Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Registrant Name | AMERICAN FINANCIAL GROUP INC |
Entity Central Index Key | 0001042046 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, the following table reports the compensation of our Principal Executive Officer (PEO), and the average compensation of our other Named Executive Officers (Other NEOs) as reported in the Summary Compensation Table for the past three fiscal years, as well as their “compensation actually paid” as calculated pursuant to recently adopted SEC rules and certain performance measures required by such rules. Year Summary Compensation Table Total Compensation for PEO ($) (1) Compensation Actually Paid to PEO ($) (2) Average Summary Compensation Table Total Compensation for Other NEOs ($) (3) Average Compensation Actually Paid to Other NEOs ($) (2) Value of Initial Fixed $100 Investment Based On: Net Income (5) Core EPS ($) Carl H. Lindner III S. Craig Lindner Carl H. Lindner III S. Craig Lindner Total Shareholder Return ($) Peer Group (4) 2022 12,670,399 12,637,868 13,456,927 13,424,396 2,854,120 3,133,065 181.22 148.53 898 11.63 2021 12,449,582 12,341,739 16,851,687 16,743,844 2,639,597 4,137,031 163.26 124.95 1,995 11.59 2020 9,631,170 9,596,241 8,637,205 8,602,276 1,991,354 1,659,485 83.81 106.33 732 8.44 (1) For 2020 through 2022, our PEOs were the Co-CEOs, Carl H. Lindner III and S. Craig Lindner. The dollar amounts reported in this column are the amounts of total compensation reported for the Co-CEOs for each corresponding year in the “Total” column of the Summary Compensation Table. (2) “Compensation actually paid” to our Co-CEOs and Other NEOs in each of 2022, 2021 and 2020 reflects the respective amounts set forth in the “Total” column of the Summary Compensation Table, as adjusted as set forth in the table below, in accordance with SEC rules. The dollar amounts reflected in the “Total” column of the Summary Compensation Table and above do not reflect the actual amount of compensation earned by or paid to our Co-CEOs and Other NEOs during the applicable year. For information regarding the decisions made by our management and Compensation Committee in regards to the NEO compensation for each fiscal year, please see the Compensation Discussion & Analysis section of this proxy statement. Fair value changes in stock awards for 2020 include the change in fair value of unvested stock option awards from December 31, 2019 to February 23, 2020. The Company has not awarded stock options since 2015. 2022 2021 2020 Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Summary Compensation Table “Total” 12,670,399 12,637,868 2,854,120 12,449,582 12,341,739 2,639,597 9,631,170 9,596,241 1,991,354 Less: Stock Award Values Reported in Summary Compensation Table for Covered Year (1,500,128) (1,500,128) (592,584) (1,500,100) (1,500,100) (538,810) (1,500,125) (1,500,125) (507,565) Plus: Fair Value of Stock Awards Granted in Covered Year 1,537,536 1,537,536 607,361 1,853,545 1,853,545 665,762 1,260,764 1,260,764 426,578 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (1,720) (1,720) (586) 2,126,862 2,126,862 718,028 (975,709) (975,709) (324,777) Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year ($) (25,892) (25,892) (8,245) 341,051 341,051 110,866 (8,414) (8,414) (2,692) Dividends Paid during Covered Year on Unvested Stock Awards 776,732 776,732 273,000 1,580,747 1,580,747 541,589 229,519 229,519 76,588 Compensation Actually Paid ($) 13,456,927 13,424,396 3,133,065 16,851,687 16,743,844 4,137,031 8,637,205 8,602,276 1,659,485 (3) For 2021 and 2020, our Other NEOs were John B. Berding, Michelle A. Gillis, Brian S. Hertzman and Vito C. Peraino. For 2022, the Other NEOs were John B. Berding, Brian S. Hertzman, Vito C. Peraino and David L. Thompson, Jr. (4) For the relevant fiscal year, the dollar amounts reported represent the cumulative total shareholder return (TSR) of the S&P 500 Property & Casualty Index (“Peer Group TSR”) for the measurement periods ending on December 31 of each of 2022, 2021 and 2020, respectively. (5) The dollar amounts reported represent the amount of net income (loss) reflected in our consolidated audited financial statements in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2022, 2021 and 2020, respectively. | ||
Company Selected Measure Name | Core EPS | ||
Named Executive Officers, Footnote [Text Block] | (3) For 2021 and 2020, our Other NEOs were John B. Berding, Michelle A. Gillis, Brian S. Hertzman and Vito C. Peraino. For 2022, the Other NEOs were John B. Berding, Brian S. Hertzman, Vito C. Peraino and David L. Thompson, Jr. | ||
Peer Group Issuers, Footnote [Text Block] | (4) For the relevant fiscal year, the dollar amounts reported represent the cumulative total shareholder return (TSR) of the S&P 500 Property & Casualty Index (“Peer Group TSR”) for the measurement periods ending on December 31 of each of 2022, 2021 and 2020, respectively. | ||
Adjustment To PEO Compensation, Footnote [Text Block] | (2) “Compensation actually paid” to our Co-CEOs and Other NEOs in each of 2022, 2021 and 2020 reflects the respective amounts set forth in the “Total” column of the Summary Compensation Table, as adjusted as set forth in the table below, in accordance with SEC rules. The dollar amounts reflected in the “Total” column of the Summary Compensation Table and above do not reflect the actual amount of compensation earned by or paid to our Co-CEOs and Other NEOs during the applicable year. For information regarding the decisions made by our management and Compensation Committee in regards to the NEO compensation for each fiscal year, please see the Compensation Discussion & Analysis section of this proxy statement. Fair value changes in stock awards for 2020 include the change in fair value of unvested stock option awards from December 31, 2019 to February 23, 2020. The Company has not awarded stock options since 2015. 2022 2021 2020 Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Summary Compensation Table “Total” 12,670,399 12,637,868 2,854,120 12,449,582 12,341,739 2,639,597 9,631,170 9,596,241 1,991,354 Less: Stock Award Values Reported in Summary Compensation Table for Covered Year (1,500,128) (1,500,128) (592,584) (1,500,100) (1,500,100) (538,810) (1,500,125) (1,500,125) (507,565) Plus: Fair Value of Stock Awards Granted in Covered Year 1,537,536 1,537,536 607,361 1,853,545 1,853,545 665,762 1,260,764 1,260,764 426,578 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (1,720) (1,720) (586) 2,126,862 2,126,862 718,028 (975,709) (975,709) (324,777) Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year ($) (25,892) (25,892) (8,245) 341,051 341,051 110,866 (8,414) (8,414) (2,692) Dividends Paid during Covered Year on Unvested Stock Awards 776,732 776,732 273,000 1,580,747 1,580,747 541,589 229,519 229,519 76,588 Compensation Actually Paid ($) 13,456,927 13,424,396 3,133,065 16,851,687 16,743,844 4,137,031 8,637,205 8,602,276 1,659,485 | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,854,120 | $ 2,639,597 | $ 1,991,354 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 3,133,065 | 4,137,031 | 1,659,485 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) “Compensation actually paid” to our Co-CEOs and Other NEOs in each of 2022, 2021 and 2020 reflects the respective amounts set forth in the “Total” column of the Summary Compensation Table, as adjusted as set forth in the table below, in accordance with SEC rules. The dollar amounts reflected in the “Total” column of the Summary Compensation Table and above do not reflect the actual amount of compensation earned by or paid to our Co-CEOs and Other NEOs during the applicable year. For information regarding the decisions made by our management and Compensation Committee in regards to the NEO compensation for each fiscal year, please see the Compensation Discussion & Analysis section of this proxy statement. Fair value changes in stock awards for 2020 include the change in fair value of unvested stock option awards from December 31, 2019 to February 23, 2020. The Company has not awarded stock options since 2015. 2022 2021 2020 Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Carl H. Lindner III ($) S. Craig Lindner ($) Non-PEO NEOs Average ($) Summary Compensation Table “Total” 12,670,399 12,637,868 2,854,120 12,449,582 12,341,739 2,639,597 9,631,170 9,596,241 1,991,354 Less: Stock Award Values Reported in Summary Compensation Table for Covered Year (1,500,128) (1,500,128) (592,584) (1,500,100) (1,500,100) (538,810) (1,500,125) (1,500,125) (507,565) Plus: Fair Value of Stock Awards Granted in Covered Year 1,537,536 1,537,536 607,361 1,853,545 1,853,545 665,762 1,260,764 1,260,764 426,578 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) (1,720) (1,720) (586) 2,126,862 2,126,862 718,028 (975,709) (975,709) (324,777) Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year ($) (25,892) (25,892) (8,245) 341,051 341,051 110,866 (8,414) (8,414) (2,692) Dividends Paid during Covered Year on Unvested Stock Awards 776,732 776,732 273,000 1,580,747 1,580,747 541,589 229,519 229,519 76,588 Compensation Actually Paid ($) 13,456,927 13,424,396 3,133,065 16,851,687 16,743,844 4,137,031 8,637,205 8,602,276 1,659,485 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between Compensation Actually Paid to our Co-CEOs and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Cumulative TSR and Comparison of Company’s Cumulative TSR and Peer Group TSR. The table below reflects the relationship between the compensation actually paid for the Company’s Co-CEOs and the average Other NEOs versus the Company’s TSR and the peer group TSR, assuming an initial fixed investment of $100 for the years ended December 31, 2022, 2021 and 2020. | ||
Compensation Actually Paid vs. Net Income [Text Block] | Relationship Between Compensation Actually Paid to our Co-CEOs and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Net Income. The table below reflects the relationship between the compensation actually paid for the Company’s Co-CEOs and the average Other NEOs versus the Company’s Net Income for the year ended December 31, 2022, 2021 and 2020. Net income for 2021 includes the sale of the annuity business to Massachusetts Mutual Life Insurance Company for approximately $3.5 billion after-tax proceeds. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between Compensation Actually Paid to our Co-CEOs and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Core Earnings Per Share. The table below reflects the relationship between the compensation actually paid for the Company’s Co-CEOs and the average Other NEOs versus the Company’s Core EPS for the years ended December 31, 2022, 2021 and 2020. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Relationship Between Compensation Actually Paid to our Co-CEOs and the Average of the Compensation Actually Paid to the Other NEOs and the Company’s Cumulative TSR and Comparison of Company’s Cumulative TSR and Peer Group TSR. The table below reflects the relationship between the compensation actually paid for the Company’s Co-CEOs and the average Other NEOs versus the Company’s TSR and the peer group TSR, assuming an initial fixed investment of $100 for the years ended December 31, 2022, 2021 and 2020. | ||
Tabular List [Table Text Block] | The following financial performance measures are the most important financial performance measures that link compensation actually paid to named executive officers in the applicable year to company performance. For a description of these financial measures, see pages 38 45 Most Important Performance Measures Core Earnings per Share Specialty Property and Casualty Earnings Book Value per Share Growth vs. Industry Companies over 3 Years Core Return on Equity over 3 Years | ||
Total Shareholder Return Amount | $ 181.22 | 163.26 | 83.81 |
Peer Group Total Shareholder Return Amount | 148.53 | 124.95 | 106.33 |
Net Income (Loss) | $ 898,000,000 | $ 1,995,000,000 | $ 732,000,000 |
Company Selected Measure Amount | $ / shares | 11.63 | 11.59 | 8.44 |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core Earnings per Share | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Specialty Property and Casualty Earnings | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Book Value per Share Growth vs. Industry Companies over 3 Years | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core Return on Equity over 3 Years | ||
Carl H. Lindner [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | $ 12,670,399 | $ 12,449,582 | $ 9,631,170 |
PEO Actually Paid Compensation Amount | $ 13,456,927 | $ 16,851,687 | $ 8,637,205 |
PEO Name | Carl H. Lindner III | Carl H. Lindner III | Carl H. Lindner III |
S. Craig Lindner [Member] | |||
Pay vs Performance Disclosure [Table] | |||
PEO Total Compensation Amount | $ 12,637,868 | $ 12,341,739 | $ 9,596,241 |
PEO Actually Paid Compensation Amount | $ 13,424,396 | $ 16,743,844 | $ 8,602,276 |
PEO Name | S. Craig Lindner | S. Craig Lindner | S. Craig Lindner |
PEO [Member] | Carl H. Lindner [Member] | Stock Award Values Reported in Summary Compensation Table for Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (1,500,128) | $ (1,500,100) | $ (1,500,125) |
PEO [Member] | Carl H. Lindner [Member] | Fair Value of Stock Awards Granted in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,537,536 | 1,853,545 | 1,260,764 |
PEO [Member] | Carl H. Lindner [Member] | Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,720) | 2,126,862 | (975,709) |
PEO [Member] | Carl H. Lindner [Member] | Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (25,892) | 341,051 | (8,414) |
PEO [Member] | Carl H. Lindner [Member] | Dividends Paid during Covered Year on Unvested Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 776,732 | 1,580,747 | 229,519 |
PEO [Member] | S. Craig Lindner [Member] | Stock Award Values Reported in Summary Compensation Table for Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,500,128) | (1,500,100) | (1,500,125) |
PEO [Member] | S. Craig Lindner [Member] | Fair Value of Stock Awards Granted in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,537,536 | 1,853,545 | 1,260,764 |
PEO [Member] | S. Craig Lindner [Member] | Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,720) | 2,126,862 | (975,709) |
PEO [Member] | S. Craig Lindner [Member] | Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (25,892) | 341,051 | (8,414) |
PEO [Member] | S. Craig Lindner [Member] | Dividends Paid during Covered Year on Unvested Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 776,732 | 1,580,747 | 229,519 |
Non-PEO NEO [Member] | Stock Award Values Reported in Summary Compensation Table for Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (592,584) | (538,810) | (507,565) |
Non-PEO NEO [Member] | Fair Value of Stock Awards Granted in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 607,361 | 665,762 | 426,578 |
Non-PEO NEO [Member] | Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (586) | 718,028 | (324,777) |
Non-PEO NEO [Member] | Change in Fair Value of Stock and Option Awards from Prior Years that Vested in Covered Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (8,245) | 110,866 | (2,692) |
Non-PEO NEO [Member] | Dividends Paid during Covered Year on Unvested Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 273,000 | $ 541,589 | $ 76,588 |