American Financial (AFG) 10-K 24 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10,110
Entity Common Stock, Shares Outstanding		85,200,125
Common stocks
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Cincinnati, Ohio
Auditor Firm ID	42

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 872	$ 2,131
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,736 and $10,193; allowance for expected credit losses of $11 and $9)	10,095	10,357
Fixed maturities, trading at fair value	32	28
Equity securities, at fair value	1,010	1,042
Investments accounted for using the equity method	1,700	1,517
Mortgage loans	676	520
Real estate and other investments	127	150
Total cash and investments	14,512	15,745
Recoverables from reinsurers	3,977	3,519
Prepaid reinsurance premiums	917	834
Agents’ balances and premiums receivable	1,339	1,265
Deferred policy acquisition costs	288	267
Other receivables	886	857
Other assets	1,219	902
Goodwill	246	246
Total assets	28,831	28,931
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	11,974	11,074
Unearned premiums	3,246	3,041
Payable to reinsurers	1,035	920
Long-term debt	1,496	1,964
Other liabilities	1,696	1,700
Total liabilities	24,779	23,919
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 85,204,006 and 84,920,965 shares outstanding	85	85
Capital surplus	1,368	1,330
Retained earnings	3,142	3,478
Accumulated other comprehensive income (loss), net of tax	(543)	119
Shareholders’ equity	4,052	5,012
Total liabilities and shareholders’ equity	28,831	28,931
Variable interest entity, primary beneficiary
Investments:
Total assets	5,447	5,296
Liabilities and Equity:
Total liabilities	$ 5,332	$ 5,220

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 10,736	$ 10,193
Fixed maturities, available for sale, allowance for expected credit losses	$ 11	$ 9
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Outstanding	85,204,006	84,920,965

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Property and casualty insurance net earned premiums	$ 6,085	$ 5,404	$ 5,099
Net investment income	717	730	461
Realized gains (losses) on:
Securities	(116)	110	(75)
Realized gains on subsidiaries	0	4	23
Income of managed investment entities:
Investment income	268	181	201
Gain (loss) on change in fair value of assets/liabilities	(31)	10	(20)
Other income	117	113	80
Total revenues	7,040	6,552	5,769
Costs and Expenses:
Losses and loss adjustment expenses	3,629	3,157	3,271
Commissions and other underwriting expenses	1,718	1,547	1,625
Interest charges on borrowed money	85	94	88
Expenses of managed investment entities	230	155	167
Other expenses	255	264	279
Total costs and expenses	5,917	5,217	5,430
Earnings from continuing operations before income taxes	1,123	1,335	339
Provision for income taxes	225	254	25
Net earnings from continuing operations, including noncontrolling interests	898	1,081	314
Net earnings from discontinued operations	0	914	407
Net earnings, including noncontrolling interests	898	1,995	721
Less: Net earnings (loss) from continuing operations attributable to noncontrolling interests	0	0	(11)
Net Earnings Attributable to Shareholders	$ 898	$ 1,995	$ 732
Earnings Attributable to Shareholders per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 10.55	$ 12.70	$ 3.66
Basic (USD per share) from discontinued operations	0	10.74	4.59
Basic (USD per share)	10.55	23.44	8.25
Earnings Attributable to Shareholders per Diluted Common Share:
Diluted (USD per share) from continuing operations	10.53	12.62	3.63
Diluted (USD per share) from discontinued operations	0	10.68	4.57
Diluted (USD per share)	$ 10.53	$ 23.30	$ 8.20
Average number of Common Shares:
Basic (shares)	85.1	85.1	88.7
Diluted (shares)	85.3	85.6	89.2

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 898	$ 1,995	$ 721
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(647)	(218)	700
Reclassification adjustment for realized (gains) losses included in net earnings	14	(17)	(307)
Reclassification adjustment for unrealized gains of subsidiaries sold	0	(884)	0
Total net unrealized gains (losses) on securities	(633)	(1,119)	393
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(29)	(1)	56
Reclassification adjustment for investment income included in net earnings	0	(11)	(32)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	0	(29)	0
Total net unrealized gains (losses) on cash flow hedges	(29)	(41)	24
Foreign currency translation adjustments	(2)	(2)	(1)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding gains (losses) on pension and OPRP arising during the period	2	(1)	(1)
Reclassification adjustment for pension settlement loss included in net earnings	0	9	1
Total pension and OPRP adjustments	2	8	0
Other comprehensive income (loss), net of tax	(662)	(1,154)	416
Total comprehensive income, net of tax	236	841	1,137
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	(9)
Comprehensive income attributable to shareholders	$ 236	$ 841	$ 1,146

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative effect, period of adoption, adjustment	Total	Total Cumulative effect, period of adoption, adjustment	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Retained Earnings Cumulative effect, period of adoption, adjustment	Accumulated Other Comprehensive Inc. (Loss)	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 6,269	$ 7	$ 6,269	$ 7		$ 1,397	$ 4,009	$ 7	$ 863	$ 0
Beginning Balance, shares at Dec. 31, 2019					90,303,686
Beginning Balance at Dec. 31, 2019	6,269	$ 7	6,269	$ 7		1,397	4,009	$ 7	863	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to parent	732		732				732
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	734									2
Other comprehensive income (loss)	416		414						414	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	414
Dividends	(336)		(336)				(336)
Shares issued:
Exercise of stock options, shares					328,471
Exercise of stock options	14		14			14
Restricted stock awards, shares					227,867
Restricted stock awards	0		0			0
Other benefit plans, shares					143,270
Other benefit plans	10		10			10
Dividend reinvestment plan, shares					18,690
Dividend reinvestment plan	2		2			2
Stock-based compensation expense	20		20			20
Shares acquired and retired, shares					(4,531,394)
Shares acquired and retired	(313)		(313)			(70)	(243)
Shares exchanged — benefit plans, shares					(101,663)
Shares exchanged — benefit plans	(11)		(11)			(2)	(9)
Forfeitures of restricted stock, shares					(43,681)
Other	(21)		(19)			(4)	(11)		(4)	(2)
Ending Balance, shares at Dec. 31, 2020					86,345,246
Ending Balance at Dec. 31, 2020	6,789		6,789			1,367	4,149		1,273	0
Beginning Balance, redeemable noncontrolling interests at Dec. 31, 2019	0
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	(13)
Other comprehensive income (loss), net of tax attributable to redeemable noncontrolling interests	2
Other	11
Ending Balance, redeemable noncontrolling interests at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	6,789		6,789			1,367	4,149		1,273	0
Net income (loss) attributable to parent	1,995		1,995				1,995
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	1,995									0
Other comprehensive income (loss)	(1,154)		(1,154)						(1,154)	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	(1,154)
Dividends	(2,382)		(2,382)				(2,382)
Shares issued:
Exercise of stock options, shares					1,208,964
Exercise of stock options	59		59			59
Restricted stock awards, shares					207,020
Restricted stock awards	0		0			0
Other benefit plans, shares					81,286
Other benefit plans	10		10			10
Dividend reinvestment plan, shares					69,095
Dividend reinvestment plan	8		8			8
Stock-based compensation expense	16		16			16
Shares acquired and retired, shares					(2,777,684)
Shares acquired and retired	(319)		(319)			(44)	(275)
Shares exchanged — benefit plans, shares					(92,209)
Shares exchanged — benefit plans	$ (10)		(10)			(1)	(9)
Forfeitures of restricted stock, shares					(120,753)
Ending Balance, shares at Dec. 31, 2021	84,920,965				84,920,965
Ending Balance at Dec. 31, 2021	$ 5,012		5,012			1,415	3,478		119	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	5,012		5,012			1,415	3,478		119	0
Net income (loss) attributable to parent	898		898				898
Net income (loss), including portion attributable to nonredeemable noncontrolling interest	898									0
Other comprehensive income (loss)	(662)		(662)						(662)	0
Other comprehensive income (loss), including portion attributable to noncontrolling interest	(662)
Dividends	$ (1,217)		(1,217)				(1,217)
Shares issued:
Exercise of stock options, shares	182,054				182,054
Exercise of stock options	$ 7		7			7
Restricted stock awards, shares					151,080
Restricted stock awards	0		0			0
Other benefit plans, shares					78,460
Other benefit plans	10		10			10
Dividend reinvestment plan, shares					33,794
Dividend reinvestment plan	4		4			4
Stock-based compensation expense	19		19			19
Shares acquired and retired, shares					(89,368)
Shares acquired and retired	(11)		(11)			(1)	(10)
Shares exchanged — benefit plans, shares					(57,420)
Shares exchanged — benefit plans	$ (8)		(8)			(1)	(7)
Forfeitures of restricted stock, shares					(15,559)
Ending Balance, shares at Dec. 31, 2022	85,204,006				85,204,006
Ending Balance at Dec. 31, 2022	$ 4,052		4,052			1,453	3,142		(543)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 4,052		$ 4,052			$ 1,453	$ 3,142		$ (543)	$ 0

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 14.31	$ 28.06	$ 3.85

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities:
Net earnings, including noncontrolling interests	$ 898	$ 1,995	$ 721
Adjustments:
Depreciation and amortization	100	187	299
Annuity benefits	0	377	1,192
Realized gains on investing activities	110	(1,131)	(313)
Net (purchases) sales of trading securities	(2)	(5)	20
Deferred annuity and life policy acquisition costs	0	(98)	(154)
Change in:
Reinsurance and other receivables	(644)	(350)	(533)
Other assets	(138)	344	138
Insurance claims and reserves	1,105	912	812
Payable to reinsurers	115	113	13
Other liabilities	(69)	(70)	(71)
Managed investment entities’ assets/liabilities	(183)	(144)	25
Other operating activities, net	(139)	(416)	34
Net cash provided by operating activities	1,153	1,714	2,183
Investing Activities:
Purchases of fixed maturities	(4,387)	(7,978)	(10,335)
Purchases of equity securities	(239)	(193)	(404)
Purchases of mortgage loans	(273)	(218)	(372)
Purchases of equity index call options and other investments	(141)	(391)	(897)
Purchases of real estate, property and equipment	(86)	(62)	(60)
Purchases of businesses	(10)	(123)	(3)
Proceeds from maturities and redemptions of fixed maturities	2,511	5,035	5,749
Proceeds from repayments of mortgage loans	118	84	84
Proceeds from sales of fixed maturities	1,294	745	3,729
Proceeds from sales of equity securities	174	523	656
Proceeds from sales and settlements of equity index call options and other investments	141	584	988
Proceeds from sales of real estate, property and equipment	31	46	5
Proceeds from sale of businesses	0	3,581	3
Cash and cash equivalents of businesses acquired and sold	0	(2,058)	(425)
Managed investment entities:
Purchases of investments	(1,515)	(2,155)	(1,502)
Proceeds from sales and redemptions of investments	1,335	2,112	1,221
Other investing activities, net	(4)	32	(1)
Net cash used in investing activities	(1,051)	(436)	(1,564)
Financing Activities:
Additional long-term borrowings	0	0	634
Reductions of long-term debt	(477)	0	(150)
Issuances of Common Stock	16	66	22
Repurchases of Common Stock	(11)	(319)	(313)
Cash dividends paid on Common Stock	(1,213)	(2,374)	(334)
Annuity receipts	0	2,403	4,287
Ceded annuity receipts	0	(311)	(492)
Annuity surrenders, benefits and withdrawals	0	(1,931)	(3,711)
Ceded annuity surrenders, benefits and withdrawals	0	282	206
Net transfers from variable annuity assets	0	34	61
Cash transferred in annuity reinsurance	0	0	(554)
Issuances of managed investment entities’ liabilities	1,206	2,883	429
Retirements of managed investment entities’ liabilities	(882)	(2,690)	(208)
Net cash used in financing activities	(1,361)	(1,957)	(123)
Net Change in Cash and Cash Equivalents	(1,259)	(679)	496
Cash and cash equivalents at beginning of year	2,131	2,810	2,314
Cash and cash equivalents at end of year	$ 872	$ 2,131	$ 2,810

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation, including reclassifying the earnings of the Annuity subsidiaries sold in May 2021 to net earnings from discontinued operations. See Note B — “Discontinued Operations.” All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2022, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. Other than the purchase price allocation for its acquisition in 2021 ( see Note C — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2022 or 2021. Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). Investments Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore carried at fair value), and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020. 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. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (primarily interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. 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 H — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At December 31, 2022, assets and liabilities of managed investment entities included $105 million in assets and $102 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. 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: 2022 – 0.2 million, 2021 – 0.5 million and 2020 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2022, 2021 or 2020. 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

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 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 and AFG realized a $656 million net gain on the sale in 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): Year Ended December 31, 2021 (*) 2020 Net investment income $ 746 $ 1,670 Realized gains on securities 112 365 Other income 52 123 Total revenues 910 2,158 Annuity benefits 377 1,192 Annuity and supplemental insurance acquisition expenses 136 306 Other expenses 73 151 Total costs and expenses 586 1,649 Earnings before income taxes from discontinued operations 324 509 Provision for income taxes on discontinued operations 66 102 Net earnings from discontinued operations, net of tax 258 407 Gain on sale of discontinued operations, net of tax 656 — Net earnings from discontinued operations $ 914 $ 407 (*) 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): Year ended December 31, 2021 (*) 2020 Net cash provided by operating activities $ 67 $ 898 Net cash used in investing activities (1,689) (285) Net cash provided by (used in) financing activities 477 (203) (*) Through the May 31, 2021 effective date of the sale.

Acquisitions and Sale of Busine

Acquisitions and Sale of Businesses	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions and Sale of Businesses	Acquisitions and Sale of Businesses Verikai In December 2021, AFG acquired Verikai, Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool 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 as it enters the medical stop loss insurance business, with a primary focus on small and underserved risks. AFG may pay up to $50 million in contingent consideration based on performance measures over a multiple year period. Expenses related to the acquisition were approximately $1 million and were expensed as incurred. The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions). December 6, 2021 Purchase price: Cash $ 120 Fair value of contingent consideration 23 Total purchase price 143 Tangible assets acquired 16 Liabilities acquired 3 Net tangible assets acquired, at fair value 13 Excess purchase price over net tangible assets acquired $ 130 Allocation of excess purchase price: Intangible assets acquired (*) $ 76 Deferred tax on intangible assets acquired (*) (16) Goodwill 70 $ 130 (*) Included in Other assets in AFG’s Balance Sheet. In the purchase price allocation, $76 million of the purchase price was recognized as finite lived intangible assets related to acquired technology and customer relationships, which will be amortized over an average estimated life of approximately 10 years. The acquisition resulted in the recognition of $70 million in goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The goodwill represents the fair value of acquired intangible assets that do not qualify for separate recognition, including the value of Verikai’s future technology and opportunities and assembled workforce. In the third quarter of 2022, AFG acquired an insurance agency business for $12 million, including $10 million in cash. Virtually all of the purchase price was recorded as an amortizing intangible asset representing the fair value of the agency’s customer base at acquisition. Annuity Operations See Note B — “Discontinued Operations,” for information on the sale of AFG’s annuity operations. Neon In December 2019, AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing Neon Underwriting Ltd. and its other Lloyd’s subsidiaries in run-off. Neon and its predecessor, Marketform, failed to achieve AFG’s profitability objectives since AFG’s purchase of Marketform in 2008. On June 30, 2020, AFG acquired 100% of the indirect noncontrolling interest in Neon from certain former and current Neon executives for cash based on the nominal fair value of the interest acquired as determined by a third-party valuation firm. On December 31, 2020, AFG completed the sale of GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own Neon, to RiverStone Holdings Limited for proceeds of $6 million. The sale completed AFG’s exit from the Lloyd’s of London insurance market. On the sale date, the carrying value of the assets and liabilities disposed represented approximately 1% of both AFG’s assets and liabilities and are detailed in the table below. Under GAAP accounting guidance, only disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations. Because AFG’s primary business continues to be commercial property and casualty insurance, as well as the immaterial expected impact on AFG’s ongoing results of operations, the sale of Neon was not reported as a discontinued operation. The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions): Sale proceeds, net of expenses $ 3 Assets of businesses sold: Cash and investments $ 453 Recoverables from reinsurers 224 Prepaid reinsurance premiums 8 Agents’ balances and premiums receivable 42 Other assets 60 Total assets 787 Liabilities of businesses sold: Unpaid losses and loss adjustment expenses 640 Unearned premiums 49 Payable to reinsurers 19 Other liabilities 92 Total liabilities 800 Reclassify accumulated other comprehensive income (7) Net liabilities of businesses sold $ (20) Pretax gain on subsidiaries recorded in 2020 $ 23 In the second quarter of 2021, AFG received an additional $10 million of cash proceeds and recognized a pretax gain of $4 million related to contingent consideration received on the sale of Neon. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions): Year ended December 31, 2020 Net earned premiums $ 200 Loss and loss adjustment expenses 218 Commissions and other underwriting expenses 117 Underwriting loss (135) Net investment loss (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests $ (145) The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions): Underwriting loss $ (135) Net investment income (loss) (5) Other income and expenses, net (5) Loss before income taxes and noncontrolling interests (145) Pretax gain on sale of subsidiaries 23 Total pretax loss from Neon exited lines (122) Tax benefit related to sale of subsidiaries 72 Less: Net loss attributable to noncontrolling interests (11) Net loss from Neon exited lines attributable to shareholders $ (39) As discussed in Note M — “Income Taxes,” the sale of Neon allowed AFG to recognize a $72 million tax benefit. Paratransit Book of Business In 2019, National Interstate, a property and casualty insurance subsidiary of AFG, entered into an agreement with Atlas Financial Holdings, Inc. (“AFH”) to become the exclusive underwriter of AFH’s paratransit book of business. In November 2021, National Interstate acquired the renewal rights for fleets with seven or fewer vehicles from AFH for approximately $3 million and in November 2020, acquired the renewal rights for fleets with eight or more vehicles from AFH for approximately $3 million. The purchase price was recognized as an intangible renewal rights asset and is being amortized over the estimated life of the business acquired.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 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 assets and costs, and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. As discussed in Note C — “Acquisitions and Sale of Businesses,” AFG initiated actions to exit the Lloyd’s of London insurance market, which included placing its Lloyd’s subsidiaries including its Lloyd’s Managing Agency, Neon Underwriting Ltd., into run-off in December 2019. Beginning with the first quarter of 2020, the results for AFG’s Specialty casualty sub-segment exclude the run-off operations of Neon (“Neon exited lines”). AFG completed the sale of Neon in December 2020. Sales of property and casualty insurance outside of the United States represented 4% of AFG’s revenues in both 2022 and 2021 and 5% in 2020. The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2022 2021 Assets Property and casualty insurance (*) $ 22,225 $ 21,312 Other 6,606 7,619 Total assets $ 28,831 $ 28,931 (*) Not allocable to sub-segments. 2022 2021 2020 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,487 $ 2,144 $ 1,871 Specialty casualty 2,659 2,408 2,235 Specialty financial 698 642 613 Other specialty 241 210 180 Other lines (a) — — 200 Total premiums earned 6,085 5,404 5,099 Net investment income (b) 683 663 399 Other income 12 27 8 Total property and casualty insurance 6,780 6,094 5,506 Other 376 293 266 Real estate-related entities (c) — 51 49 Total revenues before realized gains (losses) 7,156 6,438 5,821 Realized gains (losses) on securities (116) 110 (75) Realized gains on subsidiaries — 4 23 Total revenues $ 7,040 $ 6,552 $ 5,769 (a) Represents premiums earned in the Neon exited lines during 2020. (b) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). (c) 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. 2022 2021 2020 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 208 $ 279 $ 181 Specialty casualty 500 377 223 Specialty financial 114 96 50 Other specialty (42) (15) (28) Other lines (a) (4) (4) (202) Total underwriting 776 733 224 Investment and other income, net (b) 643 657 360 Total property and casualty insurance 1,419 1,390 584 Other (c) (180) (220) (215) Real estate-related entities (d) — 51 22 Total earnings before realized gains (losses) and income taxes 1,239 1,221 391 Realized gains (losses) on securities (116) 110 (75) Realized gains on subsidiaries — 4 23 Total earnings before income taxes $ 1,123 $ 1,335 $ 339 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Also includes a special charge to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $9 million in 2022 and $5 million in 2020 and a $21 million special charge in 2020 to increase A&E reserves related to AFG’s former railroad and manufacturing operations. (d) 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	12 Months Ended
	Dec. 31, 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 primarily to AFG’s acquisition of Verikai in December 2021 as discussed in Note C — “Acquisitions 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 December 31, 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 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 December 31, 2022 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 219 $ — $ — $ 219 States, municipalities and political subdivisions — 1,181 5 1,186 Foreign government — 226 — 226 Residential MBS — 1,589 9 1,598 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,919 2 1,921 Other asset-backed securities — 1,916 329 2,245 Corporate and other 8 2,288 319 2,615 Total AFS fixed maturities 227 9,204 664 10,095 Trading fixed maturities — 32 — 32 Equity securities 556 27 427 1,010 Assets of managed investment entities (“MIE”) 659 4,777 11 5,447 Total assets accounted for at fair value $ 1,442 $ 14,040 $ 1,102 $ 16,584 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 645 4,676 11 5,332 Other liabilities — derivatives — 42 — 42 Total liabilities accounted for at fair value $ 645 $ 4,718 $ 36 $ 5,399 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 7% of the total assets carried at fair value at December 31, 2022, were Level 3 assets. Approximately 12% ($126 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 4% ($47 million) 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% ($255 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 $674 million (61%) of the total fair value of Level 3 assets at December 31, 2022. Approximately 62% ($420 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 security is currently callable at par value and the pricing model suggests a higher price, management caps the fair value at par value. Approximately 24% ($164 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 2022, 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) 4 (36) 5 Residential MBS 14 — (1) — (1) 7 (10) 9 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 1 (27) 94 (52) 35 — 329 Corporate and other 267 (1) (22) 129 (39) 20 (35) 319 Total AFS fixed maturities 600 — (53) 223 (93) 68 (81) 664 Equity securities 313 29 — 112 (24) 4 (7) 427 Assets of MIE 13 (5) — 3 — — — 11 Total Level 3 assets $ 926 $ 24 $ (53) $ 338 $ (117) $ 72 $ (88) $ 1,102 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 December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2022 Financial assets: Cash and cash equivalents $ 872 $ 872 $ 872 $ — $ — Mortgage loans 676 626 — — 626 Total financial assets not accounted for at fair value $ 1,548 $ 1,498 $ 872 $ — $ 626 Long-term debt $ 1,496 $ 1,302 $ — $ 1,299 $ 3 Total financial liabilities not accounted for at fair value $ 1,496 $ 1,302 $ — $ 1,299 $ 3 2021 Financial assets: Cash and cash equivalents $ 2,131 $ 2,131 $ 2,131 $ — $ — Mortgage loans 520 533 — — 533 Total financial assets not accounted for at fair value $ 2,651 $ 2,664 $ 2,131 $ — $ 533 Long-term debt $ 1,964 $ 2,261 $ — $ 2,258 $ 3 Total financial liabilities not accounted for at fair value $ 1,964 $ 2,261 $ — $ 2,258 $ 3

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2022 Fixed maturities: U.S. Government and government agencies $ 233 $ — $ — $ (14) $ (14) $ 219 States municipalities and political subdivisions 1,234 — 3 (51) (48) 1,186 Foreign government 240 — — (14) (14) 226 Residential MBS 1,757 2 23 (180) (157) 1,598 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,988 1 1 (67) (66) 1,921 Other asset-backed securities 2,435 7 1 (184) (183) 2,245 Corporate and other 2,761 1 11 (156) (145) 2,615 Total fixed maturities $ 10,736 $ 11 $ 39 $ (669) $ (630) $ 10,095 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 December 31 (in millions): 2022 2021 Fair Value Actual over (under) Actual Fair Value Cost Fair Value Cost Cost Fair Value over Cost Common stocks $ 556 $ 553 $ (3) $ 491 $ 586 $ 95 Perpetual preferred stocks 436 457 21 403 456 53 Total equity securities carried at fair value $ 992 $ 1,010 $ 18 $ 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): Carrying Value Net Investment Income December 31, 2022 December 31, 2021 2022 2021 2020 Real estate-related investments (*) $ 1,229 $ 1,130 $ 233 $ 226 $ 92 Private equity 438 352 32 100 18 Private debt 33 35 2 (5) (11) Total investments accounted for using the equity method $ 1,700 $ 1,517 $ 267 $ 321 $ 99 (*) 92% and 88% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2022 and December 31, 2021, respectively. 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 $396 million and $366 million as of December 31, 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 December 31, 2022 Fixed maturities: U.S. Government and government agencies $ (4) $ 111 97 % $ (10) $ 107 91 % States, municipalities and political subdivisions (50) 967 95 % (1) 15 94 % Foreign government (5) 90 95 % (9) 134 94 % Residential MBS (115) 1,078 90 % (65) 315 83 % Commercial MBS (2) 44 96 % (1) 33 97 % Collateralized loan obligations (44) 1,224 97 % (23) 587 96 % Other asset-backed securities (100) 1,361 93 % (84) 740 90 % Corporate and other (105) 1,665 94 % (51) 413 89 % Total fixed maturities $ (425) $ 6,540 94 % $ (244) $ 2,344 91 % 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 December 31, 2022, the gross unrealized losses on fixed maturities of $669 million relate to approximately 1,850 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 95% of the gross unrealized loss and 95% of the fair value of securities with unrealized losses. 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 December 31, 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 securities (*) Corporate and other Total Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Provision for expected credit losses on securities with no previous allowance 11 5 16 Reductions to previously recognized expected credit losses (1) (2) (3) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2020 10 2 12 Provision for expected credit losses on securities with no previous allowance — 1 1 Reductions to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (2) (2) Balance at December 31, 2021 8 1 9 Provision for expected credit losses on securities with no previous allowance 4 1 5 Reductions to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2022 $ 10 $ 1 $ 11 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In 2022, 2021 and 2020, 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 December 31, 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 $ 430 $ 429 4 % After one year through five years 2,732 2,585 26 % After five years through ten years 988 933 9 % After ten years 317 299 3 % 4,467 4,246 42 % Collateralized loan obligations and other ABS (average life of approximately 3.5 years) 4,415 4,166 41 % MBS (average life of approximately 6 years) 1,843 1,683 17 % Total $ 10,725 $ 10,095 100 % (*) Amortized cost, net of allowance for expected credit losses. Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholders’ equity at December 31, 2022 or 2021. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. 2022 2021 2020 Investment income: Fixed maturities $ 376 $ 290 $ 303 Equity securities: Dividends 39 30 35 Change in fair value (a) (b) (2) 61 7 Equity in earnings of partnerships and similar investments 267 321 99 Other 53 40 23 Gross investment income 733 742 467 Investment expenses (16) (12) (6) Net investment income (b) $ 717 $ 730 $ 461 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on 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.” (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that were carried at fair value through net investment income. Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions): 2022 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 $ (27) $ (3) $ (30) $ (803) $ (1) $ 1 $ — $ (111) Equity securities (96) — (96) — 110 — 110 — Mortgage loans and other investments 10 — 10 — — — — — Total pretax (113) (3) (116) (803) 109 1 110 (111) Tax effects 23 1 24 170 (23) — (23) 23 Net of tax $ (90) $ (2) $ (92) $ (633) $ 86 $ 1 $ 87 $ (88) 2020 Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ 6 $ (13) $ (7) $ 61 Equity securities (70) — (70) — Mortgage loans and other investments 2 — 2 — Total pretax (62) (13) (75) 61 Tax effects 13 3 16 (13) Net of tax $ (49) $ (10) $ (59) $ 48 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 2022, 2021 and 2020 on securities that were still owned at December 31 of each year presented as follows (in millions): 2022 2021 2020 Included in realized gains (losses) $ (95) $ 65 $ (44) Included in net investment income 5 54 12 $ (90) $ 119 $ (32) 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): 2022 2021 2020 Gross gains $ 3 $ 7 $ 12 Gross losses (18) (1) (5)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “Accounting Policies ,” AFG uses derivatives to mitigate certain market risks related to its investment portfolio and deferred compensation obligations to employees. The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions): December 31, 2022 December 31, 2021 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other liabilities $ — $ 37 $ — $ — Derivatives not designated as hedging instruments: MBS with embedded derivatives Fixed maturities 40 — 59 — Total return swap Other liabilities — 5 — — $ 40 $ 42 $ 59 $ — AFG’s interest rate swaps 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 $1.25 billion at December 31, 2022, all of which were entered into in 2022. In 2022, less than $1 million (net) was reclassified from AOCI to net earnings. A collateral receivable supporting these swaps of $62 million at December 31, 2022 is included in other assets in AFG’s Balance Sheet. The MBS with embedded derivatives consist of primarily interest-only and principal-only MBS. AFG records the change in the fair value of these securities in earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio. AFG is exposed to fair value changes from certain equity and fixed maturity market-based exposures related to its deferred compensation obligations to certain employees. To mitigate this risk, AFG entered into a total return swap in 2022. A collateral receivable supporting this swap of $7 million at December 31, 2022 is included in other assets in AFG’s Balance Sheet. The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2022, 2021 and 2020 (in millions): Non-designated hedges - gains (losses) included in net earnings Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings Statement of Earnings Line 2022 2021 2020 2022 2021 2020 Derivative instruments of continuing operations: Interest rate swaps Net investment income $ — $ — $ — $ — $ — $ — MBS with embedded derivatives Realized gains (losses) on securities (12) (6) (1) — — — Total return swap Other expenses (5) — — — — — Total earnings (losses) of continuing operations $ (17) $ (6) $ (1) $ — $ — $ — Derivative instruments of discontinued operations (*): Interest rate swaps Net earnings from discontinued operations $ — $ — $ — $ — $ 14 $ 40 MBS with embedded derivatives Net earnings from discontinued operations — (1) (2) — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings from discontinued operations — (222) (283) — — — Equity index call options Net earnings from discontinued operations — 237 223 — — — Equity index put options Net earnings from discontinued operations — 5 3 — — — Reinsurance contract (embedded derivative) Net earnings from discontinued operations — 1 (1) — — — Total earnings (losses) of discontinued operations — 20 (60) — 14 40 Earnings (losses) attributable to shareholders $ (17) $ 14 $ (61) $ — $ 14 $ 40 (*) Earnings (losses) for 2021 are through the May 31, 2021 effective date of the sale of the annuity business. Based on forward interest rate curves at December 31, 2022, management estimates that it will reclassify approximately $20 million of pre-tax net losses on interest rate swaps in AOCI to expense within the next 12 months. The actual amount will vary based on interest rates at the reset dates, which occur every one

Managed Investment Entities

Managed Investment Entities	12 Months Ended
	Dec. 31, 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 100% of the most subordinate debt tranche of fifteen 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 $115 million (including $82 million invested in the most subordinate tranches and $3 million invested in a temporary warehousing entity) at December 31, 2022. In 2022, AFG formed two new CLOs, which issued $754 million face amount of liabilities (including $48 million face amount purchased by AFG). In 2021, AFG formed one new CLO, which issued $408 million face amount of liabilities (including $14 million face amount purchased by AFG’s continuing operations). In 2020, AFG formed one new CLO, which issued $303 million face amount of liabilities (including $16 million face amount purchased by AFG’s continuing operations). The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions): 2022 2021 2020 Balance at beginning of period $ 76 $ 57 $ 48 Purchases 66 21 17 Sales — — (1) Distributions (18) (22) (6) Change in fair value (11) 20 (1) Change in accrued interest (1) — — Balance at end of period (*) $ 112 $ 76 $ 57 (*) Excludes $3 million invested in temporary warehousing entities at December 31, 2022 that were established to provide AFG the ability to form a new CLO 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 shareholders of AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2022 2021 2020 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ (267) $ 69 $ (69) Liabilities 236 (59) 49 Management fees paid to AFG 17 16 15 CLO earnings (losses) attributable to AFG Shareholders: From continuing operations $ (10) $ 20 $ (1) From discontinued annuity operations — 20 (1) Total $ (10) $ 40 $ (2) (*) 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 $339 million and $72 million at December 31, 2022 and 2021, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $413 million and $187 million at those dates. The CLO assets include loans with an aggregate fair value of $4 million at December 31, 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 $17 million at December 31, 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 $1.92 billion at December 31, 2022 and $1.64 billion at December 31, 2021.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2020, 2021 and 2022 are presented in the following table (in millions): Balance at January 1, 2020 and December 31, 2020 $ 176 Purchase of Verikai in 2021 70 Balance at December 31, 2021 and 2022 $ 246 Included in other assets in AFG’s Balance Sheet is $108 million at December 31, 2022 and $106 million at December 31, 2021 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $24 million and $67 million, respectively. Amortization of intangibles was $11 million in 2022, $6 million in 2021 and

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following at December 31 (in millions): 2022 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 $ 582 $ (1) $ 581 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 — — — 425 (3) 422 5.25% Senior Notes due April 2030 261 (5) 256 300 (5) 295 Other 3 — 3 3 — 3 846 (6) 840 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 $ 1,521 $ (25) $ 1,496 $ 1,993 $ (29) $ 1,964 At December 31, 2022, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2023 — none; 2024 — none; 2025 — none; 2026 — none; 2027 — none and thereafter — $1.52 billion. During 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 for $51 million, $8 million principal amount of its 4.50% Senior Notes due in June 2047 for $6 million and $39 million principal amount of its 5.25% Senior Notes due in April 2030 for $38 million in open market transactions. 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 call premium). In 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering were used, in part, to redeem AFG’s $150 million in 6% Subordinated Debentures due in November 2055 at par value. AFG also issued $300 million in 5.25% Senior Notes due in April 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060 in 2020. The net proceeds of these offerings were used for general corporate purposes, which included repurchases of outstanding common shares. AFG can borrow up to $500 million under its revolving credit facility which expires in December 2025. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at December 31, 2022 or December 31, 2021. Cash interest payments on long-term debt were $89 million in 2022, $92 million in 2021 and $83 million in 2020.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	LeasesAFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance or short-term leases at December 31, 2022 or December 31, 2021. AFG’s operating lease right-of-use asset and operating lease liability are included in other assets other liabilities 2022 2021 Right-of-use asset $ 103 $ 118 Lease liability 116 136 The following table details AFG’s lease activity for the years ended December 31, 2022, 2021 and 2020 (in millions): 2022 2021 2020 Operating lease expense included in other expenses $ 36 $ 41 $ 47 Sublease income (*) (2) (2) — Total lease expense, net of sublease income $ 34 $ 39 $ 47 (*) Sublease income consists of rent from third parties of office space and is included in other income in AFG’s Consolidated Statement of Earnings. Other operating lease information for the years ended December 31, 2022, 2021 and 2020 (in millions): 2022 2021 2020 Cash paid for lease liabilities reported in operating cash flows $ 38 $ 43 $ 50 Right-of-use assets obtained under new leases 11 10 25 The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2022 (in millions): Operating lease payments: 2023 $ 36 2024 29 2025 25 2026 20 2027 6 Thereafter 12 Total lease payments 128 Impact of discounting (12) Operating lease liability $ 116 Weighted-average remaining lease term 4.5 years Weighted-average discount rate 4.0 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 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. Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2022, there were 2.4 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans. The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2022 651,846 $ 106.59 Granted 151,080 $ 133.94 Vested (171,500) $ 111.11 Forfeited (15,559) $ 109.33 Outstanding at December 31, 2022 615,867 $ 111.97 The total fair value of restricted stock that vested during 2022, 2021 and 2020 was $23 million, $28 million and $19 million, respectively. AFG has not granted any stock options since 2015. Options granted in prior years have an exercise price equal to the market price of AFG Common Stock at the date of grant (adjusted for certain special dividends). Options generally became exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant. Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2022 414,745 $ 46.04 Exercised (182,054) $ 39.72 Special dividend adjustment 10,913 n/a Forfeited/Cancelled — $ — Outstanding at December 31, 2022 243,604 $ 44.75 1.4 years $ 23 Options exercisable at December 31, 2022 243,604 $ 44.75 1.4 years $ 23 The total intrinsic value of options exercised during 2022, 2021 and 2020 was $18 million, $88 million and $17 million, respectively. During 2022, 2021 and 2020, AFG received $7 million, $58 million and $14 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $3 million, $14 million and $3 million during those years, respectively. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $19 million for 2022, $16 million for 2021 and $20 million for 2020. AFG’s provision for income tax includes tax benefits of $8 million in 2022, $19 million in 2021 and $9 million in 2020 related to AFG’s stock incentive plans. At December 31, 2022, there was $30 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.5 years. At December 31, 2022, there was no unrecognized compensation expense related to unvested stock options. Accumulated Other Comprehensive Income, Net of Tax 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 Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (821) $ 174 $ (647) $ — $ (647) Reclassification adjustment for realized (gains) losses included in net earnings (*) 18 (4) 14 — 14 Total net unrealized gains (losses) on securities $ 136 (803) 170 (633) — (633) $ — $ (497) Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (37) 8 (29) — (29) Reclassification adjustment for investment income included in net earnings — — — — — Total net unrealized losses on cash flow hedges — (37) 8 (29) — (29) — (29) Foreign currency translation adjustments (18) (1) (1) (2) — (2) — (20) Pension and other postretirement plan adjustments 1 2 — 2 — 2 — 3 Total $ 119 $ (839) $ 177 $ (662) $ — $ (662) $ — $ (543) Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (275) $ 57 $ (218) $ — $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) — (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) — (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) — (1,119) $ — $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) — (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) — (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — (41) — — Foreign currency translation adjustments (16) (2) — (2) — (2) — (18) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 — 9 Total pension and OPRP adjustments (7) 10 (2) 8 — 8 — 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ — $ (1,154) $ — $ 119 Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (*) (389) 82 (307) — (307) Total net unrealized gains on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period 70 (14) 56 — 56 Reclassification adjustment for investment income included in net earnings from discontinued operations (40) 8 (32) — (32) Total net unrealized gains on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 (*) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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): 2022 2021 2020 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,123 $ 1,335 $ 339 Income taxes at statutory rate $ 236 21 % $ 280 21 % $ 71 21 % Effect of: Change in valuation allowance (9) (1 %) (4) — % (117) (35 %) Employee stock ownership plan dividend paid deduction (8) (1 %) (16) (1 %) (2) (1 %) Tax exempt interest (6) (1 %) (8) (1 %) (10) (3 %) Stock-based compensation (5) — % (13) (1 %) (4) (1 %) Adjustment to prior year taxes (3) — % (1) — % 1 — % Dividend received deduction (2) — % (2) — % (2) (1 %) Tax benefit related to sale of Neon — — % — — % (72) (21 %) Nondeductible expenses 8 1 % 8 1 % 4 1 % Foreign operations 7 1 % — — % 149 44 % Other 7 — % 10 — % 7 3 % Provision for income taxes as shown in the statement of earnings $ 225 20 % $ 254 19 % $ 25 7 % On December 31, 2020, AFG completed the sale of the legal entities that own Neon Underwriting Limited (“Neon”), a United Kingdom-based Lloyd’s insurer (see Note C — “Acquisitions and Sale of Businesses” ), which resulted in a taxable loss for U.S. tax purposes. AFG recorded a $72 million tax benefit associated with this loss in 2020. Approximately $65 million of the $72 million tax benefit reduced current taxes payable while the remaining tax benefit will be received from the carry-back of the tax-basis capital loss to offset capital gains in prior tax years. Due to uncertainty concerning the realization of the deferred tax benefits associated with losses incurred at Neon (and its predecessor), AFG maintained a full valuation allowance against the deferred tax assets related to the Lloyd’s insurance business. The effect of foreign operations and change in valuation allowance in 2020 in the table above reflect the transfer of the deferred tax assets related to Neon, to the buyer at closing, and the corresponding reduction in the valuation allowance. Excluding the impact of the $72 million tax benefit on the sale and other impacts of Neon in 2020, AFG’s effective tax rate for the year ended December 31, 2020, was 28%. 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. Since almost all of AFG’s earnings are taxable based on U.S. tax rates, the Global Intangible Low-taxed Income (“GILTI”) provision is not expected to be material to AFG’s results of operations and will be recorded in the period that any tax arises. AFG’s 2013 — 2022 tax years remain subject to examination by the IRS. Total earnings before income taxes include earnings subject to tax in foreign jurisdictions of $64 million in 2022 and $33 million in 2021 and losses subject to tax in foreign jurisdictions of $131 million in 2020. The losses in 2020 are primarily related to Neon. The total income tax provision of continuing operations consists of (in millions): 2022 2021 2020 Current taxes: Federal $ 192 $ 162 $ 46 State 10 7 4 Foreign 1 1 3 Deferred taxes: Federal 22 84 (28) Provision for income taxes $ 225 $ 254 $ 25 For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2022 (in millions): Expiring Amount Operating Loss – U.S. 2023 - 2041 $ 12 Operating Loss – United Kingdom indefinite 36 (*) (*) £30 million Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2022 2021 Deferred tax assets: Federal net operating loss carryforwards $ 2 $ 12 Foreign underwriting losses 10 9 Insurance claims and reserves 255 249 Employee benefits 108 112 Other, net 24 26 Total deferred tax assets before valuation allowance 399 408 Valuation allowance against deferred tax assets (16) (25) Total deferred tax assets 383 383 Deferred tax liabilities: Investment securities (52) (200) Deferred policy acquisition costs (66) (61) Insurance claims and reserves transition liability (12) (17) Real estate, property and equipment (23) (29) Total deferred tax liabilities (153) (307) Net deferred tax asset $ 230 $ 76 AFG’s net deferred tax asset at December 31, 2022 and 2021 is included in other assets in AFG’s Balance Sheet. The increase in AFG’s net deferred tax asset at December 31, 2022 compared to December 31, 2021 reflects net unrealized losses on fixed maturities at December 31, 2022 compared to net unrealized gains at December 31, 2021 and the decrease in fair value of equity securities. The likelihood of realizing deferred tax assets is reviewed periodically. In assessing the need for a valuation allowance, management considered taxable income in prior carryback years, future taxable income and tax planning strategies that include holding debt securities with unrealized losses until recovery. Such tax planning strategies are viewed by management as prudent and feasible and will be implemented if necessary to realize the deferred tax asset. Any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known. AFG’s $43 million of net operating loss carryforwards (“NOL”) subject to the separate return limitation year (“SRLY”) tax rules expired unutilized at December 31, 2022. Since AFG maintains a full valuation allowance against its SRLY NOLs, the expiration of these loss carryforwards was offset by corresponding reduction in the valuation allowance and had no overall impact on AFG’s income tax expense or results of operations. At both December 31, 2022 and December 31, 2021, there are unrecognized tax benefits and related interest and penalties of less than $1 million that, if recognized, would impact the effective tax rate. AFG’s provision for income taxes in both 2022 and 2021 included interest expense of less than $1 million related to unrecognized tax benefits. There is no interest expense related to unrecognized tax benefits included in AFG’s provision for income taxes in 2020. There were liabilities of less than $1 million for interest related to unrecognized tax benefits at both December 31, 2022 and December 31, 2021. There were no penalties related to unrecognized tax benefits included in AFG’s provision for income taxes in 2022, 2021 or 2020. There is no liability for penalties related to unrecognized tax benefits at December 31, 2022 or December 31, 2021. Cash payments for income taxes, net of refunds, were $242 million, $212 million and $179 million for 2022, 2021 and 2020, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesEstablishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. Accruals (included in other liabilities AFG completed in-depth internal reviews of its asbestos and environmental (“A&E”) reserves in the third quarters of 2022 and 2021. These reviews did not identify any new trends compared to the most recent external study and resulted in immaterial adjustments to AFG’s A&E reserves. AFG completed a comprehensive external study of its A&E exposures in the third quarter of 2020 with the aid of specialty actuarial, engineering and consulting firms and outside counsel. The study resulted in special A&E charges of $47 million for the property and casualty group and $21 million for the former railroad and manufacturing operations. The property and casualty group’s liability for A&E reserves was $525 million at December 31, 2022; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $140 million. At December 31, 2022, American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $89 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2022, GAFRI had a liability of $7 million for environmental costs and certain other matters associated with the sales of its former manufacturing operations. While management believes AFG has recorded adequate reserves for the items discussed above, the outcome is uncertain and could result in liabilities that may vary from amounts AFG has currently recorded. Such amounts could have a material effect on AFG’s future results of operations and financial condition. In addition, AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. None of these matters are expected to have a material adverse impact on AFG’s results of operations or financial condition.

Insurance

Insurance	12 Months Ended
	Dec. 31, 2022
Insurance [Abstract]
Insurance	Insurance Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.12 billion at December 31, 2022, were on deposit as required by regulatory authorities. Property and Casualty Insurance Reserves Estimating the liability for unpaid losses and loss adjustment expenses (“LAE”) is inherently judgmental and is influenced by factors that are subject to significant variation. Determining the liability is a complex process incorporating input from many areas of the Company including actuarial, underwriting, pricing, claims and operations management. The process used to determine the total reserve for liabilities involves estimating the ultimate incurred losses and LAE, adjusted for amounts already paid on the claims. The IBNR reserve is derived by first estimating the ultimate unpaid reserve liability and subtracting case reserves for loss and LAE. In determining management’s best estimate of the ultimate liability, management (with the assistance of Company actuaries) considers items such as the effect of inflation on medical, hospitalization, material, repair and replacement costs, the nature and maturity of lines of insurance, general economic trends and the legal environment. In addition, historical trends adjusted for changes in underwriting standards, policy provisions, product mix and other factors are analyzed using actuarial reserve development techniques. Weighing all of the factors, the management team determines a single or “point” estimate that it records as its best estimate of the ultimate liability. Ranges of loss reserves are not developed by Company actuaries. This reserve analysis and review is completed each quarter and for almost every business within AFG’s property and casualty insurance sub-segments. Each quarterly review includes in-depth analysis of several hundred subdivisions of the business, employing multiple actuarial techniques. For each subdivision, actuaries use informed, professional judgment to adjust these techniques as necessary to respond to specific conditions in the data or within the business. Some of the standard actuarial methods employed for the quarterly reserve analysis may include (but may not be limited to): • Case Incurred Development Method • Paid Development Method • Bornhuetter-Ferguson Method • Incremental Paid LAE to Paid Loss Methods Each method has particular strengths and weaknesses and no single estimation method is most accurate in all situations. When applied to a particular group of claims, the relative strengths and weaknesses of each method can change over time based on the facts and circumstances. Ultimately, the estimation methods chosen are those which the actuary believes produce the most reliable indication for the particular liabilities under review. The period of time from the event triggering a claim through the settlement of the liability is referred to as the “tail”. Generally, the same actuarial methods are considered for both short-tail and long-tail lines of business because most of them work properly for both. The methods are designed to incorporate the effects of the differing length of time to settle particular claims. For nearly all lines of business, the actuaries rely heavily on the Bornhuetter-Ferguson method for more recent accident periods. As accident years mature and the underlying claim data becomes more credible, more weight is given to the Case Incurred and Paid Development methods. This transition occurs relatively quickly for short-tailed lines, and over a number of years for long-tail lines. Liability claims for long-tail lines are more susceptible to litigation and can be significantly affected by changing contract interpretation and the legal environment. Therefore, the estimation of loss reserves for these classes is more complex and subject to a higher degree of variability. The level of detail in which data is analyzed varies among the different lines of business. Data is generally analyzed by major product or by coverage within product, using countrywide data; however, in some situations, data may be reviewed by state or region. Appropriate segmentation of the data is determined based on data credibility, homogeneity of development patterns, mix of business, and other actuarial considerations. Supplementary statistical information is also reviewed to determine which methods are most appropriate to use or if adjustments are needed to particular methods. Such information includes: • Open and closed claim counts • Average case reserves and average incurred on open claims • Closure rates and statistics related to closed and open claim percentages • Average closed claim severity • Ultimate claim severity • Reported loss ratios • Projected ultimate loss ratios • Loss payment patterns Within each business, results of individual methods are reviewed, supplementary statistical information is analyzed, and data from underwriting, operating and claim management are considered in deriving management’s best estimate of the ultimate liability. This estimate may be the result of one method, a weighted average of several methods, or a judgmental selection as the management team determines is appropriate. The liability for losses and LAE for a very limited number of claims with long-term scheduled payments under certain workers’ compensation policies has been discounted at 3.5% at both December 31, 2022 and December 31, 2021, which represents an approximation of long-term investment yields. Because of the limited amount of claims involved, the net impact of discounting did not materially impact AFG’s total liability for unpaid losses and loss adjustment expenses (net reductions from discounting of $9 million and $8 million at December 31, 2022 and 2021, respectively). The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions): 2022 2021 2020 Balance at beginning of period $ 11,074 $ 10,392 $ 10,232 Less reinsurance recoverables, net of allowance 3,419 3,117 3,024 Net liability at beginning of period 7,655 7,275 7,208 Provision for losses and LAE occurring in the current year 3,914 3,436 3,398 Net increase (decrease) in the provision for claims of prior years: Special A&E charges — — 47 Neon exited lines — — 19 Other (285) (279) (193) Total losses and LAE incurred 3,629 3,157 3,271 Payments for losses and LAE of: Current year (1,212) (1,024) (990) Prior years (1,870) (1,753) (1,766) Total payments (3,082) (2,777) (2,756) Reserves of businesses disposed (*) — — (449) Foreign currency translation and other 5 — 1 Net liability at end of period 8,207 7,655 7,275 Add back reinsurance recoverables, net of allowance 3,767 3,419 3,117 Gross unpaid losses and LAE included in the balance sheet $ 11,974 $ 11,074 $ 10,392 (*) Reflects the December 31, 2020 sale of Neon (see Note C — “Acquisitions and Sale of Businesses” ). The 2021 and 2020 provision for losses and LAE occurring in the current year includes $16 million and $115 million (including $20 million recorded by the Neon exited lines), respectively, of COVID-19 related losses. In addition, the net decrease in the provision for losses and LAE includes favorable development of $19 million in both 2022 and 2021 related to COVID-19 related losses. The net decrease in the provision for claims of prior years in 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 and lower than expected claim frequency in the executive liability and excess and surplus businesses (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 (i) higher than anticipated claim severity in the general liability, umbrella and excess liability and certain targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty), primarily related to social inflation exposed business assumed from the Specialty casualty sub-segment. The net decrease in the provision for claims of prior years in 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business, lower than expected claim severity in the ocean marine business and lower than expected claim frequency in the aviation business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety and trade credit businesses and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the general liability and targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty). The net decrease in the provision for claims of prior years in 2020 reflects (i) lower than expected claim frequency and severity in the aviation, transportation and agricultural businesses (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses and lower than anticipated claim frequency in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit business and lower than anticipated claim frequency and severity in the financial institutions, fidelity and surety businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) the $47 million special charge to increase asbestos and environmental reserves and adverse reserve development of $19 million on Neon’s exited lines of business, (ii) higher than expected claim frequency and severity in general liability contractor claims and the excess and surplus and excess liability businesses and higher than anticipated claim severity in the targeted markets businesses (within the Specialty casualty sub-segment), (iii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty) and (iv) net adverse reserve development related to business outside the Specialty group that AFG no longer writes. A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2022 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,481 Specialty casualty 4,688 Specialty financial 277 Other specialty 525 Total Specialty (excluding foreign reserves) 6,971 Other reserves Foreign operations 380 A&E reserves 385 Unallocated LAE 418 Other 53 Total other reserves 1,236 Total reserves, net of reinsurance 8,207 Add back reinsurance recoverables, net of allowance 3,767 Gross unpaid losses and LAE included in the balance sheet $ 11,974 The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 882 $ 870 $ 872 $ 878 $ 878 $ 877 $ 873 $ 871 $ 870 $ 870 $ 4 139,031 2014 844 828 817 820 815 808 804 802 800 5 133,262 2015 818 784 779 777 777 772 768 769 7 135,048 2016 746 716 714 706 694 688 689 9 121,361 2017 889 847 843 823 816 820 15 140,902 2018 932 902 886 876 882 24 130,600 2019 1,111 1,058 1,051 1,055 35 154,011 2020 1,043 974 957 71 121,649 2021 1,119 1,023 129 122,024 2022 1,393 436 122,637 Total $ 9,258 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 438 $ 702 $ 760 $ 804 $ 831 $ 847 $ 858 $ 860 $ 861 $ 864 99.3 % 2014 329 632 693 744 770 783 789 791 792 99.0 % 2015 359 582 667 707 736 744 750 755 98.2 % 2016 294 521 577 618 640 656 665 96.5 % 2017 379 640 696 735 755 783 95.5 % 2018 396 676 738 781 824 93.4 % 2019 527 823 904 959 90.9 % 2020 461 726 804 84.0 % 2021 449 767 75.0 % 2022 587 42.1 % Total $ 7,800 Unpaid losses and LAE — years 2013 through 2022 1,458 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,481 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 45.6 % 31.2 % 7.9 % 5.3 % 3.4 % 2.0 % 1.0 % 0.4 % 0.1 % 0.3 % Cumulative 45.6 % 76.8 % 84.7 % 90.0 % 93.4 % 95.4 % 96.4 % 96.8 % 96.9 % 97.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 968 $ 949 $ 945 $ 940 $ 945 $ 926 $ 916 $ 905 $ 898 $ 895 $ 28 55,221 2014 1,035 1,008 1,008 1,006 982 967 952 950 955 36 57,158 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 49 58,251 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 83 56,549 2017 1,211 1,221 1,204 1,189 1,162 1,139 139 57,232 2018 1,277 1,307 1,302 1,262 1,269 226 59,219 2019 1,308 1,311 1,322 1,280 300 59,029 2020 1,352 1,329 1,258 440 53,383 2021 1,384 1,389 696 54,555 2022 1,475 954 48,805 Total $ 11,713 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 182 $ 396 $ 554 $ 666 $ 729 $ 766 $ 797 $ 820 $ 835 $ 845 94.4 % 2014 190 412 574 680 755 801 829 862 881 92.3 % 2015 178 411 577 702 792 844 888 913 90.7 % 2016 186 418 584 713 806 870 906 86.6 % 2017 200 422 612 755 833 902 79.2 % 2018 210 475 649 794 901 71.0 % 2019 212 455 651 795 62.1 % 2020 188 446 613 48.7 % 2021 191 438 31.5 % 2022 198 13.4 % Total $ 7,392 Unpaid losses and LAE — years 2013 through 2022 4,321 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 367 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,688 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 16.8 % 21.1 % 15.7 % 11.9 % 8.0 % 5.3 % 3.6 % 2.8 % 1.8 % 1.1 % Cumulative 16.8 % 37.9 % 53.6 % 65.5 % 73.5 % 78.8 % 82.4 % 85.2 % 87.0 % 88.1 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 140 $ 145 $ 137 $ 131 $ 127 $ 126 $ 122 $ 122 $ 120 $ 118 $ 1 28,477 2014 146 157 156 153 147 142 137 136 135 1 29,470 2015 156 160 158 153 145 138 136 135 1 37,627 2016 179 184 187 182 174 170 173 2 45,177 2017 212 215 212 208 203 202 4 48,831 2018 212 217 219 207 201 7 46,764 2019 194 198 191 186 15 41,898 2020 231 215 202 23 29,638 2021 223 201 49 26,983 2022 243 124 19,415 Total $ 1,796 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 70 $ 100 $ 107 $ 113 $ 117 $ 117 $ 118 $ 118 $ 118 $ 117 99.2 % 2014 62 109 125 128 137 139 141 140 141 104.4 % 2015 72 110 129 133 132 134 134 134 99.3 % 2016 88 141 158 161 163 164 171 98.8 % 2017 120 169 186 194 193 192 95.0 % 2018 112 163 187 188 192 95.5 % 2019 99 146 164 168 90.3 % 2020 100 144 159 78.7 % 2021 98 136 67.7 % 2022 108 44.4 % Total $ 1,518 Unpaid losses and LAE — years 2013 through 2022 278 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (1) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 277 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.1 % 9.9 % 2.7 % 2.0 % 0.6 % 1.6 % (0.2 %) 0.4 % (0.8 %) Cumulative 52.1 % 78.2 % 88.1 % 90.8 % 92.8 % 93.4 % 95.0 % 94.8 % 95.2 % 94.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 46 $ 47 $ 46 $ 47 $ 50 $ 53 $ 58 $ 58 $ 60 $ 63 $ 1 — 2014 58 57 59 59 60 61 64 66 68 3 — 2015 59 60 63 66 76 82 84 87 5 — 2016 61 61 65 71 76 77 78 10 — 2017 63 65 70 81 88 95 7 — 2018 86 90 92 94 100 26 — 2019 108 107 108 111 32 — 2020 122 117 129 62 — 2021 135 141 95 — 2022 159 122 — Total $ 1,031 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (b) 2013 $ 7 $ 16 $ 22 $ 34 $ 37 $ 44 $ 51 $ 53 $ 57 $ 60 95.2 % 2014 13 21 30 36 43 50 53 54 56 82.4 % 2015 10 26 31 50 62 69 75 76 87.4 % 2016 9 19 31 47 53 60 64 82.1 % 2017 10 19 30 52 63 76 80.0 % 2018 12 23 32 44 60 60.0 % 2019 9 24 49 61 55.0 % 2020 9 21 44 34.1 % 2021 8 27 19.1 % 2022 11 6.9 % Total $ 535 Unpaid losses and LAE — years 2013 through 2022 496 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 29 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 525 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 10.3 % 12.7 % 13.1 % 16.6 % 10.7 % 10.4 % 6.9 % 1.9 % 4.6 % 4.8 % Cumulative 10.3 % 23.0 % 36.1 % 52.7 % 63.4 % 73.8 % 80.7 % 82.6 % 87.2 % 92.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 2,036 $ 2,011 $ 2,000 $ 1,996 $ 2,000 $ 1,982 $ 1,969 $ 1,956 $ 1,948 $ 1,946 $ 34 222,729 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 1,958 45 219,890 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 62 230,926 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 104 223,087 2017 2,375 2,348 2,329 2,301 2,269 2,256 165 246,965 2018 2,507 2,516 2,499 2,439 2,452 283 236,583 2019 2,721 2,674 2,672 2,632 382 254,938 2020 2,748 2,635 2,546 596 204,670 2021 2,861 2,754 969 203,562 2022 3,270 1,636 190,857 Total $ 23,798 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 697 $ 1,214 $ 1,443 $ 1,617 $ 1,714 $ 1,774 $ 1,824 $ 1,851 $ 1,871 $ 1,886 96.9 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 1,870 95.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 94.0 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 90.9 % 2017 709 1,250 1,524 1,736 1,844 1,953 86.6 % 2018 730 1,337 1,606 1,807 1,977 80.6 % 2019 847 1,448 1,768 1,983 75.3 % 2020 758 1,337 1,620 63.6 % 2021 746 1,368 49.7 % 2022 904 27.6 % Total $ 17,245 Unpaid losses and LAE — years 2013 through 2022 6,553 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 418 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,971 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 30.4 % 25.0 % 12.2 % 8.9 % 5.9 % 3.9 % 2.5 % 1.6 % 1.1 % 0.8 % Cumulative 30.4 % 55.4 % 67.6 % 76.5 % 82.4 % 86.3 % 88.8 % 90.4 % 91.5 % 92.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Deferred Policy Acquisition Costs Included in property and casualty insurance commissions and other underwriting expenses in AFG’s Statement of Earnings is amortization of deferred policy acquisition costs of $641 million, $580 million, and $615 million in 2022, 2021 and 2020, respectively. Statutory Information AFG’s U.S.-based insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2022 2021 2020 2022 2021 Property and casualty companies $ 912 $ 1,007 $ 481 $ 4,356 $ 4,221 The National Association of Insurance Commissioners’ (“NAIC”) model law for risk-based capital (“RBC”) applies to property and casualty insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2022 and 2021, the capital ratios of all AFG insurance companies substantially exceeded the RBC requirements. AFG’s insurance companies did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2022 or 2021. Payments of dividends by AFG’s insurance companies are subject to various state laws that limit the amount of dividends that can be paid. Under applicable restrictions, the maximum amount of dividends available to AFG in 2023 from its insurance subsidiaries without seeking regulatory approval is $887 million. Additional amounts of dividends require regulatory approval. Holding Company Dividends AFG declared and paid common stock dividends to shareholders totaling $1.22 billion, $2.38 billion and $336 million in 2022, 2021 and 2020, respectively. Currently, there are no regulatory restrictions on AFG’s retained earnings or net earnings that materially impact its ability to pay dividends. Based on shareholders’ equity at December 31, 2022, AFG could pay dividends of approximately $1 billion without violating its most restrictive debt covenant. However, the payment of future dividends will be at the discretion of AFG’s Board of Directors and will be dependent on many factors including AFG’s financial condition and results of operations, the capital requirements of its insurance subsidiaries, and rating agency commitments. Reinsurance In the normal course of business, AFG cedes reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. However, AFG remains liable to its insureds regardless of whether a reinsurer is able to meet its obligations. The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2022 2021 2020 Direct premiums written $ 8,774 $ 7,700 $ 6,862 Reinsurance assumed 283 246 225 Reinsurance ceded (2,851) (2,373) (2,074) Net written premiums $ 6,206 $ 5,573 $ 5,013 Direct premiums earned $ 8,582 $ 7,462 $ 6,846 Reinsurance assumed 274 249 237 Reinsurance ceded (2,771) (2,307) (1,984) Net earned premiums $ 6,085 $ 5,404 $ 5,099 Reinsurance recoveries $ 2,065 $ 1,478 $ 1,522 AFG maintains supplemental fully collateralized reinsurance coverage up to 94% of $325 million for catastrophe losses in excess of $125 million of traditional catastrophe reinsurance through a catastrophe bond. AFG’s cost for this coverage is approximately $16 million per year. Recoveries from the catastrophe bond apply before calculating losses recoverable from this catastrophe excess of loss reinsurance. Recoverables from Reinsurers and Premiums Receivable See Note A — “Accounting Policies — Credit Losses on Financial Instruments,” for a discussion of guidance effective January 1, 2020, which impacted the accounting for expected credit losses of recoverables from reinsurers and premiums receivable. AFG reviews the allowance quarterly and makes adjustments as necessary to reflect changes in expected credit losses. Progressions of the allowance for expected credit losses are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2022 2021 2020 2022 2021 2020 Balance at January 1 $ 8 $ 6 $ 18 $ 8 $ 10 $ 13 Impact of adoption of new accounting policy — — (11) — — (3) Provision for expected credit losses — 2 — — (2) 1 Write-offs charged against the allowance — — — — — (1) Businesses disposed — — (1) — — — Balance at December 31 $ 8 $ 8 $ 6 $ 8 $ 8 $ 10

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Financial Instruments — Unfunded Commitments On occasion, AFG and its subsidiaries have entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2022, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $479 million. Benefit Plans AFG expensed approximately $41 million in 2022, $61 million in 2021 and $41 million in 2020 for its retirement and employee savings plans.

Condensed Financial Information

Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Financial Information of Parent Company	AMERICAN FINANCIAL GROUP, INC. — PARENT ONLY SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (In Millions) Condensed Balance Sheet December 31, 2022 2021 Assets: Cash and cash equivalents $ 225 $ 589 Investment in securities 591 1,281 Investment in subsidiaries (*) 4,825 5,334 Real estate and other investments 63 2 Other assets 132 103 Total assets $ 5,836 $ 7,309 Liabilities and Equity: Long-term debt $ 1,496 $ 1,964 Other liabilities 288 333 Shareholders’ equity 4,052 5,012 Total liabilities and equity $ 5,836 $ 7,309 Condensed Statement of Earnings Year ended December 31, 2022 2021 2020 Revenues: Dividends from subsidiaries $ 879 $ 835 $ 543 Equity in undistributed earnings of subsidiaries 405 1,721 474 Investment and other income 28 29 32 Total revenues 1,312 2,585 1,049 Costs and Expenses: Interest charges on intercompany borrowings 7 7 8 Interest charges on other borrowings 85 94 88 Other expenses 97 129 94 Total costs and expenses 189 230 190 Earnings before income taxes 1,123 2,355 859 Provision for income taxes 225 360 127 Net Earnings Attributable to Shareholders $ 898 $ 1,995 $ 732 Condensed Statement of Comprehensive Income Year ended December 31, 2022 2021 2020 Net earnings attributable to shareholders $ 898 $ 1,995 $ 732 Other comprehensive income (loss), net of tax (662) (1,154) 414 Total comprehensive income (loss), net of tax $ 236 $ 841 $ 1,146 ________________________ (*) Investment in subsidiaries includes intercompany receivables and payables. Condensed Statement of Cash Flows Year ended December 31, 2022 2021 2020 Operating Activities: Net earnings attributable to shareholders $ 898 $ 1,995 $ 732 Adjustments: Equity in net earnings of subsidiaries (1,030) (2,144) (780) Dividends from subsidiaries 539 830 543 Other operating activities, net (80) 152 (12) Net cash provided by operating activities 327 833 483 Investing Activities: Capital contributions to subsidiaries (26) (107) (297) Returns of capital from subsidiaries 29 3 — Purchases of: Investments, property and equipment (223) (1,478) (2) Businesses — (120) — Proceeds from: Maturities and redemptions of investments 556 277 2 Sales of investments, property and equipment 656 11 — Sales of businesses — 3,581 3 Net cash provided by (used in) investing activities 992 2,167 (294) Financing Activities: Additional long-term borrowings — — 634 Reductions of long-term debt (477) — (150) Issuances of Common Stock 18 67 23 Repurchases of Common Stock (11) (319) (313) Cash dividends paid on Common Stock (1,213) (2,374) (334) Net cash used in financing activities (1,683) (2,626) (140) Net Change in Cash and Cash Equivalents (364) 374 49 Cash and cash equivalents at beginning of year 589 215 166 Cash and cash equivalents at end of year $ 225 $ 589 $ 215

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2022 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for claims and unpaid losses and LAE Unearned premiums Net earned premiums Net investment income Claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses Net written premiums 2022 Property and casualty insurance $ 288 $ 11,974 $ 3,246 $ 6,085 $ 683 $ 3,629 $ 641 $ 1,091 $ 6,206 Other — — — — 34 — — 556 — Total $ 288 $ 11,974 $ 3,246 $ 6,085 $ 717 $ 3,629 $ 641 $ 1,647 $ 6,206 2021 Property and casualty insurance $ 267 $ 11,074 $ 3,041 $ 5,404 $ 663 $ 3,157 $ 580 $ 967 $ 5,573 Other — — — — 67 — — 513 — Total $ 267 $ 11,074 $ 3,041 $ 5,404 $ 730 $ 3,157 $ 580 $ 1,480 $ 5,573 2020 Property and casualty insurance $ 244 $ 10,392 $ 2,803 $ 5,099 $ 399 $ 3,271 $ 615 $ 1,036 $ 5,013 Other — — — — 62 — — 508 — Total $ 244 $ 10,392 $ 2,803 $ 5,099 $ 461 $ 3,271 $ 615 $ 1,544 $ 5,013

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation, including reclassifying the earnings of the Annuity subsidiaries sold in May 2021 to net earnings from discontinued operations. See Note B — “Discontinued Operations.” All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2022, and prior to the filing of this Form 10-K, have been evaluated for potential recognition or disclosure herein. Unless otherwise stated, the information in the Notes to the Consolidated Financial Statements relates to AFG’s continuing operations. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Discontinued Operations	Discontinued Operations Disposals of components of an entity that represent a strategic shift and that have a major effect on a reporting entity’s operations and financial results are reported as discontinued operations.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. Other than the purchase price allocation for its acquisition in 2021 ( see Note C — “Acquisitions and Sale of Businesses”) , AFG did not have any material nonrecurring fair value measurements in 2022 or 2021. Accounting standards for measuring fair value are based on inputs used in estimating fair value. The three levels of the hierarchy are as follows: Level 1 — Quoted prices for identical assets or liabilities in active markets (markets in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities, highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar assets or liabilities in inactive markets (markets in which there are few transactions, the prices are not current, price quotations vary substantially over time or among market makers, or in which little information is released publicly); and valuations based on other significant inputs that are observable in active markets. AFG’s Level 2 financial instruments include 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 primarily to AFG’s acquisition of Verikai in December 2021 as discussed in Note C — “Acquisitions 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 December 31, 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 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.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments On January 1, 2020, AFG adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. At the date of adoption, the impact of adjusting AFG’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($7 million increase in retained earnings at January 1, 2020). The updated guidance also amended the other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss
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 limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore carried at fair value), and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in AFG’s Balance Sheet. Fixed maturity securities classified as “trading” are reported at fair value with changes in unrealized holding gains or losses during the period included in net investment income. Mortgage loans (net of any allowance) are carried primarily at the aggregate unpaid balance. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020.
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies.
Deferred Policy Acquisition Costs (''DPAC'')	Deferred Policy Acquisition Costs (“DPAC”) Policy acquisition costs (principally commissions, premium taxes and certain underwriting and policy issuance costs) directly related to the successful acquisition or renewal of an insurance contract are deferred. DPAC is limited based upon recoverability without any consideration for anticipated 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 H — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At December 31, 2022, assets and liabilities of managed investment entities included $105 million in assets and $102 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.
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: 2022 – 0.2 million, 2021 – 0.5 million and 2020 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings attributable to shareholders in the calculation of diluted earnings per share for the years ended December 31, 2022, 2021 or 2020.
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
Segments of Operations	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of deferred gains on retroactive reinsurance transactions related to the sales of businesses in prior years. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income, Net of Tax
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. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (primarily interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. 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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2021 (*) 2020 Net investment income $ 746 $ 1,670 Realized gains on securities 112 365 Other income 52 123 Total revenues 910 2,158 Annuity benefits 377 1,192 Annuity and supplemental insurance acquisition expenses 136 306 Other expenses 73 151 Total costs and expenses 586 1,649 Earnings before income taxes from discontinued operations 324 509 Provision for income taxes on discontinued operations 66 102 Net earnings from discontinued operations, net of tax 258 407 Gain on sale of discontinued operations, net of tax 656 — Net earnings from discontinued operations $ 914 $ 407 (*) 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): Year ended December 31, 2021 (*) 2020 Net cash provided by operating activities $ 67 $ 898 Net cash used in investing activities (1,689) (285) Net cash provided by (used in) financing activities 477 (203) (*) Through the May 31, 2021 effective date of the sale.

Acquisitions and Sale of Busi_2

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

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s assets, revenues and earnings before income taxes by segment and sub-segment. 2022 2021 Assets Property and casualty insurance (*) $ 22,225 $ 21,312 Other 6,606 7,619 Total assets $ 28,831 $ 28,931 (*) Not allocable to sub-segments. 2022 2021 2020 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,487 $ 2,144 $ 1,871 Specialty casualty 2,659 2,408 2,235 Specialty financial 698 642 613 Other specialty 241 210 180 Other lines (a) — — 200 Total premiums earned 6,085 5,404 5,099 Net investment income (b) 683 663 399 Other income 12 27 8 Total property and casualty insurance 6,780 6,094 5,506 Other 376 293 266 Real estate-related entities (c) — 51 49 Total revenues before realized gains (losses) 7,156 6,438 5,821 Realized gains (losses) on securities (116) 110 (75) Realized gains on subsidiaries — 4 23 Total revenues $ 7,040 $ 6,552 $ 5,769 (a) Represents premiums earned in the Neon exited lines during 2020. (b) Includes a loss of $5 million in the Neon exited lines in 2020 (primarily from the change in fair value of equity securities). (c) 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. 2022 2021 2020 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 208 $ 279 $ 181 Specialty casualty 500 377 223 Specialty financial 114 96 50 Other specialty (42) (15) (28) Other lines (a) (4) (4) (202) Total underwriting 776 733 224 Investment and other income, net (b) 643 657 360 Total property and casualty insurance 1,419 1,390 584 Other (c) (180) (220) (215) Real estate-related entities (d) — 51 22 Total earnings before realized gains (losses) and income taxes 1,239 1,221 391 Realized gains (losses) on securities (116) 110 (75) Realized gains on subsidiaries — 4 23 Total earnings before income taxes $ 1,123 $ 1,335 $ 339 (a) Includes an underwriting loss of $135 million in 2020 in the Neon exited lines. Also includes a special charge to increase asbestos and environmental (“A&E”) reserves of $47 million in 2020. (b) Includes $10 million in 2020 in net expenses from the Neon exited lines, before noncontrolling interest. (c) Includes holding company interest and expenses, including losses on retirement of debt of $9 million in 2022 and $5 million in 2020 and a $21 million special charge in 2020 to increase A&E reserves related to AFG’s former railroad and manufacturing operations. (d) 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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 219 $ — $ — $ 219 States, municipalities and political subdivisions — 1,181 5 1,186 Foreign government — 226 — 226 Residential MBS — 1,589 9 1,598 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,919 2 1,921 Other asset-backed securities — 1,916 329 2,245 Corporate and other 8 2,288 319 2,615 Total AFS fixed maturities 227 9,204 664 10,095 Trading fixed maturities — 32 — 32 Equity securities 556 27 427 1,010 Assets of managed investment entities (“MIE”) 659 4,777 11 5,447 Total assets accounted for at fair value $ 1,442 $ 14,040 $ 1,102 $ 16,584 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 645 4,676 11 5,332 Other liabilities — derivatives — 42 — 42 Total liabilities accounted for at fair value $ 645 $ 4,718 $ 36 $ 5,399 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 asset balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2022, 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) 4 (36) 5 Residential MBS 14 — (1) — (1) 7 (10) 9 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 1 (27) 94 (52) 35 — 329 Corporate and other 267 (1) (22) 129 (39) 20 (35) 319 Total AFS fixed maturities 600 — (53) 223 (93) 68 (81) 664 Equity securities 313 29 — 112 (24) 4 (7) 427 Assets of MIE 13 (5) — 3 — — — 11 Total Level 3 assets $ 926 $ 24 $ (53) $ 338 $ (117) $ 72 $ (88) $ 1,102 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 December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933)
Changes in liability balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2022, 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) 4 (36) 5 Residential MBS 14 — (1) — (1) 7 (10) 9 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 1 (27) 94 (52) 35 — 329 Corporate and other 267 (1) (22) 129 (39) 20 (35) 319 Total AFS fixed maturities 600 — (53) 223 (93) 68 (81) 664 Equity securities 313 29 — 112 (24) 4 (7) 427 Assets of MIE 13 (5) — 3 — — — 11 Total Level 3 assets $ 926 $ 24 $ (53) $ 338 $ (117) $ 72 $ (88) $ 1,102 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 December 31, 2021 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 39 — — — (4) 8 (2) — 41 Residential MBS 38 (4) — 6 (3) 6 (29) — 14 Commercial MBS 2 — — — — — (2) — — Collateralized loan obligations 16 1 — — (2) — (15) — — Other asset-backed securities 305 1 — 154 (156) 14 (40) — 278 Corporate and other 138 (1) (5) 184 (45) 5 (9) — 267 Total AFS fixed maturities 538 (3) (5) 344 (210) 33 (97) — 600 Equity securities 176 99 — 78 (28) — (12) — 313 Assets of MIE 21 — — 5 — 1 (14) — 13 Assets of discontinued annuity operations 2,971 85 (22) 209 (327) 32 (229) (2,719) — Total Level 3 assets $ 3,706 $ 181 $ (27) $ 636 $ (565) $ 66 $ (352) $ (2,719) $ 926 Contingent consideration — acquisitions $ — $ — $ — $ (23) $ — $ — $ — $ — $ (23) Liabilities of discontinued annuity operations (3,933) (223) — (146) 159 — — 4,143 — Total Level 3 liabilities $ (3,933) $ (223) $ — $ (169) $ 159 $ — $ — $ 4,143 $ (23) Total realized/unrealized Balance at December 31, 2019 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 40 — 1 — (2) — — 39 Residential MBS 45 (1) (1) — (6) 9 (8) 38 Commercial MBS 6 — — — — 1 (5) 2 Collateralized loan obligations 1 — 5 — — 52 (42) 16 Other asset-backed securities 256 (7) 5 106 (89) 42 (8) 305 Corporate and other 223 1 — 68 (60) 4 (98) 138 Total AFS fixed maturities 571 (7) 10 174 (157) 108 (161) 538 Equity securities 161 (12) — 37 (7) 9 (12) 176 Assets of MIE 17 (6) — 2 — 8 — 21 Assets of discontinued annuity operations 3,092 (17) 59 568 (442) 495 (784) 2,971 Total Level 3 assets $ 3,841 $ (42) $ 69 $ 781 $ (606) $ 620 $ (957) $ 3,706 Liabilities of discontinued annuity operations $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933)
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements at December 31 are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 2022 Financial assets: Cash and cash equivalents $ 872 $ 872 $ 872 $ — $ — Mortgage loans 676 626 — — 626 Total financial assets not accounted for at fair value $ 1,548 $ 1,498 $ 872 $ — $ 626 Long-term debt $ 1,496 $ 1,302 $ — $ 1,299 $ 3 Total financial liabilities not accounted for at fair value $ 1,496 $ 1,302 $ — $ 1,299 $ 3 2021 Financial assets: Cash and cash equivalents $ 2,131 $ 2,131 $ 2,131 $ — $ — Mortgage loans 520 533 — — 533 Total financial assets not accounted for at fair value $ 2,651 $ 2,664 $ 2,131 $ — $ 533 Long-term debt $ 1,964 $ 2,261 $ — $ 2,258 $ 3 Total financial liabilities not accounted for at fair value $ 1,964 $ 2,261 $ — $ 2,258 $ 3

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses December 31, 2022 Fixed maturities: U.S. Government and government agencies $ 233 $ — $ — $ (14) $ (14) $ 219 States municipalities and political subdivisions 1,234 — 3 (51) (48) 1,186 Foreign government 240 — — (14) (14) 226 Residential MBS 1,757 2 23 (180) (157) 1,598 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,988 1 1 (67) (66) 1,921 Other asset-backed securities 2,435 7 1 (184) (183) 2,245 Corporate and other 2,761 1 11 (156) (145) 2,615 Total fixed maturities $ 10,736 $ 11 $ 39 $ (669) $ (630) $ 10,095 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 December 31 (in millions): 2022 2021 Fair Value Actual over (under) Actual Fair Value Cost Fair Value Cost Cost Fair Value over Cost Common stocks $ 556 $ 553 $ (3) $ 491 $ 586 $ 95 Perpetual preferred stocks 436 457 21 403 456 53 Total equity securities carried at fair value $ 992 $ 1,010 $ 18 $ 894 $ 1,042 $ 148
Equity method investments	Investments accounted for using the equity method held by AFG’s continuing operations, by category, carrying value and net investment income are as follows (in millions): Carrying Value Net Investment Income December 31, 2022 December 31, 2021 2022 2021 2020 Real estate-related investments (*) $ 1,229 $ 1,130 $ 233 $ 226 $ 92 Private equity 438 352 32 100 18 Private debt 33 35 2 (5) (11) Total investments accounted for using the equity method $ 1,700 $ 1,517 $ 267 $ 321 $ 99 (*) 92% and 88% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2022 and December 31, 2021, respectively.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position	The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as December 31, 2022 Fixed maturities: U.S. Government and government agencies $ (4) $ 111 97 % $ (10) $ 107 91 % States, municipalities and political subdivisions (50) 967 95 % (1) 15 94 % Foreign government (5) 90 95 % (9) 134 94 % Residential MBS (115) 1,078 90 % (65) 315 83 % Commercial MBS (2) 44 96 % (1) 33 97 % Collateralized loan obligations (44) 1,224 97 % (23) 587 96 % Other asset-backed securities (100) 1,361 93 % (84) 740 90 % Corporate and other (105) 1,665 94 % (51) 413 89 % Total fixed maturities $ (425) $ 6,540 94 % $ (244) $ 2,344 91 % 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 securities (*) Corporate and other Total Balance at January 1, 2020 $ — $ — $ — Impact of adoption of new accounting policy — — — Provision for expected credit losses on securities with no previous allowance 11 5 16 Reductions to previously recognized expected credit losses (1) (2) (3) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2020 10 2 12 Provision for expected credit losses on securities with no previous allowance — 1 1 Reductions to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (2) (2) Balance at December 31, 2021 8 1 9 Provision for expected credit losses on securities with no previous allowance 4 1 5 Reductions to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at December 31, 2022 $ 10 $ 1 $ 11 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 31, 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 $ 430 $ 429 4 % After one year through five years 2,732 2,585 26 % After five years through ten years 988 933 9 % After ten years 317 299 3 % 4,467 4,246 42 % Collateralized loan obligations and other ABS (average life of approximately 3.5 years) 4,415 4,166 41 % MBS (average life of approximately 6 years) 1,843 1,683 17 % Total $ 10,725 $ 10,095 100 % (*) 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. 2022 2021 2020 Investment income: Fixed maturities $ 376 $ 290 $ 303 Equity securities: Dividends 39 30 35 Change in fair value (a) (b) (2) 61 7 Equity in earnings of partnerships and similar investments 267 321 99 Other 53 40 23 Gross investment income 733 742 467 Investment expenses (16) (12) (6) Net investment income (b) $ 717 $ 730 $ 461 (a) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on 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.” (b) Net investment income in 2020 includes losses of $5 million on investments held by the companies that comprise the Neon exited lines due primarily to the $7 million loss recorded in first quarter of 2020 on equity securities that were carried at fair value through net investment income.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments	Realized gains (losses) and changes in unrealized appreciation (depreciation) from continuing operations included in AOCI related to fixed maturity securities are summarized as follows (in millions): 2022 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 $ (27) $ (3) $ (30) $ (803) $ (1) $ 1 $ — $ (111) Equity securities (96) — (96) — 110 — 110 — Mortgage loans and other investments 10 — 10 — — — — — Total pretax (113) (3) (116) (803) 109 1 110 (111) Tax effects 23 1 24 170 (23) — (23) 23 Net of tax $ (90) $ (2) $ (92) $ (633) $ 86 $ 1 $ 87 $ (88) 2020 Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ 6 $ (13) $ (7) $ 61 Equity securities (70) — (70) — Mortgage loans and other investments 2 — 2 — Total pretax (62) (13) (75) 61 Tax effects 13 3 16 (13) Net of tax $ (49) $ (10) $ (59) $ 48
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities from continuing operations during 2022, 2021 and 2020 on securities that were still owned at December 31 of each year presented as follows (in millions): 2022 2021 2020 Included in realized gains (losses) $ (95) $ 65 $ (44) Included in net investment income 5 54 12 $ (90) $ 119 $ (32)
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): 2022 2021 2020 Gross gains $ 3 $ 7 $ 12 Gross losses (18) (1) (5)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in the Balance Sheet at fair value	The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions): December 31, 2022 December 31, 2021 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other liabilities $ — $ 37 $ — $ — Derivatives not designated as hedging instruments: MBS with embedded derivatives Fixed maturities 40 — 59 — Total return swap Other liabilities — 5 — — $ 40 $ 42 $ 59 $ —
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2022, 2021 and 2020 (in millions): Non-designated hedges - gains (losses) included in net earnings Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings Statement of Earnings Line 2022 2021 2020 2022 2021 2020 Derivative instruments of continuing operations: Interest rate swaps Net investment income $ — $ — $ — $ — $ — $ — MBS with embedded derivatives Realized gains (losses) on securities (12) (6) (1) — — — Total return swap Other expenses (5) — — — — — Total earnings (losses) of continuing operations $ (17) $ (6) $ (1) $ — $ — $ — Derivative instruments of discontinued operations (*): Interest rate swaps Net earnings from discontinued operations $ — $ — $ — $ — $ 14 $ 40 MBS with embedded derivatives Net earnings from discontinued operations — (1) (2) — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings from discontinued operations — (222) (283) — — — Equity index call options Net earnings from discontinued operations — 237 223 — — — Equity index put options Net earnings from discontinued operations — 5 3 — — — Reinsurance contract (embedded derivative) Net earnings from discontinued operations — 1 (1) — — — Total earnings (losses) of discontinued operations — 20 (60) — 14 40 Earnings (losses) attributable to shareholders $ (17) $ 14 $ (61) $ — $ 14 $ 40 (*) Earnings (losses) for 2021 are through the May 31, 2021 effective date of the sale of the annuity business.

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	12 Months Ended
	Dec. 31, 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): 2022 2021 2020 Balance at beginning of period $ 76 $ 57 $ 48 Purchases 66 21 17 Sales — — (1) Distributions (18) (22) (6) Change in fair value (11) 20 (1) Change in accrued interest (1) — — Balance at end of period (*) $ 112 $ 76 $ 57 Year ended December 31, 2022 2021 2020 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ (267) $ 69 $ (69) Liabilities 236 (59) 49 Management fees paid to AFG 17 16 15 CLO earnings (losses) attributable to AFG Shareholders: From continuing operations $ (10) $ 20 $ (1) From discontinued annuity operations — 20 (1) Total $ (10) $ 40 $ (2) (*) Included in revenues in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying value of goodwill	Changes in the carrying value of goodwill during 2020, 2021 and 2022 are presented in the following table (in millions): Balance at January 1, 2020 and December 31, 2020 $ 176 Purchase of Verikai in 2021 70 Balance at December 31, 2021 and 2022 $ 246

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following at December 31 (in millions): 2022 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 $ 582 $ (1) $ 581 $ 590 $ (2) $ 588 3.50% Senior Notes due August 2026 — — — 425 (3) 422 5.25% Senior Notes due April 2030 261 (5) 256 300 (5) 295 Other 3 — 3 3 — 3 846 (6) 840 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 $ 1,521 $ (25) $ 1,496 $ 1,993 $ (29) $ 1,964

Leases Leases (Tables)

Leases Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Disclosure of supplemental Balance Sheet information related to leases	AFG’s operating lease right-of-use asset and operating lease liability are included in other assets other liabilities 2022 2021 Right-of-use asset $ 103 $ 118 Lease liability 116 136
Lease activity	The following table details AFG’s lease activity for the years ended December 31, 2022, 2021 and 2020 (in millions): 2022 2021 2020 Operating lease expense included in other expenses $ 36 $ 41 $ 47 Sublease income (*) (2) (2) — Total lease expense, net of sublease income $ 34 $ 39 $ 47 (*) Sublease income consists of rent from third parties of office space and is included in other income in AFG’s Consolidated Statement of Earnings.
Other operating lease liability information	Other operating lease information for the years ended December 31, 2022, 2021 and 2020 (in millions): 2022 2021 2020 Cash paid for lease liabilities reported in operating cash flows $ 38 $ 43 $ 50 Right-of-use assets obtained under new leases 11 10 25
Undiscounted contractual maturities of operating lease liabilities	The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2022 (in millions): Operating lease payments: 2023 $ 36 2024 29 2025 25 2026 20 2027 6 Thereafter 12 Total lease payments 128 Impact of discounting (12) Operating lease liability $ 116
Schedule of weighted-average remaining lease term and weighted-average discount rate	Weighted-average remaining lease term 4.5 years Weighted-average discount rate 4.0 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Summary of restricted stock awards	The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below: Shares Average Outstanding at January 1, 2022 651,846 $ 106.59 Granted 151,080 $ 133.94 Vested (171,500) $ 111.11 Forfeited (15,559) $ 109.33 Outstanding at December 31, 2022 615,867 $ 111.97
Summary of stock options activity	Data for stock options issued under AFG’s stock incentive plans is presented below: Shares Average Average Aggregate Outstanding at January 1, 2022 414,745 $ 46.04 Exercised (182,054) $ 39.72 Special dividend adjustment 10,913 n/a Forfeited/Cancelled — $ — Outstanding at December 31, 2022 243,604 $ 44.75 1.4 years $ 23 Options exercisable at December 31, 2022 243,604 $ 44.75 1.4 years $ 23
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 Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2022 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (821) $ 174 $ (647) $ — $ (647) Reclassification adjustment for realized (gains) losses included in net earnings (*) 18 (4) 14 — 14 Total net unrealized gains (losses) on securities $ 136 (803) 170 (633) — (633) $ — $ (497) Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (37) 8 (29) — (29) Reclassification adjustment for investment income included in net earnings — — — — — Total net unrealized losses on cash flow hedges — (37) 8 (29) — (29) — (29) Foreign currency translation adjustments (18) (1) (1) (2) — (2) — (20) Pension and other postretirement plan adjustments 1 2 — 2 — 2 — 3 Total $ 119 $ (839) $ 177 $ (662) $ — $ (662) $ — $ (543) Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (275) $ 57 $ (218) $ — $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) — (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) — (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) — (1,119) $ — $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding losses on cash flow hedges arising during the period (1) — (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) — (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) — (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — (41) — — Foreign currency translation adjustments (16) (2) — (2) — (2) — (18) Pension and OPRP adjustments: Unrealized holding losses on pension and OPRP arising during the period (1) — (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 — 9 Total pension and OPRP adjustments (7) 10 (2) 8 — 8 — 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ — $ (1,154) $ — $ 119 Other Comprehensive Income (Loss) AOCI Pretax Tax Net Attributable to Attributable to Other AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 887 $ (187) $ 700 $ — $ 700 Reclassification adjustment for realized (gains) losses included in net earnings (*) (389) 82 (307) — (307) Total net unrealized gains on securities $ 862 498 (105) 393 — 393 $ — $ 1,255 Net unrealized gains on cash flow hedges: Unrealized holding gains on cash flow hedges arising during the period 70 (14) 56 — 56 Reclassification adjustment for investment income included in net earnings from discontinued operations (40) 8 (32) — (32) Total net unrealized gains on cash flow hedges 17 30 (6) 24 — 24 — 41 Foreign currency translation adjustments (9) (1) — (1) (2) (3) (4) (16) Pension and other postretirement plans adjustments (7) — — — — — — (7) Total $ 863 $ 527 $ (111) $ 416 $ (2) $ 414 $ (4) $ 1,273 (*) The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 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): 2022 2021 2020 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,123 $ 1,335 $ 339 Income taxes at statutory rate $ 236 21 % $ 280 21 % $ 71 21 % Effect of: Change in valuation allowance (9) (1 %) (4) — % (117) (35 %) Employee stock ownership plan dividend paid deduction (8) (1 %) (16) (1 %) (2) (1 %) Tax exempt interest (6) (1 %) (8) (1 %) (10) (3 %) Stock-based compensation (5) — % (13) (1 %) (4) (1 %) Adjustment to prior year taxes (3) — % (1) — % 1 — % Dividend received deduction (2) — % (2) — % (2) (1 %) Tax benefit related to sale of Neon — — % — — % (72) (21 %) Nondeductible expenses 8 1 % 8 1 % 4 1 % Foreign operations 7 1 % — — % 149 44 % Other 7 — % 10 — % 7 3 % Provision for income taxes as shown in the statement of earnings $ 225 20 % $ 254 19 % $ 25 7 %
Components of income tax provision (credit)	The total income tax provision of continuing operations consists of (in millions): 2022 2021 2020 Current taxes: Federal $ 192 $ 162 $ 46 State 10 7 4 Foreign 1 1 3 Deferred taxes: Federal 22 84 (28) Provision for income taxes $ 225 $ 254 $ 25
Summary of operating loss carryforwards	For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2022 (in millions): Expiring Amount Operating Loss – U.S. 2023 - 2041 $ 12 Operating Loss – United Kingdom indefinite 36 (*) (*) £30 million
Components of deferred tax assets and liabilities	The significant components of deferred tax assets and liabilities included in AFG’s Balance Sheet at December 31 were as follows (in millions): 2022 2021 Deferred tax assets: Federal net operating loss carryforwards $ 2 $ 12 Foreign underwriting losses 10 9 Insurance claims and reserves 255 249 Employee benefits 108 112 Other, net 24 26 Total deferred tax assets before valuation allowance 399 408 Valuation allowance against deferred tax assets (16) (25) Total deferred tax assets 383 383 Deferred tax liabilities: Investment securities (52) (200) Deferred policy acquisition costs (66) (61) Insurance claims and reserves transition liability (12) (17) Real estate, property and equipment (23) (29) Total deferred tax liabilities (153) (307) Net deferred tax asset $ 230 $ 76

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 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 over the past three years (in millions): 2022 2021 2020 Balance at beginning of period $ 11,074 $ 10,392 $ 10,232 Less reinsurance recoverables, net of allowance 3,419 3,117 3,024 Net liability at beginning of period 7,655 7,275 7,208 Provision for losses and LAE occurring in the current year 3,914 3,436 3,398 Net increase (decrease) in the provision for claims of prior years: Special A&E charges — — 47 Neon exited lines — — 19 Other (285) (279) (193) Total losses and LAE incurred 3,629 3,157 3,271 Payments for losses and LAE of: Current year (1,212) (1,024) (990) Prior years (1,870) (1,753) (1,766) Total payments (3,082) (2,777) (2,756) Reserves of businesses disposed (*) — — (449) Foreign currency translation and other 5 — 1 Net liability at end of period 8,207 7,655 7,275 Add back reinsurance recoverables, net of allowance 3,767 3,419 3,117 Gross unpaid losses and LAE included in the balance sheet $ 11,974 $ 11,074 $ 10,392 (*) Reflects the December 31, 2020 sale of Neon (see Note C — “Acquisitions and Sale of Businesses” ).
Short-duration insurance contracts, reconciliation of claims development to liability	A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions): 2022 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,481 Specialty casualty 4,688 Specialty financial 277 Other specialty 525 Total Specialty (excluding foreign reserves) 6,971 Other reserves Foreign operations 380 A&E reserves 385 Unallocated LAE 418 Other 53 Total other reserves 1,236 Total reserves, net of reinsurance 8,207 Add back reinsurance recoverables, net of allowance 3,767 Gross unpaid losses and LAE included in the balance sheet $ 11,974
Short-duration insurance contracts, claims development	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 882 $ 870 $ 872 $ 878 $ 878 $ 877 $ 873 $ 871 $ 870 $ 870 $ 4 139,031 2014 844 828 817 820 815 808 804 802 800 5 133,262 2015 818 784 779 777 777 772 768 769 7 135,048 2016 746 716 714 706 694 688 689 9 121,361 2017 889 847 843 823 816 820 15 140,902 2018 932 902 886 876 882 24 130,600 2019 1,111 1,058 1,051 1,055 35 154,011 2020 1,043 974 957 71 121,649 2021 1,119 1,023 129 122,024 2022 1,393 436 122,637 Total $ 9,258 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 438 $ 702 $ 760 $ 804 $ 831 $ 847 $ 858 $ 860 $ 861 $ 864 99.3 % 2014 329 632 693 744 770 783 789 791 792 99.0 % 2015 359 582 667 707 736 744 750 755 98.2 % 2016 294 521 577 618 640 656 665 96.5 % 2017 379 640 696 735 755 783 95.5 % 2018 396 676 738 781 824 93.4 % 2019 527 823 904 959 90.9 % 2020 461 726 804 84.0 % 2021 449 767 75.0 % 2022 587 42.1 % Total $ 7,800 Unpaid losses and LAE — years 2013 through 2022 1,458 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,481 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 45.6 % 31.2 % 7.9 % 5.3 % 3.4 % 2.0 % 1.0 % 0.4 % 0.1 % 0.3 % Cumulative 45.6 % 76.8 % 84.7 % 90.0 % 93.4 % 95.4 % 96.4 % 96.8 % 96.9 % 97.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 968 $ 949 $ 945 $ 940 $ 945 $ 926 $ 916 $ 905 $ 898 $ 895 $ 28 55,221 2014 1,035 1,008 1,008 1,006 982 967 952 950 955 36 57,158 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 49 58,251 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 83 56,549 2017 1,211 1,221 1,204 1,189 1,162 1,139 139 57,232 2018 1,277 1,307 1,302 1,262 1,269 226 59,219 2019 1,308 1,311 1,322 1,280 300 59,029 2020 1,352 1,329 1,258 440 53,383 2021 1,384 1,389 696 54,555 2022 1,475 954 48,805 Total $ 11,713 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 182 $ 396 $ 554 $ 666 $ 729 $ 766 $ 797 $ 820 $ 835 $ 845 94.4 % 2014 190 412 574 680 755 801 829 862 881 92.3 % 2015 178 411 577 702 792 844 888 913 90.7 % 2016 186 418 584 713 806 870 906 86.6 % 2017 200 422 612 755 833 902 79.2 % 2018 210 475 649 794 901 71.0 % 2019 212 455 651 795 62.1 % 2020 188 446 613 48.7 % 2021 191 438 31.5 % 2022 198 13.4 % Total $ 7,392 Unpaid losses and LAE — years 2013 through 2022 4,321 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 367 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,688 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 16.8 % 21.1 % 15.7 % 11.9 % 8.0 % 5.3 % 3.6 % 2.8 % 1.8 % 1.1 % Cumulative 16.8 % 37.9 % 53.6 % 65.5 % 73.5 % 78.8 % 82.4 % 85.2 % 87.0 % 88.1 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 140 $ 145 $ 137 $ 131 $ 127 $ 126 $ 122 $ 122 $ 120 $ 118 $ 1 28,477 2014 146 157 156 153 147 142 137 136 135 1 29,470 2015 156 160 158 153 145 138 136 135 1 37,627 2016 179 184 187 182 174 170 173 2 45,177 2017 212 215 212 208 203 202 4 48,831 2018 212 217 219 207 201 7 46,764 2019 194 198 191 186 15 41,898 2020 231 215 202 23 29,638 2021 223 201 49 26,983 2022 243 124 19,415 Total $ 1,796 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 70 $ 100 $ 107 $ 113 $ 117 $ 117 $ 118 $ 118 $ 118 $ 117 99.2 % 2014 62 109 125 128 137 139 141 140 141 104.4 % 2015 72 110 129 133 132 134 134 134 99.3 % 2016 88 141 158 161 163 164 171 98.8 % 2017 120 169 186 194 193 192 95.0 % 2018 112 163 187 188 192 95.5 % 2019 99 146 164 168 90.3 % 2020 100 144 159 78.7 % 2021 98 136 67.7 % 2022 108 44.4 % Total $ 1,518 Unpaid losses and LAE — years 2013 through 2022 278 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (1) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 277 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.1 % 9.9 % 2.7 % 2.0 % 0.6 % 1.6 % (0.2 %) 0.4 % (0.8 %) Cumulative 52.1 % 78.2 % 88.1 % 90.8 % 92.8 % 93.4 % 95.0 % 94.8 % 95.2 % 94.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 46 $ 47 $ 46 $ 47 $ 50 $ 53 $ 58 $ 58 $ 60 $ 63 $ 1 — 2014 58 57 59 59 60 61 64 66 68 3 — 2015 59 60 63 66 76 82 84 87 5 — 2016 61 61 65 71 76 77 78 10 — 2017 63 65 70 81 88 95 7 — 2018 86 90 92 94 100 26 — 2019 108 107 108 111 32 — 2020 122 117 129 62 — 2021 135 141 95 — 2022 159 122 — Total $ 1,031 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (b) 2013 $ 7 $ 16 $ 22 $ 34 $ 37 $ 44 $ 51 $ 53 $ 57 $ 60 95.2 % 2014 13 21 30 36 43 50 53 54 56 82.4 % 2015 10 26 31 50 62 69 75 76 87.4 % 2016 9 19 31 47 53 60 64 82.1 % 2017 10 19 30 52 63 76 80.0 % 2018 12 23 32 44 60 60.0 % 2019 9 24 49 61 55.0 % 2020 9 21 44 34.1 % 2021 8 27 19.1 % 2022 11 6.9 % Total $ 535 Unpaid losses and LAE — years 2013 through 2022 496 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 29 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 525 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 10.3 % 12.7 % 13.1 % 16.6 % 10.7 % 10.4 % 6.9 % 1.9 % 4.6 % 4.8 % Cumulative 10.3 % 23.0 % 36.1 % 52.7 % 63.4 % 73.8 % 80.7 % 82.6 % 87.2 % 92.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 2,036 $ 2,011 $ 2,000 $ 1,996 $ 2,000 $ 1,982 $ 1,969 $ 1,956 $ 1,948 $ 1,946 $ 34 222,729 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 1,958 45 219,890 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 62 230,926 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 104 223,087 2017 2,375 2,348 2,329 2,301 2,269 2,256 165 246,965 2018 2,507 2,516 2,499 2,439 2,452 283 236,583 2019 2,721 2,674 2,672 2,632 382 254,938 2020 2,748 2,635 2,546 596 204,670 2021 2,861 2,754 969 203,562 2022 3,270 1,636 190,857 Total $ 23,798 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 697 $ 1,214 $ 1,443 $ 1,617 $ 1,714 $ 1,774 $ 1,824 $ 1,851 $ 1,871 $ 1,886 96.9 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 1,870 95.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 94.0 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 90.9 % 2017 709 1,250 1,524 1,736 1,844 1,953 86.6 % 2018 730 1,337 1,606 1,807 1,977 80.6 % 2019 847 1,448 1,768 1,983 75.3 % 2020 758 1,337 1,620 63.6 % 2021 746 1,368 49.7 % 2022 904 27.6 % Total $ 17,245 Unpaid losses and LAE — years 2013 through 2022 6,553 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 418 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,971 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 30.4 % 25.0 % 12.2 % 8.9 % 5.9 % 3.9 % 2.5 % 1.6 % 1.1 % 0.8 % Cumulative 30.4 % 55.4 % 67.6 % 76.5 % 82.4 % 86.3 % 88.8 % 90.4 % 91.5 % 92.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022).
Short-duration insurance contracts, schedule of historical claims duration	The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below. Property and transportation (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 882 $ 870 $ 872 $ 878 $ 878 $ 877 $ 873 $ 871 $ 870 $ 870 $ 4 139,031 2014 844 828 817 820 815 808 804 802 800 5 133,262 2015 818 784 779 777 777 772 768 769 7 135,048 2016 746 716 714 706 694 688 689 9 121,361 2017 889 847 843 823 816 820 15 140,902 2018 932 902 886 876 882 24 130,600 2019 1,111 1,058 1,051 1,055 35 154,011 2020 1,043 974 957 71 121,649 2021 1,119 1,023 129 122,024 2022 1,393 436 122,637 Total $ 9,258 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 438 $ 702 $ 760 $ 804 $ 831 $ 847 $ 858 $ 860 $ 861 $ 864 99.3 % 2014 329 632 693 744 770 783 789 791 792 99.0 % 2015 359 582 667 707 736 744 750 755 98.2 % 2016 294 521 577 618 640 656 665 96.5 % 2017 379 640 696 735 755 783 95.5 % 2018 396 676 738 781 824 93.4 % 2019 527 823 904 959 90.9 % 2020 461 726 804 84.0 % 2021 449 767 75.0 % 2022 587 42.1 % Total $ 7,800 Unpaid losses and LAE — years 2013 through 2022 1,458 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 23 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,481 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 45.6 % 31.2 % 7.9 % 5.3 % 3.4 % 2.0 % 1.0 % 0.4 % 0.1 % 0.3 % Cumulative 45.6 % 76.8 % 84.7 % 90.0 % 93.4 % 95.4 % 96.4 % 96.8 % 96.9 % 97.2 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 968 $ 949 $ 945 $ 940 $ 945 $ 926 $ 916 $ 905 $ 898 $ 895 $ 28 55,221 2014 1,035 1,008 1,008 1,006 982 967 952 950 955 36 57,158 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 49 58,251 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 83 56,549 2017 1,211 1,221 1,204 1,189 1,162 1,139 139 57,232 2018 1,277 1,307 1,302 1,262 1,269 226 59,219 2019 1,308 1,311 1,322 1,280 300 59,029 2020 1,352 1,329 1,258 440 53,383 2021 1,384 1,389 696 54,555 2022 1,475 954 48,805 Total $ 11,713 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 182 $ 396 $ 554 $ 666 $ 729 $ 766 $ 797 $ 820 $ 835 $ 845 94.4 % 2014 190 412 574 680 755 801 829 862 881 92.3 % 2015 178 411 577 702 792 844 888 913 90.7 % 2016 186 418 584 713 806 870 906 86.6 % 2017 200 422 612 755 833 902 79.2 % 2018 210 475 649 794 901 71.0 % 2019 212 455 651 795 62.1 % 2020 188 446 613 48.7 % 2021 191 438 31.5 % 2022 198 13.4 % Total $ 7,392 Unpaid losses and LAE — years 2013 through 2022 4,321 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 367 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,688 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 16.8 % 21.1 % 15.7 % 11.9 % 8.0 % 5.3 % 3.6 % 2.8 % 1.8 % 1.1 % Cumulative 16.8 % 37.9 % 53.6 % 65.5 % 73.5 % 78.8 % 82.4 % 85.2 % 87.0 % 88.1 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 140 $ 145 $ 137 $ 131 $ 127 $ 126 $ 122 $ 122 $ 120 $ 118 $ 1 28,477 2014 146 157 156 153 147 142 137 136 135 1 29,470 2015 156 160 158 153 145 138 136 135 1 37,627 2016 179 184 187 182 174 170 173 2 45,177 2017 212 215 212 208 203 202 4 48,831 2018 212 217 219 207 201 7 46,764 2019 194 198 191 186 15 41,898 2020 231 215 202 23 29,638 2021 223 201 49 26,983 2022 243 124 19,415 Total $ 1,796 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 70 $ 100 $ 107 $ 113 $ 117 $ 117 $ 118 $ 118 $ 118 $ 117 99.2 % 2014 62 109 125 128 137 139 141 140 141 104.4 % 2015 72 110 129 133 132 134 134 134 99.3 % 2016 88 141 158 161 163 164 171 98.8 % 2017 120 169 186 194 193 192 95.0 % 2018 112 163 187 188 192 95.5 % 2019 99 146 164 168 90.3 % 2020 100 144 159 78.7 % 2021 98 136 67.7 % 2022 108 44.4 % Total $ 1,518 Unpaid losses and LAE — years 2013 through 2022 278 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) (1) Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 277 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 52.1 % 26.1 % 9.9 % 2.7 % 2.0 % 0.6 % 1.6 % (0.2 %) 0.4 % (0.8 %) Cumulative 52.1 % 78.2 % 88.1 % 90.8 % 92.8 % 93.4 % 95.0 % 94.8 % 95.2 % 94.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 46 $ 47 $ 46 $ 47 $ 50 $ 53 $ 58 $ 58 $ 60 $ 63 $ 1 — 2014 58 57 59 59 60 61 64 66 68 3 — 2015 59 60 63 66 76 82 84 87 5 — 2016 61 61 65 71 76 77 78 10 — 2017 63 65 70 81 88 95 7 — 2018 86 90 92 94 100 26 — 2019 108 107 108 111 32 — 2020 122 117 129 62 — 2021 135 141 95 — 2022 159 122 — Total $ 1,031 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (b) 2013 $ 7 $ 16 $ 22 $ 34 $ 37 $ 44 $ 51 $ 53 $ 57 $ 60 95.2 % 2014 13 21 30 36 43 50 53 54 56 82.4 % 2015 10 26 31 50 62 69 75 76 87.4 % 2016 9 19 31 47 53 60 64 82.1 % 2017 10 19 30 52 63 76 80.0 % 2018 12 23 32 44 60 60.0 % 2019 9 24 49 61 55.0 % 2020 9 21 44 34.1 % 2021 8 27 19.1 % 2022 11 6.9 % Total $ 535 Unpaid losses and LAE — years 2013 through 2022 496 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 29 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 525 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 10.3 % 12.7 % 13.1 % 16.6 % 10.7 % 10.4 % 6.9 % 1.9 % 4.6 % 4.8 % Cumulative 10.3 % 23.0 % 36.1 % 52.7 % 63.4 % 73.8 % 80.7 % 82.6 % 87.2 % 92.0 % (a) The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above). (b) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2022 For the Years Ended (2013–2021 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 $ 2,036 $ 2,011 $ 2,000 $ 1,996 $ 2,000 $ 1,982 $ 1,969 $ 1,956 $ 1,948 $ 1,946 $ 34 222,729 2014 2,083 2,050 2,040 2,038 2,004 1,978 1,957 1,954 1,958 45 219,890 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 62 230,926 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 104 223,087 2017 2,375 2,348 2,329 2,301 2,269 2,256 165 246,965 2018 2,507 2,516 2,499 2,439 2,452 283 236,583 2019 2,721 2,674 2,672 2,632 382 254,938 2020 2,748 2,635 2,546 596 204,670 2021 2,861 2,754 969 203,562 2022 3,270 1,636 190,857 Total $ 23,798 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2013–2021 is Supplementary Information and Unaudited) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % (a) 2013 $ 697 $ 1,214 $ 1,443 $ 1,617 $ 1,714 $ 1,774 $ 1,824 $ 1,851 $ 1,871 $ 1,886 96.9 % 2014 594 1,174 1,422 1,588 1,705 1,773 1,812 1,847 1,870 95.5 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 94.0 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 90.9 % 2017 709 1,250 1,524 1,736 1,844 1,953 86.6 % 2018 730 1,337 1,606 1,807 1,977 80.6 % 2019 847 1,448 1,768 1,983 75.3 % 2020 758 1,337 1,620 63.6 % 2021 746 1,368 49.7 % 2022 904 27.6 % Total $ 17,245 Unpaid losses and LAE — years 2013 through 2022 6,553 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 418 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 6,971 Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Annual 30.4 % 25.0 % 12.2 % 8.9 % 5.9 % 3.9 % 2.5 % 1.6 % 1.1 % 0.8 % Cumulative 30.4 % 55.4 % 67.6 % 76.5 % 82.4 % 86.3 % 88.8 % 90.4 % 91.5 % 92.3 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2022).
Statutory information	Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2022 2021 2020 2022 2021 Property and casualty companies $ 912 $ 1,007 $ 481 $ 4,356 $ 4,221
Reinsurance information	The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses. 2022 2021 2020 Direct premiums written $ 8,774 $ 7,700 $ 6,862 Reinsurance assumed 283 246 225 Reinsurance ceded (2,851) (2,373) (2,074) Net written premiums $ 6,206 $ 5,573 $ 5,013 Direct premiums earned $ 8,582 $ 7,462 $ 6,846 Reinsurance assumed 274 249 237 Reinsurance ceded (2,771) (2,307) (1,984) Net earned premiums $ 6,085 $ 5,404 $ 5,099 Reinsurance recoveries $ 2,065 $ 1,478 $ 1,522
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the allowance for expected credit losses are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2022 2021 2020 2022 2021 2020 Balance at January 1 $ 8 $ 6 $ 18 $ 8 $ 10 $ 13 Impact of adoption of new accounting policy — — (11) — — (3) Provision for expected credit losses — 2 — — (2) 1 Write-offs charged against the allowance — — — — — (1) Businesses disposed — — (1) — — — Balance at December 31 $ 8 $ 8 $ 6 $ 8 $ 8 $ 10

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (4,052)	$ (5,012)	$ (6,789)	$ (6,269)
Total assets	28,831	28,931
Liabilities of managed investment entities	$ 24,779	$ 23,919
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Weighted average common shares adjustment related to stock-based compensation	200,000	500,000	500,000
Anti-dilutive potential common shares related to stock-based compensation plans	0	0	0
Maturities of short term investments	3 months
New Collateralized Loan Obligation Temporary Warehousing Entities
Significant Accounting Policies [Line Items]
Total assets	$ 105
Liabilities of managed investment entities	102
AOCI attributable to parent
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	543	$ (119)	$ (1,273)	(863)
Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change	$ (3,142)	$ (3,478)	$ (4,149)	(4,009)
Cumulative effect, period of adoption, adjustment
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				(7)
Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				(7)
Accounting Standards Update 2016-13 | Cumulative effect, period of adoption, adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change				$ (7)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investments accounted for using the equity method				$ 1,700	$ 1,517
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of businesses	$ 3,570
Gain on sale of discontinued operations, net of tax	$ 656	$ 656	$ 0

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	May 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassify AOCI	$ (543)	$ 119
Shareholders’ equity	$ 4,052	$ 5,012
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			$ 2,060
Investments			38,323
Recoverables from reinsurers			6,748
Other assets			2,152
Total assets of discontinued annuity operations			49,283
Annuity benefits accumulated			43,690
Other liabilities			1,813
Total liabilities of discontinued annuity operations			45,503
Reclassify AOCI			(913)
Shareholders’ equity			$ 2,867

Discontinued Operations - Detai

Discontinued Operations - Details of the results of the Annuity subsidiaries sold (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]		Net earnings (loss) from discontinued operations
Net earnings (loss) from discontinued operations		$ 914	$ 0	$ 914	$ 407
Annuity subsidiaries
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations, net of tax	$ 656	656			0
Annuity subsidiaries | Net earnings (loss) from discontinued operations
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income		746			1,670
Realized gains (losses) on securities		112			365
Other income		52			123
Total revenues		910			2,158
Annuity benefits		377			1,192
Annuity and supplemental insurance acquisition expenses		136			306
Other expenses		73			151
Total costs and expenses		586			1,649
Earnings (loss) before income taxes from discontinued operations		324			509
Provision (credit) for income taxes on operations		66			102
Net earnings (loss) from operations, net of tax		$ 258			$ 407

Discontinued Operations - Impac

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses			$ 0	$ 3,581	$ 3
Shareholders’ equity			$ 4,052	$ 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
Shareholders’ equity	2,867	$ 2,867
Reclassify net deferred tax asset	199
Realized gains (losses) on subsidiaries	895
Tax liabilities triggered by the sale	41
Other tax expense on gain on sale of subsidiaries	(1)
Total income tax expense on gain on sale of subsidiaries	239
Gain on sale of discontinued operations, net of tax	$ 656	$ 656			$ 0

Discontinued Operations - Summa

Discontinued Operations - Summarized cash flow information (Details) - Annuity subsidiaries - USD ($) $ in Millions	5 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 67	$ 898
Net cash used in investing activities	(1,689)	(285)
Net cash provided by financing activities	$ 477	$ (203)

Acquisitions and Sale of Busi_3

Acquisitions and Sale of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 06, 2021	Nov. 30, 2021	Nov. 30, 2020	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Business Acquisitions [Line Items]
Payments to acquire subsidiaries					$ 10	$ 123	$ 3
Expenses related to acquisition of subsidiary	$ 1
Finite-lived intangible assets useful life						10 years
Atlas Financial Holdings - Paratransit Business
Business Acquisitions [Line Items]
Payments to acquire subsidiaries		$ 3	$ 3
Verikai, Inc.
Business Acquisitions [Line Items]
Payments to acquire subsidiaries	120
Contingent consideration possible to be paid, maximum						$ 50
Intangible assets acquired	76
Goodwill acquired during period	70					$ 70
Total purchase price	$ 143
Neon Capital Limited | Neon Capital Limited Executives
Business Acquisitions [Line Items]
Percent of noncontrolling interest acquired from former and current Neon executives								100%
Insurance Agency
Business Acquisitions [Line Items]
Payments to acquire subsidiaries				$ 10
Total purchase price				$ 12

Acquisitions and Sale of Busi_4

Acquisitions and Sale of Businesses - Narrative on sale of businesses (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses			$ 0	$ 3,581	$ 3
Realized gains on subsidiaries			0	4	23
Income tax expense (benefit)			$ 225	$ 254	25
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 10				$ 6
Carrying value of assets and liabilities disposed, percentage of total assets and liabilities		1%			1%
Realized gains on subsidiaries	$ 4	$ 23			$ 23
Income tax expense (benefit)					$ (72)
Neon Capital Limited Executives | Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of noncontrolling interest acquired from former and current Neon executives						100%

Acquisitions and Sale of Busi_5

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 06, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisitions [Line Items]
Payments to acquire subsidiaries		$ 10	$ 123	$ 3
Verikai, Inc.
Business Acquisitions [Line Items]
Payments to acquire subsidiaries	$ 120
Contingent consideration	23
Total purchase price	143
Tangible assets acquired	16
Liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	130
Intangible assets acquired	76
Deferred tax on intangible assets acquired	16
Goodwill acquired during period	$ 70		$ 70

Acquisitions and Sale of Busi_6

Acquisitions and Sale of Businesses - Assets and liabilities disposed (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and investments			$ 14,512	$ 15,745
Recoverables from reinsurers			3,977	3,519
Prepaid reinsurance premiums			917	834
Agents’ balances and premiums receivable			1,339	1,265
Other assets			1,219	902
Total assets			28,831	28,931
Unpaid losses and loss adjustment expenses		$ 10,392	11,974	11,074	$ 10,392	$ 10,232
Unearned premiums			3,246	3,041
Payable to reinsurers			1,035	920
Other liabilities			1,696	1,700
Total liabilities			24,779	23,919
Realized gains on subsidiaries			$ 0	$ 4	23
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale proceeds, net of expenses					3
Cash and investments		453			453
Recoverables from reinsurers		224			224
Prepaid reinsurance premiums		8			8
Agents’ balances and premiums receivable		42			42
Other assets		60			60
Total assets		787			787
Unpaid losses and loss adjustment expenses		640			640
Unearned premiums		49			49
Payable to reinsurers		19			19
Other liabilities		92			92
Total liabilities		800			800
Reclassification from accumulated other comprehensive income					(7)
Net liabilities of businesses sold		(20)			(20)
Realized gains on subsidiaries	$ 4	$ 23			$ 23

Acquisitions and Sale of Busi_7

Acquisitions and Sale of Businesses - Revenues, costs and expenses, and earnings before income taxes of business disposed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums	$ 6,085	$ 5,404	$ 5,099
Loss and loss adjustment expenses	3,629	3,157	3,271
Commissions and other underwriting expenses	1,718	1,547	1,625
Net investment income	717	730	461
Net earnings, including noncontrolling interests	$ 898	$ 1,995	721
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earned premiums			200
Loss and loss adjustment expenses			218
Commissions and other underwriting expenses			117
Underwriting loss			(135)
Net investment income			(5)
Other income and expenses, net			(5)
Net earnings, including noncontrolling interests			$ (145)

Acquisitions and Sale of Busi_8

Acquisitions and Sale of Businesses - Impact of exited lines on earnings (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment income			$ 717	$ 730	$ 461
Net earnings, including noncontrolling interests			898	1,995	721
Realized gains on subsidiaries			0	4	23
Income tax expense (benefit)			(225)	(254)	(25)
Less: Net loss attributable to noncontrolling interests			$ 0	$ 0	11
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Underwriting loss					(135)
Net investment income					(5)
Other income and expenses, net					(5)
Net earnings, including noncontrolling interests					(145)
Realized gains on subsidiaries	$ 4	$ 23			23
Total pretax loss from Neon exited lines					(122)
Income tax expense (benefit)					72
Less: Net loss attributable to noncontrolling interests					(11)
Net loss from Neon exited lines attributable to shareholders					$ (39)

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	2
Percent of total revenue derived from sales of property and casualty insurance outside of the United States	4%	4%	5%
Net earned premiums	$ 6,085	$ 5,404	$ 5,099
Net investment income	717	730	461
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	6,085	5,404	5,099
Net investment income	683	663	399
Property and casualty insurance underwriting	776	733	224
Investment and other income, net	643	657	360
Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Net earned premiums	0	0	200
Property and casualty insurance underwriting	(4)	(4)	(202)
Special A&E charges			47
Other
Segment Reporting Information [Line Items]
Loss on the retirement of debt	(9)		(5)
Liability for Asbestos and Environmental Claims, Net, Period Increase (Decrease)			21
Special A&E charges
Segment Reporting Information [Line Items]
Special A&E charges	$ 0	$ 0	47
Special A&E charges | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Special A&E charges			47
Neon Capital Limited
Segment Reporting Information [Line Items]
Net investment income			(5)
Neon Capital Limited | Property and casualty insurance | Other lines
Segment Reporting Information [Line Items]
Net investment income			(5)
Property and casualty insurance underwriting			(135)
Investment and other income, net			$ (10)

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 28,831	$ 28,931
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	22,225	21,312
Other
Segment Reporting Information [Line Items]
Total assets	$ 6,606	$ 7,619

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net earned premiums	$ 6,085	$ 5,404	$ 5,099
Net investment income	717	730	461
Other income	117	113	80
Revenues before realized gains (losses)	7,156	6,438	5,821
Realized gains (losses) on securities	(116)	110	(75)
Realized gains on subsidiaries	0	4	23
Total revenues	7,040	6,552	5,769
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	6,085	5,404	5,099
Net investment income	683	663	399
Other income	12	27	8
Revenues before realized gains (losses)	6,780	6,094	5,506
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	376	293	266
Other | Real estate-related investments | Continuing operations
Segment Reporting Information [Line Items]
Net investment income	0	51	49
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,487	2,144	1,871
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,659	2,408	2,235
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	698	642	613
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	241	210	180
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 0	$ 0	$ 200

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 1,239	$ 1,221	$ 391
Realized gains (losses) on securities	(116)	110	(75)
Realized gains on subsidiaries	0	4	23
Earnings from continuing operations before income taxes	1,123	1,335	339
Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	776	733	224
Investment and other income, net	643	657	360
Earnings before realized gains (losses) and income taxes	1,419	1,390	584
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(180)	(220)	(215)
Other | Real estate-related investments | Continuing operations
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	0	51	22
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	208	279	181
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	500	377	223
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	114	96	50
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(42)	(15)	(28)
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (4)	$ (4)	$ (202)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) professional	Dec. 31, 2021 USD ($)	Dec. 06, 2021 USD ($)
Fair Value Measurements (Textual) [Abstract]
AFG's internal investment professionals | professional	20
Level 3 assets as a percentage of total assets measured at fair value	7%
Percentage of level 3 assets that were priced using non-binding broker quotes	12%
Level 3 assets that were priced using non-binding broker quotes	$ 126,000,000
Level 3 assets that were priced by pricing services.	$ 47,000,000
Percentage of Level 3 assets that were priced using a discounted cash flow approach	62%
Level 3 assets that were priced using a discounted cash flow approach	$ 420,000,000
Percentage of equity securities in Level 3 priced using broker quotes and internal models	24%
Equity securities in Level 3 priced using broker quotes and internal models	$ 164,000,000
Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration	25,000,000	$ 23,000,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	0
Verikai, Inc.
Fair Value Measurements (Textual) [Abstract]
Contingent consideration			$ 23,000,000
Verikai, Inc. | Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration	23,000,000
Level 3
Fair Value Measurements (Textual) [Abstract]
Internally developed Level 3 assets	$ 674,000,000
Percentage of internally developed Level 3 assets compared to total Level 3 assets	61%
Level 3 | Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration	$ 25,000,000	$ 23,000,000
Level 3 | Continuing operations
Fair Value Measurements (Textual) [Abstract]
Percentage of Level 3 assets that were priced by pricing services	4%
Percentage of equity investments in Level 3 assets that do not qualify for equity accounting	23%
Equity investments in Level 3 assets that do not qualify for equity accounting	$ 255,000,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Available for sale (AFS) fixed maturities	$ 10,095	$ 10,357
Trading fixed maturities	32	28
Equity securities, at fair value	1,010	1,042
Assets of managed investment entities	28,831	28,931
Total assets accounted for at fair value	16,584	16,723
Liabilities:
Liabilities of managed investment entities	24,779	23,919
Derivative liability	42	0
Total liabilities accounted for at fair value	5,399	5,243
Contingent consideration - acquisitions
Liabilities:
Contingent consideration	25	23
Other liabilities — derivatives
Liabilities:
Derivative liability	42
Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	5,447	5,296
Liabilities:
Liabilities of managed investment entities	5,332	5,220
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,095	10,357
Trading fixed maturities	32	28
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	219	216
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	1,186	1,832
Foreign government
Assets:
Available for sale (AFS) fixed maturities	226	246
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,598	960
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	85	104
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,921	1,643
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,245	2,676
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,615	2,680
Equity securities
Assets:
Equity securities, at fair value	1,010	1,042
Level 1
Assets:
Total assets accounted for at fair value	1,442	1,295
Liabilities:
Total liabilities accounted for at fair value	645	384
Level 1 | Contingent consideration - acquisitions
Liabilities:
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	659	390
Liabilities:
Liabilities of managed investment entities	645	384
Level 1 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	227	226
Trading fixed maturities	0	0
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	219	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	8	11
Level 1 | Equity securities
Assets:
Equity securities, at fair value	556	679
Level 2
Assets:
Total assets accounted for at fair value	14,040	14,502
Liabilities:
Total liabilities accounted for at fair value	4,718	4,823
Level 2 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration	0	0
Level 2 | Other liabilities — derivatives
Liabilities:
Derivative liability	42
Level 2 | Variable interest entity, primary beneficiary
Assets:
Assets of managed investment entities	4,777	4,893
Liabilities:
Liabilities of managed investment entities	4,676	4,823
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,204	9,531
Trading fixed maturities	32	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	1,181	1,791
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	226	246
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,589	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	1,919	1,643
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,916	2,398
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,288	2,402
Level 2 | Equity securities
Assets:
Equity securities, at fair value	27	50
Level 3
Assets:
Total assets accounted for at fair value	1,102	926
Liabilities:
Total liabilities accounted for at fair value	36	36
Level 3 | Contingent consideration - acquisitions
Liabilities:
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	11	13
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	664	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	5	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	9	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	329	278
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	319	267
Level 3 | Equity securities
Assets:
Equity securities, at fair value	$ 427	$ 313

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		$ 926	$ 3,706	$ 3,841
Total realized/unrealized gains (losses) included in Net earnings		24	181	(42)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(53)	(27)	69
Purchases and issuances		338	636	781
Sales and settlements		(117)	(565)	(606)
Transfer into Level 3		72	66	620
Transfer out of Level 3		(88)	(352)	(957)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance		1,102	926	3,706
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value		(25)	(23)	(3,933)	$ (3,730)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		0	(223)	(283)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)		0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances		(2)	(169)	(242)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements		0	159	322
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3		0	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3		0	0	0
Sale of annuity business	4,143
Annuity subsidiaries | Liabilities of discontinued annuity operations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value			0	(3,933)	$ (3,730)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings			(223)	(283)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)			0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances			(146)	(242)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements			159	322
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3			0	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3			0	0
Sale of annuity business	4,143
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		600	538	571
Total realized/unrealized gains (losses) included in Net earnings		0	(3)	(7)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(53)	(5)	10
Purchases and issuances		223	344	174
Sales and settlements		(93)	(210)	(157)
Transfer into Level 3		68	33	108
Transfer out of Level 3		(81)	(97)	(161)
Sale of annuity business	0
Financial assets, Ending Balance		664	600	538
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	0	0
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	0
Transfer into Level 3		0	0	0
Transfer out of Level 3		0	0	0
Sale of annuity business	0
Financial assets, Ending Balance		0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		41	39	40
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(3)	0	1
Purchases and issuances		0	0	0
Sales and settlements		(1)	(4)	(2)
Transfer into Level 3		4	8	0
Transfer out of Level 3		(36)	(2)	0
Sale of annuity business	0
Financial assets, Ending Balance		5	41	39
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		14	38	45
Total realized/unrealized gains (losses) included in Net earnings		0	(4)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(1)	0	(1)
Purchases and issuances		0	6	0
Sales and settlements		(1)	(3)	(6)
Transfer into Level 3		7	6	9
Transfer out of Level 3		(10)	(29)	(8)
Sale of annuity business	0
Financial assets, Ending Balance		9	14	38
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	2	6
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	0
Transfer into Level 3		0	0	1
Transfer out of Level 3		0	(2)	(5)
Sale of annuity business	0
Financial assets, Ending Balance		0	0	2
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		0	16	1
Total realized/unrealized gains (losses) included in Net earnings		0	1	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	5
Purchases and issuances		0	0	0
Sales and settlements		0	(2)	0
Transfer into Level 3		2	0	52
Transfer out of Level 3		0	(15)	(42)
Sale of annuity business	0
Financial assets, Ending Balance		2	0	16
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		278	305	256
Total realized/unrealized gains (losses) included in Net earnings		1	1	(7)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(27)	0	5
Purchases and issuances		94	154	106
Sales and settlements		(52)	(156)	(89)
Transfer into Level 3		35	14	42
Transfer out of Level 3		0	(40)	(8)
Sale of annuity business	0
Financial assets, Ending Balance		329	278	305
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		267	138	223
Total realized/unrealized gains (losses) included in Net earnings		(1)	(1)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(22)	(5)	0
Purchases and issuances		129	184	68
Sales and settlements		(39)	(45)	(60)
Transfer into Level 3		20	5	4
Transfer out of Level 3		(35)	(9)	(98)
Sale of annuity business	0
Financial assets, Ending Balance		319	267	138
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		313	176	161
Total realized/unrealized gains (losses) included in Net earnings		29	99	(12)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		112	78	37
Sales and settlements		(24)	(28)	(7)
Transfer into Level 3		4	0	9
Transfer out of Level 3		(7)	(12)	(12)
Sale of annuity business	0
Financial assets, Ending Balance		427	313	176
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		13	21	17
Total realized/unrealized gains (losses) included in Net earnings		(5)	0	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		3	5	2
Sales and settlements		0	0	0
Transfer into Level 3		0	1	8
Transfer out of Level 3		0	(14)	0
Sale of annuity business	0
Financial assets, Ending Balance		11	13	21
Assets of discontinued annuity operations | Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance		$ 0	2,971	3,092
Total realized/unrealized gains (losses) included in Net earnings			85	(17)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)			(22)	59
Purchases and issuances			209	568
Sales and settlements			(327)	(442)
Transfer into Level 3			32	495
Transfer out of Level 3			(229)	(784)
Sale of annuity business	$ (2,719)
Financial assets, Ending Balance			$ 0	$ 2,971

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (23)	$ (3,933)	$ (3,730)
Total realized/unrealized gains (losses) included in Net earnings		0	(223)	(283)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		(2)	(169)	(242)
Sales and settlements		0	159	322
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)	$ (23)	(3,933)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]		OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Realized gains (losses) on securities
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Realized gains (losses) on securities
Contingent consideration - acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ (23)	$ 0
Total realized/unrealized gains (losses) included in Net earnings		0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0
Purchases and issuances		(2)	(23)
Sales and settlements		0	0
Transfer into Level 3		0	0
Transfer out of Level 3		0	0
Sale of annuity business	0
Financial liabilities, Ending Balance		(25)	(23)	0
Liabilities of discontinued annuity operations | Annuity subsidiaries
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance		$ 0	(3,933)	(3,730)
Total realized/unrealized gains (losses) included in Net earnings			(223)	(283)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)			0	0
Purchases and issuances			(146)	(242)
Sales and settlements			159	322
Transfer into Level 3			0	0
Transfer out of Level 3			0	0
Sale of annuity business	$ 4,143
Financial liabilities, Ending Balance			$ 0	$ (3,933)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Mortgage loans	$ 676	$ 520
Long-term debt	1,496	1,964
Level 1
Financial assets:
Cash and cash equivalents	872	2,131
Mortgage loans	0	0
Total financial assets not accounted for at fair value	872	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	1,299	2,258
Total financial liabilities not accounted for at fair value	1,299	2,258
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	626	533
Total financial assets not accounted for at fair value	626	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	872	2,131
Mortgage loans	676	520
Total financial assets not accounted for at fair value	1,548	2,651
Long-term debt	1,496	1,964
Total financial liabilities not accounted for at fair value	1,496	1,964
Fair Value
Financial assets:
Cash and cash equivalents	872	2,131
Mortgage loans	626	533
Total financial assets not accounted for at fair value	1,498	2,664
Long-term debt	1,302	2,261
Total financial liabilities not accounted for at fair value	$ 1,302	$ 2,261

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) security	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships		$ 396	$ 366
Investments accounted for using the equity method		$ 1,700	1,517
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		95%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade		95%
Net investment income		$ 717	$ 730	$ 461
Multifamily
Schedule of Investments [Line Items]
Percent of real estate-related investments by property type		92%	88%
Neon Capital Limited
Schedule of Investments [Line Items]
Net investment income				$ (5)
Neon Capital Limited | Accounting Standards Update 2016-01 | Equity securities
Schedule of Investments [Line Items]
Net investment income	$ (7)
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities		$ (669)	$ (28)
Number of fixed maturities in an unrealized loss position | security		1,850,000,000

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	$ 10,736	$ 10,193
Fixed maturities, available for sale, allowance for expected credit losses	11	9	$ 12	$ 0
Available for sale (AFS) fixed maturities	10,095	10,357
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	10,736	10,193
Fixed maturities, available for sale, allowance for expected credit losses	11	9
Gross unrealized gains on available for sale fixed maturities	39	201
Gross unrealized losses on available for sale fixed maturities	(669)	(28)
Available for sale (AFS) fixed maturities	10,095	10,357
Total fixed maturities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(630)	173
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	233	216
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	0	2
Gross unrealized losses on available for sale fixed maturities	(14)	(2)
Available for sale (AFS) fixed maturities	219	216
U.S. Government and government agencies | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(14)	0
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,234	1,758
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	3	74
Gross unrealized losses on available for sale fixed maturities	(51)	0
Available for sale (AFS) fixed maturities	1,186	1,832
States, municipalities and political subdivisions | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(48)	74
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	240	248
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	0	0
Gross unrealized losses on available for sale fixed maturities	(14)	(2)
Available for sale (AFS) fixed maturities	226	246
Foreign government | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(14)	(2)
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,757	915
Fixed maturities, available for sale, allowance for expected credit losses	2	0
Gross unrealized gains on available for sale fixed maturities	23	48
Gross unrealized losses on available for sale fixed maturities	(180)	(3)
Available for sale (AFS) fixed maturities	1,598	960
Residential MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(157)	45
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	88	102
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	0	2
Gross unrealized losses on available for sale fixed maturities	(3)	0
Available for sale (AFS) fixed maturities	85	104
Commercial MBS | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(3)	2
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,988	1,643
Fixed maturities, available for sale, allowance for expected credit losses	1	1
Gross unrealized gains on available for sale fixed maturities	1	3
Gross unrealized losses on available for sale fixed maturities	(67)	(2)
Available for sale (AFS) fixed maturities	1,921	1,643
Collateralized loan obligations | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(66)	1
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,435	2,677
Fixed maturities, available for sale, allowance for expected credit losses	7	7
Gross unrealized gains on available for sale fixed maturities	1	17
Gross unrealized losses on available for sale fixed maturities	(184)	(11)
Available for sale (AFS) fixed maturities	2,245	2,676
Other asset-backed securities | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	(183)	6
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,761	2,634
Fixed maturities, available for sale, allowance for expected credit losses	1	1	$ 2	$ 0
Gross unrealized gains on available for sale fixed maturities	11	55
Gross unrealized losses on available for sale fixed maturities	(156)	(8)
Available for sale (AFS) fixed maturities	2,615	2,680
Corporate and other | Debt Securities
Debt Securities, Available-for-sale [Line Items]
Net unrealized gain (loss) on available for sale fixed maturities	$ (145)	$ 47

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,010	$ 1,042
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	556	491
Equity securities	553	586
Equity securities, fair value in excess of cost	(3)	95
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	436	403
Equity securities	457	456
Equity securities, fair value in excess of cost	21	53
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	992	894
Equity securities	1,010	1,042
Equity securities, fair value in excess of cost	$ 18	$ 148

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,700	$ 1,517
Equity in earnings of partnerships and similar investments	267	321	$ 99
Equity Method Investments, Real Estate-related Investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,229	1,130
Equity in earnings of partnerships and similar investments	233	226	92
Equity Method Investments, Private Equity Funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	438	352
Equity in earnings of partnerships and similar investments	32	100	18
Equity Method Investments, Private Debt Funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	33	35
Equity in earnings of partnerships and similar investments	$ 2	$ (5)	$ (11)

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (425)	$ (23)
Fair value - less than twelve months	$ 6,540	$ 3,270
Fair value as percentage of cost - less than twelve months	94%	99%
Unrealized loss - twelve months or more	$ (244)	$ (5)
Fair value - twelve months or more	$ 2,344	$ 226
Fair value as a percentage of cost - twelve months or more	91%	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	$ 111	$ 92
Fair value as percentage of cost - less than twelve months	97%	99%
Unrealized loss - twelve months or more	$ (10)	$ (1)
Fair value - twelve months or more	$ 107	$ 22
Fair value as a 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	$ (50)	$ 0
Fair value - less than twelve months	$ 967	$ 9
Fair value as percentage of cost - less than twelve months	95%	100%
Unrealized loss - twelve months or more	$ (1)	$ 0
Fair value - twelve months or more	$ 15	$ 13
Fair value as a percentage of cost - twelve months or more	94%	100%
Foreign government
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (5)	$ (2)
Fair value - less than twelve months	$ 90	$ 160
Fair value as percentage of cost - less than twelve months	95%	99%
Unrealized loss - twelve months or more	$ (9)	$ 0
Fair value - twelve months or more	$ 134	$ 0
Fair value as a percentage of cost - twelve months or more	94%	0%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (115)	$ (3)
Fair value - less than twelve months	$ 1,078	$ 419
Fair value as percentage of cost - less than twelve months	90%	99%
Unrealized loss - twelve months or more	$ (65)	$ 0
Fair value - twelve months or more	$ 315	$ 7
Fair value as a percentage of cost - twelve months or more	83%	100%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (2)	$ 0
Fair value - less than twelve months	$ 44	$ 34
Fair value as percentage of cost - less than twelve months	96%	100%
Unrealized loss - twelve months or more	$ (1)	$ 0
Fair value - twelve months or more	$ 33	$ 0
Fair value as a percentage of cost - twelve months or more	97%	0%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (44)	$ (1)
Fair value - less than twelve months	$ 1,224	$ 806
Fair value as percentage of cost - less than twelve months	97%	100%
Unrealized loss - twelve months or more	$ (23)	$ (1)
Fair value - twelve months or more	$ 587	$ 77
Fair value as a percentage of cost - twelve months or more	96%	99%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (100)	$ (8)
Fair value - less than twelve months	$ 1,361	$ 1,250
Fair value as percentage of cost - less than twelve months	93%	99%
Unrealized loss - twelve months or more	$ (84)	$ (3)
Fair value - twelve months or more	$ 740	$ 81
Fair value as a percentage of cost - twelve months or more	90%	96%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (105)	$ (8)
Fair value - less than twelve months	$ 1,665	$ 500
Fair value as percentage of cost - less than twelve months	94%	98%
Unrealized loss - twelve months or more	$ (51)	$ 0
Fair value - twelve months or more	$ 413	$ 26
Fair value as a percentage of cost - twelve months or more	89%	100%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 9	$ 12	$ 0
Impact of adoption of new accounting policy	11	9	12
Provision for expected credit losses on securities with no previous allowance	5	1	16
Reductions to previously recognized expected credit losses	(2)	(2)	(3)
Reductions due to sales or redemptions	1	2	1
Ending balance	11	9	12
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	8	10	0
Impact of adoption of new accounting policy	10	8	10
Provision for expected credit losses on securities with no previous allowance	4	0	11
Reductions to previously recognized expected credit losses	(2)	(2)	(1)
Reductions due to sales or redemptions	0	0	0
Ending balance	10	8	10
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	1	2	0
Impact of adoption of new accounting policy	1	1	2
Provision for expected credit losses on securities with no previous allowance	1	1	5
Reductions to previously recognized expected credit losses	0	0	(2)
Reductions due to sales or redemptions	1	2	1
Ending balance	$ 1	$ 1	$ 2
Accounting Standards Update 2016-13
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy				$ 0
Accounting Standards Update 2016-13 | Structured securities
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy				0
Accounting Standards Update 2016-13 | Corporate and other
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy				$ 0

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 10,095	$ 10,357
Fair Value Percent, Fiscal Year Maturity [Abstract]
Collateralized loan obligations and other asset-backed securities average life	3 years 6 months
Average life of MBS	6 years
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 430
After one year through five years	2,732
After five years through ten years	988
After ten years	317
Fixed maturities amortized cost, Subtotal	4,467
Collateralized loan obligations and other ABS (average life of approximately 3.5 years)	4,415
MBS (average life of approximately 6 years)	1,843
Amortized Cost	10,725
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	429
After one year through five years	2,585
After five years through ten years	933
After ten years	299
Fixed maturities fair value, Subtotal	4,246
Collateralized loan obligations and other ABS (average life of approximately 3.5 years)	4,166
MBS (average life of approximately 6 years)	1,683
Available for sale (AFS) fixed maturities	$ 10,095	$ 10,357
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	4%
After one year through five years	26%
After five years through ten years	9%
After ten years	3%
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 6 years)	17%
Fair value, Total, Percent	100%

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investment income	$ 733	$ 742	$ 467
Equity in earnings of partnerships and similar investments	267	321	99
Investment expenses	(16)	(12)	(6)
Net investment income	717	730	461
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	(2)	61	7
Fixed maturities
Net Investment Income [Line Items]
Investment income	376	290	303
Other
Net Investment Income [Line Items]
Investment income	53	40	23
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income	$ 39	$ 30	$ 35

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (116)	$ 110	$ (75)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(90)	86	(49)
Realized - impairments	(2)	1	(10)
Realized gains (losses) on securities	(92)	87	(59)
Change in unrealized	(633)	(88)	48
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(113)	109	(62)
Realized - impairments	(3)	1	(13)
Realized gains (losses) on securities	(116)	110	(75)
Change in unrealized	(803)	(111)	61
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(27)	(1)	6
Realized - impairments	(3)	1	(13)
Realized gains (losses) on securities	(30)	0	(7)
Change in unrealized	(803)	(111)	61
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(96)	110	(70)
Realized - impairments	0	0	0
Realized gains (losses) on securities	(96)	110	(70)
Change in unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	10	0	2
Realized - impairments	0	0	0
Realized gains (losses) on securities	10	0	2
Change in unrealized	0	0	0
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	23	(23)	13
Realized - impairments	1	0	3
Realized gains (losses) on securities	24	(23)	16
Change in unrealized	$ 170	$ 23	$ (13)

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	$ (116)	$ 110	$ (75)
Investment income	733	742	467
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	(96)	110	(70)
Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities	(90)	119	(32)
Realized gains (losses) on securities | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities	(95)	65	(44)
Investment income | Equity securities still owned | Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Investment income	$ 5	$ 54	$ 12

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity security investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 3	$ 7	$ 12
Gross losses	$ (18)	$ (1)	$ (5)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.	$ (20)
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, interest rate reset periods	3 months
Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps, interest rate reset periods	1 month
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ 0	$ 14	$ 40
Designated as hedging instrument | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	0	0	0
Interest rate swaps | Designated as hedging instrument | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	0	0	0
Interest rate swaps | Designated as hedging instrument | Continuing operations | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	1
Interest rate swaps | Cash flow hedging | Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,250
Receivable for collateral posted related to swaps	62
Total return swap | Designated as hedging instrument | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	0	$ 0	$ 0
Total return swap | Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Receivable for collateral posted related to swaps	$ 7

Derivatives - Derivatives inclu

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset	$ 40	$ 59
Derivative liability	$ 42	0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Interest rate swaps | Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	0
Derivative liability	37	0
MBS with embedded derivatives | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	40	59
Derivative liability	0	0
Total return swap | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivative liability	$ 5	$ 0

Derivatives - Gains (losses) in

Derivatives - Gains (losses) included in the Statement of Earnings for changes in the fair value of derivatives (Details) - USD ($) $ in Millions	5 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		$ (17)	$ 14	$ (61)
Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 20	0		(60)
Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(17)	(6)	(1)
Interest rate swaps | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	0	0		0
Interest rate swaps | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		0	0	0
MBS with embedded derivatives | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	(1)	0		(2)
MBS with embedded derivatives | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(12)	(6)	(1)
Total return swap | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(5)	0	0
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	(222)	0		(283)
Equity index call options | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	237	0		223
Equity index put options | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	5	0		3
Reinsurance contract (embedded derivative) | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	1	0		(1)
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	14	40
Designated as hedging instrument | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	14	0		40
Designated as hedging instrument | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Designated as hedging instrument | Interest rate swaps | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	14	0		40
Designated as hedging instrument | Interest rate swaps | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Designated as hedging instrument | MBS with embedded derivatives | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument | MBS with embedded derivatives | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Designated as hedging instrument | Total return swap | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	$ 0	0
Designated as hedging instrument | Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument | Equity index call options | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument | Equity index put options | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	0	0		0
Designated as hedging instrument | Reinsurance contract (embedded derivative) | Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings	$ 0	$ 0		$ 0

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) collateralizedloanobligation	Dec. 31, 2021 USD ($) collateralizedloanobligation	Dec. 31, 2020 USD ($) collateralizedloanobligation
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	100%
Number of collateralized loan obligation entities | collateralizedloanobligation	15
Number of collateralized loan obligation entities formed during the period | collateralizedloanobligation	2	1	1
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 339	$ 72
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	413	187
Carrying amount of CLO loans in default	4	9
Aggregate unpaid principal balance of CLO loans in default	17	18
Available for sale (AFS) fixed maturities	10,095	10,357
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	754	408	$ 303
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	48	14	$ 16
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	115
New Collateralized Loan Obligation Temporary Warehousing Entities
Variable Interest Entity [Line Items]
Variable Interest Entity, Primary Beneficiary, Maximum Loss Exposure, Amount	3
Subordinated debt obligations | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	82
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,921	1,643
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	$ 1,920	$ 1,640

Managed Investment Entities - P

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	$ 115
Investment in CLO tranches, ending balance	115
Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	112	$ 76	$ 57	$ 48
Face amount of managed investment entities liabilities purchased during the period	66	21	17
Sales of managed investment entities liabilities	0	0	(1)
Distributions from managed investment entities liabilities	(18)	(22)	(6)
Mark-to-market of ownership of managed investment entities liabilities	(11)	20	(1)
Change in Accrued Interest of Ownership of Managed Investment Entities Liabilities	(1)	0	0
Investment in CLO tranches, ending balance	$ 112	$ 76	$ 57

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ (267)	$ 69	$ (69)
Liabilities	236	(59)	49
Management fees paid to AFG	17	16	15
CLO earnings (losses) attributable to AFG Shareholders	(10)	40	(2)
Variable interest entity, primary beneficiary | Continuing operations
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	(10)	20	(1)
Variable interest entity, primary beneficiary | Net earnings (loss) from discontinued operations | Annuity subsidiaries
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	$ 0	$ 20	$ (1)

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Amortizable intangible assets related to acquisitions	$ 108	$ 106
Accumulated amortization	24	67
Amortization of intangible assets	11	$ 6	$ 12
Future amortization of intangibles in next year	11
Future amortization of intangibles in year two	11
Future amortization of intangibles in year three	11
Future amortization of intangibles in year four	11
Future amortization of intangibles in year five	12
Future amortization of intangibles after year five	$ 52
Maximum
Goodwill [Line Items]
Weighted average useful life of finite-lived intangible assets acquired	5 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 06, 2021	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, beginning balance		$ 176
Goodwill, ending balance		246
Verikai, Inc.
Goodwill [Line Items]
Goodwill acquired during period	$ 70	$ 70

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 03, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year		$ 0
Scheduled principal payments on debt in year two		0
Scheduled principal payments on debt in year three		0
Scheduled principal payments on debt in year four		0
Scheduled principal payments on debt in year five		0
Scheduled principal payments on debt after year five		1,520,000,000
Principal		1,521,000,000	$ 1,993,000,000
Cash interest payments on long-term debt		89,000,000	92,000,000	$ 83,000,000
Repayments of Long-term Debt		477,000,000	0	150,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line		$ 500,000,000
Interest rate description for revolving credit facility		1.00% to 1.875% (currently 1.375%) over LIBOR
Amount borrowed under AFG revolving credit facility		$ 0	0
Repayments of Long-term Debt		$ 477,000,000	0	150,000,000
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%
Senior Notes | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 846,000,000	1,318,000,000
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 261,000,000	300,000,000	$ 300,000,000
Interest rate on debt instruments		5.25%		5.25%
Senior Notes, amount of the original debt instrument that was redeemed		$ 39,000,000
Debt Instrument, Repurchase Amount		38,000,000
Senior Notes | 3.50% Senior Notes due August 2026
Long-term Debt, Fiscal Year Maturity [Abstract]
Gain (Loss) on Extinguishment of Debt	$ 6,000,000
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 0	425,000,000
Interest rate on debt instruments		3.50%
Senior Notes, amount of the original debt instrument that was redeemed		$ 49,000,000			$ 376,000,000
Debt Instrument, Repurchase Amount		51,000,000
Repayments of Long-term Debt	$ 382,000,000
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 582,000,000	590,000,000
Interest rate on debt instruments		4.50%
Senior Notes, amount of the original debt instrument that was redeemed		$ 8,000,000
Debt Instrument, Repurchase Amount		6,000,000
Subordinated Debt | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		675,000,000	675,000,000
Subordinated Debt | 4.50% Subordinated Debentures due September 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 200,000,000	200,000,000	$ 200,000,000
Interest rate on debt instruments		4.50%		4.50%
Subordinated Debt | 6% Subordinated Debentures Due November 2055 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on debt instruments				6%
Senior Notes, amount of the original debt instrument that was redeemed				$ 150,000,000
Subordinated Debt | 5.625% Subordinated Debentures due June 2060 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 150,000,000	150,000,000	$ 150,000,000
Interest rate on debt instruments		5.625%		5.625%
Subordinated Debt | 5.125% Subordinated Debentures due December 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 200,000,000	200,000,000
Interest rate on debt instruments		5.125%
Subordinated Debt | 5.875% Subordinated Debentures due March 2059 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Principal		$ 125,000,000	$ 125,000,000
Interest rate on debt instruments		5.875%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Carrying value of long-term debt
Principal	$ 1,521,000,000	$ 1,993,000,000
Discount and Issue Costs	(25,000,000)	(29,000,000)
Carrying Value	1,496,000,000	1,964,000,000
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,496,000,000	1,964,000,000
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	846,000,000	1,318,000,000
Discount and Issue Costs	(6,000,000)	(10,000,000)
Carrying Value	840,000,000	1,308,000,000
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Summary of Carrying value of long-term debt
Principal	582,000,000	590,000,000
Discount and Issue Costs	(1,000,000)	(2,000,000)
Carrying Value	$ 581,000,000	588,000,000
Interest rate on debt instruments	4.50%
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Summary of Carrying value of long-term debt
Principal	$ 0	425,000,000
Discount and Issue Costs	0	(3,000,000)
Carrying Value	$ 0	422,000,000
Interest rate on debt instruments	3.50%
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Summary of Carrying value of long-term debt
Principal	$ 261,000,000	300,000,000	$ 300,000,000
Discount and Issue Costs	(5,000,000)	(5,000,000)
Carrying Value	$ 256,000,000	295,000,000
Interest rate on debt instruments	5.25%		5.25%
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	$ 3,000,000	3,000,000
Discount and Issue Costs	0	0
Carrying Value	3,000,000	3,000,000
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675,000,000	675,000,000
Discount and Issue Costs	(19,000,000)	(19,000,000)
Carrying Value	656,000,000	656,000,000
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Summary of Carrying value of long-term debt
Principal	200,000,000	200,000,000	$ 200,000,000
Discount and Issue Costs	(5,000,000)	(5,000,000)
Carrying Value	$ 195,000,000	195,000,000
Interest rate on debt instruments	4.50%		4.50%
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 200,000,000	200,000,000
Discount and Issue Costs	(6,000,000)	(6,000,000)
Carrying Value	$ 194,000,000	194,000,000
Interest rate on debt instruments	5.125%
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Summary of Carrying value of long-term debt
Principal	$ 150,000,000	150,000,000	$ 150,000,000
Discount and Issue Costs	(4,000,000)	(4,000,000)
Carrying Value	$ 146,000,000	146,000,000
Interest rate on debt instruments	5.625%		5.625%
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 125,000,000	125,000,000
Discount and Issue Costs	(4,000,000)	(4,000,000)
Carrying Value	$ 121,000,000	$ 121,000,000
Interest rate on debt instruments	5.875%

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities

Leases - Right-of-use asset and

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use asset	$ 103	$ 118
Operating lease liability	$ 116	$ 136

Leases - Lease activity (Detail

Leases - Lease activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense included in other expenses	$ 36	$ 41	$ 47
Sublease income	(2)	(2)	0
Total lease expense, net of sublease income	$ 34	$ 39	$ 47

Leases - Other operating lease

Leases - Other operating lease liability information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 38	$ 43	$ 50
Right-of-use assets obtained under new leases	$ 11	$ 10	$ 25

Leases - Undiscounted contractu

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease payments due in 2023	$ 36
Lease payments due in 2024	29
Lease payments due in 2025	25
Lease payments due in 2026	20
Lease payments due in 2027	6
Lease payments due thereafter	12
Total lease payments	128
Less: Future ease payments impact of discounting	(12)
Operating lease liability	$ 116	$ 136

Leases - Schedule of weighted-a

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	4 years 6 months
Weighted-average discount rate	4%

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Dec. 31, 2022 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value | $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized | shares	12,500,000
Preferred Stock, par value | $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 18,000,000	$ 88,000,000	$ 17,000,000
Cash received from the exercise of stock options	7,000,000	58,000,000	14,000,000
Tax benefit related to exercise of stock options	3,000,000	14,000,000	3,000,000
Total compensation expense related to stock incentive plans	19,000,000	16,000,000	20,000,000
Tax benefit related to compensation costs	$ 8,000,000	19,000,000	9,000,000
Year one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20%
Year two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20%
Year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20%
Year four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20%
Year five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting rate	20%
Share-based payment arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for issuance under stock incentive plans (shares)	2,400,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock vesting period	4 years
Restricted Common Stock vested during period, fair value	$ 23,000,000	$ 28,000,000	$ 19,000,000
Weighted average period of cost expected to be recognized	2 years 6 months
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 30,000,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, period before vesting begins	1 year
Duration of options expiration, after date of grant	10 years
Unrecognized compensation expense related to equity-based awards that have yet to vest	$ 0

Shareholders' Equity - Data rel

Shareholders' Equity - Data relating to grants of restricted stock (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at January 1, 2022 | shares	651,846
Granted | shares	151,080
Vested | shares	(171,500)
Forfeited | shares	(15,559)
Outstanding at December 31, 2022 | shares	615,867
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Average grant date fair value, Outstanding, Beginning balance | $ / shares	$ 106.59
Average grant date fair value, Granted | $ / shares	133.94
Average grant date fair value, Vested | $ / shares	111.11
Average grant date fair value, Forfeited | $ / shares	109.33
Average grant date fair value, Outstanding, Ending balance | $ / shares	$ 111.97

Shareholders' Equity - Data for

Shareholders' Equity - Data for stock options issued under the stock incentive plans (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2022	414,745
Exercised	(182,054)
Special dividend adjustment	10,913
Forfeited/Cancelled	0
Outstanding at December 31, 2022	243,604
Options exercisable at December 31, 2022	243,604
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance | $ / shares	$ 46.04
Average exercise price, Exercised | $ / shares	39.72
Average exercise price, Forfeited/Cancelled | $ / shares	0
Average exercise price, Ending balance | $ / shares	44.75
Average exercise price, Options exercisable | $ / shares	$ 44.75
Average remaining contractual term, Options outstanding	1 year 4 months 24 days
Average remaining contractual term, Options exercisable	1 year 4 months 24 days
Aggregate intrinsic value, Options outstanding | $	$ 23
Aggregate intrinsic value, Options exercisable | $	$ 23

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ 119
Other comprehensive income (loss), pretax	(839)	$ (1,460)	$ 527
Other comprehensive income (loss), tax	177	306	(111)
Other comprehensive income (loss)	(662)	(1,154)	416
Accumulated other comprehensive income (loss), net of tax	(543)	119
AOCI ending balance	(543)	119
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	(821)	(275)	887
Unrealized holding gains (losses) on securities arising during the period, tax	174	57	(187)
Unrealized holding gains (losses) on securities arising during the period, after tax	647	218	(700)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	18	(22)	(389)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(4)	5	82
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	14	(17)	(307)
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	(884)	0
Total net unrealized gains (losses) on securities, pretax	(803)	(1,416)	498
Total net unrealized gains (losses) on securities, tax	170	297	(105)
Total net unrealized gains (losses) on securities	(633)	(1,119)	393
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(37)	(1)	70
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	8	0	(14)
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(29)	(1)	56
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	0	(14)	(40)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	0	3	8
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	(11)	(32)
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	(29)	0
Total net unrealized gains (losses) on cash flow hedges, pretax	(37)	(52)	30
Total net unrealized gains (losses) on cash flow hedges, tax	8	11	(6)
Total net unrealized gains (losses) on cash flow hedges	(29)	(41)	24
Foreign currency translation adjustments, pretax	(1)	(2)	(1)
Foreign currency translation adjustments, tax	(1)	0	0
Foreign currency translation adjustments	(2)	(2)	(1)
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	2	(1)	(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	9	1
Total pension and OPRP adjustments, pretax	2	10	0
Total pension and OPRP adjustments, tax	0	(2)	0
Total pension and OPRP adjustments	2	8	0
Noncontrolling Interests
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	0	0	0
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	0	0	0
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	0	0	0
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax		0
Total net unrealized gains (losses) on securities	0	0	0
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	0	0	0
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	0	0
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax		0
Total net unrealized gains (losses) on cash flow hedges	0	0	0
Foreign currency translation adjustments	0	0	(2)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax		0
Reclassification adjustment for pension settlement loss included in net earnings		0
Total pension and OPRP adjustments	0	0	0
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(662)	(1,154)	414
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, after tax	647	218	(700)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	14	(17)	(307)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax		(884)
Total net unrealized gains (losses) on securities	(633)	(1,119)	393
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(29)	(1)	56
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	0	(11)	(32)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax		(29)
Total net unrealized gains (losses) on cash flow hedges	(29)	(41)	24
Foreign currency translation adjustments	(2)	(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, after tax		(1)
Reclassification adjustment for pension settlement loss included in net earnings		9
Total pension and OPRP adjustments	2	8	0
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	136	1,255	862
Accumulated other comprehensive income (loss), net of tax	(497)	136	1,255
AOCI ending balance	(497)	136	1,255
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	0	41	17
Accumulated other comprehensive income (loss), net of tax	(29)	0	41
AOCI ending balance	(29)	0	41
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(18)	(16)	(9)
Accumulated other comprehensive income (loss), net of tax	(20)	(18)	(16)
AOCI ending balance	(20)	(18)	(16)
Accumulated foreign currency adjustment attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(4)
Accumulated other comprehensive income (loss), net of tax			(4)
AOCI ending balance			(4)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	1	(7)	(7)
Accumulated other comprehensive income (loss), net of tax	3	1	(7)
AOCI ending balance	3	1	(7)
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	119	1,273	863
Other comprehensive income (loss)	(662)	(1,154)	414
Accumulated other comprehensive income (loss), net of tax	(543)	119	1,273
AOCI ending balance	(543)	119	1,273
AOCI attributable to parent | Neon Capital Limited
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(4)
Accumulated other comprehensive income (loss), net of tax			(4)
AOCI ending balance			(4)
AOCI attributable to noncontrolling interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	$ 0	$ 0	$ (2)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21%	21%	21%
Income tax expense (benefit)	$ 225	$ 254	$ 25
Effective income tax rate reconciliation, percent, excluding the impact of the sale of subsidiaries			28%
Income (losses) subject to tax in foreign jurisdictions	64	33	$ (131)
Amount of expense for penalties related to a tax position	0	0	0
Cash payments for income taxes	242	212	179
Amount unutilized
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	43
Neon Capital Limited
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)			(72)
Income tax benefit, portion attributable to current taxes payable			(65)
AFG
Income Tax Reconciliation [Line Items]
Income tax expense (benefit)	225	360	127
Interest included in tax provision			$ 0
Income tax penalties accrued	0	0
Maximum | AFG
Income Tax Reconciliation [Line Items]
Unrecognized tax benefits that would impact the effective tax rate	1	1
Interest included in tax provision	1	1
Interest on income taxes accrued	1	$ 1
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 36			£ 30

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations before income taxes (“EBT”)	$ 1,123	$ 1,335	$ 339
Income taxes at statutory rate	236	280	71
Effect of employee stock ownership plan dividend paid deduction	(8)	(16)	(2)
Effect of stock-based compensation	(5)	(13)	(4)
Effect of tax exempt interest	(6)	(8)	(10)
Effect of change in valuation allowance (excluding change in tax rate)	(9)	(4)	(117)
Effect of dividends received deduction	(2)	(2)	(2)
Effect of adjustments to prior year taxes	(3)	(1)	1
Effect of sale of subsidiaries	0	0	(72)
Effect of nondeductible expenses	8	8	4
Effect of foreign operations	7	0	149
Effect of other income tax reconciliation	7	10	7
Provision for income taxes as shown in the Statement of Earnings	$ 225	$ 254	$ 25
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21%	21%	21%
Effect of employee stock ownership plan dividend paid deduction as a percentage of EBT	(1.00%)	(1.00%)	(1.00%)
Effect of stock-based compensation as a percentage of EBT	0%	(1.00%)	(1.00%)
Effect of tax exempt interest as a percentage of EBT	(1.00%)	(1.00%)	(3.00%)
Effect of change in valuation allowance (excluding change in tax rate) as a percentage of EBT	(1.00%)	0%	(35.00%)
Effect of dividend received deduction as a percentage of EBT	0%	0%	(1.00%)
Effect of prior year income taxes as a percentage of EBT	0%	0%	0%
Effect sale of subsidiaries as a percentage of EBT	0%	0%	(21.00%)
Effect of nondeductible expenses as a percentage of EBT	1%	1%	1%
Effect of foreign operations as a percentage of EBT	1%	0%	44%
Effect of other income tax reconciliation as a percentage of EBT	0%	0%	3%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	20%	19%	7%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current taxes:
Federal	$ 192	$ 162	$ 46
State	10	7	4
Foreign	1	1	3
Deferred taxes:
Federal	22	84	(28)
Provision for income taxes as shown in the Statement of Earnings	$ 225	$ 254	$ 25

Income Taxes - Operating and ca

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2022 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. | Expiring 2022 - 2041
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 12
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 36	£ 30

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Federal net operating loss carryforwards	$ 2	$ 12
Insurance claims and reserves	255	249
Employee benefits	108	112
Other, net	24	26
Total deferred tax assets before valuation allowance	399	408
Valuation allowance against deferred tax assets	(16)	(25)
Total deferred tax assets	383	383
Deferred tax liabilities:
Investment securities	(52)	(200)
Deferred policy acquisition costs	(66)	(61)
Insurance claims and reserves transition liability	(12)	(17)
Real estate, property and equipment	(23)	(29)
Total deferred tax liabilities	(153)	(307)
Net deferred tax asset	230	76
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$ 10	$ 9

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance		$ 3,767	$ 3,419	$ 3,117	$ 3,024
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Other liabilities
Property and Casualty Group
Loss Contingencies [Line Items]
Increase in asbestos and environmental reserves	$ 47
Liability for asbestos and environmental reserves		$ 525
Former railroad and manufacturing operations
Loss Contingencies [Line Items]
Liability for Asbestos and Environmental Claims, Net, Period Increase (Decrease)	$ 21
American Premier and its subsidiaries
Loss Contingencies [Line Items]
Liability for environmental and other claims		89
GAFRI
Loss Contingencies [Line Items]
Liability for environmental and other claims		7
A&E reserves | Property and Casualty Group
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance		$ 140

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	$ 1,120
Workers' compensation insurance discount rate	3.50%	3.50%
Workers' compensation insurance discount, which has reduced the liability for unpaid losses and loss adjustment expenses	$ 9	$ 8
Pretax COVID-19 related losses		16	$ 115
Amortization of deferred policy acquisition costs	641	580	615
Dividends on common stock	1,220	2,380	336
Dividends payments without violating the most restrictive debt covenants, minimum	1,000
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	$ 887
Catastrophe Bonds
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention percentage	94%
Reinsurance, excess retention, amount reinsured, per event	$ 325
Reinsurance, amount retained, per event	125
Catastrophe reinsurance coverage, annual cost	16
Neon exited lines charge
Insurance [Line Items]
Prior year claims and claims adjustment expense	0	0	19
Other
Insurance [Line Items]
Prior year claims and claims adjustment expense	(285)	(279)	(193)
Other | COVID-19
Insurance [Line Items]
Prior year claims and claims adjustment expense	$ (19)	$ (19)
Property and casualty insurance | Other lines
Insurance [Line Items]
Special A&E charges			47
Neon Capital Limited | Property and casualty insurance | Other lines
Insurance [Line Items]
Pretax COVID-19 related losses			$ 20

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period	$ 11,074	$ 10,392	$ 10,232
Less reinsurance recoverables, net of allowance	3,767	3,419	3,117	$ 3,024
Net liability at beginning of period	7,655	7,275	7,208
Provision for losses and LAE occurring in the current year	3,914	3,436	3,398
Net increase (decrease) in the provision for claims of prior years:
Total losses and LAE incurred	3,629	3,157	3,271
Payments for losses and LAE of:
Current year	(1,212)	(1,024)	(990)
Prior years	(1,870)	(1,753)	(1,766)
Total payments	(3,082)	(2,777)	(2,756)
Reserves of businesses disposed	0	0	(449)
Foreign currency translation and other	5	0	1
Net liability at end of period	8,207	7,655	7,275
Add back reinsurance recoverables, net of allowance	3,767	3,419	3,117
Gross unpaid losses and LAE included in the balance sheet	11,974	11,074	10,392
Special A&E charges
Net increase (decrease) in the provision for claims of prior years:
Special A&E charges	0	0	47
Neon exited lines
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	0	0	19
Other
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	$ (285)	$ (279)	$ (193)

Insurance - Reconciliation of i

Insurance - Reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 8,207	$ 7,655	$ 7,275	$ 7,208
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,767	3,419	3,117	3,024
Unpaid losses and loss adjustment expenses	11,974	$ 11,074	$ 10,392	$ 10,232
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	6,971
Other unpaid losses and LAE, net of reinsurance	1,236
Unallocated LAE	418
Total reserves, net of reinsurance	8,207
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	3,767
Unpaid losses and loss adjustment expenses	11,974
Property and casualty insurance | Foreign operations
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	380
Property and casualty insurance | A&E reserves
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	385
Property and casualty insurance | Other
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Other unpaid losses and LAE, net of reinsurance	53
Property and casualty insurance | Property and transportation
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	1,481
Property and casualty insurance | Specialty casualty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	4,688
Property and casualty insurance | Specialty financial
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	277
Property and casualty insurance | Other specialty
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	$ 525

Insurance - Short-duration insu

Insurance - Short-duration insurance contracts, claims development (Details) - Property and casualty insurance $ in Millions	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 23,798
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	17,245
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	418
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	6,971
Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,946	$ 1,948	$ 1,956	$ 1,969	$ 1,982	$ 2,000	$ 1,996	$ 2,000	$ 2,011	$ 2,036
Total IBNR Plus Expected Development on Reported Claims	$ 34
Cumulative Number of Reported Claims | claim	222,729
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,886	1,871	1,851	1,824	1,774	1,714	1,617	1,443	1,214	697
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.90%
Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,958	1,954	1,957	1,978	2,004	2,038	2,040	2,050	2,083
Total IBNR Plus Expected Development on Reported Claims	$ 45
Cumulative Number of Reported Claims | claim	219,890
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,870	1,847	1,812	1,773	1,705	1,588	1,422	1,174	594
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.50%
Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,998	2,003	2,013	2,022	2,038	2,041	2,047	2,114
Total IBNR Plus Expected Development on Reported Claims	$ 62
Cumulative Number of Reported Claims | claim	230,926
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,878	1,847	1,791	1,722	1,592	1,404	1,129	619
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94%
Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,986	2,004	2,034	2,060	2,082	2,083	2,117
Total IBNR Plus Expected Development on Reported Claims	$ 104
Cumulative Number of Reported Claims | claim	223,087
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,806	1,750	1,662	1,539	1,350	1,099	577
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.90%
Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,256	2,269	2,301	2,329	2,348	2,375
Total IBNR Plus Expected Development on Reported Claims	$ 165
Cumulative Number of Reported Claims | claim	246,965
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,953	1,844	1,736	1,524	1,250	709
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	86.60%
Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,452	2,439	2,499	2,516	2,507
Total IBNR Plus Expected Development on Reported Claims	$ 283
Cumulative Number of Reported Claims | claim	236,583
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,977	1,807	1,606	1,337	730
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	80.60%
Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,632	2,672	2,674	2,721
Total IBNR Plus Expected Development on Reported Claims	$ 382
Cumulative Number of Reported Claims | claim	254,938
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,983	1,768	1,448	847
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	75.30%
Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,546	2,635	2,748
Total IBNR Plus Expected Development on Reported Claims	$ 596
Cumulative Number of Reported Claims | claim	204,670
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,620	1,337	758
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	63.60%
Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,754	2,861
Total IBNR Plus Expected Development on Reported Claims	$ 969
Cumulative Number of Reported Claims | claim	203,562
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,368	746
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	49.70%
Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,270
Total IBNR Plus Expected Development on Reported Claims	$ 1,636
Cumulative Number of Reported Claims | claim	190,857
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 904
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	27.60%
Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 6,553
Property and transportation
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	9,258
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,800
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	23
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,481
Property and transportation | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	870	870	871	873	877	878	878	872	870	882
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	139,031
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 864	861	860	858	847	831	804	760	702	438
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.30%
Property and transportation | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 800	802	804	808	815	820	817	828	844
Total IBNR Plus Expected Development on Reported Claims	$ 5
Cumulative Number of Reported Claims | claim	133,262
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 792	791	789	783	770	744	693	632	329
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99%
Property and transportation | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 769	768	772	777	777	779	784	818
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	135,048
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 755	750	744	736	707	667	582	359
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.20%
Property and transportation | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 689	688	694	706	714	716	746
Total IBNR Plus Expected Development on Reported Claims	$ 9
Cumulative Number of Reported Claims | claim	121,361
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 665	656	640	618	577	521	294
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.50%
Property and transportation | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 820	816	823	843	847	889
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	140,902
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 783	755	735	696	640	379
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.50%
Property and transportation | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 882	876	886	902	932
Total IBNR Plus Expected Development on Reported Claims	$ 24
Cumulative Number of Reported Claims | claim	130,600
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 824	781	738	676	396
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.40%
Property and transportation | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,055	1,051	1,058	1,111
Total IBNR Plus Expected Development on Reported Claims	$ 35
Cumulative Number of Reported Claims | claim	154,011
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 959	904	823	527
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.90%
Property and transportation | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 957	974	1,043
Total IBNR Plus Expected Development on Reported Claims	$ 71
Cumulative Number of Reported Claims | claim	121,649
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 804	726	461
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	84%
Property and transportation | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,023	1,119
Total IBNR Plus Expected Development on Reported Claims	$ 129
Cumulative Number of Reported Claims | claim	122,024
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 767	449
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	75%
Property and transportation | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,393
Total IBNR Plus Expected Development on Reported Claims	$ 436
Cumulative Number of Reported Claims | claim	122,637
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 587
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	42.10%
Property and transportation | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 1,458
Specialty casualty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	11,713
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,392
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	367
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	4,688
Specialty casualty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	895	898	905	916	926	945	940	945	949	968
Total IBNR Plus Expected Development on Reported Claims	$ 28
Cumulative Number of Reported Claims | claim	55,221
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 845	835	820	797	766	729	666	554	396	182
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.40%
Specialty casualty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 955	950	952	967	982	1,006	1,008	1,008	1,035
Total IBNR Plus Expected Development on Reported Claims	$ 36
Cumulative Number of Reported Claims | claim	57,158
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 881	862	829	801	755	680	574	412	190
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.30%
Specialty casualty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,007	1,015	1,021	1,024	1,042	1,041	1,043	1,081
Total IBNR Plus Expected Development on Reported Claims	$ 49
Cumulative Number of Reported Claims | claim	58,251
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 913	888	844	792	702	577	411	178
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.70%
Specialty casualty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,046	1,069	1,090	1,101	1,116	1,122	1,131
Total IBNR Plus Expected Development on Reported Claims	$ 83
Cumulative Number of Reported Claims | claim	56,549
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 906	870	806	713	584	418	186
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	86.60%
Specialty casualty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,139	1,162	1,189	1,204	1,221	1,211
Total IBNR Plus Expected Development on Reported Claims	$ 139
Cumulative Number of Reported Claims | claim	57,232
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 902	833	755	612	422	200
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	79.20%
Specialty casualty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,269	1,262	1,302	1,307	1,277
Total IBNR Plus Expected Development on Reported Claims	$ 226
Cumulative Number of Reported Claims | claim	59,219
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 901	794	649	475	210
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	71%
Specialty casualty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,280	1,322	1,311	1,308
Total IBNR Plus Expected Development on Reported Claims	$ 300
Cumulative Number of Reported Claims | claim	59,029
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 795	651	455	212
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	62.10%
Specialty casualty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,258	1,329	1,352
Total IBNR Plus Expected Development on Reported Claims	$ 440
Cumulative Number of Reported Claims | claim	53,383
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 613	446	188
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	48.70%
Specialty casualty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,389	1,384
Total IBNR Plus Expected Development on Reported Claims	$ 696
Cumulative Number of Reported Claims | claim	54,555
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 438	191
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	31.50%
Specialty casualty | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,475
Total IBNR Plus Expected Development on Reported Claims	$ 954
Cumulative Number of Reported Claims | claim	48,805
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 198
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	13.40%
Specialty casualty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 4,321
Specialty financial
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,796
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	1,518
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	(1)
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	277
Specialty financial | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	118	120	122	122	126	127	131	137	145	140
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	28,477
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 117	118	118	118	117	117	113	107	100	70
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.20%
Specialty financial | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 135	136	137	142	147	153	156	157	146
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	29,470
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 141	140	141	139	137	128	125	109	62
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	104.40%
Specialty financial | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 135	136	138	145	153	158	160	156
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	37,627
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 134	134	134	132	133	129	110	72
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.30%
Specialty financial | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 173	170	174	182	187	184	179
Total IBNR Plus Expected Development on Reported Claims	$ 2
Cumulative Number of Reported Claims | claim	45,177
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 171	164	163	161	158	141	88
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	98.80%
Specialty financial | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 202	203	208	212	215	212
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	48,831
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 192	193	194	186	169	120
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95%
Specialty financial | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 201	207	219	217	212
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	46,764
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 192	188	187	163	112
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.50%
Specialty financial | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 186	191	198	194
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	41,898
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 168	164	146	99
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.30%
Specialty financial | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 202	215	231
Total IBNR Plus Expected Development on Reported Claims	$ 23
Cumulative Number of Reported Claims | claim	29,638
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 159	144	100
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	78.70%
Specialty financial | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 201	223
Total IBNR Plus Expected Development on Reported Claims	$ 49
Cumulative Number of Reported Claims | claim	26,983
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 136	98
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	67.70%
Specialty financial | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 243
Total IBNR Plus Expected Development on Reported Claims	$ 124
Cumulative Number of Reported Claims | claim	19,415
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 108
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	44.40%
Specialty financial | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 278
Other specialty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,031
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	535
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	29
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	525
Other specialty | Accident Year 2013
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	63	60	58	58	53	50	47	46	47	46
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 60	57	53	51	44	37	34	22	16	$ 7
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.20%
Other specialty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 68	66	64	61	60	59	59	57	58
Total IBNR Plus Expected Development on Reported Claims	$ 3
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 56	54	53	50	43	36	30	21	$ 13
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	82.40%
Other specialty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 87	84	82	76	66	63	60	59
Total IBNR Plus Expected Development on Reported Claims	$ 5
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 76	75	69	62	50	31	26	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	87.40%
Other specialty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 78	77	76	71	65	61	61
Total IBNR Plus Expected Development on Reported Claims	$ 10
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 64	60	53	47	31	19	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	82.10%
Other specialty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 95	88	81	70	65	63
Total IBNR Plus Expected Development on Reported Claims	$ 7
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 76	63	52	30	19	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	80%
Other specialty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 100	94	92	90	86
Total IBNR Plus Expected Development on Reported Claims	$ 26
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 60	44	32	23	$ 12
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	60%
Other specialty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 111	108	107	108
Total IBNR Plus Expected Development on Reported Claims	$ 32
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 61	49	24	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	55%
Other specialty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 129	117	122
Total IBNR Plus Expected Development on Reported Claims	$ 62
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 44	21	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	34.10%
Other specialty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 141	135
Total IBNR Plus Expected Development on Reported Claims	$ 95
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 27	$ 8
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	19.10%
Other specialty | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 159
Total IBNR Plus Expected Development on Reported Claims	$ 122
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 11
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	6.90%
Other specialty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 496

Insurance - Short-duration in_2

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2022
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	30.40%
Year 2	25%
Year 3	12.20%
Year 4	8.90%
Year 5	5.90%
Year 6	3.90%
Year 7	2.50%
Year 8	1.60%
Year 9	1.10%
Year 10	0.80%
Year 1, Cumulative	30.40%
Year 2, Cumulative	55.40%
Year 3, Cumulative	67.60%
Year 4, Cumulative	76.50%
Year 5, Cumulative	82.40%
Year 6, Cumulative	86.30%
Year 7, Cumulative	88.80%
Year 8, Cumulative	90.40%
Year 9, Cumulative	91.50%
Year 10, Cumulative	92.30%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	45.60%
Year 2	31.20%
Year 3	7.90%
Year 4	5.30%
Year 5	3.40%
Year 6	2%
Year 7	1%
Year 8	0.40%
Year 9	0.10%
Year 10	0.30%
Year 1, Cumulative	45.60%
Year 2, Cumulative	76.80%
Year 3, Cumulative	84.70%
Year 4, Cumulative	90%
Year 5, Cumulative	93.40%
Year 6, Cumulative	95.40%
Year 7, Cumulative	96.40%
Year 8, Cumulative	96.80%
Year 9, Cumulative	96.90%
Year 10, Cumulative	97.20%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	16.80%
Year 2	21.10%
Year 3	15.70%
Year 4	11.90%
Year 5	8%
Year 6	5.30%
Year 7	3.60%
Year 8	2.80%
Year 9	1.80%
Year 10	1.10%
Year 1, Cumulative	16.80%
Year 2, Cumulative	37.90%
Year 3, Cumulative	53.60%
Year 4, Cumulative	65.50%
Year 5, Cumulative	73.50%
Year 6, Cumulative	78.80%
Year 7, Cumulative	82.40%
Year 8, Cumulative	85.20%
Year 9, Cumulative	87%
Year 10, Cumulative	88.10%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	52.10%
Year 2	26.10%
Year 3	9.90%
Year 4	2.70%
Year 5	2%
Year 6	0.60%
Year 7	1.60%
Year 8	(0.20%)
Year 9	0.40%
Year 10	(0.80%)
Year 1, Cumulative	52.10%
Year 2, Cumulative	78.20%
Year 3, Cumulative	88.10%
Year 4, Cumulative	90.80%
Year 5, Cumulative	92.80%
Year 6, Cumulative	93.40%
Year 7, Cumulative	95%
Year 8, Cumulative	94.80%
Year 9, Cumulative	95.20%
Year 10, Cumulative	94.40%
Other specialty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	10.30%
Year 2	12.70%
Year 3	13.10%
Year 4	16.60%
Year 5	10.70%
Year 6	10.40%
Year 7	6.90%
Year 8	1.90%
Year 9	4.60%
Year 10	4.80%
Year 1, Cumulative	10.30%
Year 2, Cumulative	23%
Year 3, Cumulative	36.10%
Year 4, Cumulative	52.70%
Year 5, Cumulative	63.40%
Year 6, Cumulative	73.80%
Year 7, Cumulative	80.70%
Year 8, Cumulative	82.60%
Year 9, Cumulative	87.20%
Year 10, Cumulative	92%

Insurance - Net earnings and ca

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - Property and casualty companies - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statutory information
Net Earnings	$ 912	$ 1,007	$ 481
Capital and Surplus	$ 4,356	$ 4,221

Insurance - Reinsurance informa

Insurance - Reinsurance information table including assumed, ceded, and recoveries (Details) - Property and casualty insurance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Direct premiums written	$ 8,774	$ 7,700	$ 6,862
Reinsurance assumed	283	246	225
Reinsurance ceded	(2,851)	(2,373)	(2,074)
Net written premiums	6,206	5,573	5,013
Direct premiums earned	8,582	7,462	6,846
Reinsurance assumed	274	249	237
Reinsurance ceded	(2,771)	(2,307)	(1,984)
Net earned premiums	6,085	5,404	5,099
Reinsurance recoveries	$ 2,065	$ 1,478	$ 1,522

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 6	$ 18
Impact of adoption of new accounting policy	8	8	6	$ 11
Provision for expected credit losses	0	2	0
Write-offs charged against the allowance	0	0	0
Businesses disposed	0	0	1
Ending balance	$ 8	$ 8	$ 6

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 10	$ 13
Impact of adoption of new accounting policy	8	8	10	$ 3	$ 13
Provision for expected credit losses	0	(2)	1
Write-offs charged against the allowance	0	0	(1)
Businesses disposed	0	0	0
Ending balance	8	8	10
Impact of adoption of new accounting policy	(8)	(8)	(6)	$ (11)	$ (18)
Provision for expected credit losses	0	2	0
Reinsurance, Loss on Uncollectible Accounts in Period, Amount	0	0	0
Reinsurance Recoverable, Allowance for Credit Loss, Businesses Disposed	$ 0	$ 0	$ (1)

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitments to fund credit facilities and limited partnerships	$ 479
Retirement and employee savings plan expense	$ 41	$ 61	$ 41

Condensed Financial Informati_2

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 872	$ 2,131
Real estate and other investments	127	150
Other assets	1,219	902
Total assets	28,831	28,931
Liabilities and Equity:
Long-term debt	1,496	1,964
Other liabilities	1,696	1,700
Shareholders’ equity	4,052	5,012
Total liabilities and shareholders’ equity	28,831	28,931
AFG
Assets:
Cash and cash equivalents	225	589	$ 215	$ 166
Investment in securities	591	1,281
Investment in subsidiaries	4,825	5,334
Real estate and other investments	63	2
Other assets	132	103
Total assets	5,836	7,309
Liabilities and Equity:
Long-term debt	1,496	1,964
Other liabilities	288	333
Shareholders’ equity	4,052	5,012
Total liabilities and shareholders’ equity	$ 5,836	$ 7,309

Condensed Financial Informati_3

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 7,040	$ 6,552	$ 5,769
Costs and Expenses:
Interest charges on other borrowings	85	94	88
Other expenses	255	264	279
Total costs and expenses	5,917	5,217	5,430
Earnings from continuing operations before income taxes	1,123	1,335	339
Provision for income taxes	225	254	25
Net Earnings Attributable to Shareholders	898	1,995	732
AFG
Revenues:
Dividends from subsidiaries	879	835	543
Equity in undistributed earnings of subsidiaries	405	1,721	474
Investment and other income	28	29	32
Total revenues	1,312	2,585	1,049
Costs and Expenses:
Interest charges on intercompany borrowings	7	7	8
Interest charges on other borrowings	85	94	88
Other expenses	97	129	94
Total costs and expenses	189	230	190
Earnings from continuing operations before income taxes	1,123	2,355	859
Provision for income taxes	225	360	127
Net Earnings Attributable to Shareholders	$ 898	$ 1,995	$ 732

Condensed Financial Informati_4

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Other Comprehensive Income [Abstract]
Net earnings attributable to shareholders	$ 898	$ 1,995	$ 732
Comprehensive income attributable to shareholders	236	841	1,146
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings attributable to shareholders	898	1,995	732
Other comprehensive income (loss), net of tax	(662)	(1,154)	414
Comprehensive income attributable to shareholders	$ 236	$ 841	$ 1,146

Condensed Financial Informati_5

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities:
Net earnings attributable to shareholders	$ 898	$ 1,995	$ 732
Adjustments:
Net cash provided by operating activities	1,153	1,714	2,183
Investing Activities:
Payments to acquire subsidiaries	(10)	(123)	(3)
Net cash used in investing activities	(1,051)	(436)	(1,564)
Financing Activities:
Additional long-term borrowings	0	0	634
Reductions of long-term debt	(477)	0	(150)
Issuances of Common Stock	16	66	22
Repurchases of Common Stock	(11)	(319)	(313)
Cash dividends paid on Common Stock	(1,213)	(2,374)	(334)
Net cash used in financing activities	(1,361)	(1,957)	(123)
Cash and cash equivalents, period increase (decrease)	(1,259)	(679)	496
Cash and cash equivalents at beginning of year	2,131
Cash and cash equivalents at end of year	872	2,131
AFG
Operating Activities:
Net earnings attributable to shareholders	898	1,995	732
Adjustments:
Equity in net earnings of subsidiaries	(1,030)	(2,144)	(780)
Dividends from subsidiaries	539	830	543
Other operating activities, net	(80)	152	(12)
Net cash provided by operating activities	327	833	483
Investing Activities:
Capital contributions to subsidiaries	(26)	(107)	(297)
Returns of capital from subsidiaries	29	3	0
Investments, property and equipment	(223)	(1,478)	(2)
Payments to acquire subsidiaries	0	(120)	0
Proceeds from maturities and redemptions of investments	556	277	2
Sales of investments, property and equipment	656	11	0
Proceeds from sales of businesses	0	3,581	3
Net cash used in investing activities	992	2,167	(294)
Financing Activities:
Additional long-term borrowings	0	0	634
Reductions of long-term debt	(477)	0	(150)
Issuances of Common Stock	18	67	23
Repurchases of Common Stock	(11)	(319)	(313)
Cash dividends paid on Common Stock	(1,213)	(2,374)	(334)
Net cash used in financing activities	(1,683)	(2,626)	(140)
Cash and cash equivalents, period increase (decrease)	(364)	374	49
Cash and cash equivalents at beginning of year	589	215	166
Cash and cash equivalents at end of year	$ 225	$ 589	$ 215

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 288	$ 267	$ 244
Reserves for claims and unpaid losses and LAE	11,974	11,074	10,392
Unearned premiums	3,246	3,041	2,803
Net earned premiums	6,085	5,404	5,099
Net investment income	717	730	461
Claims, losses and settlement expenses	3,629	3,157	3,271
Amortization of deferred policy acquisition costs	641	580	615
Other operating expenses	1,647	1,480	1,544
Net written premiums	6,206	5,573	5,013
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	288	267	244
Reserves for claims and unpaid losses and LAE	11,974	11,074	10,392
Unearned premiums	3,246	3,041	2,803
Net earned premiums	6,085	5,404	5,099
Net investment income	683	663	399
Claims, losses and settlement expenses	3,629	3,157	3,271
Amortization of deferred policy acquisition costs	641	580	615
Other operating expenses	1,091	967	1,036
Net written premiums	6,206	5,573	5,013
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net investment income	34	67	62
Other operating expenses	$ 556	$ 513	$ 508