalents $ 1,078 Fixed maturities, available for sale 92 Recoverables from reinsurers 116 Agents’ balances and premiums receivable 41 Deferred tax assets, net (a) 67 Other receivables 21 Other assets 11 Total tangible assets acquired 1,426 Liabilities acquired: Unpaid losses and loss adjustment expenses 1,142 Unearned premiums 3 Payable to reinsurers 3 Other liabilities 66 Total liabilities acquired 1,214 Net tangible assets acquired, at fair value 212 Excess purchase price over net tangible assets acquired $ 47 Allocation of excess purchase price: Intangible assets acquired (b) $ 47 Deferred tax on intangible assets acquired (a) (16 ) Goodwill 16 $ 47 (a) AFG’s net deferred tax assets are included in Other assets in AFG’s Balance Sheet at December 31, 2015 . (b) Included in Other assets in AFG’s Balance Sheet. The intangible assets acquired include $1 million in indefinite lived intangible assets related to state insurance licenses and $46 million in finite lived intangibles, primarily related to agency relationships. The finite lived intangibles are being amortized over an average expected life of 7 years. The fair value of the acquired liability for unpaid losses and loss adjustment expenses and related recoverables from reinsurers was estimated by discounting actuarial projected future net cash flows using the U.S. Treasury yield curve (with an adjustment for the illiquidity of insurance reserves) and then adding a risk adjustment to reflect the net present value of the profit that a market participant would require in return for the assumption of the risk associated with the reserves. The fair value of Summit’s agency relationship was estimated using a multi-period excess earnings method, which is a form of the income approach. The acquisition resulted in the recognition of $16 million in goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The goodwill represents the fair value of acquired intangible assets that do not qualify for separate recognition, including the value of Summit’s assembled workforce. Acquisition of Renewal Rights In March 2014, AFG completed a renewal rights agreement with Selective Insurance Company of America to acquire Selective’s pooled public entity book of business for $8 million . At the acquisition date, this book of business had approximately $38 million in in-force gross written premiums. The acquired business generated $34 million of gross written premiums and $16 million of net written premiums in 2015. Sale of Long-term Care Business On December 24, 2015, AFG completed the sale of substantially all of its run-off long-term care insurance business (which was included in the run-off long-term care and life segment) to HC2 Holdings, Inc. (“HC2”) for an initial payment of $7 million in cash and HC2 securities with a fair value of $11 million (subject to post-closing adjustments). AFG may also receive up to $13 million of additional proceeds from HC2 in the future contingent upon the release of certain statutory-basis liabilities of the legal entities sold by AFG. In connection with obtaining regulatory approval for the transaction, AFG agreed to provide up to an aggregate of $35 million of capital support for the insurance companies, on an as-needed basis to maintain specified surplus levels, subject to immediate reimbursement by HC2 through a five -year capital maintenance agreement. The net sale proceeds include the fair value of the warrants to purchase two million shares of HC2 stock that AFG received in exchange for this agreement. The legal entities involved in the transaction, United Teacher Associates Insurance Company (“UTA”) and Continental General Insurance Company (“CGIC”), contain substantially all of AFG’s long-term care insurance reserves ( 96% as measured by net statutory reserves as of November 30, 2015), as well as smaller blocks of annuity and life insurance business. Following the sale of these subsidiaries, AFG has only a small block of long-term care insurance ( 1,700 policies) with approximately $34 million of reserves. AFG had ceased new sales of long-term care insurance in January 2010, but continued to service and accept renewal premiums on its outstanding policies, which are guaranteed renewable. In addition to the $18 million in cash and securities received at closing and the $13 million of potential additional proceeds in the future from the release of statutory liabilities, AFG expects to receive $97 million in tax benefits (approximately $65 million through reduced estimated tax payments and $32 million from the carryback of the tax-basis capital loss) related to the sale in the first half of 2016. The receivables for these tax benefits are reflected in AFG’s financial statements at December 31, 2015. Based on the status of ongoing negotiations at the end of the first quarter, management determined that the potential sale of the run-off long-term care business met the GAAP “held for sale” criteria as of March 31, 2015. Accordingly, AFG recorded a $162 million pretax loss ( $105 million loss after tax) in the first quarter of 2015 to establish a liability equal to the excess of the net carrying value of the assets and liabilities to be disposed over the estimated net sale proceeds. At the closing date, the loss was adjusted to $166 million based on the actual proceeds received and the final carrying value of the net assets disposed. On the sale date, the carrying value of the assets and liabilities disposed represented approximately 4% of both AFG’s assets and liabilities and are detailed in the table below. Under accounting guidance effective on January 1, 2015, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Due to the run-off nature of the business and the immaterial expected impact on AFG’s results of operations, the sale of AFG’s long-term care insurance business has not been reported as a discontinued operation. The impact of the sale of the run-off long-term care insurance business is shown below (in millions): December 24, 2015 Net sale proceeds (*) $ 13 Assets of businesses sold: Cash and investments $ 1,334 Recoverables from reinsurers 630 Deferred policy acquisition costs 16 Other receivables 16 Other assets (4 ) Goodwill 2 Total assets 1,994 Liabilities of businesses sold: Annuity benefits accumulated 261 Life, accident and health reserves 1,525 Other liabilities 7 Total liabilities 1,793 Reclassify net unrealized gain on marketable securities 22 Net assets of businesses sold 179 Loss on subsidiaries, pretax (166 ) Tax benefit 58 Loss on subsidiaries, net of tax $ (108 ) (*) Includes the fair value of the potential additional consideration and capital maintenance agreement and is shown net of estimated expenses. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2015 2014 2013 Life, accident and health net earned premiums: Long-term care $ 73 $ 74 $ 76 Life operations 11 11 12 Net investment income 73 75 68 Realized gains (losses) on securities and other income (11 ) (6 ) 10 Total revenues 146 154 166 Annuity benefits 8 7 9 Life, accident and health benefits: Long-term care 91 119 113 Life operations 11 11 12 Annuity and supplemental insurance acquisition expenses 12 11 14 Other expenses 16 14 12 Total costs and expenses 138 162 160 Earnings before income taxes $ 8 $ (8 ) $ 6 Other In addition to the loss on the sale of substantially all of AFG’s run-off long-term care insurance business (discussed above), AFG recorded a $5 million pretax realized gain in the third quarter of 2015 representing an adjustment to a previously recognized realized loss on a small property and casualty subsidiary sold several years ago.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations AFG manages its business as four segments: (i) Property and casualty insurance, (ii) Annuity, (iii) Run-off long-term care and life and (iv) Other, which includes holding company assets and costs, and the assets 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, trucks and recreational vehicles, inland and ocean marine, agricultural-related products and other property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverage 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 leasing and financing institutions (including collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s annuity business markets traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in 2015 and 5% of AFG’s revenues in 2014 and 2013 . The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2015 2014 2013 Assets Property and casualty insurance (a) $ 14,689 $ 14,069 $ 11,717 Annuity 29,865 27,317 24,294 Run-off long-term care and life (b) 772 2,489 2,408 Other 4,533 3,660 3,668 Total assets $ 49,859 $ 47,535 $ 42,087 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 1,599 $ 1,544 $ 1,521 Specialty casualty 2,011 1,765 1,135 Specialty financial 517 469 469 Other specialty 97 100 79 Total premiums earned 4,224 3,878 3,204 Net investment income 319 294 263 Other income (c) 78 9 15 Total property and casualty insurance 4,621 4,181 3,482 Annuity: Net investment income 1,224 1,136 1,034 Other income 98 97 77 Total annuity 1,322 1,233 1,111 Run-off long-term care and life (b) 188 195 195 Other 194 72 98 Total revenues before realized gains (losses) 6,325 5,681 4,886 Realized gains (losses) on securities (19 ) 52 221 Realized losses on subsidiaries (161 ) — (4 ) Total revenues $ 6,145 $ 5,733 $ 5,103 (a) Not allocable to sub-segments. (b) AFG sold substantially all of its run-off long-term care insurance business in December 2015. (c) Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015 . 2015 2014 2013 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 48 $ 21 $ 12 Specialty casualty 146 136 102 Specialty financial 87 64 67 Other specialty 14 16 25 Other lines (a) (70 ) (25 ) (61 ) Total underwriting 225 212 145 Investment and other income, net (b) 351 244 230 Total property and casualty insurance 576 456 375 Annuity (c) 331 328 323 Run-off long-term care and life (d) 14 (10 ) (10 ) Other (e) (176 ) (200 ) (216 ) Total earnings before realized gains (losses) and income taxes 745 574 472 Realized gains (losses) on securities (19 ) 52 221 Realized losses on subsidiaries (161 ) — (4 ) Total earnings before income taxes $ 565 $ 626 $ 689 (a) Includes special charges to increase asbestos and environmental (“A&E”) reserves of $67 million , $24 million and $54 million in 2015 , 2014 and 2013 , respectively. (b) Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015 . (c) Includes a $5 million charge in the second quarter of 2013 to cover expected assessments from state guaranty funds related to insolvency and liquidation of an unaffiliated life insurance company. (d) AFG sold substantially all of its run-off long-term care insurance business in December 2015. (e) Primarily holding company expenses, including a $4 million loss on retirement of debt in the third quarter of 2015 and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ( $12 million in 2015 , $6 million in 2014 and $22 million in 2013 ) and losses of managed investment entities attributable to noncontrolling interests ( $51 million in 2014 and $26 million in 2013 ). Following the adoption of new guidance in the first quarter of 2015, there are no longer earnings (losses) of managed investment entities that are attributable to noncontrolling interests. See Note A — “ Accounting Policies — Managed Investment Entities .”

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows: Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. AFG’s Level 2 financial instruments include separate account assets, corporate and municipal fixed maturity securities, mortgage-backed securities (“MBS”) and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable 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 in the circumstances. AFG’s Level 3 is comprised of 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, and prior to 2015 certain liabilities of the CLOs. Under new guidance adopted in the first quarter of 2015, discussed in Note A — “ Accounting Policies — Managed Investment Entities ,” AFG has elected to 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 separately measured fair values. Following the adoption of the new guidance, 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, beginning with the first quarter of 2015, 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 25 analysts whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing service regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. On December 24, 2015, AFG completed the sale of substantially all of its run-off long-term care insurance business. As discussed in Note B — “ Acquisitions and Sale of Businesses ,” AFG recorded a loss in the first quarter of 2015 to write down the net carrying value of the assets and liabilities to be disposed to the estimated net sale proceeds (estimated fair value less costs to sell). The estimate of fair value used to determine that loss was derived using significant unobservable inputs (Level 3). At the closing date, approximately $11 million (excluding cash) of the net proceeds was measured at fair value. These fair value measurements are categorized in the fair value hierarchy as follows: Level 1 — $5 million ; Level 2 — $2 million and Level 3 — $4 million . Assets and liabilities measured and carried at fair value in the financial statements on a recurring basis are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2015 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 100 $ 192 $ 15 $ 307 States, municipalities and political subdivisions — 6,767 89 6,856 Foreign government — 154 — 154 Residential MBS — 3,305 224 3,529 Commercial MBS — 2,148 39 2,187 Asset-backed securities (“ABS”) — 4,464 470 4,934 Corporate and other 50 13,634 633 14,317 Total AFS fixed maturities 150 30,664 1,470 32,284 Trading fixed maturities 13 241 — 254 Equity securities 1,362 217 140 1,719 Assets of managed investment entities (“MIE”) 309 3,712 26 4,047 Variable annuity assets (separate accounts) (*) — 608 — 608 Other investments — derivatives — 241 — 241 Other assets — derivatives — 2 — 2 Total assets accounted for at fair value $ 1,834 $ 35,685 $ 1,636 $ 39,155 Liabilities: Liabilities of managed investment entities $ 289 $ 3,468 $ 24 $ 3,781 Derivatives in annuity benefits accumulated — — 1,369 1,369 Derivatives in long-term debt — (2 ) — (2 ) Other liabilities — derivatives — 8 — 8 Total liabilities accounted for at fair value $ 289 $ 3,474 $ 1,393 $ 5,156 December 31, 2014 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 164 $ 174 $ 15 $ 353 States, municipalities and political subdivisions — 6,647 100 6,747 Foreign government — 194 — 194 Residential MBS — 4,142 300 4,442 Commercial MBS — 2,407 44 2,451 Asset-backed securities — 3,661 226 3,887 Corporate and other 36 12,078 546 12,660 Total AFS fixed maturities 200 29,303 1,231 30,734 Trading fixed maturities 12 254 — 266 Equity securities 1,306 297 93 1,696 Assets of managed investment entities 174 2,903 31 3,108 Variable annuity assets (separate accounts) (*) — 662 — 662 Other investments — derivatives — 322 — 322 Total assets accounted for at fair value $ 1,692 $ 33,741 $ 1,355 $ 36,788 Liabilities: Liabilities of managed investment entities $ 118 $ — $ 2,701 $ 2,819 Derivatives in annuity benefits accumulated — — 1,160 1,160 Other liabilities — derivatives — 13 — 13 Total liabilities accounted for at fair value $ 118 $ 13 $ 3,861 $ 3,992 (*) Variable annuity liabilities equal the fair value of variable annuity assets. The transfers between Level 1 and Level 2 for the years ended December 31, 2015 , 2014 and 2013 are reflected in the table below at fair value as of the end of the reporting period (dollars in millions): Level 2 To Level 1 Transfers Level 1 To Level 2 Transfers # of Transfers Fair Value # of Transfers Fair Value 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Perpetual preferred stocks 5 14 15 $ 19 $ 96 $ 70 7 13 2 $ 31 $ 83 $ 10 Common stocks 7 — 2 80 — 35 — 7 — — 26 — Redeemable preferred stocks 2 1 3 11 5 21 — — — — — — Transfers between Level 1 and Level 2 for all periods presented were a result of increases or decreases in observable trade activity. Approximately 4% of the total assets carried at fair value on December 31, 2015 , were Level 3 assets. Approximately 76% ( $1.24 billion ) of the 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. Since internally developed Level 3 asset fair values represent less than 10% of AFG’s shareholders’ equity, any justifiable changes in unobservable inputs used to determine internally developed fair values would not have a material impact on AFG’s financial position. The only significant Level 3 assets or liabilities carried at fair value in the financial statements that were not measured using broker quotes are the derivatives embedded in AFG’s fixed-indexed annuity liabilities, which are measured using a discounted cash flow approach and had a fair value of $1.37 billion at December 31, 2015 . The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives. See Note F — “ Derivatives .” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.30% – 2.95% over the risk free rate Risk margin for uncertainty in cash flows 0.58% reduction in the discount rate Surrenders 3% – 18% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.75% – 1.5% of indexed account value Deaths 1.5% – 4.0% of indexed account value Budgeted option costs 1.75% – 3.5% of indexed account value The range of adjustments for insurance subsidiary’s credit risk reflects credit spread variations across the yield curve. The range of projected surrender rates reflects the specific surrender charges and other features of AFG’s individual fixed-indexed annuity products with an expected range of 5% to 10% in the majority of future calendar years ( 3% to 18% over all periods). Increasing the budgeted option cost or risk margin for uncertainty in cash flows assumptions in the table above would increase the fair value of the fixed-indexed annuity embedded derivatives, while increasing any of the other unobservable inputs in the table above would decrease the fair value of the embedded derivatives. Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2015 , 2014 and 2013 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 Bal. at Dec. 31, 2014 Impact of Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Sale of subsidiaries Bal. at Dec. 31, 2015 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ — $ — $ 15 State and municipal 100 — — (1 ) 34 (1 ) 2 (39 ) (6 ) 89 Residential MBS 300 — (11 ) (1 ) — (34 ) 86 (88 ) (28 ) 224 Commercial MBS 44 — (1 ) (1 ) — (2 ) 4 (1 ) (4 ) 39 Asset-backed securities 226 — 1 (7 ) 265 (56 ) 53 (10 ) (2 ) 470 Corporate and other 546 — (5 ) (9 ) 161 (90 ) 41 (5 ) (6 ) 633 Equity securities 93 — (4 ) (9 ) 77 — — (17 ) — 140 Assets of MIE 31 — (11 ) — 6 — — — — 26 Liabilities of MIE (2,701 ) 2,701 — — — — — — — — Embedded derivatives (b) (1,160 ) — (17 ) — (257 ) 65 — — — (1,369 ) (a) The impact of implementing new guidance adopted in 2015, as discussed above and in Note A — “ Accounting Policies — Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . Total realized/unrealized gains (losses) included in Balance at December 31, 2013 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2014 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 61 (1 ) — 30 — 10 — 100 Residential MBS 316 4 3 13 (31 ) 111 (116 ) 300 Commercial MBS 28 (1 ) — — — 17 — 44 Asset-backed securities 75 3 (2 ) 99 (39 ) 117 (27 ) 226 Corporate and other 335 2 13 102 (73 ) 172 (5 ) 546 Equity securities 31 1 2 62 (9 ) 22 (16 ) 93 Assets of MIE 30 (3 ) — 6 (2 ) — — 31 Liabilities of MIE (a) (2,411 ) 22 — (817 ) 505 — — (2,701 ) Embedded derivatives (b) (804 ) (182 ) — (221 ) 47 — — (1,160 ) (a) Total realized/unrealized gains (losses) included in net income includes gains of $50 million related to liabilities outstanding as of December 31, 2014 . See Note H — “ Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014 . Total realized/unrealized gains (losses) included in Balance at December 31, 2012 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2013 AFS fixed maturities: U.S. government agency $ 20 $ (2 ) $ (3 ) $ — $ — $ — $ — $ 15 State and municipal 58 (1 ) (2 ) 10 — — (4 ) 61 Residential MBS 371 5 24 6 (53 ) 86 (123 ) 316 Commercial MBS 22 (1 ) (1 ) — — 8 — 28 Asset-backed securities 253 4 (3 ) 12 (57 ) 11 (145 ) 75 Corporate and other 236 1 (14 ) 113 (17 ) 24 (8 ) 335 Equity securities 37 (1 ) 6 53 (12 ) — (52 ) 31 Assets of MIE 40 (5 ) — 8 (7 ) — (6 ) 30 Liabilities of MIE (a) (2,745 ) (25 ) — (728 ) 1,068 — 19 (2,411 ) Embedded derivatives (b) (465 ) (182 ) — (192 ) 35 — — (804 ) (a) Total realized/unrealized gains (losses) included in net income includes gains of $7 million related to liabilities outstanding as of December 31, 2013 . See Note H — “ Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $2 million in 2013 . Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Value Fair Value Level 1 Level 2 Level 3 2015 Financial assets: Cash and cash equivalents $ 1,220 $ 1,220 $ 1,220 $ — $ — Mortgage loans 1,067 1,074 — — 1,074 Policy loans 201 201 — — 201 Total financial assets not accounted for at fair value $ 2,488 $ 2,495 $ 1,220 $ — $ 1,275 Financial liabilities: Annuity benefits accumulated (*) $ 26,422 $ 25,488 $ — $ — $ 25,488 Long-term debt 1,022 1,120 — 1,105 15 Total financial liabilities not accounted for at fair value $ 27,444 $ 26,608 $ — $ 1,105 $ 25,503 2014 Financial assets: Cash and cash equivalents $ 1,343 $ 1,343 $ 1,343 $ — $ — Mortgage loans 1,117 1,124 — — 1,124 Policy loans 228 228 — — 228 Total financial assets not accounted for at fair value $ 2,688 $ 2,695 $ 1,343 $ — $ 1,352 Financial liabilities: Annuity benefits accumulated (*) $ 23,561 $ 23,187 $ — $ — $ 23,187 Long-term debt 1,061 1,180 — 1,106 74 Total financial liabilities not accounted for at fair value $ 24,622 $ 24,367 $ — $ 1,106 $ 23,261 (*) Excludes $200 million and $203 million of life contingent annuities in the payout phase at December 31, 2015 and 2014 , respectively. The carrying amount of cash and cash equivalents approximates fair value. Fair values for mortgage loans are estimated by discounting the future contractual cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. The fair value of policy loans is estimated to approximate carrying value; policy loans have no defined maturity dates and are inseparable from insurance contracts. The fair value of annuity benefits was estimated based on expected cash flows discounted using forward interest rates adjusted for the Company’s credit risk and includes the impact of maintenance expenses and capital costs. Fair values of long-term debt are based primarily on quoted market prices.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities and equity securities at December 31 consisted of the following (in millions): 2015 2014 Amortized Cost Fair Value Gross Unrealized Amortized Cost Fair Value Gross Unrealized Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 305 $ 307 $ 5 $ (3 ) $ 347 $ 353 $ 8 $ (2 ) States, municipalities and political subdivisions 6,642 6,856 249 (35 ) 6,393 6,747 364 (10 ) Foreign government 147 154 7 — 184 194 10 — Residential MBS 3,236 3,529 308 (15 ) 4,046 4,442 411 (15 ) Commercial MBS 2,111 2,187 77 (1 ) 2,294 2,451 158 (1 ) Asset-backed securities 4,961 4,934 25 (52 ) 3,872 3,887 37 (22 ) Corporate and other 14,163 14,317 422 (268 ) 11,938 12,660 751 (29 ) Total fixed maturities $ 31,565 $ 32,284 $ 1,093 $ (374 ) $ 29,074 $ 30,734 $ 1,739 $ (79 ) Common stocks $ 1,051 $ 1,118 $ 146 $ (79 ) $ 885 $ 1,087 $ 227 $ (25 ) Perpetual preferred stocks $ 418 $ 435 $ 23 $ (6 ) $ 398 $ 414 $ 21 $ (5 ) The non-credit related portion of other-than-temporary impairment charges is included in other comprehensive income. Cumulative non-credit charges taken for securities still owned at December 31, 2015 and December 31, 2014 , respectively, were $205 million and $220 million . Gross unrealized gains on such securities at December 31, 2015 and December 31, 2014 were $134 million and $151 million , respectively. Gross unrealized losses on such securities at December 31, 2015 and December 31, 2014 were $6 million and $8 million , respectively. These amounts represent the non-credit other-than-temporary impairment charges recorded in AOCI adjusted for subsequent changes in fair values and nearly all relate to residential MBS. The following tables show gross unrealized losses (dollars in millions) on fixed maturities and equity securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 and 2014 . 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 2015 Fixed maturities: U.S. Government and government agencies $ (1 ) $ 112 99 % $ (2 ) $ 15 88 % States, municipalities and political subdivisions (33 ) 1,419 98 % (2 ) 50 96 % Residential MBS (7 ) 438 98 % (8 ) 201 96 % Commercial MBS — 95 100 % (1 ) 28 97 % Asset-backed securities (42 ) 2,706 98 % (10 ) 455 98 % Corporate and other (229 ) 4,661 95 % (39 ) 165 81 % Total fixed maturities $ (312 ) $ 9,431 97 % $ (62 ) $ 914 94 % Common stocks $ (79 ) $ 509 87 % $ — $ — — % Perpetual preferred stocks $ (3 ) $ 91 97 % $ (3 ) $ 22 88 % 2014 Fixed maturities: U.S. Government and government agencies $ — $ 39 100 % $ (2 ) $ 15 88 % States, municipalities and political subdivisions (2 ) 222 99 % (8 ) 408 98 % Residential MBS (4 ) 298 99 % (11 ) 209 95 % Commercial MBS (1 ) 38 97 % — 11 100 % Asset-backed securities (11 ) 1,389 99 % (11 ) 622 98 % Corporate and other (16 ) 588 97 % (13 ) 433 97 % Total fixed maturities $ (34 ) $ 2,574 99 % $ (45 ) $ 1,698 97 % Common stocks $ (25 ) $ 260 91 % $ — $ — — % Perpetual preferred stocks $ (1 ) $ 45 98 % $ (4 ) $ 55 93 % At December 31, 2015 , the gross unrealized losses on fixed maturities of $374 million relate to approximately 1,285 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 77% of the gross unrealized loss and 91% of the fair value. The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include: a) whether the unrealized loss is credit-driven or a result of changes in market interest rates, b) the extent to which fair value is less than cost basis, c) cash flow projections received from independent sources, d) historical operating, balance sheet and cash flow data contained in issuer SEC filings and news releases, e) near-term prospects for improvement in the issuer and/or its industry, f) third party research and communications with industry specialists, g) financial models and forecasts, h) the continuity of dividend payments, maintenance of investment grade ratings and hybrid nature of certain investments, i) discussions with issuer management, and j) ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value. AFG analyzes its MBS securities for other-than-temporary impairment each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data. During 2015 , AFG recorded $7 million in other-than-temporary impairment charges related to its residential MBS. In 2015, AFG recorded approximately $31 million and $4 million in other-than-temporary impairment charges related to corporate bonds and municipal bonds, respectively. AFG recorded $94 million in other-than-temporary impairment charges on common stocks in 2015 . At December 31, 2015 , the gross unrealized losses on common stocks of $79 million relate to 63 securities, none of which has been in an unrealized loss position for more than 12 months. At December 31, 2015 , the gross unrealized losses on preferred stocks of $6 million relate to 19 securities. All of the preferred stocks that have been in an unrealized loss position for 12 months or more ( 3 securities) have investment grade ratings. Management believes AFG will recover its cost basis in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2015 . A progression of the credit portion of other-than-temporary impairments on fixed maturity securities for which the non-credit portion of an impairment has been recognized in other comprehensive income is shown below (in millions): 2015 2014 2013 Balance at January 1 $ 170 $ 194 $ 192 Additional credit impairments on: Previously impaired securities 1 — — Securities without prior impairments 2 — 3 Reductions due to: Sales or redemptions (9 ) (24 ) (1 ) Sale of subsidiaries (4 ) — — Balance at December 31 $ 160 $ 170 $ 194 The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2015 (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 Amount % Maturity One year or less $ 922 $ 935 3 % After one year through five years 5,208 5,417 17 % After five years through ten years 11,007 11,054 34 % After ten years 4,120 4,228 13 % 21,257 21,634 67 % ABS (average life of approximately 5 years) 4,961 4,934 15 % MBS (average life of approximately 4 years) 5,347 5,716 18 % Total $ 31,565 $ 32,284 100 % Certain risks are inherent in connection with fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of Shareholders’ Equity at December 31, 2015 or 2014 . Net Unrealized Gain on Marketable Securities In addition to adjusting equity securities and fixed maturity securities classified as “available for sale” to fair value, GAAP requires that deferred policy acquisition costs and certain other balance sheet amounts related to annuity, long-term care and life businesses be adjusted to the extent that unrealized gains and losses from securities would result in adjustments to those balances had the unrealized gains or losses actually been realized. The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax and Amounts Attributable to Noncontrolling Interests Net December 31, 2015 Unrealized gain on: Fixed maturities — annuity segment (*) $ 523 $ (183 ) $ 340 Fixed maturities — all other 196 (72 ) 124 Equity securities 84 (30 ) 54 Deferred policy acquisition costs — annuity segment (233 ) 82 (151 ) Annuity benefits accumulated (64 ) 22 (42 ) Unearned revenue 11 (4 ) 7 $ 517 $ (185 ) $ 332 December 31, 2014 Unrealized gain on: Fixed maturities — annuity segment (*) $ 1,157 $ (405 ) $ 752 Fixed maturities — all other 503 (185 ) 318 Equity securities 218 (79 ) 139 Deferred policy acquisition costs — annuity segment (531 ) 186 (345 ) Annuity benefits accumulated (112 ) 39 (73 ) Life, accident and health reserves (104 ) 36 (68 ) Unearned revenue 31 (11 ) 20 $ 1,162 $ (419 ) $ 743 (*) Unrealized gains on fixed maturity investments supporting AFG’s annuity benefits accumulated. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred. 2015 2014 2013 Investment income: Fixed maturities $ 1,461 $ 1,352 $ 1,241 Equity securities 76 66 50 Equity in earnings of partnerships and similar investments (*) 27 18 — Other 87 77 72 Gross investment income 1,651 1,513 1,363 Investment expenses (18 ) (12 ) (17 ) Net investment income $ 1,633 $ 1,501 $ 1,346 (*) Prior to 2014, equity in the earnings of partnerships was not material and was included in realized gains (losses) on securities. Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows (in millions): Fixed Maturities Equity Securities Mortgage Loans and Other Investments Other (*) Total Tax Effects Noncon- trolling Interests Total Year ended December 31, 2015 Realized before impairments $ 19 $ 94 $ (2 ) $ (5 ) $ 106 $ (38 ) $ (2 ) $ 66 Realized — impairments (43 ) (94 ) (3 ) 15 (125 ) 45 2 (78 ) Change in unrealized (941 ) (134 ) — 430 (645 ) 226 8 (411 ) Year ended December 31, 2014 Realized before impairments $ 36 $ 53 $ 1 $ (2 ) $ 88 $ (32 ) $ (2 ) $ 54 Realized — impairments (15 ) (26 ) — 5 (36 ) 13 1 (22 ) Change in unrealized 570 26 — (314 ) 282 (99 ) (3 ) 180 Year ended December 31, 2013 Realized before impairments $ 36 $ 196 $ 2 $ (1 ) $ 233 $ (82 ) $ (2 ) $ 149 Realized — impairments (5 ) (5 ) (5 ) 3 (12 ) 4 — (8 ) Change in unrealized (945 ) 31 — 504 (410 ) 144 6 (260 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to annuities and long-term care business. Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity and equity security investment transactions included in the Statement of Cash Flows consisted of the following (in millions): 2015 2014 2013 Fixed maturities: Gross gains $ 38 $ 36 $ 44 Gross losses (7 ) (2 ) (5 ) Equity securities: Gross gains 99 53 193 Gross losses (5 ) — —

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “ Accounting Policies ” to the financial statements, AFG uses derivatives in certain areas of its operations. Derivatives That Do Not Qualify for Hedge Accounting The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions): December 31, 2015 December 31, 2014 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 130 $ — $ 158 $ — Public company warrants Equity securities 4 — 19 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 1,369 — 1,160 Equity index call options Other investments 241 — 322 — Reinsurance contracts (embedded derivative) Other liabilities — 7 — 13 $ 375 $ 1,376 $ 499 $ 1,173 The MBS with embedded derivatives consist primarily of interest-only MBS with interest rates that float inversely with short-term rates. AFG records the entire change in the fair value of these securities in earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio. Warrants to purchase shares of publicly traded companies, which represent a small component of AFG’s overall investment portfolio, are considered to be derivatives that must be marked to market through earnings. AFG’s fixed-indexed annuities, which represented approximately 60% of annuity benefits accumulated at December 31, 2015 , provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market index. AFG attempts to mitigate the risk in the index-based component of these products through the purchase of call options on the appropriate index. AFG receives collateral from its counterparties to support its purchased call option assets. This collateral ( $211 million at December 31, 2015 and $285 million at December 31, 2014 ) is included in other assets in AFG’s Balance Sheet with an offsetting liability to return the collateral, which is included in other liabilities. AFG’s strategy is designed so that the change in the fair value of the call option assets will generally offset the economic change in the liabilities from the index participation. Both the index-based component of the annuities and the related call options are considered derivatives. Fluctuations in interest rates and the stock market, among other factors, can cause volatility in the periodic measurement of fair value of the embedded derivative that management believes can be inconsistent with the long-term economics of these products. As discussed under “ Reinsurance ” in Note A to the financial statements, certain reinsurance contracts are considered to contain embedded derivatives. The following table summarizes the gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for 2015 , 2014 and 2013 (in millions): Derivative Statement of Earnings Line 2015 2014 2013 MBS with embedded derivatives Realized gains on securities $ (16 ) $ 3 $ (3 ) Public company warrants Realized gains on securities — — 3 Interest rate swaptions Realized gains on securities — (2 ) 1 Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (17 ) (182 ) (182 ) Equity index call options Annuity benefits (56 ) 181 210 Reinsurance contracts (embedded derivative) Net investment income 6 (3 ) 7 $ (83 ) $ (3 ) $ 36 (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $28 million in 2015 compared to gains related to unlocking of actuarial assumptions of $58 million in 2014 and $2 million in 2013 . Derivatives Designated and Qualifying as Cash Flow Hedges In the second quarter of 2015, AFG entered into two interest rate swaps (a five -year, $195 million notional amount swap and a fifteen -year, $132 million notional amount swap) under which AFG receives fixed-rate interest payments in exchange for variable interest payments based on three-month LIBOR. In the third quarter of 2014, AFG entered into a five -year $431 million notional amount interest rate swap under which AFG receives fixed-rate interest payments in exchange for variable interest payments based on one-month LIBOR. 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 LIBOR. The notional amounts amortize down over each swap’s respective life in anticipation of an expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on LIBOR ( $614 million and $401 million total notional amounts at December 31, 2015 and December 31, 2014 , respectively). The fair value of the effective portion of the interest rate swaps in an asset position and included in other assets was $2 million at December 31, 2015 and less than $1 million at December 31, 2014 . The fair value of the effective portion of interest rate swaps in a liability position and included in other liabilities was less than $1 million at December 31, 2015 and zero at December 31, 2014 . The net unrealized gain or loss on cash flow hedges is included in AOCI, net of DPAC and tax. During 2015 and 2014 , $6 million and $2 million was reclassified from AOCI to net investment income. There was no ineffectiveness recorded in Net Earnings during these periods. Derivative Designated and Qualifying as a Fair Value Hedge In June 2015, AFG entered into an interest rate swap to mitigate the interest rate risk associated with its fixed-rate 9-7/8% Senior Notes due June 2019 by effectively converting the interest rate on those notes to a floating rate of three-month LIBOR plus 8.099% ( 8.6110% at December 31, 2015 ). Since the terms of the interest rate swap match the terms of the hedged debt, changes in the fair value of the interest rate swap are offset by changes in the fair value of the hedged debt attributable to changes in interest rates. The fair value of the interest rate swap (an asset of $2 million at December 31, 2015 ) and the offsetting adjustment to the carrying value of the 9-7/8% Senior Notes are both included in long-term debt on AFG’s Balance Sheet. Accordingly, the net impact on AFG’s current period earnings is that the interest expense associated with the hedged debt is effectively recorded at the floating rate. The net reduction in interest expense from the swap for 2015 was $2 million .

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2015
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs A progression of deferred policy acquisition costs is presented below (in millions): P&C Annuity and Run-off Long-term Care and Life Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized Total Total Balance at December 31, 2012 $ 204 $ 787 $ 170 $ 99 $ 1,056 $ (710 ) $ 346 $ 550 Additions 468 222 11 — 233 — 233 701 Amortization: Periodic amortization (460 ) (140 ) (30 ) (14 ) (184 ) — (184 ) (644 ) Annuity unlocking — 4 (2 ) — 2 — 2 2 Included in realized gains — 2 — — 2 — 2 2 Foreign currency translation (1 ) — — — — — — (1 ) Change in unrealized — — — — — 365 365 365 Balance at December 31, 2013 211 875 149 85 1,109 (345 ) 764 975 Additions 497 198 8 — 206 — 206 703 Amortization: Periodic amortization (485 ) (130 ) (26 ) (11 ) (167 ) — (167 ) (652 ) Annuity unlocking — (20 ) — — (20 ) — (20 ) (20 ) Included in realized gains — 2 1 — 3 — 3 3 Foreign currency translation (2 ) — — — — — — (2 ) Change in unrealized — — — — — (186 ) (186 ) (186 ) Balance at December 31, 2014 221 925 132 74 1,131 (531 ) 600 821 Additions 519 224 11 — 235 — 235 754 Amortization: Periodic amortization (511 ) (162 ) (26 ) (11 ) (199 ) — (199 ) (710 ) Annuity unlocking — 31 4 — 35 — 35 35 Included in realized gains — 8 1 — 9 — 9 9 Sale of subsidiaries — (8 ) (3 ) (8 ) (19 ) — (19 ) (19 ) Foreign currency translation (3 ) — — — — — — (3 ) Change in unrealized — — — — — 297 297 297 Balance at December 31, 2015 $ 226 $ 1,018 $ 119 $ 55 $ 1,192 $ (234 ) $ 958 $ 1,184 The present value of future profits (“PVFP”) amounts in the table above are net of $220 million and $209 million of accumulated amortization at December 31, 2015 and 2014 , respectively. During each of the next five years, the PVFP is expected to decrease at a rate of approximately one-sixth of the balance at the beginning of each respective year.

Managed Investment Entities

Managed Investment Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Managed Investment Entities	Managed Investment Entities AFG is the investment manager and its subsidiaries have investments ranging from 15.0% to 100% of the most subordinate debt tranche of thirteen collateralized loan obligation entities or “CLOs,” which are considered variable interest entities. AFG’s subsidiaries also own portions of the senior debt tranches of certain of these CLOs. Upon formation between 2004 and 2015, these entities issued securities in various senior and subordinate classes and invested the proceeds primarily in secured bank loans, which serve as collateral for the debt securities issued by each particular CLO. None of the collateral was purchased from AFG. AFG’s investments in 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 its CLOs is limited to its investment in the CLOs, which had an aggregate fair value of $266 million (including $115 million invested in the most subordinate tranches) at December 31, 2015 , and $289 million at December 31, 2014 . In 2015 , AFG formed two new CLOs, which issued an aggregate of $869 million face amount of liabilities (including $81 million face amount purchased by subsidiaries of AFG). During 2015 , AFG subsidiaries received $77 million in sale and redemption proceeds from its CLO investments. In 2014 , AFG formed two new CLOs, which issued an aggregate of $917 million face amount of liabilities (including $94 million face amount purchased by subsidiaries of AFG). During 2014 , AFG subsidiaries also purchased $13 million face amount of senior debt tranches of existing CLOs for $13 million and received $81 million in redemption proceeds from its CLO investments. In 2013 , AFG formed two new CLOs, which issued an aggregate of $829 million face amount of liabilities (including $85 million face amount purchased by subsidiaries of AFG). During 2013 , AFG subsidiaries also purchased $94 million face amount of senior debt tranches of existing CLOs for $89 million and received $142 million in redemption proceeds from its CLO investments. In 2014 and 2013, four and two AFG CLOs were substantially liquidated as permitted by the CLO indentures, respectively. The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. See Note A — “ Accounting Policies — Managed Investment Entities ,” for a discussion of accounting guidance adopted on January 1, 2015 that impacts the measurement of the fair value of CLO liabilities. Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2015 2014 2013 Gains (losses) on change in fair value of assets/liabilities (a): Assets $ (116 ) $ (66 ) $ 11 Liabilities 82 22 (25 ) Management fees paid to AFG 15 25 16 CLO earnings (losses) attributable to (b): AFG shareholders (6 ) 16 35 Noncontrolling interests — (51 ) (26 ) (a) Included in Revenues in AFG’s Statement of Earnings. (b) Included in Earnings before income taxes 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 $214 million and $83 million at December 31, 2015 and 2014 . The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $205 million and $131 million at those dates. The CLO assets include $1 million at December 31, 2015 and $2 million at December 31, 2014 in loans, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $10 million and $6 million at both of those dates, respectively).

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2013 , 2014 and 2015 , by reporting segment, are presented in the following table (in millions): Property and Casualty Annuity Total Balance at January 1, 2013 and January 1, 2014 $ 152 $ 33 $ 185 Acquisition of subsidiary in 2014 16 — 16 Balance at December 31, 2014 168 33 201 Sale of subsidiaries in 2015 — (2 ) (2 ) Balance at December 31, 2015 $ 168 $ 31 $ 199 Goodwill increased by $16 million in the second quarter of 2014 due to the purchase of Summit and decreased by $2 million in the fourth quarter of 2015 due to the sale of UTA and CGIC as discussed in Note B — “ Acquisitions and Sale of Businesses .” Included in other assets in AFG’s Balance Sheet is $41 million at December 31, 2015 and $49 million at December 31, 2014 of amortizable intangible assets related to property and casualty insurance acquisitions, primarily the acquisition of Summit in 2014. These amounts are net of accumulated amortization of $18 million and $91 million , respectively. The decrease in accumulated amortization reflects the impact of intangibles that became fully amortized in 2015. Amortization of intangibles was $8 million in 2015 , $19 million in 2014 and $14 million in 2013 . Future amortization of intangibles (weighted average amortization period of 5 years ) is estimated to be $8 million per year in each of 2016 through 2020 and $1 million thereafter.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The carrying value of long-term debt consisted of the following at December 31 (in millions): 2015 2014 Direct Senior Obligations of AFG: 9-7/8% Senior Notes due June 2019 $ 350 $ 350 6-3/8% Senior Notes due June 2042 230 230 5-3/4% Senior Notes due August 2042 125 125 7% Senior Notes due September 2050 — 132 Other 3 3 708 840 Direct Subordinated Obligations of AFG: 6-1/4% Subordinated Debentures due September 2054 150 150 6% Subordinated Debentures due November 2055 150 — 300 150 Subsidiaries: Notes payable secured by real estate — 59 National Interstate bank credit facility 12 12 12 71 $ 1,020 $ 1,061 To achieve a desired balance between fixed and variable rate debt, AFG entered into an interest rate swap in June 2015, which effectively converts its 9-7/8% Senior Notes to a floating rate of three-month LIBOR plus 8.099% ( 8.6110% at December 31, 2015 ). The fair value of the interest rate swap (an asset of $2 million at December 31, 2015 ) and the offsetting adjustment to the carrying value of the notes are both included in the carrying value of the 9-7/8% Senior Notes in the table above. At December 31, 2015 , scheduled principal payments on debt for the subsequent five years and thereafter were as follows: 2016 — none ; 2017 — $12 million ; 2018 — none ; 2019 — $350 million ; 2020 — none and thereafter — $658 million . As shown below at December 31 (in millions), the majority of AFG’s long-term debt is unsecured obligations of the holding company and its subsidiaries. 2015 2014 Senior unsecured obligations $ 720 $ 852 Subordinated unsecured obligations 300 150 Obligations secured by real estate — 59 $ 1,020 $ 1,061 AFG can borrow up to $500 million under its revolving credit facility which expires in December 2016. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375% ) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at December 31, 2015 or December 31, 2014 . National Interstate can borrow up to $100 million under its unsecured credit agreement, which expires in November 2017. At December 31, 2015 , there was $12 million outstanding under this agreement, bearing interest at 1.399% (six-month LIBOR plus 0.875% ). In September 2015, AFG used cash on hand to redeem the $132 million in outstanding AFG 7% Senior Notes due September 2050 at par value. In November 2015, AFG issued $150 million in 6% Subordinated Debentures due in 2055. The net proceeds of the offering will be used for general corporate purposes, which may include repurchases of AFG’s outstanding Common Stock. During 2015, subsidiaries of AFG repaid all of the outstanding notes secured by real estate. In September 2014, AFG issued $150 million in 6-1/4% Subordinated Debentures due 2054. In 2013, AFG subsidiaries redeemed Variable Rate Subordinated Debentures at par value and paid off a secured borrowing balance at maturity. Cash interest payments on long-term debt were $75 million in 2015 , $72 million in 2014 and $71 million in 2013 . In 2015, AFG received $2 million in interest under the interest rate swap discussed above.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2015 , there were 10.7 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans. Options are granted with an exercise price equal to the market price of AFG Common Stock at the date of grant. Options generally become exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant. Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2015 6,383,799 $ 36.92 Granted 716,818 $ 63.15 Exercised (1,475,202 ) $ 31.77 Forfeited/Cancelled (109,325 ) $ 49.34 Outstanding at December 31, 2015 5,516,090 $ 41.46 5.9 years $ 169 Options exercisable at December 31, 2015 2,988,920 $ 32.85 4.4 years $ 117 The total intrinsic value of options exercised during 2015 , 2014 and 2013 was $52 million , $38 million and $35 million , respectively. During 2015 , 2014 and 2013 , AFG received $47 million , $35 million and $44 million , respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $16 million , $12 million and $11 million (including $12 million , $9 million and $7 million credited directly to capital surplus) during those years, respectively. AFG uses the Black-Scholes option pricing model to calculate the fair value of its option grants. The expected dividend yield is based on AFG’s current dividend rate. To determine expected volatility, AFG considers its daily historical volatility as well as implied volatility on traded options. The expected term was estimated based on historical exercise patterns and post vesting cancellations. The risk-free rate for periods associated with the expected term is based upon the U.S. Treasury yield curve in effect on the grant date. 2015 2014 2013 Exercise price $ 63.15 $ 56.47 $ 44.01 Expected dividend yield 1.6 % 1.6 % 1.8 % Expected volatility 25 % 26 % 39 % Expected term (in years) 7.25 7.25 7.25 Risk-free rate 1.88 % 2.20 % 1.36 % Grant date fair value $ 15.29 $ 14.66 $ 15.10 The restricted Common Stock that AFG has granted generally vests over a three or four year period. Data relating to grants of restricted stock is presented below: Shares Average Grant Date Fair Value Outstanding at January 1, 2015 515,450 $ 43.32 Granted 171,130 $ 63.15 Vested (163,312 ) $ 38.36 Forfeited (17,570 ) $ 49.28 Outstanding at December 31, 2015 505,698 $ 51.43 AFG issued 54,732 shares of Common Stock (fair value of $62.55 per share) in the first quarter of 2015 and 84,036 shares (fair value of $57.16 per share) in the first quarter of 2014 under its Equity Bonus Plan. Total compensation expense related to stock incentive plans of AFG and its subsidiaries for 2015 , 2014 and 2013 was $27 million , $25 million and $36 million , respectively. Related tax benefits totaled $8 million in 2015 and 2014 and $12 million in 2013 . At December 31, 2015 , there was $27 million and $13 million of unrecognized compensation expense related to nonvested stock options and restricted stock awards, respectively. These amounts are expected to be recognized over a weighted average of 3.0 and 2.6 years, respectively. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in Shareholders’ Equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income AOCI Beginning Balance Pretax Tax Net of tax Attributable to noncontrolling interests Attributable to shareholders AOCI Ending Balance Year ended December 31, 2015 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (625 ) $ 219 $ (406 ) $ 9 $ (397 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 14 (5 ) 9 (1 ) 8 Reclassification for unrealized gains of subsidiaries sold (34 ) 12 (22 ) — (22 ) Total net unrealized gains (losses) on securities (b) $ 743 (645 ) 226 (419 ) 8 (411 ) $ 332 Net unrealized gains on cash flow hedges — 1 — 1 — 1 1 Foreign currency translation adjustments (8 ) (9 ) (5 ) (14 ) — (14 ) (22 ) Pension and other postretirement plans adjustments (8 ) 1 — 1 — 1 (7 ) Total $ 727 $ (652 ) $ 221 $ (431 ) $ 8 $ (423 ) $ 304 Year ended December 31, 2014 Net unrealized gains on securities: Unrealized holding gains (losses) on securities arising during the period $ 334 $ (118 ) $ 216 $ (4 ) $ 212 Reclassification adjustment for realized (gains) losses included in net earnings (a) (52 ) 19 (33 ) 1 (32 ) Total net unrealized gains on securities (b) $ 563 282 (99 ) 183 (3 ) 180 $ 743 Foreign currency translation adjustments 1 (8 ) (1 ) (9 ) — (9 ) (8 ) Pension and other postretirement plans adjustments (4 ) (6 ) 2 (4 ) — (4 ) (8 ) Total $ 560 $ 268 $ (98 ) $ 170 $ (3 ) $ 167 $ 727 Year ended December 31, 2013 Net unrealized gains on securities: Unrealized holding gains (losses) on securities arising during the period $ (188 ) $ 66 $ (122 ) $ 4 $ (118 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) (222 ) 78 (144 ) 2 (142 ) Total net unrealized gains on securities (b) $ 823 (410 ) 144 (266 ) 6 (260 ) $ 563 Foreign currency translation adjustments 14 (13 ) — (13 ) — (13 ) 1 Pension and other postretirement plans adjustments (6 ) 3 (1 ) 2 — 2 (4 ) Total $ 831 $ (420 ) $ 143 $ (277 ) $ 6 $ (271 ) $ 560 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the Statement of Earnings Pretax Realized gains on securities Tax Provision for income taxes Attributable to noncontrolling interests Net earnings (loss) attributable to noncontrolling interests (b) Includes net unrealized gains of $51 million at December 31, 2015 compared to net unrealized gains of $58 million and $54 million at December 31, 2014 and 2013 , related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 35% to the provision for income taxes as shown in the Statement of Earnings (dollars in millions): 2015 2014 2013 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 565 $ 626 $ 689 Income taxes at statutory rate $ 198 35 % $ 219 35 % $ 241 35 % Effect of: Tax exempt interest (27 ) (5 %) (25 ) (4 %) (21 ) (3 %) Losses of managed investment entities — — % 18 3 % 9 1 % Change in valuation allowance 23 4 % 7 1 % 1 — % Subsidiaries not in AFG’s tax return 2 1 % 1 — % 2 — % Other (1 ) — % — — % 4 1 % Provision for income taxes as shown in the Statement of Earnings $ 195 35 % $ 220 35 % $ 236 34 % AFG’s 2012 — 2015 tax years remain subject to examination by the IRS. Total earnings before income taxes include losses subject to tax in foreign jurisdictions of $66 million in 2015 compared to losses of $4 million in 2014 and income of $4 million in 2013 . The total income tax provision (credit) consists of (in millions): 2015 2014 2013 Current taxes: Federal $ 216 $ 265 $ 308 State 8 8 5 Deferred taxes: Federal (29 ) (53 ) (77 ) Provision for income taxes $ 195 $ 220 $ 236 For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2015 (in millions): Expiring Amount Operating Loss – U.S. 2017 - 2022 $ 143 Operating Loss – United Kingdom indefinite 133 (*) Capital Loss – U.S. 2020 90 (*) £90 million Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2015 2014 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Federal net operating loss carryforwards $ 50 $ — $ 50 $ 51 $ — $ 51 Foreign underwriting losses 77 — 77 56 — 56 Capital loss carryforwards 32 — 32 — — — Insurance claims and reserves 691 22 713 682 75 757 Employee benefits 115 — 115 107 — 107 Other, net 33 (4 ) 29 26 (11 ) 15 Total deferred tax assets before valuation allowance 998 18 1,016 922 64 986 Valuation allowance against deferred tax assets (130 ) — (130 ) (109 ) — (109 ) Total deferred tax assets 868 18 886 813 64 877 Deferred tax liabilities: Subsidiaries not in AFG’s tax return (*) (63 ) — (63 ) (61 ) — (61 ) Investment securities 23 (281 ) (258 ) (6 ) (657 ) (663 ) Deferred policy acquisition costs (418 ) 82 (336 ) (364 ) 186 (178 ) Total deferred tax liabilities (458 ) (199 ) (657 ) (431 ) (471 ) (902 ) Net deferred tax asset (liability) $ 410 $ (181 ) $ 229 $ 382 $ (407 ) $ (25 ) (*) Related to National Interstate Corporation, a 51% -owned subsidiary. AFG’s net deferred tax asset at December 31, 2015 , is included in other assets in AFG’s Balance Sheet; its net deferred tax liability at December 31, 2014 , is included in other liabilities. The likelihood of realizing deferred tax assets is reviewed periodically; any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known. “Foreign underwriting losses” in the table above include the net operating loss carryforward and other deferred tax assets related to the Marketform Lloyd’s insurance business. Due to uncertainty concerning the realization of the deferred tax benefits associated with these losses, AFG maintains a full valuation allowance of $77 million against these deferred tax assets at December 31, 2015 . In addition to the valuation allowance related to the Marketform Lloyd’s insurance business, the gross deferred tax asset has also been reduced by a $50 million valuation allowance related to a portion of AFG’s net operating loss carryforwards (“NOL”) subject to the separate return limitation year (“SRLY”) tax rules. A SRLY NOL can be used only by the entity that created it and only in years that both it and the consolidated group have taxable income. AFG increased its liability for uncertain tax positions by $1 million in 2015 due to uncertainty in state taxation of its surplus lines insurance subsidiaries. In July 2014, AFG finalized a settlement with the IRS related to tax years 2008 and 2009. As a result, AFG’s uncertain tax positions were effectively settled, allowing AFG to reduce its liability for previously uncertain tax positions by $19 million in the third quarter of 2014. Although AFG agreed to pay $11 million to the IRS, the majority of the reduction in this liability resulted in offsetting adjustments to AFG’s deferred tax liability and did not impact AFG’s effective tax rate. The portion of the reduction in this liability that favorably impacted the effective tax rate was approximately $4 million including interest. The reduction of the liability for previously uncertain tax positions includes $17 million related to the timing of recognition of investment income on certain debt securities and $2 million related to the deductibility of certain financing expenses. AFG increased its liability for uncertain tax positions by $1 million in 2013 , exclusive of interest, for the uncertainty as to the timing of tax return inclusion of income related to certain securities. A progression of the liability for uncertain tax positions, excluding interest and penalties, follows (in millions): 2015 2014 2013 Balance at January 1 $ — $ 19 $ 18 Additions for tax positions of prior years 1 — — Reductions for tax positions of prior years — (8 ) — Additions for tax positions of current year — — 1 Settlements — (11 ) — Balance at December 31 $ 1 $ — $ 19 AFG’s provision for income taxes included an expense of less than $1 million in 2015, a benefit of $1 million in 2014 and an expense of $1 million in 2013 of interest (net of federal benefit or expense). AFG’s liability for interest related to unrecognized tax benefits was less than $1 million at December 31, 2015 and $1 million at December 31, 2013 (net of federal benefit); no penalties were accrued at those dates. Cash payments for income taxes, net of refunds, were $234 million , $347 million and $204 million for 2015 , 2014 and 2013 , respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. In addition, accruals (included in other liabilities) have been recorded for various environmental and occupational injury and disease claims and other contingencies arising out of the railroad operations disposed of by American Premier’s predecessor, Penn Central Transportation Company (“PCTC”) and its subsidiaries, prior to its bankruptcy reorganization in 1978 and certain manufacturing operations disposed of by American Premier and Great American Financial Resources, Inc. (“GAFRI”). AFG completed a comprehensive external study of its asbestos and environmental (“A&E”) exposures in the third quarter of 2015 with the aid of specialty actuarial, engineering and consulting firms and outside counsel. The study resulted in A&E charges of $67 million for the property and casualty group and $12 million for the former railroad and manufacturing operations. AFG completed an in-depth internal review of its A&E exposures in the third quarter of 2014, which resulted in A&E charges of $24 million for the property and casualty group and $6 million for the former railroad and manufacturing operations. In the third quarter of 2013, AFG completed a comprehensive external study of its A&E exposures with the aid of specialty actuarial, engineering and consulting firms and outside counsel, which resulted in A&E charges of $54 million for the property and casualty group and $22 million for the former railroad and manufacturing operations. The property and casualty group’s liability for asbestos and environmental reserves was $426 million at December 31, 2015 ; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $99 million . At December 31, 2015 , American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $77 million . The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2015 , GAFRI had a liability of approximately $11 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. See Note B — “ Acquisitions and Sale of Businesses ” for a discussion of the five -year capital maintenance agreement that AFG entered into in connection with obtaining regulatory approval for the sale of substantially all of its run-off long-term care business. While management believes AFG has recorded adequate reserves for the items discussed above in this note, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) The operations of certain AFG business segments are seasonal in nature. While insurance premiums are recognized on a relatively level basis, claim losses related to adverse weather (snow, hail, hurricanes, severe storms, tornadoes, etc.) may be seasonal. The profitability of AFG’s crop insurance business is primarily recognized during the second half of the year as crop prices and yields are determined. Quarterly results necessarily rely heavily on estimates. These estimates and certain other factors, such as the discretionary sales of assets, cause the quarterly results not to be necessarily indicative of results for longer periods of time. The following are quarterly results of consolidated operations for the two years ended December 31, 2015 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year 2015 Revenues $ 1,294 $ 1,541 $ 1,684 $ 1,626 $ 6,145 Net earnings, including noncontrolling interests 25 149 66 130 370 Net earnings attributable to shareholders 19 141 63 129 352 Earnings attributable to shareholders per Common Share: Basic $ 0.22 $ 1.60 $ 0.72 $ 1.48 $ 4.02 Diluted 0.21 1.57 0.71 1.45 3.94 Average number of Common Shares: Basic 87.6 87.7 87.5 87.4 87.6 Diluted 89.4 89.5 89.3 89.2 89.4 2014 Revenues $ 1,211 $ 1,392 $ 1,581 $ 1,549 $ 5,733 Net earnings, including noncontrolling interests 107 83 91 125 406 Net earnings attributable to shareholders 103 106 116 127 452 Earnings attributable to shareholders per Common Share: Basic $ 1.15 $ 1.18 $ 1.30 $ 1.44 $ 5.07 Diluted 1.13 1.15 1.28 1.41 4.97 Average number of Common Shares: Basic 89.6 89.6 89.0 87.9 89.0 Diluted 91.6 91.6 90.9 89.8 91.0 Pretax realized gains on subsidiaries and securities (including other-than-temporary impairments) and favorable (adverse) prior year development of AFG’s liability for losses and loss adjustment expenses (“LAE”) were as follows (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Realized Gains (Losses) on Securities and Subsidiaries 2015 $ (143 ) $ (1 ) $ (11 ) $ (25 ) $ (180 ) 2014 19 12 13 8 52 Prior Year Development Favorable (Adverse) 2015 $ 7 $ 10 $ (55 ) $ 5 $ (33 ) 2014 31 (14 ) (13 ) (10 ) (6 ) Realized losses on subsidiaries in 2015 include a $166 million realized loss (consisting of an initial loss estimate of $162 million recorded in the first quarter and a $4 million loss adjustment in the fourth quarter) related to the impact of the sale of two subsidiaries, which contained substantially all of AFG’s long-term care insurance business. See Note B — “ Acquisitions and Sale of Businesses .” Adverse prior year development for the third quarter of 2015 includes pretax special charges of $67 million to strengthen property and casualty insurance A&E reserves. Adverse prior year development for the second quarter of 2014 includes $22 million of adverse reserve development in the property and transportation sub-segment, which resulted from an increase in claim severity in the commercial auto liability business, partially offset by lower than expected claim severity in the agricultural and property and inland marine businesses. Adverse prior year development for the third quarter of 2014 includes pretax special charges of $24 million to strengthen property and casualty insurance A&E reserves. Adverse prior year development in the fourth quarter of 2014 was due primarily to adverse reserve development at Marketform and higher than expected claim severity in contractor claims and in a run-off book of casualty business. In addition to realized gains (losses) on securities and subsidiaries, results for 2015 include pretax gains (included in other income) of $51 million from the sale of Le Pavillon Hotel in the second quarter and $15 million from the sale of an apartment property in the fourth quarter. Results for the third quarter of 2015 and 2014 include pretax special charges of $12 million and $6 million , respectively, to strengthen reserves for A&E exposures related to AFG’s former railroad and manufacturing operations.

Insurance

Insurance	12 Months Ended
	Dec. 31, 2015
Insurance [Abstract]
Insurance	Insurance Cash and securities owned by U.S.-based insurance subsidiaries having a carrying value of approximately $1.00 billion at December 31, 2015 , were on deposit as required by regulatory authorities. In addition, $203 million was on deposit in support of AFG’s underwriting activities at Lloyd’s. At December 31, 2015 , AFG and its subsidiaries had $307 million in undrawn letters of credit ( none of which was collateralized) supporting the underwriting capacity of its U.K.-based Lloyd’s insurer. Property and Casualty Insurance Reserves The liability for losses and LAE for long-term scheduled payments under certain workers’ compensation insurance has been discounted at 4.5% at both December 31, 2015 and 2014 , which represents an approximation of long-term investment yields. As a result, the total liability for losses and loss adjustment expenses at December 31, 2015 and 2014 , has been reduced by $18 million and $19 million . The following table provides an analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (and grossed up), over the past three years (in millions): 2015 2014 2013 Balance at beginning of period $ 5,645 $ 4,288 $ 4,129 Provision for losses and LAE occurring in the current year 2,662 2,488 2,055 Net increase (decrease) in the provision for claims of prior years: Special A&E charges 67 24 54 Other (34 ) (18 ) (69 ) Total losses and LAE incurred 2,695 2,494 2,040 Payments for losses and LAE of: Current year (828 ) (789 ) (739 ) Prior years (1,575 ) (1,340 ) (1,131 ) Total payments (2,403 ) (2,129 ) (1,870 ) Reserves of businesses acquired (*) — 1,028 — Foreign currency translation and other (11 ) (36 ) (11 ) Balance at end of period 5,926 5,645 4,288 Add back reinsurance recoverables, net of allowance 2,201 2,227 2,122 Gross unpaid losses and LAE included in the balance sheet $ 8,127 $ 7,872 $ 6,410 (*) Reflects the acquisition of Summit in April 2014 (see Note B — “ Acquisitions and Sale of Businesses ” ). The net increase in the provision for claims of prior years in 2015 reflects (i) higher than expected claim severity at National Interstate and higher than anticipated claim frequency in the ocean marine business (all within the Property and transportation sub-segment), (ii) adverse reserve development at Marketform (within the Specialty casualty sub-segment), and (iii) the $67 million special charge to increase asbestos and environmental reserves. This adverse development was partially offset by (i) lower than expected claim severity in the property and inland marine business, agricultural operations and a run-off book of homebuilders business (all within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in workers’ compensation business, lower than anticipated claim severity and frequency in excess liability insurance and lower than expected claim severity in directors and officers liability insurance (all within the Specialty casualty sub-segment), and (iii) lower than anticipated claim frequency and severity in the surety business and products for financial institutions and lower than expected claim severity in the fidelity business and run-off collateral value insurance (all within the Specialty financial sub-segment). Net adverse reserve development in 2014 reflects higher than expected severity in commercial auto liability losses written in the transportation businesses (within the Property and transportation sub-segment), higher than expected claims severity in contractor claims and in a run-off book of casualty business and adverse reserve development at Marketform (all within the Specialty casualty sub-segment), and the $24 million special charge to increase asbestos and environmental reserves. This adverse reserve development was offset by (i) lower than expected claim severity in directors and officers liability insurance, lower than expected claim severity and frequency in excess liability insurance and lower than anticipated claim severity in specialty workers’ compensation business (all within the Specialty casualty sub-segment), and (ii) lower than expected claim severity in the surety and fidelity businesses and lower than expected claim frequency and severity in the foreign credit business and products for financial institutions (all within the Specialty financial sub-segment). Net favorable reserve development in 2013 was due primarily to lower than expected severity in directors and officers liability insurance and lower than expected claim severity and frequency in the excess liability business (both within the Specialty casualty sub-segment), lower than expected frequency and severity in the foreign credit and financial institutions businesses (within the Specialty financial sub-segment) and favorable reserve development associated with AFG’s internal reinsurance program, partially offset by the $54 million special charge to increase asbestos and environmental reserves. Closed Block of Long-Term Care Insurance AFG, as well as other companies that sell long-term care products, have accumulated relatively limited claims, lapse and mortality experience, making it difficult to predict future claims. Long-term care claims tend to be much higher in dollar amount and longer in duration than other health care products. In addition, long-term care claims are incurred much later in the life of a policy than most other health products. These factors made it difficult to appropriately price this product and were instrumental in AFG’s decisions to stop writing new policies in January 2010 and to sell substantially all of its run-off long-term care insurance business in December 2015 (see Note B —“ Acquisitions and Sale of Businesses ”). Following the completion of this sale, AFG’s remaining long-term care insurance reserves were $34 million at December 31, 2015 , net of reinsurance recoverables and excluding the impact of unrealized gains on securities. AFG’s remaining outstanding long-term care policies have level premiums and are guaranteed renewable. Premium rates can potentially be increased in reaction to adverse experience; however, any rate increases would require regulatory approval. FHLB Funding Agreements Great American Life Insurance Company (“GALIC”), a wholly-owned annuity subsidiary, is a member of the Federal Home Loan Bank of Cincinnati (“FHLB”). The FHLB makes advances and provides other banking services to member institutions. Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. GALIC’s $41 million investment in FHLB capital stock at December 31, 2015 , is included in other investments at cost. Membership in the FHLB provides the annuity operations with a substantial additional source of liquidity. These advances further the FHLB’s mission of improving access to housing by increasing liquidity in the residential mortgage-backed securities market. In 2015, the FHLB advanced GALIC $345 million (included in annuity benefits accumulated), increasing the total amount advanced to $785 million at December 31, 2015 . Interest rates under the various funding agreements on these advances range from 0.02% to 0.49% over LIBOR (average rate of 0.58% at December 31, 2015 ). While these advances must be repaid between 2016 and 2020 , GALIC has the option to prepay all or a portion of the advances. The advances on these agreements are collateralized by mortgage-backed securities with a fair value of $912 million (included in available for sale fixed maturity securities) at December 31, 2015 . Interest credited on the funding agreements, which is included in annuity benefits, was $3 million in 2015 and $1 million in 2014 and 2013 . Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2015 2014 2013 2015 2014 Property and casualty companies $ 408 $ 318 $ 332 $ 2,488 $ 2,286 Life insurance companies 399 349 294 1,721 1,714 The National Association of Insurance Commissioners’ (“NAIC”) model law for risk based capital (“RBC”) applies to both life and property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2015 and 2014 , the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2015 or 2014 . Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2016 from its insurance subsidiaries without seeking regulatory clearance is $809 million . Additional amounts of dividends require regulatory approval. AFG paid common stock dividends to shareholders totaling $178 million , $169 million and $161 million in 2015 , 2014 and 2013 , respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net income that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2015 , AFG could pay dividends in excess of $1 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries, and rating agency commitments. Reinsurance In the normal course of business, AFG’s insurance subsidiaries cede reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. To the extent that any reinsuring companies are unable to meet obligations under agreements covering reinsurance ceded, AFG’s insurance subsidiaries would remain liable. The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2015 2014 2013 Direct premiums written $ 5,713 $ 5,387 $ 4,744 Reinsurance assumed 119 90 61 Reinsurance ceded (1,505 ) (1,457 ) (1,464 ) Net written premiums $ 4,327 $ 4,020 $ 3,341 Direct premiums earned $ 5,613 $ 5,195 $ 4,684 Reinsurance assumed 105 75 45 Reinsurance ceded (1,494 ) (1,392 ) (1,525 ) Net earned premiums $ 4,224 $ 3,878 $ 3,204 Reinsurance recoveries $ 936 $ 895 $ 1,255 In March 2014, AFG’s property and casualty insurance operations entered into a reinsurance agreement to obtain additional catastrophe protection through a catastrophe bond structure with Riverfront Re Ltd. (“Riverfront”). The reinsurance agreement provides supplemental reinsurance coverage up to $95 million (fully collateralized) for catastrophe losses in excess of $119 million occurring during the period from April 1, 2014 through December 31, 2016. In connection with the reinsurance agreement, Riverfront issued notes to unrelated investors for the full $95 million of coverage provided under the reinsurance agreement. At the time of the agreement, AFG concluded that Riverfront is a variable interest entity, but that it does not have a variable interest in the entity because the variability in Riverfront’s results is expected to be absorbed entirely by the investors in Riverfront. Accordingly, Riverfront is not consolidated in AFG’s financial statements and the reinsurance agreement is accounted for as ceded reinsurance. AFG’s cost for this coverage is approximately $5 million per year. AFG has reinsured approximately $11.19 billion of its $14.67 billion in face amount of life insurance at December 31, 2015 compared to $12.70 billion of its $16.71 billion in face amount of life insurance at December 31, 2014 . Life written premiums ceded were $40 million , $41 million and $44 million for 2015 , 2014 and 2013 , respectively. Reinsurance recoveries on ceded life policies were $50 million , $59 million and $58 million for 2015 , 2014 and 2013 , respectively. Fixed Annuities For certain products, the liability for “annuity benefits accumulated” includes reserves for excess benefits expected to be paid on future deaths and annuitizations (“EDAR”), guaranteed withdrawal benefits and accrued persistency and premium bonuses. The liabilities included in AFG’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions): 2015 2014 Expected death and annuitization $ 214 $ 213 Guaranteed withdrawal benefits 203 151 Accrued persistency and premium bonuses 11 14 Variable Annuities At December 31, 2015 , the aggregate guaranteed minimum death benefit value (assuming every variable annuity policyholder died on that date) on AFG’s variable annuity policies exceeded the fair value of the underlying variable annuities by $27 million , compared to $23 million at December 31, 2014 . Death benefits paid in excess of the variable annuity account balances were less than $1 million in each of the last three years.

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information AFG’s aggregate allowance for uncollectible reinsurance recoverables was $22 million and $25 million at December 31, 2015 and 2014 , respectively. AFG reviews the allowance quarterly and adjusts it as necessary to reflect changes in estimates of uncollectible balances. In 2015, AFG recorded a net expense reduction of $3 million against the allowance. In 2014 and 2013 , AFG recorded charges of $4 million and $1 million against the allowance, respectively (included in losses and loss adjustment expenses). In 2014 , the allowance was reduced by reinsurance recoverable write-offs of $6 million . Operating Leases Total rental expense for various leases of office space and equipment was $70 million in 2015 , $65 million in 2014 and $57 million in 2013 . Future minimum rentals, related principally to office space, required under operating leases having initial or remaining noncancelable lease terms in excess of one year at December 31, 2015 , were as follows: 2016 – $64 million ; 2017 – $60 million ; 2018 – $51 million ; 2019 – $43 million ; 2020 – $36 million ; and $148 million thereafter. Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2015 , AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $410 million . Benefit Plans AFG expensed approximately $34 million in 2015 , $30 million in 2014 and $32 million in 2013 for its retirement and employee savings plans.

Condensed Financial Information

Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Parent Company	AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (In Millions) Condensed Balance Sheet December 31, 2015 2014 Assets: Cash and cash equivalents $ 189 $ 292 Investment in securities 63 58 Investment in subsidiaries (a) 5,439 5,638 Other investments 2 2 Other assets 106 103 Total assets $ 5,799 $ 6,093 Liabilities and Equity: Long-term debt $ 1,008 $ 990 Other liabilities 199 224 Shareholders’ equity 4,592 4,879 Total liabilities and equity $ 5,799 $ 6,093 Condensed Statement of Earnings Year ended December 31, 2015 2014 2013 Revenues: Dividends from subsidiaries $ 311 $ 480 $ 606 Equity in undistributed earnings of subsidiaries 386 332 260 Investment and other income 4 5 8 Total revenues 701 817 874 Costs and Expenses: Interest charges on intercompany borrowings 9 10 10 Interest charges on other borrowings 72 69 67 Other expenses 73 66 90 Total costs and expenses 154 145 167 Earnings before income taxes 547 672 707 Provision for income taxes 195 220 236 Net Earnings Attributable to Shareholders $ 352 $ 452 $ 471 Condensed Statement of Comprehensive Income Net earnings attributable to shareholders $ 352 $ 452 $ 471 Other comprehensive income (loss), net of tax (423 ) 167 (271 ) Total comprehensive income, net of tax $ (71 ) $ 619 $ 200 ________________________ (a) Investment in subsidiaries includes intercompany receivables and payables. Condensed Statement of Cash Flows Year ended December 31, 2015 2014 2013 Operating Activities: Net earnings attributable to shareholders $ 352 $ 452 $ 471 Adjustments: Equity in net earnings of subsidiaries (451 ) (545 ) (579 ) Dividends from subsidiaries 280 451 543 Other operating activities, net (19 ) 14 (7 ) Net cash provided by operating activities 162 372 428 Investing Activities: Capital contributions to subsidiaries (27 ) (431 ) (38 ) Returns of capital from subsidiaries 1 — 36 Purchases of investments, property and equipment (10 ) (1 ) (2 ) Proceeds from sales of investments, property and equipment 3 — — Net cash used in investing activities (33 ) (432 ) (4 ) Financing Activities: Additional long-term borrowings 145 145 — Reductions of long-term debt (132 ) — — Issuances of Common Stock 57 42 50 Repurchases of Common Stock (126 ) (191 ) (70 ) Cash dividends paid on Common Stock (176 ) (167 ) (160 ) Net cash used in financing activities (232 ) (171 ) (180 ) Net Change in Cash and Cash Equivalents (103 ) (231 ) 244 Cash and cash equivalents at beginning of year 292 523 279 Cash and cash equivalents at end of year $ 189 $ 292 $ 523

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2015 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for future policy benefits, claims and unpaid losses and LAE Unearned premiums Net earned premiums Net investment income Benefits, claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net written premiums (excluding life) 2015 Property and casualty insurance $ 226 $ 8,127 $ 2,060 $ 4,224 $ 319 $ 2,695 $ 511 $ 839 $ 4,327 Annuity 934 26,622 — — 1,224 732 136 123 — Run-off long-term care and life 24 705 — 104 80 131 6 37 73 Other — — — — 10 — — 370 — Total $ 1,184 $ 35,454 $ 2,060 $ 4,328 $ 1,633 $ 3,558 $ 653 $ 1,369 $ 4,400 2014 Property and casualty insurance $ 221 $ 7,872 $ 1,956 $ 3,878 $ 294 $ 2,494 $ 485 $ 746 $ 4,020 Annuity 564 23,764 — — 1,136 648 155 102 — Run-off long-term care and life 36 2,175 — 108 82 164 6 35 74 Other — — — — (11 ) — — 272 — Total $ 821 $ 33,811 $ 1,956 $ 3,986 $ 1,501 $ 3,306 $ 646 $ 1,155 $ 4,094 2013 Property and casualty insurance $ 211 $ 6,410 $ 1,757 $ 3,204 $ 263 $ 2,040 $ 460 $ 607 $ 3,341 Annuity 723 20,944 — — 1,034 531 144 113 — Run-off long-term care and life 41 2,008 — 114 76 160 6 39 76 Other — — — — (27 ) — — 314 — Total $ 975 $ 29,362 $ 1,757 $ 3,318 $ 1,346 $ 2,731 $ 610 $ 1,073 $ 3,417

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2015 , and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
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. Other than the fair value measurements used in recording the loss on the sale of substantially all of its long-term care business in 2015 and the acquisition of Summit Holding Southeast, Inc. and its related companies in 2014 (see Note B — “ Acquisitions and Sale of Businesses ”), AFG did not have any significant nonrecurring fair value measurements of nonfinancial assets and liabilities in 2015 or 2014 .
Investments	Investments Fixed maturity and equity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity and equity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage and policy loans are carried primarily at the aggregate unpaid balance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income instead of AOCI. AFG will be required to adopt this guidance effective January 1, 2018. Premiums and discounts on fixed maturity securities are amortized using the interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on securities) and the cost basis of that investment is reduced. If management can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion of an other-than-temporary impairment is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the impairment charge. Both components are shown in the Statement of Earnings. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment charge to earnings is recorded to reduce the amortized cost of that security to fair value.
Derivatives	Derivatives 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. Derivatives that do not qualify for hedge accounting under GAAP consist primarily of (i) components of certain fixed maturity securities (primarily interest-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related call options (included in other investments) designed to be consistent with the characteristics of the liabilities and used to mitigate the risk embedded in those annuity products. 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 and ineffectiveness will be measured on a retrospective and prospective basis. 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. Any hedge ineffectiveness is immediately recorded in current period 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 included in AFG’s portfolio of fixed maturity securities. For derivatives that are designated and qualify as highly effective fair value hedges, changes in the fair value of the derivative, along with changes in the fair value of the hedged item attributable to the hedged risk, are recognized in current period earnings. AFG has entered into an interest rate swap that qualifies as a highly effective fair value hedge to mitigate the interest rate risk associated with fixed-rate long-term debt by economically converting certain fixed-rate debt obligations to floating-rate obligations. Since the terms of the swap match the terms of the hedged debt, changes in the fair value of the swap are offset by changes in the fair value of the hedged debt attributable to changes in interest rates. Accordingly, the net impact on AFG’s current period earnings is that the interest expense associated with the hedged debt is effectively recorded at the floating rate.
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG’s property and casualty insurance subsidiaries report as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers as well as ceded premiums retained by AFG’s property and casualty insurance subsidiaries under contracts to fund ceded losses as they become due. AFG’s insurance subsidiaries also assume reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. An AFG subsidiary cedes life insurance policies to a third party on a funds withheld basis whereby the subsidiary retains the assets (securities) associated with the reinsurance contract. Interest is credited to the reinsurer based on the actual investment performance of the retained assets. This reinsurance contract is considered to contain an embedded derivative (that must be adjusted to fair value) because the yield on the payable is based on a specific block of the ceding company’s assets, rather than the overall creditworthiness of the ceding company. AFG determined that changes in the fair value of the underlying portfolio of fixed maturity securities is an appropriate measure of the value of the embedded derivative. The securities related to this contract are classified as “trading.” The adjustment to fair value on the embedded derivative offsets the investment income recorded on the adjustment to fair value of the related trading portfolio.
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 also includes capitalized costs associated with sales inducements offered to fixed annuity policyholders such as enhanced interest rates and premium and persistency bonuses. For the property and casualty companies, DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses 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. DPAC related to annuities is deferred to the extent deemed recoverable and amortized, with interest, in relation to the present value of actual and expected gross profits on the policies. Expected gross profits consist principally of estimated future investment margin (estimated future net investment income less interest credited on policyholder funds) and surrender, mortality, and other life and annuity policy charges, less death, annuitization and guaranteed withdrawal benefits in excess of account balances and estimated future policy administration expenses. To the extent that realized gains and losses result in adjustments to the amortization of DPAC related to annuities, such adjustments are reflected as components of realized gains (losses) on securities. DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. See “ Life, Accident and Health Reserves ” below for details on the impact of loss recognition on the accounting for traditional life and health insurance contracts. DPAC includes the present value of future profits on business in force of annuity and life, accident and health insurance companies acquired (“PVFP”). PVFP represents the portion of the costs to acquire companies that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. PVFP is amortized with interest in relation to expected gross profits of the acquired policies for annuities and universal life products and in relation to the premium paying period for traditional life and health insurance products. DPAC and certain other balance sheet amounts related to annuity, long-term care and life businesses are also adjusted, net of tax, for the change in expense that would have been recorded if the unrealized gains (losses) from securities had actually been realized. These adjustments are included in unrealized gains (losses) on marketable securities, a component of AOCI in AFG’s Balance Sheet.
Managed Investment Entities	Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note H — “ Managed Investment Entities ” ). Both the management fees (payment of which is subordinate to other obligations of the CLOs) and the investments in the CLOs are considered variable interests. AFG has determined that it is the primary beneficiary of the CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) it has exposure to CLO losses (through its investments in the CLO debt tranches) and the right to receive benefits (through its subordinated management fees and returns on its investments), both of which could potentially be significant to the CLOs. In February 2015, the FASB issued ASU 2015-02, which amends certain consolidation accounting guidance, including the VIE guidance that applies to collateralized financing entities such as CLOs. The new guidance, which AFG intends to adopt effective January 1, 2016, will affect how fee arrangements with CLO asset managers impact the determination of the primary beneficiary of these entities. Due to the significance of AFG’s investments in the CLOs that it manages, management does not expect the new guidance to impact the consolidation of its currently outstanding CLOs. The new guidance also impacts the consolidation analysis that applies to limited partnerships and similar entities. Management does not expect this guidance to impact the accounting for AFG’s existing investments in those entities. 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. Effective January 1, 2015, AFG adopted (on a modified retrospective basis) ASU 2014-13, which addresses the diversity in practice regarding the accounting for assets and liabilities of a consolidated collateralized financing entity (such as a CLO) when an election has been made to account for that entity’s assets and liabilities at fair value. 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. Under the new guidance, AFG has elected to 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 continue to be measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Prior to the adoption of ASU 2014-13, measuring both the CLO assets and CLO liabilities at separately determined fair values resulted in a difference between the carrying value of the CLO assets and the carrying value of the CLO liabilities that was not attributable to AFG’s ownership interest in the CLOs and CLO earnings (losses) that were not attributable to AFG’s shareholders. Accordingly, in periods prior to 2015, the difference between the fair value of the CLO assets and the fair value of the CLO liabilities was recorded as “appropriated retained earnings — managed investment entities” in AFG’s Balance Sheet and the earnings (losses) that were not attributable to AFG’s shareholders were included in net earnings (loss) attributable to noncontrolling interests in AFG’s Statement of Earnings. Under the guidance adopted in 2015, there is no longer any excess carrying value of CLO assets over the carrying value of CLO liabilities to be reported as “appropriated retained earnings — managed investment entities” in AFG’s Balance Sheet or any CLO earnings to be attributed to noncontrolling interests in AFG’s Statement of Earnings. In accordance with the guidance, the amount reported as “appropriated retained earnings — managed investment entities” at December 31, 2014 was reclassified to “liabilities of managed investment entities” on January 1, 2015 as the cumulative effect of an accounting change. While the new guidance impacted the presentation of individual CLO-related line items in AFG’s Statement of Earnings, it had no overall impact on AFG’s net earnings attributable to shareholders. At December 31, 2015 , assets and liabilities of managed investment entities included $100 million in assets and $80 million in liabilities of a temporary warehousing entity that was established in connection with the formation of a new CLO that is expected to close in the second quarter of 2016. Upon closing, all warehoused assets are expected to be transferred to the new CLO and the liabilities will be repaid.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the Statement of Earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate.
Annuity Benefits Accumulated	Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability for interest credited are charged to expense and decreases for policy charges are credited to other income. For certain products, annuity benefits accumulated also includes reserves for accrued persistency and premium bonuses, guaranteed withdrawals and excess benefits expected to be paid on future deaths and annuitizations (“EDAR”). The liabilities for EDAR and guaranteed withdrawals are accrued for and modified using assumptions consistent with those used in determining DPAC and DPAC amortization, except that amounts are determined in relation to the present value of total expected assessments. Total expected assessments consist principally of estimated future investment margin, surrender, mortality, and other life and annuity policy charges, and unearned revenues once they are recognized as income. Annuity benefits accumulated also includes amounts advanced from the Federal Home Loan Bank of Cincinnati.
Unearned Revenue	Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in other liabilities) and recognized in net earnings (included in other income) using the same assumptions and estimated gross profits used to amortize DPAC.
Life, Accident and Health Reserves	Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life and long-term care policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded first to reduce unamortized acquisition costs and then as an additional reserve (if unamortized acquisition costs have been reduced to zero). In addition, reserves for traditional life and long-term care policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI in AFG’s Balance Sheet.
Variable Annuity Assets and Liabilities	Variable Annuity Assets and Liabilities Separate accounts related to variable annuities represent the fair value of deposits invested in underlying investment funds on which AFG earns a fee. Investment funds are selected and may be changed only by the policyholder, who retains all investment risk. AFG’s variable annuity contracts contain a guaranteed minimum death benefit (“GMDB”) to be paid if the policyholder dies before the annuity payout period commences. In periods of declining equity markets, the GMDB may exceed the value of the policyholder’s account. A GMDB liability is established for future excess death benefits using assumptions together with a range of reasonably possible scenarios for investment fund performance that are consistent with DPAC capitalization and amortization assumptions.
Premium Recognition	Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account, which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses.
Noncontrolling Interests	Noncontrolling Interests For balance sheet purposes, noncontrolling interests represents the interests of shareholders other than AFG in consolidated entities. In the Statement of Earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities.
Income Taxes	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. 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 uses the Black-Scholes pricing model to measure the fair value of employee stock options. See Note K — “ Shareholders’ Equity ” for further information.
Benefit Plans	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: 2015 – 1.8 million , 2014 – 2.0 million and 2013 – 1.9 million . AFG’s weighted average diluted shares outstanding excludes the following anti-dilutive potential common shares related to stock compensation plans: 2015 – 1.1 million , 2014 – 1.0 million and 2013 – 1.1 million . Adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share were nominal in the 2015 , 2014 and 2013 periods.
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 and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Acquisitions and Sale of Busi27

Acquisitions and Sale of Businesses (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of estimated fair values of assets acquired and liabilities assumed	The allocation of the purchase price is shown in the table below (in millions): April 1, 2014 Total purchase price $ 259 Tangible assets acquired: Cash and cash equivalents $ 1,078 Fixed maturities, available for sale 92 Recoverables from reinsurers 116 Agents’ balances and premiums receivable 41 Deferred tax assets, net (a) 67 Other receivables 21 Other assets 11 Total tangible assets acquired 1,426 Liabilities acquired: Unpaid losses and loss adjustment expenses 1,142 Unearned premiums 3 Payable to reinsurers 3 Other liabilities 66 Total liabilities acquired 1,214 Net tangible assets acquired, at fair value 212 Excess purchase price over net tangible assets acquired $ 47 Allocation of excess purchase price: Intangible assets acquired (b) $ 47 Deferred tax on intangible assets acquired (a) (16 ) Goodwill 16 $ 47 (a) AFG’s net deferred tax assets are included in Other assets in AFG’s Balance Sheet at December 31, 2015 . (b) Included in Other assets in AFG’s Balance Sheet.
Summarized financial information	The impact of the sale of the run-off long-term care insurance business is shown below (in millions): December 24, 2015 Net sale proceeds (*) $ 13 Assets of businesses sold: Cash and investments $ 1,334 Recoverables from reinsurers 630 Deferred policy acquisition costs 16 Other receivables 16 Other assets (4 ) Goodwill 2 Total assets 1,994 Liabilities of businesses sold: Annuity benefits accumulated 261 Life, accident and health reserves 1,525 Other liabilities 7 Total liabilities 1,793 Reclassify net unrealized gain on marketable securities 22 Net assets of businesses sold 179 Loss on subsidiaries, pretax (166 ) Tax benefit 58 Loss on subsidiaries, net of tax $ (108 ) (*) Includes the fair value of the potential additional consideration and capital maintenance agreement and is shown net of estimated expenses. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2015 2014 2013 Life, accident and health net earned premiums: Long-term care $ 73 $ 74 $ 76 Life operations 11 11 12 Net investment income 73 75 68 Realized gains (losses) on securities and other income (11 ) (6 ) 10 Total revenues 146 154 166 Annuity benefits 8 7 9 Life, accident and health benefits: Long-term care 91 119 113 Life operations 11 11 12 Annuity and supplemental insurance acquisition expenses 12 11 14 Other expenses 16 14 12 Total costs and expenses 138 162 160 Earnings before income taxes $ 8 $ (8 ) $ 6

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2015 2014 2013 Assets Property and casualty insurance (a) $ 14,689 $ 14,069 $ 11,717 Annuity 29,865 27,317 24,294 Run-off long-term care and life (b) 772 2,489 2,408 Other 4,533 3,660 3,668 Total assets $ 49,859 $ 47,535 $ 42,087 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 1,599 $ 1,544 $ 1,521 Specialty casualty 2,011 1,765 1,135 Specialty financial 517 469 469 Other specialty 97 100 79 Total premiums earned 4,224 3,878 3,204 Net investment income 319 294 263 Other income (c) 78 9 15 Total property and casualty insurance 4,621 4,181 3,482 Annuity: Net investment income 1,224 1,136 1,034 Other income 98 97 77 Total annuity 1,322 1,233 1,111 Run-off long-term care and life (b) 188 195 195 Other 194 72 98 Total revenues before realized gains (losses) 6,325 5,681 4,886 Realized gains (losses) on securities (19 ) 52 221 Realized losses on subsidiaries (161 ) — (4 ) Total revenues $ 6,145 $ 5,733 $ 5,103 (a) Not allocable to sub-segments. (b) AFG sold substantially all of its run-off long-term care insurance business in December 2015. (c) Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015 . 2015 2014 2013 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 48 $ 21 $ 12 Specialty casualty 146 136 102 Specialty financial 87 64 67 Other specialty 14 16 25 Other lines (a) (70 ) (25 ) (61 ) Total underwriting 225 212 145 Investment and other income, net (b) 351 244 230 Total property and casualty insurance 576 456 375 Annuity (c) 331 328 323 Run-off long-term care and life (d) 14 (10 ) (10 ) Other (e) (176 ) (200 ) (216 ) Total earnings before realized gains (losses) and income taxes 745 574 472 Realized gains (losses) on securities (19 ) 52 221 Realized losses on subsidiaries (161 ) — (4 ) Total earnings before income taxes $ 565 $ 626 $ 689 (a) Includes special charges to increase asbestos and environmental (“A&E”) reserves of $67 million , $24 million and $54 million in 2015 , 2014 and 2013 , respectively. (b) Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015 . (c) Includes a $5 million charge in the second quarter of 2013 to cover expected assessments from state guaranty funds related to insolvency and liquidation of an unaffiliated life insurance company. (d) AFG sold substantially all of its run-off long-term care insurance business in December 2015. (e) Primarily holding company expenses, including a $4 million loss on retirement of debt in the third quarter of 2015 and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ( $12 million in 2015 , $6 million in 2014 and $22 million in 2013 ) and losses of managed investment entities attributable to noncontrolling interests ( $51 million in 2014 and $26 million in 2013 ). Following the adoption of new guidance in the first quarter of 2015, there are no longer earnings (losses) of managed investment entities that are attributable to noncontrolling interests. See Note A — “ Accounting Policies — Managed Investment Entities .”

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements on a recurring basis are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2015 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 100 $ 192 $ 15 $ 307 States, municipalities and political subdivisions — 6,767 89 6,856 Foreign government — 154 — 154 Residential MBS — 3,305 224 3,529 Commercial MBS — 2,148 39 2,187 Asset-backed securities (“ABS”) — 4,464 470 4,934 Corporate and other 50 13,634 633 14,317 Total AFS fixed maturities 150 30,664 1,470 32,284 Trading fixed maturities 13 241 — 254 Equity securities 1,362 217 140 1,719 Assets of managed investment entities (“MIE”) 309 3,712 26 4,047 Variable annuity assets (separate accounts) (*) — 608 — 608 Other investments — derivatives — 241 — 241 Other assets — derivatives — 2 — 2 Total assets accounted for at fair value $ 1,834 $ 35,685 $ 1,636 $ 39,155 Liabilities: Liabilities of managed investment entities $ 289 $ 3,468 $ 24 $ 3,781 Derivatives in annuity benefits accumulated — — 1,369 1,369 Derivatives in long-term debt — (2 ) — (2 ) Other liabilities — derivatives — 8 — 8 Total liabilities accounted for at fair value $ 289 $ 3,474 $ 1,393 $ 5,156 December 31, 2014 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 164 $ 174 $ 15 $ 353 States, municipalities and political subdivisions — 6,647 100 6,747 Foreign government — 194 — 194 Residential MBS — 4,142 300 4,442 Commercial MBS — 2,407 44 2,451 Asset-backed securities — 3,661 226 3,887 Corporate and other 36 12,078 546 12,660 Total AFS fixed maturities 200 29,303 1,231 30,734 Trading fixed maturities 12 254 — 266 Equity securities 1,306 297 93 1,696 Assets of managed investment entities 174 2,903 31 3,108 Variable annuity assets (separate accounts) (*) — 662 — 662 Other investments — derivatives — 322 — 322 Total assets accounted for at fair value $ 1,692 $ 33,741 $ 1,355 $ 36,788 Liabilities: Liabilities of managed investment entities $ 118 $ — $ 2,701 $ 2,819 Derivatives in annuity benefits accumulated — — 1,160 1,160 Other liabilities — derivatives — 13 — 13 Total liabilities accounted for at fair value $ 118 $ 13 $ 3,861 $ 3,992 (*) Variable annuity liabilities equal the fair value of variable annuity assets.
Fair value measurements, Levels 1 and 2 transfers	The transfers between Level 1 and Level 2 for the years ended December 31, 2015 , 2014 and 2013 are reflected in the table below at fair value as of the end of the reporting period (dollars in millions): Level 2 To Level 1 Transfers Level 1 To Level 2 Transfers # of Transfers Fair Value # of Transfers Fair Value 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Perpetual preferred stocks 5 14 15 $ 19 $ 96 $ 70 7 13 2 $ 31 $ 83 $ 10 Common stocks 7 — 2 80 — 35 — 7 — — 26 — Redeemable preferred stocks 2 1 3 11 5 21 — — — — — —
Unobservable inputs used by management in determining fair value of embedded derivatives	The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives. See Note F — “ Derivatives .” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.30% – 2.95% over the risk free rate Risk margin for uncertainty in cash flows 0.58% reduction in the discount rate Surrenders 3% – 18% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.75% – 1.5% of indexed account value Deaths 1.5% – 4.0% of indexed account value Budgeted option costs 1.75% – 3.5% of indexed account value
Changes in balances of Level 3 financial assets and liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2015 , 2014 and 2013 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 Bal. at Dec. 31, 2014 Impact of Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Sale of subsidiaries Bal. at Dec. 31, 2015 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ — $ — $ 15 State and municipal 100 — — (1 ) 34 (1 ) 2 (39 ) (6 ) 89 Residential MBS 300 — (11 ) (1 ) — (34 ) 86 (88 ) (28 ) 224 Commercial MBS 44 — (1 ) (1 ) — (2 ) 4 (1 ) (4 ) 39 Asset-backed securities 226 — 1 (7 ) 265 (56 ) 53 (10 ) (2 ) 470 Corporate and other 546 — (5 ) (9 ) 161 (90 ) 41 (5 ) (6 ) 633 Equity securities 93 — (4 ) (9 ) 77 — — (17 ) — 140 Assets of MIE 31 — (11 ) — 6 — — — — 26 Liabilities of MIE (2,701 ) 2,701 — — — — — — — — Embedded derivatives (b) (1,160 ) — (17 ) — (257 ) 65 — — — (1,369 ) (a) The impact of implementing new guidance adopted in 2015, as discussed above and in Note A — “ Accounting Policies — Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . Total realized/unrealized gains (losses) included in Balance at December 31, 2013 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2014 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 61 (1 ) — 30 — 10 — 100 Residential MBS 316 4 3 13 (31 ) 111 (116 ) 300 Commercial MBS 28 (1 ) — — — 17 — 44 Asset-backed securities 75 3 (2 ) 99 (39 ) 117 (27 ) 226 Corporate and other 335 2 13 102 (73 ) 172 (5 ) 546 Equity securities 31 1 2 62 (9 ) 22 (16 ) 93 Assets of MIE 30 (3 ) — 6 (2 ) — — 31 Liabilities of MIE (a) (2,411 ) 22 — (817 ) 505 — — (2,701 ) Embedded derivatives (b) (804 ) (182 ) — (221 ) 47 — — (1,160 ) (a) Total realized/unrealized gains (losses) included in net income includes gains of $50 million related to liabilities outstanding as of December 31, 2014 . See Note H — “ Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014 . Total realized/unrealized gains (losses) included in Balance at December 31, 2012 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2013 AFS fixed maturities: U.S. government agency $ 20 $ (2 ) $ (3 ) $ — $ — $ — $ — $ 15 State and municipal 58 (1 ) (2 ) 10 — — (4 ) 61 Residential MBS 371 5 24 6 (53 ) 86 (123 ) 316 Commercial MBS 22 (1 ) (1 ) — — 8 — 28 Asset-backed securities 253 4 (3 ) 12 (57 ) 11 (145 ) 75 Corporate and other 236 1 (14 ) 113 (17 ) 24 (8 ) 335 Equity securities 37 (1 ) 6 53 (12 ) — (52 ) 31 Assets of MIE 40 (5 ) — 8 (7 ) — (6 ) 30 Liabilities of MIE (a) (2,745 ) (25 ) — (728 ) 1,068 — 19 (2,411 ) Embedded derivatives (b) (465 ) (182 ) — (192 ) 35 — — (804 ) (a) Total realized/unrealized gains (losses) included in net income includes gains of $7 million related to liabilities outstanding as of December 31, 2013 . See Note H — “ Managed Investment Entities .” (b) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $2 million in 2013 .
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Value Fair Value Level 1 Level 2 Level 3 2015 Financial assets: Cash and cash equivalents $ 1,220 $ 1,220 $ 1,220 $ — $ — Mortgage loans 1,067 1,074 — — 1,074 Policy loans 201 201 — — 201 Total financial assets not accounted for at fair value $ 2,488 $ 2,495 $ 1,220 $ — $ 1,275 Financial liabilities: Annuity benefits accumulated (*) $ 26,422 $ 25,488 $ — $ — $ 25,488 Long-term debt 1,022 1,120 — 1,105 15 Total financial liabilities not accounted for at fair value $ 27,444 $ 26,608 $ — $ 1,105 $ 25,503 2014 Financial assets: Cash and cash equivalents $ 1,343 $ 1,343 $ 1,343 $ — $ — Mortgage loans 1,117 1,124 — — 1,124 Policy loans 228 228 — — 228 Total financial assets not accounted for at fair value $ 2,688 $ 2,695 $ 1,343 $ — $ 1,352 Financial liabilities: Annuity benefits accumulated (*) $ 23,561 $ 23,187 $ — $ — $ 23,187 Long-term debt 1,061 1,180 — 1,106 74 Total financial liabilities not accounted for at fair value $ 24,622 $ 24,367 $ — $ 1,106 $ 23,261 (*) Excludes $200 million and $203 million of life contingent annuities in the payout phase at December 31, 2015 and 2014 , respectively.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities and equity securities at December 31 consisted of the following (in millions): 2015 2014 Amortized Cost Fair Value Gross Unrealized Amortized Cost Fair Value Gross Unrealized Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 305 $ 307 $ 5 $ (3 ) $ 347 $ 353 $ 8 $ (2 ) States, municipalities and political subdivisions 6,642 6,856 249 (35 ) 6,393 6,747 364 (10 ) Foreign government 147 154 7 — 184 194 10 — Residential MBS 3,236 3,529 308 (15 ) 4,046 4,442 411 (15 ) Commercial MBS 2,111 2,187 77 (1 ) 2,294 2,451 158 (1 ) Asset-backed securities 4,961 4,934 25 (52 ) 3,872 3,887 37 (22 ) Corporate and other 14,163 14,317 422 (268 ) 11,938 12,660 751 (29 ) Total fixed maturities $ 31,565 $ 32,284 $ 1,093 $ (374 ) $ 29,074 $ 30,734 $ 1,739 $ (79 ) Common stocks $ 1,051 $ 1,118 $ 146 $ (79 ) $ 885 $ 1,087 $ 227 $ (25 ) Perpetual preferred stocks $ 418 $ 435 $ 23 $ (6 ) $ 398 $ 414 $ 21 $ (5 )
Available for sale securities in a continuous unrealized loss position	The following tables show gross unrealized losses (dollars in millions) on fixed maturities and equity securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 and 2014 . 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 2015 Fixed maturities: U.S. Government and government agencies $ (1 ) $ 112 99 % $ (2 ) $ 15 88 % States, municipalities and political subdivisions (33 ) 1,419 98 % (2 ) 50 96 % Residential MBS (7 ) 438 98 % (8 ) 201 96 % Commercial MBS — 95 100 % (1 ) 28 97 % Asset-backed securities (42 ) 2,706 98 % (10 ) 455 98 % Corporate and other (229 ) 4,661 95 % (39 ) 165 81 % Total fixed maturities $ (312 ) $ 9,431 97 % $ (62 ) $ 914 94 % Common stocks $ (79 ) $ 509 87 % $ — $ — — % Perpetual preferred stocks $ (3 ) $ 91 97 % $ (3 ) $ 22 88 % 2014 Fixed maturities: U.S. Government and government agencies $ — $ 39 100 % $ (2 ) $ 15 88 % States, municipalities and political subdivisions (2 ) 222 99 % (8 ) 408 98 % Residential MBS (4 ) 298 99 % (11 ) 209 95 % Commercial MBS (1 ) 38 97 % — 11 100 % Asset-backed securities (11 ) 1,389 99 % (11 ) 622 98 % Corporate and other (16 ) 588 97 % (13 ) 433 97 % Total fixed maturities $ (34 ) $ 2,574 99 % $ (45 ) $ 1,698 97 % Common stocks $ (25 ) $ 260 91 % $ — $ — — % Perpetual preferred stocks $ (1 ) $ 45 98 % $ (4 ) $ 55 93 %
Roll forward of cumulative credit portion of other-than-temporary impairments on fixed maturity securities	A progression of the credit portion of other-than-temporary impairments on fixed maturity securities for which the non-credit portion of an impairment has been recognized in other comprehensive income is shown below (in millions): 2015 2014 2013 Balance at January 1 $ 170 $ 194 $ 192 Additional credit impairments on: Previously impaired securities 1 — — Securities without prior impairments 2 — 3 Reductions due to: Sales or redemptions (9 ) (24 ) (1 ) Sale of subsidiaries (4 ) — — Balance at December 31 $ 160 $ 170 $ 194
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2015 (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 Amount % Maturity One year or less $ 922 $ 935 3 % After one year through five years 5,208 5,417 17 % After five years through ten years 11,007 11,054 34 % After ten years 4,120 4,228 13 % 21,257 21,634 67 % ABS (average life of approximately 5 years) 4,961 4,934 15 % MBS (average life of approximately 4 years) 5,347 5,716 18 % Total $ 31,565 $ 32,284 100 %
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income	The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax and Amounts Attributable to Noncontrolling Interests Net December 31, 2015 Unrealized gain on: Fixed maturities — annuity segment (*) $ 523 $ (183 ) $ 340 Fixed maturities — all other 196 (72 ) 124 Equity securities 84 (30 ) 54 Deferred policy acquisition costs — annuity segment (233 ) 82 (151 ) Annuity benefits accumulated (64 ) 22 (42 ) Unearned revenue 11 (4 ) 7 $ 517 $ (185 ) $ 332 December 31, 2014 Unrealized gain on: Fixed maturities — annuity segment (*) $ 1,157 $ (405 ) $ 752 Fixed maturities — all other 503 (185 ) 318 Equity securities 218 (79 ) 139 Deferred policy acquisition costs — annuity segment (531 ) 186 (345 ) Annuity benefits accumulated (112 ) 39 (73 ) Life, accident and health reserves (104 ) 36 (68 ) Unearned revenue 31 (11 ) 20 $ 1,162 $ (419 ) $ 743 (*) Unrealized gains on fixed maturity investments supporting AFG’s annuity benefits accumulated.
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred. 2015 2014 2013 Investment income: Fixed maturities $ 1,461 $ 1,352 $ 1,241 Equity securities 76 66 50 Equity in earnings of partnerships and similar investments (*) 27 18 — Other 87 77 72 Gross investment income 1,651 1,513 1,363 Investment expenses (18 ) (12 ) (17 ) Net investment income $ 1,633 $ 1,501 $ 1,346 (*) Prior to 2014, equity in the earnings of partnerships was not material and was included in realized gains (losses) on securities.
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) related to fixed maturity and equity security investments are summarized as follows (in millions): Fixed Maturities Equity Securities Mortgage Loans and Other Investments Other (*) Total Tax Effects Noncon- trolling Interests Total Year ended December 31, 2015 Realized before impairments $ 19 $ 94 $ (2 ) $ (5 ) $ 106 $ (38 ) $ (2 ) $ 66 Realized — impairments (43 ) (94 ) (3 ) 15 (125 ) 45 2 (78 ) Change in unrealized (941 ) (134 ) — 430 (645 ) 226 8 (411 ) Year ended December 31, 2014 Realized before impairments $ 36 $ 53 $ 1 $ (2 ) $ 88 $ (32 ) $ (2 ) $ 54 Realized — impairments (15 ) (26 ) — 5 (36 ) 13 1 (22 ) Change in unrealized 570 26 — (314 ) 282 (99 ) (3 ) 180 Year ended December 31, 2013 Realized before impairments $ 36 $ 196 $ 2 $ (1 ) $ 233 $ (82 ) $ (2 ) $ 149 Realized — impairments (5 ) (5 ) (5 ) 3 (12 ) 4 — (8 ) Change in unrealized (945 ) 31 — 504 (410 ) 144 6 (260 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to annuities and long-term care business.
Gross realized gains and losses on available for sale fixed maturity and equity security investments	Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity and equity security investment transactions included in the Statement of Cash Flows consisted of the following (in millions): 2015 2014 2013 Fixed maturities: Gross gains $ 38 $ 36 $ 44 Gross losses (7 ) (2 ) (5 ) Equity securities: Gross gains 99 53 193 Gross losses (5 ) — —

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in Balance Sheet at fair value	The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions): December 31, 2015 December 31, 2014 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 130 $ — $ 158 $ — Public company warrants Equity securities 4 — 19 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 1,369 — 1,160 Equity index call options Other investments 241 — 322 — Reinsurance contracts (embedded derivative) Other liabilities — 7 — 13 $ 375 $ 1,376 $ 499 $ 1,173
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for 2015 , 2014 and 2013 (in millions): Derivative Statement of Earnings Line 2015 2014 2013 MBS with embedded derivatives Realized gains on securities $ (16 ) $ 3 $ (3 ) Public company warrants Realized gains on securities — — 3 Interest rate swaptions Realized gains on securities — (2 ) 1 Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (17 ) (182 ) (182 ) Equity index call options Annuity benefits (56 ) 181 210 Reinsurance contracts (embedded derivative) Net investment income 6 (3 ) 7 $ (83 ) $ (3 ) $ 36 (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $28 million in 2015 compared to gains related to unlocking of actuarial assumptions of $58 million in 2014 and $2 million in 2013 .

Deferred Policy Acquisition C32

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs Details	A progression of deferred policy acquisition costs is presented below (in millions): P&C Annuity and Run-off Long-term Care and Life Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized Total Total Balance at December 31, 2012 $ 204 $ 787 $ 170 $ 99 $ 1,056 $ (710 ) $ 346 $ 550 Additions 468 222 11 — 233 — 233 701 Amortization: Periodic amortization (460 ) (140 ) (30 ) (14 ) (184 ) — (184 ) (644 ) Annuity unlocking — 4 (2 ) — 2 — 2 2 Included in realized gains — 2 — — 2 — 2 2 Foreign currency translation (1 ) — — — — — — (1 ) Change in unrealized — — — — — 365 365 365 Balance at December 31, 2013 211 875 149 85 1,109 (345 ) 764 975 Additions 497 198 8 — 206 — 206 703 Amortization: Periodic amortization (485 ) (130 ) (26 ) (11 ) (167 ) — (167 ) (652 ) Annuity unlocking — (20 ) — — (20 ) — (20 ) (20 ) Included in realized gains — 2 1 — 3 — 3 3 Foreign currency translation (2 ) — — — — — — (2 ) Change in unrealized — — — — — (186 ) (186 ) (186 ) Balance at December 31, 2014 221 925 132 74 1,131 (531 ) 600 821 Additions 519 224 11 — 235 — 235 754 Amortization: Periodic amortization (511 ) (162 ) (26 ) (11 ) (199 ) — (199 ) (710 ) Annuity unlocking — 31 4 — 35 — 35 35 Included in realized gains — 8 1 — 9 — 9 9 Sale of subsidiaries — (8 ) (3 ) (8 ) (19 ) — (19 ) (19 ) Foreign currency translation (3 ) — — — — — — (3 ) Change in unrealized — — — — — 297 297 297 Balance at December 31, 2015 $ 226 $ 1,018 $ 119 $ 55 $ 1,192 $ (234 ) $ 958 $ 1,184

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2015 2014 2013 Gains (losses) on change in fair value of assets/liabilities (a): Assets $ (116 ) $ (66 ) $ 11 Liabilities 82 22 (25 ) Management fees paid to AFG 15 25 16 CLO earnings (losses) attributable to (b): AFG shareholders (6 ) 16 35 Noncontrolling interests — (51 ) (26 ) (a) Included in Revenues in AFG’s Statement of Earnings. (b) Included in Earnings before income taxes in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying value of goodwill by reporting segment	Changes in the carrying value of goodwill during 2013 , 2014 and 2015 , by reporting segment, are presented in the following table (in millions): Property and Casualty Annuity Total Balance at January 1, 2013 and January 1, 2014 $ 152 $ 33 $ 185 Acquisition of subsidiary in 2014 16 — 16 Balance at December 31, 2014 168 33 201 Sale of subsidiaries in 2015 — (2 ) (2 ) Balance at December 31, 2015 $ 168 $ 31 $ 199

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The carrying value of long-term debt consisted of the following at December 31 (in millions): 2015 2014 Direct Senior Obligations of AFG: 9-7/8% Senior Notes due June 2019 $ 350 $ 350 6-3/8% Senior Notes due June 2042 230 230 5-3/4% Senior Notes due August 2042 125 125 7% Senior Notes due September 2050 — 132 Other 3 3 708 840 Direct Subordinated Obligations of AFG: 6-1/4% Subordinated Debentures due September 2054 150 150 6% Subordinated Debentures due November 2055 150 — 300 150 Subsidiaries: Notes payable secured by real estate — 59 National Interstate bank credit facility 12 12 12 71 $ 1,020 $ 1,061
Summary of secured and unsecured long-term debt	As shown below at December 31 (in millions), the majority of AFG’s long-term debt is unsecured obligations of the holding company and its subsidiaries. 2015 2014 Senior unsecured obligations $ 720 $ 852 Subordinated unsecured obligations 300 150 Obligations secured by real estate — 59 $ 1,020 $ 1,061

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Summary of stock options activity	Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at January 1, 2015 6,383,799 $ 36.92 Granted 716,818 $ 63.15 Exercised (1,475,202 ) $ 31.77 Forfeited/Cancelled (109,325 ) $ 49.34 Outstanding at December 31, 2015 5,516,090 $ 41.46 5.9 years $ 169 Options exercisable at December 31, 2015 2,988,920 $ 32.85 4.4 years $ 117
Assumptions used in estimating weighted average fair value of options on grant date	2015 2014 2013 Exercise price $ 63.15 $ 56.47 $ 44.01 Expected dividend yield 1.6 % 1.6 % 1.8 % Expected volatility 25 % 26 % 39 % Expected term (in years) 7.25 7.25 7.25 Risk-free rate 1.88 % 2.20 % 1.36 % Grant date fair value $ 15.29 $ 14.66 $ 15.10
Summary of restricted stock awards activity	The restricted Common Stock that AFG has granted generally vests over a three or four year period. Data relating to grants of restricted stock is presented below: Shares Average Grant Date Fair Value Outstanding at January 1, 2015 515,450 $ 43.32 Granted 171,130 $ 63.15 Vested (163,312 ) $ 38.36 Forfeited (17,570 ) $ 49.28 Outstanding at December 31, 2015 505,698 $ 51.43
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income AOCI Beginning Balance Pretax Tax Net of tax Attributable to noncontrolling interests Attributable to shareholders AOCI Ending Balance Year ended December 31, 2015 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (625 ) $ 219 $ (406 ) $ 9 $ (397 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 14 (5 ) 9 (1 ) 8 Reclassification for unrealized gains of subsidiaries sold (34 ) 12 (22 ) — (22 ) Total net unrealized gains (losses) on securities (b) $ 743 (645 ) 226 (419 ) 8 (411 ) $ 332 Net unrealized gains on cash flow hedges — 1 — 1 — 1 1 Foreign currency translation adjustments (8 ) (9 ) (5 ) (14 ) — (14 ) (22 ) Pension and other postretirement plans adjustments (8 ) 1 — 1 — 1 (7 ) Total $ 727 $ (652 ) $ 221 $ (431 ) $ 8 $ (423 ) $ 304 Year ended December 31, 2014 Net unrealized gains on securities: Unrealized holding gains (losses) on securities arising during the period $ 334 $ (118 ) $ 216 $ (4 ) $ 212 Reclassification adjustment for realized (gains) losses included in net earnings (a) (52 ) 19 (33 ) 1 (32 ) Total net unrealized gains on securities (b) $ 563 282 (99 ) 183 (3 ) 180 $ 743 Foreign currency translation adjustments 1 (8 ) (1 ) (9 ) — (9 ) (8 ) Pension and other postretirement plans adjustments (4 ) (6 ) 2 (4 ) — (4 ) (8 ) Total $ 560 $ 268 $ (98 ) $ 170 $ (3 ) $ 167 $ 727 Year ended December 31, 2013 Net unrealized gains on securities: Unrealized holding gains (losses) on securities arising during the period $ (188 ) $ 66 $ (122 ) $ 4 $ (118 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) (222 ) 78 (144 ) 2 (142 ) Total net unrealized gains on securities (b) $ 823 (410 ) 144 (266 ) 6 (260 ) $ 563 Foreign currency translation adjustments 14 (13 ) — (13 ) — (13 ) 1 Pension and other postretirement plans adjustments (6 ) 3 (1 ) 2 — 2 (4 ) Total $ 831 $ (420 ) $ 143 $ (277 ) $ 6 $ (271 ) $ 560 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the Statement of Earnings Pretax Realized gains on securities Tax Provision for income taxes Attributable to noncontrolling interests Net earnings (loss) attributable to noncontrolling interests (b) Includes net unrealized gains of $51 million at December 31, 2015 compared to net unrealized gains of $58 million and $54 million at December 31, 2014 and 2013 , related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
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 35% to the provision for income taxes as shown in the Statement of Earnings (dollars in millions): 2015 2014 2013 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 565 $ 626 $ 689 Income taxes at statutory rate $ 198 35 % $ 219 35 % $ 241 35 % Effect of: Tax exempt interest (27 ) (5 %) (25 ) (4 %) (21 ) (3 %) Losses of managed investment entities — — % 18 3 % 9 1 % Change in valuation allowance 23 4 % 7 1 % 1 — % Subsidiaries not in AFG’s tax return 2 1 % 1 — % 2 — % Other (1 ) — % — — % 4 1 % Provision for income taxes as shown in the Statement of Earnings $ 195 35 % $ 220 35 % $ 236 34 %
Components of income tax provision (credit)	The total income tax provision (credit) consists of (in millions): 2015 2014 2013 Current taxes: Federal $ 216 $ 265 $ 308 State 8 8 5 Deferred taxes: Federal (29 ) (53 ) (77 ) Provision for income taxes $ 195 $ 220 $ 236
Summary of operating loss carryforwards	For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2015 (in millions): Expiring Amount Operating Loss – U.S. 2017 - 2022 $ 143 Operating Loss – United Kingdom indefinite 133 (*) Capital Loss – U.S. 2020 90 (*) £90 million
Components of deferred tax assets and liabilities	Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2015 2014 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Federal net operating loss carryforwards $ 50 $ — $ 50 $ 51 $ — $ 51 Foreign underwriting losses 77 — 77 56 — 56 Capital loss carryforwards 32 — 32 — — — Insurance claims and reserves 691 22 713 682 75 757 Employee benefits 115 — 115 107 — 107 Other, net 33 (4 ) 29 26 (11 ) 15 Total deferred tax assets before valuation allowance 998 18 1,016 922 64 986 Valuation allowance against deferred tax assets (130 ) — (130 ) (109 ) — (109 ) Total deferred tax assets 868 18 886 813 64 877 Deferred tax liabilities: Subsidiaries not in AFG’s tax return (*) (63 ) — (63 ) (61 ) — (61 ) Investment securities 23 (281 ) (258 ) (6 ) (657 ) (663 ) Deferred policy acquisition costs (418 ) 82 (336 ) (364 ) 186 (178 ) Total deferred tax liabilities (458 ) (199 ) (657 ) (431 ) (471 ) (902 ) Net deferred tax asset (liability) $ 410 $ (181 ) $ 229 $ 382 $ (407 ) $ (25 ) (*) Related to National Interstate Corporation, a 51% -owned subsidiary.
Progression of the liability for uncertain tax positions, excluding interest and penalties	A progression of the liability for uncertain tax positions, excluding interest and penalties, follows (in millions): 2015 2014 2013 Balance at January 1 $ — $ 19 $ 18 Additions for tax positions of prior years 1 — — Reductions for tax positions of prior years — (8 ) — Additions for tax positions of current year — — 1 Settlements — (11 ) — Balance at December 31 $ 1 $ — $ 19

Quarterly Operating Results (38

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly operating results	The following are quarterly results of consolidated operations for the two years ended December 31, 2015 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year 2015 Revenues $ 1,294 $ 1,541 $ 1,684 $ 1,626 $ 6,145 Net earnings, including noncontrolling interests 25 149 66 130 370 Net earnings attributable to shareholders 19 141 63 129 352 Earnings attributable to shareholders per Common Share: Basic $ 0.22 $ 1.60 $ 0.72 $ 1.48 $ 4.02 Diluted 0.21 1.57 0.71 1.45 3.94 Average number of Common Shares: Basic 87.6 87.7 87.5 87.4 87.6 Diluted 89.4 89.5 89.3 89.2 89.4 2014 Revenues $ 1,211 $ 1,392 $ 1,581 $ 1,549 $ 5,733 Net earnings, including noncontrolling interests 107 83 91 125 406 Net earnings attributable to shareholders 103 106 116 127 452 Earnings attributable to shareholders per Common Share: Basic $ 1.15 $ 1.18 $ 1.30 $ 1.44 $ 5.07 Diluted 1.13 1.15 1.28 1.41 4.97 Average number of Common Shares: Basic 89.6 89.6 89.0 87.9 89.0 Diluted 91.6 91.6 90.9 89.8 91.0
Quarterly information on realized gains (losses) and favorable (unfavorable) development on unpaid loss and loss adjustment expenses	Pretax realized gains on subsidiaries and securities (including other-than-temporary impairments) and favorable (adverse) prior year development of AFG’s liability for losses and loss adjustment expenses (“LAE”) were as follows (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Year Realized Gains (Losses) on Securities and Subsidiaries 2015 $ (143 ) $ (1 ) $ (11 ) $ (25 ) $ (180 ) 2014 19 12 13 8 52 Prior Year Development Favorable (Adverse) 2015 $ 7 $ 10 $ (55 ) $ 5 $ (33 ) 2014 31 (14 ) (13 ) (10 ) (6 )

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2015
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, net of reinsurance (and grossed up), over the past three years (in millions): 2015 2014 2013 Balance at beginning of period $ 5,645 $ 4,288 $ 4,129 Provision for losses and LAE occurring in the current year 2,662 2,488 2,055 Net increase (decrease) in the provision for claims of prior years: Special A&E charges 67 24 54 Other (34 ) (18 ) (69 ) Total losses and LAE incurred 2,695 2,494 2,040 Payments for losses and LAE of: Current year (828 ) (789 ) (739 ) Prior years (1,575 ) (1,340 ) (1,131 ) Total payments (2,403 ) (2,129 ) (1,870 ) Reserves of businesses acquired (*) — 1,028 — Foreign currency translation and other (11 ) (36 ) (11 ) Balance at end of period 5,926 5,645 4,288 Add back reinsurance recoverables, net of allowance 2,201 2,227 2,122 Gross unpaid losses and LAE included in the balance sheet $ 8,127 $ 7,872 $ 6,410 (*) Reflects the acquisition of Summit in April 2014 (see Note B — “ Acquisitions and Sale of Businesses ” ).
Statutory information	Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2015 2014 2013 2015 2014 Property and casualty companies $ 408 $ 318 $ 332 $ 2,488 $ 2,286 Life insurance companies 399 349 294 1,721 1,714
Reinsurance information	The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2015 2014 2013 Direct premiums written $ 5,713 $ 5,387 $ 4,744 Reinsurance assumed 119 90 61 Reinsurance ceded (1,505 ) (1,457 ) (1,464 ) Net written premiums $ 4,327 $ 4,020 $ 3,341 Direct premiums earned $ 5,613 $ 5,195 $ 4,684 Reinsurance assumed 105 75 45 Reinsurance ceded (1,494 ) (1,392 ) (1,525 ) Net earned premiums $ 4,224 $ 3,878 $ 3,204 Reinsurance recoveries $ 936 $ 895 $ 1,255
Schedule of reserve liabilities for annuity benefits accumulated	For certain products, the liability for “annuity benefits accumulated” includes reserves for excess benefits expected to be paid on future deaths and annuitizations (“EDAR”), guaranteed withdrawal benefits and accrued persistency and premium bonuses. The liabilities included in AFG’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions): 2015 2014 Expected death and annuitization $ 214 $ 213 Guaranteed withdrawal benefits 203 151 Accrued persistency and premium bonuses 11 14

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Assets	$ 4,047	$ 3,108
Liabilities	$ 3,781	$ 2,819
Weighted average common shares adjustment related to stock-based compensation	1.8	2	1.9
Anti-dilutive potential common shares related to stock-based compensation plans	1.1	1	1.1
Maturities of short term investments	3 months
New collateralized loan obligation temporary warehousing entities [Member]
Variable Interest Entity [Line Items]
Assets	$ 100
Liabilities	$ 80

Acquisitions and Sale of Busi41

Acquisitions and Sale of Businesses (Details) - USD ($) $ in Millions		Apr. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Total purchase price			$ 0	$ 267	$ 0
Allocation of excess purchase price:
Goodwill			$ 199	$ 201	$ 185	$ 185
Summit Holding Southeast, Inc [Member]
Business Acquisition [Line Items]
Total purchase price		$ 259
Tangible assets acquired:
Cash and cash equivalents		1,078
Fixed maturities, available for sale		92
Recoverables from reinsurers		116
Agents’ balances and premiums receivable		41
Deferred tax assets, net	[1]	67
Other receivables		21
Other assets		11
Total tangible assets acquired		1,426
Liabilities acquired:
Unpaid losses and loss adjustment expenses		1,142
Unearned premiums		3
Payable to reinsurers		3
Other liabilities		66
Total liabilities acquired		1,214
Net tangible assets acquired, at fair value		212
Excess purchase price over net tangible assets acquired		47
Allocation of excess purchase price:
Intangible assets acquired	[2]	47
Deferred tax on intangible assets acquired	[1]	(16)
Goodwill		$ 16
[1]	AFG’s net deferred tax assets are included in Other assets in AFG’s Balance Sheet at December 31, 2015.
[2]	Included in Other assets in AFG’s Balance Sheet.

Acquisitions and Sale of Busi42

Acquisitions and Sale of Businesses (Details 1) - Run-off long-term care insurance business [Member] - USD ($) $ in Millions		Dec. 24, 2015	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sale proceeds	[1]	$ 13
Assets of businesses sold:
Cash and investments		1,334
Recoverables from reinsurers		630
Deferred policy acquisition costs		16
Other receivables		16
Other assets		(4)
Goodwill		2
Total assets		1,994
Liabilities of businesses sold:
Annuity benefits accumulated		261
Life, accident and health reserves		1,525
Other liabilities		7
Total liabilities		1,793
Reclassify net unrealized gain on marketable securities		22
Net assets of businesses sold		179
Loss on subsidiaries, pretax		(166)	$ (4)	$ (162)	$ (166)
Tax benefit		58
Loss on subsidiaries, net of tax		$ (108)		$ (105)
[1]	Includes the fair value of the potential additional consideration and capital maintenance agreement and is shown net of estimated expenses.

Acquisitions and Sale of Busi43

Acquisitions and Sale of Businesses (Details 2) - Run-off long-term care insurance business [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Life, accident and health net earned premiums:
Long-term care	$ 73	$ 74	$ 76
Life operations	11	11	12
Net investment income	73	75	68
Realized gains (losses) on securities and other income	(11)	(6)	10
Total revenues	146	154	166
Annuity benefits	8	7	9
Life, accident and health benefits:
Long-term care	91	119	113
Life operations	11	11	12
Annuity and supplemental insurance acquisition expenses	12	11	14
Other expenses	16	14	12
Total costs and expenses	138	162	160
Earnings before income taxes	$ 8	$ (8)	$ 6

Acquisitions and Sale of Busi44

Acquisitions and Sale of Businesses (Details Textual) $ in Millions	Dec. 24, 2015USD ($)shares	Apr. 01, 2014USD ($)	Mar. 27, 2014USD ($)	Dec. 31, 2015USD ($)policy	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)policy	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Nov. 30, 2015	Dec. 31, 2012USD ($)
Acquisitions and Sale of Businesses [Line Items]
Payments to acquire business								$ 0	$ 267	$ 0
Weighted average useful life of finite-lived intangible assets acquired								5 years
Goodwill				$ 199			$ 201	$ 199	201	185		$ 185
Cash proceeds from the sale of business								7	0	0
Long-term care insurance reserves				34				34
Realized gains (losses) on subsidiaries								(161)	0	(4)
Run-off long-term care insurance business [Member]
Acquisitions and Sale of Businesses [Line Items]
Cash proceeds from the sale of business	$ 7
Investment securities proceeds received from the sale of business	11
Potential additional sale proceeds based on the release of certain statutory liabilities of the legal entities sold								13
Contingent capital support agreement amount	$ 35
Contingent capital support agreement term	5 years
Contingent capital support agreement consideration received | shares	2,000,000
Long-term care insurance reserves of business sold as a percentage of total long-term care insurance reserves											96.00%
Cash and investment securities proceeds from the sale of business	$ 18
Expected tax benefits proceeds from the sale of business								97
Loss on subsidiaries, pretax	(166)			$ (4)		$ (162)		(166)
Loss on subsidiaries, net of tax	$ (108)					$ (105)
Carrying value of the assets and liabilities of business sold as a percentage of total assets and liabilities	4.00%
Summit Holding Southeast, Inc [Member]
Acquisitions and Sale of Businesses [Line Items]
Payments to acquire business		$ 259
Capital contributions to acquired business		140
Total capital investment in acquired business		399
Net earned premiums of acquired business							$ 410	529
Indefinite-lived intangible assets acquired		1
Finite-lived intangible assets acquired		$ 46
Weighted average useful life of finite-lived intangible assets acquired		7 years
Goodwill		$ 16
Selective Insurance Company of America Self-Insured Pooled Group [Member]
Acquisitions and Sale of Businesses [Line Items]
Payments to acquire business			$ 8
In-force gross written premiums of acquired book of business			$ 38
Gross written premiums of acquired business								34
Net written premiums of acquired business								16
Maximum [Member] | Summit Holding Southeast, Inc [Member]
Acquisitions and Sale of Businesses [Line Items]
Expenses related to the acquisition of business (are less than)		$ 1
AFG [Member]
Acquisitions and Sale of Businesses [Line Items]
Capital contributions to acquired business								$ 27	$ 431	$ 38
AFG [Member] | Run-off long-term care insurance business [Member]
Acquisitions and Sale of Businesses [Line Items]
Number of long-term care insurance policies | policy				1,700				1,700
Long-term care insurance reserves				$ 34				$ 34
Reduced estimated tax payments [Member] | Run-off long-term care insurance business [Member]
Acquisitions and Sale of Businesses [Line Items]
Expected tax benefits proceeds from the sale of business								65
Carryback of the tax-basis capital loss [Member] | Run-off long-term care insurance business [Member]
Acquisitions and Sale of Businesses [Line Items]
Expected tax benefits proceeds from the sale of business								$ 32
Property and Casualty Group [Member]
Acquisitions and Sale of Businesses [Line Items]
Realized gains (losses) on subsidiaries					$ 5

Segments of Operations (Details

Segments of Operations (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total assets		$ 49,859	$ 47,535	$ 42,087
Property and Casualty Insurance [Member]
Segment Reporting Information [Line Items]
Total assets	[1]	14,689	14,069	11,717
Annuity [Member]
Segment Reporting Information [Line Items]
Total assets		29,865	27,317	24,294
Run-off Long-term Care and Life [Member]
Segment Reporting Information [Line Items]
Total assets	[2]	772	2,489	2,408
Other [Member]
Segment Reporting Information [Line Items]
Total assets		$ 4,533	$ 3,660	$ 3,668
[1]	Not allocable to sub-segments.
[2]	AFG sold substantially all of its run-off long-term care insurance business in December 2015.

Segments of Operations (Detai46

Segments of Operations (Details 1) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total premiums earned										$ 4,224	$ 3,878	$ 3,204
Net investment income										1,633	1,501	1,346
Other income										243	122	108
Revenues before realized gains (losses)										6,325	5,681	4,886
Realized gains (losses) on securities										(19)	52	221
Realized losses on subsidiaries										(161)	0	(4)
Total revenues		$ 1,626	$ 1,684	$ 1,541	$ 1,294	$ 1,549	$ 1,581	$ 1,392	$ 1,211	6,145	5,733	5,103
Property and Casualty Insurance [Member]
Segment Reporting Information [Line Items]
Net investment income										319	294	263
Other income	[1]									78	9	15
Revenues before realized gains (losses)										4,621	4,181	3,482
Annuity [Member]
Segment Reporting Information [Line Items]
Net investment income										1,224	1,136	1,034
Other income										98	97	77
Revenues before realized gains (losses)										1,322	1,233	1,111
Run-off Long-term Care and Life [Member]
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	[2]									188	195	195
Other [Member]
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)										194	72	98
Specialty Property and transportation [Member]
Segment Reporting Information [Line Items]
Total premiums earned										1,599	1,544	1,521
Specialty casualty [Member]
Segment Reporting Information [Line Items]
Total premiums earned										2,011	1,765	1,135
Specialty financial [Member]
Segment Reporting Information [Line Items]
Total premiums earned										517	469	469
Specialty Other [Member]
Segment Reporting Information [Line Items]
Total premiums earned										$ 97	$ 100	$ 79
[1]	Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015.
[2]	AFG sold substantially all of its run-off long-term care insurance business in December 2015.

Segments of Operations (Detai47

Segments of Operations (Details 2) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes		$ 745	$ 574	$ 472
Realized gains (losses) on securities		(19)	52	221
Realized losses on subsidiaries		(161)	0	(4)
Earnings before income taxes		565	626	689
Property and Casualty Insurance [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		225	212	145
Investment and other income, net	[1]	351	244	230
Earnings before realized gains (losses) and income taxes		576	456	375
Annuity [Member]
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	[2]	331	328	323
Run-off Long-term Care and Life [Member]
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	[3]	14	(10)	(10)
Other [Member]
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	[4]	(176)	(200)	(216)
Specialty Property and transportation [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		48	21	12
Specialty casualty [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		146	136	102
Specialty financial [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		87	64	67
Specialty Other [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		14	16	25
Other Lines [Member]
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	[5]	$ (70)	$ (25)	$ (61)
[1]	Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015.
[2]	Includes a $5 million charge in the second quarter of 2013 to cover expected assessments from state guaranty funds related to insolvency and liquidation of an unaffiliated life insurance company.
[3]	AFG sold substantially all of its run-off long-term care insurance business in December 2015.
[4]	Primarily holding company expenses, including a $4 million loss on retirement of debt in the third quarter of 2015 and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($12 million in 2015, $6 million in 2014 and $22 million in 2013) and losses of managed investment entities attributable to noncontrolling interests ($51 million in 2014 and $26 million in 2013). Following the adoption of new guidance in the first quarter of 2015, there are no longer earnings (losses) of managed investment entities that are attributable to noncontrolling interests. See Note A — “Accounting Policies — Managed Investment Entities.”
[5]	Includes special charges to increase asbestos and environmental (“A&E”) reserves of $67 million, $24 million and $54 million in 2015, 2014 and 2013, respectively.

Segments of Operations (Detai48

Segments of Operations (Details Textual) $ in Millions		3 Months Ended				12 Months Ended
		Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2013USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment						4
Revenue derived from sales of property and casualty insurance outside of the United States						4.00%	5.00%	5.00%
Other income						$ 243	$ 122	$ 108
Earnings (losses) of managed investment entities attributable to noncontrolling interests	[1]					0	(51)	(26)
Other Lines [Member]
Segment Reporting Information [Line Items]
Special charges to increase asbestos and environmental reserves						67	24	54
Property and Casualty Insurance [Member]
Segment Reporting Information [Line Items]
Other income	[2]					78	9	15
Property and Casualty Insurance [Member] | Real Estate Investment [Member]
Segment Reporting Information [Line Items]
Other income		$ 15		$ 51
Annuity [Member]
Segment Reporting Information [Line Items]
Other income						98	97	77
Annuity [Member] | Insurance-related Assessments [Member]
Segment Reporting Information [Line Items]
Charge for guaranty fund assessments for the insolvency and liquidation of an unaffiliated life insurance company					$ 5
Other [Member]
Segment Reporting Information [Line Items]
Special charges to increase asbestos and environmental reserves						$ 12	6	22
Write off of deferred debt issuance cost due to the retirement of debt			$ 4
Earnings (losses) of managed investment entities attributable to noncontrolling interests							$ (51)	$ (26)
[1]	Included in Earnings before income taxes in AFG’s Statement of Earnings.
[2]	Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015.

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Assets:
Available for sale (AFS) fixed maturities		$ 32,284	$ 30,734
Trading fixed maturities		254	266
Assets of managed investment entities (MIE)		4,047	3,108
Variable annuity assets (separate accounts)	[1]	608	662
Total assets accounted for at fair value		39,155	36,788
Liabilities:
Liabilities of managed investment entities		3,781	2,819
Total liabilities accounted for at fair value		5,156	3,992
Annuity benefits accumulated [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		1,369	1,160
Derivatives in long-term debt [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		(2)
Other liabilities — derivatives [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		8	13
U.S. Government and government agencies [Member]
Assets:
Available for sale (AFS) fixed maturities		307	353
States, municipalities and political subdivisions [Member]
Assets:
Available for sale (AFS) fixed maturities		6,856	6,747
Foreign government [Member]
Assets:
Available for sale (AFS) fixed maturities		154	194
Residential Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		3,529	4,442
Commercial Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		2,187	2,451
Asset-backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		4,934	3,887
All other corporate [Member]
Assets:
Available for sale (AFS) fixed maturities		14,317	12,660
Fixed maturities [Member]
Assets:
Available for sale (AFS) fixed maturities		32,284	30,734
Trading fixed maturities		254	266
Equity securities [Member]
Assets:
Equity securities		1,719	1,696
Other investments — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		241	322
Other assets — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		2
Level 1 [Member]
Assets:
Assets of managed investment entities (MIE)		309	174
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		1,834	1,692
Liabilities:
Liabilities of managed investment entities		289	118
Total liabilities accounted for at fair value		289	118
Level 1 [Member] | Annuity benefits accumulated [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 1 [Member] | Derivatives in long-term debt [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0
Level 1 [Member] | Other liabilities — derivatives [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 1 [Member] | U.S. Government and government agencies [Member]
Assets:
Available for sale (AFS) fixed maturities		100	164
Level 1 [Member] | States, municipalities and political subdivisions [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 [Member] | Foreign government [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 [Member] | Residential Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 [Member] | Commercial Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 [Member] | Asset-backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 [Member] | All other corporate [Member]
Assets:
Available for sale (AFS) fixed maturities		50	36
Level 1 [Member] | Fixed maturities [Member]
Assets:
Available for sale (AFS) fixed maturities		150	200
Trading fixed maturities		13	12
Level 1 [Member] | Equity securities [Member]
Assets:
Equity securities		1,362	1,306
Level 1 [Member] | Other investments — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		0	0
Level 1 [Member] | Other assets — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		0
Level 2 [Member]
Assets:
Assets of managed investment entities (MIE)		3,712	2,903
Variable annuity assets (separate accounts)	[1]	608	662
Total assets accounted for at fair value		35,685	33,741
Liabilities:
Liabilities of managed investment entities		3,468	0
Total liabilities accounted for at fair value		3,474	13
Level 2 [Member] | Annuity benefits accumulated [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 2 [Member] | Derivatives in long-term debt [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		(2)
Level 2 [Member] | Other liabilities — derivatives [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		8	13
Level 2 [Member] | U.S. Government and government agencies [Member]
Assets:
Available for sale (AFS) fixed maturities		192	174
Level 2 [Member] | States, municipalities and political subdivisions [Member]
Assets:
Available for sale (AFS) fixed maturities		6,767	6,647
Level 2 [Member] | Foreign government [Member]
Assets:
Available for sale (AFS) fixed maturities		154	194
Level 2 [Member] | Residential Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		3,305	4,142
Level 2 [Member] | Commercial Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		2,148	2,407
Level 2 [Member] | Asset-backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		4,464	3,661
Level 2 [Member] | All other corporate [Member]
Assets:
Available for sale (AFS) fixed maturities		13,634	12,078
Level 2 [Member] | Fixed maturities [Member]
Assets:
Available for sale (AFS) fixed maturities		30,664	29,303
Trading fixed maturities		241	254
Level 2 [Member] | Equity securities [Member]
Assets:
Equity securities		217	297
Level 2 [Member] | Other investments — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		241	322
Level 2 [Member] | Other assets — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		2
Level 3 [Member]
Assets:
Assets of managed investment entities (MIE)		26	31
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		1,636	1,355
Liabilities:
Liabilities of managed investment entities		24	2,701
Total liabilities accounted for at fair value		1,393	3,861
Level 3 [Member] | Annuity benefits accumulated [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		1,369	1,160
Level 3 [Member] | Derivatives in long-term debt [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0
Level 3 [Member] | Other liabilities — derivatives [Member]
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 3 [Member] | U.S. Government and government agencies [Member]
Assets:
Available for sale (AFS) fixed maturities		15	15
Level 3 [Member] | States, municipalities and political subdivisions [Member]
Assets:
Available for sale (AFS) fixed maturities		89	100
Level 3 [Member] | Foreign government [Member]
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 3 [Member] | Residential Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		224	300
Level 3 [Member] | Commercial Mortgage Backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		39	44
Level 3 [Member] | Asset-backed Securities [Member]
Assets:
Available for sale (AFS) fixed maturities		470	226
Level 3 [Member] | All other corporate [Member]
Assets:
Available for sale (AFS) fixed maturities		633	546
Level 3 [Member] | Fixed maturities [Member]
Assets:
Available for sale (AFS) fixed maturities		1,470	1,231
Trading fixed maturities		0	0
Level 3 [Member] | Equity securities [Member]
Assets:
Equity securities		140	93
Level 3 [Member] | Other investments — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		0	$ 0
Level 3 [Member] | Other assets — derivatives [Member]
Assets:
Derivatives included in other investments and other assets		$ 0
[1]	Variable annuity liabilities equal the fair value of variable annuity assets.

Fair Value Measurements (Deta50

Fair Value Measurements (Details 1) $ in Millions	Dec. 31, 2015USD ($)stock	Dec. 31, 2014USD ($)stock	Dec. 31, 2013USD ($)stock
Perpetual preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	5	14	15
Fair value of assets transferred from Level 2 to Level 1 | $	$ 19	$ 96	$ 70
Number of stocks transferred from Level 1 to Level 2 | stock	7	13	2
Fair value of assets transferred from Level 1 to Level 2 | $	$ 31	$ 83	$ 10
Common stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	7	0	2
Fair value of assets transferred from Level 2 to Level 1 | $	$ 80	$ 0	$ 35
Number of stocks transferred from Level 1 to Level 2 | stock	0	7	0
Fair value of assets transferred from Level 1 to Level 2 | $	$ 0	$ 26	$ 0
Redeemable preferred stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	2	1	3
Fair value of assets transferred from Level 2 to Level 1 | $	$ 11	$ 5	$ 21
Number of stocks transferred from Level 1 to Level 2 | stock	0	0	0
Fair value of assets transferred from Level 1 to Level 2 | $	$ 0	$ 0	$ 0

Fair Value Measurements (Deta51

Fair Value Measurements (Details 2) - Embedded derivatives [Member]	12 Months Ended
	Dec. 31, 2015
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.58%
Minimum [Member]
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary's credit risk	0.30%
Surrenders	3.00%
Partial surrenders	2.00%
Annuitizations	0.75%
Deaths	1.50%
Budgeted option costs	1.75%
Maximum [Member]
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary's credit risk	2.95%
Surrenders	18.00%
Partial surrenders	10.00%
Annuitizations	1.50%
Deaths	4.00%
Budgeted option costs	3.50%

Fair Value Measurements (Deta52

Fair Value Measurements (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
US Treasury and Government [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	$ 15	$ 15	$ 20
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	0	0	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	(3)
Purchases and issuances	0	0	0
Sales and settlements	0	0	0
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Sale of subsidiaries	0
Financial assets, Ending Balance	15	15	15
States, municipalities and political subdivisions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	100	61	58
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	0	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(1)	0	(2)
Purchases and issuances	34	30	10
Sales and settlements	(1)	0	0
Transfer into Level 3	2	10	0
Transfer out of Level 3	(39)	0	(4)
Sale of subsidiaries	(6)
Financial assets, Ending Balance	89	100	61
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	300	316	371
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	(11)	4	5
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(1)	3	24
Purchases and issuances	0	13	6
Sales and settlements	(34)	(31)	(53)
Transfer into Level 3	86	111	86
Transfer out of Level 3	(88)	(116)	(123)
Sale of subsidiaries	(28)
Financial assets, Ending Balance	224	300	316
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	44	28	22
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	(1)	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(1)	0	(1)
Purchases and issuances	0	0	0
Sales and settlements	(2)	0	0
Transfer into Level 3	4	17	8
Transfer out of Level 3	(1)	0	0
Sale of subsidiaries	(4)
Financial assets, Ending Balance	39	44	28
Asset-backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	226	75	253
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	1	3	4
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(7)	(2)	(3)
Purchases and issuances	265	99	12
Sales and settlements	(56)	(39)	(57)
Transfer into Level 3	53	117	11
Transfer out of Level 3	(10)	(27)	(145)
Sale of subsidiaries	(2)
Financial assets, Ending Balance	470	226	75
All other corporate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	546	335	236
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	(5)	2	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(9)	13	(14)
Purchases and issuances	161	102	113
Sales and settlements	(90)	(73)	(17)
Transfer into Level 3	41	172	24
Transfer out of Level 3	(5)	(5)	(8)
Sale of subsidiaries	(6)
Financial assets, Ending Balance	633	546	335
Equity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	93	31	37
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	(4)	1	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(9)	2	6
Purchases and issuances	77	62	53
Sales and settlements	0	(9)	(12)
Transfer into Level 3	0	22	0
Transfer out of Level 3	(17)	(16)	(52)
Sale of subsidiaries	0
Financial assets, Ending Balance	140	93	31
Assets of Managed Investment Entities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets, Beginning Balance	31	30	40
Impact of accounting change	0
Total realized/unrealized gains (losses) included in Net income	(11)	(3)	(5)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	6	6	8
Sales and settlements	0	(2)	(7)
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	(6)
Sale of subsidiaries	0
Financial assets, Ending Balance	$ 26	$ 31	$ 30

Fair Value Measurements (Deta53

Fair Value Measurements (Details 4) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Liabilities of Managed Investment Entities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (2,701)		$ (2,411)		$ (2,745)
Impact of accounting change	[1]	2,701
Total realized/unrealized gains (losses) included in Net income		0		22	[2]	(25)	[3]
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0		0		0
Purchases and issuances		0		(817)		(728)
Sales and settlements		0		505		1,068
Transfer into Level 3		0		0		0
Transfer out of Level 3		0		0		19
Sale of subsidiaries		0
Financial liabilities, Ending Balance		0		(2,701)		(2,411)
Embedded derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		(1,160)		(804)		(465)
Impact of accounting change		0
Total realized/unrealized gains (losses) included in Net income		(17)	[4]	(182)	[5]	(182)	[6]
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0		0		0
Purchases and issuances		(257)		(221)		(192)
Sales and settlements		65		47		35
Transfer into Level 3		0		0		0
Transfer out of Level 3		0		0		0
Sale of subsidiaries		0
Financial liabilities, Ending Balance		$ (1,369)		$ (1,160)		$ (804)
[1]	The impact of implementing new guidance adopted in 2015, as discussed above and in Note A — “Accounting Policies — Managed Investment Entities.”
[2]	Total realized/unrealized gains (losses) included in net income includes gains of $50 million related to liabilities outstanding as of December 31, 2014. See Note H — “Managed Investment Entities.”
[3]	Total realized/unrealized gains (losses) included in net income includes gains of $7 million related to liabilities outstanding as of December 31, 2013. See Note H — “Managed Investment Entities.”
[4]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015.
[5]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014.
[6]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $2 million in 2013.

Fair Value Measurements (Deta54

Fair Value Measurements (Details 5) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financial assets:
Cash and cash equivalents		$ 1,220	$ 1,343	$ 1,639	$ 1,705
Mortgage loans		1,067	1,117
Policy loans		201	228
Financial liabilities:
Long-term debt		1,020	1,061
Level 1 [Member]
Financial assets:
Cash and cash equivalents		1,220	1,343
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		1,220	1,343
Financial liabilities:
Annuity benefits accumulated	[1]	0	0
Long-term debt		0	0
Total financial liabilities not accounted for at fair value		0	0
Level 2 [Member]
Financial assets:
Cash and cash equivalents		0	0
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		0	0
Financial liabilities:
Annuity benefits accumulated	[1]	0	0
Long-term debt		1,105	1,106
Total financial liabilities not accounted for at fair value		1,105	1,106
Level 3 [Member]
Financial assets:
Cash and cash equivalents		0	0
Mortgage loans		1,074	1,124
Policy loans		201	228
Total financial assets not accounted for at fair value		1,275	1,352
Financial liabilities:
Annuity benefits accumulated	[1]	25,488	23,187
Long-term debt		15	74
Total financial liabilities not accounted for at fair value		25,503	23,261
Carrying Value [Member]
Financial assets:
Cash and cash equivalents		1,220	1,343
Mortgage loans		1,067	1,117
Policy loans		201	228
Total financial assets not accounted for at fair value		2,488	2,688
Financial liabilities:
Annuity benefits accumulated	[1]	26,422	23,561
Long-term debt		1,022	1,061
Total financial liabilities not accounted for at fair value		27,444	24,622
Fair Value [Member]
Financial assets:
Cash and cash equivalents		1,220	1,343
Mortgage loans		1,074	1,124
Policy loans		201	228
Total financial assets not accounted for at fair value		2,495	2,695
Financial liabilities:
Annuity benefits accumulated	[1]	25,488	23,187
Long-term debt		1,120	1,180
Total financial liabilities not accounted for at fair value		$ 26,608	$ 24,367
[1]	Excludes $200 million and $203 million of life contingent annuities in the payout phase at December 31, 2015 and 2014, respectively.

Fair Value Measurements (Deta55

Fair Value Measurements (Details Textual) $ in Millions		Dec. 24, 2015USD ($)	Dec. 31, 2015USD ($)professional	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value Measurements (Textual) [Abstract]
AFG's internal investment professionals | professional			25
Level 3 assets as a percentage of total assets measured at fair value			4.00%
Percentage of level 3 assets that were priced using non-binding broker quotes			76.00%
Level 3 assets that were priced using non-binding broker quotes			$ 1,240
Total realized/unrealized gains (losses) included in net income on liabilities still outstanding				$ 50	$ 7
Life contingent annuities			$ 200	203
Maximum [Member]
Fair Value Measurements (Textual) [Abstract]
Percentage of internally developed Level 3 asset fair values to Shareholders' equity (are less than)			10.00%
Fixed-indexed annuities (embedded derivative) [Member]
Fair Value Measurements (Textual) [Abstract]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach			$ 1,370
Fixed-indexed annuities (embedded derivative) [Member] | Minimum [Member]
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination			3.00%
Fixed-indexed annuities (embedded derivative) [Member] | Maximum [Member]
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination			18.00%
Fixed-indexed annuities (embedded derivative), majority of future years [Member] | Minimum [Member]
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination			5.00%
Fixed-indexed annuities (embedded derivative), majority of future years [Member] | Maximum [Member]
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination			10.00%
Not Designated as Hedging Instrument [Member] | Annuity benefits [Member] | Fixed-indexed annuities (embedded derivative) [Member]
Fair Value Measurements (Textual) [Abstract]
Total realized/unrealized gains (losses) included in net income for the embedded derivatives related to the unlocking of actuarial assumptions			$ (28)	$ 58	$ 2
Run-off long-term care insurance business [Member]
Fair Value Measurements (Textual) [Abstract]
Investment securities proceeds received from the sale of the run-off long-term care insurance business		$ 11
Estimated net sale proceeds of the run-off long-term care insurance business	[1]	13
Level 1 [Member] | Run-off long-term care insurance business [Member]
Fair Value Measurements (Textual) [Abstract]
Investment securities proceeds received from the sale of the run-off long-term care insurance business		5
Level 2 [Member] | Run-off long-term care insurance business [Member]
Fair Value Measurements (Textual) [Abstract]
Investment securities proceeds received from the sale of the run-off long-term care insurance business		2
Level 3 [Member] | Run-off long-term care insurance business [Member]
Fair Value Measurements (Textual) [Abstract]
Investment securities proceeds received from the sale of the run-off long-term care insurance business		$ 4
[1]	Includes the fair value of the potential additional consideration and capital maintenance agreement and is shown net of estimated expenses.

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	$ 31,565	$ 29,074
Available for sale (AFS) fixed maturities	32,284	30,734
Equity securities, Available for sale, Amortized Cost	1,469	1,283
Equity securities, Available for sale, Fair Value	1,553	1,501
U.S. Government and government agencies [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	305	347
Available for sale (AFS) fixed maturities	307	353
Fixed maturities, Available for sale, Gross Unrealized, Gains	5	8
Fixed maturities, Available for sale, Gross Unrealized, Losses	(3)	(2)
States, municipalities and political subdivisions [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	6,642	6,393
Available for sale (AFS) fixed maturities	6,856	6,747
Fixed maturities, Available for sale, Gross Unrealized, Gains	249	364
Fixed maturities, Available for sale, Gross Unrealized, Losses	(35)	(10)
Foreign government [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	147	184
Available for sale (AFS) fixed maturities	154	194
Fixed maturities, Available for sale, Gross Unrealized, Gains	7	10
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Residential Mortgage Backed Securities [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	3,236	4,046
Available for sale (AFS) fixed maturities	3,529	4,442
Fixed maturities, Available for sale, Gross Unrealized, Gains	308	411
Fixed maturities, Available for sale, Gross Unrealized, Losses	(15)	(15)
Commercial Mortgage Backed Securities [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	2,111	2,294
Available for sale (AFS) fixed maturities	2,187	2,451
Fixed maturities, Available for sale, Gross Unrealized, Gains	77	158
Fixed maturities, Available for sale, Gross Unrealized, Losses	(1)	(1)
Asset-backed Securities [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	4,961	3,872
Available for sale (AFS) fixed maturities	4,934	3,887
Fixed maturities, Available for sale, Gross Unrealized, Gains	25	37
Fixed maturities, Available for sale, Gross Unrealized, Losses	(52)	(22)
All other corporate [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	14,163	11,938
Available for sale (AFS) fixed maturities	14,317	12,660
Fixed maturities, Available for sale, Gross Unrealized, Gains	422	751
Fixed maturities, Available for sale, Gross Unrealized, Losses	(268)	(29)
Fixed maturities [Member]
Available for sale fixed maturities and equity securities
Fixed maturities, Available for sale, Amortized Cost	31,565	29,074
Available for sale (AFS) fixed maturities	32,284	30,734
Fixed maturities, Available for sale, Gross Unrealized, Gains	1,093	1,739
Fixed maturities, Available for sale, Gross Unrealized, Losses	(374)	(79)
Common stocks [Member]
Available for sale fixed maturities and equity securities
Equity securities, Available for sale, Amortized Cost	1,051	885
Equity securities, Available for sale, Fair Value	1,118	1,087
Equity securities, Available for sale, Gross Unrealized, Gains	146	227
Equity securities, Available for sale, Gross Unrealized, Losses	(79)	(25)
Perpetual preferred stocks [Member]
Available for sale fixed maturities and equity securities
Equity securities, Available for sale, Amortized Cost	418	398
Equity securities, Available for sale, Fair Value	435	414
Equity securities, Available for sale, Gross Unrealized, Gains	23	21
Equity securities, Available for sale, Gross Unrealized, Losses	$ (6)	$ (5)

Investments (Details 1)

Investments (Details 1) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
U.S. Government and government agencies [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ 0
Fair Value - Less than twelve months	$ 112	$ 39
Fair Value as % of Cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ (2)	$ (2)
Fair Value - Twelve months or more	$ 15	$ 15
Fair Value as % of Cost - Twelve months or more	88.00%	88.00%
States, municipalities and political subdivisions [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (33)	$ (2)
Fair Value - Less than twelve months	$ 1,419	$ 222
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (2)	$ (8)
Fair Value - Twelve months or more	$ 50	$ 408
Fair Value as % of Cost - Twelve months or more	96.00%	98.00%
Residential Mortgage Backed Securities [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (7)	$ (4)
Fair Value - Less than twelve months	$ 438	$ 298
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (8)	$ (11)
Fair Value - Twelve months or more	$ 201	$ 209
Fair Value as % of Cost - Twelve months or more	96.00%	95.00%
Commercial Mortgage Backed Securities [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 95	$ 38
Fair Value as % of Cost - Less than twelve months	100.00%	97.00%
Unrealized Loss - Twelve months or more	$ (1)	$ 0
Fair Value - Twelve months or more	$ 28	$ 11
Fair Value as % of Cost - Twelve months or more	97.00%	100.00%
Asset-backed Securities [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (42)	$ (11)
Fair Value - Less than twelve months	$ 2,706	$ 1,389
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (10)	$ (11)
Fair Value - Twelve months or more	$ 455	$ 622
Fair Value as % of Cost - Twelve months or more	98.00%	98.00%
All other corporate [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (229)	$ (16)
Fair Value - Less than twelve months	$ 4,661	$ 588
Fair Value as % of Cost - Less than twelve months	95.00%	97.00%
Unrealized Loss - Twelve months or more	$ (39)	$ (13)
Fair Value - Twelve months or more	$ 165	$ 433
Fair Value as % of Cost - Twelve months or more	81.00%	97.00%
Fixed maturities [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (312)	$ (34)
Fair Value - Less than twelve months	$ 9,431	$ 2,574
Fair Value as % of Cost - Less than twelve months	97.00%	99.00%
Unrealized Loss - Twelve months or more	$ (62)	$ (45)
Fair Value - Twelve months or more	$ 914	$ 1,698
Fair Value as % of Cost - Twelve months or more	94.00%	97.00%
Common stocks [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (79)	$ (25)
Fair Value - Less than twelve months	$ 509	$ 260
Fair Value as % of Cost - Less than twelve months	87.00%	91.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
Perpetual preferred stocks [Member]
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (3)	$ (1)
Fair Value - Less than twelve months	$ 91	$ 45
Fair Value as % of Cost - Less than twelve months	97.00%	98.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (4)
Fair Value - Twelve months or more	$ 22	$ 55
Fair Value as % of Cost - Twelve months or more	88.00%	93.00%

Investments (Details 2)

Investments (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at January 1	$ 170	$ 194	$ 192
Additional credit impairments on:
Previously impaired securities	1	0	0
Securities without prior impairments	2	0	3
Reductions due to:
Sales or redemptions	(9)	(24)	(1)
Sale of subsidiaries	(4)	0	0
Balance at December 31	$ 160	$ 170	$ 194

Investments (Details 3)

Investments (Details 3) - Fixed maturity [Member] $ in Millions	Dec. 31, 2015USD ($)
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 922
After one year through five years	5,208
After five years through ten years	11,007
After ten years	4,120
Fixed maturities amortized cost, Subtotal	21,257
ABS (average life of approximately 5 years)	4,961
MBS (average life of approximately 4 years)	5,347
Amortized Cost	31,565
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	935
After one year through five years	5,417
After five years through ten years	11,054
After ten years	4,228
Fixed maturities fair value, Subtotal	21,634
ABS (average life of approximately 5 years)	4,934
MBS (average life of approximately 4 years)	5,716
Fair Value	$ 32,284
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	3.00%
After one year through five years	17.00%
After five years through ten years	34.00%
After ten years	13.00%
Fixed maturities fair value, Subtotal, Percent	67.00%
ABS (average life of approximately 5 years)	15.00%
MBS (average life of approximately 4 years)	18.00%
Fair value, Total, Percent	100.00%

Investments (Details 4)

Investments (Details 4) - USD ($) $ in Millions		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013	[1]	Dec. 31, 2012
Unrealized gain on:
Pretax		$ 517		$ 1,162
Deferred Tax and Amounts Attributable to Noncontrolling Interests		(185)		(419)
Net		332	[1]	743	[1]	$ 563		$ 823
Fixed maturities - annuity segment [Member]
Unrealized gain on:
Pretax	[2]	523		1,157
Deferred Tax and Amounts Attributable to Noncontrolling Interests	[2]	(183)		(405)
Net	[2]	340		752
Fixed maturities - all other [Member]
Unrealized gain on:
Pretax		196		503
Deferred Tax and Amounts Attributable to Noncontrolling Interests		(72)		(185)
Net		124		318
Equity securities [Member]
Unrealized gain on:
Pretax		84		218
Deferred Tax and Amounts Attributable to Noncontrolling Interests		(30)		(79)
Net		54		139
Deferred policy acquisition costs - annuity segment [Member]
Unrealized gain on:
Pretax		(233)		(531)
Deferred Tax and Amounts Attributable to Noncontrolling Interests		82		186
Net		(151)		(345)
Annuity benefits accumulated [Member]
Unrealized gain on:
Pretax		(64)		(112)
Deferred Tax and Amounts Attributable to Noncontrolling Interests		22		39
Net		(42)		(73)
Life, accident and health reserves [Member]
Unrealized gain on:
Pretax				(104)
Deferred Tax and Amounts Attributable to Noncontrolling Interests				36
Net				(68)
Unearned revenue [Member]
Unrealized gain on:
Pretax		11		31
Deferred Tax and Amounts Attributable to Noncontrolling Interests		(4)		(11)
Net		$ 7		$ 20
[1]	Includes net unrealized gains of $51 million at December 31, 2015 compared to net unrealized gains of $58 million and $54 million at December 31, 2014 and 2013, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.
[2]	Unrealized gains on fixed maturity investments supporting AFG’s annuity benefits accumulated.

Investments (Details 5)

Investments (Details 5) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Investment Income [Line Items]
Gross investment income	$ 1,651	$ 1,513	$ 1,363
Investment expenses	(18)	(12)	(17)
Net investment income	1,633	1,501	1,346
Fixed maturities [Member]
Net Investment Income [Line Items]
Gross investment income	1,461	1,352	1,241
Equity securities [Member]
Net Investment Income [Line Items]
Gross investment income	76	66	50
Equity Method Investments [Member]
Net Investment Income [Line Items]
Gross investment income	27	18	0	[1]
Other [Member]
Net Investment Income [Line Items]
Gross investment income	$ 87	$ 77	$ 72
[1]	Prior to 2014, equity in the earnings of partnerships was not material and was included in realized gains (losses) on securities.

Investments (Details 6)

Investments (Details 6) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	$ 106	$ 88	$ 233
Realized - impairments	(125)	(36)	(12)
Fixed maturities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	19	36	36
Realized - impairments	(43)	(15)	(5)
Change in unrealized	(941)	570	(945)
Equity securities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	94	53	196
Realized - impairments	(94)	(26)	(5)
Change in unrealized	(134)	26	31
Mortgage Loans and Other Investments [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(2)	1	2
Realized - impairments	(3)	0	(5)
Change in unrealized	0	0	0
Other, Including DPAC and Reserves on Annuity and Long-term Care [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(5)	(2)	(1)
Realized - impairments	15	5	3
Change in unrealized	430	(314)	504
Total Pretax [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	106	88	233
Realized - impairments	(125)	(36)	(12)
Change in unrealized	(645)	282	(410)
Tax Effects [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(38)	(32)	(82)
Realized - impairments	45	13	4
Change in unrealized	226	(99)	144
Noncontrolling Interests [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(2)	(2)	(2)
Realized - impairments	2	1	0
Change in unrealized	8	(3)	6
Marketable Securities [Member]
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	66	54	149
Realized - impairments	(78)	(22)	(8)
Change in unrealized	$ (411)	$ 180	$ (260)

Investments (Details 7)

Investments (Details 7) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fixed maturities [Member]
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 38	$ 36	$ 44
Gross losses	(7)	(2)	(5)
Equity securities [Member]
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	99	53	193
Gross losses	$ (5)	$ 0	$ 0

Investments (Details Textual)

Investments (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)security	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Investment [Line Items]
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	77.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	91.00%
Other than temporary impairment charges	$ 125	$ 36	$ 12
Average life of ABS	5 years
Average life of MBS	4 years
Residential Mortgage Backed Securities [Member]
Investment [Line Items]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	$ 205	220
Fixed maturities, Gross Unrealized, Losses	(15)	(15)
Other than temporary impairment charges	7
Securities with non-credit other-than-temporary impairment charges [Member]
Investment [Line Items]
Gross Unrealized, Gains	134	151
Gross Unrealized, Losses	(6)	(8)
Fixed maturities [Member]
Investment [Line Items]
Fixed maturities, Gross Unrealized, Losses	$ (374)	(79)
Number of available for sale securities in an unrealized loss position | security	1,285
Other than temporary impairment charges	$ 43	15	$ 5
Corporate bonds [Member]
Investment [Line Items]
Other than temporary impairment charges	31
Municipal bonds [Member]
Investment [Line Items]
Other than temporary impairment charges	$ 4
Common stocks [Member]
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	63
Other than temporary impairment charges	$ 94
Equity securities, Gross Unrealized, Losses	$ (79)	(25)
Preferred stocks [Member]
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	19
Equity securities, Gross Unrealized, Losses	$ (6)	$ (5)
Number of available for sale securities in an unrealized loss position for twelve months or longer [Member] | Common stocks [Member]
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	0
Number of available for sale securities in an unrealized loss position for twelve months or longer [Member] | Preferred stocks [Member]
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	3

Derivatives (Details)

Derivatives (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 375	$ 499
Derivative liability, at fair value	1,376	1,173
MBS with embedded derivatives [Member] | Fixed maturities [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	130	158
Public company warrants [Member] | Equity securities [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	4	19
Fixed-indexed annuities (embedded derivative) [Member] | Annuity benefits accumulated [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	1,369	1,160
Equity index call options [Member] | Other investments [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	241	322
Reinsurance contracts (embedded derivative) [Member] | Other liabilities [Member]
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 7	$ 13

Derivatives (Details 1)

Derivatives (Details 1) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (83)	$ (3)	$ 36
MBS with embedded derivatives [Member] | Realized gains on securities [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(16)	3	(3)
Public company warrants [Member] | Realized gains on securities [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	0	3
Interest rate swaptions [Member] | Realized gains on securities [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	(2)	1
Fixed-indexed annuities (embedded derivative) [Member] | Annuity benefits [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	[1]	(17)	(182)	(182)
Equity index call options [Member] | Annuity benefits [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(56)	181	210
Reinsurance contracts (embedded derivative) [Member] | Net investment income [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ 6	$ (3)	$ 7
[1]	The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $28 million in 2015 compared to gains related to unlocking of actuarial assumptions of $58 million in 2014 and $2 million in 2013.

Derivatives (Details Textual)

Derivatives (Details Textual)	3 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)swap	Sep. 30, 2014	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Indexed annuities as a percentage of annuity benefits			60.00%
Carrying value of collateral received to support purchased call options			$ 211,000,000	$ 285,000,000
Senior Notes [Member] | 9-7/8% Senior Notes due June 2019 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Stated interest rate, percentage	9.875%		9.875%
AFG [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate description of fair value hedge activity			three-month LIBOR plus 8.099%
AFG [Member] | Senior Notes [Member] | 9-7/8% Senior Notes due June 2019 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Stated interest rate, percentage			9.875%
Not Designated as Hedging Instrument [Member] | Fixed-indexed annuities (embedded derivative) [Member] | Annuity benefits [Member]
Derivative Instruments, Gain (Loss) [Line Items]
The portion of the change in fair value of the embedded derivative related to the unlocking of actuarial assumptions			$ (28,000,000)	58,000,000	$ 2,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative instrument outstanding			614,000,000	401,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps entered into during the period | swap	2
Contract term of derivative instrument		5 years
Notional amount of derivative instrument outstanding						$ 431,000,000
Gain (loss) reclassified from AOCI into net investment income			6,000,000	2,000,000
Gain (loss) on cash flow hedge ineffectiveness recorded in Net Earnings			0	0
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Other assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value (are less than in 2014)			2,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Other assets [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value (are less than in 2014)				1,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Other liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value (are less than in 2014)				$ 0
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Other liabilities [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value (are less than in 2014)			$ (1,000,000)
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Five-year interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Contract term of derivative instrument	5 years
Notional amount of derivative instrument outstanding	$ 195,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Cash Flow Hedges [Member] | Fifteen-year interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Contract term of derivative instrument	15 years
Notional amount of derivative instrument outstanding	$ 132,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Fair Value Hedge [Member] | AFG [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective interest rate, percentage			8.611%
The net reduction in interest expense from interest rate swaps			$ 2,000,000
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Fair Value Hedge [Member] | AFG [Member] | LIBOR [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Basis spread on variable interest rate			8.099%
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Fair Value Hedge [Member] | Long-term debt [Member] | AFG [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value (are less than in 2014)			$ 2,000,000

Deferred Policy Acquisition C68

Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Deferred policy acquisition costs and present value of future profits, beginning balance	$ 821	$ 975	$ 550
Deferred policy acquisition costs and present value of future profits, additions	754	703	701
Deferred policy acquisition costs and present value of future profits, periodic amortization	(710)	(652)	(644)
Deferred policy acquisition costs and present value of future profits, annuity unlocking	35	(20)	2
Deferred policy acquisition costs and present value of future profits, change included in realized gains	9	3	2
Deferred policy acquisition costs and present value of future profits, sale of subsidiaries	(19)
Deferred policy acquisition costs and present value of future profits, foreign currency translation	(3)	(2)	(1)
Deferred policy acquisition costs and present value of future profits, change in unrealized	297	(186)	365
Deferred policy acquisition costs and present value of future profits, ending balance	1,184	821	975
Property and Casualty Insurance [Member]
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance	221	211	204
Deferred policy acquisition costs, additions	519	497	468
Deferred policy acquisition costs, periodic amortization	(511)	(485)	(460)
Deferred policy acquisition costs, foreign currency translation	(3)	(2)	(1)
Deferred policy acquisition costs, ending balance	226	221	211
Annuity and Other [Member]
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance	925	875	787
Deferred policy acquisition costs, additions	224	198	222
Deferred policy acquisition costs, periodic amortization	(162)	(130)	(140)
Deferred policy acquisition costs, annuity unlocking	31	(20)	4
Deferred policy acquisition costs, change included in realized gains	8	2	2
Deferred policy acquisition costs, sale of subsidiaries	(8)
Deferred policy acquisition costs, ending balance	1,018	925	875
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance	132	149	170
Deferred sales inducements, additions	11	8	11
Deferred sales inducements, periodic amortization	(26)	(26)	(30)
Deferred sales inducements, annuity unlocking	4	0	(2)
Deferred sales inducements, change included in realized gains	1	1	0
Deferred sales inducements, sale of subsidiaries	(3)
Deferred sales inducements, ending balance	119	132	149
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance	74	85	99
Present value of future profits, periodic amortization	(11)	(11)	(14)
Present value of future profits, annuity unlocking			0
Present value of future profits, sale of subsidiaries	(8)
Present value of future profits, ending balance	55	74	85
Movement in Unrealized Gains (Losses) Related to Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Unrealized investment gains (losses), beginning balance	(531)	(345)	(710)
Unrealized investment gains (losses), change in unrealized	297	(186)	365
Unrealized investment gains (losses), ending balance	(234)	(531)	(345)
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Deferred policy acquisition costs and present value of future profits, beginning balance	600	764	346
Deferred policy acquisition costs and present value of future profits, additions	235	206	233
Deferred policy acquisition costs and present value of future profits, periodic amortization	(199)	(167)	(184)
Deferred policy acquisition costs and present value of future profits, annuity unlocking	35	(20)	2
Deferred policy acquisition costs and present value of future profits, change included in realized gains	9	3	2
Deferred policy acquisition costs and present value of future profits, sale of subsidiaries	(19)
Deferred policy acquisition costs and present value of future profits, change in unrealized	297	(186)	365
Deferred policy acquisition costs and present value of future profits, ending balance	958	600	764
Excluding Unrealized Gains [Member] | Annuity and Other [Member]
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Deferred policy acquisition costs and present value of future profits, beginning balance	1,131	1,109	1,056
Deferred policy acquisition costs and present value of future profits, change in unrealized	0	0	0
Deferred policy acquisition costs and present value of future profits, ending balance	$ 1,192	$ 1,131	$ 1,109

Deferred Policy Acquisition C69

Deferred Policy Acquisition Costs (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 220	$ 209
Approximate annual rate of decrease in present value of future profits during next five years	0.167

Managed Investment Entities (De

Managed Investment Entities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gains (losses) on change in fair value of assets/liabilities:
Assets	[1]	$ (116)	$ (66)	$ 11
Liabilities	[1]	82	22	(25)
Management fees paid to AFG		15	25	16
CLO earnings (losses) attributable to:
AFG shareholders	[2]	(6)	16	35
Noncontrolling interests	[2]	$ 0	$ (51)	$ (26)
[1]	Included in Revenues in AFG’s Statement of Earnings.
[2]	Included in Earnings before income taxes in AFG’s Statement of Earnings.

Managed Investment Entities (71

Managed Investment Entities (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)collateralizedloanobligation	Dec. 31, 2014USD ($)collateralizedloanobligation	Dec. 31, 2013USD ($)collateralizedloanobligation
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum	15.00%
Percentage of investment of most subordinate debt tranche, Maximum	100.00%
Number of collateralized loan obligation entities | collateralizedloanobligation	13
Number of collateralized loan obligation entities formed during the period | collateralizedloanobligation	2	2	2
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities	$ 77
Proceeds received by subsidiaries related to redemptions of managed investment entities liabilities		$ 81	$ 142
Number of collateralized loan obligation entities that were substantially liquidated during the period | collateralizedloanobligation		4	2
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	214	$ 83
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	205	131
Carrying amount of CLO loans in default	1	2
Aggregate unpaid principal balance of CLO loans in default	10	6
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	266	289
New Collateralized Loan Obligation Entities [Member]
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	869	917	$ 829
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	81	94	85
Subordinated Debt Obligations [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	$ 115
Senior Debt Obligations [Member]
Variable Interest Entity [Line Items]
Face amount of managed investment entities liabilities purchased by subsidiaries after issuance date		13	94
Amount paid by subsidiaries to purchase managed investment entities liabilities after issuance date		$ 13	$ 89

Goodwill and Other Intangible72

Goodwill and Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	$ 199		$ 199	$ 201	$ 185	$ 185
Goodwill, Acquired during period		$ 16		16
Goodwill, Sale of subsidiary	(2)		(2)
Goodwill, Ending balance	199		199	201
Property and Casualty [Member]
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	168		168	168	152	152
Goodwill, Acquired during period				16
Goodwill, Sale of subsidiary			0
Goodwill, Ending balance	168		168	168
Annuity [Member]
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	31		31	33	$ 33	$ 33
Goodwill, Acquired during period				0
Goodwill, Sale of subsidiary			(2)
Goodwill, Ending balance	$ 31		$ 31	$ 33

Goodwill and Other Intangible73

Goodwill and Other Intangibles (Details Textual) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired during period		$ 16		$ 16
Goodwill decrease due to the sale of a subsidiary	$ (2)		$ (2)
Amortizable intangible assets related to property and casualty insurance acquisitions	41		41	49
Accumulated amortization	18		18	91
Amortization of intangible assets			$ 8	$ 19	$ 14
Weighted average useful life of finite-lived intangible assets acquired			5 years
Future amortization of intangibles in next year	8		$ 8
Future amortization of intangibles in year two	8		8
Future amortization of intangibles in year three	8		8
Future amortization of intangibles in year four	8		8
Future amortization of intangibles in year five	8		8
Future amortization of intangibles after year five	$ 1		$ 1

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Dec. 31, 2015	Nov. 30, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Summary of Carrying value of long-term debt
Long-term debt	$ 1,020,000,000			$ 1,061,000,000
Notes payable secured by real estate	0			59,000,000
AFG [Member]
Summary of Carrying value of long-term debt
Long-term debt	1,008,000,000			990,000,000
Subsidiaries [Member]
Summary of Carrying value of long-term debt
Long-term debt	12,000,000			71,000,000
Notes payable secured by real estate	0			59,000,000
National Interstate bank credit facility	12,000,000			12,000,000
Senior Notes [Member] | 9-7/8% Senior Notes due June 2019 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	350,000,000			350,000,000
Senior Notes [Member] | 6-3/8% Senior Notes due June 2042 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	230,000,000			230,000,000
Senior Notes [Member] | 5-3/4% Senior Notes due August 2042 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	125,000,000			125,000,000
Senior Notes [Member] | 7% Senior Notes due September 2050 [Member]
Summary of Carrying value of long-term debt
Senior Notes			$ 132,000,000
Senior Notes [Member] | 7% Senior Notes due September 2050 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Senior Notes	0			132,000,000
Senior Debt Obligations [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Other long-term debt	3,000,000			3,000,000
Long-term debt	708,000,000			840,000,000
Subordinated Debentures [Member] | 6-1/4% Subordinated Debentures due September 2054 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Subordinated Debentures	150,000,000			150,000,000	$ 150,000,000
Subordinated Debentures [Member] | 6% Subordinated Debentures due November 2055 [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Subordinated Debentures	150,000,000	$ 150,000,000		0
Subordinated Debt Obligations [Member] | AFG [Member]
Summary of Carrying value of long-term debt
Long-term debt	$ 300,000,000			$ 150,000,000

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Summary showing division of total long-term debt
Obligations secured by real estate	$ 0	$ 59
Long-term debt	1,020	1,061
Senior unsecured obligations [Member]
Summary showing division of total long-term debt
Unsecured obligations	720	852
Subordinated unsecured obligations [Member]
Summary showing division of total long-term debt
Unsecured obligations	$ 300	$ 150

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2015	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year	$ 0	$ 0
Scheduled principal payments on debt in year two	12,000,000	12,000,000
Scheduled principal payments on debt in year three	0	0
Scheduled principal payments on debt in year four	350,000,000	350,000,000
Scheduled principal payments on debt in year five	0	0
Scheduled principal payments on debt after year five	658,000,000	658,000,000
Cash interest payments on long-term debt		75,000,000	$ 72,000,000	$ 71,000,000
AFG [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	500,000,000	500,000,000
Amount borrowed under AFG revolving credit facility	0	$ 0	0
Interest rate description of fair value hedge activity		three-month LIBOR plus 8.099%
Interest rate description for revolving credit facility		1.00% to 1.875% (currently 1.375%) over LIBOR
National Interstate [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	100,000,000	$ 100,000,000
Loans payable under National Interstate bank credit facility	$ 12,000,000	$ 12,000,000
Interest rate description for revolving credit facility		six-month LIBOR plus 0.875% (currently 1.399%)
LIBOR [Member] | AFG [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.375%
LIBOR [Member] | AFG [Member] | Minimum [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
LIBOR [Member] | AFG [Member] | Maximum [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.875%
LIBOR [Member] | National Interstate [Member]
Debt Instrument [Line Items]
Effective interest rate, percentage	1.399%	1.399%
LIBOR [Member] | National Interstate [Member] | Maximum [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	0.875%
Interest rate swaps [Member] | Fair Value Hedge [Member] | Designated as Hedging Instrument [Member] | AFG [Member]
Debt Instrument [Line Items]
Effective interest rate, percentage	8.611%	8.611%
Long-term Debt, Fiscal Year Maturity [Abstract]
Cash interest received on long-term debt affiliated with interest rate swap		$ 2,000,000
Interest rate swaps [Member] | Fair Value Hedge [Member] | Designated as Hedging Instrument [Member] | LIBOR [Member] | AFG [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	8.099%	8.099%
Long-term debt [Member] | Interest rate swaps [Member] | Fair Value Hedge [Member] | Designated as Hedging Instrument [Member] | AFG [Member]
Debt Instrument [Line Items]
Net derivatives, at fair value	$ 2,000,000	$ 2,000,000
Senior Notes [Member] | 9-7/8% Senior Notes due June 2019 [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	9.875%	9.875%					9.875%
Senior Notes [Member] | 9-7/8% Senior Notes due June 2019 [Member] | AFG [Member]
Debt Instrument [Line Items]
Senior Notes	$ 350,000,000	$ 350,000,000	350,000,000
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	9.875%	9.875%
Senior Notes [Member] | 6-3/8% Senior Notes due June 2042 [Member] | AFG [Member]
Debt Instrument [Line Items]
Senior Notes	$ 230,000,000	$ 230,000,000	230,000,000
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	6.375%	6.375%
Senior Notes [Member] | 5-3/4% Senior Notes due August 2042 [Member] | AFG [Member]
Debt Instrument [Line Items]
Senior Notes	$ 125,000,000	$ 125,000,000	125,000,000
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	5.75%	5.75%
Senior Notes [Member] | 7% Senior Notes due September 2050 [Member]
Debt Instrument [Line Items]
Senior Notes						$ 132,000,000
Senior Notes [Member] | 7% Senior Notes due September 2050 [Member] | AFG [Member]
Debt Instrument [Line Items]
Senior Notes	$ 0	$ 0	132,000,000
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	7.00%	7.00%				7.00%
Subordinated Debt [Member] | 6-1/4% Subordinated Debentures due September 2054 [Member] | AFG [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Subordinated Debentures	$ 150,000,000	$ 150,000,000	150,000,000					$ 150,000,000
Interest rate on debt instruments	6.25%	6.25%						6.25%
Subordinated Debt [Member] | 6% Subordinated Debentures due November 2055 [Member] | AFG [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Subordinated Debentures	$ 150,000,000	$ 150,000,000	$ 0		$ 150,000,000
Interest rate on debt instruments	6.00%	6.00%			6.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details)	Dec. 31, 2015$ / sharesshares
Voting Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, par value | $ / shares	$ 0
Preferred Stock, shares authorized | shares	12,500,000
Nonvoting Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, par value | $ / shares	$ 0
Preferred Stock, shares authorized | shares	12,500,000

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning balance	6,383,799
Granted	716,818
Exercised	(1,475,202)
Forfeited/Cancelled	(109,325)
Options outstanding, Ending balance	5,516,090	6,383,799
Options exercisable	2,988,920
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance	$ 36.92
Average exercise price, Granted	63.15	$ 56.47	$ 44.01
Average exercise price, Exercised	31.77
Average exercise price, Forfeited/Cancelled	49.34
Average exercise price, Ending balance	41.46	$ 36.92
Average exercise price, Options exercisable	$ 32.85
Average remaining contractual term, Options outstanding	5 years 10 months 24 days
Average remaining contractual term, Options exercisable	4 years 4 months 24 days
Aggregate intrinsic value, Options outstanding	$ 169
Aggregate intrinsic value, Options exercisable	$ 117

Shareholders' Equity (Details 2

Shareholders' Equity (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Options, Valuation Assumptions
Exercise price	$ 63.15	$ 56.47	$ 44.01
Expected dividend yield	1.60%	1.60%	1.80%
Expected volatility	25.00%	26.00%	39.00%
Expected term (in years)	7 years 3 months	7 years 3 months	7 years 3 months
Risk-free rate	1.88%	2.20%	1.36%
Grant date fair value	$ 15.29	$ 14.66	$ 15.10

Shareholders' Equity (Details 3

Shareholders' Equity (Details 3) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, Beginning balance | shares	515,450
Granted | shares	171,130
Vested | shares	(163,312)
Forfeited | shares	(17,570)
Outstanding, Ending balance | shares	505,698
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, Outstanding, Beginning balance | $ / shares	$ 43.32
Average grant date fair value, Granted | $ / shares	63.15
Average grant date fair value, Vested | $ / shares	38.36
Average grant date fair value, Forfeited | $ / shares	49.28
Average grant date fair value, Outstanding, Ending balance | $ / shares	$ 51.43

Shareholders' Equity (Details 4

Shareholders' Equity (Details 4) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Components of accumulated other comprehensive income
Unrealized holding gains (losses) on securities arising during the period, pretax		$ (625)		$ 334		$ (188)
Unrealized holding gains (losses) on securities arising during the period, tax		219		(118)		66
Unrealized holding gains (losses) on securities arising during the period, net of tax		(406)		216		(122)
Unrealized holding gains (losses) on securities arising during the period, attributable to noncontrolling interests		9		(4)		4
Unrealized holding gains (losses) on securities arising during the period, attributable to shareholders		(397)		212		(118)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	[1]	14		(52)		(222)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	[1]	(5)		19		78
Reclassification adjustment for realized (gains) losses included in net earnings, net of tax		9		(33)		(144)
Reclassification adjustment for realized (gains) losses included in net earnings, attributable to noncontrolling interests	[1]	(1)		1		2
Reclassification adjustment for realized (gains) losses included in net earnings, attributable to shareholders		8		(32)		(142)
Reclassification for unrealized gains of subsidiaries sold, pretax		(34)
Reclassification for unrealized gains of subsidiaries sold, tax		12
Reclassification for unrealized gains of subsidiaries sold, net of tax		(22)		0		0
Reclassification for unrealized gains of subsidiaries sold, attributable to noncontrolling interests		0
Reclassification for unrealized gains of subsidiaries sold, attributable to shareholders		(22)
Accumulated other comprehensive income, net unrealized gains on securities, beginning balance		743	[2]	563	[2]	823
Other comprehensive income, net unrealized gains on securities, pretax		(645)		282		(410)
Other comprehensive income, net unrealized gains on securities, tax		226		(99)		144
Total net unrealized gains (losses) on securities		(419)		183		(266)
Other comprehensive income, net unrealized gains on securities, attributable to noncontrolling interests		8		(3)		6
Other comprehensive income, net unrealized gains on securities, attributable to shareholders		(411)		180		(260)
Accumulated other comprehensive income, net unrealized gains on securities, ending balance	[2]	332		743		563
Accumulated other comprehensive income, net unrealized gains (losses) on cash flow hedges, beginning balance		0
Other comprehensive income, net unrealized gains (losses) on cash flow hedges, pretax		1
Other comprehensive income, net unrealized gains (losses) on cash flow hedges, tax		0
Other comprehensive income, net unrealized gains (losses) on cash flow hedges, net of tax		1		0		0
Other comprehensive income, net unrealized gains (losses) on cash flow hedges, attributable to noncontrolling interests		0
Other comprehensive income, net unrealized gains (losses) on cash flow hedges, attributable to shareholders		1
Accumulated other comprehensive income, net unrealized gains (losses) on cash flow hedges, ending balance		1		0
Accumulated other comprehensive income, foreign currency translation adjustments, beginning balance		(8)		1		14
Other comprehensive income, foreign currency translation adjustments, pretax		(9)		(8)		(13)
Other comprehensive income, foreign currency translation adjustments, tax		(5)		(1)		0
Other comprehensive income, foreign currency translation adjustments, net of tax		(14)		(9)		(13)
Other comprehensive income, foreign currency translation adjustments, attributable to noncontrolling interests		0		0		0
Other comprehensive income, foreign currency translation adjustments, attributable to shareholders		(14)		(9)		(13)
Accumulated other comprehensive income, foreign currency translation adjustments, ending balance		(22)		(8)		1
Accumulated other comprehensive income, pension and other postretirement plans adjustments, beginning balance		(8)		(4)		(6)
Other comprehensive income, pension and other postretirement plans adjustments, pretax		1		(6)		3
Other comprehensive income, pension and other postretirement plans adjustments, tax		0		2		(1)
Other comprehensive income, pension and other postretirement plans adjustments, net of tax		1		(4)		2
Other comprehensive income, pension and other postretirement plans adjustments, attributable to shareholders		1		(4)		2
Accumulated other comprehensive income, pension and other postretirement plans adjustments, ending balance		(7)		(8)		(4)
Accumulated other comprehensive income, total, beginning balance		727		560		831
Other comprehensive income, total, pretax		(652)		268		(420)
Other comprehensive income, total, tax		221		(98)		143
Other comprehensive income (loss), net of tax		(431)		170		(277)
Other comprehensive income, total, attributable to noncontrolling interests		8		(3)		6
Other comprehensive income, total, attributable to shareholders		(423)		167		(271)
Accumulated other comprehensive income, total, ending balance		$ 304		$ 727		$ 560
[1]	The reclassification adjustment out of net unrealized gains on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the Statement of Earnings Pretax Realized gains on securities Tax Provision for income taxes Attributable to noncontrolling interests Net earnings (loss) attributable to noncontrolling interests
[2]	Includes net unrealized gains of $51 million at December 31, 2015 compared to net unrealized gains of $58 million and $54 million at December 31, 2014 and 2013, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate of options exercisable per year, commencing one year after grant			20% per year commencing one year after grant
Duration of options expiration, after date of grant			10 years
Total intrinsic value of options exercised			$ 52	$ 38	$ 35
Cash received from the exercise of stock options			47	35	44
Tax benefit related to exercise of stock options			16	12	11
Total compensation expense related to stock incentive plans			27	25	36
Tax benefit related to compensation costs			8	8	12
Net of tax unrealized gains (losses) related to credit-only impaired securities			$ 51	58	54
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock vesting period			3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock vesting period			4 years
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to equity-based awards that have yet to vest			$ 27
Weighted average period of cost expected to be recognized			3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to equity-based awards that have yet to vest			$ 13
Weighted average period of cost expected to be recognized			2 years 7 months 6 days
Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance under stock incentive plans			10,700,000
Annual Equity Bonus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other benefit plans, shares	54,732	84,036
Common Stock issued, fair value per share	$ 62.55	$ 57.16
Capital surplus [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to exercise of stock options			$ 12	$ 9	$ 7

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 565	$ 626	$ 689
Income taxes at statutory rate	198	219	241
Effect of tax exempt interest	(27)	(25)	(21)
Effect of losses of managed investment entities	0	18	9
Effect of change in valuation allowance	23	7	1
Effect of subsidiaries not in AFG's tax return	2	1	2
Effect of other income tax reconciliation	(1)	0	4
Provision for income taxes as shown in the Statement of Earnings	$ 195	$ 220	$ 236
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	35.00%	35.00%	35.00%
Effect of tax exempt interest as a percentage of EBT	(5.00%)	(4.00%)	(3.00%)
Effect of losses of managed investment entities as a percentage of EBT	0.00%	3.00%	1.00%
Effect of change in valuation allowance as a percentage of EBT	4.00%	1.00%	0.00%
Effect of subsidiaries not in AFG's tax return as a percentage of EBT	1.00%	0.00%	0.00%
Effect of other income tax reconciliation as a percentage of EBT	0.00%	0.00%	1.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	35.00%	35.00%	34.00%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current taxes:
Federal	$ 216	$ 265	$ 308
State	8	8	5
Deferred taxes:
Federal	(29)	(53)	(77)
Provision for income taxes as shown in the Statement of Earnings	$ 195	$ 220	$ 236

Income Taxes (Details 2)

Income Taxes (Details 2) - Dec. 31, 2015 £ in Millions, $ in Millions		USD ($)	GBP (£)
U.S. [Member] | Expiring 2017 - 2022 [Member]
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards		$ 143
U.S. [Member] | Capital loss carryforward [Member] | Expiring 2020 [Member]
Operating and capital loss carryforwards [Line Items]
Capital loss carryforwards		90
United Kingdom [Member]
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	[1]	$ 133	£ 90
[1]	£90 million

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Federal net operating loss carryforwards		$ 50	$ 51
Foreign underwriting losses		77	56
Capital loss carryforwards		32	0
Insurance claims and reserves		713	757
Employee benefits		115	107
Other, net		29	15
Total deferred tax assets before valuation allowance		1,016	986
Valuation allowance against deferred tax assets		(130)	(109)
Total deferred tax assets		886	877
Deferred tax liabilities:
Subsidiaries not in AFG’s tax return	[1]	(63)	(61)
Investment securities		(258)	(663)
Deferred policy acquisition costs		(336)	(178)
Total deferred tax liabilities		(657)	(902)
Net deferred tax asset (liability)		229
Net deferred tax asset (liability)			(25)
Excluding Unrealized Gains [Member]
Deferred tax assets:
Federal net operating loss carryforwards		50	51
Foreign underwriting losses		77	56
Capital loss carryforwards		32	0
Insurance claims and reserves		691	682
Employee benefits		115	107
Other, net		33	26
Total deferred tax assets before valuation allowance		998	922
Valuation allowance against deferred tax assets		(130)	(109)
Total deferred tax assets		868	813
Deferred tax liabilities:
Subsidiaries not in AFG’s tax return	[1]	(63)	(61)
Investment securities		23	(6)
Deferred policy acquisition costs		(418)	(364)
Total deferred tax liabilities		(458)	(431)
Net deferred tax asset (liability)		410	382
Impact of Unrealized Gains [Member]
Deferred tax assets:
Federal net operating loss carryforwards		0	0
Foreign underwriting losses		0	0
Capital loss carryforwards		0	0
Insurance claims and reserves		22	75
Employee benefits		0	0
Other, net		(4)	(11)
Total deferred tax assets before valuation allowance		18	64
Valuation allowance against deferred tax assets		0	0
Total deferred tax assets		18	64
Deferred tax liabilities:
Subsidiaries not in AFG’s tax return	[1]	0	0
Investment securities		(281)	(657)
Deferred policy acquisition costs		82	186
Total deferred tax liabilities		(199)	(471)
Net deferred tax asset (liability)		$ (181)	$ (407)
[1]	Related to National Interstate Corporation, a 51%-owned subsidiary.

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Progression of the liability for uncertain tax positions, excluding interest and penalties
Balance at January 1		$ 0	$ 19	$ 18
Additions for tax positions of prior years		1	0	0
Reductions for tax positions of prior years		0	(8)	0
Additions for tax positions of current year		0	0	1
Settlements	$ (11)	0	(11)	0
Balance at December 31		$ 1	$ 0	$ 19

Income Taxes (Details Textual)

Income Taxes (Details Textual) £ in Millions, $ in Millions		3 Months Ended	12 Months Ended
		Sep. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes			35.00%	35.00%	35.00%
Income (losses) subject to tax in foreign jurisdictions			$ (66)	$ (4)	$ 4
Percentage ownership of National Interstate			51.00%			51.00%
Operating loss carryforwards, valuation allowance			$ 50
Decrease in AFG's liability for uncertain tax positions		$ (19)
Decrease in AFG's liability for uncertain tax positions, settlements		(11)	0	(11)	0
The portion of the reduction in the liability for uncertain tax positions that favorably impacted the effective tax rate		4
Change in AFG's liability for uncertain tax positions of current year, uncertainty as to timing of tax return inclusion of income related to certain securities					1
Change in AFG's liability for uncertain tax positions of prior year			0	(8)	0
Income tax penalties accrued			0		0
Cash payments for income taxes			234	347	204
AFG [Member]
Income Tax Reconciliation [Line Items]
Interest included in tax provision				$ (1)	1
Decrease in related accrued interest					$ 1
Charge for valuation allowance [Member]
Income Tax Reconciliation [Line Items]
Charge for valuation allowance against deferred tax assets			77
Maximum [Member] | AFG [Member]
Income Tax Reconciliation [Line Items]
Interest included in tax provision			1
Decrease in related accrued interest			1
United Kingdom [Member]
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	[1]		133			£ 90
Timing of recognition of investment income [Member]
Income Tax Reconciliation [Line Items]
Decrease in AFG's liability for uncertain tax positions		(17)
Deductibility of certain financing expenses [Member]
Income Tax Reconciliation [Line Items]
Decrease in AFG's liability for uncertain tax positions		$ (2)
Property and Casualty Insurance [Member]
Income Tax Reconciliation [Line Items]
Change in AFG’s liability for uncertain tax positions of the current year due to the uncertainty in state taxation			$ 1
[1]	£90 million

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Dec. 24, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2015
Property and Casualty Group [Member]
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves		$ 67	$ 24	$ 54
Liability for asbestos and environmental reserves					$ 426
Reinsurance recoverables on asbestos and environmental reserves, net of allowance					99
Former railroad and manufacturing operations [Member]
Loss Contingencies [Line Items]
Increase in environmental and other reserves		$ 12	$ 6	$ 22
American Premier and its subsidiaries [Member]
Loss Contingencies [Line Items]
Liability for environmental and other claims					77
GAFRI [Member]
Loss Contingencies [Line Items]
Liability for environmental and other claims					$ 11
Run-off long-term care insurance business [Member]
Loss Contingencies [Line Items]
Contingent capital support agreement term	5 years

Quarterly Operating Results (90

Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Statement of Earnings
Revenues	$ 1,626	$ 1,684	$ 1,541	$ 1,294	$ 1,549	$ 1,581	$ 1,392	$ 1,211	$ 6,145	$ 5,733	$ 5,103
Net earnings, including noncontrolling interests	130	66	149	25	125	91	83	107	370	406	453
Net earnings attributable to shareholders	$ 129	$ 63	$ 141	$ 19	$ 127	$ 116	$ 106	$ 103	$ 352	$ 452	$ 471
Earnings Attributable to Shareholders per Common Share:
Basic (USD per share)	$ 1.48	$ 0.72	$ 1.60	$ 0.22	$ 1.44	$ 1.30	$ 1.18	$ 1.15	$ 4.02	$ 5.07	$ 5.27
Diluted (USD per share)	$ 1.45	$ 0.71	$ 1.57	$ 0.21	$ 1.41	$ 1.28	$ 1.15	$ 1.13	$ 3.94	$ 4.97	$ 5.16
Average number of Common Shares:
Basic (shares)	87.4	87.5	87.7	87.6	87.9	89	89.6	89.6	87.6	89	89.3
Diluted (shares)	89.2	89.3	89.5	89.4	89.8	90.9	91.6	91.6	89.4	91	91.2

Quarterly Operating Results (91

Quarterly Operating Results (Unaudited) (Details 1) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Realized gains (losses) and favorable (adverse) development on unpaid loss and loss adjustment expenses
Realized Gains (Losses) on Securities and Subsidiaries	$ (25)	$ (11)	$ (1)	$ (143)	$ 8	$ 13	$ 12	$ 19	$ (180)	$ 52
Prior Year Development Favorable (Adverse)	$ 5	$ (55)	$ 10	$ 7	$ (10)	$ (13)	$ (14)	$ 31	$ (33)	$ (6)

Quarterly Operating Results (92

Quarterly Operating Results (Unaudited) (Details Textual) - USD ($) $ in Millions		Dec. 24, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Operating Results (Unaudited) [Line Items]
Adverse prior year development in the property and transportation sub-segment			$ 5	$ (55)	$ 10	$ 7	$ (10)	$ (13)	$ (14)	$ 31	$ (33)	$ (6)
Other income											243	122	$ 108
Property and Casualty Insurance [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Special charges to increase asbestos and environmental reserves				67				24
Former Railroad and Manufacturing Operations [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Special charges to increase asbestos and environmental reserves				$ 12				$ 6
Specialty Property and transportation [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Adverse prior year development in the property and transportation sub-segment									$ (22)
Run-off long-term care insurance business [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Realized loss on subsidiaries		$ (166)	(4)			$ (162)					(166)
Property and Casualty Insurance [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Other income	[1]										$ 78	$ 9	$ 15
Property and Casualty Insurance [Member] | Real Estate Investment [Member]
Quarterly Operating Results (Unaudited) [Line Items]
Other income			$ 15		$ 51
[1]	Includes pretax income of $51 million (before noncontrolling interest) from the sale of the Le Pavillon Hotel in the second quarter of 2015 and $15 million from the sale of an apartment property in the fourth quarter of 2015.

Insurance (Details)

Insurance (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period				$ 5,645				$ 4,288	$ 5,645	$ 4,288		$ 4,129
Provision for losses and LAE occurring in the current year									2,662	2,488		2,055
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges and other	$ (5)	$ 55	$ (10)	$ (7)	$ 10	$ 13	$ 14	$ (31)	33	6
Total losses and LAE incurred									2,695	2,494		2,040
Payments for losses and LAE of:
Current year									(828)	(789)		(739)
Prior years									(1,575)	(1,340)		(1,131)
Total payments									(2,403)	(2,129)		(1,870)
Reserves of businesses acquired									0	1,028	[1]	0
Foreign currency translation and other									(11)	(36)		(11)
Balance at end of period	5,926				5,645				5,926	5,645		4,288
Add back reinsurance recoverables, net of allowance	2,201				2,227				2,201	2,227		2,122
Gross unpaid losses and LAE included in the balance sheet	$ 8,127				$ 7,872				8,127	7,872		6,410
Special A&E Charges [Member]
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges and other									67	24		54
Other [Member]
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges and other									$ (34)	$ (18)		$ (69)
[1]	Reflects the acquisition of Summit in April 2014 (see Note B — “Acquisitions and Sale of Businesses”).

Insurance (Details 1)

Insurance (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and casualty companies [Member]
Statutory information
Net Earnings	$ 408	$ 318	$ 332
Capital and Surplus	2,488	2,286
Life insurance companies [Member]
Statutory information
Net Earnings	399	349	$ 294
Capital and Surplus	$ 1,721	$ 1,714

Insurance (Details 2)

Insurance (Details 2) - Property and casualty insurance [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effects of Reinsurance [Line Items]
Direct premiums written	$ 5,713	$ 5,387	$ 4,744
Reinsurance assumed	119	90	61
Reinsurance ceded	(1,505)	(1,457)	(1,464)
Net written premiums	4,327	4,020	3,341
Direct premiums earned	5,613	5,195	4,684
Reinsurance assumed	105	75	45
Reinsurance ceded	(1,494)	(1,392)	(1,525)
Net earned premiums	4,224	3,878	3,204
Reinsurance recoveries	$ 936	$ 895	$ 1,255

Insurance (Details 3)

Insurance (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Insurance [Abstract]
Expected death and annuitization	$ 214	$ 213
Guaranteed withdrawal benefits	203	151
Accrued persistency and premium bonuses	$ 11	$ 14

Insurance (Details Textual)

Insurance (Details Textual) - USD ($)	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit		$ 1,000,000,000
Carrying value of cash and securities owned by insurance subsidiaries on deposit in support of underwriting activities at Lloyd's		203,000,000
Undrawn letters of credit		307,000,000
Undrawn letters of credit, collateralized		$ 0
Workers' compensation insurance discount rate		4.50%	4.50%
Workers' compensation insurance discount, which has reduced the liability for unpaid losses and loss adjustment expenses		$ 18,000,000	$ 19,000,000
Long-term care insurance reserves, net of reinsurance recoverables		34,000,000
Investment in Federal Home Loan Bank capital stock		41,000,000
Proceeds received under funding agreements with the Federal Home Loan Bank		345,000,000
Advances from Federal Home Loan Bank		$ 785,000,000	440,000,000
Description of variable rate basis		LIBOR
Estimated fair value of commercial mortgage-backed securities held as collateral by the Federal Home Loan Bank		$ 912,000,000
Interest on advances from Federal Home Loan Bank		3,000,000	1,000,000	$ 1,000,000
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities		809,000,000
Dividends on Common Stock		(178,000,000)	(169,000,000)	(161,000,000)
Catastrophe bonds		0	59,000,000
Aggregate guaranteed minimum death benefit value on variable annuity polices in force		27,000,000	23,000,000
Minimum [Member]
Insurance [Line Items]
Dividends payments without violating the most restrictive debt covenants, minimum		$ 1,000,000,000
Minimum [Member] | LIBOR [Member]
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.02%
Maximum [Member]
Insurance [Line Items]
Death benefits paid in excess of the variable annuity account balances (are less than in 2013, 2014 and 2015)		$ 1,000,000	1,000,000	1,000,000
Maximum [Member] | LIBOR [Member]
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.49%
Average [Member] | LIBOR [Member]
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.58%
Property and Casualty Insurance [Member]
Insurance [Line Items]
Special charges to increase asbestos and environmental reserves		$ 67,000,000	24,000,000	54,000,000
Catastrophe Bonds [Member]
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention amount	$ 95,000,000
Catastrophe reinsurance coverage, retention amount		119,000,000
Catastrophe reinsurance coverage, annual cost		5,000,000
Life insurance [Member]
Insurance [Line Items]
Life insurance in force, ceded premiums		11,190,000,000	12,700,000,000
Life insurance in force, direct premiums		14,670,000,000	16,710,000,000
Life written premiums ceded		40,000,000	41,000,000	44,000,000
Reinsurance recoveries		$ 50,000,000	59,000,000	$ 58,000,000
Run-off Long-term Care and Life [Member]
Insurance [Line Items]
Pretax charge on closed block of long-term care insurance			$ 0
Unaffiliated Entity [Member] | Catastrophe Bonds [Member]
Insurance [Line Items]
Catastrophe bonds	$ 95,000,000

Additional Information (Details

Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Additional Information (Textual) [Abstract]
Total rental expense	$ 70	$ 65	$ 57
Operating lease future minimum payments due in next year	64
Operating lease future minimum payments due in year two	60
Operating lease future minimum payments due in year three	51
Operating lease future minimum payments due in year four	43
Operating lease future minimum payments due in year five	36
Operating lease future minimum payments due after year five	148
Commitments to fund limited partnerships	410
Retirement and employee savings plan expense	34	30	32
Allowance for reinsurance recoverables [Member]
Allowance for reinsurance recoverables [Line Items]
Aggregate allowance for losses on reinsurance recoverables	22	25
Reinsurance recoverable write-offs	3	6
Charges for possible losses on reinsurance recoverables	$ 0	$ 4	$ 1

Condensed Financial Informati99

Condensed Financial Information of Parent Company (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets:
Cash and cash equivalents		$ 1,220	$ 1,343	$ 1,639	$ 1,705
Total assets		49,859	47,535	42,087
Liabilities and Equity:
Long-term debt		1,020	1,061
Shareholders’ equity		4,592	4,879
Total liabilities and equity		49,859	47,535
AFG [Member]
Assets:
Cash and cash equivalents		189	292	$ 523	$ 279
Investment in securities		63	58
Investment in subsidiaries	[1]	5,439	5,638
Other investments		2	2
Other assets		106	103
Total assets		5,799	6,093
Liabilities and Equity:
Long-term debt		1,008	990
Other liabilities		199	224
Shareholders’ equity		4,592	4,879
Total liabilities and equity		$ 5,799	$ 6,093
[1]	Investment in subsidiaries includes intercompany receivables and payables.

Condensed Financial Informat100

Condensed Financial Information of Parent Company (Details 1) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Total revenues	$ 1,626	$ 1,684	$ 1,541	$ 1,294	$ 1,549	$ 1,581	$ 1,392	$ 1,211	$ 6,145	$ 5,733	$ 5,103
Costs and Expenses:
Other expenses									337	281	326
Total costs and expenses									5,580	5,107	4,414
Earnings before income taxes									565	626	689
Provision for income taxes									195	220	236
Net Earnings Attributable to Shareholders	$ 129	$ 63	$ 141	$ 19	$ 127	$ 116	$ 106	$ 103	352	452	471
AFG [Member]
Revenues:
Dividends from subsidiaries									311	480	606
Equity in undistributed earnings of subsidiaries									386	332	260
Investment and other income									4	5	8
Total revenues									701	817	874
Costs and Expenses:
Interest charges on intercompany borrowings									9	10	10
Interest charges on other borrowings									72	69	67
Other expenses									73	66	90
Total costs and expenses									154	145	167
Earnings before income taxes									547	672	707
Provision for income taxes									195	220	236
Net Earnings Attributable to Shareholders									$ 352	$ 452	$ 471

Condensed Financial Informat101

Condensed Financial Information of Parent Company (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Other Comprehensive Income [Abstract]
Net earnings attributable to shareholders	$ 129	$ 63	$ 141	$ 19	$ 127	$ 116	$ 106	$ 103	$ 352	$ 452	$ 471
Other comprehensive income (loss), net of tax									(423)	167	(271)
Comprehensive income (loss) attributable to shareholders									(71)	619	200
AFG [Member]
Statement of Other Comprehensive Income [Abstract]
Net earnings attributable to shareholders									352	452	471
Other comprehensive income (loss), net of tax									(423)	167	(271)
Comprehensive income (loss) attributable to shareholders									$ (71)	$ 619	$ 200

Condensed Financial Informat102

Condensed Financial Information of Parent Company (Details 3) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net earnings attributable to shareholders	$ 129	$ 63	$ 141	$ 19	$ 127	$ 116	$ 106	$ 103	$ 352	$ 452	$ 471
Adjustments:
Net cash provided by operating activities									1,357	1,222	760
Investing Activities:
Net cash used in investing activities									(4,577)	(3,619)	(2,915)
Financing Activities:
Additional long-term borrowings									145	145	0
Reductions of long-term debt									(192)	(2)	(40)
Issuances of Common Stock									61	47	54
Repurchases of Common Stock									(126)	(191)	(70)
Cash dividends paid on Common Stock									(176)	(167)	(160)
Net cash provided by (used in) financing activities									3,097	2,101	2,089
Net Change in Cash and Cash Equivalents									(123)	(296)	(66)
Cash and cash equivalents at beginning of year				1,343				1,639	1,343	1,639	1,705
Cash and cash equivalents at end of year	1,220				1,343				1,220	1,343	1,639
AFG [Member]
Operating Activities:
Net earnings attributable to shareholders									352	452	471
Adjustments:
Equity in net earnings of subsidiaries									(451)	(545)	(579)
Dividends from subsidiaries									280	451	543
Other operating activities, net									(19)	14	(7)
Net cash provided by operating activities									162	372	428
Investing Activities:
Capital contributions to subsidiaries									(27)	(431)	(38)
Returns of capital from subsidiaries									1	0	36
Purchases of investments, property and equipment									(10)	(1)	(2)
Proceeds from sales of investments, property and equipment									3	0	0
Net cash used in investing activities									(33)	(432)	(4)
Financing Activities:
Additional long-term borrowings									145	145	0
Reductions of long-term debt									(132)	0	0
Issuances of Common Stock									57	42	50
Repurchases of Common Stock									(126)	(191)	(70)
Cash dividends paid on Common Stock									(176)	(167)	(160)
Net cash provided by (used in) financing activities									(232)	(171)	(180)
Net Change in Cash and Cash Equivalents									(103)	(231)	244
Cash and cash equivalents at beginning of year				$ 292				$ 523	292	523	279
Cash and cash equivalents at end of year	$ 189				$ 292				$ 189	$ 292	$ 523

Supplementary Insurance Info103

Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 1,184	$ 821	$ 975
Reserves for future policy benefits, claims and unpaid losses and LAE	35,454	33,811	29,362
Unearned premiums	2,060	1,956	1,757
Net earned premiums	4,328	3,986	3,318
Net investment income	1,633	1,501	1,346
Benefits, claims, losses and settlement expenses	3,558	3,306	2,731
Amortization of deferred policy acquisition costs	653	646	610
Other operating expenses	1,369	1,155	1,073
Net written premiums (excluding life)	4,400	4,094	3,417
Property and Casualty Insurance [Member]
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	226	221	211
Reserves for future policy benefits, claims and unpaid losses and LAE	8,127	7,872	6,410
Unearned premiums	2,060	1,956	1,757
Net earned premiums	4,224	3,878	3,204
Net investment income	319	294	263
Benefits, claims, losses and settlement expenses	2,695	2,494	2,040
Amortization of deferred policy acquisition costs	511	485	460
Other operating expenses	839	746	607
Net written premiums (excluding life)	4,327	4,020	3,341
Annuity [Member]
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	934	564	723
Reserves for future policy benefits, claims and unpaid losses and LAE	26,622	23,764	20,944
Net investment income	1,224	1,136	1,034
Benefits, claims, losses and settlement expenses	732	648	531
Amortization of deferred policy acquisition costs	136	155	144
Other operating expenses	123	102	113
Run-off Long-term Care and Life [Member]
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	24	36	41
Reserves for future policy benefits, claims and unpaid losses and LAE	705	2,175	2,008
Net earned premiums	104	108	114
Net investment income	80	82	76
Benefits, claims, losses and settlement expenses	131	164	160
Amortization of deferred policy acquisition costs	6	6	6
Other operating expenses	37	35	39
Net written premiums (excluding life)	73	74	76
Other [Member]
Supplementary Insurance Information, by Segment [Line Items]
Net investment income	10	(11)	(27)
Other operating expenses	$ 370	$ 272	$ 314