American Financial (AFG) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 01, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,099,638
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% Subordinate 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 (Una

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 1,691	$ 1,665
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $9,059 and $8,812; allowance for expected credit losses of $10 and $12)	9,289	9,084
Fixed maturities, trading at fair value	26	24
Equity securities, at fair value	944	889
Investments accounted for using the equity method	1,324	1,235
Mortgage loans	408	377
Real estate and other investments	218	220
Total cash and investments	13,900	13,494
Recoverables from reinsurers	3,231	3,288
Prepaid reinsurance premiums	755	768
Agents’ balances and premiums receivable	1,209	1,229
Deferred policy acquisition costs	244	244
Assets of managed investment entities	74,197	73,710
Other receivables	576	678
Other assets	865	977
Goodwill	176	176
Assets of discontinued annuity operations	48,139	47,885
Total assets	74,197	73,710
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,384	10,392
Unearned premiums	2,821	2,803
Payable to reinsurers	753	807
Liabilities of managed investment entities	67,512	66,921
Long-term debt	1,963	1,963
Other liabilities	1,653	1,584
Liabilities of discontinued annuity operations	44,893	44,458
Total Liabilities	67,512	66,921
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 85,126,062 and 86,345,246 shares outstanding	85	86
Capital surplus	1,279	1,281
Retained earnings	4,354	4,149
Accumulated other comprehensive income, net of tax	967	1,273
Total shareholders’ equity	6,685	6,789
Noncontrolling interests	0	0
Total equity	6,685	6,789
Total liabilities and equity	74,197	73,710
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	5,102	4,971
Total assets	5,102	4,971
Liabilities and Equity:
Liabilities of managed investment entities	5,045	4,914
Total Liabilities	$ 5,045	$ 4,914

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 9,059	$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	$ 10	$ 12
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Outstanding	85,126,062	86,345,246

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Property and casualty insurance net earned premiums	$ 1,173	$ 1,209
Net investment income	188	104
Realized gains (losses) on securities	77	(328)
Income of managed investment entities:
Investment income	46	59
Gain (loss) on change in fair value of assets/liabilities	2	(13)
Other income	23	24
Total revenues	1,509	1,055
Costs and Expenses:
Losses and loss adjustment expenses	667	707
Commissions and other underwriting expenses	380	420
Interest charges on borrowed money	24	17
Expenses of managed investment entities	39	53
Other expenses	64	43
Total costs and expenses	1,174	1,240
Earnings (loss) from continuing operations before income taxes	335	(185)
Provision (credit) for income taxes	68	(41)
Net earnings (loss) from continuing operations, including noncontrolling interests	267	(144)
Net earnings (loss) from discontinued operations	152	(160)
Net earnings (loss), including noncontrolling interests	419	(304)
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests	0	(3)
Net Earnings (Loss) Attributable to Shareholders	$ 419	$ (301)
Earnings (Losses) Attributable to Shareholders per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 3.11	$ (1.57)
Basic (USD per share) from discontinued operations	1.77	(1.77)
Basic (USD per share)	4.88	(3.34)
Earnings (Losses) Attributable to Shareholders per Diluted Common Share:
Diluted (USD per share) from continuing operations)	3.08	(1.57)
Diluted (USD per share) from discontinued operations	1.76	(1.77)
Diluted (USD per share)	$ 4.84	$ (3.34)
Average number of Common Shares:
Basic (shares)	85.9	90.3
Diluted (shares)	86.6	90.3

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss), including noncontrolling interests	$ 419	$ (304)
Net unrealized losses on securities:
Unrealized holding losses on securities arising during the period	(281)	(865)
Reclassification adjustment for realized (gains) losses included in net earnings	(11)	19
Total net unrealized losses on securities	(292)	(846)
Net unrealized gains (losses) on cash flow hedges	(14)	27
Foreign currency translation adjustments	0	(10)
Other comprehensive loss, net of tax	(306)	(829)
Total comprehensive income (loss), net of tax	113	(1,133)
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	(1)
Comprehensive income (loss) attributable to shareholders	$ 113	$ (1,132)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income	Noncontrolling interests	Cumulative effect adjustment in period of adoptionRetained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 6,269	$ 6,269		$ 1,397	$ 4,009	$ 863	$ 0	$ 7
Cumulative effect of accounting change | Accounting Standards Update 2016-13								7
Beginning Balance, shares at Dec. 31, 2019			90,303,686
Beginning Balance at Dec. 31, 2019	6,269	6,269		1,397	4,009	863	0	7
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019								7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	5,047	5,047		1,399	3,616	32	0	7
Cumulative effect of accounting change | Accounting Standards Update 2016-13								$ 7
Net earnings (losses) attributable to parent	(301)	(301)			(301)
Net earnings (loss), including noncontrolling interests	(304)
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest	(301)						0
Other comprehensive income (loss), attributable to parent		(831)				(831)
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	(831)
Dividends	(40)	(40)			(40)
Shares issued:
Exercise of stock options, shares			204,093
Exercise of stock options	9	9		9
Restricted stock awards, shares			227,867
Other benefit plans, shares			14,541
Other benefit plans	1	1		1
Dividend reinvestment plan, shares			1,617
Stock-based compensation expense	6	6		6
Shares acquired and retired, shares			(826,283)
Shares acquired and retired	(61)	(61)		(12)	(49)
Shares exchanged — benefit plans, shares			(95,854)
Shares exchanged — benefit plans	(11)	(11)		(2)	(9)
Forfeitures of restricted stock, shares			(2,331)
Other	(1)	(1)			(1)		0
Ending Balance, shares at Mar. 31, 2020			89,827,336
Ending Balance at Mar. 31, 2020	5,047	5,047		1,399	3,616	32	0
Beginning Balance, Redeemable Noncontrolling Interests at Dec. 31, 2019	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net earnings attributable to redeemable noncontrolling interests	(3)
Other comprehensive income (loss) attributable to redeemable noncontrolling interests	2
Other	1
Ending Balance, Redeemable Noncontrolling Interests at Mar. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	5,047	5,047		1,399	3,616	32	0
Cumulative effect of accounting change	$ 6,789	6,789		1,367	4,149	1,273	0
Beginning Balance, shares at Dec. 31, 2020	86,345,246		86,345,246
Beginning Balance at Dec. 31, 2020	$ 6,789	6,789		1,367	4,149	1,273	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,789	6,685		1,364	4,354	967	0
Net earnings (losses) attributable to parent	419	419			419
Net earnings (loss), including noncontrolling interests	419
Net earnings (losses) including portion attributable to nonredeemable noncontrolling interest							0
Other comprehensive income (loss), attributable to parent		(306)				(306)
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest	(306)
Dividends	(43)	(43)			(43)
Shares issued:
Exercise of stock options, shares			403,012
Exercise of stock options	19	19		19
Restricted stock awards, shares			207,020
Other benefit plans, shares			15,632
Other benefit plans	2	2		2
Dividend reinvestment plan, shares			2,306
Dividend reinvestment plan	0	0		0
Stock-based compensation expense	5	5		5
Shares acquired and retired, shares			(1,757,702)
Shares acquired and retired	(192)	(192)		(28)	(164)
Shares exchanged — benefit plans, shares			(76,984)
Shares exchanged — benefit plans	$ (8)	(8)		(1)	(7)
Forfeitures of restricted stock, shares			(12,468)
Ending Balance, shares at Mar. 31, 2021	85,126,062		85,126,062
Ending Balance at Mar. 31, 2021	$ 6,685	6,685		1,364	4,354	967	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 6,685	$ 6,685		$ 1,364	$ 4,354	$ 967	$ 0

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 0.50	$ 0.45

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net earnings (loss), including noncontrolling interests	$ 419	$ (304)
Adjustments:
Depreciation and amortization	99	113
Annuity benefits	161	276
Realized (gains) losses on investing activities	(158)	550
Net (purchases) sales of trading securities	(3)	8
Deferred annuity and life policy acquisition costs	(49)	(49)
Change in:
Reinsurance and other receivables	275	161
Other assets	164	410
Insurance claims and reserves	5	(152)
Payable to reinsurers	(54)	(35)
Other liabilities	(25)	(543)
Managed investment entities’ assets/liabilities	(38)	89
Other operating activities, net	(169)	8
Net cash provided by operating activities	627	532
Investing Activities:
Purchases of fixed maturities	(3,443)	(4,140)
Purchases of equity securities	(41)	(232)
Purchases of mortgage loans	(35)	(21)
Purchases of equity index call options and other investments	(164)	(245)
Purchases of real estate, property and equipment	(13)	(9)
Proceeds from maturities and redemptions of fixed maturities	1,947	1,220
Proceeds from repayments of mortgage loans	12	4
Proceeds from sales of fixed maturities	147	1,483
Proceeds from sales of equity securities	350	80
Proceeds from sales and settlements of equity index call options and other investments	269	248
Proceeds from sales of real estate, property and equipment	0	1
Managed investment entities:
Purchases of investments	(527)	(414)
Proceeds from sales and redemptions of investments	557	370
Other investing activities, net	3	2
Net cash used in investing activities	(938)	(1,653)
Financing Activities:
Annuity receipts	1,179	1,410
Ceded annuity receipts	(207)	0
Annuity surrenders, benefits and withdrawals	(1,148)	(813)
Ceded annuity surrenders, benefits and withdrawals	167	0
Net transfers from variable annuity assets	25	15
Issuances of managed investment entities’ liabilities	752	0
Retirements of managed investment entities’ liabilities	(725)	(41)
Issuances of Common Stock	20	10
Repurchases of Common Stock	(192)	(61)
Cash dividends paid on Common Stock	(43)	(40)
Net cash provided by (used in) financing activities	(172)	480
Net Change in Cash and Cash Equivalents	(483)	(641)
Cash and cash equivalents at beginning of period including discontinued operations, beginning balance	2,810	2,314
Cash and cash equivalents at beginning of period including discontinued operations, ending balance	2,327	1,673
Cash and cash equivalents from discontinued operations	636	368
Cash and cash equivalents at end of period from continuing operations	$ 1,691	$ 1,305

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation including reclassifying the assets and liabilities of the Annuity subsidiaries to be sold to assets and liabilities of discontinued annuity operations and their earnings to net earnings (loss) from discontinued operations. See Note B — “Discontinued Operations.” All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to March 31, 2021, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first three months of 2021. 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 Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on 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” (including those that are reported as assets of discontinued annuity operations) are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. 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. 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 liabilities of discontinued annuity operations) and related equity index options (included in assets of discontinued annuity operations) 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 owned by AFG’s discontinued annuity operations. 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 property and casualty insurance subsidiaries also assume reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. An AFG discontinued annuity 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. Certain reinsurance arrangements in AFG’s discontinued 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. For AFG’s discontinued annuity operations, 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 (included in assets of discontinued annuity operations) 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. DPAC related to traditional life and health insurance (included in assets of discontinued annuity operations) 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”) (included in assets of discontinued annuity operations). 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 the discontinued 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 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 (included in liabilities of discontinued annuity operations) rather than as revenue and expense. Increases in this liability for interest credited and decreases for annuity policy charges are recorded in net earnings (losses) before income taxes from discontinued operations. 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. Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in liabilities of discontinued annuity operations) and recognized in net earnings (loss) before income taxes from discontinued operations 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 (included in liabilities of discontinued annuity operations) 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 (included in assets and liabilities of discontinued annuity operations) 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 for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. At March 31, 2021 AFG has a $153 million lease liability included in other liabilities and a lease right-of-use asset of $133 million included in other assets compared to $159 million and $139 million, respectively, at December 31, 2020. 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. 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 (included in net earnings (loss) from discontinued operations) 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: first three months of 2021 and 2020 — 0.7 million and none, respectively. There were no anti-dilutive potential common shares for the first three months of 2021 and 0.8 million anti-dilutive potential common shares for the first three months 2020 due to AFG’s net loss attributable to shareholders in that period. Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations 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 AFG’s run-off life and long-term care operations. Prior to the sale, AFG will acquire approximately $460 million in investments accounted for using the equity method and approximately $100 million of directly owned real estate from GALIC (based on March 31, 2021 values). Beginning with the first quarter of 2021, the results of the Annuity business to be sold are reported as discontinued operations in accordance with generally accepted accounting principles, which included adjusting prior period results to reflect these operations as discontinued. Details of the assets and liabilities of the Annuity subsidiaries to be sold were as follows (in millions): March 31, 2021 December 31, 2020 Assets of businesses to be sold: Cash and cash equivalents $ 636 $ 1,145 Fixed maturities, available for sale 34,754 34,123 Fixed maturities, trading at fair value 40 42 Equity securities 624 774 Investments accounted for using the equity method 671 646 Mortgage loans 1,244 1,251 Policy loans 148 151 Equity index call options 813 825 Other investments 180 199 Total cash and investments 39,110 39,156 Recoverables from reinsurers 6,797 6,804 Agents’ balances and premiums receivable 3 2 Deferred policy acquisition costs 531 302 Variable annuity assets (separate accounts) 666 664 Other assets 1,032 957 Total assets of discontinued annuity operations 48,139 47,885 Liabilities of businesses to be sold: Annuity benefits accumulated 42,880 42,573 Life, accident and health reserves 601 607 Variable annuity liabilities (separate accounts) 666 664 Other liabilities 746 614 Total liabilities of discontinued annuity operations 44,893 44,458 Receivable from AFG for real estate-related investments 567 537 Reclassify AOCI (801) (1,071) Net investment in annuity businesses to be sold, excluding AOCI $ 3,012 $ 2,893 Details of the results of operations for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net investment income $ 447 $ 415 Realized gains (losses) on securities 81 (223) Other income 32 33 Total revenues 560 225 Annuity benefits 161 276 Annuity and supplemental insurance acquisition expenses 112 113 Other expenses 46 39 Total costs and expenses 319 428 Earnings (loss) before income taxes from discontinued operations 241 (203) Provision (credit) for income taxes on operations 48 (43) Tax liabilities triggered by pending sale 41 — Net earnings (loss) from discontinued operations $ 152 $ (160) Net investment income in the table above excludes $29 million in first three months of 2021 and $12 million in first three months of 2020, respectively, related to the real estate-related entities that AFG will acquire from the discontinued annuity operations prior to the completion of the sale. Summarized cash flows for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net cash provided by operating activities $ 209 $ 265 Net cash used in investing activities (734) (1,244) Net cash provided by financing activities 16 612

Sales of Businesses

Sales of Businesses	3 Months Ended
	Mar. 31, 2021
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Sales of Businesses	Sales of Businesses Annuity Operations See Note B — “Discontinued Operations,” for information on the pending sale of AFG’s annuity operations. Neon In December 2019, AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing Neon Underwriting Ltd. and its other Lloyd’s subsidiaries in run-off. Neon and its predecessor, Marketform, failed to achieve AFG’s profitability objectives since AFG’s purchase of Marketform in 2008. In December 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. 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 was not reported as a discontinued operation. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Three months ended March 31, 2020 Net earned premiums $ 71 Loss and loss adjustment expenses 40 Commissions and other underwriting expenses 32 Underwriting loss (1) Net investment income (6) Other income and expenses, net (3) Loss before income taxes and noncontrolling interests $ (10)

Segments of Operations

Segments of Operations	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations Subsequent to the agreement to sell its annuity operations, see Note B — “Discontinued Operations,” AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks, 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 reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended March 31, 2021 2020 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 394 $ 386 Specialty casualty 571 556 Specialty financial 157 156 Other specialty 51 40 Other lines (a) — 71 Total premiums earned 1,173 1,209 Net investment income (b) 159 93 Other income 4 5 Total property and casualty insurance 1,336 1,307 Other (c) 96 76 Total revenues before realized gains (losses) 1,432 1,383 Realized gains (losses) on securities 77 (328) Total revenues $ 1,509 $ 1,055 (a) Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the first three months of 2020. (b) Includes a loss of $6 million in the Neon exited lines in the first three months of 2020 (primarily from the change in fair value of equity securities). (c) Includes $29 million in the first three months of 2021 and $12 million in the first three months of 2020 in investment income from real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale. Three months ended March 31, 2021 2020 Earnings (Loss) Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 56 $ 27 Specialty casualty 56 52 Specialty financial 25 17 Other specialty (3) (7) Other lines (a) — (2) Total underwriting 134 87 Investment and other income, net (b) 154 84 Total property and casualty insurance 288 171 Other (c) (30) (28) Total earnings before realized gains (losses) and income taxes 258 143 Realized gains (losses) on securities 77 (328) Total earnings (loss) before income taxes $ 335 $ (185) (a) Includes an underwriting loss of $1 million in the first three months of 2020 in the Neon exited lines. (b) Includes $9 million in the first three months of 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses and $29 million in the first three months of 2021 and $6 million (net of DAC) in the first three months of 2020 of earnings from the real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 of continuing operations measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2021 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 212 $ 3 $ — $ 215 States, municipalities and political subdivisions — 2,128 39 2,167 Foreign government — 190 — 190 Residential MBS — 820 27 847 Commercial MBS — 109 — 109 Collateralized loan obligations — 1,125 6 1,131 Other asset-backed securities — 1,862 326 2,188 Corporate and other 4 2,234 204 2,442 Total AFS fixed maturities 216 8,471 602 9,289 Trading fixed maturities — 26 — 26 Equity securities 670 47 227 944 Assets of managed investment entities (“MIE”) 288 4,800 14 5,102 Total assets of continuing operations accounted for at fair value $ 1,174 $ 13,344 $ 843 $ 15,361 Liabilities: Liabilities of managed investment entities $ 285 $ 4,746 $ 14 $ 5,045 Total liabilities of continuing operations accounted for at fair value $ 285 $ 4,746 $ 14 $ 5,045 December 31, 2020 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 195 $ 3 $ — $ 198 States, municipalities and political subdivisions — 2,273 39 2,312 Foreign government — 176 — 176 Residential MBS — 877 38 915 Commercial MBS — 90 2 92 Collateralized loan obligations — 1,046 16 1,062 Other asset-backed securities — 1,742 305 2,047 Corporate and other 4 2,140 138 2,282 Total AFS fixed maturities 199 8,347 538 9,084 Trading fixed maturities — 24 — 24 Equity securities 665 48 176 889 Assets of managed investment entities 217 4,733 21 4,971 Total assets of continuing operations accounted for at fair value $ 1,081 $ 13,152 $ 735 $ 14,968 Liabilities: Liabilities of managed investment entities $ 215 $ 4,678 $ 21 $ 4,914 Total liabilities of continuing operations accounted for at fair value $ 215 $ 4,678 $ 21 $ 4,914 Approximately 5% of the total assets of continuing operations carried at fair value at March 31, 2021, were Level 3 assets. Approximately 22% ($185 million) of those Level 3 assets were priced using non-binding broker quotes, for which there is a lack of transparency as to the inputs used to determine fair value. Details as to the quantitative inputs are neither provided by the brokers nor otherwise reasonably obtainable by AFG. Approximately $78 million (9%) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers, or other market factors led management to determine these securities be classified as Level 3 assets. Internally developed Level 3 asset fair values of continuing operations represent approximately $488 million (58%) of the total fair value of Level 3 assets at March 31, 2021. These 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. Since internally developed Level 3 asset fair values represent less than 10% of AFG’s Shareholders’ Equity, any justifiable changes in unobservable inputs used to determine internally developed fair values would not have a material impact on AFG’s financial position. Assets and liabilities of discontinued annuity operations that are measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2021 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 21 $ 15 $ 42 States, municipalities and political subdivisions — 3,156 60 3,216 Foreign government — 34 — 34 Residential MBS — 2,431 82 2,513 Commercial MBS — 635 1 636 Collateralized loan obligations — 3,762 26 3,788 Other asset-backed securities — 4,277 927 5,204 Corporate and other 30 17,914 1,377 19,321 Total AFS fixed maturities 36 32,230 2,488 34,754 Trading fixed maturities — 40 — 40 Equity securities 258 48 318 624 Equity index call options — 813 — 813 Variable annuity assets (separate accounts) (*) — 666 — 666 Other assets — derivatives — 69 — 69 Total assets of discontinued annuity operations accounted for at fair value $ 294 $ 33,866 $ 2,806 $ 36,966 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,954 $ 3,954 Other liabilities — derivatives — 10 — 10 Total liabilities of discontinued annuity operations accounted for at fair value $ — $ 10 $ 3,954 $ 3,964 (*) Variable annuity liabilities equal the fair value of variable annuity assets. Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 23 $ 15 $ 44 States, municipalities and political subdivisions — 3,357 64 3,421 Foreign government — 35 — 35 Residential MBS — 2,013 127 2,140 Commercial MBS — 687 11 698 Collateralized loan obligations — 3,443 48 3,491 Other asset-backed securities — 4,108 1,068 5,176 Corporate and other 40 17,733 1,345 19,118 Total AFS fixed maturities 46 31,399 2,678 34,123 Trading fixed maturities — 42 — 42 Equity securities 431 50 293 774 Equity index call options — 825 — 825 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets of discontinued annuity operations accounted for at fair value $ 477 $ 33,082 $ 2,971 $ 36,530 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,933 $ 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities of discontinued annuity operations accounted for at fair value $ — $ 10 $ 3,933 $ 3,943 (*) Variable annuity liabilities equal the fair value of variable annuity assets. The derivatives embedded in AFG’s fixed-indexed and variable-indexed annuity liabilities (included in liabilities of discontinued annuity operations) are measured using a discounted cash flow approach and had a fair value of $3.95 billion at March 31, 2021. The following table presents information about the unobservable inputs used by management in determining fair value of these Level 3 liabilities. See Note G — “Derivatives.” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0% – 2.1% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 7% – 22% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 2.0% – 13.6% 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 (7% to 22% over all periods). Increasing the budgeted option cost or risk margin for uncertainty in cash flow assumptions in the table above would increase the fair value of the fixed-indexed and variable-indexed annuity embedded derivatives, while increasing any of the other unobservable inputs in the table above would decrease the fair value of the embedded derivatives. Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2020 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — — — — 39 Residential MBS 38 (3) — 6 — 3 (17) 27 Commercial MBS 2 — — — — — (2) — Collateralized loan obligations 16 1 (1) — (1) — (9) 6 Other asset-backed securities 305 — — 52 (23) 14 (22) 326 Corporate and other 138 1 (1) 84 (18) 2 (2) 204 Total AFS fixed maturities 538 (1) (2) 142 (42) 19 (52) 602 Equity securities 176 53 — 12 (14) — — 227 Assets of MIE 21 4 — 1 — — (12) 14 Assets of discontinued annuity operations 2,971 70 (43) 196 (191) 32 (229) 2,806 Total Level 3 assets $ 3,706 $ 126 $ (45) $ 351 $ (247) $ 51 $ (293) $ 3,649 Liabilities of discontinued annuity operations $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total Level 3 liabilities (*) $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total realized/unrealized Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — — — — 41 Residential MBS 45 1 (2) — (1) 1 — 44 Commercial MBS 6 — — — — — — 6 Collateralized loan obligations 1 — — — — 43 — 44 Other asset-backed securities 256 (6) — 22 (41) 7 — 238 Corporate and other 223 (1) (3) 24 (7) 2 (66) 172 Total AFS fixed maturities 571 (6) (4) 46 (49) 53 (66) 545 Equity securities 161 (18) — 3 — 9 — 155 Assets of MIE 17 (1) — — — — — 16 Assets of discontinued annuity operations 3,092 (18) (44) 153 (174) 133 (345) 2,797 Total Level 3 assets $ 3,841 $ (43) $ (48) $ 202 $ (223) $ 195 $ (411) $ 3,513 Liabilities of discontinued annuity operations $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) Total Level 3 liabilities (*) $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets. Fair Value of Financial Instruments The carrying value and fair value of financial instruments of continuing operations that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2021 Financial assets: Cash and cash equivalents $ 1,691 $ 1,691 $ 1,691 $ — $ — Mortgage loans 408 411 — — 411 Total financial assets not accounted for at fair value $ 2,099 $ 2,102 $ 1,691 $ — $ 411 Long-term debt $ 1,963 $ 2,218 $ — $ 2,215 $ 3 Total financial liabilities not accounted for at fair value $ 1,963 $ 2,218 $ — $ 2,215 $ 3 December 31, 2020 Financial assets: Cash and cash equivalents $ 1,665 $ 1,665 $ 1,665 $ — $ — Mortgage loans 377 382 — — 382 Total financial assets not accounted for at fair value $ 2,042 $ 2,047 $ 1,665 $ — $ 382 Long-term debt $ 1,963 $ 2,325 $ — $ 2,322 $ 3 Total financial liabilities not accounted for at fair value $ 1,963 $ 2,325 $ — $ 2,322 $ 3 The carrying value and fair value of financial instruments of the discontinued annuity operations that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2021 Financial assets: Cash and cash equivalents $ 636 $ 636 $ 636 $ — $ — Mortgage loans 1,244 1,262 — — 1,262 Policy loans 148 148 — — 148 Total financial assets not accounted for at fair value $ 2,028 $ 2,046 $ 636 $ — $ 1,410 Annuity benefits accumulated (*) $ 41,760 $ 42,360 $ — $ — $ 42,360 Total financial liabilities not accounted for at fair value $ 41,760 $ 42,360 $ — $ — $ 42,360 December 31, 2020 Financial assets: Cash and cash equivalents $ 1,145 $ 1,145 $ 1,145 $ — $ — Mortgage loans 1,251 1,270 — — 1,270 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 2,547 $ 2,566 $ 1,145 $ — $ 1,421 Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Total financial liabilities not accounted for at fair value $ 41,460 $ 43,081 $ — $ — $ 43,081 (*) Excludes $1.12 billion and $1.11 billion of life contingent annuities in the payout phase at March 31, 2021 and December 31, 2020, respectively.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities held by AFG’s continuing operations at March 31, 2021 and December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses March 31, 2021 Fixed maturities: U.S. Government and government agencies $ 212 $ — $ 4 $ (1) $ 3 $ 215 States, municipalities and political subdivisions 2,076 — 91 — 91 2,167 Foreign government 188 — 2 — 2 190 Residential MBS 796 — 53 (2) 51 847 Commercial MBS 106 — 3 — 3 109 Collateralized loan obligations 1,131 1 4 (3) 1 1,131 Other asset-backed securities 2,178 8 24 (6) 18 2,188 Corporate and other 2,372 1 75 (4) 71 2,442 Total fixed maturities $ 9,059 $ 10 $ 256 $ (16) $ 240 $ 9,289 December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 192 $ — $ 6 $ — $ 6 $ 198 States, municipalities and political subdivisions 2,196 — 116 — 116 2,312 Foreign government 172 — 4 — 4 176 Residential MBS 859 — 57 (1) 56 915 Commercial MBS 89 — 3 — 3 92 Collateralized loan obligations 1,065 3 4 (4) — 1,062 Other asset-backed securities 2,040 7 27 (13) 14 2,047 Corporate and other 2,199 2 88 (3) 85 2,282 Total fixed maturities $ 8,812 $ 12 $ 305 $ (21) $ 284 $ 9,084 Available for sale fixed maturities that are included in assets of discontinued annuity operations at March 31, 2021 and December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses March 31, 2021 Fixed maturities: U.S. Government and government agencies $ 38 $ — $ 4 $ — $ 4 $ 42 States, municipalities and political subdivisions 2,951 — 269 (4) 265 3,216 Foreign government 31 — 3 — 3 34 Residential MBS 2,342 3 180 (6) 174 2,513 Commercial MBS 603 — 33 — 33 636 Collateralized loan obligations 3,778 4 23 (9) 14 3,788 Other asset-backed securities 5,095 10 144 (25) 119 5,204 Corporate and other 18,015 1 1,367 (60) 1,307 19,321 Total fixed maturities $ 32,853 $ 18 $ 2,023 $ (104) $ 1,919 $ 34,754 December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 39 $ — $ 5 $ — $ 5 $ 44 States, municipalities and political subdivisions 3,053 — 370 (2) 368 3,421 Foreign government 31 — 4 — 4 35 Residential MBS 1,953 3 194 (4) 190 2,140 Commercial MBS 659 — 40 (1) 39 698 Collateralized loan obligations 3,491 10 23 (13) 10 3,491 Other asset-backed securities 5,098 11 142 (53) 89 5,176 Corporate and other 17,272 4 1,874 (24) 1,850 19,118 Total fixed maturities $ 31,596 $ 28 $ 2,652 $ (97) $ 2,555 $ 34,123 Equity securities held by AFG’s continuing operations, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2021 and December 31, 2020 (in millions): March 31, 2021 December 31, 2020 Fair Value Fair Value Actual Cost over (under) Actual Cost over (under) Fair Value Cost Fair Value Cost Common stocks $ 467 $ 536 $ 69 $ 516 $ 510 $ (6) Perpetual preferred stocks 371 408 37 369 379 10 Total equity securities carried at fair value $ 838 $ 944 $ 106 $ 885 $ 889 $ 4 Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions): Carrying Value Net Investment Income March 31, 2021 December 31, 2020 Three months ended March 31, 2021 2020 Real estate-related investments (*) $ 985 $ 915 $ 54 $ 26 Private equity 284 266 21 (5) Private debt 55 54 3 2 Total investments accounted for using the equity method $ 1,324 $ 1,235 $ 78 $ 23 (*) Includes 88% invested in multi-family properties, 2% in single family properties and 10% in other property types as of March 31, 2021 and 87% invested in multi-family properties, 2% in single family properties and 11% in other property types as of December 31, 2020. The valuation of these investments is generally reported on a three-month lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments. With respect to partnerships and similar investments, AFG’s continuing operations had unfunded commitments of $260 million and $290 million as of March 31, 2021 and December 31, 2020, respectively. Assets of discontinued annuity operations includes investments accounted for under the equity method of $671 million and $646 million as of March 31, 2021 and December 31, 2020, respectively. The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities held by AFG’s continuing operations 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 March 31, 2021 Fixed maturities: U.S. Government and government agencies $ (1) $ 105 99 % $ — $ — — % States, municipalities and political subdivisions — 29 100 % — 18 100 % Foreign government — 35 100 % — — — % Residential MBS (1) 86 99 % (1) 11 92 % Commercial MBS — 14 100 % — 5 100 % Collateralized loan obligations (1) 113 99 % (2) 354 99 % Other asset-backed securities (3) 382 99 % (3) 187 98 % Corporate and other (3) 255 99 % (1) 55 98 % Total fixed maturities $ (9) $ 1,019 99 % $ (7) $ 630 99 % December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ 23 100 % $ — $ — — % States, municipalities and political subdivisions — 39 100 % — 10 100 % Foreign government — 7 100 % — — — % Residential MBS (1) 86 99 % — 7 100 % Commercial MBS — 7 100 % — 5 100 % Collateralized loan obligations (1) 192 99 % (3) 366 99 % Other asset-backed securities (10) 465 98 % (3) 92 97 % Corporate and other (2) 133 99 % (1) 17 94 % Total fixed maturities $ (14) $ 952 99 % $ (7) $ 497 99 % At March 31, 2021, the gross unrealized losses on fixed maturities of $16 million relate to 434 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 75% of the gross unrealized loss and 91% 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 March 31, 2021. Credit losses on available for sale fixed maturities are measured based on the present value of expected future cash flows compared to amortized cost. Beginning January 1, 2020, impairment losses are recognized through an allowance instead of directly writing down the amortized cost. Recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance. 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 held by AFG’s continuing operations is shown below (in millions): Structured Corporate and Other Total Balance at January 1, 2021 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses (1) — (1) Reductions due to sales or redemptions — (1) (1) Balance at March 31, 2021 $ 9 $ 1 $ 10 Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Provision for expected credit losses on securities with no previous allowance 11 3 14 Reductions due to sales or redemptions — — — Balance at March 31, 2020 $ 11 $ 3 $ 14 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In the first three months of 2021 and 2020, AFG did not purchase any securities with expected credit losses. The table below sets forth the scheduled maturities of available for sale fixed maturities held by AFG’s continuing operations as of March 31, 2021 (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 $ 974 $ 986 11 % After one year through five years 2,456 2,553 27 % After five years through ten years 1,126 1,174 13 % After ten years 291 301 3 % 4,847 5,014 54 % Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years) 3,300 3,319 36 % MBS (average life of approximately 3 years) 902 956 10 % Total $ 9,049 $ 9,289 100 % (*) 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 March 31, 2021 or December 31, 2020. Net Unrealized Gain on Fixed Maturity 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 AFG’s discontinued annuity, long-term care and life businesses be adjusted to the extent that unrealized gains and losses from securities would result in adjustments to those balances had the unrealized gains or losses actually been realized. The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax Net March 31, 2021 Net unrealized gain on fixed maturities held by continuing operations $ 240 $ (51) $ 189 Discontinued operations: Net unrealized gain on fixed maturities $ 1,919 $ (403) $ 1,516 Deferred policy acquisition costs — annuity segment (661) 139 (522) Annuity benefits accumulated (283) 59 (224) Life, accident and health reserves (3) 1 (2) Unearned revenue 8 (2) 6 Total net unrealized gain from discontinued operations 980 (206) 774 Total net unrealized gain on fixed maturity securities $ 1,220 $ (257) $ 963 December 31, 2020 Net unrealized gain on fixed maturities held by continuing operations $ 284 $ (60) $ 224 Discontinued operations: Net unrealized gain on fixed maturities $ 2,555 $ (536) $ 2,019 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 from discontinued operations 1,305 (274) 1,031 Total net unrealized gain on fixed maturity securities $ 1,589 $ (334) $ 1,255 Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. Three months ended March 31, 2021 2020 Investment income: Fixed maturities $ 72 $ 82 Equity securities: Dividends 8 10 Change in fair value (a) (b) 26 (17) Equity in earnings of partnerships and similar investments 78 23 Other 6 8 Gross investment income 190 106 Investment expenses (2) (2) Net investment income (b) $ 188 $ 104 (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 the first three months of 2020 includes losses of $6 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded on equity securities that are carried at fair value through net investment income. Net investment income included in net earnings (loss) from discontinued operations was $447 million and $415 million in the first three months of 2021 and 2020, respectively. Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended March 31, 2021 Three months ended March 31, 2020 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (44) $ 3 $ (14) $ (11) $ (277) Equity securities 77 — 77 — (318) — (318) — Mortgage loans and other investments — — — — 1 — 1 — Total pretax 76 1 77 (44) (314) (14) (328) (277) Tax effects (16) — (16) 9 66 3 69 58 Net of tax $ 60 $ 1 $ 61 $ (35) $ (248) $ (11) $ (259) $ (219) Realized gains (losses) included in net earnings (loss) from discontinued operations were gains of $81 million and losses of $223 million in the first three months of 2021 and 2020, respectively. All equity securities other than those accounted for under the equity method are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities from continuing operations during the first quarter and first three months of 2021 and 2020 on securities that were still owned at March 31, 2021 and March 31, 2020 as follows (in millions): Three months ended March 31, 2021 2020 Included in realized gains (losses) $ 67 $ (321) Included in net investment income 26 (10) $ 93 $ (331) Gross realized gains and losses (excluding impairment charges and mark-to-market of derivatives) on available for sale fixed maturity investment transactions from continuing operations consisted of the following (in millions): Three months ended March 31, 2021 2020 Gross gains $ 2 $ 3 Gross losses (1) (1) Gross gains and losses from discontinued operations were gross gains of $18 million and $26 million in the first three months of 2021 and 2020, respectively, and gross losses of $2 million and $3 million in the first three months of 2021 and 2020, respectively.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “Derivatives” in Note A — “Accounting Policies,” AFG uses derivatives in certain areas of its operations. Derivatives That Do Not Qualify for Hedge Accounting The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions): March 31, 2021 December 31, 2020 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 67 $ — $ 37 $ — Discontinued Annuity Operations: MBS with embedded derivatives Assets of discontinued annuity operations 152 — 137 — Fixed-indexed and variable-indexed annuities (embedded derivative) Liabilities of discontinued annuity operations — 3,954 — 3,933 Equity index call options Assets of discontinued annuity operations 813 — 825 — Equity index put options Liabilities of discontinued annuity operations — 6 — 5 Reinsurance contract (embedded derivative) Liabilities of discontinued annuity operations — 4 — 5 $ 1,032 $ 3,964 $ 999 $ 3,943 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. 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 ($363 million at March 31, 2021 and $351 million at December 31, 2020) is included in assets of discontinued annuity operations in AFG’s Balance Sheet with an offsetting liability to return the collateral, which is included in liabilities of discontinued annuity operations. 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 the first three months of 2021 and 2020 (in millions): Three months ended March 31, Derivative Statement of Earnings Line 2021 2020 MBS with embedded derivatives Realized gains (losses) on securities $ (2) $ 1 Discontinued Annuity Operations: MBS with embedded derivatives - discontinued operations Net earnings (loss) from discontinued operations — 3 Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings (loss) from discontinued operations (40) 647 Equity index call options Net earnings (loss) from discontinued operations 114 (628) Equity index put options Net earnings (loss) from discontinued operations 2 (6) Reinsurance contract (embedded derivative) Net earnings (loss) from discontinued operations 1 2 $ 75 $ 19 Derivatives Designated and Qualifying as Cash Flow Hedges As of March 31, 2021, Great American Life Insurance Company (“GALIC”) 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 $1.60 billion at March 31, 2021 compared to $1.63 billion at December 31, 2020, reflecting the scheduled amortization discussed above. The fair value of the interest rate swaps in an asset position and included in assets of discontinued annuity operations was $69 million at March 31, 2021 and $102 million at December 31, 2020. 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 earnings (loss) from discontinued operations were income of $9 million and $12 million for the first three months of 2021 and 2020, respectively. A collateral receivable supporting these swaps of $10 million at March 31, 2021 and $2 million at December 31, 2020 is included in assets of discontinued annuity operations in AFG’s Balance Sheet.

Managed Investment Entities

Managed Investment Entities	3 Months Ended
	Mar. 31, 2021
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Managed Investment Entities	Managed Investment Entities AFG is the investment manager and its subsidiaries have investments ranging from 15.0% to 100.0% (4.5% to 46.8% for AFG’s continuing operations) of the most subordinate debt tranche of twelve active collateralized loan obligation entities (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation between 2012 and 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 $181 million (including $121 million invested in the most subordinate tranches) at March 31, 2021, and $200 million at December 31, 2020. During the first three months of 2020, AFG subsidiaries purchased $57 million face amount of senior and subordinate tranches of existing CLOs for $39 million. During the first three months of 2021 and 2020, AFG subsidiaries received $29 million and less than $1 million, respectively, in sale and redemption proceeds from its CLO investments. The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Three months ended March 31, 2021 2020 Investment in CLO tranches at end of period: Held by continuing operations $ 57 $ 40 Held by discontinued annuity operations 124 121 Total $ 181 $ 161 Gains (losses) on change in fair value of assets/liabilities (a): Assets $ 46 $ (679) Liabilities (44) 666 Management fees paid to AFG 4 4 CLO earnings (losses) attributable to AFG shareholders: From continuing operations $ 5 $ (11) From discontinued annuity operations 13 (25) Total $ 18 $ (36) (a) Included in revenues in AFG’s Statement of Earnings. The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $100 million and $150 million at March 31, 2021 and December 31, 2020, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $104 million and $141 million at those dates. The CLO assets include loans with an aggregate fair value of $27 million at March 31, 2021 and $11 million at December 31, 2020, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $47 million at March 31, 2021 and $28 million at December 31, 2020). In addition to the CLOs that it manages, AFG’s continuing operations had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.13 billion at March 31, 2021 and $1.06 billion at December 31, 2020.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles There were no changes in the goodwill balance from AFG’s continuing operations of $176 million or AFG’s discontinued annuity operations of $31 million during the first three months of 2021. Included in other assets in AFG’s Balance Sheet is $31 million at March 31, 2021 and $34 million at December 31, 2020 in amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $64 million and $62 million, respectively. Amortization of intangibles was $3 million in both the first three months of 2021 and 2020.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): March 31, 2021 December 31, 2020 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) 294 300 (6) 294 Other 3 — 3 3 — 3 1,318 (11) 1,307 1,318 (11) 1,307 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 200 (5) 195 5.125% Subordinate Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 150 (4) 146 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 675 (19) 656 675 (19) 656 $ 1,993 $ (30) $ 1,963 $ 1,993 $ (30) $ 1,963 Scheduled principal payments on debt for the balance of 2021, the subsequent five years and thereafter are as follows: 2021 — none; 2022 — none; 2023 — none; 2024 — none; 2025 — none; 2026 — $425 million and thereafter — $1.57 billion. AFG can borrow up to $500 million under its 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 March 31, 2021 or December 31, 2020.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to AOCI Three months ended March 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (355) $ 74 $ (281) $ — $ (281) Reclassification adjustment for realized (gains) losses included in net earnings (*) (14) 3 (11) — (11) Total net unrealized gains (losses) on securities $ 1,255 (369) 77 (292) — (292) $ 963 Net unrealized gains (losses) on cash flow hedges 41 (17) 3 (14) — (14) 27 Foreign currency translation adjustments (16) — — — — — (16) Pension and other postretirement plans adjustments (7) — — — — — (7) Total $ 1,273 $ (386) $ 80 $ (306) $ — $ (306) $ 967 Three months ended March 31, 2020 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (1,095) $ 230 $ (865) $ — $ (865) Reclassification adjustment for realized (gains) losses included in net earnings (*) 24 (5) 19 — 19 Total net unrealized gains (losses) on securities $ 862 (1,071) 225 (846) — (846) $ 16 Net unrealized gains on cash flow hedges 17 34 (7) 27 — 27 44 Foreign currency translation adjustments (9) (10) — (10) (2) (12) (21) Pension and other postretirement plans adjustments (7) — — — — — (7) Total $ 863 $ (1,047) $ 218 $ (829) $ (2) $ (831) $ 32 (*) 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 - continuing operations Realized gains (losses) on securities Pretax - discontinued operations Net earnings (loss) from discontinued operations Tax - continuing operations Provision (credit) for income taxes Tax - discontinued operations Net earnings (loss) from discontinued operations Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first three months of 2021, AFG issued 207,020 shares of restricted Common Stock (fair value of $111.13 per share) under the Stock Incentive Plan. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $5 million in both the first three months of 2021 and 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended March 31, 2021 2020 Amount % of EBT Amount % of EBT Earnings (loss) from continuing operations before income taxes (“EBT”) $ 335 $ (185) Income taxes at statutory rate $ 70 21 % $ (39) 21 % Effect of: Tax exempt interest (2) (1 %) (2) 1 % Stock-based compensation (2) (1 %) (3) 2 % Dividends received deduction — — % (1) 1 % Foreign operations (1) — % 1 (1 %) Nondeductible expenses 2 1 % 1 (1 %) Change in valuation allowance — — % 2 (1 %) Other 1 — % — — % Provision (credit) for income taxes as shown in the statement of earnings $ 68 20 % $ (41) 22 % Approximately $27 million of AFG’s net operating loss carryforwards (“NOL”) subject to separate return limitation year (“SRLY”) tax rules will expire unutilized at December 31, 2021. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards will be offset by a corresponding reduction in the valuation allowance and will have no overall impact on AFG’s income tax expense or results of operations.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note N — “Contingencies” of AFG’s 2020 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of former subsidiary railroad and manufacturing operations.

Insurance

Insurance	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Insurance	Insurance Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2021 and 2020 (in millions): Three months ended March 31, 2021 2020 Balance at beginning of year $ 10,392 $ 10,232 Less reinsurance recoverables, net of allowance 3,117 3,024 Net liability at beginning of year 7,275 7,208 Provision for losses and LAE occurring in the current period 726 749 Net decrease in the provision for claims of prior years (59) (42) Total losses and LAE incurred 667 707 Payments for losses and LAE of: Current year (52) (75) Prior years (622) (676) Total payments (674) (751) Foreign currency translation and other — (22) Net liability at end of period 7,268 7,142 Add back reinsurance recoverables, net of allowance 3,116 2,964 Gross unpaid losses and LAE included in the balance sheet at end of period $ 10,384 $ 10,106 The net decrease in the provision for claims of prior years during the first three months of 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business and lower than expected claim frequency in the aviation business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency and severity in the financial institutions business and lower than anticipated claim frequency in the surety business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than expected claim frequency and severity in the equine business (within the Property and transportation sub-segment) and (ii) higher than anticipated claim severity in the targeted markets, professional liability and excess liability businesses (within the Specialty casualty sub-segment). The net decrease in the provision for claims of prior years during the first three months of 2020 reflects (i) lower than expected losses in the crop business and lower than anticipated claim frequency and severity at National Interstate (within the Property and transportation sub-segment) and (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than anticipated claim frequency and severity in the executive liability business (within the Specialty casualty sub-segment). This favorable development was partially offset by (i) higher than expected claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) higher than expected claim frequency and severity in the excess and surplus lines businesses and higher than expected claim severity in public sector business (within the Specialty casualty sub-segment), and (iii) higher than expected losses at Neon. Recoverables from Reinsurers and Premiums Receivable Progressions of the 2021 and 2020 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2021 2020 2021 2020 Balance at January 1 $ 6 $ 18 $ 10 $ 13 Impact of adoption of new accounting policy — (11) — (3) Provision (credit) for expected credit losses 1 — 1 (1) Write-offs charged against the allowance — — — — Balance at March 31 $ 7 $ 7 $ 11 $ 9

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation including reclassifying the assets and liabilities of the Annuity subsidiaries to be sold to assets and liabilities of discontinued annuity operations and their earnings to net earnings (loss) from discontinued operations. See Note B — “Discontinued Operations.” All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to March 31, 2021, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Discontinued Operations	Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first three months of 2021. 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 Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on 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” (including those that are reported as assets of discontinued annuity operations) are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. 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.
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 liabilities of discontinued annuity operations) and related equity index options (included in assets of discontinued annuity operations) 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.
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 property and casualty insurance subsidiaries also assume reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. An AFG discontinued annuity 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. Certain reinsurance arrangements in AFG’s discontinued 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. For AFG’s discontinued annuity operations, 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 (included in assets of discontinued annuity operations) 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. DPAC related to traditional life and health insurance (included in assets of discontinued annuity operations) 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”) (included in assets of discontinued annuity operations). 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 the discontinued 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 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 (included in liabilities of discontinued annuity operations) rather than as revenue and expense. Increases in this liability for interest credited and decreases for annuity policy charges are recorded in net earnings (losses) before income taxes from discontinued operations. 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.
Unearned Revenue	Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in liabilities of discontinued annuity operations) and recognized in net earnings (loss) before income taxes from discontinued operations 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 (included in liabilities of discontinued annuity operations) 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 (included in assets and liabilities of discontinued annuity operations) 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 Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows.
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.
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 (included in net earnings (loss) from discontinued operations) 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: first three months of 2021 and 2020 — 0.7 million and none, respectively. There were no anti-dilutive potential common shares for the first three months of 2021 and 0.8 million anti-dilutive potential common shares for the first three months 2020 due to AFG’s net loss attributable to shareholders in that period.
Statement of Cash Flows	Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.
Segments of Operations	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 reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income, 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.
Net Unrealized Gain on Marketable Securities	Net Unrealized Gain on Fixed Maturity 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 AFG’s discontinued annuity, long-term care and life businesses be adjusted to the extent that

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Information on sale of Annuity subsidiaries	Details of the assets and liabilities of the Annuity subsidiaries to be sold were as follows (in millions): March 31, 2021 December 31, 2020 Assets of businesses to be sold: Cash and cash equivalents $ 636 $ 1,145 Fixed maturities, available for sale 34,754 34,123 Fixed maturities, trading at fair value 40 42 Equity securities 624 774 Investments accounted for using the equity method 671 646 Mortgage loans 1,244 1,251 Policy loans 148 151 Equity index call options 813 825 Other investments 180 199 Total cash and investments 39,110 39,156 Recoverables from reinsurers 6,797 6,804 Agents’ balances and premiums receivable 3 2 Deferred policy acquisition costs 531 302 Variable annuity assets (separate accounts) 666 664 Other assets 1,032 957 Total assets of discontinued annuity operations 48,139 47,885 Liabilities of businesses to be sold: Annuity benefits accumulated 42,880 42,573 Life, accident and health reserves 601 607 Variable annuity liabilities (separate accounts) 666 664 Other liabilities 746 614 Total liabilities of discontinued annuity operations 44,893 44,458 Receivable from AFG for real estate-related investments 567 537 Reclassify AOCI (801) (1,071) Net investment in annuity businesses to be sold, excluding AOCI $ 3,012 $ 2,893 Details of the results of operations for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net investment income $ 447 $ 415 Realized gains (losses) on securities 81 (223) Other income 32 33 Total revenues 560 225 Annuity benefits 161 276 Annuity and supplemental insurance acquisition expenses 112 113 Other expenses 46 39 Total costs and expenses 319 428 Earnings (loss) before income taxes from discontinued operations 241 (203) Provision (credit) for income taxes on operations 48 (43) Tax liabilities triggered by pending sale 41 — Net earnings (loss) from discontinued operations $ 152 $ (160) Summarized cash flows for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net cash provided by operating activities $ 209 $ 265 Net cash used in investing activities (734) (1,244) Net cash provided by financing activities 16 612

Sales of Businesses (Tables)

Sales of Businesses (Tables)	3 Months Ended
	Mar. 31, 2021
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Information on sale of Neon	Details of the assets and liabilities of the Annuity subsidiaries to be sold were as follows (in millions): March 31, 2021 December 31, 2020 Assets of businesses to be sold: Cash and cash equivalents $ 636 $ 1,145 Fixed maturities, available for sale 34,754 34,123 Fixed maturities, trading at fair value 40 42 Equity securities 624 774 Investments accounted for using the equity method 671 646 Mortgage loans 1,244 1,251 Policy loans 148 151 Equity index call options 813 825 Other investments 180 199 Total cash and investments 39,110 39,156 Recoverables from reinsurers 6,797 6,804 Agents’ balances and premiums receivable 3 2 Deferred policy acquisition costs 531 302 Variable annuity assets (separate accounts) 666 664 Other assets 1,032 957 Total assets of discontinued annuity operations 48,139 47,885 Liabilities of businesses to be sold: Annuity benefits accumulated 42,880 42,573 Life, accident and health reserves 601 607 Variable annuity liabilities (separate accounts) 666 664 Other liabilities 746 614 Total liabilities of discontinued annuity operations 44,893 44,458 Receivable from AFG for real estate-related investments 567 537 Reclassify AOCI (801) (1,071) Net investment in annuity businesses to be sold, excluding AOCI $ 3,012 $ 2,893 Details of the results of operations for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net investment income $ 447 $ 415 Realized gains (losses) on securities 81 (223) Other income 32 33 Total revenues 560 225 Annuity benefits 161 276 Annuity and supplemental insurance acquisition expenses 112 113 Other expenses 46 39 Total costs and expenses 319 428 Earnings (loss) before income taxes from discontinued operations 241 (203) Provision (credit) for income taxes on operations 48 (43) Tax liabilities triggered by pending sale 41 — Net earnings (loss) from discontinued operations $ 152 $ (160) Summarized cash flows for the discontinued annuity operations were (in millions): Three months ended March 31, 2021 2020 Net cash provided by operating activities $ 209 $ 265 Net cash used in investing activities (734) (1,244) Net cash provided by financing activities 16 612
Revenues, costs and expenses, and earnings before income taxes for subsidiaries sold	Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Three months ended March 31, 2020 Net earned premiums $ 71 Loss and loss adjustment expenses 40 Commissions and other underwriting expenses 32 Underwriting loss (1) Net investment income (6) Other income and expenses, net (3) Loss before income taxes and noncontrolling interests $ (10)

Segments of Operations (Tables)

Segments of Operations (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended March 31, 2021 2020 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 394 $ 386 Specialty casualty 571 556 Specialty financial 157 156 Other specialty 51 40 Other lines (a) — 71 Total premiums earned 1,173 1,209 Net investment income (b) 159 93 Other income 4 5 Total property and casualty insurance 1,336 1,307 Other (c) 96 76 Total revenues before realized gains (losses) 1,432 1,383 Realized gains (losses) on securities 77 (328) Total revenues $ 1,509 $ 1,055 (a) Represents premiums earned in the Neon exited lines (which were sold in December 2020) during the first three months of 2020. (b) Includes a loss of $6 million in the Neon exited lines in the first three months of 2020 (primarily from the change in fair value of equity securities). (c) Includes $29 million in the first three months of 2021 and $12 million in the first three months of 2020 in investment income from real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale. Three months ended March 31, 2021 2020 Earnings (Loss) Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 56 $ 27 Specialty casualty 56 52 Specialty financial 25 17 Other specialty (3) (7) Other lines (a) — (2) Total underwriting 134 87 Investment and other income, net (b) 154 84 Total property and casualty insurance 288 171 Other (c) (30) (28) Total earnings before realized gains (losses) and income taxes 258 143 Realized gains (losses) on securities 77 (328) Total earnings (loss) before income taxes $ 335 $ (185) (a) Includes an underwriting loss of $1 million in the first three months of 2020 in the Neon exited lines. (b) Includes $9 million in the first three months of 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses and $29 million in the first three months of 2021 and $6 million (net of DAC) in the first three months of 2020 of earnings from the real estate-related entities to be acquired from the discontinued annuity operations prior to closing of the sale.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities of continuing operations measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2021 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 212 $ 3 $ — $ 215 States, municipalities and political subdivisions — 2,128 39 2,167 Foreign government — 190 — 190 Residential MBS — 820 27 847 Commercial MBS — 109 — 109 Collateralized loan obligations — 1,125 6 1,131 Other asset-backed securities — 1,862 326 2,188 Corporate and other 4 2,234 204 2,442 Total AFS fixed maturities 216 8,471 602 9,289 Trading fixed maturities — 26 — 26 Equity securities 670 47 227 944 Assets of managed investment entities (“MIE”) 288 4,800 14 5,102 Total assets of continuing operations accounted for at fair value $ 1,174 $ 13,344 $ 843 $ 15,361 Liabilities: Liabilities of managed investment entities $ 285 $ 4,746 $ 14 $ 5,045 Total liabilities of continuing operations accounted for at fair value $ 285 $ 4,746 $ 14 $ 5,045 December 31, 2020 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 195 $ 3 $ — $ 198 States, municipalities and political subdivisions — 2,273 39 2,312 Foreign government — 176 — 176 Residential MBS — 877 38 915 Commercial MBS — 90 2 92 Collateralized loan obligations — 1,046 16 1,062 Other asset-backed securities — 1,742 305 2,047 Corporate and other 4 2,140 138 2,282 Total AFS fixed maturities 199 8,347 538 9,084 Trading fixed maturities — 24 — 24 Equity securities 665 48 176 889 Assets of managed investment entities 217 4,733 21 4,971 Total assets of continuing operations accounted for at fair value $ 1,081 $ 13,152 $ 735 $ 14,968 Liabilities: Liabilities of managed investment entities $ 215 $ 4,678 $ 21 $ 4,914 Total liabilities of continuing operations accounted for at fair value $ 215 $ 4,678 $ 21 $ 4,914 Assets and liabilities of discontinued annuity operations that are measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total March 31, 2021 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 21 $ 15 $ 42 States, municipalities and political subdivisions — 3,156 60 3,216 Foreign government — 34 — 34 Residential MBS — 2,431 82 2,513 Commercial MBS — 635 1 636 Collateralized loan obligations — 3,762 26 3,788 Other asset-backed securities — 4,277 927 5,204 Corporate and other 30 17,914 1,377 19,321 Total AFS fixed maturities 36 32,230 2,488 34,754 Trading fixed maturities — 40 — 40 Equity securities 258 48 318 624 Equity index call options — 813 — 813 Variable annuity assets (separate accounts) (*) — 666 — 666 Other assets — derivatives — 69 — 69 Total assets of discontinued annuity operations accounted for at fair value $ 294 $ 33,866 $ 2,806 $ 36,966 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,954 $ 3,954 Other liabilities — derivatives — 10 — 10 Total liabilities of discontinued annuity operations accounted for at fair value $ — $ 10 $ 3,954 $ 3,964 (*) Variable annuity liabilities equal the fair value of variable annuity assets. Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 23 $ 15 $ 44 States, municipalities and political subdivisions — 3,357 64 3,421 Foreign government — 35 — 35 Residential MBS — 2,013 127 2,140 Commercial MBS — 687 11 698 Collateralized loan obligations — 3,443 48 3,491 Other asset-backed securities — 4,108 1,068 5,176 Corporate and other 40 17,733 1,345 19,118 Total AFS fixed maturities 46 31,399 2,678 34,123 Trading fixed maturities — 42 — 42 Equity securities 431 50 293 774 Equity index call options — 825 — 825 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets of discontinued annuity operations accounted for at fair value $ 477 $ 33,082 $ 2,971 $ 36,530 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,933 $ 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities of discontinued annuity operations accounted for at fair value $ — $ 10 $ 3,933 $ 3,943 (*) 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 G — “Derivatives.” Unobservable Input Range Adjustment for insurance subsidiary’s credit risk 0% – 2.1% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 7% – 22% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 2.0% – 13.6% of indexed account value Budgeted option costs 2.2% – 2.9% of indexed account value
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2020 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — — — — 39 Residential MBS 38 (3) — 6 — 3 (17) 27 Commercial MBS 2 — — — — — (2) — Collateralized loan obligations 16 1 (1) — (1) — (9) 6 Other asset-backed securities 305 — — 52 (23) 14 (22) 326 Corporate and other 138 1 (1) 84 (18) 2 (2) 204 Total AFS fixed maturities 538 (1) (2) 142 (42) 19 (52) 602 Equity securities 176 53 — 12 (14) — — 227 Assets of MIE 21 4 — 1 — — (12) 14 Assets of discontinued annuity operations 2,971 70 (43) 196 (191) 32 (229) 2,806 Total Level 3 assets $ 3,706 $ 126 $ (45) $ 351 $ (247) $ 51 $ (293) $ 3,649 Liabilities of discontinued annuity operations $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total Level 3 liabilities (*) $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total realized/unrealized Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — — — — 41 Residential MBS 45 1 (2) — (1) 1 — 44 Commercial MBS 6 — — — — — — 6 Collateralized loan obligations 1 — — — — 43 — 44 Other asset-backed securities 256 (6) — 22 (41) 7 — 238 Corporate and other 223 (1) (3) 24 (7) 2 (66) 172 Total AFS fixed maturities 571 (6) (4) 46 (49) 53 (66) 545 Equity securities 161 (18) — 3 — 9 — 155 Assets of MIE 17 (1) — — — — — 16 Assets of discontinued annuity operations 3,092 (18) (44) 153 (174) 133 (345) 2,797 Total Level 3 assets $ 3,841 $ (43) $ (48) $ 202 $ (223) $ 195 $ (411) $ 3,513 Liabilities of discontinued annuity operations $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) Total Level 3 liabilities (*) $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first three months of 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2020 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — — — — 39 Residential MBS 38 (3) — 6 — 3 (17) 27 Commercial MBS 2 — — — — — (2) — Collateralized loan obligations 16 1 (1) — (1) — (9) 6 Other asset-backed securities 305 — — 52 (23) 14 (22) 326 Corporate and other 138 1 (1) 84 (18) 2 (2) 204 Total AFS fixed maturities 538 (1) (2) 142 (42) 19 (52) 602 Equity securities 176 53 — 12 (14) — — 227 Assets of MIE 21 4 — 1 — — (12) 14 Assets of discontinued annuity operations 2,971 70 (43) 196 (191) 32 (229) 2,806 Total Level 3 assets $ 3,706 $ 126 $ (45) $ 351 $ (247) $ 51 $ (293) $ 3,649 Liabilities of discontinued annuity operations $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total Level 3 liabilities (*) $ (3,933) $ (40) $ — $ (74) $ 93 $ — $ — $ (3,954) Total realized/unrealized Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at March 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — — — — 41 Residential MBS 45 1 (2) — (1) 1 — 44 Commercial MBS 6 — — — — — — 6 Collateralized loan obligations 1 — — — — 43 — 44 Other asset-backed securities 256 (6) — 22 (41) 7 — 238 Corporate and other 223 (1) (3) 24 (7) 2 (66) 172 Total AFS fixed maturities 571 (6) (4) 46 (49) 53 (66) 545 Equity securities 161 (18) — 3 — 9 — 155 Assets of MIE 17 (1) — — — — — 16 Assets of discontinued annuity operations 3,092 (18) (44) 153 (174) 133 (345) 2,797 Total Level 3 assets $ 3,841 $ (43) $ (48) $ 202 $ (223) $ 195 $ (411) $ 3,513 Liabilities of discontinued annuity operations $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) Total Level 3 liabilities (*) $ (3,730) $ 647 $ — $ (78) $ 62 $ — $ — $ (3,099) (*) As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Fair value of financial instruments	The carrying value and fair value of financial instruments of continuing operations that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2021 Financial assets: Cash and cash equivalents $ 1,691 $ 1,691 $ 1,691 $ — $ — Mortgage loans 408 411 — — 411 Total financial assets not accounted for at fair value $ 2,099 $ 2,102 $ 1,691 $ — $ 411 Long-term debt $ 1,963 $ 2,218 $ — $ 2,215 $ 3 Total financial liabilities not accounted for at fair value $ 1,963 $ 2,218 $ — $ 2,215 $ 3 December 31, 2020 Financial assets: Cash and cash equivalents $ 1,665 $ 1,665 $ 1,665 $ — $ — Mortgage loans 377 382 — — 382 Total financial assets not accounted for at fair value $ 2,042 $ 2,047 $ 1,665 $ — $ 382 Long-term debt $ 1,963 $ 2,325 $ — $ 2,322 $ 3 Total financial liabilities not accounted for at fair value $ 1,963 $ 2,325 $ — $ 2,322 $ 3 The carrying value and fair value of financial instruments of the discontinued annuity operations that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 March 31, 2021 Financial assets: Cash and cash equivalents $ 636 $ 636 $ 636 $ — $ — Mortgage loans 1,244 1,262 — — 1,262 Policy loans 148 148 — — 148 Total financial assets not accounted for at fair value $ 2,028 $ 2,046 $ 636 $ — $ 1,410 Annuity benefits accumulated (*) $ 41,760 $ 42,360 $ — $ — $ 42,360 Total financial liabilities not accounted for at fair value $ 41,760 $ 42,360 $ — $ — $ 42,360 December 31, 2020 Financial assets: Cash and cash equivalents $ 1,145 $ 1,145 $ 1,145 $ — $ — Mortgage loans 1,251 1,270 — — 1,270 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 2,547 $ 2,566 $ 1,145 $ — $ 1,421 Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Total financial liabilities not accounted for at fair value $ 41,460 $ 43,081 $ — $ — $ 43,081 (*) Excludes $1.12 billion and $1.11 billion of life contingent annuities in the payout phase at March 31, 2021 and December 31, 2020, respectively.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities	Available for sale fixed maturities held by AFG’s continuing operations at March 31, 2021 and December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses March 31, 2021 Fixed maturities: U.S. Government and government agencies $ 212 $ — $ 4 $ (1) $ 3 $ 215 States, municipalities and political subdivisions 2,076 — 91 — 91 2,167 Foreign government 188 — 2 — 2 190 Residential MBS 796 — 53 (2) 51 847 Commercial MBS 106 — 3 — 3 109 Collateralized loan obligations 1,131 1 4 (3) 1 1,131 Other asset-backed securities 2,178 8 24 (6) 18 2,188 Corporate and other 2,372 1 75 (4) 71 2,442 Total fixed maturities $ 9,059 $ 10 $ 256 $ (16) $ 240 $ 9,289 December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 192 $ — $ 6 $ — $ 6 $ 198 States, municipalities and political subdivisions 2,196 — 116 — 116 2,312 Foreign government 172 — 4 — 4 176 Residential MBS 859 — 57 (1) 56 915 Commercial MBS 89 — 3 — 3 92 Collateralized loan obligations 1,065 3 4 (4) — 1,062 Other asset-backed securities 2,040 7 27 (13) 14 2,047 Corporate and other 2,199 2 88 (3) 85 2,282 Total fixed maturities $ 8,812 $ 12 $ 305 $ (21) $ 284 $ 9,084 Available for sale fixed maturities that are included in assets of discontinued annuity operations at March 31, 2021 and December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses March 31, 2021 Fixed maturities: U.S. Government and government agencies $ 38 $ — $ 4 $ — $ 4 $ 42 States, municipalities and political subdivisions 2,951 — 269 (4) 265 3,216 Foreign government 31 — 3 — 3 34 Residential MBS 2,342 3 180 (6) 174 2,513 Commercial MBS 603 — 33 — 33 636 Collateralized loan obligations 3,778 4 23 (9) 14 3,788 Other asset-backed securities 5,095 10 144 (25) 119 5,204 Corporate and other 18,015 1 1,367 (60) 1,307 19,321 Total fixed maturities $ 32,853 $ 18 $ 2,023 $ (104) $ 1,919 $ 34,754 December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 39 $ — $ 5 $ — $ 5 $ 44 States, municipalities and political subdivisions 3,053 — 370 (2) 368 3,421 Foreign government 31 — 4 — 4 35 Residential MBS 1,953 3 194 (4) 190 2,140 Commercial MBS 659 — 40 (1) 39 698 Collateralized loan obligations 3,491 10 23 (13) 10 3,491 Other asset-backed securities 5,098 11 142 (53) 89 5,176 Corporate and other 17,272 4 1,874 (24) 1,850 19,118 Total fixed maturities $ 31,596 $ 28 $ 2,652 $ (97) $ 2,555 $ 34,123
Equity securities reported at fair value	Equity securities held by AFG’s continuing operations, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at March 31, 2021 and December 31, 2020 (in millions): March 31, 2021 December 31, 2020 Fair Value Fair Value Actual Cost over (under) Actual Cost over (under) Fair Value Cost Fair Value Cost Common stocks $ 467 $ 536 $ 69 $ 516 $ 510 $ (6) Perpetual preferred stocks 371 408 37 369 379 10 Total equity securities carried at fair value $ 838 $ 944 $ 106 $ 885 $ 889 $ 4
Investments accounted for using the equity method	Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions): Carrying Value Net Investment Income March 31, 2021 December 31, 2020 Three months ended March 31, 2021 2020 Real estate-related investments (*) $ 985 $ 915 $ 54 $ 26 Private equity 284 266 21 (5) Private debt 55 54 3 2 Total investments accounted for using the equity method $ 1,324 $ 1,235 $ 78 $ 23 (*) Includes 88% invested in multi-family properties, 2% in single family properties and 10% in other property types as of March 31, 2021 and 87% invested in multi-family properties, 2% in single family properties and 11% in other property types as of December 31, 2020.
Available for sale securities in a continuous unrealized loss position	The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities held by AFG’s continuing operations 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 March 31, 2021 Fixed maturities: U.S. Government and government agencies $ (1) $ 105 99 % $ — $ — — % States, municipalities and political subdivisions — 29 100 % — 18 100 % Foreign government — 35 100 % — — — % Residential MBS (1) 86 99 % (1) 11 92 % Commercial MBS — 14 100 % — 5 100 % Collateralized loan obligations (1) 113 99 % (2) 354 99 % Other asset-backed securities (3) 382 99 % (3) 187 98 % Corporate and other (3) 255 99 % (1) 55 98 % Total fixed maturities $ (9) $ 1,019 99 % $ (7) $ 630 99 % December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ 23 100 % $ — $ — — % States, municipalities and political subdivisions — 39 100 % — 10 100 % Foreign government — 7 100 % — — — % Residential MBS (1) 86 99 % — 7 100 % Commercial MBS — 7 100 % — 5 100 % Collateralized loan obligations (1) 192 99 % (3) 366 99 % Other asset-backed securities (10) 465 98 % (3) 92 97 % Corporate and other (2) 133 99 % (1) 17 94 % Total fixed maturities $ (14) $ 952 99 % $ (7) $ 497 99 %
Roll forward of allowance for credit losses on fixed maturity securities	A progression of the allowance for expected credit losses on fixed maturity securities held by AFG’s continuing operations is shown below (in millions): Structured Corporate and Other Total Balance at January 1, 2021 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses (1) — (1) Reductions due to sales or redemptions — (1) (1) Balance at March 31, 2021 $ 9 $ 1 $ 10 Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Provision for expected credit losses on securities with no previous allowance 11 3 14 Reductions due to sales or redemptions — — — Balance at March 31, 2020 $ 11 $ 3 $ 14 (*) 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 held by AFG’s continuing operations as of March 31, 2021 (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 $ 974 $ 986 11 % After one year through five years 2,456 2,553 27 % After five years through ten years 1,126 1,174 13 % After ten years 291 301 3 % 4,847 5,014 54 % Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years) 3,300 3,319 36 % MBS (average life of approximately 3 years) 902 956 10 % Total $ 9,049 $ 9,289 100 % (*) 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 March 31, 2021 Net unrealized gain on fixed maturities held by continuing operations $ 240 $ (51) $ 189 Discontinued operations: Net unrealized gain on fixed maturities $ 1,919 $ (403) $ 1,516 Deferred policy acquisition costs — annuity segment (661) 139 (522) Annuity benefits accumulated (283) 59 (224) Life, accident and health reserves (3) 1 (2) Unearned revenue 8 (2) 6 Total net unrealized gain from discontinued operations 980 (206) 774 Total net unrealized gain on fixed maturity securities $ 1,220 $ (257) $ 963 December 31, 2020 Net unrealized gain on fixed maturities held by continuing operations $ 284 $ (60) $ 224 Discontinued operations: Net unrealized gain on fixed maturities $ 2,555 $ (536) $ 2,019 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 from discontinued operations 1,305 (274) 1,031 Total net unrealized gain on fixed maturity securities $ 1,589 $ (334) $ 1,255
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. Three months ended March 31, 2021 2020 Investment income: Fixed maturities $ 72 $ 82 Equity securities: Dividends 8 10 Change in fair value (a) (b) 26 (17) Equity in earnings of partnerships and similar investments 78 23 Other 6 8 Gross investment income 190 106 Investment expenses (2) (2) Net investment income (b) $ 188 $ 104 (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 the first three months of 2020 includes losses of $6 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded 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) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended March 31, 2021 Three months ended March 31, 2020 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (44) $ 3 $ (14) $ (11) $ (277) Equity securities 77 — 77 — (318) — (318) — Mortgage loans and other investments — — — — 1 — 1 — Total pretax 76 1 77 (44) (314) (14) (328) (277) Tax effects (16) — (16) 9 66 3 69 58 Net of tax $ 60 $ 1 $ 61 $ (35) $ (248) $ (11) $ (259) $ (219)
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities from continuing operations during the first quarter and first three months of 2021 and 2020 on securities that were still owned at March 31, 2021 and March 31, 2020 as follows (in millions): Three months ended March 31, 2021 2020 Included in realized gains (losses) $ 67 $ (321) Included in net investment income 26 (10) $ 93 $ (331)
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 from continuing operations consisted of the following (in millions): Three months ended March 31, 2021 2020 Gross gains $ 2 $ 3 Gross losses (1) (1)

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in Balance Sheet at fair value	The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions): March 31, 2021 December 31, 2020 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 67 $ — $ 37 $ — Discontinued Annuity Operations: MBS with embedded derivatives Assets of discontinued annuity operations 152 — 137 — Fixed-indexed and variable-indexed annuities (embedded derivative) Liabilities of discontinued annuity operations — 3,954 — 3,933 Equity index call options Assets of discontinued annuity operations 813 — 825 — Equity index put options Liabilities of discontinued annuity operations — 6 — 5 Reinsurance contract (embedded derivative) Liabilities of discontinued annuity operations — 4 — 5 $ 1,032 $ 3,964 $ 999 $ 3,943
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for the first three months of 2021 and 2020 (in millions): Three months ended March 31, Derivative Statement of Earnings Line 2021 2020 MBS with embedded derivatives Realized gains (losses) on securities $ (2) $ 1 Discontinued Annuity Operations: MBS with embedded derivatives - discontinued operations Net earnings (loss) from discontinued operations — 3 Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings (loss) from discontinued operations (40) 647 Equity index call options Net earnings (loss) from discontinued operations 114 (628) Equity index put options Net earnings (loss) from discontinued operations 2 (6) Reinsurance contract (embedded derivative) Net earnings (loss) from discontinued operations 1 2 $ 75 $ 19

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	Selected financial information related to the CLOs is shown below (in millions): Three months ended March 31, 2021 2020 Investment in CLO tranches at end of period: Held by continuing operations $ 57 $ 40 Held by discontinued annuity operations 124 121 Total $ 181 $ 161 Gains (losses) on change in fair value of assets/liabilities (a): Assets $ 46 $ (679) Liabilities (44) 666 Management fees paid to AFG 4 4 CLO earnings (losses) attributable to AFG shareholders: From continuing operations $ 5 $ (11) From discontinued annuity operations 13 (25) Total $ 18 $ (36) (a) Included in revenues in AFG’s Statement of Earnings.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following (in millions): March 31, 2021 December 31, 2020 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) 294 300 (6) 294 Other 3 — 3 3 — 3 1,318 (11) 1,307 1,318 (11) 1,307 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 200 (5) 195 5.125% Subordinate Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 150 (4) 146 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 675 (19) 656 675 (19) 656 $ 1,993 $ (30) $ 1,963 $ 1,993 $ (30) $ 1,963

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to AOCI Three months ended March 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (355) $ 74 $ (281) $ — $ (281) Reclassification adjustment for realized (gains) losses included in net earnings (*) (14) 3 (11) — (11) Total net unrealized gains (losses) on securities $ 1,255 (369) 77 (292) — (292) $ 963 Net unrealized gains (losses) on cash flow hedges 41 (17) 3 (14) — (14) 27 Foreign currency translation adjustments (16) — — — — — (16) Pension and other postretirement plans adjustments (7) — — — — — (7) Total $ 1,273 $ (386) $ 80 $ (306) $ — $ (306) $ 967 Three months ended March 31, 2020 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (1,095) $ 230 $ (865) $ — $ (865) Reclassification adjustment for realized (gains) losses included in net earnings (*) 24 (5) 19 — 19 Total net unrealized gains (losses) on securities $ 862 (1,071) 225 (846) — (846) $ 16 Net unrealized gains on cash flow hedges 17 34 (7) 27 — 27 44 Foreign currency translation adjustments (9) (10) — (10) (2) (12) (21) Pension and other postretirement plans adjustments (7) — — — — — (7) Total $ 863 $ (1,047) $ 218 $ (829) $ (2) $ (831) $ 32 (*) 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 - continuing operations Realized gains (losses) on securities Pretax - discontinued operations Net earnings (loss) from discontinued operations Tax - continuing operations Provision (credit) for income taxes Tax - discontinued operations Net earnings (loss) from discontinued operations

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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 on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended March 31, 2021 2020 Amount % of EBT Amount % of EBT Earnings (loss) from continuing operations before income taxes (“EBT”) $ 335 $ (185) Income taxes at statutory rate $ 70 21 % $ (39) 21 % Effect of: Tax exempt interest (2) (1 %) (2) 1 % Stock-based compensation (2) (1 %) (3) 2 % Dividends received deduction — — % (1) 1 % Foreign operations (1) — % 1 (1 %) Nondeductible expenses 2 1 % 1 (1 %) Change in valuation allowance — — % 2 (1 %) Other 1 — % — — % Provision (credit) for income taxes as shown in the statement of earnings $ 68 20 % $ (41) 22 %

Insurance (Tables)

Insurance (Tables)	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first three months of 2021 and 2020 (in millions): Three months ended March 31, 2021 2020 Balance at beginning of year $ 10,392 $ 10,232 Less reinsurance recoverables, net of allowance 3,117 3,024 Net liability at beginning of year 7,275 7,208 Provision for losses and LAE occurring in the current period 726 749 Net decrease in the provision for claims of prior years (59) (42) Total losses and LAE incurred 667 707 Payments for losses and LAE of: Current year (52) (75) Prior years (622) (676) Total payments (674) (751) Foreign currency translation and other — (22) Net liability at end of period 7,268 7,142 Add back reinsurance recoverables, net of allowance 3,116 2,964 Gross unpaid losses and LAE included in the balance sheet at end of period $ 10,384 $ 10,106
Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss	Progressions of the 2021 and 2020 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2021 2020 2021 2020 Balance at January 1 $ 6 $ 18 $ 10 $ 13 Impact of adoption of new accounting policy — (11) — (3) Provision (credit) for expected credit losses 1 — 1 (1) Write-offs charged against the allowance — — — — Balance at March 31 $ 7 $ 7 $ 11 $ 9

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ 6,685	$ 5,047	$ 6,789	$ 6,269
Operating lease liability	153		159
Operating lease right-of-use asset	$ 133		$ 139
Weighted average common shares adjustment related to stock-based compensation (shares)	700,000	0
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0	800,000
Maturities of short term investments	3 months
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ 4,354	$ 3,616	$ 4,149	4,009
Cumulative effect adjustment in period of adoption | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				7
Cumulative effect adjustment in period of adoption | Retained Earnings | Accounting Standards Update 2016-13
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				$ 7

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method	$ 1,324		$ 1,235
Net investment income	188	$ 104
Great American Life Insurance Company | Investments accounted for using the equity method
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method	460
Great American Life Insurance Company | Real Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Real Estate	$ 100

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities of businesses to be disposed (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 636		$ 368
Total assets of discontinued annuity operations	48,139	$ 47,885
Liabilities of discontinued annuity operations	44,893	44,458
Reclassify AOCI	967	1,273
Net investment in annuity businesses to be sold, excluding AOCI	6,685	6,789
Annuity subsidiaries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets of discontinued annuity operations		47,885
Liabilities of discontinued annuity operations	44,893	44,458
Receivable from AFG for real estate-related investments	567	537
Reclassify AOCI	(801)	(1,071)
Net investment in annuity businesses to be sold, excluding AOCI	3,012	2,893
Annuity subsidiaries | Assets of discontinued annuity operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	636	1,145
Available for sale (AFS) fixed maturities	34,754	34,123
Trading fixed maturities	40	42
Equity securities, at fair value	624	774
Investments accounted for using the equity method	671	646
Mortgage loans	1,244	1,251
Policy loans	148	151
Equity index call options	813	825
Other Investments	180	199
Total cash and investments	39,110	39,156
Recoverables from reinsurers	6,797	6,804
Agents’ balances and premiums receivable	3	2
Deferred policy acquisition costs	531	302
Variable annuity assets (separate accounts)	666	664
Other assets	1,032	957
Total assets of discontinued annuity operations	48,139
Annuity subsidiaries | Liabilities of discontinued annuity operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annuity benefits accumulated	42,880	42,573
Life, accident and health reserves	601	607
Variable annuity liabilities (separate accounts)	666	664
Other liabilities	$ 746	$ 614

Discontinued Operations - Detai

Discontinued Operations - Details of the results of the Annuity subsidiaries to be sold (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings (loss) from discontinued operations	$ 152	$ (160)
Annuity subsidiaries | Net earnings (loss) from discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income	447	415
Realized gains (losses) on securities	81	(223)
Other income	32	33
Total revenues	560	225
Annuity benefits	161	276
Annuity and supplemental insurance acquisition expenses	112	113
Other expenses	46	39
Total costs and expenses	319	428
Earnings (loss) before income taxes from discontinued operations	241	(203)
Provision (credit) for income taxes on operations	48	(43)
Tax liabilities triggered by pending sale	$ 41	$ 0

Discontinued Operations - Summa

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 209	$ 265
Net cash used in investing activities	(734)	(1,244)
Net cash provided by financing activities	$ 16	$ 612

Sales of Businesses - Narrative

Sales of Businesses - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020USD ($)
Neon Capital Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 6

Sales of Businesses - Revenues,

Sales of Businesses - Revenues, costs and expenses, and earnings before income taxes of business disposed (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums	$ 1,173	$ 1,209
Losses and loss adjustment expenses	667	707
Commissions and other underwriting expenses	380	420
Net investment income	188	104
Net earnings (loss), including noncontrolling interests	$ 419	(304)
Neon Capital Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums		71
Losses and loss adjustment expenses		40
Commissions and other underwriting expenses		32
Underwriting loss		(1)
Net investment income		(6)
Other income and expenses, net		(3)
Net earnings (loss), including noncontrolling interests		$ (10)

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	2
Net investment income	$ 188	$ 104
Neon Capital Limited
Segment Reporting Information [Line Items]
Net investment income		(6)
Continuing operations
Segment Reporting Information [Line Items]
Earnings from Real-Estate Related Investments, net of DAC	29	6
Continuing operations | Real estate-related investments
Segment Reporting Information [Line Items]
Net investment income	29	12
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net investment income	159	93
Property and casualty insurance underwriting	134	87
Investment and other income, net	154	84
Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ 0	(2)
Other lines | Property and Casualty Insurance | Neon Capital Limited
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting		(1)
Investment and other income, net		(9)
Neon Capital Limited | Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net investment income		$ (6)

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net earned premiums	$ 1,173	$ 1,209
Net investment income	188	104
Other income	23	24
Revenues before realized gains (losses)	1,432	1,383
Realized gains (losses) on securities	77	(328)
Total revenues	1,509	1,055
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	1,173	1,209
Net investment income	159	93
Other income	4	5
Revenues before realized gains (losses)	1,336	1,307
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	96	76
Specialty Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	394	386
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	571	556
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	157	156
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	51	40
Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 0	$ 71

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 258	$ 143
Realized gains (losses) on securities	77	(328)
Earnings (loss) from continuing operations before income taxes	335	(185)
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	134	87
Investment and other income, net	154	84
Earnings before realized gains (losses) and income taxes	288	171
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(30)	(28)
Specialty Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	56	27
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	56	52
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	25	17
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(3)	(7)
Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ 0	$ (2)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)professional	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals | professional	20
Life contingent annuities	$ 1,120	$ 1,110
Embedded derivatives | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	7.00%
Embedded derivatives | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	22.00%
Fixed-Indexed Annuities (Embedded Derivative) | Liabilities of discontinued annuity operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach	$ 3,950
Fixed-Indexed Annuities (Embedded Derivative), Majority of Future Years | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	8.00%
Fixed-Indexed Annuities (Embedded Derivative), Majority of Future Years | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination	11.00%
Level 3 | Continuing operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 3 assets as a percentage of total assets measured at fair value	5.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	22.00%
Level 3 assets that were priced using non-binding broker quotes	$ 185
Level three assets that were priced by pricing services.	$ 78
Percentage Of Level Three Assets That Were Priced By Pricing Services	9.00%
Internally developed level 3 assets	$ 488
Percentage Of Internally Developed Level Three Assets Compared to Total Level 3 Assets	58.00%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets:
Available for sale (AFS) fixed maturities	$ 9,289	$ 9,084
Trading fixed maturities	26	24
Equity securities	944	889
Assets of managed investment entities	74,197	73,710
Liabilities:
Liabilities of managed investment entities	67,512	66,921
Total liabilities of continuing operations accounted for at fair value	5,045	4,914
Total assets of continuing operations accounted for at fair value	15,361	14,968
Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Variable annuity assets (separate accounts)	666	664
Liabilities:
Total assets of continuing operations accounted for at fair value	36,966	36,530
Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Total liabilities of continuing operations accounted for at fair value	3,964	3,943
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	5,102	4,971
Liabilities:
Liabilities of managed investment entities	5,045	4,914
Annuity benefits accumulated | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	3,954	3,933
Other liabilities — derivatives | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	10	10
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,289	9,084
Trading fixed maturities	26	24
Fixed maturities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	34,754	34,123
Trading fixed maturities	40	42
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	215	198
U.S. Government and government agencies | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	42	44
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	2,167	2,312
States, municipalities and political subdivisions | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	3,216	3,421
Foreign government
Assets:
Available for sale (AFS) fixed maturities	190	176
Foreign government | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	34	35
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	847	915
Residential MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	2,513	2,140
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	109	92
Commercial MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	636	698
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,131	1,062
Collateralized loan obligations | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	3,788	3,491
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,188	2,047
Other asset-backed securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	5,204	5,176
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,442	2,282
Corporate and other | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	19,321	19,118
Equity securities
Assets:
Equity securities	944	889
Equity securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Equity securities	624	774
Other assets | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	69	102
Level 1
Liabilities:
Total liabilities of continuing operations accounted for at fair value	285	215
Total assets of continuing operations accounted for at fair value	1,174	1,081
Level 1 | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Variable annuity assets (separate accounts)	0	0
Liabilities:
Total assets of continuing operations accounted for at fair value	294	477
Level 1 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Total liabilities of continuing operations accounted for at fair value	0	0
Level 1 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	288	217
Liabilities:
Liabilities of managed investment entities	285	215
Level 1 | Annuity benefits accumulated | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	0	0
Level 1 | Other liabilities — derivatives | Annuity subsidiaries | Liabilities of discontinued annuity operations
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	216	199
Trading fixed maturities	0	0
Level 1 | Fixed maturities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	36	46
Trading fixed maturities	0	0
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	212	195
Level 1 | U.S. Government and government agencies | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	6	6
Level 1 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | States, municipalities and political subdivisions | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Foreign government | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Residential MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Commercial MBS | Annuity subsidiaries | Assets of discontinued annuity operations
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 | Collateralized loan obligations | Annuity subsidiaries | Assets of discontinued annuity operations
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 | Other asset-backed securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	4	4
Level 1 | Corporate and other | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	30	40
Level 1 | Equity securities
Assets:
Equity securities	670	665
Level 1 | Equity securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Equity securities	258	431
Level 1 | Other assets | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	0	0
Level 2
Liabilities:
Total liabilities of continuing operations accounted for at fair value	4,746	4,678
Total assets of continuing operations accounted for at fair value	13,344	13,152
Level 2 | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Variable annuity assets (separate accounts)	666	664
Liabilities:
Total assets of continuing operations accounted for at fair value	33,866	33,082
Level 2 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Total liabilities of continuing operations accounted for at fair value	10	10
Level 2 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,800	4,733
Liabilities:
Liabilities of managed investment entities	4,746	4,678
Level 2 | Annuity benefits accumulated | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	0	0
Level 2 | Other liabilities — derivatives | Annuity subsidiaries | Liabilities of discontinued annuity operations
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	8,471	8,347
Trading fixed maturities	26	24
Level 2 | Fixed maturities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	32,230	31,399
Trading fixed maturities	40	42
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	3	3
Level 2 | U.S. Government and government agencies | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	21	23
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	2,128	2,273
Level 2 | States, municipalities and political subdivisions | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	3,156	3,357
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	190	176
Level 2 | Foreign government | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	34	35
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	820	877
Level 2 | Residential MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	2,431	2,013
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	109	90
Level 2 | Commercial MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	635	687
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,125	1,046
Level 2 | Collateralized loan obligations | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	3,762	3,443
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,862	1,742
Level 2 | Other asset-backed securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	4,277	4,108
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,234	2,140
Level 2 | Corporate and other | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	17,914	17,733
Level 2 | Equity securities
Assets:
Equity securities	47	48
Level 2 | Equity securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Equity securities	48	50
Level 2 | Other assets | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	69	102
Level 3
Liabilities:
Total liabilities of continuing operations accounted for at fair value	14	21
Total assets of continuing operations accounted for at fair value	843	735
Level 3 | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Variable annuity assets (separate accounts)	0	0
Liabilities:
Total assets of continuing operations accounted for at fair value	2,806	2,971
Level 3 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Total liabilities of continuing operations accounted for at fair value	3,954	3,933
Level 3 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	14	21
Liabilities:
Liabilities of managed investment entities	14	21
Level 3 | Annuity benefits accumulated | Annuity subsidiaries | Liabilities of discontinued annuity operations
Liabilities:
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities	3,954	3,933
Level 3 | Other liabilities — derivatives | Annuity subsidiaries | Liabilities of discontinued annuity operations
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	602	538
Trading fixed maturities	0	0
Level 3 | Fixed maturities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	2,488	2,678
Trading fixed maturities	0	0
Level 3 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | U.S. Government and government agencies | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	15	15
Level 3 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	39	39
Level 3 | States, municipalities and political subdivisions | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	60	64
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Foreign government | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	27	38
Level 3 | Residential MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	82	127
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	2
Level 3 | Commercial MBS | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	1	11
Level 3 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	6	16
Level 3 | Collateralized loan obligations | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	26	48
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	326	305
Level 3 | Other asset-backed securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	927	1,068
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	204	138
Level 3 | Corporate and other | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Available for sale (AFS) fixed maturities	1,377	1,345
Level 3 | Equity securities
Assets:
Equity securities	227	176
Level 3 | Equity securities | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Equity securities	318	293
Level 3 | Other assets | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	0	0
Call option | Equity index call options | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	813	825
Call option | Level 1 | Equity index call options | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	0	0
Call option | Level 2 | Equity index call options | Annuity subsidiaries | Assets of discontinued annuity operations
Assets:
Derivatives including equity index call options and other assets	813	825
Call option | Level 3 | Equity index call options | Annuity subsidiaries | Assets of discontinued annuity operations
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	3 Months Ended
	Mar. 31, 2021
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
Adjustment for insurance subsidiary’s credit risk	0.00%
Surrenders	7.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	2.00%
Budgeted option costs	2.20%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	2.10%
Surrenders	22.00%
Partial surrenders	11.00%
Annuitizations	1.00%
Deaths	13.60%
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
	Mar. 31, 2021	Mar. 31, 2020
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 3,706	$ 3,841
Total realized/unrealized gains (losses) included in Net income	126	(43)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(45)	(48)
Purchases and issuances	351	202
Sales and settlements	(247)	(223)
Transfer into Level 3	51	195
Transfer out of Level 3	(293)	(411)
Financial assets, Ending Balance	3,649	3,513
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	538	571
Total realized/unrealized gains (losses) included in Net income	(1)	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(2)	(4)
Purchases and issuances	142	46
Sales and settlements	(42)	(49)
Transfer into Level 3	19	53
Transfer out of Level 3	(52)	(66)
Financial assets, Ending Balance	602	545
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	0	0
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, Ending Balance	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	39	40
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	1
Purchases and issuances	0	0
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial assets, Ending Balance	39	41
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	38	45
Total realized/unrealized gains (losses) included in Net income	(3)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	(2)
Purchases and issuances	6	0
Sales and settlements	0	(1)
Transfer into Level 3	3	1
Transfer out of Level 3	(17)	0
Financial assets, Ending Balance	27	44
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	6
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	0	0
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	(2)	0
Financial assets, Ending Balance	0	6
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	16	1
Total realized/unrealized gains (losses) included in Net income	1	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(1)	0
Purchases and issuances	0	0
Sales and settlements	(1)	0
Transfer into Level 3	0	43
Transfer out of Level 3	(9)	0
Financial assets, Ending Balance	6	44
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	305	256
Total realized/unrealized gains (losses) included in Net income	0	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	52	22
Sales and settlements	(23)	(41)
Transfer into Level 3	14	7
Transfer out of Level 3	(22)	0
Financial assets, Ending Balance	326	238
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	138	223
Total realized/unrealized gains (losses) included in Net income	1	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(1)	(3)
Purchases and issuances	84	24
Sales and settlements	(18)	(7)
Transfer into Level 3	2	2
Transfer out of Level 3	(2)	(66)
Financial assets, Ending Balance	204	172
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	176	161
Total realized/unrealized gains (losses) included in Net income	53	(18)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	12	3
Sales and settlements	(14)	0
Transfer into Level 3	0	9
Transfer out of Level 3	0	0
Financial assets, Ending Balance	227	155
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	21	17
Total realized/unrealized gains (losses) included in Net income	4	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	1	0
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	(12)	0
Financial assets, Ending Balance	14	16
Assets of discontinued annuity operations | Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2,971	3,092
Total realized/unrealized gains (losses) included in Net income	70	(18)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(43)	(44)
Purchases and issuances	196	153
Sales and settlements	(191)	(174)
Transfer into Level 3	32	133
Transfer out of Level 3	(229)	(345)
Financial assets, Ending Balance	$ 2,806	$ 2,797

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (3,933)	$ (3,730)
Total realized/unrealized gains (losses) included in Net income	(40)	647
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	(74)	(78)
Sales and settlements	93	62
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial liabilities, Ending Balance	(3,954)	(3,099)
Liabilities of discontinued annuity operations | Annuity subsidiaries
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(3,933)	(3,730)
Total realized/unrealized gains (losses) included in Net income	(40)	647
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	(74)	(78)
Sales and settlements	93	62
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial liabilities, Ending Balance	$ (3,954)	$ (3,099)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Financial assets:
Mortgage loans	$ 408	$ 377
Long-term debt	1,963	1,963
Cash and cash equivalents from discontinued operations	636		$ 368
Annuity subsidiaries | Assets of discontinued annuity operations
Financial assets:
Cash and cash equivalents from discontinued operations	636	1,145
Level 1
Financial assets:
Cash and cash equivalents	1,691	1,665
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,691	1,665
Long-term debt	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 1 | Annuity subsidiaries | Assets of discontinued annuity operations
Financial assets:
Cash and cash equivalents	636	1,145
Mortgage loans	0	0
Policy loans	0	0
Total financial assets not accounted for at fair value	636	1,145
Level 1 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Financial assets:
Annuity benefits accumulated	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	0	0
Total financial assets not accounted for at fair value	0	0
Long-term debt	2,215	2,322
Total financial liabilities not accounted for at fair value	2,215	2,322
Level 2 | Annuity subsidiaries | Assets of discontinued annuity operations
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
Level 2 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Financial assets:
Annuity benefits accumulated	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	411	382
Total financial assets not accounted for at fair value	411	382
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Level 3 | Annuity subsidiaries | Assets of discontinued annuity operations
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	1,262	1,270
Policy loans	148	151
Total financial assets not accounted for at fair value	1,410	1,421
Level 3 | Annuity subsidiaries | Liabilities of discontinued annuity operations
Financial assets:
Annuity benefits accumulated	42,360	43,081
Total financial liabilities not accounted for at fair value	42,360	43,081
Carrying Value
Financial assets:
Cash and cash equivalents	1,691	1,665
Mortgage loans	408	377
Total financial assets not accounted for at fair value	2,099	2,042
Long-term debt	1,963	1,963
Total financial liabilities not accounted for at fair value	1,963	1,963
Carrying Value | Annuity subsidiaries | Assets of discontinued annuity operations
Financial assets:
Total financial assets not accounted for at fair value	2,028	2,547
Carrying Value | Annuity subsidiaries | Liabilities of discontinued annuity operations
Financial assets:
Annuity benefits accumulated	41,760	41,460
Total financial liabilities not accounted for at fair value	41,760	41,460
Fair Value
Financial assets:
Cash and cash equivalents	1,691	1,665
Mortgage loans	411	382
Total financial assets not accounted for at fair value	2,102	2,047
Long-term debt	2,218	2,325
Total financial liabilities not accounted for at fair value	2,218	2,325
Fair Value | Annuity subsidiaries | Assets of discontinued annuity operations
Financial assets:
Cash and cash equivalents	636	1,145
Mortgage loans	1,262	1,270
Policy loans	148	151
Total financial assets not accounted for at fair value	2,046	2,566
Fair Value | Annuity subsidiaries | Liabilities of discontinued annuity operations
Financial assets:
Annuity benefits accumulated	42,360	43,081
Total financial liabilities not accounted for at fair value	$ 42,360	$ 43,081

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)security	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 260		$ 290
Investments accounted for using the equity method	$ 1,324		$ 1,235
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	75.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	91.00%
Net investment income	$ 188	$ 104
Realized gains (losses) on securities still owned	$ 77	(328)
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	88.00%		87.00%
Single Family
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	2.00%		2.00%
Other Property
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	10.00%		11.00%
Annuity subsidiaries
Schedule of Investments [Line Items]
Net investment income	$ 447	415
Annuity subsidiaries | Assets of discontinued annuity operations
Schedule of Investments [Line Items]
Investments accounted for using the equity method	671		$ 646
Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income		(6)
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 16		21
Number of available for sale securities in an unrealized loss position | security	434
Realized gains (losses) on securities still owned	$ 0	(11)
Available-for-sale Securities, Gross Realized Gains	2	3
Available-for-sale Securities, Gross Realized Losses	(1)	(1)
Fixed maturities | Annuity subsidiaries
Schedule of Investments [Line Items]
Available-for-sale Securities, Gross Realized Gains	18	26
Available-for-sale Securities, Gross Realized Losses	(2)	(3)
Fixed maturities | Annuity subsidiaries | Assets of discontinued annuity operations
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 104		$ 97
Accounting Standards Update 2016-01 | Equity securities | Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income		$ (7)

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 9,059	$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	10	12	$ 14		$ 0
Available for sale (AFS) fixed maturities	9,289	9,084
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	9,059	8,812
Fixed maturities, available for sale, allowance for expected credit losses	10	12
Fixed maturities, Available for sale, Gross Unrealized, Gains	256	305
Fixed maturities, Available for sale, Gross Unrealized, Losses	(16)	(21)
Available for sale (AFS) fixed maturities	9,289	9,084
Total fixed maturities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	32,853	31,596
Fixed maturities, available for sale, allowance for expected credit losses	18	28
Fixed maturities, Available for sale, Gross Unrealized, Gains	2,023	2,652
Fixed maturities, Available for sale, Gross Unrealized, Losses	(104)	(97)
Available for sale (AFS) fixed maturities	34,754	34,123
Total fixed maturities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	240	284
Total fixed maturities | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	1,919	2,555
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	212	192
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	4	6
Fixed maturities, Available for sale, Gross Unrealized, Losses	(1)	0
Available for sale (AFS) fixed maturities	215	198
U.S. Government and government agencies | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	38	39
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	4	5
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Available for sale (AFS) fixed maturities	42	44
U.S. Government and government agencies | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3	6
U.S. Government and government agencies | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	4	5
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,076	2,196
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	91	116
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Available for sale (AFS) fixed maturities	2,167	2,312
States, municipalities and political subdivisions | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,951	3,053
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	269	370
Fixed maturities, Available for sale, Gross Unrealized, Losses	(4)	(2)
Available for sale (AFS) fixed maturities	3,216	3,421
States, municipalities and political subdivisions | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	91	116
States, municipalities and political subdivisions | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	265	368
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	188	172
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	4
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Available for sale (AFS) fixed maturities	190	176
Foreign government | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	31	31
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	3	4
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Available for sale (AFS) fixed maturities	34	35
Foreign government | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	2	4
Foreign government | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3	4
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	796	859
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	53	57
Fixed maturities, Available for sale, Gross Unrealized, Losses	(2)	(1)
Available for sale (AFS) fixed maturities	847	915
Residential MBS | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,342	1,953
Fixed maturities, available for sale, allowance for expected credit losses	3	3
Fixed maturities, Available for sale, Gross Unrealized, Gains	180	194
Fixed maturities, Available for sale, Gross Unrealized, Losses	(6)	(4)
Available for sale (AFS) fixed maturities	2,513	2,140
Residential MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	51	56
Residential MBS | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	174	190
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	106	89
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	3	3
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Available for sale (AFS) fixed maturities	109	92
Commercial MBS | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	603	659
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Fixed maturities, Available for sale, Gross Unrealized, Gains	33	40
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	(1)
Available for sale (AFS) fixed maturities	636	698
Commercial MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	3	3
Commercial MBS | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	33	39
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,131	1,065
Fixed maturities, available for sale, allowance for expected credit losses	1	3
Fixed maturities, Available for sale, Gross Unrealized, Gains	4	4
Fixed maturities, Available for sale, Gross Unrealized, Losses	(3)	(4)
Collateralized loan obligations | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	3,778	3,491
Fixed maturities, available for sale, allowance for expected credit losses	4	10
Fixed maturities, Available for sale, Gross Unrealized, Gains	23	23
Fixed maturities, Available for sale, Gross Unrealized, Losses	(9)	(13)
Collateralized loan obligations | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	1	0
Collateralized loan obligations | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	14	10
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,178	2,040
Fixed maturities, available for sale, allowance for expected credit losses	8	7
Fixed maturities, Available for sale, Gross Unrealized, Gains	24	27
Fixed maturities, Available for sale, Gross Unrealized, Losses	(6)	(13)
Available for sale (AFS) fixed maturities	2,188	2,047
Other asset-backed securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	5,095	5,098
Fixed maturities, available for sale, allowance for expected credit losses	10	11
Fixed maturities, Available for sale, Gross Unrealized, Gains	144	142
Fixed maturities, Available for sale, Gross Unrealized, Losses	(25)	(53)
Available for sale (AFS) fixed maturities	5,204	5,176
Other asset-backed securities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	18	14
Other asset-backed securities | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	119	89
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,372	2,199
Fixed maturities, available for sale, allowance for expected credit losses	1	2	$ 3	$ 0	$ 0
Fixed maturities, Available for sale, Gross Unrealized, Gains	75	88
Fixed maturities, Available for sale, Gross Unrealized, Losses	(4)	(3)
Available for sale (AFS) fixed maturities	2,442	2,282
Corporate and other | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	18,015	17,272
Fixed maturities, available for sale, allowance for expected credit losses	1	4
Fixed maturities, Available for sale, Gross Unrealized, Gains	1,367	1,874
Fixed maturities, Available for sale, Gross Unrealized, Losses	(60)	(24)
Available for sale (AFS) fixed maturities	19,321	19,118
Corporate and other | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	71	85
Corporate and other | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	1,307	1,850
Managed by third parties | Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Available for sale (AFS) fixed maturities	1,131	1,062
Managed by third parties | Collateralized loan obligations | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Available for sale (AFS) fixed maturities	$ 3,788	$ 3,491

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 944	$ 889
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	467	516
Equity securities	536	510
Equity securities, fair value in excess of cost	69	(6)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	371	369
Equity securities	408	379
Equity securities, fair value in excess of cost	37	10
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	838	885
Equity securities	944	889
Equity securities, fair value in excess of cost	$ 106	$ 4

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,324		$ 1,235
Equity in earnings of partnerships and similar investments	78	$ 23
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	985		915
Equity in earnings of partnerships and similar investments	54	26
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	284		266
Equity in earnings of partnerships and similar investments	21	(5)
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	55		$ 54
Equity in earnings of partnerships and similar investments	$ 3	$ 2

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 9	$ 14
Fair value - less than twelve months	$ 1,019	$ 952
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (7)	$ (7)
Fair Value - Twelve months or more	$ 630	$ 497
Fair value as percentage of cost - Twelve months or more	99.00%	99.00%
U.S. Government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 1	$ 0
Fair value - less than twelve months	$ 105	$ 23
Fair value as percentage of cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair value as percentage of cost - Twelve months or more	0.00%	0.00%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 29	$ 39
Fair value as percentage of cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 18	$ 10
Fair value as percentage of cost - Twelve months or more	100.00%	100.00%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 35	$ 7
Fair value as percentage 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	$ 0
Fair value as percentage 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	$ 1	$ 1
Fair value - less than twelve months	$ 86	$ 86
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ 0
Fair Value - Twelve months or more	$ 11	$ 7
Fair value as percentage of cost - Twelve months or more	92.00%	100.00%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 14	$ 7
Fair value as percentage of cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 5	$ 5
Fair value as percentage of cost - Twelve months or more	100.00%	100.00%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 1	$ 1
Fair value - less than twelve months	$ 113	$ 192
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (2)	$ (3)
Fair Value - Twelve months or more	$ 354	$ 366
Fair value as percentage 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	$ 3	$ 10
Fair value - less than twelve months	$ 382	$ 465
Fair value as percentage of cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (3)
Fair Value - Twelve months or more	$ 187	$ 92
Fair value as percentage of cost - Twelve months or more	98.00%	97.00%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 3	$ 2
Fair value - less than twelve months	$ 255	$ 133
Fair value as percentage of cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (1)
Fair Value - Twelve months or more	$ 55	$ 17
Fair value as percentage of cost - Twelve months or more	98.00%	94.00%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 12	$ 0
Impact of adoption of new accounting policy	12	14
Initial allowance for purchased securities with credit deterioration	0
Provision for expected credit losses on securities with no previous allowance	0	14
Additions (reductions) to previously recognized expected credit losses	(1)
Reductions due to sales or redemptions	(1)	0
Ending balance	10	14
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	10	0
Impact of adoption of new accounting policy	9	11	$ 0
Initial allowance for purchased securities with credit deterioration	0
Provision for expected credit losses on securities with no previous allowance	0	11
Additions (reductions) to previously recognized expected credit losses	(1)
Reductions due to sales or redemptions	0	0
Ending balance	9	11
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	2	0
Impact of adoption of new accounting policy	1	3	0
Initial allowance for purchased securities with credit deterioration	0
Provision for expected credit losses on securities with no previous allowance	0	3
Additions (reductions) to previously recognized expected credit losses	0
Reductions due to sales or redemptions	(1)	0
Ending balance	$ 1	$ 3
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	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years 6 months
Average life of MBS	3 years
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 974
After one year through five years	2,456
After five years through ten years	1,126
After ten years	291
Fixed maturities amortized cost, Subtotal	4,847
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,300
MBS (average life of approximately 3 years)	902
Amortized Cost	9,049
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	986
After one year through five years	2,553
After five years through ten years	1,174
After ten years	301
Fixed maturities fair value, Subtotal	5,014
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	3,319
MBS (average life of approximately 3 years)	956
Fair Value	$ 9,289
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	11.00%
After one year through five years	27.00%
After five years through ten years	13.00%
After ten years	3.00%
Fixed maturities fair value, Subtotal, Percent	54.00%
Collateralized loan obligations and other ABS (average life of approximately 3-1/2 years)	36.00%
MBS (average life of approximately 3 years)	10.00%
Fair value, Total, Percent	100.00%

Investments - Components of the

Investments - Components of the net unrealized gain on securities that is included in AOCI in the Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Unrealized gain on:
Pretax	$ 1,220	$ 1,589
Deferred Tax	(257)	(334)
Net	963	1,255
Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	980	1,305
Deferred Tax	(206)	(274)
Net	774	1,031
Total fixed maturities
Unrealized gain on:
Pretax	240	284
Deferred Tax	(51)	(60)
Net	189	224
Fixed maturities — annuity segment | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	1,919	2,555
Deferred Tax	(403)	(536)
Net	1,516	2,019
Deferred policy acquisition costs — annuity segment | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	(661)	(934)
Deferred Tax	139	196
Net	(522)	(738)
Annuity benefits accumulated | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	(283)	(324)
Deferred Tax	59	68
Net	(224)	(256)
Life, accident and health reserves | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	(3)	(3)
Deferred Tax	1	0
Net	(2)	(3)
Unearned revenue | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax	8	11
Deferred Tax	(2)	(2)
Net	$ 6	$ 9

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Investment Income [Line Items]
Investment income	$ 190	$ 106
Equity in earnings of partnerships and similar investments	78	23
Investment expenses	(2)	(2)
Net Investment Income, Total	188	104
Fixed maturities
Net Investment Income [Line Items]
Investment income	72	82
Other
Net Investment Income [Line Items]
Investment income	6	8
Accounting Standards Update 2016-01 | Equity securities
Net Investment Income [Line Items]
Investment income	26	(17)
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income	$ 8	$ 10

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 77	$ (328)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	60	(248)
Realized — impairments	1	(11)
Realized gains (losses) on securities	61	(259)
Change in unrealized	(35)	(219)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	76	(314)
Realized — impairments	1	(14)
Realized gains (losses) on securities	77	(328)
Change in unrealized	(44)	(277)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(1)	3
Realized — impairments	1	(14)
Realized gains (losses) on securities	0	(11)
Change in unrealized	(44)	(277)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	77	(318)
Realized — impairments	0	0
Realized gains (losses) on securities	77	(318)
Change in unrealized	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	0	1
Realized — impairments	0	0
Realized gains (losses) on securities	0	1
Change in unrealized	0	0
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(16)	66
Realized — impairments	0	3
Realized gains (losses) on securities	(16)	69
Change in unrealized	$ 9	$ 58

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	$ 77	$ (328)
Included in net investment income	190	106
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	77	(318)
Equity securities still owned | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities	93	(331)
Equity securities still owned | Realized gains (losses) on securities | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	67	(321)
Equity securities still owned | Investment income | Equity securities | Accounting Standards Update 2016-01
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Included in net investment income	$ 26	$ (10)

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 2	$ 3
Gross losses	$ (1)	$ (1)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)swap	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options	$ 363		$ 351
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps designated and qualifying as a cash flow hedges | swap	9
Derivative, notional amount	$ 1,600		1,630
Gain (loss) reclassified from AOCI into net investment income	9	$ 12
Collateral receivable related to interest rate swaps	10		2
Assets of discontinued annuity operations | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	$ 69		$ 102

Derivatives - Derivatives that

Derivatives - Derivatives that do not qualify for hedge accounting under GAAP included in the Balance Sheet at fair value (Details) - Not designated as hedging instrument - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 1,032	$ 999
Derivative liability, at fair value	3,964	3,943
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	67	37
MBS with embedded derivatives | Assets of discontinued annuity operations | Annuity subsidiaries
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	152	137
Fixed-indexed and variable-indexed annuities (embedded derivative) | Liabilities of discontinued annuity operations | Annuity subsidiaries
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	3,954	3,933
Call option | Assets of discontinued annuity operations | Annuity subsidiaries
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	813	825
Equity index put options | Liabilities of discontinued annuity operations | Annuity subsidiaries
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	6	5
Reinsurance contract (embedded derivative) | Liabilities of discontinued annuity operations | Annuity subsidiaries
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 4	$ 5

Derivatives - Gain (loss) inclu

Derivatives - Gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (Details) - Not designated as hedging instrument - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	$ 75	$ 19
MBS with embedded derivatives | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	(2)	1
MBS with embedded derivatives | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	0	3
Fixed-indexed and variable-indexed annuities (embedded derivative) | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	(40)	647
Call option | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	114	(628)
Equity index put options | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	2	(6)
Reinsurance contract (embedded derivative) | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative	$ 1	$ 2

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)collateralizedloanobligation	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, including discontinued operations, minimum	15.00%
Percentage of investment of most subordinate debt tranche, including discontinued operations, maximum	100.00%
Percentage of investment of most subordinate debt tranche, Minimum	4.50%
Percentage of investment of most subordinate debt tranche, Maximum	46.80%
Number of collateralized loan obligation entities | collateralizedloanobligation	12
Face amount of managed investment entities liabilities purchased by subsidiaries after issuance date		$ 57
Amount paid by subsidiaries to purchase managed investment entities liabilities after issuance date		39
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities	$ 29
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	100		$ 150
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt	104		141
Carrying amount of CLO loans in default	27		11
Aggregate unpaid principal balance of variable interest entity loans in default	47		28
Available for sale (AFS) fixed maturities	9,289		9,084
Maximum
Variable Interest Entity [Line Items]
Proceeds received by subsidiaries related to sales and redemptions of managed investment entities liabilities		1
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,131		1,062
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	181	$ 161	$ 200
Variable interest entity, primary beneficiary | Subordinated Debt Obligations
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	$ 121

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 46	$ (679)
Liabilities	(44)	666
Management fees paid to AFG	4	4
CLO earnings (losses) attributable to AFG shareholders	18	(36)
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches	181	161	$ 200
Variable interest entity, primary beneficiary | Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches	57	40
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	5	(11)
Variable interest entity, primary beneficiary | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Variable Interest Entity [Line Items]
Investment in CLO tranches	124	121
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	$ 13	$ (25)

Goodwill and Other Intangibles

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill [Line Items]
Changes in the goodwill balance during the period	$ 0
Goodwill	176,000,000		$ 176,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	31,000,000		34,000,000
Accumulated amortization	64,000,000		$ 62,000,000
Amortization of intangible assets	3,000,000	$ 3,000,000
Annuity subsidiaries | Assets of discontinued annuity operations
Goodwill [Line Items]
Changes in the goodwill balance during the period	0
Goodwill	$ 31,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year	$ 0
Scheduled principal payments on debt in year one	0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	425,000,000
Scheduled principal payments on debt thereafter	1,570,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
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 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%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Summary of Carrying value of long-term debt
Principal	$ 1,993	$ 1,993
Discount and Issue Costs	(30)	(30)
Carrying Value	1,963	1,963
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	1,318	1,318
Discount and Issue Costs	(11)	(11)
Carrying Value	$ 1,307	1,307
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 590	590
Discount and Issue Costs	(2)	(2)
Carrying Value	$ 588	588
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	3.50%
Summary of Carrying value of long-term debt
Principal	$ 425	425
Discount and Issue Costs	(3)	(3)
Carrying Value	$ 422	422
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%
Summary of Carrying value of long-term debt
Principal	$ 300	300
Discount and Issue Costs	(6)	(6)
Carrying Value	294	294
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	3	3
Discount and Issue Costs	0	0
Carrying Value	3	3
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675	675
Discount and Issue Costs	(19)	(19)
Carrying Value	$ 656	656
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures | 5.125% Subordinate Debentures due December 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(6)	(6)
Carrying Value	$ 194	194
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Mar. 31, 2021$ / sharesshares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value (in USD per share) | $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value (in USD per share) | $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 5	$ 5
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)	207,020
Restricted Common Stock, fair value per share (USD per share)	$ 111.13

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ 1,273
Other comprehensive loss, net of tax	(306)	$ (829)
Reclassify AOCI	1,273
AOCI ending balance	967
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	(355)	(1,095)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax	74	230
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax	(281)	(865)
Reclassification from accumulated other comprehensive income, pretax	(14)	24
Reclassification from accumulated other comprehensive income, tax	3	(5)
Reclassification from accumulated other comprehensive income, net of tax	(11)	19
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	(369)	(1,071)
Other comprehensive income (loss), tax	77	225
Other comprehensive loss, net of tax	(292)	(846)
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax	0	0
Reclassification from accumulated other comprehensive income, net of tax	0	0
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss, net of tax	0	0
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax	(281)	(865)
Reclassification from accumulated other comprehensive income, net of tax	(11)	19
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1,255	862
Other comprehensive loss, net of tax	(292)	(846)
Reclassify AOCI	963	16
AOCI ending balance	963	16
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	(17)	34
Other comprehensive income (loss), tax	3	(7)
Other comprehensive loss, net of tax	(14)	27
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss, net of tax	0	0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	41	17
Other comprehensive loss, net of tax	(14)	27
Reclassify AOCI	27	44
AOCI ending balance	27	44
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	0	(10)
Other comprehensive income (loss), tax	0	0
Other comprehensive loss, net of tax	0	(10)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss, net of tax	0	(2)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(16)	(9)
Other comprehensive loss, net of tax	0	(12)
Reclassify AOCI	(16)	(21)
AOCI ending balance	(16)	(21)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	0	0
Other comprehensive income (loss), tax	0	0
Other comprehensive loss, net of tax	0	0
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss, net of tax	0	0
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(7)	(7)
Other comprehensive loss, net of tax	0	0
Reclassify AOCI	(7)	(7)
AOCI ending balance	(7)	(7)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	(386)	(1,047)
Other comprehensive income (loss), tax	80	218
Other comprehensive loss, net of tax	(306)	(829)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss, net of tax	0	(2)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1,273	863
Other comprehensive loss, net of tax	(306)	(831)
Reclassify AOCI	967	32
AOCI ending balance	$ 967	$ 32

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Statutory rate of income taxes	21.00%	21.00%
Separate Return Limitation Year Tax Rules
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to SRLY tax rules will expire unutilized at December 31, 2021	$ 27

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings (loss) from continuing operations before income taxes (“EBT”)	$ 335	$ (185)
Income taxes at statutory rate	70	(39)
Effect of tax exempt interest	(2)	(2)
Effect of stock-based compensation	(2)	(3)
Effect of dividends received deduction	0	(1)
Effect of foreign operations	(1)	1
Effect of nondeductible expenses	2	1
Effect of change in valuation allowance	0	2
Effect of other income tax reconciliation	1	0
Provision for income taxes as shown on the Statement of Earnings	$ 68	$ (41)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%
Effect of tax exempt interest as a percentage of EBT	(1.00%)	1.00%
Effect of stock-based compensation as a percentage of EBT	(1.00%)	2.00%
Effect of dividends received deduction as a percentage of EBT	0.00%	1.00%
Effect of foreign operations as a percentage of EBT	0.00%	(1.00%)
Effect of nondeductible expenses as a percentage of EBT	1.00%	(1.00%)
Effect of change in valuation allowance as a percentage of EBT	0.00%	(1.00%)
Effect of other income tax reconciliation as a percentage of EBT	0.00%	0.00%
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	20.00%	22.00%

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of year	$ 10,392	$ 10,232
Less reinsurance recoverables, net of allowance	3,117	3,024
Net liability at beginning of year	7,275	7,208
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Provision for losses and LAE occurring in the current period	726	749
Net increase (decrease) in the provision for claims of prior years	(59)	(42)
Total losses and LAE incurred	667	707
Payments for losses and LAE of:
Current year	(52)	(75)
Prior years	(622)	(676)
Total payments	(674)	(751)
Foreign currency translation and other	0	(22)
Net liability at end of period	7,268	7,142
Add back reinsurance recoverables, net of allowance	3,116	2,964
Gross unpaid losses and LAE included in the balance sheet at end of period	$ 10,384	$ 10,106

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 6	$ 18
Impact of adoption of new accounting principles	(7)	(7)	$ (11)
Provision (credit) for expected credit losses	1	0
Write-offs charged against the allowance	0	0
Ending Balance	$ 7	$ 7

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2020
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 10	$ 13
Impact of adoption of new accounting principles	(11)	(9)	$ (3)
Provision (credit) for expected credit losses	1	(1)
Write-offs charged against the allowance	0	0
Ending Balance	$ 11	$ 9