American Financial (AFG) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	AMERICAN FINANCIAL GROUP INC
Entity Central Index Key	0001042046
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		89,687,455

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 2,000	$ 1,515
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $42,418 and $41,837)	43,431	41,997
Fixed maturities, trading at fair value	107	105
Equity securities, at fair value	1,930	1,814
Investments accounted for using the equity method	1,440	1,374
Mortgage loans	1,078	1,068
Policy loans	172	174
Equity index call options	620	184
Real estate and other investments	262	267
Total cash and investments	51,040	48,498
Recoverables from reinsurers	3,258	3,349
Prepaid reinsurance premiums	636	610
Agents’ balances and premiums receivable	1,283	1,234
Deferred policy acquisition costs	1,447	1,682
Assets of managed investment entities	4,786	4,700
Other receivables	1,011	1,090
Variable annuity assets (separate accounts)	610	557
Other assets	1,854	1,529
Goodwill	207	207
Total assets	66,132	63,456
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	9,623	9,741
Unearned premiums	2,605	2,595
Annuity benefits accumulated	38,006	36,616
Life, accident and health reserves	632	635
Payable to reinsurers	730	752
Liabilities of managed investment entities	4,593	4,512
Long-term debt	1,423	1,302
Variable annuity liabilities (separate accounts)	610	557
Other liabilities	2,245	1,774
Total liabilities	60,467	58,484
Temporary equity
Redeemable noncontrolling interests	0	0
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 89,637,713 and 89,291,724 shares outstanding	90	89
Capital surplus	1,256	1,245
Retained earnings	3,875	3,588
Accumulated other comprehensive income, net of tax	444	48
Total shareholders’ equity	5,665	4,970
Noncontrolling interests	0	2
Total equity	5,665	4,972
Total liabilities and equity	$ 66,132	$ 63,456

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Fixed maturities, available for sale at amortized cost	$ 42,418	$ 41,837
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	89,637,713	89,291,724

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Property and casualty insurance net earned premiums	$ 1,173	$ 1,107
Life, accident and health net earned premiums	6	6
Net investment income	542	495
Realized gains (losses) on securities	184	(93)
Income (loss) of managed investment entities:
Investment income	69	58
Gain (loss) on change in fair value of assets/liabilities	0	(3)
Other income	50	49
Total revenues	2,024	1,619
Costs and Expenses:
Property and casualty insurance: Losses and loss adjustment expenses	692	641
Property and casualty insurance: Commissions and other underwriting expenses	399	381
Annuity benefits	311	182
Life, accident and health benefits	9	11
Annuity and supplemental insurance acquisition expenses	28	82
Interest charges on borrowed money	16	15
Expenses of managed investment entities	55	48
Other expenses	101	85
Total costs and expenses	1,611	1,445
Earnings before income taxes	413	174
Provision for income taxes	87	33
Net earnings, including noncontrolling interests	326	141
Less: Net earnings (losses) attributable to noncontrolling interests	(3)	(4)
Net Earnings Attributable to Shareholders	$ 329	$ 145
Earnings Attributable to Shareholders per Common Share:
Basic (USD per share)	$ 3.68	$ 1.64
Diluted (USD per share)	$ 3.63	$ 1.60
Average number of Common Shares:
Basic (shares)	89.4	88.6
Diluted (shares)	90.7	90.4
Supplemental disclosure of Realized gains on securities:
Realized gains (losses) before impairments	$ 186	$ (92)
Losses on securities with impairment	(2)	(1)
Non-credit portion recognized in other comprehensive income (loss)	0	0
Impairment charges recognized in earnings	(2)	(1)
Total realized gains (losses) on securities	$ 184	$ (93)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 326	$ 141
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	384	(279)
Reclassification adjustment for realized (gains) losses included in net earnings	(3)	2
Total net unrealized gains (losses) on securities	381	(277)
Net unrealized gains (losses) on cash flow hedges	11	(11)
Foreign currency translation adjustments	4	1
Other comprehensive income (loss), net of tax	396	(287)
Total comprehensive income (loss), net of tax	722	(146)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(3)	(4)
Comprehensive income (loss) attributable to shareholders	$ 725	$ (142)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions		Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income (Loss)	Noncontrolling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change		$ 4	$ 4			$ 225	$ (221)
Beginning Balance, shares at Dec. 31, 2017				88,275,460
Beginning Balance at Dec. 31, 2017		5,331	5,330		$ 1,269	3,248	813	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent		145	145			145
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest		144						(1)
Other comprehensive income (loss)		(287)	(287)				(287)
Dividends		(31)	(31)			(31)
Shares issued:
Exercise of stock options, shares				374,314
Exercise of stock options		14	14		14
Restricted stock awards, shares				200,625
Other benefit plans, shares				52,583
Other benefit plans		6	6		6
Dividend reinvestment plan, shares				2,779
Stock-based compensation expense		5	5		5
Shares exchanged — benefit plans, shares				(23,882)
Shares exchanged — benefit plans		(3)	(3)			(3)
Forfeitures of restricted stock, shares				(666)
Other		0						0
Ending Balance, shares at Mar. 31, 2018				88,881,213
Ending Balance at Mar. 31, 2018		5,183	5,183		1,294	3,584	305	0
Beginning Balance, Redeemable Noncontrolling Interests at Dec. 31, 2017		3
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net earnings attributable to redeemable noncontrolling interests		(3)
Ending Balance, Redeemable Noncontrolling Interests at Mar. 31, 2018		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	[1]						(221)
Beginning Balance, shares at Dec. 31, 2018		89,291,724		89,291,724
Beginning Balance at Dec. 31, 2018		$ 4,972	4,970		1,334	3,588	48	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses) attributable to parent		329	329			329
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest		329						0
Other comprehensive income (loss)		396	396				396
Dividends		(36)	(36)			(36)
Shares issued:
Exercise of stock options, shares				152,253
Exercise of stock options		6	6		6
Restricted stock awards, shares				232,565
Other benefit plans, shares				11,062
Other benefit plans		1	1		1
Dividend reinvestment plan, shares				1,893
Dividend reinvestment plan		0	0		0
Stock-based compensation expense		6	6		6
Shares exchanged — benefit plans, shares				(43,470)
Shares exchanged — benefit plans		(4)	(4)		(1)	(3)
Forfeitures of restricted stock, shares				(8,314)
Other		$ (5)	(3)			(3)		(2)
Ending Balance, shares at Mar. 31, 2019		89,637,713		89,637,713
Ending Balance at Mar. 31, 2019		$ 5,665	$ 5,665		$ 1,346	$ 3,875	$ 444	$ 0
Beginning Balance, Redeemable Noncontrolling Interests at Dec. 31, 2018		0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net earnings attributable to redeemable noncontrolling interests		(3)
Other		3
Ending Balance, Redeemable Noncontrolling Interests at Mar. 31, 2019		$ 0
[1]	On January 1, 2018, AFG adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 0.40	$ 0.35

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities:
Net earnings, including noncontrolling interests	$ 326	$ 141
Adjustments:
Depreciation and amortization	34	71
Annuity benefits	311	182
Realized (gains) losses on investing activities	(184)	93
Net sales of trading securities	1	61
Deferred annuity and life policy acquisition costs	(64)	(57)
Change in:
Reinsurance and other receivables	128	245
Other assets	(271)	26
Insurance claims and reserves	(112)	(284)
Payable to reinsurers	(22)	(82)
Other liabilities	304	(16)
Managed investment entities’ assets/liabilities	16	31
Other operating activities, net	(13)	(20)
Net cash provided by operating activities	454	391
Investing Activities:
Purchases of fixed maturities	(1,801)	(2,464)
Purchases of equity securities	(35)	(212)
Purchases of mortgage loans	(38)	0
Purchases of equity index call options and other investments	(220)	(195)
Purchases of real estate, property and equipment	(10)	(23)
Proceeds from maturities and redemptions of fixed maturities	1,032	962
Proceeds from repayments of mortgage loans	29	43
Proceeds from sales of fixed maturities	201	105
Proceeds from sales of equity securities	95	32
Proceeds from sales and settlements of equity index call options and other investments	79	208
Proceeds from sales of real estate, property and equipment	1	0
Managed investment entities:
Purchases of investments	(391)	(606)
Proceeds from sales and redemptions of investments	373	478
Other investing activities, net	1	16
Net cash used in investing activities	(684)	(1,656)
Financing Activities:
Annuity receipts	1,395	1,148
Annuity surrenders, benefits and withdrawals	(782)	(647)
Net transfers from variable annuity assets	13	11
Additional long-term borrowings	121	0
Issuances of managed investment entities’ liabilities	0	775
Retirements of managed investment entities’ liabilities	(3)	(684)
Issuances of Common Stock	7	14
Cash dividends paid on Common Stock	(36)	(31)
Net cash provided by financing activities	715	586
Net Change in Cash and Cash Equivalents	485	(679)
Cash and cash equivalents at beginning of period	1,515	2,338
Cash and cash equivalents at end of period	$ 2,000	$ 1,659

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to March 31, 2019 , and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any significant nonrecurring fair value measurements in the first three months of 2019 . Investments On January 1, 2018, AFG adopted Accounting Standards Update (“ASU”) 2016-01, which requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At December 31, 2017, AFG had $1.60 billion in equity securities classified as “available for sale” under the prior guidance with holding gains and losses included in accumulated other comprehensive income (“AOCI”) instead of net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities included in AOCI was reclassified to retained earnings as the cumulative effect of an accounting change. The cumulative effect of the accounting change also includes the net unrealized gain on AFG’s small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under the new guidance ( $4 million net of tax at the date of adoption). Holding gains and losses on equity securities carried at fair value are generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in AOCI in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage and policy loans are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when they are reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Gains or losses on fixed maturity 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 and principal-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index options 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. 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 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 G — “ Managed Investment Entities ” ). 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) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate. 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 annuity benefits expense and decreases for annuity policy charges are recorded in other income. For traditional fixed annuities, the liability for annuity benefits accumulated represents the account value that had accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities, the liability for annuity benefits accumulated includes an embedded derivative that represents the estimated fair value of the index participation with the remaining component representing the discounted value of the guaranteed minimum contract benefits. 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 (losses) 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. Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet. 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. Leases On January 1, 2019, AFG adopted ASU 2016-02, which requires entities that lease assets for terms longer than one year to recognize assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. As permitted under the ASU, AFG adopted the guidance on a modified retrospective basis (comparative periods were not adjusted) and elected the following accounting policies and practical expedients: • exclude leases with a term of 12 months or less from the calculation of lease assets and liabilities, • not separate lease and non-lease components except for buildings (office space and storage facilities), • for contracts existing at the date of adoption – not reassess whether a contract is a lease or contains a lease, how initial direct costs were accounted for or whether the lease is an operating or finance lease, and • use hindsight to determine the lease term for leases existing at the date of adoption. Adoption of the new guidance resulted in AFG recognizing a lease liability of $198 million (included in other liabilities) and a corresponding right-of-use asset of $174 million (which is presented net of $24 million in deferred rent and lease incentives) on January 1, 2019. Deferred rent and lease incentives were recognized as liabilities under the previous guidance and result from the straight-line expensing of operating leases. The adoption of the new guidance did not have a material effect on the AFG’s results of operations or liquidity. See Note J — “ Leases ” for additional disclosures. Noncontrolling Interests For balance sheet purposes, noncontrolling interests represent the interests of shareholders other than AFG in consolidated entities. In the statement of earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities. Noncontrolling interests that are redeemable at the option of the holder are presented separately in the mezzanine section of the balance sheet (between liabilities and equity). 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. Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense. Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG uses the Black Scholes pricing model to measure the fair value of employee stock options. See Note K — “ Shareholders’ Equity ” for further information. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur. Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: first three months of 2019 and 2018 — 1.3 million and 1.8 million , respectively. There were no anti-dilutive potential common shares for the first three months of 2019 or 2018 . Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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.

Segments of Operations

Segments of Operations	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations AFG manages its business as three segments: (i) Property and casualty insurance, (ii) Annuity and (iii) Other, which includes holding company costs, revenues and costs of AFG’s limited insurance operations outside of property and casualty insurance and annuities, 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 commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), 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 sells traditional fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended March 31, 2019 2018 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 361 $ 350 Specialty casualty 629 579 Specialty financial 146 149 Other specialty 37 29 Total premiums earned 1,173 1,107 Net investment income 104 100 Other income 3 2 Total property and casualty insurance 1,280 1,209 Annuity: Net investment income 435 394 Other income 27 26 Total annuity 462 420 Other 98 83 Total revenues before realized gains (losses) 1,840 1,712 Realized gains (losses) on securities 184 (93 ) Total revenues $ 2,024 $ 1,619 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 39 $ 33 Specialty casualty 36 41 Specialty financial 13 15 Other specialty — 3 Other lines (*) (1 ) (1 ) Total underwriting 87 91 Investment and other income, net 95 93 Total property and casualty insurance 182 184 Annuity 90 125 Other (43 ) (42 ) Total earnings before realized gains (losses) and income taxes 229 267 Realized gains (losses) on securities 184 (93 ) Total earnings before income taxes $ 413 $ 174 (*) Includes holding company interest and expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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, 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, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), non-affiliated common stocks, equity index options and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. 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. As discussed in Note A — “ Accounting Policies — Managed Investment Entities ,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 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 services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2019 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 144 $ 81 $ 8 $ 233 States, municipalities and political subdivisions — 6,914 63 6,977 Foreign government — 148 — 148 Residential MBS — 2,587 169 2,756 Commercial MBS — 869 55 924 Asset-backed securities — 9,348 670 10,018 Corporate and other 29 20,000 2,346 22,375 Total AFS fixed maturities 173 39,947 3,311 43,431 Trading fixed maturities 8 99 — 107 Equity securities 1,507 69 354 1,930 Equity index call options — 620 — 620 Assets of managed investment entities (“MIE”) 213 4,553 20 4,786 Variable annuity assets (separate accounts) (*) — 610 — 610 Other assets — derivatives — 25 — 25 Total assets accounted for at fair value $ 1,901 $ 45,923 $ 3,685 $ 51,509 Liabilities: Liabilities of managed investment entities $ 204 $ 4,370 $ 19 $ 4,593 Derivatives in annuity benefits accumulated — — 3,247 3,247 Other liabilities — derivatives — 28 — 28 Total liabilities accounted for at fair value $ 204 $ 4,398 $ 3,266 $ 7,868 December 31, 2018 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 141 $ 83 $ 9 $ 233 States, municipalities and political subdivisions — 6,880 59 6,939 Foreign government — 142 — 142 Residential MBS — 2,547 197 2,744 Commercial MBS — 864 56 920 Asset-backed securities — 8,964 847 9,811 Corporate and other 28 19,184 1,996 21,208 Total AFS fixed maturities 169 38,664 3,164 41,997 Trading fixed maturities 9 96 — 105 Equity securities 1,410 68 336 1,814 Equity index call options — 184 — 184 Assets of managed investment entities 203 4,476 21 4,700 Variable annuity assets (separate accounts) (*) — 557 — 557 Other assets — derivatives — 16 — 16 Total assets accounted for at fair value $ 1,791 $ 44,061 $ 3,521 $ 49,373 Liabilities: Liabilities of managed investment entities $ 195 $ 4,297 $ 20 $ 4,512 Derivatives in annuity benefits accumulated — — 2,720 2,720 Other liabilities — derivatives — 49 — 49 Total liabilities accounted for at fair value $ 195 $ 4,346 $ 2,740 $ 7,281 (*) Variable annuity liabilities equal the fair value of variable annuity assets. During the first three months of 2019 and 2018 , there were no transfers between Level 1 and Level 2. Approximately 7% of the total assets carried at fair value at March 31, 2019 , were Level 3 assets. Approximately 60% ( $2.20 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. Internally developed Level 3 asset fair values represent approximately $1.23 billion at March 31, 2019 . Of this amount, approximately $743 million relates to fixed maturity securities that were priced using management’s best estimate of an appropriate credit spread over the treasury yield (of a similar duration) to discount future expected cash flows using a third party model. The credit spread applied by management is the significant unobservable input. For this group of approximately 120 securities, the average spread used was 577 basis points over the reference treasury yield and the spreads ranged from 100 basis points to 2,966 basis points (approximately 80% of the spreads were between 400 and 700 basis points). Had management used higher spreads, the fair value of this group of securities would have been lower. Conversely, if the spreads used were lower, the fair values would have been higher. For the remainder of the internally developed prices, any justifiable changes in unobservable inputs used to determine fair value would not have resulted in a material change in AFG’s financial position. The derivatives embedded in AFG’s fixed-indexed and variable-indexed annuity liabilities are measured using a discounted cash flow approach and had a fair value of $3.25 billion at March 31, 2019 . The following table presents information about the unobservable inputs used by management in determining fair value of these Level 3 liabilities. See Note E — “ Derivatives .” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.1% – 2.2% over the risk free rate Risk margin for uncertainty in cash flows 0.73% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 9% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 9.5% of indexed account value Budgeted option costs 2.6% – 3.6% of indexed account value The range of adjustments for insurance subsidiary’s credit risk is based on the Moody’s corporate A2 bond index and 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 and variable-indexed annuity products with an expected range of 7% to 11% in the majority of future calendar years ( 4% to 23% over all periods). Increasing the budgeted option cost or risk margin for uncertainty in cash flow assumptions in the table above would increase the fair value of the fixed-indexed and variable-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 the first three months of 2019 and 2018 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $29 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized gains (losses) included in Balance at December 31, 2018 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ — $ — $ (1 ) $ — $ — $ 8 State and municipal 59 — 5 — (1 ) — — 63 Residential MBS 197 5 (5 ) — (6 ) — (22 ) 169 Commercial MBS 56 — — — (1 ) — — 55 Asset-backed securities 847 (3 ) 8 75 (114 ) — (143 ) 670 Corporate and other 1,996 2 31 432 (88 ) — (27 ) 2,346 Total AFS fixed maturities 3,164 4 39 507 (211 ) — (192 ) 3,311 Equity securities 336 1 — 1 — 16 — 354 Assets of MIE 21 (1 ) — — — — — 20 Total Level 3 assets $ 3,521 $ 4 $ 39 $ 508 $ (211 ) $ 16 $ (192 ) $ 3,685 Embedded derivatives $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total Level 3 liabilities (*) $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total realized/unrealized gains (losses) included in Balance at December 31, 2017 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 148 — (1 ) — (1 ) — (84 ) 62 Residential MBS 122 (4 ) — — (6 ) 7 (4 ) 115 Commercial MBS 36 (1 ) — 12 — — — 47 Asset-backed securities 744 (2 ) 3 204 (37 ) — — 912 Corporate and other 1,044 1 (14 ) 238 (31 ) — — 1,238 Total AFS fixed maturities 2,102 (6 ) (12 ) 454 (75 ) 7 (88 ) 2,382 Equity securities 165 (5 ) — 9 (4 ) 29 — 194 Assets of MIE 23 (2 ) — 3 — — — 24 Total Level 3 assets $ 2,290 $ (13 ) $ (12 ) $ 466 $ (79 ) $ 36 $ (88 ) $ 2,600 Embedded derivatives $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) Total Level 3 liabilities (*) $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets. Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2019 Financial assets: Cash and cash equivalents $ 2,000 $ 2,000 $ 2,000 $ — $ — Mortgage loans 1,078 1,071 — — 1,071 Policy loans 172 172 — — 172 Total financial assets not accounted for at fair value $ 3,250 $ 3,243 $ 2,000 $ — $ 1,243 Financial liabilities: Annuity benefits accumulated (*) $ 37,768 $ 36,881 $ — $ — $ 36,881 Long-term debt 1,423 1,406 — 1,403 3 Total financial liabilities not accounted for at fair value $ 39,191 $ 38,287 $ — $ 1,403 $ 36,884 December 31, 2018 Financial assets: Cash and cash equivalents $ 1,515 $ 1,515 $ 1,515 $ — $ — Mortgage loans 1,068 1,056 — — 1,056 Policy loans 174 174 — — 174 Total financial assets not accounted for at fair value $ 2,757 $ 2,745 $ 1,515 $ — $ 1,230 Financial liabilities: Annuity benefits accumulated (*) $ 36,384 $ 34,765 $ — $ — $ 34,765 Long-term debt 1,302 1,231 — 1,228 3 Total financial liabilities not accounted for at fair value $ 37,686 $ 35,996 $ — $ 1,228 $ 34,768 (*) Excludes $238 million and $232 million of life contingent annuities in the payout phase at March 31, 2019 and December 31, 2018 , 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	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at March 31, 2019 and December 31, 2018 , consisted of the following (in millions): March 31, 2019 December 31, 2018 Amortized Cost Gross Unrealized Net Unrealized Fair Value Amortized Cost Gross Unrealized Net Unrealized Fair Value Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 233 $ 2 $ (2 ) $ — $ 233 $ 235 $ 1 $ (3 ) $ (2 ) $ 233 States, municipalities and political subdivisions 6,744 253 (20 ) 233 6,977 6,825 169 (55 ) 114 6,939 Foreign government 146 2 — 2 148 140 2 — 2 142 Residential MBS 2,477 287 (8 ) 279 2,756 2,476 277 (9 ) 268 2,744 Commercial MBS 900 24 — 24 924 905 17 (2 ) 15 920 Asset-backed securities 9,909 163 (54 ) 109 10,018 9,781 130 (100 ) 30 9,811 Corporate and other 22,009 471 (105 ) 366 22,375 21,475 167 (434 ) (267 ) 21,208 Total fixed maturities $ 42,418 $ 1,202 $ (189 ) $ 1,013 $ 43,431 $ 41,837 $ 763 $ (603 ) $ 160 $ 41,997 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 March 31, 2019 and December 31, 2018 were $135 million and $140 million , respectively. Gross unrealized gains on such securities at March 31, 2019 and December 31, 2018 were $123 million and $119 million , respectively. Gross unrealized losses on such securities at both March 31, 2019 and December 31, 2018 were $4 million . These amounts represent the non-credit other-than-temporary impairment charges recorded in AOCI adjusted for subsequent changes in fair values and relate primarily to residential MBS. Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2019 and December 31, 2018 (in millions): March 31, 2019 December 31, 2018 Fair Value over (under) Cost Fair Value Actual Cost Actual Cost Fair Value Fair Value Common stocks $ 1,162 $ 1,218 $ 56 $ 1,241 $ 1,148 $ (93 ) Perpetual preferred stocks 719 712 (7 ) 705 666 (39 ) Total equity securities carried at fair value $ 1,881 $ 1,930 $ 49 $ 1,946 $ 1,814 $ (132 ) The following tables show gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Loss Fair Value Fair Value as % of Cost Unrealized Loss Fair Value Fair Value as % of Cost March 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ 3 100 % $ (2 ) $ 118 98 % States, municipalities and political subdivisions (4 ) 240 98 % (16 ) 869 98 % Foreign government — 63 100 % — 7 100 % Residential MBS (4 ) 240 98 % (4 ) 136 97 % Commercial MBS — 12 100 % — 10 100 % Asset-backed securities (35 ) 3,370 99 % (19 ) 981 98 % Corporate and other (13 ) 1,280 99 % (92 ) 3,949 98 % Total fixed maturities $ (56 ) $ 5,208 99 % $ (133 ) $ 6,070 98 % December 31, 2018 Fixed maturities: U.S. Government and government agencies $ — $ 41 100 % $ (3 ) $ 120 98 % States, municipalities and political subdivisions (23 ) 1,497 98 % (32 ) 902 97 % Foreign government — 18 100 % — 4 100 % Residential MBS (4 ) 279 99 % (5 ) 139 97 % Commercial MBS (1 ) 147 99 % (1 ) 30 97 % Asset-backed securities (77 ) 5,406 99 % (23 ) 629 96 % Corporate and other (306 ) 10,378 97 % (128 ) 2,078 94 % Total fixed maturities $ (411 ) $ 17,766 98 % $ (192 ) $ 3,902 95 % At March 31, 2019 , the gross unrealized losses on fixed maturities of $189 million relate to 1,274 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 85% of the gross unrealized loss and 93% of the 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. In the first three months of both 2019 and 2018 , AFG recorded less than $1 million in other-than-temporary impairment charges related to its residential MBS. In the first three months of 2019 and 2018 , AFG recorded $3 million and $1 million , respectively, in other-than-temporary impairment charges related to corporate bonds and other fixed maturities. 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 March 31, 2019 . 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): 2019 2018 Balance at January 1 $ 142 $ 145 Additional credit impairments on: Previously impaired securities — — Securities without prior impairments — — Reductions due to sales or redemptions (1 ) (1 ) Balance at March 31 $ 141 $ 144 The table below sets forth the scheduled maturities of available for sale fixed maturities as of March 31, 2019 (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 $ 1,549 $ 1,561 4 % After one year through five years 9,016 9,177 21 % After five years through ten years 14,097 14,384 33 % After ten years 4,470 4,611 11 % 29,132 29,733 69 % ABS (average life of approximately 4.5 years) 9,909 10,018 23 % MBS (average life of approximately 4.5 years) 3,377 3,680 8 % Total $ 42,418 $ 43,431 100 % Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholders’ equity at March 31, 2019 or December 31, 2018 . Net Unrealized Gain on Marketable Securities In addition to adjusting fixed maturity securities classified as “available for sale” to fair value, GAAP requires that deferred policy acquisition costs and certain other balance sheet amounts related to 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 Net March 31, 2019 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 792 $ (166 ) $ 626 Fixed maturities — all other 221 (47 ) 174 Total fixed maturities 1,013 (213 ) 800 Deferred policy acquisition costs — annuity segment (325 ) 68 (257 ) Annuity benefits accumulated (108 ) 23 (85 ) Unearned revenue 8 (2 ) 6 Total net unrealized gain on marketable securities $ 588 $ (124 ) $ 464 December 31, 2018 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 101 $ (21 ) $ 80 Fixed maturities — all other 59 (13 ) 46 Total fixed maturities 160 (34 ) 126 Deferred policy acquisition costs — annuity segment (42 ) 9 (33 ) Annuity benefits accumulated (14 ) 3 (11 ) Unearned revenue 1 — 1 Total net unrealized gain on marketable securities $ 105 $ (22 ) $ 83 (*) Net 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. Three months ended March 31, 2019 2018 Investment income: Fixed maturities $ 469 $ 412 Equity securities: Dividends 22 20 Change in fair value (*) 11 (1 ) Equity in earnings of partnerships and similar investments 21 46 Other 25 23 Gross investment income 548 500 Investment expenses (6 ) (5 ) Net investment income $ 542 $ 495 (*) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity and equity security investments are summarized as follows (in millions): Three months ended March 31, 2019 Three months ended March 31, 2018 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 3 $ (3 ) $ — $ 853 $ (1 ) $ (1 ) $ (2 ) $ (599 ) Equity securities 182 — 182 — (95 ) — (95 ) — Other (*) 1 1 2 (370 ) 4 — 4 248 Total pretax 186 (2 ) 184 483 (92 ) (1 ) (93 ) (351 ) Tax effects (39 ) — (39 ) (102 ) 20 — 20 74 Net of tax $ 147 $ (2 ) $ 145 $ 381 $ (72 ) $ (1 ) $ (73 ) $ (277 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business. All equity securities other than those accounted for under the equity method are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities during the first three months of 2019 and 2018 on securities that were still owned at March 31, 2019 and March 31, 2018 as follows (in millions): Three months ended March 31, 2019 2018 Included in realized gains (losses) $ 163 $ (94 ) Included in net investment income 11 (1 ) $ 174 $ (95 ) Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): Three months ended March 31, 2019 2018 Gross gains $ 6 $ 6 Gross losses (9 ) (3 )

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “ Accounting Policies ,” 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): March 31, 2019 December 31, 2018 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 113 $ — $ 109 $ — Public company warrants Equity securities — — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 3,247 — 2,720 Equity index call options Equity index call options 620 — 184 — Equity index put options Other liabilities — — — 1 Reinsurance contracts (embedded derivative) Other liabilities — 3 — 2 $ 733 $ 3,250 $ 293 $ 2,723 The MBS with embedded derivatives consist of primarily interest-only and principal-only MBS. 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 are required to be carried at fair value through earnings. AFG’s fixed-indexed and variable-indexed annuities provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market or other financial index. AFG attempts to mitigate the risk in the index-based component of these products through the purchase and sale of call and put options on the appropriate index. AFG receives collateral from certain counterparties to support its purchased call option assets (net of collateral required under put option contracts with the same counterparties). This collateral ( $406 million at March 31, 2019 and $103 million at December 31, 2018 ) 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 and put options 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 and put 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 , AFG has a reinsurance contract that is considered to contain an embedded derivative. The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for the first three months of 2019 and 2018 (in millions): Three months ended March 31, Derivative Statement of Earnings Line 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ 6 $ (4 ) Public company warrants Realized gains (losses) on securities — (1 ) Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits (462 ) 63 Equity index call options Annuity benefits 366 (38 ) Equity index put options Annuity benefits 1 — Reinsurance contract (embedded derivative) Net investment income (1 ) 1 $ (90 ) $ 21 Derivatives Designated and Qualifying as Cash Flow Hedges As of March 31, 2019 , AFG has entered into sixteen 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. 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 short-term LIBOR. Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on short-term LIBOR. The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between August 2019 and June 2030) in anticipation of the expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on short-term LIBOR. The total outstanding notional amount of AFG’s interest rate swaps was $2.31 billion at March 31, 2019 compared to $2.35 billion at December 31, 2018 , reflecting the scheduled amortization discussed above. The fair value of the effective portion of the interest rate swaps in an asset position and included in other assets was $25 million at March 31, 2019 and $16 million at December 31, 2018 . The fair value of the effective portion of the interest rate swaps in a liability position and included in other liabilities was $25 million at March 31, 2019 and $46 million at December 31, 2018 . The net unrealized gain or loss on cash flow hedges is included in AOCI, net of DPAC and deferred taxes. Amounts reclassified from AOCI (before DPAC and taxes) to net investment income were losses of $2 million in the first three months of 2019 compared to income of $1 million in the first three months of 2018 . There was no ineffectiveness recorded in net earnings during these periods. A collateral receivable supporting these swaps of $134 million at March 31, 2019 and $135 million at December 31, 2018 is included in other assets in AFG’s Balance Sheet.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	3 Months Ended
	Mar. 31, 2019
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 Other Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized (*) Total Total Balance at December 31, 2018 $ 299 $ 1,285 $ 86 $ 42 $ 1,413 $ (30 ) $ 1,383 $ 1,682 Additions 187 64 1 — 65 — 65 252 Amortization: Periodic amortization (175 ) (15 ) (3 ) (2 ) (20 ) — (20 ) (195 ) Included in realized gains — 2 — — 2 — 2 2 Foreign currency translation 1 — — — — — — 1 Change in unrealized — — — — — (295 ) (295 ) (295 ) Balance at March 31, 2019 $ 312 $ 1,336 $ 84 $ 40 $ 1,460 $ (325 ) $ 1,135 $ 1,447 Balance at December 31, 2017 $ 270 $ 1,217 $ 102 $ 49 $ 1,368 $ (422 ) $ 946 $ 1,216 Additions 162 57 — — 57 — 57 219 Amortization: Periodic amortization (154 ) (69 ) (5 ) (2 ) (76 ) — (76 ) (230 ) Included in realized gains — 3 — — 3 — 3 3 Foreign currency translation 1 — — — — — — 1 Change in unrealized — — — — — 208 208 208 Balance at March 31, 2018 $ 279 $ 1,208 $ 97 $ 47 $ 1,352 $ (214 ) $ 1,138 $ 1,417 (*) Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges. The present value of future profits (“PVFP”) amounts in the table above are net of $150 million and $148 million of accumulated amortization at March 31, 2019 and December 31, 2018 , respectively.

Managed Investment Entities

Managed Investment Entities	3 Months Ended
	Mar. 31, 2019
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 60.9% of the most subordinate debt tranche of eleven active 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 2012 and 2018, 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 $193 million (including $130 million invested in the most subordinate tranches) at March 31, 2019 , and $188 million at December 31, 2018 . In March 2018, AFG formed a new CLO, which issued $463 million face amount of liabilities (including $31 million face amount purchased by subsidiaries of AFG). During the first three months of 2019 and 2018 , AFG subsidiaries received less than $1 million and $17 million , respectively, in sale and redemption proceeds from its CLO investments. During the first three months of 2018 , one AFG CLO was substantially liquidated, as permitted by the CLO indenture. The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Three months ended March 31, 2019 2018 Investment in CLO tranches at end of period $ 193 $ 221 Gains (losses) on change in fair value of assets/liabilities (a): Assets 87 14 Liabilities (87 ) (17 ) Management fees paid to AFG 3 4 CLO earnings attributable to AFG shareholders (b) 11 3 (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 $144 million and $232 million at March 31, 2019 and December 31, 2018 , respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $145 million and $241 million at those dates. At March 31, 2019 and December 31, 2018 , the CLO assets do not have any loans that are not accruing interest because the loans are in default.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles There were no changes in the goodwill balance of $207 million during the first three months of 2019 . Included in other assets in AFG’s Balance Sheet is $51 million at March 31, 2019 and $54 million at December 31, 2018 in amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $42 million and $39 million , respectively. Amortization of intangibles was $3 million and $2 million in the first three months of 2019 and 2018 , respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): March 31, 2019 December 31, 2018 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 590 $ (2 ) $ 588 $ 590 $ (2 ) $ 588 3.50% Senior Notes due August 2026 425 (4 ) 421 425 (4 ) 421 Other 3 — 3 3 — 3 1,018 (6 ) 1,012 1,018 (6 ) 1,012 Direct Subordinated Obligations of AFG: 6-1/4% Subordinated Debentures due September 2054 150 (5 ) 145 150 (5 ) 145 6% Subordinated Debentures due November 2055 150 (5 ) 145 150 (5 ) 145 5.875% Subordinated Debentures due March 2059 125 (4 ) 121 — — — 425 (14 ) 411 300 (10 ) 290 $ 1,443 $ (20 ) $ 1,423 $ 1,318 $ (16 ) $ 1,302 AFG has no scheduled principal payments on its long-term debt for the balance of 2019 or in the subsequent five years. In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in 2059. AFG can borrow up to $500 million under its revolving credit facility, which expires in June 2021. 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 March 31, 2019 or December 31, 2018 .

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases AFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance leases at March 31, 2019 or January 1, 2019. At March 31, 2019 , AFG’s $167 million operating lease right-of-use asset (presented net of $23 million in deferred rent and lease incentives) and $190 million operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet. The following table details AFG’s lease activity for the three months ended March 31, 2019 (dollars in millions): Three months ended March 31, 2019 Lease expense: Operating leases $ 11 Short-term leases — Total lease expense $ 11 Other operating lease information: Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 12 Right-of-use assets obtained in exchange for new lease liabilities 3 Weighted-average remaining lease term 5.9 years Weighted-average discount rate 4.1 % The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at March 31, 2019 (dollars in millions): March 31, 2019 Operating lease payments: Remainder of 2019 $ 35 2020 42 2021 36 2022 28 2023 23 Thereafter 51 Total lease payments 215 Impact of discounting (25 ) Operating lease liability $ 190

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax Attributable to noncontrolling interests Attributable to shareholders Other (c) AOCI Ending Balance Three months ended March 31, 2019 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 487 $ (103 ) $ 384 $ — $ 384 Reclassification adjustment for realized (gains) losses included in net earnings (a) (4 ) 1 (3 ) — (3 ) Total net unrealized gains on securities $ 83 483 (102 ) 381 — 381 $ — $ 464 Net unrealized gains (losses) on cash flow hedges (11 ) 14 (3 ) 11 — 11 — — Foreign currency translation adjustments (16 ) 4 — 4 — 4 — (12 ) Pension and other postretirement plans adjustments (8 ) — — — — — — (8 ) Total $ 48 $ 501 $ (105 ) $ 396 $ — $ 396 $ — $ 444 Three months ended March 31, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (353 ) $ 74 $ (279 ) $ — $ (279 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 2 — 2 — 2 Total net unrealized gains (losses) on securities (b) $ 840 (351 ) 74 (277 ) — (277 ) $ (221 ) $ 342 Net unrealized losses on cash flow hedges (13 ) (14 ) 3 (11 ) — (11 ) — (24 ) Foreign currency translation adjustments (6 ) 2 (1 ) 1 — 1 — (5 ) Pension and other postretirement plans adjustments (8 ) — — — — — — (8 ) Total $ 813 $ (363 ) $ 76 $ (287 ) $ — $ (287 ) $ (221 ) $ 305 (a) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes (b) Includes net unrealized gains of $61 million at March 31, 2019 compared to $58 million at December 31, 2018 related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) On January 1, 2018, AFG adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change. Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first three months of 2019 , AFG issued 232,565 shares of restricted Common Stock (fair value of $99.28 per share) under the Stock Incentive Plan. AFG did not grant any stock options in the first three months of 2019 . Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $6 million and $5 million in the first three months of 2019 and 2018 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended March 31, 2019 2018 Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 413 $ 174 Income taxes at statutory rate $ 87 21 % $ 37 21 % Effect of: Tax exempt interest (4 ) (1 %) (3 ) (2 %) Dividends received deduction (1 ) — % (1 ) — % Stock-based compensation (2 ) — % (5 ) (3 %) Nondeductible expenses 2 — % 2 1 % Change in valuation allowance 2 — % — — % Foreign operations — — % 3 2 % Other 3 1 % — — % Provision for income taxes as shown in the statement of earnings $ 87 21 % $ 33 19 % Approximately $19 million of AFG’s net operating loss carryforwards (“NOL”) subject to separate return limitation year (“SRLY”) tax rules will expire unutilized at December 31, 2019 . Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards will be offset by a corresponding reduction in the valuation allowance and will have no overall impact on AFG’s income tax expense or results of operations.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note M — “Contingencies” of AFG’s 2018 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of former subsidiary railroad and manufacturing operations, as well as contingencies related to the sale of substantially all of AFG’s run-off long-term care insurance business.

Insurance

Insurance	3 Months Ended
	Mar. 31, 2019
Insurance [Abstract]
Insurance	Insurance Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2019 and 2018 (in millions): Three months ended March 31, 2019 2018 Balance at beginning of year $ 9,741 $ 9,678 Less reinsurance recoverables, net of allowance 2,942 2,957 Net liability at beginning of year 6,799 6,721 Provision for losses and LAE occurring in the current period 737 697 Net decrease in the provision for claims of prior years (45 ) (56 ) Total losses and LAE incurred 692 641 Payments for losses and LAE of: Current year (89 ) (86 ) Prior years (615 ) (554 ) Total payments (704 ) (640 ) Reserves of business disposed (*) — (319 ) Foreign currency translation and other 1 2 Net liability at end of period 6,788 6,405 Add back reinsurance recoverables, net of allowance 2,835 2,788 Gross unpaid losses and LAE included in the balance sheet at end of period $ 9,623 $ 9,193 (*) Reflects the reinsurance to close transaction at Neon discussed below. The net decrease in the provision for claims of prior years during the first three months of 2019 reflects (i) lower than expected losses in the crop business and lower than expected claim frequency at National Interstate (all within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation business (within the Specialty casualty sub-segment), and (iii) lower than expected claim frequency and severity in the surety business and lower than anticipated claim severity in the fidelity business (all within the Specialty financial sub-segment). This favorable development was partially offset by higher than expected claim severity in the targeted markets businesses and higher than expected losses at Neon (all within the Specialty casualty sub-segment). The net decrease in the provision for claims of prior years during the first three months of 2018 reflects (i) lower than expected losses in the crop business (within the Property and transportation sub-segment), (ii) lower than anticipated claim frequency and severity in workers’ compensation business and lower than expected claim severity in the executive liability business (all within the Specialty casualty sub-segment), and (iii) lower than expected claim frequency and severity in the surety business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than expected claim severity and frequency in the targeted markets businesses (within the Specialty casualty sub-segment). In December 2017, the Neon Lloyd’s syndicate entered into a reinsurance to close transaction for the 2015 and prior years of account with StarStone Underwriting Limited, a subsidiary of Enstar Group Limited, which was effective as of December 31, 2017 and settled in early 2018. In the Lloyd’s market, a reinsurance to close transaction transfers the responsibility for discharging all of the liabilities that attach to the transferred year of account plus the right to any income due to the closing year of account in return for a premium. This transaction provided Neon with finality on its legacy business.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to March 31, 2019 , and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any significant nonrecurring fair value measurements in the first three months of 2019 .
Investments	Investments On January 1, 2018, AFG adopted Accounting Standards Update (“ASU”) 2016-01, which requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At December 31, 2017, AFG had $1.60 billion in equity securities classified as “available for sale” under the prior guidance with holding gains and losses included in accumulated other comprehensive income (“AOCI”) instead of net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities included in AOCI was reclassified to retained earnings as the cumulative effect of an accounting change. The cumulative effect of the accounting change also includes the net unrealized gain on AFG’s small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under the new guidance ( $4 million net of tax at the date of adoption). Holding gains and losses on equity securities carried at fair value are generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in AOCI in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage and policy loans are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when they are reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Gains or losses on fixed maturity 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 and principal-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index options 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.
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 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 G — “ Managed Investment Entities ” ). 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) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate.
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 annuity benefits expense and decreases for annuity policy charges are recorded in other income. For traditional fixed annuities, the liability for annuity benefits accumulated represents the account value that had accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities, the liability for annuity benefits accumulated includes an embedded derivative that represents the estimated fair value of the index participation with the remaining component representing the discounted value of the guaranteed minimum contract benefits. 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 (losses) 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.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet.
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.
Leases	Leases On January 1, 2019, AFG adopted ASU 2016-02, which requires entities that lease assets for terms longer than one year to recognize assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. As permitted under the ASU, AFG adopted the guidance on a modified retrospective basis (comparative periods were not adjusted) and elected the following accounting policies and practical expedients: • exclude leases with a term of 12 months or less from the calculation of lease assets and liabilities, • not separate lease and non-lease components except for buildings (office space and storage facilities), • for contracts existing at the date of adoption – not reassess whether a contract is a lease or contains a lease, how initial direct costs were accounted for or whether the lease is an operating or finance lease, and • use hindsight to determine the lease term for leases existing at the date of adoption. Adoption of the new guidance resulted in AFG recognizing a lease liability of $198 million (included in other liabilities) and a corresponding right-of-use asset of $174 million (which is presented net of $24 million in deferred rent and lease incentives) on January 1, 2019. Deferred rent and lease incentives were recognized as liabilities under the previous guidance and result from the straight-line expensing of operating leases. The adoption of the new guidance did not have a material effect on the AFG’s results of operations or liquidity. See Note J — “ Leases ” for additional disclosures.
Noncontrolling Interests	Noncontrolling Interests For balance sheet purposes, noncontrolling interests represent the interests of shareholders other than AFG in consolidated entities. In the statement of earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities. Noncontrolling interests that are redeemable at the option of the holder are presented separately in the mezzanine section of the balance sheet (between liabilities and equity).
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.
Income Taxes	Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.
Stock-Based Compensation	Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG uses the Black Scholes pricing model to measure the fair value of employee stock options. See Note K — “ Shareholders’ Equity ” for further information. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.
Benefit Plans	Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.
Earnings Per Share	Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: first three months of 2019 and 2018 — 1.3 million and 1.8 million , respectively. There were no anti-dilutive potential common shares for the first three months of 2019 or 2018 .
Statement of Cash Flows	Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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.

Segments of Operations (Tables)

Segments of Operations (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended March 31, 2019 2018 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 361 $ 350 Specialty casualty 629 579 Specialty financial 146 149 Other specialty 37 29 Total premiums earned 1,173 1,107 Net investment income 104 100 Other income 3 2 Total property and casualty insurance 1,280 1,209 Annuity: Net investment income 435 394 Other income 27 26 Total annuity 462 420 Other 98 83 Total revenues before realized gains (losses) 1,840 1,712 Realized gains (losses) on securities 184 (93 ) Total revenues $ 2,024 $ 1,619 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 39 $ 33 Specialty casualty 36 41 Specialty financial 13 15 Other specialty — 3 Other lines (*) (1 ) (1 ) Total underwriting 87 91 Investment and other income, net 95 93 Total property and casualty insurance 182 184 Annuity 90 125 Other (43 ) (42 ) Total earnings before realized gains (losses) and income taxes 229 267 Realized gains (losses) on securities 184 (93 ) Total earnings before income taxes $ 413 $ 174 (*) Includes holding company interest and expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2019 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 144 $ 81 $ 8 $ 233 States, municipalities and political subdivisions — 6,914 63 6,977 Foreign government — 148 — 148 Residential MBS — 2,587 169 2,756 Commercial MBS — 869 55 924 Asset-backed securities — 9,348 670 10,018 Corporate and other 29 20,000 2,346 22,375 Total AFS fixed maturities 173 39,947 3,311 43,431 Trading fixed maturities 8 99 — 107 Equity securities 1,507 69 354 1,930 Equity index call options — 620 — 620 Assets of managed investment entities (“MIE”) 213 4,553 20 4,786 Variable annuity assets (separate accounts) (*) — 610 — 610 Other assets — derivatives — 25 — 25 Total assets accounted for at fair value $ 1,901 $ 45,923 $ 3,685 $ 51,509 Liabilities: Liabilities of managed investment entities $ 204 $ 4,370 $ 19 $ 4,593 Derivatives in annuity benefits accumulated — — 3,247 3,247 Other liabilities — derivatives — 28 — 28 Total liabilities accounted for at fair value $ 204 $ 4,398 $ 3,266 $ 7,868 December 31, 2018 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 141 $ 83 $ 9 $ 233 States, municipalities and political subdivisions — 6,880 59 6,939 Foreign government — 142 — 142 Residential MBS — 2,547 197 2,744 Commercial MBS — 864 56 920 Asset-backed securities — 8,964 847 9,811 Corporate and other 28 19,184 1,996 21,208 Total AFS fixed maturities 169 38,664 3,164 41,997 Trading fixed maturities 9 96 — 105 Equity securities 1,410 68 336 1,814 Equity index call options — 184 — 184 Assets of managed investment entities 203 4,476 21 4,700 Variable annuity assets (separate accounts) (*) — 557 — 557 Other assets — derivatives — 16 — 16 Total assets accounted for at fair value $ 1,791 $ 44,061 $ 3,521 $ 49,373 Liabilities: Liabilities of managed investment entities $ 195 $ 4,297 $ 20 $ 4,512 Derivatives in annuity benefits accumulated — — 2,720 2,720 Other liabilities — derivatives — 49 — 49 Total liabilities accounted for at fair value $ 195 $ 4,346 $ 2,740 $ 7,281 (*) Variable annuity liabilities equal the fair value of variable annuity assets.
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 Level 3 liabilities. See Note E — “ Derivatives .” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.1% – 2.2% over the risk free rate Risk margin for uncertainty in cash flows 0.73% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 9% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 9.5% of indexed account value Budgeted option costs 2.6% – 3.6% of indexed account value
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2019 and 2018 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $29 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized gains (losses) included in Balance at December 31, 2018 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ — $ — $ (1 ) $ — $ — $ 8 State and municipal 59 — 5 — (1 ) — — 63 Residential MBS 197 5 (5 ) — (6 ) — (22 ) 169 Commercial MBS 56 — — — (1 ) — — 55 Asset-backed securities 847 (3 ) 8 75 (114 ) — (143 ) 670 Corporate and other 1,996 2 31 432 (88 ) — (27 ) 2,346 Total AFS fixed maturities 3,164 4 39 507 (211 ) — (192 ) 3,311 Equity securities 336 1 — 1 — 16 — 354 Assets of MIE 21 (1 ) — — — — — 20 Total Level 3 assets $ 3,521 $ 4 $ 39 $ 508 $ (211 ) $ 16 $ (192 ) $ 3,685 Embedded derivatives $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total Level 3 liabilities (*) $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total realized/unrealized gains (losses) included in Balance at December 31, 2017 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 148 — (1 ) — (1 ) — (84 ) 62 Residential MBS 122 (4 ) — — (6 ) 7 (4 ) 115 Commercial MBS 36 (1 ) — 12 — — — 47 Asset-backed securities 744 (2 ) 3 204 (37 ) — — 912 Corporate and other 1,044 1 (14 ) 238 (31 ) — — 1,238 Total AFS fixed maturities 2,102 (6 ) (12 ) 454 (75 ) 7 (88 ) 2,382 Equity securities 165 (5 ) — 9 (4 ) 29 — 194 Assets of MIE 23 (2 ) — 3 — — — 24 Total Level 3 assets $ 2,290 $ (13 ) $ (12 ) $ 466 $ (79 ) $ 36 $ (88 ) $ 2,600 Embedded derivatives $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) Total Level 3 liabilities (*) $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2019 and 2018 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $29 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized gains (losses) included in Balance at December 31, 2018 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ — $ — $ (1 ) $ — $ — $ 8 State and municipal 59 — 5 — (1 ) — — 63 Residential MBS 197 5 (5 ) — (6 ) — (22 ) 169 Commercial MBS 56 — — — (1 ) — — 55 Asset-backed securities 847 (3 ) 8 75 (114 ) — (143 ) 670 Corporate and other 1,996 2 31 432 (88 ) — (27 ) 2,346 Total AFS fixed maturities 3,164 4 39 507 (211 ) — (192 ) 3,311 Equity securities 336 1 — 1 — 16 — 354 Assets of MIE 21 (1 ) — — — — — 20 Total Level 3 assets $ 3,521 $ 4 $ 39 $ 508 $ (211 ) $ 16 $ (192 ) $ 3,685 Embedded derivatives $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total Level 3 liabilities (*) $ (2,720 ) $ (462 ) $ — $ (112 ) $ 47 $ — $ — $ (3,247 ) Total realized/unrealized gains (losses) included in Balance at December 31, 2017 Net Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at March 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 148 — (1 ) — (1 ) — (84 ) 62 Residential MBS 122 (4 ) — — (6 ) 7 (4 ) 115 Commercial MBS 36 (1 ) — 12 — — — 47 Asset-backed securities 744 (2 ) 3 204 (37 ) — — 912 Corporate and other 1,044 1 (14 ) 238 (31 ) — — 1,238 Total AFS fixed maturities 2,102 (6 ) (12 ) 454 (75 ) 7 (88 ) 2,382 Equity securities 165 (5 ) — 9 (4 ) 29 — 194 Assets of MIE 23 (2 ) — 3 — — — 24 Total Level 3 assets $ 2,290 $ (13 ) $ (12 ) $ 466 $ (79 ) $ 36 $ (88 ) $ 2,600 Embedded derivatives $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) Total Level 3 liabilities (*) $ (2,542 ) $ 63 $ — $ (103 ) $ 33 $ — $ — $ (2,549 ) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2019 Financial assets: Cash and cash equivalents $ 2,000 $ 2,000 $ 2,000 $ — $ — Mortgage loans 1,078 1,071 — — 1,071 Policy loans 172 172 — — 172 Total financial assets not accounted for at fair value $ 3,250 $ 3,243 $ 2,000 $ — $ 1,243 Financial liabilities: Annuity benefits accumulated (*) $ 37,768 $ 36,881 $ — $ — $ 36,881 Long-term debt 1,423 1,406 — 1,403 3 Total financial liabilities not accounted for at fair value $ 39,191 $ 38,287 $ — $ 1,403 $ 36,884 December 31, 2018 Financial assets: Cash and cash equivalents $ 1,515 $ 1,515 $ 1,515 $ — $ — Mortgage loans 1,068 1,056 — — 1,056 Policy loans 174 174 — — 174 Total financial assets not accounted for at fair value $ 2,757 $ 2,745 $ 1,515 $ — $ 1,230 Financial liabilities: Annuity benefits accumulated (*) $ 36,384 $ 34,765 $ — $ — $ 34,765 Long-term debt 1,302 1,231 — 1,228 3 Total financial liabilities not accounted for at fair value $ 37,686 $ 35,996 $ — $ 1,228 $ 34,768 (*) Excludes $238 million and $232 million of life contingent annuities in the payout phase at March 31, 2019 and December 31, 2018 , respectively.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities	Available for sale fixed maturities at March 31, 2019 and December 31, 2018 , consisted of the following (in millions): March 31, 2019 December 31, 2018 Amortized Cost Gross Unrealized Net Unrealized Fair Value Amortized Cost Gross Unrealized Net Unrealized Fair Value Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 233 $ 2 $ (2 ) $ — $ 233 $ 235 $ 1 $ (3 ) $ (2 ) $ 233 States, municipalities and political subdivisions 6,744 253 (20 ) 233 6,977 6,825 169 (55 ) 114 6,939 Foreign government 146 2 — 2 148 140 2 — 2 142 Residential MBS 2,477 287 (8 ) 279 2,756 2,476 277 (9 ) 268 2,744 Commercial MBS 900 24 — 24 924 905 17 (2 ) 15 920 Asset-backed securities 9,909 163 (54 ) 109 10,018 9,781 130 (100 ) 30 9,811 Corporate and other 22,009 471 (105 ) 366 22,375 21,475 167 (434 ) (267 ) 21,208 Total fixed maturities $ 42,418 $ 1,202 $ (189 ) $ 1,013 $ 43,431 $ 41,837 $ 763 $ (603 ) $ 160 $ 41,997
Equity securities reported at fair value	Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2019 and December 31, 2018 (in millions): March 31, 2019 December 31, 2018 Fair Value over (under) Cost Fair Value Actual Cost Actual Cost Fair Value Fair Value Common stocks $ 1,162 $ 1,218 $ 56 $ 1,241 $ 1,148 $ (93 ) Perpetual preferred stocks 719 712 (7 ) 705 666 (39 ) Total equity securities carried at fair value $ 1,881 $ 1,930 $ 49 $ 1,946 $ 1,814 $ (132 )
Available for sale securities in a continuous unrealized loss position	The following tables show gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Loss Fair Value Fair Value as % of Cost Unrealized Loss Fair Value Fair Value as % of Cost March 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ 3 100 % $ (2 ) $ 118 98 % States, municipalities and political subdivisions (4 ) 240 98 % (16 ) 869 98 % Foreign government — 63 100 % — 7 100 % Residential MBS (4 ) 240 98 % (4 ) 136 97 % Commercial MBS — 12 100 % — 10 100 % Asset-backed securities (35 ) 3,370 99 % (19 ) 981 98 % Corporate and other (13 ) 1,280 99 % (92 ) 3,949 98 % Total fixed maturities $ (56 ) $ 5,208 99 % $ (133 ) $ 6,070 98 % December 31, 2018 Fixed maturities: U.S. Government and government agencies $ — $ 41 100 % $ (3 ) $ 120 98 % States, municipalities and political subdivisions (23 ) 1,497 98 % (32 ) 902 97 % Foreign government — 18 100 % — 4 100 % Residential MBS (4 ) 279 99 % (5 ) 139 97 % Commercial MBS (1 ) 147 99 % (1 ) 30 97 % Asset-backed securities (77 ) 5,406 99 % (23 ) 629 96 % Corporate and other (306 ) 10,378 97 % (128 ) 2,078 94 % Total fixed maturities $ (411 ) $ 17,766 98 % $ (192 ) $ 3,902 95 %
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): 2019 2018 Balance at January 1 $ 142 $ 145 Additional credit impairments on: Previously impaired securities — — Securities without prior impairments — — Reductions due to sales or redemptions (1 ) (1 ) Balance at March 31 $ 141 $ 144
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 March 31, 2019 (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 $ 1,549 $ 1,561 4 % After one year through five years 9,016 9,177 21 % After five years through ten years 14,097 14,384 33 % After ten years 4,470 4,611 11 % 29,132 29,733 69 % ABS (average life of approximately 4.5 years) 9,909 10,018 23 % MBS (average life of approximately 4.5 years) 3,377 3,680 8 % Total $ 42,418 $ 43,431 100 %
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 Net March 31, 2019 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 792 $ (166 ) $ 626 Fixed maturities — all other 221 (47 ) 174 Total fixed maturities 1,013 (213 ) 800 Deferred policy acquisition costs — annuity segment (325 ) 68 (257 ) Annuity benefits accumulated (108 ) 23 (85 ) Unearned revenue 8 (2 ) 6 Total net unrealized gain on marketable securities $ 588 $ (124 ) $ 464 December 31, 2018 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 101 $ (21 ) $ 80 Fixed maturities — all other 59 (13 ) 46 Total fixed maturities 160 (34 ) 126 Deferred policy acquisition costs — annuity segment (42 ) 9 (33 ) Annuity benefits accumulated (14 ) 3 (11 ) Unearned revenue 1 — 1 Total net unrealized gain on marketable securities $ 105 $ (22 ) $ 83 (*) Net 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. Three months ended March 31, 2019 2018 Investment income: Fixed maturities $ 469 $ 412 Equity securities: Dividends 22 20 Change in fair value (*) 11 (1 ) Equity in earnings of partnerships and similar investments 21 46 Other 25 23 Gross investment income 548 500 Investment expenses (6 ) (5 ) Net investment income $ 542 $ 495 (*) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments	Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity and equity security investments are summarized as follows (in millions): Three months ended March 31, 2019 Three months ended March 31, 2018 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 3 $ (3 ) $ — $ 853 $ (1 ) $ (1 ) $ (2 ) $ (599 ) Equity securities 182 — 182 — (95 ) — (95 ) — Other (*) 1 1 2 (370 ) 4 — 4 248 Total pretax 186 (2 ) 184 483 (92 ) (1 ) (93 ) (351 ) Tax effects (39 ) — (39 ) (102 ) 20 — 20 74 Net of tax $ 147 $ (2 ) $ 145 $ 381 $ (72 ) $ (1 ) $ (73 ) $ (277 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities during the first three months of 2019 and 2018 on securities that were still owned at March 31, 2019 and March 31, 2018 as follows (in millions): Three months ended March 31, 2019 2018 Included in realized gains (losses) $ 163 $ (94 ) Included in net investment income 11 (1 ) $ 174 $ (95 )
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 investment transactions consisted of the following (in millions): Three months ended March 31, 2019 2018 Gross gains $ 6 $ 6 Gross losses (9 ) (3 )

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
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): March 31, 2019 December 31, 2018 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 113 $ — $ 109 $ — Public company warrants Equity securities — — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 3,247 — 2,720 Equity index call options Equity index call options 620 — 184 — Equity index put options Other liabilities — — — 1 Reinsurance contracts (embedded derivative) Other liabilities — 3 — 2 $ 733 $ 3,250 $ 293 $ 2,723
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for the first three months of 2019 and 2018 (in millions): Three months ended March 31, Derivative Statement of Earnings Line 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ 6 $ (4 ) Public company warrants Realized gains (losses) on securities — (1 ) Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits (462 ) 63 Equity index call options Annuity benefits 366 (38 ) Equity index put options Annuity benefits 1 — Reinsurance contract (embedded derivative) Net investment income (1 ) 1 $ (90 ) $ 21

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	3 Months Ended
	Mar. 31, 2019
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 Other Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized (*) Total Total Balance at December 31, 2018 $ 299 $ 1,285 $ 86 $ 42 $ 1,413 $ (30 ) $ 1,383 $ 1,682 Additions 187 64 1 — 65 — 65 252 Amortization: Periodic amortization (175 ) (15 ) (3 ) (2 ) (20 ) — (20 ) (195 ) Included in realized gains — 2 — — 2 — 2 2 Foreign currency translation 1 — — — — — — 1 Change in unrealized — — — — — (295 ) (295 ) (295 ) Balance at March 31, 2019 $ 312 $ 1,336 $ 84 $ 40 $ 1,460 $ (325 ) $ 1,135 $ 1,447 Balance at December 31, 2017 $ 270 $ 1,217 $ 102 $ 49 $ 1,368 $ (422 ) $ 946 $ 1,216 Additions 162 57 — — 57 — 57 219 Amortization: Periodic amortization (154 ) (69 ) (5 ) (2 ) (76 ) — (76 ) (230 ) Included in realized gains — 3 — — 3 — 3 3 Foreign currency translation 1 — — — — — — 1 Change in unrealized — — — — — 208 208 208 Balance at March 31, 2018 $ 279 $ 1,208 $ 97 $ 47 $ 1,352 $ (214 ) $ 1,138 $ 1,417 (*) Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges.

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	Selected financial information related to the CLOs is shown below (in millions): Three months ended March 31, 2019 2018 Investment in CLO tranches at end of period $ 193 $ 221 Gains (losses) on change in fair value of assets/liabilities (a): Assets 87 14 Liabilities (87 ) (17 ) Management fees paid to AFG 3 4 CLO earnings attributable to AFG shareholders (b) 11 3 (a) Included in revenues in AFG’s Statement of Earnings. (b) Included in earnings before income taxes in AFG’s Statement of Earnings.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following (in millions): March 31, 2019 December 31, 2018 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 590 $ (2 ) $ 588 $ 590 $ (2 ) $ 588 3.50% Senior Notes due August 2026 425 (4 ) 421 425 (4 ) 421 Other 3 — 3 3 — 3 1,018 (6 ) 1,012 1,018 (6 ) 1,012 Direct Subordinated Obligations of AFG: 6-1/4% Subordinated Debentures due September 2054 150 (5 ) 145 150 (5 ) 145 6% Subordinated Debentures due November 2055 150 (5 ) 145 150 (5 ) 145 5.875% Subordinated Debentures due March 2059 125 (4 ) 121 — — — 425 (14 ) 411 300 (10 ) 290 $ 1,443 $ (20 ) $ 1,423 $ 1,318 $ (16 ) $ 1,302

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease activity	The following table details AFG’s lease activity for the three months ended March 31, 2019 (dollars in millions): Three months ended March 31, 2019 Lease expense: Operating leases $ 11 Short-term leases — Total lease expense $ 11 Other operating lease information: Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows $ 12 Right-of-use assets obtained in exchange for new lease liabilities 3 Weighted-average remaining lease term 5.9 years Weighted-average discount rate 4.1 %
Undiscounted contractual maturities of operating lease liabilities	The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at March 31, 2019 (dollars in millions): March 31, 2019 Operating lease payments: Remainder of 2019 $ 35 2020 42 2021 36 2022 28 2023 23 Thereafter 51 Total lease payments 215 Impact of discounting (25 ) Operating lease liability $ 190

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax Attributable to noncontrolling interests Attributable to shareholders Other (c) AOCI Ending Balance Three months ended March 31, 2019 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 487 $ (103 ) $ 384 $ — $ 384 Reclassification adjustment for realized (gains) losses included in net earnings (a) (4 ) 1 (3 ) — (3 ) Total net unrealized gains on securities $ 83 483 (102 ) 381 — 381 $ — $ 464 Net unrealized gains (losses) on cash flow hedges (11 ) 14 (3 ) 11 — 11 — — Foreign currency translation adjustments (16 ) 4 — 4 — 4 — (12 ) Pension and other postretirement plans adjustments (8 ) — — — — — — (8 ) Total $ 48 $ 501 $ (105 ) $ 396 $ — $ 396 $ — $ 444 Three months ended March 31, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (353 ) $ 74 $ (279 ) $ — $ (279 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 2 — 2 — 2 Total net unrealized gains (losses) on securities (b) $ 840 (351 ) 74 (277 ) — (277 ) $ (221 ) $ 342 Net unrealized losses on cash flow hedges (13 ) (14 ) 3 (11 ) — (11 ) — (24 ) Foreign currency translation adjustments (6 ) 2 (1 ) 1 — 1 — (5 ) Pension and other postretirement plans adjustments (8 ) — — — — — — (8 ) Total $ 813 $ (363 ) $ 76 $ (287 ) $ — $ (287 ) $ (221 ) $ 305 (a) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes (b) Includes net unrealized gains of $61 million at March 31, 2019 compared to $58 million at December 31, 2018 related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) On January 1, 2018, AFG adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings	The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended March 31, 2019 2018 Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 413 $ 174 Income taxes at statutory rate $ 87 21 % $ 37 21 % Effect of: Tax exempt interest (4 ) (1 %) (3 ) (2 %) Dividends received deduction (1 ) — % (1 ) — % Stock-based compensation (2 ) — % (5 ) (3 %) Nondeductible expenses 2 — % 2 1 % Change in valuation allowance 2 — % — — % Foreign operations — — % 3 2 % Other 3 1 % — — % Provision for income taxes as shown in the statement of earnings $ 87 21 % $ 33 19 %

Insurance (Tables)

Insurance (Tables)	3 Months Ended
	Mar. 31, 2019
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2019 and 2018 (in millions): Three months ended March 31, 2019 2018 Balance at beginning of year $ 9,741 $ 9,678 Less reinsurance recoverables, net of allowance 2,942 2,957 Net liability at beginning of year 6,799 6,721 Provision for losses and LAE occurring in the current period 737 697 Net decrease in the provision for claims of prior years (45 ) (56 ) Total losses and LAE incurred 692 641 Payments for losses and LAE of: Current year (89 ) (86 ) Prior years (615 ) (554 ) Total payments (704 ) (640 ) Reserves of business disposed (*) — (319 ) Foreign currency translation and other 1 2 Net liability at end of period 6,788 6,405 Add back reinsurance recoverables, net of allowance 2,835 2,788 Gross unpaid losses and LAE included in the balance sheet at end of period $ 9,623 $ 9,193 (*) Reflects the reinsurance to close transaction at Neon discussed below.

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change					$ 4
Operating lease liability	$ 190		$ 198
Operating lease right-of-use asset	167		174
Deferred rent and lease incentives	$ 23		$ 24
Weighted average common shares adjustment related to stock-based compensation (shares)	1,300,000	1,800,000
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0	0
Maturities of short term investments	3 months
Equity securities
Significant Accounting Policies [Line Items]
Available-for-sale securities, Equity securities					$ 1,600
Equity securities | Accounting Standards Update 2016-01
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				$ (221)
Limited partnerships and similar investments | Accounting Standards Update 2016-01
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				$ (4)

Segments of Operations - Narrat

Segments of Operations - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting Information [Line Items]
Number of segments	3

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total premiums earned	$ 1,173	$ 1,107
Net investment income	542	495
Other income	50	49
Revenues before realized gains (losses)	1,840	1,712
Realized gains (losses) on securities	184	(93)
Total revenues	2,024	1,619
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	1,173	1,107
Net investment income	104	100
Other income	3	2
Revenues before realized gains (losses)	1,280	1,209
Annuity
Segment Reporting Information [Line Items]
Net investment income	435	394
Other income	27	26
Revenues before realized gains (losses)	462	420
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	98	83
Specialty Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	361	350
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	629	579
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	146	149
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	$ 37	$ 29

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes		$ 229	$ 267
Realized gains (losses) on securities		184	(93)
Earnings before income taxes		413	174
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		87	91
Investment and other income, net		95	93
Earnings before realized gains (losses) and income taxes		182	184
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes		90	125
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes		(43)	(42)
Specialty Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		39	33
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		36	41
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		13	15
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		0	3
Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	[1]	$ (1)	$ (1)
[1]	Includes holding company interest and expenses.

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)basispointsecurityprofessionalstock	Mar. 31, 2018USD ($)stock	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals | professional	25
Number of stocks transferred from Level 1 to Level 2 | stock	0	0
Level 3 assets as a percentage of total assets measured at fair value	7.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	60.00%
Level 3 assets that were priced using non-binding broker quotes	$ 2,200
Percent of spreads between 400 and 700 basis points	80.00%
Fair value of equity securities transferred into Level 3	$ 16	$ 36
Life contingent annuities	$ 238		$ 232
Fixed-indexed and variable-indexed annuities (embedded derivative), majority of future years | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	7.00%
Fixed-indexed and variable-indexed annuities (embedded derivative), majority of future years | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	11.00%
Fixed-indexed and variable-indexed annuities (embedded derivative)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach	$ 3,250
Fixed-indexed and variable-indexed annuities (embedded derivative) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	4.00%
Fixed-indexed and variable-indexed annuities (embedded derivative) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	23.00%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internally developed level 3 assets	$ 1,230
Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities transferred into Level 3	0	7
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities transferred into Level 3	16	$ 29
Third party pricing model | Fixed maturities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internally developed level 3 assets	$ 743
Securities priced using a third-party model | security	120
Basis points credit spread applied by management using third party model | basispoint	577
Third party pricing model | Fixed maturities | Level 3 | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis points credit spread applied by management using third party model | basispoint	100
Third party pricing model | Fixed maturities | Level 3 | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis points credit spread applied by management using third party model | basispoint	2,966
Maximum | Third party pricing model | Fixed maturities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis points credit spread applied by management using third party model | basispoint	700
Minimum | Third party pricing model | Fixed maturities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis points credit spread applied by management using third party model | basispoint	400

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions		Mar. 31, 2019	Dec. 31, 2018
Assets:
Available for sale (AFS) fixed maturities		$ 43,431	$ 41,997
Trading fixed maturities		107	105
Equity securities		1,930	1,814
Equity index call options		620	184
Assets of managed investment entities (“MIE”)		4,786	4,700
Variable annuity assets (separate accounts)	[1]	610	557
Total assets accounted for at fair value		51,509	49,373
Liabilities:
Liabilities of managed investment entities		4,593	4,512
Total liabilities accounted for at fair value		7,868	7,281
Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		3,247	2,720
Other liabilities — derivatives
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		28	49
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities		43,431	41,997
Trading fixed maturities		107	105
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities		233	233
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities		6,977	6,939
Foreign government
Assets:
Available for sale (AFS) fixed maturities		148	142
Residential MBS
Assets:
Available for sale (AFS) fixed maturities		2,756	2,744
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities		924	920
Asset-backed securities
Assets:
Available for sale (AFS) fixed maturities		10,018	9,811
Corporate and other
Assets:
Available for sale (AFS) fixed maturities		22,375	21,208
Equity securities
Assets:
Equity securities		1,930	1,814
Other assets
Assets:
Equity index call options		25	16
Level 1
Assets:
Assets of managed investment entities (“MIE”)		213	203
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		1,901	1,791
Liabilities:
Liabilities of managed investment entities		204	195
Total liabilities accounted for at fair value		204	195
Level 1 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 1 | Other liabilities — derivatives
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 1 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities		173	169
Trading fixed maturities		8	9
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities		144	141
Level 1 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 | Foreign government
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 | Asset-backed securities
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 1 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities		29	28
Level 1 | Equity securities
Assets:
Equity securities		1,507	1,410
Level 1 | Other assets
Assets:
Equity index call options		0	0
Level 2
Assets:
Assets of managed investment entities (“MIE”)		4,553	4,476
Variable annuity assets (separate accounts)	[1]	610	557
Total assets accounted for at fair value		45,923	44,061
Liabilities:
Liabilities of managed investment entities		4,370	4,297
Total liabilities accounted for at fair value		4,398	4,346
Level 2 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 2 | Other liabilities — derivatives
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		28	49
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities		39,947	38,664
Trading fixed maturities		99	96
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities		81	83
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities		6,914	6,880
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities		148	142
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities		2,587	2,547
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities		869	864
Level 2 | Asset-backed securities
Assets:
Available for sale (AFS) fixed maturities		9,348	8,964
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities		20,000	19,184
Level 2 | Equity securities
Assets:
Equity securities		69	68
Level 2 | Other assets
Assets:
Equity index call options		25	16
Level 3
Assets:
Assets of managed investment entities (“MIE”)		20	21
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		3,685	3,521
Liabilities:
Liabilities of managed investment entities		19	20
Total liabilities accounted for at fair value		3,266	2,740
Level 3 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		3,247	2,720
Level 3 | Other liabilities — derivatives
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities		0	0
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities		3,311	3,164
Trading fixed maturities		0	0
Level 3 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities		8	9
Level 3 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities		63	59
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities		0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities		169	197
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities		55	56
Level 3 | Asset-backed securities
Assets:
Available for sale (AFS) fixed maturities		670	847
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities		2,346	1,996
Level 3 | Equity securities
Assets:
Equity securities		354	336
Level 3 | Other assets
Assets:
Equity index call options		0	0
Equity index call options | Equity index call options
Assets:
Equity index call options		620	184
Equity index call options | Level 1 | Equity index call options
Assets:
Equity index call options		0	0
Equity index call options | Level 2 | Equity index call options
Assets:
Equity index call options		620	184
Equity index call options | Level 3 | Equity index call options
Assets:
Equity index call options		$ 0	$ 0
[1]	Variable annuity liabilities equal the fair value of variable annuity assets.

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs used in determining fair value of embedded derivatives (Details) - Embedded derivatives	3 Months Ended
	Mar. 31, 2019
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.73%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	0.10%
Surrenders	4.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.70%
Budgeted option costs	2.60%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	2.20%
Surrenders	23.00%
Partial surrenders	9.00%
Annuitizations	1.00%
Deaths	9.50%
Budgeted option costs	3.60%

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 3,521	$ 2,290
Total realized/unrealized gains (losses) included in Net income	4	(13)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	39	(12)
Purchases and issuances	508	466
Sales and settlements	(211)	(79)
Transfer into Level 3	16	36
Transfer out of Level 3	(192)	(88)
Financial assets, Ending Balance	3,685	2,600
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	3,164	2,102
Total realized/unrealized gains (losses) included in Net income	4	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	39	(12)
Purchases and issuances	507	454
Sales and settlements	(211)	(75)
Transfer into Level 3	0	7
Transfer out of Level 3	(192)	(88)
Financial assets, Ending Balance	3,311	2,382
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	9	8
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	0	0
Sales and settlements	(1)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, Ending Balance	8	8
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	59	148
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	5	(1)
Purchases and issuances	0	0
Sales and settlements	(1)	(1)
Transfer into Level 3	0	0
Transfer out of Level 3	0	(84)
Financial assets, Ending Balance	63	62
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	197	122
Total realized/unrealized gains (losses) included in Net income	5	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(5)	0
Purchases and issuances	0	0
Sales and settlements	(6)	(6)
Transfer into Level 3	0	7
Transfer out of Level 3	(22)	(4)
Financial assets, Ending Balance	169	115
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	56	36
Total realized/unrealized gains (losses) included in Net income	0	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	0	12
Sales and settlements	(1)	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, Ending Balance	55	47
Asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	847	744
Total realized/unrealized gains (losses) included in Net income	(3)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	8	3
Purchases and issuances	75	204
Sales and settlements	(114)	(37)
Transfer into Level 3	0	0
Transfer out of Level 3	(143)	0
Financial assets, Ending Balance	670	912
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,996	1,044
Total realized/unrealized gains (losses) included in Net income	2	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	31	(14)
Purchases and issuances	432	238
Sales and settlements	(88)	(31)
Transfer into Level 3	0	0
Transfer out of Level 3	(27)	0
Financial assets, Ending Balance	2,346	1,238
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	336	165
Total realized/unrealized gains (losses) included in Net income	1	(5)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	1	9
Sales and settlements	0	(4)
Transfer into Level 3	16	29
Transfer out of Level 3	0	0
Financial assets, Ending Balance	354	194
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	21	23
Total realized/unrealized gains (losses) included in Net income	(1)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	0	3
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, Ending Balance	$ 20	$ 24

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (2,720)	$ (2,542)
Total realized/unrealized gains (losses) included in Net income		(462)	63
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0
Purchases and issuances		(112)	(103)
Sales and settlements		47	33
Transfer into Level 3		0	0
Transfer out of Level 3		0	0
Financial liabilities, Ending Balance	[1]	(3,247)	(2,549)
Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		(2,720)	(2,542)
Total realized/unrealized gains (losses) included in Net income		(462)	63
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0
Purchases and issuances		(112)	(103)
Sales and settlements		47	33
Transfer into Level 3		0	0
Transfer out of Level 3		0	0
Financial liabilities, Ending Balance		$ (3,247)	$ (2,549)
[1]	As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions		Mar. 31, 2019	Dec. 31, 2018
Financial assets:
Mortgage loans		$ 1,078	$ 1,068
Policy loans		172	174
Financial liabilities:
Long-term debt		1,423	1,302
Level 1
Financial assets:
Cash and cash equivalents		2,000	1,515
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		2,000	1,515
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
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		1,403	1,228
Total financial liabilities not accounted for at fair value		1,403	1,228
Level 3
Financial assets:
Cash and cash equivalents		0	0
Mortgage loans		1,071	1,056
Policy loans		172	174
Total financial assets not accounted for at fair value		1,243	1,230
Financial liabilities:
Annuity benefits accumulated	[1]	36,881	34,765
Long-term debt		3	3
Total financial liabilities not accounted for at fair value		36,884	34,768
Carrying Value
Financial assets:
Cash and cash equivalents		2,000	1,515
Mortgage loans		1,078	1,068
Policy loans		172	174
Total financial assets not accounted for at fair value		3,250	2,757
Financial liabilities:
Annuity benefits accumulated	[1]	37,768	36,384
Long-term debt		1,423	1,302
Total financial liabilities not accounted for at fair value		39,191	37,686
Fair Value
Financial assets:
Cash and cash equivalents		2,000	1,515
Mortgage loans		1,071	1,056
Policy loans		172	174
Total financial assets not accounted for at fair value		3,243	2,745
Financial liabilities:
Annuity benefits accumulated	[1]	36,881	34,765
Long-term debt		1,406	1,231
Total financial liabilities not accounted for at fair value		$ 38,287	$ 35,996
[1]	Excludes $238 million and $232 million of life contingent annuities in the payout phase at March 31, 2019 and December 31, 2018, respectively.

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)security	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
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	85.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	93.00%
Other than temporary impairment charges	$ 2	$ 1
Residential MBS
Investment [Line Items]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	135		$ 140
Gross unrealized losses on fixed maturities	(8)		(9)
Securities with non-credit other-than-temporary impairment charges
Investment [Line Items]
Gross unrealized gains	123		119
Gross unrealized losses	(4)		(4)
Fixed maturities
Investment [Line Items]
Gross unrealized losses on fixed maturities	$ (189)		$ (603)
Number of available for sale securities in an unrealized loss position | security	1,274
Other than temporary impairment charges	$ 3	1
Corporate bonds
Investment [Line Items]
Other than temporary impairment charges	3	1
Maximum | Residential MBS
Investment [Line Items]
Other than temporary impairment charges	$ 1	$ 1

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	$ 42,418	$ 41,837
Available for sale (AFS) fixed maturities	43,431	41,997
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	42,418	41,837
Fixed maturities, Available for sale, Gross Unrealized, Gains	1,202	763
Fixed maturities, Available for sale, Gross Unrealized, Losses	(189)	(603)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	1,013	160
Available for sale (AFS) fixed maturities	43,431	41,997
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	233	235
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	1
Fixed maturities, Available for sale, Gross Unrealized, Losses	(2)	(3)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	0	(2)
Available for sale (AFS) fixed maturities	233	233
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	6,744	6,825
Fixed maturities, Available for sale, Gross Unrealized, Gains	253	169
Fixed maturities, Available for sale, Gross Unrealized, Losses	(20)	(55)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	233	114
Available for sale (AFS) fixed maturities	6,977	6,939
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	146	140
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	2
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	2	2
Available for sale (AFS) fixed maturities	148	142
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	2,477	2,476
Fixed maturities, Available for sale, Gross Unrealized, Gains	287	277
Fixed maturities, Available for sale, Gross Unrealized, Losses	(8)	(9)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	279	268
Available for sale (AFS) fixed maturities	2,756	2,744
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	900	905
Fixed maturities, Available for sale, Gross Unrealized, Gains	24	17
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	(2)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	24	15
Available for sale (AFS) fixed maturities	924	920
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	9,909	9,781
Fixed maturities, Available for sale, Gross Unrealized, Gains	163	130
Fixed maturities, Available for sale, Gross Unrealized, Losses	(54)	(100)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	109	30
Available for sale (AFS) fixed maturities	10,018	9,811
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	22,009	21,475
Fixed maturities, Available for sale, Gross Unrealized, Gains	471	167
Fixed maturities, Available for sale, Gross Unrealized, Losses	(105)	(434)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	366	(267)
Available for sale (AFS) fixed maturities	$ 22,375	$ 21,208

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,930	$ 1,814
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	1,162	1,241
Equity securities	1,218	1,148
Equity securities, fair value in excess of cost	56	(93)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	719	705
Equity securities	712	666
Equity securities, fair value in excess of cost	(7)	(39)
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	1,881	1,946
Equity securities	1,930	1,814
Equity securities, fair value in excess of cost	$ 49	$ (132)

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (56)	$ (411)
Fair Value - Less than twelve months	$ 5,208	$ 17,766
Fair Value as % of Cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (133)	$ (192)
Fair Value - Twelve months or more	$ 6,070	$ 3,902
Fair Value as % of Cost - Twelve months or more	98.00%	95.00%
U.S. Government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ 0
Fair Value - Less than twelve months	$ 3	$ 41
Fair Value as % of Cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ (2)	$ (3)
Fair Value - Twelve months or more	$ 118	$ 120
Fair Value as % of Cost - Twelve months or more	98.00%	98.00%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (4)	$ (23)
Fair Value - Less than twelve months	$ 240	$ 1,497
Fair Value as % of Cost - Less than twelve months	98.00%	98.00%
Unrealized Loss - Twelve months or more	$ (16)	$ (32)
Fair Value - Twelve months or more	$ 869	$ 902
Fair Value as % of Cost - Twelve months or more	98.00%	97.00%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ 0
Fair Value - Less than twelve months	$ 63	$ 18
Fair Value as % of Cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 7	$ 4
Fair Value as % of Cost - Twelve months or more	100.00%	100.00%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (4)	$ (4)
Fair Value - Less than twelve months	$ 240	$ 279
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (4)	$ (5)
Fair Value - Twelve months or more	$ 136	$ 139
Fair Value as % of Cost - Twelve months or more	97.00%	97.00%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 12	$ 147
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ (1)
Fair Value - Twelve months or more	$ 10	$ 30
Fair Value as % of Cost - Twelve months or more	100.00%	97.00%
Asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (35)	$ (77)
Fair Value - Less than twelve months	$ 3,370	$ 5,406
Fair Value as % of Cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (19)	$ (23)
Fair Value - Twelve months or more	$ 981	$ 629
Fair Value as % of Cost - Twelve months or more	98.00%	96.00%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (13)	$ (306)
Fair Value - Less than twelve months	$ 1,280	$ 10,378
Fair Value as % of Cost - Less than twelve months	99.00%	97.00%
Unrealized Loss - Twelve months or more	$ (92)	$ (128)
Fair Value - Twelve months or more	$ 3,949	$ 2,078
Fair Value as % of Cost - Twelve months or more	98.00%	94.00%

Investments - Credit portion of

Investments - Credit portion of other-than-temporary impairments on fixed maturities for which the non-credit portion of an impairment has been recognized in OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Beginning Balance	$ 142	$ 145
Additional credit impairments on:
Previously impaired securities	0	0
Securities without prior impairments	0	0
Reductions due to sales or redemptions	(1)	(1)
Ending Balance	$ 141	$ 144

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	4 years 6 months
Average life of MBS	4 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 1,549
After one year through five years	9,016
After five years through ten years	14,097
After ten years	4,470
Fixed maturities amortized cost, Subtotal	29,132
ABS (average life of approximately 4.5 years)	9,909
MBS (average life of approximately 4.5 years)	3,377
Amortized Cost	42,418
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	1,561
After one year through five years	9,177
After five years through ten years	14,384
After ten years	4,611
Fixed maturities fair value, Subtotal	29,733
ABS (average life of approximately 4.5 years)	10,018
MBS (average life of approximately 4.5 years)	3,680
Fair Value	$ 43,431
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	4.00%
After one year through five years	21.00%
After five years through ten years	33.00%
After ten years	11.00%
Fixed maturities fair value, Subtotal, Percent	69.00%
ABS (average life of approximately 4.5 years)	23.00%
MBS (average life of approximately 4.5 years)	8.00%
Fair value, Total, Percent	100.00%

Investments - Components of the

Investments - Components of the net unrealized gain on securities that is included in AOCI in the Balance Sheet (Details) - USD ($) $ in Millions		Mar. 31, 2019	Dec. 31, 2018
Unrealized gain on:
Pretax		$ 588	$ 105
Deferred Tax		(124)	(22)
Net		464	83
Total fixed maturities
Unrealized gain on:
Pretax		1,013	160
Deferred Tax		(213)	(34)
Net		800	126
Fixed maturities — annuity segment
Unrealized gain on:
Pretax	[1]	792	101
Deferred Tax	[1]	(166)	(21)
Net	[1]	626	80
Fixed maturities — all other
Unrealized gain on:
Pretax		221	59
Deferred Tax		(47)	(13)
Net		174	46
Deferred policy acquisition costs — annuity segment
Unrealized gain on:
Pretax		(325)	(42)
Deferred Tax		68	9
Net		(257)	(33)
Annuity benefits accumulated
Unrealized gain on:
Pretax		(108)	(14)
Deferred Tax		23	3
Net		(85)	(11)
Unearned revenue
Unrealized gain on:
Pretax		8	1
Deferred Tax		(2)	0
Net		$ 6	$ 1
[1]	Net unrealized gains on fixed maturity investments supporting AFG’s annuity benefits accumulated.

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Net Investment Income [Line Items]
Investment income		$ 548	$ 500
Investment expenses		(6)	(5)
Net investment income		542	495
Fixed maturities
Net Investment Income [Line Items]
Investment income		469	412
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Investment income		21	46
Other
Net Investment Income [Line Items]
Investment income		25	23
Accounting Standards Update 2016-01 | Equity securities
Net Investment Income [Line Items]
Investment income	[1]	11	(1)
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income		$ 22	$ 20
[1]	Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting.

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		$ 186	$ (92)
Realized — impairments		(2)	(1)
Total realized gains (losses) on securities		184	(93)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		147	(72)
Realized — impairments		(2)	(1)
Total realized gains (losses) on securities		145	(73)
Change in unrealized		381	(277)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		186	(92)
Realized — impairments		(2)	(1)
Total realized gains (losses) on securities		184	(93)
Change in unrealized		483	(351)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		3	(1)
Realized — impairments		(3)	(1)
Total realized gains (losses) on securities		0	(2)
Change in unrealized		853	(599)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		182	(95)
Realized — impairments		0	0
Total realized gains (losses) on securities		182	(95)
Change in unrealized		0	0
Other, Including DPAC and reserves related to the annuity business
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	[1]	1	4
Realized — impairments	[1]	1	0
Total realized gains (losses) on securities	[1]	2	4
Change in unrealized	[1]	(370)	248
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(39)	20
Realized — impairments		0	0
Total realized gains (losses) on securities		(39)	20
Change in unrealized		$ (102)	$ 74
[1]	Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	$ 184	$ (93)
Included in net investment income	548	500
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	182	(95)
Equity securities still owned | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities	174	(95)
Equity securities still owned | Realized gains (losses) on securities | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	163	(94)
Equity securities still owned | Investment income | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Included in net investment income	$ 11	$ (1)

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 6	$ 6
Gross losses	$ (9)	$ (3)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)swap	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options	$ 406,000,000		$ 103,000,000
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps designated and qualifying as a cash flow hedges | swap	16
Notional amount of derivative instrument outstanding	$ 2,310,000,000		2,350,000,000
Gain (loss) reclassified from AOCI into net investment income	(2,000,000)	$ 1,000,000
Gain (loss) on cash flow hedge ineffectiveness recorded in Net Earnings	0	$ 0
Collateral receivable supporting interest rate swaps	134,000,000		135,000,000
Other assets | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	25,000,000		16,000,000
Other liabilities | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	$ (25,000,000)		$ (46,000,000)

Derivatives - Derivatives that

Derivatives - Derivatives that do not qualify for hedge accounting under GAAP included in the Balance Sheet at fair value (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 733	$ 293
Derivative liability, at fair value	3,250	2,723
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	113	109
Public company warrants | Equity securities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	0	0
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits accumulated
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	3,247	2,720
Equity index call options | Equity index call options
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	620	184
Equity index put options | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	0	1
Reinsurance contracts (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 3	$ 2

Derivatives - Gain (loss) inclu

Derivatives - Gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	$ (90)	$ 21
MBS with embedded derivatives | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	6	(4)
Public company warrants | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	0	(1)
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	(462)	63
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	366	(38)
Equity index put options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	1	0
Reinsurance contracts (embedded derivative) | Net investment income
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	$ (1)	$ 1

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 150	$ 148

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
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		$ 1,682	$ 1,216
Deferred policy acquisition costs and present value of future profits, additions		252	219
Deferred policy acquisition costs and present value of future profits, periodic amortization		(195)	(230)
Deferred policy acquisition costs and present value of future profits, change included in realized gains		2	3
Deferred policy acquisition costs and present value of future profits, foreign currency translation		1	1
Deferred policy acquisition costs and present value of future profits, change in unrealized		(295)	208
Deferred policy acquisition costs and present value of future profits, ending balance		1,447	1,417
P&C
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance		299	270
Deferred policy acquisition costs, additions		187	162
Deferred policy acquisition costs, periodic amortization		(175)	(154)
Deferred policy acquisition costs, foreign currency translation		1	1
Deferred policy acquisition costs, ending balance		312	279
Annuity and Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance		1,285	1,217
Deferred policy acquisition costs, additions		64	57
Deferred policy acquisition costs, periodic amortization		(15)	(69)
Deferred policy acquisition costs, change included in realized gains		2	3
Deferred policy acquisition costs, ending balance		1,336	1,208
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance		86	102
Deferred sales inducements, additions		1	0
Deferred sales inducements, periodic amortization		(3)	(5)
Deferred sales inducements, change included in realized gains		0	0
Deferred sales inducements, ending balance		84	97
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance		42	49
Present value of future profits, periodic amortization		(2)	(2)
Present value of future profits, ending balance		40	47
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	[1]	(30)	(422)
Unrealized investment gains (losses), change in unrealized	[1]	(295)	208
Unrealized investment gains (losses), ending balance	[1]	(325)	(214)
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		1,383	946
Deferred policy acquisition costs and present value of future profits, additions		65	57
Deferred policy acquisition costs and present value of future profits, periodic amortization		(20)	(76)
Deferred policy acquisition costs and present value of future profits, change included in realized gains		2	3
Deferred policy acquisition costs and present value of future profits, change in unrealized		(295)	208
Deferred policy acquisition costs and present value of future profits, ending balance		1,135	1,138
Excluding Unrealized Gains | Annuity and Other
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		1,413	1,368
Deferred policy acquisition costs and present value of future profits, change in unrealized		0	0
Deferred policy acquisition costs and present value of future profits, ending balance		$ 1,460	$ 1,352
[1]	Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges.

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2018USD ($)collateralizedloanobligation	Mar. 31, 2019USD ($)collateralizedloanobligation	Mar. 31, 2018USD ($)collateralizedloanobligation	Dec. 31, 2018USD ($)
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		60.90%
Number of collateralized loan obligation entities | collateralizedloanobligation		11
Number of collateralized loan obligation entities formed during the period | collateralizedloanobligation	1
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities			$ 17
Number of collateralized loan obligation entities substantially liquidated, during the period | collateralizedloanobligation			1
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments		$ 144		$ 232
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt		145		241
Carrying amount of CLO loans in default		0		0
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	$ 221	193	$ 221	$ 188
New Collateralized Loan Obligation Entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	463
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	$ 31
Subordinated Debt Obligations | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations		130
Maximum
Variable Interest Entity [Line Items]
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities		$ 1

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Gains (losses) on change in fair value of assets/liabilities:
Assets	[1]	$ 87	$ 14
Liabilities	[1]	(87)	(17)
Management fees paid to AFG		3	4
CLO earnings (losses) attributable to AFG shareholders	[2]	11	3
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches at end of period		$ 193	$ 221	$ 188
[1]	Included in revenues in AFG’s Statement of Earnings.
[2]	Included in earnings before income taxes in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the goodwill balance during the period	$ 0
Goodwill	207,000,000		$ 207,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	51,000,000		54,000,000
Accumulated amortization	42,000,000		$ 39,000,000
Amortization of intangible assets	$ 3,000,000	$ 2,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year	$ 0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	0
Scheduled principal payments on debt in year six	0
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	500,000,000
Amount borrowed under revolving credit facility	$ 0	$ 0
Interest rate description for revolving credit facility	1.00% to 1.875% (currently 1.375%) over LIBOR
LIBOR | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.375%
LIBOR | AFG | Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
LIBOR | AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.875%
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	4.50%
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	3.50%
Subordinated Debentures | 6-1/4% Subordinated Debentures due September 2054 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	6.25%
Subordinated Debentures | 6% Subordinated Debentures due November 2055 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments	6.00%
Subordinated Debentures | 5.875% Subordinated Debentures due in March 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Subordinated Debentures, aggregate principal amount	$ 125,000,000
Interest rate on debt instruments	5.875%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Summary of Carrying value of long-term debt
Principal	$ 1,443	$ 1,318
Discount and Issue Costs	(20)	(16)
Carrying Value	1,423	1,302
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	1,018	1,018
Discount and Issue Costs	(6)	(6)
Carrying Value	1,012	1,012
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Summary of Carrying value of long-term debt
Principal	590	590
Discount and Issue Costs	(2)	(2)
Carrying Value	588	588
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Summary of Carrying value of long-term debt
Principal	425	425
Discount and Issue Costs	(4)	(4)
Carrying Value	421	421
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	3	3
Discount and Issue Costs	0	0
Carrying Value	3	3
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	425	300
Discount and Issue Costs	(14)	(10)
Carrying Value	411	290
Subordinated Debentures | 6-1/4% Subordinated Debentures due September 2054 | AFG
Summary of Carrying value of long-term debt
Principal	150	150
Discount and Issue Costs	(5)	(5)
Carrying Value	145	145
Subordinated Debentures | 6% Subordinated Debentures due November 2055 | AFG
Summary of Carrying value of long-term debt
Principal	150	150
Discount and Issue Costs	(5)	(5)
Carrying Value	145	145
Subordinated Debentures | 5.875% Subordinated Debentures due in March 2059 | AFG
Summary of Carrying value of long-term debt
Principal	125	0
Discount and Issue Costs	(4)	0
Carrying Value	$ 121	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease right-of-use asset	$ 167	$ 174
Deferred rent and lease incentives	23	24
Operating lease liability	$ 190	$ 198

Leases - Lease activity (Detail

Leases - Lease activity (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating leases	$ 11
Short-term leases	0
Total lease expense	11
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows	12
Right-of-use assets obtained in exchange for new lease liabilities	$ 3
Weighted-average remaining lease term (in years)	5 years 10 months 24 days
Weighted-average discount rate (percent)	4.10%

Leases - Undiscounted contractu

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Lease payments due remainder of fiscal year	$ 35
Lease payments due in 2020	42
Lease payments due in 2021	36
Lease payments due in 2022	28
Lease payments due in 2023	23
Lease payments due thereafter	51
Total lease payments	215
Less: Future lease payments impact of discounting	(25)
Operating lease liability	$ 190	$ 198

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Mar. 31, 2019$ / sharesshares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value (in USD per share) | $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value (in USD per share) | $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net of tax unrealized gains (losses) related to credit-only impaired securities	$ 61		$ 58
Cumulative effect of accounting change					$ 4
Compensation expense related to stock incentive plans	$ 6	$ 5
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)	232,565
Restricted Common Stock, fair value per share (USD per share)	$ 99.28
Common Stock options issued under stock incentive plan (shares)	0
Accounting Standards Update 2016-01 | Equity securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of accounting change				$ (221)

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019		Mar. 31, 2018		Jan. 01, 2018		Dec. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		$ 48
Other comprehensive income (loss), net of tax		396		$ (287)
Cumulative effect of accounting change								$ 4
AOCI ending balance		444
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, Pretax		487		(353)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax		(103)		74
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		384		(279)
Reclassification from accumulated other comprehensive income, pretax	[1]	(4)		2
Reclassification from accumulated other comprehensive income, tax	[1]	1		0
Reclassification from accumulated other comprehensive income, net of tax		(3)		2
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		483		(351)
Other comprehensive income (loss), tax		(102)		74
Other comprehensive income (loss), net of tax		381		(277)
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		0		0
Reclassification from accumulated other comprehensive income, net of tax	[1]	0		0
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax		0		0
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		384		(279)
Reclassification from accumulated other comprehensive income, net of tax		(3)		2
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		83	[2]	840
Other comprehensive income (loss), net of tax		381		(277)
Cumulative effect of accounting change	[3]			(221)		$ 0
AOCI ending balance		464	[2]	342
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		14		(14)
Other comprehensive income (loss), tax		(3)		3
Other comprehensive income (loss), net of tax		11		(11)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax		0		0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(11)		(13)
Other comprehensive income (loss), net of tax		11		(11)
Cumulative effect of accounting change	[3]			0		0
AOCI ending balance		0		(24)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		4		2
Other comprehensive income (loss), tax		0		(1)
Other comprehensive income (loss), net of tax		4		1
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax		0		0
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(16)		(6)
Other comprehensive income (loss), net of tax		4		1
Cumulative effect of accounting change	[3]			0		0
AOCI ending balance		(12)		(5)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		0		0
Other comprehensive income (loss), tax		0		0
Other comprehensive income (loss), net of tax		0		0
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax		0		0
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(8)		(8)
Other comprehensive income (loss), net of tax		0		0
Cumulative effect of accounting change	[3]			0		0
AOCI ending balance		(8)		(8)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		501		(363)
Other comprehensive income (loss), tax		(105)		76
Other comprehensive income (loss), net of tax		396		(287)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax		0		0
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		48		813
Other comprehensive income (loss), net of tax		396		(287)
Cumulative effect of accounting change				(221)	[3]	$ 0	[3]	$ (221)
AOCI ending balance		$ 444		$ 305
[1]	The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes
[2]	Includes net unrealized gains of $61 million at March 31, 2019 compared to $58 million at December 31, 2018 related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.
[3]	On January 1, 2018, AFG adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $221 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change.

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Statutory rate of income taxes	21.00%	21.00%
Operating loss carryforwards subject to SRLY tax rules will expire unutilized at December 31, 2019	$ 19

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 413	$ 174
Income taxes at statutory rate	87	37
Effect of tax exempt interest	(4)	(3)
Effect of dividends received deduction	(1)	(1)
Effect of stock-based compensation	(2)	(5)
Effect of nondeductible expenses	2	2
Effect of change in valuation allowance	2	0
Effect of foreign operations	0	3
Effect of other income tax reconciliation	3	0
Provision for income taxes as shown on the Statement of Earnings	$ 87	$ 33
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(2.00%)
Effect of dividends received deduction as a percentage of EBT	(0.00%)	(0.00%)
Effect of stock-based compensation as a percentage of EBT	0.00%	(3.00%)
Effect of nondeductible expenses as a percentage of EBT	0.00%	1.00%
Effect of change in valuation allowance as a percentage of EBT	0.00%	0.00%
Effect of foreign operations as a percentage of EBT	0.00%	2.00%
Effect of other income tax reconciliation as a percentage of EBT	1.00%	0.00%
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	21.00%	19.00%

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of year		$ 9,741	$ 9,678
Less reinsurance recoverables, net of allowance		2,942	2,957
Net liability at beginning of year		6,799	6,721
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Provision for losses and LAE occurring in the current period		737	697
Total losses and LAE incurred		692	641
Payments for losses and LAE of:
Current year		(89)	(86)
Prior years		(615)	(554)
Total payments		(704)	(640)
Reserves of business disposed	[1]	0	(319)
Foreign currency translation and other		1	2
Net liability at end of period		6,788	6,405
Add back reinsurance recoverables, net of allowance		2,835	2,788
Gross unpaid losses and LAE included in the balance sheet at end of period		9,623	9,193
Other
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Net decrease in the provision for claims of prior years		$ (45)	$ (56)
[1]	Reflects the reinsurance to close transaction at Neon discussed below.