American Financial (AFG) 10-K 23 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 01, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	2023
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			$ 8,590
Entity Common Stock, Shares Outstanding		83,661,691
Document Financial Statement Error Correction [Flag]	false
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, 2023
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, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,225	$ 872
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,752 and $10,736; allowance for expected credit losses of $12 and $11)	10,377	10,095
Fixed maturities, trading at fair value	57	32
Equity securities, at fair value	1,018	1,010
Investments accounted for using the equity method	1,814	1,700
Mortgage loans	643	676
Real estate and other investments	129	127
Total cash and investments	15,263	14,512
Recoverables from reinsurers	4,477	3,977
Prepaid reinsurance premiums	961	917
Agents’ balances and premiums receivable	1,471	1,339
Deferred policy acquisition costs	309	288
Assets of managed investment entities	4,484	5,447
Other receivables	1,171	886
Other assets	1,346	1,219
Goodwill	305	246
Total assets	29,787	28,831
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	13,087	11,974
Unearned premiums	3,451	3,246
Payable to reinsurers	1,186	1,035
Liabilities of managed investment entities	4,307	5,332
Long-term debt	1,475	1,496
Other liabilities	2,023	1,696
Total liabilities	25,529	24,779
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,635,807 and 85,204,006 shares outstanding	84	85
Capital surplus	1,372	1,368
Retained earnings	3,121	3,142
Accumulated other comprehensive income (loss), net of tax	(319)	(543)
Shareholders’ equity	4,258	4,052
Total liabilities and shareholders’ equity	$ 29,787	$ 28,831

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturies, available for sale, amortized cost	$ 10,752	$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	$ 12	$ 11
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares outstanding	83,635,807	85,204,006

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Property and casualty insurance net earned premiums	$ 6,531	$ 6,085	$ 5,404
Net investment income	742	717	730
Realized gains (losses) on:
Securities	(36)	(116)	110
Realized gains (losses) on subsidiaries	(4)	0	4
Income of managed investment entities:
Investment income	421	268	181
Gain (loss) on change in fair value of assets/liabilities	27	(31)	10
Other income	146	117	113
Total revenues	7,827	7,040	6,552
Costs and Expenses:
Losses and loss adjustment expenses	4,033	3,629	3,157
Commissions and other underwriting expenses	1,935	1,718	1,547
Interest charges on borrowed money	76	85	94
Expenses of managed investment entities	405	230	155
Other expenses	305	255	264
Total costs and expenses	6,754	5,917	5,217
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Provision for income taxes	221	225	254
Net earnings from continuing operations	852	898	1,081
Net earnings from discontinued operations	0	0	914
Net Earnings	$ 852	$ 898	$ 1,995
Earnings per Basic Common Share from:
Basic (USD per share) from continuing operations	$ 10.06	$ 10.55	$ 12.70
Basic (USD per share) from discontinued operations	0	0	10.74
Basic (USD per share)	10.06	10.55	23.44
Earnings per Diluted Common Share:
Diluted (USD per share) from continuing operations	10.05	10.53	12.62
Diluted (USD per share) from discontinued operations	0	0	10.68
Diluted (USD per share)	$ 10.05	$ 10.53	$ 23.30
Average number of Common Shares:
Basic (shares)	84.7	85.1	85.1
Diluted (shares)	84.8	85.3	85.6

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 852	$ 898	$ 1,995
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	176	(647)	(218)
Reclassification adjustment for realized (gains) losses included in net earnings	34	14	(17)
Reclassification adjustment for unrealized gains of subsidiaries sold	0	0	(884)
Total net unrealized gains (losses) on securities	210	(633)	(1,119)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(9)	(29)	(1)
Reclassification adjustment for investment income included in net earnings	21	0	(11)
Reclassification adjustment for unrealized gains on cash flow hedges of subsidiaries sold	0	0	(29)
Total net unrealized gains (losses) on cash flow hedges	12	(29)	(41)
Foreign currency translation adjustments	3	(2)	(2)
Pension and other postretirement plans adjustments (“OPRP”):
Unrealized holding gains (losses) on pension and OPRP arising during the period	(1)	2	(1)
Reclassification adjustment for pension settlement loss included in net earnings	0	0	9
Total pension and OPRP adjustments	(1)	2	8
Other comprehensive income (loss), net of tax	224	(662)	(1,154)
Comprehensive income	$ 1,076	$ 236	$ 841

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares at Dec. 31, 2020			86,345,246
Beginning balance at Dec. 31, 2020		$ 6,789		$ 1,367	$ 4,149	$ 1,273
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,995	1,995			1,995
Other comprehensive income (loss)	(1,154)	(1,154)				(1,154)
Dividends		(2,382)			(2,382)
Shares issued:
Exercise of stock options, shares			1,208,964
Exercise of stock options		59		59
Restricted stock awards, shares			207,020
Restricted stock awards		0		0
Other benefit plans, shares			81,286
Other benefit plans		10		10
Dividend reinvestment plan, shares			69,095
Dividend reinvestment plan		8		8
Stock-based compensation expense		16		16
Shares acquired and retired, shares			(2,777,684)
Shares acquired and retired		(319)		(44)	(275)
Shares exchanged — benefit plans, shares			(92,209)
Shares exchanged — benefit plans		(10)		(1)	(9)
Forfeitures of restricted stock, shares			(120,753)
Ending balance, shares at Dec. 31, 2021			84,920,965
Ending balance at Dec. 31, 2021		5,012		1,415	3,478	119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	898	898			898
Other comprehensive income (loss)	$ (662)	(662)				(662)
Dividends		(1,217)			(1,217)
Shares issued:
Exercise of stock options, shares			182,054
Exercise of stock options		7		7
Restricted stock awards, shares			151,080
Restricted stock awards		0		0
Other benefit plans, shares			78,460
Other benefit plans		10		10
Dividend reinvestment plan, shares			33,794
Dividend reinvestment plan		4		4
Stock-based compensation expense		19		19
Shares acquired and retired, shares			(89,368)
Shares acquired and retired		(11)		(1)	(10)
Shares exchanged — benefit plans, shares			(57,420)
Shares exchanged — benefit plans		(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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	852	852			852
Other comprehensive income (loss)	$ 224	224				224
Dividends		(687)			(687)
Shares issued:
Exercise of stock options, shares	96,953		96,953
Exercise of stock options		4		4
Restricted stock awards, shares			165,513
Restricted stock awards		0		0
Other benefit plans, shares			104,207
Other benefit plans		13		13
Dividend reinvestment plan, shares			20,614
Dividend reinvestment plan		3		3
Stock-based compensation expense		18		18
Shares acquired and retired, shares			(1,872,544)
Shares acquired and retired		(213)		(34)	(179)
Shares exchanged — benefit plans, shares			(64,060)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock, shares			(18,882)
Ending balance, shares at Dec. 31, 2023	83,635,807		83,635,807
Ending balance at Dec. 31, 2023	$ 4,258	$ 4,258		$ 1,456	$ 3,121	$ (319)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 8.10	$ 14.31	$ 28.06

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 852	$ 898	$ 1,995
Adjustments:
Depreciation and amortization	78	100	187
Annuity benefits	0	0	377
Realized gains (losses) on investing activities	38	110	(1,131)
Net (purchases) sales of trading securities	(5)	(2)	(5)
Deferred annuity and life policy acquisition costs	0	0	(98)
Change in:
Reinsurance and other receivables	(794)	(644)	(350)
Other assets	(19)	(138)	344
Insurance claims and reserves	1,318	1,105	912
Payable to reinsurers	151	115	113
Other liabilities	72	(69)	(70)
Managed investment entities’ assets/liabilities	305	(183)	(144)
Other operating activities, net	(26)	(139)	(416)
Net cash provided by operating activities	1,970	1,153	1,714
Investing Activities:
Purchases of fixed maturities	(2,005)	(4,387)	(7,978)
Purchases of equity securities	(146)	(239)	(193)
Purchases of mortgage loans	0	(273)	(218)
Purchases of equity index call options and other investments	(150)	(141)	(391)
Purchases of real estate, property and equipment	(72)	(86)	(62)
Purchases of businesses	(234)	(10)	(123)
Proceeds from maturities and redemptions of fixed maturities	1,310	2,511	5,035
Proceeds from repayments of mortgage loans	34	118	84
Proceeds from sales of fixed maturities	650	1,294	745
Proceeds from sales of equity securities	164	174	523
Proceeds from sales and settlements of equity index call options and other investments	78	141	584
Proceeds from sales of real estate, property and equipment	3	31	46
Proceeds from sale of businesses	0	0	3,581
Cash and cash equivalents of businesses acquired and sold	26	0	(2,058)
Managed investment entities:
Purchases of investments	(1,466)	(1,515)	(2,155)
Proceeds from sales and redemptions of investments	2,228	1,335	2,112
Other investing activities, net	(6)	(4)	32
Net cash provided by (used in) investing activities	414	(1,051)	(436)
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	15	16	66
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Annuity receipts	0	0	2,403
Ceded annuity receipts	0	0	(311)
Annuity surrenders, benefits and withdrawals	0	0	(1,931)
Ceded annuity surrenders, benefits and withdrawals	0	0	282
Net transfers from variable annuity assets	0	0	34
Issuances of managed investment entities’ liabilities	670	1,206	2,883
Retirements of managed investment entities’ liabilities	(1,798)	(882)	(2,690)
Net cash used in financing activities	(2,031)	(1,361)	(1,957)
Net Change in Cash and Cash Equivalents	353	(1,259)	(679)
Cash and cash equivalents at beginning of year	872	2,131	2,810
Cash and cash equivalents at end of year	$ 1,225	$ 872	$ 2,131

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2023, 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. In 2023, AFG had nonrecurring fair value measurements for the purchase price allocation related to its acquisition of Crop Risk Services (see Note C — “Acquisitions and Sale of Businesses”) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note I — “Goodwill and Other Intangibles” ). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other material nonrecurring fair value measurements in 2023, 2022 or 2021. 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Credit Losses on Fixed Maturity Investments When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. The allowance is limited to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. Derivatives Derivatives included in AFG’s Balance Sheet are recorded at fair value. Changes in fair value of derivatives are included in earnings unless the derivatives are designated and qualify as highly effective cash flow hedges. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (convertible fixed maturities and 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, 2023, assets and liabilities of managed investment entities included $263 million in assets and $225 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs. 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 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: 2023 – 0.1 million, 2022 – 0.2 million and 2021 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 or 2021. Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2023
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 (*) Net investment income $ 746 Realized gains on securities 112 Other income 52 Total revenues 910 Annuity benefits 377 Annuity and supplemental insurance acquisition expenses 136 Other expenses 73 Total costs and expenses 586 Earnings before income taxes from discontinued operations 324 Provision for income taxes on discontinued operations 66 Net earnings from discontinued operations, net of tax 258 Gain on sale of discontinued operations, net of tax 656 Net earnings from discontinued operations $ 914 (*) Results through the May 31, 2021 effective date of the sale. The impact of the sale of the annuity business is shown below (in millions): May 31, 2021 Cash proceeds $ 3,571 Sale related expenses (8) Total net proceeds 3,563 Net investment in annuity businesses sold, excluding AOCI 2,867 Reclassify net deferred tax asset (199) Pretax gain on sale 895 Income tax expense: Reclassify net deferred tax asset 199 Tax liabilities triggered by the sale 41 Other (1) Total income tax expense 239 Net gain on sale $ 656 Summarized cash flows for the discontinued annuity operations were (in millions): Year Ended Net cash provided by operating activities $ 67 Net cash used in investing activities (1,689) Net cash provided by financing activities 477 (*) 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, 2023
Business Combinations [Abstract]
Acquisitions and Sale of Businesses	Acquisitions and Sale of Businesses Crop Risk Services On July 3, 2023, AFG completed the acquisition of Crop Risk Services (“CRS”) from American International Group (“AIG”). CRS is a primary crop insurance general agent based in Decatur, Illinois, that generated crop year 2022 gross written premiums of approximately $1.2 billion and was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums. At closing, AFG paid AIG $234 million (based on $24 million in net tangible assets) using cash on hand. AFG expensed the $3 million in acquisition costs incurred. The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions). July 3, 2023 Cash paid at purchase $ 234 Tangible assets acquired: Cash and cash equivalents $ 26 Agents’ balances and premiums receivable 164 Other assets 3 Total tangible assets acquired $ 193 Liabilities acquired: Other liabilities $ 169 Total liabilities acquired 169 Net tangible assets acquired, at fair value 24 Excess purchase price over net tangible assets acquired $ 210 Allocation of excess purchase price: Intangible assets acquired (*) $ 124 Deferred tax asset (*) 1 Goodwill 85 $ 210 (*) Included in Other assets in AFG’s Balance Sheet. In the purchase price allocation, $124 million of the purchase price was recognized as finite lived intangible assets primarily related to existing agency relationships, which will be amortized over an average estimated life of approximately 14 years. The acquisition resulted in the recognition of $85 million in GAAP basis goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The acquisition resulted in $79 million of tax basis goodwill, which is deductible for tax purposes. 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 expensed the approximately $1 million in acquisition costs 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 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. 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.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2023
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 a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. Sales of property and casualty insurance outside of the United States represented 3% of AFG’s revenues in 2023 and 4% in both 2022 and 2021. The following tables (in millions) show AFG’s assets, revenues and earnings from continuing operations before income taxes by segment and sub-segment. 2023 2022 Assets Property and casualty insurance (*) $ 24,475 $ 22,225 Other 5,312 6,606 Total assets $ 29,787 $ 28,831 (*) Not allocable to sub-segments. 2023 2022 2021 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,519 $ 2,487 $ 2,144 Specialty casualty 2,886 2,659 2,408 Specialty financial 867 698 642 Other specialty 259 241 210 Total premiums earned 6,531 6,085 5,404 Net investment income 729 683 663 Other income 16 12 27 Total property and casualty insurance 7,276 6,780 6,094 Other 591 376 293 Real estate-related entities (*) — — 51 Total revenues before realized gains (losses) 7,867 7,156 6,438 Realized gains (losses) on securities (36) (116) 110 Realized gains (losses) on subsidiaries (4) — 4 Total revenues $ 7,827 $ 7,040 $ 6,552 (*) 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. 2023 2022 2021 Earnings from Continuing Operations Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 184 $ 208 $ 279 Specialty casualty 375 500 377 Specialty financial 110 114 96 Other specialty (36) (42) (15) Other lines (2) (4) (4) Total underwriting 631 776 733 Investment and other income, net 673 643 657 Total property and casualty insurance 1,304 1,419 1,390 Other (a) (191) (180) (220) Real estate-related entities (b) — — 51 Total earnings from continuing operations before realized gains (losses) and income taxes 1,113 1,239 1,221 Realized gains (losses) on securities (36) (116) 110 Realized gains (losses) on subsidiaries (4) — 4 Total earnings from continuing operations before income taxes $ 1,073 $ 1,123 $ 1,335 (a) Includes holding company interest and expenses, including a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and a $15 million special charge in 2023 to increase asbestos and environmental (“A&E”) reserves related to AFG’s former railroad and manufacturing operations. (b) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
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 related to the 2021 acquisition of Verikai, was measured using a weighted probability-based income approach which includes significant unobservable inputs and is classified as Level 3 and represents the fair value of the up to $50 million in potential acquisition-related contingent consideration tied to performance measures over a specific time period. Due to slower than anticipated growth in the business supported by the Verikai technology, the fair value of this liability was reduced to zero in the third quarter of 2023. The $22 million gain from this change in fair value and a goodwill impairment charge of $26 million related to Verikai (see Note I — “Goodwill and Other Intangibles” ) is included in realized gain (loss) on subsidiaries in AFG’s Statement of Earnings. 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, AFG 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, 2023 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 235 $ 1 $ — $ 236 States, municipalities and political subdivisions — 982 2 984 Foreign government — 230 — 230 Residential MBS — 1,656 2 1,658 Commercial MBS — 74 — 74 Collateralized loan obligations — 1,686 1 1,687 Other asset-backed securities — 2,011 351 2,362 Corporate and other 9 2,757 380 3,146 Total AFS fixed maturities 244 9,397 736 10,377 Trading fixed maturities — 57 — 57 Equity securities 500 33 485 1,018 Assets of managed investment entities (“MIE”) 335 4,140 9 4,484 Other assets — derivatives — 6 — 6 Total assets accounted for at fair value $ 1,079 $ 13,633 $ 1,230 $ 15,942 Liabilities: Contingent consideration — acquisitions $ — $ — $ 2 $ 2 Liabilities of managed investment entities 322 3,976 9 4,307 Other liabilities — derivatives — 22 — 22 Total liabilities accounted for at fair value $ 322 $ 3,998 $ 11 $ 4,331 December 31, 2022 Assets: Available for sale 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 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 Approximately 8% of the total assets carried at fair value at December 31, 2023, were Level 3 assets. Approximately 9% ($111 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 1% ($9 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 28% ($345 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 prices for fixed maturities are estimated 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 $765 million (62%) of the total fair value of Level 3 assets at December 31, 2023. Approximately 69% ($528 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 18% ($139 million) of the internally developed Level 3 assets are equity securities which are priced primarily using 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 2023, 2022 and 2021 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) 1 (3) 2 Residential MBS 9 1 (1) — (3) 5 (9) 2 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (2) 1 — — 1 (1) 1 Other asset-backed securities 329 1 6 55 (39) 31 (32) 351 Corporate and other 319 (4) 5 92 (27) 8 (13) 380 Total AFS fixed maturities 664 (4) 11 147 (70) 46 (58) 736 Equity securities 427 15 — 121 (39) — (39) 485 Assets of MIE 11 (4) — 2 — — — 9 Total Level 3 assets $ 1,102 $ 7 $ 11 $ 270 $ (109) $ 46 $ (97) $ 1,230 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) 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) 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 2023 Financial assets: Cash and cash equivalents $ 1,225 $ 1,225 $ 1,225 $ — $ — Mortgage loans 643 596 — — 596 Total financial assets not accounted for at fair value $ 1,868 $ 1,821 $ 1,225 $ — $ 596 Long-term debt $ 1,475 $ 1,345 $ — $ 1,342 $ 3 Total financial liabilities not accounted for at fair value $ 1,475 $ 1,345 $ — $ 1,342 $ 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

Investments

Investments	12 Months Ended
	Dec. 31, 2023
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, 2023 Fixed maturities: U.S. Government and government agencies $ 243 $ — $ 1 $ (8) $ (7) $ 236 States, municipalities and political subdivisions 1,014 — 8 (38) (30) 984 Foreign government 236 — 1 (7) (6) 230 Residential MBS 1,788 1 26 (155) (129) 1,658 Commercial MBS 75 — — (1) (1) 74 Collateralized loan obligations 1,709 3 9 (28) (19) 1,687 Other asset-backed securities 2,477 5 10 (120) (110) 2,362 Corporate and other 3,210 3 52 (113) (61) 3,146 Total fixed maturities $ 10,752 $ 12 $ 107 $ (470) $ (363) $ 10,377 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 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): 2023 2022 Actual Cost Fair Value Fair Value Over (Under) Cost Actual Cost Fair Value Fair Value Over (Under) Cost Common stocks $ 512 $ 586 $ 74 $ 556 $ 553 $ (3) Perpetual preferred stocks 422 432 10 436 457 21 Total equity securities carried at fair value $ 934 $ 1,018 $ 84 $ 992 $ 1,010 $ 18 The following table shows the carrying value and net investment income from investments accounted for using the equity method held by AFG’s continuing operations (in millions): Carrying Value Net Investment Income December 31, 2023 December 31, 2022 2023 2022 2021 Real estate-related investments (*) $ 1,320 $ 1,229 $ 85 $ 233 $ 226 Private equity 457 438 9 32 100 Private debt 37 33 5 2 (5) Total investments accounted for using the equity method $ 1,814 $ 1,700 $ 99 $ 267 $ 321 (*) 92% of the carrying value relates to underlying investments in multi-family housing properties at both December 31, 2023 and December 31, 2022. 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 $418 million and $396 million as of December 31, 2023 and December 31, 2022, 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, 2023 Fixed maturities: U.S. Government and government agencies $ — $ 11 100 % $ (8) $ 191 96 % States, municipalities and political subdivisions (1) 76 99 % (37) 526 93 % Foreign government — — — % (7) 207 97 % Residential MBS (1) 42 98 % (154) 1,089 88 % Commercial MBS — — — % (1) 61 98 % Collateralized loan obligations — 25 100 % (28) 807 97 % Other asset-backed securities (1) 151 99 % (119) 1,663 93 % Corporate and other (4) 123 97 % (109) 1,455 93 % Total fixed maturities $ (7) $ 428 98 % $ (463) $ 5,999 93 % 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 % At December 31, 2023, the gross unrealized losses on fixed maturities of $470 million relate to approximately 1,450 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 94% 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, 2023. A progression of the allowance for expected credit losses on available for sale fixed maturity securities held by AFG’s continuing operations is shown below (in millions): Structured securities (*) Corporate and other Total 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 Provision for expected credit losses on securities with no previous allowance 1 8 9 Additions (reductions) to previously recognized expected credit losses 2 (1) 1 Reductions due to sales or redemptions (4) (5) (9) Balance at December 31, 2023 $ 9 $ 3 $ 12 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In 2023, 2022 and 2021, AFG did not purchase any securities with expected credit losses. The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 31, 2023 (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 Cost, net (*) Fair Value Amount % Maturity One year or less $ 531 $ 521 5 % After one year through five years 2,744 2,663 26 % After five years through ten years 1,147 1,143 11 % After ten years 278 269 2 % 4,700 4,596 44 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,178 4,049 39 % MBS (average life of approximately 6.5 years) 1,862 1,732 17 % Total $ 10,740 $ 10,377 100 % (*) 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, 2023 or 2022. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred in AFG’s continuing operations. 2023 2022 2021 Investment income: Fixed maturities: Interest and amortization $ 502 $ 376 $ 290 Change in fair value (a) (3) — — Equity securities: Dividends 34 39 30 Change in fair value (b) 36 (2) 61 Equity in earnings of partnerships and similar investments 99 267 321 Other 90 53 40 Gross investment income 758 733 742 Investment expenses (16) (16) (12) Net investment income $ 742 $ 717 $ 730 (a) The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments. (b) 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 on limited partnerships and similar investments that do not qualify for equity method accounting and related equity investments in 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): 2023 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (35) $ (10) $ (45) $ 267 $ (27) $ (3) $ (30) $ (803) Equity securities 10 — 10 — (96) — (96) — Mortgage loans and other investments — (1) (1) — 10 — 10 — Total pretax (25) (11) (36) 267 (113) (3) (116) (803) Tax effects 5 3 8 (57) 23 1 24 170 Net of tax $ (20) $ (8) $ (28) $ 210 $ (90) $ (2) $ (92) $ (633) 2021 Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (111) Equity securities 110 — 110 — Mortgage loans and other investments — — — — Total pretax 109 1 110 (111) Tax effects (23) — (23) 23 Net of tax $ 86 $ 1 $ 87 $ (88) 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 2023, 2022 and 2021 on securities that were still owned at December 31 of each year presented as follows (in millions): 2023 2022 2021 Included in realized gains (losses) $ (2) $ (95) $ 65 Included in net investment income 36 5 54 $ 34 $ (90) $ 119 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): 2023 2022 2021 Gross gains $ 5 $ 3 $ 7 Gross losses (38) (18) (1)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ 1 $ 22 $ — $ 37 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 81 — 40 — Total return swap Other assets/Other liabilities 5 — — 5 $ 87 $ 22 $ 40 $ 42 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 the applicable Secured Overnight Financing Rate (“SOFR”). Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on SOFR (previously based on LIBOR). 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 SOFR. The total outstanding notional amount of AFG’s interest rate swaps was $1.30 billion at December 31, 2023 compared to $1.25 billion at December 31, 2022, reflecting the issuance of six new swaps with a total notional amount of $230 million in 2023, partially offset by scheduled amortization. In 2023 and 2022 a loss of $26 million and income of less than $1 million (net), respectively, were reclassified from AOCI to net earnings. Based on forward interest rate curves at December 31, 2023, management estimates that it will reclassify approximately $20 million of pre-tax net losses on interest rate swaps in AOCI to net investment income over the next twelve months. The actual amount will vary based on changes in SOFR. A collateral receivable supporting these swaps of $48 million and $62 million at December 31, 2023 and December 31, 2022, respectively, is included in other assets in AFG’s Balance Sheet. The fixed maturities with embedded derivatives consist of convertible fixed maturity securities and interest-only and principal-only MBS. AFG records the change in the fair value of these securities in net 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, beginning in 2022. AFG’s Balance Sheet includes a $5 million liability to return collateral related to the swap (included in other liabilities) at December 31, 2023, and a $7 million receivable for collateral posted related to the swap (included in other assets) at December 31, 2022. The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2023, 2022 and 2021 (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 2023 2022 2021 2023 2022 2021 Derivative instruments of continuing operations: Interest rate swaps Net investment income $ — $ — $ — $ (26) $ — $ — Fixed maturities with embedded derivatives Realized gains (losses) on securities (2) (12) (6) — — — Fixed maturities with embedded derivatives Net investment income (4) — — — — — Total return swap Other expenses 13 (5) — — — — Total earnings (losses) of continuing operations $ 7 $ (17) $ (6) $ (26) $ — $ — Derivative instruments of discontinued operations (*): Interest rate swaps Net earnings from discontinued operations $ — $ — $ — $ — $ — $ 14 MBS with embedded derivatives Net earnings from discontinued operations — — (1) — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings from discontinued operations — — (222) — — — Equity index call options Net earnings from discontinued operations — — 237 — — — Equity index put options Net earnings from discontinued operations — — 5 — — — Reinsurance contract (embedded derivative) Net earnings from discontinued operations — — 1 — — — Total earnings (losses) of discontinued operations — — 20 — — 14 Earnings (losses) $ 7 $ (17) $ 14 $ (26) $ — $ 14 (*) Earnings (losses) for 2021 are through the May 31, 2021 effective date of the sale of the annuity business.

Managed Investment Entities

Managed Investment Entities	12 Months Ended
	Dec. 31, 2023
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 9.0% to 100% of the most subordinate debt tranche of twelve active collateralized loan obligation entities (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation between 2012 and 2023, 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 $177 million (including $106 million invested in the most subordinate tranches and $38 million invested in temporary warehousing entities) at December 31, 2023. In 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG). 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 2023, four CLOs were substantially liquidated in accordance with the CLO indentures. The following table shows a progression of the fair value of AFG's investment in CLO tranches held by continuing operations (in millions): 2023 2022 2021 Balance at beginning of period $ 112 $ 76 $ 57 Purchases 32 66 21 Sales — — — Distributions (34) (18) (22) Change in fair value 27 (11) 20 Change in accrued interest — (1) — Balance at end of period (*) $ 137 $ 112 $ 76 (*) Excludes $38 million and $3 million invested in temporary warehousing entities at December 31, 2023 and December 31, 2022, respectively, that were established to provide AFG the ability to form new CLOs. The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Year ended December 31, 2023 2022 2021 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 144 $ (267) $ 69 Liabilities (117) 236 (59) Management fees paid to AFG 16 17 16 CLO earnings (losses) attributable to AFG: From continuing operations $ 27 $ (10) $ 20 From discontinued annuity operations — — 20 Total $ 27 $ (10) $ 40 (*) 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 $109 million and $339 million at December 31, 2023 and 2022, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $253 million and $413 million at those dates. The CLO assets include loans with an aggregate fair value of $7 million at December 31, 2023 and $4 million at December 31, 2022, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $13 million at December 31, 2023 and $17 million at December 31, 2022). 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 $1.69 billion at December 31, 2023 and $1.92 billion at December 31, 2022.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2021, 2022 and 2023 are presented in the following table (in millions): Balance at January 1, 2021 $ 176 Purchase of Verikai 70 Balance at December 31, 2021 and 2022 246 Purchase of CRS 85 Goodwill impairment charge related to investment in Verikai (26) Balance at December 31, 2023 $ 305 AFG recorded a goodwill impairment charge of $26 million in 2023 related to its investment in Verikai (included in the property and casualty insurance segment). The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note E — “Fair Value Measurements” ) are included in realized loss on subsidiaries in AFG’s Statement of Earnings. Included in other assets in AFG’s Balance Sheet is $213 million at December 31, 2023 and $108 million at December 31, 2022 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $39 million and $24 million, respectively. Amortization of intangibles was $15 million in 2023, $11 million in 2022 and $6 million in 2021. The increase in amortizable intangible assets is a result of AFG’s acquisition of CRS in July 2023 and relates primarily to existing agency relationships (see Note C — “Acquisitions and Sale of Businesses” ). Future amortization of intangibles (weighted average amortization period of 6 years is estimated to be $20 million per year in 2024, $19 million in 2025 and 2026, $20 million in 2027, $17 million in 2028 and $118 million thereafter.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following at December 31 (in millions): 2023 2022 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 $ 567 $ (1) $ 566 $ 582 $ (1) $ 581 5.25% Senior Notes due April 2030 253 (4) 249 261 (5) 256 Other 3 — 3 3 — 3 823 (5) 818 846 (6) 840 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 (5) 195 200 (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 (18) 657 675 (19) 656 $ 1,498 $ (23) $ 1,475 $ 1,521 $ (25) $ 1,496 At December 31, 2023, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2024 — none; 2025 — none; 2026 — none; 2027 — none; 2028 — none and thereafter — $1.50 billion. During 2023, AFG repurchased $15 million principal amount of its 4.50% Senior Notes due in June 2047 for $13 million and $8 million principal amount of its 5.25% Senior Notes due in April 2030 for $8 million in open market transactions. 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 June 2023, AFG replaced its existing credit facility with a new five-year, $450 million revolving credit facility which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (based on AFG’s credit rating, currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at December 31, 2023 or under AFG’s previous credit facility at December 31, 2022. Cash interest payments on long-term debt were $74 million in 2023, $89 million in 2022 and $92 million in 2021.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases AFG 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, 2023 or December 31, 2022. AFG’s operating lease right-of-use asset and operating lease liability are included in other assets other liabilities 2023 2022 Right-of-use asset $ 176 $ 103 Lease liability 198 116 The increase in the lease liability and right-of-use asset in 2023 is due primarily to the renewal of AFG’s largest office lease in the second quarter of 2023, which extended the term for an additional 10 years. The following table details AFG’s lease activity for the years ended December 31, 2023, 2022 and 2021 (in millions): 2023 2022 2021 Operating lease expense included in other expenses $ 36 $ 36 $ 41 Sublease income (*) — (2) (2) Total lease expense, net of sublease income $ 36 $ 34 $ 39 (*) Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings. Other operating lease information for the years ended December 31, 2023, 2022 and 2021 (in millions): 2023 2022 2021 Cash paid for lease liabilities reported in operating cash flows $ 38 $ 38 $ 43 Right-of-use assets obtained under new leases 102 11 10 The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2023 (in millions): Operating lease payments: 2024 $ 37 2025 30 2026 26 2027 24 2028 20 Thereafter 150 Total lease payments 287 Impact of discounting (89) Operating lease liability $ 198 Weighted-average remaining lease term 13.6 years Weighted-average discount rate 5.1 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
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, 2023, there were 2.1 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, 2023 615,867 $ 111.97 Granted 165,513 $ 130.52 Vested (189,606) $ 101.86 Forfeited (18,882) $ 123.65 Outstanding at December 31, 2023 572,892 $ 120.28 The total fair value of restricted stock that vested during 2023, 2022 and 2021 was $25 million, $23 million and $28 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, 2023 243,604 $ 44.75 Exercised (96,953) $ 42.46 Forfeited/Cancelled — $ — Outstanding at December 31, 2023 146,651 $ 46.26 0.7 years $ 11 Options exercisable at December 31, 2023 146,651 $ 46.26 0.7 years $ 11 The total intrinsic value of options exercised during 2023, 2022 and 2021 was $8 million, $18 million and $88 million, respectively. During 2023, 2022 and 2021, AFG received $4 million, $7 million and $58 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $1 million, $3 million and $14 million during those years, respectively. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $18 million for 2023, $19 million for 2022 and $16 million for 2021. AFG’s provision for income tax includes tax benefits of $6 million in 2023, $8 million in 2022 and $19 million in 2021 related to AFG’s stock incentive plans. At December 31, 2023, there was $32 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, 2023, there was no unrecognized compensation expense related to unvested stock options. Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities. The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 224 $ (48) $ 176 Reclassification adjustment for realized (gains) losses included in net earnings (*) 43 (9) 34 Total net unrealized gains (losses) on securities $ (497) 267 (57) 210 $ (287) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (11) 2 (9) Reclassification adjustment for investment income included in net earnings (*) 26 (5) 21 Total net unrealized gains (losses) on cash flow hedges (29) 15 (3) 12 (17) Foreign currency translation adjustments (20) 2 1 3 (17) Pension and other postretirement plan adjustments 3 (1) — (1) 2 Total $ (543) $ 283 $ (59) $ 224 $ (319) Year ended December 31, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (821) $ 174 $ (647) Reclassification adjustment for realized (gains) losses included in net earnings (*) 18 (4) 14 Total net unrealized gains (losses) on securities $ 136 (803) 170 (633) $ (497) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (37) 8 (29) Reclassification adjustment for investment income included in net earnings (*) — — — Total net unrealized gains (losses) on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 2 — 2 3 Total $ 119 $ (839) $ 177 $ (662) $ (543) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (275) $ 57 $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — Foreign currency translation adjustments (16) (2) — (2) (18) Pension and other postretirement plan adjustments: Unrealized holding gains (losses) on pension and other postretirement plans arising during the period (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 Total pension and other postretirement plan adjustments (7) 10 (2) 8 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ 119 (*) The reclassification adjustments affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax - Net unrealized gains (losses) on securities Realized gains (losses) on securities Pretax - Net unrealized gains (losses) on cash flow hedges Net investment income Pretax - Net unrealized gains (losses) on pension and other postretirement plans Other expenses Tax Provision for income taxes

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
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): 2023 2022 2021 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,073 $ 1,123 $ 1,335 Income taxes at statutory rate $ 225 21 % $ 236 21 % $ 280 21 % Effect of: Employee stock ownership plan dividend paid deduction (5) (1 %) (8) (1 %) (16) (1 %) Tax exempt interest (5) (1 %) (6) (1 %) (8) (1 %) Adjustment to prior year taxes (5) — % (3) — % (1) — % Stock-based compensation (2) — % (5) — % (13) (1 %) Change in valuation allowance (2) — % (9) (1 %) (4) — % Dividend received deduction (2) — % (2) — % (2) — % Nondeductible expenses 11 1 % 8 1 % 8 1 % Foreign operations 6 1 % 7 1 % — — % Other — — % 7 — % 10 — % Provision for income taxes as shown in the statement of earnings $ 221 21 % $ 225 20 % $ 254 19 % On January 1, 2023, the two major tax provisions in the Inflation Reduction Act ("IRA”) became effective. The IRA created a new corporate alternative minimum tax (“CAMT”) based on the earnings that a company reports in its financial statements and imposes a 1% excise tax on corporate stock repurchases. Any CAMT incurred would be available to offset taxes payable under the standard calculation in future periods. Accordingly, the CAMT is a timing difference and would result in the recording of an offsetting deferred tax asset with no impact on overall income tax expense. Based on current guidance, while AFG meets the financial statement income thresholds to be subject to CAMT, management does not believe AFG will incur a CAMT liability for 2023. The excise tax on stock repurchases in excess of any issuances is 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. The Organisation for Economic Co-operation and Development, an intergovernmental organization with 38 member countries, has proposed a global minimum corporate tax rate of 15% (“Pillar Two”). Due to AFG’s limited international operations and the tax rate AFG is subject to in those jurisdictions, management does not believe Pillar Two will have a material impact on AFG’s results of operations. AFG’s 2013 — 2018 and 2020 — 2023 tax years remain subject to examination by the IRS. Total earnings before income taxes include earnings subject to tax in foreign jurisdictions of $32 million in 2023, $64 million in 2022 and $33 million in 2021. The total income tax provision of continuing operations consists of (in millions): 2023 2022 2021 Current taxes: Federal $ 176 $ 192 $ 162 State 9 10 7 Foreign (1) 1 1 Deferred taxes: Federal 37 22 84 Provision for income taxes $ 221 $ 225 $ 254 For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2023 (in millions): Expiring Amount Operating Loss – U.S. 2024 - 2041 $ 10 Operating Loss – United Kingdom indefinite 38 (*) (*) £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): 2023 2022 Deferred tax assets: Federal net operating loss carryforwards $ 2 $ 2 Foreign underwriting losses 10 10 Insurance claims and reserves 269 255 Employee benefits 111 108 Other, net 25 24 Total deferred tax assets before valuation allowance 417 399 Valuation allowance against deferred tax assets (14) (16) Total deferred tax assets 403 383 Deferred tax liabilities: Investment securities (177) (52) Deferred policy acquisition costs (70) (66) Insurance claims and reserves transition liability (8) (12) Real estate, property and equipment (12) (23) Total deferred tax liabilities (267) (153) Net deferred tax asset $ 136 $ 230 AFG’s net deferred tax asset at December 31, 2023 and 2022 is included in other assets in AFG’s Balance Sheet. The decrease in AFG’s net deferred tax asset at December 31, 2023 compared to December 31, 2022 reflects lower net unrealized losses on fixed maturities at December 31, 2023 compared to December 31, 2022 and the increase in fair value of equity securities still owned. The likelihood of realizing deferred tax assets is reviewed periodically. Any adjustments required to the valuation allowance are made in the period during which developments requiring an adjustment become known. At both December 31, 2023 and December 31, 2022, 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 2023, 2022 and 2021 included interest expense of less than $1 million related to unrecognized tax benefits. There were liabilities of less than $1 million for interest related to unrecognized tax benefits at both December 31, 2023 and December 31, 2022. There were no penalties related to unrecognized tax benefits included in AFG’s provision for income taxes in 2023, 2022 and 2021. There is no liability for penalties related to unrecognized tax benefits at December 31, 2023 or December 31, 2022. Cash payments for income taxes, net of refunds, were $201 million, $242 million and $212 million for 2023, 2022 and 2021, respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Establishing property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For this group of claims, traditional actuarial techniques that rely on historical loss development trends cannot be used and a range of reasonably possible losses cannot be estimated. Accruals (included in other liabilities AFG completed in-depth internal reviews of its asbestos and environmental (“A&E”) reserves in the third quarters of 2023, 2022 and 2021. The 2023 internal review resulted in a pretax special A&E charge of $15 million for the former railroad and manufacturing operations. The 2022 and 2021 reviews resulted in smaller adjustments to AFG’s A&E reserves. The property and casualty group’s liability for A&E reserves was $498 million at December 31, 2023; related recoverables from reinsurers (net of allowances for doubtful accounts) at that date were $128 million. At December 31, 2023, American Premier and its subsidiaries had liabilities for environmental and personal injury claims and other contingencies aggregating $94 million. The environmental claims consist of a number of proceedings and claims seeking to impose responsibility for hazardous waste remediation costs related to certain sites formerly owned or operated by the railroad and manufacturing operations. Remediation costs are difficult to estimate for a number of reasons, including the number and financial resources of other potentially responsible parties, the range of costs for remediation alternatives, changing technology and the time period over which these matters develop. The personal injury claims and other contingencies include pending and expected claims, primarily by former employees of PCTC, for injury or disease allegedly caused by exposure to excessive noise, asbestos or other substances in the workplace and other labor disputes. At December 31, 2023, 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, 2023
Insurance [Abstract]
Insurance	Insurance Cash and securities owned by U.S.-based insurance subsidiaries, having a carrying value of approximately $1.22 billion at December 31, 2023, 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 incurred but not reported (“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 4.5% at December 31, 2023 and 3.5% at December 31, 2022, 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 at both December 31, 2023 and 2022, 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): 2023 2022 2021 Balance at beginning of period $ 11,974 $ 11,074 $ 10,392 Less reinsurance recoverables, net of allowance 3,767 3,419 3,117 Net liability at beginning of period 8,207 7,655 7,275 Provision for losses and LAE occurring in the current year 4,256 3,914 3,436 Net decrease in the provision for claims of prior years (223) (285) (279) Total losses and LAE incurred 4,033 3,629 3,157 Payments for losses and LAE of: Current year (1,261) (1,212) (1,024) Prior years (2,181) (1,870) (1,753) Total payments (3,442) (3,082) (2,777) Foreign currency translation and other 1 5 — Net liability at end of period 8,799 8,207 7,655 Add back reinsurance recoverables, net of allowance 4,288 3,767 3,419 Gross unpaid losses and LAE included in the balance sheet $ 13,087 $ 11,974 $ 11,074 The net decrease in the provision for claims of prior years in 2023 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency and severity across the transportation businesses and lower than anticipated claim frequency in the property and inland marine and ocean marine businesses and in the Singapore operations (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability and environmental businesses and favorable reserve development related to COVID-19 losses across several businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit, financial institutions and surety businesses and lower than expected claim frequency and severity in the fidelity business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector business and higher than expected claim frequency and severity in the excess liability and general liability businesses (within the Specialty casualty sub-segment). 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, primarily related to social inflation exposed business assumed from the Specialty casualty sub-segment (within Other specialty). The net decrease in the provision for claims of prior years in 2021 reflects (i) lower than anticipated claim frequency and severity in the transportation businesses, lower than expected losses in the crop business, lower than expected claim severity in the ocean marine business and lower than expected claim frequency in the aviation business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety and trade credit businesses and lower than expected claim frequency and severity in the financial institutions business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the general liability and targeted markets businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program, primarily related to social inflation exposed business assumed from the Specialty casualty sub-segment (within Other specialty). 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): 2023 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,636 Specialty casualty 4,984 Specialty financial 328 Other specialty 580 Total Specialty (excluding foreign reserves) 7,528 Other reserves Foreign operations 396 A&E reserves 370 Unallocated LAE 448 Other 57 Total other reserves 1,271 Total reserves, net of reinsurance 8,799 Add back reinsurance recoverables, net of allowance 4,288 Gross unpaid losses and LAE included in the balance sheet $ 13,087 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, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 844 $ 828 $ 817 $ 820 $ 815 $ 808 $ 804 $ 802 $ 800 $ 800 $ 5 133,284 2015 818 784 779 777 777 772 768 769 769 4 135,083 2016 746 716 714 706 694 688 689 689 8 121,400 2017 889 847 843 823 816 820 820 11 140,998 2018 932 902 886 876 882 876 15 130,721 2019 1,111 1,058 1,051 1,055 1,057 26 154,248 2020 1,043 974 957 949 39 122,112 2021 1,119 1,023 1,022 69 123,416 2022 1,393 1,316 157 136,540 2023 1,472 432 127,664 Total $ 9,770 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 329 $ 632 $ 693 $ 744 $ 770 $ 783 $ 789 $ 791 $ 792 $ 793 99.1 % 2015 359 582 667 707 736 744 750 755 761 99.0 % 2016 294 521 577 618 640 656 665 672 97.5 % 2017 379 640 696 735 755 783 794 96.8 % 2018 396 676 738 781 824 838 95.7 % 2019 527 823 904 959 998 94.4 % 2020 461 726 804 857 90.3 % 2021 449 767 867 84.8 % 2022 587 1,018 77.4 % 2023 562 38.2 % Total $ 8,160 Unpaid losses and LAE — years 2014 through 2023 1,610 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 26 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,636 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 44.7 % 31.5 % 8.3 % 5.4 % 3.5 % 2.0 % 1.0 % 0.6 % 0.5 % 0.1 % Cumulative 44.7 % 76.2 % 84.5 % 89.9 % 93.4 % 95.4 % 96.4 % 97.0 % 97.5 % 97.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 1,035 $ 1,008 $ 1,008 $ 1,006 $ 982 $ 967 $ 952 $ 950 $ 955 $ 951 $ 28 57,373 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 1,002 36 58,456 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 1,036 63 56,695 2017 1,211 1,221 1,204 1,189 1,162 1,139 1,139 110 57,386 2018 1,277 1,307 1,302 1,262 1,269 1,264 169 59,456 2019 1,308 1,311 1,322 1,280 1,284 230 59,684 2020 1,352 1,329 1,258 1,232 313 54,129 2021 1,384 1,389 1,342 497 55,962 2022 1,475 1,503 697 56,742 2023 1,648 1,035 53,352 Total $ 12,401 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 190 $ 412 $ 574 $ 680 $ 755 $ 801 $ 829 $ 862 $ 881 $ 899 94.5 % 2015 178 411 577 702 792 844 888 913 934 93.2 % 2016 186 418 584 713 806 870 906 938 90.5 % 2017 200 422 612 755 833 902 959 84.2 % 2018 210 475 649 794 901 991 78.4 % 2019 212 455 651 795 913 71.1 % 2020 188 446 613 757 61.4 % 2021 191 438 625 46.6 % 2022 198 507 33.7 % 2023 248 15.0 % Total $ 7,771 Unpaid losses and LAE — years 2014 through 2023 4,630 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 354 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,984 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 16.4 % 20.9 % 15.4 % 11.9 % 8.4 % 5.9 % 4.0 % 3.0 % 2.0 % 1.9 % Cumulative 16.4 % 37.3 % 52.7 % 64.6 % 73.0 % 78.9 % 82.9 % 85.9 % 87.9 % 89.8 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 146 $ 157 $ 156 $ 153 $ 147 $ 142 $ 137 $ 136 $ 135 $ 134 $ — 29,471 2015 156 160 158 153 145 138 136 135 133 — 37,629 2016 179 184 187 182 174 170 173 172 1 45,185 2017 212 215 212 208 203 202 210 5 48,840 2018 212 217 219 207 201 198 6 46,805 2019 194 198 191 186 182 9 41,939 2020 231 215 202 193 15 29,732 2021 223 201 187 25 27,355 2022 243 234 54 23,638 2023 310 127 20,542 Total $ 1,953 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 62 $ 109 $ 125 $ 128 $ 137 $ 139 $ 141 $ 140 $ 141 $ 141 105.2 % 2015 72 110 129 133 132 134 134 134 133 100.0 % 2016 88 141 158 161 163 164 171 172 100.0 % 2017 120 169 186 194 193 192 194 92.4 % 2018 112 163 187 188 192 193 97.5 % 2019 99 146 164 168 170 93.4 % 2020 100 144 159 162 83.9 % 2021 98 136 146 78.1 % 2022 108 164 70.1 % 2023 150 48.4 % Total $ 1,625 Unpaid losses and LAE — years 2014 through 2023 328 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) — Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 328 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 51.8 % 26.3 % 9.9 % 2.2 % 1.6 % 0.7 % 1.6 % (0.1 %) — % — % Cumulative 51.8 % 78.1 % 88.0 % 90.2 % 91.8 % 92.5 % 94.1 % 94.0 % 94.0 % 94.0 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 58 $ 57 $ 59 $ 59 $ 60 $ 61 $ 64 $ 66 $ 68 $ 72 $ 3 — 2015 59 60 63 66 76 82 84 87 87 5 — 2016 61 61 65 71 76 77 78 77 8 — 2017 63 65 70 81 88 95 97 8 — 2018 86 90 92 94 100 111 21 — 2019 108 107 108 111 119 21 — 2020 122 117 129 126 39 — 2021 135 141 138 69 — 2022 159 152 92 — 2023 201 137 — Total $ 1,180 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (b) 2014 $ 13 $ 21 $ 30 $ 36 $ 43 $ 50 $ 53 $ 54 $ 56 $ 60 83.3 % 2015 10 26 31 50 62 69 75 76 81 93.1 % 2016 9 19 31 47 53 60 64 66 85.7 % 2017 10 19 30 52 63 76 83 85.6 % 2018 12 23 32 44 60 77 69.4 % 2019 9 24 49 61 79 66.4 % 2020 9 21 44 66 52.4 % 2021 8 27 49 35.5 % 2022 11 35 23.0 % 2023 29 14.4 % Total $ 625 Unpaid losses and LAE — years 2014 through 2023 555 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 25 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 580 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 10.5 % 12.6 % 13.6 % 16.0 % 12.0 % 11.1 % 5.9 % 1.7 % 4.3 % 5.6 % Cumulative 10.5 % 23.1 % 36.7 % 52.7 % 64.7 % 75.8 % 81.7 % 83.4 % 87.7 % 93.3 % (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, 2023). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 2,083 $ 2,050 $ 2,040 $ 2,038 $ 2,004 $ 1,978 $ 1,957 $ 1,954 $ 1,958 $ 1,957 $ 36 220,128 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 1,991 45 231,168 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 1,974 80 223,280 2017 2,375 2,348 2,329 2,301 2,269 2,256 2,266 134 247,224 2018 2,507 2,516 2,499 2,439 2,452 2,449 211 236,982 2019 2,721 2,674 2,672 2,632 2,642 286 255,871 2020 2,748 2,635 2,546 2,500 406 205,973 2021 2,861 2,754 2,689 660 206,733 2022 3,270 3,205 1,000 216,920 2023 3,631 1,731 201,558 Total $ 25,304 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 594 $ 1,174 $ 1,422 $ 1,588 $ 1,705 $ 1,773 $ 1,812 $ 1,847 $ 1,870 $ 1,893 96.7 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 1,909 95.9 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 1,848 93.6 % 2017 709 1,250 1,524 1,736 1,844 1,953 2,030 89.6 % 2018 730 1,337 1,606 1,807 1,977 2,099 85.7 % 2019 847 1,448 1,768 1,983 2,160 81.8 % 2020 758 1,337 1,620 1,842 73.7 % 2021 746 1,368 1,687 62.7 % 2022 904 1,724 53.8 % 2023 989 27.2 % Total $ 18,181 Unpaid losses and LAE — years 2014 through 2023 7,123 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 405 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 7,528 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 29.7 % 25.0 % 12.2 % 8.9 % 6.2 % 4.2 % 2.8 % 1.8 % 1.4 % 1.2 % Cumulative 29.7 % 54.7 % 66.9 % 75.8 % 82.0 % 86.2 % 89.0 % 90.8 % 92.2 % 93.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). 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 $720 million, $641 million, and $580 million in 2023, 2022 and 2021, 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 2023 2022 2021 2023 2022 Property and casualty companies $ 1,004 $ 912 $ 1,007 $ 4,436 $ 4,356 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, 2023 and 2022, 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, 2023 or 2022. 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 2024 from its insurance subsidiaries without seeking regulatory approval is $944 million. Additional amounts of dividends require regulatory approval. Holding Company Dividends AFG declared and paid common stock dividends to shareholders totaling $687 million, $1.22 billion and $2.38 billion in 2023, 2022 and 2021, 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, 2023, AFG could pay dividends of approximately $1.5 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. 2023 2022 2021 Direct premiums written $ 9,309 $ 8,774 $ 7,700 Reinsurance assumed 347 283 246 Reinsurance ceded (2,964) (2,851) (2,373) Net written premiums $ 6,692 $ 6,206 $ 5,573 Direct premiums earned $ 9,133 $ 8,582 $ 7,462 Reinsurance assumed 321 274 249 Reinsurance ceded (2,923) (2,771) (2,307) Net earned premiums $ 6,531 $ 6,085 $ 5,404 Reinsurance recoveries $ 2,336 $ 2,065 $ 1,478 AFG maintains supplemental fully collateralized reinsurance coverage up to 94% of $323 million for catastrophe losses in excess of $127 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 Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2023 2022 2021 2023 2022 2021 Balance at January 1 $ 8 $ 8 $ 6 $ 8 $ 8 $ 10 Increase in allowance from acquisition of CRS — — — 4 — — Provision for expected credit losses 2 — 2 3 — (2) Write-offs charged against the allowance — — — — — — Balance at December 31 $ 10 $ 8 $ 8 $ 15 $ 8 $ 8

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2023
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, 2023, AFG and its subsidiaries had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $513 million. Benefit Plans AFG expensed approximately $63 million in 2023, $41 million in 2022 and $61 million in 2021 for its retirement and employee savings plans.

Condensed Financial Information

Condensed Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 Assets: Cash and cash equivalents $ 268 $ 225 Investment in securities 154 591 Investment in subsidiaries (*) 5,396 4,825 Real estate and other investments 63 63 Other assets 189 132 Total assets $ 6,070 $ 5,836 Liabilities and Equity: Long-term debt $ 1,475 $ 1,496 Other liabilities 337 288 Shareholders’ equity 4,258 4,052 Total liabilities and equity $ 6,070 $ 5,836 Condensed Statement of Earnings Year ended December 31, 2023 2022 2021 Revenues: Dividends from subsidiaries $ 903 $ 879 $ 835 Equity in undistributed earnings of subsidiaries 308 405 1,721 Investment and other income 60 28 29 Total revenues 1,271 1,312 2,585 Costs and Expenses: Interest charges on intercompany borrowings 8 7 7 Interest charges on other borrowings 76 85 94 Other expenses 114 97 129 Total costs and expenses 198 189 230 Earnings before income taxes 1,073 1,123 2,355 Provision for income taxes 221 225 360 Net Earnings $ 852 $ 898 $ 1,995 Condensed Statement of Comprehensive Income Year ended December 31, 2023 2022 2021 Net earnings $ 852 $ 898 $ 1,995 Other comprehensive income (loss), net of tax 224 (662) (1,154) Total comprehensive income, net of tax $ 1,076 $ 236 $ 841 ________________________ (*) Investment in subsidiaries includes intercompany receivables and payables. Condensed Statement of Cash Flows Year ended December 31, 2023 2022 2021 Operating Activities: Net earnings $ 852 $ 898 $ 1,995 Adjustments: Equity in net earnings of subsidiaries (967) (1,030) (2,144) Dividends from subsidiaries 896 539 830 Other operating activities, net (62) (80) 152 Net cash provided by operating activities 719 327 833 Investing Activities: Capital contributions to subsidiaries (180) (26) (107) Returns of capital from subsidiaries 7 29 3 Purchases of: Investments, property and equipment (35) (223) (1,478) Businesses — — (120) Proceeds from: Maturities and redemptions of investments 255 556 277 Sales of investments, property and equipment 178 656 11 Sales of businesses — — 3,581 Net cash provided by investing activities 225 992 2,167 Financing Activities: Reductions of long-term debt (21) (477) — Issuances of Common Stock 17 18 67 Repurchases of Common Stock (213) (11) (319) Cash dividends paid on Common Stock (684) (1,213) (2,374) Net cash used in financing activities (901) (1,683) (2,626) Net Change in Cash and Cash Equivalents 43 (364) 374 Cash and cash equivalents at beginning of year 225 589 215 Cash and cash equivalents at end of year $ 268 $ 225 $ 589

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2023
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, 2023 (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 2023 Property and casualty insurance $ 309 $ 13,087 $ 3,451 $ 6,531 $ 729 $ 4,017 $ 720 $ 1,235 $ 6,692 Other — — — — 13 16 — 766 — Total $ 309 $ 13,087 $ 3,451 $ 6,531 $ 742 $ 4,033 $ 720 $ 2,001 $ 6,692 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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net earnings	$ 852	$ 898	$ 1,995

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of American Financial Group, Inc. and its subsidiaries (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to December 31, 2023, 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. In 2023, AFG had nonrecurring fair value measurements for the purchase price allocation related to its acquisition of Crop Risk Services (see Note C — “Acquisitions and Sale of Businesses”) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note I — “Goodwill and Other Intangibles” ). These fair value measurements were based on significant inputs that are unobservable (Level 3). There were no other material nonrecurring fair value measurements in 2023, 2022 or 2021.
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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income.
Credit Losses on Financial Instruments	Credit Losses on Fixed Maturity Investments When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment is separated into two components: (i) the allowance related to credit losses (recorded in earnings) and (ii) the amount related to all other factors (recorded in other comprehensive income). The credit-related portion is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. The allowance is limited to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected.
Derivatives	Derivatives 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 (convertible fixed maturities and 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 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, 2023, assets and liabilities of managed investment entities included $263 million in assets and $225 million in liabilities of temporary warehousing entities that were established to provide AFG the ability to form new CLOs. 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 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: 2023 – 0.1 million, 2022 – 0.2 million and 2021 – 0.5 million. There were no anti-dilutive potential common shares related to stock compensation plans or adjustments to net earnings in the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 or 2021.
Statement of Cash Flows	Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.
Segments of Operations	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2023
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 (*) Net investment income $ 746 Realized gains on securities 112 Other income 52 Total revenues 910 Annuity benefits 377 Annuity and supplemental insurance acquisition expenses 136 Other expenses 73 Total costs and expenses 586 Earnings before income taxes from discontinued operations 324 Provision for income taxes on discontinued operations 66 Net earnings from discontinued operations, net of tax 258 Gain on sale of discontinued operations, net of tax 656 Net earnings from discontinued operations $ 914 (*) Results through the May 31, 2021 effective date of the sale. The impact of the sale of the annuity business is shown below (in millions): May 31, 2021 Cash proceeds $ 3,571 Sale related expenses (8) Total net proceeds 3,563 Net investment in annuity businesses sold, excluding AOCI 2,867 Reclassify net deferred tax asset (199) Pretax gain on sale 895 Income tax expense: Reclassify net deferred tax asset 199 Tax liabilities triggered by the sale 41 Other (1) Total income tax expense 239 Net gain on sale $ 656 Summarized cash flows for the discontinued annuity operations were (in millions): Year Ended Net cash provided by operating activities $ 67 Net cash used in investing activities (1,689) Net cash provided by financing activities 477 (*) 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, 2023
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 CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions). July 3, 2023 Cash paid at purchase $ 234 Tangible assets acquired: Cash and cash equivalents $ 26 Agents’ balances and premiums receivable 164 Other assets 3 Total tangible assets acquired $ 193 Liabilities acquired: Other liabilities $ 169 Total liabilities acquired 169 Net tangible assets acquired, at fair value 24 Excess purchase price over net tangible assets acquired $ 210 Allocation of excess purchase price: Intangible assets acquired (*) $ 124 Deferred tax asset (*) 1 Goodwill 85 $ 210 (*) Included in Other assets in AFG’s Balance Sheet. 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.

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show AFG’s assets, revenues and earnings from continuing operations before income taxes by segment and sub-segment. 2023 2022 Assets Property and casualty insurance (*) $ 24,475 $ 22,225 Other 5,312 6,606 Total assets $ 29,787 $ 28,831 (*) Not allocable to sub-segments. 2023 2022 2021 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 2,519 $ 2,487 $ 2,144 Specialty casualty 2,886 2,659 2,408 Specialty financial 867 698 642 Other specialty 259 241 210 Total premiums earned 6,531 6,085 5,404 Net investment income 729 683 663 Other income 16 12 27 Total property and casualty insurance 7,276 6,780 6,094 Other 591 376 293 Real estate-related entities (*) — — 51 Total revenues before realized gains (losses) 7,867 7,156 6,438 Realized gains (losses) on securities (36) (116) 110 Realized gains (losses) on subsidiaries (4) — 4 Total revenues $ 7,827 $ 7,040 $ 6,552 (*) 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. 2023 2022 2021 Earnings from Continuing Operations Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 184 $ 208 $ 279 Specialty casualty 375 500 377 Specialty financial 110 114 96 Other specialty (36) (42) (15) Other lines (2) (4) (4) Total underwriting 631 776 733 Investment and other income, net 673 643 657 Total property and casualty insurance 1,304 1,419 1,390 Other (a) (191) (180) (220) Real estate-related entities (b) — — 51 Total earnings from continuing operations before realized gains (losses) and income taxes 1,113 1,239 1,221 Realized gains (losses) on securities (36) (116) 110 Realized gains (losses) on subsidiaries (4) — 4 Total earnings from continuing operations before income taxes $ 1,073 $ 1,123 $ 1,335 (a) Includes holding company interest and expenses, including a gain on retirement of debt of $1 million in 2023 and a loss on retirement of debt of $9 million in 2022, and a $15 million special charge in 2023 to increase asbestos and environmental (“A&E”) reserves related to AFG’s former railroad and manufacturing operations. (b) Represents investment income from the real estate and real estate-related entities acquired from AFG’s discontinued annuity operations while they were held by the annuity operations. Subsequent to the sale of the annuity operations, income from these investments is included in the segment of the acquirer.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 235 $ 1 $ — $ 236 States, municipalities and political subdivisions — 982 2 984 Foreign government — 230 — 230 Residential MBS — 1,656 2 1,658 Commercial MBS — 74 — 74 Collateralized loan obligations — 1,686 1 1,687 Other asset-backed securities — 2,011 351 2,362 Corporate and other 9 2,757 380 3,146 Total AFS fixed maturities 244 9,397 736 10,377 Trading fixed maturities — 57 — 57 Equity securities 500 33 485 1,018 Assets of managed investment entities (“MIE”) 335 4,140 9 4,484 Other assets — derivatives — 6 — 6 Total assets accounted for at fair value $ 1,079 $ 13,633 $ 1,230 $ 15,942 Liabilities: Contingent consideration — acquisitions $ — $ — $ 2 $ 2 Liabilities of managed investment entities 322 3,976 9 4,307 Other liabilities — derivatives — 22 — 22 Total liabilities accounted for at fair value $ 322 $ 3,998 $ 11 $ 4,331 December 31, 2022 Assets: Available for sale 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 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
Changes in asset balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2023, 2022 and 2021 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) 1 (3) 2 Residential MBS 9 1 (1) — (3) 5 (9) 2 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (2) 1 — — 1 (1) 1 Other asset-backed securities 329 1 6 55 (39) 31 (32) 351 Corporate and other 319 (4) 5 92 (27) 8 (13) 380 Total AFS fixed maturities 664 (4) 11 147 (70) 46 (58) 736 Equity securities 427 15 — 121 (39) — (39) 485 Assets of MIE 11 (4) — 2 — — — 9 Total Level 3 assets $ 1,102 $ 7 $ 11 $ 270 $ (109) $ 46 $ (97) $ 1,230 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) 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)
Changes in liability balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2023, 2022 and 2021 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at December 31, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) 1 (3) 2 Residential MBS 9 1 (1) — (3) 5 (9) 2 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (2) 1 — — 1 (1) 1 Other asset-backed securities 329 1 6 55 (39) 31 (32) 351 Corporate and other 319 (4) 5 92 (27) 8 (13) 380 Total AFS fixed maturities 664 (4) 11 147 (70) 46 (58) 736 Equity securities 427 15 — 121 (39) — (39) 485 Assets of MIE 11 (4) — 2 — — — 9 Total Level 3 assets $ 1,102 $ 7 $ 11 $ 270 $ (109) $ 46 $ (97) $ 1,230 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) 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)
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 2023 Financial assets: Cash and cash equivalents $ 1,225 $ 1,225 $ 1,225 $ — $ — Mortgage loans 643 596 — — 596 Total financial assets not accounted for at fair value $ 1,868 $ 1,821 $ 1,225 $ — $ 596 Long-term debt $ 1,475 $ 1,345 $ — $ 1,342 $ 3 Total financial liabilities not accounted for at fair value $ 1,475 $ 1,345 $ — $ 1,342 $ 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

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Fixed maturities: U.S. Government and government agencies $ 243 $ — $ 1 $ (8) $ (7) $ 236 States, municipalities and political subdivisions 1,014 — 8 (38) (30) 984 Foreign government 236 — 1 (7) (6) 230 Residential MBS 1,788 1 26 (155) (129) 1,658 Commercial MBS 75 — — (1) (1) 74 Collateralized loan obligations 1,709 3 9 (28) (19) 1,687 Other asset-backed securities 2,477 5 10 (120) (110) 2,362 Corporate and other 3,210 3 52 (113) (61) 3,146 Total fixed maturities $ 10,752 $ 12 $ 107 $ (470) $ (363) $ 10,377 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
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): 2023 2022 Actual Cost Fair Value Fair Value Over (Under) Cost Actual Cost Fair Value Fair Value Over (Under) Cost Common stocks $ 512 $ 586 $ 74 $ 556 $ 553 $ (3) Perpetual preferred stocks 422 432 10 436 457 21 Total equity securities carried at fair value $ 934 $ 1,018 $ 84 $ 992 $ 1,010 $ 18
Equity method investments	The following table shows the carrying value and net investment income from investments accounted for using the equity method held by AFG’s continuing operations (in millions): Carrying Value Net Investment Income December 31, 2023 December 31, 2022 2023 2022 2021 Real estate-related investments (*) $ 1,320 $ 1,229 $ 85 $ 233 $ 226 Private equity 457 438 9 32 100 Private debt 37 33 5 2 (5) Total investments accounted for using the equity method $ 1,814 $ 1,700 $ 99 $ 267 $ 321 (*) 92% of the carrying value relates to underlying investments in multi-family housing properties at both December 31, 2023 and December 31, 2022.
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, 2023 Fixed maturities: U.S. Government and government agencies $ — $ 11 100 % $ (8) $ 191 96 % States, municipalities and political subdivisions (1) 76 99 % (37) 526 93 % Foreign government — — — % (7) 207 97 % Residential MBS (1) 42 98 % (154) 1,089 88 % Commercial MBS — — — % (1) 61 98 % Collateralized loan obligations — 25 100 % (28) 807 97 % Other asset-backed securities (1) 151 99 % (119) 1,663 93 % Corporate and other (4) 123 97 % (109) 1,455 93 % Total fixed maturities $ (7) $ 428 98 % $ (463) $ 5,999 93 % 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 %
Roll forward of allowance for credit losses on fixed maturity securities	A progression of the allowance for expected credit losses on available for sale fixed maturity securities held by AFG’s continuing operations is shown below (in millions): Structured securities (*) Corporate and other Total 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 Provision for expected credit losses on securities with no previous allowance 1 8 9 Additions (reductions) to previously recognized expected credit losses 2 (1) 1 Reductions due to sales or redemptions (4) (5) (9) Balance at December 31, 2023 $ 9 $ 3 $ 12 (*) 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, 2023 (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 Cost, net (*) Fair Value Amount % Maturity One year or less $ 531 $ 521 5 % After one year through five years 2,744 2,663 26 % After five years through ten years 1,147 1,143 11 % After ten years 278 269 2 % 4,700 4,596 44 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,178 4,049 39 % MBS (average life of approximately 6.5 years) 1,862 1,732 17 % Total $ 10,740 $ 10,377 100 % (*) 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. 2023 2022 2021 Investment income: Fixed maturities: Interest and amortization $ 502 $ 376 $ 290 Change in fair value (a) (3) — — Equity securities: Dividends 34 39 30 Change in fair value (b) 36 (2) 61 Equity in earnings of partnerships and similar investments 99 267 321 Other 90 53 40 Gross investment income 758 733 742 Investment expenses (16) (16) (12) Net investment income $ 742 $ 717 $ 730 (a) The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments. (b) 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 on limited partnerships and similar investments that do not qualify for equity method accounting and related equity investments in 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): 2023 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (35) $ (10) $ (45) $ 267 $ (27) $ (3) $ (30) $ (803) Equity securities 10 — 10 — (96) — (96) — Mortgage loans and other investments — (1) (1) — 10 — 10 — Total pretax (25) (11) (36) 267 (113) (3) (116) (803) Tax effects 5 3 8 (57) 23 1 24 170 Net of tax $ (20) $ (8) $ (28) $ 210 $ (90) $ (2) $ (92) $ (633) 2021 Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (1) $ 1 $ — $ (111) Equity securities 110 — 110 — Mortgage loans and other investments — — — — Total pretax 109 1 110 (111) Tax effects (23) — (23) 23 Net of tax $ 86 $ 1 $ 87 $ (88)
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities from continuing operations during 2023, 2022 and 2021 on securities that were still owned at December 31 of each year presented as follows (in millions): 2023 2022 2021 Included in realized gains (losses) $ (2) $ (95) $ 65 Included in net investment income 36 5 54 $ 34 $ (90) $ 119
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): 2023 2022 2021 Gross gains $ 5 $ 3 $ 7 Gross losses (38) (18) (1)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ 1 $ 22 $ — $ 37 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 81 — 40 — Total return swap Other assets/Other liabilities 5 — — 5 $ 87 $ 22 $ 40 $ 42
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 2023, 2022 and 2021 (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 2023 2022 2021 2023 2022 2021 Derivative instruments of continuing operations: Interest rate swaps Net investment income $ — $ — $ — $ (26) $ — $ — Fixed maturities with embedded derivatives Realized gains (losses) on securities (2) (12) (6) — — — Fixed maturities with embedded derivatives Net investment income (4) — — — — — Total return swap Other expenses 13 (5) — — — — Total earnings (losses) of continuing operations $ 7 $ (17) $ (6) $ (26) $ — $ — Derivative instruments of discontinued operations (*): Interest rate swaps Net earnings from discontinued operations $ — $ — $ — $ — $ — $ 14 MBS with embedded derivatives Net earnings from discontinued operations — — (1) — — — Fixed-indexed and variable-indexed annuities (embedded derivative) Net earnings from discontinued operations — — (222) — — — Equity index call options Net earnings from discontinued operations — — 237 — — — Equity index put options Net earnings from discontinued operations — — 5 — — — Reinsurance contract (embedded derivative) Net earnings from discontinued operations — — 1 — — — Total earnings (losses) of discontinued operations — — 20 — — 14 Earnings (losses) $ 7 $ (17) $ 14 $ (26) $ — $ 14 (*) 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, 2023
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): 2023 2022 2021 Balance at beginning of period $ 112 $ 76 $ 57 Purchases 32 66 21 Sales — — — Distributions (34) (18) (22) Change in fair value 27 (11) 20 Change in accrued interest — (1) — Balance at end of period (*) $ 137 $ 112 $ 76 (*) Excludes $38 million and $3 million invested in temporary warehousing entities at December 31, 2023 and December 31, 2022, respectively, that were established to provide AFG the ability to form new CLOs. Year ended December 31, 2023 2022 2021 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ 144 $ (267) $ 69 Liabilities (117) 236 (59) Management fees paid to AFG 16 17 16 CLO earnings (losses) attributable to AFG: From continuing operations $ 27 $ (10) $ 20 From discontinued annuity operations — — 20 Total $ 27 $ (10) $ 40 (*) Included in revenues in AFG’s Statement of Earnings.

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying value of goodwill	Changes in the carrying value of goodwill during 2021, 2022 and 2023 are presented in the following table (in millions): Balance at January 1, 2021 $ 176 Purchase of Verikai 70 Balance at December 31, 2021 and 2022 246 Purchase of CRS 85 Goodwill impairment charge related to investment in Verikai (26) Balance at December 31, 2023 $ 305

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following at December 31 (in millions): 2023 2022 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 $ 567 $ (1) $ 566 $ 582 $ (1) $ 581 5.25% Senior Notes due April 2030 253 (4) 249 261 (5) 256 Other 3 — 3 3 — 3 823 (5) 818 846 (6) 840 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 (5) 195 200 (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 (18) 657 675 (19) 656 $ 1,498 $ (23) $ 1,475 $ 1,521 $ (25) $ 1,496

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 Right-of-use asset $ 176 $ 103 Lease liability 198 116
Lease activity	The following table details AFG’s lease activity for the years ended December 31, 2023, 2022 and 2021 (in millions): 2023 2022 2021 Operating lease expense included in other expenses $ 36 $ 36 $ 41 Sublease income (*) — (2) (2) Total lease expense, net of sublease income $ 36 $ 34 $ 39 (*) Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings.
Other operating lease liability information	Other operating lease information for the years ended December 31, 2023, 2022 and 2021 (in millions): 2023 2022 2021 Cash paid for lease liabilities reported in operating cash flows $ 38 $ 38 $ 43 Right-of-use assets obtained under new leases 102 11 10
Undiscounted contractual maturities of operating lease liabilities	The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2023 (in millions): Operating lease payments: 2024 $ 37 2025 30 2026 26 2027 24 2028 20 Thereafter 150 Total lease payments 287 Impact of discounting (89) Operating lease liability $ 198
Schedule of weighted-average remaining lease term and weighted-average discount rate	Weighted-average remaining lease term 13.6 years Weighted-average discount rate 5.1 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 615,867 $ 111.97 Granted 165,513 $ 130.52 Vested (189,606) $ 101.86 Forfeited (18,882) $ 123.65 Outstanding at December 31, 2023 572,892 $ 120.28
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, 2023 243,604 $ 44.75 Exercised (96,953) $ 42.46 Forfeited/Cancelled — $ — Outstanding at December 31, 2023 146,651 $ 46.26 0.7 years $ 11 Options exercisable at December 31, 2023 146,651 $ 46.26 0.7 years $ 11
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 224 $ (48) $ 176 Reclassification adjustment for realized (gains) losses included in net earnings (*) 43 (9) 34 Total net unrealized gains (losses) on securities $ (497) 267 (57) 210 $ (287) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (11) 2 (9) Reclassification adjustment for investment income included in net earnings (*) 26 (5) 21 Total net unrealized gains (losses) on cash flow hedges (29) 15 (3) 12 (17) Foreign currency translation adjustments (20) 2 1 3 (17) Pension and other postretirement plan adjustments 3 (1) — (1) 2 Total $ (543) $ 283 $ (59) $ 224 $ (319) Year ended December 31, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (821) $ 174 $ (647) Reclassification adjustment for realized (gains) losses included in net earnings (*) 18 (4) 14 Total net unrealized gains (losses) on securities $ 136 (803) 170 (633) $ (497) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (37) 8 (29) Reclassification adjustment for investment income included in net earnings (*) — — — Total net unrealized gains (losses) on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 2 — 2 3 Total $ 119 $ (839) $ 177 $ (662) $ (543) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2021 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (275) $ 57 $ (218) Reclassification adjustment for realized (gains) losses included in net earnings (*) (22) 5 (17) Reclassification for unrealized gains of subsidiaries sold (1,119) 235 (884) Total net unrealized gains (losses) on securities $ 1,255 (1,416) 297 (1,119) $ 136 Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (1) — (1) Reclassification adjustment for investment income included in net earnings from discontinued operations (14) 3 (11) Reclassification for unrealized gains on cash flow hedges of subsidiaries sold (37) 8 (29) Total net unrealized gains (losses) on cash flow hedges 41 (52) 11 (41) — Foreign currency translation adjustments (16) (2) — (2) (18) Pension and other postretirement plan adjustments: Unrealized holding gains (losses) on pension and other postretirement plans arising during the period (1) — (1) Reclassification adjustment for pension settlement loss included in other expense in net earnings 11 (2) 9 Total pension and other postretirement plan adjustments (7) 10 (2) 8 1 Total $ 1,273 $ (1,460) $ 306 $ (1,154) $ 119 (*) The reclassification adjustments affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax - Net unrealized gains (losses) on securities Realized gains (losses) on securities Pretax - Net unrealized gains (losses) on cash flow hedges Net investment income Pretax - Net unrealized gains (losses) on pension and other postretirement plans Other expenses Tax Provision for income taxes

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
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): 2023 2022 2021 Amount % of EBT Amount % of EBT Amount % of EBT Earnings from continuing operations before income taxes (“EBT”) $ 1,073 $ 1,123 $ 1,335 Income taxes at statutory rate $ 225 21 % $ 236 21 % $ 280 21 % Effect of: Employee stock ownership plan dividend paid deduction (5) (1 %) (8) (1 %) (16) (1 %) Tax exempt interest (5) (1 %) (6) (1 %) (8) (1 %) Adjustment to prior year taxes (5) — % (3) — % (1) — % Stock-based compensation (2) — % (5) — % (13) (1 %) Change in valuation allowance (2) — % (9) (1 %) (4) — % Dividend received deduction (2) — % (2) — % (2) — % Nondeductible expenses 11 1 % 8 1 % 8 1 % Foreign operations 6 1 % 7 1 % — — % Other — — % 7 — % 10 — % Provision for income taxes as shown in the statement of earnings $ 221 21 % $ 225 20 % $ 254 19 %
Components of income tax provision (credit)	The total income tax provision of continuing operations consists of (in millions): 2023 2022 2021 Current taxes: Federal $ 176 $ 192 $ 162 State 9 10 7 Foreign (1) 1 1 Deferred taxes: Federal 37 22 84 Provision for income taxes $ 221 $ 225 $ 254
Summary of operating loss carryforwards	For income tax purposes, AFG and its subsidiaries had the following carryforwards available at December 31, 2023 (in millions): Expiring Amount Operating Loss – U.S. 2024 - 2041 $ 10 Operating Loss – United Kingdom indefinite 38 (*) (*) £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): 2023 2022 Deferred tax assets: Federal net operating loss carryforwards $ 2 $ 2 Foreign underwriting losses 10 10 Insurance claims and reserves 269 255 Employee benefits 111 108 Other, net 25 24 Total deferred tax assets before valuation allowance 417 399 Valuation allowance against deferred tax assets (14) (16) Total deferred tax assets 403 383 Deferred tax liabilities: Investment securities (177) (52) Deferred policy acquisition costs (70) (66) Insurance claims and reserves transition liability (8) (12) Real estate, property and equipment (12) (23) Total deferred tax liabilities (267) (153) Net deferred tax asset $ 136 $ 230

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2023
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): 2023 2022 2021 Balance at beginning of period $ 11,974 $ 11,074 $ 10,392 Less reinsurance recoverables, net of allowance 3,767 3,419 3,117 Net liability at beginning of period 8,207 7,655 7,275 Provision for losses and LAE occurring in the current year 4,256 3,914 3,436 Net decrease in the provision for claims of prior years (223) (285) (279) Total losses and LAE incurred 4,033 3,629 3,157 Payments for losses and LAE of: Current year (1,261) (1,212) (1,024) Prior years (2,181) (1,870) (1,753) Total payments (3,442) (3,082) (2,777) Foreign currency translation and other 1 5 — Net liability at end of period 8,799 8,207 7,655 Add back reinsurance recoverables, net of allowance 4,288 3,767 3,419 Gross unpaid losses and LAE included in the balance sheet $ 13,087 $ 11,974 $ 11,074
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): 2023 Unpaid losses and allocated LAE, net of reinsurance: Specialty Property and transportation $ 1,636 Specialty casualty 4,984 Specialty financial 328 Other specialty 580 Total Specialty (excluding foreign reserves) 7,528 Other reserves Foreign operations 396 A&E reserves 370 Unallocated LAE 448 Other 57 Total other reserves 1,271 Total reserves, net of reinsurance 8,799 Add back reinsurance recoverables, net of allowance 4,288 Gross unpaid losses and LAE included in the balance sheet $ 13,087
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, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 844 $ 828 $ 817 $ 820 $ 815 $ 808 $ 804 $ 802 $ 800 $ 800 $ 5 133,284 2015 818 784 779 777 777 772 768 769 769 4 135,083 2016 746 716 714 706 694 688 689 689 8 121,400 2017 889 847 843 823 816 820 820 11 140,998 2018 932 902 886 876 882 876 15 130,721 2019 1,111 1,058 1,051 1,055 1,057 26 154,248 2020 1,043 974 957 949 39 122,112 2021 1,119 1,023 1,022 69 123,416 2022 1,393 1,316 157 136,540 2023 1,472 432 127,664 Total $ 9,770 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 329 $ 632 $ 693 $ 744 $ 770 $ 783 $ 789 $ 791 $ 792 $ 793 99.1 % 2015 359 582 667 707 736 744 750 755 761 99.0 % 2016 294 521 577 618 640 656 665 672 97.5 % 2017 379 640 696 735 755 783 794 96.8 % 2018 396 676 738 781 824 838 95.7 % 2019 527 823 904 959 998 94.4 % 2020 461 726 804 857 90.3 % 2021 449 767 867 84.8 % 2022 587 1,018 77.4 % 2023 562 38.2 % Total $ 8,160 Unpaid losses and LAE — years 2014 through 2023 1,610 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 26 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,636 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 44.7 % 31.5 % 8.3 % 5.4 % 3.5 % 2.0 % 1.0 % 0.6 % 0.5 % 0.1 % Cumulative 44.7 % 76.2 % 84.5 % 89.9 % 93.4 % 95.4 % 96.4 % 97.0 % 97.5 % 97.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 1,035 $ 1,008 $ 1,008 $ 1,006 $ 982 $ 967 $ 952 $ 950 $ 955 $ 951 $ 28 57,373 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 1,002 36 58,456 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 1,036 63 56,695 2017 1,211 1,221 1,204 1,189 1,162 1,139 1,139 110 57,386 2018 1,277 1,307 1,302 1,262 1,269 1,264 169 59,456 2019 1,308 1,311 1,322 1,280 1,284 230 59,684 2020 1,352 1,329 1,258 1,232 313 54,129 2021 1,384 1,389 1,342 497 55,962 2022 1,475 1,503 697 56,742 2023 1,648 1,035 53,352 Total $ 12,401 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 190 $ 412 $ 574 $ 680 $ 755 $ 801 $ 829 $ 862 $ 881 $ 899 94.5 % 2015 178 411 577 702 792 844 888 913 934 93.2 % 2016 186 418 584 713 806 870 906 938 90.5 % 2017 200 422 612 755 833 902 959 84.2 % 2018 210 475 649 794 901 991 78.4 % 2019 212 455 651 795 913 71.1 % 2020 188 446 613 757 61.4 % 2021 191 438 625 46.6 % 2022 198 507 33.7 % 2023 248 15.0 % Total $ 7,771 Unpaid losses and LAE — years 2014 through 2023 4,630 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 354 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,984 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 16.4 % 20.9 % 15.4 % 11.9 % 8.4 % 5.9 % 4.0 % 3.0 % 2.0 % 1.9 % Cumulative 16.4 % 37.3 % 52.7 % 64.6 % 73.0 % 78.9 % 82.9 % 85.9 % 87.9 % 89.8 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 146 $ 157 $ 156 $ 153 $ 147 $ 142 $ 137 $ 136 $ 135 $ 134 $ — 29,471 2015 156 160 158 153 145 138 136 135 133 — 37,629 2016 179 184 187 182 174 170 173 172 1 45,185 2017 212 215 212 208 203 202 210 5 48,840 2018 212 217 219 207 201 198 6 46,805 2019 194 198 191 186 182 9 41,939 2020 231 215 202 193 15 29,732 2021 223 201 187 25 27,355 2022 243 234 54 23,638 2023 310 127 20,542 Total $ 1,953 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 62 $ 109 $ 125 $ 128 $ 137 $ 139 $ 141 $ 140 $ 141 $ 141 105.2 % 2015 72 110 129 133 132 134 134 134 133 100.0 % 2016 88 141 158 161 163 164 171 172 100.0 % 2017 120 169 186 194 193 192 194 92.4 % 2018 112 163 187 188 192 193 97.5 % 2019 99 146 164 168 170 93.4 % 2020 100 144 159 162 83.9 % 2021 98 136 146 78.1 % 2022 108 164 70.1 % 2023 150 48.4 % Total $ 1,625 Unpaid losses and LAE — years 2014 through 2023 328 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) — Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 328 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 51.8 % 26.3 % 9.9 % 2.2 % 1.6 % 0.7 % 1.6 % (0.1 %) — % — % Cumulative 51.8 % 78.1 % 88.0 % 90.2 % 91.8 % 92.5 % 94.1 % 94.0 % 94.0 % 94.0 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 58 $ 57 $ 59 $ 59 $ 60 $ 61 $ 64 $ 66 $ 68 $ 72 $ 3 — 2015 59 60 63 66 76 82 84 87 87 5 — 2016 61 61 65 71 76 77 78 77 8 — 2017 63 65 70 81 88 95 97 8 — 2018 86 90 92 94 100 111 21 — 2019 108 107 108 111 119 21 — 2020 122 117 129 126 39 — 2021 135 141 138 69 — 2022 159 152 92 — 2023 201 137 — Total $ 1,180 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (b) 2014 $ 13 $ 21 $ 30 $ 36 $ 43 $ 50 $ 53 $ 54 $ 56 $ 60 83.3 % 2015 10 26 31 50 62 69 75 76 81 93.1 % 2016 9 19 31 47 53 60 64 66 85.7 % 2017 10 19 30 52 63 76 83 85.6 % 2018 12 23 32 44 60 77 69.4 % 2019 9 24 49 61 79 66.4 % 2020 9 21 44 66 52.4 % 2021 8 27 49 35.5 % 2022 11 35 23.0 % 2023 29 14.4 % Total $ 625 Unpaid losses and LAE — years 2014 through 2023 555 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 25 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 580 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 10.5 % 12.6 % 13.6 % 16.0 % 12.0 % 11.1 % 5.9 % 1.7 % 4.3 % 5.6 % Cumulative 10.5 % 23.1 % 36.7 % 52.7 % 64.7 % 75.8 % 81.7 % 83.4 % 87.7 % 93.3 % (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, 2023). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 2,083 $ 2,050 $ 2,040 $ 2,038 $ 2,004 $ 1,978 $ 1,957 $ 1,954 $ 1,958 $ 1,957 $ 36 220,128 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 1,991 45 231,168 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 1,974 80 223,280 2017 2,375 2,348 2,329 2,301 2,269 2,256 2,266 134 247,224 2018 2,507 2,516 2,499 2,439 2,452 2,449 211 236,982 2019 2,721 2,674 2,672 2,632 2,642 286 255,871 2020 2,748 2,635 2,546 2,500 406 205,973 2021 2,861 2,754 2,689 660 206,733 2022 3,270 3,205 1,000 216,920 2023 3,631 1,731 201,558 Total $ 25,304 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 594 $ 1,174 $ 1,422 $ 1,588 $ 1,705 $ 1,773 $ 1,812 $ 1,847 $ 1,870 $ 1,893 96.7 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 1,909 95.9 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 1,848 93.6 % 2017 709 1,250 1,524 1,736 1,844 1,953 2,030 89.6 % 2018 730 1,337 1,606 1,807 1,977 2,099 85.7 % 2019 847 1,448 1,768 1,983 2,160 81.8 % 2020 758 1,337 1,620 1,842 73.7 % 2021 746 1,368 1,687 62.7 % 2022 904 1,724 53.8 % 2023 989 27.2 % Total $ 18,181 Unpaid losses and LAE — years 2014 through 2023 7,123 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 405 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 7,528 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 29.7 % 25.0 % 12.2 % 8.9 % 6.2 % 4.2 % 2.8 % 1.8 % 1.4 % 1.2 % Cumulative 29.7 % 54.7 % 66.9 % 75.8 % 82.0 % 86.2 % 89.0 % 90.8 % 92.2 % 93.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).
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, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 844 $ 828 $ 817 $ 820 $ 815 $ 808 $ 804 $ 802 $ 800 $ 800 $ 5 133,284 2015 818 784 779 777 777 772 768 769 769 4 135,083 2016 746 716 714 706 694 688 689 689 8 121,400 2017 889 847 843 823 816 820 820 11 140,998 2018 932 902 886 876 882 876 15 130,721 2019 1,111 1,058 1,051 1,055 1,057 26 154,248 2020 1,043 974 957 949 39 122,112 2021 1,119 1,023 1,022 69 123,416 2022 1,393 1,316 157 136,540 2023 1,472 432 127,664 Total $ 9,770 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 329 $ 632 $ 693 $ 744 $ 770 $ 783 $ 789 $ 791 $ 792 $ 793 99.1 % 2015 359 582 667 707 736 744 750 755 761 99.0 % 2016 294 521 577 618 640 656 665 672 97.5 % 2017 379 640 696 735 755 783 794 96.8 % 2018 396 676 738 781 824 838 95.7 % 2019 527 823 904 959 998 94.4 % 2020 461 726 804 857 90.3 % 2021 449 767 867 84.8 % 2022 587 1,018 77.4 % 2023 562 38.2 % Total $ 8,160 Unpaid losses and LAE — years 2014 through 2023 1,610 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 26 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 1,636 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 44.7 % 31.5 % 8.3 % 5.4 % 3.5 % 2.0 % 1.0 % 0.6 % 0.5 % 0.1 % Cumulative 44.7 % 76.2 % 84.5 % 89.9 % 93.4 % 95.4 % 96.4 % 97.0 % 97.5 % 97.6 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty casualty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 1,035 $ 1,008 $ 1,008 $ 1,006 $ 982 $ 967 $ 952 $ 950 $ 955 $ 951 $ 28 57,373 2015 1,081 1,043 1,041 1,042 1,024 1,021 1,015 1,007 1,002 36 58,456 2016 1,131 1,122 1,116 1,101 1,090 1,069 1,046 1,036 63 56,695 2017 1,211 1,221 1,204 1,189 1,162 1,139 1,139 110 57,386 2018 1,277 1,307 1,302 1,262 1,269 1,264 169 59,456 2019 1,308 1,311 1,322 1,280 1,284 230 59,684 2020 1,352 1,329 1,258 1,232 313 54,129 2021 1,384 1,389 1,342 497 55,962 2022 1,475 1,503 697 56,742 2023 1,648 1,035 53,352 Total $ 12,401 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 190 $ 412 $ 574 $ 680 $ 755 $ 801 $ 829 $ 862 $ 881 $ 899 94.5 % 2015 178 411 577 702 792 844 888 913 934 93.2 % 2016 186 418 584 713 806 870 906 938 90.5 % 2017 200 422 612 755 833 902 959 84.2 % 2018 210 475 649 794 901 991 78.4 % 2019 212 455 651 795 913 71.1 % 2020 188 446 613 757 61.4 % 2021 191 438 625 46.6 % 2022 198 507 33.7 % 2023 248 15.0 % Total $ 7,771 Unpaid losses and LAE — years 2014 through 2023 4,630 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 354 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 4,984 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 16.4 % 20.9 % 15.4 % 11.9 % 8.4 % 5.9 % 4.0 % 3.0 % 2.0 % 1.9 % Cumulative 16.4 % 37.3 % 52.7 % 64.6 % 73.0 % 78.9 % 82.9 % 85.9 % 87.9 % 89.8 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Specialty financial (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 146 $ 157 $ 156 $ 153 $ 147 $ 142 $ 137 $ 136 $ 135 $ 134 $ — 29,471 2015 156 160 158 153 145 138 136 135 133 — 37,629 2016 179 184 187 182 174 170 173 172 1 45,185 2017 212 215 212 208 203 202 210 5 48,840 2018 212 217 219 207 201 198 6 46,805 2019 194 198 191 186 182 9 41,939 2020 231 215 202 193 15 29,732 2021 223 201 187 25 27,355 2022 243 234 54 23,638 2023 310 127 20,542 Total $ 1,953 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 62 $ 109 $ 125 $ 128 $ 137 $ 139 $ 141 $ 140 $ 141 $ 141 105.2 % 2015 72 110 129 133 132 134 134 134 133 100.0 % 2016 88 141 158 161 163 164 171 172 100.0 % 2017 120 169 186 194 193 192 194 92.4 % 2018 112 163 187 188 192 193 97.5 % 2019 99 146 164 168 170 93.4 % 2020 100 144 159 162 83.9 % 2021 98 136 146 78.1 % 2022 108 164 70.1 % 2023 150 48.4 % Total $ 1,625 Unpaid losses and LAE — years 2014 through 2023 328 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) — Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 328 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 51.8 % 26.3 % 9.9 % 2.2 % 1.6 % 0.7 % 1.6 % (0.1 %) — % — % Cumulative 51.8 % 78.1 % 88.0 % 90.2 % 91.8 % 92.5 % 94.1 % 94.0 % 94.0 % 94.0 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023). Other specialty (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims (a) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 58 $ 57 $ 59 $ 59 $ 60 $ 61 $ 64 $ 66 $ 68 $ 72 $ 3 — 2015 59 60 63 66 76 82 84 87 87 5 — 2016 61 61 65 71 76 77 78 77 8 — 2017 63 65 70 81 88 95 97 8 — 2018 86 90 92 94 100 111 21 — 2019 108 107 108 111 119 21 — 2020 122 117 129 126 39 — 2021 135 141 138 69 — 2022 159 152 92 — 2023 201 137 — Total $ 1,180 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (b) 2014 $ 13 $ 21 $ 30 $ 36 $ 43 $ 50 $ 53 $ 54 $ 56 $ 60 83.3 % 2015 10 26 31 50 62 69 75 76 81 93.1 % 2016 9 19 31 47 53 60 64 66 85.7 % 2017 10 19 30 52 63 76 83 85.6 % 2018 12 23 32 44 60 77 69.4 % 2019 9 24 49 61 79 66.4 % 2020 9 21 44 66 52.4 % 2021 8 27 49 35.5 % 2022 11 35 23.0 % 2023 29 14.4 % Total $ 625 Unpaid losses and LAE — years 2014 through 2023 555 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 25 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 580 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 10.5 % 12.6 % 13.6 % 16.0 % 12.0 % 11.1 % 5.9 % 1.7 % 4.3 % 5.6 % Cumulative 10.5 % 23.1 % 36.7 % 52.7 % 64.7 % 75.8 % 81.7 % 83.4 % 87.7 % 93.3 % (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, 2023). Total Specialty Group (Dollars in Millions) Incurred Claims and Allocated LAE, Net of Reinsurance As of December 31, 2023 For the Years Ended (2014–2022 is Supplementary Information and Unaudited) Total IBNR Plus Expected Development on Reported Claims Cumulative Number of Reported Claims Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 $ 2,083 $ 2,050 $ 2,040 $ 2,038 $ 2,004 $ 1,978 $ 1,957 $ 1,954 $ 1,958 $ 1,957 $ 36 220,128 2015 2,114 2,047 2,041 2,038 2,022 2,013 2,003 1,998 1,991 45 231,168 2016 2,117 2,083 2,082 2,060 2,034 2,004 1,986 1,974 80 223,280 2017 2,375 2,348 2,329 2,301 2,269 2,256 2,266 134 247,224 2018 2,507 2,516 2,499 2,439 2,452 2,449 211 236,982 2019 2,721 2,674 2,672 2,632 2,642 286 255,871 2020 2,748 2,635 2,546 2,500 406 205,973 2021 2,861 2,754 2,689 660 206,733 2022 3,270 3,205 1,000 216,920 2023 3,631 1,731 201,558 Total $ 25,304 Cumulative Paid Claims and Allocated LAE, Net of Reinsurance Accident Year For the Years Ended (2014–2022 is Supplementary Information and Unaudited) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % (a) 2014 $ 594 $ 1,174 $ 1,422 $ 1,588 $ 1,705 $ 1,773 $ 1,812 $ 1,847 $ 1,870 $ 1,893 96.7 % 2015 619 1,129 1,404 1,592 1,722 1,791 1,847 1,878 1,909 95.9 % 2016 577 1,099 1,350 1,539 1,662 1,750 1,806 1,848 93.6 % 2017 709 1,250 1,524 1,736 1,844 1,953 2,030 89.6 % 2018 730 1,337 1,606 1,807 1,977 2,099 85.7 % 2019 847 1,448 1,768 1,983 2,160 81.8 % 2020 758 1,337 1,620 1,842 73.7 % 2021 746 1,368 1,687 62.7 % 2022 904 1,724 53.8 % 2023 989 27.2 % Total $ 18,181 Unpaid losses and LAE — years 2014 through 2023 7,123 Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE) 405 Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE) $ 7,528 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 29.7 % 25.0 % 12.2 % 8.9 % 6.2 % 4.2 % 2.8 % 1.8 % 1.4 % 1.2 % Cumulative 29.7 % 54.7 % 66.9 % 75.8 % 82.0 % 86.2 % 89.0 % 90.8 % 92.2 % 93.4 % (a) Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).
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 2023 2022 2021 2023 2022 Property and casualty companies $ 1,004 $ 912 $ 1,007 $ 4,436 $ 4,356
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. 2023 2022 2021 Direct premiums written $ 9,309 $ 8,774 $ 7,700 Reinsurance assumed 347 283 246 Reinsurance ceded (2,964) (2,851) (2,373) Net written premiums $ 6,692 $ 6,206 $ 5,573 Direct premiums earned $ 9,133 $ 8,582 $ 7,462 Reinsurance assumed 321 274 249 Reinsurance ceded (2,923) (2,771) (2,307) Net earned premiums $ 6,531 $ 6,085 $ 5,404 Reinsurance recoveries $ 2,336 $ 2,065 $ 1,478
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2023 2022 2021 2023 2022 2021 Balance at January 1 $ 8 $ 8 $ 6 $ 8 $ 8 $ 10 Increase in allowance from acquisition of CRS — — — 4 — — Provision for expected credit losses 2 — 2 3 — (2) Write-offs charged against the allowance — — — — — — Balance at December 31 $ 10 $ 8 $ 8 $ 15 $ 8 $ 8

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Assets of managed investment entities	$ 4,484	$ 5,447
Liabilities of managed investment entities	$ 4,307	$ 5,332
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	100,000	200,000	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]
Assets of managed investment entities	$ 263
Liabilities of managed investment entities	$ 225

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Annuity subsidiaries - USD ($) $ in Millions		5 Months Ended
	May 31, 2021	May 31, 2021
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

Discontinued Operations - Asset

Discontinued Operations - Assets and liabilities of businesses disposed (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	May 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassify AOCI	$ (319)	$ (543)
Equity attributable to parent	$ 4,258	$ 4,052
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)
Equity attributable to parent			$ 2,867

Discontinued Operations - Detai

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

Discontinued Operations - Impac

Discontinued Operations - Impact of the sale of the annuity businesses (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 31, 2021	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of businesses			$ 0	$ 0	$ 3,581
Equity attributable to parent			$ 4,258	$ 4,052
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
Equity attributable to parent	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

Discontinued Operations - Summa

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

Acquisitions and Sale of Busi_3

Acquisitions and Sale of Businesses - Narrative on acquisitions of subsidiaries (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jul. 03, 2023	Dec. 06, 2021	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase				$ 234	$ 10	$ 123
Finite-lived intangible assets useful life		10 years
Crop Risk Services
Business Acquisitions [Line Items]
Cash paid at purchase	$ 234
Net tangible assets acquired, at fair value	24
Acquisition costs incurred	3
Goodwill acquired during period	85			$ 85
Goodwill deductible for tax purposes	79
Crop Risk Services | Customer relationships
Business Acquisitions [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life				14 years
Crop Risk Services | Crop Insurance Contract, Crop Year 2022
Business Acquisitions [Line Items]
Gross written premiums	$ 1,200
Verikai, Inc.
Business Acquisitions [Line Items]
Cash paid at purchase		$ 120
Acquisition costs incurred		1
Intangible assets acquired		76
Goodwill acquired during period		70				$ 70
Total purchase price		$ 143
Insurance Agency
Business Acquisitions [Line Items]
Cash paid at purchase			$ 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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses		$ 0	$ 0	$ 3,581
Realized gains on subsidiaries		$ (4)	$ 0	$ 4
Neon Capital Limited
Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 10				$ 6
Realized gains on subsidiaries	$ 4

Acquisitions and Sale of Busi_5

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary 1 (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase		$ 234	$ 10	$ 123
Crop Risk Services
Business Acquisitions [Line Items]
Cash paid at purchase	$ 234
Tangible assets acquired:
Cash and cash equivalents	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	193
Liabilities acquired:
Other liabilities	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	210
Deferred tax asset acquired	1
Goodwill acquired during period	85	$ 85
Crop Risk Services | Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Acquisitions and Sale of Busi_6

Acquisitions and Sale of Businesses - Allocation of the purchase price of subsidiary 2 (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 06, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisitions [Line Items]
Cash paid at purchase		$ 234	$ 10	$ 123
Verikai, Inc.
Business Acquisitions [Line Items]
Cash paid at purchase	$ 120
Contingent consideration — acquisitions	23
Total purchase price	143
Total tangible assets acquired	16
Total liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	130
Deferred tax on intangible assets acquired	16
Goodwill acquired during period	$ 70			$ 70

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021
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	3%	4%	4%
Other
Segment Reporting Information [Line Items]
Gain (loss) on retirement of debt	$ 1	$ (9)
Special charge to increase asbestos and environmental reserves	$ 15

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 29,787	$ 28,831
Property and casualty insurance
Segment Reporting Information [Line Items]
Total assets	24,475	22,225
Other
Segment Reporting Information [Line Items]
Total assets	$ 5,312	$ 6,606

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net earned premiums	$ 6,531	$ 6,085	$ 5,404
Net investment income	742	717	730
Other income	146	117	113
Revenues before realized gains (losses)	$ 7,867	$ 7,156	$ 6,438
Investment, Type [Extensible Enumeration]	Real Estate Funds [Member]	Real Estate Funds [Member]	Real Estate Funds [Member]
Realized gains (losses) on securities	$ (36)	$ (116)	$ 110
Realized gains (losses) on subsidiaries	(4)	0	4
Total revenues	7,827	7,040	6,552
Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	6,531	6,085	5,404
Net investment income	729	683	663
Other income	16	12	27
Revenues before realized gains (losses)	7,276	6,780	6,094
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	591	376	293
Other | Continuing operations
Segment Reporting Information [Line Items]
Net investment income	0	0	51
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,519	2,487	2,144
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	2,886	2,659	2,408
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	867	698	642
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Net earned premiums	$ 259	$ 241	$ 210

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 1,113	$ 1,239	$ 1,221
Realized gains (losses) on securities	(36)	(116)	110
Realized gains (losses) on subsidiaries	(4)	0	4
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	631	776	733
Investment and other income, net	673	643	657
Earnings before realized gains (losses) and income taxes	1,304	1,419	1,390
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(191)	(180)	(220)
Other | Continuing operations
Segment Reporting Information [Line Items]
Earnings from real-estate related investments, net of DAC	0	0	51
Property and transportation | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	184	208	279
Specialty casualty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	375	500	377
Specialty financial | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	110	114	96
Other specialty | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(36)	(42)	(15)
Other lines | Property and casualty insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (2)	$ (4)	$ (4)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) professional	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 06, 2021 USD ($)
Fair Value Measurements (Textual) [Abstract]
Goodwill, impairment loss	$ 26,000,000
AFG's internal investment professionals | professional		20
Level 3 assets as a percentage of total assets measured at fair value		8%
Percentage of level 3 assets that were priced using non-binding broker quotes		9%
Level 3 assets that were priced using non-binding broker quotes		$ 111,000,000
Percentage of Level 3 assets that were priced by pricing services		1%
Level 3 assets that were priced by pricing services.		$ 9,000,000
Percentage of equity investments in Level 3 assets that do not qualify for equity accounting		28%
Equity investments in Level 3 assets that do not qualify for equity accounting		$ 345,000,000
Internally developed Level 3 assets		$ 765,000,000
Percentage of internally developed Level 3 assets compared to total Level 3 assets		62%
Percentage of Level 3 assets that were priced using a discounted cash flow approach		69%
Level 3 assets that were priced using a discounted cash flow approach		$ 528,000,000
Percentage of equity securities in Level 3 priced using broker quotes and internal models		18%
Equity securities in Level 3 priced using broker quotes and internal models		$ 139,000,000
Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions		2,000,000	$ 25,000,000
Verikai, Inc.
Fair Value Measurements (Textual) [Abstract]
Contingent consideration possible to be paid, maximum				$ 50,000,000
Contingent consideration — acquisitions					$ 23,000,000
Verikai, Inc. | Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions	0
Gain on change in fair value of contingent consideration liability	$ 22,000,000
Level 3 | Contingent consideration - acquisitions
Fair Value Measurements (Textual) [Abstract]
Contingent consideration — acquisitions		$ 2,000,000	$ 25,000,000

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, 2023	Dec. 31, 2022
Assets:
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Trading fixed maturities	57	32
Equity securities, at fair value	1,018	1,010
Assets of managed investment entities	4,484	5,447
Other assets — derivatives	87	40
Total assets accounted for at fair value	15,942	16,584
Liabilities:
Liabilities of managed investment entities	4,307	5,332
Other liabilities — derivatives	22	42
Total liabilities accounted for at fair value	4,331	5,399
Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	2	25
Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	22	42
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	10,377	10,095
Trading fixed maturities	57	32
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	236	219
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	984	1,186
Foreign government
Assets:
Available for sale (AFS) fixed maturities	230	226
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,658	1,598
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	74	85
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,687	1,921
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,362	2,245
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,146	2,615
Equity securities
Assets:
Equity securities, at fair value	1,018	1,010
Other assets
Assets:
Other assets — derivatives	6
Level 1
Assets:
Assets of managed investment entities	335	659
Total assets accounted for at fair value	1,079	1,442
Liabilities:
Liabilities of managed investment entities	322	645
Total liabilities accounted for at fair value	322	645
Level 1 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 1 | Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 1 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	244	227
Trading fixed maturities	0	0
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	235	219
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	9	8
Level 1 | Equity securities
Assets:
Equity securities, at fair value	500	556
Level 1 | Other assets
Assets:
Other assets — derivatives	0
Level 2
Assets:
Assets of managed investment entities	4,140	4,777
Total assets accounted for at fair value	13,633	14,040
Liabilities:
Liabilities of managed investment entities	3,976	4,676
Total liabilities accounted for at fair value	3,998	4,718
Level 2 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	0	0
Level 2 | Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	22	42
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	9,397	9,204
Trading fixed maturities	57	32
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	1	0
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	982	1,181
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	230	226
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,656	1,589
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	74	85
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,686	1,919
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,011	1,916
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,757	2,288
Level 2 | Equity securities
Assets:
Equity securities, at fair value	33	27
Level 2 | Other assets
Assets:
Other assets — derivatives	6
Level 3
Assets:
Assets of managed investment entities	9	11
Total assets accounted for at fair value	1,230	1,102
Liabilities:
Liabilities of managed investment entities	9	11
Total liabilities accounted for at fair value	11	36
Level 3 | Contingent consideration - acquisitions
Liabilities:
Contingent consideration — acquisitions	2	25
Level 3 | Other liabilities — derivatives
Liabilities:
Other liabilities — derivatives	0	0
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	736	664
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	2	5
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2	9
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	1	2
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	351	329
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	380	319
Level 3 | Equity securities
Assets:
Equity securities, at fair value	485	$ 427
Level 3 | Other assets
Assets:
Other assets — derivatives	$ 0

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		$ 1,102	$ 926	$ 3,706
Total realized/unrealized gains (losses) included in Net earnings		7	24	181
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		11	(53)	(27)
Purchases and issuances		270	338	636
Sales and settlements		(109)	(117)	(565)
Transfer into Level 3		46	72	66
Transfer out of Level 3		(97)	(88)	(352)
Sale of annuity business	$ (2,719)
Financial assets, ending balance		$ 1,230	1,102	926
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
Fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		$ 664	600	538
Total realized/unrealized gains (losses) included in Net earnings		(4)	0	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		11	(53)	(5)
Purchases and issuances		147	223	344
Sales and settlements		(70)	(93)	(210)
Transfer into Level 3		46	68	33
Transfer out of Level 3		(58)	(81)	(97)
Sale of annuity business	0
Financial assets, ending balance		736	664	600
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		5	41	39
Total realized/unrealized gains (losses) included in Net earnings		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	(3)	0
Purchases and issuances		0	0	0
Sales and settlements		(1)	(1)	(4)
Transfer into Level 3		1	4	8
Transfer out of Level 3		(3)	(36)	(2)
Sale of annuity business	0
Financial assets, ending balance		2	5	41
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		9	14	38
Total realized/unrealized gains (losses) included in Net earnings		1	0	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(1)	(1)	0
Purchases and issuances		0	0	6
Sales and settlements		(3)	(1)	(3)
Transfer into Level 3		5	7	6
Transfer out of Level 3		(9)	(10)	(29)
Sale of annuity business	0
Financial assets, ending balance		2	9	14
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		0	0	2
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	(2)
Sale of annuity business	0
Financial assets, ending balance		0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		2	0	16
Total realized/unrealized gains (losses) included in Net earnings		(2)	0	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		1	0	0
Purchases and issuances		0	0	0
Sales and settlements		0	0	(2)
Transfer into Level 3		1	2	0
Transfer out of Level 3		(1)	0	(15)
Sale of annuity business	0
Financial assets, ending balance		1	2	0
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		329	278	305
Total realized/unrealized gains (losses) included in Net earnings		1	1	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		6	(27)	0
Purchases and issuances		55	94	154
Sales and settlements		(39)	(52)	(156)
Transfer into Level 3		31	35	14
Transfer out of Level 3		(32)	0	(40)
Sale of annuity business	0
Financial assets, ending balance		351	329	278
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		319	267	138
Total realized/unrealized gains (losses) included in Net earnings		(4)	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		5	(22)	(5)
Purchases and issuances		92	129	184
Sales and settlements		(27)	(39)	(45)
Transfer into Level 3		8	20	5
Transfer out of Level 3		(13)	(35)	(9)
Sale of annuity business	0
Financial assets, ending balance		380	319	267
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		427	313	176
Total realized/unrealized gains (losses) included in Net earnings		15	29	99
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		121	112	78
Sales and settlements		(39)	(24)	(28)
Transfer into Level 3		0	4	0
Transfer out of Level 3		(39)	(7)	(12)
Sale of annuity business	0
Financial assets, ending balance		485	427	313
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance		11	13	21
Total realized/unrealized gains (losses) included in Net earnings		(4)	(5)	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		2	3	5
Sales and settlements		0	0	0
Transfer into Level 3		0	0	1
Transfer out of Level 3		0	0	(14)
Sale of annuity business	0
Financial assets, ending balance		$ 9	11	13
Assets of discontinued annuity operations | Annuity subsidiaries
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, beginning balance			$ 0	2,971
Total realized/unrealized gains (losses) included in Net earnings				85
Total realized/unrealized gains (losses) included in other comprehensive income (loss)				(22)
Purchases and issuances				209
Sales and settlements				(327)
Transfer into Level 3				32
Transfer out of Level 3				(229)
Sale of annuity business	$ (2,719)
Financial assets, ending balance				$ 0

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, beginning balance		$ (25)	$ (23)	$ (3,933)
Total realized/unrealized gains (losses) included in Net earnings		23	0	(223)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	(2)	(169)
Sales and settlements		0	0	159
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		(2)	$ (25)	(23)
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		(25)	$ (23)	0
Total realized/unrealized gains (losses) included in Net earnings		23	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	(2)	(23)
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 liabilities, ending balance		$ (2)	(25)	(23)
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)
Total realized/unrealized gains (losses) included in Net earnings				(223)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)				0
Purchases and issuances				(146)
Sales and settlements				159
Transfer into Level 3				0
Transfer out of Level 3				0
Sale of annuity business	$ 4,143
Financial liabilities, ending balance				$ 0

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Mortgage loans	$ 643	$ 676
Long-term debt	1,475	1,496
Level 1
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,225	872
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	1,342	1,299
Total financial liabilities not accounted for at fair value	1,342	1,299
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	596	626
Total financial assets not accounted for at fair value	596	626
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	643	676
Total financial assets not accounted for at fair value	1,868	1,548
Long-term debt	1,475	1,496
Total financial liabilities not accounted for at fair value	1,475	1,496
Fair Value
Financial assets:
Cash and cash equivalents	1,225	872
Mortgage loans	596	626
Total financial assets not accounted for at fair value	1,821	1,498
Long-term debt	1,345	1,302
Total financial liabilities not accounted for at fair value	$ 1,345	$ 1,302

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 418	$ 396
Percentage (based on unrealized loss) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	94%
Percentage (based on fair value) of available for sale fixed maturities that are in unrealized loss position and rated investment grade	95%
Multifamily
Schedule of Investments [Line Items]
Percent of real estate-related investments by property type	92%	92%
Fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on available for sale fixed maturities	$ (470)	$ (669)
Number of fixed maturities in an unrealized loss position | security	1,450,000,000

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	$ 10,752	$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	12	11	$ 9	$ 12
Available for sale (AFS) fixed maturities	10,377	10,095
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	10,752	10,736
Fixed maturities, available for sale, allowance for expected credit losses	12	11
Gross unrealized gains on available for sale fixed maturities	107	39
Gross unrealized losses on available for sale fixed maturities	(470)	(669)
Net unrealized gain (loss) on available for sale fixed maturities	(363)	(630)
Available for sale (AFS) fixed maturities	10,377	10,095
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	243	233
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	1	0
Gross unrealized losses on available for sale fixed maturities	(8)	(14)
Net unrealized gain (loss) on available for sale fixed maturities	(7)	(14)
Available for sale (AFS) fixed maturities	236	219
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,014	1,234
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	8	3
Gross unrealized losses on available for sale fixed maturities	(38)	(51)
Net unrealized gain (loss) on available for sale fixed maturities	(30)	(48)
Available for sale (AFS) fixed maturities	984	1,186
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	236	240
Fixed maturities, available for sale, allowance for expected credit losses	0	0
Gross unrealized gains on available for sale fixed maturities	1	0
Gross unrealized losses on available for sale fixed maturities	(7)	(14)
Net unrealized gain (loss) on available for sale fixed maturities	(6)	(14)
Available for sale (AFS) fixed maturities	230	226
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,788	1,757
Fixed maturities, available for sale, allowance for expected credit losses	1	2
Gross unrealized gains on available for sale fixed maturities	26	23
Gross unrealized losses on available for sale fixed maturities	(155)	(180)
Net unrealized gain (loss) on available for sale fixed maturities	(129)	(157)
Available for sale (AFS) fixed maturities	1,658	1,598
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	75	88
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	(1)	(3)
Net unrealized gain (loss) on available for sale fixed maturities	(1)	(3)
Available for sale (AFS) fixed maturities	74	85
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	1,709	1,988
Fixed maturities, available for sale, allowance for expected credit losses	3	1
Gross unrealized gains on available for sale fixed maturities	9	1
Gross unrealized losses on available for sale fixed maturities	(28)	(67)
Net unrealized gain (loss) on available for sale fixed maturities	(19)	(66)
Available for sale (AFS) fixed maturities	1,687	1,921
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	2,477	2,435
Fixed maturities, available for sale, allowance for expected credit losses	5	7
Gross unrealized gains on available for sale fixed maturities	10	1
Gross unrealized losses on available for sale fixed maturities	(120)	(184)
Net unrealized gain (loss) on available for sale fixed maturities	(110)	(183)
Available for sale (AFS) fixed maturities	2,362	2,245
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturies, available for sale, amortized cost	3,210	2,761
Fixed maturities, available for sale, allowance for expected credit losses	3	1	$ 1	$ 2
Gross unrealized gains on available for sale fixed maturities	52	11
Gross unrealized losses on available for sale fixed maturities	(113)	(156)
Net unrealized gain (loss) on available for sale fixed maturities	(61)	(145)
Available for sale (AFS) fixed maturities	$ 3,146	$ 2,615

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,018	$ 1,010
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	512	556
Equity securities	586	553
Equity securities, fair value in excess of cost	74	(3)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	422	436
Equity securities	432	457
Equity securities, fair value in excess of cost	10	21
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	934	992
Equity securities	1,018	1,010
Equity securities, fair value in excess of cost	$ 84	$ 18

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,814	$ 1,700
Equity in earnings of partnerships and similar investments	99	267	$ 321
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,320	1,229
Equity in earnings of partnerships and similar investments	85	233	226
Private equity funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	457	438
Equity in earnings of partnerships and similar investments	9	32	100
Private debt funds
Schedule of Investments [Line Items]
Investments accounted for using the equity method	37	33
Equity in earnings of partnerships and similar investments	$ 5	$ 2	$ (5)

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (7)	$ (425)
Fair value - less than twelve months	$ 428	$ 6,540
Fair value as percentage of cost - less than twelve months	98%	94%
Unrealized loss - twelve months or more	$ (463)	$ (244)
Fair value - twelve months or more	$ 5,999	$ 2,344
Fair value as a percentage of cost - twelve months or more	93%	91%
U.S. Government and government agencies
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (4)
Fair value - less than twelve months	$ 11	$ 111
Fair value as percentage of cost - less than twelve months	100%	97%
Unrealized loss - twelve months or more	$ (8)	$ (10)
Fair value - twelve months or more	$ 191	$ 107
Fair value as a percentage of cost - twelve months or more	96%	91%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (50)
Fair value - less than twelve months	$ 76	$ 967
Fair value as percentage of cost - less than twelve months	99%	95%
Unrealized loss - twelve months or more	$ (37)	$ (1)
Fair value - twelve months or more	$ 526	$ 15
Fair value as a percentage of cost - twelve months or more	93%	94%
Foreign government
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (5)
Fair value - less than twelve months	$ 0	$ 90
Fair value as percentage of cost - less than twelve months	0%	95%
Unrealized loss - twelve months or more	$ (7)	$ (9)
Fair value - twelve months or more	$ 207	$ 134
Fair value as a percentage of cost - twelve months or more	97%	94%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (115)
Fair value - less than twelve months	$ 42	$ 1,078
Fair value as percentage of cost - less than twelve months	98%	90%
Unrealized loss - twelve months or more	$ (154)	$ (65)
Fair value - twelve months or more	$ 1,089	$ 315
Fair value as a percentage of cost - twelve months or more	88%	83%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (2)
Fair value - less than twelve months	$ 0	$ 44
Fair value as percentage of cost - less than twelve months	0%	96%
Unrealized loss - twelve months or more	$ (1)	$ (1)
Fair value - twelve months or more	$ 61	$ 33
Fair value as a percentage of cost - twelve months or more	98%	97%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (44)
Fair value - less than twelve months	$ 25	$ 1,224
Fair value as percentage of cost - less than twelve months	100%	97%
Unrealized loss - twelve months or more	$ (28)	$ (23)
Fair value - twelve months or more	$ 807	$ 587
Fair value as a percentage of cost - twelve months or more	97%	96%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (100)
Fair value - less than twelve months	$ 151	$ 1,361
Fair value as percentage of cost - less than twelve months	99%	93%
Unrealized loss - twelve months or more	$ (119)	$ (84)
Fair value - twelve months or more	$ 1,663	$ 740
Fair value as a percentage of cost - twelve months or more	93%	90%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (4)	$ (105)
Fair value - less than twelve months	$ 123	$ 1,665
Fair value as percentage of cost - less than twelve months	97%	94%
Unrealized loss - twelve months or more	$ (109)	$ (51)
Fair value - twelve months or more	$ 1,455	$ 413
Fair value as a percentage of cost - twelve months or more	93%	89%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 11	$ 9	$ 12
Provision for expected credit losses on securities with no previous allowance	9	5	1
Reductions to previously recognized expected credit losses	1	(2)	(2)
Reductions due to sales or redemptions	9	1	2
Ending balance	12	11	9
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	10	8	10
Provision for expected credit losses on securities with no previous allowance	1	4	0
Reductions to previously recognized expected credit losses	2	(2)	(2)
Reductions due to sales or redemptions	4	0	0
Ending balance	9	10	8
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	1	1	2
Provision for expected credit losses on securities with no previous allowance	8	1	1
Reductions to previously recognized expected credit losses	(1)	0	0
Reductions due to sales or redemptions	5	1	2
Ending balance	$ 3	$ 1	$ 1

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
Collateralized loan obligations and other asset-backed securities average life	3 years
Average life of MBS	6 years 6 months
Fixed maturities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 531
After one year through five years	2,744
After five years through ten years	1,147
After ten years	278
Fixed maturities amortized cost, Subtotal	4,700
Amortized cost	10,740
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	521
After one year through five years	2,663
After five years through ten years	1,143
After ten years	269
Fixed maturities fair value, Subtotal	4,596
Available for sale (AFS) fixed maturities	$ 10,377	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	5%
After one year through five years	26%
After five years through ten years	11%
After ten years	2%
Fixed maturities fair value, Subtotal, Percent	44%
Fair value, Total, Percent	100%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 4,178
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 4,049
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	39%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 1,862
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date	$ 1,732
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without a single maturity date, percent of fair value	17%

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Investment income	$ 758	$ 733	$ 742
Equity in earnings of partnerships and similar investments	99	267	321
Investment expenses	(16)	(16)	(12)
Net investment income	742	717	730
Investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	36	(2)	61
Fixed maturities | Investment income
Net Investment Income [Line Items]
Change in fair value of fixed maturities	(3)	0	0
Fixed maturities | Investment income
Net Investment Income [Line Items]
Investment income	502	376	290
Other
Net Investment Income [Line Items]
Investment income	90	53	40
Investment income | Equity securities
Net Investment Income [Line Items]
Investment income	$ 34	$ 39	$ 30

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (36)	$ (116)	$ 110
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(20)	(90)	86
Realized - impairments	(8)	(2)	1
Realized gains (losses) on securities	(28)	(92)	87
Change in unrealized	210	(633)	(88)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(25)	(113)	109
Realized - impairments	(11)	(3)	1
Realized gains (losses) on securities	(36)	(116)	110
Change in unrealized	267	(803)	(111)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(35)	(27)	(1)
Realized - impairments	(10)	(3)	1
Realized gains (losses) on securities	(45)	(30)	0
Change in unrealized	267	(803)	(111)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	10	(96)	110
Realized - impairments	0	0	0
Realized gains (losses) on securities	10	(96)	110
Change in unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	0	10	0
Realized - impairments	(1)	0	0
Realized gains (losses) on securities	(1)	10	0
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	5	23	(23)
Realized - impairments	3	1	0
Realized gains (losses) on securities	8	24	(23)
Change in unrealized	$ (57)	$ 170	$ 23

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 34	$ (90)	$ 119
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	(2)	(95)	65
Investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 36	$ 5	$ 54

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross realized gains and losses on the sale of available for sale fixed maturity security investments
Gross gains	$ 5	$ 3	$ 7
Gross losses	$ (38)	$ (18)	$ (1)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) swap	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps entered into during the period | swap	6
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.	$ (20)
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(26)	$ 0	$ 14
Designated as hedging instrument | Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	(26)	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	(26)	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	1,300	1,250
Receivable for collateral posted related to swaps	48	62
Total return swap | 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
Payable to return collateral related to swaps	5
New interest rate swaps entered during the period | Cash flow hedging | Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 230

Derivatives - Derivatives inclu

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 87	$ 40
Derivative liability	22	42
Interest rate swaps | Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	1	0
Derivative liability	$ 22	$ 37
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Fixed maturities with embedded derivatives | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 81	$ 40
Derivative liability	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities	Available for sale (AFS) fixed maturities
Total return swap | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative asset	$ 5	$ 0
Derivative liability	$ 0	$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		$ 7	$ (17)	$ 14
Annuity subsidiaries
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 0	0		20
Continuing operations
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		7	(17)	(6)
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
Fixed maturities with embedded derivatives | Continuing operations | Realized gains (losses) on securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(2)	(12)	(6)
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	0	0
Fixed maturities with embedded derivatives | Continuing operations | Investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings		(4)	0	0
Cash flow hedges - gains (losses) reclassified from AOCI to 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	0	0		(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		13	(5)	0
Cash flow hedges - gains (losses) reclassified from AOCI to net earnings		0	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	0	0		(222)
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	0	0		237
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	0	0		5
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	0	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		(26)	0	14
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	0	0		14
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		(26)	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	0	0		14
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		(26)	$ 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 | 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, 2023 USD ($) collateralized_loan_obligation	Dec. 31, 2022 USD ($) collateralized_loan_obligation	Dec. 31, 2021 USD ($) collateralized_loan_obligation
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum	9%
Percentage of investment of most subordinate debt tranche, Maximum	100%
Number of collateralized loan obligation entities | collateralized_loan_obligation	12
Number of CLOs formed during the period | collateralized_loan_obligation	1	2	1
Number of CLOs substantially liquidated during the period | collateralized_loan_obligation	4
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments	$ 109	$ 339
Difference between aggregate unpaid principal balance and fair value of CLOs' debt	253	413
Carrying amount of CLO loans in default	7	4
Aggregate unpaid principal balance of CLO loans in default	13	17
Available for sale (AFS) fixed maturities	10,377	10,095
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	407	754	$ 408
Face amount of managed investment entities liabilities purchased by subsidiaries at issuance date	16	48	$ 14
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	177
New collateralized loan obligation, temporary warehousing entities
Variable Interest Entity [Line Items]
Aggregate fair value of investment in temporary warehousing entities of collateralized loan obligations	38	3
Subordinated debt obligations | Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Aggregate fair value of investment in collateralized loan obligations	106
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	1,687	1,921
Collateralized loan obligations | Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities	$ 1,690	$ 1,920

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	$ 177
Investment in CLO tranches, ending balance	177
Continuing operations
Variable Interest Entity [Line Items]
Investment in CLO tranches, beginning balance	137	$ 112	$ 76	$ 57
Face amount of managed investment entities liabilities purchased during the period	32	66	21
Sales of managed investment entities liabilities	0	0	0
Distributions from managed investment entities liabilities	(34)	(18)	(22)
Mark-to-market of ownership of managed investment entities liabilities	27	(11)	20
Change in accrued interest of ownership of managed investment entities liabilities	0	(1)	0
Investment in CLO tranches, ending balance	$ 137	$ 112	$ 76

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 144	$ (267)	$ 69
Liabilities	(117)	236	(59)
Management fees paid to AFG	16	17	16
CLO earnings (losses) attributable to AFG Shareholders	27	(10)	40
Variable interest entity, primary beneficiary | Continuing operations
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG Shareholders	27	(10)	20
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	$ 0	$ 20

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, impairment loss		$ (26)
Amortizable intangible assets related to acquisitions	$ 213		$ 213	$ 108
Accumulated amortization	39		39	24
Amortization of intangible assets			$ 15	$ 11	$ 6
Weighted average useful life of finite-lived intangible assets acquired			6 years
Future amortization of intangibles in next year	20		$ 20
Future amortization of intangibles in year two	19		19
Future amortization of intangibles in year three	19		19
Future amortization of intangibles in year four	20		20
Future amortization of intangibles in year five	17		17
Future amortization of intangibles after year five	118		$ 118
Verikai, Inc.
Goodwill [Line Items]
Goodwill, impairment loss	$ (26)

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Changes in the carrying value of goodwill (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Jul. 03, 2023	Dec. 06, 2021	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2021
Goodwill [Line Items]
Goodwill, beginning balance					$ 246	$ 176
Goodwill, impairment loss				$ (26)
Goodwill, ending balance			$ 305		305	246
Verikai, Inc.
Goodwill [Line Items]
Goodwill, impairment loss			$ (26)
Verikai, Inc.
Goodwill [Line Items]
Goodwill acquired during period		$ 70				$ 70
Crop Risk Services
Goodwill [Line Items]
Goodwill acquired during period	$ 85				$ 85

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	7 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 03, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt in next year		$ 0	$ 0
Scheduled principal payments on debt in year two		0	0
Scheduled principal payments on debt in year three		0	0
Scheduled principal payments on debt in year four		0	0
Scheduled principal payments on debt in year five		0	0
Scheduled principal payments on debt after year five		$ 1,500,000,000	1,500,000,000
Repayments of long-term debt			21,000,000	$ 477,000,000	$ 0
Cash interest payments on long-term debt			74,000,000	89,000,000	92,000,000
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Repayments of long-term debt			21,000,000	477,000,000	$ 0
Revolving credit facility term		5 years
Revolving credit line		$ 450,000,000	450,000,000
Amount borrowed under AFG revolving credit facility		$ 0	0	0
SOFR | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.25%
SOFR | AFG | Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1%
SOFR | AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility		1.75%
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed		$ 15,000,000	$ 15,000,000	$ 8,000,000
Interest rate on debt instruments		4.50%	4.50%	4.50%
Debt instrument, repurchase amount		$ 13,000,000	$ 13,000,000	$ 6,000,000
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed		$ 8,000,000	$ 8,000,000	$ 39,000,000
Interest rate on debt instruments		5.25%	5.25%	5.25%
Debt instrument, repurchase amount		$ 8,000,000	$ 8,000,000	$ 38,000,000
Senior Notes | 3.50% Senior Notes due August 2026
Long-term Debt, Fiscal Year Maturity [Abstract]
Gain (loss) on retirement of debt	$ 6,000,000
Senior Notes | 3.50% Senior Notes due August 2026 | AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Senior Notes, amount of the original debt instrument that was redeemed				$ 49,000,000		$ 376,000,000
Interest rate on debt instruments				3.50%
Debt instrument, repurchase amount				$ 51,000,000
Repayments of long-term debt	$ 382,000,000

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Summary of Carrying value of long-term debt
Principal	$ 1,498	$ 1,521
Discount and Issue Costs	(23)	(25)
Carrying Value	1,475	1,496
AFG
Summary of Carrying value of long-term debt
Carrying Value	1,475	1,496
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	823	846
Discount and Issue Costs	(5)	(6)
Carrying Value	818	840
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Summary of Carrying value of long-term debt
Principal	567	582
Discount and Issue Costs	(1)	(1)
Carrying Value	$ 566	$ 581
Interest rate on debt instruments	4.50%	4.50%
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Summary of Carrying value of long-term debt
Principal	$ 253	$ 261
Discount and Issue Costs	(4)	(5)
Carrying Value	$ 249	$ 256
Interest rate on debt instruments	5.25%	5.25%
Senior Notes | Other | AFG
Summary of Carrying value of long-term debt
Principal	$ 3	$ 3
Discount and Issue Costs	0	0
Carrying Value	3	3
Subordinated Debentures | AFG
Summary of Carrying value of long-term debt
Principal	675	675
Discount and Issue Costs	(18)	(19)
Carrying Value	657	656
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Summary of Carrying value of long-term debt
Principal	200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Interest rate on debt instruments	4.50%
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(6)
Carrying Value	$ 195	194
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	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Interest rate on debt instruments	5.625%
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121
Interest rate on debt instruments	5.875%

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022
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
Operating lease, renewal term	10 years

Leases - Right-of-use asset and

Leases - Right-of-use asset and lease liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 176	$ 103
Operating lease liability	$ 198	$ 116

Leases - Lease activity (Detail

Leases - Lease activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense included in other expenses	$ 36	$ 36	$ 41
Sublease income	0	(2)	(2)
Total lease expense, net of sublease income	$ 36	$ 34	$ 39

Leases - Other operating lease

Leases - Other operating lease liability information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for lease liabilities reported in operating cash flows	$ 38	$ 38	$ 43
Right-of-use assets obtained under new leases	$ 102	$ 11	$ 10

Leases - Undiscounted contractu

Leases - Undiscounted contractual maturities of operating lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease payments due in 2024	$ 37
Lease payments due in 2025	30
Lease payments due in 2026	26
Lease payments due in 2027	24
Lease payments due in 2028	20
Lease payments due thereafter	150
Total lease payments	287
Less: future lease payments impact of discounting	(89)
Operating lease liability	$ 198	$ 116

Leases - Schedule of weighted-a

Leases - Schedule of weighted-average remaing lease term and weighted-average discount rate (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	13 years 7 months 6 days
Weighted-average discount rate	5.10%

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Dec. 31, 2023 $ / 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 8,000,000	$ 18,000,000	$ 88,000,000
Cash received from the exercise of stock options	4,000,000	7,000,000	58,000,000
Tax benefit related to exercise of stock options	1,000,000	3,000,000	14,000,000
Total compensation expense related to stock incentive plans	18,000,000	19,000,000	16,000,000
Tax benefit related to compensation costs	$ 6,000,000	8,000,000	19,000,000
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)	2,100,000
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	$ 25,000,000	$ 23,000,000	$ 28,000,000
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	$ 32,000,000
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, 2023 $ / 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, 2023 | shares	615,867
Granted | shares	165,513
Vested | shares	(189,606)
Forfeited | shares	(18,882)
Outstanding at December 31, 2023 | shares	572,892
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	$ 111.97
Average grant date fair value, Granted | $ / shares	130.52
Average grant date fair value, Vested | $ / shares	101.86
Average grant date fair value, Forfeited | $ / shares	123.65
Average grant date fair value, Outstanding, Ending balance | $ / shares	$ 120.28

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, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2023 | shares	243,604
Exercised | shares	(96,953)
Forfeited/Cancelled | shares	0
Outstanding at December 31, 2023 | shares	146,651
Options exercisable at December 31, 2023 | shares	146,651
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Average exercise price, Beginning balance | $ / shares	$ 44.75
Average exercise price, Exercised | $ / shares	42.46
Average exercise price, Forfeited/Cancelled | $ / shares	0
Average exercise price, Ending balance | $ / shares	46.26
Average exercise price, Options exercisable | $ / shares	$ 46.26
Average remaining contractual term, Options outstanding	8 months 12 days
Average remaining contractual term, Options exercisable	8 months 12 days
Aggregate intrinsic value, Options outstanding | $	$ 11
Aggregate intrinsic value, Options exercisable | $	$ 11

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ (543)
Other comprehensive income (loss), pretax	283	$ (839)	$ (1,460)
Other comprehensive income (loss), tax	(59)	177	306
Other comprehensive income (loss)	224	(662)	(1,154)
AOCI ending balance	(319)	(543)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	224	(821)	(275)
Unrealized holding gains (losses) on securities arising during the period, tax	(48)	174	57
Unrealized holding gains (losses) on securities arising during the period, after tax	(176)	647	218
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	43	18	(22)
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(9)	(4)	5
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	34	14	(17)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, pretax			(1,119)
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, tax			235
Reclassification adjustment for unrealized gains (losses) on securities of subsidiaries sold, after tax	0	0	(884)
Total net unrealized gains (losses) on securities, pretax	267	(803)	(1,416)
Total net unrealized gains (losses) on securities, tax	(57)	170	297
Total net unrealized gains (losses) on securities	210	(633)	(1,119)
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(11)	(37)	(1)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	2	8	0
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(9)	(29)	(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations, pretax	26	0	(14)
Reclassification adjustment for investment income included in net earnings from discontinued operations, tax	(5)	0	3
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	21	0	(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, pretax			(37)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, tax			8
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold, after tax	0	0	(29)
Total net unrealized gains (losses) on cash flow hedges, pretax	15	(37)	(52)
Total net unrealized gains (losses) on cash flow hedges, tax	(3)	8	11
Total net unrealized gains (losses) on cash flow hedges	12	(29)	(41)
Foreign currency translation adjustments, pretax	2	(1)	(2)
Foreign currency translation adjustments, tax	1	(1)	0
Foreign currency translation adjustments	3	(2)	(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, pretax			(1)
Unrealized holding gains (losses) on pension and OPRP arising during the period, tax			0
Unrealized holding gains (losses) on pension and OPRP arising during the period, after tax	(1)	2	(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings, pretax			11
Reclassification adjustment for pension settlement loss included in other expense in net earnings, tax			(2)
Reclassification adjustment for pension settlement loss included in net earnings	0	0	9
Total pension and OPRP adjustments, pretax	(1)	2	10
Total pension and OPRP adjustments, tax	0	0	(2)
Total pension and OPRP adjustments	(1)	2	8
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(497)	136	1,255
AOCI ending balance	(287)	(497)	136
Accumulated net gain (loss) on cash flow hedges attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(29)	0	41
AOCI ending balance	(17)	(29)	0
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(20)	(18)	(16)
AOCI ending balance	(17)	(20)	(18)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	3	1	(7)
AOCI ending balance	2	3	1
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(543)	119	1,273
Other comprehensive income (loss)	224	(662)	(1,154)
AOCI ending balance	$ (319)	$ (543)	$ 119

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 GBP (£)
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21%	21%	21%
Income (losses) subject to tax in foreign jurisdictions	$ 32	$ 64	$ 33
Amount of expense for penalties related to a tax position	0	0	0
Cash payments for income taxes	201	242	212
AFG
Income Tax Reconciliation [Line Items]
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	$ 1
Interest on income taxes accrued	1	$ 1
United Kingdom
Income Tax Reconciliation [Line Items]
Operating loss carryforwards	$ 38			£ 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations before income taxes (“EBT”)	$ 1,073	$ 1,123	$ 1,335
Income taxes at statutory rate	225	236	280
Effect of employee stock ownership plan dividend paid deduction	(5)	(8)	(16)
Effect of tax exempt interest	(5)	(6)	(8)
Effect of adjustments to prior year taxes	(5)	(3)	(1)
Effect of stock-based compensation	(2)	(5)	(13)
Effect of change in valuation allowance (excluding change in tax rate)	(2)	(9)	(4)
Effect of dividends received deduction	(2)	(2)	(2)
Effect of nondeductible expenses	11	8	8
Effect of foreign operations	6	7	0
Effect of other income tax reconciliation	0	7	10
Provision for income taxes as shown in the Statement of Earnings	$ 221	$ 225	$ 254
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 tax exempt interest as a percentage of EBT	(1.00%)	(1.00%)	(1.00%)
Effect of prior year income taxes as a percentage of EBT	0%	0%	0%
Effect of stock-based compensation as a percentage of EBT	0%	0%	(1.00%)
Effect of change in valuation allowance (excluding change in tax rate) as a percentage of EBT	0%	(1.00%)	0%
Effect of dividend received deduction as a percentage of EBT	0%	0%	0%
Effect of nondeductible expenses as a percentage of EBT	1%	1%	1%
Effect of foreign operations as a percentage of EBT	1%	1%	0%
Effect of other income tax reconciliation as a percentage of EBT	0%	0%	0%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	21%	20%	19%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current taxes:
Federal	$ 176	$ 192	$ 162
State	9	10	7
Foreign	(1)	1	1
Deferred taxes:
Federal	37	22	84
Provision for income taxes as shown in the Statement of Earnings	$ 221	$ 225	$ 254

Income Taxes - Operating and ca

Income Taxes - Operating and capital loss carryforwards available (Details) - Dec. 31, 2023 £ in Millions, $ in Millions	USD ($)	GBP (£)
U.S. | Expiring 2024 - 2041
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 10
United Kingdom
Operating and capital loss carryforwards [Line Items]
Operating loss carryforwards	$ 38	£ 30

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal net operating loss carryforwards	$ 2	$ 2
Foreign underwriting losses	10	10
Insurance claims and reserves	269	255
Employee benefits	111	108
Other, net	25	24
Total deferred tax assets before valuation allowance	417	399
Valuation allowance against deferred tax assets	(14)	(16)
Total deferred tax assets	403	383
Deferred tax liabilities:
Investment securities	(177)	(52)
Deferred policy acquisition costs	(70)	(66)
Insurance claims and reserves transition liability	(8)	(12)
Real estate, property and equipment	(12)	(23)
Total deferred tax liabilities	(267)	(153)
Net deferred tax asset	$ 136	$ 230

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 4,288	$ 3,767	$ 3,419	$ 3,117
Property and Casualty Group
Loss Contingencies [Line Items]
Liability for asbestos and environmental reserves	498
American Premier and its subsidiaries
Loss Contingencies [Line Items]
Liability for environmental and other claims	94
GAFRI
Loss Contingencies [Line Items]
Liability for environmental and other claims	7
A&E reserves | Property and Casualty Group
Loss Contingencies [Line Items]
Reinsurance recoverables on asbestos and environmental reserves, net of allowance	$ 128

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Insurance [Line Items]
Carrying value of cash and securities owned by U.S.-based insurance subsidiaries on deposit	$ 1,220
Workers' compensation insurance discount rate	4.50%	3.50%
Amortization of deferred policy acquisition costs	$ 720	$ 641	$ 580
Dividends on common stock	687	1,220	$ 2,380
Dividends payments without violating the most restrictive debt covenants, minimum	1,500
Maximum
Insurance [Line Items]
Maximum amount of dividends available to be paid by insurance subsidiaries to AFG without prior approval of regulatory authorities	$ 944
Catastrophe Bonds
Insurance [Line Items]
Catastrophe reinsurance coverage, excess retention percentage	94%
Reinsurance, excess retention, amount reinsured, per event	$ 323
Reinsurance, amount retained, per event	127
Catastrophe reinsurance coverage, annual cost	16
Workers' Compensation Insurance
Insurance [Line Items]
Impact of discount on workers' compensation policies	$ 9
Impact of discount on workers' compensation policies, prior year amount		$ 9

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of period	$ 11,974	$ 11,074	$ 10,392
Less reinsurance recoverables, net of allowance	4,288	3,767	3,419	$ 3,117
Net liability at beginning of period	8,207	7,655	7,275
Provision for losses and LAE occurring in the current year	4,256	3,914	3,436
Net increase (decrease) in the provision for claims of prior years:
Total losses and LAE incurred	4,033	3,629	3,157
Payments for losses and LAE of:
Current year	(1,261)	(1,212)	(1,024)
Prior years	(2,181)	(1,870)	(1,753)
Total payments	(3,442)	(3,082)	(2,777)
Foreign currency translation and other	1	5	0
Net liability at end of period	8,799	8,207	7,655
Add back reinsurance recoverables, net of allowance	4,288	3,767	3,419
Gross unpaid losses and LAE included in the balance sheet	13,087	11,974	11,074
Net decrease in the provision for claims of prior years
Net increase (decrease) in the provision for claims of prior years:
Prior year claims and claims adjustment expense	$ (223)	$ (285)	$ (279)

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Total reserves, net of reinsurance	$ 8,799	$ 8,207	$ 7,655	$ 7,275
Reinsurance recoverables, net of allowance	4,288	3,767	3,419	3,117
Gross unpaid losses and LAE included in the balance sheet	13,087	$ 11,974	$ 11,074	$ 10,392
Property and casualty insurance
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Specialty unpaid losses and LAE, net of reinsurance	7,528
Other unpaid losses and LAE, net of reinsurance	1,271
Unallocated LAE	448
Total reserves, net of reinsurance	8,799
Reinsurance recoverables, net of allowance	4,288
Gross unpaid losses and LAE included in the balance sheet	13,087
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	396
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	370
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	57
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	1,636
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	4,984
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	328
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	$ 580

Insurance - Short-duration insu

Insurance - Short-duration insurance contracts, claims development (Details) - Property and casualty insurance $ in Millions	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)	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 ($)	Dec. 31, 2014 USD ($)
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 25,304
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	18,181
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	405
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	7,528
Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,957	$ 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	$ 36
Cumulative Number of Reported Claims | claim	220,128
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,893	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	96.70%
Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,991	1,998	2,003	2,013	2,022	2,038	2,041	2,047	2,114
Total IBNR Plus Expected Development on Reported Claims	$ 45
Cumulative Number of Reported Claims | claim	231,168
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,909	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	95.90%
Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,974	1,986	2,004	2,034	2,060	2,082	2,083	2,117
Total IBNR Plus Expected Development on Reported Claims	$ 80
Cumulative Number of Reported Claims | claim	223,280
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,848	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	93.60%
Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,266	2,256	2,269	2,301	2,329	2,348	2,375
Total IBNR Plus Expected Development on Reported Claims	$ 134
Cumulative Number of Reported Claims | claim	247,224
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,030	1,953	1,844	1,736	1,524	1,250	709
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	89.60%
Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,449	2,452	2,439	2,499	2,516	2,507
Total IBNR Plus Expected Development on Reported Claims	$ 211
Cumulative Number of Reported Claims | claim	236,982
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,099	1,977	1,807	1,606	1,337	730
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.70%
Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,642	2,632	2,672	2,674	2,721
Total IBNR Plus Expected Development on Reported Claims	$ 286
Cumulative Number of Reported Claims | claim	255,871
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 2,160	1,983	1,768	1,448	847
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	81.80%
Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,500	2,546	2,635	2,748
Total IBNR Plus Expected Development on Reported Claims	$ 406
Cumulative Number of Reported Claims | claim	205,973
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,842	1,620	1,337	758
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	73.70%
Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 2,689	2,754	2,861
Total IBNR Plus Expected Development on Reported Claims	$ 660
Cumulative Number of Reported Claims | claim	206,733
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,687	1,368	746
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	62.70%
Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,205	3,270
Total IBNR Plus Expected Development on Reported Claims	$ 1,000
Cumulative Number of Reported Claims | claim	216,920
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,724	904
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	53.80%
Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 3,631
Total IBNR Plus Expected Development on Reported Claims	$ 1,731
Cumulative Number of Reported Claims | claim	201,558
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 989
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	27.20%
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)	$ 7,123
Property and transportation
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	9,770
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	8,160
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	26
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	1,636
Property and transportation | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	800	800	802	804	808	815	820	817	828	844
Total IBNR Plus Expected Development on Reported Claims	$ 5
Cumulative Number of Reported Claims | claim	133,284
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 793	792	791	789	783	770	744	693	632	329
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99.10%
Property and transportation | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 769	769	768	772	777	777	779	784	818
Total IBNR Plus Expected Development on Reported Claims	$ 4
Cumulative Number of Reported Claims | claim	135,083
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 761	755	750	744	736	707	667	582	359
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	99%
Property and transportation | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 689	689	688	694	706	714	716	746
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	121,400
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 672	665	656	640	618	577	521	294
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.50%
Property and transportation | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 820	820	816	823	843	847	889
Total IBNR Plus Expected Development on Reported Claims	$ 11
Cumulative Number of Reported Claims | claim	140,998
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 794	783	755	735	696	640	379
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	96.80%
Property and transportation | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 876	882	876	886	902	932
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	130,721
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 838	824	781	738	676	396
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	95.70%
Property and transportation | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,057	1,055	1,051	1,058	1,111
Total IBNR Plus Expected Development on Reported Claims	$ 26
Cumulative Number of Reported Claims | claim	154,248
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 998	959	904	823	527
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.40%
Property and transportation | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 949	957	974	1,043
Total IBNR Plus Expected Development on Reported Claims	$ 39
Cumulative Number of Reported Claims | claim	122,112
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 857	804	726	461
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.30%
Property and transportation | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,022	1,023	1,119
Total IBNR Plus Expected Development on Reported Claims	$ 69
Cumulative Number of Reported Claims | claim	123,416
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 867	767	449
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	84.80%
Property and transportation | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,316	1,393
Total IBNR Plus Expected Development on Reported Claims	$ 157
Cumulative Number of Reported Claims | claim	136,540
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 1,018	587
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	77.40%
Property and transportation | Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,472
Total IBNR Plus Expected Development on Reported Claims	$ 432
Cumulative Number of Reported Claims | claim	127,664
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 562
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	38.20%
Property and transportation | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 1,610
Specialty casualty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	12,401
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	7,771
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	354
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	4,984
Specialty casualty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	951	955	950	952	967	982	1,006	1,008	1,008	1,035
Total IBNR Plus Expected Development on Reported Claims	$ 28
Cumulative Number of Reported Claims | claim	57,373
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 899	881	862	829	801	755	680	574	412	190
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	94.50%
Specialty casualty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,002	1,007	1,015	1,021	1,024	1,042	1,041	1,043	1,081
Total IBNR Plus Expected Development on Reported Claims	$ 36
Cumulative Number of Reported Claims | claim	58,456
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 934	913	888	844	792	702	577	411	178
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.20%
Specialty casualty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,036	1,046	1,069	1,090	1,101	1,116	1,122	1,131
Total IBNR Plus Expected Development on Reported Claims	$ 63
Cumulative Number of Reported Claims | claim	56,695
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 938	906	870	806	713	584	418	186
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	90.50%
Specialty casualty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,139	1,139	1,162	1,189	1,204	1,221	1,211
Total IBNR Plus Expected Development on Reported Claims	$ 110
Cumulative Number of Reported Claims | claim	57,386
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 959	902	833	755	612	422	200
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	84.20%
Specialty casualty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,264	1,269	1,262	1,302	1,307	1,277
Total IBNR Plus Expected Development on Reported Claims	$ 169
Cumulative Number of Reported Claims | claim	59,456
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 991	901	794	649	475	210
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	78.40%
Specialty casualty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,284	1,280	1,322	1,311	1,308
Total IBNR Plus Expected Development on Reported Claims	$ 230
Cumulative Number of Reported Claims | claim	59,684
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 913	795	651	455	212
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	71.10%
Specialty casualty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,232	1,258	1,329	1,352
Total IBNR Plus Expected Development on Reported Claims	$ 313
Cumulative Number of Reported Claims | claim	54,129
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 757	613	446	188
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	61.40%
Specialty casualty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,342	1,389	1,384
Total IBNR Plus Expected Development on Reported Claims	$ 497
Cumulative Number of Reported Claims | claim	55,962
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 625	438	191
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	46.60%
Specialty casualty | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,503	1,475
Total IBNR Plus Expected Development on Reported Claims	$ 697
Cumulative Number of Reported Claims | claim	56,742
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 507	198
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	33.70%
Specialty casualty | Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 1,648
Total IBNR Plus Expected Development on Reported Claims	$ 1,035
Cumulative Number of Reported Claims | claim	53,352
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 248
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	15%
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)	$ 4,630
Specialty financial
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,953
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	1,625
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	0
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	328
Specialty financial | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	134	135	136	137	142	147	153	156	157	146
Total IBNR Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims | claim	29,471
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 141	141	140	141	139	137	128	125	109	62
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	105.20%
Specialty financial | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 133	135	136	138	145	153	158	160	156
Total IBNR Plus Expected Development on Reported Claims	$ 0
Cumulative Number of Reported Claims | claim	37,629
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 133	134	134	134	132	133	129	110	72
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	100%
Specialty financial | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 172	173	170	174	182	187	184	179
Total IBNR Plus Expected Development on Reported Claims	$ 1
Cumulative Number of Reported Claims | claim	45,185
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 172	171	164	163	161	158	141	88
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	100%
Specialty financial | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 210	202	203	208	212	215	212
Total IBNR Plus Expected Development on Reported Claims	$ 5
Cumulative Number of Reported Claims | claim	48,840
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 194	192	193	194	186	169	120
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	92.40%
Specialty financial | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 198	201	207	219	217	212
Total IBNR Plus Expected Development on Reported Claims	$ 6
Cumulative Number of Reported Claims | claim	46,805
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 193	192	188	187	163	112
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	97.50%
Specialty financial | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 182	186	191	198	194
Total IBNR Plus Expected Development on Reported Claims	$ 9
Cumulative Number of Reported Claims | claim	41,939
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 170	168	164	146	99
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.40%
Specialty financial | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 193	202	215	231
Total IBNR Plus Expected Development on Reported Claims	$ 15
Cumulative Number of Reported Claims | claim	29,732
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 162	159	144	100
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	83.90%
Specialty financial | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 187	201	223
Total IBNR Plus Expected Development on Reported Claims	$ 25
Cumulative Number of Reported Claims | claim	27,355
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 146	136	98
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	78.10%
Specialty financial | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 234	243
Total IBNR Plus Expected Development on Reported Claims	$ 54
Cumulative Number of Reported Claims | claim	23,638
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 164	108
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	70.10%
Specialty financial | Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 310
Total IBNR Plus Expected Development on Reported Claims	$ 127
Cumulative Number of Reported Claims | claim	20,542
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 150
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	48.40%
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)	$ 328
Other specialty
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	1,180
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	625
Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)	25
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	580
Other specialty | Accident Year 2014
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	72	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	$ 60	56	54	53	50	43	36	30	21	$ 13
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	83.30%
Other specialty | Accident Year 2015
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 87	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	$ 81	76	75	69	62	50	31	26	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	93.10%
Other specialty | Accident Year 2016
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 77	78	77	76	71	65	61	61
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 66	64	60	53	47	31	19	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.70%
Other specialty | Accident Year 2017
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 97	95	88	81	70	65	63
Total IBNR Plus Expected Development on Reported Claims	$ 8
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 83	76	63	52	30	19	$ 10
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	85.60%
Other specialty | Accident Year 2018
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 111	100	94	92	90	86
Total IBNR Plus Expected Development on Reported Claims	$ 21
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 77	60	44	32	23	$ 12
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	69.40%
Other specialty | Accident Year 2019
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 119	111	108	107	108
Total IBNR Plus Expected Development on Reported Claims	$ 21
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 79	61	49	24	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	66.40%
Other specialty | Accident year 2020
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 126	129	117	122
Total IBNR Plus Expected Development on Reported Claims	$ 39
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 66	44	21	$ 9
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	52.40%
Other specialty | Accident Year 2021
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 138	141	135
Total IBNR Plus Expected Development on Reported Claims	$ 69
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 49	27	$ 8
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	35.50%
Other specialty | Accident Year 2022
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 152	159
Total IBNR Plus Expected Development on Reported Claims	$ 92
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 35	$ 11
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	23%
Other specialty | Accident Year 2023
Claims Development [Line Items]
Incurred Claims and Allocated LAE, Net of Reinsurance	$ 201
Total IBNR Plus Expected Development on Reported Claims	$ 137
Cumulative Number of Reported Claims | claim	0
Cumulative Paid Claims and Allocated LAE, Net of Reinsurance	$ 29
Cumulative Percentage Paid of Incurred Claims and Allocated LAE, Net of Reinsurance	14.40%
Other specialty | Excludes short-duration insurance contracts detail for accident years not separately presented
Claims Development [Line Items]
Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)	$ 555

Insurance - Short-duration in_2

Insurance - Short-duration insurance contracts, historical claims duration (Details) - Property and casualty insurance	Dec. 31, 2023
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	29.70%
Year 2	25%
Year 3	12.20%
Year 4	8.90%
Year 5	6.20%
Year 6	4.20%
Year 7	2.80%
Year 8	1.80%
Year 9	1.40%
Year 10	1.20%
Year 1, Cumulative	29.70%
Year 2, Cumulative	54.70%
Year 3, Cumulative	66.90%
Year 4, Cumulative	75.80%
Year 5, Cumulative	82%
Year 6, Cumulative	86.20%
Year 7, Cumulative	89%
Year 8, Cumulative	90.80%
Year 9, Cumulative	92.20%
Year 10, Cumulative	93.40%
Property and transportation
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	44.70%
Year 2	31.50%
Year 3	8.30%
Year 4	5.40%
Year 5	3.50%
Year 6	2%
Year 7	1%
Year 8	0.60%
Year 9	0.50%
Year 10	0.10%
Year 1, Cumulative	44.70%
Year 2, Cumulative	76.20%
Year 3, Cumulative	84.50%
Year 4, Cumulative	89.90%
Year 5, Cumulative	93.40%
Year 6, Cumulative	95.40%
Year 7, Cumulative	96.40%
Year 8, Cumulative	97%
Year 9, Cumulative	97.50%
Year 10, Cumulative	97.60%
Specialty casualty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	16.40%
Year 2	20.90%
Year 3	15.40%
Year 4	11.90%
Year 5	8.40%
Year 6	5.90%
Year 7	4%
Year 8	3%
Year 9	2%
Year 10	1.90%
Year 1, Cumulative	16.40%
Year 2, Cumulative	37.30%
Year 3, Cumulative	52.70%
Year 4, Cumulative	64.60%
Year 5, Cumulative	73%
Year 6, Cumulative	78.90%
Year 7, Cumulative	82.90%
Year 8, Cumulative	85.90%
Year 9, Cumulative	87.90%
Year 10, Cumulative	89.80%
Specialty financial
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	51.80%
Year 2	26.30%
Year 3	9.90%
Year 4	2.20%
Year 5	1.60%
Year 6	0.70%
Year 7	1.60%
Year 8	(0.10%)
Year 9	0%
Year 10	0%
Year 1, Cumulative	51.80%
Year 2, Cumulative	78.10%
Year 3, Cumulative	88%
Year 4, Cumulative	90.20%
Year 5, Cumulative	91.80%
Year 6, Cumulative	92.50%
Year 7, Cumulative	94.10%
Year 8, Cumulative	94%
Year 9, Cumulative	94%
Year 10, Cumulative	94%
Other specialty
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance [Line Items]
Year 1	10.50%
Year 2	12.60%
Year 3	13.60%
Year 4	16%
Year 5	12%
Year 6	11.10%
Year 7	5.90%
Year 8	1.70%
Year 9	4.30%
Year 10	5.60%
Year 1, Cumulative	10.50%
Year 2, Cumulative	23.10%
Year 3, Cumulative	36.70%
Year 4, Cumulative	52.70%
Year 5, Cumulative	64.70%
Year 6, Cumulative	75.80%
Year 7, Cumulative	81.70%
Year 8, Cumulative	83.40%
Year 9, Cumulative	87.70%
Year 10, Cumulative	93.30%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory information
Net Earnings	$ 1,004	$ 912	$ 1,007
Capital and Surplus	$ 4,436	$ 4,356

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Direct premiums written	$ 9,309	$ 8,774	$ 7,700
Reinsurance assumed	347	283	246
Reinsurance ceded	(2,964)	(2,851)	(2,373)
Net written premiums	6,692	6,206	5,573
Direct premiums earned	9,133	8,582	7,462
Reinsurance assumed	321	274	249
Reinsurance ceded	(2,923)	(2,771)	(2,307)
Net earned premiums	6,531	6,085	5,404
Reinsurance recoveries	$ 2,336	$ 2,065	$ 1,478

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 8	$ 6
Provision for expected credit losses	2	0	2
Write-offs charged against the allowance	0	0	0
Ending balance	10	$ 8	$ 8
Crop Risk Services
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 0

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8	$ 8	$ 10
Provision for expected credit losses	3	0	(2)
Write-offs charged against the allowance	0	0	0
Ending balance	15	$ 8	$ 8
Crop Risk Services
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 4

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commitments to fund credit facilities and limited partnerships	$ 513
Retirement and employee savings plan expense	$ 63	$ 41	$ 61

Condensed Financial Informati_2

Condensed Financial Information of Parent Company - Condensed Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 1,225	$ 872
Real estate and other investments	129	127
Other assets	1,346	1,219
Total assets	29,787	28,831
Liabilities and Equity:
Long-term debt	1,475	1,496
Other liabilities	2,023	1,696
Equity attributable to parent	4,258	4,052
Total liabilities and shareholders’ equity	29,787	28,831
AFG
Assets:
Cash and cash equivalents	268	225	$ 589	$ 215
Investment in securities	154	591
Investment in subsidiaries	5,396	4,825
Real estate and other investments	63	63
Other assets	189	132
Total assets	6,070	5,836
Liabilities and Equity:
Long-term debt	1,475	1,496
Other liabilities	337	288
Equity attributable to parent	4,258	4,052
Total liabilities and shareholders’ equity	$ 6,070	$ 5,836

Condensed Financial Informati_3

Condensed Financial Information of Parent Company - Condensed Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 7,827	$ 7,040	$ 6,552
Costs and Expenses:
Interest charges on other borrowings	76	85	94
Other expenses	305	255	264
Total costs and expenses	6,754	5,917	5,217
Earnings from continuing operations before income taxes	1,073	1,123	1,335
Provision for income taxes	221	225	254
Net Earnings	852	898	1,995
AFG
Revenues:
Dividends from subsidiaries	903	879	835
Equity in undistributed earnings of subsidiaries	308	405	1,721
Investment and other income	60	28	29
Total revenues	1,271	1,312	2,585
Costs and Expenses:
Interest charges on intercompany borrowings	8	7	7
Interest charges on other borrowings	76	85	94
Other expenses	114	97	129
Total costs and expenses	198	189	230
Earnings from continuing operations before income taxes	1,073	1,123	2,355
Provision for income taxes	221	225	360
Net Earnings	$ 852	$ 898	$ 1,995

Condensed Financial Informati_4

Condensed Financial Information of Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Other Comprehensive Income [Abstract]
Net earnings	$ 852	$ 898	$ 1,995
Comprehensive income	1,076	236	841
AFG
Statement of Other Comprehensive Income [Abstract]
Net earnings	852	898	1,995
Other comprehensive income (loss), net of tax	224	(662)	(1,154)
Comprehensive income	$ 1,076	$ 236	$ 841

Condensed Financial Informati_5

Condensed Financial Information of Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net earnings	$ 852	$ 898	$ 1,995
Adjustments:
Net cash provided by operating activities	1,970	1,153	1,714
Investing Activities:
Payments to acquire subsidiaries	(234)	(10)	(123)
Net cash provided by (used in) investing activities	414	(1,051)	(436)
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	15	16	66
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Net cash used in financing activities	(2,031)	(1,361)	(1,957)
Cash and cash equivalents, period increase (decrease)	353	(1,259)	(679)
Cash and cash equivalents at beginning of year	872
Cash and cash equivalents at end of year	1,225	872
AFG
Operating Activities:
Net earnings	852	898	1,995
Adjustments:
Equity in net earnings of subsidiaries	(967)	(1,030)	(2,144)
Dividends from subsidiaries	896	539	830
Other operating activities, net	(62)	(80)	152
Net cash provided by operating activities	719	327	833
Investing Activities:
Capital contributions to subsidiaries	(180)	(26)	(107)
Returns of capital from subsidiaries	7	29	3
Investments, property and equipment	(35)	(223)	(1,478)
Payments to acquire subsidiaries	0	0	(120)
Proceeds from maturities and redemptions of investments	255	556	277
Sales of investments, property and equipment	178	656	11
Proceeds from sales of businesses	0	0	3,581
Net cash provided by (used in) investing activities	225	992	2,167
Financing Activities:
Reductions of long-term debt	(21)	(477)	0
Issuances of Common Stock	17	18	67
Repurchases of Common Stock	(213)	(11)	(319)
Cash dividends paid on Common Stock	(684)	(1,213)	(2,374)
Net cash used in financing activities	(901)	(1,683)	(2,626)
Cash and cash equivalents, period increase (decrease)	43	(364)	374
Cash and cash equivalents at beginning of year	225	589	215
Cash and cash equivalents at end of year	$ 268	$ 225	$ 589

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	$ 309	$ 288	$ 267
Reserves for claims and unpaid losses and LAE	13,087	11,974	11,074
Unearned premiums	3,451	3,246	3,041
Net earned premiums	6,531	6,085	5,404
Net investment income	742	717	730
Claims, losses and settlement expenses	4,033	3,629	3,157
Amortization of deferred policy acquisition costs	720	641	580
Other operating expenses	2,001	1,647	1,480
Net written premiums	6,692	6,206	5,573
Property and casualty insurance
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Deferred policy acquisition costs	309	288	267
Reserves for claims and unpaid losses and LAE	13,087	11,974	11,074
Unearned premiums	3,451	3,246	3,041
Net earned premiums	6,531	6,085	5,404
Net investment income	729	683	663
Claims, losses and settlement expenses	4,017	3,629	3,157
Amortization of deferred policy acquisition costs	720	641	580
Other operating expenses	1,235	1,091	967
Net written premiums	6,692	6,206	5,573
Other
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Net investment income	13	34	67
Claims, losses and settlement expenses	16
Other operating expenses	$ 766	$ 556	$ 513