American Financial (AFG) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-13653
Entity Registrant Name	AMERICAN FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1544320
Entity Central Index Key	0001042046
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,143,503
Entity Common Stock, Shares Outstanding Owned by Subsidiaries		14,900,000
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 794	$ 2,131
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,744 and $10,193; allowance for expected credit losses of $9 and $9)	10,034	10,357
Fixed maturities, trading at fair value	30	28
Equity securities, at fair value	996	1,042
Investments accounted for using the equity method	1,661	1,517
Mortgage loans	676	520
Real estate and other investments	131	150
Total cash and investments	14,322	15,745
Recoverables from reinsurers	4,108	3,519
Prepaid reinsurance premiums	1,180	834
Agents’ balances and premiums receivable	1,698	1,265
Deferred policy acquisition costs	292	267
Other receivables	1,328	857
Other assets	1,259	902
Goodwill	246	246
Total assets	29,532	28,931
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	12,067	11,074
Unearned premiums	3,785	3,041
Payable to reinsurers	1,366	920
Long-term debt	1,533	1,964
Other liabilities	1,847	1,700
Total liabilities	25,600	23,919
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 85,140,521 and 84,920,965 shares outstanding	85	85
Capital surplus	1,358	1,330
Retained earnings	3,091	3,478
Accumulated other comprehensive income (loss), net of tax	(602)	119
Total shareholders’ equity	3,932	5,012
Total liabilities and shareholders’ equity	29,532	28,931
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	5,099	5,296
Total assets	5,099	5,296
Liabilities and Equity:
Liabilities of managed investment entities	5,002	5,220
Total liabilities	$ 5,002	$ 5,220

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 10,744	$ 10,193
Fixed maturities, available for sale, allowance for expected credit losses	$ 9	$ 9
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized (shares)	200,000,000	200,000,000
Common Stock, shares outstanding (shares)	85,140,521	84,920,965

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Property and casualty insurance net earned premiums	$ 1,767	$ 1,529	$ 4,462	$ 3,952
Net investment income	151	169	549	521
Realized gains (losses) on:
Securities	(35)	(17)	(143)	103
Subsidiaries	0	0	0	4
Income of managed investment entities:
Investment income	75	45	175	135
Gain (loss) on change in fair value of assets/liabilities	(5)	1	(25)	9
Other income	31	27	93	70
Total revenues	1,984	1,754	5,111	4,794
Property and casualty insurance:
Losses and loss adjustment expenses	1,176	954	2,643	2,335
Commissions and other underwriting expenses	445	417	1,291	1,187
Interest charges on borrowed money	19	24	65	71
Expenses of managed investment entities	62	37	148	115
Other expenses	72	55	187	196
Total costs and expenses	1,774	1,487	4,334	3,904
Earnings from continuing operations before income taxes	210	267	777	890
Provision for income taxes	45	48	155	164
Net earnings from continuing operations	165	219	622	726
Net earnings from discontinued operations	0	0	0	914
Net Earnings	$ 165	$ 219	$ 622	$ 1,640
Earnings per Basic Common Share:
Basic (USD per share) from continuing operations	$ 1.93	$ 2.57	$ 7.30	$ 8.52
Basic (USD per share) from discontinued operations	0	0	0	10.72
Basic (USD per share)	1.93	2.57	7.30	19.24
Earnings per Diluted Common Share:
Diluted (USD per share) from continuing operations	1.93	2.56	7.29	8.45
Diluted (USD per share) from discontinued operations	0	0	0	10.66
Diluted (USD per share)	$ 1.93	$ 2.56	$ 7.29	$ 19.11
Average number of Common Shares:
Basic (shares)	85.2	84.8	85.1	85.2
Diluted (shares)	85.4	85.2	85.3	85.8

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 165	$ 219	$ 622	$ 1,640
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period	(231)	(29)	(698)	(177)
Reclassification adjustment for realized (gains) losses included in net earnings	3	2	8	(16)
Reclassification adjustment for unrealized gains of subsidiaries sold	0	0	0	(884)
Total net unrealized losses on securities	(228)	(27)	(690)	(1,077)
Net unrealized losses on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(21)	0	(27)	(1)
Reclassification adjustment for investment income included in net earnings	0	0	(2)	(11)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	0	0	0	(29)
Total net unrealized losses on cash flow hedges	(21)	0	(29)	(41)
Foreign currency translation adjustments	(5)	(3)	(2)	(3)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding losses on pension and OPRP arising during the period	0	0	0	(1)
Reclassification adjustment for pension settlement loss included in net earnings	0	0	0	9
Total pension and OPRP adjustments	0	0	0	8
Other comprehensive loss, net of tax	(254)	(30)	(721)	(1,113)
Comprehensive income (loss)	$ (89)	$ 189	$ (99)	$ 527

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income Loss
Beginning Balance (shares) at Dec. 31, 2020			86,345,246
Beginning Balance at Dec. 31, 2020		$ 6,789		$ 1,367	$ 4,149	$ 1,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,640	1,640			1,640
Other comprehensive loss		(1,113)				(1,113)
Dividends		(1,826)			(1,826)
Shares issued:
Exercise of stock options (shares)			1,118,586
Exercise of stock options		55		55
Restricted stock awards (shares)			207,020
Other benefit plans (shares)			60,494
Other benefit plans		7		7
Dividend reinvestment plan (shares)			42,926
Dividend reinvestment plan		5		5
Stock-based compensation expense		11		11
Shares acquired and retired (shares)			(2,769,182)
Shares acquired and retired		(318)		(44)	(274)
Shares exchanged — benefit plans (shares)			(91,926)
Shares exchanged — benefit plans		(10)		(1)	(9)
Forfeitures of restricted stock (shares)			(118,156)
Ending Balance (shares) at Sep. 30, 2021			84,795,008
Ending Balance at Sep. 30, 2021		5,240		1,400	3,680	160
Beginning Balance (shares) at Jun. 30, 2021			84,713,927
Beginning Balance at Jun. 30, 2021		5,601		1,388	4,023	190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 219	219			219
Other comprehensive loss		(30)				(30)
Dividends		(551)			(551)
Shares issued:
Exercise of stock options (shares)			153,842
Exercise of stock options		6		6
Other benefit plans (shares)			17,029
Other benefit plans		2		2
Dividend reinvestment plan (shares)			6,272
Dividend reinvestment plan		1		1
Stock-based compensation expense		4		4
Shares acquired and retired (shares)			(94,960)
Shares acquired and retired		(12)		(1)	(11)
Shares exchanged — benefit plans (shares)			(562)
Forfeitures of restricted stock (shares)			(540)
Ending Balance (shares) at Sep. 30, 2021			84,795,008
Ending Balance at Sep. 30, 2021		5,240		1,400	3,680	160
Beginning Balance (shares) at Dec. 31, 2021	84,920,965		84,920,965
Beginning Balance at Dec. 31, 2021		5,012		1,415	3,478	119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 622	622			622
Other comprehensive loss		(721)				(721)
Dividends		(993)			(993)
Shares issued:
Exercise of stock options (shares)			138,498
Exercise of stock options		5		5
Restricted stock awards (shares)			151,080
Other benefit plans (shares)			54,171
Other benefit plans		7		7
Dividend reinvestment plan (shares)			27,518
Dividend reinvestment plan		4		4
Stock-based compensation expense		14		14
Shares acquired and retired (shares)			(80,701)
Shares acquired and retired		(10)		(1)	(9)
Shares exchanged — benefit plans (shares)			(57,195)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock (shares)			(13,815)
Ending Balance (shares) at Sep. 30, 2022	85,140,521		85,140,521
Ending Balance at Sep. 30, 2022		3,932		1,443	3,091	(602)
Beginning Balance (shares) at Jun. 30, 2022			85,154,263
Beginning Balance at Jun. 30, 2022		4,067		1,436	2,979	(348)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 165	165			165
Other comprehensive loss		(254)				(254)
Dividends		(48)			(48)
Shares issued:
Exercise of stock options (shares)			14,553
Other benefit plans (shares)			19,220
Other benefit plans		2		2
Dividend reinvestment plan (shares)			1,328
Dividend reinvestment plan		1		1
Stock-based compensation expense		4		4
Shares acquired and retired (shares)			(45,500)
Shares acquired and retired		(5)			(5)
Shares exchanged — benefit plans (shares)			(886)
Forfeitures of restricted stock (shares)			(2,457)
Ending Balance (shares) at Sep. 30, 2022	85,140,521		85,140,521
Ending Balance at Sep. 30, 2022		$ 3,932		$ 1,443	$ 3,091	$ (602)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 0.56	$ 6.50	$ 11.68	$ 21.50

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net earnings	$ 622	$ 1,640
Adjustments:
Depreciation and amortization	78	160
Annuity benefits	0	377
Realized (gains) losses on investing activities	136	(1,111)
Net purchases of trading securities	(2)	(6)
Deferred annuity and life policy acquisition costs	0	(98)
Change in:
Reinsurance and other receivables	(1,830)	(987)
Other assets	(163)	238
Insurance claims and reserves	1,737	1,204
Payable to reinsurers	446	339
Other liabilities	16	88
Managed investment entities’ assets/liabilities	133	(78)
Other operating activities, net	(130)	(341)
Net cash provided by operating activities	1,043	1,425
Purchases of:
Fixed maturities	(3,733)	(6,907)
Equity securities	(194)	(110)
Mortgage loans	(273)	(179)
Equity index options and other investments	(96)	(313)
Real estate, property and equipment	(72)	(53)
Businesses	(10)	0
Proceeds from:
Maturities and redemptions of fixed maturities	2,126	4,075
Repayments of mortgage loans	117	27
Sales of fixed maturities	1,068	690
Sales of equity securities	112	462
Sales and settlements of equity index options and other investments	128	562
Sales of real estate, property and equipment	31	25
Sales of businesses	0	3,547
Cash and cash equivalents of businesses sold	0	(2,060)
Managed investment entities:
Purchases of investments	(1,061)	(1,480)
Proceeds from sales and redemptions of investments	801	1,579
Other investing activities, net	(6)	32
Net cash used in investing activities	(1,062)	(103)
Financing Activities:
Reductions of long-term debt	(436)	0
Issuances of Common Stock	12	60
Repurchases of Common Stock	(10)	(318)
Cash dividends paid on Common Stock	(989)	(1,482)
Annuity receipts	0	2,403
Ceded annuity receipts	0	(311)
Annuity surrenders, benefits and withdrawals	0	(1,931)
Ceded annuity surrenders, benefits and withdrawals	0	282
Net transfers from variable annuity assets	0	34
Issuances of managed investment entities’ liabilities	666	1,665
Retirements of managed investment entities’ liabilities	(561)	(1,701)
Net cash used in financing activities	(1,318)	(1,299)
Net Change in Cash and Cash Equivalents	(1,337)	23
Cash and cash equivalents at beginning of period	2,131	2,810
Cash and cash equivalents at end of period	$ 794	$ 2,833

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to September 30, 2022, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first nine months of 2022. 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 its portfolio of limited partnerships and similar investments, which do not qualify for equity method accounting and are 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. The allowance is limited 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). 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. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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. Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. To qualify for hedge accounting, at the inception of a derivative contract, AFG formally documents the relationship between the terms of the hedge and the hedged items and its risk management objective. This documentation includes defining how hedge effectiveness is evaluated at the inception date and over the life of the derivative. Changes in the fair value of derivatives that are designated and qualify as highly effective cash flow hedges are recorded in AOCI and are reclassified into earnings when the variability of the cash flows from the hedged items impacts earnings. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line item in the statement of earnings as the cash flows from the hedged item. AFG uses interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities. 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. At September 30, 2022, assets and liabilities of managed investment entities included $117 million in assets and $105 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs when management believes market conditions are favorable. At closing, all warehoused assets will be transferred to the new CLOs and the liabilities will be repaid. Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate 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. At September 30, 2022 AFG has a $118 million lease liability included in other liabilities 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: third quarter of 2022 and 2021 — 0.2 million and 0.4 million; first nine months of 2022 and 2021 — 0.2 million and 0.6 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2022 and 2021. 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	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Annuity Business Effective May 31, 2021, AFG completed the sale of its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”). MassMutual acquired Great American Life Insurance Company 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) and AFG realized a $656 million net gain on the sale in the first nine months of 2021. Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions): May 31, 2021 Assets of businesses sold: Cash and cash equivalents $ 2,060 Investments 38,323 Recoverables from reinsurers 6,748 Other assets 2,152 Total assets of discontinued annuity operations 49,283 Liabilities of businesses sold: Annuity benefits accumulated 43,690 Other liabilities 1,813 Total liabilities of discontinued annuity operations 45,503 Reclassify AOCI (913) Net investment in annuity businesses sold, excluding AOCI $ 2,867 Details of the results of operations for the discontinued annuity operations were (in millions): Nine months ended September 30, 2021 (*) Net investment income $ 746 Realized gains on securities 112 Other income 52 Total revenues 910 Annuity benefits 377 Annuity and supplemental insurance acquisition expenses 136 Other expenses 73 Total costs and expenses 586 Earnings before income taxes from discontinued operations 324 Provision for income taxes on discontinued operations 66 Net earnings from operations, net of tax 258 Gain on sale, net of tax 656 Net earnings from discontinued operations $ 914 (*) 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): May 31, 2021 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): Nine months ended September 30, 2021 Net cash provided by operating activities $ 87 Net cash used in investing activities (1,709) Net cash provided by financing activities 477 Derivatives The vast majority of AFG’s derivatives that do not qualify for hedge accounting were held by the sold annuity subsidiaries. The following table summarizes the gains (losses) included in net earnings from discontinued operations Derivative Nine months ended September 30, 2021 (*) MBS with embedded derivatives $ (1) Fixed-indexed and variable-indexed annuities (embedded derivative) (222) Equity index call options 237 Equity index put options 5 Reinsurance contract (embedded derivative) 1 $ 20 (*) Results through the May 31, 2021 effective date of the sale.

Acquisition and Sale of Busines

Acquisition and Sale of Businesses	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisition and Sale of Businesses	Acquisition and Sale of Businesses Verikai In December 2021, AFG acquired Verikai, Inc., a machine learning and artificial intelligence company that utilizes predictive risk tools to assess insurance risk, for $120 million using cash on hand at the parent. Verikai continues 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. Annuity Operations See Note B — “Discontinued Operations,” for information on the 2021 sale of AFG’s annuity operations.

Segments of Operations

Segments of Operations	9 Months Ended
	Sep. 30, 2022
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 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. The following tables (in millions) show AFG’s revenues and earnings from continuing operations before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 857 $ 700 $ 1,805 $ 1,547 Specialty casualty 677 613 1,973 1,772 Specialty financial 171 163 505 477 Other specialty 62 53 179 156 Total premiums earned 1,767 1,529 4,462 3,952 Net investment income 145 165 524 467 Other income 2 4 12 9 Total property and casualty insurance 1,914 1,698 4,998 4,428 Other 105 73 256 208 Real estate-related entities (*) — — — 51 Total revenues before realized gains (losses) 2,019 1,771 5,254 4,687 Realized gains (losses) on securities (35) (17) (143) 103 Realized gain on subsidiaries — — — 4 Total revenues $ 1,984 $ 1,754 $ 5,111 $ 4,794 (*) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Earnings From Continuing Operations Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 39 $ 45 $ 140 $ 163 Specialty casualty 118 110 372 237 Specialty financial 15 26 81 72 Other specialty (14) (12) (30) (16) Other lines (3) (1) (5) (2) Total underwriting 155 168 558 454 Investment and other income, net 134 161 498 451 Total property and casualty insurance 289 329 1,056 905 Other (a) (44) (45) (136) (173) Real estate-related entities (b) — — — 51 Total earnings from continuing operations before realized gains (losses) and income taxes 245 284 920 783 Realized gains (losses) on securities (35) (17) (143) 103 Realized gain on subsidiaries — — — 4 Total earnings from continuing operations before income taxes $ 210 $ 267 $ 777 $ 890 (a) Includes holding company interest and expenses, including a gain of $1 million and a loss of $10 million on retirement of debt in the third quarter and first nine months of 2022, respectively. (b) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
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 acquisitions of Verikai in December 2021, and to a lesser extent, a small insurance agency in September 2022, which are discussed in Note C — “Acquisition and Sale of Businesses.” These liabilities are 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 related to the Verikai acquisition ($23 million at September 30, 2022), AFG uses a weighted probability-based income approach which includes significant unobservable inputs and is classified as Level 3. There was no change to the estimated fair value of this liability during the third quarter or first nine months of 2022. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total September 30, 2022 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 214 $ — $ — $ 214 States, municipalities and political subdivisions — 1,257 1 1,258 Foreign government — 223 — 223 Residential MBS — 1,596 8 1,604 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,804 2 1,806 Other asset-backed securities — 1,970 301 2,271 Corporate and other 10 2,268 295 2,573 Total AFS fixed maturities 224 9,203 607 10,034 Trading fixed maturities — 30 — 30 Equity securities 570 42 384 996 Assets of managed investment entities (“MIE”) 296 4,792 11 5,099 Total assets accounted for at fair value $ 1,090 $ 14,067 $ 1,002 $ 16,159 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 291 4,701 10 5,002 Other liabilities — derivatives — 46 — 46 Total liabilities accounted for at fair value $ 291 $ 4,747 $ 35 $ 5,073 December 31, 2021 Assets: Available for sale 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 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 Approximately 6% of the total assets carried at fair value at September 30, 2022, were Level 3 assets. Approximately 16% ($158 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 $23 million (2%) 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 23% ($231 million) of the Level 3 assets were equity investments in limited partnerships and similar investments that do not qualify for equity method accounting 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 represent approximately $590 million (59%) of the total fair value of Level 3 assets at September 30, 2022. Approximately 67% ($397 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 par value and the security is currently callable at par value, management caps the fair value at par value. Approximately 25% ($145 million) of the 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 the third quarter and first nine months of 2022 and 2021 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 June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at June 30, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 36 — — — — 8 (2) 42 Residential MBS 28 (1) — — (1) — (8) 18 Commercial MBS — — — — — — — — Collateralized loan obligations 6 — 1 — — — (6) 1 Other asset-backed securities 315 1 (1) 41 (38) — (9) 309 Corporate and other 220 — (1) 36 (9) 2 — 248 Total AFS fixed maturities 605 — (1) 77 (48) 10 (25) 618 Equity securities 245 7 — 20 (4) — — 268 Assets of MIE 15 (2) — 1 — — (2) 12 Total Level 3 assets $ 865 $ 5 $ (1) $ 98 $ (52) $ 10 $ (27) $ 898 Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2020 Net OCI Purchases Sales and Transfer Transfer Sale of Annuity Business Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (3) 8 (2) — 42 Residential MBS 38 (4) — 6 (2) 6 (26) — 18 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (1) — (15) — 1 Other asset-backed securities 305 1 — 131 (110) 14 (32) — 309 Corporate and other 138 (1) (2) 142 (29) 5 (5) — 248 Total AFS fixed maturities 538 (3) (2) 279 (145) 33 (82) — 618 Equity securities 176 78 — 44 (23) — (7) — 268 Assets of MIE 21 1 — 3 — 1 (14) — 12 Assets of discontinued annuity operations 2,971 85 (21) 209 (328) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 161 $ (23) $ 535 $ (496) $ 66 $ (332) $ (2,719) $ 898 Liabilities of discontinued annuity operations $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ — Total Level 3 liabilities $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ — Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 September 30, 2022 Financial assets: Cash and cash equivalents $ 794 $ 794 $ 794 $ — $ — Mortgage loans 676 623 — — 623 Total financial assets not accounted for at fair value $ 1,470 $ 1,417 $ 794 $ — $ 623 Long-term debt $ 1,533 $ 1,344 $ — $ 1,341 $ 3 Total financial liabilities not accounted for at fair value $ 1,533 $ 1,344 $ — $ 1,341 $ 3 December 31, 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

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at September 30, 2022 and December 31, 2021, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2022 Fixed maturities: U.S. government and government agencies $ 229 $ — $ — $ (15) $ (15) $ 214 States, municipalities and political subdivisions 1,356 — 2 (100) (98) 1,258 Foreign government 235 — — (12) (12) 223 Residential MBS 1,759 1 22 (176) (154) 1,604 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,879 1 — (72) (72) 1,806 Other asset-backed securities 2,449 7 — (171) (171) 2,271 Corporate and other 2,749 — 3 (179) (176) 2,573 Total fixed maturities $ 10,744 $ 9 $ 27 $ (728) $ (701) $ 10,034 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 Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2022 and December 31, 2021 (in millions): September 30, 2022 December 31, 2021 Actual Cost Fair Value Actual Cost Fair Value over (under) Cost Fair Value Fair Value over Cost Common stocks $ 549 $ 530 $ (19) $ 491 $ 586 $ 95 Perpetual preferred stocks 462 466 4 403 456 53 Total equity securities carried at fair value $ 1,011 $ 996 $ (15) $ 894 $ 1,042 $ 148 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): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2022 December 31, 2021 2022 2021 2022 2021 Real estate-related investments (*) $ 1,218 $ 1,130 $ 40 $ 52 $ 209 $ 151 Private equity 413 352 (2) 21 36 66 Private debt 30 35 (1) — 1 5 Total investments accounted for using the equity method $ 1,661 $ 1,517 $ 37 $ 73 $ 246 $ 222 (*) Includes 92% with underlying investments in multi-family properties, 1% in single family properties and 7% in other property types as of September 30, 2022 and 88% with underlying investments in multi-family properties, 1% in single family properties and 11% in other property types as of December 31, 2021. 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 had unfunded commitments of $389 million and $366 million as of September 30, 2022 and December 31, 2021, respectively. The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as September 30, 2022 Fixed maturities: U.S. government and government agencies $ (4) $ 108 96 % $ (11) $ 106 91 % States, municipalities and political subdivisions (98) 1,124 92 % (2) 14 88 % Foreign government (7) 145 95 % (5) 61 92 % Residential MBS (174) 1,421 89 % (2) 19 90 % Commercial MBS (3) 68 96 % — 10 100 % Collateralized loan obligations (61) 1,465 96 % (11) 329 97 % Other asset-backed securities (137) 1,806 93 % (34) 326 91 % Corporate and other (151) 2,174 94 % (28) 208 88 % Total fixed maturities $ (635) $ 8,311 93 % $ (93) $ 1,073 92 % 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 % At September 30, 2022, the gross unrealized losses on fixed maturities of $728 million relate to approximately 1,900 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 94% of the gross unrealized loss and 94% 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 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 September 30, 2022. Credit losses on available for sale fixed maturities are measured based on the present value of expected future cash flows compared to amortized cost. Impairment losses are recognized through an allowance and recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance. In addition, the allowance on available for sale fixed maturities cannot cause the amortized cost net of the allowance to be below fair value. Accordingly, future changes in the fair value of an impaired security (when the allowance was limited by the fair value) due to reasons other than issuer credit (e.g. changes in market interest rates) result in increases or decreases in the allowance, which are recorded through realized gains (losses) on securities. A progression of the allowance for expected credit losses on fixed maturity securities held by AFG’s continuing operations is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2022 $ 7 $ — $ 7 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 2 — 2 Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2022 $ 9 $ — $ 9 Balance at June 30, 2021 $ 8 $ 1 $ 9 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2021 $ 8 $ 1 $ 9 Balance at January 1, 2022 $ 8 $ 1 $ 9 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 3 — 3 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at September 30, 2022 $ 9 $ — $ 9 Balance at January 1, 2021 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses (2) 1 (1) Reductions due to sales or redemptions — (2) (2) Balance at September 30, 2021 $ 8 $ 1 $ 9 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In the third quarter and first nine months of 2022 and 2021, AFG 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 September 30, 2022 (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 $ 578 $ 575 6 % After one year through five years 2,693 2,511 25 % After five years through ten years 1,018 932 9 % After ten years 280 250 2 % 4,569 4,268 42 % Collateralized loan obligations and other ABS (average life of approximately 3.5 years) 4,320 4,077 41 % MBS (average life of approximately 5.5 years) 1,846 1,689 17 % Total $ 10,735 $ 10,034 100 % (*) 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 September 30, 2022 or December 31, 2021. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Investment income: Fixed maturities $ 98 $ 73 $ 263 $ 217 Equity securities: Dividends 9 6 24 21 Change in fair value (*) (6) 7 (8) 41 Equity in earnings of partnerships and similar investments 37 73 246 222 Other 17 14 37 28 Gross investment income 155 173 562 529 Investment expenses (4) (4) (13) (8) Net investment income $ 151 $ 169 $ 549 $ 521 (*) 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 its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as “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): Three months ended September 30, 2022 Three months ended September 30, 2021 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (6) $ (2) $ (8) $ (288) $ (2) $ — $ (2) $ (35) Equity securities (27) — (27) — (15) — (15) — Mortgage loans and other investments — — — — — — — — Total pretax (33) (2) (35) (288) (17) — (17) (35) Tax effects 7 — 7 60 5 — 5 8 Net of tax $ (26) $ (2) $ (28) $ (228) $ (12) $ — $ (12) $ (27) Nine months ended September 30, 2022 Nine months ended September 30, 2021 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (20) $ (1) $ (21) $ (874) $ (2) $ 1 $ (1) $ (59) Equity securities (122) — (122) — 104 — 104 — Mortgage loans and other investments — — — — — — — — Total pretax (142) (1) (143) (874) 102 1 103 (59) Tax effects 30 — 30 184 (20) — (20) 13 Net of tax $ (112) $ (1) $ (113) $ (690) $ 82 $ 1 $ 83 $ (46) All equity securities other than those accounted for under the equity method are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities from continuing operations during the third quarter and first nine months of 2022 and 2021 on securities that were still owned at September 30, 2022 and September 30, 2021 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Included in realized gains (losses) $ (26) $ (16) $ (119) $ 82 Included in net investment income (7) 7 (4) 41 $ (33) $ (9) $ (123) $ 123 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): Nine months ended September 30, 2022 2021 Gross gains $ 2 $ 4 Gross losses (11) (2) Derivatives Designated and Qualifying as Cash Flow Hedges As of September 30, 2022, AFG has interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities included in AFG’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of AFG’s floating-rate fixed maturity securities to fixed rates by offsetting the variability in cash flows attributable to changes in short-term reference rates (LIBOR or SOFR). Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on short-term LIBOR or SOFR. The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between July 2024 and July 2028) in anticipation of the expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on short-term LIBOR or SOFR. The total outstanding notional amount of AFG’s interest rate swaps was $1.22 billion at September 30, 2022, all of which were entered into in the first nine months of 2022. The fair value of the interest rate swaps in an asset position and included in other assets at

Managed Investment Entities

Managed Investment Entities	9 Months Ended
	Sep. 30, 2022
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 7.4% to 82.7% of the most subordinate debt tranche of fourteen 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 2022, 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 $97 million (including $62 million invested in the most subordinate tranches and $12 million invested in a temporary warehousing entity) at September 30, 2022, and $76 million at December 31, 2021. In May 2022, AFG formed one new CLO, which issued $404 million face amount of liabilities (including $13 million face amount purchased by AFG). The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 85 $ 57 $ 76 $ 57 Purchases — — 33 — Distributions (4) (5) (13) (17) Change in fair value 4 4 (11) 16 Balance at end of period (*) $ 85 $ 56 $ 85 $ 56 (*) Excludes $12 million and $40 million invested in temporary warehousing entities at September 30, 2022 and September 30, 2021, respectively, that were established to provide AFG the ability to form new CLOs when management believes market conditions are favorable. 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 AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 7 $ 10 $ (297) $ 77 Liabilities (12) (9) 272 (68) Management fees paid to AFG 4 4 12 12 CLO earnings (losses) attributable to AFG: From continuing operations $ 4 $ 5 $ (10) $ 17 From discontinued annuity operations — — — 20 Total $ 4 $ 5 $ (10) $ 37 (*) 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 $366 million and $72 million at September 30, 2022 and December 31, 2021, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $448 million and $187 million at those dates. The CLO assets include loans with an aggregate fair value of $4 million at September 30, 2022 and $9 million at December 31, 2021, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $12 million at September 30, 2022 and $18 million at December 31, 2021). 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 $1.81 billion at September 30, 2022 and $1.64 billion at December 31, 2021.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles There were no changes in the goodwill balance of $246 million during the first nine months of 2022. Included in other assets in AFG’s Balance Sheet is $111 million at September 30, 2022 and $106 million at December 31, 2021 in amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $20 million and $67 million, respectively. Amortization of intangibles was $2 million and $1 million in the third quarter of 2022 and 2021, respectively, and $7 million and $5 million in the first nine months of 2022 and 2021, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): September 30, 2022 December 31, 2021 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 $ 586 $ (2) $ 584 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 — — — 425 (3) 422 5.25% Senior Notes due April 2030 295 (5) 290 300 (5) 295 Other 3 — 3 3 — 3 884 (7) 877 1,318 (10) 1,308 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 $ 1,559 $ (26) $ 1,533 $ 1,993 $ (29) $ 1,964 Scheduled principal payments on debt for the balance of 2022, the subsequent five years and thereafter are as follows: 2022 — none; 2023 — none; 2024 — none; 2025 — none; 2026 — none; 2027 — none and thereafter — $1.56 billion. In the first six months of 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 in open market transactions for $51 million. In June 2022, AFG redeemed the remaining $376 million of outstanding 3.50% Senior Notes due August 2026 for $382 million (including a $6 million make-whole premium). In the third quarter of 2022, AFG repurchased $4 million principal amount of its 4.50% Senior Notes due in June 2047 for $3 million and $5 million principal amount of its 5.25% Senior Notes due in April 2030 for $5 million in open market transactions (a portion of these repurchases settled in the first few days of October 2022).

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income (Loss), 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 (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities. The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (292) $ 61 $ (231) Reclassification adjustment for realized (gains) losses included in net earnings (*) 4 (1) 3 Total net unrealized losses on securities $ (326) (288) 60 (228) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period $ (26) $ 5 $ (21) Reclassification adjustment for investment income included in net earnings (1) 1 — Net unrealized losses on cash flow hedges (8) (27) 6 (21) (29) Foreign currency translation adjustments (15) (4) (1) (5) (20) Pension and other postretirement plans adjustments (“OPRP”) 1 — — — 1 Total $ (348) $ (319) $ 65 $ (254) $ (602) Quarter ended September 30, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (37) $ 8 $ (29) Reclassification adjustment for realized (gains) losses included in net earnings (*) 2 — 2 Total net unrealized gains (losses) on securities $ 205 (35) 8 (27) $ 178 Foreign currency translation adjustments (16) (3) — (3) (19) Pension and other postretirement plans adjustments (“OPRP”) 1 — — — 1 Total $ 190 $ (38) $ 8 $ (30) $ 160 Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (884) $ 186 $ (698) Reclassification adjustment for realized (gains) losses included in net earnings (*) 10 (2) 8 Total net unrealized gains (losses) on securities $ 136 (874) 184 (690) $ (554) Net unrealized gains (losses) on cash flow hedges: — Unrealized holding losses on cash flow hedges arising during the period (34) 7 (27) Reclassification adjustment for investment income included in net earnings (3) 1 (2) Net unrealized losses on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ 119 $ (912) $ 191 $ (721) $ (602) Nine months ended September 30, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (224) $ 47 $ (177) Reclassification adjustment for realized (gains) losses included in net earnings (*) (21) 5 (16) Reclassification for unrealized gains on securities of subsidiaries sold (1,119) 235 (884) Total net unrealized gains (losses) on securities $ 1,255 (1,364) 287 (1,077) $ 178 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — Foreign currency translation adjustments (16) (3) — (3) (19) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 Total pension and OPRP adjustments (7) 10 (2) 8 1 Total $ 1,273 $ (1,409) $ 296 $ (1,113) $ 160 (*) 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 Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first nine months of 2022, AFG issued 151,080 shares of restricted Common Stock (fair value of $133.94 per share) under the Stock Incentive Plan. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $4 million in the third quarter of 2022 and 2021 and $14 million and $11 million in the first nine months of 2022 and 2021, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 210 $ 267 $ 777 $ 890 Income taxes at statutory rate $ 44 21 % $ 56 21 % $ 163 21 % $ 187 21 % Effect of: Employee stock ownership plan dividend paid deduction (1) — % (2) (1 %) (7) (1 %) (10) (1 %) Stock-based compensation — — % (2) (1 %) (4) (1 %) (12) (1 %) Tax exempt interest (1) — % (2) (1 %) (5) (1 %) (6) (1 %) Adjustment to prior year taxes (3) (2 %) (1) — % (3) — % (1) — % Dividends received deduction — — % — — % (1) — % (1) — % Foreign operations 1 — % 2 1 % 6 1 % — — % Nondeductible expenses 2 1 % 2 1 % 5 1 % 6 1 % Change in valuation allowance 2 1 % (2) (1 %) 1 — % 1 — % Other 1 — % (3) (1 %) — — % — (1 %) Provision for income taxes as shown in the statement of earnings $ 45 21 % $ 48 18 % $ 155 20 % $ 164 18 % AFG’s net operating loss carryforwards (“NOL”) subject to separate return limitation year (“SRLY”) tax rules of $43 million will expire unutilized at December 31, 2022. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards will be offset by a corresponding reduction in the valuation allowance and will have no overall impact on AFG’s income tax expense or results of operations. In August 2022, the United States federal government enacted the Inflation Reduction Act (“IRA”) which, among other things, created a new corporate alternative minimum tax (“AMT”) based on the earnings that a company reports in its financial statements and imposes a 1% excise tax on corporate stock repurchases. The effective date of the IRA is January 1, 2023, and the August 2022 enactment did not have an immediate impact on AFG’s financial statements. Due to the lack of specific guidance at this time, AFG cannot determine whether it will be subject to the new AMT. Any AMT incurred would be available to offset AFG’s taxes payable under the standard calculation in future periods. Accordingly, the AMT is a timing difference and would result in the recording of an offsetting deferred tax asset with no impact on overall income tax expense. The excise tax on stock repurchases would be recorded as part of the cost of the repurchases directly in shareholders’ equity.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note M — “Contingencies” of AFG’s 2021 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of subsidiaries’ former railroad and manufacturing operations.

Insurance

Insurance	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Insurance	Insurance Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2022 and 2021 (in millions): Nine months ended September 30, 2022 2021 Balance at beginning of year $ 11,074 $ 10,392 Less reinsurance recoverables, net of allowance 3,419 3,117 Net liability at beginning of year 7,655 7,275 Provision for losses and LAE occurring in the current period 2,869 2,543 Net decrease in the provision for claims of prior years (226) (208) Total losses and LAE incurred 2,643 2,335 Payments for losses and LAE of: Current year (667) (589) Prior years (1,501) (1,430) Total payments (2,168) (2,019) Foreign currency translation and other 1 — Net liability at end of period 8,131 7,591 Add back reinsurance recoverables, net of allowance 3,936 3,400 Gross unpaid losses and LAE included in the balance sheet at end of period $ 12,067 $ 10,991 The net decrease in the provision for claims of prior years during the first nine months of 2022 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency in the trucking and ocean marine businesses and in the Singapore operations, lower than expected claim frequency and severity in the aviation business and lower than anticipated claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability business and lower than anticipated claim frequency and severity in the excess and surplus business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety, trade credit and financial institutions businesses (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the targeted markets and excess liability businesses (within the Specialty casualty sub-segment). The net decrease in the provision for claims of prior years during the first nine months of 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 property and inland 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 expected claim frequency and severity in equine business (within the Property and transportation sub-segment) and (ii) higher than anticipated claim severity in the general liability and targeted markets businesses (within the Specialty casualty sub-segment). Recoverables from Reinsurers and Premiums Receivable Progressions of the 2022 and 2021 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2022 2021 2022 2021 Balance at June 30 $ 7 $ 8 $ 9 $ 9 Provision (credit) for expected credit losses 1 — (1) 1 Write-offs charged against the allowance — — — — Balance at September 30 $ 8 $ 8 $ 8 $ 10 Balance at January 1 $ 8 $ 6 $ 8 $ 10 Provision (credit) for expected credit losses — 2 — — Write-offs charged against the allowance — — — — Balance at September 30 $ 8 $ 8 $ 8 $ 10

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to September 30, 2022, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Discontinued Operations	Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first nine months of 2022. 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 acquisitions of Verikai in December 2021, and to a lesser extent, a small insurance agency in September 2022, which are discussed in Note C — “Acquisition and Sale of Businesses.” These liabilities are 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 related to the Verikai acquisition ($23 million at September 30, 2022), AFG uses a weighted probability-based income approach which includes significant unobservable inputs and is classified as Level 3. There was no change to the estimated fair value of this liability during the third quarter or first nine months of 2022. 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.
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 its portfolio of limited partnerships and similar investments, which do not qualify for equity method accounting and are 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.
Credit Losses on Financial Instruments Measured at Amortized Cost	Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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.
Derivatives	Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. To qualify for hedge accounting, at the inception of a derivative contract, AFG formally documents the relationship between the terms of the hedge and the hedged items and its risk management objective. This documentation includes defining how hedge effectiveness is evaluated at the inception date and over the life of the derivative. Changes in the fair value of derivatives that are designated and qualify as highly effective cash flow hedges are recorded in AOCI and are reclassified into earnings when the variability of the cash flows from the hedged items impacts earnings. When the change in the fair value of a qualifying cash flow hedge is included in earnings, it is included in the same line item in the statement of earnings as the cash flows from the hedged item. AFG uses interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities.
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
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 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	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. At September 30, 2022, assets and liabilities of managed investment entities included $117 million in assets and $105 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs when management believes market conditions are favorable. At closing, all warehoused assets will be transferred to the new CLOs and the liabilities will be repaid.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate 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. At September 30, 2022 AFG has a $118 million lease liability included in other liabilities
Premium Recognition	Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations.
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: third quarter of 2022 and 2021 — 0.2 million and 0.4 million; first nine months of 2022 and 2021 — 0.2 million and 0.6 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2022 and 2021.
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 (Loss), 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 (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
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 Assets of businesses sold: Cash and cash equivalents $ 2,060 Investments 38,323 Recoverables from reinsurers 6,748 Other assets 2,152 Total assets of discontinued annuity operations 49,283 Liabilities of businesses sold: Annuity benefits accumulated 43,690 Other liabilities 1,813 Total liabilities of discontinued annuity operations 45,503 Reclassify AOCI (913) Net investment in annuity businesses sold, excluding AOCI $ 2,867 Details of the results of operations for the discontinued annuity operations were (in millions): Nine months ended September 30, 2021 (*) Net investment income $ 746 Realized gains on securities 112 Other income 52 Total revenues 910 Annuity benefits 377 Annuity and supplemental insurance acquisition expenses 136 Other expenses 73 Total costs and expenses 586 Earnings before income taxes from discontinued operations 324 Provision for income taxes on discontinued operations 66 Net earnings from operations, net of tax 258 Gain on sale, net of tax 656 Net earnings from discontinued operations $ 914 (*) 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): May 31, 2021 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): Nine months ended September 30, 2021 Net cash provided by operating activities $ 87 Net cash used in investing activities (1,709) Net cash provided by financing activities 477 net earnings from discontinued operations Derivative Nine months ended September 30, 2021 (*) MBS with embedded derivatives $ (1) Fixed-indexed and variable-indexed annuities (embedded derivative) (222) Equity index call options 237 Equity index put options 5 Reinsurance contract (embedded derivative) 1 $ 20 (*) Results through the May 31, 2021 effective date of the sale.

Segments of Operations (Tables)

Segments of Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment reporting information, by segment	The following tables (in millions) show AFG’s revenues and earnings from continuing operations before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 857 $ 700 $ 1,805 $ 1,547 Specialty casualty 677 613 1,973 1,772 Specialty financial 171 163 505 477 Other specialty 62 53 179 156 Total premiums earned 1,767 1,529 4,462 3,952 Net investment income 145 165 524 467 Other income 2 4 12 9 Total property and casualty insurance 1,914 1,698 4,998 4,428 Other 105 73 256 208 Real estate-related entities (*) — — — 51 Total revenues before realized gains (losses) 2,019 1,771 5,254 4,687 Realized gains (losses) on securities (35) (17) (143) 103 Realized gain on subsidiaries — — — 4 Total revenues $ 1,984 $ 1,754 $ 5,111 $ 4,794 (*) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Earnings From Continuing Operations Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 39 $ 45 $ 140 $ 163 Specialty casualty 118 110 372 237 Specialty financial 15 26 81 72 Other specialty (14) (12) (30) (16) Other lines (3) (1) (5) (2) Total underwriting 155 168 558 454 Investment and other income, net 134 161 498 451 Total property and casualty insurance 289 329 1,056 905 Other (a) (44) (45) (136) (173) Real estate-related entities (b) — — — 51 Total earnings from continuing operations before realized gains (losses) and income taxes 245 284 920 783 Realized gains (losses) on securities (35) (17) (143) 103 Realized gain on subsidiaries — — — 4 Total earnings from continuing operations before income taxes $ 210 $ 267 $ 777 $ 890 (a) Includes holding company interest and expenses, including a gain of $1 million and a loss of $10 million on retirement of debt in the third quarter and first nine months of 2022, respectively. (b) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total September 30, 2022 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 214 $ — $ — $ 214 States, municipalities and political subdivisions — 1,257 1 1,258 Foreign government — 223 — 223 Residential MBS — 1,596 8 1,604 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,804 2 1,806 Other asset-backed securities — 1,970 301 2,271 Corporate and other 10 2,268 295 2,573 Total AFS fixed maturities 224 9,203 607 10,034 Trading fixed maturities — 30 — 30 Equity securities 570 42 384 996 Assets of managed investment entities (“MIE”) 296 4,792 11 5,099 Total assets accounted for at fair value $ 1,090 $ 14,067 $ 1,002 $ 16,159 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 291 4,701 10 5,002 Other liabilities — derivatives — 46 — 46 Total liabilities accounted for at fair value $ 291 $ 4,747 $ 35 $ 5,073 December 31, 2021 Assets: Available for sale 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 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
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2022 and 2021 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 June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at June 30, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 36 — — — — 8 (2) 42 Residential MBS 28 (1) — — (1) — (8) 18 Commercial MBS — — — — — — — — Collateralized loan obligations 6 — 1 — — — (6) 1 Other asset-backed securities 315 1 (1) 41 (38) — (9) 309 Corporate and other 220 — (1) 36 (9) 2 — 248 Total AFS fixed maturities 605 — (1) 77 (48) 10 (25) 618 Equity securities 245 7 — 20 (4) — — 268 Assets of MIE 15 (2) — 1 — — (2) 12 Total Level 3 assets $ 865 $ 5 $ (1) $ 98 $ (52) $ 10 $ (27) $ 898 Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2020 Net OCI Purchases Sales and Transfer Transfer Sale of Annuity Business Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (3) 8 (2) — 42 Residential MBS 38 (4) — 6 (2) 6 (26) — 18 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (1) — (15) — 1 Other asset-backed securities 305 1 — 131 (110) 14 (32) — 309 Corporate and other 138 (1) (2) 142 (29) 5 (5) — 248 Total AFS fixed maturities 538 (3) (2) 279 (145) 33 (82) — 618 Equity securities 176 78 — 44 (23) — (7) — 268 Assets of MIE 21 1 — 3 — 1 (14) — 12 Assets of discontinued annuity operations 2,971 85 (21) 209 (328) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 161 $ (23) $ 535 $ (496) $ 66 $ (332) $ (2,719) $ 898 Liabilities of discontinued annuity operations $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ — Total Level 3 liabilities $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ —
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2022 and 2021 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 June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at June 30, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 36 — — — — 8 (2) 42 Residential MBS 28 (1) — — (1) — (8) 18 Commercial MBS — — — — — — — — Collateralized loan obligations 6 — 1 — — — (6) 1 Other asset-backed securities 315 1 (1) 41 (38) — (9) 309 Corporate and other 220 — (1) 36 (9) 2 — 248 Total AFS fixed maturities 605 — (1) 77 (48) 10 (25) 618 Equity securities 245 7 — 20 (4) — — 268 Assets of MIE 15 (2) — 1 — — (2) 12 Total Level 3 assets $ 865 $ 5 $ (1) $ 98 $ (52) $ 10 $ (27) $ 898 Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2020 Net OCI Purchases Sales and Transfer Transfer Sale of Annuity Business Balance at September 30, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (3) 8 (2) — 42 Residential MBS 38 (4) — 6 (2) 6 (26) — 18 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (1) — (15) — 1 Other asset-backed securities 305 1 — 131 (110) 14 (32) — 309 Corporate and other 138 (1) (2) 142 (29) 5 (5) — 248 Total AFS fixed maturities 538 (3) (2) 279 (145) 33 (82) — 618 Equity securities 176 78 — 44 (23) — (7) — 268 Assets of MIE 21 1 — 3 — 1 (14) — 12 Assets of discontinued annuity operations 2,971 85 (21) 209 (328) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 161 $ (23) $ 535 $ (496) $ 66 $ (332) $ (2,719) $ 898 Liabilities of discontinued annuity operations $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ — Total Level 3 liabilities $ (3,933) $ (222) $ — $ (146) $ 158 $ — $ — $ 4,143 $ —
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 September 30, 2022 Financial assets: Cash and cash equivalents $ 794 $ 794 $ 794 $ — $ — Mortgage loans 676 623 — — 623 Total financial assets not accounted for at fair value $ 1,470 $ 1,417 $ 794 $ — $ 623 Long-term debt $ 1,533 $ 1,344 $ — $ 1,341 $ 3 Total financial liabilities not accounted for at fair value $ 1,533 $ 1,344 $ — $ 1,341 $ 3 December 31, 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

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities	Available for sale fixed maturities at September 30, 2022 and December 31, 2021, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2022 Fixed maturities: U.S. government and government agencies $ 229 $ — $ — $ (15) $ (15) $ 214 States, municipalities and political subdivisions 1,356 — 2 (100) (98) 1,258 Foreign government 235 — — (12) (12) 223 Residential MBS 1,759 1 22 (176) (154) 1,604 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,879 1 — (72) (72) 1,806 Other asset-backed securities 2,449 7 — (171) (171) 2,271 Corporate and other 2,749 — 3 (179) (176) 2,573 Total fixed maturities $ 10,744 $ 9 $ 27 $ (728) $ (701) $ 10,034 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
Equity securities reported at fair value	Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2022 and December 31, 2021 (in millions): September 30, 2022 December 31, 2021 Actual Cost Fair Value Actual Cost Fair Value over (under) Cost Fair Value Fair Value over Cost Common stocks $ 549 $ 530 $ (19) $ 491 $ 586 $ 95 Perpetual preferred stocks 462 466 4 403 456 53 Total equity securities carried at fair value $ 1,011 $ 996 $ (15) $ 894 $ 1,042 $ 148
Investments accounted for using the equity method	Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2022 December 31, 2021 2022 2021 2022 2021 Real estate-related investments (*) $ 1,218 $ 1,130 $ 40 $ 52 $ 209 $ 151 Private equity 413 352 (2) 21 36 66 Private debt 30 35 (1) — 1 5 Total investments accounted for using the equity method $ 1,661 $ 1,517 $ 37 $ 73 $ 246 $ 222 (*) Includes 92% with underlying investments in multi-family properties, 1% in single family properties and 7% in other property types as of September 30, 2022 and 88% with underlying investments in multi-family properties, 1% in single family properties and 11% in other property types as of December 31, 2021.
Available for sale securities in a continuous unrealized loss position	The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities 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 September 30, 2022 Fixed maturities: U.S. government and government agencies $ (4) $ 108 96 % $ (11) $ 106 91 % States, municipalities and political subdivisions (98) 1,124 92 % (2) 14 88 % Foreign government (7) 145 95 % (5) 61 92 % Residential MBS (174) 1,421 89 % (2) 19 90 % Commercial MBS (3) 68 96 % — 10 100 % Collateralized loan obligations (61) 1,465 96 % (11) 329 97 % Other asset-backed securities (137) 1,806 93 % (34) 326 91 % Corporate and other (151) 2,174 94 % (28) 208 88 % Total fixed maturities $ (635) $ 8,311 93 % $ (93) $ 1,073 92 % 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 %
Roll forward of allowance for credit losses on fixed maturity securities	A progression of the allowance for expected credit losses on fixed maturity securities held by AFG’s continuing operations is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2022 $ 7 $ — $ 7 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 2 — 2 Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2022 $ 9 $ — $ 9 Balance at June 30, 2021 $ 8 $ 1 $ 9 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2021 $ 8 $ 1 $ 9 Balance at January 1, 2022 $ 8 $ 1 $ 9 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance 3 — 3 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at September 30, 2022 $ 9 $ — $ 9 Balance at January 1, 2021 $ 10 $ 2 $ 12 Initial allowance for purchased securities with credit deterioration — — — Provision for expected credit losses on securities with no previous allowance — — — Additions (reductions) to previously recognized expected credit losses (2) 1 (1) Reductions due to sales or redemptions — (2) (2) Balance at September 30, 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 September 30, 2022 (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 $ 578 $ 575 6 % After one year through five years 2,693 2,511 25 % After five years through ten years 1,018 932 9 % After ten years 280 250 2 % 4,569 4,268 42 % Collateralized loan obligations and other ABS (average life of approximately 3.5 years) 4,320 4,077 41 % MBS (average life of approximately 5.5 years) 1,846 1,689 17 % Total $ 10,735 $ 10,034 100 % (*) Amortized cost, net of allowance for expected credit losses.
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Investment income: Fixed maturities $ 98 $ 73 $ 263 $ 217 Equity securities: Dividends 9 6 24 21 Change in fair value (*) (6) 7 (8) 41 Equity in earnings of partnerships and similar investments 37 73 246 222 Other 17 14 37 28 Gross investment income 155 173 562 529 Investment expenses (4) (4) (13) (8) Net investment income $ 151 $ 169 $ 549 $ 521 (*) 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 its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as “fair value through net investment income.”
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments	Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended September 30, 2022 Three months ended September 30, 2021 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (6) $ (2) $ (8) $ (288) $ (2) $ — $ (2) $ (35) Equity securities (27) — (27) — (15) — (15) — Mortgage loans and other investments — — — — — — — — Total pretax (33) (2) (35) (288) (17) — (17) (35) Tax effects 7 — 7 60 5 — 5 8 Net of tax $ (26) $ (2) $ (28) $ (228) $ (12) $ — $ (12) $ (27) Nine months ended September 30, 2022 Nine months ended September 30, 2021 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (20) $ (1) $ (21) $ (874) $ (2) $ 1 $ (1) $ (59) Equity securities (122) — (122) — 104 — 104 — Mortgage loans and other investments — — — — — — — — Total pretax (142) (1) (143) (874) 102 1 103 (59) Tax effects 30 — 30 184 (20) — (20) 13 Net of tax $ (112) $ (1) $ (113) $ (690) $ 82 $ 1 $ 83 $ (46)
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities from continuing operations during the third quarter and first nine months of 2022 and 2021 on securities that were still owned at September 30, 2022 and September 30, 2021 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Included in realized gains (losses) $ (26) $ (16) $ (119) $ 82 Included in net investment income (7) 7 (4) 41 $ (33) $ (9) $ (123) $ 123
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): Nine months ended September 30, 2022 2021 Gross gains $ 2 $ 4 Gross losses (11) (2)

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	9 Months Ended
	Sep. 30, 2022
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): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Balance at beginning of period $ 85 $ 57 $ 76 $ 57 Purchases — — 33 — Distributions (4) (5) (13) (17) Change in fair value 4 4 (11) 16 Balance at end of period (*) $ 85 $ 56 $ 85 $ 56 (*) Excludes $12 million and $40 million invested in temporary warehousing entities at September 30, 2022 and September 30, 2021, respectively, that were established to provide AFG the ability to form new CLOs when management believes market conditions are favorable. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 7 $ 10 $ (297) $ 77 Liabilities (12) (9) 272 (68) Management fees paid to AFG 4 4 12 12 CLO earnings (losses) attributable to AFG: From continuing operations $ 4 $ 5 $ (10) $ 17 From discontinued annuity operations — — — 20 Total $ 4 $ 5 $ (10) $ 37 (*) Included in revenues in AFG’s Statement of Earnings.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following (in millions): September 30, 2022 December 31, 2021 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 $ 586 $ (2) $ 584 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 — — — 425 (3) 422 5.25% Senior Notes due April 2030 295 (5) 290 300 (5) 295 Other 3 — 3 3 — 3 884 (7) 877 1,318 (10) 1,308 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 $ 1,559 $ (26) $ 1,533 $ 1,993 $ (29) $ 1,964

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (292) $ 61 $ (231) Reclassification adjustment for realized (gains) losses included in net earnings (*) 4 (1) 3 Total net unrealized losses on securities $ (326) (288) 60 (228) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period $ (26) $ 5 $ (21) Reclassification adjustment for investment income included in net earnings (1) 1 — Net unrealized losses on cash flow hedges (8) (27) 6 (21) (29) Foreign currency translation adjustments (15) (4) (1) (5) (20) Pension and other postretirement plans adjustments (“OPRP”) 1 — — — 1 Total $ (348) $ (319) $ 65 $ (254) $ (602) Quarter ended September 30, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (37) $ 8 $ (29) Reclassification adjustment for realized (gains) losses included in net earnings (*) 2 — 2 Total net unrealized gains (losses) on securities $ 205 (35) 8 (27) $ 178 Foreign currency translation adjustments (16) (3) — (3) (19) Pension and other postretirement plans adjustments (“OPRP”) 1 — — — 1 Total $ 190 $ (38) $ 8 $ (30) $ 160 Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (884) $ 186 $ (698) Reclassification adjustment for realized (gains) losses included in net earnings (*) 10 (2) 8 Total net unrealized gains (losses) on securities $ 136 (874) 184 (690) $ (554) Net unrealized gains (losses) on cash flow hedges: — Unrealized holding losses on cash flow hedges arising during the period (34) 7 (27) Reclassification adjustment for investment income included in net earnings (3) 1 (2) Net unrealized losses on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ 119 $ (912) $ 191 $ (721) $ (602) Nine months ended September 30, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (224) $ 47 $ (177) Reclassification adjustment for realized (gains) losses included in net earnings (*) (21) 5 (16) Reclassification for unrealized gains on securities of subsidiaries sold (1,119) 235 (884) Total net unrealized gains (losses) on securities $ 1,255 (1,364) 287 (1,077) $ 178 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — Foreign currency translation adjustments (16) (3) — (3) (19) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 Total pension and OPRP adjustments (7) 10 (2) 8 1 Total $ 1,273 $ (1,409) $ 296 $ (1,113) $ 160 (*) 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)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings	The following is a reconciliation of income taxes on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 210 $ 267 $ 777 $ 890 Income taxes at statutory rate $ 44 21 % $ 56 21 % $ 163 21 % $ 187 21 % Effect of: Employee stock ownership plan dividend paid deduction (1) — % (2) (1 %) (7) (1 %) (10) (1 %) Stock-based compensation — — % (2) (1 %) (4) (1 %) (12) (1 %) Tax exempt interest (1) — % (2) (1 %) (5) (1 %) (6) (1 %) Adjustment to prior year taxes (3) (2 %) (1) — % (3) — % (1) — % Dividends received deduction — — % — — % (1) — % (1) — % Foreign operations 1 — % 2 1 % 6 1 % — — % Nondeductible expenses 2 1 % 2 1 % 5 1 % 6 1 % Change in valuation allowance 2 1 % (2) (1 %) 1 — % 1 — % Other 1 — % (3) (1 %) — — % — (1 %) Provision for income taxes as shown in the statement of earnings $ 45 21 % $ 48 18 % $ 155 20 % $ 164 18 %

Insurance (Tables)

Insurance (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2022 and 2021 (in millions): Nine months ended September 30, 2022 2021 Balance at beginning of year $ 11,074 $ 10,392 Less reinsurance recoverables, net of allowance 3,419 3,117 Net liability at beginning of year 7,655 7,275 Provision for losses and LAE occurring in the current period 2,869 2,543 Net decrease in the provision for claims of prior years (226) (208) Total losses and LAE incurred 2,643 2,335 Payments for losses and LAE of: Current year (667) (589) Prior years (1,501) (1,430) Total payments (2,168) (2,019) Foreign currency translation and other 1 — Net liability at end of period 8,131 7,591 Add back reinsurance recoverables, net of allowance 3,936 3,400 Gross unpaid losses and LAE included in the balance sheet at end of period $ 12,067 $ 10,991
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the 2022 and 2021 allowance for expected credit losses on recoverables from reinsurers and premiums receivable related to continuing operations are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2022 2021 2022 2021 Balance at June 30 $ 7 $ 8 $ 9 $ 9 Provision (credit) for expected credit losses 1 — (1) 1 Write-offs charged against the allowance — — — — Balance at September 30 $ 8 $ 8 $ 8 $ 10 Balance at January 1 $ 8 $ 6 $ 8 $ 10 Provision (credit) for expected credit losses — 2 — — Write-offs charged against the allowance — — — — Balance at September 30 $ 8 $ 8 $ 8 $ 10

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Assets of managed investment entities	$ 29,532		$ 29,532		$ 28,931
Liabilities of managed investment entities	25,600		25,600		23,919
Operating lease liability	$ 118		$ 118		$ 136
Operating lease liability, current, Statement of Financial Position	Other Liabilities		Other Liabilities		Other Liabilities
Operating lease right-of-use asset	$ 104		$ 104		$ 118
Weighted average common shares adjustment related to stock-based compensation (shares)	200,000	400,000	200,000	600,000
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0	0	0	0
Maturities of short term investments			3 months
New collateralized loan obligation temporary warehousing entities
Significant Accounting Policies [Line Items]
Assets of managed investment entities	$ 117		$ 117
Liabilities of managed investment entities	$ 105		$ 105

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		5 Months Ended	9 Months Ended
	May 31, 2021	May 31, 2021	Sep. 30, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Derivative - Statement of Income - Extensible Enumeration			Net earnings from discontinued operations
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of businesses	$ 3,570
Post-closing adjustments	34	$ 34
Gain on sale, net of tax	$ 656	$ 656

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	May 31, 2021
Liabilities of businesses sold:
Reclassify AOCI	$ (602)	$ 119
Net investment in annuity businesses sold, excluding AOCI	$ 3,932	$ 5,012
Annuity subsidiaries
Assets of businesses sold:
Cash and cash equivalents			$ 2,060
Investments			38,323
Recoverables from reinsurers			6,748
Other assets			2,152
Total assets of discontinued annuity operations			49,283
Liabilities of businesses sold:
Annuity benefits accumulated			43,690
Other liabilities			1,813
Total liabilities of discontinued annuity operations			45,503
Reclassify AOCI			(913)
Net investment in annuity businesses sold, excluding AOCI			$ 2,867

Discontinued Operations - Detai

Discontinued Operations - Details of the results of the Annuity subsidiaries sold (Details) - USD ($) $ in Millions		3 Months Ended		5 Months Ended	9 Months Ended
	May 31, 2021	Sep. 30, 2022	Sep. 30, 2021	May 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations		$ 0	$ 0	$ 914	$ 0	$ 914
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale, net of tax	$ 656			656
Annuity subsidiaries | Net earnings from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income				746
Realized gains (losses) on securities				112
Other income				52
Total revenues				910
Annuity benefits				377
Annuity and supplemental insurance acquisition expenses				136
Other expenses				73
Total costs and expenses				586
Earnings before income taxes from discontinued operations				324
Provision for income taxes on discontinued operations				66
Net earnings from operations, net of tax				$ 258

Discontinued Operations - Impac

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions		5 Months Ended	9 Months Ended
	May 31, 2021	May 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses			$ 0	$ 3,547
Net investment in annuity businesses sold, excluding AOCI			$ 3,932		$ 5,012
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
Net investment in annuity businesses sold, excluding AOCI	2,867	$ 2,867
Reclassify net deferred tax asset	199
Realized gain on subsidiaries	895
Tax liabilities triggered by the sale	41
Other	(1)
Total income tax expense	239
Gain on sale, net of tax	$ 656	$ 656

Discontinued Operations - Summa

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 87
Net cash used in investing activities	(1,709)
Net cash provided by financing activities	$ 477

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 $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ 20
MBS with embedded derivatives | Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(1)
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	(222)
Equity index call options | Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	237
Equity index put options | Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	5
Reinsurance contract (embedded derivative) | Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Derivative	$ 1

Acquisition and Sale of Busin_2

Acquisition and Sale of Businesses - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Payments to acquire subsidiaries			$ 10	$ 0
Verikai, Inc.
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 120
Contingent consideration possible to be paid, maximum	50
Expenses related to acquisition of subsidiary	$ 1
Insurance Agency
Business Acquisition [Line Items]
Payments to acquire subsidiaries		$ 10
Business combination, consideration transferred		$ 12

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) segment
Segment Reporting [Abstract]
Number of segments | segment		2
Other
Segment Reporting Information [Line Items]
Loss on retirement of debt | $	$ 1	$ (10)

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total premiums earned	$ 1,767	$ 1,529	$ 4,462	$ 3,952
Net investment income	151	169	549	521
Other income	31	27	93	70
Revenues before realized gains (losses)	2,019	1,771	5,254	4,687
Realized gains (losses) on securities	(35)	(17)	(143)	103
Total revenues	1,984	1,754	5,111	4,794
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	1,767	1,529	4,462	3,952
Net investment income	145	165	524	467
Other income	2	4	12	9
Revenues before realized gains (losses)	1,914	1,698	4,998	4,428
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	105	73	256	208
Other | Real estate-related entities | Continuing operations
Segment Reporting Information [Line Items]
Net investment income	0	0	0	51
Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	857	700	1,805	1,547
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	677	613	1,973	1,772
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	171	163	505	477
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	$ 62	$ 53	$ 179	$ 156

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 245	$ 284	$ 920	$ 783
Realized gains (losses) on securities	(35)	(17)	(143)	103
Earnings from continuing operations before income taxes	210	267	777	890
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	155	168	558	454
Investment and other income, net	134	161	498	451
Earnings before realized gains (losses) and income taxes	289	329	1,056	905
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(44)	(45)	(136)	(173)
Loss on retirement of debt	1		(10)
Other | Continuing operations | Real estate-related entities
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	0	0	0	51
Property and transportation | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	39	45	140	163
Specialty casualty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	118	110	372	237
Specialty financial | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	15	26	81	72
Other specialty | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(14)	(12)	(30)	(16)
Other lines | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (3)	$ (1)	$ (5)	$ (2)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) professional	Sep. 30, 2022 USD ($) professional
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals | professional	20	20
Percentage of level three assets that were priced using a discounted cash flow approach	67%	67%
Level three assets that were priced using a discounted cash flow approach	$ 397	$ 397
Percentage of level three assets, equity securities, priced using broker quotes and internal models	25%	25%
Level three assets, equity securities, priced using broker quotes and internal models	$ 145	$ 145
Contingent consideration — acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration liability	$ 0	$ 0
Level 3 | Continuing operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 3 assets as a percentage of total assets measured at fair value	6%	6%
Percentage of level 3 assets that were priced using non-binding broker quotes	16%	16%
Level 3 assets that were priced using non-binding broker quotes	$ 158	$ 158
Level 3 assets that were priced by pricing services.	$ 23	$ 23
Percentage of level 3 assets that were priced by pricing services	2%	2%
Percentage of level 3 equity investments that do not qualify for equity accounting	23%	23%
Level 3 assets that are equity securities that do not qualify for equity accounting	$ 231	$ 231
Internally developed level 3 assets	$ 590	$ 590
Percentage of internally developed level 3 assets compared to total level 3 assets	59%	59%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Available for sale (AFS) fixed maturities	$ 10,034	$ 10,357
Trading fixed maturities	30	28
Equity securities	996	1,042
Assets of managed investment entities	29,532	28,931
Total assets accounted for at fair value	16,159	16,723
Liabilities:
Liabilities of managed investment entities	25,600	23,919
Total liabilities accounted for at fair value	5,073	5,243
Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	25	23
Contingent consideration — acquisitions | Verikai, Inc.
Liabilities:
Fair value of potential contingent consideration	23
Other liabilities — derivatives
Liabilities:
Derivative liability	46
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	5,099	5,296
Liabilities:
Liabilities of managed investment entities	5,002	5,220
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,034	10,357
Trading fixed maturities	30	28
U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	214	216
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	1,258	1,832
Foreign government
Assets:
Available for sale (AFS) fixed maturities	223	246
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,604	960
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	85	104
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,806	1,643
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,271	2,676
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,573	2,680
Equity securities
Assets:
Equity securities	996	1,042
Level 1
Assets:
Total assets accounted for at fair value	1,090	1,295
Liabilities:
Total liabilities accounted for at fair value	291	384
Level 1 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 1 | Other liabilities — derivatives
Liabilities:
Derivative liability	0
Level 1 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	296	390
Liabilities:
Liabilities of managed investment entities	291	384
Level 1 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	224	226
Trading fixed maturities	0	0
Level 1 | U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	214	215
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	10	11
Level 1 | Equity securities
Assets:
Equity securities	570	679
Level 2
Assets:
Total assets accounted for at fair value	14,067	14,502
Liabilities:
Total liabilities accounted for at fair value	4,747	4,823
Level 2 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 2 | Other liabilities — derivatives
Liabilities:
Derivative liability	46
Level 2 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,792	4,893
Liabilities:
Liabilities of managed investment entities	4,701	4,823
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,203	9,531
Trading fixed maturities	30	28
Level 2 | U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	1
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	1,257	1,791
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	223	246
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,596	946
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	85	104
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,804	1,643
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,970	2,398
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,268	2,402
Level 2 | Equity securities
Assets:
Equity securities	42	50
Level 3
Assets:
Total assets accounted for at fair value	1,002	926
Liabilities:
Total liabilities accounted for at fair value	35	36
Level 3 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	25	23
Level 3 | Other liabilities — derivatives
Liabilities:
Derivative liability	0
Level 3 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	11	13
Liabilities:
Liabilities of managed investment entities	10	13
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	607	600
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	1	41
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	8	14
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	2	0
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	301	278
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	295	267
Level 3 | Equity securities
Assets:
Equity securities	$ 384	$ 313

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 983	$ 865	$ 926	$ 3,706
Total realized/unrealized gains (losses) included in Net income	(4)	5	18	161
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(20)	(1)	(53)	(23)
Purchases and issuances	74	98	243	535
Sales and settlements	(29)	(52)	(88)	(496)
Transfer into Level 3	4	10	43	66
Transfer out of Level 3	(6)	(27)	(87)	(332)
Sale of annuity business				(2,719)
Financial assets, Ending Balance	1,002	898	1,002	898
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(25)	0	(25)	0	$ (23)	$ (23)	$ (3,933)
Contingent consideration — acquisitions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	(25)		(25)		$ (23)	$ (23)
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	593	605	600	538
Total realized/unrealized gains (losses) included in Net income	(1)	0	1	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(20)	(1)	(53)	(2)
Purchases and issuances	50	77	167	279
Sales and settlements	(14)	(48)	(68)	(145)
Transfer into Level 3	4	10	40	33
Transfer out of Level 3	(5)	(25)	(80)	(82)
Sale of annuity business				0
Financial assets, Ending Balance	607	618	607	618
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Sale of annuity business				0
Financial assets, Ending Balance	0	0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1	36	41	39
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	(3)	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	(1)	(3)
Transfer into Level 3	0	8	0	8
Transfer out of Level 3	0	(2)	(36)	(2)
Sale of annuity business				0
Financial assets, Ending Balance	1	42	1	42
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	8	28	14	38
Total realized/unrealized gains (losses) included in Net income	0	(1)	0	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	6
Sales and settlements	0	(1)	(1)	(2)
Transfer into Level 3	4	0	4	6
Transfer out of Level 3	(4)	(8)	(9)	(26)
Sale of annuity business				0
Financial assets, Ending Balance	8	18	8	18
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	2
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	(2)
Sale of annuity business				0
Financial assets, Ending Balance	0	0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	6	0	16
Total realized/unrealized gains (losses) included in Net income	0	0	0	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	1	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	(1)
Transfer into Level 3	0	0	2	0
Transfer out of Level 3	0	(6)	0	(15)
Sale of annuity business				0
Financial assets, Ending Balance	2	1	2	1
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	313	315	278	305
Total realized/unrealized gains (losses) included in Net income	0	1	2	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(8)	(1)	(24)	0
Purchases and issuances	5	41	62	131
Sales and settlements	(9)	(38)	(51)	(110)
Transfer into Level 3	0	0	34	14
Transfer out of Level 3	0	(9)	0	(32)
Sale of annuity business				0
Financial assets, Ending Balance	301	309	301	309
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	269	220	267	138
Total realized/unrealized gains (losses) included in Net income	(1)	0	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(12)	(1)	(26)	(2)
Purchases and issuances	45	36	105	142
Sales and settlements	(5)	(9)	(15)	(29)
Transfer into Level 3	0	2	0	5
Transfer out of Level 3	(1)	0	(35)	(5)
Sale of annuity business				0
Financial assets, Ending Balance	295	248	295	248
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	378	245	313	176
Total realized/unrealized gains (losses) included in Net income	(2)	7	20	78
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	24	20	75	44
Sales and settlements	(15)	(4)	(20)	(23)
Transfer into Level 3	0	0	3	0
Transfer out of Level 3	(1)	0	(7)	(7)
Sale of annuity business				0
Financial assets, Ending Balance	384	268	384	268
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	12	15	13	21
Total realized/unrealized gains (losses) included in Net income	(1)	(2)	(3)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	1	1	3
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	1
Transfer out of Level 3	0	(2)	0	(14)
Sale of annuity business				0
Financial assets, Ending Balance	$ 11	12	$ 11	12
Assets of discontinued annuity operations | Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance				2,971
Total realized/unrealized gains (losses) included in Net income				85
Total realized/unrealized gains (losses) included in other comprehensive income (loss)				(21)
Purchases and issuances				209
Sales and settlements				(328)
Transfer into Level 3				32
Transfer out of Level 3				(229)
Sale of annuity business				(2,719)
Financial assets, Ending Balance		$ 0		$ 0

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (23)	$ (23)	$ (3,933)
Total realized/unrealized gains (losses) included in Net income	0	0	(222)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(2)	(2)	(146)
Sales and settlements	0	0	158
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	(25)	(25)	0
Contingent consideration — acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(23)	(23)
Total realized/unrealized gains (losses) included in Net income	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0
Purchases and issuances	(2)	(2)
Sales and settlements	0	0
Transfer into Level 3	0	0
Transfer out of Level 3	0	0
Financial liabilities, Ending Balance	$ (25)	$ (25)
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)
Total realized/unrealized gains (losses) included in Net income			(222)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)			0
Purchases and issuances			(146)
Sales and settlements			158
Transfer into Level 3			0
Transfer out of Level 3			0
Sale of annuity business			4,143
Financial liabilities, Ending Balance			$ 0

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Mortgage loans	$ 676	$ 520
Long-term debt	1,533	1,964
Level 1
Financial assets:
Cash and cash equivalents	794	2,131
Mortgage loans	0	0
Total financial assets not accounted for at fair value	794	2,131
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	1,341	2,258
Total financial liabilities not accounted for at fair value	1,341	2,258
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	623	533
Total financial assets not accounted for at fair value	623	533
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	794	2,131
Mortgage loans	676	520
Total financial assets not accounted for at fair value	1,470	2,651
Long-term debt	1,533	1,964
Total financial liabilities not accounted for at fair value	1,533	1,964
Fair Value
Financial assets:
Cash and cash equivalents	794	2,131
Mortgage loans	623	533
Total financial assets not accounted for at fair value	1,417	2,664
Long-term debt	1,344	2,261
Total financial liabilities not accounted for at fair value	$ 1,344	$ 2,261

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 389	$ 389	$ 366
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade		94%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade		94%
Interest rate swaps | Cash flow hedging | Designated as hedging instrument
Schedule of Investments [Line Items]
Derivative, notional amount	1,220	$ 1,220
Derivative liability	37	37
Gain (loss) reclassified from AOCI into net investment income	1	3
Receivable for collateral posted related to swaps	63	63
Interest rate swaps | Cash flow hedging | Designated as hedging instrument | Maximum
Schedule of Investments [Line Items]
Derivative asset	$ 1	$ 1
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	92%	92%	88%
Single Family
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	1%	1%	1%
Other Property
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	7%	7%	11%
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 728	$ 728	$ 28
Number of available for sale securities in an unrealized loss position | security		1,900,000,000

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 10,744		$ 10,193
Fixed maturities, available for sale, allowance for expected credit losses	9	$ 7	9	$ 9	$ 9	$ 12
Available for sale (AFS) fixed maturities	10,034		10,357
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	10,744		10,193
Fixed maturities, available for sale, allowance for expected credit losses	9		9
Fixed maturities, available for sale, gross unrealized, gains	27		201
Fixed maturities, available for sale, gross unrealized, losses	(728)		(28)
Available for sale (AFS) fixed maturities	10,034		10,357
Total fixed maturities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(701)		173
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	229		216
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		2
Fixed maturities, available for sale, gross unrealized, losses	(15)		(2)
Available for sale (AFS) fixed maturities	214		216
U.S. government and government agencies | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(15)		0
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,356		1,758
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	2		74
Fixed maturities, available for sale, gross unrealized, losses	(100)		0
Available for sale (AFS) fixed maturities	1,258		1,832
States, municipalities and political subdivisions | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(98)		74
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	235		248
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	(12)		(2)
Available for sale (AFS) fixed maturities	223		246
Foreign government | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(12)		(2)
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,759		915
Fixed maturities, available for sale, allowance for expected credit losses	1		0
Fixed maturities, available for sale, gross unrealized, gains	22		48
Fixed maturities, available for sale, gross unrealized, losses	(176)		(3)
Available for sale (AFS) fixed maturities	1,604		960
Residential MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(154)		45
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	88		102
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		2
Fixed maturities, available for sale, gross unrealized, losses	(3)		0
Available for sale (AFS) fixed maturities	85		104
Commercial MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(3)		2
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,879		1,643
Fixed maturities, available for sale, allowance for expected credit losses	1		1
Fixed maturities, available for sale, gross unrealized, gains	0		3
Fixed maturities, available for sale, gross unrealized, losses	(72)		(2)
Available for sale (AFS) fixed maturities	1,806		1,643
Collateralized loan obligations | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(72)		1
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,449		2,677
Fixed maturities, available for sale, allowance for expected credit losses	7		7
Fixed maturities, available for sale, gross unrealized, gains	0		17
Fixed maturities, available for sale, gross unrealized, losses	(171)		(11)
Available for sale (AFS) fixed maturities	2,271		2,676
Other asset-backed securities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(171)		6
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,749		2,634
Fixed maturities, available for sale, allowance for expected credit losses	0	$ 0	1	$ 1	$ 1	$ 2
Fixed maturities, available for sale, gross unrealized, gains	3		55
Fixed maturities, available for sale, gross unrealized, losses	(179)		(8)
Available for sale (AFS) fixed maturities	2,573		2,680
Corporate and other | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	$ (176)		$ 47

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 996	$ 1,042
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	549	491
Equity securities	530	586
Equity securities, fair value in excess of cost	(19)	95
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	462	403
Equity securities	466	456
Equity securities, fair value in excess of cost	4	53
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	1,011	894
Equity securities	996	1,042
Equity securities, fair value in excess of cost	$ (15)	$ 148

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,661		$ 1,661		$ 1,517
Equity in earnings of partnerships and similar investments	37	$ 73	246	$ 222
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,218		1,218		1,130
Equity in earnings of partnerships and similar investments	40	52	209	151
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	413		413		352
Equity in earnings of partnerships and similar investments	(2)	21	36	66
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	30		30		$ 35
Equity in earnings of partnerships and similar investments	$ (1)	$ 0	$ 1	$ 5

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	Sep. 30, 2022	Dec. 31, 2021
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (635)	$ (23)
Fair value - less than twelve months	$ 8,311	$ 3,270
Fair value as percentage of cost - Less than twelve months	93%	99%
Unrealized Loss - Twelve months or more	$ (93)	$ (5)
Fair Value - Twelve months or more	$ 1,073	$ 226
Fair value as percentage of cost - Twelve months or more	92%	98%
U.S. government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (4)	$ (1)
Fair value - less than twelve months	$ 108	$ 92
Fair value as percentage of cost - Less than twelve months	96%	99%
Unrealized Loss - Twelve months or more	$ (11)	$ (1)
Fair Value - Twelve months or more	$ 106	$ 22
Fair value as percentage of cost - Twelve months or more	91%	96%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (98)	$ 0
Fair value - less than twelve months	$ 1,124	$ 9
Fair value as percentage of cost - Less than twelve months	92%	100%
Unrealized Loss - Twelve months or more	$ (2)	$ 0
Fair Value - Twelve months or more	$ 14	$ 13
Fair value as percentage of cost - Twelve months or more	88%	100%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (7)	$ (2)
Fair value - less than twelve months	$ 145	$ 160
Fair value as percentage of cost - Less than twelve months	95%	99%
Unrealized Loss - Twelve months or more	$ (5)	$ 0
Fair Value - Twelve months or more	$ 61	$ 0
Fair value as percentage of cost - Twelve months or more	92%	0%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (174)	$ (3)
Fair value - less than twelve months	$ 1,421	$ 419
Fair value as percentage of cost - Less than twelve months	89%	99%
Unrealized Loss - Twelve months or more	$ (2)	$ 0
Fair Value - Twelve months or more	$ 19	$ 7
Fair value as percentage of cost - Twelve months or more	90%	100%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (3)	$ 0
Fair value - less than twelve months	$ 68	$ 34
Fair value as percentage of cost - Less than twelve months	96%	100%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 10	$ 0
Fair value as percentage of cost - Twelve months or more	100%	0%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (61)	$ (1)
Fair value - less than twelve months	$ 1,465	$ 806
Fair value as percentage of cost - Less than twelve months	96%	100%
Unrealized Loss - Twelve months or more	$ (11)	$ (1)
Fair Value - Twelve months or more	$ 329	$ 77
Fair value as percentage of cost - Twelve months or more	97%	99%
Other asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (137)	$ (8)
Fair value - less than twelve months	$ 1,806	$ 1,250
Fair value as percentage of cost - Less than twelve months	93%	99%
Unrealized Loss - Twelve months or more	$ (34)	$ (3)
Fair Value - Twelve months or more	$ 326	$ 81
Fair value as percentage of cost - Twelve months or more	91%	96%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (151)	$ (8)
Fair value - less than twelve months	$ 2,174	$ 500
Fair value as percentage of cost - Less than twelve months	94%	98%
Unrealized Loss - Twelve months or more	$ (28)	$ 0
Fair Value - Twelve months or more	$ 208	$ 26
Fair value as percentage of cost - Twelve months or more	88%	100%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 7	$ 9	$ 9	$ 12
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	2	0	3	0
Additions (reductions) to previously recognized expected credit losses	0	0	(2)	(1)
Reductions due to sales or redemptions	0	0	(1)	(2)
Ending balance	9	9	9	9
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	7	8	8	10
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	2	0	3	0
Additions (reductions) to previously recognized expected credit losses	0	0	(2)	(2)
Reductions due to sales or redemptions	0	0	0	0
Ending balance	9	8	9	8
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	0	1	1	2
Initial allowance for purchased securities with credit deterioration	0	0	0	0
Provision for expected credit losses on securities with no previous allowance	0	0	0	0
Additions (reductions) to previously recognized expected credit losses	0	0	0	1
Reductions due to sales or redemptions	0	0	(1)	(2)
Ending balance	$ 0	$ 1	$ 0	$ 1

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Fiscal Year Maturity [Abstract]
Fair Value	$ 10,034	$ 10,357
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years 6 months
Average life of MBS	5 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 578
After one year through five years	2,693
After five years through ten years	1,018
After ten years	280
Fixed maturities amortized cost, Subtotal	4,569
Collateralized loan obligations and other ABS (average life of approximately 3.5 years)	4,320
MBS (average life of approximately 5.5 years)	1,846
Amortized Cost	10,735
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	575
After one year through five years	2,511
After five years through ten years	932
After ten years	250
Fixed maturities fair value, Subtotal	4,268
Collateralized loan obligations and other ABS (average life of approximately 3.5 years)	4,077
MBS (average life of approximately 5.5 years)	1,689
Fair Value	$ 10,034	$ 10,357
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	6%
After one year through five years	25%
After five years through ten years	9%
After ten years	2%
Fixed maturities fair value, Subtotal, Percent	42%
Collateralized loan obligations and other ABS (average life of approximately 3.5 years)	41%
MBS (average life of approximately 5.5 years)	17%
Fair value, Total, Percent	100%

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Line Items]
Investment income	$ 155	$ 173	$ 562	$ 529
Equity in earnings of partnerships and similar investments	37	73	246	222
Investment expenses	(4)	(4)	(13)	(8)
Net investment income	151	169	549	521
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	(6)	7	(8)	41
Fixed maturities
Net Investment Income [Line Items]
Investment income	98	73	263	217
Other
Net Investment Income [Line Items]
Investment income	17	14	37	28
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income	$ 9	$ 6	$ 24	$ 21

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (35)	$ (17)	$ (143)	$ 103
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(26)	(12)	(112)	82
Realized — impairments	(2)	0	(1)	1
Realized gains (losses) on securities	(28)	(12)	(113)	83
Change in unrealized	(228)	(27)	(690)	(46)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(33)	(17)	(142)	102
Realized — impairments	(2)	0	(1)	1
Realized gains (losses) on securities	(35)	(17)	(143)	103
Change in unrealized	(288)	(35)	(874)	(59)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(6)	(2)	(20)	(2)
Realized — impairments	(2)	0	(1)	1
Realized gains (losses) on securities	(8)	(2)	(21)	(1)
Change in unrealized	(288)	(35)	(874)	(59)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(27)	(15)	(122)	104
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	(27)	(15)	(122)	104
Change in unrealized	0	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	0	0	0
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	0	0	0	0
Change in unrealized	0	0	0	0
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	7	5	30	(20)
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	7	5	30	(20)
Change in unrealized	$ 60	$ 8	$ 184	$ 13

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	$ (33)	$ (9)	$ (123)	$ 123
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	(26)	(16)	(119)	82
Investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities still held	$ (7)	$ 7	$ (4)	$ 41

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 2	$ 4
Gross losses	$ (11)	$ (2)

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2022 USD ($) collateralizedloanobligation	Sep. 30, 2022 USD ($) collateralizedloanobligation	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum		7.40%
Percentage of investment of most subordinate debt tranche, Maximum		82.70%
Number of collateralized loan obligation entities | collateralizedloanobligation		14
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments		$ 366	$ 72
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt		448	187
Carrying amount of CLO loans in default		4	9
Aggregate unpaid principal balance of variable interest entity loans in default		12	18
Available for sale (AFS) fixed maturities		10,034	10,357
Number Of Collateralized Loan Obligation Entities Formed During The Period | collateralizedloanobligation	1
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,806	1,643
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,810	1,640
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches		97	$ 76
Variable interest entity, primary beneficiary | Subordinated Debt Obligations
Variable Interest Entity [Line Items]
Investment in CLO tranches		62
New collateralized loan obligation temporary warehousing entities
Variable Interest Entity [Line Items]
Amount invested in a temporary warehousing entity		$ 12		$ 40
New Collateralized Loan Obligation Entities
Variable Interest Entity [Line Items]
Face Value Of Liabilities Issued By Managed Investment Entities On Issuance Date	$ 404
Face Amount Of Managed Investment Entities Liabilities Purchased At Issuance Date	$ 13

Managed Investment Entities - P

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - Continuing operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Variable Interest Entity, Ownership [Roll Forward]
Balance at beginning of period of ownership of CLO tranches	$ 85	$ 57	$ 76	$ 57
Purchases	0	0	33	0
Distributions	(4)	(5)	(13)	(17)
Change in fair value	4	4	(11)	16
Balance at end of period of ownership of CLO tranches	$ 85	$ 56	$ 85	$ 56

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 7	$ 10	$ (297)	$ 77
Liabilities	(12)	(9)	272	(68)
Management fees paid to AFG	4	4	12	12
CLO earnings (losses) attributable to AFG shareholders	4	5	(10)	37
Variable interest entity, primary beneficiary | Continuing operations
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	4	5	(10)	17
Variable interest entity, primary beneficiary | Net earnings from discontinued operations | Annuity subsidiaries
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG shareholders	$ 0	$ 0	$ 0	$ 20

Goodwill and Other Intangibles

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the goodwill			$ 0
Goodwill	$ 246,000,000		246,000,000		$ 246,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	111,000,000		111,000,000		106,000,000
Accumulated amortization	20,000,000		20,000,000		$ 67,000,000
Amortization of intangible assets	$ 2,000,000	$ 1,000,000	$ 7,000,000	$ 5,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 03, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year		$ 0
Scheduled principal payments on debt in year one		0
Scheduled principal payments on debt in year two		0
Scheduled principal payments on debt in year three		0
Scheduled principal payments on debt in year four		0
Scheduled principal payments on debt in year five		0
Scheduled principal payments on debt thereafter		1,560,000,000
Reductions of long-term debt		436,000,000	$ 0
3.50% Senior Notes due August 2026 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Loss on retirement of debt, including make-whole call premium	$ (6,000,000)
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line		500,000,000
Amount borrowed under revolving credit facility		$ 0			$ 0
AFG | 3.50% Senior Notes due August 2026 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased	49,000,000			$ 376,000,000
Interest rate on debt instruments		3.50%		3.50%
Amount of debt repurchased	51,000,000
Reductions of long-term debt	$ 382,000,000
AFG | 4.50% Senior Notes due June 2047 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased		$ 4,000,000
Interest rate on debt instruments		4.50%
Amount of debt repurchased		$ 3,000,000
AFG | 5.25% Senior Notes due April 2030 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased		$ 5,000,000
Interest rate on debt instruments		5.25%
Amount of debt repurchased		$ 5,000,000
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%
LIBOR | AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.875%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 03, 2022	Dec. 31, 2021
Summary of Carrying value of long-term debt
Principal	$ 1,559		$ 1,993
Discount and Issue Costs	(26)		(29)
Carrying Value	1,533		1,964
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	884		1,318
Discount and Issue Costs	(7)		(10)
Carrying Value	$ 877		1,308
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 586		590
Discount and Issue Costs	(2)		(2)
Carrying Value	$ 584		588
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	3.50%	3.50%
Summary of Carrying value of long-term debt
Principal	$ 0		425
Discount and Issue Costs	0		(3)
Carrying Value	$ 0		422
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%
Summary of Carrying value of long-term debt
Principal	$ 295		300
Discount and Issue Costs	(5)		(5)
Carrying Value	290		295
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	3		3
Discount and Issue Costs	0		0
Carrying Value	3		3
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675		675
Discount and Issue Costs	(19)		(19)
Carrying Value	$ 656		656
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200		200
Discount and Issue Costs	(5)		(5)
Carrying Value	$ 195		195
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200		200
Discount and Issue Costs	(6)		(6)
Carrying Value	$ 194		194
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150		150
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 146		146
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125		125
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 121		$ 121

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Sep. 30, 2022 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) | shares	12,500,000
Preferred Stock, par value (USD per share) | $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) | shares	12,500,000
Preferred Stock, par value (USD per share) | $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 4	$ 4	$ 14	$ 11
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)			151,080
Restricted Common Stock, fair value per share (USD per share)			$ 133.94

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance			$ 119
Other comprehensive income (loss), pretax	$ (319)	$ (38)	(912)	$ (1,409)
Other comprehensive income (loss), tax	65	8	191	296
Other comprehensive income (loss)	(254)	(30)	(721)	(1,113)
AOCI ending balance	(602)		(602)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	(292)	(37)	(884)	(224)
Unrealized holding gains (losses) on securities arising during the period, tax	61	8	186	47
Unrealized holding gains (losses) on securities arising during the period, after tax	231	29	698	177
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	4	2	10	(21)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(1)	0	(2)	5
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	3	2	8	(16)
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	0	0	0	(884)
Total net unrealized gains (losses) on securities, pretax	(288)	(35)	(874)	(1,364)
Total net unrealized gains (losses) on securities, tax	60	8	184	287
Total net unrealized gains (losses) on securities	(228)	(27)	(690)	(1,077)
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(26)		(34)	(1)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	5		7	0
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(21)	0	(27)	(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	(1)		(3)	(14)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	1		1	3
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	0	(2)	(11)
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	0	0	0	(29)
Total net unrealized gains (losses) on cash flow hedges, pretax	(27)		(37)	(52)
Total net unrealized gains (losses) on cash flow hedges, tax	6		8	11
Total net unrealized gains (losses) on cash flow hedges	(21)	0	(29)	(41)
Foreign currency translation adjustments, pretax	(4)	(3)	(1)	(3)
Foreign currency translation adjustments, tax	(1)	0	(1)	0
Foreign currency translation adjustments	(5)	(3)	(2)	(3)
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	0	0	0	(1)
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	0	0	0	9
Total pension and OPRP adjustments, pretax	0	0	0	10
Total pension and OPRP adjustments, tax	0	0	0	(2)
Total pension and OPRP adjustments	0	0	0	8
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(326)	205	136	1,255
AOCI ending balance	(554)	178	(554)	178
Accumulated gain (loss), net, cash flow hedge, parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(8)		0	41
AOCI ending balance	(29)	0	(29)	0
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(15)	(16)	(18)	(16)
AOCI ending balance	(20)	(19)	(20)	(19)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1	1	1	(7)
AOCI ending balance	1	1	1	1
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(348)	190	119	1,273
AOCI ending balance	$ (602)	$ 160	$ (602)	$ 160

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Loss Carryforwards [Line Items]
Statutory rate of income taxes	21%	21%	21%	21%
Separate Return Limitation Year Tax Rules
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to SRLY tax rules will expire unutilized at December 31, 2022	$ 43		$ 43

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations before income taxes (“EBT”)	$ 210	$ 267	$ 777	$ 890
Income taxes at statutory rate	44	56	163	187
Effect of ESOP dividend paid deduction	(1)	(2)	(7)	(10)
Effect of stock-based compensation	0	(2)	(4)	(12)
Effect of tax exempt interest	(1)	(2)	(5)	(6)
Effect of prior year income taxes	$ (3)	$ (1)	$ (3)	$ (1)
Effect of prior year income taxes as a percentage of EBT	(2.00%)	0%	0%	0%
Effect of change in valuation allowance	$ 2	$ (2)	$ 1	$ 1
Effect of dividends received deduction	0	0	(1)	(1)
Effect of foreign operations	1	2	6	0
Effect of nondeductible expenses	2	2	5	6
Effect of other income	1	(3)	0	0
Provision for income taxes as shown on the Statement of Earnings	$ 45	$ 48	$ 155	$ 164
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21%	21%	21%	21%
Effect of ESOP dividend paid deduction as a percentage of EBT	0%	(1.00%)	(1.00%)	(1.00%)
Effect of stock-based compensation as a percentage of EBT	0%	(1.00%)	(1.00%)	(1.00%)
Effect of tax exempt interest as a percentage of EBT	0%	(1.00%)	(1.00%)	(1.00%)
Effect of change in valuation allowance as a percentage of EBT	1%	(1.00%)	0%	0%
Effect of dividends received deduction as a percentage of EBT	0%	0%	0%	0%
Effect of foreign operations as a percentage of EBT	0%	1%	1%	0%
Effect of nondeductible expenses as a percentage of EBT	1%	1%	1%	1%
Effect of other income tax reconciliation as a percentage of EBT	0%	(1.00%)	0%	(1.00%)
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	21%	18%	20%	18%

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of year	$ 11,074	$ 10,392
Less reinsurance recoverables, net of allowance	3,419	3,117
Net liability at beginning of year	7,655	7,275
Provision for losses and LAE occurring in the current period	2,869	2,543
Net decrease in the provision for claims of prior years	(226)	(208)
Total losses and LAE incurred	2,643	2,335
Payments for losses and LAE of:
Current year	(667)	(589)
Prior years	(1,501)	(1,430)
Total payments	(2,168)	(2,019)
Foreign currency translation and other	1	0
Net liability at end of period	8,131	7,591
Add back reinsurance recoverables, net of allowance	3,936	3,400
Gross unpaid losses and LAE included in the balance sheet at end of period	$ 12,067	$ 10,991

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 7	$ 8	$ 8	$ 6
Provision (credit) for expected credit losses	1	0	0	2
Write-offs charged against the allowance	0	0	0	0
Ending Balance	$ 8	$ 8	$ 8	$ 8

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 9	$ 9	$ 8	$ 10
Provision (credit) for expected credit losses	(1)	1	0	0
Write-offs charged against the allowance	0	0	0	0
Ending Balance	$ 8	$ 10	$ 8	$ 10