American Financial (AFG) 10-K 25 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 01, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9,150
Entity Common Stock, Shares Outstanding		84,932,151
Entity Common Stock, Shares Outstanding Owned by Subsidiaries		14,900,000
Common stocks
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	ERNST & YOUNG LLP
Auditor Location	Cincinnati, Ohio
Auditor Firm ID	42

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 2,131	$ 1,665
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,193 and $8,812; allowance for expected credit losses of $9 and $12)	10,357	9,084
Fixed maturities, trading at fair value	28	24
Equity securities, at fair value	1,042	889
Investments accounted for using the equity method	1,517	1,235
Mortgage loans	520	377
Real estate and other investments	150	220
Total cash and investments	15,745	13,494
Recoverables from reinsurers	3,519	3,288
Prepaid reinsurance premiums	834	768
Agents’ balances and premiums receivable	1,265	1,229
Deferred policy acquisition costs	267	244
Other receivables	857	678
Other assets	902	977
Goodwill	246	176
Assets of discontinued annuity operations	0	47,885
Total assets	28,931	73,710
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	11,074	10,392
Unearned premiums	3,041	2,803
Payable to reinsurers	920	807
Long-term debt	1,964	1,963
Other liabilities	1,700	1,584
Liabilities of discontinued annuity operations	0	44,458
Total liabilities	23,919	66,921
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 84,920,965 and 86,345,246 shares outstanding	85	86
Capital surplus	1,330	1,281
Retained earnings	3,478	4,149
Accumulated other comprehensive income, net of tax	119	1,273
Shareholders’ equity	5,012	6,789
Total liabilities and shareholders’ equity	28,931	73,710
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	5,296	4,971
Total assets	5,296	4,971
Liabilities and Equity:
Liabilities of managed investment entities	5,220	4,914
Total liabilities	$ 5,220	$ 4,914

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 10,193	$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	$ 9	$ 12
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Outstanding	84,920,965	86,345,246

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Property and casualty insurance net earned premiums	$ 5,404	$ 5,099	$ 5,185
Net investment income	730	461	532
Realized gains (losses) on:
Securities	110	(75)	155
Subsidiaries	4	23	0
Income of managed investment entities:
Investment income	181	201	269
Gain (loss) on change in fair value of assets/liabilities	10	(20)	(14)
Other income	113	80	86
Total revenues	6,552	5,769	6,213
Costs and Expenses:
Losses and loss adjustment expenses	3,157	3,271	3,271
Commissions and other underwriting expenses	1,547	1,625	1,725
Interest charges on borrowed money	94	88	68
Expenses of managed investment entities	155	167	239
Other expenses	264	279	276
Total costs and expenses	5,217	5,430	5,579
Earnings from continuing operations before income taxes	1,335	339	634
Provision for income taxes	254	25	143
Net earnings from continuing operations, including noncontrolling interests	1,081	314	491
Net earnings from discontinued operations	914	407	378
Net earnings, including noncontrolling interests	1,995	721	869
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests	0	(11)	(28)
Net Earnings Attributable to Shareholders	$ 1,995	$ 732	$ 897
Earnings Attributable to Shareholders per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 12.70	$ 3.66	$ 5.77
Basic (USD per share) from discontinued operations	10.74	4.59	4.21
Basic (USD per share)	23.44	8.25	9.98
Earnings Attributable to Shareholders per Diluted Common Share:
Diluted (USD per share) from continuing operations	12.62	3.63	5.70
Diluted (USD per share) from discontinued operations	10.68	4.57	4.15
Diluted (USD per share)	$ 23.30	$ 8.20	$ 9.85
Average number of Common Shares:
Basic (shares)	85.1	88.7	89.9
Diluted (shares)	85.6	89.2	91

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 1,995	$ 721	$ 869
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(218)	700	788
Reclassification adjustment for realized (gains) losses included in net earnings	(17)	(307)	(9)
Reclassification adjustment for unrealized gains of subsidiaries sold	(884)	0	0
Total net unrealized gains (losses) on securities	(1,119)	393	779
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(1)	56	31
Reclassification adjustment for investment income included in net earnings	(11)	(32)	(3)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	(29)	0	0
Total net unrealized gains (losses) on cash flow hedges	(41)	24	28
Foreign currency translation adjustments	(2)	(1)	7
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding losses on pension and OPRP arising during the period	(1)	(1)	0
Reclassification adjustment for pension settlement loss included in net earnings	9	1	1
Total pension and OPRP adjustments	8	0	1
Other comprehensive income (loss), net of tax	(1,154)	416	815
Total comprehensive income, net of tax	841	1,137	1,684
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	(9)	(28)
Comprehensive income attributable to shareholders	$ 841	$ 1,146	$ 1,712

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative effect, period of adoption, adjustment	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Retained EarningsCumulative effect, period of adoption, adjustment	Accumulated Other Comprehensive Inc. (Loss)	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 4,972		$ 4,970		$ 1,334	$ 3,588		$ 48	$ 2
Beginning Balance, shares at Dec. 31, 2018				89,291,724
Beginning Balance at Dec. 31, 2018	4,972		4,970		1,334	3,588		48	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to parent	897		897			897
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	895								(2)
Other comprehensive income (loss)	815		815					815	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	815
Dividends	(446)		(446)			(446)
Shares issued:
Exercise of stock options, shares				747,167
Exercise of stock options	31		31		31
Restricted stock awards, shares				232,635
Restricted stock awards	0		0		0
Other benefit plans, shares				77,429
Other benefit plans	8		8		8
Dividend reinvestment plan, shares				19,334
Dividend reinvestment plan	2		2		2
Stock-based compensation expense	23		23		23
Shares exchanged — benefit plans, shares				(50,062)
Shares exchanged — benefit plans	(5)		(5)		(1)	(4)
Forfeitures of restricted stock, shares				(14,541)
Forfeitures of restricted stock	0		0		0
Other	(26)		(26)			(26)			0
Ending Balance, shares at Dec. 31, 2019				90,303,686
Ending Balance at Dec. 31, 2019	6,269	$ 7	6,269		1,397	4,009	$ 7	863	0
Beginning Balance, redeemable noncontrolling interests at Dec. 31, 2018	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(26)
Other	26
Ending Balance, redeemable noncontrolling interests at Dec. 31, 2019	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,269	$ 7	6,269		1,397	4,009	$ 7	863	0
Net income (loss) attributable to parent	732		732			732
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	734								2
Other comprehensive income (loss)	416		414					414	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	414
Dividends	(336)		(336)			(336)
Shares issued:
Exercise of stock options, shares				328,471
Exercise of stock options	14		14		14
Restricted stock awards, shares				227,867
Restricted stock awards	0		0		0
Other benefit plans, shares				143,270
Other benefit plans	10		10		10
Dividend reinvestment plan, shares				18,690
Dividend reinvestment plan	2		2		2
Stock-based compensation expense	20		20		20
Shares acquired and retired, shares				(4,531,394)
Shares acquired and retired	(313)		(313)		(70)	(243)
Shares exchanged — benefit plans, shares				(101,663)
Shares exchanged — benefit plans	(11)		(11)		(2)	(9)
Forfeitures of restricted stock, shares				(43,681)
Forfeitures of restricted stock	0		0		0
Other	$ (21)		(19)		(4)	(11)		(4)	(2)
Ending Balance, shares at Dec. 31, 2020	86,345,246			86,345,246
Ending Balance at Dec. 31, 2020	$ 6,789		6,789		1,367	4,149		1,273	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(13)
Other comprehensive income (loss), net of tax attributable to redeemable noncontrolling interests	2
Other	11
Ending Balance, redeemable noncontrolling interests at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,789		6,789		1,367	4,149		1,273	0
Net income (loss) attributable to parent	1,995		1,995			1,995
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	1,995								0
Other comprehensive income (loss)	(1,154)		(1,154)					(1,154)	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	(1,154)
Dividends	$ (2,382)		(2,382)			(2,382)
Shares issued:
Exercise of stock options, shares	1,208,964			1,208,964
Exercise of stock options	$ 59		59		59
Restricted stock awards, shares				207,020
Restricted stock awards	0		0		0
Other benefit plans, shares				81,286
Other benefit plans	10		10		10
Dividend reinvestment plan, shares				69,095
Dividend reinvestment plan	8		8		8
Stock-based compensation expense	16		16		16
Shares acquired and retired, shares				(2,777,684)
Shares acquired and retired	(319)		(319)		(44)	(275)
Shares exchanged — benefit plans, shares				(92,209)
Shares exchanged — benefit plans	(10)		(10)		(1)	(9)
Forfeitures of restricted stock, shares				(120,753)
Forfeitures of restricted stock	$ 0		0		0
Ending Balance, shares at Dec. 31, 2021	84,920,965			84,920,965
Ending Balance at Dec. 31, 2021	$ 5,012		5,012		1,415	3,478		119	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 5,012		$ 5,012		$ 1,415	$ 3,478		$ 119	$ 0

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 28.06	$ 3.85	$ 4.95

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net earnings, including noncontrolling interests	$ 1,995	$ 721	$ 869
Adjustments:
Depreciation and amortization	187	299	259
Annuity benefits	377	1,192	1,151
Realized gains on investing activities	(1,131)	(313)	(288)
Net (purchases) sales of trading securities	(5)	20	(5)
Deferred annuity and life policy acquisition costs	(98)	(154)	(206)
Change in:
Reinsurance and other receivables	(350)	(533)	(112)
Other assets	344	138	(406)
Insurance claims and reserves	912	812	703
Payable to reinsurers	113	13	62
Other liabilities	(70)	(71)	516
Managed investment entities’ assets/liabilities	(144)	25	23
Other operating activities, net	(416)	34	(110)
Net cash provided by operating activities	1,714	2,183	2,456
Investing Activities:
Purchases of fixed maturities	(7,978)	(10,335)	(8,260)
Purchases of equity securities	(193)	(404)	(242)
Purchases of mortgage loans	(218)	(372)	(442)
Purchases of equity index call options and other investments	(391)	(897)	(991)
Purchases of real estate, property and equipment	(62)	(60)	(44)
Purchases of businesses	(123)	(3)	0
Proceeds from maturities and redemptions of fixed maturities	5,035	5,749	4,567
Proceeds from repayments of mortgage loans	84	84	184
Proceeds from sales of fixed maturities	745	3,729	927
Proceeds from sales of equity securities	523	656	453
Proceeds from sales and settlements of equity index call options and other investments	584	988	771
Proceeds from sales of real estate, property and equipment	46	5	4
Proceeds from sale of businesses	3,581	3	0
Cash and cash equivalents of businesses acquired and sold	(2,058)	(425)	0
Managed investment entities:
Purchases of investments	(2,155)	(1,502)	(1,398)
Proceeds from sales and redemptions of investments	2,112	1,221	1,409
Other investing activities, net	32	(1)	(3)
Net cash used in investing activities	(436)	(1,564)	(3,065)
Financing Activities:
Additional long-term borrowings	0	634	315
Reductions of long-term debt	0	(150)	(150)
Issuances of Common Stock	66	22	36
Repurchases of Common Stock	(319)	(313)	0
Cash dividends paid on Common Stock	(2,374)	(334)	(444)
Annuity receipts	2,403	4,287	4,960
Ceded annuity receipts	(311)	(492)	0
Annuity surrenders, benefits and withdrawals	(1,931)	(3,711)	(3,358)
Ceded annuity surrenders, benefits and withdrawals	282	206	0
Net transfers from variable annuity assets	34	61	60
Cash transferred in annuity reinsurance	0	(554)	0
Issuances of managed investment entities’ liabilities	2,883	429	371
Retirements of managed investment entities’ liabilities	(2,690)	(208)	(382)
Net cash provided by (used in) financing activities	(1,957)	(123)	1,408
Net Change in Cash and Cash Equivalents	(679)	496	799
Cash and cash equivalents at beginning of year	2,810	2,314	1,515
Cash and cash equivalents at end of year	$ 2,131	$ 2,810	$ 2,314

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation, including reclassifying the assets and liabilities of the Annuity subsidiaries sold in May 2021 to assets and liabilities of discontinued annuity operations and their earnings to net earnings 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 December 31, 2021, and prior to the filing of this Form 10-K, 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 in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. 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. Other than the preliminary purchase price allocation for its acquisition ( see Note C — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2021 or 2020. 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. 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 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 are 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” 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 is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020. Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses and unamortized acquisition costs exceed the related unearned premiums. A premium deficiency is first recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency is greater than unamortized acquisition costs, a liability is accrued for the excess deficiency and reported with unpaid losses and loss adjustment expenses. Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. Unpaid Losses and Loss Adjustment Expenses The 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 and reasonable. Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet. Leases Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. 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. 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: 2021 – 0.5 million, 2020 – 0.5 million and 2019 – 1.1 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 or 2019. Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Annuity Business On May 28, 2021, AFG completed the sale of its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”) with an effective date of May 31, 2021. MassMutual acquired 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 included AFG’s run-off life and long-term care operations. Proceeds from the sale were $3.57 billion (including $34 million in post-closing adjustments). AFG realized a $656 million net gain on the sale. The sale continues to be subject to tax-related post-closing adjustments, which are not expected to be material and are expected to be settled in 2022. Beginning with the first quarter of 2021, the results of the Annuity business sold were reported as discontinued operations in accordance with generally accepted accounting principles, which included adjusting prior period results to reflect these operations as discontinued. Prior to the sale, AFG acquired approximately $480 million in investments accounted for using the equity method and approximately $100 million of directly owned real estate from GALIC. Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions): May 31, 2021 December 31, 2020 Assets of businesses sold: Cash and cash equivalents $ 2,060 $ 1,145 Investments 38,323 38,011 Recoverables from reinsurers 6,748 6,804 Other assets 2,152 1,925 Total assets of discontinued annuity operations 49,283 47,885 Liabilities of businesses sold: Annuity benefits accumulated 43,690 42,573 Other liabilities 1,813 1,885 Total liabilities of discontinued annuity operations 45,503 44,458 Receivable from AFG for real estate-related investments — 537 Reclassify AOCI (913) (1,071) Net investment in annuity businesses sold, excluding AOCI $ 2,867 $ 2,893 Details of the results of operations for the discontinued annuity operations were (in millions): Year Ended December 31, 2021 (*) 2020 2019 Net investment income $ 746 $ 1,670 $ 1,774 Realized gains on securities 112 365 132 Other income 52 123 137 Total revenues 910 2,158 2,043 Annuity benefits 377 1,192 1,151 Annuity and supplemental insurance acquisition expenses 136 306 253 Other expenses 73 151 165 Total costs and expenses 586 1,649 1,569 Earnings before income taxes from discontinued operations 324 509 474 Provision for income taxes on discontinued operations 66 102 96 Net earnings from discontinued operations, net of tax 258 407 378 Gain on sale of discontinued operations, net of tax 656 — — Net earnings from discontinued operations $ 914 $ 407 $ 378 (*) Results through the May 31, 2021 effective date of the sale. Net investment income in the table above excludes $51 million, $49 million and $37 million in 2021, 2020 and 2019, respectively, related to the real estate-related entities that AFG acquired from the discontinued annuity operations prior to the completion of the sale. The impact of the sale of the annuity business is shown below (in millions): Cash proceeds $ 3,571 Sale related expenses (8) Total net proceeds 3,563 Net investment in annuity businesses sold, excluding AOCI 2,867 Reclassify net deferred tax asset (199) Pretax gain on sale 895 Income tax expense: Reclassify net deferred tax asset 199 Tax liabilities triggered by the sale 41 Other (1) Total income tax expense 239 Net gain on sale $ 656 Summarized cash flows for the discontinued annuity operations were (in millions): Year ended December 31, 2021 (*) 2020 2019 Net cash provided by operating activities $ 67 $ 898 $ 1,131 Net cash used in investing activities (1,689) (285) (2,384) Net cash provided by (used in) financing activities 477 (203) 1,662 (*) Through the May 31, 2021 effective date of the sale. Derivatives The vast majority of AFG’s derivatives were held by the sold annuity subsidiaries. The following table summarizes the gains (losses) included in net earnings from discontinued operations for changes in the fair value of derivatives that did not qualify for hedge accounting for 2021, 2020 and 2019 (in millions): Derivative 2021 (*) 2020 2019 MBS with embedded derivatives $ (1) $ (2) $ 5 Fixed-indexed and variable-indexed annuities (embedded derivative) (222) (283) (919) Equity index call options 237 223 804 Equity index put options 5 3 2 Reinsurance contract (embedded derivative) 1 (1) (2) $ 20 $ (60) $ (110) (*) Through the May 31, 2021 effective date of the sale.

Acquisitions and Sale of Busine

Acquisitions and Sale of Businesses	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions and Sale of Businesses	Acquisitions and Sale of Businesses Verikai In December 2021, AFG acquired Verikai, Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk for $120 million using cash on hand at the parent. Verikai will continue to operate as a stand-alone company to service its insurance clients. AFG expects to benefit from Verikai’s predictive risk tool and unique Marketplace solution as it enters the medical stop loss insurance business, with a primary focus on small and underserved risks. AFG may pay up to $50 million in contingent consideration based on performance measures over a multiple year period. Expenses related to the acquisition were approximately $1 million and were expensed as incurred. The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The preliminary purchase price allocation shown below (in millions) is subject to refinement during 2022. December 6, 2021 Purchase price: Cash $ 120 Fair value of contingent consideration 23 Total purchase price 143 Tangible assets acquired 16 Liabilities acquired 3 Net tangible assets acquired, at fair value 13 Excess purchase price over net tangible assets acquired $ 130 Allocation of excess purchase price: Intangible assets acquired (*) $ 76 Deferred tax on intangible assets acquired (*) (16) Goodwill 70 $ 130 (*) Included in Other assets in AFG’s Balance Sheet. In the preliminary purchase price allocation, $76 million of the purchase price was recognized as finite lived intangible assets related to acquired technology and customer relationships, which will be amortized over an average estimated life of approximately 10 years. The acquisition resulted in the recognition of $70 million in non-deductible goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The goodwill represents the fair value of acquired intangible assets that do not qualify for separate recognition, including the value of Verikai’s future technology and opportunities and assembled workforce. Annuity Operations See Note B — Discontinued Operations,” for information on the 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. On June 30, 2020, AFG acquired 100% of the indirect noncontrolling interest in Neon from certain former and current Neon executives for cash based on the nominal fair value of the interest acquired as determined by a third-party valuation firm. On December 31, 2020, AFG completed the sale of GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own Neon, to RiverStone Holdings Limited for proceeds of $6 million. The sale completed AFG’s exit from the Lloyd’s of London insurance market. On the sale date, the carrying value of the assets and liabilities disposed represented approximately 1% of both AFG’s assets and liabilities and are detailed in the table below. Under GAAP accounting guidance, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Because AFG’s primary business continues to be commercial property and casualty insurance, as well as the immaterial expected impact on AFG’s ongoing results of operations, the sale of Neon was not reported as a discontinued operation. The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions): Sale proceeds, net of expenses $ 3 Assets of businesses to be sold: Cash and investments $ 453 Recoverables from reinsurers 224 Prepaid reinsurance premiums 8 Agents’ balances and premiums receivable 42 Other assets 60 Total assets 787 Liabilities of businesses to be sold: Unpaid losses and loss adjustment expenses 640 Unearned premiums 49 Payable to reinsurers 19 Other liabilities 92 Total liabilities 800 Reclassify accumulated other comprehensive income (7) Net liabilities of businesses sold $ (20) Pretax gain on subsidiaries recorded in 2020 $ 23 In the second quarter of 2021, AFG received an additional $10 million of cash proceeds and recognized a pretax gain of $4 million related to contingent consideration received on the sale of Neon. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2020 2019 Net earned premiums $ 200 $ 384 Loss and loss adjustment expenses 218 225 Commissions and other underwriting expenses 117 195 Underwriting loss (135) (36) Net investment income (loss) (5) 6 Other income and expenses, net (5) (10) Loss before income taxes and noncontrolling interests $ (145) $ (40) The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions): Underwriting loss $ (135) Net investment income (loss) (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests (145) Pretax gain on sale of subsidiaries 23 Total pretax loss from Neon exited lines (122) Tax benefit related to sale of subsidiaries 72 Less: Net loss attributable to noncontrolling interests (11) Net loss from Neon exited lines attributable to shareholders $ (39) As discussed in Note L — “Income Taxes,” the sale of Neon allowed AFG to recognize a $72 million tax benefit. Paratransit Book of Business In 2019, National Interstate, a property and casualty insurance subsidiary of AFG, entered into an agreement with Atlas Financial Holdings, Inc. (“AFH”) to become the exclusive underwriter of AFH’s paratransit book of business. In November 2021, National Interstate acquired the renewal rights for fleets with seven or fewer vehicles from AFH for approximately $3 million and in November 2020, acquired the renewal rights for fleets with eight or more vehicles from AFH for approximately $3 million. The purchase price was recognized as an intangible renewal rights asset and is being amortized over the estimated life of the business acquired.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations Subsequent to the sale of 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 assets, costs and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of 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. As discussed in Note C — “Acquisitions and Sale of Businesses,” AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off in December 2019. Beginning with the first quarter of 2020, the results for AFG’s Specialty casualty sub-segment exclude the run-off operations of Neon (“Neon exited lines”). AFG completed the sale of Neon in December 2020. Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in 2021, 5% in 2020 and 7% in 2019. Approximately one-half and two-thirds of these 2020 and 2019 sales, respectively, were through the Neon Lloyd’s of London business. The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2021 2020 Assets Property and casualty insurance (a) $ 21,312 $ 19,620 Other 7,619 6,205 Total assets of continuing operations 28,931 25,825 Assets of discontinued annuity operations — 47,885 Total assets $ 28,931 $ 73,710 2021 2020 2019 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,144 $ 1,871 $ 1,828 Specialty casualty 2,408 2,235 2,597 Specialty financial 642 613 610 Other specialty 210 180 150 Other lines (b) — 200 — Total premiums earned 5,404 5,099 5,185 Net investment income (c) 663 399 472 Other income 27 8 11 Total property and casualty insurance 6,094 5,506 5,668 Other 293 266 353 Real estate-related entities (d) 51 49 37 Total revenues before realized gains (losses) 6,438 5,821 6,058 Realized gains (losses) on securities 110 (75) 155 Realized gains on subsidiaries 4 23 — Total revenues $ 6,552 $ 5,769 $ 6,213 (a) Not allocable to sub-segments. (b) Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million in earned premiums during 2019 are included in the Specialty casualty sub-segment. (c) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). (d) Represents investment income from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer. 2021 2020 2019 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 279 $ 181 $ 79 Specialty casualty 377 223 175 Specialty financial 96 50 92 Other specialty (15) (28) (21) Other lines (a) (4) (202) (113) Total underwriting 733 224 212 Investment and other income, net (b) 657 360 437 Total property and casualty insurance 1,390 584 649 Other (c) (220) (215) (196) Real estate-related entities (d) 51 22 26 Total earnings before realized gains (losses) and income taxes 1,221 391 479 Realized gains (losses) on securities 110 (75) 155 Realized gains on subsidiaries 4 23 — Total earnings before income taxes $ 1,335 $ 339 $ 634 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million underwriting loss in 2019 is included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in 2019, and a $76 million charge in 2019 related to the Neon exited lines. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020 and $11 million in 2019). (d) Represents investment income (net of DAC) from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. The contingent consideration liability (included in other liabilities in AFG’s Balance Sheet) relates to AFG’s acquisition of Verikai as discussed in Note C — “Acquisitions and Sale of Businesses.” The liability is remeasured at fair value at each balance sheet date with changes in fair value recognized in net earnings. To estimate the fair value of the contingent consideration liability, AFG uses a weighted probability-based income approach which includes significant unobservable inputs and is 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 December 31, 2021 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 215 $ 1 $ — $ 216 States, municipalities and political subdivisions — 1,791 41 1,832 Foreign government — 246 — 246 Residential MBS — 946 14 960 Commercial MBS — 104 — 104 Collateralized loan obligations — 1,643 — 1,643 Other asset-backed securities — 2,398 278 2,676 Corporate and other 11 2,402 267 2,680 Total AFS fixed maturities 226 9,531 600 10,357 Trading fixed maturities — 28 — 28 Equity securities 679 50 313 1,042 Assets of managed investment entities (“MIE”) 390 4,893 13 5,296 Total assets accounted for at fair value $ 1,295 $ 14,502 $ 926 $ 16,723 Liabilities: Contingent consideration - acquisitions $ — $ — $ 23 $ 23 Liabilities of managed investment entities 384 4,823 13 5,220 Total liabilities accounted for at fair value $ 384 $ 4,823 $ 36 $ 5,243 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 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 accounted for at fair value $ 215 $ 4,678 $ 21 $ 4,914 Approximately 6% of the total assets of continuing operations carried at fair value at December 31, 2021, were Level 3 assets. Approximately 15% ($142 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 $55 million (6%) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers, or other market factors led management to determine these securities be classified as Level 3 assets. Approximately 18% ($166 million) of the Level 3 assets were equity investments (that do not qualify for equity method accounting) in limited partnerships whose prices were determined based on financial information provided by the limited partnerships. Internally developed 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 Level 3 asset fair values of continuing operations represent approximately $557 million (60%) of the total fair value of Level 3 assets at December 31, 2021. Approximately 55% ($307 million) of these internally developed Level 3 assets are priced using a pricing model that uses a discounted cash flow approach to estimate the fair value of fixed maturity securities. The credit spread applied by management is the significant unobservable input of the pricing model. In instances where the pricing model suggests a price in excess of 100% and the security is currently callable at 100%, management caps the fair value at 100%. Approximately 26% ($144 million) of these internally developed Level 3 assets are equity securities which are priced primarily using broker quotes and internal models with some inputs that are not market observable. Management believes that any justifiable changes in unobservable inputs used to determine internally developed fair values would not have resulted in a material change in AFG’s financial position. Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2021, 2020 and 2019 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 OCI Purchases Sales and Transfer Transfer Sale of annuity business Balance at December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total realized/unrealized Balance at December 31, 2018 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 1 $ — $ — $ — $ (1) $ — $ — $ — State and municipal — — (1) — — 45 (4) 40 Residential MBS 37 3 (1) — (3) 12 (3) 45 Commercial MBS 8 1 — — — — (3) 6 Collateralized loan obligations 31 (1) 2 — — 3 (34) 1 Other asset-backed securities 188 — — 157 (43) — (46) 256 Corporate and other 277 (2) 3 166 (84) 1 (138) 223 Total AFS fixed maturities 542 1 3 323 (131) 61 (228) 571 Equity securities 124 (6) — 19 (1) 25 — 161 Assets of MIE 21 (5) — 1 — — — 17 Assets of discontinued annuity operations 2,834 — 72 1,235 (433) 158 (774) 3,092 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Liabilities of discontinued annuity operations $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2021 Financial assets: Cash and cash equivalents $ 2,131 $ 2,131 $ 2,131 $ — $ — Mortgage loans 520 533 — — 533 Total financial assets not accounted for at fair value $ 2,651 $ 2,664 $ 2,131 $ — $ 533 Long-term debt $ 1,964 $ 2,261 $ — $ 2,258 $ 3 Total financial liabilities not accounted for at fair value $ 1,964 $ 2,261 $ — $ 2,258 $ 3 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

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities held by AFG’s continuing operations at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2021 Fixed maturities: U.S. Government and government agencies $ 216 $ — $ 2 $ (2) $ — $ 216 States municipalities and political subdivisions 1,758 — 74 — 74 1,832 Foreign government 248 — — (2) (2) 246 Residential MBS 915 — 48 (3) 45 960 Commercial MBS 102 — 2 — 2 104 Collateralized loan obligations 1,643 1 3 (2) 1 1,643 Other asset-backed securities 2,677 7 17 (11) 6 2,676 Corporate and other 2,634 1 55 (8) 47 2,680 Total fixed maturities $ 10,193 $ 9 $ 201 $ (28) $ 173 $ 10,357 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 December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 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 December 31 (in millions): 2021 2020 Fair Value Fair Value Actual over (under) Actual over (under) Cost Fair Value Cost Cost Fair Value Cost Common stocks $ 491 $ 586 $ 95 $ 516 $ 510 $ (6) Perpetual preferred stocks 403 456 53 369 379 10 Total equity securities carried at fair value $ 894 $ 1,042 $ 148 $ 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 December 31, 2021 December 31, 2020 2021 2020 2019 Real estate-related investments (*) $ 1,130 $ 915 $ 226 $ 92 $ 67 Private equity 352 266 100 18 24 Private debt 35 54 (5) (11) 6 Total investments accounted for using the equity method $ 1,517 $ 1,235 $ 321 $ 99 $ 97 (*) Includes 88% with underlying investments in multi-family properties, 1% in single family properties and 11% in other property types as of December 31, 2021 and 87% with underlying investments in multi-family properties, 2% in single family properties and 11% in other property types as of December 31, 2020. The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments. With respect to partnerships and similar investments, AFG’s continuing operations had unfunded commitments of $366 million and $290 million as of December 31, 2021 and December 31, 2020, respectively. Assets of discontinued annuity operations included investments accounted for under the equity method of $646 million as of December 31, 2020. 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 December 31, 2021 Fixed maturities: U.S. Government and government agencies $ (1) $ 92 99 % $ (1) $ 22 96 % States, municipalities and political subdivisions — 9 100 % — 13 100 % Foreign government (2) 160 99 % — — — % Residential MBS (3) 419 99 % — 7 100 % Commercial MBS — 34 100 % — — — % Collateralized loan obligations (1) 806 100 % (1) 77 99 % Other asset-backed securities (8) 1,250 99 % (3) 81 96 % Corporate and other (8) 500 98 % — 26 100 % Total fixed maturities $ (23) $ 3,270 99 % $ (5) $ 226 98 % 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 December 31, 2021, the gross unrealized losses on fixed maturities of $28 million relate to 514 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 84% of the gross unrealized loss and 95% of the fair value. To evaluate fixed maturities for expected credit losses (impairment), management considers whether the unrealized loss is credit-driven or a result of changes in market interest rates, the extent to which fair value is less than cost basis, historical operating, balance sheet and cash flow data from the issuer, third party research and communications with industry specialists and discussions with issuer management. AFG analyzes its MBS securities for expected credit losses (impairment) each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data. Management believes AFG will recover its cost basis (net of any allowance) in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 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 securities (*) Corporate and other Total Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 11 5 16 Additions (reductions) to previously recognized expected credit losses (1) (2) (3) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2020 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — 1 1 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (2) (2) Balance at December 31, 2021 $ 8 $ 1 $ 9 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In 2021 and 2020, AFG’s continuing operations did not purchase any securities with expected credit losses. The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 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 $ 1,228 $ 1,240 12 % After one year through five years 2,483 2,548 25 % After five years through ten years 812 844 8 % After ten years 332 342 3 % 4,855 4,974 48 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,312 4,319 42 % MBS (average life of approximately 3.5 years) 1,017 1,064 10 % Total $ 10,184 $ 10,357 100 % (*) Amortized cost, net of allowance for expected credit losses. Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholders’ equity at December 31, 2021 or 2020. Net Unrealized Gain on Fixed Maturity Securities The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax Net December 31, 2021 Net unrealized gain on fixed maturities $ 173 $ (37) $ 136 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 (*) 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. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. 2021 2020 2019 Investment income: Fixed maturities $ 290 $ 303 $ 315 Equity securities: Dividends 30 35 51 Change in fair value (a) (b) 61 7 22 Equity in earnings of partnerships and similar investments 321 99 97 Other 40 23 53 Gross investment income 742 467 538 Investment expenses (12) (6) (6) Net investment income (b) $ 730 $ 461 $ 532 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that were carried at fair value through net investment income. 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): 2021 2020 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (111) $ 6 $ (13) $ (7) $ 61 Equity securities 110 — 110 — (70) — (70) — Mortgage loans and other investments — — — — 2 — 2 — Total pretax 109 1 110 (111) (62) (13) (75) 61 Tax effects (23) — (23) 23 13 3 16 (13) Net of tax $ 86 $ 1 $ 87 $ (88) $ (49) $ (10) $ (59) $ 48 2019 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 7 $ (8) $ (1) $ 174 Equity securities 155 — 155 — Mortgage loans and other investments 1 — 1 — Total pretax 163 (8) 155 174 Tax effects (34) 2 (32) (36) Net of tax $ 129 $ (6) $ 123 $ 138 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 2021, 2020 and 2019 on securities that were still owned at December 31 of each year presented as follows (in millions): 2021 2020 2019 Included in realized gains (losses) $ 65 $ (44) $ 105 Included in net investment income 54 12 21 $ 119 $ (32) $ 126 Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions from continuing operations consisted of the following (in millions): 2021 2020 2019 Gross gains $ 7 $ 12 $ 4 Gross losses (1) (5) (2)

Managed Investment Entities

Managed Investment Entities	12 Months Ended
	Dec. 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 it has investments ranging from 4.5% to 46.8% of the most subordinate debt tranche of thirteen 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 2021, 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 $76 million (including $56 million invested in the most subordinate tranches) at December 31, 2021. In 2021, AFG formed a new CLO, which issued $408 million face amount of liabilities (including $14 million face amount purchased by AFG’s continuing operations). In 2020, AFG formed a new CLO, which issued $303 million face amount of liabilities (including $16 million face amount purchased by AFG’s continuing operations). The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions): 2021 2020 2019 Balance at beginning of period $ 57 $ 48 $ 55 Purchases 21 17 — Sales — (1) — Distributions (22) (6) (8) Change in fair value 20 (1) 1 Balance at end of period $ 76 $ 57 $ 48 The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2021 2020 2019 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 69 $ (69) $ 80 Liabilities (59) 49 (94) Management fees paid to AFG 16 15 15 CLO earnings (losses) attributable to AFG Shareholders: From continuing operations $ 20 $ (1) $ 1 From discontinued annuity operations 20 (1) 3 Total $ 40 $ (2) $ 4 (*) 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 $72 million and $150 million at December 31, 2021 and 2020, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $187 million and $141 million at those dates. The CLO assets include loans with an aggregate fair value of $9 million at December 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 $18 million at December 31, 2021 and $28 million at December 31, 2020). In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.64 billion at December 31, 2021 and $1.06 billion at December 31, 2020.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2019, 2020 and 2021 are presented in the following table (in millions): Balance at January 1, 2019 and December 31, 2019 and 2020 $ 176 Purchase of Verikai 70 Balance at December 31, 2021 $ 246 Included in other assets in AFG’s Balance Sheet is $106 million at December 31, 2021 and $34 million at December 31, 2020 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $67 million and $62 million, respectively. Amortization of intangibles was $6 million in 2021, $12 million in 2020 and $11 million in 2019. The increase in amortizable intangible assets relates primarily to developed technology obtained in the purchase of Verikai in December 2021 ( see Note C — “Acquisitions and Sale of Businesses”) . Future amortization of

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following at December 31 (in millions): 2021 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 (5) 295 300 (6) 294 Other 3 — 3 3 — 3 1,318 (10) 1,308 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% Subordinated 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 $ (29) $ 1,964 $ 1,993 $ (30) $ 1,963 At December 31, 2021, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2022 — none; 2023 — none; 2024 — none; 2025 — none; 2026 — $425 million and thereafter — $1.57 billion. In September 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering were used, in part, to redeem AFG’s $150 million in 6% Subordinated Debentures due in November 2055 at par value on November 15, 2020. In April and May 2020, AFG issued $300 million in 5.25% Senior Notes due in April 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060, respectively. The net proceeds of these offerings were used for general corporate purposes, which included repurchases of outstanding common shares. In December 2019, AFG issued $200 million in 5.125% Subordinated Debentures due in December 2059. The net proceeds of the offering were used, in part, to redeem AFG’s $150 million of 6-1/4% Subordinated Debentures due in September 2054 at par value in December 2019. In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in March 2059. 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 December 31, 2021 or December 31, 2020. Cash interest payments on long-term debt were $92 million in 2021, $83 million in 2020 and $65 million in 2019.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LeasesAFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance leases at December 31, 2021 or December 31, 2020. AFG’s operating lease right-of-use asset (net of deferred rent and lease incentives) and operating lease liability are included in other assets other liabilities 2021 2020 Right-of-use asset (*) $ 118 $ 139 Lease liability 136 159 (*) Net of deferred rent and lease incentives of $18 million at December 31, 2021 and $20 million at December 31, 2020. The following table details AFG’s lease activity for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Lease expense: Operating leases $ 41 $ 47 $ 46 Short-term leases — — 1 Total lease expense included in other expenses 41 47 47 Sublease income (*) (2) — — Total lease expense, net of sublease income $ 39 $ 47 $ 47 (*) Sublease income consists of rent from third parties of office space and is included in other income in AFG’s Consolidated Statement of Earnings. Other operating lease information for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Cash paid for lease liabilities reported in operating cash flows $ 43 $ 50 $ 49 Right-of-use assets obtained under new leases 10 25 19 The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2021 (in millions): Operating lease payments: 2022 $ 38 2023 32 2024 26 2025 22 2026 18 Thereafter 13 Total lease payments 149 Impact of discounting (13) Operating lease liability $ 136 Weighted-average remaining lease term 5.1 years Weighted-average discount rate 3.7 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 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. Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2021, there were 2.7 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans. The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2021 818,233 $ 101.65 Granted 207,020 $ 111.13 Vested (252,654) $ 95.69 Forfeited (120,753) $ 103.70 Outstanding at December 31, 2021 651,846 $ 106.59 The total fair value of restricted stock that vested during 2021, 2020 and 2019 was $28 million, $19 million and $11 million, respectively. AFG has not granted any stock options since 2015. Options granted in prior years have an exercise price equal to the market price of AFG Common Stock at the date of grant. Options generally became exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant. Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2021 1,589,094 $ 52.43 Exercised (1,208,964) $ 48.93 Special dividend adjustment 36,169 n/a Forfeited/Cancelled (1,554) $ 58.36 Outstanding at December 31, 2021 414,745 $ 46.04 2.1 years $ 38 Options exercisable at December 31, 2021 414,745 $ 46.04 2.1 years $ 38 The total intrinsic value of options exercised during 2021, 2020 and 2019 was $88 million, $17 million and $46 million, respectively. During 2021, 2020 and 2019, AFG received $58 million, $14 million and $31 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $14 million, $3 million and $8 million during those years, respectively. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $16 million for 2021, $20 million for 2020 and $23 million for 2019. AFG’s provision for income tax includes tax benefits of $19 million in 2021, $9 million in 2020 and $13 million in 2019 related to AFG’s stock incentive plans. At December 31, 2021, there was $30 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.5 years. At December 31, 2021, there was no unrecognized compensation expense related to unvested stock options. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (275) $ 57 $ (218) $ — $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) — (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) — (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) — (1,119) $ — $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) — (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) — (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — (41) — — Foreign currency translation adjustments (16) (2) — (2) — (2) — (18) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 — 9 Total pension and OPRP adjustments (7) 10 (2) 8 — 8 — 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ — $ (1,154) $ — $ 119 Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (*) (389) 82 (307) — (307) Total net unrealized gains on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period $ 70 $ (14) $ 56 $ — $ 56 Reclassification adjustment for investment income included in net earnings from discontinued operations (40) 8 (32) — (32) Total net unrealized gains on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 Year ended December 31, 2019 Net unrealized gains (losses) on securities: Unrealized holding gains on securities arising during the period $ 997 $ (209) $ 788 $ — $ 788 Reclassification adjustment for realized (gains) losses included in net earnings (*) (11) 2 (9) — (9) Total net unrealized gains on securities $ 83 986 (207) 779 — 779 $ — $ 862 Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period $ 39 $ (8) $ 31 $ — $ 31 Reclassification adjustment for investment income included in net earnings from discontinued operations (3) — (3) — (3) Total net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 28 — 17 Foreign currency translation adjustments (16) 7 — 7 — 7 — (9) Pension and other postretirement plans adjustments (8) 1 — 1 — 1 — (7) Total $ 48 $ 1,030 $ (215) $ 815 $ — $ 815 $ — $ 863 (*) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes

Income Taxes

Income Taxes	12 Months Ended
	Dec. 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): 2021 2020 2019 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,335 $ 339 $ 634 Income taxes at statutory rate $ 280 21 % $ 71 21 % $ 133 21 % Effect of: Employee stock ownership plan dividend paid deduction (16) (1 %) (2) (1 %) (3) — % Stock-based compensation (13) (1 %) (4) (1 %) (7) (1 %) Tax exempt interest (8) (1 %) (10) (3 %) (11) (2 %) Change in valuation allowance (4) — % (117) (35 %) 17 3 % Dividend received deduction (2) — % (2) (1 %) (3) — % Adjustment to prior year taxes (1) — % 1 — % (2) — % Tax benefit related to sale of Neon — — % (72) (21 %) — — % Nondeductible expenses 8 1 % 4 1 % 8 1 % Foreign operations — — % 149 44 % 4 1 % Other 10 — % 7 3 % 7 — % Provision for income taxes as shown in the statement of earnings $ 254 19 % $ 25 7 % $ 143 23 % On December 31, 2020, AFG completed the sale of the legal entities that own Neon Underwriting Limited (“Neon”, formerly known as Marketform Group Limited), a United Kingdom-based Lloyd’s insurer (see Note C — “Acquisitions and Sale of Businesses” ), which resulted in a taxable loss for U.S. tax purposes. AFG recorded a $72 million tax benefit associated with this loss in 2020. Approximately $65 million of the $72 million tax benefit reduced current taxes payable while the remaining tax benefit will be received from the carry-back of the tax-basis capital loss to offset capital gains in prior tax years. Due to uncertainty concerning the realization of the deferred tax benefits associated with losses incurred at Neon and its predecessor, Marketform, AFG maintained a full valuation allowance against the deferred tax assets related to the Lloyd’s insurance business. The effect of foreign operations and change in valuation allowance in 2020 in the table above reflect the transfer of the deferred tax assets related to Neon, to the buyer at closing, and the corresponding reduction in the valuation allowance. The changes in valuation allowance in 2019 are primarily increases in the valuation allowance on tax benefits related to losses in the Neon Lloyd’s insurance business. Excluding the impact of the $72 million tax benefit on the sale and other impacts of Neon in 2020, AFG’s effective tax rate for the year ended December 31, 2020, was 28%. Since almost all of AFG’s earnings are taxable based on U.S. tax rates, the Global Intangible Low-taxed Income (“GILTI”) provision is not expected to be material to AFG’s results of operations and will be recorded in the period that any tax arises. AFG’s 2013 — 2021 tax years remain subject to examination by the IRS. Total earnings before income taxes include earnings subject to tax in foreign jurisdictions of $33 million in 2021 and losses subject to tax in foreign jurisdictions of $131 million in 2020 and $109 million in 2019. The losses in 2020 and 2019 are primarily related to the Neon Lloyd’s operations. The total income tax provision of continuing operations consists of (in millions): 2021 2020 2019 Current taxes: Federal $ 162 $ 46 $ 103 State 7 4 5 Foreign 1 3 2 Deferred taxes: Federal 84 (28) 33 Provision for income taxes $ 254 $ 25 $ 143 For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2021 (in millions): Expiring Amount Operating Loss – U.S. 2022 - 2041 $ 56 Operating Loss – United Kingdom indefinite 37 (*) (*) £28 million Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities of continuing operations included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2021 2020 Deferred tax assets: Federal net operating loss carryforwards $ 12 $ 15 Foreign underwriting losses 9 6 Capital loss carryforwards — 7 Insurance claims and reserves 249 240 Employee benefits 112 102 Other, net 26 45 Total deferred tax assets before valuation allowance 408 415 Valuation allowance against deferred tax assets (25) (29) Total deferred tax assets 383 386 Deferred tax liabilities: Investment securities (200) (129) Deferred policy acquisition costs (61) (55) Insurance claims and reserves transition liability (17) (21) Real estate, property and equipment (29) (33) Total deferred tax liabilities (307) (238) Net deferred tax asset $ 76 $ 148 AFG’s net deferred tax asset of its continuing operations at December 31, 2021 and 2020 is included in other assets in AFG’s Balance Sheet. The decrease in AFG’s net deferred tax asset of its continuing operations at December 31, 2021 compared to December 31, 2020 reflects GAAP earnings on equity method investments in excess of tax earnings, the increase in market value of equity securities that are reported at fair value, sales of equity securities in a loss position for tax purposes and the addition of a deferred tax liability (included in other, net) related to amortizable intangible assets acquired in the purchase of Verikai. The likelihood of realizing deferred tax assets is reviewed periodically; any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known. The gross deferred tax asset has been reduced by a $9 million valuation allowance related to AFG’s net operating loss carryforwards (“NOL”) subject to the separate return limitation year (“SRLY”) tax rules. A SRLY NOL can be used only by the entity that created it and only in years that both it and the consolidated group have taxable income. Approximately $27 million of AFG’s SRLY NOLs expired unutilized at December 31, 2021. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards was offset by corresponding reduction in the valuation allowance and had no overall impact on AFG’s income tax expense or results of operations. At December 31, 2021, there are unrecognized tax benefits and related interest and penalties of less than $1 million that, if recognized, would impact the effective tax rate. At December 31, 2020, there are no unrecognized tax benefits and related interest and penalties that, if recognized, would impact the effective tax rate. AFG’s provision for income taxes in 2021 included interest expense of less than $1 million related to unrecognized tax benefits. There is no interest expense related to unrecognized tax benefits included in AFG’s provision for income taxes in 2020 or 2019. There were liabilities of less than $1 million for interest related to unrecognized tax benefits at December 31, 2021. There is no liability for interest related to unrecognized tax benefits at December 31, 2020. There were no penalties related to unrecognized tax benefits included in AFG’s provision for income taxes in 2021 or 2020. AFG’s provision for income taxes in 2019 included penalties of less than $1 million. There is no liability for penalties related to unrecognized tax benefits at December 31, 2021 or December 31, 2020. Cash payments for income taxes, net of refunds, were $212 million, $179 million and $278 million for 2021, 2020 and 2019, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. In addition, accruals (included in other liabilities) have been recorded for various environmental and occupational injury and disease claims and other contingencies arising out of the railroad operations disposed of by American Premier’s predecessor, Penn Central Transportation Company (“PCTC”) and its subsidiaries, prior to its bankruptcy reorganization in 1978 and certain manufacturing operations disposed of by American Premier and Great American Financial Resources, Inc. (“GAFRI”). AFG completed an in-depth internal review of its asbestos and environmental (“A&E”) reserves in the third quarter of 2021. The review did not identify any new trends and resulted in immaterial adjustments to AFG’s A&E reserves. AFG completed a comprehensive external study of its A&E exposures in the third quarter of 2020 with the aid of specialty actuarial, engineering and consulting firms and outside counsel. The study resulted in special A&E charges of $47 million for the property and casualty group and $21 million for the former railroad and manufacturing operations. AFG also completed an in-depth internal review of its A&E exposures in the third quarter of 2019. The review resulted in special A&E charges of $18 million for the property and casualty group and $11 million for the former railroad and manufacturing operations. The property and casualty group’s liability for A&E reserves was $555 million at December 31, 2021; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $147 million. At December 31, 2021, American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $87 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2021, GAFRI had a liability of $7 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. While management believes AFG has recorded adequate reserves for the items discussed above, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Insurance

Insurance	12 Months Ended
	Dec. 31, 2021
Insurance [Abstract]
Insurance	Insurance Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.23 billion at December 31, 2021, were on deposit as required by regulatory authorities. Property and Casualty Insurance Reserves Estimating the liability for unpaid losses and loss adjustment expenses (“LAE”) is inherently judgmental and is influenced by factors that are subject to significant variation. Determining the liability is a complex process incorporating input from many areas of the Company including actuarial, underwriting, pricing, claims and operations management. The process used to determine the total reserve for liabilities involves estimating the ultimate incurred losses and LAE, adjusted for amounts already paid on the claims. The IBNR reserve is derived by first estimating the ultimate unpaid reserve liability and subtracting case reserves for loss and LAE. In determining management’s best estimate of the ultimate liability, management (with the assistance of Company actuaries) considers items such as the effect of inflation on medical, hospitalization, material, repair and replacement costs, the nature and maturity of lines of insurance, general economic trends and the legal environment. In addition, historical trends adjusted for changes in underwriting standards, policy provisions, product mix and other factors are analyzed using actuarial reserve development techniques. Weighing all of the factors, the management team determines a single or “point” estimate that it records as its best estimate of the ultimate liability. Ranges of loss reserves are not developed by Company actuaries. This reserve analysis and review is completed each quarter and for almost every business within AFG’s property and casualty insurance sub-segments. Each quarterly review includes in-depth analysis of several hundred subdivisions of the business, employing multiple actuarial techniques. For each subdivision, actuaries use informed, professional judgment to adjust these techniques as necessary to respond to specific conditions in the data or within the business. Some of the standard actuarial methods employed for the quarterly reserve analysis may include (but may not be limited to): • Case Incurred Development Method • Paid Development Method • Bornhuetter-Ferguson Method • Incremental Paid LAE to Paid Loss Methods Each method has particular strengths and weaknesses and no single estimation method is most accurate in all situations. When applied to a particular group of claims, the relative strengths and weaknesses of each method can change over time based on the facts and circumstances. Ultimately, the estimation methods chosen are those which the actuary believes produce the most reliable indication for the particular liabilities under review. The period of time from the event triggering a claim through the settlement of the liability is referred to as the “tail”. Generally, the same actuarial methods are considered for both short-tail and long-tail lines of business because most of them work properly for both. The methods are designed to incorporate the effects of the differing length of time to settle particular claims. For nearly all lines of business, the actuaries rely heavily on the Bornhuetter-Ferguson method for more recent accident periods. As accident years mature and the underlying claim data becomes more credible, more weight is given to the Case Incurred and Paid Development methods. This transition occurs relatively quickly for short-tailed lines, and over a number of years for long-tail lines. Liability claims for long-tail lines are more susceptible to litigation and can be significantly affected by changing contract interpretation and the legal environment. Therefore, the estimation of loss reserves for these classes is more complex and subject to a higher degree of variability. The level of detail in which data is analyzed varies among the different lines of business. Data is generally analyzed by major product or by coverage within product, using countrywide data; however, in some situations, data may be reviewed by state or region. Appropriate segmentation of the data is determined based on data credibility, homogeneity of development patterns, mix of business, and other actuarial considerations. Supplementary statistical information is also reviewed to determine which methods are most appropriate to use or if adjustments are needed to particular methods. Such information includes: • Open and closed claim counts • Average case reserves and average incurred on open claims • Closure rates and statistics related to closed and open claim percentages • Average closed claim severity • Ultimate claim severity • Reported loss ratios • Projected ultimate loss ratios • Loss payment patterns Within each business, results of individual methods are reviewed, supplementary statistical information is analyzed, and data from underwriting, operating and claim management are considered in deriving management’s best estimate of the ultimate liability. This estimate may be the result of one method, a weighted average of several methods, or a judgmental selection as the management team determines is appropriate. The liability for losses and LAE for a very limited number of claims with long-term scheduled payments under certain workers’ compensation policies has been discounted at 3.5% at both December 31, 2021 and December 31, 2020, which represents an approximation of long-term investment yields. Because of the limited amount of claims involved, the net impact of discounting did not materially impact AFG’s total liability for unpaid losses and loss adjustment expenses (net reductions from discounting of $8 million and $9 million at December 31, 2021 and 2020, respectively). The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions): 2021 2020 2019 Balance at beginning of period $ 10,392 $ 10,232 $ 9,741 Less reinsurance recoverables, net of allowance 3,117 3,024 2,942 Net liability at beginning of period 7,275 7,208 6,799 Provision for losses and LAE occurring in the current year 3,436 3,398 3,414 Net increase (decrease) in the provision for claims of prior years: Special A&E charges — 47 18 Neon exited lines — 19 7 Other (279) (193) (168) Total losses and LAE incurred 3,157 3,271 3,271 Payments for losses and LAE of: Current year (1,024) (990) (1,076) Prior years (1,753) (1,766) (1,790) Total payments (2,777) (2,756) (2,866) Reserves of businesses disposed (*) — (449) — Foreign currency translation and other — 1 4 Net liability at end of period 7,655 7,275 7,208 Add back reinsurance recoverables, net of allowance 3,419 3,117 3,024 Gross unpaid losses and LAE included in the balance sheet $ 11,074 $ 10,392 $ 10,232 (*) Reflects the December 31, 2020 sale of Neon (see Note C — “Acquisitions and Sale of Businesses” ). The 2021 and 2020 provision for losses and LAE occurring in the current year includes $16 million and $115 million (including $20 million recorded by the Neon exited lines), respectively, of COVID-19 related losses. In addition, the net decrease in the provision for losses and LAE includes favorable development of $19 million in 2021 related to COVID-19 related losses. The net decrease in the provision for claims of prior years in 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business, lower than expected claim severity in the ocean marine 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 in the surety and trade credit businesses and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the general liability and targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse reserve development related to business outside the Specialty group that AFG no longer writes. The net decrease in the provision for claims of prior years in 2020 reflects (i) lower than expected claim frequency and severity in the aviation, transportation and agricultural businesses (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than anticipated claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit business and lower than anticipated claim frequency and severity in the financial institutions, fidelity and surety businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $47 million special charge to increase asbestos and environmental reserves and adverse reserve development of $19 million on Neon’s exited lines of business, (ii) higher than expected claim frequency and severity in general liability contractor claims and the excess and surplus and excess liability businesses and higher than anticipated claim severity in the targeted markets businesses (within the Specialty casualty sub-segment), and (iii) net adverse reserve development related to business outside the Specialty group that AFG no longer writes. The net decrease in the provision for claims of prior years in 2019 reflects (i) lower than expected claim frequency and severity at National Interstate and lower than expected losses in the crop business (all within the Property and transportation sub-segment), (ii) lower than anticipated claim frequency and severity in the workers’ compensation businesses (within the Specialty casualty sub-segment), and (iii) lower than expected claim frequency and severity in the surety and financial institutions businesses and lower than anticipated claim severity in the trade credit business (all within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $18 million special charge to increase asbestos and environmental reserves and adverse reserve development of $7 million on Neon’s exited lines of business, (ii) higher than expected claim severity in the excess and surplus businesses and higher than expected claim frequency in product liability contractor claims (all within the Specialty casualty sub-segment), and (iii) net adverse reserve development related to business outside the Specialty group that AFG no longer writes. A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2021 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,318 Specialty casualty 4,447 Specialty financial 256 Other specialty 434 Total Specialty (excluding foreign reserves) 6,455 Other reserves Foreign operations 349 A&E reserves 408 Unallocated LAE 382 Other 61 Total other reserves 1,200 Total reserves, net of reinsurance 7,655 Add back reinsurance recoverables, net of allowance 3,419 Gross unpaid losses and LAE included in the balance sheet $ 11,074 The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 864 $ 857 $ 871 $ 883 $ 894 $ 890 $ 886 $ 881 $ 879 $ 877 $ 3 143,144 2013 882 870 872 878 878 877 873 871 870 5 138,947 2014 844 828 817 820 815 808 804 802 6 133,218 2015 818 784 779 777 777 772 768 9 134,923 2016 746 716 714 706 694 688 15 121,191 2017 889 847 843 823 816 19 140,714 2018 932 902 886 876 35 130,271 2019 1,111 1,058 1,051 65 153,560 2020 1,043 974 138 120,696 2021 1,119 397 108,153 Total $ 8,841 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 572 $ 708 $ 772 $ 816 $ 842 $ 856 $ 882 $ 869 $ 872 $ 873 99.5 % 2013 438 702 760 804 831 847 858 860 861 99.0 % 2014 329 632 693 744 770 783 789 791 98.6 % 2015 359 582 667 707 736 744 750 97.7 % 2016 294 521 577 618 640 656 95.3 % 2017 379 640 696 735 755 92.5 % 2018 396 676 738 781 89.2 % 2019 527 823 904 86.0 % 2020 461 726 74.5 % 2021 449 40.1 % Total $ 7,546 Unpaid losses and LAE — years 2012 through 2021 1,295 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,318 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.5 % 29.4 % 7.8 % 5.3 % 3.1 % 1.7 % 1.4 % (0.3 %) 0.2 % 0.1 % Cumulative 47.5 % 76.9 % 84.7 % 90.0 % 93.1 % 94.8 % 96.2 % 95.9 % 96.1 % 96.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 901 $ 892 $ 885 $ 885 $ 883 $ 877 $ 849 $ 842 $ 833 $ 826 $ 23 54,827 2013 968 949 945 940 945 926 916 905 898 35 55,128 2014 1,035 1,008 1,008 1,006 982 967 952 950 50 56,942 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 67 58,076 2016 1,131 1,122 1,116 1,101 1,090 1,069 124 56,407 2017 1,211 1,221 1,204 1,189 1,162 200 56,975 2018 1,277 1,307 1,302 1,262 297 58,808 2019 1,308 1,311 1,322 442 58,304 2020 1,352 1,329 631 52,733 2021 1,384 907 48,149 Total $ 11,217 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 173 $ 385 $ 516 $ 621 $ 684 $ 723 $ 745 $ 761 $ 775 $ 783 94.8 % 2013 182 396 554 666 729 766 797 820 835 93.0 % 2014 190 412 574 680 755 801 829 862 90.7 % 2015 178 411 577 702 792 844 888 87.5 % 2016 186 418 584 713 806 870 81.4 % 2017 200 422 612 755 833 71.7 % 2018 210 475 649 794 62.9 % 2019 212 455 651 49.2 % 2020 188 446 33.6 % 2021 191 13.8 % Total $ 7,153 Unpaid losses and LAE — years 2012 through 2021 4,064 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 383 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,447 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 17.4 % 21.7 % 15.9 % 12.1 % 7.8 % 5.0 % 3.3 % 2.7 % 1.7 % 1.0 % Cumulative 17.4 % 39.1 % 55.0 % 67.1 % 74.9 % 79.9 % 83.2 % 85.9 % 87.6 % 88.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 163 $ 163 $ 151 $ 139 $ 137 $ 135 $ 132 $ 127 $ 126 $ 125 $ 1 21,094 2013 140 145 137 131 127 126 122 122 120 1 28,475 2014 146 157 156 153 147 142 137 136 1 29,466 2015 156 160 158 153 145 138 136 2 37,626 2016 179 184 187 182 174 170 4 45,157 2017 212 215 212 208 203 8 48,781 2018 212 217 219 207 15 46,697 2019 194 198 191 23 41,735 2020 231 215 49 29,254 2021 223 110 23,349 Total $ 1,726 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 71 $ 104 $ 109 $ 117 $ 121 $ 126 $ 128 $ 126 $ 125 $ 125 100.0 % 2013 70 100 107 113 117 117 118 118 118 98.3 % 2014 62 109 125 128 137 139 141 140 102.9 % 2015 72 110 129 133 132 134 134 98.5 % 2016 88 141 158 161 163 164 96.5 % 2017 120 169 186 194 193 95.1 % 2018 112 163 187 188 90.8 % 2019 99 146 164 85.9 % 2020 100 144 67.0 % 2021 98 43.9 % Total $ 1,468 Unpaid losses and LAE — years 2012 through 2021 258 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 256 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.5 % 9.4 % 3.2 % 2.2 % 1.5 % 1.0 % (0.8 %) (0.4 %) — % Cumulative 52.1 % 78.6 % 88.0 % 91.2 % 93.4 % 94.9 % 95.9 % 95.1 % 94.7 % 94.7 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 42 $ 40 $ 39 $ 40 $ 41 $ 39 $ 39 $ 36 $ 37 $ 38 $ 2 — 2013 46 47 46 47 50 53 58 58 60 1 — 2014 58 57 59 59 60 61 64 66 7 — 2015 59 60 63 66 76 82 84 7 — 2016 61 61 65 71 76 77 13 — 2017 63 65 70 81 88 12 — 2018 86 90 92 94 35 — 2019 108 107 108 44 — 2020 122 117 80 — 2021 135 117 — Total $ 867 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (b) 2012 $ 8 $ 17 $ 21 $ 25 $ 28 $ 30 $ 30 $ 32 $ 33 $ 34 89.5 % 2013 7 16 22 34 37 44 51 53 57 95.0 % 2014 13 21 30 36 43 50 53 54 81.8 % 2015 10 26 31 50 62 69 75 89.3 % 2016 9 19 31 47 53 60 77.9 % 2017 10 19 30 52 63 71.6 % 2018 12 23 32 44 46.8 % 2019 9 24 49 45.4 % 2020 9 21 17.9 % 2021 8 5.9 % Total $ 465 Unpaid losses and LAE — years 2012 through 2021 402 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 32 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 434 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 12.2 % 14.3 % 12.6 % 17.3 % 9.7 % 9.0 % 5.8 % 3.4 % 4.6 % 2.6 % Cumulative 12.2 % 26.5 % 39.1 % 56.4 % 66.1 % 75.1 % 80.9 % 84.3 % 88.9 % 91.5 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 1,970 $ 1,952 $ 1,946 $ 1,947 $ 1,955 $ 1,941 $ 1,906 $ 1,886 $ 1,875 $ 1,866 $ 29 219,065 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 1,948 42 222,550 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 64 219,626 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 85 230,625 2016 2,117 2,083 2,082 2,060 2,034 2,004 156 222,755 2017 2,375 2,348 2,329 2,301 2,269 239 246,470 2018 2,507 2,516 2,499 2,439 382 235,776 2019 2,721 2,674 2,672 574 253,599 2020 2,748 2,635 898 202,683 2021 2,861 1,531 179,651 Total $ 22,651 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 824 $ 1,214 $ 1,418 $ 1,579 $ 1,675 $ 1,735 $ 1,785 $ 1,788 $ 1,805 $ 1,815 97.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 1,871 96.0 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 94.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 92.2 % 2016 577 1,099 1,350 1,539 1,662 1,750 87.3 % 2017 709 1,250 1,524 1,736 1,844 81.3 % 2018 730 1,337 1,606 1,807 74.1 % 2019 847 1,448 1,768 66.2 % 2020 758 1,337 50.7 % 2021 746 26.1 % Total $ 16,632 Unpaid losses and LAE — years 2012 through 2021 6,019 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 436 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,455 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 31.8 % 24.6 % 12.1 % 8.9 % 5.6 % 3.5 % 2.5 % 1.1 % 1.0 % 0.5 % Cumulative 31.8 % 56.4 % 68.5 % 77.4 % 83.0 % 86.5 % 89.0 % 90.1 % 91.1 % 91.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Deferred Policy Acquisition Costs Included in property and casualty insurance commissions and other underwriting expenses in AFG’s Statement of Earnings is amortization of deferred policy acquisition costs of $580 million, $615 million, and $721 million in 2021, 2020 and 2019, respectively. Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2021 2020 2019 2021 2020 Property and casualty companies $ 1,007 $ 481 $ 584 $ 4,221 $ 3,643 The National Association of Insurance Commissioners’ (“NAIC”) model law for risk-based capital (“RBC”) applies to property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2021 and 2020, the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2021 or 2020. Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2022 from its insurance subsidiaries without seeking regulatory approval is $843 million. Additional amounts of dividends require regulatory approval. Holding Company Dividends AFG declared and paid common stock dividends to shareholders totaling $2.38 billion, $336 million and $446 million in 2021, 2020 and 2019, respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net earnings that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2021, AFG could pay dividends in excess of $1 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries, and rating agency commitments. Reinsurance In the normal course of business, AFG cedes reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. However, AFG remains liable to its insureds regardless of whether a reinsurer is able to meet its obligations. The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2021 2020 2019 Direct premiums written $ 7,700 $ 6,862 $ 7,044 Reinsurance assumed 246 225 255 Reinsurance ceded (2,373) (2,074) (1,957) Net written premiums $ 5,573 $ 5,013 $ 5,342 Direct premiums earned $ 7,462 $ 6,846 $ 6,848 Reinsurance assumed 249 237 226 Reinsurance ceded (2,307) (1,984) (1,889) Net earned premiums $ 5,404 $ 5,099 $ 5,185 Reinsurance recoveries $ 1,478 $ 1,522 $ 1,404 AFG maintains supplemental fully collateralized reinsurance coverage up to 94% of $325 million for catastrophe losses in excess of $125 million of traditional catastrophe reinsurance through a catastrophe bond. AFG’s cost for this coverage is approximately $16 million per year. Recoveries from the catastrophe bond apply before calculating losses recoverable from this catastrophe excess of loss reinsurance. Recoverables from Reinsurers and Premiums Receivable See Note A — “Accounting Policies — Credit Losses on Financial Instruments,” for a discussion of guidance effective January 1, 2020, which impacts the accounting for expected credit losses of recoverables from reinsurers and premiums receivable. AFG reviews the allowance quarterly and makes adjustments as necessary to reflect changes in expected credit losses. Progressions of the allowance for expected credit losses 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 for expected credit losses 2 — (2) 1 Write-offs charged against the allowance — — — (1) Businesses disposed — (1) — — Balance at December 31 $ 8 $ 6 $ 8 $ 10 Prior to the new guidance, AFG recorded a net expense reduction against the allowance for uncollectible reinsurance recoverables of less than $1 million in 2019.

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2021, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $499 million. Benefit Plans AFG expensed approximately $61 million in 2021, $41 million in 2020 and $39 million in 2019 for its retirement and employee savings plans.

Condensed Financial Information

Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company	AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (In Millions) Condensed Balance Sheet December 31, 2021 2020 Assets: Cash and cash equivalents $ 589 $ 215 Investment in securities 1,281 80 Investment in subsidiaries (a) 5,334 8,525 Other investments 2 2 Other assets 103 213 Total assets $ 7,309 $ 9,035 Liabilities and Equity: Long-term debt $ 1,964 $ 1,963 Other liabilities 333 283 Shareholders’ equity 5,012 6,789 Total liabilities and equity $ 7,309 $ 9,035 Condensed Statement of Earnings Year ended December 31, 2021 2020 2019 Revenues: Dividends from subsidiaries $ 835 $ 543 $ 417 Equity in undistributed earnings of subsidiaries 1,721 474 888 Investment and other income 29 32 20 Total revenues 2,585 1,049 1,325 Costs and Expenses: Interest charges on intercompany borrowings 7 8 8 Interest charges on other borrowings 94 88 68 Other expenses 129 94 113 Total costs and expenses 230 190 189 Earnings before income taxes 2,355 859 1,136 Provision for income taxes 360 127 239 Net Earnings Attributable to Shareholders $ 1,995 $ 732 $ 897 Condensed Statement of Comprehensive Income Year ended December 31, 2021 2020 2019 Net earnings attributable to shareholders $ 1,995 $ 732 $ 897 Other comprehensive income (loss), net of tax (1,154) 414 815 Total comprehensive income (loss), net of tax $ 841 $ 1,146 $ 1,712 ________________________ (a) Investment in subsidiaries includes intercompany receivables and payables. Condensed Statement of Cash Flows Year ended December 31, 2021 2020 2019 Operating Activities: Net earnings attributable to shareholders $ 1,995 $ 732 $ 897 Adjustments: Equity in net earnings of subsidiaries (2,144) (780) (1,032) Dividends from subsidiaries 830 543 408 Other operating activities, net 152 (12) 33 Net cash provided by operating activities 833 483 306 Investing Activities: Capital contributions to subsidiaries (107) (297) (60) Returns of capital from subsidiaries 3 — 4 Purchases of: Investments, property and equipment (1,478) (2) (3) Businesses (120) — — Proceeds from: Maturities and redemptions of investments 277 2 3 Sales of investments, property and equipment 11 — — Sales of businesses 3,581 3 — Net cash provided by (used in) investing activities 2,167 (294) (56) Financing Activities: Additional long-term borrowings — 634 315 Reductions of long-term debt — (150) (150) Issuances of Common Stock 67 23 37 Repurchases of Common Stock (319) (313) — Cash dividends paid on Common Stock (2,374) (334) (444) Net cash used in financing activities (2,626) (140) (242) Net Change in Cash and Cash Equivalents 374 49 8 Cash and cash equivalents at beginning of year 215 166 158 Cash and cash equivalents at end of year $ 589 $ 215 $ 166

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2021 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for claims and unpaid losses and LAE Unearned premiums Net earned premiums Net investment income Claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net written premiums 2021 Property and casualty insurance $ 267 $ 11,074 $ 3,041 $ 5,404 $ 663 $ 3,157 $ 580 $ 967 $ 5,573 Other — — — — 67 — — 513 — Total $ 267 $ 11,074 $ 3,041 $ 5,404 $ 730 $ 3,157 $ 580 $ 1,480 $ 5,573 2020 Property and casualty insurance $ 244 $ 10,392 $ 2,803 $ 5,099 $ 399 $ 3,271 $ 615 $ 1,036 $ 5,013 Other — — — — 62 — — 508 — Total $ 244 $ 10,392 $ 2,803 $ 5,099 $ 461 $ 3,271 $ 615 $ 1,544 $ 5,013 2019 Property and casualty insurance $ 322 $ 10,232 $ 2,830 $ 5,185 $ 472 $ 3,271 $ 721 $ 1,027 $ 5,342 Other — — — — 60 — — 560 — Total $ 322 $ 10,232 $ 2,830 $ 5,185 $ 532 $ 3,271 $ 721 $ 1,587 $ 5,342

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation, including reclassifying the assets and liabilities of the Annuity subsidiaries sold in May 2021 to assets and liabilities of discontinued annuity operations and their earnings to net earnings 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 December 31, 2021, and prior to the filing of this Form 10-K, 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 in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
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. Other than the preliminary purchase price allocation for its acquisition ( see Note C — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2021 or 2020. Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows: Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities, highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. AFG’s Level 2 financial instruments include corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. The contingent consideration liability (included in other liabilities in AFG’s Balance Sheet) relates to AFG’s acquisition of Verikai as discussed in Note C — “Acquisitions and Sale of Businesses.” The liability is remeasured at fair value at each balance sheet date with changes in fair value recognized in net earnings. To estimate the fair value of the contingent consideration liability, AFG uses a weighted probability-based income approach which includes significant unobservable inputs and is 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. 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).
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” 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 is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020.
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies.
Deferred Policy Acquisition Costs (''DPAC'')	Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. DPAC is limited based upon recoverability without any consideration for anticipated
Managed Investment Entities	Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The 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 and reasonable.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet.
Leases	Leases Leases for terms of longer than one year are recognized as assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows.
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
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: 2021 – 0.5 million, 2020 – 0.5 million and 2019 – 1.1 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2021, 2020 or 2019.
Statement of Cash Flows	Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.
Segments of Operations	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of 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

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Information on sale of Annuity subsidiaries	Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions): May 31, 2021 December 31, 2020 Assets of businesses sold: Cash and cash equivalents $ 2,060 $ 1,145 Investments 38,323 38,011 Recoverables from reinsurers 6,748 6,804 Other assets 2,152 1,925 Total assets of discontinued annuity operations 49,283 47,885 Liabilities of businesses sold: Annuity benefits accumulated 43,690 42,573 Other liabilities 1,813 1,885 Total liabilities of discontinued annuity operations 45,503 44,458 Receivable from AFG for real estate-related investments — 537 Reclassify AOCI (913) (1,071) Net investment in annuity businesses sold, excluding AOCI $ 2,867 $ 2,893 Details of the results of operations for the discontinued annuity operations were (in millions): Year Ended December 31, 2021 (*) 2020 2019 Net investment income $ 746 $ 1,670 $ 1,774 Realized gains on securities 112 365 132 Other income 52 123 137 Total revenues 910 2,158 2,043 Annuity benefits 377 1,192 1,151 Annuity and supplemental insurance acquisition expenses 136 306 253 Other expenses 73 151 165 Total costs and expenses 586 1,649 1,569 Earnings before income taxes from discontinued operations 324 509 474 Provision for income taxes on discontinued operations 66 102 96 Net earnings from discontinued operations, net of tax 258 407 378 Gain on sale of discontinued operations, net of tax 656 — — Net earnings from discontinued operations $ 914 $ 407 $ 378 (*) Results through the May 31, 2021 effective date of the sale. The impact of the sale of the annuity business is shown below (in millions): Cash proceeds $ 3,571 Sale related expenses (8) Total net proceeds 3,563 Net investment in annuity businesses sold, excluding AOCI 2,867 Reclassify net deferred tax asset (199) Pretax gain on sale 895 Income tax expense: Reclassify net deferred tax asset 199 Tax liabilities triggered by the sale 41 Other (1) Total income tax expense 239 Net gain on sale $ 656 Summarized cash flows for the discontinued annuity operations were (in millions): Year ended December 31, 2021 (*) 2020 2019 Net cash provided by operating activities $ 67 $ 898 $ 1,131 Net cash used in investing activities (1,689) (285) (2,384) Net cash provided by (used in) financing activities 477 (203) 1,662 (*) Through the May 31, 2021 effective date of the sale. Derivatives The vast majority of AFG’s derivatives were held by the sold annuity subsidiaries. The following table summarizes the gains (losses) included in net earnings from discontinued operations for changes in the fair value of derivatives that did not qualify for hedge accounting for 2021, 2020 and 2019 (in millions): Derivative 2021 (*) 2020 2019 MBS with embedded derivatives $ (1) $ (2) $ 5 Fixed-indexed and variable-indexed annuities (embedded derivative) (222) (283) (919) Equity index call options 237 223 804 Equity index put options 5 3 2 Reinsurance contract (embedded derivative) 1 (1) (2) $ 20 $ (60) $ (110) (*) Through the May 31, 2021 effective date of the sale.

Acquisitions and Sale of Busi_2

Acquisitions and Sale of Businesses (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule of estimated fair values of assets acquired and liabilities assumed	The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The preliminary purchase price allocation shown below (in millions) is subject to refinement during 2022. December 6, 2021 Purchase price: Cash $ 120 Fair value of contingent consideration 23 Total purchase price 143 Tangible assets acquired 16 Liabilities acquired 3 Net tangible assets acquired, at fair value 13 Excess purchase price over net tangible assets acquired $ 130 Allocation of excess purchase price: Intangible assets acquired (*) $ 76 Deferred tax on intangible assets acquired (*) (16) Goodwill 70 $ 130 (*) Included in Other assets in AFG’s Balance Sheet.
Schedule of disposal groups that are not discontinued operations, disclosures	The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions): Sale proceeds, net of expenses $ 3 Assets of businesses to be sold: Cash and investments $ 453 Recoverables from reinsurers 224 Prepaid reinsurance premiums 8 Agents’ balances and premiums receivable 42 Other assets 60 Total assets 787 Liabilities of businesses to be sold: Unpaid losses and loss adjustment expenses 640 Unearned premiums 49 Payable to reinsurers 19 Other liabilities 92 Total liabilities 800 Reclassify accumulated other comprehensive income (7) Net liabilities of businesses sold $ (20) Pretax gain on subsidiaries recorded in 2020 $ 23 In the second quarter of 2021, AFG received an additional $10 million of cash proceeds and recognized a pretax gain of $4 million related to contingent consideration received on the sale of Neon. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2020 2019 Net earned premiums $ 200 $ 384 Loss and loss adjustment expenses 218 225 Commissions and other underwriting expenses 117 195 Underwriting loss (135) (36) Net investment income (loss) (5) 6 Other income and expenses, net (5) (10) Loss before income taxes and noncontrolling interests $ (145) $ (40) The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions): Underwriting loss $ (135) Net investment income (loss) (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests (145) Pretax gain on sale of subsidiaries 23 Total pretax loss from Neon exited lines (122) Tax benefit related to sale of subsidiaries 72 Less: Net loss attributable to noncontrolling interests (11) Net loss from Neon exited lines attributable to shareholders $ (39)

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2021 2020 Assets Property and casualty insurance (a) $ 21,312 $ 19,620 Other 7,619 6,205 Total assets of continuing operations 28,931 25,825 Assets of discontinued annuity operations — 47,885 Total assets $ 28,931 $ 73,710 2021 2020 2019 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,144 $ 1,871 $ 1,828 Specialty casualty 2,408 2,235 2,597 Specialty financial 642 613 610 Other specialty 210 180 150 Other lines (b) — 200 — Total premiums earned 5,404 5,099 5,185 Net investment income (c) 663 399 472 Other income 27 8 11 Total property and casualty insurance 6,094 5,506 5,668 Other 293 266 353 Real estate-related entities (d) 51 49 37 Total revenues before realized gains (losses) 6,438 5,821 6,058 Realized gains (losses) on securities 110 (75) 155 Realized gains on subsidiaries 4 23 — Total revenues $ 6,552 $ 5,769 $ 6,213 (a) Not allocable to sub-segments. (b) Represents premiums earned in the Neon exited lines during 2020. Neon’s $384 million in earned premiums during 2019 are included in the Specialty casualty sub-segment. (c) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). (d) Represents investment income from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer. 2021 2020 2019 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 279 $ 181 $ 79 Specialty casualty 377 223 175 Specialty financial 96 50 92 Other specialty (15) (28) (21) Other lines (a) (4) (202) (113) Total underwriting 733 224 212 Investment and other income, net (b) 657 360 437 Total property and casualty insurance 1,390 584 649 Other (c) (220) (215) (196) Real estate-related entities (d) 51 22 26 Total earnings before realized gains (losses) and income taxes 1,221 391 479 Realized gains (losses) on securities 110 (75) 155 Realized gains on subsidiaries 4 23 — Total earnings before income taxes $ 1,335 $ 339 $ 634 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Neon’s $36 million underwriting loss in 2019 is included in the Specialty casualty sub-segment. Also includes special charges to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020 and $18 million in 2019, and a $76 million charge in 2019 related to the Neon exited lines. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $5 million in both 2020 and 2019, respectively, and special charges to increase A&E reserves related to AFG’s former railroad and manufacturing operations ($21 million in 2020 and $11 million in 2019). (d) Represents investment income (net of DAC) from the real estate and real estate-related entities acquired from the discontinued annuity operations while they were held by those operations. Subsequent to the sale of the annuity group, this income is included in the segment of the acquirer.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 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 December 31, 2021 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 215 $ 1 $ — $ 216 States, municipalities and political subdivisions — 1,791 41 1,832 Foreign government — 246 — 246 Residential MBS — 946 14 960 Commercial MBS — 104 — 104 Collateralized loan obligations — 1,643 — 1,643 Other asset-backed securities — 2,398 278 2,676 Corporate and other 11 2,402 267 2,680 Total AFS fixed maturities 226 9,531 600 10,357 Trading fixed maturities — 28 — 28 Equity securities 679 50 313 1,042 Assets of managed investment entities (“MIE”) 390 4,893 13 5,296 Total assets accounted for at fair value $ 1,295 $ 14,502 $ 926 $ 16,723 Liabilities: Contingent consideration - acquisitions $ — $ — $ 23 $ 23 Liabilities of managed investment entities 384 4,823 13 5,220 Total liabilities accounted for at fair value $ 384 $ 4,823 $ 36 $ 5,243 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 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 accounted for at fair value $ 215 $ 4,678 $ 21 $ 4,914
Changes in asset balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2021, 2020 and 2019 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 OCI Purchases Sales and Transfer Transfer Sale of annuity business Balance at December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total realized/unrealized Balance at December 31, 2018 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 1 $ — $ — $ — $ (1) $ — $ — $ — State and municipal — — (1) — — 45 (4) 40 Residential MBS 37 3 (1) — (3) 12 (3) 45 Commercial MBS 8 1 — — — — (3) 6 Collateralized loan obligations 31 (1) 2 — — 3 (34) 1 Other asset-backed securities 188 — — 157 (43) — (46) 256 Corporate and other 277 (2) 3 166 (84) 1 (138) 223 Total AFS fixed maturities 542 1 3 323 (131) 61 (228) 571 Equity securities 124 (6) — 19 (1) 25 — 161 Assets of MIE 21 (5) — 1 — — — 17 Assets of discontinued annuity operations 2,834 — 72 1,235 (433) 158 (774) 3,092 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Liabilities of discontinued annuity operations $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730)
Changes in liability balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2021, 2020 and 2019 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 OCI Purchases Sales and Transfer Transfer Sale of annuity business Balance at December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total realized/unrealized Balance at December 31, 2018 Net OCI Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 1 $ — $ — $ — $ (1) $ — $ — $ — State and municipal — — (1) — — 45 (4) 40 Residential MBS 37 3 (1) — (3) 12 (3) 45 Commercial MBS 8 1 — — — — (3) 6 Collateralized loan obligations 31 (1) 2 — — 3 (34) 1 Other asset-backed securities 188 — — 157 (43) — (46) 256 Corporate and other 277 (2) 3 166 (84) 1 (138) 223 Total AFS fixed maturities 542 1 3 323 (131) 61 (228) 571 Equity securities 124 (6) — 19 (1) 25 — 161 Assets of MIE 21 (5) — 1 — — — 17 Assets of discontinued annuity operations 2,834 — 72 1,235 (433) 158 (774) 3,092 Total Level 3 assets $ 3,521 $ (10) $ 75 $ 1,578 $ (565) $ 244 $ (1,002) $ 3,841 Liabilities of discontinued annuity operations $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730)
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2021 Financial assets: Cash and cash equivalents $ 2,131 $ 2,131 $ 2,131 $ — $ — Mortgage loans 520 533 — — 533 Total financial assets not accounted for at fair value $ 2,651 $ 2,664 $ 2,131 $ — $ 533 Long-term debt $ 1,964 $ 2,261 $ — $ 2,258 $ 3 Total financial liabilities not accounted for at fair value $ 1,964 $ 2,261 $ — $ 2,258 $ 3 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

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities held by AFG’s continuing operations at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2021 Fixed maturities: U.S. Government and government agencies $ 216 $ — $ 2 $ (2) $ — $ 216 States municipalities and political subdivisions 1,758 — 74 — 74 1,832 Foreign government 248 — — (2) (2) 246 Residential MBS 915 — 48 (3) 45 960 Commercial MBS 102 — 2 — 2 104 Collateralized loan obligations 1,643 1 3 (2) 1 1,643 Other asset-backed securities 2,677 7 17 (11) 6 2,676 Corporate and other 2,634 1 55 (8) 47 2,680 Total fixed maturities $ 10,193 $ 9 $ 201 $ (28) $ 173 $ 10,357 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 December 31, 2020, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 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 December 31 (in millions): 2021 2020 Fair Value Fair Value Actual over (under) Actual over (under) Cost Fair Value Cost Cost Fair Value Cost Common stocks $ 491 $ 586 $ 95 $ 516 $ 510 $ (6) Perpetual preferred stocks 403 456 53 369 379 10 Total equity securities carried at fair value $ 894 $ 1,042 $ 148 $ 885 $ 889 $ 4
Equity method investments	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 December 31, 2021 December 31, 2020 2021 2020 2019 Real estate-related investments (*) $ 1,130 $ 915 $ 226 $ 92 $ 67 Private equity 352 266 100 18 24 Private debt 35 54 (5) (11) 6 Total investments accounted for using the equity method $ 1,517 $ 1,235 $ 321 $ 99 $ 97 (*) Includes 88% with underlying investments in multi-family properties, 1% in single family properties and 11% in other property types as of December 31, 2021 and 87% with underlying investments in multi-family properties, 2% in single family properties and 11% in other property types as of December 31, 2020.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position	The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities 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 December 31, 2021 Fixed maturities: U.S. Government and government agencies $ (1) $ 92 99 % $ (1) $ 22 96 % States, municipalities and political subdivisions — 9 100 % — 13 100 % Foreign government (2) 160 99 % — — — % Residential MBS (3) 419 99 % — 7 100 % Commercial MBS — 34 100 % — — — % Collateralized loan obligations (1) 806 100 % (1) 77 99 % Other asset-backed securities (8) 1,250 99 % (3) 81 96 % Corporate and other (8) 500 98 % — 26 100 % Total fixed maturities $ (23) $ 3,270 99 % $ (5) $ 226 98 % 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 securities (*) Corporate and other Total Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 11 5 16 Additions (reductions) to previously recognized expected credit losses (1) (2) (3) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2020 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — 1 1 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (2) (2) Balance at December 31, 2021 $ 8 $ 1 $ 9 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 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 $ 1,228 $ 1,240 12 % After one year through five years 2,483 2,548 25 % After five years through ten years 812 844 8 % After ten years 332 342 3 % 4,855 4,974 48 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,312 4,319 42 % MBS (average life of approximately 3.5 years) 1,017 1,064 10 % Total $ 10,184 $ 10,357 100 % (*) Amortized cost, net of allowance for expected credit losses.
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income	The following table shows (in millions) the components of the net unrealized gain on securities that is included in AOCI in AFG’s Balance Sheet. Pretax Deferred Tax Net December 31, 2021 Net unrealized gain on fixed maturities $ 173 $ (37) $ 136 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 (*) 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.
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. 2021 2020 2019 Investment income: Fixed maturities $ 290 $ 303 $ 315 Equity securities: Dividends 30 35 51 Change in fair value (a) (b) 61 7 22 Equity in earnings of partnerships and similar investments 321 99 97 Other 40 23 53 Gross investment income 742 467 538 Investment expenses (12) (6) (6) Net investment income (b) $ 730 $ 461 $ 532 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on equity securities classified as “trading” under previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that were 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): 2021 2020 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (111) $ 6 $ (13) $ (7) $ 61 Equity securities 110 — 110 — (70) — (70) — Mortgage loans and other investments — — — — 2 — 2 — Total pretax 109 1 110 (111) (62) (13) (75) 61 Tax effects (23) — (23) 23 13 3 16 (13) Net of tax $ 86 $ 1 $ 87 $ (88) $ (49) $ (10) $ (59) $ 48 2019 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 7 $ (8) $ (1) $ 174 Equity securities 155 — 155 — Mortgage loans and other investments 1 — 1 — Total pretax 163 (8) 155 174 Tax effects (34) 2 (32) (36) Net of tax $ 129 $ (6) $ 123 $ 138
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities from continuing operations during 2021, 2020 and 2019 on securities that were still owned at December 31 of each year presented as follows (in millions): 2021 2020 2019 Included in realized gains (losses) $ 65 $ (44) $ 105 Included in net investment income 54 12 21 $ 119 $ (32) $ 126
Gross realized gains and losses on available for sale fixed maturity and equity security investments	Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions from continuing operations consisted of the following (in millions): 2021 2020 2019 Gross gains $ 7 $ 12 $ 4 Gross losses (1) (5) (2)

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions): 2021 2020 2019 Balance at beginning of period $ 57 $ 48 $ 55 Purchases 21 17 — Sales — (1) — Distributions (22) (6) (8) Change in fair value 20 (1) 1 Balance at end of period $ 76 $ 57 $ 48 Year ended December 31, 2021 2020 2019 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 69 $ (69) $ 80 Liabilities (59) 49 (94) Management fees paid to AFG 16 15 15 CLO earnings (losses) attributable to AFG Shareholders: From continuing operations $ 20 $ (1) $ 1 From discontinued annuity operations 20 (1) 3 Total $ 40 $ (2) $ 4 (*) Included in revenues in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying value of goodwill	Changes in the carrying value of goodwill during 2019, 2020 and 2021 are presented in the following table (in millions): Balance at January 1, 2019 and December 31, 2019 and 2020 $ 176 Purchase of Verikai 70 Balance at December 31, 2021 $ 246

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following at December 31 (in millions): 2021 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 (5) 295 300 (6) 294 Other 3 — 3 3 — 3 1,318 (10) 1,308 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% Subordinated 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 $ (29) $ 1,964 $ 1,993 $ (30) $ 1,963

Leases Leases (Tables)

Leases Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Disclosure of supplemental Balance Sheet information related to leases	AFG’s operating lease right-of-use asset (net of deferred rent and lease incentives) and operating lease liability are included in other assets other liabilities 2021 2020 Right-of-use asset (*) $ 118 $ 139 Lease liability 136 159 (*) Net of deferred rent and lease incentives of $18 million at December 31, 2021 and $20 million at December 31, 2020.
Lease activity	The following table details AFG’s lease activity for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Lease expense: Operating leases $ 41 $ 47 $ 46 Short-term leases — — 1 Total lease expense included in other expenses 41 47 47 Sublease income (*) (2) — — Total lease expense, net of sublease income $ 39 $ 47 $ 47 (*) Sublease income consists of rent from third parties of office space and is included in other income in AFG’s Consolidated Statement of Earnings.
Other operating lease liability information	Other operating lease information for the years ended December 31, 2021, 2020 and 2019 (in millions): 2021 2020 2019 Cash paid for lease liabilities reported in operating cash flows $ 43 $ 50 $ 49 Right-of-use assets obtained under new leases 10 25 19
Undiscounted contractual maturities of operating lease liabilities	The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2021 (in millions): Operating lease payments: 2022 $ 38 2023 32 2024 26 2025 22 2026 18 Thereafter 13 Total lease payments 149 Impact of discounting (13) Operating lease liability $ 136
Schedule of weighted-average remaining lease term and weighted-average discount rate	Weighted-average remaining lease term 5.1 years Weighted-average discount rate 3.7 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of restricted stock awards	The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2021 818,233 $ 101.65 Granted 207,020 $ 111.13 Vested (252,654) $ 95.69 Forfeited (120,753) $ 103.70 Outstanding at December 31, 2021 651,846 $ 106.59
Summary of stock options activity	Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2021 1,589,094 $ 52.43 Exercised (1,208,964) $ 48.93 Special dividend adjustment 36,169 n/a Forfeited/Cancelled (1,554) $ 58.36 Outstanding at December 31, 2021 414,745 $ 46.04 2.1 years $ 38 Options exercisable at December 31, 2021 414,745 $ 46.04 2.1 years $ 38
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (275) $ 57 $ (218) $ — $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) — (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) — (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) — (1,119) $ — $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) — (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) — (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — (41) — — Foreign currency translation adjustments (16) (2) — (2) — (2) — (18) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 — 9 Total pension and OPRP adjustments (7) 10 (2) 8 — 8 — 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ — $ (1,154) $ — $ 119 Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (*) (389) 82 (307) — (307) Total net unrealized gains on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period $ 70 $ (14) $ 56 $ — $ 56 Reclassification adjustment for investment income included in net earnings from discontinued operations (40) 8 (32) — (32) Total net unrealized gains on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 Year ended December 31, 2019 Net unrealized gains (losses) on securities: Unrealized holding gains on securities arising during the period $ 997 $ (209) $ 788 $ — $ 788 Reclassification adjustment for realized (gains) losses included in net earnings (*) (11) 2 (9) — (9) Total net unrealized gains on securities $ 83 986 (207) 779 — 779 $ — $ 862 Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period $ 39 $ (8) $ 31 $ — $ 31 Reclassification adjustment for investment income included in net earnings from discontinued operations (3) — (3) — (3) Total net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 28 — 17 Foreign currency translation adjustments (16) 7 — 7 — 7 — (9) Pension and other postretirement plans adjustments (8) 1 — 1 — 1 — (7) Total $ 48 $ 1,030 $ (215) $ 815 $ — $ 815 $ — $ 863 (*) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 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): 2021 2020 2019 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,335 $ 339 $ 634 Income taxes at statutory rate $ 280 21 % $ 71 21 % $ 133 21 % Effect of: Employee stock ownership plan dividend paid deduction (16) (1 %) (2) (1 %) (3) — % Stock-based compensation (13) (1 %) (4) (1 %) (7) (1 %) Tax exempt interest (8) (1 %) (10) (3 %) (11) (2 %) Change in valuation allowance (4) — % (117) (35 %) 17 3 % Dividend received deduction (2) — % (2) (1 %) (3) — % Adjustment to prior year taxes (1) — % 1 — % (2) — % Tax benefit related to sale of Neon — — % (72) (21 %) — — % Nondeductible expenses 8 1 % 4 1 % 8 1 % Foreign operations — — % 149 44 % 4 1 % Other 10 — % 7 3 % 7 — % Provision for income taxes as shown in the statement of earnings $ 254 19 % $ 25 7 % $ 143 23 %
Components of income tax provision (credit)	The total income tax provision of continuing operations consists of (in millions): 2021 2020 2019 Current taxes: Federal $ 162 $ 46 $ 103 State 7 4 5 Foreign 1 3 2 Deferred taxes: Federal 84 (28) 33 Provision for income taxes $ 254 $ 25 $ 143
Summary of operating loss carryforwards	For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2021 (in millions): Expiring Amount Operating Loss – U.S. 2022 - 2041 $ 56 Operating Loss – United Kingdom indefinite 37 (*) (*) £28 million
Components of deferred tax assets and liabilities	The significant components of deferred tax assets and liabilities of continuing operations included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2021 2020 Deferred tax assets: Federal net operating loss carryforwards $ 12 $ 15 Foreign underwriting losses 9 6 Capital loss carryforwards — 7 Insurance claims and reserves 249 240 Employee benefits 112 102 Other, net 26 45 Total deferred tax assets before valuation allowance 408 415 Valuation allowance against deferred tax assets (25) (29) Total deferred tax assets 383 386 Deferred tax liabilities: Investment securities (200) (129) Deferred policy acquisition costs (61) (55) Insurance claims and reserves transition liability (17) (21) Real estate, property and equipment (29) (33) Total deferred tax liabilities (307) (238) Net deferred tax asset $ 76 $ 148

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 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 over the past three years (in millions): 2021 2020 2019 Balance at beginning of period $ 10,392 $ 10,232 $ 9,741 Less reinsurance recoverables, net of allowance 3,117 3,024 2,942 Net liability at beginning of period 7,275 7,208 6,799 Provision for losses and LAE occurring in the current year 3,436 3,398 3,414 Net increase (decrease) in the provision for claims of prior years: Special A&E charges — 47 18 Neon exited lines — 19 7 Other (279) (193) (168) Total losses and LAE incurred 3,157 3,271 3,271 Payments for losses and LAE of: Current year (1,024) (990) (1,076) Prior years (1,753) (1,766) (1,790) Total payments (2,777) (2,756) (2,866) Reserves of businesses disposed (*) — (449) — Foreign currency translation and other — 1 4 Net liability at end of period 7,655 7,275 7,208 Add back reinsurance recoverables, net of allowance 3,419 3,117 3,024 Gross unpaid losses and LAE included in the balance sheet $ 11,074 $ 10,392 $ 10,232 (*) Reflects the December 31, 2020 sale of Neon (see Note C — “Acquisitions and Sale of Businesses” ).
Short-duration insurance contracts, reconciliation of claims development to liability	A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2021 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,318 Specialty casualty 4,447 Specialty financial 256 Other specialty 434 Total Specialty (excluding foreign reserves) 6,455 Other reserves Foreign operations 349 A&E reserves 408 Unallocated LAE 382 Other 61 Total other reserves 1,200 Total reserves, net of reinsurance 7,655 Add back reinsurance recoverables, net of allowance 3,419 Gross unpaid losses and LAE included in the balance sheet $ 11,074
Short-duration insurance contracts, claims development	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 864 $ 857 $ 871 $ 883 $ 894 $ 890 $ 886 $ 881 $ 879 $ 877 $ 3 143,144 2013 882 870 872 878 878 877 873 871 870 5 138,947 2014 844 828 817 820 815 808 804 802 6 133,218 2015 818 784 779 777 777 772 768 9 134,923 2016 746 716 714 706 694 688 15 121,191 2017 889 847 843 823 816 19 140,714 2018 932 902 886 876 35 130,271 2019 1,111 1,058 1,051 65 153,560 2020 1,043 974 138 120,696 2021 1,119 397 108,153 Total $ 8,841 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 572 $ 708 $ 772 $ 816 $ 842 $ 856 $ 882 $ 869 $ 872 $ 873 99.5 % 2013 438 702 760 804 831 847 858 860 861 99.0 % 2014 329 632 693 744 770 783 789 791 98.6 % 2015 359 582 667 707 736 744 750 97.7 % 2016 294 521 577 618 640 656 95.3 % 2017 379 640 696 735 755 92.5 % 2018 396 676 738 781 89.2 % 2019 527 823 904 86.0 % 2020 461 726 74.5 % 2021 449 40.1 % Total $ 7,546 Unpaid losses and LAE — years 2012 through 2021 1,295 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,318 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.5 % 29.4 % 7.8 % 5.3 % 3.1 % 1.7 % 1.4 % (0.3 %) 0.2 % 0.1 % Cumulative 47.5 % 76.9 % 84.7 % 90.0 % 93.1 % 94.8 % 96.2 % 95.9 % 96.1 % 96.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 901 $ 892 $ 885 $ 885 $ 883 $ 877 $ 849 $ 842 $ 833 $ 826 $ 23 54,827 2013 968 949 945 940 945 926 916 905 898 35 55,128 2014 1,035 1,008 1,008 1,006 982 967 952 950 50 56,942 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 67 58,076 2016 1,131 1,122 1,116 1,101 1,090 1,069 124 56,407 2017 1,211 1,221 1,204 1,189 1,162 200 56,975 2018 1,277 1,307 1,302 1,262 297 58,808 2019 1,308 1,311 1,322 442 58,304 2020 1,352 1,329 631 52,733 2021 1,384 907 48,149 Total $ 11,217 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 173 $ 385 $ 516 $ 621 $ 684 $ 723 $ 745 $ 761 $ 775 $ 783 94.8 % 2013 182 396 554 666 729 766 797 820 835 93.0 % 2014 190 412 574 680 755 801 829 862 90.7 % 2015 178 411 577 702 792 844 888 87.5 % 2016 186 418 584 713 806 870 81.4 % 2017 200 422 612 755 833 71.7 % 2018 210 475 649 794 62.9 % 2019 212 455 651 49.2 % 2020 188 446 33.6 % 2021 191 13.8 % Total $ 7,153 Unpaid losses and LAE — years 2012 through 2021 4,064 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 383 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,447 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 17.4 % 21.7 % 15.9 % 12.1 % 7.8 % 5.0 % 3.3 % 2.7 % 1.7 % 1.0 % Cumulative 17.4 % 39.1 % 55.0 % 67.1 % 74.9 % 79.9 % 83.2 % 85.9 % 87.6 % 88.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 163 $ 163 $ 151 $ 139 $ 137 $ 135 $ 132 $ 127 $ 126 $ 125 $ 1 21,094 2013 140 145 137 131 127 126 122 122 120 1 28,475 2014 146 157 156 153 147 142 137 136 1 29,466 2015 156 160 158 153 145 138 136 2 37,626 2016 179 184 187 182 174 170 4 45,157 2017 212 215 212 208 203 8 48,781 2018 212 217 219 207 15 46,697 2019 194 198 191 23 41,735 2020 231 215 49 29,254 2021 223 110 23,349 Total $ 1,726 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 71 $ 104 $ 109 $ 117 $ 121 $ 126 $ 128 $ 126 $ 125 $ 125 100.0 % 2013 70 100 107 113 117 117 118 118 118 98.3 % 2014 62 109 125 128 137 139 141 140 102.9 % 2015 72 110 129 133 132 134 134 98.5 % 2016 88 141 158 161 163 164 96.5 % 2017 120 169 186 194 193 95.1 % 2018 112 163 187 188 90.8 % 2019 99 146 164 85.9 % 2020 100 144 67.0 % 2021 98 43.9 % Total $ 1,468 Unpaid losses and LAE — years 2012 through 2021 258 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 256 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.5 % 9.4 % 3.2 % 2.2 % 1.5 % 1.0 % (0.8 %) (0.4 %) — % Cumulative 52.1 % 78.6 % 88.0 % 91.2 % 93.4 % 94.9 % 95.9 % 95.1 % 94.7 % 94.7 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 42 $ 40 $ 39 $ 40 $ 41 $ 39 $ 39 $ 36 $ 37 $ 38 $ 2 — 2013 46 47 46 47 50 53 58 58 60 1 — 2014 58 57 59 59 60 61 64 66 7 — 2015 59 60 63 66 76 82 84 7 — 2016 61 61 65 71 76 77 13 — 2017 63 65 70 81 88 12 — 2018 86 90 92 94 35 — 2019 108 107 108 44 — 2020 122 117 80 — 2021 135 117 — Total $ 867 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (b) 2012 $ 8 $ 17 $ 21 $ 25 $ 28 $ 30 $ 30 $ 32 $ 33 $ 34 89.5 % 2013 7 16 22 34 37 44 51 53 57 95.0 % 2014 13 21 30 36 43 50 53 54 81.8 % 2015 10 26 31 50 62 69 75 89.3 % 2016 9 19 31 47 53 60 77.9 % 2017 10 19 30 52 63 71.6 % 2018 12 23 32 44 46.8 % 2019 9 24 49 45.4 % 2020 9 21 17.9 % 2021 8 5.9 % Total $ 465 Unpaid losses and LAE — years 2012 through 2021 402 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 32 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 434 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 12.2 % 14.3 % 12.6 % 17.3 % 9.7 % 9.0 % 5.8 % 3.4 % 4.6 % 2.6 % Cumulative 12.2 % 26.5 % 39.1 % 56.4 % 66.1 % 75.1 % 80.9 % 84.3 % 88.9 % 91.5 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 1,970 $ 1,952 $ 1,946 $ 1,947 $ 1,955 $ 1,941 $ 1,906 $ 1,886 $ 1,875 $ 1,866 $ 29 219,065 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 1,948 42 222,550 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 64 219,626 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 85 230,625 2016 2,117 2,083 2,082 2,060 2,034 2,004 156 222,755 2017 2,375 2,348 2,329 2,301 2,269 239 246,470 2018 2,507 2,516 2,499 2,439 382 235,776 2019 2,721 2,674 2,672 574 253,599 2020 2,748 2,635 898 202,683 2021 2,861 1,531 179,651 Total $ 22,651 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 824 $ 1,214 $ 1,418 $ 1,579 $ 1,675 $ 1,735 $ 1,785 $ 1,788 $ 1,805 $ 1,815 97.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 1,871 96.0 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 94.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 92.2 % 2016 577 1,099 1,350 1,539 1,662 1,750 87.3 % 2017 709 1,250 1,524 1,736 1,844 81.3 % 2018 730 1,337 1,606 1,807 74.1 % 2019 847 1,448 1,768 66.2 % 2020 758 1,337 50.7 % 2021 746 26.1 % Total $ 16,632 Unpaid losses and LAE — years 2012 through 2021 6,019 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 436 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,455 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 31.8 % 24.6 % 12.1 % 8.9 % 5.6 % 3.5 % 2.5 % 1.1 % 1.0 % 0.5 % Cumulative 31.8 % 56.4 % 68.5 % 77.4 % 83.0 % 86.5 % 89.0 % 90.1 % 91.1 % 91.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021).
Short-duration insurance contracts, schedule of historical claims duration	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 864 $ 857 $ 871 $ 883 $ 894 $ 890 $ 886 $ 881 $ 879 $ 877 $ 3 143,144 2013 882 870 872 878 878 877 873 871 870 5 138,947 2014 844 828 817 820 815 808 804 802 6 133,218 2015 818 784 779 777 777 772 768 9 134,923 2016 746 716 714 706 694 688 15 121,191 2017 889 847 843 823 816 19 140,714 2018 932 902 886 876 35 130,271 2019 1,111 1,058 1,051 65 153,560 2020 1,043 974 138 120,696 2021 1,119 397 108,153 Total $ 8,841 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 572 $ 708 $ 772 $ 816 $ 842 $ 856 $ 882 $ 869 $ 872 $ 873 99.5 % 2013 438 702 760 804 831 847 858 860 861 99.0 % 2014 329 632 693 744 770 783 789 791 98.6 % 2015 359 582 667 707 736 744 750 97.7 % 2016 294 521 577 618 640 656 95.3 % 2017 379 640 696 735 755 92.5 % 2018 396 676 738 781 89.2 % 2019 527 823 904 86.0 % 2020 461 726 74.5 % 2021 449 40.1 % Total $ 7,546 Unpaid losses and LAE — years 2012 through 2021 1,295 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,318 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 47.5 % 29.4 % 7.8 % 5.3 % 3.1 % 1.7 % 1.4 % (0.3 %) 0.2 % 0.1 % Cumulative 47.5 % 76.9 % 84.7 % 90.0 % 93.1 % 94.8 % 96.2 % 95.9 % 96.1 % 96.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 901 $ 892 $ 885 $ 885 $ 883 $ 877 $ 849 $ 842 $ 833 $ 826 $ 23 54,827 2013 968 949 945 940 945 926 916 905 898 35 55,128 2014 1,035 1,008 1,008 1,006 982 967 952 950 50 56,942 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 67 58,076 2016 1,131 1,122 1,116 1,101 1,090 1,069 124 56,407 2017 1,211 1,221 1,204 1,189 1,162 200 56,975 2018 1,277 1,307 1,302 1,262 297 58,808 2019 1,308 1,311 1,322 442 58,304 2020 1,352 1,329 631 52,733 2021 1,384 907 48,149 Total $ 11,217 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 173 $ 385 $ 516 $ 621 $ 684 $ 723 $ 745 $ 761 $ 775 $ 783 94.8 % 2013 182 396 554 666 729 766 797 820 835 93.0 % 2014 190 412 574 680 755 801 829 862 90.7 % 2015 178 411 577 702 792 844 888 87.5 % 2016 186 418 584 713 806 870 81.4 % 2017 200 422 612 755 833 71.7 % 2018 210 475 649 794 62.9 % 2019 212 455 651 49.2 % 2020 188 446 33.6 % 2021 191 13.8 % Total $ 7,153 Unpaid losses and LAE — years 2012 through 2021 4,064 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 383 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,447 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 17.4 % 21.7 % 15.9 % 12.1 % 7.8 % 5.0 % 3.3 % 2.7 % 1.7 % 1.0 % Cumulative 17.4 % 39.1 % 55.0 % 67.1 % 74.9 % 79.9 % 83.2 % 85.9 % 87.6 % 88.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 163 $ 163 $ 151 $ 139 $ 137 $ 135 $ 132 $ 127 $ 126 $ 125 $ 1 21,094 2013 140 145 137 131 127 126 122 122 120 1 28,475 2014 146 157 156 153 147 142 137 136 1 29,466 2015 156 160 158 153 145 138 136 2 37,626 2016 179 184 187 182 174 170 4 45,157 2017 212 215 212 208 203 8 48,781 2018 212 217 219 207 15 46,697 2019 194 198 191 23 41,735 2020 231 215 49 29,254 2021 223 110 23,349 Total $ 1,726 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 71 $ 104 $ 109 $ 117 $ 121 $ 126 $ 128 $ 126 $ 125 $ 125 100.0 % 2013 70 100 107 113 117 117 118 118 118 98.3 % 2014 62 109 125 128 137 139 141 140 102.9 % 2015 72 110 129 133 132 134 134 98.5 % 2016 88 141 158 161 163 164 96.5 % 2017 120 169 186 194 193 95.1 % 2018 112 163 187 188 90.8 % 2019 99 146 164 85.9 % 2020 100 144 67.0 % 2021 98 43.9 % Total $ 1,468 Unpaid losses and LAE — years 2012 through 2021 258 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (2) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 256 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.5 % 9.4 % 3.2 % 2.2 % 1.5 % 1.0 % (0.8 %) (0.4 %) — % Cumulative 52.1 % 78.6 % 88.0 % 91.2 % 93.4 % 94.9 % 95.9 % 95.1 % 94.7 % 94.7 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 42 $ 40 $ 39 $ 40 $ 41 $ 39 $ 39 $ 36 $ 37 $ 38 $ 2 — 2013 46 47 46 47 50 53 58 58 60 1 — 2014 58 57 59 59 60 61 64 66 7 — 2015 59 60 63 66 76 82 84 7 — 2016 61 61 65 71 76 77 13 — 2017 63 65 70 81 88 12 — 2018 86 90 92 94 35 — 2019 108 107 108 44 — 2020 122 117 80 — 2021 135 117 — Total $ 867 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (b) 2012 $ 8 $ 17 $ 21 $ 25 $ 28 $ 30 $ 30 $ 32 $ 33 $ 34 89.5 % 2013 7 16 22 34 37 44 51 53 57 95.0 % 2014 13 21 30 36 43 50 53 54 81.8 % 2015 10 26 31 50 62 69 75 89.3 % 2016 9 19 31 47 53 60 77.9 % 2017 10 19 30 52 63 71.6 % 2018 12 23 32 44 46.8 % 2019 9 24 49 45.4 % 2020 9 21 17.9 % 2021 8 5.9 % Total $ 465 Unpaid losses and LAE — years 2012 through 2021 402 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 32 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 434 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 12.2 % 14.3 % 12.6 % 17.3 % 9.7 % 9.0 % 5.8 % 3.4 % 4.6 % 2.6 % Cumulative 12.2 % 26.5 % 39.1 % 56.4 % 66.1 % 75.1 % 80.9 % 84.3 % 88.9 % 91.5 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2021 For the Years Ended (2012–2020 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 $ 1,970 $ 1,952 $ 1,946 $ 1,947 $ 1,955 $ 1,941 $ 1,906 $ 1,886 $ 1,875 $ 1,866 $ 29 219,065 2013 2,036 2,011 2,000 1,996 2,000 1,982 1,969 1,956 1,948 42 222,550 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 64 219,626 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 85 230,625 2016 2,117 2,083 2,082 2,060 2,034 2,004 156 222,755 2017 2,375 2,348 2,329 2,301 2,269 239 246,470 2018 2,507 2,516 2,499 2,439 382 235,776 2019 2,721 2,674 2,672 574 253,599 2020 2,748 2,635 898 202,683 2021 2,861 1,531 179,651 Total $ 22,651 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2012–2020 is Supplementary Information and Unaudited) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 % (a) 2012 $ 824 $ 1,214 $ 1,418 $ 1,579 $ 1,675 $ 1,735 $ 1,785 $ 1,788 $ 1,805 $ 1,815 97.3 % 2013 697 1,214 1,443 1,617 1,714 1,774 1,824 1,851 1,871 96.0 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 94.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 92.2 % 2016 577 1,099 1,350 1,539 1,662 1,750 87.3 % 2017 709 1,250 1,524 1,736 1,844 81.3 % 2018 730 1,337 1,606 1,807 74.1 % 2019 847 1,448 1,768 66.2 % 2020 758 1,337 50.7 % 2021 746 26.1 % Total $ 16,632 Unpaid losses and LAE — years 2012 through 2021 6,019 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 436 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,455 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 31.8 % 24.6 % 12.1 % 8.9 % 5.6 % 3.5 % 2.5 % 1.1 % 1.0 % 0.5 % Cumulative 31.8 % 56.4 % 68.5 % 77.4 % 83.0 % 86.5 % 89.0 % 90.1 % 91.1 % 91.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2021).
Statutory information	Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2021 2020 2019 2021 2020 Property and casualty companies $ 1,007 $ 481 $ 584 $ 4,221 $ 3,643
Reinsurance information	The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2021 2020 2019 Direct premiums written $ 7,700 $ 6,862 $ 7,044 Reinsurance assumed 246 225 255 Reinsurance ceded (2,373) (2,074) (1,957) Net written premiums $ 5,573 $ 5,013 $ 5,342 Direct premiums earned $ 7,462 $ 6,846 $ 6,848 Reinsurance assumed 249 237 226 Reinsurance ceded (2,307) (1,984) (1,889) Net earned premiums $ 5,404 $ 5,099 $ 5,185 Reinsurance recoveries $ 1,478 $ 1,522 $ 1,404
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the allowance for expected credit losses 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 for expected credit losses 2 — (2) 1 Write-offs charged against the allowance — — — (1) Businesses disposed — (1) — — Balance at December 31 $ 8 $ 6 $ 8 $ 10

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (5,012)	$ (6,789)	$ (6,269)	$ (4,972)
Operating lease liability	136	159
Operating lease right-of-use asset	118	139
Deferred rent and lease incentives	$ 18	$ 20
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Weighted average common shares adjustment related to stock-based compensation	500,000	500,000	1,100,000
Anti-dilutive potential common shares related to stock-based compensation plans	0	0	0
Maturities of short term investments	3 months
AOCI attributable to parent
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (119)	$ (1,273)	$ (863)	(48)
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (3,478)	$ (4,149)	(4,009)	$ (3,588)
Cumulative effect, period of adoption, adjustment
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change			(7)
Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change			(7)
Accounting Standards Update 2016-13 | Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change			$ (7)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method		$ 1,517	$ 1,235
Net investment income		730	461	$ 532
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of businesses	$ 3,570
Post-closing adjustments	34
Gain on sale of discontinued operations, net of tax	656
Real estate-related investments | Continuing operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		$ 51	$ 49	$ 37
Great American Life Insurance Company | Equity in earnings of partnerships and similar investments
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method	480
Great American Life Insurance Company | Directly owned real estate
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Directly owned real estate	$ 100

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets of discontinued annuity operations	$ 0		$ 47,885
Total liabilities of discontinued annuity operations	0		44,458
Reclassify AOCI	119		1,273
Shareholders’ equity	5,012		6,789
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 2,060
Investments		38,323
Recoverables from reinsurers		6,748
Other assets		2,152
Total assets of discontinued annuity operations	$ 0	49,283	47,885
Annuity benefits accumulated		43,690
Other liabilities		1,813
Total liabilities of discontinued annuity operations		45,503	44,458
Receivable from AFG for real estate-related investments		0	537
Reclassify AOCI		(913)	(1,071)
Shareholders’ equity		$ 2,867	2,893
Annuity subsidiaries | Assets of discontinued annuity operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			1,145
Investments			38,011
Recoverables from reinsurers			6,804
Other assets			1,925
Annuity subsidiaries | Liabilities of discontinued annuity operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annuity benefits accumulated			42,573
Other liabilities			$ 1,885

Discontinued Operations - Detai

Discontinued Operations - Details of the results of the Annuity subsidiaries sold (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings (loss) from discontinued operations		$ 914	$ 914	$ 407	$ 378
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations, net of tax	$ 656
Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		746		1,670	1,774
Realized gains (losses) on securities		112		365	132
Other income		52		123	137
Total revenues		910		2,158	2,043
Annuity benefits		377		1,192	1,151
Annuity and supplemental insurance acquisition expenses		136		306	253
Other expenses		73		151	165
Total costs and expenses		586		1,649	1,569
Earnings (loss) before income taxes from discontinued operations		324		509	474
Provision (credit) for income taxes on operations		66		102	96
Net earnings (loss) from operations, net of tax		258		407	378
Gain on sale of discontinued operations, net of tax		$ 656		$ 0	$ 0

Discontinued Operations - Impac

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses		$ 3,581	$ 3	$ 0
Shareholders’ equity		$ 5,012	6,789
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses	$ 3,571
Sale related expenses	(8)
Total net proceeds	3,563
Shareholders’ equity	2,867		$ 2,893
Reclassify net deferred tax asset	199
Realized gains (losses) on subsidiaries	895
Tax liabilities triggered by the sale	41
Other tax expense on gain on sale of subsidiaries	(1)
Total income tax expense on gain on sale of subsidiaries	239
Gain on sale of discontinued operations, net of tax	$ 656

Discontinued Operations - Summa

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 67	$ 898	$ 1,131
Net cash used in investing activities	(1,689)	(285)	(2,384)
Net cash provided by financing activities	$ 477	$ (203)	$ 1,662

Discontinued Operations - Gain

Discontinued Operations - 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	5 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ 20	$ (60)	$ (110)
MBS with embedded derivatives | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(1)	(2)	5
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(222)	(283)	(919)
Equity index call options | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	237	223	804
Equity index put options | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	5	3	2
Reinsurance contract (embedded derivative) | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ 1	$ (1)	$ (2)

Acquisitions and Sale of Busi_3

Acquisitions and Sale of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) $ in Millions	Dec. 06, 2021	Nov. 30, 2021	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Business Acquisitions [Line Items]
Payments to acquire subsidiaries				$ 123	$ 3	$ 0
Expenses related to acquisition of subsidiary	$ 1
Finite-lived intangible assets useful life				10 years
Atlas Financial Holdings - Paratransit Business
Business Acquisitions [Line Items]
Payments to acquire subsidiaries		$ 3	$ 3
Verikai, Inc.
Business Acquisitions [Line Items]
Payments to acquire subsidiaries	120
Contingent consideration possible to be paid, maximum				$ 50
Intangible assets acquired	76
Goodwill acquired during period	$ 70			$ 70
Neon Capital Limited | Neon Capital Limited Executives
Business Acquisitions [Line Items]
Percent of noncontrolling interest acquired from former and current Neon executives							100.00%

Acquisitions and Sale of Busi_4

Acquisitions and Sale of Businesses - Narrative on sale of businesses (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses			$ 3,581	$ 3	$ 0
Realized gains on subsidiaries			4	23	0
Income tax expense (benefit)			$ 254	25	$ 143
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 10			$ 6
Carrying value of assets and liabilities disposed, percentage of total assets and liabilities		1.00%		1.00%
Realized gains on subsidiaries	$ 4	$ 23		$ 23
Income tax expense (benefit)				$ (72)
Neon Capital Limited Executives | Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of noncontrolling interest acquired from former and current Neon executives						100.00%

Acquisitions and Sale of Busi_5

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary (Details) - USD ($) $ in Millions	Dec. 06, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisitions [Line Items]
Payments to acquire subsidiaries		$ 123	$ 3	$ 0
Verikai, Inc.
Business Acquisitions [Line Items]
Payments to acquire subsidiaries	$ 120
Contingent consideration	23
Total purchase price	143
Tangible assets acquired	16
Liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	130
Intangible assets acquired	76
Deferred tax on intangible assets acquired	16
Goodwill acquired during period	$ 70	$ 70

Acquisitions and Sale of Busi_6

Acquisitions and Sale of Businesses - Assets and liabilities disposed (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and investments		$ 13,494	$ 15,745	$ 13,494
Recoverables from reinsurers		3,288	3,519	3,288
Prepaid reinsurance premiums		768	834	768
Agents’ balances and premiums receivable		1,229	1,265	1,229
Other assets		977	902	977
Total assets		73,710	28,931	73,710
Unpaid losses and loss adjustment expenses		10,392	11,074	10,392	$ 10,232	$ 9,741
Unearned premiums		2,803	3,041	2,803
Payable to reinsurers		807	920	807
Other liabilities		1,584	1,700	1,584
Total liabilities		66,921	23,919	66,921
Realized gains on subsidiaries			$ 4	23	$ 0
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds, net of expenses				3
Cash and investments		453		453
Recoverables from reinsurers		224		224
Prepaid reinsurance premiums		8		8
Agents’ balances and premiums receivable		42		42
Other assets		60		60
Total assets		787		787
Unpaid losses and loss adjustment expenses		640		640
Unearned premiums		49		49
Payable to reinsurers		19		19
Other liabilities		92		92
Total liabilities		800		800
Reclassification from accumulated other comprehensive income				(7)
Net liabilities of businesses sold		(20)		(20)
Realized gains on subsidiaries	$ 4	$ 23		$ 23

Acquisitions and Sale of Busi_7

Acquisitions and Sale of Businesses - Revenues, costs and expenses, and earnings before income taxes of business disposed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums	$ 5,404	$ 5,099	$ 5,185
Loss and loss adjustment expenses	3,157	3,271	3,271
Commissions and other underwriting expenses	1,547	1,625	1,725
Net investment income	730	461	532
Net earnings, including noncontrolling interests	$ 1,995	721	869
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums		200	384
Loss and loss adjustment expenses		218	225
Commissions and other underwriting expenses		117	195
Underwriting loss		(135)	(36)
Net investment income		(5)	6
Other income and expenses, net		(5)	(10)
Net earnings, including noncontrolling interests		$ (145)	$ (40)

Acquisitions and Sale of Busi_8

Acquisitions and Sale of Businesses - Impact of exited lines on earnings (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income			$ 730	$ 461	$ 532
Net earnings, including noncontrolling interests			1,995	721	869
Realized gains on subsidiaries			4	23	0
Income tax expense (benefit)			(254)	(25)	(143)
Less: Net loss attributable to noncontrolling interests			$ 0	11	28
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Underwriting loss				(135)	(36)
Net investment income				(5)	6
Other income and expenses, net				(5)	(10)
Net earnings, including noncontrolling interests				(145)	$ (40)
Realized gains on subsidiaries	$ 4	$ 23		23
Total pretax loss from Neon exited lines				(122)
Income tax expense (benefit)				72
Less: Net loss attributable to noncontrolling interests				(11)
Net loss from Neon exited lines attributable to shareholders				$ (39)

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	2
Percent of total revenue derived from sales of property and casualty insurance outside of the United States	4.00%	5.00%	7.00%
Net earned premiums	$ 5,404	$ 5,099	$ 5,185
Net investment income	730	461	532
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	5,404	5,099	5,185
Net investment income	663	399	472
Property and casualty insurance underwriting	733	224	212
Investment and other income, net	657	360	437
Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Net earned premiums	0	200	0
Property and casualty insurance underwriting	(4)	(202)	(113)
Special A&E charges		47	18
Other
Segment Reporting Information [Line Items]
Loss on the retirement of debt		5	5
Special charges to increase asbestos and environmental reserves		21	11
Special A&E charges
Segment Reporting Information [Line Items]
Special A&E charges	$ 0	47	18
Special A&E charges | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Special A&E charges		47	$ 18
Neon Capital Limited
Segment Reporting Information [Line Items]
Net investment income		$ (5)
Neon Capital Limited | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Percent of foreign sales attributable to Neon		50.00%	66.67%
Net earned premiums			$ 384
Net investment income		$ (5)
Property and casualty insurance underwriting		(135)	(36)
Special charges related to the exit of certain lines of business within subsidiaries			$ 76
Investment and other income, net		$ (10)

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2021	May 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total assets	$ 28,931		$ 73,710
Assets of discontinued annuity operations	0		47,885
Annuity subsidiaries
Segment Reporting Information [Line Items]
Assets of discontinued annuity operations	0	$ 49,283	47,885
Continuing operations
Segment Reporting Information [Line Items]
Total assets	28,931		25,825
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	21,312		19,620
Other
Segment Reporting Information [Line Items]
Total assets	$ 7,619		$ 6,205

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net earned premiums	$ 5,404	$ 5,099	$ 5,185
Net investment income	730	461	532
Other income	113	80	86
Revenues before realized gains (losses)	6,438	5,821	6,058
Realized gains (losses) on securities	110	(75)	155
Realized gains on subsidiaries	4	23	0
Total revenues	6,552	5,769	6,213
Real estate-related investments | Continuing operations
Segment Reporting Information [Line Items]
Net investment income	51	49	37
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	5,404	5,099	5,185
Net investment income	663	399	472
Other income	27	8	11
Revenues before realized gains (losses)	6,094	5,506	5,668
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	293	266	353
Other | Real estate-related investments | Continuing operations
Segment Reporting Information [Line Items]
Net investment income	51	49	37
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,144	1,871	1,828
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,408	2,235	2,597
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	642	613	610
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	210	180	150
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 0	$ 200	$ 0

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 1,221	$ 391	$ 479
Realized gains (losses) on securities	110	(75)	155
Subsidiaries	4	23	0
Earnings from continuing operations before income taxes	1,335	339	634
Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	733	224	212
Investment and other income, net	657	360	437
Earnings before realized gains (losses) and income taxes	1,390	584	649
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(220)	(215)	(196)
Other | Real estate-related investments | Continuing operations
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	51	22	26
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	279	181	79
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	377	223	175
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	96	50	92
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(15)	(28)	(21)
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (4)	$ (202)	$ (113)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)professional
Fair Value Measurements (Textual) [Abstract]
AFG's internal investment professionals | professional	20
Level 3 assets as a percentage of total assets measured at fair value	6.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	15.00%
Level 3 assets that were priced using non-binding broker quotes	$ 142
Level 3 assets that were priced by pricing services.	$ 55
Percentage of Level 3 assets that were priced by pricing services	6.00%
Percentage of Level 3 assets that were priced using a discounted cash flow approach	55.00%
Level 3 assets that were priced using a discounted cash flow approach	$ 307
Percentage of equity securities in Level 3 priced using broker quotes and internal models	26.00%
Equity securities in Level 3 priced using broker quotes and internal models	$ 144
Level 3
Fair Value Measurements (Textual) [Abstract]
Internally developed Level 3 assets	$ 557
Percentage of internally developed Level 3 assets compared to total Level 3 assets	60.00%
Level 3 | Continuing operations
Fair Value Measurements (Textual) [Abstract]
Percentage of equity investments in Level 3 assets that do not qualify for equity accounting	18.00%
Equity investments in Level 3 assets that do not qualify for equity accounting	$ 166

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Available for sale (AFS) fixed maturities	$ 10,357	$ 9,084
Trading fixed maturities	28	24
Equity securities, at fair value	1,042	889
Assets of managed investment entities	28,931	73,710
Total assets accounted for at fair value	16,723	14,968
Liabilities:
Liabilities of managed investment entities	23,919	66,921
Total liabilities accounted for at fair value	5,243	4,914
Contingent consideration - acquisitions
Liabilities:
Contingent consideration	23
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	5,296	4,971
Liabilities:
Liabilities of managed investment entities	5,220	4,914
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,357	9,084
Trading fixed maturities	28	24
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	216	198
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	1,832	2,312
Foreign government
Assets:
Available for sale (AFS) fixed maturities	246	176
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	960	915
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	104	92
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,643	1,062
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,676	2,047
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,680	2,282
Equity securities
Assets:
Equity securities, at fair value	1,042	889
Level 1
Assets:
Total assets accounted for at fair value	1,295	1,081
Liabilities:
Total liabilities accounted for at fair value	384	215
Level 1 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration	0
Level 1 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	390	217
Liabilities:
Liabilities of managed investment entities	384	215
Level 1 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	226	199
Trading fixed maturities	0	0
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	215	195
Level 1 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	11	4
Level 1 | Equity securities
Assets:
Equity securities, at fair value	679	665
Level 2
Assets:
Total assets accounted for at fair value	14,502	13,152
Liabilities:
Total liabilities accounted for at fair value	4,823	4,678
Level 2 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration	0
Level 2 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,893	4,733
Liabilities:
Liabilities of managed investment entities	4,823	4,678
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,531	8,347
Trading fixed maturities	28	24
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	1	3
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	1,791	2,273
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	246	176
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	946	877
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	104	90
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,643	1,046
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,398	1,742
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,402	2,140
Level 2 | Equity securities
Assets:
Equity securities, at fair value	50	48
Level 3
Assets:
Total assets accounted for at fair value	926	735
Liabilities:
Total liabilities accounted for at fair value	36	21
Level 3 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration	23
Level 3 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	13	21
Liabilities:
Liabilities of managed investment entities	13	21
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	600	538
Trading fixed maturities	0	0
Level 3 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	41	39
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	14	38
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	2
Level 3 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	16
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	278	305
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	267	138
Level 3 | Equity securities
Assets:
Equity securities, at fair value	$ 313	$ 176

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		$ 3,706	$ 3,841	$ 3,521
Total realized/unrealized gains (losses) included in Net earnings		181	(42)	(10)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(27)	69	75
Purchases and issuances		636	781	1,578
Sales and settlements		(565)	(606)	(565)
Transfer into Level 3		66	620	244
Transfer out of Level 3		(352)	(957)	(1,002)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance		926	3,706	3,841
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		538	571	542
Total realized/unrealized gains (losses) included in Net earnings		(3)	(7)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(5)	10	3
Purchases and issuances		344	174	323
Sales and settlements		(210)	(157)	(131)
Transfer into Level 3		33	108	61
Transfer out of Level 3		(97)	(161)	(228)
Sale of annuity business	0
Financial assets, Ending Balance		600	538	571
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	0	1
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	(1)
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	0
Financial assets, Ending Balance		0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		39	40	0
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	1	(1)
Purchases and issuances		0	0	0
Sales and settlements		(4)	(2)	0
Transfer into Level 3		8	0	45
Transfer out of Level 3		(2)	0	(4)
Sale of annuity business	0
Financial assets, Ending Balance		41	39	40
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		38	45	37
Total realized/unrealized gains (losses) included in Net earnings		(4)	(1)	3
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	(1)	(1)
Purchases and issuances		6	0	0
Sales and settlements		(3)	(6)	(3)
Transfer into Level 3		6	9	12
Transfer out of Level 3		(29)	(8)	(3)
Sale of annuity business	0
Financial assets, Ending Balance		14	38	45
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		2	6	8
Total realized/unrealized gains (losses) included in Net earnings		0	0	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	0
Transfer into Level 3		0	1	0
Transfer out of Level 3		(2)	(5)	(3)
Sale of annuity business	0
Financial assets, Ending Balance		0	2	6
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		16	1	31
Total realized/unrealized gains (losses) included in Net earnings		1	0	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	5	2
Purchases and issuances		0	0	0
Sales and settlements		(2)	0	0
Transfer into Level 3		0	52	3
Transfer out of Level 3		(15)	(42)	(34)
Sale of annuity business	0
Financial assets, Ending Balance		0	16	1
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		305	256	188
Total realized/unrealized gains (losses) included in Net earnings		1	(7)	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	5	0
Purchases and issuances		154	106	157
Sales and settlements		(156)	(89)	(43)
Transfer into Level 3		14	42	0
Transfer out of Level 3		(40)	(8)	(46)
Sale of annuity business	0
Financial assets, Ending Balance		278	305	256
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		138	223	277
Total realized/unrealized gains (losses) included in Net earnings		(1)	1	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(5)	0	3
Purchases and issuances		184	68	166
Sales and settlements		(45)	(60)	(84)
Transfer into Level 3		5	4	1
Transfer out of Level 3		(9)	(98)	(138)
Sale of annuity business	0
Financial assets, Ending Balance		267	138	223
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		176	161	124
Total realized/unrealized gains (losses) included in Net earnings		99	(12)	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		78	37	19
Sales and settlements		(28)	(7)	(1)
Transfer into Level 3		0	9	25
Transfer out of Level 3		(12)	(12)	0
Sale of annuity business	0
Financial assets, Ending Balance		313	176	161
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		21	17	21
Total realized/unrealized gains (losses) included in Net earnings		0	(6)	(5)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		5	2	1
Sales and settlements		0	0	0
Transfer into Level 3		1	8	0
Transfer out of Level 3		(14)	0	0
Sale of annuity business	0
Financial assets, Ending Balance		13	21	17
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	2,834
Total realized/unrealized gains (losses) included in Net earnings		85	(17)	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(22)	59	72
Purchases and issuances		209	568	1,235
Sales and settlements		(327)	(442)	(433)
Transfer into Level 3		32	495	158
Transfer out of Level 3		(229)	(784)	(774)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance		$ 0	$ 2,971	$ 3,092

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (3,933)	$ (3,730)	$ (2,720)
Total realized/unrealized gains (losses) included in Net earnings		(223)	(283)	(919)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		(169)	(242)	(333)
Sales and settlements		159	322	242
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	$ 4,143
Financial liabilities, Ending Balance		(23)	(3,933)	(3,730)
Contingent consideration - acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		0
Total realized/unrealized gains (losses) included in Net earnings		0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0
Purchases and issuances		(23)
Sales and settlements		0
Transfer into Level 3		0
Transfer out of Level 3		0
Sale of annuity business	0
Financial liabilities, Ending Balance		(23)	0
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)	(2,720)
Total realized/unrealized gains (losses) included in Net earnings		(223)	(283)	(919)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		(146)	(242)	(333)
Sales and settlements		159	322	242
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	$ 4,143
Financial liabilities, Ending Balance		$ 0	$ (3,933)	$ (3,730)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Mortgage loans	$ 520	$ 377
Long-term debt	1,964	1,963
Level 1
Financial assets:
Cash and cash equivalents	2,131	1,665
Mortgage loans	0	0
Total financial assets not accounted for at fair value	2,131	1,665
Long-term debt	0	0
Total financial liabilities not accounted for at fair value	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	0	0
Total financial assets not accounted for at fair value	0	0
Long-term debt	2,258	2,322
Total financial liabilities not accounted for at fair value	2,258	2,322
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	533	382
Total financial assets not accounted for at fair value	533	382
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	2,131	1,665
Mortgage loans	520	377
Total financial assets not accounted for at fair value	2,651	2,042
Long-term debt	1,964	1,963
Total financial liabilities not accounted for at fair value	1,964	1,963
Fair Value
Financial assets:
Cash and cash equivalents	2,131	1,665
Mortgage loans	533	382
Total financial assets not accounted for at fair value	2,664	2,047
Long-term debt	2,261	2,325
Total financial liabilities not accounted for at fair value	$ 2,261	$ 2,325

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships		$ 366	$ 290
Investments accounted for using the equity method		$ 1,517	1,235
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		84.00%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		95.00%
Net investment income		$ 730	461	$ 532
Assets of discontinued annuity operations | Annuity subsidiaries
Schedule of Investments [Line Items]
Investments accounted for using the equity method			$ 646
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		1.00%	2.00%
Other Property
Schedule of Investments [Line Items]
Percent of real estate-related investments by property type		11.00%	11.00%
Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income			$ (5)
Neon Capital Limited | Accounting Standards Update 2016-01 | Equity securities
Schedule of Investments [Line Items]
Net investment income	$ (7)
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities		$ (28)	(21)
Number of fixed maturities in an unrealized loss position | security		514,000,000
Fixed maturities | Assets of discontinued annuity operations | Annuity subsidiaries
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities			$ (97)

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	$ 10,193	$ 8,812
Fixed maturities, available for sale, allowance for expected credit losses	9	12	$ 0
Available for sale (AFS) fixed maturities	10,357	9,084
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	10,193	8,812
Fixed maturities, available for sale, allowance for expected credit losses	9	12
Gross unrealized gains on available for sale fixed maturities	201	305
Gross unrealized losses on available for sale fixed maturities	(28)	(21)
Available for sale (AFS) fixed maturities	10,357	9,084
Total fixed maturities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		31,596
Fixed maturities, available for sale, allowance for expected credit losses		28
Gross unrealized gains on available for sale fixed maturities		2,652
Gross unrealized losses on available for sale fixed maturities		(97)
Available for sale (AFS) fixed maturities		34,123
Total fixed maturities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	173	284
Total fixed maturities | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		2,555
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	216	192
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	2	6
Gross unrealized losses on available for sale fixed maturities	(2)	0
Available for sale (AFS) fixed maturities	216	198
U.S. Government and government agencies | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		39
Fixed maturities, available for sale, allowance for expected credit losses		0
Gross unrealized gains on available for sale fixed maturities		5
Gross unrealized losses on available for sale fixed maturities		0
Available for sale (AFS) fixed maturities		44
U.S. Government and government agencies | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	0	6
U.S. Government and government agencies | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		5
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,758	2,196
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	74	116
Gross unrealized losses on available for sale fixed maturities	0	0
Available for sale (AFS) fixed maturities	1,832	2,312
States, municipalities and political subdivisions | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		3,053
Fixed maturities, available for sale, allowance for expected credit losses		0
Gross unrealized gains on available for sale fixed maturities		370
Gross unrealized losses on available for sale fixed maturities		(2)
Available for sale (AFS) fixed maturities		3,421
States, municipalities and political subdivisions | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	74	116
States, municipalities and political subdivisions | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		368
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	248	172
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	0	4
Gross unrealized losses on available for sale fixed maturities	(2)	0
Available for sale (AFS) fixed maturities	246	176
Foreign government | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		31
Fixed maturities, available for sale, allowance for expected credit losses		0
Gross unrealized gains on available for sale fixed maturities		4
Gross unrealized losses on available for sale fixed maturities		0
Available for sale (AFS) fixed maturities		35
Foreign government | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(2)	4
Foreign government | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		4
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	915	859
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	48	57
Gross unrealized losses on available for sale fixed maturities	(3)	(1)
Available for sale (AFS) fixed maturities	960	915
Residential MBS | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		1,953
Fixed maturities, available for sale, allowance for expected credit losses		3
Gross unrealized gains on available for sale fixed maturities		194
Gross unrealized losses on available for sale fixed maturities		(4)
Available for sale (AFS) fixed maturities		2,140
Residential MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	45	56
Residential MBS | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		190
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	102	89
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	2	3
Gross unrealized losses on available for sale fixed maturities	0	0
Available for sale (AFS) fixed maturities	104	92
Commercial MBS | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		659
Fixed maturities, available for sale, allowance for expected credit losses		0
Gross unrealized gains on available for sale fixed maturities		40
Gross unrealized losses on available for sale fixed maturities		(1)
Available for sale (AFS) fixed maturities		698
Commercial MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	2	3
Commercial MBS | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		39
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,643	1,065
Fixed maturities, available for sale, allowance for expected credit losses	1	3
Gross unrealized gains on available for sale fixed maturities	3	4
Gross unrealized losses on available for sale fixed maturities	(2)	(4)
Available for sale (AFS) fixed maturities	1,643	1,062
Collateralized loan obligations | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		3,491
Fixed maturities, available for sale, allowance for expected credit losses		10
Gross unrealized gains on available for sale fixed maturities		23
Gross unrealized losses on available for sale fixed maturities		(13)
Available for sale (AFS) fixed maturities		3,491
Collateralized loan obligations | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	1	0
Collateralized loan obligations | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		10
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,677	2,040
Fixed maturities, available for sale, allowance for expected credit losses	7	7
Gross unrealized gains on available for sale fixed maturities	17	27
Gross unrealized losses on available for sale fixed maturities	(11)	(13)
Available for sale (AFS) fixed maturities	2,676	2,047
Other asset-backed securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		5,098
Fixed maturities, available for sale, allowance for expected credit losses		11
Gross unrealized gains on available for sale fixed maturities		142
Gross unrealized losses on available for sale fixed maturities		(53)
Available for sale (AFS) fixed maturities		5,176
Other asset-backed securities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	6	14
Other asset-backed securities | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		89
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,634	2,199
Fixed maturities, available for sale, allowance for expected credit losses	1	2	$ 0
Gross unrealized gains on available for sale fixed maturities	55	88
Gross unrealized losses on available for sale fixed maturities	(8)	(3)
Available for sale (AFS) fixed maturities	2,680	2,282
Corporate and other | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost		17,272
Fixed maturities, available for sale, allowance for expected credit losses		4
Gross unrealized gains on available for sale fixed maturities		1,874
Gross unrealized losses on available for sale fixed maturities		(24)
Available for sale (AFS) fixed maturities		19,118
Corporate and other | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	$ 47	85
Corporate and other | Debt Securities | Assets of discontinued annuity operations | Annuity subsidiaries
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities		$ 1,850

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,042	$ 889
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	491	516
Equity securities	586	510
Equity securities, fair value in excess of cost	95	(6)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	403	369
Equity securities	456	379
Equity securities, fair value in excess of cost	53	10
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	894	885
Equity securities	1,042	889
Equity securities, fair value in excess of cost	$ 148	$ 4

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,517	$ 1,235
Equity in earnings of partnerships and similar investments	321	99	$ 97
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,130	915
Equity in earnings of partnerships and similar investments	226	92	67
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	352	266
Equity in earnings of partnerships and similar investments	100	18	24
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	35	54
Equity in earnings of partnerships and similar investments	$ (5)	$ (11)	$ 6

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (23)	$ (14)
Fair value - less than twelve months	$ 3,270	$ 952
Fair value as percentage of cost - less than twelve months	99.00%	99.00%
Unrealized loss - twelve months or more	$ (5)	$ (7)
Fair value - twelve months or more	$ 226	$ 497
Fair value as a percentage of cost - twelve months or more	98.00%	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	$ 92	$ 23
Fair value as percentage of cost - less than twelve months	99.00%	100.00%
Unrealized loss - twelve months or more	$ (1)	$ 0
Fair value - twelve months or more	$ 22	$ 0
Fair value as a percentage of cost - twelve months or more	96.00%	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	$ 9	$ 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	$ 13	$ 10
Fair value as a 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	$ (2)	$ 0
Fair value - less than twelve months	$ 160	$ 7
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 a 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	$ (3)	$ (1)
Fair value - less than twelve months	$ 419	$ 86
Fair value as percentage of cost - less than twelve months	99.00%	99.00%
Unrealized loss - twelve months or more	$ 0	$ 0
Fair value - twelve months or more	$ 7	$ 7
Fair value as a percentage of cost - twelve months or more	100.00%	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	$ 34	$ 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	$ 5
Fair value as a percentage of cost - twelve months or more	0.00%	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	$ 806	$ 192
Fair value as percentage of cost - less than twelve months	100.00%	99.00%
Unrealized loss - twelve months or more	$ (1)	$ (3)
Fair value - twelve months or more	$ 77	$ 366
Fair value as a 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	$ (8)	$ (10)
Fair value - less than twelve months	$ 1,250	$ 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	$ 81	$ 92
Fair value as a percentage of cost - twelve months or more	96.00%	97.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (8)	$ (2)
Fair value - less than twelve months	$ 500	$ 133
Fair value as percentage of cost - less than twelve months	98.00%	99.00%
Unrealized loss - twelve months or more	$ 0	$ (1)
Fair value - twelve months or more	$ 26	$ 17
Fair value as a percentage of cost - twelve months or more	100.00%	94.00%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 12	$ 0
Impact of adoption of new accounting policy	9	12
Initial allowance for purchased securities with credit deterioration	0	0
Provision for expected credit losses on securities with no previous allowance	1	16
Additions (reductions) to previously recognized expected credit losses	(2)	(3)
Reductions due to sales or redemptions	2	1
Ending balance	9	12
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	10	0
Impact of adoption of new accounting policy	8	10
Initial allowance for purchased securities with credit deterioration	0	0
Provision for expected credit losses on securities with no previous allowance	0	11
Additions (reductions) to previously recognized expected credit losses	(2)	(1)
Reductions due to sales or redemptions	0	0
Ending balance	8	10
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	2	0
Impact of adoption of new accounting policy	1	2
Initial allowance for purchased securities with credit deterioration	0	0
Provision for expected credit losses on securities with no previous allowance	1	5
Additions (reductions) to previously recognized expected credit losses	0	(2)
Reductions due to sales or redemptions	2	1
Ending balance	$ 1	$ 2
Accounting Standards Update 2016-13
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy			$ 0
Accounting Standards Update 2016-13 | Structured securities
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy			0
Accounting Standards Update 2016-13 | Corporate and other
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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 10,357	$ 9,084
Fair Value Percent, Fiscal Year Maturity [Abstract]
Collateralized loan obligations and other asset-backed securities average life	3 years
Average life of MBS	3 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 1,228
After one year through five years	2,483
After five years through ten years	812
After ten years	332
Fixed maturities amortized cost, Subtotal	4,855
Collateralized loan obligations and other ABS (average life of approximately 3 years)	4,312
MBS (average life of approximately 3.5 years)	1,017
Amortized Cost	10,184
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	1,240
After one year through five years	2,548
After five years through ten years	844
After ten years	342
Fixed maturities fair value, Subtotal	4,974
Collateralized loan obligations and other ABS (average life of approximately 3 years)	4,319
MBS (average life of approximately 3.5 years)	1,064
Fair Value	$ 10,357	$ 9,084
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	12.00%
After one year through five years	25.00%
After five years through ten years	8.00%
After ten years	3.00%
Fixed maturities fair value, Subtotal, Percent	48.00%
Collateralized loan obligations and other ABS (average life of approximately 3 years)	42.00%
MBS (average life of approximately 3.5 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	Dec. 31, 2021	Dec. 31, 2020
Unrealized gain on:
Pretax		$ 1,589
Deferred Tax		(334)
Net		1,255
Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		1,305
Deferred Tax		(274)
Net		1,031
Total fixed maturities
Unrealized gain on:
Pretax	$ 173	284
Deferred Tax	(37)	(60)
Net	$ 136	224
Fixed maturities — discontinued annuity operations | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		2,555
Deferred Tax		(536)
Net		2,019
Deferred policy acquisition costs — annuity segment | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(934)
Deferred Tax		196
Net		(738)
Annuity benefits accumulated | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(324)
Deferred Tax		68
Net		(256)
Life, accident and health reserves | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		(3)
Deferred Tax		0
Net		(3)
Unearned revenue | Annuity subsidiaries | Net earnings (loss) from discontinued operations
Unrealized gain on:
Pretax		11
Deferred Tax		(2)
Net		$ 9

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income [Line Items]
Investment income	$ 742	$ 467	$ 538
Equity in earnings of partnerships and similar investments	321	99	97
Investment expenses	(12)	(6)	(6)
Net investment income	730	461	532
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	61	7	22
Fixed maturities
Net Investment Income [Line Items]
Investment income	290	303	315
Other
Net Investment Income [Line Items]
Investment income	40	23	53
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income	$ 30	$ 35	$ 51

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 110	$ (75)	$ 155
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	86	(49)	129
Realized - impairments	1	(10)	(6)
Realized gains (losses) on securities	87	(59)	123
Change in unrealized	(88)	48	138
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	109	(62)	163
Realized - impairments	1	(13)	(8)
Realized gains (losses) on securities	110	(75)	155
Change in unrealized	(111)	61	174
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(1)	6	7
Realized - impairments	1	(13)	(8)
Realized gains (losses) on securities	0	(7)	(1)
Change in unrealized	(111)	61	174
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	110	(70)	155
Realized - impairments	0	0	0
Realized gains (losses) on securities	110	(70)	155
Change in unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	0	2	1
Realized - impairments	0	0	0
Realized gains (losses) on securities	0	2	1
Change in unrealized	0	0	0
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(23)	13	(34)
Realized - impairments	0	3	2
Realized gains (losses) on securities	(23)	16	(32)
Change in unrealized	$ 23	$ (13)	$ (36)

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	$ 110	$ (75)	$ 155
Investment income	742	467	538
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	110	(70)	155
Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities	119	(32)	126
Realized gains (losses) on securities | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	65	(44)	105
Investment income | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Investment income	$ 54	$ 12	$ 21

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity security investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 7	$ 12	$ 4
Gross losses	$ (1)	$ (5)	$ (2)

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)collateralizedloanobligation	Dec. 31, 2020USD ($)collateralizedloanobligation
Variable Interest Entity [Line Items]
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	13
Number of collateralized loan obligation entities formed during the period | collateralizedloanobligation		1
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 72	$ 150
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	187	141
Carrying amount of CLO loans in default	9	11
Aggregate unpaid principal balance of CLO loans in default	18	28
Available for sale (AFS) fixed maturities	10,357	9,084
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	408	303
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	14	16
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	76
Subordinated debt obligations | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	56
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,643	1,062
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	$ 1,640	$ 1,060

Managed Investment Entities - P

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	$ 76
Investment in CLO tranches, ending balance	76
Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	76	$ 57	$ 48	$ 55
Face amount of managed investment entities liabilities purchased during the period	21	17	0
Sales of managed investment entities liabilities	0	(1)	0
Distributions from managed investment entities liabilities	(22)	(6)	(8)
Mark-to-market of ownership of managed investment entities liabilities	20	(1)	1
Investment in CLO tranches, ending balance	$ 76	$ 57	$ 48

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 69	$ (69)	$ 80
Liabilities	(59)	49	(94)
Management fees paid to AFG	16	15	15
CLO earnings (losses) attributable to AFG Shareholders	40	(2)	4
Variable interest entity, primary beneficiary | Continuing operations
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	20	(1)	1
Variable interest entity, primary beneficiary | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	$ 20	$ (1)	$ 3

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Amortizable intangible assets related to acquisitions	$ 106	$ 34
Accumulated amortization	67	62
Amortization of intangible assets	6	$ 12	$ 11
Future amortization of intangibles in next year	13
Future amortization of intangibles in year two	13
Future amortization of intangibles in year three	13
Future amortization of intangibles in year four	13
Future amortization of intangibles in year five	13
Future amortization of intangibles after year five	$ 41
Maximum
Goodwill [Line Items]
Weighted average useful life of finite-lived intangible assets acquired	9 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions	Dec. 06, 2021	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, beginning balance		$ 176
Goodwill, ending balance		246
Verikai, Inc.
Goodwill [Line Items]
Goodwill acquired during period	$ 70	$ 70

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 15, 2020	Sep. 30, 2020	May 29, 2020	Apr. 02, 2020	Mar. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year	$ 0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	425,000,000
Scheduled principal payments on debt after year five	1,570,000,000
Principal	1,993,000,000	$ 1,993,000,000
Cash interest payments on long-term debt	92,000,000	83,000,000	$ 65,000,000
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 AFG revolving credit facility	$ 0	0
LIBOR | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.375%
LIBOR | AFG | Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.00%
LIBOR | AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.875%
Senior Notes | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 1,318,000,000	1,318,000,000
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 300,000,000	300,000,000					$ 300,000,000
Interest rate on debt instruments	5.25%						5.25%
Subordinated Debt | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 675,000,000	675,000,000
Subordinated Debt | 4.50% Subordinated Debentures due September 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 200,000,000	200,000,000			$ 200,000,000
Interest rate on debt instruments	4.50%				4.50%
Subordinated Debt | 6% Subordinated Debentures Due November 2055 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments				6.00%
Senior Notes, amount of the original debt instrument that was redeemed				$ 150,000,000
Subordinated Debt | 5.625% Subordinated Debentures due June 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 150,000,000	150,000,000				$ 150,000,000
Interest rate on debt instruments	5.625%					5.625%
Subordinated Debt | 5.125% Subordinated Debentures due December 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 200,000,000	200,000,000	$ 200,000,000
Interest rate on debt instruments	5.125%		5.125%
Subordinated Debt | 6-1/4% Subordinated Debentures due September 2054 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments			6.25%
Senior Notes, amount of the original debt instrument that was redeemed			$ 150,000,000
Subordinated Debt | 5.875% Subordinated Debentures due March 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal	$ 125,000,000	$ 125,000,000						$ 125,000,000
Interest rate on debt instruments	5.875%							5.875%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	May 29, 2020	Apr. 02, 2020	Dec. 31, 2019	Mar. 31, 2019
Summary of Carrying value of long-term debt
Principal	$ 1,993,000,000	$ 1,993,000,000
Discount and Issue Costs	(29,000,000)	(30,000,000)
Carrying Value	1,964,000,000	1,963,000,000
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,964,000,000	1,963,000,000
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	1,318,000,000	1,318,000,000
Discount and Issue Costs	(10,000,000)	(11,000,000)
Carrying Value	1,308,000,000	1,307,000,000
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Summary of Carrying value of long-term debt
Principal	590,000,000	590,000,000
Discount and Issue Costs	(2,000,000)	(2,000,000)
Carrying Value	$ 588,000,000	588,000,000
Interest rate on debt instruments	4.50%
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Summary of Carrying value of long-term debt
Principal	$ 425,000,000	425,000,000
Discount and Issue Costs	(3,000,000)	(3,000,000)
Carrying Value	$ 422,000,000	422,000,000
Interest rate on debt instruments	3.50%
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Summary of Carrying value of long-term debt
Principal	$ 300,000,000	300,000,000			$ 300,000,000
Discount and Issue Costs	(5,000,000)	(6,000,000)
Carrying Value	$ 295,000,000	294,000,000
Interest rate on debt instruments	5.25%				5.25%
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	$ 3,000,000	3,000,000
Discount and Issue Costs	0	0
Carrying Value	3,000,000	3,000,000
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675,000,000	675,000,000
Discount and Issue Costs	(19,000,000)	(19,000,000)
Carrying Value	656,000,000	656,000,000
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Summary of Carrying value of long-term debt
Principal	200,000,000	200,000,000	$ 200,000,000
Discount and Issue Costs	(5,000,000)	(5,000,000)
Carrying Value	$ 195,000,000	195,000,000
Interest rate on debt instruments	4.50%		4.50%
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 200,000,000	200,000,000				$ 200,000,000
Discount and Issue Costs	(6,000,000)	(6,000,000)
Carrying Value	$ 194,000,000	194,000,000
Interest rate on debt instruments	5.125%					5.125%
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Summary of Carrying value of long-term debt
Principal	$ 150,000,000	150,000,000		$ 150,000,000
Discount and Issue Costs	(4,000,000)	(4,000,000)
Carrying Value	$ 146,000,000	146,000,000
Interest rate on debt instruments	5.625%			5.625%
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 125,000,000	125,000,000					$ 125,000,000
Discount and Issue Costs	(4,000,000)	(4,000,000)
Carrying Value	$ 121,000,000	$ 121,000,000
Interest rate on debt instruments	5.875%						5.875%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Deferred rent and lease incentives	$ 18	$ 20

Leases - Right-of-use asset and

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 118	$ 139
Operating lease liability	$ 136	$ 159

Leases - Lease activity (Detail

Leases - Lease activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases	$ 41	$ 47	$ 46
Short-term leases	0	0	1
Total lease expense included in other expenses	41	47	47
Sublease income	(2)	0	0
Total lease expense, net of sublease income	$ 39	$ 47	$ 47

Leases - Other operating lease

Leases - Other operating lease liability information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 43	$ 50	$ 49
Right-of-use assets obtained under new leases	$ 10	$ 25	$ 19

Leases - Undiscounted contractu

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Lease payments due in 2022	$ 38
Lease payments due in 2023	32
Lease payments due in 2024	26
Lease payments due in 2025	22
Lease payments due in 2026	18
Lease payments due thereafter	13
Total lease payments	149
Less: Future ease payments impact of discounting	(13)
Operating lease liability	$ 136	$ 159

Leases - Schedule of weighted-a

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	5 years 1 month 6 days
Weighted-average discount rate	3.70%

Shareholders' Equity - Preferre

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

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate of options exercisable per year, commencing one year after grant	20% per year commencing one year after grant
Duration of options expiration, after date of grant	10 years
Total intrinsic value of options exercised	$ 88	$ 17	$ 46
Cash received from the exercise of stock options	58	14	31
Tax benefit related to exercise of stock options	14	3	8
Total compensation expense related to stock incentive plans	16	20	23
Tax benefit related to compensation costs	$ 19	9	13
Share-based payment arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance under stock incentive plans (shares)	2,700,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock vesting period	4 years
Restricted Common Stock vested during period, fair value	$ 28	$ 19	$ 11
Weighted average period of cost expected to be recognized	2 years 6 months
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 30
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 0

Shareholders' Equity - Data rel

Shareholders' Equity - Data relating to grants of restricted stock (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1, 2021 | shares	818,233
Granted | shares	207,020
Vested | shares	(252,654)
Forfeited | shares	(120,753)
Outstanding at December 31, 2021 | shares	651,846
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, Outstanding, Beginning balance | $ / shares	$ 101.65
Average grant date fair value, Granted | $ / shares	111.13
Average grant date fair value, Vested | $ / shares	95.69
Average grant date fair value, Forfeited | $ / shares	103.70
Average grant date fair value, Outstanding, Ending balance | $ / shares	$ 106.59

Shareholders' Equity - Data for

Shareholders' Equity - Data for stock options issued under the stock incentive plans (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2021	1,589,094
Exercised	(1,208,964)
Special dividend adjustment	36,169
Forfeited/Cancelled	(1,554)
Outstanding at December 31, 2021	414,745
Options exercisable at December 31, 2021	414,745
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance | $ / shares	$ 52.43
Average exercise price, Exercised | $ / shares	48.93
Average exercise price, Forfeited/Cancelled | $ / shares	58.36
Average exercise price, Ending balance | $ / shares	46.04
Average exercise price, Options exercisable | $ / shares	$ 46.04
Average remaining contractual term, Options outstanding	2 years 1 month 6 days
Average remaining contractual term, Options exercisable	2 years 1 month 6 days
Aggregate intrinsic value, Options outstanding | $	$ 38
Aggregate intrinsic value, Options exercisable | $	$ 38

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ 1,273
Other comprehensive income (loss), pretax	(1,460)	$ 527	$ 1,030
Other comprehensive income (loss), tax	306	(111)	(215)
Other comprehensive income (loss)	(1,154)	416	815
Accumulated other comprehensive income, net of tax	119	1,273
AOCI ending balance	119	1,273
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	(275)	887	997
Unrealized holding gains (losses) on securities arising during the period, tax	57	(187)	(209)
Unrealized holding gains (losses) on securities arising during the period, after tax	218	(700)	(788)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	(22)	(389)	(11)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	5	82	2
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	(17)	(307)	(9)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, pretax	(1,119)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, tax	235
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	(884)	0	0
Total net unrealized gains (losses) on securities, pretax	(1,416)	498	986
Total net unrealized gains (losses) on securities, tax	297	(105)	(207)
Total net unrealized gains (losses) on securities	(1,119)	393	779
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(1)	70	39
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	0	(14)	(8)
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(1)	56	31
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	(14)	(40)	(3)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	3	8	0
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	(11)	(32)	(3)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, pretax	(37)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, tax	8
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	(29)	0	0
Total net unrealized gains (losses) on cash flow hedges, pretax	(52)	30	36
Total net unrealized gains (losses) on cash flow hedges, tax	11	(6)	(8)
Total net unrealized gains (losses) on cash flow hedges	(41)	24	28
Foreign currency translation adjustments, pretax	(2)	(1)	7
Foreign currency translation adjustments, tax	0	0	0
Foreign currency translation adjustments	(2)	(1)	7
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Unrealized holding gains (losses) on pension and OPRP arising during the period, pretax	(1)
Unrealized holding gains (losses) on pension and OPRP arising during the period, tax	0
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)	(1)	0
Reclassification adjustment for pension settlement loss included in other expense in net earnings, pretax	11
Reclassification adjustment for pension settlement loss included in other expense in net earnings, tax	(2)
Reclassification adjustment for pension settlement loss included in net earnings	9	1	1
Total pension and OPRP adjustments, pretax	10	0	1
Total pension and OPRP adjustments, tax	(2)	0	0
Total pension and OPRP adjustments	8	0	1
Noncontrolling Interests
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	0	0	0
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	0	0	0
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	0	0	0
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	0
Total net unrealized gains (losses) on securities	0	0	0
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	0	0	0
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	0	0
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	0
Total net unrealized gains (losses) on cash flow hedges	0	0	0
Foreign currency translation adjustments	0	(2)	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	0
Reclassification adjustment for pension settlement loss included in net earnings	0
Total pension and OPRP adjustments	0	0	0
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(1,154)	414	815
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	218	(700)	(788)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	(17)	(307)	(9)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	(884)
Total net unrealized gains (losses) on securities	(1,119)	393	779
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(1)	56	31
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	(11)	(32)	(3)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	(29)
Total net unrealized gains (losses) on cash flow hedges	(41)	24	28
Foreign currency translation adjustments	(2)	(3)	7
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)
Reclassification adjustment for pension settlement loss included in net earnings	9
Total pension and OPRP adjustments	8	0	1
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1,255	862	83
Accumulated other comprehensive income, net of tax	136	1,255	862
AOCI ending balance	136	1,255	862
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	41	17	(11)
Accumulated other comprehensive income, net of tax	0	41	17
AOCI ending balance	0	41	17
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(16)	(9)	(16)
Accumulated other comprehensive income, net of tax	(18)	(16)	(9)
AOCI ending balance	(18)	(16)	(9)
Accumulated foreign currency adjustment attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(4)
Accumulated other comprehensive income, net of tax		(4)
AOCI ending balance		(4)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(7)	(7)	(8)
Accumulated other comprehensive income, net of tax	1	(7)	(7)
AOCI ending balance	1	(7)	(7)
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1,273	863	48
Other comprehensive income (loss)	(1,154)	414	815
Accumulated other comprehensive income, net of tax	119	1,273	863
AOCI ending balance	119	1,273	863
AOCI attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(4)
Accumulated other comprehensive income, net of tax		(4)
AOCI ending balance		(4)
AOCI attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	$ 0	$ (2)	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%
Income tax expense (benefit)	$ 254	$ 25	$ 143
Effective income tax rate reconciliation, percent, excluding the impact of the sale of subsidiaries		28.00%
Income (losses) subject to tax in foreign jurisdictions	33	$ (131)	(109)
Operating loss carryforwards, valuation allowance	9
Interest on income taxes accrued		0
Amount of expense for penalties related to a tax position	0
Cash payments for income taxes	$ 212	179	278
Limitation on the use of tax credit carryforwards	A SRLY NOL can be used only by the entity that created it and only in years that both it and the consolidated group have taxable income. Approximately $27 million of AFG’s SRLY NOLs expired unutilized at December 31, 2021.
Amount unutilized
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 27
Neon Capital Limited
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)		(72)
Income tax benefit, portion attributable to current taxes payable		(65)
AFG
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)	360	127	239
Unrecognized tax benefits that would impact the effective tax rate		0
Interest included in tax provision		0	0
Income tax penalties accrued	0	0
Maximum | AFG
Income Tax Reconciliation [Line Items]
Unrecognized tax benefits that would impact the effective tax rate	1
Interest included in tax provision	1
Interest on income taxes accrued	1
Amount of expense for penalties related to a tax position		$ 0	$ 1
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 37			£ 28

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations before income taxes (“EBT”)	$ 1,335	$ 339	$ 634
Income taxes at statutory rate	280	71	133
Effect of employee stock ownership plan dividend paid deduction	(16)	(2)	(3)
Effect of stock-based compensation	(13)	(4)	(7)
Effect of tax exempt interest	(8)	(10)	(11)
Effect of change in valuation allowance (excluding change in tax rate)	(4)	(117)	17
Effect of dividends received deduction	(2)	(2)	(3)
Effect of adjustments to prior year taxes	(1)	1	(2)
Effect of sale of subsidiaries	0	(72)	0
Effect of nondeductible expenses	8	4	8
Effect of foreign operations	0	149	4
Effect of other income tax reconciliation	10	7	7
Provision for income taxes as shown in the Statement of Earnings	$ 254	$ 25	$ 143
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%
Effect of employee stock ownership plan dividend paid deduction as a percentage of EBT	(1.00%)	(1.00%)	0.00%
Effect of stock-based compensation as a percentage of EBT	(1.00%)	(1.00%)	(1.00%)
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(3.00%)	(2.00%)
Effect of change in valuation allowance (excluding change in tax rate) as a percentage of EBT	0.00%	(35.00%)	3.00%
Effect of dividend received deduction as a percentage of EBT	0.00%	(1.00%)	0.00%
Effect of prior year income taxes as a percentage of EBT	0.00%	0.00%	0.00%
Effect sale of subsidiaries as a percentage of EBT	0.00%	(21.00%)	0.00%
Effect of nondeductible expenses as a percentage of EBT	1.00%	1.00%	1.00%
Effect of foreign operations as a percentage of EBT	0.00%	44.00%	1.00%
Effect of other income tax reconciliation as a percentage of EBT	0.00%	3.00%	0.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	19.00%	7.00%	23.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current taxes:
Federal	$ 162	$ 46	$ 103
State	7	4	5
Foreign	1	3	2
Deferred taxes:
Federal	84	(28)	33
Provision for income taxes as shown in the Statement of Earnings	$ 254	$ 25	$ 143

Income Taxes - Operating and ca

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2021 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. | Expiring 2022 - 2041
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 56
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 37	£ 28

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal net operating loss carryforwards	$ 12	$ 15
Foreign underwriting losses	9	6
Capital loss carryforwards	0	7
Insurance claims and reserves	249	240
Employee benefits	112	102
Other, net	26	45
Total deferred tax assets before valuation allowance	408	415
Valuation allowance against deferred tax assets	(25)	(29)
Total deferred tax assets	383	386
Deferred tax liabilities:
Investment securities	(200)	(129)
Deferred policy acquisition costs	(61)	(55)
Insurance claims and reserves transition liability	(17)	(21)
Real estate, property and equipment	(29)	(33)
Total deferred tax liabilities	(307)	(238)
Net deferred tax asset	$ 76	$ 148

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance			$ 3,419	$ 3,117	$ 3,024	$ 2,942
Property and Casualty Group
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves	$ 47	$ 18
Liability for asbestos and environmental reserves			555
Former railroad and manufacturing operations
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves	$ 21	$ 11
American Premier and its subsidiaries
Loss Contingencies [Line Items]
Liability for environmental and other claims			87
GAFRI
Loss Contingencies [Line Items]
Liability for environmental and other claims			7
A&E reserves | Property and Casualty Group
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance			$ 147

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	$ 1,230
Workers' compensation insurance discount rate	3.50%	3.50%
Workers' compensation insurance discount, which has reduced the liability for unpaid losses and loss adjustment expenses	$ 8	$ 9
Pretax COVID-19 related losses	16	115
Amortization of deferred policy acquisition costs	580	615	$ 721
Dividends on common stock	2,380	336	446
Dividends payments without violating the most restrictive debt covenants, minimum	1,000
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	$ 843
Maximum | Allowance for reinsurance recoverables
Insurance [Line Items]
Net expense reduction against the allowance for losses on reinsurance recoverables			1
Catastrophe Bonds
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention percentage	94.00%
Catastrophe reinsurance coverage, excess retention amount	$ 325
Catastrophe reinsurance coverage, retention amount	125
Catastrophe reinsurance coverage, annual cost	16
Neon exited lines charge
Insurance [Line Items]
Prior year claims and claims adjustment expense	0	19	7
Other
Insurance [Line Items]
Prior year claims and claims adjustment expense	(279)	(193)	(168)
Other | COVID-19
Insurance [Line Items]
Prior year claims and claims adjustment expense	$ 19
Property and casualty insurance | Other lines
Insurance [Line Items]
Special A&E charges		47	$ 18
Neon Capital Limited | Property and casualty insurance | Other lines
Insurance [Line Items]
Pretax COVID-19 related losses		$ 20

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period	$ 10,392	$ 10,232	$ 9,741
Less reinsurance recoverables, net of allowance	3,419	3,117	3,024	$ 2,942
Net liability at beginning of period	7,275	7,208	6,799
Liability for losses and loss adjustment expenses, period increase (decrease) [Abstract]
Provision for losses and LAE occurring in the current year	3,436	3,398	3,414
Net increase (decrease) in the provision for claims of prior years:
Total losses and LAE incurred	3,157	3,271	3,271
Payments for losses and LAE of:
Current year	(1,024)	(990)	(1,076)
Prior years	(1,753)	(1,766)	(1,790)
Total payments	(2,777)	(2,756)	(2,866)
Reserves of businesses disposed	0	(449)	0
Foreign currency translation and other	0	1	4
Net liability at end of period	7,655	7,275	7,208
Add back reinsurance recoverables, net of allowance	3,419	3,117	3,024
Gross unpaid losses and LAE included in the balance sheet	11,074	10,392	10,232
Special A&E charges
Net increase (decrease) in the provision for claims of prior years:
Special A&E charges	0	47	18
Neon exited lines
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	0	19	7
Other
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	$ (279)	$ (193)	$ (168)

Insurance - Reconciliation of i

Insurance - Reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 7,655	$ 7,275	$ 7,208	$ 6,799
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,419	3,117	3,024	2,942
Unpaid losses and loss adjustment expenses	11,074	$ 10,392	$ 10,232	$ 9,741
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	6,455
Other unpaid losses and LAE, net of reinsurance	1,200
Unallocated LAE	382
Total reserves, net of reinsurance	7,655
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,419
Unpaid losses and loss adjustment expenses	11,074
Property and casualty insurance | Foreign operations
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	349
Property and casualty insurance | A&E reserves
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	408
Property and casualty insurance | Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	61
Property and casualty insurance | Property and transportation
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	1,318
Property and casualty insurance | Specialty casualty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	4,447
Property and casualty insurance | Specialty financial
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	256
Property and casualty insurance | Other specialty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	$ 434

Insurance - Short-duration insu

Insurance - Short-duration insurance contracts, claims development (Details) - Property and casualty insurance $ in Millions	Dec. 31, 2021USD ($)claim	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 22,651
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	16,632
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	436
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	6,455
Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,866	$ 1,875	$ 1,886	$ 1,906	$ 1,941	$ 1,955	$ 1,947	$ 1,946	$ 1,952	$ 1,970
Total IBNR Plus Expected Development on Reported Claims	$ 29
Cumulative Number of Reported Claims | claim	219,065
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,815	1,805	1,788	1,785	1,735	1,675	1,579	1,418	1,214	824
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.30%
Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,948	1,956	1,969	1,982	2,000	1,996	2,000	2,011	2,036
Total IBNR Plus Expected Development on Reported Claims	$ 42
Cumulative Number of Reported Claims | claim	222,550
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,871	1,851	1,824	1,774	1,714	1,617	1,443	1,214	697
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.00%
Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,954	1,957	1,978	2,004	2,038	2,040	2,050	2,083
Total IBNR Plus Expected Development on Reported Claims	$ 64
Cumulative Number of Reported Claims | claim	219,626
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,847	1,812	1,773	1,705	1,588	1,422	1,174	594
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.50%
Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,003	2,013	2,022	2,038	2,041	2,047	2,114
Total IBNR Plus Expected Development on Reported Claims	$ 85
Cumulative Number of Reported Claims | claim	230,625
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,847	1,791	1,722	1,592	1,404	1,129	619
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.20%
Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,004	2,034	2,060	2,082	2,083	2,117
Total IBNR Plus Expected Development on Reported Claims	$ 156
Cumulative Number of Reported Claims | claim	222,755
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,750	1,662	1,539	1,350	1,099	577
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	87.30%
Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,269	2,301	2,329	2,348	2,375
Total IBNR Plus Expected Development on Reported Claims	$ 239
Cumulative Number of Reported Claims | claim	246,470
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,844	1,736	1,524	1,250	709
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.30%
Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,439	2,499	2,516	2,507
Total IBNR Plus Expected Development on Reported Claims	$ 382
Cumulative Number of Reported Claims | claim	235,776
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,807	1,606	1,337	730
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	74.10%
Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,672	2,674	2,721
Total IBNR Plus Expected Development on Reported Claims	$ 574
Cumulative Number of Reported Claims | claim	253,599
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,768	1,448	847
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	66.20%
Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,635	2,748
Total IBNR Plus Expected Development on Reported Claims	$ 898
Cumulative Number of Reported Claims | claim	202,683
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,337	758
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	50.70%
Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,861
Total IBNR Plus Expected Development on Reported Claims	$ 1,531
Cumulative Number of Reported Claims | claim	179,651
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 746
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	26.10%
Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 6,019
Property and transportation
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	8,841
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,546
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	23
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,318
Property and transportation | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	877	879	881	886	890	894	883	871	857	864
Total IBNR Plus Expected Development on Reported Claims	$ 3
Cumulative Number of Reported Claims | claim	143,144
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 873	872	869	882	856	842	816	772	708	572
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.50%
Property and transportation | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 870	871	873	877	878	878	872	870	882
Total IBNR Plus Expected Development on Reported Claims	$ 5
Cumulative Number of Reported Claims | claim	138,947
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 861	860	858	847	831	804	760	702	438
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.00%
Property and transportation | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 802	804	808	815	820	817	828	844
Total IBNR Plus Expected Development on Reported Claims	$ 6
Cumulative Number of Reported Claims | claim	133,218
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 791	789	783	770	744	693	632	329
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.60%
Property and transportation | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 768	772	777	777	779	784	818
Total IBNR Plus Expected Development on Reported Claims	$ 9
Cumulative Number of Reported Claims | claim	134,923
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 750	744	736	707	667	582	359
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.70%
Property and transportation | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 688	694	706	714	716	746
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	121,191
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 656	640	618	577	521	294
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.30%
Property and transportation | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 816	823	843	847	889
Total IBNR Plus Expected Development on Reported Claims	$ 19
Cumulative Number of Reported Claims | claim	140,714
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 755	735	696	640	379
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.50%
Property and transportation | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 876	886	902	932
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	130,271
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 781	738	676	396
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.20%
Property and transportation | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,051	1,058	1,111
Total IBNR Plus Expected Development on Reported Claims	$ 65
Cumulative Number of Reported Claims | claim	153,560
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 904	823	527
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	86.00%
Property and transportation | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 974	1,043
Total IBNR Plus Expected Development on Reported Claims	$ 138
Cumulative Number of Reported Claims | claim	120,696
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 726	461
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	74.50%
Property and transportation | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,119
Total IBNR Plus Expected Development on Reported Claims	$ 397
Cumulative Number of Reported Claims | claim	108,153
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 449
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	40.10%
Property and transportation | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 1,295
Specialty casualty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	11,217
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,153
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	383
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	4,447
Specialty casualty | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	826	833	842	849	877	883	885	885	892	901
Total IBNR Plus Expected Development on Reported Claims	$ 23
Cumulative Number of Reported Claims | claim	54,827
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 783	775	761	745	723	684	621	516	385	173
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.80%
Specialty casualty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 898	905	916	926	945	940	945	949	968
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	55,128
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 835	820	797	766	729	666	554	396	182
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.00%
Specialty casualty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 950	952	967	982	1,006	1,008	1,008	1,035
Total IBNR Plus Expected Development on Reported Claims	$ 50
Cumulative Number of Reported Claims | claim	56,942
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 862	829	801	755	680	574	412	190
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.70%
Specialty casualty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,015	1,021	1,024	1,042	1,041	1,043	1,081
Total IBNR Plus Expected Development on Reported Claims	$ 67
Cumulative Number of Reported Claims | claim	58,076
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 888	844	792	702	577	411	178
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	87.50%
Specialty casualty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,069	1,090	1,101	1,116	1,122	1,131
Total IBNR Plus Expected Development on Reported Claims	$ 124
Cumulative Number of Reported Claims | claim	56,407
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 870	806	713	584	418	186
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.40%
Specialty casualty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,162	1,189	1,204	1,221	1,211
Total IBNR Plus Expected Development on Reported Claims	$ 200
Cumulative Number of Reported Claims | claim	56,975
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 833	755	612	422	200
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	71.70%
Specialty casualty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,262	1,302	1,307	1,277
Total IBNR Plus Expected Development on Reported Claims	$ 297
Cumulative Number of Reported Claims | claim	58,808
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 794	649	475	210
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	62.90%
Specialty casualty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,322	1,311	1,308
Total IBNR Plus Expected Development on Reported Claims	$ 442
Cumulative Number of Reported Claims | claim	58,304
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 651	455	212
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	49.20%
Specialty casualty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,329	1,352
Total IBNR Plus Expected Development on Reported Claims	$ 631
Cumulative Number of Reported Claims | claim	52,733
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 446	188
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	33.60%
Specialty casualty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,384
Total IBNR Plus Expected Development on Reported Claims	$ 907
Cumulative Number of Reported Claims | claim	48,149
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 191
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	13.80%
Specialty casualty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 4,064
Specialty financial
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,726
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	1,468
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	(2)
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	256
Specialty financial | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	125	126	127	132	135	137	139	151	163	163
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	21,094
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 125	125	126	128	126	121	117	109	104	71
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	100.00%
Specialty financial | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 120	122	122	126	127	131	137	145	140
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	28,475
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 118	118	118	117	117	113	107	100	70
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.30%
Specialty financial | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 136	137	142	147	153	156	157	146
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	29,466
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 140	141	139	137	128	125	109	62
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	102.90%
Specialty financial | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 136	138	145	153	158	160	156
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	37,626
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 134	134	132	133	129	110	72
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.50%
Specialty financial | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 170	174	182	187	184	179
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	45,157
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 164	163	161	158	141	88
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.50%
Specialty financial | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 203	208	212	215	212
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	48,781
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 193	194	186	169	120
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.10%
Specialty financial | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 207	219	217	212
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	46,697
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 188	187	163	112
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.80%
Specialty financial | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 191	198	194
Total IBNR Plus Expected Development on Reported Claims	$ 23
Cumulative Number of Reported Claims | claim	41,735
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 164	146	99
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.90%
Specialty financial | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 215	231
Total IBNR Plus Expected Development on Reported Claims	$ 49
Cumulative Number of Reported Claims | claim	29,254
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 144	100
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	67.00%
Specialty financial | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 223
Total IBNR Plus Expected Development on Reported Claims	$ 110
Cumulative Number of Reported Claims | claim	23,349
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 98
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	43.90%
Specialty financial | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 258
Other specialty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	867
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	465
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	32
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	434
Other specialty | Accident Year 2012
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	38	37	36	39	39	41	40	39	40	42
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 34	33	32	30	30	28	25	21	17	$ 8
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.50%
Other specialty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 60	58	58	53	50	47	46	47	46
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 57	53	51	44	37	34	22	16	$ 7
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.00%
Other specialty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 66	64	61	60	59	59	57	58
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 54	53	50	43	36	30	21	$ 13
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.80%
Other specialty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 84	82	76	66	63	60	59
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 75	69	62	50	31	26	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.30%
Other specialty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 77	76	71	65	61	61
Total IBNR Plus Expected Development on Reported Claims	$ 13
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 60	53	47	31	19	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	77.90%
Other specialty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 88	81	70	65	63
Total IBNR Plus Expected Development on Reported Claims	$ 12
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 63	52	30	19	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	71.60%
Other specialty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 94	92	90	86
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 44	32	23	$ 12
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	46.80%
Other specialty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 108	107	108
Total IBNR Plus Expected Development on Reported Claims	$ 44
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 49	24	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	45.40%
Other specialty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 117	122
Total IBNR Plus Expected Development on Reported Claims	$ 80
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 21	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	17.90%
Other specialty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 135
Total IBNR Plus Expected Development on Reported Claims	$ 117
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 8
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	5.90%
Other specialty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 402

Insurance - Short-duration in_2

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2021
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	31.80%
Year 2	24.60%
Year 3	12.10%
Year 4	8.90%
Year 5	5.60%
Year 6	3.50%
Year 7	2.50%
Year 8	1.10%
Year 9	1.00%
Year 10	0.50%
Year 1, Cumulative	31.80%
Year 2, Cumulative	56.40%
Year 3, Cumulative	68.50%
Year 4, Cumulative	77.40%
Year 5, Cumulative	83.00%
Year 6, Cumulative	86.50%
Year 7, Cumulative	89.00%
Year 8, Cumulative	90.10%
Year 9, Cumulative	91.10%
Year 10, Cumulative	91.60%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	47.50%
Year 2	29.40%
Year 3	7.80%
Year 4	5.30%
Year 5	3.10%
Year 6	1.70%
Year 7	1.40%
Year 8	(0.30%)
Year 9	0.20%
Year 10	0.10%
Year 1, Cumulative	47.50%
Year 2, Cumulative	76.90%
Year 3, Cumulative	84.70%
Year 4, Cumulative	90.00%
Year 5, Cumulative	93.10%
Year 6, Cumulative	94.80%
Year 7, Cumulative	96.20%
Year 8, Cumulative	95.90%
Year 9, Cumulative	96.10%
Year 10, Cumulative	96.20%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	17.40%
Year 2	21.70%
Year 3	15.90%
Year 4	12.10%
Year 5	7.80%
Year 6	5.00%
Year 7	3.30%
Year 8	2.70%
Year 9	1.70%
Year 10	1.00%
Year 1, Cumulative	17.40%
Year 2, Cumulative	39.10%
Year 3, Cumulative	55.00%
Year 4, Cumulative	67.10%
Year 5, Cumulative	74.90%
Year 6, Cumulative	79.90%
Year 7, Cumulative	83.20%
Year 8, Cumulative	85.90%
Year 9, Cumulative	87.60%
Year 10, Cumulative	88.60%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	52.10%
Year 2	26.50%
Year 3	9.40%
Year 4	3.20%
Year 5	2.20%
Year 6	1.50%
Year 7	1.00%
Year 8	(0.80%)
Year 9	(0.40%)
Year 10	0.00%
Year 1, Cumulative	52.10%
Year 2, Cumulative	78.60%
Year 3, Cumulative	88.00%
Year 4, Cumulative	91.20%
Year 5, Cumulative	93.40%
Year 6, Cumulative	94.90%
Year 7, Cumulative	95.90%
Year 8, Cumulative	95.10%
Year 9, Cumulative	94.70%
Year 10, Cumulative	94.70%
Other specialty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	12.20%
Year 2	14.30%
Year 3	12.60%
Year 4	17.30%
Year 5	9.70%
Year 6	9.00%
Year 7	5.80%
Year 8	3.40%
Year 9	4.60%
Year 10	2.60%
Year 1, Cumulative	12.20%
Year 2, Cumulative	26.50%
Year 3, Cumulative	39.10%
Year 4, Cumulative	56.40%
Year 5, Cumulative	66.10%
Year 6, Cumulative	75.10%
Year 7, Cumulative	80.90%
Year 8, Cumulative	84.30%
Year 9, Cumulative	88.90%
Year 10, Cumulative	91.50%

Insurance - Net earnings and ca

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - Property and casualty companies - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory information
Net Earnings	$ 1,007	$ 481	$ 584
Capital and Surplus	$ 4,221	$ 3,643

Insurance - Reinsurance informa

Insurance - Reinsurance information table including assumed, ceded, and recoveries (Details) - Property and casualty insurance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effects of Reinsurance [Line Items]
Direct premiums written	$ 7,700	$ 6,862	$ 7,044
Reinsurance assumed	246	225	255
Reinsurance ceded	(2,373)	(2,074)	(1,957)
Net written premiums	5,573	5,013	5,342
Direct premiums earned	7,462	6,846	6,848
Reinsurance assumed	249	237	226
Reinsurance ceded	(2,307)	(1,984)	(1,889)
Net earned premiums	5,404	5,099	5,185
Reinsurance recoveries	$ 1,478	$ 1,522	$ 1,404

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 6	$ 18
Impact of adoption of new accounting policy	8	6	$ 11
Provision for expected credit losses	2	0
Write-offs charged against the allowance	0	0
Businesses disposed	0	1
Ending balance	$ 8	$ 6

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 10	$ 13
Impact of adoption of new accounting policy	8	10	$ 3
Provision for expected credit losses	(2)	1
Write-offs charged against the allowance	0	(1)
Businesses disposed	0	0
Ending balance	$ 8	$ 10

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitments to fund credit facilities and limited partnerships	$ 499
Retirement and employee savings plan expense	$ 61	$ 41	$ 39

Condensed Financial Informati_2

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 2,131	$ 1,665
Other investments	150	220
Other assets	902	977
Total assets	28,931	73,710
Liabilities and Equity:
Long-term debt	1,964	1,963
Other liabilities	1,700	1,584
Shareholders’ equity	5,012	6,789
Total liabilities and shareholders’ equity	28,931	73,710
AFG
Assets:
Cash and cash equivalents	589	215	$ 166	$ 158
Investment in securities	1,281	80
Investment in subsidiaries	5,334	8,525
Other investments	2	2
Other assets	103	213
Total assets	7,309	9,035
Liabilities and Equity:
Long-term debt	1,964	1,963
Other liabilities	333	283
Shareholders’ equity	5,012	6,789
Total liabilities and shareholders’ equity	$ 7,309	$ 9,035

Condensed Financial Informati_3

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 6,552	$ 5,769	$ 6,213
Costs and Expenses:
Interest charges on other borrowings	94	88	68
Other expenses	264	279	276
Total costs and expenses	5,217	5,430	5,579
Earnings from continuing operations before income taxes	1,335	339	634
Provision for income taxes	254	25	143
Net Earnings Attributable to Shareholders	1,995	732	897
AFG
Revenues:
Dividends from subsidiaries	835	543	417
Equity in undistributed earnings of subsidiaries	1,721	474	888
Investment and other income	29	32	20
Total revenues	2,585	1,049	1,325
Costs and Expenses:
Interest charges on intercompany borrowings	7	8	8
Interest charges on other borrowings	94	88	68
Other expenses	129	94	113
Total costs and expenses	230	190	189
Earnings from continuing operations before income taxes	2,355	859	1,136
Provision for income taxes	360	127	239
Net Earnings Attributable to Shareholders	$ 1,995	$ 732	$ 897

Condensed Financial Informati_4

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Other Comprehensive Income [Abstract]
Net earnings (loss) attributable to shareholders	$ 1,995	$ 732	$ 897
Comprehensive income attributable to shareholders	841	1,146	1,712
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings (loss) attributable to shareholders	1,995	732	897
Other comprehensive income (loss), net of tax	(1,154)	414	815
Comprehensive income attributable to shareholders	$ 841	$ 1,146	$ 1,712

Condensed Financial Informati_5

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net earnings (loss) attributable to shareholders	$ 1,995	$ 732	$ 897
Adjustments:
Net cash provided by operating activities	1,714	2,183	2,456
Investing Activities:
Payments to acquire subsidiaries	(123)	(3)	0
Net cash used in investing activities	(436)	(1,564)	(3,065)
Financing Activities:
Additional long-term borrowings	0	634	315
Reductions of long-term debt	0	(150)	(150)
Issuances of Common Stock	66	22	36
Repurchases of Common Stock	(319)	(313)	0
Cash dividends paid on Common Stock	(2,374)	(334)	(444)
Net cash provided by (used in) financing activities	(1,957)	(123)	1,408
Cash and cash equivalents at beginning of year	1,665
Cash and cash equivalents at end of year	2,131	1,665
AFG
Operating Activities:
Net earnings (loss) attributable to shareholders	1,995	732	897
Adjustments:
Equity in net earnings of subsidiaries	(2,144)	(780)	(1,032)
Dividends from subsidiaries	830	543	408
Other operating activities, net	152	(12)	33
Net cash provided by operating activities	833	483	306
Investing Activities:
Capital contributions to subsidiaries	(107)	(297)	(60)
Returns of capital from subsidiaries	3	0	4
Investments, property and equipment	(1,478)	(2)	(3)
Payments to acquire subsidiaries	(120)	0	0
Proceeds from maturities and redemptions of investments	277	2	3
Sales of investments, property and equipment	11	0	0
Proceeds from sales of businesses	3,581	3	0
Net cash used in investing activities	2,167	(294)	(56)
Financing Activities:
Additional long-term borrowings	0	634	315
Reductions of long-term debt	0	(150)	(150)
Issuances of Common Stock	67	23	37
Repurchases of Common Stock	(319)	(313)	0
Cash dividends paid on Common Stock	(2,374)	(334)	(444)
Net cash provided by (used in) financing activities	(2,626)	(140)	(242)
Cash and cash equivalents, period increase (decrease)	374	49	8
Cash and cash equivalents at beginning of year	215	166	158
Cash and cash equivalents at end of year	$ 589	$ 215	$ 166

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 267	$ 244	$ 322
Reserves for claims and unpaid losses and LAE	11,074	10,392	10,232
Unearned premiums	3,041	2,803	2,830
Net earned premiums	5,404	5,099	5,185
Net investment income	730	461	532
Claims, losses and settlement expenses	3,157	3,271	3,271
Amortization of deferred policy acquisition costs	580	615	721
Other operating expenses	1,480	1,544	1,587
Net written premiums	5,573	5,013	5,342
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	267	244	322
Reserves for claims and unpaid losses and LAE	11,074	10,392	10,232
Unearned premiums	3,041	2,803	2,830
Net earned premiums	5,404	5,099	5,185
Net investment income	663	399	472
Claims, losses and settlement expenses	3,157	3,271	3,271
Amortization of deferred policy acquisition costs	580	615	721
Other operating expenses	967	1,036	1,027
Net written premiums	5,573	5,013	5,342
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net investment income	67	62	60
Other operating expenses	$ 513	$ 508	$ 560