Great American Life Insurance POS AM 17 Apr 17 Prospectus update (post-effective amendment) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016
Document and Entity Information [Abstract]
Document Type	POS AM
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Entity Registrant Name	GREAT AMERICAN LIFE INSURANCE CO.
Entity Central Index Key	723,258
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 499	$ 262
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $27,310 and $24,903)	28,020	25,486
Fixed maturities, trading at fair value	117	114
Equity securities, available for sale at fair value (cost — $447 and $489)	495	486
Mortgage loans	890	880
Policy loans	192	201
Real estate and other investments	763	597
Total cash and investments	30,976	28,026
Recoverables from reinsurers	343	355
Deferred policy acquisition costs (including the impact of unrealized gains on securities of $273 and $233)	997	954
Accrued investment income	262	242
Variable annuity assets (separate accounts)	600	608
Equity options — fixed-indexed annuities	492	241
Funds held as collateral	380	211
Other assets	312	191
Total assets	34,362	30,828
Liabilities and Equity:
Annuity benefits accumulated (including the impact of unrealized gains on securities of $78 and $64)	29,907	26,622
Life, accident and health reserves	691	705
Variable annuity liabilities (separate accounts)	600	608
Liability for funds held as collateral	380	211
Net deferred tax liabilities	10	31
Other liabilities	207	303
Total liabilities	31,795	28,480
Shareholder’s equity:
Common Stock, par value — $12.50 per share: — 1,200,000 shares authorized — 201,000 shares issued and outstanding	3	3
Capital surplus	938	892
Retained earnings	1,302	1,206
Accumulated other comprehensive income, net of tax	266	192
Total shareholder’s equity	2,509	2,293
Noncontrolling interests	58	55
Total equity	2,567	2,348
Total liabilities and equity	$ 34,362	$ 30,828

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fixed maturities, available for sale at amortized cost	$ 27,310	$ 24,903
Equity securities, available for sale at cost	447	489
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ 420	$ 294
Common Stock, par value (USD per share)	$ 12.50	$ 12.50
Common Stock, shares authorized	1,200,000	1,200,000
Common Stock, shares issued	201,000	201,000
Common Stock, shares outstanding	201,000	201,000
Deferred policy acquisition costs
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ (273)	$ (233)
Annuity benefits accumulated
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ (78)	$ (64)

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Net investment income	$ 1,376	$ 1,230	$ 1,139
Realized gains on securities	(9)	(16)	35
Life, accident and health net earned premiums	24	21	23
Policy charges and other income	108	105	100
Total revenues	1,499	1,340	1,297
Costs and Expenses:
Annuity benefits	800	724	641
Life, accident and health benefits	29	29	33
Insurance acquisition expenses, net	185	166	182
Other expenses	118	102	89
Total costs and expenses	1,132	1,021	945
Earnings before income taxes	367	319	352
Provision for income taxes	127	108	120
Net earnings, including noncontrolling interests	240	211	232
Less: Net earnings attributable to noncontrolling interests	4	6	1
Net Earnings Attributable to Shareholder	236	205	231
Supplemental disclosure of Realized gains (losses) on securities:
Realized gains before impairments	42	35	46
Losses on securities with impairment	(51)	(51)	(11)
Non-credit portion recognized in other comprehensive income (loss)	0	0	0
Impairment charges recognized in earnings	(51)	(51)	(11)
Total realized gains (losses) on securities	$ (9)	$ (16)	$ 35

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 240	$ 211	$ 232
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	76	(286)	185
Reclassification adjustment for realized (gains) losses included in net earnings	6	8	(23)
Total net unrealized gains (losses) on securities	82	(278)	162
Net unrealized gains (losses) on cash flow hedges	(8)	1	0
Other comprehensive income (loss), net of tax	74	(277)	162
Total comprehensive income (loss), net of tax	314	(66)	394
Less: Comprehensive income attributable to noncontrolling interests	4	6	1
Comprehensive income (loss) attributable to shareholder	$ 310	$ (72)	$ 393

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Inc. (Loss)	Noncontrolling Interests
Beginning Balance, shares at Dec. 31, 2013			201,000
Beginning Balance at Dec. 31, 2013	$ 2,286	$ 2,246		$ 859	$ 1,080	$ 307	$ 40
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	232	231			231		1
Other comprehensive income (loss)	162	162				162	0
Capital contributions from parent	10	10		10
Dividends	(200)	(200)			(200)
Other	2	1		1	0		1
Ending Balance, shares at Dec. 31, 2014			201,000
Ending Balance at Dec. 31, 2014	2,492	2,450		870	1,111	469	42
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	211	205			205		6
Other comprehensive income (loss)	(277)	(277)				(277)	0
Capital contributions from parent	24	24		24
Dividends	(110)	(110)			(110)
Other	$ 8	1		1	0	0	7
Ending Balance, shares at Dec. 31, 2015	201,000		201,000
Ending Balance at Dec. 31, 2015	$ 2,348	2,293		895	1,206	192	55
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	240	236			236		4
Other comprehensive income (loss)	74	74				74	0
Capital contributions from parent	45	45		45
Dividends	(140)	(140)			(140)
Other	$ 0	1		1			(1)
Ending Balance, shares at Dec. 31, 2016	201,000		201,000
Ending Balance at Dec. 31, 2016	$ 2,567	$ 2,509		$ 941	$ 1,302	$ 266	$ 58

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net earnings, including noncontrolling interests	$ 240	$ 211	$ 232
Adjustments:
Depreciation and amortization	(75)	(67)	(85)
Annuity benefits	800	724	641
Realized (gains) losses on investing activities	9	16	(35)
Net (purchases) sales of trading securities	(2)	7	1
Deferred annuity and life policy acquisition costs	(229)	(224)	(198)
Amortization of insurance acquisition costs	152	139	161
Change in:
Reinsurance recoverable	12	13	6
Accrued investment income	(20)	(30)	(17)
Funds held as collateral	(169)	74	0
Other assets	(57)	1	(9)
Life, accident and health reserves	(14)	15	(12)
Liability for funds held as collateral	169	(74)	0
Other liabilities	(83)	48	(113)
Other operating activities, net	(34)	2	(2)
Net cash provided by operating activities	699	855	570
Investing Activities:
Purchases of fixed maturities	(6,186)	(5,450)	(4,419)
Purchases of equity securities	(72)	(266)	(136)
Purchases of mortgage loans	(213)	(197)	(323)
Purchases of other investments	(320)	(272)	(189)
Purchases of real estate, property and equipment	(16)	(48)	(12)
Purchases of equity options — fixed indexed annuities	(358)	(301)	(221)
Proceeds from maturities and redemptions of fixed maturities	3,259	2,194	2,014
Proceeds from repayments of mortgage loans	203	209	98
Proceeds from sales of fixed maturities	528	281	103
Proceeds from sales of equity securities	96	106	45
Proceeds from sales of other investments	171	146	145
Proceeds from sales of real estate, property and equipment	14	26	5
Proceeds from exercise of equity options — fixed indexed annuities	248	326	352
Other investing activities, net	(41)	9	9
Net cash used in investing activities	(2,687)	(3,237)	(2,529)
Financing Activities:
Annuity receipts	4,435	4,139	3,692
Annuity surrenders, benefits and withdrawals	(2,275)	(2,002)	(1,747)
Net transfers from variable annuity assets	42	43	43
Advances from Federal Home Loan Bank	150	345	0
Capital contributions from parent	15	0	0
Cash dividends paid	(140)	(110)	(200)
Other financing activities, net	(2)	7	1
Net cash provided by (used in) financing activities	2,225	2,422	1,789
Net Change in Cash and Cash Equivalents	237	40	(170)
Cash and cash equivalents at beginning of period	262	222	392
Cash and cash equivalents at end of period	$ 499	$ 262	$ 222

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Great American Life Insurance Company and its subsidiaries (“GALIC” or the “Company”). GALIC is a direct wholly-owned subsidiary of Great American Financial Resources, Inc. (“GAFRI”), a financial services holding company wholly-owned by American Financial Group, Inc. (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. The financial statements also include costs paid on behalf of GALIC by GAFRI. These costs are recorded as expense in the period incurred and shown as an increase in capital surplus. Events or transactions occurring subsequent to the audited consolidated financial statements as of and for the year ended December 31, 2016 , and prior to April 17, 2017 , have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. 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 GALIC’s assumptions about the assumptions market participants would use in pricing the asset or liability. GALIC did not have any significant nonrecurring fair value measurements of nonfinancial assets and liabilities in 2016 or 2015 . Investments Fixed maturity and equity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in GALIC’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 and policy loans are carried primarily at the aggregate unpaid balance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income, instead of AOCI. GALIC will be required to adopt this guidance effective January 1, 2018. Premiums and discounts on fixed maturity securities are amortized using the interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on securities) and the cost basis of that investment is reduced. If management can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount 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 of an other-than-temporary impairment 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 impairment charge. Both components are shown in the Statement of Earnings. 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 charge to earnings is recorded to reduce the amortized cost of that security to fair value. Derivatives Derivatives included in GALIC’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. Derivatives that do not qualify for hedge accounting under GAAP consist primarily of (i) components of certain fixed maturity securities (primarily interest-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index call options designed to be consistent with the characteristics of the liabilities and used to mitigate the risk embedded in those annuity products. To qualify for hedge accounting, at the inception of a derivative contract, GALIC 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 and ineffectiveness will be measured on a retrospective and prospective basis. 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. Any hedge ineffectiveness is immediately recorded in current period 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. GALIC 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 included in GALIC’s portfolio of fixed maturity securities. Funds Held as Collateral GALIC receives collateral from its counterparties to support its purchased equity index call option assets. The fair value of this collateral is recorded as an asset and the offsetting obligation to return the collateral is recorded as a liability. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. A GALIC subsidiary cedes life insurance policies to a third party on a funds withheld basis whereby the subsidiary retains the assets (securities) associated with the reinsurance contract. Interest is credited to the reinsurer based on the actual investment performance of the retained assets. This reinsurance contract is considered to contain an embedded derivative (that must be adjusted to fair value) because the yield on the payable is based on a specific block of the ceding company’s assets, rather than the overall creditworthiness of the ceding company. GALIC determined that changes in the fair value of the underlying portfolio of fixed maturity securities is an appropriate measure of the value of the embedded derivative. The securities related to this contract are classified as “trading.” The adjustment to fair value on the embedded derivative offsets the investment income recorded on the adjustment to fair value of the related trading portfolio. 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 also includes capitalized costs associated with sales inducements offered to fixed annuity policyholders such as enhanced interest rates and premium and persistency bonuses. DPAC related to annuities is deferred to the extent deemed recoverable and amortized, with interest, in relation to the present value of actual and expected gross profits on the policies. Expected gross profits consist principally of estimated future investment margin (estimated future net investment income less interest credited on policyholder funds) and surrender, mortality, and other life and annuity policy charges, less death, annuitization and guaranteed withdrawal benefits in excess of account balances and estimated future policy administration expenses. To the extent that realized gains and losses result in adjustments to the amortization of DPAC related to annuities, such adjustments are reflected as components of realized gains (losses) on securities. DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. See “ Life, Accident and Health Reserves ” below for details on the impact of loss recognition on the accounting for traditional life and health insurance contracts. DPAC includes the present value of future profits on business in force of annuity and life, accident and health insurance companies acquired (“PVFP”). PVFP represents the portion of the costs to acquire companies that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. PVFP is amortized with interest in relation to expected gross profits of the acquired policies for annuities and universal life products and in relation to the premium paying period for traditional life and health insurance products. DPAC and certain other balance sheet amounts related to annuity and life businesses are also adjusted, net of tax, for the change in expense that would have been recorded if the unrealized gains (losses) from securities had actually been realized. These adjustments are included in unrealized gains (losses) on marketable securities, a component of AOCI in GALIC’s Balance Sheet. Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability for interest credited are charged to annuity benefits expense and decreases for policy charges are recorded as annuity policy charges revenue. For certain products, annuity benefits accumulated also includes reserves for accrued persistency and premium bonuses, guaranteed withdrawals and excess benefits expected to be paid on future deaths and annuitizations (“EDAR”). The liabilities for EDAR and guaranteed withdrawals are accrued for and modified using assumptions consistent with those used in determining DPAC and DPAC amortization, except that amounts are determined in relation to the present value of total expected assessments. Total expected assessments consist principally of estimated future investment margin, surrender, mortality, and other life and annuity policy charges, and unearned revenues once they are recognized as income. Reserves for traditional fixed annuities are generally recorded at the stated account value. Reserves for indexed annuities are recorded at a value reflecting the fixed guarantees in the product plus the fair value of equity participation in the contract. Annuity benefits accumulated also includes amounts advanced from the Federal Home Loan Bank of Cincinnati. Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in other liabilities) and recognized in net earnings (included in policy charges and other income) using the same assumptions and estimated gross profits used to amortize DPAC. Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded first to reduce unamortized acquisition costs and then as an additional reserve (if unamortized acquisition costs have been reduced to zero). In addition, reserves for traditional life policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI in GALIC’s Balance Sheet. Variable Annuity Assets and Liabilities Separate accounts related to variable annuities represent the fair value of deposits invested in underlying investment funds on which GALIC earns a fee. Investment funds are selected and may be changed only by the policyholder, who retains all investment risk. GALIC’s variable annuity contracts contain a guaranteed minimum death benefit (“GMDB”) to be paid if the policyholder dies before the annuity payout period commences. In periods of declining equity markets, the GMDB may exceed the value of the policyholder’s account. A GMDB liability is established for future excess death benefits using assumptions together with a range of reasonably possible scenarios for investment fund performance that are consistent with DPAC capitalization and amortization assumptions. Premium Recognition For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account, which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses. Noncontrolling Interests For balance sheet purposes, noncontrolling interests represents the interests of shareholders other than GALIC in consolidated entities. In the Statement of Earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities. Income Taxes GALIC and its subsidiaries have an intercompany tax allocation agreement with AFG. Pursuant to the agreement, each company’s tax expense is determined based upon its inclusion in the consolidated tax return of AFG and its includable subsidiaries. Estimated payments are made quarterly during the year. Following year-end, additional settlements are made on the original due date of the return and, when extended, at the time the return is filed. The method of allocation among the companies under the agreement is based upon separate return calculations with current credit for losses to the extent the losses provide a benefit in the consolidated return. 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. GALIC 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 GALIC’s reserve for uncertain tax positions are recognized as a component of tax expense. Benefit Plans GALIC provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG and its subsidiaries make all contributions to the retirement fund portion of the plan and match a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. 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 and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. 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. Effective October 1, 2016, GALIC early adopted (on a retrospective basis) ASU 2016-15, which addresses the diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. Among other things, this guidance requires proceeds received from the settlement of corporate-owned life insurance policies to be classified as cash inflows from investing activities and allows premiums paid for policies to be reported as cash outflows either from investing activities or operating activities. GALIC has elected to show all corporate-owned life insurance activity in investing activities. Prior to adoption of this guidance, GALIC accounted for these transactions as operating activities. In addition, ASU 2016-15 clarifies when distributions received from investees accounted under the equity method should be accounted for as a cash inflow from operating activities or as a cash inflow from investing activities. GALIC had previously accounted for all distributions from investments accounted for under the equity method as investing activities. The new guidance solely related to the presentation of certain transactions in the statement of cash flows. Accordingly, adoption of this guidance did not impact GALIC’s results of operations or financial position. Revenue Recognition Guidance Effective in 2018 In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when (or as) the entity satisfies a performance obligation under the contract. The new guidance also updates the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Revenue recognition for insurance contracts and financial instruments, which are GALIC’s primary sources of revenue, is excluded from the scope of the new guidance. GALIC will adopt the new guidance effective January 1, 2018. Because the new guidance does not apply to the vast majority of GALIC’s business, management does not expect the adoption of this guidance to have a material impact on GALIC’s results of operations or financial position. Based on implementation efforts to date, management believes that the new standard will apply to less than 3% of GALIC’s consolidated revenues.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations GALIC manages its business as two segments: (i) Annuity and (ii) Run-off life. GALIC’s annuity business markets traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. GALIC’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show GALIC’s assets, revenues and earnings before income taxes by segment. December 31, 2016 2015 2014 Assets Annuity $ 33,607 $ 30,055 $ 27,218 Run-off life 755 773 794 Total assets $ 34,362 $ 30,828 $ 28,012 2016 2015 2014 Revenues Annuity: Net investment income $ 1,355 $ 1,211 $ 1,120 Other income 104 100 94 Total annuity 1,459 1,311 1,214 Run-off life 49 45 48 Total revenues before realized gains (losses) 1,508 1,356 1,262 Realized gains (losses) on securities (9 ) (16 ) 35 Total revenues $ 1,499 $ 1,340 $ 1,297 Earnings Before Income Taxes Annuity $ 371 $ 333 $ 318 Run-off life 5 2 (1 ) Total earnings before realized gains (losses) and income taxes 376 335 317 Realized gains (losses) on securities (9 ) (16 ) 35 Total earnings before income taxes $ 367 $ 319 $ 352

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
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). GALIC’s Level 1 financial instruments consist primarily of publicly traded equity securities and highly liquid government bonds for which quoted market prices in active markets are available. 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. GALIC’s Level 2 financial instruments include separate account assets, corporate and municipal fixed maturity securities, mortgage-backed securities (“MBS”), non-affiliated common stocks and equity index call options 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 in the circumstances. GALIC’s Level 3 is comprised of 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. GALIC’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. The Company's internal investment professionals are a group of approximately 25 analysts whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, the Company communicates directly with the pricing services regarding the methods and assumptions used in pricing, including verifying, on a test basis, the inputs used by the service to value specific securities. Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 10 $ 32 $ 8 $ 50 States, municipalities and political subdivisions — 4,101 75 4,176 Foreign government — 13 — 13 Residential MBS — 2,449 148 2,597 Commercial MBS — 1,324 25 1,349 Asset-backed securities (“ABS”) — 4,160 359 4,519 Corporate and other 15 14,649 652 15,316 Total AFS fixed maturities 25 26,728 1,267 28,020 Trading fixed maturities — 117 — 117 Equity securities 360 25 110 495 Variable annuity assets (separate accounts) (*) — 600 — 600 Equity options — fixed-indexed annuities — 492 — 492 Other assets — derivatives — 1 — 1 Total assets accounted for at fair value $ 385 $ 27,963 $ 1,377 $ 29,725 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 1,759 $ 1,759 Other liabilities — derivatives — 30 — 30 Total liabilities accounted for at fair value $ — $ 30 $ 1,759 $ 1,789 December 31, 2015 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 10 $ 35 $ 15 $ 60 States, municipalities and political subdivisions — 3,934 32 3,966 Foreign government — 13 — 13 Residential MBS — 2,400 184 2,584 Commercial MBS — 1,938 36 1,974 Asset-backed securities — 3,159 333 3,492 Corporate and other 16 12,801 580 13,397 Total AFS fixed maturities 26 24,280 1,180 25,486 Trading fixed maturities — 114 — 114 Equity securities 372 31 83 486 Variable annuity assets (separate accounts) (*) — 608 — 608 Equity options — fixed-indexed annuities — 241 — 241 Other assets — derivatives — 2 — 2 Total assets accounted for at fair value $ 398 $ 25,276 $ 1,263 $ 26,937 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 1,369 $ 1,369 Other liabilities — derivatives — 8 — 8 Total liabilities accounted for at fair value $ — $ 8 $ 1,369 $ 1,377 (*) Variable annuity liabilities equal the fair value of variable annuity assets. The transfers between Level 1 and Level 2 for the years ended December 31, 2016 , 2015 and 2014 are reflected in the table below at fair value as of the end of the reporting period (dollars in millions): Level 2 To Level 1 Transfers Level 1 To Level 2 Transfers # of Transfers Fair Value # of Transfers Fair Value 2016 2015 2014 2016 2015 2014 2016 2015 2014 2016 2015 2014 Perpetual preferred stocks — — 1 $ — $ — $ 4 1 — 3 $ 1 $ — $ 14 Common stocks 2 1 — — — — 2 1 1 — — — Transfers between Level 1 and Level 2 for all periods presented were a result of increases or decreases in observable trade activity. Approximately 5% of the total assets carried at fair value on December 31, 2016 were Level 3 assets. Approximately 80% ( $1.10 billion ) of the 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 GALIC. Since internally developed Level 3 asset fair values represent approximately 1% of the total assets measured at fair value, any justifiable changes in unobservable inputs used to determine internally developed fair values would not have a material impact on GALIC’s financial position. The only significant Level 3 assets or liabilities carried at fair value in the financial statements that were not measured using broker quotes are the derivatives embedded in GALIC’s fixed-indexed annuity liabilities, which are measured using a discounted cash flow approach and had a fair value of $1.76 billion at December 31, 2016 . The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives at December 31, 2016 . See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.4% – 2.9% over the risk free rate Risk margin for uncertainty in cash flows 0.68% reduction in the discount rate Surrenders 3% – 21% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.5% – 8.0% of indexed account value Budgeted option costs 2.4% – 3.6% of indexed account value The range of adjustments for credit risk reflects credit spread variations across the yield curve. The range of projected surrender rates reflects the specific surrender charges and other features of GALIC’s individual fixed-indexed annuity products with an expected range of 6% to 10% in the majority of future calendar years ( 3% to 21% over all periods). Increasing the budgeted option cost or risk margin for uncertainty in cash flows assumptions in the table above would increase the fair value of the fixed-indexed annuity embedded derivatives, while increasing any of the other unobservable inputs in the table above would decrease the fair value of the embedded derivatives. Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2016 , 2015 and 2014 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 gains (losses) included in Balance at December 31, 2015 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2016 AFS fixed maturities: U.S. government agency $ 15 $ (7 ) $ — $ — $ — $ — $ — $ 8 State and municipal 32 — (3 ) 47 (1 ) — — 75 Residential MBS 184 (3 ) (2 ) 6 (26 ) 29 (40 ) 148 Commercial MBS 36 (1 ) — — (6 ) — (4 ) 25 Asset-backed securities 333 (1 ) 1 30 (20 ) 49 (33 ) 359 Corporate and other 580 (1 ) (9 ) 134 (58 ) 22 (16 ) 652 Total AFS fixed maturities 1,180 (13 ) (13 ) 217 (111 ) 100 (93 ) 1,267 Equity securities 83 (6 ) 23 28 (15 ) 9 (12 ) 110 Total Level 3 assets $ 1,263 $ (19 ) $ 10 $ 245 $ (126 ) $ 109 $ (105 ) $ 1,377 Embedded derivatives (*) $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) Total Level 3 liabilities $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016 . Total realized/unrealized gains (losses) included in Balance at December 31, 2014 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2015 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 24 — — 9 (1 ) — — 32 Residential MBS 235 (2 ) (2 ) — (32 ) 48 (63 ) 184 Commercial MBS 37 (1 ) (1 ) — (2 ) 4 (1 ) 36 Asset-backed securities 175 1 (5 ) 184 (40 ) 28 (10 ) 333 Corporate and other 484 (4 ) (9 ) 147 (47 ) 9 — 580 Total AFS fixed maturities 970 (6 ) (17 ) 340 (122 ) 89 (74 ) 1,180 Equity securities 47 (3 ) (6 ) 51 — — (6 ) 83 Total Level 3 assets $ 1,017 $ (9 ) $ (23 ) $ 391 $ (122 ) $ 89 $ (80 ) $ 1,263 Embedded derivatives (*) $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) Total Level 3 liabilities $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . Total realized/unrealized gains (losses) included in Balance at December 31, 2013 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2014 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 20 — 1 — — 3 — 24 Residential MBS 267 4 3 10 (27 ) 62 (84 ) 235 Commercial MBS 24 (1 ) — — — 14 — 37 Asset-backed securities 62 2 (2 ) 88 (17 ) 65 (23 ) 175 Corporate and other 292 3 13 88 (60 ) 151 (3 ) 484 Total AFS fixed maturities 680 8 15 186 (104 ) 295 (110 ) 970 Equity securities 8 1 1 31 — 12 (6 ) 47 Total Level 3 assets $ 688 $ 9 $ 16 $ 217 $ (104 ) $ 307 $ (116 ) $ 1,017 Embedded derivatives (*) $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) Total Level 3 liabilities $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014 . Fair Value of Financial Instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 December 31, 2016 Financial assets: Cash and cash equivalents $ 499 $ 499 $ 499 $ — $ — Mortgage loans 890 887 — — 887 Policy loans 192 192 — — 192 Total financial assets not accounted for at fair value $ 1,581 $ 1,578 $ 499 $ — $ 1,079 Financial liabilities: Annuity benefits accumulated (*) $ 29,703 $ 28,932 $ — $ — $ 28,932 Total financial liabilities not accounted for at fair value $ 29,703 $ 28,932 $ — $ — $ 28,932 December 31, 2015 Financial assets: Cash and cash equivalents $ 262 $ 262 $ 262 $ — $ — Mortgage loans 880 883 — — 883 Policy loans 201 201 — — 201 Total financial assets not accounted for at fair value $ 1,343 $ 1,346 $ 262 $ — $ 1,084 Financial liabilities: Annuity benefits accumulated (*) $ 26,422 $ 25,488 $ — $ — $ 25,488 Total financial liabilities not accounted for at fair value $ 26,422 $ 25,488 $ — $ — $ 25,488 (*) Excludes $204 million and $200 million of life contingent annuities in the payout phase at December 31, 2016 and 2015 , respectively. The carrying amount of cash and cash equivalents approximates fair value. Fair values for mortgage loans are estimated by discounting the future contractual cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings. The fair value of policy loans is estimated to approximate carrying value; policy loans have no defined maturity dates and are inseparable from insurance contracts. The fair value of annuity benefits was estimated based on expected cash flows discounted using forward interest rates adjusted for the Company’s credit risk and includes the impact of maintenance expenses and capital costs.

Balance Sheet Impact of Net Unr

Balance Sheet Impact of Net Unrealized Gains on Securities	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Balance Sheet Impact of Net Unrealized Gains on Securities	Balance Sheet Impact of Net Unrealized Gains on Securities In addition to adjusting equity securities and fixed maturity securities classified as “available for sale” to fair value, GAAP requires that deferred policy acquisition costs and certain other balance sheet amounts related to annuity and life businesses be adjusted to the extent that unrealized gains and losses from securities would result in adjustments to those balances had the unrealized gains or losses actually been realized. The following table shows (in millions) the components of the net unrealized gains (losses) on securities that is included in AOCI in GALIC’s Balance Sheet. Asset (Liability) before Net Unrealized Impact of Net Unrealized Gains on Securities Carrying Value of Asset (Liability) December 31, 2016 Fixed maturities $ 27,310 $ 710 $ 28,020 Equity securities 447 48 495 Deferred policy acquisition costs 1,270 (273 ) 997 Annuity benefits accumulated (29,829 ) (78 ) (29,907 ) Unearned revenue (included in other liabilities) (36 ) 13 (23 ) Net unrealized gain, pretax 420 Deferred tax on unrealized gain (147 ) Net unrealized gain, after tax (included in AOCI) $ 273 December 31, 2015 Fixed maturities $ 24,903 $ 583 $ 25,486 Equity securities 489 (3 ) 486 Deferred policy acquisition costs 1,187 (233 ) 954 Annuity benefits accumulated (26,558 ) (64 ) (26,622 ) Unearned revenue (included in other liabilities) (42 ) 11 (31 ) Net unrealized gain, pretax 294 Deferred tax on unrealized gain (103 ) Net unrealized gain, after tax (included in AOCI) $ 191

Investments

Investments	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities and equity securities consisted of the following (in millions): 2016 2015 Amortized Cost Gross Unrealized Net Unrealized Fair Amortized Cost Gross Unrealized Net Unrealized Fair Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 51 $ 2 $ (3 ) $ (1 ) $ 50 $ 61 $ 2 $ (3 ) $ (1 ) $ 60 States, municipalities and political subdivisions 4,063 155 (42 ) 113 4,176 3,836 162 (32 ) 130 3,966 Foreign government 12 1 — 1 13 12 1 — 1 13 Residential MBS 2,388 216 (7 ) 209 2,597 2,344 246 (6 ) 240 2,584 Commercial MBS 1,304 46 (1 ) 45 1,349 1,903 71 — 71 1,974 Asset-backed securities 4,517 37 (35 ) 2 4,519 3,508 21 (37 ) (16 ) 3,492 Corporate and other 14,975 448 (107 ) 341 15,316 13,239 401 (243 ) 158 13,397 Total fixed maturities $ 27,310 $ 905 $ (195 ) $ 710 $ 28,020 $ 24,903 $ 904 $ (321 ) $ 583 $ 25,486 Equity securities: Common stocks $ 391 $ 55 $ (9 ) $ 46 $ 437 $ 439 $ 32 $ (35 ) $ (3 ) $ 436 Perpetual preferred stocks 56 3 (1 ) 2 58 50 — — — 50 Total equity securities $ 447 $ 58 $ (10 ) $ 48 $ 495 $ 489 $ 32 $ (35 ) $ (3 ) $ 486 The non-credit related portion of other-than-temporary impairment charges is included in other comprehensive income. Cumulative non-credit charges taken for securities still owned at December 31, 2016 and December 31, 2015 , respectively, were $149 million and $160 million . Gross unrealized gains on such securities at December 31, 2016 and December 31, 2015 were $101 million and $104 million , respectively. Gross unrealized losses on such securities at December 31, 2016 and December 31, 2015 were $2 million and $5 million , respectively. These amounts represent the non-credit other-than-temporary impairment charges recorded in AOCI adjusted for subsequent changes in fair values and relate to residential MBS. The following tables show gross unrealized losses (dollars in millions) on fixed maturities and equity securities 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 Loss Fair Value Fair Value as % of Cost Unrealized Loss Fair Value Fair Value as % of Cost December 31, 2016 Fixed maturities: U.S. Government and government agencies $ — $ 8 100 % $ (3 ) $ 7 70 % States, municipalities and political subdivisions (38 ) 1,288 97 % (4 ) 12 75 % Residential MBS (4 ) 298 99 % (3 ) 91 97 % Commercial MBS (1 ) 93 99 % — — — % Asset-backed securities (18 ) 1,295 99 % (17 ) 551 97 % Corporate and other (87 ) 3,636 98 % (20 ) 340 94 % Total fixed maturities $ (148 ) $ 6,618 98 % $ (47 ) $ 1,001 96 % Equity securities: Common stocks $ (9 ) $ 91 91 % $ — $ 3 100 % Perpetual preferred stocks (1 ) 32 97 % — — — % Total equity securities $ (10 ) $ 123 92 % $ — $ 3 100 % December 31, 2015 Fixed maturities: U.S. Government and government agencies $ — $ 4 100 % $ (3 ) $ 15 83 % States, municipalities and political subdivisions (25 ) 1,031 98 % (7 ) 103 94 % Residential MBS (2 ) 180 99 % (4 ) 99 96 % Commercial MBS — 74 100 % — 13 100 % Asset-backed securities (29 ) 1,849 98 % (8 ) 355 98 % Corporate and other (195 ) 4,229 96 % (48 ) 295 86 % Total fixed maturities $ (251 ) $ 7,367 97 % $ (70 ) $ 880 93 % Equity securities: Common stocks $ (35 ) $ 228 87 % $ — $ — — % Perpetual preferred stocks — 23 100 % — 5 100 % Total equity securities $ (35 ) $ 251 88 % $ — $ 5 100 % At December 31, 2016 , the gross unrealized losses on fixed maturities of $195 million relate to 892 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 83% of the gross unrealized loss and 91% of the fair value. The determination of whether unrealized losses are other-than-temporary requires judgment based on subjective as well as objective factors. Factors considered and resources used by management include: a) whether the unrealized loss is credit-driven or a result of changes in market interest rates, b) the extent to which fair value is less than cost basis, c) cash flow projections received from independent sources, d) historical operating, balance sheet and cash flow data contained in issuer SEC filings and news releases, e) near-term prospects for improvement in the issuer and/or its industry, f) third party research and communications with industry specialists, g) financial models and forecasts, h) the continuity of dividend payments, maintenance of investment grade ratings and hybrid nature of certain investments, i) discussions with issuer management, and j) ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value. GALIC analyzes its MBS securities for other-than-temporary 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. During 2016 , GALIC recorded $1 million in other-than-temporary impairment charges related to its residential MBS. In 2016, GALIC recorded approximately $17 million and $7 million in other-than-temporary impairment charges related to corporate bonds and other fixed maturities, respectively. GALIC recorded $41 million in other-than-temporary impairment charges on common stocks in 2016 . At December 31, 2016 , the gross unrealized losses on common stocks of $9 million relate to 20 securities, one of which has been in an unrealized loss position for more than 12 months. Management believes GALIC will recover its cost basis in the securities with unrealized losses and that GALIC has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2016 . A progression of the credit portion of other-than-temporary impairments on fixed maturity securities for which the non-credit portion of an impairment has been recognized in other comprehensive income is shown below (in millions): 2016 2015 2014 Balance at January 1 $ 110 $ 115 $ 125 Additional credit impairments on: Previously impaired securities 1 — — Securities without prior impairments — 1 — Reductions due to sales or redemptions (7 ) (6 ) (10 ) Balance at December 31 $ 104 $ 110 $ 115 The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2016 (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 Amount % Maturity One year or less $ 615 $ 626 2 % After one year through five years 3,952 4,185 15 % After five years through ten years 10,922 11,088 40 % After ten years 3,612 3,656 13 % 19,101 19,555 70 % ABS (average life of approximately 5 years) 4,517 4,519 16 % MBS (average life of approximately 4.5 years) 3,692 3,946 14 % Total $ 27,310 $ 28,020 100 % 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 shareholder’s equity at December 31, 2016 or 2015 . The following table shows (in millions) investment income earned and investment expenses incurred: 2016 2015 2014 Investment income: Fixed maturities $ 1,248 $ 1,138 $ 1,047 Equity securities 24 21 16 Equity in earnings of partnerships and similar investments 22 16 9 Mortgage loans 47 45 42 Policy loans 11 12 12 Real estate and other 34 7 17 Gross investment income 1,386 1,239 1,143 Investment expenses (10 ) (9 ) (4 ) Net investment income $ 1,376 $ 1,230 $ 1,139 GALIC’s investment portfolio is managed by a subsidiary of AFG. Investment expenses included investment management fees charged by this subsidiary of $5 million , $6 million and less than $1 million in the years ended December 31, 2016 , 2015 and 2014 , respectively. Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows (in millions): 2016 2015 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (25 ) $ 7 $ 127 $ 24 $ (28 ) $ (4 ) $ (698 ) Equity securities 17 (41 ) (24 ) 51 17 (36 ) (19 ) (49 ) Mortgage loans and other investments — — — — (1 ) (2 ) (3 ) — Other (*) (7 ) 15 8 (52 ) (5 ) 15 10 320 Total pretax 42 (51 ) (9 ) 126 35 (51 ) (16 ) (427 ) Tax effects (15 ) 18 3 (44 ) (12 ) 18 6 149 Net of tax $ 27 $ (33 ) $ (6 ) $ 82 $ 23 $ (33 ) $ (10 ) $ (278 ) 2014 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (8 ) $ 24 $ 465 Equity securities 16 (8 ) 8 6 Mortgage loans and other investments — — — — Other (*) (2 ) 5 3 (222 ) Total pretax 46 (11 ) 35 249 Tax effects (16 ) 4 (12 ) (87 ) Net of tax $ 30 $ (7 ) $ 23 $ 162 (*) Primarily adjustments to deferred policy acquisition costs and reserves related to annuities. Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity and equity security investment transactions included in the statement of cash flows consisted of the following (in millions): 2016 2015 2014 Fixed maturities: Gross gains $ 45 $ 31 $ 29 Gross losses (6 ) (5 ) (1 ) Equity securities: Gross gains 19 18 16 Gross losses (2 ) (1 ) —

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “ Accounting Policies ” to the financial statements, GALIC uses derivatives in certain areas of its operations. Derivatives That Do Not Qualify for Hedge Accounting The following derivatives that do not qualify for hedge accounting under GAAP are included in GALIC’s Balance Sheet at fair value (in millions): December 31, 2016 December 31, 2015 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 82 $ — $ 100 $ — Public company warrants Equity securities 4 — 4 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 1,759 — 1,369 Equity index call options Equity options — fixed-indexed annuities 492 — 241 — Reinsurance contracts (embedded derivative) Other liabilities — 8 — 7 $ 578 $ 1,767 $ 345 $ 1,376 The MBS with embedded derivatives consist primarily of interest-only MBS with interest rates that float inversely with short-term rates. GALIC records the entire change in the fair value of these securities in earnings. These investments are part of GALIC’s overall investment strategy and represent a small component of GALIC’s overall investment portfolio. Warrants to purchase shares of publicly traded companies, which represent a small component of GALIC’s overall investment portfolio, are considered to be derivatives that are required to be carried at fair value through earnings. GALIC exercised its most significant warrant position in the first quarter of 2015. GALIC’s fixed-indexed annuities provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market index. GALIC attempts to mitigate the risk in the index-based component of these products through the purchase of call options on the appropriate index. GALIC receives collateral from its counterparties to support its purchased call option assets. This collateral ( $380 million at December 31, 2016 and $211 million at December 31, 2015 ) is shown as funds held as collateral in GALIC’s Balance Sheet with an offsetting liability to return the collateral, which is included in liability for funds held as collateral. GALIC’s strategy is designed so that the change in the fair value of the call option assets will generally offset the economic change in the liabilities from the index participation. Both the index-based component of the annuities and the related call options are considered derivatives. Fluctuations in interest rates and the stock market, among other factors, can cause volatility in the periodic measurement of fair value of the embedded derivative that management believes can be inconsistent with the long-term economics of these products. As discussed under “ Reinsurance ” in Note A to the financial statements, certain reinsurance contracts are considered to contain embedded derivatives. The following table summarizes the gain (loss) included in GALIC’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (in millions): Derivative Statement of Earnings Line 2016 2015 2014 MBS with embedded derivatives Realized gains on securities $ (7 ) $ (5 ) $ 4 Public company warrants Realized gains on securities — — — Interest rate swaptions Realized gains on securities — — (2 ) Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (211 ) (17 ) (182 ) Equity index call options Annuity benefits 141 (56 ) 181 Reinsurance contracts (embedded derivative) Net investment income (1 ) 6 (3 ) $ (78 ) $ (72 ) $ (2 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $17 million in 2016 compared to losses of $28 million in 2015 and gains related to unlocking of actuarial assumptions of $58 million in 2014 . Derivatives Designated and Qualifying as Cash Flow Hedges As of December 31, 2016 , GALIC has entered into seven interest rate swaps that are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities included in GALIC’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of GALIC’s floating-rate fixed maturity securities to fixed rates by offsetting the variability in cash flows attributable to changes in short-term LIBOR. Under the terms of the swaps, GALIC receives fixed-rate interest payments in exchange for variable interest payments based on short-term LIBOR. The notional amounts of the interest rate swaps amortize down over each swap’s respective life (the swaps expire between August 2019 and June 2030) in anticipation of the expected decline in GALIC’s portfolio of fixed maturity securities with floating interest rates based on short-term LIBOR. The total outstanding notional amount of GALIC’s interest rate swaps increased to $1.08 billion at December 31, 2016 compared to $604 million at December 31, 2015 , reflecting four new swaps with an aggregate notional amount at issuance of $610 million entered into in 2016 , partially offset by the scheduled amortization discussed above. The fair value of the effective portion of the interest rate swaps in an asset position and included in other assets was $1 million at December 31, 2016 and $2 million at December 31, 2015 . The fair value of the effective portion of interest rate swaps in a liability position and included in other liabilities was $22 million at December 31, 2016 and less than $1 million at December 31, 2015 . The net unrealized gain or loss on cash flow hedges is included in AOCI, net of DPAC and deferred taxes. Amounts reclassified from AOCI (before DPAC and taxes) to net investment income were $7 million and $6 million in 2016 and 2015 , respectively. There was no ineffectiveness recorded in net earnings during these periods. A collateral receivable supporting these swaps of $60 million at December 31, 2016 and $14 million at December 31, 2015 is included in other assets in GALIC’s Balance Sheet.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2016
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs A progression of deferred policy acquisition costs is presented below (in millions): Deferred Costs Sales Inducements PVFP Subtotal Unrealized (*) Total Balance at December 31, 2013 $ 860 $ 147 $ 77 $ 1,084 $ (336 ) $ 748 Additions 198 8 — 206 — 206 Amortization: Periodic amortization (128 ) (26 ) (11 ) (165 ) — (165 ) Annuity unlocking (22 ) (1 ) — (23 ) — (23 ) Included in realized gains 2 1 — 3 — 3 Change in unrealized — — — — (189 ) (189 ) Balance at December 31, 2014 910 129 66 1,105 (525 ) 580 Additions 224 11 — 235 — 235 Amortization: Periodic amortization (159 ) (26 ) (11 ) (196 ) — (196 ) Annuity unlocking 31 4 — 35 — 35 Included in realized gains 8 1 — 9 — 9 Change in unrealized — — — — 291 291 Balance at December 31, 2015 1,014 119 55 1,188 (234 ) 954 Additions 229 9 — 238 — 238 Amortization: Periodic amortization (168 ) (24 ) (9 ) (201 ) — (201 ) Annuity unlocking 25 4 — 29 — 29 Included in realized gains 6 2 — 8 — 8 Change in unrealized — — — — (31 ) (31 ) Balance at December 31, 2016 $ 1,106 $ 110 $ 46 $ 1,262 $ (265 ) $ 997 (*) Unrealized adjustments to DPAC includes net unrealized gains on securities and net unrealized gains/losses on cash flow hedges. The present value of future profits (“PVFP”) amounts in the table above are net of $134 million and $125 million of accumulated amortization at December 31, 2016 and 2015 , respectively. During each of the next five years, the PVFP is expected to decrease at a rate of approximately one-sixth of the balance at the beginning of each respective year.

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Shareholder's Equity	Shareholder’s Equity Capital Contributions from Parent In addition to receiving a $15 million cash capital contribution from GAFRI in 2016, which is presented in the statement of cash flows, GALIC received non-cash capital contributions from GAFRI totaling $30 million in 2016 , $24 million in 2015 and $10 million in 2014 . The non-cash capital contributions were investments and other similar assets, as well as GAFRI’s payment of certain overhead expenses on behalf of GALIC. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in Shareholder’s Equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2016 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 117 $ (41 ) $ 76 Reclassification adjustment for realized (gains) losses included in net earnings (a) 9 (3 ) 6 Total net unrealized gains on securities (b) $ 191 126 (44 ) 82 $ 273 Net unrealized gains (losses) on cash flow hedges 1 (12 ) 4 (8 ) (7 ) Total $ 192 $ 114 $ (40 ) $ 74 $ 266 Year ended December 31, 2015 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (440 ) $ 154 $ (286 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 13 (5 ) 8 Total net unrealized gains (losses) on securities (b) $ 469 (427 ) 149 (278 ) $ 191 Net unrealized gains on cash flow hedges — 1 — 1 1 Total $ 469 $ (426 ) $ 149 $ (277 ) $ 192 Year ended December 31, 2014 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 284 $ (99 ) $ 185 Reclassification adjustment for realized (gains) losses included in net earnings (a) (35 ) 12 (23 ) Total net unrealized gains on securities (b) $ 307 249 (87 ) 162 $ 469 Net unrealized gains on cash flow hedges — — — — — Total $ 307 $ 249 $ (87 ) $ 162 $ 469 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains on securities Tax Provision for income taxes (b) Includes net unrealized gains of $34 million at December 31, 2016 compared to net unrealized gains of $33 million and $37 million at December 31, 2015 and 2014 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 35% to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2016 2015 2014 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 367 $ 319 $ 352 Income taxes at statutory rate $ 128 35 % $ 112 35 % $ 123 35 % Effect of permanent items (1 ) — % (4 ) (1 %) (3 ) (1 %) Provision for income taxes as shown in the statement of earnings $ 127 35 % $ 108 34 % $ 120 34 % GALIC’s 2012 — 2016 tax years remain subject to examination by the IRS. GALIC did not have any earnings or losses subject to tax in a foreign jurisdiction for the years ended December 31, 2016 , 2015 and 2014 . The total income tax provision (credit) consists of (in millions): 2016 2015 2014 Current taxes: Federal $ 185 $ 133 $ 170 State 4 2 4 Deferred taxes: Federal (62 ) (27 ) (54 ) Provision for income taxes $ 127 $ 108 $ 120 Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in the GALIC’s Balance Sheet at December 31 were as follows (in millions): 2016 2015 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 489 $ 27 $ 516 $ 404 $ 22 $ 426 Other, net 19 (5 ) 14 22 (4 ) 18 Total deferred tax assets 508 22 530 426 18 444 Deferred tax liabilities: Investment securities 4 (265 ) (261 ) (6 ) (203 ) (209 ) Deferred policy acquisition costs (375 ) 96 (279 ) (348 ) 82 (266 ) Total deferred tax liabilities (371 ) (169 ) (540 ) (354 ) (121 ) (475 ) Net deferred tax assets (liabilities) $ 137 $ (147 ) $ (10 ) $ 72 $ (103 ) $ (31 ) The likelihood of realizing deferred tax assets is reviewed periodically. There was no valuation allowance against deferred tax assets as of December 31, 2016 and 2015 . In July 2014, AFG finalized a settlement with the IRS related to tax years 2008 and 2009. As a result, GALIC’s uncertain tax positions were effectively settled, allowing GALIC to reduce its liability for uncertain tax positions by $13 million in the third quarter of 2014. Although GALIC paid $9 million under this settlement, the reduction in this liability resulted in offsetting increases to GALIC’s deferred tax liability and did not impact GALIC’s effective tax rate. The following is a progression of GALIC’s uncertain tax positions, excluding interest and penalties, which all relate to the uncertainty as to the timing of tax return inclusion of investment income of certain debt securities (in millions): 2016 2015 2014 Balance at January 1 $ — $ — $ 13 Reductions for tax positions of prior years — — (4 ) Additions for tax positions of current year — — — Settlements — — (9 ) Balance at December 31 $ — $ — $ — GALIC’s provision for income taxes included a benefit of $1 million in 2014. Cash payments for income taxes, net of refunds, were $236 million , $100 million and $227 million for 2016 , 2015 and 2014 , respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies GALIC and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices. None of these matters are expected to have a material adverse impact on GALIC’s results of operations or financial condition.

Insurance

Insurance	12 Months Ended
	Dec. 31, 2016
Insurance [Abstract]
Insurance	Insurance Securities owned by GALIC, having a carrying value of approximately $26 million at December 31, 2016 , were on deposit as required by regulatory authorities. FHLB Funding Agreements GALIC is a member of the Federal Home Loan Bank of Cincinnati (“FHLB”). The FHLB makes advances and provides other banking services to member institutions. Members are required to purchase stock in the FHLB in addition to maintaining collateral deposits that back any funds advanced. GALIC’s $44 million investment in FHLB capital stock at December 31, 2016 , is included in other investments at cost. Membership in the FHLB provides the annuity operations with an additional source of liquidity. These advances further the FHLB’s mission of improving access to housing by increasing liquidity in the residential mortgage-backed securities market. In 2016, the FHLB advanced GALIC $150 million , increasing the total amount advanced to $935 million (included in annuity benefits accumulated) at December 31, 2016 . In the fourth quarter of 2016 , GALIC extended the terms on advances totaling $200 million by four years. Interest rates under the various funding agreements on these advances range from 0.03% to 0.53% over LIBOR (average rate of 1.18% at December 31, 2016 ). While these advances must be repaid between 2018 and 2021 ( $285 million in 2018, $500 million in 2020 and $150 million in 2021 ), GALIC has the option to prepay all or a portion of the advances. The advances on these agreements are collateralized by mortgage-backed securities, which have a total fair value of $1.08 billion (included in available for sale fixed maturity securities) at December 31, 2016 and which have similar expected lives as the advances. Interest credited on the funding agreements, which is included in annuity benefits, was $8 million in 2016 , $3 million in 2015 and $1 million in 2014 . Statutory Information GALIC and its insurance subsidiaries are required to file financial statements with state insurance regulatory authorities prepared on an accounting basis prescribed or permitted by such authorities (statutory basis). Net earnings and capital and surplus on a statutory basis for GALIC and its insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2016 2015 2014 2016 2015 GALIC consolidated life insurance companies $ 167 $ 399 $ 384 $ 1,976 $ 1,719 The National Association of Insurance Commissioners’ (“NAIC”) model law for risk based capital (“RBC”) applies to life insurance companies. RBC formulas determine the amount of capital that an insurance company needs so that it has an acceptable expectation of not becoming financially impaired. Companies below specific trigger points or ratios are subject to regulatory action. At December 31, 2016 and 2015 , the capital ratios of GALIC and its life insurance companies substantially exceeded the RBC requirements. GALIC did not use any prescribed or permitted statutory accounting practices that differed from the NAIC statutory accounting practices at December 31, 2016 or 2015 . GALIC paid dividends to GAFRI totaling $140 million , $110 million and $200 million in 2016 , 2015 and 2014 , respectively. The maximum amount of dividends that can be paid to shareholders in 2017 by life insurance companies domiciled in the State of Ohio without prior approval of the Insurance Commissioner is the greater of 10% of statutory surplus as regards to policyholders or statutory net income as of the preceding December 31, but only to the extent of statutory earned surplus as of the preceding December 31. The maximum amount of dividends payable in 2017 by GALIC without prior approval is $197 million , based on policyholder surplus. The maximum amount of dividends receivable from GALIC’s subsidiaries in 2017 without prior approval is $27 million . Reinsurance GALIC has reinsured approximately $10.22 billion of its $13.49 billion in face amount of life insurance at December 31, 2016 compared to $11.19 billion of its $14.67 billion in face amount of life insurance at December 31, 2015 . Life written premiums ceded were $31 million , $34 million and $36 million for 2016 , 2015 and 2014 , respectively. Reinsurance recoveries on ceded life policies were $44 million , $45 million and $55 million for 2016 , 2015 and 2014 , respectively. To the extent that any reinsuring companies are unable to meet obligations under agreements covering reinsurance ceded, GALIC would remain liable. Fixed Annuities For certain products, the liability for “annuity benefits accumulated” includes reserves for excess benefits expected to be paid on future deaths and annuitizations, guaranteed withdrawal benefits and accrued persistency and premium bonuses. The liabilities included in GALIC’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions): 2016 2015 Expected death and annuitization $ 223 $ 214 Guaranteed withdrawal benefits 278 203 Accrued persistency and premium bonuses 6 11 Variable Annuities At December 31, 2016 , the aggregate guaranteed minimum death benefit value (assuming every variable annuity policyholder died on that date) on GALIC’s variable annuity policies exceeded the fair value of the underlying variable annuities by $20 million , compared to $27 million at December 31, 2015 . Death benefits paid in excess of the variable annuity account balances were less than $1 million in each of the last three years.

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Information	Additional Information Related Parties Certain administrative, management, accounting, actuarial, data processing, collection and investment services are provided under agreements between GALIC and its parent, GAFRI, based on actual costs incurred. In 2016 , 2015 and 2014 , GALIC paid GAFRI $32 million , $27 million and $26 million , respectively, for such services. Operating Leases Total rental expense for leases of office space was $4 million in 2016 , 2015 and 2014 . GALIC leases space from AFG. GALIC has no contractual obligations for rent but expects to pay similar amounts in future periods to AFG. Financial Instruments — Unfunded Commitments On occasion, GALIC has entered into financial instrument transactions that may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2016 , GALIC had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $251 million . Benefit Plans GALIC expensed approximately $2 million in 2016 and $1 million in 2015 and 2014 , respectively, related to the retirement and employee savings plans.

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2016
Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	GREAT AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2016 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for future policy benefits and claims Net earned premiums Net investment income Benefits, claims, losses and settlement expenses Amortization of deferred policy acquisition costs Other operating expenses 2016 Annuity $ 977 $ 29,907 $ — $ 1,355 $ 800 $ 147 $ 141 Run-off life 20 691 24 21 29 5 10 Total $ 997 $ 30,598 $ 24 $ 1,376 $ 829 $ 152 $ 151 2015 Annuity $ 930 $ 26,622 $ — $ 1,211 $ 724 $ 134 $ 120 Run-off life 24 705 21 19 29 5 9 Total $ 954 $ 27,327 $ 21 $ 1,230 $ 753 $ 139 $ 129 2014 Annuity $ 553 $ 23,492 $ — $ 1,120 $ 641 $ 156 $ 99 Run-off life 27 690 23 19 33 5 11 Total $ 580 $ 24,182 $ 23 $ 1,139 $ 674 $ 161 $ 110

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Great American Life Insurance Company and its subsidiaries (“GALIC” or the “Company”). GALIC is a direct wholly-owned subsidiary of Great American Financial Resources, Inc. (“GAFRI”), a financial services holding company wholly-owned by American Financial Group, Inc. (“AFG”). Certain reclassifications have been made to prior years to conform to the current year’s presentation. All significant intercompany balances and transactions have been eliminated. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. The financial statements also include costs paid on behalf of GALIC by GAFRI. These costs are recorded as expense in the period incurred and shown as an increase in capital surplus. Events or transactions occurring subsequent to the audited consolidated financial statements as of and for the year ended December 31, 2016 , and prior to April 17, 2017 , have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
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 GALIC’s assumptions about the assumptions market participants would use in pricing the asset or liability. GALIC did not have any significant nonrecurring fair value measurements of nonfinancial assets and liabilities in 2016 or 2015 .
Investments	Investments Fixed maturity and equity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (“AOCI”) in GALIC’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 and policy loans are carried primarily at the aggregate unpaid balance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, which, among other things, will require all equity securities currently classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net income, instead of AOCI. GALIC will be required to adopt this guidance effective January 1, 2018. Premiums and discounts on fixed maturity securities are amortized using the interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other-than-temporary at the balance sheet date, a provision for impairment is charged to earnings (included in realized gains (losses) on securities) and the cost basis of that investment is reduced. If management can assert that it does not intend to sell an impaired fixed maturity security and it is not more likely than not that it will have to sell the security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: (i) the amount 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 of an other-than-temporary impairment 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 impairment charge. Both components are shown in the Statement of Earnings. 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 charge to earnings is recorded to reduce the amortized cost of that security to fair value.
Derivatives	Derivatives Derivatives included in GALIC’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. Derivatives that do not qualify for hedge accounting under GAAP consist primarily of (i) components of certain fixed maturity securities (primarily interest-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index call options designed to be consistent with the characteristics of the liabilities and used to mitigate the risk embedded in those annuity products. To qualify for hedge accounting, at the inception of a derivative contract, GALIC 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 and ineffectiveness will be measured on a retrospective and prospective basis. 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. Any hedge ineffectiveness is immediately recorded in current period 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. GALIC 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 included in GALIC’s portfolio of fixed maturity securities.
Funds Held as Collateral	Funds Held as Collateral GALIC receives collateral from its counterparties to support its purchased equity index call option assets. The fair value of this collateral is recorded as an asset and the offsetting obligation to return the collateral is recorded as a liability.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. A GALIC subsidiary cedes life insurance policies to a third party on a funds withheld basis whereby the subsidiary retains the assets (securities) associated with the reinsurance contract. Interest is credited to the reinsurer based on the actual investment performance of the retained assets. This reinsurance contract is considered to contain an embedded derivative (that must be adjusted to fair value) because the yield on the payable is based on a specific block of the ceding company’s assets, rather than the overall creditworthiness of the ceding company. GALIC determined that changes in the fair value of the underlying portfolio of fixed maturity securities is an appropriate measure of the value of the embedded derivative. The securities related to this contract are classified as “trading.” The adjustment to fair value on the embedded derivative offsets the investment income recorded on the adjustment to fair value of the related trading portfolio.
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 also includes capitalized costs associated with sales inducements offered to fixed annuity policyholders such as enhanced interest rates and premium and persistency bonuses. DPAC related to annuities is deferred to the extent deemed recoverable and amortized, with interest, in relation to the present value of actual and expected gross profits on the policies. Expected gross profits consist principally of estimated future investment margin (estimated future net investment income less interest credited on policyholder funds) and surrender, mortality, and other life and annuity policy charges, less death, annuitization and guaranteed withdrawal benefits in excess of account balances and estimated future policy administration expenses. To the extent that realized gains and losses result in adjustments to the amortization of DPAC related to annuities, such adjustments are reflected as components of realized gains (losses) on securities. DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. See “ Life, Accident and Health Reserves ” below for details on the impact of loss recognition on the accounting for traditional life and health insurance contracts. DPAC includes the present value of future profits on business in force of annuity and life, accident and health insurance companies acquired (“PVFP”). PVFP represents the portion of the costs to acquire companies that is allocated to the value of the right to receive future cash flows from insurance contracts existing at the date of acquisition. PVFP is amortized with interest in relation to expected gross profits of the acquired policies for annuities and universal life products and in relation to the premium paying period for traditional life and health insurance products. DPAC and certain other balance sheet amounts related to annuity and life businesses are also adjusted, net of tax, for the change in expense that would have been recorded if the unrealized gains (losses) from securities had actually been realized. These adjustments are included in unrealized gains (losses) on marketable securities, a component of AOCI in GALIC’s Balance Sheet.
Annuity Benefits Accumulated	Annuity Benefits Accumulated Annuity receipts and benefit payments are recorded as increases or decreases in annuity benefits accumulated rather than as revenue and expense. Increases in this liability for interest credited are charged to annuity benefits expense and decreases for policy charges are recorded as annuity policy charges revenue. For certain products, annuity benefits accumulated also includes reserves for accrued persistency and premium bonuses, guaranteed withdrawals and excess benefits expected to be paid on future deaths and annuitizations (“EDAR”). The liabilities for EDAR and guaranteed withdrawals are accrued for and modified using assumptions consistent with those used in determining DPAC and DPAC amortization, except that amounts are determined in relation to the present value of total expected assessments. Total expected assessments consist principally of estimated future investment margin, surrender, mortality, and other life and annuity policy charges, and unearned revenues once they are recognized as income. Reserves for traditional fixed annuities are generally recorded at the stated account value. Reserves for indexed annuities are recorded at a value reflecting the fixed guarantees in the product plus the fair value of equity participation in the contract. Annuity benefits accumulated also includes amounts advanced from the Federal Home Loan Bank of Cincinnati.
Unearned Revenue	Unearned Revenue Certain upfront policy charges on annuities are deferred as unearned revenue (included in other liabilities) and recognized in net earnings (included in policy charges and other income) using the same assumptions and estimated gross profits used to amortize DPAC.
Life, Accident and Health Reserves	Life, Accident and Health Reserves Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on the original projections of investment yields, mortality, morbidity and surrenders and include provisions for unfavorable deviations unless a loss recognition event (premium deficiency) occurs. Claim reserves and liabilities established for accident and health claims are modified as necessary to reflect actual experience and developing trends. For long-duration contracts (such as traditional life policies), loss recognition occurs when, based on current expectations as of the measurement date, existing contract liabilities plus the present value of future premiums (including reasonably expected rate increases) are not expected to cover the present value of future claims payments and related settlement and maintenance costs (excluding overhead) as well as unamortized acquisition costs. If a block of business is determined to be in loss recognition, a charge is recorded in earnings in an amount equal to the excess of the present value of expected future claims costs and unamortized acquisition costs over existing reserves plus the present value of expected future premiums (with no provision for adverse deviation). The charge is recorded first to reduce unamortized acquisition costs and then as an additional reserve (if unamortized acquisition costs have been reduced to zero). In addition, reserves for traditional life policies are subject to adjustment for loss recognition charges that would have been recorded if the unrealized gains from securities had actually been realized. This adjustment is included in unrealized gains (losses) on marketable securities, a component of AOCI in GALIC’s Balance Sheet.
Variable Annuity Assets and Liabilities	Variable Annuity Assets and Liabilities Separate accounts related to variable annuities represent the fair value of deposits invested in underlying investment funds on which GALIC earns a fee. Investment funds are selected and may be changed only by the policyholder, who retains all investment risk. GALIC’s variable annuity contracts contain a guaranteed minimum death benefit (“GMDB”) to be paid if the policyholder dies before the annuity payout period commences. In periods of declining equity markets, the GMDB may exceed the value of the policyholder’s account. A GMDB liability is established for future excess death benefits using assumptions together with a range of reasonably possible scenarios for investment fund performance that are consistent with DPAC capitalization and amortization assumptions.
Premium Recognition	Premium Recognition For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account, which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses.
Noncontrolling Interests	Noncontrolling Interests For balance sheet purposes, noncontrolling interests represents the interests of shareholders other than GALIC in consolidated entities. In the Statement of Earnings, net earnings and losses attributable to noncontrolling interests represents such shareholders’ interest in the earnings and losses of those entities.
Income Taxes	Income Taxes GALIC and its subsidiaries have an intercompany tax allocation agreement with AFG. Pursuant to the agreement, each company’s tax expense is determined based upon its inclusion in the consolidated tax return of AFG and its includable subsidiaries. Estimated payments are made quarterly during the year. Following year-end, additional settlements are made on the original due date of the return and, when extended, at the time the return is filed. The method of allocation among the companies under the agreement is based upon separate return calculations with current credit for losses to the extent the losses provide a benefit in the consolidated return. 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. GALIC 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 GALIC’s reserve for uncertain tax positions are recognized as a component of tax expense.
Benefit Plans	Benefit Plans GALIC provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG and its subsidiaries make all contributions to the retirement fund portion of the plan and match a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared.
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 and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. 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. Effective October 1, 2016, GALIC early adopted (on a retrospective basis) ASU 2016-15, which addresses the diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. Among other things, this guidance requires proceeds received from the settlement of corporate-owned life insurance policies to be classified as cash inflows from investing activities and allows premiums paid for policies to be reported as cash outflows either from investing activities or operating activities. GALIC has elected to show all corporate-owned life insurance activity in investing activities. Prior to adoption of this guidance, GALIC accounted for these transactions as operating activities. In addition, ASU 2016-15 clarifies when distributions received from investees accounted under the equity method should be accounted for as a cash inflow from operating activities or as a cash inflow from investing activities. GALIC had previously accounted for all distributions from investments accounted for under the equity method as investing activities. The new guidance solely related to the presentation of certain transactions in the statement of cash flows. Accordingly, adoption of this guidance did not impact GALIC’s results of operations or financial position.
Revenue Recognition Guidance Effective in 2018	Revenue Recognition Guidance Effective in 2018 In May 2014, the FASB issued ASU 2014-09, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when (or as) the entity satisfies a performance obligation under the contract. The new guidance also updates the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Revenue recognition for insurance contracts and financial instruments, which are GALIC’s primary sources of revenue, is excluded from the scope of the new guidance. GALIC will adopt the new guidance effective January 1, 2018. Because the new guidance does not apply to the vast majority of GALIC’s business, management does not expect the adoption of this guidance to have a material impact on GALIC’s results of operations or financial position. Based on implementation efforts to date, management believes that the new standard will apply to less than 3% of GALIC’s consolidated revenues.

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following tables (in millions) show GALIC’s assets, revenues and earnings before income taxes by segment. December 31, 2016 2015 2014 Assets Annuity $ 33,607 $ 30,055 $ 27,218 Run-off life 755 773 794 Total assets $ 34,362 $ 30,828 $ 28,012 2016 2015 2014 Revenues Annuity: Net investment income $ 1,355 $ 1,211 $ 1,120 Other income 104 100 94 Total annuity 1,459 1,311 1,214 Run-off life 49 45 48 Total revenues before realized gains (losses) 1,508 1,356 1,262 Realized gains (losses) on securities (9 ) (16 ) 35 Total revenues $ 1,499 $ 1,340 $ 1,297 Earnings Before Income Taxes Annuity $ 371 $ 333 $ 318 Run-off life 5 2 (1 ) Total earnings before realized gains (losses) and income taxes 376 335 317 Realized gains (losses) on securities (9 ) (16 ) 35 Total earnings before income taxes $ 367 $ 319 $ 352

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value	Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions): Level 1 Level 2 Level 3 Total December 31, 2016 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 10 $ 32 $ 8 $ 50 States, municipalities and political subdivisions — 4,101 75 4,176 Foreign government — 13 — 13 Residential MBS — 2,449 148 2,597 Commercial MBS — 1,324 25 1,349 Asset-backed securities (“ABS”) — 4,160 359 4,519 Corporate and other 15 14,649 652 15,316 Total AFS fixed maturities 25 26,728 1,267 28,020 Trading fixed maturities — 117 — 117 Equity securities 360 25 110 495 Variable annuity assets (separate accounts) (*) — 600 — 600 Equity options — fixed-indexed annuities — 492 — 492 Other assets — derivatives — 1 — 1 Total assets accounted for at fair value $ 385 $ 27,963 $ 1,377 $ 29,725 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 1,759 $ 1,759 Other liabilities — derivatives — 30 — 30 Total liabilities accounted for at fair value $ — $ 30 $ 1,759 $ 1,789 December 31, 2015 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 10 $ 35 $ 15 $ 60 States, municipalities and political subdivisions — 3,934 32 3,966 Foreign government — 13 — 13 Residential MBS — 2,400 184 2,584 Commercial MBS — 1,938 36 1,974 Asset-backed securities — 3,159 333 3,492 Corporate and other 16 12,801 580 13,397 Total AFS fixed maturities 26 24,280 1,180 25,486 Trading fixed maturities — 114 — 114 Equity securities 372 31 83 486 Variable annuity assets (separate accounts) (*) — 608 — 608 Equity options — fixed-indexed annuities — 241 — 241 Other assets — derivatives — 2 — 2 Total assets accounted for at fair value $ 398 $ 25,276 $ 1,263 $ 26,937 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 1,369 $ 1,369 Other liabilities — derivatives — 8 — 8 Total liabilities accounted for at fair value $ — $ 8 $ 1,369 $ 1,377 (*) Variable annuity liabilities equal the fair value of variable annuity assets.
Fair value measurements, Levels 1 and 2 transfers	The transfers between Level 1 and Level 2 for the years ended December 31, 2016 , 2015 and 2014 are reflected in the table below at fair value as of the end of the reporting period (dollars in millions): Level 2 To Level 1 Transfers Level 1 To Level 2 Transfers # of Transfers Fair Value # of Transfers Fair Value 2016 2015 2014 2016 2015 2014 2016 2015 2014 2016 2015 2014 Perpetual preferred stocks — — 1 $ — $ — $ 4 1 — 3 $ 1 $ — $ 14 Common stocks 2 1 — — — — 2 1 1 — — —
Unobservable inputs used by management in determining fair value of embedded derivatives	The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives at December 31, 2016 . See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.4% – 2.9% over the risk free rate Risk margin for uncertainty in cash flows 0.68% reduction in the discount rate Surrenders 3% – 21% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.5% – 8.0% of indexed account value Budgeted option costs 2.4% – 3.6% of indexed account value
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2016 , 2015 and 2014 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 gains (losses) included in Balance at December 31, 2015 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2016 AFS fixed maturities: U.S. government agency $ 15 $ (7 ) $ — $ — $ — $ — $ — $ 8 State and municipal 32 — (3 ) 47 (1 ) — — 75 Residential MBS 184 (3 ) (2 ) 6 (26 ) 29 (40 ) 148 Commercial MBS 36 (1 ) — — (6 ) — (4 ) 25 Asset-backed securities 333 (1 ) 1 30 (20 ) 49 (33 ) 359 Corporate and other 580 (1 ) (9 ) 134 (58 ) 22 (16 ) 652 Total AFS fixed maturities 1,180 (13 ) (13 ) 217 (111 ) 100 (93 ) 1,267 Equity securities 83 (6 ) 23 28 (15 ) 9 (12 ) 110 Total Level 3 assets $ 1,263 $ (19 ) $ 10 $ 245 $ (126 ) $ 109 $ (105 ) $ 1,377 Embedded derivatives (*) $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) Total Level 3 liabilities $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016 . Total realized/unrealized gains (losses) included in Balance at December 31, 2014 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2015 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 24 — — 9 (1 ) — — 32 Residential MBS 235 (2 ) (2 ) — (32 ) 48 (63 ) 184 Commercial MBS 37 (1 ) (1 ) — (2 ) 4 (1 ) 36 Asset-backed securities 175 1 (5 ) 184 (40 ) 28 (10 ) 333 Corporate and other 484 (4 ) (9 ) 147 (47 ) 9 — 580 Total AFS fixed maturities 970 (6 ) (17 ) 340 (122 ) 89 (74 ) 1,180 Equity securities 47 (3 ) (6 ) 51 — — (6 ) 83 Total Level 3 assets $ 1,017 $ (9 ) $ (23 ) $ 391 $ (122 ) $ 89 $ (80 ) $ 1,263 Embedded derivatives (*) $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) Total Level 3 liabilities $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . Total realized/unrealized gains (losses) included in Balance at December 31, 2013 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2014 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 20 — 1 — — 3 — 24 Residential MBS 267 4 3 10 (27 ) 62 (84 ) 235 Commercial MBS 24 (1 ) — — — 14 — 37 Asset-backed securities 62 2 (2 ) 88 (17 ) 65 (23 ) 175 Corporate and other 292 3 13 88 (60 ) 151 (3 ) 484 Total AFS fixed maturities 680 8 15 186 (104 ) 295 (110 ) 970 Equity securities 8 1 1 31 — 12 (6 ) 47 Total Level 3 assets $ 688 $ 9 $ 16 $ 217 $ (104 ) $ 307 $ (116 ) $ 1,017 Embedded derivatives (*) $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) Total Level 3 liabilities $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014 .
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2016 , 2015 and 2014 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 gains (losses) included in Balance at December 31, 2015 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2016 AFS fixed maturities: U.S. government agency $ 15 $ (7 ) $ — $ — $ — $ — $ — $ 8 State and municipal 32 — (3 ) 47 (1 ) — — 75 Residential MBS 184 (3 ) (2 ) 6 (26 ) 29 (40 ) 148 Commercial MBS 36 (1 ) — — (6 ) — (4 ) 25 Asset-backed securities 333 (1 ) 1 30 (20 ) 49 (33 ) 359 Corporate and other 580 (1 ) (9 ) 134 (58 ) 22 (16 ) 652 Total AFS fixed maturities 1,180 (13 ) (13 ) 217 (111 ) 100 (93 ) 1,267 Equity securities 83 (6 ) 23 28 (15 ) 9 (12 ) 110 Total Level 3 assets $ 1,263 $ (19 ) $ 10 $ 245 $ (126 ) $ 109 $ (105 ) $ 1,377 Embedded derivatives (*) $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) Total Level 3 liabilities $ (1,369 ) $ (211 ) $ — $ (277 ) $ 98 $ — $ — $ (1,759 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016 . Total realized/unrealized gains (losses) included in Balance at December 31, 2014 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2015 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 24 — — 9 (1 ) — — 32 Residential MBS 235 (2 ) (2 ) — (32 ) 48 (63 ) 184 Commercial MBS 37 (1 ) (1 ) — (2 ) 4 (1 ) 36 Asset-backed securities 175 1 (5 ) 184 (40 ) 28 (10 ) 333 Corporate and other 484 (4 ) (9 ) 147 (47 ) 9 — 580 Total AFS fixed maturities 970 (6 ) (17 ) 340 (122 ) 89 (74 ) 1,180 Equity securities 47 (3 ) (6 ) 51 — — (6 ) 83 Total Level 3 assets $ 1,017 $ (9 ) $ (23 ) $ 391 $ (122 ) $ 89 $ (80 ) $ 1,263 Embedded derivatives (*) $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) Total Level 3 liabilities $ (1,160 ) $ (17 ) $ — $ (257 ) $ 65 $ — $ — $ (1,369 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . Total realized/unrealized gains (losses) included in Balance at December 31, 2013 Net income Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2014 AFS fixed maturities: U.S. government agency $ 15 $ — $ — $ — $ — $ — $ — $ 15 State and municipal 20 — 1 — — 3 — 24 Residential MBS 267 4 3 10 (27 ) 62 (84 ) 235 Commercial MBS 24 (1 ) — — — 14 — 37 Asset-backed securities 62 2 (2 ) 88 (17 ) 65 (23 ) 175 Corporate and other 292 3 13 88 (60 ) 151 (3 ) 484 Total AFS fixed maturities 680 8 15 186 (104 ) 295 (110 ) 970 Equity securities 8 1 1 31 — 12 (6 ) 47 Total Level 3 assets $ 688 $ 9 $ 16 $ 217 $ (104 ) $ 307 $ (116 ) $ 1,017 Embedded derivatives (*) $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) Total Level 3 liabilities $ (804 ) $ (182 ) $ — $ (221 ) $ 47 $ — $ — $ (1,160 ) (*) Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014 .
Fair value of financial instruments	The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions): Carrying Fair Value Value Total Level 1 Level 2 Level 3 December 31, 2016 Financial assets: Cash and cash equivalents $ 499 $ 499 $ 499 $ — $ — Mortgage loans 890 887 — — 887 Policy loans 192 192 — — 192 Total financial assets not accounted for at fair value $ 1,581 $ 1,578 $ 499 $ — $ 1,079 Financial liabilities: Annuity benefits accumulated (*) $ 29,703 $ 28,932 $ — $ — $ 28,932 Total financial liabilities not accounted for at fair value $ 29,703 $ 28,932 $ — $ — $ 28,932 December 31, 2015 Financial assets: Cash and cash equivalents $ 262 $ 262 $ 262 $ — $ — Mortgage loans 880 883 — — 883 Policy loans 201 201 — — 201 Total financial assets not accounted for at fair value $ 1,343 $ 1,346 $ 262 $ — $ 1,084 Financial liabilities: Annuity benefits accumulated (*) $ 26,422 $ 25,488 $ — $ — $ 25,488 Total financial liabilities not accounted for at fair value $ 26,422 $ 25,488 $ — $ — $ 25,488 (*) Excludes $204 million and $200 million of life contingent annuities in the payout phase at December 31, 2016 and 2015 , respectively.

Balance Sheet Impact of Net U24

Balance Sheet Impact of Net Unrealized Gains on Securities (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income	The following table shows (in millions) the components of the net unrealized gains (losses) on securities that is included in AOCI in GALIC’s Balance Sheet. Asset (Liability) before Net Unrealized Impact of Net Unrealized Gains on Securities Carrying Value of Asset (Liability) December 31, 2016 Fixed maturities $ 27,310 $ 710 $ 28,020 Equity securities 447 48 495 Deferred policy acquisition costs 1,270 (273 ) 997 Annuity benefits accumulated (29,829 ) (78 ) (29,907 ) Unearned revenue (included in other liabilities) (36 ) 13 (23 ) Net unrealized gain, pretax 420 Deferred tax on unrealized gain (147 ) Net unrealized gain, after tax (included in AOCI) $ 273 December 31, 2015 Fixed maturities $ 24,903 $ 583 $ 25,486 Equity securities 489 (3 ) 486 Deferred policy acquisition costs 1,187 (233 ) 954 Annuity benefits accumulated (26,558 ) (64 ) (26,622 ) Unearned revenue (included in other liabilities) (42 ) 11 (31 ) Net unrealized gain, pretax 294 Deferred tax on unrealized gain (103 ) Net unrealized gain, after tax (included in AOCI) $ 191

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities and equity securities consisted of the following (in millions): 2016 2015 Amortized Cost Gross Unrealized Net Unrealized Fair Amortized Cost Gross Unrealized Net Unrealized Fair Gains Losses Gains Losses Fixed maturities: U.S. Government and government agencies $ 51 $ 2 $ (3 ) $ (1 ) $ 50 $ 61 $ 2 $ (3 ) $ (1 ) $ 60 States, municipalities and political subdivisions 4,063 155 (42 ) 113 4,176 3,836 162 (32 ) 130 3,966 Foreign government 12 1 — 1 13 12 1 — 1 13 Residential MBS 2,388 216 (7 ) 209 2,597 2,344 246 (6 ) 240 2,584 Commercial MBS 1,304 46 (1 ) 45 1,349 1,903 71 — 71 1,974 Asset-backed securities 4,517 37 (35 ) 2 4,519 3,508 21 (37 ) (16 ) 3,492 Corporate and other 14,975 448 (107 ) 341 15,316 13,239 401 (243 ) 158 13,397 Total fixed maturities $ 27,310 $ 905 $ (195 ) $ 710 $ 28,020 $ 24,903 $ 904 $ (321 ) $ 583 $ 25,486 Equity securities: Common stocks $ 391 $ 55 $ (9 ) $ 46 $ 437 $ 439 $ 32 $ (35 ) $ (3 ) $ 436 Perpetual preferred stocks 56 3 (1 ) 2 58 50 — — — 50 Total equity securities $ 447 $ 58 $ (10 ) $ 48 $ 495 $ 489 $ 32 $ (35 ) $ (3 ) $ 486
Available for sale securities in a continuous unrealized loss position	The following tables show gross unrealized losses (dollars in millions) on fixed maturities and equity securities 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 Loss Fair Value Fair Value as % of Cost Unrealized Loss Fair Value Fair Value as % of Cost December 31, 2016 Fixed maturities: U.S. Government and government agencies $ — $ 8 100 % $ (3 ) $ 7 70 % States, municipalities and political subdivisions (38 ) 1,288 97 % (4 ) 12 75 % Residential MBS (4 ) 298 99 % (3 ) 91 97 % Commercial MBS (1 ) 93 99 % — — — % Asset-backed securities (18 ) 1,295 99 % (17 ) 551 97 % Corporate and other (87 ) 3,636 98 % (20 ) 340 94 % Total fixed maturities $ (148 ) $ 6,618 98 % $ (47 ) $ 1,001 96 % Equity securities: Common stocks $ (9 ) $ 91 91 % $ — $ 3 100 % Perpetual preferred stocks (1 ) 32 97 % — — — % Total equity securities $ (10 ) $ 123 92 % $ — $ 3 100 % December 31, 2015 Fixed maturities: U.S. Government and government agencies $ — $ 4 100 % $ (3 ) $ 15 83 % States, municipalities and political subdivisions (25 ) 1,031 98 % (7 ) 103 94 % Residential MBS (2 ) 180 99 % (4 ) 99 96 % Commercial MBS — 74 100 % — 13 100 % Asset-backed securities (29 ) 1,849 98 % (8 ) 355 98 % Corporate and other (195 ) 4,229 96 % (48 ) 295 86 % Total fixed maturities $ (251 ) $ 7,367 97 % $ (70 ) $ 880 93 % Equity securities: Common stocks $ (35 ) $ 228 87 % $ — $ — — % Perpetual preferred stocks — 23 100 % — 5 100 % Total equity securities $ (35 ) $ 251 88 % $ — $ 5 100 %
Roll forward of cumulative credit portion of other-than-temporary impairments on fixed maturity securities	A progression of the credit portion of other-than-temporary impairments on fixed maturity securities for which the non-credit portion of an impairment has been recognized in other comprehensive income is shown below (in millions): 2016 2015 2014 Balance at January 1 $ 110 $ 115 $ 125 Additional credit impairments on: Previously impaired securities 1 — — Securities without prior impairments — 1 — Reductions due to sales or redemptions (7 ) (6 ) (10 ) Balance at December 31 $ 104 $ 110 $ 115
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2016 (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 Amount % Maturity One year or less $ 615 $ 626 2 % After one year through five years 3,952 4,185 15 % After five years through ten years 10,922 11,088 40 % After ten years 3,612 3,656 13 % 19,101 19,555 70 % ABS (average life of approximately 5 years) 4,517 4,519 16 % MBS (average life of approximately 4.5 years) 3,692 3,946 14 % Total $ 27,310 $ 28,020 100 %
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred: 2016 2015 2014 Investment income: Fixed maturities $ 1,248 $ 1,138 $ 1,047 Equity securities 24 21 16 Equity in earnings of partnerships and similar investments 22 16 9 Mortgage loans 47 45 42 Policy loans 11 12 12 Real estate and other 34 7 17 Gross investment income 1,386 1,239 1,143 Investment expenses (10 ) (9 ) (4 ) Net investment income $ 1,376 $ 1,230 $ 1,139
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) related to fixed maturity and equity security investments are summarized as follows (in millions): 2016 2015 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (25 ) $ 7 $ 127 $ 24 $ (28 ) $ (4 ) $ (698 ) Equity securities 17 (41 ) (24 ) 51 17 (36 ) (19 ) (49 ) Mortgage loans and other investments — — — — (1 ) (2 ) (3 ) — Other (*) (7 ) 15 8 (52 ) (5 ) 15 10 320 Total pretax 42 (51 ) (9 ) 126 35 (51 ) (16 ) (427 ) Tax effects (15 ) 18 3 (44 ) (12 ) 18 6 149 Net of tax $ 27 $ (33 ) $ (6 ) $ 82 $ 23 $ (33 ) $ (10 ) $ (278 ) 2014 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (8 ) $ 24 $ 465 Equity securities 16 (8 ) 8 6 Mortgage loans and other investments — — — — Other (*) (2 ) 5 3 (222 ) Total pretax 46 (11 ) 35 249 Tax effects (16 ) 4 (12 ) (87 ) Net of tax $ 30 $ (7 ) $ 23 $ 162 (*) Primarily adjustments to deferred policy acquisition costs and reserves related to annuities.
Gross realized gains and losses on available for sale fixed maturity and equity security investments	Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity and equity security investment transactions included in the statement of cash flows consisted of the following (in millions): 2016 2015 2014 Fixed maturities: Gross gains $ 45 $ 31 $ 29 Gross losses (6 ) (5 ) (1 ) Equity securities: Gross gains 19 18 16 Gross losses (2 ) (1 ) —

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in Balance Sheet at fair value	The following derivatives that do not qualify for hedge accounting under GAAP are included in GALIC’s Balance Sheet at fair value (in millions): December 31, 2016 December 31, 2015 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 82 $ — $ 100 $ — Public company warrants Equity securities 4 — 4 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 1,759 — 1,369 Equity index call options Equity options — fixed-indexed annuities 492 — 241 — Reinsurance contracts (embedded derivative) Other liabilities — 8 — 7 $ 578 $ 1,767 $ 345 $ 1,376
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gain (loss) included in GALIC’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (in millions): Derivative Statement of Earnings Line 2016 2015 2014 MBS with embedded derivatives Realized gains on securities $ (7 ) $ (5 ) $ 4 Public company warrants Realized gains on securities — — — Interest rate swaptions Realized gains on securities — — (2 ) Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (211 ) (17 ) (182 ) Equity index call options Annuity benefits 141 (56 ) 181 Reinsurance contracts (embedded derivative) Net investment income (1 ) 6 (3 ) $ (78 ) $ (72 ) $ (2 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $17 million in 2016 compared to losses of $28 million in 2015 and gains related to unlocking of actuarial assumptions of $58 million in 2014 .

Deferred Policy Acquisition C27

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred Policy Acquisition Costs Details	A progression of deferred policy acquisition costs is presented below (in millions): Deferred Costs Sales Inducements PVFP Subtotal Unrealized (*) Total Balance at December 31, 2013 $ 860 $ 147 $ 77 $ 1,084 $ (336 ) $ 748 Additions 198 8 — 206 — 206 Amortization: Periodic amortization (128 ) (26 ) (11 ) (165 ) — (165 ) Annuity unlocking (22 ) (1 ) — (23 ) — (23 ) Included in realized gains 2 1 — 3 — 3 Change in unrealized — — — — (189 ) (189 ) Balance at December 31, 2014 910 129 66 1,105 (525 ) 580 Additions 224 11 — 235 — 235 Amortization: Periodic amortization (159 ) (26 ) (11 ) (196 ) — (196 ) Annuity unlocking 31 4 — 35 — 35 Included in realized gains 8 1 — 9 — 9 Change in unrealized — — — — 291 291 Balance at December 31, 2015 1,014 119 55 1,188 (234 ) 954 Additions 229 9 — 238 — 238 Amortization: Periodic amortization (168 ) (24 ) (9 ) (201 ) — (201 ) Annuity unlocking 25 4 — 29 — 29 Included in realized gains 6 2 — 8 — 8 Change in unrealized — — — — (31 ) (31 ) Balance at December 31, 2016 $ 1,106 $ 110 $ 46 $ 1,262 $ (265 ) $ 997 (*) Unrealized adjustments to DPAC includes net unrealized gains on securities and net unrealized gains/losses on cash flow hedges.

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Year ended December 31, 2016 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 117 $ (41 ) $ 76 Reclassification adjustment for realized (gains) losses included in net earnings (a) 9 (3 ) 6 Total net unrealized gains on securities (b) $ 191 126 (44 ) 82 $ 273 Net unrealized gains (losses) on cash flow hedges 1 (12 ) 4 (8 ) (7 ) Total $ 192 $ 114 $ (40 ) $ 74 $ 266 Year ended December 31, 2015 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (440 ) $ 154 $ (286 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 13 (5 ) 8 Total net unrealized gains (losses) on securities (b) $ 469 (427 ) 149 (278 ) $ 191 Net unrealized gains on cash flow hedges — 1 — 1 1 Total $ 469 $ (426 ) $ 149 $ (277 ) $ 192 Year ended December 31, 2014 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 284 $ (99 ) $ 185 Reclassification adjustment for realized (gains) losses included in net earnings (a) (35 ) 12 (23 ) Total net unrealized gains on securities (b) $ 307 249 (87 ) 162 $ 469 Net unrealized gains on cash flow hedges — — — — — Total $ 307 $ 249 $ (87 ) $ 162 $ 469 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains on securities Tax Provision for income taxes (b) Includes net unrealized gains of $34 million at December 31, 2016 compared to net unrealized gains of $33 million and $37 million at December 31, 2015 and 2014 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
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 35% to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2016 2015 2014 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 367 $ 319 $ 352 Income taxes at statutory rate $ 128 35 % $ 112 35 % $ 123 35 % Effect of permanent items (1 ) — % (4 ) (1 %) (3 ) (1 %) Provision for income taxes as shown in the statement of earnings $ 127 35 % $ 108 34 % $ 120 34 %
Components of income tax provision (credit)	The total income tax provision (credit) consists of (in millions): 2016 2015 2014 Current taxes: Federal $ 185 $ 133 $ 170 State 4 2 4 Deferred taxes: Federal (62 ) (27 ) (54 ) Provision for income taxes $ 127 $ 108 $ 120
Components of deferred tax assets and liabilities	Deferred income tax assets and liabilities reflect temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts recognized for tax purposes. The significant components of deferred tax assets and liabilities included in the GALIC’s Balance Sheet at December 31 were as follows (in millions): 2016 2015 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 489 $ 27 $ 516 $ 404 $ 22 $ 426 Other, net 19 (5 ) 14 22 (4 ) 18 Total deferred tax assets 508 22 530 426 18 444 Deferred tax liabilities: Investment securities 4 (265 ) (261 ) (6 ) (203 ) (209 ) Deferred policy acquisition costs (375 ) 96 (279 ) (348 ) 82 (266 ) Total deferred tax liabilities (371 ) (169 ) (540 ) (354 ) (121 ) (475 ) Net deferred tax assets (liabilities) $ 137 $ (147 ) $ (10 ) $ 72 $ (103 ) $ (31 )
Progression of the liability for uncertain tax positions, excluding interest and penalties	The following is a progression of GALIC’s uncertain tax positions, excluding interest and penalties, which all relate to the uncertainty as to the timing of tax return inclusion of investment income of certain debt securities (in millions): 2016 2015 2014 Balance at January 1 $ — $ — $ 13 Reductions for tax positions of prior years — — (4 ) Additions for tax positions of current year — — — Settlements — — (9 ) Balance at December 31 $ — $ — $ —

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2016
Insurance [Abstract]
Statutory information	Net earnings and capital and surplus on a statutory basis for GALIC and its insurance subsidiaries were as follows (in millions): Net Earnings Capital and Surplus 2016 2015 2014 2016 2015 GALIC consolidated life insurance companies $ 167 $ 399 $ 384 $ 1,976 $ 1,719
Schedule of reserve liabilities for annuity benefits accumulated	For certain products, the liability for “annuity benefits accumulated” includes reserves for excess benefits expected to be paid on future deaths and annuitizations, guaranteed withdrawal benefits and accrued persistency and premium bonuses. The liabilities included in GALIC’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions): 2016 2015 Expected death and annuitization $ 223 $ 214 Guaranteed withdrawal benefits 278 203 Accrued persistency and premium bonuses 6 11

Accounting Policies - Narrative

Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Maturities of short term investments	3 months

Accounting Policies - Narrati32

Accounting Policies - Narrative on Revenue Recognition Guidance (Details)	12 Months Ended
	Dec. 31, 2016
Maximum | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected effect on consolidated revenues under new revenue recognition guidance effective in 2018	3.00%

Segments of Operations - Narrat

Segments of Operations - Narrative (Details)	12 Months Ended
	Dec. 31, 2016segment
Segment Reporting [Abstract]
Number of segments	2

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 34,362	$ 30,828	$ 28,012
Annuity
Segment Reporting Information [Line Items]
Total assets	33,607	30,055	27,218
Run-off Life
Segment Reporting Information [Line Items]
Total assets	$ 755	$ 773	$ 794

Segments of Operations - Revenu

Segments of Operations - Revenues by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net investment income	$ 1,376	$ 1,230	$ 1,139
Other income	108	105	100
Revenues before realized gains	1,508	1,356	1,262
Realized gains (losses) on securities	(9)	(16)	35
Total revenues	1,499	1,340	1,297
Annuity
Segment Reporting Information [Line Items]
Net investment income	1,355	1,211	1,120
Other income	104	100	94
Revenues before realized gains	1,459	1,311	1,214
Run-off Life
Segment Reporting Information [Line Items]
Revenues before realized gains	$ 49	$ 45	$ 48

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 376	$ 335	$ 317
Realized gains (losses) on securities	(9)	(16)	35
Earnings before income taxes	367	319	352
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	371	333	318
Run-off Life
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 5	$ 2	$ (1)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)stockprofessional	Dec. 31, 2015USD ($)stock	Dec. 31, 2014USD ($)stock
Fair Value Measurements (Textual) [Abstract]
AFG's internal investment professionals | professional	25
Level 3 assets as a percentage of total assets measured at fair value	5.00%
Percentage of level 3 assets that were priced using non-binding broker quotes	80.00%
Level 3 assets that were priced using non-binding broker quotes	$ 1,100
Percentage of internally developed Level 3 asset fair values to total assets (approximately)	1.00%
Life contingent annuities	$ 204	$ 200
Fixed-indexed annuities (embedded derivative)
Fair Value Measurements (Textual) [Abstract]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach	$ 1,760
Fixed-indexed annuities (embedded derivative) | Minimum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination	3.00%
Fixed-indexed annuities (embedded derivative) | Maximum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination	21.00%
Fixed-indexed annuities (embedded derivative), majority of future years | Minimum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination	6.00%
Fixed-indexed annuities (embedded derivative), majority of future years | Maximum
Fair Value Measurements (Textual) [Abstract]
Unobservable input surrenders used in Level 3 fair value determination	10.00%
Not Designated as Hedging Instrument | Annuity benefits | Fixed-indexed annuities (embedded derivative)
Fair Value Measurements (Textual) [Abstract]
Total realized/unrealized gains (losses) included in net income for the embedded derivatives related to the unlocking of actuarial assumptions	$ (17)	$ (28)	$ 58
Common stocks
Fair Value Measurements (Textual) [Abstract]
Number of stocks transferred from Level 2 to Level 1 | stock	2	1	0
Number of stocks transferred from Level 1 to Level 2 | stock	2	1	1
Fair value of assets transferred from Level 2 to Level 1 (are less than)	$ 0	$ 0	$ 0
Fair value of assets transferred from Level 1 to Level 2 (are less than)	$ 0	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Assets:
Fixed maturities, Available for sale, Fair Value		$ 28,020	$ 25,486
Fixed maturities, Trading, Fair Value		117	114
Equity securities, Available for sale, Fair Value		495	486
Variable annuity assets (separate accounts)	[1]	600	608
Other assets — derivatives		492	241
Total assets accounted for at fair value		29,725	26,937
Liabilities:
Total liabilities accounted for at fair value		1,789	1,377
Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		1,759	1,369
Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		30	8
Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		28,020	25,486
Fixed maturities, Trading, Fair Value		117	114
U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		50	60
States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,176	3,966
Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		13	13
Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		2,597	2,584
Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		1,349	1,974
Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		4,519	3,492
Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		15,316	13,397
Equity securities
Assets:
Equity securities, Available for sale, Fair Value		495	486
Other assets — derivatives
Assets:
Other assets — derivatives		1	2
Level 1
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		385	398
Liabilities:
Total liabilities accounted for at fair value		0	0
Level 1 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		0	0
Level 1 | Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		0	0
Level 1 | Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		25	26
Fixed maturities, Trading, Fair Value		0	0
Level 1 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		10	10
Level 1 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 1 | Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 1 | Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 1 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 1 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 1 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		15	16
Level 1 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		360	372
Level 1 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Level 2
Assets:
Variable annuity assets (separate accounts)	[1]	600	608
Total assets accounted for at fair value		27,963	25,276
Liabilities:
Total liabilities accounted for at fair value		30	8
Level 2 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		0	0
Level 2 | Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		30	8
Level 2 | Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		26,728	24,280
Fixed maturities, Trading, Fair Value		117	114
Level 2 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		32	35
Level 2 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,101	3,934
Level 2 | Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		13	13
Level 2 | Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		2,449	2,400
Level 2 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		1,324	1,938
Level 2 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		4,160	3,159
Level 2 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		14,649	12,801
Level 2 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		25	31
Level 2 | Other assets — derivatives
Assets:
Other assets — derivatives		1	2
Level 3
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		1,377	1,263
Liabilities:
Total liabilities accounted for at fair value		1,759	1,369
Level 3 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		1,759	1,369
Level 3 | Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		0	0
Level 3 | Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		1,267	1,180
Fixed maturities, Trading, Fair Value		0	0
Level 3 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		8	15
Level 3 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		75	32
Level 3 | Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		0	0
Level 3 | Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		148	184
Level 3 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		25	36
Level 3 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		359	333
Level 3 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		652	580
Level 3 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		110	83
Level 3 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Equity options — fixed-indexed annuities | Other investments
Assets:
Other assets — derivatives		492	241
Equity options — fixed-indexed annuities | Level 1 | Other investments
Assets:
Other assets — derivatives		0	0
Equity options — fixed-indexed annuities | Level 2 | Other investments
Assets:
Other assets — derivatives		492	241
Equity options — fixed-indexed annuities | Level 3 | Other investments
Assets:
Other assets — derivatives		$ 0	$ 0
[1]	Variable annuity liabilities equal the fair value of variable annuity assets.

Fair Value Measurements - Trans

Fair Value Measurements - Transfers between Level 1 and Level 2 (Details) $ in Millions	Dec. 31, 2016USD ($)stock	Dec. 31, 2015USD ($)stock	Dec. 31, 2014USD ($)stock
Perpetual preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	0	0	1
Fair value of assets transferred from Level 2 to Level 1 | $	$ 0	$ 0	$ 4
Number of stocks transferred from Level 1 to Level 2 | stock	1	0	3
Fair value of assets transferred from Level 1 to Level 2 | $	$ 1	$ 0	$ 14
Common stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	2	1	0
Fair value of assets transferred from Level 2 to Level 1 | $	$ 0	$ 0	$ 0
Number of stocks transferred from Level 1 to Level 2 | stock	2	1	1
Fair value of assets transferred from Level 1 to Level 2 | $	$ 0	$ 0	$ 0

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable inputs used in determining fair value of embedded derivatives (Details) - Embedded derivatives	12 Months Ended
	Dec. 31, 2016
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.68%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary's credit risk	0.40%
Surrenders	3.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.50%
Budgeted option costs	2.40%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary's credit risk	2.90%
Surrenders	21.00%
Partial surrenders	10.00%
Annuitizations	1.00%
Deaths	8.00%
Budgeted option costs	3.60%

Fair Value Measurements - Chang

Fair Value Measurements - Changes in balances of Level 3 financial assets carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,263	$ 1,017	$ 688
Total realized/unrealized gains (losses) included in Net income	(19)	(9)	9
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	10	(23)	16
Purchases and issuances	245	391	217
Sales and settlements	(126)	(122)	(104)
Transfer into Level 3	109	89	307
Transfer out of Level 3	(105)	(80)	(116)
Financial assets, Ending Balance	1,377	1,263	1,017
Total fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,180	970	680
Total realized/unrealized gains (losses) included in Net income	(13)	(6)	8
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(13)	(17)	15
Purchases and issuances	217	340	186
Sales and settlements	(111)	(122)	(104)
Transfer into Level 3	100	89	295
Transfer out of Level 3	(93)	(74)	(110)
Financial assets, Ending Balance	1,267	1,180	970
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	15	15	15
Total realized/unrealized gains (losses) included in Net income	(7)	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	0	0	0
Sales and settlements	0	0	0
Transfer into Level 3	0	0	0
Transfer out of Level 3	0	0	0
Financial assets, Ending Balance	8	15	15
States, municipalities and political subdivisions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	32	24	20
Total realized/unrealized gains (losses) included in Net income	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(3)	0	1
Purchases and issuances	47	9	0
Sales and settlements	(1)	(1)	0
Transfer into Level 3	0	0	3
Transfer out of Level 3	0	0	0
Financial assets, Ending Balance	75	32	24
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	184	235	267
Total realized/unrealized gains (losses) included in Net income	(3)	(2)	4
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(2)	(2)	3
Purchases and issuances	6	0	10
Sales and settlements	(26)	(32)	(27)
Transfer into Level 3	29	48	62
Transfer out of Level 3	(40)	(63)	(84)
Financial assets, Ending Balance	148	184	235
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	36	37	24
Total realized/unrealized gains (losses) included in Net income	(1)	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	(1)	0
Purchases and issuances	0	0	0
Sales and settlements	(6)	(2)	0
Transfer into Level 3	0	4	14
Transfer out of Level 3	(4)	(1)	0
Financial assets, Ending Balance	25	36	37
Asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	333	175	62
Total realized/unrealized gains (losses) included in Net income	(1)	1	2
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	(5)	(2)
Purchases and issuances	30	184	88
Sales and settlements	(20)	(40)	(17)
Transfer into Level 3	49	28	65
Transfer out of Level 3	(33)	(10)	(23)
Financial assets, Ending Balance	359	333	175
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	580	484	292
Total realized/unrealized gains (losses) included in Net income	(1)	(4)	3
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(9)	(9)	13
Purchases and issuances	134	147	88
Sales and settlements	(58)	(47)	(60)
Transfer into Level 3	22	9	151
Transfer out of Level 3	(16)	0	(3)
Financial assets, Ending Balance	652	580	484
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	83	47	8
Total realized/unrealized gains (losses) included in Net income	(6)	(3)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	23	(6)	1
Purchases and issuances	28	51	31
Sales and settlements	(15)	0	0
Transfer into Level 3	9	0	12
Transfer out of Level 3	(12)	(6)	(6)
Financial assets, Ending Balance	$ 110	$ 83	$ 47

Fair Value Measurements - Cha42

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial liabilities, Beginning Balance	$ (1,369)		$ (1,160)		$ (804)
Total realized/unrealized gains (losses) included in Net income	(211)		(17)		(182)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(277)		(257)		(221)
Sales and settlements	98		65		47
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	(1,759)		(1,369)		(1,160)
Embedded derivatives
Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial liabilities, Beginning Balance	(1,369)		(1,160)		(804)
Total realized/unrealized gains (losses) included in Net income	(211)	[1]	(17)	[2]	(182)	[3]
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(277)		(257)		(221)
Sales and settlements	98		65		47
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	$ (1,759)		$ (1,369)		$ (1,160)
[1]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016.
[2]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015.
[3]	Total realized/unrealized gains (losses) included in net income for the embedded derivatives reflects gains related to the unlocking of actuarial assumptions of $58 million in 2014.

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
Financial assets:
Mortgage loans		$ 890	$ 880
Policy loans		192	201
Level 1
Financial assets:
Cash and cash equivalents		499	262
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		499	262
Financial liabilities:
Annuity benefits accumulated	[1]	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
Policy loans		0	0
Total financial assets not accounted for at fair value		0	0
Financial liabilities:
Annuity benefits accumulated	[1]	0	0
Total financial liabilities not accounted for at fair value		0	0
Level 3
Financial assets:
Cash and cash equivalents		0	0
Mortgage loans		887	883
Policy loans		192	201
Total financial assets not accounted for at fair value		1,079	1,084
Financial liabilities:
Annuity benefits accumulated	[1]	28,932	25,488
Total financial liabilities not accounted for at fair value		28,932	25,488
Carrying Value
Financial assets:
Cash and cash equivalents		499	262
Mortgage loans		890	880
Policy loans		192	201
Total financial assets not accounted for at fair value		1,581	1,343
Financial liabilities:
Annuity benefits accumulated	[1]	29,703	26,422
Total financial liabilities not accounted for at fair value		29,703	26,422
Fair Value
Financial assets:
Cash and cash equivalents		499	262
Mortgage loans		887	883
Policy loans		192	201
Total financial assets not accounted for at fair value		1,578	1,346
Financial liabilities:
Annuity benefits accumulated	[1]	28,932	25,488
Total financial liabilities not accounted for at fair value		$ 28,932	$ 25,488
[1]	Excludes $204 million and $200 million of life contingent annuities in the payout phase at December 31, 2016 and 2015, respectively.

Balance Sheet Impact of Net U44

Balance Sheet Impact of Net Unrealized Gains on Securities - Components of the net unrealized gain on securities included in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	$ 27,310	$ 24,903
Equity securities, Available for sale, Amortized Cost	447	489
Fixed maturities, Available for sale, Fair Value	28,020	25,486
Equity securities, Available for sale, Fair Value	495	486
Deferred policy acquisition costs	997	954	$ 580	$ 748
Annuity benefits accumulated	(29,907)	(26,622)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	420	294
Deferred tax on unrealized gain	(147)	(103)
Net unrealized gain, after tax (included in AOCI)	273	191
Fixed maturities
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	27,310	24,903
Fixed maturities, Available for sale, Fair Value	28,020	25,486
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	710	583
Equity securities
Available-for-sale Securities [Abstract]
Equity securities, Available for sale, Amortized Cost	447	489
Equity securities, Available for sale, Fair Value	495	486
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	48	(3)
Deferred policy acquisition costs
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	997	954
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(273)	(233)
Annuity benefits accumulated
Available-for-sale Securities [Abstract]
Annuity benefits accumulated	(29,907)	(26,622)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(78)	(64)
Unearned revenue (included in other liabilities)
Available-for-sale Securities [Abstract]
Unearned revenue (included in other liabilities)	(23)	(31)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	13	11
Excluding Unrealized Gains
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	1,262	1,188	$ 1,105	$ 1,084
Excluding Unrealized Gains | Fixed maturities
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	27,310	24,903
Excluding Unrealized Gains | Equity securities
Available-for-sale Securities [Abstract]
Equity securities, Available for sale, Amortized Cost	447	489
Excluding Unrealized Gains | Deferred policy acquisition costs
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	1,270	1,187
Excluding Unrealized Gains | Annuity benefits accumulated
Available-for-sale Securities [Abstract]
Annuity benefits accumulated	(29,829)	(26,558)
Excluding Unrealized Gains | Unearned revenue (included in other liabilities)
Available-for-sale Securities [Abstract]
Unearned revenue (included in other liabilities)	$ (36)	$ (42)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)security	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investment [Line Items]
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	83.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	91.00%
Other than temporary impairment charges	$ 51	$ 51	$ 11
Average life of ABS	5 years
Average life of MBS	4 years 6 months
Investment management charges (are less than in 2014)	$ 5	6
Residential MBS
Investment [Line Items]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	149	160
Fixed maturities, Gross Unrealized, Losses	(7)	(6)
Other than temporary impairment charges	1
Corporate bonds
Investment [Line Items]
Other than temporary impairment charges	17
Fixed maturities — all other
Investment [Line Items]
Other than temporary impairment charges	7
Securities with non-credit other-than-temporary impairment charges
Investment [Line Items]
Gross Unrealized, Gains	101	104
Gross Unrealized, Losses	(2)	(5)
Fixed maturities
Investment [Line Items]
Fixed maturities, Gross Unrealized, Losses	$ (195)	(321)
Number of available for sale securities in an unrealized loss position | security	892
Other than temporary impairment charges	$ 25	28	8
Common stocks
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	20
Other than temporary impairment charges	$ 41
Equity securities, Gross Unrealized, Losses	(9)	(35)
Preferred stocks
Investment [Line Items]
Equity securities, Gross Unrealized, Losses	$ (1)	$ 0
Maximum
Investment [Line Items]
Investment management charges (are less than in 2014)			$ 1
Number of available for sale securities in an unrealized loss position for twelve months or longer | Common stocks
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	1

Investments - Available for sal

Investments - Available for sale fixed maturities and equity securities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	$ 27,310	$ 24,903
Fixed maturities, Available for sale, Fair Value	28,020	25,486
Equity securities, Available for sale, Amortized Cost	447	489
Equity securities, Available for sale, Fair Value	495	486
Total fixed maturities
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	27,310	24,903
Fixed maturities, Available for sale, Gross Unrealized, Gains	905	904
Fixed maturities, Available for sale, Gross Unrealized, Losses	(195)	(321)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	710	583
Fixed maturities, Available for sale, Fair Value	28,020	25,486
U.S. Government and government agencies
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	51	61
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	2
Fixed maturities, Available for sale, Gross Unrealized, Losses	(3)	(3)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	(1)	(1)
Fixed maturities, Available for sale, Fair Value	50	60
States, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	4,063	3,836
Fixed maturities, Available for sale, Gross Unrealized, Gains	155	162
Fixed maturities, Available for sale, Gross Unrealized, Losses	(42)	(32)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	113	130
Fixed maturities, Available for sale, Fair Value	4,176	3,966
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	12	12
Fixed maturities, Available for sale, Gross Unrealized, Gains	1	1
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	1	1
Fixed maturities, Available for sale, Fair Value	13	13
Residential MBS
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	2,388	2,344
Fixed maturities, Available for sale, Gross Unrealized, Gains	216	246
Fixed maturities, Available for sale, Gross Unrealized, Losses	(7)	(6)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	209	240
Fixed maturities, Available for sale, Fair Value	2,597	2,584
Commercial MBS
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	1,304	1,903
Fixed maturities, Available for sale, Gross Unrealized, Gains	46	71
Fixed maturities, Available for sale, Gross Unrealized, Losses	(1)	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	45	71
Fixed maturities, Available for sale, Fair Value	1,349	1,974
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	4,517	3,508
Fixed maturities, Available for sale, Gross Unrealized, Gains	37	21
Fixed maturities, Available for sale, Gross Unrealized, Losses	(35)	(37)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	2	(16)
Fixed maturities, Available for sale, Fair Value	4,519	3,492
Corporate and other
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	14,975	13,239
Fixed maturities, Available for sale, Gross Unrealized, Gains	448	401
Fixed maturities, Available for sale, Gross Unrealized, Losses	(107)	(243)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	341	158
Fixed maturities, Available for sale, Fair Value	15,316	13,397
Total equity securities
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	447	489
Equity securities, Available for sale, Gross Unrealized, Gains	58	32
Equity securities, Available for sale, Gross Unrealized, Losses	(10)	(35)
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	48	(3)
Equity securities, Available for sale, Fair Value	495	486
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	391	439
Equity securities, Available for sale, Gross Unrealized, Gains	55	32
Equity securities, Available for sale, Gross Unrealized, Losses	(9)	(35)
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	46	(3)
Equity securities, Available for sale, Fair Value	437	436
Perpetual preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	56	50
Equity securities, Available for sale, Gross Unrealized, Gains	3	0
Equity securities, Available for sale, Gross Unrealized, Losses	(1)	0
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	2	0
Equity securities, Available for sale, Fair Value	$ 58	$ 50

Investments - Gross unrealized

Investments - Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Total fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (148)	$ (251)
Fair Value - Less than twelve months	$ 6,618	$ 7,367
Fair Value as % of Cost - Less than twelve months	98.00%	97.00%
Unrealized Loss - Twelve months or more	$ (47)	$ (70)
Fair Value - Twelve months or more	$ 1,001	$ 880
Fair Value as % of Cost - Twelve months or more	96.00%	93.00%
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	$ 8	$ 4
Fair Value as % of Cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (3)
Fair Value - Twelve months or more	$ 7	$ 15
Fair Value as % of Cost - Twelve months or more	70.00%	83.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (38)	$ (25)
Fair Value - Less than twelve months	$ 1,288	$ 1,031
Fair Value as % of Cost - Less than twelve months	97.00%	98.00%
Unrealized Loss - Twelve months or more	$ (4)	$ (7)
Fair Value - Twelve months or more	$ 12	$ 103
Fair Value as % of Cost - Twelve months or more	75.00%	94.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (4)	$ (2)
Fair Value - Less than twelve months	$ 298	$ 180
Fair Value as % of Cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (4)
Fair Value - Twelve months or more	$ 91	$ 99
Fair Value as % of Cost - Twelve months or more	97.00%	96.00%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ 0
Fair Value - Less than twelve months	$ 93	$ 74
Fair Value as % of Cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 13
Fair Value as % of Cost - Twelve months or more	0.00%	100.00%
Asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (18)	$ (29)
Fair Value - Less than twelve months	$ 1,295	$ 1,849
Fair Value as % of Cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (17)	$ (8)
Fair Value - Twelve months or more	$ 551	$ 355
Fair Value as % of Cost - Twelve months or more	97.00%	98.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (87)	$ (195)
Fair Value - Less than twelve months	$ 3,636	$ 4,229
Fair Value as % of Cost - Less than twelve months	98.00%	96.00%
Unrealized Loss - Twelve months or more	$ (20)	$ (48)
Fair Value - Twelve months or more	$ 340	$ 295
Fair Value as % of Cost - Twelve months or more	94.00%	86.00%
Total equity securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (10)	$ (35)
Fair Value - Less than twelve months	$ 123	$ 251
Fair Value as % of Cost - Less than twelve months	92.00%	88.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 3	$ 5
Fair Value as % of Cost - Twelve months or more	100.00%	100.00%
Common stocks
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (9)	$ (35)
Fair Value - Less than twelve months	$ 91	$ 228
Fair Value as % of Cost - Less than twelve months	91.00%	87.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 3	$ 0
Fair Value as % of Cost - Twelve months or more	100.00%	0.00%
Perpetual preferred stocks
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ 0
Fair Value - Less than twelve months	$ 32	$ 23
Fair Value as % of Cost - Less than twelve months	97.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 5
Fair Value as % of Cost - Twelve months or more	0.00%	100.00%

Investments - Credit portion of

Investments - Credit portion of other-than-temporary impairments on fixed maturities for which the non-credit portion of an impairment has been recognized in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at January 1	$ 110	$ 115	$ 125
Additional credit impairments on:
Previously impaired securities	1	0	0
Securities without prior impairments	0	1	0
Reductions due to sales or redemptions	(7)	(6)	(10)
Balance at December 31	$ 104	$ 110	$ 115

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - Fixed maturities $ in Millions	Dec. 31, 2016USD ($)
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 615
After one year through five years	3,952
After five years through ten years	10,922
After ten years	3,612
Fixed maturities amortized cost, Subtotal	19,101
ABS (average life of approximately 5 years)	4,517
MBS (average life of approximately 4.5 years)	3,692
Amortized Cost	27,310
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	626
After one year through five years	4,185
After five years through ten years	11,088
After ten years	3,656
Fixed maturities fair value, Subtotal	19,555
ABS (average life of approximately 5 years)	4,519
MBS (average life of approximately 4.5 years)	3,946
Fair Value	$ 28,020
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	2.00%
After one year through five years	15.00%
After five years through ten years	40.00%
After ten years	13.00%
Fixed maturities fair value, Subtotal, Percent	70.00%
ABS (average life of approximately 5 years)	16.00%
MBS (average life of approximately 4.5 years)	14.00%
Fair value, Total, Percent	100.00%

Investments - Investment income

Investments - Investment income earned and investment expenses incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Investment Income [Line Items]
Gross investment income	$ 1,386	$ 1,239	$ 1,143
Investment expenses	(10)	(9)	(4)
Net investment income	1,376	1,230	1,139
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	1,248	1,138	1,047
Equity securities
Net Investment Income [Line Items]
Gross investment income	24	21	16
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Gross investment income	22	16	9
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	47	45	42
Policy loans
Net Investment Income [Line Items]
Gross investment income	11	12	12
Real estate and other
Net Investment Income [Line Items]
Gross investment income	$ 34	$ 7	$ 17

Investments - Realized gains (l

Investments - Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	$ 42	$ 35	$ 46
Realized - impairments	(51)	(51)	(11)
Realized gains (losses) on securities	(9)	(16)	35
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	27	23	30
Realized - impairments	(33)	(33)	(7)
Realized gains (losses) on securities	(6)	(10)	23
Change in Unrealized	82	(278)	162
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	42	35	46
Realized - impairments	(51)	(51)	(11)
Realized gains (losses) on securities	(9)	(16)	35
Change in Unrealized	126	(427)	249
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	32	24	32
Realized - impairments	(25)	(28)	(8)
Realized gains (losses) on securities	7	(4)	24
Change in Unrealized	127	(698)	465
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	17	17	16
Realized - impairments	(41)	(36)	(8)
Realized gains (losses) on securities	(24)	(19)	8
Change in Unrealized	51	(49)	6
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	0	(1)	0
Realized - impairments	0	(2)	0
Realized gains (losses) on securities	0	(3)	0
Change in Unrealized	0	0	0
Other, Including DPAC and reserves on annuity and long-term care
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(7)	(5)	(2)
Realized - impairments	15	15	5
Realized gains (losses) on securities	8	10	3
Change in Unrealized	(52)	320	(222)
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(15)	(12)	(16)
Realized - impairments	18	18	4
Realized gains (losses) on securities	3	6	(12)
Change in Unrealized	$ (44)	$ 149	$ (87)

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity and equity security investment transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fixed maturities
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 45	$ 31	$ 29
Gross losses	(6)	(5)	(1)
Equity securities
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	19	18	16
Gross losses	$ (2)	$ (1)	$ 0

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)swap	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options	$ 380	$ 211
Not Designated as Hedging Instrument | Annuity benefits | Fixed-indexed annuities (embedded derivative)
Derivative Instruments, Gain (Loss) [Line Items]
The portion of the change in fair value of the embedded derivative related to the unlocking of actuarial assumptions	$ (17)	(28)	$ 58
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of Interest Rate Derivatives Held | swap	7
Notional amount of derivative instrument outstanding	$ 1,080	604
Number Of Interest Rate Swaps Entered During The Period | swap	4
Gain (loss) reclassified from AOCI into net investment income	$ 7	6
Gain (loss) on cash flow hedge ineffectiveness recorded in Net Earnings	0	0
Collateral receivable supporting interest rate swaps	60	14
New interest rate swaps entered into during the period | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative instrument outstanding	610
Other assets — derivatives | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	1	2
Other liabilities | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	$ (22)
Other liabilities | Maximum | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value		$ (1)

Derivatives - Derivatives that

Derivatives - Derivatives that do not qualify for hedge accounting under GAAP included in the Balance Sheet at fair value (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 578	$ 345
Derivative liability, at fair value	1,767	1,376
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	82	100
Public company warrants | Equity securities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	4	4
Fixed-indexed annuities (embedded derivative) | Annuity benefits accumulated
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	1,759	1,369
Equity index call options | Equity options — fixed-indexed annuities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	492	241
Reinsurance contracts (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 8	$ 7

Derivatives - Gain (loss) inclu

Derivatives - Gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (Details) - Not Designated as Hedging Instrument - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (78)	$ (72)	$ (2)
MBS with embedded derivatives | Realized gains on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(7)	(5)	4
Public company warrants | Realized gains on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	0	0
Interest rate swaptions | Realized gains on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	0	(2)
Fixed-indexed annuities (embedded derivative) | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	[1]	(211)	(17)	(182)
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		141	(56)	181
Reinsurance contracts (embedded derivative) | Net investment income
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (1)	$ 6	$ (3)
[1]	The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $17 million in 2016 compared to losses of $28 million in 2015 and gains related to unlocking of actuarial assumptions of $58 million in 2014.

Deferred Policy Acquisition C56

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated Amortization of Present Value of Future Profits	$ 134	$ 125
Approximate annual rate of decrease in present value of future profits during next five years	16.70%

Deferred Policy Acquisition C57

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance		$ 1,014		$ 910		$ 860
Deferred policy acquisition costs, additions		229		224		198
Deferred policy acquisition costs, periodic amortization		(168)		(159)		(128)
Deferred policy acquisition costs, annuity unlocking		25		31		(22)
Deferred policy acquisition costs, change included in realized gains		6		8		2
Deferred policy acquisition costs, ending balance		1,106		1,014		910
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance		119		129		147
Deferred sales inducements, additions		9		11		8
Deferred sales inducements, periodic amortization		(24)		(26)		(26)
Deferred sales inducements, annuity unlocking		4		4		(1)
Deferred sales inducements, change included in realized gains		2		1		1
Deferred sales inducements, ending balance		110		119		129
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance		55		66		77
Present value of future profits, periodic amortization		(9)		(11)		(11)
Present value of future profits, annuity unlocking		0		0		0
Present value of future profits, ending balance		46		55		66
Movement in Unrealized Gains (Losses) Related to Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Unrealized investment gains (losses), beginning balance		(234)	[1]	(525)	[1]	(336)
Unrealized investment gains (losses), change in unrealized	[1]	(31)		291		(189)
Unrealized investment gains (losses), ending balance	[1]	(265)		(234)		(525)
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Deferred policy acquisition costs and present value of future profits, beginning balance		954		580		748
Deferred policy acquisition costs and present value of future profits, additions		238		235		206
Deferred policy acquisition costs and present value of future profits, periodic amortization		(201)		(196)		(165)
Deferred policy acquisition costs and present value of future profits, annuity unlocking		29		35		(23)
Deferred policy acquisition costs and present value of future profits, change included in realized gains		8		9		3
Deferred policy acquisition costs and present value of future profits, change in unrealized		(31)		291		(189)
Deferred policy acquisition costs and present value of future profits, ending balance		997		954		580
Excluding Unrealized Gains
Movement Analysis of Deferred Policy Acquisition Costs and Present Value of Future Profits [Roll Forward]
Deferred policy acquisition costs and present value of future profits, beginning balance		1,188		1,105		1,084
Deferred policy acquisition costs and present value of future profits, ending balance		$ 1,262		$ 1,188		$ 1,105
[1]	Unrealized adjustments to DPAC includes net unrealized gains on securities and net unrealized gains/losses on cash flow hedges.

Shareholder's Equity - Narrativ

Shareholder's Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of accumulated other comprehensive income
Cash capital contributions from parent	$ 15	$ 0	$ 0
Non-cash capital contributions from parent	30	24	10
Net of tax unrealized gains (losses) related to credit-only impaired securities	$ 34	$ 33	$ 37

Shareholder's Equity - Progress

Shareholder's Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		$ 192
Other comprehensive income (loss), net of tax		74	$ (277)	$ 162
AOCI ending balance		266	192
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, Pretax		117	(440)	284
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax		(41)	154	(99)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		76	(286)	185
Reclassification from accumulated other comprehensive income, pretax	[1]	9	13	(35)
Reclassification from accumulated other comprehensive income, tax	[1]	(3)	(5)	12
Reclassification from accumulated other comprehensive income, net of tax		6	8	(23)
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		126	(427)	249
Other comprehensive income (loss), tax		(44)	149	(87)
Other comprehensive income (loss), net of tax		82	(278)	162
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	[2]	191	469	307
AOCI ending balance	[2]	273	191	469
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		(12)	1	0
Other comprehensive income (loss), tax		4	0	0
Other comprehensive income (loss), net of tax		(8)	1	0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		1	0	0
AOCI ending balance		(7)	1	0
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		114	(426)	249
Other comprehensive income (loss), tax		(40)	149	(87)
Other comprehensive income (loss), net of tax		74	(277)	162
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		192	469	307
Other comprehensive income (loss), net of tax		74	(277)	162
AOCI ending balance		$ 266	$ 192	$ 469
[1]	The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains on securities Tax Provision for income taxes
[2]	Includes net unrealized gains of $34 million at December 31, 2016 compared to net unrealized gains of $33 million and $37 million at December 31, 2015 and 2014, respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes		35.00%	35.00%	35.00%
Decrease in AFG's liability for uncertain tax positions	$ (13)
Decrease in AFG's liability for uncertain tax positions, settlements	$ (9)	$ 0	$ 0	$ (9)
Change in AFG's liability for uncertain tax positions of prior year		0	0	(4)
Interest included in tax provision				(1)
Cash payments for income taxes		236	100	$ 227
Charge for valuation allowance
Income Tax Reconciliation [Line Items]
Charge for valuation allowance against deferred tax assets		$ 0	$ 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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 367	$ 319	$ 352
Income taxes at statutory rate	128	112	123
Effect of other income tax reconciliation	(1)	(4)	(3)
Provision for income taxes as shown in the statement of earnings	$ 127	$ 108	$ 120
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	35.00%	35.00%	35.00%
Effect of other income tax reconciliation as a percentage of EBT	0.00%	(1.00%)	(1.00%)
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	35.00%	34.00%	34.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current taxes:
Federal	$ 185	$ 133	$ 170
State	4	2	4
Deferred taxes:
Federal	(62)	(27)	(54)
Provision for income taxes as shown in the statement of earnings	$ 127	$ 108	$ 120

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Insurance claims and reserves	$ 516	$ 426
Other, net	14	18
Total deferred tax assets	530	444
Deferred tax liabilities:
Investment securities	(261)	(209)
Deferred policy acquisition costs	(279)	(266)
Total deferred tax liabilities	(540)	(475)
Net deferred tax assets (liabilities)	(10)	(31)
Excluding Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	489	404
Other, net	19	22
Total deferred tax assets	508	426
Deferred tax liabilities:
Investment securities	4	(6)
Deferred policy acquisition costs	(375)	(348)
Total deferred tax liabilities	(371)	(354)
Net deferred tax assets (liabilities)	137	72
Impact of Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	27	22
Other, net	(5)	(4)
Total deferred tax assets	22	18
Deferred tax liabilities:
Investment securities	(265)	(203)
Deferred policy acquisition costs	96	82
Total deferred tax liabilities	(169)	(121)
Net deferred tax assets (liabilities)	$ (147)	$ (103)

Income Taxes - Progression of t

Income Taxes - Progression of the liability for uncertain tax positions, excluding interest and penalties (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Progression of the liability for uncertain tax positions, excluding interest and penalties
Balance at January 1		$ 0	$ 0	$ 13
Reductions for tax positions of prior years		0	0	(4)
Additions for tax positions of current year		0	0	0
Settlements	$ (9)	0	0	(9)
Balance at December 31		$ 0	$ 0	$ 0

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Insurance [Line Items]
Carrying value of securities owned by U.S.-based insurance subsidiaries on deposit	$ 26	$ 26
Investment in Federal Home Loan Bank capital stock	44	44
Proceeds received under funding agreements with the Federal Home Loan Bank	200	150	$ 345	$ 0
Advances from Federal Home Loan Bank	935	$ 935
Description of variable rate basis		LIBOR
Repayments of advances from Federal Home Loan Bank due in year two	285	$ 285
Repayments of advances from Federal Home Loan Bank due in year four	500	500
Repayments of advances from Federal Home Loan Bank due in year five	150	150
Fair value of mortgage-backed securities held as collateral by the Federal Home Loan Bank	1,080	1,080
Interest on advances from Federal Home Loan Bank		8	3	1
Dividends		$ (140)	(110)	(200)
Statutory restrictions on dividends		The maximum amount of dividends that can be paid to shareholders in 2017 by life insurance companies domiciled in the State of Ohio without prior approval of the Insurance Commissioner is the greater of 10% of statutory surplus as regards to policyholders or statutory net income as of the preceding December 31, but only to the extent of statutory earned surplus as of the preceding December 31.
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded		10.00%
Maximum amount of dividends available to be paid by insurance subsidiaries to parent without prior approval of regulatory authorities	197	$ 197
Maximum amount of dividends available to be received by parent from insurance subsidiaries without prior approval of regulatory authorities	27	27
Aggregate guaranteed minimum death benefit value on variable annuity polices in force	20	$ 20	27
Minimum | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.03%
Maximum | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.53%
Average | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		1.18%
Life insurance
Insurance [Line Items]
Life insurance in force, ceded premiums	10,220	$ 10,220	11,190
Life insurance in force, direct premiums	$ 13,490	13,490	14,670
Life written premiums ceded		31	34	36
Reinsurance recoveries		44	45	55
Variable annuities | Maximum
Insurance [Line Items]
Death benefits paid in excess of the variable annuity account balances (are less than in 2014, 2015 and 2016)		1	1	1
Retained Earnings
Insurance [Line Items]
Dividends		$ (140)	$ (110)	$ (200)

Insurance - Net earnings and ca

Insurance - Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries (Details) - GALIC consolidated life insurance companies - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory information
Net Earnings	$ 167	$ 399	$ 384
Capital and Surplus	$ 1,976	$ 1,719

Insurance - Liabilities for exc

Insurance - Liabilities for excess benefits expected to be paid on future deaths and annuitizations, guaranteed withdrawal benefits and accrued persistency and premium bonuses (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Insurance [Abstract]
Expected death and annuitization	$ 223	$ 214
Guaranteed withdrawal benefits	278	203
Accrued persistency and premium bonuses	$ 6	$ 11

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Additional Information [Abstract]
General and administrative costs paid to parent	$ 32	$ 27	$ 26
Total rental expense	4	4	4
Commitments to fund limited partnerships	251
Retirement and employee savings plan expense	$ 2	$ 1	$ 1

Supplementary Insurance Infor69

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 997	$ 954	$ 580
Reserves for future policy benefits and claims	30,598	27,327	24,182
Net earned premiums	24	21	23
Net investment income	1,376	1,230	1,139
Benefits, claims, losses and settlement expenses	829	753	674
Amortization of deferred policy acquisition costs	152	139	161
Other operating expenses	151	129	110
Annuity
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	977	930	553
Reserves for future policy benefits and claims	29,907	26,622	23,492
Net investment income	1,355	1,211	1,120
Benefits, claims, losses and settlement expenses	800	724	641
Amortization of deferred policy acquisition costs	147	134	156
Other operating expenses	141	120	99
Run-off Life
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	20	24	27
Reserves for future policy benefits and claims	691	705	690
Net earned premiums	24	21	23
Net investment income	21	19	19
Benefits, claims, losses and settlement expenses	29	29	33
Amortization of deferred policy acquisition costs	5	5	5
Other operating expenses	$ 10	$ 9	$ 11