American Financial (AFG) 10-K 25 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 01, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-13653
Entity Registrant Name	AMERICAN FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1544320
Entity Central Index Key	0001042046
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4,910
Entity Common Stock, Shares Outstanding		86,399,280
Entity Common Stock, Shares Outstanding Owned by Subsidiaries		14,900,000
Common stocks
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 2,810	$ 2,314
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $40,408 and $44,524; allowance for expected credit losses of $40 at December 31, 2020)	43,207	46,505
Fixed maturities, trading at fair value	66	113
Equity securities, at fair value	1,663	1,937
Investments accounted for using the equity method	1,881	1,688
Mortgage loans	1,623	1,329
Policy loans	151	164
Equity index call options	825	924
Real estate and other investments	276	278
Total cash and investments	52,502	55,252
Prepaid reinsurance premiums	768	678
Agents’ balances and premiums receivable	1,231	1,335
Deferred policy acquisition costs	546	1,037
Assets of managed investment entities	73,566	70,130
Other receivables	959	975
Variable annuity assets (separate accounts)	664	628
Other assets	1,626	1,867
Goodwill	207	207
Total assets	73,566	70,130
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,392	10,232
Unearned premiums	2,803	2,830
Annuity benefits accumulated	42,573	40,406
Life, accident and health reserves	607	612
Payable to reinsurers	807	814
Liabilities of managed investment entities	66,777	63,861
Long-term debt	1,963	1,473
Variable annuity liabilities (separate accounts)	664	628
Other liabilities	2,197	2,295
Total liabilities	66,777	63,861
Redeemable noncontrolling interests	0	0
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 86,345,246 and 90,303,686 shares outstanding	86	90
Capital surplus	1,281	1,307
Retained earnings	4,149	4,009
Accumulated other comprehensive income, net of tax	1,273	863
Total shareholders’ equity	6,789	6,269
Noncontrolling interests	0	0
Total equity	6,789	6,269
Total liabilities and equity	73,566	70,130
Property and casualty insurance
Investments:
Recoverables from reinsurers:	3,288	3,133
Assets of managed investment entities	19,689	19,098
Goodwill	176	176
Total assets	19,689	19,098
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,392
Fixed and indexed annuities
Investments:
Recoverables from reinsurers:	6,539	0
Assets of managed investment entities	47,626	45,074
Goodwill	31	31
Total assets	47,626	45,074
Other lines
Investments:
Recoverables from reinsurers:	265	282
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	4,971	4,736
Total assets	4,971	4,736
Liabilities and Equity:
Liabilities of managed investment entities	4,771	4,571
Total liabilities	$ 4,771	$ 4,571

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 40,408	$ 44,524
Fixed maturities, available for sale, allowance for expected credit losses	$ 40	$ 0
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Outstanding	86,345,246	90,303,686

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Property and casualty insurance net earned premiums	$ 5,099	$ 5,185	$ 4,865
Net investment income	2,132	2,303	2,094
Realized gains (losses) on:
Securities	289	287	(266)
Subsidiaries	23	0	0
Income of managed investment entities:
Investment income	201	269	255
Gain (loss) on change in fair value of assets/liabilities	(39)	(30)	(21)
Other income	204	223	223
Total revenues	7,909	8,237	7,150
Costs and Expenses:
Property and casualty insurance: Losses and loss adjustment expenses	3,271	3,271	3,003
Property and casualty insurance: Commissions and other underwriting expenses	1,625	1,725	1,583
Annuity benefits	1,192	1,151	998
Annuity and supplemental insurance acquisition expenses	306	253	261
Interest charges on borrowed money	88	68	62
Expenses of managed investment entities	149	220	211
Other expenses	430	441	393
Total costs and expenses	7,061	7,129	6,511
Earnings before income taxes	848	1,108	639
Provision for income taxes	127	239	122
Net earnings, including noncontrolling interests	721	869	517
Less: Net earnings (loss) attributable to noncontrolling interests	(11)	(28)	(13)
Net Earnings Attributable to Shareholders	$ 732	$ 897	$ 530
Earnings Attributable to Shareholders per Common Share:
Basic (USD per share)	$ 8.25	$ 9.98	$ 5.95
Diluted (USD per share)	$ 8.20	$ 9.85	$ 5.85
Average number of Common Shares:
Basic (shares)	88.7	89.9	89
Diluted (shares)	89.2	91	90.6

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 721	$ 869	$ 517
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	700	788	(544)
Reclassification adjustment for realized (gains) losses included in net earnings	(307)	(9)	8
Total net unrealized gains (losses) on securities	393	779	(536)
Net unrealized gains on cash flow hedges	24	28	2
Foreign currency translation adjustments	(1)	7	(10)
Pension and other postretirement plans adjustments	0	1	0
Other comprehensive income (loss), net of tax	416	815	(544)
Total comprehensive income (loss), net of tax	1,137	1,684	(27)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(9)	(28)	(13)
Comprehensive income (loss) attributable to shareholders	$ 1,146	$ 1,712	$ (14)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative effect, period of adoption, adjustment	Total	TotalCumulative effect, period of adoption, adjustment	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Retained EarningsCumulative effect, period of adoption, adjustment	Accumulated Other Comprehensive Inc. (Loss)	Accumulated Other Comprehensive Inc. (Loss)Cumulative effect, period of adoption, adjustment	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 5,331	$ 4	$ 5,330	$ 4		$ 1,269	$ 3,248	$ 225	$ 813	$ (221)	$ 1
Beginning Balance, shares at Dec. 31, 2017					88,275,460
Beginning Balance at Dec. 31, 2017	5,331	4	5,330	4		1,269	3,248	225	813	(221)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	4,972	$ 4	4,970	$ 4		1,334	3,588	225	48	(221)	2
Net income (loss) attributable to parent	530		530				530
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	531										1
Other Comprehensive Income (Loss), Net of Tax, including Portion Attributable to Noncontrolling Interest	(544)
Other comprehensive income (loss)	(544)		(544)						(544)		0
Dividends	(397)		(397)				(397)
Shares issued:
Exercise of stock options, shares					778,270
Exercise of stock options	29		29			29
Restricted stock awards, shares					200,625
Restricted stock awards	0		0			0
Other benefit plans, shares					103,797
Other benefit plans	12		12			12
Dividend reinvestment plan, shares					29,998
Dividend reinvestment plan	3		3			3
Stock-based compensation: Expense	23		23			23
Shares acquired and retired, shares					(65,589)
Shares acquired and retired	(6)		(6)			(1)	(5)
Shares exchanged — benefit plans, shares					(26,520)
Shares exchanged — benefit plans	(3)		(3)			(1)	(2)
Forfeitures of restricted stock, shares					(4,317)
Forfeitures of restricted stock	0		0			0
Other	(11)		(11)				(11)				0
Ending Balance, shares at Dec. 31, 2018					89,291,724
Ending Balance at Dec. 31, 2018	4,972		4,970			1,334	3,588		48		2
Beginning Balance, Redeemable Noncontrolling Interests at Dec. 31, 2017	3
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(14)
Other	11
Ending Balance, Redeemable Noncontrolling Interests at Dec. 31, 2018	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	4,972		4,970			1,334	3,588		48		2
Cumulative effect of accounting change	4,972		6,269			1,397	4,009	7	863	0	0
Net income (loss) attributable to parent	897		897				897
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	895										(2)
Other Comprehensive Income (Loss), Net of Tax, including Portion Attributable to Noncontrolling Interest	815
Other comprehensive income (loss)	815		815						815		0
Dividends	(446)		(446)				(446)
Shares issued:
Exercise of stock options, shares					747,167
Exercise of stock options	31		31			31
Restricted stock awards, shares					232,635
Restricted stock awards	0		0			0
Other benefit plans, shares					77,429
Other benefit plans	8		8			8
Dividend reinvestment plan, shares					19,334
Dividend reinvestment plan	2		2			2
Stock-based compensation: Expense	23		23			23
Shares exchanged — benefit plans, shares					(50,062)
Shares exchanged — benefit plans	(5)		(5)			(1)	(4)
Forfeitures of restricted stock, shares					(14,541)
Forfeitures of restricted stock	0		0			0
Other	$ (26)		(26)				(26)		0		0
Ending Balance, shares at Dec. 31, 2019	90,303,686				90,303,686
Ending Balance at Dec. 31, 2019	$ 6,269		6,269			1,397	4,009	7	863	0	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(26)
Other	26
Ending Balance, Redeemable Noncontrolling Interests at Dec. 31, 2019	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,269		6,269			1,397	4,009	7	863	0	0
Cumulative effect of accounting change	6,269		6,789			1,367	4,149	$ 7	1,273	$ 0	0
Net income (loss) attributable to parent	732		732				732
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	734										2
Other Comprehensive Income (Loss), Net of Tax, including Portion Attributable to Noncontrolling Interest	414
Other comprehensive income (loss)	416		414						414		0
Dividends	$ (336)		(336)				(336)
Shares issued:
Exercise of stock options, shares	328,471				328,471
Exercise of stock options	$ 14		14			14
Restricted stock awards, shares					227,867
Restricted stock awards	0		0			0
Other benefit plans, shares					143,270
Other benefit plans	10		10			10
Dividend reinvestment plan, shares					18,690
Dividend reinvestment plan	2		2			2
Stock-based compensation: Expense	20		20			20
Shares acquired and retired, shares					(4,531,394)
Shares acquired and retired	(313)		(313)			(70)	(243)
Shares exchanged — benefit plans, shares					(101,663)
Shares exchanged — benefit plans	(11)		(11)			(2)	(9)
Forfeitures of restricted stock, shares					(43,681)
Forfeitures of restricted stock	0		0			0
Other	$ (21)		(19)			(4)	(11)		(4)		(2)
Ending Balance, shares at Dec. 31, 2020	86,345,246				86,345,246
Ending Balance at Dec. 31, 2020	$ 6,789		6,789			1,367	4,149		1,273		0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(13)
Other comprehensive income (loss), net of tax attributable to redeemable noncontrolling interests	2
Other	11
Ending Balance, Redeemable Noncontrolling Interests at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 6,789		$ 6,789			$ 1,367	$ 4,149		$ 1,273		$ 0

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 3.85	$ 4.95	$ 4.45

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net earnings, including noncontrolling interests	$ 721	$ 869	$ 517
Adjustments:
Depreciation and amortization	299	259	210
Annuity benefits	1,192	1,151	998
Realized (gains) losses on investing activities	(313)	(288)	265
Net (purchases) sales of trading securities	20	(5)	111
Deferred annuity and life policy acquisition costs	(154)	(206)	(263)
Change in:
Reinsurance and other receivables	(533)	(112)	(211)
Other assets	138	(406)	96
Insurance claims and reserves	812	703	425
Payable to reinsurers	13	62	9
Other liabilities	(71)	516	(140)
Managed investment entities’ assets/liabilities	25	23	148
Other operating activities, net	34	(110)	(82)
Net cash provided by operating activities	2,183	2,456	2,083
Investing Activities:
Purchases of fixed maturities	(10,335)	(8,260)	(10,183)
Purchases of equity securities	(404)	(242)	(568)
Purchases of mortgage loans	(372)	(442)	(167)
Purchases of equity index call options and other investments	(897)	(991)	(973)
Purchases of real estate, property and equipment	(60)	(44)	(80)
Purchases of businesses	(3)	0	(36)
Proceeds from maturities and redemptions of fixed maturities	5,749	4,567	4,948
Proceeds from repayments of mortgage loans	84	184	201
Proceeds from sales of fixed maturities	3,729	927	501
Proceeds from sales of equity securities	656	453	247
Proceeds from sales and settlements of equity index call options and other investments	988	771	883
Proceeds from sales of real estate, property and equipment	5	4	3
Proceeds from sale of businesses	3	0	0
Cash and cash equivalents of businesses acquired and sold	(425)	0	13
Managed investment entities:
Purchases of investments	(1,502)	(1,398)	(2,117)
Proceeds from sales and redemptions of investments	1,221	1,409	1,948
Other investing activities, net	(1)	(3)	30
Net cash used in investing activities	(1,564)	(3,065)	(5,350)
Financing Activities:
Annuity receipts	4,287	4,960	5,632
Ceded annuity receipts	(492)	0	0
Annuity surrenders, benefits and withdrawals	(3,711)	(3,358)	(2,916)
Ceded annuity surrenders, benefits and withdrawals	206	0	0
Net transfers from variable annuity assets	61	60	47
Cash transferred in annuity reinsurance	(554)	0	0
Additional long-term borrowings	634	315	0
Reductions of long-term debt	(150)	(150)	0
Issuances of managed investment entities’ liabilities	429	371	1,983
Retirements of managed investment entities’ liabilities	(208)	(382)	(1,935)
Issuances of Common Stock	22	36	33
Repurchases of Common Stock	(313)	0	(6)
Cash dividends paid on Common Stock	(334)	(444)	(394)
Net cash provided by (used in) financing activities	(123)	1,408	2,444
Net Change in Cash and Cash Equivalents	496	799	(823)
Cash and cash equivalents at beginning of year	2,314	1,515	2,338
Cash and cash equivalents at end of year	$ 2,810	$ 2,314	$ 1,515

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2020, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. Other than recording an estimated loss at September 30 on the sale of Neon, its United Kingdom-based Lloyd’s insurer ( see Note B — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2020 or 2019. Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. AFG’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in AFG’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses will be recorded immediately in net earnings through realized gains (losses). Investments On January 1, 2018, AFG adopted 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 loans (net of any allowance) 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020. 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. 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 at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG’s property and casualty insurance subsidiaries report as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG’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. Certain reinsurance arrangements in AFG’s fixed and indexed annuity operations do not transfer significant insurance risk and are therefore accounted for using the deposit method. This accounting treatment results in amounts paid by AFG to the reinsurer to be recorded as a deposit asset. The reinsurance deposit asset (reinsurance recoverable) is adjusted as amounts are paid or received under the underlying contracts. AFG’s reinsurance partner posts collateral in excess of amounts due to AFG under these contracts. Under reinsurance accounting guidance on transactions involving annuities, the gain or loss is deferred and recognized over the expected life of the underlying annuity contracts (using methods similar to those used to amortize 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 A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note H — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. 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 (“FIAs”), 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 (included in other assets and 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 AFG’s results of operations or liquidity. See Note K — “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 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: 2020 – 0.5 million, 2019 – 1.1 million and 2018 – 1.6 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2020, 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

Acquisitions and Sale of Busine

Acquisitions and Sale of Businesses	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions and Sale of Businesses	Acquisitions and Sale of Businesses Neon In December 2019, AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing Neon Underwriting Ltd. and its other Lloyd’s subsidiaries in run-off. Neon and its predecessor, Marketform, failed to achieve AFG’s profitability objectives since AFG’s purchase of Marketform in 2008. On June 30, 2020, AFG acquired 100% of the indirect noncontrolling interest in Neon from certain former and current Neon executives for cash based on the nominal fair value of the interest acquired as determined by a third-party valuation firm. On December 31, 2020, AFG completed the sale of GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own Neon, to RiverStone Holdings Limited for proceeds of $6 million. The sale completed AFG’s exit from the Lloyd’s of London insurance market. On the sale date, the carrying value of the assets and liabilities disposed represented approximately 1% of both AFG’s assets and liabilities and are detailed in the table below. Under GAAP accounting guidance, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Because AFG’s primary business continues to be commercial property and casualty insurance, as well as the immaterial expected impact on AFG’s ongoing results of operations, the sale of Neon has not been reported as a discontinued operation. The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions): Sale proceeds, net of expenses $ 3 Assets of businesses to be sold: Cash and investments $ 453 Recoverables from reinsurers 224 Prepaid reinsurance premiums 8 Agents’ balances and premiums receivable 42 Other assets 60 Total assets 787 Liabilities of businesses to be sold: Unpaid losses and loss adjustment expenses 640 Unearned premiums 49 Payable to reinsurers 19 Other liabilities 92 Total liabilities 800 Reclassify accumulated other comprehensive income (7) Net liabilities of businesses sold $ (20) Pretax gain on subsidiaries recorded in 2020 $ 23 Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2020 2019 2018 Net earned premiums $ 200 $ 384 $ 306 Loss and loss adjustment expenses 218 225 204 Commissions and other underwriting expenses 117 195 165 Underwriting loss (135) (36) (63) Net investment income (loss) (5) 6 10 Other income and expenses, net (5) (10) (5) Loss before income taxes and noncontrolling interests $ (145) $ (40) $ (58) The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions): Underwriting loss $ (135) Net investment income (loss) (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests (145) Pretax gain on sale of subsidiaries 23 Total pretax loss from Neon exited lines (122) Tax benefit related to sale of subsidiaries 72 Less: Net loss attributable to noncontrolling interests (11) Net loss from Neon exited lines attributable to shareholders $ (39) As discussed in Note M — “Income Taxes,” the sale of Neon allowed AFG to recognize a $72 million tax benefit. Paratransit Book of Business Effective in June 2019, National Interstate, a property and casualty insurance subsidiary of AFG, entered into an agreement with Atlas Financial Holdings, Inc. (“AFH”) to become the exclusive underwriter of AFH’s paratransit book of business. National Interstate estimated that the majority of AFH’s $110 million paratransit business was eligible for quotation under this arrangement following inception of the agreement. Under the terms of the agreement (as extended in 2020), AFH acts as an underwriting manager for National Interstate until at least August 2021 for fleets with seven or fewer vehicles, after which time National Interstate is entitled to acquire the renewal rights for the business from AFH for a purchase price equal to 15% of the in force gross written premiums at that date. In November 2020, National Interstate acquired the renewal rights for fleets with eight or more vehicles from AFH for approximately $3 million. The majority of the purchase price ultimately paid for the renewal rights will be recorded as an intangible renewal rights asset and will be amortized over the estimated life of the business acquired. In connection with the transaction, AFG was granted a five-year warrant to acquire approximately 2.4 million shares of AFH (19.9% at the acquisition date). The estimated fair value of the warrant was approximately $1 million at the date it was received. ABA Insurance Services Inc. In November 2018, AFG acquired ABA Insurance Services Inc. (“ABAIS”) from American Bankers Mutual Insurance, Ltd. for approximately $30 million using cash on hand at the parent company. Additional contingent consideration of up to $3 million could be due four years after the acquisition date based on achieving certain operating milestones. ABAIS is based in Ohio and is a market-leading provider of directors and officers liability and other complementary insurance solutions for banks, small businesses and nonprofit organizations. The allocation of the purchase price is shown in the table below (in millions): November 30, Total purchase price $ 30 Tangible assets acquired 28 Liabilities acquired 26 Net tangible assets acquired, at fair value 2 Excess purchase price over net tangible assets acquired $ 28 Allocation of excess purchase price: Intangible assets acquired (*) $ 25 Deferred tax on intangible assets acquired (*) (5) Goodwill 8 $ 28 (*) Included in Other assets in AFG’s Balance Sheet. Approximately $25 million of the purchase price was recorded as a finite lived customer relationship intangible asset, which will be amortized over its estimated life of 9 years. The fair value of this intangible was estimated using a multi-period excess earnings method, which is a form of the income approach. The acquisition resulted in the recognition of $8 million in goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The goodwill represents the fair value of acquired intangible assets that do not qualify for separate recognition, including the value of ABAIS’s assembled workforce. Business generated by ABAIS is included in the Specialty casualty sub-segment.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2020
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 assets and costs, revenues and costs of AFG’s limited insurance operations outside of property and casualty insurance and annuity segments, and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s annuity business sells traditional fixed and 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. As discussed in Note B — “Acquisitions and Sale of Businesses,” AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off in December 2019. Beginning with the first quarter of 2020, the results for AFG’s Specialty casualty sub-segment exclude the run-off operations of Neon (“Neon exited lines”). AFG completed the sale of Neon in December 2020. Sales of property and casualty insurance outside of the United States represented 5% of AFG’s revenues in 2020 and 7% of AFG’s revenues in 2019 and 2018. Approximately one-half and two-thirds of these 2020 and 2019 sales, respectively, were through the Neon Lloyd’s of London business. The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2020 2019 2018 Assets Property and casualty insurance (a) $ 19,689 $ 19,098 $ 17,681 Annuity 47,626 45,074 39,952 Other 6,251 5,958 5,823 Total assets $ 73,566 $ 70,130 $ 63,456 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 1,871 $ 1,828 $ 1,729 Specialty casualty 2,235 2,597 2,403 Specialty financial 613 610 598 Other specialty 180 150 135 Other lines (b) 200 — — Total premiums earned 5,099 5,185 4,865 Net investment income (c) 399 472 438 Other income 8 11 10 Total property and casualty insurance 5,506 5,668 5,313 Annuity: Net investment income 1,699 1,792 1,638 Other income 131 120 125 Total annuity 1,830 1,912 1,763 Other 261 370 340 Total revenues before realized gains (losses) 7,597 7,950 7,416 Realized gains (losses) on securities 289 287 (266) Realized gains on subsidiaries 23 — — Total revenues $ 7,909 $ 8,237 $ 7,150 (a) Not allocable to sub-segments. (b) Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million and $306 million in earned premiums during 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. (c) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). 2020 2019 2018 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 181 $ 79 $ 120 Specialty casualty 223 175 141 Specialty financial 50 92 66 Other specialty (28) (21) (5) Other lines (a) (202) (113) (20) Total underwriting 224 212 302 Investment and other income, net (b) 360 437 407 Total property and casualty insurance 584 649 709 Annuity 171 362 361 Other (c) (219) (190) (165) Total earnings before realized gains (losses) and income taxes 536 821 905 Realized gains (losses) on securities 289 287 (266) Realized gains on subsidiaries 23 — — Total earnings before income taxes $ 848 $ 1,108 $ 639 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million and $63 million underwriting losses in 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in both 2019 and 2018, and a $76 million charge in 2019 related to the Neon exited lines. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020, $11 million in 2019 and $9 million in 2018). Also includes the results of AFG’s run-off life and long-term care businesses, including a $4 million loss recognition charge recorded in the run-off long-term care business in 2020.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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”), certain 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. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 201 $ 26 $ 15 $ 242 States, municipalities and political subdivisions — 5,630 103 5,733 Foreign government — 211 — 211 Residential MBS — 2,890 165 3,055 Commercial MBS — 777 13 790 Collateralized loan obligations — 4,489 64 4,553 Other asset-backed securities — 5,850 1,373 7,223 Corporate and other 44 19,873 1,483 21,400 Total AFS fixed maturities 245 39,746 3,216 43,207 Trading fixed maturities — 66 — 66 Equity securities 1,096 98 469 1,663 Equity index call options — 825 — 825 Assets of managed investment entities (“MIE”) 217 4,733 21 4,971 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets accounted for at fair value $ 1,558 $ 46,234 $ 3,706 $ 51,498 Liabilities: Liabilities of managed investment entities $ 208 $ 4,543 $ 20 $ 4,771 Derivatives in annuity benefits accumulated — — 3,933 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 208 $ 4,553 $ 3,953 $ 8,714 December 31, 2019 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 151 $ 43 $ 15 $ 209 States, municipalities and political subdivisions — 6,858 105 6,963 Foreign government — 172 — 172 Residential MBS — 2,987 173 3,160 Commercial MBS — 892 35 927 Collateralized loan obligations — 4,265 15 4,280 Other asset-backed securities — 5,842 1,286 7,128 Corporate and other 29 21,879 1,758 23,666 Total AFS fixed maturities 180 42,938 3,387 46,505 Trading fixed maturities 2 111 — 113 Equity securities 1,433 67 437 1,937 Equity index call options — 924 — 924 Assets of managed investment entities 213 4,506 17 4,736 Variable annuity assets (separate accounts) (*) — 628 — 628 Other assets — derivatives — 50 — 50 Total assets accounted for at fair value $ 1,828 $ 49,224 $ 3,841 $ 54,893 Liabilities: Liabilities of managed investment entities $ 206 $ 4,349 $ 16 $ 4,571 Derivatives in annuity benefits accumulated — — 3,730 3,730 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 206 $ 4,359 $ 3,746 $ 8,311 (*) Variable annuity liabilities equal the fair value of variable annuity assets. Approximately 7% of the total assets carried at fair value on December 31, 2020, were Level 3 assets. Approximately 40% ($1.50 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. Approximately $530 million (14%) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers, or other market factors led management to determine these securities should be classified as Level 3 assets. Internally developed Level 3 asset fair values represent approximately $1.68 billion (46%) of the total fair value of Level 3 assets at December 31, 2020. The fixed maturities are priced using a variety of inputs, including appropriate credit spreads over the treasury yield (of a similar duration), trade information and prices of comparable securities and other security specific features (such as optional early redemption). Internally developed prices for equity securities are based primarily on financial information of the entities invested in and sales of comparable companies. Management believes that any justifiable changes in unobservable inputs used to determine internally developed fair values would not have resulted in a material change in AFG’s financial position. 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 $3.93 billion at December 31, 2020. The following table presents information about the unobservable inputs used by management in determining fair value of these Level 3 liabilities. See Note F — “Derivatives.” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.2% – 2.2% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 13.9% of indexed account value Budgeted option costs 2.2% – 2.9% 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 8% 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 2020, 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 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 4 $ (4) $ — $ — $ — $ — $ 15 State and municipal 105 — 5 — (5) — (2) 103 Residential MBS 173 (7) (8) — (19) 58 (32) 165 Commercial MBS 35 — 1 — (3) 2 (22) 13 Collateralized loan obligations 15 (5) 22 — — 187 (155) 64 Other asset-backed securities 1,286 (17) 20 423 (375) 215 (179) 1,373 Corporate and other 1,758 2 33 283 (185) 133 (541) 1,483 Total AFS fixed maturities 3,387 (23) 69 706 (587) 595 (931) 3,216 Equity securities 437 (13) — 73 (19) 17 (26) 469 Assets of MIE 17 (6) — 2 — 8 — 21 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Embedded derivatives (a) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities (b) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ 7 $ — $ (1) $ — $ — $ 15 State and municipal 59 — 5 — (3) 55 (11) 105 Residential MBS 197 6 (3) — (20) 48 (55) 173 Commercial MBS 56 2 — — (12) 4 (15) 35 Collateralized loan obligations 116 (5) 5 — — 28 (129) 15 Other asset-backed securities 731 — 6 787 (192) 23 (69) 1,286 Corporate and other 1,996 (3) 55 738 (335) 30 (723) 1,758 Total AFS fixed maturities 3,164 — 75 1,525 (563) 188 (1,002) 3,387 Equity securities 336 (5) — 52 (2) 56 — 437 Assets of MIE 21 (5) — 1 — — — 17 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Embedded derivatives (a) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities (b) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ 1 $ — $ 9 State and municipal 148 — (2) — (3) — (84) 59 Residential MBS 122 (9) (4) — (21) 130 (21) 197 Commercial MBS 36 — — 20 — — — 56 Collateralized loan obligations 200 (3) (13) 35 (20) 3 (86) 116 Other asset-backed securities 544 — (2) 391 (228) 79 (53) 731 Corporate and other 1,044 (10) (18) 1,221 (204) 27 (64) 1,996 Total AFS fixed maturities 2,102 (22) (39) 1,667 (476) 240 (308) 3,164 Equity securities 165 9 — 155 (6) 30 (17) 336 Assets of MIE 23 (8) — 6 — — — 21 Total Level 3 assets $ 2,290 $ (21) $ (39) $ 1,828 $ (482) $ 270 $ (325) $ 3,521 Embedded derivatives (a) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) Total Level 3 liabilities (b) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes losses related to the unlocking of actuarial assumptions of $44 million in 2018. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of 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 at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2020 Financial assets: Cash and cash equivalents $ 2,810 $ 2,810 $ 2,810 $ — $ — Mortgage loans 1,623 1,652 — — 1,652 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 4,584 $ 4,613 $ 2,810 $ — $ 1,803 Financial liabilities: Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Long-term debt 1,963 2,325 — 2,322 3 Total financial liabilities not accounted for at fair value $ 43,423 $ 45,406 $ — $ 2,322 $ 43,084 2019 Financial assets: Cash and cash equivalents $ 2,314 $ 2,314 $ 2,314 $ — $ — Mortgage loans 1,329 1,346 — — 1,346 Policy loans 164 164 — — 164 Total financial assets not accounted for at fair value $ 3,807 $ 3,824 $ 2,314 $ — $ 1,510 Financial liabilities: Annuity benefits accumulated (*) $ 40,159 $ 40,182 $ — $ — $ 40,182 Long-term debt 1,473 1,622 — 1,619 3 Total financial liabilities not accounted for at fair value $ 41,632 $ 41,804 $ — $ 1,619 $ 40,185 (*) Excludes $1.11 billion and $247 million of life contingent annuities in the payout phase at December 31, 2020 and 2019, respectively.

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 231 $ — $ 11 $ — $ 11 $ 242 States municipalities and political subdivisions 5,249 — 486 (2) 484 5,733 Foreign government 203 — 8 — 8 211 Residential MBS 2,812 3 251 (5) 246 3,055 Commercial MBS 748 — 43 (1) 42 790 Collateralized loan obligations 4,556 13 27 (17) 10 4,553 Other asset-backed securities 7,138 18 169 (66) 103 7,223 Corporate and other 19,471 6 1,962 (27) 1,935 21,400 Total fixed maturities $ 40,408 $ 40 $ 2,957 $ (118) $ 2,839 $ 43,207 December 31, 2019 Fixed maturities: U.S. Government and government agencies $ 199 $ — $ 10 $ — $ 10 $ 209 States municipalities and political subdivisions 6,604 — 363 (4) 359 6,963 Foreign government 170 — 3 (1) 2 172 Residential MBS 2,900 — 265 (5) 260 3,160 Commercial MBS 896 — 31 — 31 927 Collateralized loan obligations 4,307 — 10 (37) (27) 4,280 Other asset-backed securities 6,992 — 156 (20) 136 7,128 Corporate and other 22,456 — 1,231 (21) 1,210 23,666 Total fixed maturities $ 44,524 $ — $ 2,069 $ (88) $ 1,981 $ 46,505 Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions): 2020 2019 Fair Value Fair Value Actual over (under) Actual over (under) Cost Fair Value Cost Cost Fair Value Cost Common stocks $ 939 $ 922 $ (17) $ 1,164 $ 1,283 $ 119 Perpetual preferred stocks 702 741 39 640 654 14 Total equity securities carried at fair value $ 1,641 $ 1,663 $ 22 $ 1,804 $ 1,937 $ 133 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 Fair Fair Value as Unrealized Fair Fair Value as December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ 23 100 % $ — $ — — % States, municipalities and political subdivisions (2) 117 98 % — 11 100 % Foreign government — 7 100 % — — — % Residential MBS (4) 210 98 % (1) 30 97 % Commercial MBS (1) 39 98 % — 9 100 % Collateralized loan obligations (3) 673 100 % (14) 1,599 99 % Other asset-backed securities (45) 1,440 97 % (21) 388 95 % Corporate and other (22) 858 98 % (5) 124 96 % Total fixed maturities $ (77) $ 3,367 98 % $ (41) $ 2,161 98 % December 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ 16 100 % $ — $ 11 100 % States, municipalities and political subdivisions (3) 254 99 % (1) 82 99 % Foreign government (1) 70 99 % — — — % Residential MBS (4) 509 99 % (1) 69 99 % Commercial MBS — 17 100 % — — — % Collateralized loan obligations (11) 1,284 99 % (26) 1,728 99 % Other asset-backed securities (12) 1,211 99 % (8) 123 94 % Corporate and other (13) 1,100 99 % (8) 211 96 % Total fixed maturities $ (44) $ 4,461 99 % $ (44) $ 2,224 98 % At December 31, 2020, the gross unrealized losses on fixed maturities of $118 million relate to 620 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 76% of the gross unrealized loss and 88% of the fair value. To evaluate fixed maturities for expected credit losses (impairment), management considers whether the unrealized loss is credit-driven or a result of changes in market interest rates, the extent to which fair value is less than cost basis, historical operating, balance sheet and cash flow data from the issuer, third party research and communications with industry specialists and discussions with issuer management. AFG analyzes its MBS securities for expected credit losses (impairment) each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data. Management believes AFG will recover its cost basis (net of any allowance) in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2020. See Note A — “Accounting Policies — Credit Losses on Financial Instruments,” for a discussion of new guidance effective January 1, 2020, which impacts the accounting for expected credit losses (impairments) of fixed maturity securities. Under the new guidance, credit losses on available for sale fixed maturities continue to be measured based on the present value of expected future cash flows compared to amortized cost; however, impairment losses are now recognized through an allowance instead of directly writing down the amortized cost. Under the new guidance, recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance instead of accreted as investment income through a yield adjustment. In addition, the allowance on available for sale fixed maturities cannot cause the amortized cost net of the allowance to be below fair value. Accordingly, future changes in the fair value of an impaired security (when the allowance was limited by the fair value) due to reasons other than issuer credit (e.g. changes in market interest rates) result in increases or decreases in the allowance, which are recorded through realized gains (losses) on securities. A progression of the allowance for expected credit losses on fixed maturity securities is shown below (in millions): Structured securities (*) Corporate and other Total Balance at January 1 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration 1 — 1 Provision for expected credit losses on securities with no previous allowance 40 28 68 Additions (reductions) to previously recognized expected credit losses (6) (16) (22) Reductions due to sales or redemptions (1) (6) (7) Balance at December 31 $ 34 $ 6 $ 40 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In 2020, AFG purchased two residential mortgage-backed securities with expected credit losses. In aggregate at the time of purchase, the par value was $8 million, the purchase price was $6 million and the allowance for credit losses and the discount were each $1 million. The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2020 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 2,735 $ 2,762 6 % After one year through five years 10,344 11,149 26 % After five years through ten years 9,298 10,570 25 % After ten years 2,771 3,105 7 % 25,148 27,586 64 % Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years) 11,663 11,776 27 % MBS (average life of approximately 3-1/2 years) 3,557 3,845 9 % Total $ 40,368 $ 43,207 100 % (*) Amortized cost, net of allowance for expected credit losses. Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholders’ equity at December 31, 2020 or 2019. 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 December 31, 2020 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 2,323 $ (488) $ 1,835 Fixed maturities — all other 516 (108) 408 Total fixed maturities 2,839 (596) 2,243 Deferred policy acquisition costs — annuity segment (934) 196 (738) Annuity benefits accumulated (324) 68 (256) Life, accident and health reserves (3) — (3) Unearned revenue 11 (2) 9 Total net unrealized gain on marketable securities $ 1,589 $ (334) $ 1,255 December 31, 2019 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 1,611 $ (338) $ 1,273 Fixed maturities — all other 370 (78) 292 Total fixed maturities 1,981 (416) 1,565 Deferred policy acquisition costs — annuity segment (681) 143 (538) Annuity benefits accumulated (219) 46 (173) Life, accident and health reserves (1) — (1) Unearned revenue 11 (2) 9 Total net unrealized gain on marketable securities $ 1,091 $ (229) $ 862 (*) 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. 2020 2019 2018 Investment income: Fixed maturities $ 1,880 $ 1,915 $ 1,742 Equity securities: Dividends 63 85 79 Change in fair value (a) (b) 24 39 22 Equity in earnings of partnerships and similar investments 98 154 161 Other 96 132 112 Gross investment income 2,161 2,325 2,116 Investment expenses (29) (22) (22) Net investment income (b) $ 2,132 $ 2,303 $ 2,094 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that are carried at fair value through net investment income. Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions): 2020 2019 Realized gains (losses) Realized gains (losses) Before Impairments Impairment (Allowance) Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities (a) $ 468 $ (46) $ 422 $ 858 $ 26 $ (29) $ (3) $ 1,821 Equity securities (96) — (96) — 277 — 277 — Mortgage loans and other investments 4 — 4 — 3 — 3 — Other (b) (52) 11 (41) (360) — 10 10 (835) Total pretax 324 (35) 289 498 306 (19) 287 986 Tax effects (68) 7 (61) (105) (64) 4 (60) (207) Net of tax $ 256 $ (28) $ 228 $ 393 $ 242 $ (15) $ 227 $ 779 2018 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 6 $ (26) $ (20) $ (1,181) Equity securities (265) — (265) — Mortgage loans and other investments 1 — 1 — Other (b) 11 7 18 502 Total pretax (247) (19) (266) (679) Tax effects 52 4 56 143 Net of tax $ (195) $ (15) $ (210) $ (536) (a) Includes realized gains of $415 million on investments disposed of in AFG’s 2020 annuity block reinsurance transaction. See Note P — Insurance . (b) 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 2020, 2019 and 2018 on securities that were still owned at December 31 of each year presented as follows (in millions): 2020 2019 2018 Included in realized gains (losses) $ (70) $ 169 $ (279) Included in net investment income 24 38 22 $ (46) $ 207 $ (257) Gross realized gains and losses (excluding impairment charges and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): 2020 2019 2018 Gross gains $ 526 $ 35 $ 22 Gross losses (55) (19) (14)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2020
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): December 31, 2020 December 31, 2019 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 174 $ — $ 102 $ — Public company warrants Equity securities — — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 3,933 — 3,730 Equity index call options Equity index call options 825 — 924 — Equity index put options Other liabilities — 5 — 1 Reinsurance contract (embedded derivative) Other liabilities — 5 — 4 $ 999 $ 3,943 $ 1,026 $ 3,735 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 ($351 million at December 31, 2020 and $577 million at December 31, 2019) 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 net change in the fair value of the call option assets and put option liabilities will generally offset the economic change in the net liability from the index participation. Both the index-based component of the annuities (an embedded derivative) and the related call and put options are considered derivatives that must be adjusted for changes in fair value through earnings each period. The fair values of these derivatives are impacted by actual and expected stock market performance and interest rates as well as other factors. Fluctuations in certain of these factors, such as changes in interest rates and the performance of the stock market, are not economic in nature for the current reporting period, but rather impact the timing of reported results. As discussed under “Reinsurance” in Note A , AFG has a life business 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 2020, 2019 and 2018 (in millions): Derivative Statement of Earnings Line 2020 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ (3) $ 10 $ (7) Public company warrants Realized gains (losses) on securities — (1) (3) Fixed-indexed and variable-indexed annuities (embedded derivative) (*) Annuity benefits (283) (919) 204 Equity index call options Annuity benefits 223 804 (298) Equity index put options Annuity benefits 3 2 (1) Reinsurance contracts (embedded derivative) Net investment income (1) (2) 2 $ (61) $ (106) $ (103) (*) The change in fair value of the embedded derivative includes a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020 and $181 million in 2019 and losses of $44 million in 2018. Derivatives Designated and Qualifying as Cash Flow Hedges As of December 31, 2020, Great American Life Insurance (“GALIC”), AFG’s principal annuity subsidiary, has nine active 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 GALIC’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of GALIC’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, GALIC 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 December 2023 and June 2030) in anticipation of the expected decline in GALIC’s portfolio of fixed maturity securities with floating interest rates based on short-term LIBOR. The total outstanding notional amount of GALIC’s interest rate swaps was $1.63 billion at December 31, 2020 compared to $1.98 billion at December 31, 2019, reflecting the scheduled amortization discussed above, the termination of a swap with a total notional amount of $83 million in the first quarter of 2020, the termination of two swaps with a total notional amount of $166 million in the second quarter 2020 and the expiration of a swap with a notional amount of $44 million in the second quarter 2020. The fair value of the interest rate swaps in an asset position and included in other assets was $102 million at December 31, 2020 and $50 million at December 31, 2019. The fair value of the interest rate swaps in a liability position and included in other liabilities was zero at December 31, 2020 and $5 million at December 31, 2019. 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 income of $40 million in 2020, $3 million in 2019 and losses of $3 million in 2018. A collateral receivable supporting these swaps of $2 million at December 31, 2020 and $20 million at December 31, 2019 is included in other assets in AFG’s Balance Sheet.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs A progression of deferred policy acquisition costs is presented below (in millions): P&C Annuity and Run-off Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized (*) Total Total Balance at December 31, 2017 $ 270 $ 1,217 $ 102 $ 49 $ 1,368 $ (422) $ 946 $ 1,216 Additions 675 263 2 — 265 — 265 940 Amortization: Periodic amortization (644) (238) (19) (7) (264) — (264) (908) Annuity unlocking — 29 — — 29 — 29 29 Included in realized gains — 14 1 — 15 — 15 15 Foreign currency translation (2) — — — — — — (2) Change in unrealized — — — — — 392 392 392 Balance at December 31, 2018 299 1,285 86 42 1,413 (30) 1,383 1,682 Additions 744 206 2 — 208 — 208 952 Amortization: Periodic amortization (721) (120) (13) (6) (139) — (139) (860) Annuity unlocking — (76) (1) — (77) — (77) (77) Included in realized gains — 8 1 — 9 — 9 9 Foreign currency translation — — — — — — — — Change in unrealized — — — — — (669) (669) (669) Balance at December 31, 2019 322 1,303 75 36 1,414 (699) 715 1,037 Additions 547 154 2 — 156 — 156 703 Amortization: Periodic amortization (615) (127) (9) (6) (142) — (142) (757) Annuity unlocking — (118) 4 — (114) — (114) (114) Included in realized gains — (42) 1 — (41) — (41) (41) Foreign currency translation — — — — — — — — Other (10) — — — — — — (10) Change in unrealized — — — — — (272) (272) (272) Balance at December 31, 2020 $ 244 $ 1,170 $ 73 $ 30 $ 1,273 $ (971) $ 302 $ 546 (*) 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 $160 million and $154 million of accumulated amortization at December 31, 2020 and 2019, respectively. During each of the next five years, the PVFP is expected to decrease at a rate of approximately one-seventh of the balance at the beginning of each respective year.

Managed Investment Entities

Managed Investment Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Managed Investment Entities	Managed Investment EntitiesAFG is the investment manager and its subsidiaries have investments ranging from 15.0% to 100.0% of the most subordinate debt tranche of twelve active collateralized loan obligation entities (“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 2020, these entities issued securities in various senior and subordinate classes and invested the proceeds primarily in secured bank loans, which serve as collateral for the debt securities issued by each CLO. None of the collateral was purchased from AFG. AFG’s investments in the subordinate debt tranches of these entities receive residual income from the CLOs only after the CLOs pay expenses (including management fees to AFG) and interest on and returns of capital to senior levels of debt securities. There are no contractual requirements for AFG to provide additional funding for these entities. AFG has not provided and does not intend to provide any financial support to these entities. AFG’s maximum exposure to economic loss on the CLOs that it manages is limited to its investment in those CLOs, which had an aggregate fair value of $200 million (including $111 million invested in the most subordinate tranches) at December 31, 2020, and $165 million at December 31, 2019. In 2020, AFG formed a new CLO, which issued $303 million face amount of liabilities (including $31 million face amount purchased by subsidiaries of AFG). During 2020, AFG subsidiaries purchased $57 million face amount of senior and subordinate tranches of existing CLOs for $39 million and received $2 million in sale and redemption proceeds from its CLO investments. During 2019, AFG subsidiaries received less than $1 million in redemption proceeds from their CLO investments. In 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 2018, AFG subsidiaries also purchased $7 million face amount of a senior debt tranche of an existing CLO for $7 million and received $45 million in sale and redemption proceeds from its CLO investments. In 2018, two AFG CLOs were substantially liquidated, as permitted by the CLO indentures. 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): Year ended December 31, 2020 2019 2018 Investment in CLO tranches $ 200 $ 165 $ 188 Gains (losses) on change in fair value of assets/liabilities (a): Assets (69) 80 (189) Liabilities 30 (110) 168 Management fees paid to AFG 15 15 16 CLO earnings attributable to AFG Shareholders (b) (2) 4 7 (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 $150 million and $146 million at December 31, 2020 and 2019, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $141 million and $129 million at those dates. The CLO assets include loans with an aggregate fair value of $11 million at December 31, 2020 and $10 million at December 31, 2019, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $28 million at December 31, 2020 and $25 million at December 31, 2019). In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $4.55 billion at December 31, 2020 and $4.28 billion at December 31, 2019.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2018, 2019 and 2020, by reporting segment, are presented in the following table (in millions): Property and Casualty Annuity Total Balance at January 1, 2018 $ 168 $ 31 $ 199 Acquisition of subsidiary in 2018 8 — 8 Balance at December 31, 2018, 2019 and 2020 $ 176 $ 31 $ 207 Goodwill increased by $8 million in the fourth quarter of 2018 due to the purchase of ABAIS as discussed in Note B — “Acquisitions and Sale of Businesses.” Included in other assets in AFG’s Balance Sheet is $34 million at December 31, 2020 and $43 million at December 31, 2019 of amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $62 million and $50 million, respectively. Amortization of intangibles was $12 million in 2020,

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following at December 31 (in millions): 2020 2019 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 590 $ (2) $ 588 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 425 (3) 422 425 (3) 422 5.25% Senior Notes due April 2030 300 (6) 294 — — — Other 3 — 3 3 — 3 1,318 (11) 1,307 1,018 (5) 1,013 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 — — — 5.125% Subordinated Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 — — — 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 6% Subordinated Debentures due November 2055 — — — 150 (5) 145 675 (19) 656 475 (15) 460 $ 1,993 $ (30) $ 1,963 $ 1,493 $ (20) $ 1,473 AFG has no scheduled principal payments on its long-term debt in the next five years. In September 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering were used, in part, to redeem AFG’s $150 million in 6% Subordinated Debentures due in November 2055 at par value on November 15, 2020. In April and May 2020, AFG issued $300 million in 5.25% Senior Notes due in April 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060, respectively. The net proceeds of these offerings were used for general corporate purposes, which included repurchases of outstanding common shares. In December 2019, AFG issued $200 million in 5.125% Subordinated Debentures due in December 2059. The net proceeds of the offering were used, in part, to redeem AFG’s $150 million of 6-1/4% Subordinated Debentures due in September 2054 at par value in December 2019. In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in March 2059. In December 2020, AFG replaced its existing credit facility with a new five-year, $500 million revolving credit facility which expires in December 2025. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at December 31, 2020 or under AFG’s previous credit facility at December 31, 2019. Cash interest payments on long-term debt were $83 million in 2020, $65 million in 2019 and $59 million in 2018.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	LeasesAFG 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 December 31, 2020 or December 31, 2019. AFG’s operating lease right-of-use asset (net of deferred rent and lease incentives) and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions): 2020 2019 Right-of-use asset (*) $ 139 $ 158 Lease liability 159 180 (*) Net of deferred rent and lease incentives of $20 million at December 31, 2020 and $22 million at December 31, 2019. The following table details AFG’s lease activity for the years ended December 31, 2020 and December 31, 2019 (in millions): 2020 2019 Lease expense: Operating leases $ 47 $ 46 Short-term leases — 1 Total lease expense $ 47 $ 47 Other operating lease information for the years ended December 31, 2020 and December 31, 2019 (in millions): 2020 2019 Cash paid for lease liabilities reported in operating cash flows $ 50 $ 49 Right-of-use assets obtained under new leases 25 19 The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2020 (in millions): Operating lease payments: 2021 $ 43 2022 35 2023 29 2024 23 2025 20 Thereafter 28 Total lease payments 178 Impact of discounting (19) Operating lease liability $ 159 Weighted-average remaining lease term 5.4 years Weighted-average discount rate 3.9 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2020, there were 3.9 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans. The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2020 919,935 $ 91.10 Granted 227,867 $ 104.15 Vested (285,888) $ 67.65 Forfeited (43,681) $ 101.97 Outstanding at December 31, 2020 818,233 $ 101.65 The total fair value of restricted stock that vested during 2020, 2019 and 2018 was $19 million, $11 million and $10 million, respectively. AFG has not granted any stock options since 2015. Options granted in prior years have an exercise price equal to the market price of AFG Common Stock at the date of grant. Options generally became exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant. Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2020 1,917,790 $ 50.93 Exercised (328,471) $ 43.69 Forfeited/Cancelled (225) $ 63.15 Outstanding at December 31, 2020 1,589,094 $ 52.43 2.8 years $ 56 Options exercisable at December 31, 2020 1,589,094 $ 52.43 2.8 years $ 56 The total intrinsic value of options exercised during 2020, 2019 and 2018 was $17 million, $46 million and $57 million, respectively. During 2020, 2019 and 2018, AFG received $14 million, $31 million and $29 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $3 million, $8 million and $9 million during those years, respectively. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $20 million for 2020 and $23 million for 2019 and 2018. AFG’s provision for income tax includes tax benefits of $9 million in 2020 and $13 million in 2019 and 2018 related to AFG’s stock incentive plans. At December 31, 2020, there was $35 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.5 years. At December 31, 2020, there was no unrecognized compensation expense related to unvested stock options. 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 Pretax Tax Net Attributable to Attributable to Other (b) AOCI Year ended December 31, 2020 Net unrealized gains (losses) on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (a) (389) 82 (307) — (307) Total net unrealized gains (losses) on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains (losses) on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 Year ended December 31, 2019 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 997 $ (209) $ 788 $ — $ 788 Reclassification adjustment for realized (gains) losses included in net earnings (a) (11) 2 (9) — (9) Total net unrealized gains on securities $ 83 986 (207) 779 — 779 $ — $ 862 Net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 28 — 17 Foreign currency translation adjustments (16) 7 — 7 — 7 — (9) Pension and other postretirement plans adjustments (8) 1 — 1 — 1 — (7) Total $ 48 $ 1,030 $ (215) $ 815 $ — $ 815 $ — $ 863 Year ended December 31, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (689) $ 145 $ (544) $ — $ (544) Reclassification adjustment for realized (gains) losses included in net earnings (a) 10 (2) 8 — 8 Total net unrealized gains (losses) on securities $ 840 (679) 143 (536) — (536) $ (221) $ 83 Net unrealized gains (losses) on cash flow hedges (13) 2 — 2 — 2 — (11) Foreign currency translation adjustments (6) (9) (1) (10) — (10) — (16) Pension and other postretirement plans adjustments (8) — — — — — — (8) Total $ 813 $ (686) $ 142 $ (544) $ — $ (544) $ (221) $ 48 (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 (credit) for income taxes (b) 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

Income Taxes	12 Months Ended
	Dec. 31, 2020
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): 2020 2019 2018 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 848 $ 1,108 $ 639 Income taxes at statutory rate $ 178 21 % $ 233 21 % $ 134 21 % Effect of: Tax exempt interest (12) (1 %) (14) (1 %) (13) (2 %) Stock-based compensation (4) — % (8) (1 %) (8) (1 %) Dividend received deduction (3) — % (4) — % (4) (1 %) Adjustment to prior year taxes (1) — % (3) — % (8) (1 %) Employee stock ownership plan dividend paid deduction (2) — % (2) — % (3) (1 %) Tax benefit related to sale of Neon (72) (8 %) — — % — — % Change in valuation allowance (117) (14 %) 17 2 % 11 2 % Foreign operations 149 18 % 4 — % (2) — % Nondeductible expenses 5 1 % 8 1 % 7 1 % Other 6 (2 %) 8 — % 8 1 % Provision for income taxes as shown in the statement of earnings $ 127 15 % $ 239 22 % $ 122 19 % On December 31, 2020, AFG completed the sale of the legal entities that own Neon Underwriting Limited (“Neon”, formerly known as Marketform Group Limited), a United Kingdom-based Lloyd’s insurer (see Note B — “Acquisitions and Sale of Businesses” ), which resulted in a taxable loss for U.S. tax purposes. AFG recorded a $72 million tax benefit associated with this loss in 2020. Approximately $65 million of the $72 million tax benefit reduced current taxes payable while the remaining tax benefit will be received from the carry-back of the tax-basis capital loss to offset capital gains in prior tax years. Due to uncertainty concerning the realization of the deferred tax benefits associated with losses incurred at Neon and its predecessor, Marketform, AFG maintained a full valuation allowance against the deferred tax assets related to the Lloyd’s insurance business. The effect of foreign operations and change in valuation allowance in 2020 in the table above reflect the transfer of the deferred tax assets related to Neon, to the buyer at closing, and the corresponding reduction in the valuation allowance. The changes in valuation allowance in 2019 and 2018 are primarily increases in the valuation allowance on tax benefits related to losses in the Neon Lloyd’s insurance business. Excluding the impact of the $72 million tax benefit on the sale and other impacts of Neon in 2020, AFG’s effective tax rate for the year ended December 31, 2020, was 21%. Since almost all of AFG’s earnings are taxable based on U.S. tax rates, the Global Intangible Low-taxed Income (“GILTI”) provision is not expected to be material to AFG’s results of operations and will be recorded in the period that any tax arises. AFG’s 2013 — 2020 tax years remain subject to examination by the IRS. Total earnings before income taxes include losses subject to tax in foreign jurisdictions of $131 million in 2020, $109 million in 2019 and $69 million in 2018, primarily related to the Neon Lloyd’s operations. The total income tax provision consists of (in millions): 2020 2019 2018 Current taxes: Federal $ 101 $ 250 $ 196 State 6 10 8 Foreign 3 2 — Deferred taxes: Federal 17 (23) (82) Provision for income taxes $ 127 $ 239 $ 122 For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2020 (in millions): Expiring Amount Operating Loss – U.S. 2021 - 2022 $ 69 Operating Loss – United Kingdom indefinite 34 (*) (*) £25 million Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2020 2019 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Federal net operating loss carryforwards $ 15 $ — $ 15 $ 19 $ — $ 19 Foreign underwriting losses 6 — 6 118 — 118 Capital loss carryforwards 7 — 7 — — — Insurance claims and reserves 772 68 840 829 46 875 Employee benefits 104 — 104 93 — 93 Other, net 50 (2) 48 45 (2) 43 Total deferred tax assets before valuation allowance 954 66 1,020 1,104 44 1,148 Valuation allowance against deferred tax assets (29) — (29) (140) — (140) Total deferred tax assets 925 66 991 964 44 1,008 Deferred tax liabilities: Investment securities (167) (596) (763) (140) (416) (556) Deferred policy acquisition costs (267) 196 (71) (293) 143 (150) Insurance claims and reserves transition liability (77) — (77) (93) — (93) Real estate, property and equipment (37) — (37) (35) — (35) Total deferred tax liabilities (548) (400) (948) (561) (273) (834) Net deferred tax asset (liability) $ 377 $ (334) $ 43 $ 403 $ (229) $ 174 AFG’s net deferred tax asset at December 31, 2020 and 2019 is included in other assets in AFG’s Balance Sheet. The decrease in AFG’s net deferred tax asset at December 31, 2020 compared to December 31, 2019 reflects higher pretax unrealized gains on securities. The likelihood of realizing deferred tax assets is reviewed periodically; any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known. The gross deferred tax asset has been reduced by a $15 million valuation allowance related to AFG’s net operating loss carryforwards (“NOL”) subject to the separate return limitation year (“SRLY”) tax rules. A SRLY NOL can be used only by the entity that created it and only in years that both it and the consolidated group have taxable income. Approximately $23 million of AFG’s SRLY NOLs expired unutilized at December 31, 2020. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards was offset by corresponding reduction in the valuation allowance and had no overall impact on AFG’s income tax expense or results of operations. “Foreign underwriting losses” in 2019 in the table above is primarily the net operating loss carryforward and other deferred tax assets related to the Neon Lloyd’s insurance business, which was sold in December 2020. Due to uncertainty concerning the realization of the deferred tax benefits associated with these losses, AFG maintained a full valuation allowance of $118 million against these deferred tax assets at December 31, 2019. At December 31, 2020 and December 31, 2019, there are no unrecognized tax benefits and related interest and penalties that, if recognized, would impact the effective tax rate. There is no interest expense related to unrecognized tax benefits included in AFG’s provision for income taxes in 2020 or 2019; AFG’s provision for income taxes in 2018 included interest expense related to unrecognized tax benefits of less than $1 million (net of federal benefit or expense). There is no liability for interest related to unrecognized tax benefits at December 31, 2020 or December 31, 2019. There were no penalties related to unrecognized tax benefits included in AFG’s provision for income taxes in 2020. AFG’s provision for income taxes in 2019 and 2018 included penalties of less than $1 million in each year. There is no liability for penalties related to unrecognized tax benefits at December 31, 2020 or December 31, 2019. Cash payments for income taxes, net of refunds, were $179 million, $278 million and $156 million for 2020, 2019 and 2018, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. In addition, accruals (included in other liabilities) have been recorded for various environmental and occupational injury and disease claims and other contingencies arising out of the railroad operations disposed of by American Premier’s predecessor, Penn Central Transportation Company (“PCTC”) and its subsidiaries, prior to its bankruptcy reorganization in 1978 and certain manufacturing operations disposed of by American Premier and Great American Financial Resources, Inc. (“GAFRI”). AFG completed a comprehensive external study of its asbestos and environmental (“A&E”) exposures in the third quarter of 2020 with the aid of specialty actuarial, engineering and consulting firms and outside counsel. The study resulted in special A&E charges of $47 million for the property and casualty group and $21 million for the former railroad and manufacturing operations. AFG completed an in-depth internal review of its A&E exposures in the third quarter of 2019. The review resulted in special A&E charges of $18 million for the property and casualty group and $11 million for the former railroad and manufacturing operations. AFG also completed an in-depth internal review of its A&E exposures in the third quarter of 2018, which resulted in special A&E charges of $18 million for the property and casualty group and $9 million for the former railroad and manufacturing operations. The property and casualty group’s liability for A&E reserves was $572 million at December 31, 2020; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $150 million. At December 31, 2020, American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $94 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2020, GAFRI had a liability of $7 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. In December 2015, AFG completed the sale of substantially all of its run-off long-term care insurance business to HC2 Holdings, Inc. (“HC2”). In connection with obtaining regulatory approval for the transaction, AFG agreed to provide up to an aggregate of $35 million of capital support for the insurance companies, on an as-needed basis to maintain specified surplus levels, subject to immediate reimbursement by HC2 through a five-year capital maintenance agreement. AFG was released of any obligation to perform under this agreement in the first quarter of 2020. While management believes AFG has recorded adequate reserves for the items discussed above, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Quarterly Operating Results (Un

Quarterly Operating Results (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Operating Results (Unaudited)	Quarterly Operating Results (Unaudited) The operations of certain AFG business segments are seasonal in nature. While insurance premiums are recognized on a relatively level basis, claim losses related to adverse weather (snow, hail, hurricanes, severe storms, tornadoes, etc.) may be seasonal. The profitability of AFG’s crop insurance business is primarily recognized during the second half of the year as crop prices and yields are determined. Quarterly results necessarily rely heavily on estimates. These estimates and certain other factors, such as the discretionary sales of assets, cause the quarterly results not to be necessarily indicative of results for longer periods of time. The following are quarterly results of consolidated operations for the two years ended December 31, 2020 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding. 1st Quarter 2nd 3rd 4th Total 2020 Revenues $ 1,275 $ 1,951 $ 2,060 $ 2,623 $ 7,909 Net earnings (loss), including noncontrolling interests (304) 167 164 694 721 Net earnings (loss) attributable to shareholders (301) 177 164 692 732 Earnings (loss) attributable to shareholders per Common Share: Basic $ (3.34) $ 1.98 $ 1.86 $ 7.99 $ 8.25 Diluted (3.34) 1.97 1.86 7.93 8.20 Average number of Common Shares: Basic 90.3 89.7 88.2 86.6 88.7 Diluted 90.3 90.0 88.5 87.2 89.2 2019 Revenues $ 2,024 $ 1,960 $ 2,123 $ 2,130 $ 8,237 Net earnings (losses), including noncontrolling interests 326 209 143 191 869 Net earnings (losses) attributable to shareholders 329 210 147 211 897 Earnings (losses) attributable to shareholders per Common Share: Basic $ 3.68 $ 2.34 $ 1.64 $ 2.33 $ 9.98 Diluted 3.63 2.31 1.62 2.31 9.85 Average number of Common Shares: Basic 89.4 89.7 90.0 90.2 89.9 Diluted 90.7 91.0 91.1 91.3 91.0 Pretax realized gains (losses) on securities were as follows (in millions): 1st 2nd 3rd 4th Total 2020 — change in fair value of equity securities $ (535) $ 202 $ 30 $ 207 $ (96) 2020 — other realized gains (losses) (16) 2 15 384 385 2019 — change in fair value of equity securities 182 44 (15) 67 278 2019 — other realized gains (losses) 2 12 (3) (2) 9 Other realized gains in the fourth quarter of 2020 includes realized gains of $369 million (net of DPAC) on investments disposed of in AFG’s annuity block reinsurance transaction. Net investment income, which includes mark-to-market income/(losses) on alternative investments (partnerships and similar investments), was as follows (in millions): 1st 2nd 3rd 4th Total 2020 — net investment income before alternative investments $ 511 $ 520 $ 511 $ 465 $ 2,007 2020 — alternative investments 33 (52) 61 83 125 2019 — net investment income before alternative investments 516 531 531 545 2,123 2019 — alternative investments 26 49 57 48 180 The decline in net investment income before alternative investments in the fourth quarter of 2020 reflects primarily the disposition of fixed maturity investments in October 2020 related to the block reinsurance transaction. FIAs 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’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 that must be marked-to-market through earnings each period. Fluctuations in interest rates and the stock market, among other factors, can cause volatility in the periodic measurement of these derivatives and other FIA liabilities over or under the cost of the equity index options purchased to mitigate the risk in the index-based component of those FIAs. The impact of unlocking, changes in the fair value of derivatives related to FIAs, and other impacts of changes in the stock market and interest rates on the accounting for FIAs over or under the cost of the equity index options purchased to mitigate the risk in the index-based component of those FIAs, and beginning with the fourth quarter of 2020, the impact of the block reinsurance transaction entered into in October 2020 were as follows, net of the related acceleration/deceleration of the amortization of deferred policy acquisition costs and deferred sales inducements (in millions): 1st 2nd 3rd 4th Total 2020 $ (38) $ (59) $ (43) $ (48) $ (188) 2019 (11) (33) (27) 24 (47) Favorable prior year development of AFG’s liability for property and casualty losses and loss adjustment expenses (”LAE”) was as follows (in millions): 1st 2nd 3rd 4th Total 2020 $ 42 $ 77 $ — $ 8 $ 127 2019 45 41 12 45 143 Prior year development in the third quarters of 2020 and 2019 includes pretax special charges of $47 million and $18 million, respectively, to strengthen property and casualty insurance A&E reserves. AFG’s property and casualty operations recorded catastrophe losses, including reinstatement premiums, as follows (in millions): 1st 2nd 3rd 4th Total 2020 $ (9) $ (26) $ (57) $ (38) $ (130) 2019 (12) (12) (22) (15) (61) Catastrophe losses include $37 million and $13 million in 2020 and 2019, respectively, at Neon. AFG’s property and casualty operations recorded $10 million and $105 million in COVID-19 related losses in the first and second quarters of 2020, respectively, which includes $20 million at Neon. Results for the third quarter of 2020 and 2019 include pretax special charges of $21 million and $11 million, respectively, to strengthen reserves for A&E exposures related to AFG’s former railroad and manufacturing operations. AFG recorded pretax losses on the retirement of debt of $5 million in both the fourth quarter 2020 and 2019, respectively.

Insurance

Insurance	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
Insurance	Insurance Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.12 billion at December 31, 2020, were on deposit as required by regulatory authorities. AFG and its subsidiaries had $308 million in undrawn letters of credit (none of which was collateralized) and similar agreements supporting Neon’s underwriting capacity, which were terminated in connection with the December 2020 sale of Neon. Property and Casualty Insurance Reserves Estimating the liability for unpaid losses and loss adjustment expenses (“LAE”) is inherently judgmental and is influenced by factors that are subject to significant variation. Determining the liability is a complex process incorporating input from many areas of the Company including actuarial, underwriting, pricing, claims and operations management. The process used to determine the total reserve for liabilities involves estimating the ultimate incurred losses and LAE, adjusted for amounts already paid on the claims. The IBNR reserve is derived by first estimating the ultimate unpaid reserve liability and subtracting case reserves for loss and LAE. In determining management’s best estimate of the ultimate liability, management (with the assistance of Company actuaries) considers items such as the effect of inflation on medical, hospitalization, material, repair and replacement costs, the nature and maturity of lines of insurance, general economic trends and the legal environment. In addition, historical trends adjusted for changes in underwriting standards, policy provisions, product mix and other factors are analyzed using actuarial reserve development techniques. Weighing all of the factors, the management team determines a single or “point” estimate that it records as its best estimate of the ultimate liability. Ranges of loss reserves are not developed by Company actuaries. This reserve analysis and review is completed each quarter and for almost every business within AFG’s property and casualty insurance sub-segments. Each quarterly review includes in-depth analysis of several hundred subdivisions of the business, employing multiple actuarial techniques. For each subdivision, actuaries use informed, professional judgment to adjust these techniques as necessary to respond to specific conditions in the data or within the business. Some of the standard actuarial methods employed for the quarterly reserve analysis may include (but may not be limited to): • Case Incurred Development Method • Paid Development Method • Bornhuetter-Ferguson Method • Incremental Paid LAE to Paid Loss Methods Each method has particular strengths and weaknesses and no single estimation method is most accurate in all situations. When applied to a particular group of claims, the relative strengths and weaknesses of each method can change over time based on the facts and circumstances. Ultimately, the estimation methods chosen are those which the actuary believes produce the most reliable indication for the particular liabilities under review. The period of time from the event triggering a claim through the settlement of the liability is referred to as the “tail”. Generally, the same actuarial methods are considered for both short-tail and long-tail lines of business because most of them work properly for both. The methods are designed to incorporate the effects of the differing length of time to settle particular claims. For nearly all lines of business, the actuaries rely heavily on the Bornhuetter-Ferguson method for more recent accident periods. As accident years mature and the underlying claim data becomes more credible, more weight is given to the Case Incurred and Paid Development methods. This transition occurs relatively quickly for short-tailed lines, and over a number of years for long-tail lines. Liability claims for long-tail lines are more susceptible to litigation and can be significantly affected by changing contract interpretation and the legal environment. Therefore, the estimation of loss reserves for these classes is more complex and subject to a higher degree of variability. The level of detail in which data is analyzed varies among the different lines of business. Data is generally analyzed by major product or by coverage within product, using countrywide data; however, in some situations, data may be reviewed by state or region. Appropriate segmentation of the data is determined based on data credibility, homogeneity of development patterns, mix of business, and other actuarial considerations. Supplementary statistical information is also reviewed to determine which methods are most appropriate to use or if adjustments are needed to particular methods. Such information includes: • Open and closed claim counts • Average case reserves and average incurred on open claims • Closure rates and statistics related to closed and open claim percentages • Average closed claim severity • Ultimate claim severity • Reported loss ratios • Projected ultimate loss ratios • Loss payment patterns Within each business, results of individual methods are reviewed, supplementary statistical information is analyzed, and data from underwriting, operating and claim management are considered in deriving management’s best estimate of the ultimate liability. This estimate may be the result of one method, a weighted average of several methods, or a judgmental selection as the management team determines is appropriate. The liability for losses and LAE for a very limited number of claims with long-term scheduled payments under certain workers’ compensation policies has been discounted at 3.5% at December 31, 2020 and 4.5% at December 31, 2019, which represents an approximation of long-term investment yields. Because of the limited amount of claims involved, the net impact of discounting did not materially impact AFG’s total liability for unpaid losses and loss adjustment expenses (net reductions from discounting of $9 million and $12 million at December 31, 2020 and 2019, respectively). The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions): 2020 2019 2018 Balance at beginning of period $ 10,232 $ 9,741 $ 9,678 Less reinsurance recoverables, net of allowance 3,024 2,942 2,957 Net liability at beginning of period 7,208 6,799 6,721 Provision for losses and LAE occurring in the current year 3,398 3,414 3,195 Net increase (decrease) in the provision for claims of prior years: Special A&E charges 47 18 18 Neon exited lines 19 7 — Other (193) (168) (210) Total losses and LAE incurred 3,271 3,271 3,003 Payments for losses and LAE of: Current year (990) (1,076) (963) Prior years (1,766) (1,790) (1,639) Total payments (2,756) (2,866) (2,602) Reserves of businesses disposed (*) (449) — (319) Foreign currency translation and other 1 4 (4) Net liability at end of period 7,275 7,208 6,799 Add back reinsurance recoverables, net of allowance 3,117 3,024 2,942 Gross unpaid losses and LAE included in the balance sheet $ 10,392 $ 10,232 $ 9,741 (*) Reflects the December 31, 2020 sale of Neon (see Note B — “Acquisitions and Sale of Businesses” ) and the reinsurance to close transactions at Neon, which settled in early 2018 (discussed below). The 2020 provision for losses and LAE occurring in the current year includes $115 million of COVID-19 related losses at AFG, including $20 million recorded by the Neon exited lines. The net decrease in the provision for claims of prior years in 2020 reflects (i) lower than expected claim frequency and severity in the aviation, transportation and agricultural businesses (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than anticipated claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit business and lower than anticipated claim frequency and severity in the financial institutions, fidelity and surety businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $47 million special charge to increase asbestos and environmental reserves and adverse reserve development of $19 million on Neon’s exited lines of business, (ii) higher than expected claim frequency and severity in general liability contractor claims and the excess and surplus and excess liability businesses and higher than anticipated claim severity in the targeted markets businesses (within the Specialty casualty sub-segment), and (iii) net adverse reserve development related to business outside the Specialty group that AFG no longer writes.. The net decrease in the provision for claims of prior years in 2019 reflects (i) lower than expected claim frequency and severity at National Interstate and lower than expected losses in the crop business (all within the Property and transportation sub-segment), (ii) lower than anticipated claim frequency and severity in the workers’ compensation businesses (within the Specialty casualty sub-segment), and (iii) lower than expected claim frequency and severity in the surety and financial institutions businesses and lower than anticipated claim severity in the foreign credit business (all within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $18 million special charge to increase asbestos and environmental reserves and adverse reserve development of $7 million on Neon’s exited lines of business, (ii) higher than expected claim severity in the excess and surplus lines businesses and higher than expected claim frequency in product liability contractor claims (all within the Specialty casualty sub-segment), and (iii) net adverse reserve development related to business outside the Specialty group that AFG no longer writes. The net decrease in the provision for claims of prior years in 2018 reflects (i) lower than expected losses in the crop business and lower than expected claim severity at National Interstate (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected emergence in assumed 2017 property catastrophe losses at Neon and lower than expected claim severity in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than expected claim frequency and severity in the surety business, lower than expected claim severity in the fidelity business and lower than expected claim frequency in run-off businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $18 million special charge to increase asbestos and environmental reserves and (ii) higher than expected claim frequency and severity in the Singapore branch and aviation operations (within the Property and transportation 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, which settled in early 2018. A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2020 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,196 Specialty casualty 4,302 Specialty financial 247 Other specialty 377 Total Specialty (excluding foreign reserves) 6,122 Other reserves Reserves for foreign operations 314 A&E reserves 422 Unallocated LAE 361 Other 56 Total other reserves 1,153 Total reserves, net of reinsurance 7,275 Add back reinsurance recoverables, net of allowance 3,117 Gross unpaid losses and LAE included in the balance sheet $ 10,392 The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 811 $ 799 $ 813 $ 827 $ 837 $ 850 $ 846 $ 844 $ 843 $ 843 $ 4 138,334 2012 864 857 871 883 894 890 886 881 879 4 143,151 2013 882 870 872 878 878 877 873 871 7 138,925 2014 844 828 817 820 815 808 804 8 133,182 2015 818 784 779 777 777 772 15 134,875 2016 746 716 714 706 694 25 121,116 2017 889 847 843 823 39 140,549 2018 932 902 886 69 129,891 2019 1,111 1,058 125 152,304 2020 1,043 349 109,446 Total $ 8,673 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 365 $ 667 $ 727 $ 771 $ 803 $ 821 $ 829 $ 833 $ 834 $ 835 99.1 % 2012 572 708 772 816 842 856 882 869 872 99.2 % 2013 438 702 760 804 831 847 858 860 98.7 % 2014 329 632 693 744 770 783 789 98.1 % 2015 359 582 667 707 736 744 96.4 % 2016 294 521 577 618 640 92.2 % 2017 379 640 696 735 89.3 % 2018 396 676 738 83.3 % 2019 527 823 77.8 % 2020 461 44.2 % Total $ 7,497 Unpaid losses and LAE — years 2011 through 2020 1,176 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 20 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,196 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.3 % 30.2 % 7.7 % 5.3 % 3.3 % 1.6 % 1.5 % (0.3 %) 0.2 % 0.1 % Cumulative 47.3 % 77.5 % 85.2 % 90.5 % 93.8 % 95.4 % 96.9 % 96.6 % 96.8 % 96.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 852 $ 849 $ 839 $ 848 $ 834 $ 828 $ 826 $ 817 $ 810 $ 808 $ 29 54,961 2012 901 892 885 885 883 877 849 842 833 35 54,752 2013 968 949 945 940 945 926 916 905 53 55,063 2014 1,035 1,008 1,008 1,006 982 967 952 71 56,669 2015 1,081 1,043 1,041 1,042 1,024 1,021 99 57,745 2016 1,131 1,122 1,116 1,101 1,090 164 56,169 2017 1,211 1,221 1,204 1,189 275 56,558 2018 1,277 1,307 1,302 416 58,079 2019 1,308 1,311 571 56,950 2020 1,352 844 48,294 Total $ 10,763 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 174 $ 383 $ 522 $ 612 $ 662 $ 694 $ 714 $ 731 $ 745 $ 755 93.4 % 2012 173 385 516 621 684 723 745 761 775 93.0 % 2013 182 396 554 666 729 766 797 820 90.6 % 2014 190 412 574 680 755 801 829 87.1 % 2015 178 411 577 702 792 844 82.7 % 2016 186 418 584 713 806 73.9 % 2017 200 422 612 755 63.5 % 2018 210 475 649 49.8 % 2019 212 455 34.7 % 2020 188 13.9 % Total $ 6,876 Unpaid losses and LAE — years 2011 through 2020 3,887 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 415 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,302 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 18.0 % 22.2 % 16.0 % 11.9 % 7.7 % 4.5 % 2.9 % 2.2 % 1.7 % 1.2 % Cumulative 18.0 % 40.2 % 56.2 % 68.1 % 75.8 % 80.3 % 83.2 % 85.4 % 87.1 % 88.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 138 $ 157 $ 155 $ 153 $ 147 $ 144 $ 143 $ 139 $ 137 $ 137 $ — 16,371 2012 163 163 151 139 137 135 132 127 126 2 21,092 2013 140 145 137 131 127 126 122 122 4 28,475 2014 146 157 156 153 147 142 137 2 29,458 2015 156 160 158 153 145 138 4 37,615 2016 179 184 187 182 174 8 45,125 2017 212 215 212 208 15 48,692 2018 212 217 219 27 46,487 2019 194 198 37 41,175 2020 231 115 24,479 Total $ 1,690 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 58 $ 111 $ 115 $ 123 $ 130 $ 131 $ 131 $ 132 $ 132 $ 133 97.1 % 2012 71 104 109 117 121 126 128 126 125 99.2 % 2013 70 100 107 113 117 117 118 118 96.7 % 2014 62 109 125 128 137 139 141 102.9 % 2015 72 110 129 133 132 134 97.1 % 2016 88 141 158 161 163 93.7 % 2017 120 169 186 194 93.3 % 2018 112 163 187 85.4 % 2019 99 146 73.7 % 2020 100 43.3 % Total $ 1,441 Unpaid losses and LAE — years 2011 through 2020 249 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 247 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 50.6 % 28.0 % 8.4 % 4.0 % 3.1 % 1.5 % 1.0 % (0.3 %) (0.4 %) 0.7 % Cumulative 50.6 % 78.6 % 87.0 % 91.0 % 94.1 % 95.6 % 96.6 % 96.3 % 95.9 % 96.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 39 $ 43 $ 42 $ 43 $ 43 $ 44 $ 44 $ 43 $ 42 $ 41 $ 2 — 2012 42 40 39 40 41 39 39 36 37 2 — 2013 46 47 46 47 50 53 58 58 1 — 2014 58 57 59 59 60 61 64 7 — 2015 59 60 63 66 76 82 7 — 2016 61 61 65 71 76 16 — 2017 63 65 70 81 13 — 2018 86 90 92 40 — 2019 108 107 64 — 2020 122 102 — Total $ 760 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (b) 2011 $ 12 $ 20 $ 25 $ 28 $ 34 $ 36 $ 37 $ 38 $ 39 $ 39 95.1 % 2012 8 17 21 25 28 30 30 32 33 89.2 % 2013 7 16 22 34 37 44 51 53 91.4 % 2014 13 21 30 36 43 50 53 82.8 % 2015 10 26 31 50 62 69 84.1 % 2016 9 19 31 47 53 69.7 % 2017 10 19 30 52 64.2 % 2018 12 23 32 34.8 % 2019 9 24 22.4 % 2020 9 7.4 % Total $ 417 Unpaid losses and LAE — years 2011 through 2020 343 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 34 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 377 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 14.8 % 15.7 % 11.6 % 17.1 % 10.2 % 8.4 % 4.8 % 3.8 % 2.6 % — % Cumulative 14.8 % 30.5 % 42.1 % 59.2 % 69.4 % 77.8 % 82.6 % 86.4 % 89.0 % 89.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 1,840 $ 1,848 $ 1,849 $ 1,871 $ 1,861 $ 1,866 $ 1,859 $ 1,843 $ 1,832 $ 1,829 $ 35 209,666 2012 1,970 1,952 1,946 1,947 1,955 1,941 1,906 1,886 1,875 43 218,995 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 65 222,463 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 88 219,309 2015 2,114 2,047 2,041 2,038 2,022 2,013 125 230,235 2016 2,117 2,083 2,082 2,060 2,034 213 222,410 2017 2,375 2,348 2,329 2,301 342 245,799 2018 2,507 2,516 2,499 552 234,457 2019 2,721 2,674 797 250,429 2020 2,748 1,410 182,219 Total $ 21,886 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 609 $ 1,181 $ 1,389 $ 1,534 $ 1,629 $ 1,682 $ 1,711 $ 1,734 $ 1,750 $ 1,762 96.3 % 2012 824 1,214 1,418 1,579 1,675 1,735 1,785 1,788 1,805 96.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 94.6 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 92.6 % 2015 619 1,129 1,404 1,592 1,722 1,791 89.0 % 2016 577 1,099 1,350 1,539 1,662 81.7 % 2017 709 1,250 1,524 1,736 75.4 % 2018 730 1,337 1,606 64.3 % 2019 847 1,448 54.2 % 2020 758 27.6 % Total $ 16,231 Unpaid losses and LAE — years 2011 through 2020 5,655 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 467 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,122 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 32.2 % 25.5 % 11.9 % 8.8 % 5.6 % 3.2 % 2.2 % 0.9 % 0.9 % 0.7 % Cumulative 32.2 % 57.7 % 69.6 % 78.4 % 84.0 % 87.2 % 89.4 % 90.3 % 91.2 % 91.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Closed Block of Long-Term Care Insurance Reserves for AFG’s closed block of long-term care insurance were $52 million at December 31, 2020 and $46 million at December 31, 2019, net of reinsurance recoverables and excluding the impact of unrealized gains on securities. AFG’s remaining outstanding long-term care policies have level premiums and are guaranteed renewable. Premium rates can potentially be increased in reaction to adverse experience; however, any rate increases would require regulatory approval. FHLB Funding Agreements GALIC is a member of the Federal Home Loan Bank of Cincinnati (“FHLB”). The FHLB makes advances and provides other banking services to member institutions. Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. GALIC’s $56 million investment in FHLB capital stock at December 31, 2020 is included in other investments at cost. Membership in the FHLB provides the annuity operations with an additional source of liquidity. These advances further the FHLB’s mission of improving access to housing by increasing liquidity in the residential mortgage-backed securities market. In 2020, the FHLB advanced GALIC $200 million and GALIC repaid $165 million to the FHLB. In 2019, GALIC refinanced the terms on advances totaling $610 million. At December 31, 2020 and December 31, 2019, GALIC had $1.13 billion and $1.10 billion, respectively, in outstanding advances from the FHLB (included in annuity benefits accumulated), bearing interest at rates ranging from 0.31% to 1.35% (average rate of 0.53% at December 31, 2020). While these advances must be repaid between 2021 and 2025 ($931 million in 2021 and $200 million in 2025), GALIC has the option to prepay all or a portion on the majority of the advances. GALIC has invested the proceeds from the advances in fixed maturity securities with similar expected lives as the advances for the purpose of earning a spread over the interest payments due to the FHLB. The advances on these agreements are collateralized by fixed maturity investments, which have a total fair value of $1.37 billion (included in available for sale fixed maturity securities) at December 31, 2020. Interest credited on the funding agreements, which is included in annuity benefits, was $11 million in 2020, $27 million in 2019 and $20 million in 2018. Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2020 2019 2018 2020 2019 Property and casualty companies $ 481 $ 584 $ 546 $ 3,643 $ 3,342 Life (annuity) insurance companies 209 34 802 2,897 2,868 In the fourth quarter of 2018, GALIC, AFG’s primary annuity subsidiary, entered into a reinsurance treaty with Hannover Life Reassurance Company of America that transfers the risk of certain surrender activity in GALIC’s fixed-indexed annuity business. This treaty meets the statutory risk transfer rules and resulted in increases in statutory surplus (through an after-tax reserve credit) of $139 million at December 31, 2020 and $124 million at December 31, 2019, which is reflected in the life insurance companies capital and surplus in the table above. Under GAAP, this transaction does not meet the GAAP insurance risk transfer criteria and did not have a material impact on AFG’s financial statements. The National Association of Insurance Commissioners’ (“NAIC”) model law for risk-based capital (“RBC”) applies to both life and property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2020 and 2019, the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2020 or 2019. Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2021 from its insurance subsidiaries without seeking regulatory approval is $705 million. Additional amounts of dividends require regulatory approval. Holding Company Dividends AFG declared and paid common stock dividends to shareholders totaling $336 million, $446 million and $397 million in 2020, 2019 and 2018, respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net earnings that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2020, AFG could pay dividends of approximately $2.0 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries, and rating agency commitments. Reinsurance In the normal course of business, AFG’s insurance subsidiaries cede reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. However, AFG remains liable to its insureds regardless of whether a reinsurer is able to meet its obligations. The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2020 2019 2018 Direct premiums written $ 6,862 $ 7,044 $ 6,626 Reinsurance assumed 225 255 214 Reinsurance ceded (2,074) (1,957) (1,817) Net written premiums $ 5,013 $ 5,342 $ 5,023 Direct premiums earned $ 6,846 $ 6,848 $ 6,472 Reinsurance assumed 237 226 204 Reinsurance ceded (1,984) (1,889) (1,811) Net earned premiums $ 5,099 $ 5,185 $ 4,865 Reinsurance recoveries $ 1,522 $ 1,404 $ 1,249 In June 2017, AFG’s property and casualty insurance subsidiaries entered into a reinsurance agreement to obtain supplemental catastrophe protection through a catastrophe bond structure with Riverfront Re Ltd. (“Riverfront”). The reinsurance agreement provided supplemental reinsurance coverage up to 95% of $200 million (fully collateralized) for catastrophe losses in excess of $109 million of traditional catastrophe reinsurance (per occurrence and annual aggregate) occurring until January 15, 2021. In connection with the reinsurance agreement, Riverfront issued notes to unrelated investors for the full amount of coverage provided under the reinsurance agreement. Through December 31, 2020, AFG’s incurred catastrophe losses have not reached the level of attachment for the catastrophe bond structure. Riverfront is a variable interest entity in which AFG does not have a variable interest because the variability in Riverfront’s results will be absorbed entirely by the investors in Riverfront. Accordingly, Riverfront is not consolidated in AFG’s financial statements and the reinsurance agreement is accounted for as ceded reinsurance. AFG’s cost for this coverage is approximately $11 million per year. In July 2020, AFG purchased an additional $50 million of reinsurance coverage for losses in excess of $100 million. Recoveries from the catastrophe bond apply before calculating losses recoverable from this catastrophe excess of loss reinsurance. In February 2020, GALIC entered into a flow reinsurance agreement with Commonwealth Annuity and Life Insurance Company (“Commonwealth”), a subsidiary of Global Atlantic Financial Group Limited. Under the terms of the agreement, GALIC cedes certain newly issued traditional fixed and indexed annuities on a quota share coinsurance basis with such quota share percentages being up to 50%. That agreement was effective for policies issued after May 6, 2020. Under reinsurance accounting guidance, this transaction will be accounted for using the deposit method. In the fourth quarter of 2020, GALIC entered into a block reinsurance agreement with Commonwealth. Under the terms of the agreement, GALIC ceded $5.96 billion of in force traditional fixed and indexed annuities, representing approximately 15% of its in force business, and transferred related investments to Commonwealth. The transaction will be accounted for using the deposit method and the $180 million loss on the transaction was deferred and will be recognized over the expected life of the underlying annuity contracts (7-10 years). In the fourth quarter of 2020, $11 million of GALIC’s deferred loss was amortized (and included in annuity benefits expense). Under both the flow and block reinsurance agreements, Commonwealth is required to maintain collateral in trusts in excess of amounts owed to GALIC. Under these agreements, $492 million of gross annuity receipts were ceded and there were $206 million of ceded annuity surrenders, benefits and withdrawals. GALIC received $39 million of commission and expense allowances in 2020 and annuity benefits expense was reduced by $46 million. AFG has reinsured approximately $5.42 billion of its $8.33 billion in face amount of life insurance at

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2020, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $993 million. Approximately 50% of the unfunded commitments are related to GALIC, which is expected to be sold in the second quarter of 2021. Benefit Plans AFG expensed approximately $41 million in 2020, $39 million in 2019 and $37 million in 2018 for its retirement and employee savings plans.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event Annuity Business On January 27, 2021, AFG announced that it entered into a definitive agreement to sell its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”). Under the terms of the agreement, which is expected to close in the second quarter of 2021, MassMutual will acquire Great American Life Insurance Company (“GALIC”) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. In addition to AFG’s annuity operations, these subsidiaries include the run-off life and long-term care operations. Prior to the sale, AFG will acquire (based on December 31, 2020 values) $430 million in investments accounted for using the equity method and $97 million of directly owned real estate from GALIC. Beginning with the first quarter of 2021, AFG will report the results of the Annuity business as discontinued operations, in accordance with generally accepted accounting principles, which includes adjusting prior period results to reflect these operations as discontinued. The Annuity subsidiaries to be sold impacted AFG’s Balance Sheet at December 31, 2020 as follows (in millions): Assets of businesses to be sold: Cash and cash equivalents $ 1,679 Fixed maturities, available for sale 34,123 Fixed maturities, trading at fair value 42 Equity securities 774 Investments accounted for using the equity method 646 Mortgage loans 1,251 Policy loans 151 Equity index call options 825 Other investments 199 Total cash and investments 39,690 Recoverables from reinsurers 6,804 Agents’ balances and premiums receivable 5 Deferred policy acquisition costs 303 Variable annuity assets (separate accounts) 664 Other assets 968 Total assets 48,434 Liabilities of businesses to be sold: Annuity benefits accumulated 42,573 Life, accident and health reserves 607 Variable annuity liabilities (separate accounts) 664 Other liabilities 620 Total liabilities 44,464 Reclassify AOCI (1,071) Equity of annuity businesses to be sold excluding AOCI $ 2,899 The fair value of the available for sale fixed maturities owned by the Annuity subsidiaries to be sold at December 31, 2020 is detailed below. US Government and government agencies $ 44 States, municipalities and political subdivisions 3,421 Foreign government 35 Residential mortgage-backed securities 2,140 Commercial mortgage-backed securities 698 Collateralized loan obligations 3,491 Other asset-backed securities 5,176 Corporate and other bonds 19,118 $ 34,123 Results for the Annuity subsidiaries to be sold were (in millions): Year ended December 31, 2020 2019 2018 Net investment income $ 1,670 $ 1,774 $ 1,618 Realized gains (losses) on securities 364 132 (105) Other income 126 136 139 Total revenues 2,160 2,042 1,652 Annuity benefits 1,192 1,151 998 Annuity and supplemental insurance acquisition expenses 306 253 260 Other expenses 181 180 177 Total costs and expenses 1,679 1,584 1,435 Earnings before income taxes 481 458 217 Provision for income taxes 97 94 39 Net earnings $ 384 $ 364 $ 178

Condensed Financial Information

Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company	AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (In Millions) Condensed Balance Sheet December 31, 2020 2019 Assets: Cash and cash equivalents $ 215 $ 166 Investment in securities 80 77 Investment in subsidiaries (a) 8,525 7,623 Other investments 2 2 Other assets 213 143 Total assets $ 9,035 $ 8,011 Liabilities and Equity: Long-term debt $ 1,963 $ 1,473 Other liabilities 283 269 Shareholders’ equity 6,789 6,269 Total liabilities and equity $ 9,035 $ 8,011 Condensed Statement of Earnings Year ended December 31, 2020 2019 2018 Revenues: Dividends from subsidiaries $ 543 $ 417 $ 261 Equity in undistributed earnings of subsidiaries 474 888 529 Investment and other income 32 20 2 Total revenues 1,049 1,325 792 Costs and Expenses: Interest charges on intercompany borrowings 8 8 8 Interest charges on other borrowings 88 68 62 Other expenses 94 113 70 Total costs and expenses 190 189 140 Earnings before income taxes 859 1,136 652 Provision for income taxes 127 239 122 Net Earnings Attributable to Shareholders $ 732 $ 897 $ 530 Condensed Statement of Comprehensive Income Net earnings attributable to shareholders $ 732 $ 897 $ 530 Other comprehensive income (loss), net of tax 414 815 (544) Total comprehensive income (loss), net of tax $ 1,146 $ 1,712 $ (14) ________________________ (a) Investment in subsidiaries includes intercompany receivables and payables. Condensed Statement of Cash Flows Year ended December 31, 2020 2019 2018 Operating Activities: Net earnings attributable to shareholders $ 732 $ 897 $ 530 Adjustments: Equity in net earnings of subsidiaries (780) (1,032) (637) Dividends from subsidiaries 543 408 238 Other operating activities, net (12) 33 84 Net cash provided by operating activities 483 306 215 Investing Activities: Capital contributions to subsidiaries (297) (60) (11) Returns of capital from subsidiaries — 4 23 Purchases of investments, property and equipment (2) (3) (5) Proceeds from: Maturities and redemptions of investments 2 3 3 Sales of businesses 3 — — Net cash provided by (used in) investing activities (294) (56) 10 Financing Activities: Additional long-term borrowings 634 315 — Reductions of long-term debt (150) (150) — Issuances of Common Stock 23 37 34 Repurchases of Common Stock (313) — (6) Cash dividends paid on Common Stock (334) (444) (394) Net cash used in financing activities (140) (242) (366) Net Change in Cash and Cash Equivalents 49 8 (141) Cash and cash equivalents at beginning of year 166 158 299 Cash and cash equivalents at end of year $ 215 $ 166 $ 158

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2020 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for future policy benefits, claims and unpaid losses and LAE Unearned premiums Net earned premiums Net investment income Benefits, claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net written premiums (excluding life) 2020 Property and casualty insurance $ 244 $ 10,392 $ 2,803 $ 5,099 $ 399 $ 3,271 $ 615 $ 1,036 $ 5,013 Annuity 287 42,573 — — 1,699 1,192 247 220 — Other 15 607 — 19 34 40 4 436 4 Total $ 546 $ 53,572 $ 2,803 $ 5,118 $ 2,132 $ 4,503 $ 866 $ 1,692 $ 5,017 2019 Property and casualty insurance $ 322 $ 10,232 $ 2,830 $ 5,185 $ 472 $ 3,271 $ 721 $ 1,027 $ 5,342 Annuity 696 40,406 — — 1,792 1,151 198 201 — Other 19 612 — 22 39 36 4 520 3 Total $ 1,037 $ 51,250 $ 2,830 $ 5,207 $ 2,303 $ 4,458 $ 923 $ 1,748 $ 5,345 2018 Property and casualty insurance $ 299 $ 9,741 $ 2,595 $ 4,865 $ 438 $ 3,003 $ 644 $ 957 $ 5,023 Annuity 1,360 36,616 — — 1,638 998 212 192 — Other 23 635 — 24 18 40 4 461 3 Total $ 1,682 $ 46,992 $ 2,595 $ 4,889 $ 2,094 $ 4,041 $ 860 $ 1,610 $ 5,026

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2020, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. Other than recording an estimated loss at September 30 on the sale of Neon, its United Kingdom-based Lloyd’s insurer ( see Note B — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2020 or 2019. 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”), certain 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. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. AFG’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in AFG’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses will be recorded immediately in net earnings through realized gains (losses).
Investments	Investments On January 1, 2018, AFG adopted 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 loans (net of any allowance) 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance is separated into two components: (i) the amount related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020.
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. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG’s property and casualty insurance subsidiaries report as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG’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. Certain reinsurance arrangements in AFG’s fixed and indexed annuity operations do not transfer significant insurance risk and are therefore accounted for using the deposit method. This accounting treatment results in amounts paid by AFG to the reinsurer to be recorded as a deposit asset. The reinsurance deposit asset (reinsurance recoverable) is adjusted as amounts are paid or received under the underlying contracts. AFG’s reinsurance partner posts collateral in excess of amounts due to AFG under these contracts. Under reinsurance accounting guidance on transactions involving annuities, the gain or loss is deferred and recognized over the expected life of the underlying annuity contracts (using methods similar to those used to amortize DPAC).
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 H — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.
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 (“FIAs”), 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 (included in other assets and 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 AFG’s results of operations or liquidity. See Note K — “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 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: 2020 – 0.5 million, 2019 – 1.1 million and 2018 – 1.6 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2020, 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
Segments of Operations	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s annuity business sells traditional fixed and 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.
Net Unrealized Gain on Marketable Securities	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.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income, Net of Tax (“AOCI”)

Acquisitions and Sale of Busi_2

Acquisitions and Sale of Businesses (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of estimated fair values of assets acquired and liabilities assumed	The allocation of the purchase price is shown in the table below (in millions): November 30, Total purchase price $ 30 Tangible assets acquired 28 Liabilities acquired 26 Net tangible assets acquired, at fair value 2 Excess purchase price over net tangible assets acquired $ 28 Allocation of excess purchase price: Intangible assets acquired (*) $ 25 Deferred tax on intangible assets acquired (*) (5) Goodwill 8 $ 28 (*) Included in Other assets in AFG’s Balance Sheet.
Disposal Groups, Including Discontinued Operations	The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions): Sale proceeds, net of expenses $ 3 Assets of businesses to be sold: Cash and investments $ 453 Recoverables from reinsurers 224 Prepaid reinsurance premiums 8 Agents’ balances and premiums receivable 42 Other assets 60 Total assets 787 Liabilities of businesses to be sold: Unpaid losses and loss adjustment expenses 640 Unearned premiums 49 Payable to reinsurers 19 Other liabilities 92 Total liabilities 800 Reclassify accumulated other comprehensive income (7) Net liabilities of businesses sold $ (20) Pretax gain on subsidiaries recorded in 2020 $ 23 Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2020 2019 2018 Net earned premiums $ 200 $ 384 $ 306 Loss and loss adjustment expenses 218 225 204 Commissions and other underwriting expenses 117 195 165 Underwriting loss (135) (36) (63) Net investment income (loss) (5) 6 10 Other income and expenses, net (5) (10) (5) Loss before income taxes and noncontrolling interests $ (145) $ (40) $ (58) The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions): Underwriting loss $ (135) Net investment income (loss) (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests (145) Pretax gain on sale of subsidiaries 23 Total pretax loss from Neon exited lines (122) Tax benefit related to sale of subsidiaries 72 Less: Net loss attributable to noncontrolling interests (11) Net loss from Neon exited lines attributable to shareholders $ (39)

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2020 2019 2018 Assets Property and casualty insurance (a) $ 19,689 $ 19,098 $ 17,681 Annuity 47,626 45,074 39,952 Other 6,251 5,958 5,823 Total assets $ 73,566 $ 70,130 $ 63,456 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 1,871 $ 1,828 $ 1,729 Specialty casualty 2,235 2,597 2,403 Specialty financial 613 610 598 Other specialty 180 150 135 Other lines (b) 200 — — Total premiums earned 5,099 5,185 4,865 Net investment income (c) 399 472 438 Other income 8 11 10 Total property and casualty insurance 5,506 5,668 5,313 Annuity: Net investment income 1,699 1,792 1,638 Other income 131 120 125 Total annuity 1,830 1,912 1,763 Other 261 370 340 Total revenues before realized gains (losses) 7,597 7,950 7,416 Realized gains (losses) on securities 289 287 (266) Realized gains on subsidiaries 23 — — Total revenues $ 7,909 $ 8,237 $ 7,150 (a) Not allocable to sub-segments. (b) Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million and $306 million in earned premiums during 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. (c) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). 2020 2019 2018 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 181 $ 79 $ 120 Specialty casualty 223 175 141 Specialty financial 50 92 66 Other specialty (28) (21) (5) Other lines (a) (202) (113) (20) Total underwriting 224 212 302 Investment and other income, net (b) 360 437 407 Total property and casualty insurance 584 649 709 Annuity 171 362 361 Other (c) (219) (190) (165) Total earnings before realized gains (losses) and income taxes 536 821 905 Realized gains (losses) on securities 289 287 (266) Realized gains on subsidiaries 23 — — Total earnings before income taxes $ 848 $ 1,108 $ 639 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million and $63 million underwriting losses in 2019 and 2018, respectively, are included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in both 2019 and 2018, and a $76 million charge in 2019 related to the Neon exited lines. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020, $11 million in 2019 and $9 million in 2018). Also includes the results of AFG’s run-off life and long-term care businesses, including a $4 million loss recognition charge recorded in the run-off long-term care business in 2020.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 201 $ 26 $ 15 $ 242 States, municipalities and political subdivisions — 5,630 103 5,733 Foreign government — 211 — 211 Residential MBS — 2,890 165 3,055 Commercial MBS — 777 13 790 Collateralized loan obligations — 4,489 64 4,553 Other asset-backed securities — 5,850 1,373 7,223 Corporate and other 44 19,873 1,483 21,400 Total AFS fixed maturities 245 39,746 3,216 43,207 Trading fixed maturities — 66 — 66 Equity securities 1,096 98 469 1,663 Equity index call options — 825 — 825 Assets of managed investment entities (“MIE”) 217 4,733 21 4,971 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets accounted for at fair value $ 1,558 $ 46,234 $ 3,706 $ 51,498 Liabilities: Liabilities of managed investment entities $ 208 $ 4,543 $ 20 $ 4,771 Derivatives in annuity benefits accumulated — — 3,933 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 208 $ 4,553 $ 3,953 $ 8,714 December 31, 2019 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 151 $ 43 $ 15 $ 209 States, municipalities and political subdivisions — 6,858 105 6,963 Foreign government — 172 — 172 Residential MBS — 2,987 173 3,160 Commercial MBS — 892 35 927 Collateralized loan obligations — 4,265 15 4,280 Other asset-backed securities — 5,842 1,286 7,128 Corporate and other 29 21,879 1,758 23,666 Total AFS fixed maturities 180 42,938 3,387 46,505 Trading fixed maturities 2 111 — 113 Equity securities 1,433 67 437 1,937 Equity index call options — 924 — 924 Assets of managed investment entities 213 4,506 17 4,736 Variable annuity assets (separate accounts) (*) — 628 — 628 Other assets — derivatives — 50 — 50 Total assets accounted for at fair value $ 1,828 $ 49,224 $ 3,841 $ 54,893 Liabilities: Liabilities of managed investment entities $ 206 $ 4,349 $ 16 $ 4,571 Derivatives in annuity benefits accumulated — — 3,730 3,730 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 206 $ 4,359 $ 3,746 $ 8,311 (*) 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 F — “Derivatives.” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0.2% – 2.2% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 13.9% of indexed account value Budgeted option costs 2.2% – 2.9% of indexed account value
Changes in asset balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2020, 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 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 4 $ (4) $ — $ — $ — $ — $ 15 State and municipal 105 — 5 — (5) — (2) 103 Residential MBS 173 (7) (8) — (19) 58 (32) 165 Commercial MBS 35 — 1 — (3) 2 (22) 13 Collateralized loan obligations 15 (5) 22 — — 187 (155) 64 Other asset-backed securities 1,286 (17) 20 423 (375) 215 (179) 1,373 Corporate and other 1,758 2 33 283 (185) 133 (541) 1,483 Total AFS fixed maturities 3,387 (23) 69 706 (587) 595 (931) 3,216 Equity securities 437 (13) — 73 (19) 17 (26) 469 Assets of MIE 17 (6) — 2 — 8 — 21 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Embedded derivatives (a) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities (b) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ 7 $ — $ (1) $ — $ — $ 15 State and municipal 59 — 5 — (3) 55 (11) 105 Residential MBS 197 6 (3) — (20) 48 (55) 173 Commercial MBS 56 2 — — (12) 4 (15) 35 Collateralized loan obligations 116 (5) 5 — — 28 (129) 15 Other asset-backed securities 731 — 6 787 (192) 23 (69) 1,286 Corporate and other 1,996 (3) 55 738 (335) 30 (723) 1,758 Total AFS fixed maturities 3,164 — 75 1,525 (563) 188 (1,002) 3,387 Equity securities 336 (5) — 52 (2) 56 — 437 Assets of MIE 21 (5) — 1 — — — 17 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Embedded derivatives (a) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities (b) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ 1 $ — $ 9 State and municipal 148 — (2) — (3) — (84) 59 Residential MBS 122 (9) (4) — (21) 130 (21) 197 Commercial MBS 36 — — 20 — — — 56 Collateralized loan obligations 200 (3) (13) 35 (20) 3 (86) 116 Other asset-backed securities 544 — (2) 391 (228) 79 (53) 731 Corporate and other 1,044 (10) (18) 1,221 (204) 27 (64) 1,996 Total AFS fixed maturities 2,102 (22) (39) 1,667 (476) 240 (308) 3,164 Equity securities 165 9 — 155 (6) 30 (17) 336 Assets of MIE 23 (8) — 6 — — — 21 Total Level 3 assets $ 2,290 $ (21) $ (39) $ 1,828 $ (482) $ 270 $ (325) $ 3,521 Embedded derivatives (a) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) Total Level 3 liabilities (b) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes losses related to the unlocking of actuarial assumptions of $44 million in 2018. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets.
Changes in liability balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2020, 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 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 4 $ (4) $ — $ — $ — $ — $ 15 State and municipal 105 — 5 — (5) — (2) 103 Residential MBS 173 (7) (8) — (19) 58 (32) 165 Commercial MBS 35 — 1 — (3) 2 (22) 13 Collateralized loan obligations 15 (5) 22 — — 187 (155) 64 Other asset-backed securities 1,286 (17) 20 423 (375) 215 (179) 1,373 Corporate and other 1,758 2 33 283 (185) 133 (541) 1,483 Total AFS fixed maturities 3,387 (23) 69 706 (587) 595 (931) 3,216 Equity securities 437 (13) — 73 (19) 17 (26) 469 Assets of MIE 17 (6) — 2 — 8 — 21 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Embedded derivatives (a) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities (b) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 9 $ — $ 7 $ — $ (1) $ — $ — $ 15 State and municipal 59 — 5 — (3) 55 (11) 105 Residential MBS 197 6 (3) — (20) 48 (55) 173 Commercial MBS 56 2 — — (12) 4 (15) 35 Collateralized loan obligations 116 (5) 5 — — 28 (129) 15 Other asset-backed securities 731 — 6 787 (192) 23 (69) 1,286 Corporate and other 1,996 (3) 55 738 (335) 30 (723) 1,758 Total AFS fixed maturities 3,164 — 75 1,525 (563) 188 (1,002) 3,387 Equity securities 336 (5) — 52 (2) 56 — 437 Assets of MIE 21 (5) — 1 — — — 17 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Embedded derivatives (a) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities (b) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of MIE assets. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ 1 $ — $ 9 State and municipal 148 — (2) — (3) — (84) 59 Residential MBS 122 (9) (4) — (21) 130 (21) 197 Commercial MBS 36 — — 20 — — — 56 Collateralized loan obligations 200 (3) (13) 35 (20) 3 (86) 116 Other asset-backed securities 544 — (2) 391 (228) 79 (53) 731 Corporate and other 1,044 (10) (18) 1,221 (204) 27 (64) 1,996 Total AFS fixed maturities 2,102 (22) (39) 1,667 (476) 240 (308) 3,164 Equity securities 165 9 — 155 (6) 30 (17) 336 Assets of MIE 23 (8) — 6 — — — 21 Total Level 3 assets $ 2,290 $ (21) $ (39) $ 1,828 $ (482) $ 270 $ (325) $ 3,521 Embedded derivatives (a) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) Total Level 3 liabilities (b) $ (2,542) $ 204 $ — $ (545) $ 163 $ — $ — $ (2,720) (a) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes losses related to the unlocking of actuarial assumptions of $44 million in 2018. (b) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of 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 at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2020 Financial assets: Cash and cash equivalents $ 2,810 $ 2,810 $ 2,810 $ — $ — Mortgage loans 1,623 1,652 — — 1,652 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 4,584 $ 4,613 $ 2,810 $ — $ 1,803 Financial liabilities: Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Long-term debt 1,963 2,325 — 2,322 3 Total financial liabilities not accounted for at fair value $ 43,423 $ 45,406 $ — $ 2,322 $ 43,084 2019 Financial assets: Cash and cash equivalents $ 2,314 $ 2,314 $ 2,314 $ — $ — Mortgage loans 1,329 1,346 — — 1,346 Policy loans 164 164 — — 164 Total financial assets not accounted for at fair value $ 3,807 $ 3,824 $ 2,314 $ — $ 1,510 Financial liabilities: Annuity benefits accumulated (*) $ 40,159 $ 40,182 $ — $ — $ 40,182 Long-term debt 1,473 1,622 — 1,619 3 Total financial liabilities not accounted for at fair value $ 41,632 $ 41,804 $ — $ 1,619 $ 40,185 (*) Excludes $1.11 billion and $247 million of life contingent annuities in the payout phase at December 31, 2020 and 2019, respectively.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 231 $ — $ 11 $ — $ 11 $ 242 States municipalities and political subdivisions 5,249 — 486 (2) 484 5,733 Foreign government 203 — 8 — 8 211 Residential MBS 2,812 3 251 (5) 246 3,055 Commercial MBS 748 — 43 (1) 42 790 Collateralized loan obligations 4,556 13 27 (17) 10 4,553 Other asset-backed securities 7,138 18 169 (66) 103 7,223 Corporate and other 19,471 6 1,962 (27) 1,935 21,400 Total fixed maturities $ 40,408 $ 40 $ 2,957 $ (118) $ 2,839 $ 43,207 December 31, 2019 Fixed maturities: U.S. Government and government agencies $ 199 $ — $ 10 $ — $ 10 $ 209 States municipalities and political subdivisions 6,604 — 363 (4) 359 6,963 Foreign government 170 — 3 (1) 2 172 Residential MBS 2,900 — 265 (5) 260 3,160 Commercial MBS 896 — 31 — 31 927 Collateralized loan obligations 4,307 — 10 (37) (27) 4,280 Other asset-backed securities 6,992 — 156 (20) 136 7,128 Corporate and other 22,456 — 1,231 (21) 1,210 23,666 Total fixed maturities $ 44,524 $ — $ 2,069 $ (88) $ 1,981 $ 46,505
Equity securities reported at fair value	Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions): 2020 2019 Fair Value Fair Value Actual over (under) Actual over (under) Cost Fair Value Cost Cost Fair Value Cost Common stocks $ 939 $ 922 $ (17) $ 1,164 $ 1,283 $ 119 Perpetual preferred stocks 702 741 39 640 654 14 Total equity securities carried at fair value $ 1,641 $ 1,663 $ 22 $ 1,804 $ 1,937 $ 133
Gross unrealized losses on securities by investment category and length of time that have been 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 Fair Fair Value as Unrealized Fair Fair Value as December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ 23 100 % $ — $ — — % States, municipalities and political subdivisions (2) 117 98 % — 11 100 % Foreign government — 7 100 % — — — % Residential MBS (4) 210 98 % (1) 30 97 % Commercial MBS (1) 39 98 % — 9 100 % Collateralized loan obligations (3) 673 100 % (14) 1,599 99 % Other asset-backed securities (45) 1,440 97 % (21) 388 95 % Corporate and other (22) 858 98 % (5) 124 96 % Total fixed maturities $ (77) $ 3,367 98 % $ (41) $ 2,161 98 % December 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ 16 100 % $ — $ 11 100 % States, municipalities and political subdivisions (3) 254 99 % (1) 82 99 % Foreign government (1) 70 99 % — — — % Residential MBS (4) 509 99 % (1) 69 99 % Commercial MBS — 17 100 % — — — % Collateralized loan obligations (11) 1,284 99 % (26) 1,728 99 % Other asset-backed securities (12) 1,211 99 % (8) 123 94 % Corporate and other (13) 1,100 99 % (8) 211 96 % Total fixed maturities $ (44) $ 4,461 99 % $ (44) $ 2,224 98 %
Roll forward of allowance for credit losses on fixed maturity securities	A progression of the allowance for expected credit losses on fixed maturity securities is shown below (in millions): Structured securities (*) Corporate and other Total Balance at January 1 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration 1 — 1 Provision for expected credit losses on securities with no previous allowance 40 28 68 Additions (reductions) to previously recognized expected credit losses (6) (16) (22) Reductions due to sales or redemptions (1) (6) (7) Balance at December 31 $ 34 $ 6 $ 40 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2020 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 2,735 $ 2,762 6 % After one year through five years 10,344 11,149 26 % After five years through ten years 9,298 10,570 25 % After ten years 2,771 3,105 7 % 25,148 27,586 64 % Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years) 11,663 11,776 27 % MBS (average life of approximately 3-1/2 years) 3,557 3,845 9 % Total $ 40,368 $ 43,207 100 % (*) Amortized cost, net of allowance for expected credit losses.
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income	The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax Net December 31, 2020 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 2,323 $ (488) $ 1,835 Fixed maturities — all other 516 (108) 408 Total fixed maturities 2,839 (596) 2,243 Deferred policy acquisition costs — annuity segment (934) 196 (738) Annuity benefits accumulated (324) 68 (256) Life, accident and health reserves (3) — (3) Unearned revenue 11 (2) 9 Total net unrealized gain on marketable securities $ 1,589 $ (334) $ 1,255 December 31, 2019 Net unrealized gain on: Fixed maturities — annuity segment (*) $ 1,611 $ (338) $ 1,273 Fixed maturities — all other 370 (78) 292 Total fixed maturities 1,981 (416) 1,565 Deferred policy acquisition costs — annuity segment (681) 143 (538) Annuity benefits accumulated (219) 46 (173) Life, accident and health reserves (1) — (1) Unearned revenue 11 (2) 9 Total net unrealized gain on marketable securities $ 1,091 $ (229) $ 862 (*) 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. 2020 2019 2018 Investment income: Fixed maturities $ 1,880 $ 1,915 $ 1,742 Equity securities: Dividends 63 85 79 Change in fair value (a) (b) 24 39 22 Equity in earnings of partnerships and similar investments 98 154 161 Other 96 132 112 Gross investment income 2,161 2,325 2,116 Investment expenses (29) (22) (22) Net investment income (b) $ 2,132 $ 2,303 $ 2,094 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that are carried at fair value through net investment income.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments	Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions): 2020 2019 Realized gains (losses) Realized gains (losses) Before Impairments Impairment (Allowance) Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities (a) $ 468 $ (46) $ 422 $ 858 $ 26 $ (29) $ (3) $ 1,821 Equity securities (96) — (96) — 277 — 277 — Mortgage loans and other investments 4 — 4 — 3 — 3 — Other (b) (52) 11 (41) (360) — 10 10 (835) Total pretax 324 (35) 289 498 306 (19) 287 986 Tax effects (68) 7 (61) (105) (64) 4 (60) (207) Net of tax $ 256 $ (28) $ 228 $ 393 $ 242 $ (15) $ 227 $ 779 2018 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 6 $ (26) $ (20) $ (1,181) Equity securities (265) — (265) — Mortgage loans and other investments 1 — 1 — Other (b) 11 7 18 502 Total pretax (247) (19) (266) (679) Tax effects 52 4 56 143 Net of tax $ (195) $ (15) $ (210) $ (536) (a) Includes realized gains of $415 million on investments disposed of in AFG’s 2020 annuity block reinsurance transaction. See Note P — Insurance . (b) 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 2020, 2019 and 2018 on securities that were still owned at December 31 of each year presented as follows (in millions): 2020 2019 2018 Included in realized gains (losses) $ (70) $ 169 $ (279) Included in net investment income 24 38 22 $ (46) $ 207 $ (257)
Gross realized gains and losses on available for sale fixed maturity and equity security investments	Gross realized gains and losses (excluding impairment charges and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): 2020 2019 2018 Gross gains $ 526 $ 35 $ 22 Gross losses (55) (19) (14)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in Balance Sheet at fair value	The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions): December 31, 2020 December 31, 2019 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 174 $ — $ 102 $ — Public company warrants Equity securities — — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 3,933 — 3,730 Equity index call options Equity index call options 825 — 924 — Equity index put options Other liabilities — 5 — 1 Reinsurance contract (embedded derivative) Other liabilities — 5 — 4 $ 999 $ 3,943 $ 1,026 $ 3,735
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 2020, 2019 and 2018 (in millions): Derivative Statement of Earnings Line 2020 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ (3) $ 10 $ (7) Public company warrants Realized gains (losses) on securities — (1) (3) Fixed-indexed and variable-indexed annuities (embedded derivative) (*) Annuity benefits (283) (919) 204 Equity index call options Annuity benefits 223 804 (298) Equity index put options Annuity benefits 3 2 (1) Reinsurance contracts (embedded derivative) Net investment income (1) (2) 2 $ (61) $ (106) $ (103) (*) The change in fair value of the embedded derivative includes a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020 and $181 million in 2019 and losses of $44 million in 2018.

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs Details	A progression of deferred policy acquisition costs is presented below (in millions): P&C Annuity and Run-off Deferred Deferred Sales Consolidated Costs Costs Inducements PVFP Subtotal Unrealized (*) Total Total Balance at December 31, 2017 $ 270 $ 1,217 $ 102 $ 49 $ 1,368 $ (422) $ 946 $ 1,216 Additions 675 263 2 — 265 — 265 940 Amortization: Periodic amortization (644) (238) (19) (7) (264) — (264) (908) Annuity unlocking — 29 — — 29 — 29 29 Included in realized gains — 14 1 — 15 — 15 15 Foreign currency translation (2) — — — — — — (2) Change in unrealized — — — — — 392 392 392 Balance at December 31, 2018 299 1,285 86 42 1,413 (30) 1,383 1,682 Additions 744 206 2 — 208 — 208 952 Amortization: Periodic amortization (721) (120) (13) (6) (139) — (139) (860) Annuity unlocking — (76) (1) — (77) — (77) (77) Included in realized gains — 8 1 — 9 — 9 9 Foreign currency translation — — — — — — — — Change in unrealized — — — — — (669) (669) (669) Balance at December 31, 2019 322 1,303 75 36 1,414 (699) 715 1,037 Additions 547 154 2 — 156 — 156 703 Amortization: Periodic amortization (615) (127) (9) (6) (142) — (142) (757) Annuity unlocking — (118) 4 — (114) — (114) (114) Included in realized gains — (42) 1 — (41) — (41) (41) Foreign currency translation — — — — — — — — Other (10) — — — — — — (10) Change in unrealized — — — — — (272) (272) (272) Balance at December 31, 2020 $ 244 $ 1,170 $ 73 $ 30 $ 1,273 $ (971) $ 302 $ 546 (*) Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges.

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2020 2019 2018 Investment in CLO tranches $ 200 $ 165 $ 188 Gains (losses) on change in fair value of assets/liabilities (a): Assets (69) 80 (189) Liabilities 30 (110) 168 Management fees paid to AFG 15 15 16 CLO earnings attributable to AFG Shareholders (b) (2) 4 7 (a) Included in revenues in AFG’s Statement of Earnings. (b) Included in earnings before income taxes in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying value of goodwill by reporting segment	Changes in the carrying value of goodwill during 2018, 2019 and 2020, by reporting segment, are presented in the following table (in millions): Property and Casualty Annuity Total Balance at January 1, 2018 $ 168 $ 31 $ 199 Acquisition of subsidiary in 2018 8 — 8 Balance at December 31, 2018, 2019 and 2020 $ 176 $ 31 $ 207

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following at December 31 (in millions): 2020 2019 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 590 $ (2) $ 588 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 425 (3) 422 425 (3) 422 5.25% Senior Notes due April 2030 300 (6) 294 — — — Other 3 — 3 3 — 3 1,318 (11) 1,307 1,018 (5) 1,013 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 — — — 5.125% Subordinated Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 — — — 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 6% Subordinated Debentures due November 2055 — — — 150 (5) 145 675 (19) 656 475 (15) 460 $ 1,993 $ (30) $ 1,963 $ 1,493 $ (20) $ 1,473

Leases Leases (Tables)

Leases Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease liability and right-of-use asset	AFG’s operating lease right-of-use asset (net of deferred rent and lease incentives) and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions): 2020 2019 Right-of-use asset (*) $ 139 $ 158 Lease liability 159 180 (*) Net of deferred rent and lease incentives of $20 million at December 31, 2020 and $22 million at December 31, 2019.
Lease activity	The following table details AFG’s lease activity for the years ended December 31, 2020 and December 31, 2019 (in millions): 2020 2019 Lease expense: Operating leases $ 47 $ 46 Short-term leases — 1 Total lease expense $ 47 $ 47
Other operating lease liability information	Other operating lease information for the years ended December 31, 2020 and December 31, 2019 (in millions): 2020 2019 Cash paid for lease liabilities reported in operating cash flows $ 50 $ 49 Right-of-use assets obtained under new leases 25 19
Undiscounted contractual maturities of operating lease liabilities	The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2020 (in millions): Operating lease payments: 2021 $ 43 2022 35 2023 29 2024 23 2025 20 Thereafter 28 Total lease payments 178 Impact of discounting (19) Operating lease liability $ 159
Schedule of weighted-average remaining lease term and weighted-average discount rate	Weighted-average remaining lease term 5.4 years Weighted-average discount rate 3.9 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Summary of restricted stock awards activity	The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2020 919,935 $ 91.10 Granted 227,867 $ 104.15 Vested (285,888) $ 67.65 Forfeited (43,681) $ 101.97 Outstanding at December 31, 2020 818,233 $ 101.65
Summary of stock options activity	Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2020 1,917,790 $ 50.93 Exercised (328,471) $ 43.69 Forfeited/Cancelled (225) $ 63.15 Outstanding at December 31, 2020 1,589,094 $ 52.43 2.8 years $ 56 Options exercisable at December 31, 2020 1,589,094 $ 52.43 2.8 years $ 56
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 Pretax Tax Net Attributable to Attributable to Other (b) AOCI Year ended December 31, 2020 Net unrealized gains (losses) on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (a) (389) 82 (307) — (307) Total net unrealized gains (losses) on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains (losses) on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 Year ended December 31, 2019 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 997 $ (209) $ 788 $ — $ 788 Reclassification adjustment for realized (gains) losses included in net earnings (a) (11) 2 (9) — (9) Total net unrealized gains on securities $ 83 986 (207) 779 — 779 $ — $ 862 Net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 28 — 17 Foreign currency translation adjustments (16) 7 — 7 — 7 — (9) Pension and other postretirement plans adjustments (8) 1 — 1 — 1 — (7) Total $ 48 $ 1,030 $ (215) $ 815 $ — $ 815 $ — $ 863 Year ended December 31, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (689) $ 145 $ (544) $ — $ (544) Reclassification adjustment for realized (gains) losses included in net earnings (a) 10 (2) 8 — 8 Total net unrealized gains (losses) on securities $ 840 (679) 143 (536) — (536) $ (221) $ 83 Net unrealized gains (losses) on cash flow hedges (13) 2 — 2 — 2 — (11) Foreign currency translation adjustments (6) (9) (1) (10) — (10) — (16) Pension and other postretirement plans adjustments (8) — — — — — — (8) Total $ 813 $ (686) $ 142 $ (544) $ — $ (544) $ (221) $ 48 (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 (credit) for income taxes (b) 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)	12 Months Ended
	Dec. 31, 2020
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): 2020 2019 2018 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 848 $ 1,108 $ 639 Income taxes at statutory rate $ 178 21 % $ 233 21 % $ 134 21 % Effect of: Tax exempt interest (12) (1 %) (14) (1 %) (13) (2 %) Stock-based compensation (4) — % (8) (1 %) (8) (1 %) Dividend received deduction (3) — % (4) — % (4) (1 %) Adjustment to prior year taxes (1) — % (3) — % (8) (1 %) Employee stock ownership plan dividend paid deduction (2) — % (2) — % (3) (1 %) Tax benefit related to sale of Neon (72) (8 %) — — % — — % Change in valuation allowance (117) (14 %) 17 2 % 11 2 % Foreign operations 149 18 % 4 — % (2) — % Nondeductible expenses 5 1 % 8 1 % 7 1 % Other 6 (2 %) 8 — % 8 1 % Provision for income taxes as shown in the statement of earnings $ 127 15 % $ 239 22 % $ 122 19 %
Components of income tax provision (credit)	The total income tax provision consists of (in millions): 2020 2019 2018 Current taxes: Federal $ 101 $ 250 $ 196 State 6 10 8 Foreign 3 2 — Deferred taxes: Federal 17 (23) (82) Provision for income taxes $ 127 $ 239 $ 122
Summary of operating loss carryforwards	For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2020 (in millions): Expiring Amount Operating Loss – U.S. 2021 - 2022 $ 69 Operating Loss – United Kingdom indefinite 34 (*) (*) £25 million
Components of deferred tax assets and liabilities	The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2020 2019 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Federal net operating loss carryforwards $ 15 $ — $ 15 $ 19 $ — $ 19 Foreign underwriting losses 6 — 6 118 — 118 Capital loss carryforwards 7 — 7 — — — Insurance claims and reserves 772 68 840 829 46 875 Employee benefits 104 — 104 93 — 93 Other, net 50 (2) 48 45 (2) 43 Total deferred tax assets before valuation allowance 954 66 1,020 1,104 44 1,148 Valuation allowance against deferred tax assets (29) — (29) (140) — (140) Total deferred tax assets 925 66 991 964 44 1,008 Deferred tax liabilities: Investment securities (167) (596) (763) (140) (416) (556) Deferred policy acquisition costs (267) 196 (71) (293) 143 (150) Insurance claims and reserves transition liability (77) — (77) (93) — (93) Real estate, property and equipment (37) — (37) (35) — (35) Total deferred tax liabilities (548) (400) (948) (561) (273) (834) Net deferred tax asset (liability) $ 377 $ (334) $ 43 $ 403 $ (229) $ 174

Quarterly Operating Results (_2

Quarterly Operating Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly operating results	The following are quarterly results of consolidated operations for the two years ended December 31, 2020 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding. 1st Quarter 2nd 3rd 4th Total 2020 Revenues $ 1,275 $ 1,951 $ 2,060 $ 2,623 $ 7,909 Net earnings (loss), including noncontrolling interests (304) 167 164 694 721 Net earnings (loss) attributable to shareholders (301) 177 164 692 732 Earnings (loss) attributable to shareholders per Common Share: Basic $ (3.34) $ 1.98 $ 1.86 $ 7.99 $ 8.25 Diluted (3.34) 1.97 1.86 7.93 8.20 Average number of Common Shares: Basic 90.3 89.7 88.2 86.6 88.7 Diluted 90.3 90.0 88.5 87.2 89.2 2019 Revenues $ 2,024 $ 1,960 $ 2,123 $ 2,130 $ 8,237 Net earnings (losses), including noncontrolling interests 326 209 143 191 869 Net earnings (losses) attributable to shareholders 329 210 147 211 897 Earnings (losses) attributable to shareholders per Common Share: Basic $ 3.68 $ 2.34 $ 1.64 $ 2.33 $ 9.98 Diluted 3.63 2.31 1.62 2.31 9.85 Average number of Common Shares: Basic 89.4 89.7 90.0 90.2 89.9 Diluted 90.7 91.0 91.1 91.3 91.0
Quarterly information on realized gains (losses)	Pretax realized gains (losses) on securities were as follows (in millions): 1st 2nd 3rd 4th Total 2020 — change in fair value of equity securities $ (535) $ 202 $ 30 $ 207 $ (96) 2020 — other realized gains (losses) (16) 2 15 384 385 2019 — change in fair value of equity securities 182 44 (15) 67 278 2019 — other realized gains (losses) 2 12 (3) (2) 9
Quarterly Information on Net Investment Income	Net investment income, which includes mark-to-market income/(losses) on alternative investments (partnerships and similar investments), was as follows (in millions): 1st 2nd 3rd 4th Total 2020 — net investment income before alternative investments $ 511 $ 520 $ 511 $ 465 $ 2,007 2020 — alternative investments 33 (52) 61 83 125 2019 — net investment income before alternative investments 516 531 531 545 2,123 2019 — alternative investments 26 49 57 48 180
Quarterly information on the impact of items on fair value accounting for annuities	The impact of unlocking, changes in the fair value of derivatives related to FIAs, and other impacts of changes in the stock market and interest rates on the accounting for FIAs over or under the cost of the equity index options purchased to mitigate the risk in the index-based component of those FIAs, and beginning with the fourth quarter of 2020, the impact of the block reinsurance transaction entered into in October 2020 were as follows, net of the related acceleration/deceleration of the amortization of deferred policy acquisition costs and deferred sales inducements (in millions): 1st 2nd 3rd 4th Total 2020 $ (38) $ (59) $ (43) $ (48) $ (188) 2019 (11) (33) (27) 24 (47)
Quarterly information on favorable (adverse) development on unpaid loss and loss adjustment expenses	Favorable prior year development of AFG’s liability for property and casualty losses and loss adjustment expenses (”LAE”) was as follows (in millions): 1st 2nd 3rd 4th Total 2020 $ 42 $ 77 $ — $ 8 $ 127 2019 45 41 12 45 143
Quarterly information on catastrophe losses	AFG’s property and casualty operations recorded catastrophe losses, including reinstatement premiums, as follows (in millions): 1st 2nd 3rd 4th Total 2020 $ (9) $ (26) $ (57) $ (38) $ (130) 2019 (12) (12) (22) (15) (61)

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions): 2020 2019 2018 Balance at beginning of period $ 10,232 $ 9,741 $ 9,678 Less reinsurance recoverables, net of allowance 3,024 2,942 2,957 Net liability at beginning of period 7,208 6,799 6,721 Provision for losses and LAE occurring in the current year 3,398 3,414 3,195 Net increase (decrease) in the provision for claims of prior years: Special A&E charges 47 18 18 Neon exited lines 19 7 — Other (193) (168) (210) Total losses and LAE incurred 3,271 3,271 3,003 Payments for losses and LAE of: Current year (990) (1,076) (963) Prior years (1,766) (1,790) (1,639) Total payments (2,756) (2,866) (2,602) Reserves of businesses disposed (*) (449) — (319) Foreign currency translation and other 1 4 (4) Net liability at end of period 7,275 7,208 6,799 Add back reinsurance recoverables, net of allowance 3,117 3,024 2,942 Gross unpaid losses and LAE included in the balance sheet $ 10,392 $ 10,232 $ 9,741 (*) Reflects the December 31, 2020 sale of Neon (see Note B — “Acquisitions and Sale of Businesses” ) and the reinsurance to close transactions at Neon, which settled in early 2018 (discussed below).
Short-duration insurance contracts, reconciliation of claims development to liability	A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2020 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,196 Specialty casualty 4,302 Specialty financial 247 Other specialty 377 Total Specialty (excluding foreign reserves) 6,122 Other reserves Reserves for foreign operations 314 A&E reserves 422 Unallocated LAE 361 Other 56 Total other reserves 1,153 Total reserves, net of reinsurance 7,275 Add back reinsurance recoverables, net of allowance 3,117 Gross unpaid losses and LAE included in the balance sheet $ 10,392
Short-duration insurance contracts, claims development	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 811 $ 799 $ 813 $ 827 $ 837 $ 850 $ 846 $ 844 $ 843 $ 843 $ 4 138,334 2012 864 857 871 883 894 890 886 881 879 4 143,151 2013 882 870 872 878 878 877 873 871 7 138,925 2014 844 828 817 820 815 808 804 8 133,182 2015 818 784 779 777 777 772 15 134,875 2016 746 716 714 706 694 25 121,116 2017 889 847 843 823 39 140,549 2018 932 902 886 69 129,891 2019 1,111 1,058 125 152,304 2020 1,043 349 109,446 Total $ 8,673 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 365 $ 667 $ 727 $ 771 $ 803 $ 821 $ 829 $ 833 $ 834 $ 835 99.1 % 2012 572 708 772 816 842 856 882 869 872 99.2 % 2013 438 702 760 804 831 847 858 860 98.7 % 2014 329 632 693 744 770 783 789 98.1 % 2015 359 582 667 707 736 744 96.4 % 2016 294 521 577 618 640 92.2 % 2017 379 640 696 735 89.3 % 2018 396 676 738 83.3 % 2019 527 823 77.8 % 2020 461 44.2 % Total $ 7,497 Unpaid losses and LAE — years 2011 through 2020 1,176 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 20 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,196 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.3 % 30.2 % 7.7 % 5.3 % 3.3 % 1.6 % 1.5 % (0.3 %) 0.2 % 0.1 % Cumulative 47.3 % 77.5 % 85.2 % 90.5 % 93.8 % 95.4 % 96.9 % 96.6 % 96.8 % 96.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 852 $ 849 $ 839 $ 848 $ 834 $ 828 $ 826 $ 817 $ 810 $ 808 $ 29 54,961 2012 901 892 885 885 883 877 849 842 833 35 54,752 2013 968 949 945 940 945 926 916 905 53 55,063 2014 1,035 1,008 1,008 1,006 982 967 952 71 56,669 2015 1,081 1,043 1,041 1,042 1,024 1,021 99 57,745 2016 1,131 1,122 1,116 1,101 1,090 164 56,169 2017 1,211 1,221 1,204 1,189 275 56,558 2018 1,277 1,307 1,302 416 58,079 2019 1,308 1,311 571 56,950 2020 1,352 844 48,294 Total $ 10,763 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 174 $ 383 $ 522 $ 612 $ 662 $ 694 $ 714 $ 731 $ 745 $ 755 93.4 % 2012 173 385 516 621 684 723 745 761 775 93.0 % 2013 182 396 554 666 729 766 797 820 90.6 % 2014 190 412 574 680 755 801 829 87.1 % 2015 178 411 577 702 792 844 82.7 % 2016 186 418 584 713 806 73.9 % 2017 200 422 612 755 63.5 % 2018 210 475 649 49.8 % 2019 212 455 34.7 % 2020 188 13.9 % Total $ 6,876 Unpaid losses and LAE — years 2011 through 2020 3,887 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 415 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,302 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 18.0 % 22.2 % 16.0 % 11.9 % 7.7 % 4.5 % 2.9 % 2.2 % 1.7 % 1.2 % Cumulative 18.0 % 40.2 % 56.2 % 68.1 % 75.8 % 80.3 % 83.2 % 85.4 % 87.1 % 88.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 138 $ 157 $ 155 $ 153 $ 147 $ 144 $ 143 $ 139 $ 137 $ 137 $ — 16,371 2012 163 163 151 139 137 135 132 127 126 2 21,092 2013 140 145 137 131 127 126 122 122 4 28,475 2014 146 157 156 153 147 142 137 2 29,458 2015 156 160 158 153 145 138 4 37,615 2016 179 184 187 182 174 8 45,125 2017 212 215 212 208 15 48,692 2018 212 217 219 27 46,487 2019 194 198 37 41,175 2020 231 115 24,479 Total $ 1,690 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 58 $ 111 $ 115 $ 123 $ 130 $ 131 $ 131 $ 132 $ 132 $ 133 97.1 % 2012 71 104 109 117 121 126 128 126 125 99.2 % 2013 70 100 107 113 117 117 118 118 96.7 % 2014 62 109 125 128 137 139 141 102.9 % 2015 72 110 129 133 132 134 97.1 % 2016 88 141 158 161 163 93.7 % 2017 120 169 186 194 93.3 % 2018 112 163 187 85.4 % 2019 99 146 73.7 % 2020 100 43.3 % Total $ 1,441 Unpaid losses and LAE — years 2011 through 2020 249 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 247 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 50.6 % 28.0 % 8.4 % 4.0 % 3.1 % 1.5 % 1.0 % (0.3 %) (0.4 %) 0.7 % Cumulative 50.6 % 78.6 % 87.0 % 91.0 % 94.1 % 95.6 % 96.6 % 96.3 % 95.9 % 96.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 39 $ 43 $ 42 $ 43 $ 43 $ 44 $ 44 $ 43 $ 42 $ 41 $ 2 — 2012 42 40 39 40 41 39 39 36 37 2 — 2013 46 47 46 47 50 53 58 58 1 — 2014 58 57 59 59 60 61 64 7 — 2015 59 60 63 66 76 82 7 — 2016 61 61 65 71 76 16 — 2017 63 65 70 81 13 — 2018 86 90 92 40 — 2019 108 107 64 — 2020 122 102 — Total $ 760 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (b) 2011 $ 12 $ 20 $ 25 $ 28 $ 34 $ 36 $ 37 $ 38 $ 39 $ 39 95.1 % 2012 8 17 21 25 28 30 30 32 33 89.2 % 2013 7 16 22 34 37 44 51 53 91.4 % 2014 13 21 30 36 43 50 53 82.8 % 2015 10 26 31 50 62 69 84.1 % 2016 9 19 31 47 53 69.7 % 2017 10 19 30 52 64.2 % 2018 12 23 32 34.8 % 2019 9 24 22.4 % 2020 9 7.4 % Total $ 417 Unpaid losses and LAE — years 2011 through 2020 343 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 34 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 377 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 14.8 % 15.7 % 11.6 % 17.1 % 10.2 % 8.4 % 4.8 % 3.8 % 2.6 % — % Cumulative 14.8 % 30.5 % 42.1 % 59.2 % 69.4 % 77.8 % 82.6 % 86.4 % 89.0 % 89.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 1,840 $ 1,848 $ 1,849 $ 1,871 $ 1,861 $ 1,866 $ 1,859 $ 1,843 $ 1,832 $ 1,829 $ 35 209,666 2012 1,970 1,952 1,946 1,947 1,955 1,941 1,906 1,886 1,875 43 218,995 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 65 222,463 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 88 219,309 2015 2,114 2,047 2,041 2,038 2,022 2,013 125 230,235 2016 2,117 2,083 2,082 2,060 2,034 213 222,410 2017 2,375 2,348 2,329 2,301 342 245,799 2018 2,507 2,516 2,499 552 234,457 2019 2,721 2,674 797 250,429 2020 2,748 1,410 182,219 Total $ 21,886 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 609 $ 1,181 $ 1,389 $ 1,534 $ 1,629 $ 1,682 $ 1,711 $ 1,734 $ 1,750 $ 1,762 96.3 % 2012 824 1,214 1,418 1,579 1,675 1,735 1,785 1,788 1,805 96.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 94.6 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 92.6 % 2015 619 1,129 1,404 1,592 1,722 1,791 89.0 % 2016 577 1,099 1,350 1,539 1,662 81.7 % 2017 709 1,250 1,524 1,736 75.4 % 2018 730 1,337 1,606 64.3 % 2019 847 1,448 54.2 % 2020 758 27.6 % Total $ 16,231 Unpaid losses and LAE — years 2011 through 2020 5,655 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 467 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,122 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 32.2 % 25.5 % 11.9 % 8.8 % 5.6 % 3.2 % 2.2 % 0.9 % 0.9 % 0.7 % Cumulative 32.2 % 57.7 % 69.6 % 78.4 % 84.0 % 87.2 % 89.4 % 90.3 % 91.2 % 91.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).
Short-duration insurance contracts, schedule of historical claims duration	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 811 $ 799 $ 813 $ 827 $ 837 $ 850 $ 846 $ 844 $ 843 $ 843 $ 4 138,334 2012 864 857 871 883 894 890 886 881 879 4 143,151 2013 882 870 872 878 878 877 873 871 7 138,925 2014 844 828 817 820 815 808 804 8 133,182 2015 818 784 779 777 777 772 15 134,875 2016 746 716 714 706 694 25 121,116 2017 889 847 843 823 39 140,549 2018 932 902 886 69 129,891 2019 1,111 1,058 125 152,304 2020 1,043 349 109,446 Total $ 8,673 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 365 $ 667 $ 727 $ 771 $ 803 $ 821 $ 829 $ 833 $ 834 $ 835 99.1 % 2012 572 708 772 816 842 856 882 869 872 99.2 % 2013 438 702 760 804 831 847 858 860 98.7 % 2014 329 632 693 744 770 783 789 98.1 % 2015 359 582 667 707 736 744 96.4 % 2016 294 521 577 618 640 92.2 % 2017 379 640 696 735 89.3 % 2018 396 676 738 83.3 % 2019 527 823 77.8 % 2020 461 44.2 % Total $ 7,497 Unpaid losses and LAE — years 2011 through 2020 1,176 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 20 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,196 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.3 % 30.2 % 7.7 % 5.3 % 3.3 % 1.6 % 1.5 % (0.3 %) 0.2 % 0.1 % Cumulative 47.3 % 77.5 % 85.2 % 90.5 % 93.8 % 95.4 % 96.9 % 96.6 % 96.8 % 96.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 852 $ 849 $ 839 $ 848 $ 834 $ 828 $ 826 $ 817 $ 810 $ 808 $ 29 54,961 2012 901 892 885 885 883 877 849 842 833 35 54,752 2013 968 949 945 940 945 926 916 905 53 55,063 2014 1,035 1,008 1,008 1,006 982 967 952 71 56,669 2015 1,081 1,043 1,041 1,042 1,024 1,021 99 57,745 2016 1,131 1,122 1,116 1,101 1,090 164 56,169 2017 1,211 1,221 1,204 1,189 275 56,558 2018 1,277 1,307 1,302 416 58,079 2019 1,308 1,311 571 56,950 2020 1,352 844 48,294 Total $ 10,763 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 174 $ 383 $ 522 $ 612 $ 662 $ 694 $ 714 $ 731 $ 745 $ 755 93.4 % 2012 173 385 516 621 684 723 745 761 775 93.0 % 2013 182 396 554 666 729 766 797 820 90.6 % 2014 190 412 574 680 755 801 829 87.1 % 2015 178 411 577 702 792 844 82.7 % 2016 186 418 584 713 806 73.9 % 2017 200 422 612 755 63.5 % 2018 210 475 649 49.8 % 2019 212 455 34.7 % 2020 188 13.9 % Total $ 6,876 Unpaid losses and LAE — years 2011 through 2020 3,887 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 415 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,302 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 18.0 % 22.2 % 16.0 % 11.9 % 7.7 % 4.5 % 2.9 % 2.2 % 1.7 % 1.2 % Cumulative 18.0 % 40.2 % 56.2 % 68.1 % 75.8 % 80.3 % 83.2 % 85.4 % 87.1 % 88.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 138 $ 157 $ 155 $ 153 $ 147 $ 144 $ 143 $ 139 $ 137 $ 137 $ — 16,371 2012 163 163 151 139 137 135 132 127 126 2 21,092 2013 140 145 137 131 127 126 122 122 4 28,475 2014 146 157 156 153 147 142 137 2 29,458 2015 156 160 158 153 145 138 4 37,615 2016 179 184 187 182 174 8 45,125 2017 212 215 212 208 15 48,692 2018 212 217 219 27 46,487 2019 194 198 37 41,175 2020 231 115 24,479 Total $ 1,690 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 58 $ 111 $ 115 $ 123 $ 130 $ 131 $ 131 $ 132 $ 132 $ 133 97.1 % 2012 71 104 109 117 121 126 128 126 125 99.2 % 2013 70 100 107 113 117 117 118 118 96.7 % 2014 62 109 125 128 137 139 141 102.9 % 2015 72 110 129 133 132 134 97.1 % 2016 88 141 158 161 163 93.7 % 2017 120 169 186 194 93.3 % 2018 112 163 187 85.4 % 2019 99 146 73.7 % 2020 100 43.3 % Total $ 1,441 Unpaid losses and LAE — years 2011 through 2020 249 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 247 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 50.6 % 28.0 % 8.4 % 4.0 % 3.1 % 1.5 % 1.0 % (0.3 %) (0.4 %) 0.7 % Cumulative 50.6 % 78.6 % 87.0 % 91.0 % 94.1 % 95.6 % 96.6 % 96.3 % 95.9 % 96.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 39 $ 43 $ 42 $ 43 $ 43 $ 44 $ 44 $ 43 $ 42 $ 41 $ 2 — 2012 42 40 39 40 41 39 39 36 37 2 — 2013 46 47 46 47 50 53 58 58 1 — 2014 58 57 59 59 60 61 64 7 — 2015 59 60 63 66 76 82 7 — 2016 61 61 65 71 76 16 — 2017 63 65 70 81 13 — 2018 86 90 92 40 — 2019 108 107 64 — 2020 122 102 — Total $ 760 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (b) 2011 $ 12 $ 20 $ 25 $ 28 $ 34 $ 36 $ 37 $ 38 $ 39 $ 39 95.1 % 2012 8 17 21 25 28 30 30 32 33 89.2 % 2013 7 16 22 34 37 44 51 53 91.4 % 2014 13 21 30 36 43 50 53 82.8 % 2015 10 26 31 50 62 69 84.1 % 2016 9 19 31 47 53 69.7 % 2017 10 19 30 52 64.2 % 2018 12 23 32 34.8 % 2019 9 24 22.4 % 2020 9 7.4 % Total $ 417 Unpaid losses and LAE — years 2011 through 2020 343 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 34 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 377 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 14.8 % 15.7 % 11.6 % 17.1 % 10.2 % 8.4 % 4.8 % 3.8 % 2.6 % — % Cumulative 14.8 % 30.5 % 42.1 % 59.2 % 69.4 % 77.8 % 82.6 % 86.4 % 89.0 % 89.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2020 For the Years Ended (2011–2019 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 $ 1,840 $ 1,848 $ 1,849 $ 1,871 $ 1,861 $ 1,866 $ 1,859 $ 1,843 $ 1,832 $ 1,829 $ 35 209,666 2012 1,970 1,952 1,946 1,947 1,955 1,941 1,906 1,886 1,875 43 218,995 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 65 222,463 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 88 219,309 2015 2,114 2,047 2,041 2,038 2,022 2,013 125 230,235 2016 2,117 2,083 2,082 2,060 2,034 213 222,410 2017 2,375 2,348 2,329 2,301 342 245,799 2018 2,507 2,516 2,499 552 234,457 2019 2,721 2,674 797 250,429 2020 2,748 1,410 182,219 Total $ 21,886 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2011–2019 is Supplementary Information and Unaudited) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 % (a) 2011 $ 609 $ 1,181 $ 1,389 $ 1,534 $ 1,629 $ 1,682 $ 1,711 $ 1,734 $ 1,750 $ 1,762 96.3 % 2012 824 1,214 1,418 1,579 1,675 1,735 1,785 1,788 1,805 96.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 94.6 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 92.6 % 2015 619 1,129 1,404 1,592 1,722 1,791 89.0 % 2016 577 1,099 1,350 1,539 1,662 81.7 % 2017 709 1,250 1,524 1,736 75.4 % 2018 730 1,337 1,606 64.3 % 2019 847 1,448 54.2 % 2020 758 27.6 % Total $ 16,231 Unpaid losses and LAE — years 2011 through 2020 5,655 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 467 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,122 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 32.2 % 25.5 % 11.9 % 8.8 % 5.6 % 3.2 % 2.2 % 0.9 % 0.9 % 0.7 % Cumulative 32.2 % 57.7 % 69.6 % 78.4 % 84.0 % 87.2 % 89.4 % 90.3 % 91.2 % 91.9 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).
Statutory information	Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2020 2019 2018 2020 2019 Property and casualty companies $ 481 $ 584 $ 546 $ 3,643 $ 3,342 Life (annuity) insurance companies 209 34 802 2,897 2,868
Reinsurance information	The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2020 2019 2018 Direct premiums written $ 6,862 $ 7,044 $ 6,626 Reinsurance assumed 225 255 214 Reinsurance ceded (2,074) (1,957) (1,817) Net written premiums $ 5,013 $ 5,342 $ 5,023 Direct premiums earned $ 6,846 $ 6,848 $ 6,472 Reinsurance assumed 237 226 204 Reinsurance ceded (1,984) (1,889) (1,811) Net earned premiums $ 5,099 $ 5,185 $ 4,865 Reinsurance recoveries $ 1,522 $ 1,404 $ 1,249
Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss	Progressions of the 2020 allowance for expected credit losses are shown below (in millions): Recoverables from Reinsurers Premiums Receivable Property and Fixed & Indexed Annuities Other Total Property and Balance at January 1 $ 18 $ — $ — $ 18 $ 13 Impact of adoption of new accounting policy (11) — 5 (6) (3) Provision for expected credit losses — — 2 2 1 Write-offs charged against the allowance — — — — (1) Businesses disposed (1) — — (1) — Balance at December 31 $ 6 $ — $ 7 $ 13 $ 10
Schedule of reserve liabilities for annuity benefits accumulated	The liabilities included in AFG’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions): 2020 2019 Expected death and annuitization $ 260 $ 232 Guaranteed withdrawal benefits 817 625 Accrued persistency and premium bonuses — 1

Subsequent Event (Tables)

Subsequent Event (Tables)	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Schedule of Subsequent Events	The Annuity subsidiaries to be sold impacted AFG’s Balance Sheet at December 31, 2020 as follows (in millions): Assets of businesses to be sold: Cash and cash equivalents $ 1,679 Fixed maturities, available for sale 34,123 Fixed maturities, trading at fair value 42 Equity securities 774 Investments accounted for using the equity method 646 Mortgage loans 1,251 Policy loans 151 Equity index call options 825 Other investments 199 Total cash and investments 39,690 Recoverables from reinsurers 6,804 Agents’ balances and premiums receivable 5 Deferred policy acquisition costs 303 Variable annuity assets (separate accounts) 664 Other assets 968 Total assets 48,434 Liabilities of businesses to be sold: Annuity benefits accumulated 42,573 Life, accident and health reserves 607 Variable annuity liabilities (separate accounts) 664 Other liabilities 620 Total liabilities 44,464 Reclassify AOCI (1,071) Equity of annuity businesses to be sold excluding AOCI $ 2,899 The fair value of the available for sale fixed maturities owned by the Annuity subsidiaries to be sold at December 31, 2020 is detailed below. US Government and government agencies $ 44 States, municipalities and political subdivisions 3,421 Foreign government 35 Residential mortgage-backed securities 2,140 Commercial mortgage-backed securities 698 Collateralized loan obligations 3,491 Other asset-backed securities 5,176 Corporate and other bonds 19,118 $ 34,123 Results for the Annuity subsidiaries to be sold were (in millions): Year ended December 31, 2020 2019 2018 Net investment income $ 1,670 $ 1,774 $ 1,618 Realized gains (losses) on securities 364 132 (105) Other income 126 136 139 Total revenues 2,160 2,042 1,652 Annuity benefits 1,192 1,151 998 Annuity and supplemental insurance acquisition expenses 306 253 260 Other expenses 181 180 177 Total costs and expenses 1,679 1,584 1,435 Earnings before income taxes 481 458 217 Provision for income taxes 97 94 39 Net earnings $ 384 $ 364 $ 178

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Jan. 01, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (6,789)	$ (6,269)	$ (4,972)			$ (5,331)
Operating lease liability	159	180		$ 198
Operating lease right-of-use asset	139	158		174
Deferred rent and lease incentives	$ 20	$ 22		$ 24
Weighted average common shares adjustment related to stock-based compensation	500,000	1,100,000	1,600,000
Anti-dilutive potential common shares related to stock-based compensation plans	0	0	0
Maturities of short term investments	3 months
AOCI attributable to parent
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (1,273)	$ (863)	$ (48)			(813)
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (4,149)	(4,009)	$ (3,588)			(3,248)
Cumulative effect, period of adoption, adjustment
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change						(4)
Cumulative effect, period of adoption, adjustment | AOCI attributable to parent
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change		0			$ 221	221
Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change		(7)				(225)
Accounting Standards Update 2016-01 | Cumulative effect, period of adoption, adjustment | AOCI attributable to parent
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change						221
Accounting Standards Update 2016-13 | Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change		$ (7)
Equity securities
Significant Accounting Policies [Line Items]
Available-for-sale securities, Equity securities						1,600
Limited partnerships and similar investments | Accounting Standards Update 2016-01 | Cumulative effect, period of adoption, adjustment
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change						$ (4)

Acquisitions and Sale of Busi_3

Acquisitions and Sale of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 10, 2019
Business Acquisitions [Line Items]
Payments to acquire subsidiaries				$ 3	$ 0	$ 36
Goodwill acquired during period			$ 8			$ 8
Atlas Financial Holdings - Paratransit Business
Business Acquisitions [Line Items]
Gross written premiums eligible for renewal							$ 110
Business acquisition, price as a percent of gross written premiums								15.00%
Payments to acquire subsidiaries	$ 3
Warrant term to acquire shares								5 years
Number of shares able to be acquired with the warrant								2.4
Business acquisition, percentage of entity acquired by warrants								19.90%
ABA Insurance Services
Business Acquisitions [Line Items]
Payments to acquire subsidiaries		$ 30
Contingent consideration term						4 years
Finite-lived intangible assets acquired		25
Finite-lived intangible asset useful life						9 years
Goodwill acquired during period		$ 8
ABA Insurance Services | Maximum
Business Acquisitions [Line Items]
Contingent consideration			$ 3			$ 3
Equity securities | Warrant | Atlas Financial Holdings - Paratransit Business
Business Acquisitions [Line Items]
Fair value of asset on date received								$ 1

Acquisitions and Sale of Busi_4

Acquisitions and Sale of Businesses - Narrative on sale of businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020
Sale of Businesses
Proceeds from sale of businesses	$ 3	$ 0	$ 0
Income tax expense (benefit)	127	$ 239	$ 122
Neon Capital Limited
Sale of Businesses
Proceeds from sale of businesses	$ 6
Carrying value of assets and liabilities disposed, percentage of total assets and liabilities	1.00%
Income tax expense (benefit)	$ (72)
Neon Capital Limited Executives | Neon Capital Limited
Sale of Businesses
Percent of noncontrolling interest acquired from former and current Neon executives				100.00%

Acquisitions and Sale of Busi_5

Acquisitions and Sale of Businesses - Assets and liabilities disposed (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Sale of Businesses
Cash and investments	$ 52,502	$ 52,502	$ 55,252
Prepaid reinsurance premiums	768	768	678
Agents’ balances and premiums receivable	1,231	1,231	1,335
Other assets	1,626	1,626	1,867
Total assets	73,566	73,566	70,130	$ 63,456
Unpaid losses and loss adjustment expenses	10,392	10,392	10,232	9,741	$ 9,678
Unearned premiums	2,803	2,803	2,830
Payable to reinsurers	807	807	814
Other liabilities	2,197	2,197	2,295
Total liabilities	66,777	66,777	63,861
Realized gains on subsidiaries		23	$ 0	$ 0
Neon Capital Limited
Sale of Businesses
Sale proceeds, net of expenses		3
Cash and investments	453	453
Recoverables from reinsurers	224	224
Prepaid reinsurance premiums	8	8
Agents’ balances and premiums receivable	42	42
Other assets	60	60
Total assets	787	787
Unpaid losses and loss adjustment expenses	640	640
Unearned premiums	49	49
Payable to reinsurers	19	19
Other liabilities	92	92
Total liabilities	800	800
Reclassification from accumulated other comprehensive income		(7)
Net assets of business to be sold	(20)	(20)
Realized gains on subsidiaries	$ 23	$ 23

Acquisitions and Sale of Busi_6

Acquisitions and Sale of Businesses - Revenues, costs and expenses, and earnings before income taxes of business disposed (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sale of Businesses
Net earned premiums									$ 5,099	$ 5,185	$ 4,865
Loss and loss adjustment expenses									3,271	3,271	3,003
Commissions and other underwriting expenses									1,625	1,725	1,583
Net investment income									2,132	2,303	2,094
Net earnings, including noncontrolling interests	$ 694	$ 164	$ 167	$ (304)	$ 191	$ 143	$ 209	$ 326	721	869	517
Neon Capital Limited
Sale of Businesses
Net earned premiums									200	384	306
Loss and loss adjustment expenses									218	225	204
Commissions and other underwriting expenses									117	195	165
Underwriting loss									(135)	(36)	(63)
Net investment income									(5)	6	10
Other income and expenses, net									(5)	(10)	(5)
Net earnings, including noncontrolling interests									$ (145)	$ (40)	$ (58)

Acquisitions and Sale of Busi_7

Acquisitions and Sale of Businesses - Impact of exited lines on earnings (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Sale of Businesses
Net investment income									$ 2,132	$ 2,303	$ 2,094
Net earnings, including noncontrolling interests	$ 694	$ 164	$ 167	$ (304)	$ 191	$ 143	$ 209	$ 326	721	869	517
Realized gains on subsidiaries									23	0	0
Income tax expense (benefit)									(127)	(239)	(122)
Less: Net loss attributable to noncontrolling interests									11	28	13
Neon Capital Limited
Sale of Businesses
Underwriting loss									(135)	(36)	(63)
Net investment income									(5)	6	10
Other income and expenses, net									(5)	(10)	(5)
Net earnings, including noncontrolling interests									(145)	$ (40)	$ (58)
Realized gains on subsidiaries	$ 23								23
Total pretax loss from Neon exited lines									(122)
Income tax expense (benefit)									72
Less: Net loss attributable to noncontrolling interests									(11)
Net loss from Neon exited lines attributable to shareholders									$ (39)

Acquisitions and Sale of Busi_8

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisitions [Line Items]
Total purchase price		$ 3	$ 0	$ 36
Goodwill		$ 207	$ 207	$ 207	$ 199
ABA Insurance Services
Business Acquisitions [Line Items]
Total purchase price	$ 30
Tangible assets acquired	28
Liabilities acquired	26
Net tangible assets acquire, at fair value	2
Excess purchase price over net tangible assets acquired	28
Intangible assets acquired	25
Deferred tax on intangible assets acquired	(5)
Goodwill	$ 8

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment			3
Percent of total revenue derived from sales of property and casualty insurance outside of the United States			5.00%	7.00%	7.00%
Net earned premiums			$ 5,099	$ 5,185	$ 4,865
Net investment income			2,132	2,303	2,094
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums			5,099	5,185	4,865
Net investment income			399	472	438
Property and casualty insurance underwriting			224	212	302
Investment and other income, net			360	437	407
Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Net earned premiums			200	0	0
Property and casualty insurance underwriting			(202)	(113)	(20)
Special A&E charges	$ 47	$ 18	47	18	18
Other
Segment Reporting Information [Line Items]
Loss on the retirement of debt			5	5
Special charges to increase asbestos and environmental reserves			21	11	9
Run-off long-term care and life
Segment Reporting Information [Line Items]
Loss recognition charge			4
Special A&E charges
Segment Reporting Information [Line Items]
Special A&E charges			47	$ 18	18
Special A&E charges | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Special A&E charges			47		18
Neon Capital Limited
Segment Reporting Information [Line Items]
Net investment income			$ (5)
Neon Capital Limited | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Percent of foreign sales attributable to Neon			50.00%	66.67%
Net earned premiums				$ 384	306
Net investment income			$ (5)
Property and casualty insurance underwriting			(135)	(36)	$ (63)
Special charges related to the exit of certain lines of business within subsidiaries				$ 76
Investment and other income, net			$ (10)

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 73,566	$ 70,130	$ 63,456
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	19,689	19,098	17,681
Annuity
Segment Reporting Information [Line Items]
Total assets	47,626	45,074	39,952
Other
Segment Reporting Information [Line Items]
Total assets	$ 6,251	$ 5,958	$ 5,823

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net earned premiums									$ 5,099	$ 5,185	$ 4,865
Net investment income									2,132	2,303	2,094
Other income									204	223	223
Revenues before realized gains (losses)									7,597	7,950	7,416
Realized gains (losses) on securities									289	287	(266)
Realized gains on subsidiaries									23	0	0
Total revenues	$ 2,623	$ 2,060	$ 1,951	$ 1,275	$ 2,130	$ 2,123	$ 1,960	$ 2,024	7,909	8,237	7,150
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									5,099	5,185	4,865
Net investment income									399	472	438
Other income									8	11	10
Revenues before realized gains (losses)									5,506	5,668	5,313
Annuity
Segment Reporting Information [Line Items]
Net investment income									1,699	1,792	1,638
Other income									131	120	125
Revenues before realized gains (losses)									1,830	1,912	1,763
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)									261	370	340
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									1,871	1,828	1,729
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									2,235	2,597	2,403
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									613	610	598
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									180	150	135
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums									$ 200	$ 0	$ 0

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 536	$ 821	$ 905
Realized gains (losses) on securities	289	287	(266)
Subsidiaries	23	0	0
Earnings before income taxes	848	1,108	639
Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	224	212	302
Investment and other income, net	360	437	407
Earnings before realized gains (losses) and income taxes	584	649	709
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	171	362	361
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(219)	(190)	(165)
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	181	79	120
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	223	175	141
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	50	92	66
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(28)	(21)	(5)
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (202)	$ (113)	$ (20)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2020USD ($)professional	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Measurements (Textual) [Abstract]
AFG's internal investment professionals | professional		20
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		40.00%
Level 3 assets that were priced using non-binding broker quotes		$ 1,500
Level three assets that were priced by pricing services.		$ 530
Percentage Of level three assets that were priced by pricing services		14.00%
Percentage of internally developed level three assets compared to total level 3 assets		46.00%
Fair value of equity securities transferred into level 3		$ 620	$ 244	$ 270
Life contingent annuities		1,110	247
Equity securities
Fair Value Measurements (Textual) [Abstract]
Fair value of equity securities transferred into level 3	$ 29	17	56	30
Fixed-indexed and variable-indexed annuities (embedded derivative)
Fair Value Measurements (Textual) [Abstract]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach		$ 3,930
Fixed-indexed and variable-indexed annuities (embedded derivative) | Minimum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination		4.00%
Fixed-indexed and variable-indexed annuities (embedded derivative) | Maximum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination		23.00%
Fixed-indexed annuities (embedded derivative), majority of future years | Minimum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination		8.00%
Fixed-indexed annuities (embedded derivative), majority of future years | Maximum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination		11.00%
Not Designated as Hedging Instrument | Annuity benefits | Fixed-indexed and variable-indexed annuities (embedded derivative)
Fair Value Measurements (Textual) [Abstract]
Total realized/unrealized gains (losses) included in net income for the embedded derivatives related to the unlocking of actuarial assumptions		$ 240	$ 181	$ (44)
Level 3
Fair Value Measurements (Textual) [Abstract]
Internally developed level 3 assets		$ 1,680

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Available for sale (AFS) fixed maturities	$ 43,207	$ 46,505
Trading fixed maturities	66	113
Equity securities, at fair value	1,663	1,937
Assets of managed investment entities	73,566	70,130	$ 63,456
Variable annuity assets (separate accounts)	664	628
Derivatives including equity index call options and other assets	825	924
Total assets accounted for at fair value	51,498	54,893
Liabilities:
Liabilities of managed investment entities	66,777	63,861
Total liabilities accounted for at fair value	8,714	8,311
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,971	4,736
Liabilities:
Liabilities of managed investment entities	4,771	4,571
Derivatives in annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	3,933	3,730
Other liabilities — derivatives
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	10	10
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	43,207	46,505
Trading fixed maturities	66	113
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	242	209
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	5,733	6,963
Foreign government
Assets:
Available for sale (AFS) fixed maturities	211	172
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	3,055	3,160
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	790	927
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	4,553	4,280
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	7,223	7,128
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	21,400	23,666
Equity securities
Assets:
Equity securities, at fair value	1,663	1,937
Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	102	50
Level 1
Assets:
Variable annuity assets (separate accounts)	0	0
Total assets accounted for at fair value	1,558	1,828
Liabilities:
Total liabilities accounted for at fair value	208	206
Level 1 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	217	213
Liabilities:
Liabilities of managed investment entities	208	206
Level 1 | Derivatives in 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	245	180
Trading fixed maturities	0	2
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	201	151
Level 1 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	44	29
Level 1 | Equity securities
Assets:
Equity securities, at fair value	1,096	1,433
Level 1 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	0	0
Level 2
Assets:
Variable annuity assets (separate accounts)	664	628
Total assets accounted for at fair value	46,234	49,224
Liabilities:
Total liabilities accounted for at fair value	4,553	4,359
Level 2 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,733	4,506
Liabilities:
Liabilities of managed investment entities	4,543	4,349
Level 2 | Derivatives in 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	10	10
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	39,746	42,938
Trading fixed maturities	66	111
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	26	43
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	5,630	6,858
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	211	172
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2,890	2,987
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	777	892
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	4,489	4,265
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	5,850	5,842
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	19,873	21,879
Level 2 | Equity securities
Assets:
Equity securities, at fair value	98	67
Level 2 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	102	50
Level 3
Assets:
Variable annuity assets (separate accounts)	0	0
Total assets accounted for at fair value	3,706	3,841
Liabilities:
Total liabilities accounted for at fair value	3,953	3,746
Level 3 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	21	17
Liabilities:
Liabilities of managed investment entities	20	16
Level 3 | Derivatives in annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	3,933	3,730
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	3,216	3,387
Trading fixed maturities	0	0
Level 3 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	15	15
Level 3 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	103	105
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	165	173
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	13	35
Level 3 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	64	15
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,373	1,286
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	1,483	1,758
Level 3 | Equity securities
Assets:
Equity securities, at fair value	469	437
Level 3 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	0	0
Equity index call options | Equity index call options
Assets:
Derivatives including equity index call options and other assets	825	924
Equity index call options | Level 1 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	0	0
Equity index call options | Level 2 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	825	924
Equity index call options | Level 3 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	$ 0	$ 0

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs used in determining fair value of embedded derivatives (Details) - Embedded derivatives	12 Months Ended
	Dec. 31, 2020
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.99%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Fair Value Input Adjustment for Insurance Subsidiary’s Credit Risk	0.20%
Surrenders	4.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.70%
Budgeted option costs	2.20%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Fair Value Input Adjustment for Insurance Subsidiary’s Credit Risk	2.20%
Surrenders	23.00%
Partial surrenders	11.00%
Annuitizations	1.00%
Deaths	13.90%
Budgeted option costs	2.90%

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	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 2,290	$ 3,841	$ 3,521	$ 2,290
Total realized/unrealized gains (losses) included in Net earnings		(42)	(10)	(21)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		69	75	(39)
Purchases and issuances		781	1,578	1,828
Sales and settlements		(606)	(565)	(482)
Transfer into Level 3		620	244	270
Transfer out of Level 3		(957)	(1,002)	(325)
Financial assets, Ending Balance		3,706	3,841	3,521
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2,102	3,387	3,164	2,102
Total realized/unrealized gains (losses) included in Net earnings		(23)	0	(22)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		69	75	(39)
Purchases and issuances		706	1,525	1,667
Sales and settlements		(587)	(563)	(476)
Transfer into Level 3		595	188	240
Transfer out of Level 3		(931)	(1,002)	(308)
Financial assets, Ending Balance		3,216	3,387	3,164
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	8	15	9	8
Total realized/unrealized gains (losses) included in Net earnings		4	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(4)	7	0
Purchases and issuances		0	0	0
Sales and settlements		0	(1)	0
Transfer into Level 3		0	0	1
Transfer out of Level 3		0	0	0
Financial assets, Ending Balance		15	15	9
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	148	105	59	148
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		5	5	(2)
Purchases and issuances		0	0	0
Sales and settlements		(5)	(3)	(3)
Transfer into Level 3		0	55	0
Transfer out of Level 3		(2)	(11)	(84)
Financial assets, Ending Balance		103	105	59
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	122	173	197	122
Total realized/unrealized gains (losses) included in Net earnings		(7)	6	(9)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(8)	(3)	(4)
Purchases and issuances		0	0	0
Sales and settlements		(19)	(20)	(21)
Transfer into Level 3		58	48	130
Transfer out of Level 3		(32)	(55)	(21)
Financial assets, Ending Balance		165	173	197
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	36	35	56	36
Total realized/unrealized gains (losses) included in Net earnings		0	2	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		1	0	0
Purchases and issuances		0	0	20
Sales and settlements		(3)	(12)	0
Transfer into Level 3		2	4	0
Transfer out of Level 3		(22)	(15)	0
Financial assets, Ending Balance		13	35	56
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	200	15	116	200
Total realized/unrealized gains (losses) included in Net earnings		(5)	(5)	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		22	5	(13)
Purchases and issuances		0	0	35
Sales and settlements		0	0	(20)
Transfer into Level 3		187	28	3
Transfer out of Level 3		(155)	(129)	(86)
Financial assets, Ending Balance		64	15	116
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	544	1,286	731	544
Total realized/unrealized gains (losses) included in Net earnings		(17)	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		20	6	(2)
Purchases and issuances		423	787	391
Sales and settlements		(375)	(192)	(228)
Transfer into Level 3		215	23	79
Transfer out of Level 3		(179)	(69)	(53)
Financial assets, Ending Balance		1,373	1,286	731
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,044	1,758	1,996	1,044
Total realized/unrealized gains (losses) included in Net earnings		2	(3)	(10)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		33	55	(18)
Purchases and issuances		283	738	1,221
Sales and settlements		(185)	(335)	(204)
Transfer into Level 3		133	30	27
Transfer out of Level 3		(541)	(723)	(64)
Financial assets, Ending Balance		1,483	1,758	1,996
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	165	437	336	165
Total realized/unrealized gains (losses) included in Net earnings		(13)	(5)	9
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		73	52	155
Sales and settlements		(19)	(2)	(6)
Transfer into Level 3	29	17	56	30
Transfer out of Level 3		(26)	0	(17)
Financial assets, Ending Balance		469	437	336
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 23	17	21	23
Total realized/unrealized gains (losses) included in Net earnings		(6)	(5)	(8)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		2	1	6
Sales and settlements		0	0	0
Transfer into Level 3		8	0	0
Transfer out of Level 3		0	0	0
Financial assets, Ending Balance		$ 21	$ 17	$ 21

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (3,730)	$ (2,720)	$ (2,542)
Total realized/unrealized gains (losses) included in Net earnings	(283)	(919)	204
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(242)	(333)	(545)
Sales and settlements	322	242	163
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial liabilities, Ending Balance	(3,933)	(3,730)	(2,720)
Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(3,730)	(2,720)	(2,542)
Total realized/unrealized gains (losses) included in Net earnings	(283)	(919)	204
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(242)	(333)	(545)
Sales and settlements	322	242	163
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial liabilities, Ending Balance	$ (3,933)	$ (3,730)	$ (2,720)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Mortgage loans	$ 1,623	$ 1,329
Policy loans	151	164
Financial liabilities:
Long-term debt	1,963	1,473
Level 1
Financial assets:
Cash and cash equivalents	2,810	2,314
Mortgage loans	0	0
Policy loans	0	0
Total financial assets not accounted for at fair value	2,810	2,314
Financial liabilities:
Annuity benefits accumulated	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	0	0
Long-term debt	2,322	1,619
Total financial liabilities not accounted for at fair value	2,322	1,619
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	1,652	1,346
Policy loans	151	164
Total financial assets not accounted for at fair value	1,803	1,510
Financial liabilities:
Annuity benefits accumulated	43,081	40,182
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	43,084	40,185
Carrying Value
Financial assets:
Cash and cash equivalents	2,810	2,314
Mortgage loans	1,623	1,329
Policy loans	151	164
Total financial assets not accounted for at fair value	4,584	3,807
Financial liabilities:
Annuity benefits accumulated	41,460	40,159
Long-term debt	1,963	1,473
Total financial liabilities not accounted for at fair value	43,423	41,632
Fair Value
Financial assets:
Cash and cash equivalents	2,810	2,314
Mortgage loans	1,652	1,346
Policy loans	151	164
Total financial assets not accounted for at fair value	4,613	3,824
Financial liabilities:
Annuity benefits accumulated	43,081	40,182
Long-term debt	2,325	1,622
Total financial liabilities not accounted for at fair value	$ 45,406	$ 41,804

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule of Investments [Line Items]
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		76.00%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		88.00%
Net investment income		$ 2,132	$ 2,303	$ 2,094
Annuity
Schedule of Investments [Line Items]
Net investment income		1,699	1,792	1,638
Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income		(5)
Neon Capital Limited | Accounting Standards Update 2016-01 | Equity securities
Schedule of Investments [Line Items]
Net investment income	$ (7)
Residential MBS
Schedule of Investments [Line Items]
Fixed maturities, Available for sale, Gross Unrealized, Losses		$ (5)	(5)
Number of securities purchased with credit deterioration | security		2
Aggregate par value of securities purchased with credit deterioration, at time of purchase		$ 8
Aggregate purchase price of securities purchased with credit deterioration, at time of purchase		6
Initial discount for purchased securities with credit deterioration		1
Initial allowance for purchased securities with credit deterioration		1
Fixed maturities
Schedule of Investments [Line Items]
Fixed maturities, Available for sale, Gross Unrealized, Losses		$ (118)	(88)
Number of fixed maturities in an unrealized loss position | security		620
Realized before impairments		$ 468	26	6
Fixed maturities | Annuity
Schedule of Investments [Line Items]
Realized before impairments		415
Equity securities
Schedule of Investments [Line Items]
Realized before impairments		$ (96)	$ 277	$ (265)

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	$ 40,408		$ 44,524
Fixed maturities, available for sale, allowance for expected credit losses	40		0
Available for sale (AFS) fixed maturities	43,207		46,505
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	40,408		44,524
Fixed maturities, available for sale, allowance for expected credit losses	40		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	2,957		2,069
Fixed maturities, Available for sale, Gross Unrealized, Losses	(118)		(88)
Available for sale (AFS) fixed maturities	43,207		46,505
Total fixed maturities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	2,839		1,981
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	231		199
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	11		10
Fixed maturities, Available for sale, Gross Unrealized, Losses	0		0
Available for sale (AFS) fixed maturities	242		209
U.S. Government and government agencies | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	11		10
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	5,249		6,604
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	486		363
Fixed maturities, Available for sale, Gross Unrealized, Losses	(2)		(4)
Available for sale (AFS) fixed maturities	5,733		6,963
States, municipalities and political subdivisions | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	484		359
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	203		170
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	8		3
Fixed maturities, Available for sale, Gross Unrealized, Losses	0		(1)
Available for sale (AFS) fixed maturities	211		172
Foreign government | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	8		2
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	2,812		2,900
Fixed maturities, available for sale, allowance for expected credit losses	3		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	251		265
Fixed maturities, Available for sale, Gross Unrealized, Losses	(5)		(5)
Available for sale (AFS) fixed maturities	3,055		3,160
Residential MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	246		260
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	748		896
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	43		31
Fixed maturities, Available for sale, Gross Unrealized, Losses	(1)		0
Available for sale (AFS) fixed maturities	790		927
Commercial MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	42		31
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	4,556		4,307
Fixed maturities, available for sale, allowance for expected credit losses	13		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	27		10
Fixed maturities, Available for sale, Gross Unrealized, Losses	(17)		(37)
Collateralized loan obligations | Managed by third parties
Debt Securities, Available-for-sale [Line Items]
Available for sale (AFS) fixed maturities	4,553		4,280
Collateralized loan obligations | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	10		(27)
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	7,138		6,992
Fixed maturities, available for sale, allowance for expected credit losses	18		0
Fixed maturities, Available for sale, Gross Unrealized, Gains	169		156
Fixed maturities, Available for sale, Gross Unrealized, Losses	(66)		(20)
Available for sale (AFS) fixed maturities	7,223		7,128
Other asset-backed securities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	103		136
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	19,471		22,456
Fixed maturities, available for sale, allowance for expected credit losses	6	$ 0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	1,962		1,231
Fixed maturities, Available for sale, Gross Unrealized, Losses	(27)		(21)
Available for sale (AFS) fixed maturities	21,400		23,666
Corporate and other | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 1,935		$ 1,210

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,663	$ 1,937
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	939	1,164
Equity securities	922	1,283
Equity securities, fair value in excess of cost	(17)	119
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	702	640
Equity securities	741	654
Equity securities, fair value in excess of cost	39	14
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	1,641	1,804
Equity securities	1,663	1,937
Equity securities, fair value in excess of cost	$ 22	$ 133

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	Dec. 31, 2020	Dec. 31, 2019
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (77)	$ (44)
Fair Value - Less than twelve months	$ 3,367	$ 4,461
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (41)	$ (44)
Fair Value - Twelve months or more	$ 2,161	$ 2,224
Fair Value as % of Cost - Twelve months or more	98.00%	98.00%
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	$ 23	$ 16
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	$ 0	$ 11
Fair Value as % of Cost - Twelve months or more	0.00%	100.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (2)	$ (3)
Fair Value - Less than twelve months	$ 117	$ 254
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ (1)
Fair Value - Twelve months or more	$ 11	$ 82
Fair Value as % of Cost - Twelve months or more	100.00%	99.00%
Foreign government
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 7	$ 70
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
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	$ 210	$ 509
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (1)
Fair Value - Twelve months or more	$ 30	$ 69
Fair Value as % of Cost - Twelve months or more	97.00%	99.00%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ 0
Fair Value - Less than twelve months	$ 39	$ 17
Fair Value as % of Cost - Less than twelve months	98.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 9	$ 0
Fair Value as % of Cost - Twelve months or more	100.00%	0.00%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (3)	$ (11)
Fair Value - Less than twelve months	$ 673	$ 1,284
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ (14)	$ (26)
Fair Value - Twelve months or more	$ 1,599	$ 1,728
Fair Value as % of Cost - Twelve months or more	99.00%	99.00%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (45)	$ (12)
Fair Value - Less than twelve months	$ 1,440	$ 1,211
Fair Value as % of Cost - Less than twelve months	97.00%	99.00%
Unrealized Loss - Twelve months or more	$ (21)	$ (8)
Fair Value - Twelve months or more	$ 388	$ 123
Fair Value as % of Cost - Twelve months or more	95.00%	94.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (22)	$ (13)
Fair Value - Less than twelve months	$ 858	$ 1,100
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (5)	$ (8)
Fair Value - Twelve months or more	$ 124	$ 211
Fair Value as % of Cost - Twelve months or more	96.00%	96.00%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 0
Impact of adoption of new accounting policy	0
Initial allowance for purchased securities with credit deterioration	1
Provision for expected credit losses on securities with no previous allowance	68
Additions (reductions) to previously recognized expected credit losses	(22)
Reductions due to sales or redemptions	7
Ending balance	40
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	34	$ 0
Initial allowance for purchased securities with credit deterioration	1
Provision for expected credit losses on securities with no previous allowance	40
Additions (reductions) to previously recognized expected credit losses	(6)
Reductions due to sales or redemptions	1
Ending balance	34
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	0	0
Initial allowance for purchased securities with credit deterioration	0
Provision for expected credit losses on securities with no previous allowance	28
Additions (reductions) to previously recognized expected credit losses	(16)
Reductions due to sales or redemptions	6
Ending balance	$ 6
Accounting Standards Update 2016-13
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy		$ 0

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of CLOs and Other ABS	3 years 6 months
Average life of MBS	3 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 2,735
After one year through five years	10,344
After five years through ten years	9,298
After ten years	2,771
Fixed maturities amortized cost, Subtotal	25,148
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	11,663
MBS (average life of approximately 3-1/2 years)	3,557
Amortized Cost	40,368
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	2,762
After one year through five years	11,149
After five years through ten years	10,570
After ten years	3,105
Fixed maturities fair value, Subtotal	27,586
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	11,776
MBS (average life of approximately 3-1/2 years)	3,845
Fair Value	$ 43,207
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	6.00%
After one year through five years	26.00%
After five years through ten years	25.00%
After ten years	7.00%
Fixed maturities fair value, Subtotal, Percent	64.00%
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	27.00%
MBS (average life of approximately 3-1/2 years)	9.00%
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	Dec. 31, 2020	Dec. 31, 2019
Unrealized gain on:
Pretax	$ 1,589	$ 1,091
Deferred Tax	(334)	(229)
Net	1,255	862
Total fixed maturities
Unrealized gain on:
Pretax	2,839	1,981
Deferred Tax	(596)	(416)
Net	2,243	1,565
Fixed maturities — annuity segment
Unrealized gain on:
Pretax	2,323	1,611
Deferred Tax	(488)	(338)
Net	1,835	1,273
Fixed maturities — all other
Unrealized gain on:
Pretax	516	370
Deferred Tax	(108)	(78)
Net	408	292
Deferred policy acquisition costs — annuity segment
Unrealized gain on:
Pretax	(934)	(681)
Deferred Tax	196	143
Net	(738)	(538)
Annuity benefits accumulated
Unrealized gain on:
Pretax	(324)	(219)
Deferred Tax	68	46
Net	(256)	(173)
Life, accident and health reserves
Unrealized gain on:
Pretax	(3)	(1)
Deferred Tax	0	0
Net	(3)	(1)
Unearned revenue
Unrealized gain on:
Pretax	11	11
Deferred Tax	(2)	(2)
Net	$ 9	$ 9

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Gross investment income	$ 2,161	$ 2,325	$ 2,116
Investment expenses	(29)	(22)	(22)
Net investment income	2,132	2,303	2,094
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	1,880	1,915	1,742
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Gross investment income	98	154	161
Other
Net Investment Income [Line Items]
Gross investment income	96	132	112
Investment income | Equity securities
Net Investment Income [Line Items]
Gross investment income	63	85	79
Accounting Standards Update 2016-01 | Equity securities
Net Investment Income [Line Items]
Gross investment income	$ 24	$ 39	$ 22

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 289	$ 287	$ (266)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	256	242	(195)
Realized - impairments	(28)	(15)	(15)
Realized gains (losses) on securities	228	227	(210)
Change in unrealized	393	779	(536)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	324	306	(247)
Realized - impairments	(35)	(19)	(19)
Realized gains (losses) on securities	289	287	(266)
Change in unrealized	498	986	(679)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	468	26	6
Realized - impairments	(46)	(29)	(26)
Realized gains (losses) on securities	422	(3)	(20)
Change in unrealized	858	1,821	(1,181)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(96)	277	(265)
Realized - impairments	0	0	0
Realized gains (losses) on securities	(96)	277	(265)
Change in unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	4	3	1
Realized - impairments	0	0	0
Realized gains (losses) on securities	4	3	1
Change in unrealized	0	0	0
Other, Including DPAC and reserves related to annuity business
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(52)	0	11
Realized - impairments	11	10	7
Realized gains (losses) on securities	(41)	10	18
Change in unrealized	(360)	(835)	502
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(68)	(64)	52
Realized - impairments	7	4	4
Realized gains (losses) on securities	(61)	(60)	56
Change in unrealized	$ (105)	$ (207)	$ 143

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities									$ 289	$ 287	$ (266)
Gross investment income									2,161	2,325	2,116
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities									(96)	277	(265)
Accounting Standards Update 2016-01 | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	$ 207	$ 30	$ 202	$ (535)	$ 67	$ (15)	$ 44	$ 182	(96)	278
Accounting Standards Update 2016-01 | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities									(46)	207	(257)
Accounting Standards Update 2016-01 | Realized gains (losses) on securities | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities									(70)	169	(279)
Accounting Standards Update 2016-01 | Investment income | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Gross investment income									$ 24	$ 38	$ 22

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity security investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 526	$ 35	$ 22
Gross losses	$ (55)	$ (19)	$ (14)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)swap	Mar. 31, 2020USD ($)swap	Dec. 31, 2020USD ($)swap	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options			$ 351,000,000	$ 577,000,000
Interest rate swaps | Cash Flow Hedges | Contract termination
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps expired | swap		1
Interest rate swaps | Cash Flow Hedges | Contract termination | Great American Life Insurance Company
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 166,000,000	$ 83,000,000
Number of interest rate swaps terminated | swap	2
Interest rate swaps | Cash Flow Hedges | Facility closing
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps terminated | swap	1
Interest rate swaps | Cash Flow Hedges | Facility closing | Great American Life Insurance Company
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 44,000,000
Not Designated as Hedging Instrument | Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits
Derivative Instruments, Gain (Loss) [Line Items]
The portion of the change in fair value of the embedded derivative related to the unlocking of actuarial assumptions			$ 240,000,000	181,000,000	$ (44,000,000)
Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedges | Great American Life Insurance Company
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps designated and qualifying as a cash flow hedges | swap			9
Derivative, Notional Amount			$ 1,630,000,000	1,980,000,000
Gain (loss) reclassified from AOCI into net investment income			40,000,000	3,000,000	$ (3,000,000)
Collateral receivable supporting interest rate swaps			2,000,000	20,000,000
Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedges | Other assets | Great American Life Insurance Company
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value			102,000,000	50,000,000
Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedges | Other liabilities — derivatives | Great American Life Insurance Company
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value			$ 0	$ (5,000,000)

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	Dec. 31, 2020	Dec. 31, 2019
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 999	$ 1,026
Derivative liability, at fair value	3,943	3,735
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	174	102
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	3,933	3,730
Equity index call options | Equity index call options
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	825	924
Equity index put options | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	5	1
Reinsurance contract (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 5	$ 4

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (61)	$ (106)	$ (103)
MBS with embedded derivatives | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(3)	10	(7)
Public company warrants | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	(1)	(3)
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(283)	(919)	204
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	223	804	(298)
Equity index put options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	3	2	(1)
Reinsurance contract (embedded derivative) | Net investment income
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1)	$ (2)	$ 2

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 160	$ 154
Approximate annual rate of decrease in present value of future profits during next five years	14.29%

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 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	$ 1,037	$ 1,682	$ 1,216
Deferred policy acquisition costs and present value of future profits, additions	703	952	940
Deferred policy acquisition costs and present value of future profits, periodic amortization	(757)	(860)	(908)
Deferred policy acquisition costs and present value of future profits, annuity unlocking	(114)	(77)	29
Deferred policy acquisition costs and present value of future profits, change included in realized gains	(41)	9	15
Deferred policy acquisition costs and present value of future profits, foreign currency translation	0	0	(2)
Deferred policy acquisition costs and present value of future profits, other	(10)
Deferred policy acquisition costs and present value of future profits, change in unrealized	(272)	(669)	392
Deferred policy acquisition costs and present value of future profits, ending balance	546	1,037	1,682
Property and casualty insurance
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance	322	299	270
Deferred policy acquisition costs, additions	547	744	675
Deferred policy acquisition costs, periodic amortization	(615)	(721)	(644)
Deferred policy acquisition costs, foreign currency translation	0	0	(2)
Deferred policy acquisition costs, ending balance	244	322	299
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, other	(10)
Annuity and Run-off
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance	1,303	1,285	1,217
Deferred policy acquisition costs, additions	154	206	263
Deferred policy acquisition costs, periodic amortization	(127)	(120)	(238)
Deferred policy acquisition costs, annuity unlocking	(118)	(76)	29
Deferred policy acquisition costs, change included in realized gains	(42)	8	14
Deferred policy acquisition costs, ending balance	1,170	1,303	1,285
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance	75	86	102
Deferred sales inducements, additions	2	2	2
Deferred sales inducements, periodic amortization	(9)	(13)	(19)
Deferred sales inducements, annuity unlocking	4	(1)	0
Deferred sales inducements, change included in realized gains	1	1	1
Deferred sales inducements, ending balance	73	75	86
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance	36	42	49
Present value of future profits, periodic amortization	(6)	(6)	(7)
Present value of future profits, annuity unlocking	0	0	0
Present value of future profits, ending balance	30	36	42
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	(699)	(30)	(422)
Unrealized investment gains (losses), change in unrealized	(272)	(669)	392
Unrealized investment gains (losses), ending balance	(971)	(699)	(30)
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	715	1,383	946
Deferred policy acquisition costs and present value of future profits, additions	156	208	265
Deferred policy acquisition costs and present value of future profits, periodic amortization	(142)	(139)	(264)
Deferred policy acquisition costs and present value of future profits, annuity unlocking	(114)	(77)	29
Deferred policy acquisition costs and present value of future profits, change included in realized gains	(41)	9	15
Deferred policy acquisition costs and present value of future profits, change in unrealized	(272)	(669)	392
Deferred policy acquisition costs and present value of future profits, ending balance	302	715	1,383
Excluding Unrealized Gains | Annuity and Run-off
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	1,414	1,413	1,368
Deferred policy acquisition costs and present value of future profits, change in unrealized	0	0	0
Deferred policy acquisition costs and present value of future profits, ending balance	$ 1,273	$ 1,414	$ 1,413

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)collateralizedloanobligation	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)collateralizedloanobligation
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum	15.00%
Percentage of investment of most subordinate debt tranche, Maximum	100.00%
Number of collateralized loan obligation entities | collateralizedloanobligation	12
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities	$ 2		$ 45
Face amount of managed investment entities liabilities purchased by subsidiaries after issuance date	57		7
Amount paid by subsidiaries to purchase managed investment entities liabilities after issuance date	$ 39		$ 7
Number of collateralized loan obligation entities formed during the period | collateralizedloanobligation	1		1
Number of collateralized loan obligation entities that were substantially liquidated during the period | collateralizedloanobligation			2
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 150	$ 146
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	141	129
Carrying amount of CLO loans in default	11	10
Aggregate unpaid principal balance of CLO loans in default	28	25
Available for sale (AFS) fixed maturities	43,207	46,505
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	303		$ 463
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	31		31
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	200	165	$ 188
Subordinated debt obligations | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	111
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	$ 4,553	4,280
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ (69)	$ 80	$ (189)
Liabilities	30	(110)	168
Management fees paid to AFG	15	15	16
CLO earnings (losses) attributable to AFG Shareholders	(2)	4	7
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches	$ 200	$ 165	$ 188

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired during period	$ 8			$ 8
Amortizable intangible assets related to property and casualty insurance acquisitions		$ 34	$ 43
Accumulated amortization		62	50
Amortization of intangible assets		$ 12	$ 11	$ 9
Weighted average useful life of finite-lived intangible assets acquired		3 years
Future amortization of intangibles in next year		$ 6
Future amortization of intangibles in year two		4
Future amortization of intangibles in year three		4
Future amortization of intangibles in year four		4
Future amortization of intangibles in year five		4
Future amortization of intangibles after year five		$ 12

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	$ 207	$ 207	$ 207	$ 207	$ 199
Goodwill, acquisition of subsidiary	8	8
Goodwill, Ending balance	207	207
Property and Casualty
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	176	176	176	176	168
Goodwill, acquisition of subsidiary		8
Goodwill, Ending balance	176	176
Annuity
Changes in the carrying value of goodwill by reporting segment
Goodwill, Beginning balance	31	31	$ 31	$ 31	$ 31
Goodwill, acquisition of subsidiary		0
Goodwill, Ending balance	$ 31	$ 31

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 15, 2020	Sep. 30, 2020	May 29, 2020	Apr. 02, 2020	Mar. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next 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
Principal	1,993,000,000	$ 1,493,000,000
Cash interest payments on long-term debt	$ 83,000,000	65,000,000	$ 59,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit facility term	5 years
Revolving credit line	$ 500,000,000
Interest rate description for revolving credit facility	1.00% to 1.875% (currently 1.375%) over LIBOR
Amount borrowed under AFG revolving credit facility	$ 0	0
LIBOR | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.375%
LIBOR | AFG | Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
LIBOR | AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.875%
Senior Notes | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 1,318,000,000	1,018,000,000
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 590,000,000	590,000,000
Interest rate on debt instruments	4.50%
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 425,000,000	425,000,000
Interest rate on debt instruments	3.50%
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 300,000,000	0					$ 300,000,000
Interest rate on debt instruments	5.25%						5.25%
Subordinated Debt | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 675,000,000	475,000,000
Subordinated Debt | 5.125% Subordinated Debentures due December 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 200,000,000	200,000,000
Senior Notes, aggregate principal amount		$ 200,000,000
Interest rate on debt instruments	5.125%	5.125%
Subordinated Debt | 6% Subordinated Debentures due November 2055 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 0	$ 150,000,000		$ 150,000,000
Interest rate on debt instruments	6.00%			6.00%
Subordinated Debt | 5.875% Subordinated Debentures due March 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 125,000,000	125,000,000
Senior Notes, aggregate principal amount								$ 125,000,000
Interest rate on debt instruments	5.875%							5.875%
Subordinated Debt | 4.50% Subordinated Debentures due September 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 200,000,000	0			$ 200,000,000
Interest rate on debt instruments	4.50%				4.50%
Subordinated Debt | 5.625% Subordinated Debentures due June 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 150,000,000	$ 0				$ 150,000,000
Interest rate on debt instruments	5.625%					5.625%
Subordinated Debt | 6-1/4% Subordinated Debentures due September 2054 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments		6.25%
Senior Notes, amount of the original debt instrument that was redeemed		$ 150,000,000

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($)	Dec. 31, 2020	Nov. 15, 2020	Sep. 30, 2020	May 29, 2020	Apr. 02, 2020	Dec. 31, 2019	Mar. 31, 2019
Summary of Carrying value of long-term debt
Principal	$ 1,993,000,000					$ 1,493,000,000
Discount and Issue Costs	(30,000,000)					(20,000,000)
Carrying Value	1,963,000,000					1,473,000,000
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,963,000,000					1,473,000,000
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	1,318,000,000					1,018,000,000
Discount and Issue Costs	(11,000,000)					(5,000,000)
Carrying Value	1,307,000,000					1,013,000,000
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Summary of Carrying value of long-term debt
Principal	590,000,000					590,000,000
Discount and Issue Costs	(2,000,000)					(2,000,000)
Carrying Value	$ 588,000,000					588,000,000
Interest rate on debt instruments	4.50%
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Summary of Carrying value of long-term debt
Principal	$ 425,000,000					425,000,000
Discount and Issue Costs	(3,000,000)					(3,000,000)
Carrying Value	$ 422,000,000					422,000,000
Interest rate on debt instruments	3.50%
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Summary of Carrying value of long-term debt
Principal	$ 300,000,000				$ 300,000,000	0
Discount and Issue Costs	(6,000,000)					0
Carrying Value	$ 294,000,000					0
Interest rate on debt instruments	5.25%				5.25%
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	$ 3,000,000					3,000,000
Discount and Issue Costs	0					0
Carrying Value	3,000,000					3,000,000
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675,000,000					475,000,000
Discount and Issue Costs	(19,000,000)					(15,000,000)
Carrying Value	656,000,000					460,000,000
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Summary of Carrying value of long-term debt
Principal	200,000,000		$ 200,000,000			0
Discount and Issue Costs	(5,000,000)					0
Carrying Value	$ 195,000,000					0
Interest rate on debt instruments	4.50%		4.50%
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 200,000,000					200,000,000
Discount and Issue Costs	(6,000,000)					(6,000,000)
Carrying Value	$ 194,000,000					$ 194,000,000
Interest rate on debt instruments	5.125%					5.125%
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Summary of Carrying value of long-term debt
Principal	$ 150,000,000			$ 150,000,000		$ 0
Discount and Issue Costs	(4,000,000)					0
Carrying Value	$ 146,000,000					0
Interest rate on debt instruments	5.625%			5.625%
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 125,000,000					125,000,000
Discount and Issue Costs	(4,000,000)					(4,000,000)
Carrying Value	$ 121,000,000					121,000,000
Interest rate on debt instruments	5.875%						5.875%
Subordinated Debentures | 6% Subordinated Debentures due November 2055 | AFG
Summary of Carrying value of long-term debt
Principal	$ 0	$ 150,000,000				150,000,000
Discount and Issue Costs	0					(5,000,000)
Carrying Value	$ 0					$ 145,000,000
Interest rate on debt instruments	6.00%	6.00%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Deferred rent and lease incentives	$ 20	$ 22	$ 24
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities

Leases - Right-of-use asset and

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease right-of-use asset	$ 139	$ 158	$ 174
Operating lease liability	$ 159	$ 180	$ 198

Leases - Lease activity (Detail

Leases - Lease activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases	$ 47	$ 46
Short-term leases	0	1
Total lease expense	$ 47	$ 47

Leases - Other operating lease

Leases - Other operating lease liability information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 50	$ 49
Right-of-use assets obtained under new leases	$ 25	$ 19

Leases - Undiscounted contractu

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Lease payments due in 2021	$ 43
Lease payments due in 2022	35
Lease payments due in 2023	29
Lease payments due in 2024	23
Lease payments due in 2025	20
Lease payments due thereafter	28
Total lease payments	178
Less: Future ease payments impact of discounting	(19)
Operating lease liability	$ 159	$ 180	$ 198

Leases - Schedule of weighted-a

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term	5 years 4 months 24 days
Weighted-average discount rate	3.90%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate of options exercisable per year, commencing one year after grant	20% per year commencing one year after grant
Duration of options expiration, after date of grant	10 years
Total intrinsic value of options exercised	$ 17	$ 46	$ 57
Cash received from the exercise of stock options	14	31	29
Tax benefit related to exercise of stock options	3	8	9
Total compensation expense related to stock incentive plans	20	23	23
Tax benefit related to compensation costs	9	13	13
Cumulative effect of accounting change	6,789	6,269	4,972		$ 5,331
Cumulative effect, period of adoption, adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of accounting change					$ 4
Accumulated net investment gain (loss) attributable to parent | Cumulative effect, period of adoption, adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of accounting change	$ 0	0		$ (221)
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock vesting period	4 years
Restricted Common Stock vested during period, fair value	$ 19	$ 11	$ 10
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 35
Weighted average period of cost expected to be recognized	2 years 6 months
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0	0	0
Common Stock reserved for issuance under stock incentive plans (shares)	3,900,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 0

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Dec. 31, 2020$ / sharesshares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, par value | $ / shares	$ 0
Preferred Stock, shares authorized | shares	12,500,000
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, par value | $ / shares	$ 0
Preferred Stock, shares authorized | shares	12,500,000

Shareholders' Equity - Data rel

Shareholders' Equity - Data relating to grants of restricted stock (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1, 2020 | shares	919,935
Granted | shares	227,867
Vested | shares	(285,888)
Forfeited | shares	(43,681)
Outstanding at December 31, 2020 | shares	818,233
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, Outstanding, Beginning balance | $ / shares	$ 91.10
Average grant date fair value, Granted | $ / shares	104.15
Average grant date fair value, Vested | $ / shares	67.65
Average grant date fair value, Forfeited | $ / shares	101.97
Average grant date fair value, Outstanding, Ending balance | $ / shares	$ 101.65

Shareholders' Equity - Data for

Shareholders' Equity - Data for stock options issued under the stock incentive plans (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2020 | shares	1,917,790
Exercised | shares	(328,471)
Forfeited/Cancelled | shares	(225)
Outstanding at December 31, 2020 | shares	1,589,094
Options exercisable at December 31, 2020 | shares	1,589,094
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance | $ / shares	$ 50.93
Average exercise price, Exercised | $ / shares	43.69
Average exercise price, Forfeited/Cancelled | $ / shares	63.15
Average exercise price, Ending balance | $ / shares	52.43
Average exercise price, Options exercisable | $ / shares	$ 52.43
Average remaining contractual term, Options outstanding	2 years 9 months 18 days
Average remaining contractual term, Options exercisable	2 years 9 months 18 days
Aggregate intrinsic value, Options outstanding | $	$ 56
Aggregate intrinsic value, Options exercisable | $	$ 56

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ 863
Other comprehensive income (loss), net of tax	416	$ 815	$ (544)
AOCI ending balance	1,273	863
Cumulative effect of accounting change	6,789	6,269	4,972		$ 5,331
Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change					4
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	887	997	(689)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax	(187)	(209)	145
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax	700	788	(544)
Reclassification from accumulated other comprehensive income, pretax	(389)	(11)	10
Reclassification from accumulated other comprehensive income, tax	82	2	(2)
Reclassification from accumulated other comprehensive income, net of tax	(307)	(9)	8
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	498	986	(679)
Other comprehensive income (loss), tax	(105)	(207)	143
Other comprehensive income (loss), net of tax	393	779	(536)
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	0
Reclassification from accumulated other comprehensive income, net of tax	0	0	0
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax	0	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	700	788	(544)
Reclassification from accumulated other comprehensive income, net of tax	(307)	(9)	8
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	862	83	840
Other comprehensive income (loss), net of tax	393	779	(536)
AOCI ending balance	1,255	862	83
Accumulated net investment gain (loss) attributable to parent | Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change	0	0		$ (221)
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	30	36	2
Other comprehensive income (loss), tax	(6)	(8)	0
Other comprehensive income (loss), net of tax	24	28	2
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	0
Accumulated net gain (loss) from cash flow hedges attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	17	(11)	(13)
Other comprehensive income (loss), net of tax	24	28	2
AOCI ending balance	41	17	(11)
Accumulated net gain (loss) from cash flow hedges attributable to parent | Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change	0	0		0
Accumulated foreign currency adjustment including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	(1)	7	(9)
Other comprehensive income (loss), tax	0	0	(1)
Other comprehensive income (loss), net of tax	(1)	7	(10)
Accumulated foreign currency adjustment attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax	(2)	0	0
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(9)	(16)	(6)
Other comprehensive income (loss), net of tax	(3)	7	(10)
AOCI ending balance	(16)	(9)	(16)
Accumulated foreign currency adjustment attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI ending balance	(4)
Accumulated foreign currency adjustment attributable to parent | Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change		0		0
Accumulated defined benefit plans adjustment including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	0	1	0
Other comprehensive income (loss), tax	0	0	0
Other comprehensive income (loss), net of tax	0	1	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	0
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(7)	(8)	(8)
Other comprehensive income (loss), net of tax	0	1	0
AOCI ending balance	(7)	(7)	(8)
Accumulated defined benefit plans adjustment attributable to parent | Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change	0	0		0
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	527	1,030	(686)
Other comprehensive income (loss), tax	(111)	(215)	142
Other comprehensive income (loss), net of tax	416	815	(544)
AOCI attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), net of tax	(2)	0	0
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	863	48	813
Other comprehensive income (loss), net of tax	414	815	(544)
AOCI ending balance	1,273	863	48
Cumulative effect of accounting change	1,273	863	$ 48		813
AOCI attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI ending balance	$ (4)
AOCI attributable to parent | Cumulative effect, period of adoption, adjustment
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect of accounting change		$ 0		$ (221)	$ (221)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%
Income tax expense (benefit)	$ 127	$ 239	$ 122
Effective income tax rate reconciliation, percent, excluding the Impact of the sale of subsidiaries	21.00%
Income (losses) subject to tax in foreign jurisdictions	$ (131)	(109)	(69)
Operating loss carryforwards, valuation allowance	15
Interest on income taxes accrued	0	0
Amount of expense for penalties related to a tax position	0
Cash payments for income taxes	$ 179	278	156
Limitation on the use of tax credit carryforwards	A SRLY NOL can be used only by the entity that created it and only in years that both it and the consolidated group have taxable income. Approximately $23 million of AFG’s SRLY NOLs expired unutilized at December 31, 2020.
Neon Capital Limited
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)	$ (72)
Income tax benefit, portion attributable to current taxes payable	(65)
AFG
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)	127	239	122
Unrecognized tax benefits that would impact the effective tax rate	0	0
Interest included in tax provision	0	0
Income tax penalties accrued	0	0
Charge for valuation allowance
Income Tax Reconciliation [Line Items]
Charge for valuation allowance against deferred tax assets		118
Maximum | AFG
Income Tax Reconciliation [Line Items]
Interest included in tax provision			1
Amount of expense for penalties related to a tax position		$ 1	$ 1
Amount unutilized
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	23
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 34			£ 25

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 848	$ 1,108	$ 639
Income taxes at statutory rate	178	233	134
Effect of tax exempt interest	(12)	(14)	(13)
Effect of stock-based compensation	(4)	(8)	(8)
Effect of dividends received deduction	(3)	(4)	(4)
Effect of adjustments to prior year taxes	(1)	(3)	(8)
Effect of employee stock ownership plan dividend paid deduction	(2)	(2)	(3)
Effect of sale of subsidiaries	(72)	0	0
Effect of change in valuation allowance (excluding change in tax rate)	(117)	17	11
Effect of foreign operations	149	4	(2)
Effect of nondeductible expenses	5	8	7
Effect of other income tax reconciliation	6	8	8
Provision for income taxes as shown in the Statement of Earnings	$ 127	$ 239	$ 122
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(1.00%)	(2.00%)
Effect of stock-based compensation as a percentage of EBT	0.00%	(1.00%)	(1.00%)
Effect of dividend received deduction as a percentage of EBT	0.00%	0.00%	(1.00%)
Effect of prior year income taxes as a percentage of EBT	0.00%	0.00%	(1.00%)
Effect of employee stock ownership plan dividend paid deduction as a percentage of EBT	0.00%	0.00%	(1.00%)
Effect sale of subsidiaries as a percentage of EBT	(8.00%)	0.00%	0.00%
Effect of change in valuation allowance (excluding change in tax rate) as a percentage of EBT	(14.00%)	2.00%	2.00%
Effect of foreign operations as a percentage of EBT	18.00%	0.00%	0.00%
Effect of nondeductible expenses as a percentage of EBT	1.00%	1.00%	1.00%
Effect of other income tax reconciliation as a percentage of EBT	(2.00%)	0.00%	1.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	15.00%	22.00%	19.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current taxes:
Federal	$ 101	$ 250	$ 196
State	6	10	8
Foreign	3	2	0
Deferred taxes:
Federal	17	(23)	(82)
Provision for income taxes as shown in the Statement of Earnings	$ 127	$ 239	$ 122

Income Taxes - Operating and ca

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2020 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. | Expiring 2021 - 2022
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 69
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 34	£ 25

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Federal net operating loss carryforwards	$ 15	$ 19
Foreign underwriting losses	6	118
Capital loss carryforwards	7	0
Insurance claims and reserves	840	875
Employee benefits	104	93
Other, net	48	43
Total deferred tax assets before valuation allowance	1,020	1,148
Valuation allowance against deferred tax assets	(29)	(140)
Total deferred tax assets	991	1,008
Deferred tax liabilities:
Investment securities	(763)	(556)
Deferred policy acquisition costs	(71)	(150)
Insurance claims and reserves transition liability	(77)	(93)
Real estate, property and equipment	(37)	(35)
Total deferred tax liabilities	(948)	(834)
Net deferred tax asset (liability)	43	174
Excluding Unrealized Gains
Deferred tax assets:
Federal net operating loss carryforwards	15	19
Foreign underwriting losses	6	118
Capital loss carryforwards	7	0
Insurance claims and reserves	772	829
Employee benefits	104	93
Other, net	50	45
Total deferred tax assets before valuation allowance	954	1,104
Valuation allowance against deferred tax assets	(29)	(140)
Total deferred tax assets	925	964
Deferred tax liabilities:
Investment securities	(167)	(140)
Deferred policy acquisition costs	(267)	(293)
Insurance claims and reserves transition liability	(77)	(93)
Real estate, property and equipment	(37)	(35)
Total deferred tax liabilities	(548)	(561)
Net deferred tax asset (liability)	377	403
Impact of Unrealized Gains
Deferred tax assets:
Federal net operating loss carryforwards	0	0
Foreign underwriting losses	0	0
Capital loss carryforwards	0	0
Insurance claims and reserves	68	46
Employee benefits	0	0
Other, net	(2)	(2)
Total deferred tax assets before valuation allowance	66	44
Valuation allowance against deferred tax assets	0	0
Total deferred tax assets	66	44
Deferred tax liabilities:
Investment securities	(596)	(416)
Deferred policy acquisition costs, impact of unrealized gains	(196)	(143)
Insurance claims and reserves transition liability	0	0
Real estate, property and equipment	0	0
Total deferred tax liabilities	(400)	(273)
Net deferred tax asset (liability)	$ (334)	$ (229)

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 24, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance					$ 3,117	$ 3,024	$ 2,942	$ 2,957
Property and Casualty Group
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves		$ 47	$ 18	$ 18
Liability for asbestos and environmental reserves					572
Former railroad and manufacturing operations
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves		$ 21	$ 11	$ 9
American Premier and its subsidiaries
Loss Contingencies [Line Items]
Liability for environmental and other claims					94
GAFRI
Loss Contingencies [Line Items]
Liability for environmental and other claims					7
Run-off long-term care and life
Loss Contingencies [Line Items]
Contingent capital support agreement amount	$ 35
Contingent capital support agreement term	5 years
A&E reserves | Property and Casualty Group
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance					$ 150

Quarterly Operating Results (_3

Quarterly Operating Results (Unaudited) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities										$ 289	$ 287	$ (266)
Pretax catastrophe losses	$ 38	$ 57	$ 26	$ 9	$ 15	$ 22	$ 12	$ 12		130	61
Pretax COVID-19 related losses			105	10						115
Other Security Investments
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities	384	15	2	(16)	(2)	(3)	12	2		385	9
Property and casualty insurance | Other lines
Quarterly Operating Results (Unaudited) [Line Items]
Increase in asbestos and environmental reserves		47				18				47	18	18
Property and casualty insurance | Other lines | Neon Capital Limited
Quarterly Operating Results (Unaudited) [Line Items]
Pretax catastrophe losses										37	13
Pretax COVID-19 related losses									$ 20	20
Other
Quarterly Operating Results (Unaudited) [Line Items]
Write off of deferred debt issuance cost due to the retirement of debt	5				5
Other | Former railroad and manufacturing operations
Quarterly Operating Results (Unaudited) [Line Items]
Increase in asbestos and environmental reserves		21				11
Annuity | Other Security Investments
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities	369
Equity securities
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities										(96)	277	(265)
Equity securities | Accounting Standards Update 2016-01
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities	$ 207	$ 30	$ 202	$ (535)	$ 67	$ (15)	$ 44	$ 182		(96)	278
Total fixed maturities
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities										$ 422	$ (3)	$ (20)

Quarterly Operating Results (_4

Quarterly Operating Results (Unaudited) - Quarterly results of consolidated operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Statement of Earnings
Revenues	$ 2,623	$ 2,060	$ 1,951	$ 1,275	$ 2,130	$ 2,123	$ 1,960	$ 2,024	$ 7,909	$ 8,237	$ 7,150
Net earnings, including noncontrolling interests	694	164	167	(304)	191	143	209	326	721	869	517
Net earnings (loss) attributable to shareholders	$ 692	$ 164	$ 177	$ (301)	$ 211	$ 147	$ 210	$ 329	$ 732	$ 897	$ 530
Earnings Attributable to Shareholders per Common Share:
Basic (USD per share)	$ 7.99	$ 1.86	$ 1.98	$ (3.34)	$ 2.33	$ 1.64	$ 2.34	$ 3.68	$ 8.25	$ 9.98	$ 5.95
Diluted (USD per share)	$ 7.93	$ 1.86	$ 1.97	$ (3.34)	$ 2.31	$ 1.62	$ 2.31	$ 3.63	$ 8.20	$ 9.85	$ 5.85
Average number of Common Shares:
Basic (shares)	86.6	88.2	89.7	90.3	90.2	90	89.7	89.4	88.7	89.9	89
Diluted (shares)	87.2	88.5	90	90.3	91.3	91.1	91	90.7	89.2	91	90.6

Quarterly Operating Results (_5

Quarterly Operating Results (Unaudited) - Realized gains (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities									$ 289	$ 287	$ (266)
Other Security Investments
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities	$ 384	$ 15	$ 2	$ (16)	$ (2)	$ (3)	$ 12	$ 2	385	9
Equity securities
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities									(96)	277	$ (265)
Equity securities | Accounting Standards Update 2016-01
Quarterly Operating Results (Unaudited) [Line Items]
Realized gains (losses) on securities	$ 207	$ 30	$ 202	$ (535)	$ 67	$ (15)	$ 44	$ 182	$ (96)	$ 278

Quarterly Operating Results (_6

Quarterly Operating Results (Unaudited) - Net investment income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Operating Results (Unaudited) [Line Items]
Net investment income									$ 2,132	$ 2,303	$ 2,094
Excluding Alternative Investments
Quarterly Operating Results (Unaudited) [Line Items]
Net investment income	$ 465	$ 511	$ 520	$ 511	$ 545	$ 531	$ 531	$ 516	2,007	2,123
Alternative Investments
Quarterly Operating Results (Unaudited) [Line Items]
Net investment income	$ 83	$ 61	$ (52)	$ 33	$ 48	$ 57	$ 49	$ 26	$ 125	$ 180

Quarterly Operating Results (_7

Quarterly Operating Results (Unaudited) - Impact of fair value accounting on annuities (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Impact of unlocking, changes in the fair value of derivatives, and changes in the stock market and interest rates on the accounting for FIAs	$ (48)	$ (43)	$ (59)	$ (38)	$ 24	$ (27)	$ (33)	$ (11)	$ (188)	$ (47)

Quarterly Operating Results (_8

Quarterly Operating Results (Unaudited) - Favorable (adverse) prior year development of the liability for losses and LAE (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Prior year claims and claims adjustment expense	$ 8	$ 0	$ 77	$ 42	$ 45	$ 12	$ 41	$ 45	$ 127	$ 143

Quarterly Operating Results (_9

Quarterly Operating Results (Unaudited) - Catastrophe losses (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Pretax catastrophe losses	$ (38)	$ (57)	$ (26)	$ (9)	$ (15)	$ (22)	$ (12)	$ (12)	$ (130)	$ (61)

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	$ 1,120									$ 1,120
Undrawn letters of credit	308									308
Undrawn letters of credit, collateralized	0									$ 0
Workers' compensation insurance discount rate										3.50%	4.50%
Workers' compensation insurance discount, which has reduced the liability for unpaid losses and loss adjustment expenses	9				$ 12					$ 9	$ 12
Pretax COVID-19 related losses			$ 105	$ 10						115
Prior year claims and claims adjustment expense	8	$ 0	$ 77	$ 42	45	$ 12	$ 41	$ 45		127	143
Long-term care insurance reserves, net of reinsurance recoverables	52				46					52	46
Dividends on common stock										(336)	(446)	$ (397)
Dividends payments without violating the most restrictive debt covenants, minimum	2,000									2,000
Catastrophe reinsurance coverage, excess retention amount										50
Catastrophe reinsurance coverage, retention amount										100
Ceded annuity receipts										492	0	0
Ceded annuity surrenders, benefits and withdrawals										206	0	0
Aggregate guaranteed minimum death benefit value on variable annuity polices in force	11				13					11	13
Retained Earnings
Insurance [Line Items]
Dividends on common stock										(336)	(446)	(397)
Allowance for reinsurance recoverables
Insurance [Line Items]
Net expense reduction against the allowance for losses on reinsurance recoverables												2
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	705									$ 705
Maximum | Allowance for reinsurance recoverables
Insurance [Line Items]
Net expense reduction against the allowance for losses on reinsurance recoverables											1
Catastrophe Bonds
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention percentage										95.00%
Catastrophe reinsurance coverage, excess retention amount										$ 200
Catastrophe reinsurance coverage, retention amount										109
Catastrophe reinsurance coverage, annual cost										11
Life insurance
Insurance [Line Items]
Life insurance in force, ceded premiums	5,420				6,230					5,420	6,230
Life insurance in force, direct premiums	8,330				9,530					8,330	9,530
Reinsurance ceded										19	20	22
Reinsurance recoveries										28	32	38
Variable annuities | Maximum
Insurance [Line Items]
Death benefits paid in excess of the variable annuity account balances										1	1	1
Neon exited lines charge
Insurance [Line Items]
Prior year claims and claims adjustment expense										19	7	0
Property and casualty insurance | Other lines
Insurance [Line Items]
Special A&E charges		$ 47				$ 18				47	18	18
Neon Capital Limited | Property and casualty insurance | Other lines
Insurance [Line Items]
Pretax COVID-19 related losses									$ 20	20
Great American Life Insurance Company
Insurance [Line Items]
Investment in Federal Home Loan Bank capital stock	56									56
Proceeds advanced from Federal Home Loan										200
Repayments of advances from Federal Home Loan Bank										165
Advances from Federal Home Loan Bank	1,130				1,100					1,130	1,100
Repayments of advances from Federal Home Loan Bank due in next twelve months	931									931
Repayments of advances from Federal Home Loan Bank due in year five	200									200
Fair value of fixed maturity investments held as collateral by the Federal Home Loan Bank	$ 1,370									1,370
Interest on advances from Federal Home Loan Bank										$ 11	27	$ 20
Quota share coinsurance percentage										0.50
Inforce Annuity Business, Ceded, Percent of Total Inforce	15.00%
Deferred Loss on Ceded Reserves	$ 180
Amortization of deferred loss on reinsurance	11
Ceded annuity receipts										$ 492
Ceded annuity surrenders, benefits and withdrawals										206
Commission and expense allowances received from reinsurance contracts										39
Amount of annuity benefits expense reduction from reinsurance contracts										$ 46
Great American Life Insurance Company | Block Reinsurance
Insurance [Line Items]
Ceded Inforce Annuity Business	$ 5,960
Great American Life Insurance Company | Minimum
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	0.31%									0.31%
Expected Life of Ceded Reserves	7 years
Great American Life Insurance Company | Maximum
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	1.35%									1.35%
Expected Life of Ceded Reserves	10 years
Great American Life Insurance Company | Average
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	0.53%									0.53%
Great American Life Insurance Company | FHLB, advances, refinanced terms
Insurance [Line Items]
Advances from Federal Home Loan Bank					$ 610						610
Great American Life Insurance Company | Life insurance
Insurance [Line Items]
Increases in statutory surplus from reinsurance treaty										$ 139	$ 124

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								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period				$ 10,232				$ 9,741	$ 10,232	$ 9,741	$ 9,678
Less reinsurance recoverables, net of allowance	$ 3,117				$ 3,024				3,117	3,024	2,942	$ 2,957
Net liability at beginning of period				7,208				6,799	7,208	6,799	6,721
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Provision for losses and LAE occurring in the current year									3,398	3,414	3,195
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges, Neon exited lines development and other	8	$ 0	$ 77	$ 42	45	$ 12	$ 41	$ 45	127	143
Total losses and LAE incurred									3,271	3,271	3,003
Payments for losses and LAE of:
Current year									(990)	(1,076)	(963)
Prior years									(1,766)	(1,790)	(1,639)
Total payments									(2,756)	(2,866)	(2,602)
Reserves of businesses disposed									(449)	0	(319)
Foreign currency translation and other									1	4	(4)
Net liability at end of period	7,275				7,208				7,275	7,208	6,799
Add back reinsurance recoverables, net of allowance	3,117				3,024				3,117	3,024	2,942
Gross unpaid losses and LAE included in the balance sheet	$ 10,392				$ 10,232				10,392	10,232	9,741
Special A&E charges
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Special A&E charges									47	18	18
Neon exited lines
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges, Neon exited lines development and other									19	7	0
Other
Net increase (decrease) in the provision for claims of prior years:
Provision for claims of prior years related to special A&E charges, Neon exited lines development and other									$ (193)	$ (168)	$ (210)

Insurance - Reconciliation of i

Insurance - Reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 7,275	$ 7,208	$ 6,799	$ 6,721
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,117	3,024	2,942	2,957
Unpaid losses and loss adjustment expenses	10,392	$ 10,232	$ 9,741	$ 9,678
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	6,122
Other unpaid losses and LAE, net of reinsurance	1,153
Unallocated LAE	361
Total reserves, net of reinsurance	7,275
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,117
Unpaid losses and loss adjustment expenses	10,392
Property and casualty insurance | Reserves for foreign operations
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	314
Property and casualty insurance | A&E reserves
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	422
Property and casualty insurance | Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	56
Property and casualty insurance | Property and transportation
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	1,196
Property and casualty insurance | Specialty casualty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	4,302
Property and casualty insurance | Specialty financial
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	247
Property and casualty insurance | Other specialty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	$ 377

Insurance - Short-duration insu

Insurance - Short-duration insurance contracts, claims development (Details) - Property and casualty insurance $ in Millions	Dec. 31, 2020USD ($)claim	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 21,886
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	16,231
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	467
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	6,122
Accident Year 2011
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,829	$ 1,832	$ 1,843	$ 1,859	$ 1,866	$ 1,861	$ 1,871	$ 1,849	$ 1,848	$ 1,840
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	209,666
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,762	1,750	1,734	1,711	1,682	1,629	1,534	1,389	1,181	609
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.30%
Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,875	1,886	1,906	1,941	1,955	1,947	1,946	1,952	1,970
Total IBNR Plus Expected Development on Reported Claims	$ 43
Cumulative Number of Reported Claims | claim	218,995
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,805	1,788	1,785	1,735	1,675	1,579	1,418	1,214	824
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.30%
Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,956	1,969	1,982	2,000	1,996	2,000	2,011	2,036
Total IBNR Plus Expected Development on Reported Claims	$ 65
Cumulative Number of Reported Claims | claim	222,463
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,851	1,824	1,774	1,714	1,617	1,443	1,214	697
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.60%
Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,957	1,978	2,004	2,038	2,040	2,050	2,083
Total IBNR Plus Expected Development on Reported Claims	$ 88
Cumulative Number of Reported Claims | claim	219,309
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,812	1,773	1,705	1,588	1,422	1,174	594
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.60%
Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,013	2,022	2,038	2,041	2,047	2,114
Total IBNR Plus Expected Development on Reported Claims	$ 125
Cumulative Number of Reported Claims | claim	230,235
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,791	1,722	1,592	1,404	1,129	619
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.00%
Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,034	2,060	2,082	2,083	2,117
Total IBNR Plus Expected Development on Reported Claims	$ 213
Cumulative Number of Reported Claims | claim	222,410
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,662	1,539	1,350	1,099	577
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.70%
Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,301	2,329	2,348	2,375
Total IBNR Plus Expected Development on Reported Claims	$ 342
Cumulative Number of Reported Claims | claim	245,799
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,736	1,524	1,250	709
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	75.40%
Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,499	2,516	2,507
Total IBNR Plus Expected Development on Reported Claims	$ 552
Cumulative Number of Reported Claims | claim	234,457
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,606	1,337	730
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	64.30%
Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,674	2,721
Total IBNR Plus Expected Development on Reported Claims	$ 797
Cumulative Number of Reported Claims | claim	250,429
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,448	847
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	54.20%
Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,748
Total IBNR Plus Expected Development on Reported Claims	$ 1,410
Cumulative Number of Reported Claims | claim	182,219
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 758
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	27.60%
Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 5,655
Property and transportation
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	8,673
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,497
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	20
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,196
Property and transportation | Accident Year 2011
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	843	843	844	846	850	837	827	813	799	811
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	138,334
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 835	834	833	829	821	803	771	727	667	365
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.10%
Property and transportation | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 879	881	886	890	894	883	871	857	864
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	143,151
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 872	869	882	856	842	816	772	708	572
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.20%
Property and transportation | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 871	873	877	878	878	872	870	882
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	138,925
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 860	858	847	831	804	760	702	438
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.70%
Property and transportation | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 804	808	815	820	817	828	844
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	133,182
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 789	783	770	744	693	632	329
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.10%
Property and transportation | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 772	777	777	779	784	818
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	134,875
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 744	736	707	667	582	359
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.40%
Property and transportation | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 694	706	714	716	746
Total IBNR Plus Expected Development on Reported Claims	$ 25
Cumulative Number of Reported Claims | claim	121,116
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 640	618	577	521	294
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.20%
Property and transportation | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 823	843	847	889
Total IBNR Plus Expected Development on Reported Claims	$ 39
Cumulative Number of Reported Claims | claim	140,549
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 735	696	640	379
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.30%
Property and transportation | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 886	902	932
Total IBNR Plus Expected Development on Reported Claims	$ 69
Cumulative Number of Reported Claims | claim	129,891
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 738	676	396
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	83.30%
Property and transportation | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,058	1,111
Total IBNR Plus Expected Development on Reported Claims	$ 125
Cumulative Number of Reported Claims | claim	152,304
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 823	527
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	77.80%
Property and transportation | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,043
Total IBNR Plus Expected Development on Reported Claims	$ 349
Cumulative Number of Reported Claims | claim	109,446
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 461
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	44.20%
Property and transportation | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 1,176
Specialty casualty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	10,763
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	6,876
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	415
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	4,302
Specialty casualty | Accident Year 2011
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	808	810	817	826	828	834	848	839	849	852
Total IBNR Plus Expected Development on Reported Claims	$ 29
Cumulative Number of Reported Claims | claim	54,961
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 755	745	731	714	694	662	612	522	383	174
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.40%
Specialty casualty | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 833	842	849	877	883	885	885	892	901
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	54,752
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 775	761	745	723	684	621	516	385	173
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.00%
Specialty casualty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 905	916	926	945	940	945	949	968
Total IBNR Plus Expected Development on Reported Claims	$ 53
Cumulative Number of Reported Claims | claim	55,063
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 820	797	766	729	666	554	396	182
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.60%
Specialty casualty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 952	967	982	1,006	1,008	1,008	1,035
Total IBNR Plus Expected Development on Reported Claims	$ 71
Cumulative Number of Reported Claims | claim	56,669
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 829	801	755	680	574	412	190
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	87.10%
Specialty casualty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,021	1,024	1,042	1,041	1,043	1,081
Total IBNR Plus Expected Development on Reported Claims	$ 99
Cumulative Number of Reported Claims | claim	57,745
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 844	792	702	577	411	178
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	82.70%
Specialty casualty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,090	1,101	1,116	1,122	1,131
Total IBNR Plus Expected Development on Reported Claims	$ 164
Cumulative Number of Reported Claims | claim	56,169
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 806	713	584	418	186
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	73.90%
Specialty casualty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,189	1,204	1,221	1,211
Total IBNR Plus Expected Development on Reported Claims	$ 275
Cumulative Number of Reported Claims | claim	56,558
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 755	612	422	200
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	63.50%
Specialty casualty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,302	1,307	1,277
Total IBNR Plus Expected Development on Reported Claims	$ 416
Cumulative Number of Reported Claims | claim	58,079
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 649	475	210
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	49.80%
Specialty casualty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,311	1,308
Total IBNR Plus Expected Development on Reported Claims	$ 571
Cumulative Number of Reported Claims | claim	56,950
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 455	212
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	34.70%
Specialty casualty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,352
Total IBNR Plus Expected Development on Reported Claims	$ 844
Cumulative Number of Reported Claims | claim	48,294
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 188
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	13.90%
Specialty casualty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 3,887
Specialty financial
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,690
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	1,441
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	(2)
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	247
Specialty financial | Accident Year 2011
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	137	137	139	143	144	147	153	155	157	138
Total IBNR Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims | claim	16,371
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 133	132	132	131	131	130	123	115	111	58
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.10%
Specialty financial | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 126	127	132	135	137	139	151	163	163
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	21,092
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 125	126	128	126	121	117	109	104	71
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.20%
Specialty financial | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 122	122	126	127	131	137	145	140
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	28,475
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 118	118	117	117	113	107	100	70
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.70%
Specialty financial | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 137	142	147	153	156	157	146
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	29,458
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 141	139	137	128	125	109	62
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	102.90%
Specialty financial | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 138	145	153	158	160	156
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	37,615
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 134	132	133	129	110	72
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.10%
Specialty financial | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 174	182	187	184	179
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	45,125
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 163	161	158	141	88
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.70%
Specialty financial | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 208	212	215	212
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	48,692
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 194	186	169	120
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.30%
Specialty financial | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 219	217	212
Total IBNR Plus Expected Development on Reported Claims	$ 27
Cumulative Number of Reported Claims | claim	46,487
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 187	163	112
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.40%
Specialty financial | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 198	194
Total IBNR Plus Expected Development on Reported Claims	$ 37
Cumulative Number of Reported Claims | claim	41,175
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 146	99
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	73.70%
Specialty financial | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 231
Total IBNR Plus Expected Development on Reported Claims	$ 115
Cumulative Number of Reported Claims | claim	24,479
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 100
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	43.30%
Specialty financial | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 249
Other specialty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	760
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	417
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	34
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	377
Other specialty | Accident Year 2011
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	41	42	43	44	44	43	43	42	43	39
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 39	39	38	37	36	34	28	25	20	$ 12
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.10%
Other specialty | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 37	36	39	39	41	40	39	40	42
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 33	32	30	30	28	25	21	17	$ 8
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.20%
Other specialty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 58	58	53	50	47	46	47	46
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 53	51	44	37	34	22	16	$ 7
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	91.40%
Other specialty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 64	61	60	59	59	57	58
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 53	50	43	36	30	21	$ 13
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	82.80%
Other specialty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 82	76	66	63	60	59
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 69	62	50	31	26	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	84.10%
Other specialty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 76	71	65	61	61
Total IBNR Plus Expected Development on Reported Claims	$ 16
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 53	47	31	19	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	69.70%
Other specialty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 81	70	65	63
Total IBNR Plus Expected Development on Reported Claims	$ 13
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 52	30	19	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	64.20%
Other specialty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 92	90	86
Total IBNR Plus Expected Development on Reported Claims	$ 40
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 32	23	$ 12
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	34.80%
Other specialty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 107	108
Total IBNR Plus Expected Development on Reported Claims	$ 64
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 24	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	22.40%
Other specialty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 122
Total IBNR Plus Expected Development on Reported Claims	$ 102
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	7.40%
Other specialty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 343

Insurance - Short-duration in_2

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2020
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	32.20%
Year 2	25.50%
Year 3	11.90%
Year 4	8.80%
Year 5	5.60%
Year 6	3.20%
Year 7	2.20%
Year 8	0.90%
Year 9	0.90%
Year 10	0.70%
Year 1, Cumulative	32.20%
Year 2, Cumulative	57.70%
Year 3, Cumulative	69.60%
Year 4, Cumulative	78.40%
Year 5, Cumulative	84.00%
Year 6, Cumulative	87.20%
Year 7, Cumulative	89.40%
Year 8, Cumulative	90.30%
Year 9, Cumulative	91.20%
Year 10, Cumulative	91.90%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	47.30%
Year 2	30.20%
Year 3	7.70%
Year 4	5.30%
Year 5	3.30%
Year 6	1.60%
Year 7	1.50%
Year 8	(0.30%)
Year 9	0.20%
Year 10	0.10%
Year 1, Cumulative	47.30%
Year 2, Cumulative	77.50%
Year 3, Cumulative	85.20%
Year 4, Cumulative	90.50%
Year 5, Cumulative	93.80%
Year 6, Cumulative	95.40%
Year 7, Cumulative	96.90%
Year 8, Cumulative	96.60%
Year 9, Cumulative	96.80%
Year 10, Cumulative	96.90%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	18.00%
Year 2	22.20%
Year 3	16.00%
Year 4	11.90%
Year 5	7.70%
Year 6	4.50%
Year 7	2.90%
Year 8	2.20%
Year 9	1.70%
Year 10	1.20%
Year 1, Cumulative	18.00%
Year 2, Cumulative	40.20%
Year 3, Cumulative	56.20%
Year 4, Cumulative	68.10%
Year 5, Cumulative	75.80%
Year 6, Cumulative	80.30%
Year 7, Cumulative	83.20%
Year 8, Cumulative	85.40%
Year 9, Cumulative	87.10%
Year 10, Cumulative	88.30%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	50.60%
Year 2	28.00%
Year 3	8.40%
Year 4	4.00%
Year 5	3.10%
Year 6	1.50%
Year 7	1.00%
Year 8	(0.30%)
Year 9	(0.40%)
Year 10	0.70%
Year 1, Cumulative	50.60%
Year 2, Cumulative	78.60%
Year 3, Cumulative	87.00%
Year 4, Cumulative	91.00%
Year 5, Cumulative	94.10%
Year 6, Cumulative	95.60%
Year 7, Cumulative	96.60%
Year 8, Cumulative	96.30%
Year 9, Cumulative	95.90%
Year 10, Cumulative	96.60%
Other specialty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	14.80%
Year 2	15.70%
Year 3	11.60%
Year 4	17.10%
Year 5	10.20%
Year 6	8.40%
Year 7	4.80%
Year 8	3.80%
Year 9	2.60%
Year 10	0.00%
Year 1, Cumulative	14.80%
Year 2, Cumulative	30.50%
Year 3, Cumulative	42.10%
Year 4, Cumulative	59.20%
Year 5, Cumulative	69.40%
Year 6, Cumulative	77.80%
Year 7, Cumulative	82.60%
Year 8, Cumulative	86.40%
Year 9, Cumulative	89.00%
Year 10, Cumulative	89.00%

Insurance - Net earnings and ca

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and casualty companies
Statutory information
Net Earnings	$ 481	$ 584	$ 546
Capital and Surplus	3,643	3,342
Life (annuity) insurance companies
Statutory information
Net Earnings	209	34	$ 802
Capital and Surplus	$ 2,897	$ 2,868

Insurance - Reinsurance informa

Insurance - Reinsurance information table including assumed, ceded, and recoveries (Details) - Property and casualty insurance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effects of Reinsurance [Line Items]
Direct premiums written	$ 6,862	$ 7,044	$ 6,626
Reinsurance assumed	225	255	214
Reinsurance ceded	(2,074)	(1,957)	(1,817)
Net written premiums	5,013	5,342	5,023
Direct premiums earned	6,846	6,848	6,472
Reinsurance assumed	237	226	204
Reinsurance ceded	(1,984)	(1,889)	(1,811)
Net earned premiums	5,099	5,185	4,865
Reinsurance recoveries	$ 1,522	$ 1,404	$ 1,249

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 18
Impact of adoption of new accounting policy	13	$ 6
Provision for expected credit losses	2
Write-offs charged against the allowance	0
Businesses disposed	(1)
Ending balance	13
Property and casualty insurance
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	18
Impact of adoption of new accounting policy	6	11
Provision for expected credit losses	0
Write-offs charged against the allowance	0
Businesses disposed	(1)
Ending balance	6
Annuity
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	0	0
Provision for expected credit losses	0
Write-offs charged against the allowance	0
Businesses disposed	0
Ending balance	0
Other
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	7	$ (5)
Provision for expected credit losses	2
Write-offs charged against the allowance	0
Businesses disposed	0
Ending balance	$ 7

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - Property and casualty insurance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13
Impact of adoption of new accounting policy	10	$ 3
Provision for expected credit losses	1
Write-offs charged against the allowance	(1)
Businesses disposed	0
Ending balance	$ 10

Insurance - Liabilities for exc

Insurance - Liabilities for excess benefits expected to be paid on future deaths and annuitizations, guaranteed withdrawal benefits and accrued persistency and premium bonuses (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Expected death and annuitization	$ 260	$ 232
Guaranteed withdrawal benefits	817	625
Accrued persistency and premium bonuses	$ 0	$ 1

Additional Information - Narrat

Additional Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Allowance for reinsurance recoverables [Line Items]
Commitments to fund limited partnerships	$ 993
Retirement and employee savings plan expense	$ 41	$ 39	$ 37
Great American Life Insurance Company
Allowance for reinsurance recoverables [Line Items]
Percent of commitments to fund limited partnerships related Great American Life Insurance Company	0.50

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Net investment income	$ 2,132	$ 2,303	$ 2,094
Investments accounted for using the equity method	1,881	1,688
Great American Life Insurance Company
Subsequent Event [Line Items]
Net investment income	1,670	1,774	1,618
Investments accounted for using the equity method	646
Great American Life Insurance Company | Directly owned real estate
Subsequent Event [Line Items]
Net investment income	49	$ 37	$ 37
Directly owned real estate	97
Great American Life Insurance Company | Equity in earnings of partnerships and similar investments
Subsequent Event [Line Items]
Investments accounted for using the equity method	$ 430

Subsequent Event - Assets and l

Subsequent Event - Assets and liabilities of businesses to be disposed (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Cash and cash equivalents	$ 2,810	$ 2,314	$ 1,515	$ 2,338
Available for sale (AFS) fixed maturities	43,207	46,505
Trading fixed maturities	66	113
Equity securities, at fair value	1,663	1,937
Investments accounted for using the equity method	1,881	1,688
Mortgage loans	1,623	1,329
Policy loans	151	164
Equity index call options	825	924
Other investments	276	278
Cash and investments	52,502	55,252
Agents’ balances and premiums receivable	1,231	1,335
Deferred policy acquisition costs	546	1,037	1,682	$ 1,216
Variable annuity assets (separate accounts)	664	628
Other assets	1,626	1,867
Total assets	73,566	70,130	$ 63,456
Annuity benefits accumulated	42,573	40,406
Life, accident and health reserves	607	612
Variable annuity liabilities (separate accounts)	664	628
Other liabilities	2,197	2,295
Total liabilities	66,777	63,861
Accumulated Other Comprehensive Income (Loss), Net of Tax	1,273	863
Shareholders’ equity	6,789	$ 6,269
Great American Life Insurance Company
Subsequent Event [Line Items]
Cash and cash equivalents	1,679
Available for sale (AFS) fixed maturities	34,123
Trading fixed maturities	42
Equity securities, at fair value	774
Investments accounted for using the equity method	646
Mortgage loans	1,251
Policy loans	151
Equity index call options	825
Other investments	199
Cash and investments	39,690
Recoverables from reinsurers	6,804
Agents’ balances and premiums receivable	5
Deferred policy acquisition costs	303
Variable annuity assets (separate accounts)	664
Other assets	968
Total assets	48,434
Annuity benefits accumulated	42,573
Life, accident and health reserves	607
Variable annuity liabilities (separate accounts)	664
Other liabilities	620
Total liabilities	44,464
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,071)
Shareholders’ equity	$ 2,899

Subsequent Event - Detail of fi

Subsequent Event - Detail of fixed maturity investments held by subsidiaries to be disposed (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	$ 43,207	$ 46,505
Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	34,123
U.S. government agency
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	242	209
U.S. government agency | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	44
State and municipal
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	5,733	6,963
State and municipal | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	3,421
Debt Security, Government, Non-US [Member]
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	211	172
Debt Security, Government, Non-US [Member] | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	35
Residential MBS
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	3,055	3,160
Residential MBS | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	2,140
Commercial MBS
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	790	927
Commercial MBS | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	698
Collateralized loan obligations | Managed by third parties
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	4,553	4,280
Collateralized loan obligations | Managed by third parties | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	3,491
Other asset-backed securities
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	7,223	7,128
Other asset-backed securities | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	5,176
Corporate and other
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	21,400	23,666
Corporate and other | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	19,118
Total fixed maturities
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	43,207	$ 46,505
Total fixed maturities | Great American Life Insurance Company
Subsequent Event [Line Items]
Available for sale (AFS) fixed maturities	$ 34,123

Subsequent Event - Results of b

Subsequent Event - Results of businesses to be disposed (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Net investment income									$ 2,132	$ 2,303	$ 2,094
Realized gains (losses) on securities									289	287	(266)
Other income									204	223	223
Total revenues	$ 2,623	$ 2,060	$ 1,951	$ 1,275	$ 2,130	$ 2,123	$ 1,960	$ 2,024	7,909	8,237	7,150
Annuity benefits									1,192	1,151	998
Annuity and supplemental insurance acquisition expenses									306	253	261
Other expenses									430	441	393
Total costs and expenses									7,061	7,129	6,511
Earnings before income taxes									848	1,108	639
Provision for income taxes									127	239	122
Net earnings	$ 694	$ 164	$ 167	$ (304)	$ 191	$ 143	$ 209	$ 326	721	869	517
Great American Life Insurance Company
Subsequent Event [Line Items]
Net investment income									1,670	1,774	1,618
Realized gains (losses) on securities									364	132	(105)
Other income									126	136	139
Total revenues									2,160	2,042	1,652
Annuity benefits									1,192	1,151	998
Annuity and supplemental insurance acquisition expenses									306	253	260
Other expenses									181	180	177
Total costs and expenses									1,679	1,584	1,435
Earnings before income taxes									481	458	217
Provision for income taxes									97	94	39
Net earnings									$ 384	$ 364	$ 178

Condensed Financial Informati_2

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 2,810	$ 2,314	$ 1,515	$ 2,338
Other investments	276	278
Other assets	1,626	1,867
Total assets	73,566	70,130	63,456
Liabilities and Equity:
Long-term debt	1,963	1,473
Other liabilities	2,197	2,295
Shareholders’ equity	6,789	6,269
Total liabilities and equity	73,566	70,130
AFG
Assets:
Cash and cash equivalents	215	166	$ 158	$ 299
Investment in securities	80	77
Investment in subsidiaries	8,525	7,623
Other investments	2	2
Other assets	213	143
Total assets	9,035	8,011
Liabilities and Equity:
Long-term debt	1,963	1,473
Other liabilities	283	269
Shareholders’ equity	6,789	6,269
Total liabilities and equity	$ 9,035	$ 8,011

Condensed Financial Informati_3

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 2,623	$ 2,060	$ 1,951	$ 1,275	$ 2,130	$ 2,123	$ 1,960	$ 2,024	$ 7,909	$ 8,237	$ 7,150
Costs and Expenses:
Interest charges on other borrowings									88	68	62
Other expenses									430	441	393
Total costs and expenses									7,061	7,129	6,511
Earnings before income taxes									848	1,108	639
Provision for income taxes									127	239	122
Net Earnings Attributable to Shareholders	$ 692	$ 164	$ 177	$ (301)	$ 211	$ 147	$ 210	$ 329	732	897	530
AFG
Revenues:
Dividends from subsidiaries									543	417	261
Equity in undistributed earnings of subsidiaries									474	888	529
Investment and other income									32	20	2
Total revenues									1,049	1,325	792
Costs and Expenses:
Interest charges on intercompany borrowings									8	8	8
Interest charges on other borrowings									88	68	62
Other expenses									94	113	70
Total costs and expenses									190	189	140
Earnings before income taxes									859	1,136	652
Provision for income taxes									127	239	122
Net Earnings Attributable to Shareholders									$ 732	$ 897	$ 530

Condensed Financial Informati_4

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Other Comprehensive Income [Abstract]
Net earnings (loss) attributable to shareholders	$ 692	$ 164	$ 177	$ (301)	$ 211	$ 147	$ 210	$ 329	$ 732	$ 897	$ 530
Comprehensive income (loss) attributable to shareholders									1,146	1,712	(14)
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings (loss) attributable to shareholders									732	897	530
Other comprehensive income (loss), net of tax									414	815	(544)
Comprehensive income (loss) attributable to shareholders									$ 1,146	$ 1,712	$ (14)

Condensed Financial Informati_5

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net earnings (loss) attributable to shareholders	$ 692	$ 164	$ 177	$ (301)	$ 211	$ 147	$ 210	$ 329	$ 732	$ 897	$ 530
Adjustments:
Net cash provided by operating activities									2,183	2,456	2,083
Investing Activities:
Net cash used in investing activities									(1,564)	(3,065)	(5,350)
Financing Activities:
Additional long-term borrowings									634	315	0
Reductions of long-term debt									(150)	(150)	0
Issuances of Common Stock									22	36	33
Repurchases of Common Stock									(313)	0	(6)
Cash dividends paid on Common Stock									(334)	(444)	(394)
Net cash provided by (used in) financing activities									(123)	1,408	2,444
Cash and cash equivalents at beginning of year				2,314				1,515	2,314	1,515	2,338
Cash and cash equivalents at end of year	2,810				2,314				2,810	2,314	1,515
AFG
Operating Activities:
Net earnings (loss) attributable to shareholders									732	897	530
Adjustments:
Equity in net earnings of subsidiaries									(780)	(1,032)	(637)
Dividends from subsidiaries									543	408	238
Other operating activities, net									(12)	33	84
Net cash provided by operating activities									483	306	215
Investing Activities:
Capital contributions to subsidiaries									(297)	(60)	(11)
Returns of capital from subsidiaries									0	4	23
Purchases of investments, property and equipment									(2)	(3)	(5)
Proceeds from maturities and redemptions of investments									2	3	3
Proceeds from sales of businesses									3	0	0
Net cash used in investing activities									(294)	(56)	10
Financing Activities:
Additional long-term borrowings									634	315	0
Reductions of long-term debt									(150)	(150)	0
Issuances of Common Stock									23	37	34
Repurchases of Common Stock									(313)	0	(6)
Cash dividends paid on Common Stock									(334)	(444)	(394)
Net cash provided by (used in) financing activities									(140)	(242)	(366)
Cash and cash equivalents, period increase (decrease)									49	8	(141)
Cash and cash equivalents at beginning of year				$ 166				$ 158	166	158	299
Cash and cash equivalents at end of year	$ 215				$ 166				$ 215	$ 166	$ 158

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 546	$ 1,037	$ 1,682
Reserves for future policy benefits, claims and unpaid losses and LAE	53,572	51,250	46,992
Unearned premiums	2,803	2,830	2,595
Net earned premiums	5,118	5,207	4,889
Net investment income	2,132	2,303	2,094
Benefits, claims, losses and settlement expenses	4,503	4,458	4,041
Amortization of deferred policy acquisition costs	866	923	860
Other operating expenses	1,692	1,748	1,610
Net written premiums (excluding life)	5,017	5,345	5,026
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	244	322	299
Reserves for future policy benefits, claims and unpaid losses and LAE	10,392	10,232	9,741
Unearned premiums	2,803	2,830	2,595
Net earned premiums	5,099	5,185	4,865
Net investment income	399	472	438
Benefits, claims, losses and settlement expenses	3,271	3,271	3,003
Amortization of deferred policy acquisition costs	615	721	644
Other operating expenses	1,036	1,027	957
Net written premiums (excluding life)	5,013	5,342	5,023
Annuity
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	287	696	1,360
Reserves for future policy benefits, claims and unpaid losses and LAE	42,573	40,406	36,616
Net investment income	1,699	1,792	1,638
Benefits, claims, losses and settlement expenses	1,192	1,151	998
Amortization of deferred policy acquisition costs	247	198	212
Other operating expenses	220	201	192
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	15	19	23
Reserves for future policy benefits, claims and unpaid losses and LAE	607	612	635
Net earned premiums	19	22	24
Net investment income	34	39	18
Benefits, claims, losses and settlement expenses	40	36	40
Amortization of deferred policy acquisition costs	4	4	4
Other operating expenses	436	520	461
Net written premiums (excluding life)	$ 4	$ 3	$ 3