American Financial (AFG) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,931,257
Entity Central Index Key	0001042046
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,322	$ 1,225
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,586 and $10,752; allowance for expected credit losses of $25 and $12)	10,435	10,377
Fixed maturities, trading at fair value	78	57
Equity securities, at fair value	1,081	1,018
Investments accounted for using the equity method	1,911	1,814
Mortgage loans	765	643
Real estate and other investments	149	129
Total cash and investments	15,741	15,263
Recoverables from reinsurers	5,217	4,477
Prepaid reinsurance premiums	1,346	961
Agents’ balances and premiums receivable	1,995	1,471
Deferred policy acquisition costs	340	309
Assets of managed investment entities	4,332	4,484
Other receivables	1,989	1,171
Other assets	1,326	1,346
Goodwill	305	305
Total assets	32,591	29,787
Liabilities and Equity:
Unearned premiums	4,320	3,451
Payable to reinsurers	1,620	1,186
Liabilities of managed investment entities	4,168	4,307
Long-term debt	1,475	1,475
Other liabilities	2,094	2,023
Total liabilities	27,883	25,529
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 83,923,446 and 83,635,807 shares outstanding	84	84
Capital surplus	1,400	1,372
Retained earnings	3,360	3,121
Accumulated other comprehensive income (loss), net of tax	(136)	(319)
Total shareholders’ equity	4,708	4,258
Total liabilities and shareholders’ equity	32,591	29,787
Property and casualty insurance
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$ 14,206	$ 13,087	$ 12,891	$ 11,974

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 10,586	$ 10,752
Fixed maturities, available for sale, allowance for expected credit losses	$ 25	$ 12
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized (shares)	200,000,000	200,000,000
Common Stock, shares outstanding (shares)	83,923,446	83,635,807

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Property and casualty insurance net earned premiums	$ 2,055	$ 1,855	$ 5,186	$ 4,799
Net investment income	200	168	586	583
Securities	(2)	(19)	10	(67)
Subsidiary	0	(4)	0	(4)
Income of managed investment entities:
Investment income	99	105	296	321
Gain (loss) on change in fair value of assets/liabilities	(9)	16	5	12
Other income	26	43	92	100
Total revenues	2,369	2,164	6,175	5,744
Property and casualty insurance:
Commissions and other underwriting expenses	518	497	1,527	1,455
Interest charges on borrowed money	19	19	57	57
Expenses of managed investment entities	85	105	267	303
Other expenses	88	85	241	227
Total costs and expenses	2,140	1,945	5,371	5,006
Earnings before income taxes	229	219	804	738
Provision for income taxes	48	42	172	149
Net Earnings	$ 181	$ 177	$ 632	$ 589
Earnings per Common Share:
Total basic earnings (USD per share)	$ 2.16	$ 2.10	$ 7.54	$ 6.93
Total diluted earnings (USD per share)	$ 2.16	$ 2.09	$ 7.54	$ 6.93
Average number of Common Shares:
Basic (shares)	83.9	84.6	83.8	85
Diluted (shares)	83.9	84.7	83.9	85.1
Property and casualty insurance
Property and casualty insurance:
Losses and loss adjustment expenses	$ 1,430	$ 1,239	$ 3,279	$ 2,964

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 181	$ 177	$ 632	$ 589
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	178	(64)	170	(55)
Reclassification adjustment for realized (gains) losses included in net earnings	12	7	17	31
Total net unrealized gains (losses) on securities	190	(57)	187	(24)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	8	(7)	(6)	(20)
Reclassification adjustment for investment income included in net earnings	5	6	16	15
Total net unrealized gains (losses) on cash flow hedges	13	(1)	10	(5)
Foreign currency translation adjustments	(8)	(1)	(14)	2
Other comprehensive income (loss), net of tax	195	(59)	183	(27)
Comprehensive income	$ 376	$ 118	$ 815	$ 562

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income (Loss)
Beginning Balance (shares) at Dec. 31, 2022			85,204,006
Beginning Balance at Dec. 31, 2022		$ 4,052		$ 1,453	$ 3,142	$ (543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 589	589			589
Other comprehensive income		(27)				(27)
Dividends		(500)			(500)
Shares issued:
Exercise of stock options (shares)			83,631
Exercise of stock options		3		3
Restricted stock awards (shares)			165,513
Other benefit plans (shares)			71,499
Other benefit plans		9		9
Dividend reinvestment plan (shares)			14,159
Dividend reinvestment plan		2		2
Stock-based compensation expense		14		14
Shares acquired and retired (shares)			(1,329,831)
Shares acquired and retired		(153)		(24)	(129)
Shares exchanged — benefit plans (shares)			(56,629)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock (shares)			(16,638)
Ending Balance (shares) at Sep. 30, 2023			84,135,710
Ending Balance at Sep. 30, 2023		3,981		1,456	3,095	(570)
Beginning Balance (shares) at Jun. 30, 2023			84,858,528
Beginning Balance at Jun. 30, 2023		3,993		1,462	3,042	(511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 177	177			177
Other comprehensive income		(59)				(59)
Dividends		(52)			(52)
Shares issued:
Exercise of stock options (shares)			6,230
Exercise of stock options		0		0
Restricted stock awards (shares)			0
Other benefit plans (shares)			25,212
Other benefit plans		3		3
Dividend reinvestment plan (shares)			1,696
Dividend reinvestment plan		0
Stock-based compensation expense		5		5
Shares acquired and retired (shares)			(755,111)
Shares acquired and retired		(86)		(14)	(72)
Shares exchanged — benefit plans (shares)			(193)
Shares exchanged — benefit plans		0		0	0
Forfeitures of restricted stock (shares)			(652)
Ending Balance (shares) at Sep. 30, 2023			84,135,710
Ending Balance at Sep. 30, 2023		3,981		1,456	3,095	(570)
Beginning Balance (shares) at Dec. 31, 2023	83,635,807		83,635,807
Beginning Balance at Dec. 31, 2023		4,258		1,456	3,121	(319)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 632	632			632
Other comprehensive income		183				183
Dividends		(387)			(387)
Shares issued:
Exercise of stock options (shares)			110,631
Exercise of stock options		5		5
Restricted stock awards (shares)			157,681
Other benefit plans (shares)			72,074
Other benefit plans		9		9
Dividend reinvestment plan (shares)			11,910
Dividend reinvestment plan		2		2
Stock-based compensation expense		13		13
Shares acquired and retired (shares)			0
Shares acquired and retired		0		0	0
Shares exchanged — benefit plans (shares)			(53,362)
Shares exchanged — benefit plans		(7)		(1)	(6)
Forfeitures of restricted stock (shares)			(11,295)
Ending Balance (shares) at Sep. 30, 2024	83,923,446		83,923,446
Ending Balance at Sep. 30, 2024		4,708		1,484	3,360	(136)
Beginning Balance (shares) at Jun. 30, 2024			83,897,267
Beginning Balance at Jun. 30, 2024		4,384		1,476	3,239	(331)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 181	181			181
Other comprehensive income		195				195
Dividends		(59)			(59)
Shares issued:
Exercise of stock options (shares)			14,497
Exercise of stock options		1		1
Restricted stock awards (shares)			0
Other benefit plans (shares)			20,913
Other benefit plans		2		2
Dividend reinvestment plan (shares)			1,842
Dividend reinvestment plan		1		1
Stock-based compensation expense		4		4
Shares acquired and retired (shares)			0
Shares acquired and retired		0		0	0
Shares exchanged — benefit plans (shares)			(5,471)
Shares exchanged — benefit plans		(1)		0	(1)
Forfeitures of restricted stock (shares)			(5,602)
Ending Balance (shares) at Sep. 30, 2024	83,923,446		83,923,446
Ending Balance at Sep. 30, 2024		$ 4,708		$ 1,484	$ 3,360	$ (136)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (USD per share)	$ 0.71	$ 0.63	$ 4.63	$ 5.89

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net earnings	$ 632	$ 589
Adjustments:
Depreciation and amortization	60	60
Realized (gains) losses on investing activities	(10)	69
Net purchases of trading securities	(25)	(3)
Change in:
Reinsurance and other receivables	(2,470)	(1,799)
Other assets	(1)	(63)
Insurance claims and reserves	1,988	1,668
Payable to reinsurers	434	363
Other liabilities	(18)	357
Managed investment entities’ assets/liabilities	(67)	26
Other operating activities, net	(45)	(53)
Net cash provided by operating activities	478	1,214
Purchases of:
Fixed maturities	(1,349)	(1,463)
Equity securities	(141)	(101)
Mortgage loans	(141)	0
Other investments	(143)	(109)
Real estate, property and equipment	(100)	(40)
Businesses	0	(234)
Proceeds from:
Maturities and redemptions of fixed maturities	1,451	1,047
Repayments of mortgage loans	17	33
Sales of fixed maturities	116	551
Sales of equity securities	158	95
Sales of other investments	25	49
Sales of real estate, property and equipment	25	2
Cash and cash equivalents of businesses acquired	0	26
Managed investment entities:
Purchases of investments	(1,383)	(1,223)
Proceeds from sales and redemptions of investments	1,587	1,832
Other investing activities, net	(6)	(6)
Net cash provided by investing activities	116	459
Financing Activities:
Reductions of long-term debt	0	(21)
Issuances of Common Stock	13	11
Repurchases of Common Stock	0	(153)
Cash dividends paid on Common Stock	(385)	(498)
Issuances of managed investment entities’ liabilities	1,773	621
Retirements of managed investment entities’ liabilities	(1,898)	(1,284)
Net cash used in financing activities	(497)	(1,324)
Net Change in Cash and Cash Equivalents	97	349
Cash and cash equivalents at beginning of period	1,225	872
Cash and cash equivalents at end of period	$ 1,322	$ 1,221

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to September 30, 2024, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first nine months of 2024. 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. Structured securities subject to prepayment risk 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 mortgage-backed securities) 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 G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At September 30, 2024, assets and liabilities of managed investment entities included $35 million in assets and $25 million in liabilities of a temporary warehousing entity that was established to provide AFG the ability to form a new CLO. At closing, all warehoused assets will be transferred to the new CLO 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. At September 30, 2024 AFG has a $235 million lease liability included in other liabilities other assets Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense. Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur. Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: third quarter of 2024 and 2023 — none and 0.1 million; first nine months of both 2024 and 2023 — 0.1 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2024 or 2023. 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.

Acquisition of Business

Acquisition of Business	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition of Business	Acquisition of Business 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. Expenses related to the acquisition were $3 million and were expensed as 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.

Segments of Operations

Segments of Operations	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs. 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. The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 981 $ 828 $ 2,037 $ 1,837 Specialty casualty 744 734 2,213 2,149 Specialty financial 269 232 753 623 Other specialty 61 61 183 190 Total premiums earned 2,055 1,855 5,186 4,799 Net investment income 195 170 589 568 Other income 2 5 6 13 Total property and casualty insurance 2,252 2,030 5,781 5,380 Other 119 157 384 435 Total revenues before realized gains (losses) 2,371 2,187 6,165 5,815 Realized gains (losses) on securities (2) (19) 10 (67) Realized loss on subsidiary — (4) — (4) Total revenues $ 2,369 $ 2,164 $ 6,175 $ 5,744 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 34 $ 42 $ 129 $ 117 Specialty casualty 76 78 258 261 Specialty financial 22 29 80 65 Other specialty (15) (6) (45) (22) Other lines (2) (1) (4) (1) Total underwriting 115 142 418 420 Investment and other income, net 176 156 532 527 Total property and casualty insurance 291 298 950 947 Other (*) (60) (56) (156) (138) Total earnings (loss) before realized gains (losses) and income taxes 231 242 794 809 Realized gains (losses) on securities (2) (19) 10 (67) Realized loss on subsidiary — (4) — (4) Total earnings before income taxes $ 229 $ 219 $ 804 $ 738 (*) Includes holding company interest and expenses, which includes a gain of $1 million on retirement of debt in the first nine months of 2023 and special charges of $14 million and $15 million in the third quarter of 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 consist primarily of fixed maturity securities and investments of managed investment entities priced using observable inputs. Level 2 inputs include benchmark yields, reported trades, corroborated broker/dealer quotes, issuer spreads and benchmark securities. When non-binding broker quotes can be corroborated by comparison to similar securities priced using observable inputs, they are classified as Level 2. Level 3 — Valuations derived from market valuation techniques generally consistent with those used to estimate the fair values of Level 2 financial instruments in which one or more significant inputs are unobservable or when the market for a security exhibits significantly less liquidity relative to markets supporting Level 2 fair value measurements. The unobservable inputs may include management’s own assumptions about the assumptions market participants would use based on the best information available at the valuation date. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. AFG’s internal investment professionals are a group of approximately 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, 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 September 30, 2024 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 180 $ — $ — $ 180 States, municipalities and political subdivisions — 865 2 867 Foreign government — 241 — 241 Residential MBS — 1,809 2 1,811 Commercial MBS — 51 — 51 Collateralized loan obligations — 1,298 — 1,298 Other asset-backed securities — 2,062 363 2,425 Corporate and other 12 3,102 448 3,562 Total AFS fixed maturities 192 9,428 815 10,435 Trading fixed maturities — 53 25 78 Equity securities 421 40 620 1,081 Assets of managed investment entities (“MIE”) 371 3,950 11 4,332 Other assets — derivatives — 3 — 3 Total assets accounted for at fair value $ 984 $ 13,474 $ 1,471 $ 15,929 Liabilities: Contingent consideration — acquisitions $ — $ — $ 3 $ 3 Liabilities of managed investment entities 356 3,801 11 4,168 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 356 $ 3,811 $ 14 $ 4,181 December 31, 2023 Assets: Available for sale 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 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 Approximately 9% of the total assets carried at fair value at September 30, 2024, were Level 3 assets. Approximately 30% ($438 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. Approximately 7% ($112 million) of 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. 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 62% ($912 million) of the total fair value of Level 3 assets at September 30, 2024. Approximately 70% ($642 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 19% ($177 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 the third quarter and first nine months of 2024 and 2023 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2024 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 340 — 7 16 (5) 5 — 363 Corporate and other 411 6 7 26 (5) 3 — 448 Total AFS fixed maturities 756 5 14 42 (10) 8 — 815 Trading fixed maturities 12 1 — 12 — — — 25 Equity securities 602 18 — 43 (43) — — 620 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 1,382 $ 23 $ 14 $ 97 $ (53) $ 8 $ — $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 351 (1) 11 40 (17) 5 (26) 363 Corporate and other 380 5 8 74 (17) 3 (5) 448 Total AFS fixed maturities 736 3 19 114 (34) 8 (31) 815 Trading fixed maturities — 1 — 24 — — — 25 Equity securities 485 53 — 133 (51) — — 620 Assets of MIE 9 (3) — 5 — — — 11 Total Level 3 assets $ 1,230 $ 54 $ 19 $ 276 $ (85) $ 8 $ (31) $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Value Fair Value Total Level 1 Level 2 Level 3 September 30, 2024 Financial assets: Cash and cash equivalents $ 1,322 $ 1,322 $ 1,322 $ — $ — Mortgage loans 765 726 — — 726 Total financial assets not accounted for at fair value $ 2,087 $ 2,048 $ 1,322 $ — $ 726 Long-term debt $ 1,475 $ 1,390 $ — $ 1,387 $ 3 Total financial liabilities not accounted for at fair value $ 1,475 $ 1,390 $ — $ 1,387 $ 3 December 31, 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

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at September 30, 2024 and December 31, 2023, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2024 Fixed maturities: U.S. government and government agencies $ 182 $ — $ 1 $ (3) $ (2) $ 180 States, municipalities and political subdivisions 895 — 6 (34) (28) 867 Foreign government 240 — 3 (2) 1 241 Residential MBS 1,893 1 36 (117) (81) 1,811 Commercial MBS 51 — — — — 51 Collateralized loan obligations 1,301 3 11 (11) — 1,298 Other asset-backed securities 2,465 6 28 (62) (34) 2,425 Corporate and other 3,559 15 88 (70) 18 3,562 Total fixed maturities $ 10,586 $ 25 $ 173 $ (299) $ (126) $ 10,435 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 Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Actual Cost Fair Value Fair Value Over Cost Actual Cost Fair Value Fair Value Over Cost Common stocks $ 572 $ 653 $ 81 $ 512 $ 586 $ 74 Perpetual preferred stocks 388 428 40 422 432 10 Total equity securities carried at fair value $ 960 $ 1,081 $ 121 $ 934 $ 1,018 $ 84 The following table summarizes investments accounted for using the equity method, by strategy (in millions): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2024 December 31, 2023 2024 2023 2024 2023 Real estate-related investments (*) $ 1,349 $ 1,320 $ 10 $ 11 $ 15 $ 86 Private equity 524 457 (5) 5 26 12 Private debt 38 37 1 1 4 4 Total investments accounted for using the equity method $ 1,911 $ 1,814 $ 6 $ 17 $ 45 $ 102 (*) 90% and 92% of the carrying value relates to underlying investments in multi-family properties as of September 30, 2024 and December 31, 2023, respectively. The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments. With respect to partnerships and similar investments, AFG had unfunded commitments of $448 million and $418 million as of September 30, 2024 and December 31, 2023, respectively. The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as September 30, 2024 Fixed maturities: U.S. government and government agencies $ — $ 2 100 % $ (3) $ 113 97 % States, municipalities and political subdivisions (1) 48 98 % (33) 492 94 % Foreign government — — — % (2) 130 98 % Residential MBS (1) 76 99 % (116) 972 89 % Commercial MBS — — — % — 21 100 % Collateralized loan obligations — 106 100 % (11) 291 96 % Other asset-backed securities (1) 91 99 % (61) 1,370 96 % Corporate and other (2) 85 98 % (68) 1,246 95 % Total fixed maturities $ (5) $ 408 99 % $ (294) $ 4,635 94 % 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 % At September 30, 2024, the gross unrealized losses on fixed maturities of $299 million relate to approximately 1,150 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 92% 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 September 30, 2024. A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2024 $ 10 $ — $ 10 Provision for expected credit losses on securities with no previous allowance — 15 15 Additions to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2024 $ 10 $ 15 $ 25 Balance at June 30, 2023 $ 11 $ 5 $ 16 Provision for expected credit losses on securities with no previous allowance — 3 3 Additions to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at December 31, 2023 $ 9 $ 3 $ 12 Provision for expected credit losses on securities with no previous allowance 1 15 16 Additions to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions (1) (3) (4) Balance at September 30, 2024 $ 10 $ 15 $ 25 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 1 (1) — Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities (“ABS”). In the first nine months of 2024 and 2023, AFG did not purchase any securities with expected credit losses. The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of September 30, 2024 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 458 $ 449 4 % After one year through five years 2,866 2,845 27 % After five years through ten years 1,278 1,304 12 % After ten years 259 252 3 % 4,861 4,850 46 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 3,757 3,723 36 % MBS (average life of approximately 6 years) 1,943 1,862 18 % Total $ 10,561 $ 10,435 100 % (*) Amortized cost, net of allowance for expected credit losses. Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholders’ equity at September 30, 2024 or December 31, 2023. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Investment income: Fixed maturities: Interest and amortization $ 136 $ 126 $ 406 $ 369 Change in fair value (a) 7 (11) 7 (1) Equity securities: Dividends 6 8 20 26 Change in fair value (b) 20 7 45 36 Equity in earnings of partnerships and similar investments 6 17 45 102 Other 31 24 80 64 Gross investment income 206 171 603 596 Investment expenses (6) (3) (17) (13) Net investment income $ 200 $ 168 $ 586 $ 583 (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) 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) included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended September 30, 2024 Three months ended September 30, 2023 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ 3 $ (15) $ (12) $ 241 $ (7) $ (4) $ (11) $ (72) Equity securities 10 — 10 — (8) — (8) — Mortgage loans and other investments — — — — — — — — Total pretax 13 (15) (2) 241 (15) (4) (19) (72) Tax effects (3) 3 — (51) 3 1 4 15 Net of tax $ 10 $ (12) $ (2) $ 190 $ (12) $ (3) $ (15) $ (57) Nine months ended September 30, 2024 Nine months ended September 30, 2023 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (2) $ (17) $ (19) $ 237 $ (35) $ (9) $ (44) $ (29) Equity securities 29 — 29 — (23) — (23) — Mortgage loans and other investments — — — — — — — — Total pretax 27 (17) 10 237 (58) (9) (67) (29) Tax effects (6) 3 (3) (50) 12 2 14 5 Net of tax $ 21 $ (14) $ 7 $ 187 $ (46) $ (7) $ (53) $ (24) 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 during the third quarter and first nine months of 2024 and 2023 on securities that were still owned at September 30, 2024 and September 30, 2023 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Included in realized gains (losses) $ 10 $ (8) $ 25 $ (31) Included in net investment income 20 7 45 36 $ 30 $ (1) $ 70 $ 5 Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): Nine months ended September 30, 2024 2023 Gross gains $ 1 $ 2 Gross losses (5) (33)

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ 1 $ 10 $ 1 $ 22 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 68 — 81 — Total return swap Other assets/Other liabilities 2 — 5 — $ 71 $ 10 $ 87 $ 22 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. The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between October 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 $1.10 billion at September 30, 2024 compared to $1.30 billion at December 31, 2023, reflecting scheduled amortization and the expiration of three swaps with a total notional amount at expiration of $31 million during the third quarter of 2024. Amounts reclassified from AOCI to net earnings were losses of $6 million and $7 million in the third quarter of 2024 and 2023, respectively, and losses of $20 million and $19 million in the first nine months of 2024 and 2023, respectively. Based on forward interest rate curves at September 30, 2024, management estimates that it will reclassify approximately $10 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 $29 million and $48 million at September 30, 2024 and December 31, 2023, 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 in 2022. A liability to return collateral related to the swap of $1 million and $5 million is included in other liabilities on AFG’s Balance Sheet at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives (in millions): Three months ended September 30, Nine months ended September 30, Statement of Earnings Line 2024 2023 2024 2023 Qualifying cash flow hedges: Interest rate swaps Net investment income $ (6) $ (7) $ (20) $ (19) Non-designated hedges: Fixed maturities with embedded derivatives Realized gains (losses) on securities 3 (1) 2 (4) Fixed maturities with embedded derivatives Net investment income 6 (11) 7 (1) Total return swap Other expenses 5 (6) 11 3 Earnings (losses) on non-designated hedges 14 (18) 20 (2) Total earnings (losses) on derivatives $ 8 $ (25) $ — $ (21)

Managed Investment Entities

Managed Investment Entities	9 Months Ended
	Sep. 30, 2024
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 13.3% to 100% of the most subordinate debt tranche of fourteen active collateralized loan obligation entities (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation between 2012 and 2024, 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 $164 million (including $142 million invested in the most subordinate tranches and $10 million invested in a temporary warehousing entity) at September 30, 2024. In the first nine months of 2024, AFG formed two new CLOs, which issued an aggregate $813 million face amount of liabilities (including $73 million face amount purchased by AFG). In March 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG). The following table shows a progression of the fair value of AFG's investment in CLO tranches (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 158 $ 117 $ 137 $ 112 Purchases — — 62 11 Sales — — (40) — Distributions (8) (9) (28) (21) Change in fair value 3 12 21 18 Change in accrued interest — — 1 — Balance at end of period (*) $ 153 $ 120 $ 153 $ 120 (*) Excludes $10 million and $23 million invested in temporary warehousing entities at September 30, 2024 and 2023, 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): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ (7) $ 50 $ (10) $ 116 Liabilities (2) (34) 15 (104) Management fees paid to AFG 3 4 9 12 CLO earnings attributable to AFG 2 12 25 18 (*) 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 $114 million and $109 million at September 30, 2024 and December 31, 2023, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $274 million and $253 million at those dates, respectively. The CLO assets include loans with an aggregate fair value of $9 million at September 30, 2024 and $7 million at December 31, 2023, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $17 million at September 30, 2024 and $13 million at December 31, 2023). 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 $1.30 billion at September 30, 2024 and $1.69 billion at December 31, 2023.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles There were no changes in the goodwill balance of $305 million during the first nine months of 2024. Included in other assets in AFG’s Balance Sheet is $199 million at September 30, 2024 and $213 million at December 31, 2023 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $53 million and $39 million, respectively. Amortization of intangibles was $5 million in both the third quarters of 2024 and 2023 and $14 million and $11 million in the first nine months of 2024 and 2023, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): September 30, 2024 December 31, 2023 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 $ 567 $ (1) $ 566 5.25% Senior Notes due April 2030 253 (4) 249 253 (4) 249 Other 3 — 3 3 — 3 823 (5) 818 823 (5) 818 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 (5) 195 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 (18) 657 $ 1,498 $ (23) $ 1,475 $ 1,498 $ (23) $ 1,475 Scheduled principal payments on debt for the balance of 2024, the subsequent five years and thereafter are as follows: 2024 — none; 2025 — none; 2026 — none; 2027 — none; 2028 — none; 2029 — none and thereafter — $1.50 billion. In the first six months of 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. AFG can borrow up to $450 million under its revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest, based on AFG’s credit rating, at rates ranging from 1.00% to 1.75% (currently 1.25%) over a SOFR

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities. The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2024 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 226 $ (48) $ 178 Reclassification adjustment for realized (gains) losses included in net earnings (*) 15 (3) 12 Total net unrealized gains (losses) on securities $ (290) 241 (51) 190 $ (100) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period 11 (3) 8 Reclassification adjustment for investment income included in net earnings (*) 6 (1) 5 Total net unrealized gains (losses) on cash flow hedges (20) 17 (4) 13 (7) Foreign currency translation adjustments (23) (9) 1 (8) (31) Pension and other postretirement plan adjustments 2 — — — 2 Total $ (331) $ 249 $ (54) $ 195 $ (136) Quarter ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (81) $ 17 $ (64) Reclassification adjustment for realized (gains) losses included in net earnings (*) 9 (2) 7 Total net unrealized gains (losses) on securities $ (464) (72) 15 (57) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (9) 2 (7) Reclassification adjustment for investment income included in net earnings (*) 8 (2) 6 Total net unrealized gains (losses) on cash flow hedges (33) (1) — (1) (34) Foreign currency translation adjustments (17) — (1) (1) (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (511) $ (73) $ 14 $ (59) $ (570) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2024 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 216 $ (46) $ 170 Reclassification adjustment for realized (gains) losses included in net earnings (*) 21 (4) 17 Total net unrealized gains (losses) on securities $ (287) 237 (50) 187 $ (100) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (7) 1 (6) Reclassification adjustment for investment income included in net earnings (*) 20 (4) 16 Total net unrealized gains (losses) on cash flow hedges (17) 13 (3) 10 (7) Foreign currency translation adjustments (17) (14) — (14) (31) Pension and other postretirement plan adjustments 2 — — — 2 Total $ (319) $ 236 $ (53) $ 183 $ (136) Nine months ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (69) $ 14 $ (55) Reclassification adjustment for realized (gains) losses included in net earnings (*) 40 (9) 31 Total net unrealized gains (losses) on securities $ (497) (29) 5 (24) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (25) 5 (20) Reclassification adjustment for investment income included in net earnings (*) 19 (4) 15 Total net unrealized gains (losses) on cash flow hedges (29) (6) 1 (5) (34) Foreign currency translation adjustments (20) 2 — 2 (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (543) $ (33) $ 6 $ (27) $ (570) (*) 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 Tax Provision for income taxes Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first nine months of 2024, AFG issued 157,681 shares of restricted Common Stock (fair value of $126.24 per share) under the stock incentive plans. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $4 million and $5 million in the third quarter of 2024 and 2023, respectively, and $13 million and $14 million in the first nine months of 2024 and 2023, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 229 $ 219 $ 804 $ 738 Income taxes at statutory rate $ 48 21 % $ 46 21 % $ 169 21 % $ 155 21 % Effect of: Employee stock ownership plan dividend paid deduction (1) — % — — % (3) (1 %) (3) — % Tax exempt interest (1) — % (2) (1 %) (3) (1 %) (4) (1 %) Stock-based compensation — — % — — % (2) — % (2) — % Change in valuation allowance (2) (1 %) (2) (1 %) (2) — % (2) — % Dividends received deduction — — % — — % (1) — % (1) — % Nondeductible expenses 2 1 % 3 1 % 6 1 % 8 1 % Adjustment related to sale of subsidiary — — % — — % 4 1 % — — % Adjustment to prior year taxes 1 — % (5) (2 %) 1 — % (5) (1 %) Foreign operations 1 — % 2 1 % 1 — % 6 1 % Other — — % — — % 2 — % (3) (1 %) Provision for income taxes as shown in the statement of earnings $ 48 21 % $ 42 19 % $ 172 21 % $ 149 20 % In the second quarter of 2024, AFG recorded $4 million in net tax expense related to a pending IRS settlement regarding the sale of a subsidiary in a prior year. 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 recently issued proposed regulations, while AFG meets the financial statement income thresholds to be subject to CAMT, management does not believe AFG will incur a CAMT liability for 2024. 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.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note N — “Contingencies” of AFG’s 2023 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of subsidiaries’ former railroad and manufacturing operations.

Insurance

Insurance	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Insurance	Insurance Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2024 and 2023 (in millions): Nine months ended September 30, 2024 2023 Balance at beginning of year $ 13,087 $ 11,974 Less reinsurance recoverables, net of allowance 4,288 3,767 Net liability at beginning of year 8,799 8,207 Provision for losses and LAE occurring in the current period 3,379 3,132 Net decrease in the provision for claims of prior years (100) (168) Total losses and LAE incurred 3,279 2,964 Payments for losses and LAE of: Current year (828) (743) Prior years (2,027) (1,745) Total payments (2,855) (2,488) Foreign currency translation and other (2) 1 Net liability at end of period 9,221 8,684 Add back reinsurance recoverables, net of allowance 4,985 4,207 Gross unpaid losses and LAE included in the balance sheet at end of period $ 14,206 $ 12,891 The net decrease in the provision for claims of prior years during the first nine months of 2024 reflects (i) lower than anticipated losses in the crop business, lower than expected claim severity in the property and inland marine and aviation businesses and lower than anticipated claim severity and frequency in the ocean 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 and severity in the executive liability business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency and severity in the fidelity and financial institutions businesses and lower than expected claim frequency in the trade credit business (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the umbrella and excess liability businesses, public sector and general liability businesses and higher than expected claim frequency and severity in the social services business (within the Specialty casualty sub-segment), (ii) higher than anticipated claim severity in the innovative markets and surety businesses (within the Specialty financial sub-segment) and (iii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty). The net decrease in the provision for claims of prior years during the first nine months of 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 business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability 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 and financial institutions businesses and lower than expected claim frequency and severity in the surety business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector and excess liability businesses (within the Specialty casualty sub-segment). Recoverables from Reinsurers and Premiums Receivable Progressions of the 2024 and 2023 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2024 2023 2024 2023 Balance at June 30 $ 10 $ 9 $ 18 $ 9 Increase in allowance from acquisition of CRS — — — 4 Provision (credit) for expected credit losses — 2 1 — Write-offs charged against the allowance — — — — Balance at September 30 $ 10 $ 11 $ 19 $ 13 Balance at December 31 $ 10 $ 8 $ 15 $ 8 Increase in allowance from acquisition of CRS — — — 4 Provision (credit) for expected credit losses — 3 5 1 Write-offs charged against the allowance — — (1) — Balance at September 30 $ 10 $ 11 $ 19 $ 13

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 181	$ 177	$ 632	$ 589

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. Events or transactions occurring subsequent to September 30, 2024, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. AFG did not have any material nonrecurring fair value measurements in the first nine months of 2024.
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. Structured securities subject to prepayment risk 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 mortgage-backed securities) 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 G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At September 30, 2024, assets and liabilities of managed investment entities included $35 million in assets and $25 million in liabilities of a temporary warehousing entity that was established to provide AFG the ability to form a new CLO. At closing, all warehoused assets will be transferred to the new CLO 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. At September 30, 2024 AFG has a $235 million lease liability included in other liabilities other assets
Premium Recognition	Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations.
Income Taxes	Income Taxes Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. A valuation allowance is established to reduce total deferred tax assets to an amount that will more likely than not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. AFG recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.
Stock-Based Compensation	Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.
Benefit Plans	Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.
Earnings Per Share	Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: third quarter of 2024 and 2023 — none and 0.1 million; first nine months of both 2024 and 2023 — 0.1 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2024 or 2023.
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”) 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.

Acquisition of Business (Tables

Acquisition of Business (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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.

Segments of Operations (Tables)

Segments of Operations (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment reporting information, by segment	The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 981 $ 828 $ 2,037 $ 1,837 Specialty casualty 744 734 2,213 2,149 Specialty financial 269 232 753 623 Other specialty 61 61 183 190 Total premiums earned 2,055 1,855 5,186 4,799 Net investment income 195 170 589 568 Other income 2 5 6 13 Total property and casualty insurance 2,252 2,030 5,781 5,380 Other 119 157 384 435 Total revenues before realized gains (losses) 2,371 2,187 6,165 5,815 Realized gains (losses) on securities (2) (19) 10 (67) Realized loss on subsidiary — (4) — (4) Total revenues $ 2,369 $ 2,164 $ 6,175 $ 5,744 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 34 $ 42 $ 129 $ 117 Specialty casualty 76 78 258 261 Specialty financial 22 29 80 65 Other specialty (15) (6) (45) (22) Other lines (2) (1) (4) (1) Total underwriting 115 142 418 420 Investment and other income, net 176 156 532 527 Total property and casualty insurance 291 298 950 947 Other (*) (60) (56) (156) (138) Total earnings (loss) before realized gains (losses) and income taxes 231 242 794 809 Realized gains (losses) on securities (2) (19) 10 (67) Realized loss on subsidiary — (4) — (4) Total earnings before income taxes $ 229 $ 219 $ 804 $ 738 (*) Includes holding company interest and expenses, which includes a gain of $1 million on retirement of debt in the first nine months of 2023 and special charges of $14 million and $15 million in the third quarter of 2024 and 2023, respectively, to increase asbestos and environmental liabilities related to AFG’s former railroad and manufacturing operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total September 30, 2024 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 180 $ — $ — $ 180 States, municipalities and political subdivisions — 865 2 867 Foreign government — 241 — 241 Residential MBS — 1,809 2 1,811 Commercial MBS — 51 — 51 Collateralized loan obligations — 1,298 — 1,298 Other asset-backed securities — 2,062 363 2,425 Corporate and other 12 3,102 448 3,562 Total AFS fixed maturities 192 9,428 815 10,435 Trading fixed maturities — 53 25 78 Equity securities 421 40 620 1,081 Assets of managed investment entities (“MIE”) 371 3,950 11 4,332 Other assets — derivatives — 3 — 3 Total assets accounted for at fair value $ 984 $ 13,474 $ 1,471 $ 15,929 Liabilities: Contingent consideration — acquisitions $ — $ — $ 3 $ 3 Liabilities of managed investment entities 356 3,801 11 4,168 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ 356 $ 3,811 $ 14 $ 4,181 December 31, 2023 Assets: Available for sale 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 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
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2024 and 2023 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2024 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 340 — 7 16 (5) 5 — 363 Corporate and other 411 6 7 26 (5) 3 — 448 Total AFS fixed maturities 756 5 14 42 (10) 8 — 815 Trading fixed maturities 12 1 — 12 — — — 25 Equity securities 602 18 — 43 (43) — — 620 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 1,382 $ 23 $ 14 $ 97 $ (53) $ 8 $ — $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 351 (1) 11 40 (17) 5 (26) 363 Corporate and other 380 5 8 74 (17) 3 (5) 448 Total AFS fixed maturities 736 3 19 114 (34) 8 (31) 815 Trading fixed maturities — 1 — 24 — — — 25 Equity securities 485 53 — 133 (51) — — 620 Assets of MIE 9 (3) — 5 — — — 11 Total Level 3 assets $ 1,230 $ 54 $ 19 $ 276 $ (85) $ 8 $ (31) $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2)
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2024 and 2023 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2024 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 340 — 7 16 (5) 5 — 363 Corporate and other 411 6 7 26 (5) 3 — 448 Total AFS fixed maturities 756 5 14 42 (10) 8 — 815 Trading fixed maturities 12 1 — 12 — — — 25 Equity securities 602 18 — 43 (43) — — 620 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 1,382 $ 23 $ 14 $ 97 $ (53) $ 8 $ — $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2024 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 2 — — — — — — 2 Residential MBS 2 — — — — — — 2 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) — — — — — — Other asset-backed securities 351 (1) 11 40 (17) 5 (26) 363 Corporate and other 380 5 8 74 (17) 3 (5) 448 Total AFS fixed maturities 736 3 19 114 (34) 8 (31) 815 Trading fixed maturities — 1 — 24 — — — 25 Equity securities 485 53 — 133 (51) — — 620 Assets of MIE 9 (3) — 5 — — — 11 Total Level 3 assets $ 1,230 $ 54 $ 19 $ 276 $ (85) $ 8 $ (31) $ 1,471 Contingent consideration — acquisitions $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total Level 3 liabilities $ (2) $ (1) $ — $ — $ — $ — $ — $ (3) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2)
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Value Fair Value Total Level 1 Level 2 Level 3 September 30, 2024 Financial assets: Cash and cash equivalents $ 1,322 $ 1,322 $ 1,322 $ — $ — Mortgage loans 765 726 — — 726 Total financial assets not accounted for at fair value $ 2,087 $ 2,048 $ 1,322 $ — $ 726 Long-term debt $ 1,475 $ 1,390 $ — $ 1,387 $ 3 Total financial liabilities not accounted for at fair value $ 1,475 $ 1,390 $ — $ 1,387 $ 3 December 31, 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

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities	Available for sale fixed maturities at September 30, 2024 and December 31, 2023, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2024 Fixed maturities: U.S. government and government agencies $ 182 $ — $ 1 $ (3) $ (2) $ 180 States, municipalities and political subdivisions 895 — 6 (34) (28) 867 Foreign government 240 — 3 (2) 1 241 Residential MBS 1,893 1 36 (117) (81) 1,811 Commercial MBS 51 — — — — 51 Collateralized loan obligations 1,301 3 11 (11) — 1,298 Other asset-backed securities 2,465 6 28 (62) (34) 2,425 Corporate and other 3,559 15 88 (70) 18 3,562 Total fixed maturities $ 10,586 $ 25 $ 173 $ (299) $ (126) $ 10,435 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
Equity securities reported at fair value	Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Actual Cost Fair Value Fair Value Over Cost Actual Cost Fair Value Fair Value Over Cost Common stocks $ 572 $ 653 $ 81 $ 512 $ 586 $ 74 Perpetual preferred stocks 388 428 40 422 432 10 Total equity securities carried at fair value $ 960 $ 1,081 $ 121 $ 934 $ 1,018 $ 84
Investments accounted for using the equity method	The following table summarizes investments accounted for using the equity method, by strategy (in millions): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2024 December 31, 2023 2024 2023 2024 2023 Real estate-related investments (*) $ 1,349 $ 1,320 $ 10 $ 11 $ 15 $ 86 Private equity 524 457 (5) 5 26 12 Private debt 38 37 1 1 4 4 Total investments accounted for using the equity method $ 1,911 $ 1,814 $ 6 $ 17 $ 45 $ 102 (*) 90% and 92% of the carrying value relates to underlying investments in multi-family properties as of September 30, 2024 and December 31, 2023, respectively.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position	The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as September 30, 2024 Fixed maturities: U.S. government and government agencies $ — $ 2 100 % $ (3) $ 113 97 % States, municipalities and political subdivisions (1) 48 98 % (33) 492 94 % Foreign government — — — % (2) 130 98 % Residential MBS (1) 76 99 % (116) 972 89 % Commercial MBS — — — % — 21 100 % Collateralized loan obligations — 106 100 % (11) 291 96 % Other asset-backed securities (1) 91 99 % (61) 1,370 96 % Corporate and other (2) 85 98 % (68) 1,246 95 % Total fixed maturities $ (5) $ 408 99 % $ (294) $ 4,635 94 % 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 %
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 is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2024 $ 10 $ — $ 10 Provision for expected credit losses on securities with no previous allowance — 15 15 Additions to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2024 $ 10 $ 15 $ 25 Balance at June 30, 2023 $ 11 $ 5 $ 16 Provision for expected credit losses on securities with no previous allowance — 3 3 Additions to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at December 31, 2023 $ 9 $ 3 $ 12 Provision for expected credit losses on securities with no previous allowance 1 15 16 Additions to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions (1) (3) (4) Balance at September 30, 2024 $ 10 $ 15 $ 25 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 1 (1) — Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities (“ABS”).
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of September 30, 2024 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 458 $ 449 4 % After one year through five years 2,866 2,845 27 % After five years through ten years 1,278 1,304 12 % After ten years 259 252 3 % 4,861 4,850 46 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 3,757 3,723 36 % MBS (average life of approximately 6 years) 1,943 1,862 18 % Total $ 10,561 $ 10,435 100 % (*) 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. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Investment income: Fixed maturities: Interest and amortization $ 136 $ 126 $ 406 $ 369 Change in fair value (a) 7 (11) 7 (1) Equity securities: Dividends 6 8 20 26 Change in fair value (b) 20 7 45 36 Equity in earnings of partnerships and similar investments 6 17 45 102 Other 31 24 80 64 Gross investment income 206 171 603 596 Investment expenses (6) (3) (17) (13) Net investment income $ 200 $ 168 $ 586 $ 583 (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) 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) included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended September 30, 2024 Three months ended September 30, 2023 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ 3 $ (15) $ (12) $ 241 $ (7) $ (4) $ (11) $ (72) Equity securities 10 — 10 — (8) — (8) — Mortgage loans and other investments — — — — — — — — Total pretax 13 (15) (2) 241 (15) (4) (19) (72) Tax effects (3) 3 — (51) 3 1 4 15 Net of tax $ 10 $ (12) $ (2) $ 190 $ (12) $ (3) $ (15) $ (57) Nine months ended September 30, 2024 Nine months ended September 30, 2023 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (2) $ (17) $ (19) $ 237 $ (35) $ (9) $ (44) $ (29) Equity securities 29 — 29 — (23) — (23) — Mortgage loans and other investments — — — — — — — — Total pretax 27 (17) 10 237 (58) (9) (67) (29) Tax effects (6) 3 (3) (50) 12 2 14 5 Net of tax $ 21 $ (14) $ 7 $ 187 $ (46) $ (7) $ (53) $ (24)
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities during the third quarter and first nine months of 2024 and 2023 on securities that were still owned at September 30, 2024 and September 30, 2023 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Included in realized gains (losses) $ 10 $ (8) $ 25 $ (31) Included in net investment income 20 7 45 36 $ 30 $ (1) $ 70 $ 5
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 consisted of the following (in millions): Nine months ended September 30, 2024 2023 Gross gains $ 1 $ 2 Gross losses (5) (33)

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ 1 $ 10 $ 1 $ 22 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 68 — 81 — Total return swap Other assets/Other liabilities 2 — 5 — $ 71 $ 10 $ 87 $ 22
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 (in millions): Three months ended September 30, Nine months ended September 30, Statement of Earnings Line 2024 2023 2024 2023 Qualifying cash flow hedges: Interest rate swaps Net investment income $ (6) $ (7) $ (20) $ (19) Non-designated hedges: Fixed maturities with embedded derivatives Realized gains (losses) on securities 3 (1) 2 (4) Fixed maturities with embedded derivatives Net investment income 6 (11) 7 (1) Total return swap Other expenses 5 (6) 11 3 Earnings (losses) on non-designated hedges 14 (18) 20 (2) Total earnings (losses) on derivatives $ 8 $ (25) $ — $ (21)

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	9 Months Ended
	Sep. 30, 2024
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 (in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Balance at beginning of period $ 158 $ 117 $ 137 $ 112 Purchases — — 62 11 Sales — — (40) — Distributions (8) (9) (28) (21) Change in fair value 3 12 21 18 Change in accrued interest — — 1 — Balance at end of period (*) $ 153 $ 120 $ 153 $ 120 (*) Excludes $10 million and $23 million invested in temporary warehousing entities at September 30, 2024 and 2023, respectively, that were established to provide AFG the ability to form new CLOs. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Gains (losses) on change in fair value of assets/liabilities (*): Assets $ (7) $ 50 $ (10) $ 116 Liabilities (2) (34) 15 (104) Management fees paid to AFG 3 4 9 12 CLO earnings attributable to AFG 2 12 25 18 (*) Included in revenues in AFG’s Statement of Earnings.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following (in millions): September 30, 2024 December 31, 2023 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 $ 567 $ (1) $ 566 5.25% Senior Notes due April 2030 253 (4) 249 253 (4) 249 Other 3 — 3 3 — 3 823 (5) 818 823 (5) 818 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 (5) 195 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 (18) 657 $ 1,498 $ (23) $ 1,475 $ 1,498 $ (23) $ 1,475

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2024 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 226 $ (48) $ 178 Reclassification adjustment for realized (gains) losses included in net earnings (*) 15 (3) 12 Total net unrealized gains (losses) on securities $ (290) 241 (51) 190 $ (100) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period 11 (3) 8 Reclassification adjustment for investment income included in net earnings (*) 6 (1) 5 Total net unrealized gains (losses) on cash flow hedges (20) 17 (4) 13 (7) Foreign currency translation adjustments (23) (9) 1 (8) (31) Pension and other postretirement plan adjustments 2 — — — 2 Total $ (331) $ 249 $ (54) $ 195 $ (136) Quarter ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (81) $ 17 $ (64) Reclassification adjustment for realized (gains) losses included in net earnings (*) 9 (2) 7 Total net unrealized gains (losses) on securities $ (464) (72) 15 (57) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (9) 2 (7) Reclassification adjustment for investment income included in net earnings (*) 8 (2) 6 Total net unrealized gains (losses) on cash flow hedges (33) (1) — (1) (34) Foreign currency translation adjustments (17) — (1) (1) (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (511) $ (73) $ 14 $ (59) $ (570) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2024 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ 216 $ (46) $ 170 Reclassification adjustment for realized (gains) losses included in net earnings (*) 21 (4) 17 Total net unrealized gains (losses) on securities $ (287) 237 (50) 187 $ (100) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (7) 1 (6) Reclassification adjustment for investment income included in net earnings (*) 20 (4) 16 Total net unrealized gains (losses) on cash flow hedges (17) 13 (3) 10 (7) Foreign currency translation adjustments (17) (14) — (14) (31) Pension and other postretirement plan adjustments 2 — — — 2 Total $ (319) $ 236 $ (53) $ 183 $ (136) Nine months ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (69) $ 14 $ (55) Reclassification adjustment for realized (gains) losses included in net earnings (*) 40 (9) 31 Total net unrealized gains (losses) on securities $ (497) (29) 5 (24) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (25) 5 (20) Reclassification adjustment for investment income included in net earnings (*) 19 (4) 15 Total net unrealized gains (losses) on cash flow hedges (29) (6) 1 (5) (34) Foreign currency translation adjustments (20) 2 — 2 (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (543) $ (33) $ 6 $ (27) $ (570) (*) 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 Tax Provision for income taxes

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
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 at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 229 $ 219 $ 804 $ 738 Income taxes at statutory rate $ 48 21 % $ 46 21 % $ 169 21 % $ 155 21 % Effect of: Employee stock ownership plan dividend paid deduction (1) — % — — % (3) (1 %) (3) — % Tax exempt interest (1) — % (2) (1 %) (3) (1 %) (4) (1 %) Stock-based compensation — — % — — % (2) — % (2) — % Change in valuation allowance (2) (1 %) (2) (1 %) (2) — % (2) — % Dividends received deduction — — % — — % (1) — % (1) — % Nondeductible expenses 2 1 % 3 1 % 6 1 % 8 1 % Adjustment related to sale of subsidiary — — % — — % 4 1 % — — % Adjustment to prior year taxes 1 — % (5) (2 %) 1 — % (5) (1 %) Foreign operations 1 — % 2 1 % 1 — % 6 1 % Other — — % — — % 2 — % (3) (1 %) Provision for income taxes as shown in the statement of earnings $ 48 21 % $ 42 19 % $ 172 21 % $ 149 20 %

Insurance (Tables)

Insurance (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2024 and 2023 (in millions): Nine months ended September 30, 2024 2023 Balance at beginning of year $ 13,087 $ 11,974 Less reinsurance recoverables, net of allowance 4,288 3,767 Net liability at beginning of year 8,799 8,207 Provision for losses and LAE occurring in the current period 3,379 3,132 Net decrease in the provision for claims of prior years (100) (168) Total losses and LAE incurred 3,279 2,964 Payments for losses and LAE of: Current year (828) (743) Prior years (2,027) (1,745) Total payments (2,855) (2,488) Foreign currency translation and other (2) 1 Net liability at end of period 9,221 8,684 Add back reinsurance recoverables, net of allowance 4,985 4,207 Gross unpaid losses and LAE included in the balance sheet at end of period $ 14,206 $ 12,891
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the 2024 and 2023 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2024 2023 2024 2023 Balance at June 30 $ 10 $ 9 $ 18 $ 9 Increase in allowance from acquisition of CRS — — — 4 Provision (credit) for expected credit losses — 2 1 — Write-offs charged against the allowance — — — — Balance at September 30 $ 10 $ 11 $ 19 $ 13 Balance at December 31 $ 10 $ 8 $ 15 $ 8 Increase in allowance from acquisition of CRS — — — 4 Provision (credit) for expected credit losses — 3 5 1 Write-offs charged against the allowance — — (1) — Balance at September 30 $ 10 $ 11 $ 19 $ 13

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets of managed investment entities	$ 4,332		$ 4,332		$ 4,484
Liabilities of managed investment entities	4,168		4,168		4,307
Operating lease liability	$ 235		$ 235		$ 198
Operating lease liability, current, Statement of Financial Position	Other Liabilities		Other Liabilities		Other Liabilities
Operating lease right-of-use asset	$ 214		$ 214		$ 176
Operating lease, right-of-use asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Weighted average common shares adjustment related to stock-based compensation (shares)	0	100,000	100,000	100,000
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0		0	0
Maturities of short term investments			3 months
New collateralized loan obligation, temporary warehousing entities
Variable Interest Entity [Line Items]
Assets of managed investment entities	$ 35		$ 35
Liabilities of managed investment entities	$ 25		$ 25

Acquisition of Business - Narra

Acquisition of Business - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 03, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquire subsidiaries		$ 0	$ 234
Crop Risk Services
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 234
Net tangible assets acquired, at fair value	24
Acquisition expenses incurred	3
Goodwill recorded	85
Amount of goodwill expected to be tax deductible	79
Crop Risk Services | Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life		14 years
Crop Risk Services | Crop year 2022
Business Acquisition [Line Items]
Gross written premiums	$ 1,200

Acquisition of Business - Alloc

Acquisition of Business - Allocation of purchase price of subsidiary (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 03, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquire subsidiaries		$ 0	$ 234
Crop Risk Services
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 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 recorded	85
Crop Risk Services | Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Segments of Operations - Narrat

Segments of Operations - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment			2
Other
Segment Reporting Information [Line Items]
Special charges to increase asbestos and environmental reserves	$ 14	$ 15
Other | Operating Segments
Segment Reporting Information [Line Items]
Gain (loss) on retirement of debt				$ 1

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total premiums earned	$ 2,055	$ 1,855	$ 5,186	$ 4,799
Net investment income	200	168	586	583
Other income	26	43	92	100
Revenues before realized gains (losses)	2,371	2,187	6,165	5,815
Realized gains (losses) on securities	(2)	(19)	10	(67)
Realized loss on subsidiary	0	(4)	0	(4)
Total revenues	2,369	2,164	6,175	5,744
Operating Segments | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	2,055	1,855	5,186	4,799
Net investment income	195	170	589	568
Other income	2	5	6	13
Revenues before realized gains (losses)	2,252	2,030	5,781	5,380
Operating Segments | Property and Casualty Insurance | Property and transportation
Segment Reporting Information [Line Items]
Total premiums earned	981	828	2,037	1,837
Operating Segments | Property and Casualty Insurance | Specialty casualty
Segment Reporting Information [Line Items]
Total premiums earned	744	734	2,213	2,149
Operating Segments | Property and Casualty Insurance | Specialty financial
Segment Reporting Information [Line Items]
Total premiums earned	269	232	753	623
Operating Segments | Property and Casualty Insurance | Other specialty
Segment Reporting Information [Line Items]
Total premiums earned	61	61	183	190
Operating Segments | Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	$ 119	$ 157	$ 384	$ 435

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 231	$ 242	$ 794	$ 809
Realized gains (losses) on securities	(2)	(19)	10	(67)
Realized loss on subsidiary	0	(4)	0	(4)
Earnings before income taxes	229	219	804	738
Operating Segments | Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	115	142	418	420
Investment and other income, net	176	156	532	527
Earnings before realized gains (losses) and income taxes	291	298	950	947
Operating Segments | Property and Casualty Insurance | Property and transportation
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	34	42	129	117
Operating Segments | Property and Casualty Insurance | Specialty casualty
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	76	78	258	261
Operating Segments | Property and Casualty Insurance | Specialty financial
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	22	29	80	65
Operating Segments | Property and Casualty Insurance | Other specialty
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(15)	(6)	(45)	(22)
Operating Segments | Property and Casualty Insurance | Other lines
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(2)	(1)	(4)	(1)
Operating Segments | Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ (60)	$ (56)	$ (156)	$ (138)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) professional
Fair Value Disclosures [Abstract]
AFG's internal investment professionals | professional	20
Level 3 assets as a percentage of total assets measured at fair value	9%
Percentage of level 3 equity investments that do not qualify for equity accounting	30%
Level 3 assets that are equity securities that do not qualify for equity accounting	$ 438
Percentage of level 3 assets that were priced using non-binding broker quotes	7%
Level 3 assets that were priced using non-binding broker quotes	$ 112
Percentage of level 3 assets that were priced by pricing services	1%
Level 3 assets that were priced by pricing services.	$ 9
Percentage of internally developed level 3 assets compared to total level 3 assets	62%
Internally developed level 3 assets	$ 912
Percentage of level three assets that were priced using a discounted cash flow approach	70%
Level three assets that were priced using a discounted cash flow approach	$ 642
Percentage of level three assets, equity securities, priced using broker quotes and internal models	19%
Level three assets, equity securities, priced using broker quotes and internal models	$ 177

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Available for sale (AFS) fixed maturities	$ 10,435	$ 10,377
Trading fixed maturities	78	57
Equity securities	1,081	1,018
Assets of managed investment entities	4,332	4,484
Other assets	71	87
Total assets accounted for at fair value	15,929	15,942
Liabilities:
Liabilities of managed investment entities	4,168	4,307
Derivative liability	10	22
Total liabilities accounted for at fair value	4,181	4,331
Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	3	2
Other liabilities — derivatives
Liabilities:
Derivative liability	10	22
Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	10,435	10,377
Trading fixed maturities	78	57
U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	180	236
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	867	984
Foreign government
Assets:
Available for sale (AFS) fixed maturities	241	230
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,811	1,658
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	51	74
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,298	1,687
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,425	2,362
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,562	3,146
Equity securities
Assets:
Equity securities	1,081	1,018
Other assets
Assets:
Other assets	3	6
Level 1
Assets:
Assets of managed investment entities	371	335
Total assets accounted for at fair value	984	1,079
Liabilities:
Liabilities of managed investment entities	356	322
Total liabilities accounted for at fair value	356	322
Level 1 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 1 | Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 1 | Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	192	244
Trading fixed maturities	0	0
Level 1 | U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	180	235
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	12	9
Level 1 | Equity securities
Assets:
Equity securities	421	500
Level 1 | Other assets
Assets:
Other assets	0	0
Level 2
Assets:
Assets of managed investment entities	3,950	4,140
Total assets accounted for at fair value	13,474	13,633
Liabilities:
Liabilities of managed investment entities	3,801	3,976
Total liabilities accounted for at fair value	3,811	3,998
Level 2 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 2 | Other liabilities — derivatives
Liabilities:
Derivative liability	10	22
Level 2 | Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	9,428	9,397
Trading fixed maturities	53	57
Level 2 | U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	1
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	865	982
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	241	230
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,809	1,656
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	51	74
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,298	1,686
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,062	2,011
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	3,102	2,757
Level 2 | Equity securities
Assets:
Equity securities	40	33
Level 2 | Other assets
Assets:
Other assets	3	6
Level 3
Assets:
Assets of managed investment entities	11	9
Total assets accounted for at fair value	1,471	1,230
Liabilities:
Liabilities of managed investment entities	11	9
Total liabilities accounted for at fair value	14	11
Level 3 | Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	3	2
Level 3 | Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 3 | Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	815	736
Trading fixed maturities	25	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	2
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	2
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	0	1
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	363	351
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	448	380
Level 3 | Equity securities
Assets:
Equity securities	620	485
Level 3 | Other assets
Assets:
Other assets	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,382	$ 1,160	$ 1,230	$ 1,102
Total realized/unrealized gains (losses) included in Net earnings (loss)	23	(12)	54	(8)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	14	(3)	19	11
Purchases and issuances	97	62	276	191
Sales and settlements	(53)	(20)	(85)	(92)
Transfer into Level 3	8	5	8	42
Transfer out of Level 3	0	(38)	(31)	(92)
Financial assets, Ending Balance	1,471	1,154	1,471	1,154
Fixed maturities:
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	756	701	736	664
Total realized/unrealized gains (losses) included in Net earnings (loss)	5	(15)	3	(16)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	14	(3)	19	11
Purchases and issuances	42	39	114	105
Sales and settlements	(10)	(16)	(34)	(63)
Transfer into Level 3	8	5	8	42
Transfer out of Level 3	0	(21)	(31)	(53)
Financial assets, Ending Balance	815	690	815	690
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	5	2	5
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	(1)	0	(1)
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	(2)	0	(2)
Financial assets, Ending Balance	2	2	2	2
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	2	5	2	9
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	(3)
Transfer into Level 3	0	0	0	4
Transfer out of Level 3	0	0	0	(5)
Financial assets, Ending Balance	2	5	2	5
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1	1	1	2
Total realized/unrealized gains (losses) included in Net earnings (loss)	(1)	(1)	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	1	0	1
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	(1)
Financial assets, Ending Balance	0	1	0	1
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	340	321	351	329
Total realized/unrealized gains (losses) included in Net earnings (loss)	0	0	(1)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	7	(4)	11	0
Purchases and issuances	16	28	40	38
Sales and settlements	(5)	(3)	(17)	(34)
Transfer into Level 3	5	0	5	31
Transfer out of Level 3	0	(12)	(26)	(32)
Financial assets, Ending Balance	363	330	363	330
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	411	369	380	319
Total realized/unrealized gains (losses) included in Net earnings (loss)	6	(14)	5	(13)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	7	0	8	10
Purchases and issuances	26	11	74	67
Sales and settlements	(5)	(12)	(17)	(25)
Transfer into Level 3	3	5	3	7
Transfer out of Level 3	0	(7)	(5)	(13)
Financial assets, Ending Balance	448	352	448	352
Trading fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	12		0
Total realized/unrealized gains (losses) included in Net earnings (loss)	1		1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0
Purchases and issuances	12		24
Sales and settlements	0		0
Transfer into Level 3	0		0
Transfer out of Level 3	0		0
Financial assets, Ending Balance	25		25
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	602	448	485	427
Total realized/unrealized gains (losses) included in Net earnings (loss)	18	4	53	11
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	43	23	133	84
Sales and settlements	(43)	(4)	(51)	(29)
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	(17)	0	(39)
Financial assets, Ending Balance	620	454	620	454
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	12	11	9	11
Total realized/unrealized gains (losses) included in Net earnings (loss)	(1)	(1)	(3)	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	5	2
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	$ 11	$ 10	$ 11	$ 10

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial liabilities, Beginning Balance	$ (2)	$ (25)	$ (2)	$ (25)
Total realized/unrealized gains (losses) included in Net income	(1)	23	(1)	23
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	(3)	(2)	(3)	(2)
Contingent consideration — acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Financial liabilities, Beginning Balance	(2)	(25)	(2)	(25)
Total realized/unrealized gains (losses) included in Net income	(1)	23	(1)	23
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	$ (3)	$ (2)	$ (3)	$ (2)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Mortgage loans	$ 765	$ 643
Long-term debt	1,475	1,475
Level 1
Financial assets:
Cash and cash equivalents	1,322	1,225
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,322	1,225
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	1,387	1,342
Total financial liabilities not accounted for at fair value	1,387	1,342
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	726	596
Total financial assets not accounted for at fair value	726	596
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,322	1,225
Mortgage loans	765	643
Total financial assets not accounted for at fair value	2,087	1,868
Long-term debt	1,475	1,475
Total financial liabilities not accounted for at fair value	1,475	1,475
Fair Value
Financial assets:
Cash and cash equivalents	1,322	1,225
Mortgage loans	726	596
Total financial assets not accounted for at fair value	2,048	1,821
Long-term debt	1,390	1,345
Total financial liabilities not accounted for at fair value	$ 1,390	$ 1,345

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 448	$ 418
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	92%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	95%
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	90%	92%
Total fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 299	$ 470
Number of fixed maturity securities in an unrealized loss position | security	1,150

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 10,586		$ 10,752
Fixed maturities, available for sale, allowance for expected credit losses	25	$ 10	12	$ 20	$ 16	$ 11
Available for sale (AFS) fixed maturities	10,435		10,377
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	10,586		10,752
Fixed maturities, available for sale, allowance for expected credit losses	25		12
Fixed maturities, available for sale, gross unrealized, gains	173		107
Fixed maturities, available for sale, gross unrealized, losses	(299)		(470)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(126)		(363)
Available for sale (AFS) fixed maturities	10,435		10,377
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	182		243
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	1		1
Fixed maturities, available for sale, gross unrealized, losses	(3)		(8)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(2)		(7)
Available for sale (AFS) fixed maturities	180		236
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	895		1,014
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	6		8
Fixed maturities, available for sale, gross unrealized, losses	(34)		(38)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(28)		(30)
Available for sale (AFS) fixed maturities	867		984
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	240		236
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	3		1
Fixed maturities, available for sale, gross unrealized, losses	(2)		(7)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	1		(6)
Available for sale (AFS) fixed maturities	241		230
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,893		1,788
Fixed maturities, available for sale, allowance for expected credit losses	1		1
Fixed maturities, available for sale, gross unrealized, gains	36		26
Fixed maturities, available for sale, gross unrealized, losses	(117)		(155)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(81)		(129)
Available for sale (AFS) fixed maturities	1,811		1,658
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	51		75
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	0		(1)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	0		(1)
Available for sale (AFS) fixed maturities	51		74
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,301		1,709
Fixed maturities, available for sale, allowance for expected credit losses	3		3
Fixed maturities, available for sale, gross unrealized, gains	11		9
Fixed maturities, available for sale, gross unrealized, losses	(11)		(28)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	0		(19)
Available for sale (AFS) fixed maturities	1,298		1,687
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,465		2,477
Fixed maturities, available for sale, allowance for expected credit losses	6		5
Fixed maturities, available for sale, gross unrealized, gains	28		10
Fixed maturities, available for sale, gross unrealized, losses	(62)		(120)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(34)		(110)
Available for sale (AFS) fixed maturities	2,425		2,362
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	3,559		3,210
Fixed maturities, available for sale, allowance for expected credit losses	15	$ 0	3	$ 8	$ 5	$ 1
Fixed maturities, available for sale, gross unrealized, gains	88		52
Fixed maturities, available for sale, gross unrealized, losses	(70)		(113)
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	18		(61)
Available for sale (AFS) fixed maturities	$ 3,562		$ 3,146

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,081	$ 1,018
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	572	512
Equity securities	653	586
Equity securities, fair value in excess of cost	81	74
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	388	422
Equity securities	428	432
Equity securities, fair value in excess of cost	40	10
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	960	934
Equity securities	1,081	1,018
Equity securities, fair value in excess of cost	$ 121	$ 84

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,911		$ 1,911		$ 1,814
Equity in earnings of partnerships and similar investments	6	$ 17	45	$ 102
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,349		1,349		1,320
Equity in earnings of partnerships and similar investments	10	11	15	86
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	524		524		457
Equity in earnings of partnerships and similar investments	(5)	5	26	12
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	38		38		$ 37
Equity in earnings of partnerships and similar investments	$ 1	$ 1	$ 4	$ 4

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (5)	$ (7)
Fair value - less than twelve months	$ 408	$ 428
Fair value as percentage of cost - less than twelve months	99%	98%
Unrealized Loss - twelve months or more	$ (294)	$ (463)
Fair Value - twelve months or more	$ 4,635	$ 5,999
Fair value as percentage of cost - twelve months or more	94%	93%
U.S. government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 2	$ 11
Fair value as percentage of cost - less than twelve months	100%	100%
Unrealized Loss - twelve months or more	$ (3)	$ (8)
Fair Value - twelve months or more	$ 113	$ 191
Fair value as percentage of cost - twelve months or more	97%	96%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 48	$ 76
Fair value as percentage of cost - less than twelve months	98%	99%
Unrealized Loss - twelve months or more	$ (33)	$ (37)
Fair Value - twelve months or more	$ 492	$ 526
Fair value as percentage of cost - twelve months or more	94%	93%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 0	$ 0
Fair value as percentage of cost - less than twelve months	0%	0%
Unrealized Loss - twelve months or more	$ (2)	$ (7)
Fair Value - twelve months or more	$ 130	$ 207
Fair value as percentage of cost - twelve months or more	98%	97%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 76	$ 42
Fair value as percentage of cost - less than twelve months	99%	98%
Unrealized Loss - twelve months or more	$ (116)	$ (154)
Fair Value - twelve months or more	$ 972	$ 1,089
Fair value as percentage of cost - twelve months or more	89%	88%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 0	$ 0
Fair value as percentage of cost - less than twelve months	0%	0%
Unrealized Loss - twelve months or more	$ 0	$ (1)
Fair Value - twelve months or more	$ 21	$ 61
Fair value as percentage of cost - twelve months or more	100%	98%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ 0
Fair value - less than twelve months	$ 106	$ 25
Fair value as percentage of cost - less than twelve months	100%	100%
Unrealized Loss - twelve months or more	$ (11)	$ (28)
Fair Value - twelve months or more	$ 291	$ 807
Fair value as percentage of cost - twelve months or more	96%	97%
Other asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (1)	$ (1)
Fair value - less than twelve months	$ 91	$ 151
Fair value as percentage of cost - less than twelve months	99%	99%
Unrealized Loss - twelve months or more	$ (61)	$ (119)
Fair Value - twelve months or more	$ 1,370	$ 1,663
Fair value as percentage of cost - twelve months or more	96%	93%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (2)	$ (4)
Fair value - less than twelve months	$ 85	$ 123
Fair value as percentage of cost - less than twelve months	98%	97%
Unrealized Loss - twelve months or more	$ (68)	$ (109)
Fair Value - twelve months or more	$ 1,246	$ 1,455
Fair value as percentage of cost - twelve months or more	95%	93%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 10	$ 16	$ 12	$ 11
Provision for expected credit losses on securities with no previous allowance	15	3	16	9
Additions to previously recognized expected credit losses	0	1	1	0
Reductions due to sales or redemptions	0	0	(4)	0
Ending balance	25	20	25	20
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	10	11	9	10
Provision for expected credit losses on securities with no previous allowance	0	0	1	1
Additions to previously recognized expected credit losses	0	1	1	1
Reductions due to sales or redemptions	0	0	(1)	0
Ending balance	10	12	10	12
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	0	5	3	1
Provision for expected credit losses on securities with no previous allowance	15	3	15	8
Additions to previously recognized expected credit losses	0	0	0	(1)
Reductions due to sales or redemptions	0	0	(3)	0
Ending balance	$ 15	$ 8	$ 15	$ 8

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 10,435	$ 10,377
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years
Average life of MBS	6 years
Fixed maturities:
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 458
After one year through five years	2,866
After five years through ten years	1,278
After ten years	259
Fixed maturities amortized cost, Subtotal	4,861
Amortized cost	10,561
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	449
After one year through five years	2,845
After five years through ten years	1,304
After ten years	252
Fixed maturities fair value, subtotal	4,850
Available for sale (AFS) fixed maturities	$ 10,435	$ 10,377
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	4%
After one year through five years	27%
After five years through ten years	12%
After ten years	3%
Fixed maturities fair value, subtotal, percent	46%
Fair value, total, percent	100%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 3,757
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 3,723
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	36%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,943
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,862
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	18%

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Investment income	$ 206	$ 171	$ 603	$ 596
Equity in earnings of partnerships and similar investments	6	17	45	102
Investment expenses	(6)	(3)	(17)	(13)
Net investment income	200	168	586	583
Fixed maturities: | Net investment income
Net Investment Income [Line Items]
Investment income	136	126	406	369
Fixed maturities: | Net investment income
Net Investment Income [Line Items]
Change in fair value of fixed maturity securities	7	(11)	7	(1)
Equity securities | Net investment income
Net Investment Income [Line Items]
Dividends	6	8	20	26
Change in fair value of equity securities	20	7	45	36
Other
Net Investment Income [Line Items]
Investment income	$ 31	$ 24	$ 80	$ 64

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (2)	$ (19)	$ 10	$ (67)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	10	(12)	21	(46)
Impairment allowance on securities	(12)	(3)	(14)	(7)
Realized gains (losses) on securities	(2)	(15)	7	(53)
Change in unrealized	190	(57)	187	(24)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	13	(15)	27	(58)
Impairment allowance on securities	(15)	(4)	(17)	(9)
Realized gains (losses) on securities	(2)	(19)	10	(67)
Change in unrealized	241	(72)	237	(29)
Fixed maturities:
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	3	(7)	(2)	(35)
Impairment allowance on fixed maturity securities	(15)	(4)	(17)	(9)
Realized gains (losses) on securities	(12)	(11)	(19)	(44)
Change in unrealized	241	(72)	237	(29)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	10	(8)	29	(23)
Realized gains (losses) on securities	10	(8)	29	(23)
Change in unrealized	0	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	0	0	0	0
Impairment allowance on mortgage loans and other investments	0	0	0	0
Realized gains (losses) on securities	0	0	0	0
Change in unrealized	0	0	0	0
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities before impairments	(3)	3	(6)	12
Impairment allowance on securities	3	1	3	2
Realized gains (losses) on securities	0	4	(3)	14
Change in unrealized	$ (51)	$ 15	$ (50)	$ 5

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 30	$ (1)	$ 70	$ 5
Realized gains (losses) on securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	10	(8)	25	(31)
Net investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 20	$ 7	$ 45	$ 36

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities: - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 1	$ 2
Gross losses	$ (5)	$ (33)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) swap	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.			$ (10)
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps expired during the period | swap	3
Interest rate swaps | Designated as hedging instrument | Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (6)	$ (7)	(20)	$ (19)
Interest rate swaps | Cash flow hedging | Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,100		1,100		$ 1,300
Collateral receivable supporting swaps	29		29		48
Interest rate swaps | Cash flow hedging | Designated as hedging instrument | Facility closing
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	31		31
Total return swap | Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability to return collateral related to swaps	$ 1		$ 1		$ 5

Derivatives - Derivatives inclu

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Other assets	$ 71	$ 87
Derivative liability	10	22
Interest rate swaps | Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	1	1
Derivative liability	$ 10	$ 22
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 | Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	$ 68	$ 81
Derivative liability	$ 0	0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities
Total return swap | Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Other assets	$ 2	5
Derivative liability	$ 0	$ 0
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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ 14	$ (18)	$ 20	$ (2)
Earnings (losses) on derivatives	8	(25)	0	(21)
Fixed maturities with embedded derivatives | Realized gains (losses) on securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	3	(1)	2	(4)
Fixed maturities with embedded derivatives | Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	6	(11)	7	(1)
Total return swap | Other expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	5	(6)	11	3
Designated as hedging instrument | Interest rate swaps | Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (6)	$ (7)	$ (20)	$ (19)

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($) collateralized_loan_obligation	Sep. 30, 2024 USD ($) collateralized_loan_obligation	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum		13.30%
Percentage of investment of most subordinate debt tranche, Maximum		100%
Number of collateralized loan obligation entities | collateralized_loan_obligation		14
Number of collateralized loan obligation entities formed during the period | collateralized_loan_obligation	1	2
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments		$ 114	$ 109
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt		274	253
Carrying amount of CLO loans in default		9	7
Aggregate unpaid principal balance of variable interest entity loans in default		17	13
Available for sale (AFS) fixed maturities		10,435	10,377
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,298	1,687
Managed by third parties | Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities		1,300	$ 1,690
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches		164
Variable interest entity, primary beneficiary | Subordinated debt obligations
Variable Interest Entity [Line Items]
Investment in CLO tranches		142
New collateralized loan obligation, temporary warehousing entities
Variable Interest Entity [Line Items]
Investment in CLO tranches		10		$ 23
New collateralized loan obligation entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	$ 407	813
Face amount of managed investment entities liabilities purchased at issuance date	$ 16	$ 73

Managed Investment Entities - P

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity, Ownership [Roll Forward]
Balance at beginning of period of ownership of CLO tranches	$ 158	$ 117	$ 137	$ 112
Purchases	0	0	62	11
Sales	0	0	(40)	0
Distributions	(8)	(9)	(28)	(21)
Change in fair value	3	12	21	18
Change in accrued interest	0	0	1	0
Balance at end of period of ownership of CLO tranches	$ 153	$ 120	$ 153	$ 120

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ (7)	$ 50	$ (10)	$ 116
Liabilities	(2)	(34)	15	(104)
Management fees paid to AFG	3	4	9	12
Variable interest entity, primary beneficiary
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings attributable to AFG	$ 2	$ 12	$ 25	$ 18

Goodwill and Other Intangibles

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the goodwill			$ 0
Goodwill	$ 305,000,000		305,000,000		$ 305,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	199,000,000		199,000,000		213,000,000
Accumulated amortization	53,000,000		53,000,000		$ 39,000,000
Amortization of intangible assets	$ 5,000,000	$ 5,000,000	$ 14,000,000	$ 11,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year	$ 0
Scheduled principal payments on debt in year one	0
Scheduled principal payments on debt in year two	0
Scheduled principal payments on debt in year three	0
Scheduled principal payments on debt in year four	0
Scheduled principal payments on debt in year five	0
Scheduled principal payments on debt thereafter	$ 1,500,000,000
Variable interest rate on debt instrument	Secured Overnight Financing Rate (SOFR) [Member]
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit line	$ 450,000,000
Interest rate on revolving debt facility	1.25%
Amount borrowed under revolving credit facility	$ 0	$ 0
AFG | 4.50% Senior Notes due June 2047 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased			$ 15,000,000
Interest rate on debt instruments	4.50%
Amount of debt repurchased			13,000,000
AFG | 5.25% Senior Notes due April 2030 | Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased			8,000,000
Interest rate on debt instruments	5.25%
Amount of debt repurchased			$ 8,000,000
AFG | Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1%
AFG | Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.75%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Summary of Carrying value of long-term debt
Principal	$ 1,498	$ 1,498
Discount and Issue Costs	(23)	(23)
Carrying Value	1,475	1,475
Senior Notes | AFG
Summary of Carrying value of long-term debt
Principal	823	823
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 818	818
Senior Notes | 4.50% Senior Notes due June 2047 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 567	567
Discount and Issue Costs	(1)	(1)
Carrying Value	$ 566	566
Senior Notes | 5.25% Senior Notes due April 2030 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%
Summary of Carrying value of long-term debt
Principal	$ 253	253
Discount and Issue Costs	(4)	(4)
Carrying Value	249	249
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)	(18)
Carrying Value	$ 657	657
Subordinated Debentures | 4.50% Subordinated Debentures due September 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures | 5.125% Subordinated Debentures due December 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200	200
Discount and Issue Costs	(5)	(5)
Carrying Value	$ 195	195
Subordinated Debentures | 5.625% Subordinated Debentures due June 2060 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150	150
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 146	146
Subordinated Debentures | 5.875% Subordinated Debentures due March 2059 | AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125	125
Discount and Issue Costs	(4)	(4)
Carrying Value	$ 121	$ 121

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Sep. 30, 2024 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) | shares	12,500,000
Preferred Stock, par value (USD per share) | $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) | shares	12,500,000
Preferred Stock, par value (USD per share) | $ / shares	$ 0

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance			$ (319)
Other comprehensive income (loss), pretax	$ 249	$ (73)	236	$ (33)
Other comprehensive income (loss), tax	(54)	14	(53)	6
Other comprehensive income (loss), net of tax	195	(59)	183	(27)
AOCI ending balance	(136)		(136)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	226	(81)	216	(69)
Unrealized holding gains (losses) on securities arising during the period, tax	(48)	17	(46)	14
Unrealized holding gains (losses) on securities arising during the period, after tax	178	(64)	170	(55)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	15	9	21	40
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(3)	(2)	(4)	(9)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	12	7	17	31
Total net unrealized gains (losses) on securities, pretax	241	(72)	237	(29)
Total net unrealized gains (losses) on securities, tax	(51)	15	(50)	5
Total net unrealized gains (losses) on securities	190	(57)	187	(24)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	11	(9)	(7)	(25)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	(3)	2	1	5
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	8	(7)	(6)	(20)
Reclassification adjustment for investment income included in net earnings, pretax	6	8	20	19
Reclassification adjustment for investment income included in net earnings, tax	(1)	(2)	(4)	(4)
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	5	6	16	15
Total net unrealized gains (losses) on cash flow hedges, pretax	17	(1)	13	(6)
Total net unrealized gains (losses) on cash flow hedges, tax	(4)	0	(3)	1
Total net unrealized gains (losses) on cash flow hedges	13	(1)	10	(5)
Foreign currency translation adjustments, pretax	(9)	0	(14)	2
Foreign currency translation adjustments, tax	1	(1)	0	0
Foreign currency translation adjustments, after tax	(8)	(1)	(14)	2
Total pension and OPRP adjustments, pretax	0	0	0	0
Total pension and OPRP adjustments, tax	0	0	0	0
Total pension and OPRP adjustments, after Tax	0	0	0	0
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(331)	(511)	(319)	(543)
AOCI ending balance	(136)	(570)	(136)	(570)
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(290)	(464)	(287)	(497)
AOCI ending balance	(100)	(521)	(100)	(521)
Accumulated gain (loss), net, cash flow hedge, parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(20)	(33)	(17)	(29)
AOCI ending balance	(7)	(34)	(7)	(34)
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(23)	(17)	(17)	(20)
AOCI ending balance	(31)	(18)	(31)	(18)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	2	3	2	3
AOCI ending balance	$ 2	$ 3	$ 2	$ 3

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)			157,681
Fair value per share of restricted Common Stock issued under Stock Incentive Plan (USD per share)			$ 126.24
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 4	$ 5	$ 13	$ 14

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Statutory rate of income taxes	21%		21%	21%	21%
Effect of adjustment related to sale of subsidiary	$ 0	$ 4	$ 0	$ 4	$ 0

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 229		$ 219	$ 804	$ 738
Income taxes at statutory rate	48		46	169	155
Effect of ESOP dividend paid deduction	(1)		0	(3)	(3)
Effect of tax exempt interest	(1)		(2)	(3)	(4)
Effect of stock-based compensation	0		0	(2)	(2)
Effect of the change in valuation allowance	(2)		(2)	(2)	(2)
Effect of dividends received deduction	0		0	(1)	(1)
Effect of nondeductible expenses	2		3	6	8
Effect of adjustment related to sale of subsidiary	0	$ 4	0	4	0
Effect of prior year income taxes	1		(5)	1	(5)
Effect of foreign operations	1		2	1	6
Effect of other income	0		0	2	(3)
Provision for income taxes	$ 48		$ 42	$ 172	$ 149
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21%		21%	21%	21%
Effect of ESOP dividend paid deduction as a percentage of EBT	0%		0%	(1.00%)	0%
Effect of tax exempt interest as a percentage of EBT	0%		(1.00%)	(1.00%)	(1.00%)
Effect of stock-based compensation as a percentage of EBT	0%		0%	0%	0%
Effect of the change in valuation allowance, as a percentage of EBT	(1.00%)		(1.00%)	0%	0%
Effect of dividends received deduction as a percentage of EBT	0%		0%	0%	0%
Effect of nondeductible expenses as a percentage of EBT	1%		1%	1%	1%
Effect of adjustment related to sale of subsidiary as a percentage of EBT	0%		0%	1%	0%
Effect of prior year income taxes as a percentage of EBT	0%		(2.00%)	0%	(1.00%)
Effect of foreign operations as a percentage of EBT	0%		1%	0%	1%
Effect of other income tax reconciliation as a percentage of EBT	0%		0%	0%	(1.00%)
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	21%		19%	21%	20%

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Less reinsurance recoverables, net of allowance	$ 4,288	$ 3,767
Net liability at beginning of year	8,799	8,207
Provision for losses and LAE occurring in the current period	3,379	3,132
Net decrease in the provision for claims of prior years	(100)	(168)
Total losses and LAE incurred	3,279	2,964
Payments for losses and LAE of:
Current year	(828)	(743)
Prior years	(2,027)	(1,745)
Total payments	(2,855)	(2,488)
Foreign currency translation and other	(2)	1
Net liability at end of period	9,221	8,684
Add back reinsurance recoverables, net of allowance	$ 4,985	$ 4,207

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 10	$ 9	$ 10	$ 8
Provision (credit) for expected credit losses	0	2	0	3
Write-offs charged against the allowance	0	0	0	0
Ending Balance	10	11	10	11
Crop Risk Services
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 0	$ 0	$ 0	$ 0

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 18	$ 9	$ 15	$ 8
Provision (credit) for expected credit losses	1	0	5	1
Write-offs charged against the allowance	0	0	(1)	0
Ending Balance	19	13	19	13
Crop Risk Services
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 0	$ 4	$ 0	$ 4