Great American Life Insurance POS AM 24 Apr 18 Prospectus update (post-effective amendment) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017
Document and Entity Information [Abstract]
Document Type	POS AM
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
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, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 611	$ 499
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $30,058 and $27,310)	31,223	28,020
Fixed maturities, trading at fair value	116	117
Equity securities, available for sale at fair value (cost — $479 and $447)	593	495
Mortgage loans	820	890
Policy loans	184	192
Real estate and other investments	953	763
Total cash and investments	34,500	30,976
Recoverables from reinsurers	312	343
Deferred policy acquisition costs (including the impact of unrealized gains on securities of $433 and $273)	943	997
Accrued investment income	291	262
Variable annuity assets (separate accounts)	644	600
Equity options — fixed-indexed annuities	701	492
Funds held as collateral	389	380
Other assets	340	312
Total assets	38,120	34,362
Liabilities and Equity:
Annuity benefits accumulated (including the impact of unrealized gains on securities of $137 and $78)	33,316	29,907
Life, accident and health reserves	658	691
Variable annuity liabilities (separate accounts)	644	600
Liability for funds held as collateral	389	380
Net deferred tax liabilities	33	10
Other liabilities	272	207
Total liabilities	35,312	31,795
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	953	938
Retained earnings	1,248	1,302
Accumulated other comprehensive income, net of tax	557	266
Total shareholder’s equity	2,761	2,509
Noncontrolling interests	47	58
Total equity	2,808	2,567
Total liabilities and equity	$ 38,120	$ 34,362

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fixed maturities, available for sale at amortized cost	$ 30,058	$ 27,310
Equity securities, available for sale at cost	479	447
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ 722	$ 420
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	$ (433)	$ (273)
Annuity benefits accumulated
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ (137)	$ (78)

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Net investment income	$ 1,478	$ 1,376	$ 1,230
Realized losses on securities	(13)	(9)	(16)
Life, accident and health net earned premiums	22	24	21
Policy charges and other income	111	108	105
Total revenues	1,598	1,499	1,340
Costs and Expenses:
Annuity benefits	892	800	724
Life, accident and health benefits	23	29	29
Insurance acquisition expenses, net	172	185	166
Other expenses	130	118	102
Total costs and expenses	1,217	1,132	1,021
Earnings before income taxes	381	367	319
Provision for income taxes	105	127	108
Net earnings, including noncontrolling interests	276	240	211
Less: Net earnings attributable to noncontrolling interests	6	4	6
Net Earnings Attributable to Shareholder	270	236	205
Supplemental disclosure of Realized gains (losses) on securities:
Realized gains before impairments	16	42	35
Losses on securities with impairment	(30)	(51)	(51)
Non-credit portion recognized in other comprehensive income (loss)	1	0	0
Impairment charges recognized in earnings	(29)	(51)	(51)
Total realized losses on securities	$ (13)	$ (9)	$ (16)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 276	$ 240	$ 211
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	194	76	(286)
Reclassification adjustment for realized (gains) losses included in net earnings	2	6	8
Total net unrealized gains (losses) on securities	196	82	(278)
Net unrealized gains (losses) on cash flow hedges	(4)	(8)	1
Other comprehensive income (loss), net of tax	192	74	(277)
Total comprehensive income (loss), net of tax	468	314	(66)
Less: Comprehensive income attributable to noncontrolling interests	6	4	6
Comprehensive income (loss) attributable to shareholder	$ 462	$ 310	$ (72)

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, 2014				201,000
Beginning 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
Impact of the U.S. corporate tax rate change on AOCI	[1]						0
Capital contributions from parent		24	24		24
Dividends		(110)	(110)			(110)
Other		8	1		1	0			7
Ending Balance, shares at Dec. 31, 2015				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
Impact of the U.S. corporate tax rate change on AOCI	[1]						0
Capital contributions from parent		45	45		45
Dividends		(140)	(140)			(140)
Other		$ 0	1		1	0	0		(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
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings		276	270			270			6
Other comprehensive income (loss)		192	192				192		0
Impact of the U.S. corporate tax rate change on AOCI		0	0			(99)	99	[1]	0
Capital contributions from parent		14	14		14
Dividends		(225)	(225)			(225)
Other		$ (16)	1		1				(17)
Ending Balance, shares at Dec. 31, 2017		201,000		201,000
Ending Balance at Dec. 31, 2017		$ 2,808	$ 2,761		$ 956	$ 1,248	$ 557		$ 47
[1]	Other represents the December 2017 reclassification of $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings (see Note A — “Accounting Policies — Income Taxes”).

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities:
Net earnings, including noncontrolling interests	$ 276	$ 240	$ 211
Adjustments:
Depreciation and amortization	(80)	(75)	(67)
Annuity benefits	892	800	724
Realized losses on investing activities	13	9	16
Net (purchases) sales of trading securities	3	(2)	7
Deferred annuity and life policy acquisition costs	(225)	(229)	(224)
Amortization of insurance acquisition costs	133	152	139
Change in:
Reinsurance recoverable	16	12	13
Accrued investment income	(29)	(20)	(30)
Funds held as collateral	(9)	(169)	74
Other assets	(25)	(57)	1
Life, accident and health reserves	(33)	(14)	15
Liability for funds held as collateral	9	169	(74)
Other liabilities	(106)	(83)	48
Other operating activities, net	(39)	(34)	2
Net cash provided by operating activities	796	699	855
Investing Activities:
Purchases of fixed maturities	(7,062)	(6,186)	(5,450)
Purchases of equity securities	(128)	(72)	(266)
Purchases of mortgage loans	(130)	(213)	(197)
Purchases of equity options — fixed indexed annuities	(432)	(358)	(301)
Purchases of other investments	(409)	(320)	(272)
Purchases of real estate, property and equipment	(10)	(16)	(48)
Proceeds from maturities and redemptions of fixed maturities	4,247	3,259	2,194
Proceeds from repayments of mortgage loans	156	203	209
Proceeds from sales of fixed maturities	315	528	281
Proceeds from sales of equity securities	82	96	106
Proceeds from exercise of equity options — fixed indexed annuities	717	248	326
Proceeds from sales of other investments	186	171	146
Proceeds from sales of real estate, property and equipment	27	14	26
Other investing activities, net	8	(41)	9
Net cash used in investing activities	(2,433)	(2,687)	(3,237)
Financing Activities:
Annuity receipts	4,341	4,435	4,139
Annuity surrenders, benefits and withdrawals	(2,341)	(2,275)	(2,002)
Net transfers from variable annuity assets	54	42	43
Advances from Federal Home Loan Bank	0	150	345
Repayments to Federal Home Loan Bank	(64)	0	0
Capital contributions from parent	0	15	0
Cash dividends paid	(225)	(140)	(110)
Other financing activities, net	(16)	(2)	7
Net cash provided by (used in) financing activities	1,749	2,225	2,422
Net Change in Cash and Cash Equivalents	112	237	40
Cash and cash equivalents at beginning of period	499	262	222
Cash and cash equivalents at end of period	$ 611	$ 499	$ 262

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2017
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, 2017 , and prior to April 13, 2018 , 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 2017 or 2016 . 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 earnings, instead of AOCI. GALIC will be required to adopt this guidance effective January 1, 2018. At the date of adoption, the $90 million net unrealized gain on equity securities included in AOCI as of December 31, 2017 will be reclassified to retained earnings as the cumulative effect of an accounting change. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. 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 annuity policy charges are recorded as 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 (losses) 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 represent 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. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. This includes the impact on deferred tax assets or liabilities established through AOCI, which results in an amount equal to the difference between the deferred tax at the historical corporate rate and the newly enacted rate stranded in AOCI. As permitted under guidance adopted effective December 31, 2017 (ASU 2018-02), GALIC reclassified the $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings at December 31, 2017. See Note I — “ Income Taxes ” for further information. 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 would have applied to less than 3% of GALIC’s 2017 consolidated revenues and the impact of the new guidance on the recognition of those revenues would not have been material, management does not expect the new guidance to have a material impact on GALIC’s results of operations and financial position.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2017
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. 2017 2016 2015 Assets Annuity $ 37,392 $ 33,607 $ 30,055 Run-off life 728 755 773 Total assets $ 38,120 $ 34,362 $ 30,828 Revenues Annuity: Net investment income $ 1,458 $ 1,355 $ 1,211 Other income 106 104 100 Total annuity 1,564 1,459 1,311 Run-off life 47 49 45 Total revenues before realized losses 1,611 1,508 1,356 Realized losses on securities (13 ) (9 ) (16 ) Total revenues $ 1,598 $ 1,499 $ 1,340 Earnings Before Income Taxes Annuity $ 385 $ 371 $ 333 Run-off life 9 5 2 Total earnings before realized losses and income taxes 394 376 335 Realized losses on securities (13 ) (9 ) (16 ) Total earnings before income taxes $ 381 $ 367 $ 319

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
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, asset-backed 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 at the valuation date. 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. AFG’s management is responsible for the valuation process and uses data from outside sources (including nationally recognized pricing services and broker/dealers) in establishing fair value. 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, 2017 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 8 $ 30 $ 8 $ 46 States, municipalities and political subdivisions — 4,253 72 4,325 Foreign government — 13 — 13 Residential MBS — 2,198 99 2,297 Commercial MBS — 834 34 868 Asset-backed securities (“ABS”) — 5,697 540 6,237 Corporate and other 16 16,480 941 17,437 Total AFS fixed maturities 24 29,505 1,694 31,223 Trading fixed maturities — 116 — 116 Equity securities 450 38 105 593 Variable annuity assets (separate accounts) (*) — 644 — 644 Equity options — fixed-indexed annuities — 701 — 701 Other assets — derivatives — — — — Total assets accounted for at fair value $ 474 $ 31,004 $ 1,799 $ 33,277 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 2,542 $ 2,542 Other liabilities — derivatives — 35 — 35 Total liabilities accounted for at fair value $ — $ 35 $ 2,542 $ 2,577 December 31, 2016 Assets: Available for sale 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 — 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 (*) 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, 2017 , 2016 and 2015 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 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Perpetual preferred stocks 1 — — $ 1 $ — $ — 1 1 — $ 1 $ 1 $ — Common stocks — 2 1 — — — — 2 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, 2017 were Level 3 assets. Approximately 80% ( $1.44 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 $2.54 billion at December 31, 2017 . The following table presents information about the unobservable inputs used by management in determining fair value of these embedded derivatives at December 31, 2017 . See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.2% – 2.0% over the risk free rate Risk margin for uncertainty in cash flows 0.70% reduction in the discount rate Surrenders 3% – 23% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.6% – 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 23% over all periods). Increasing the budgeted option cost or risk margin for uncertainty in cash flow 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 2017 , 2016 and 2015 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, 2016 Net earnings Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2017 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 75 — 1 — (2 ) — (2 ) 72 Residential MBS 148 (3 ) 1 1 (26 ) 32 (54 ) 99 Commercial MBS 25 2 — 13 (10 ) 4 — 34 Asset-backed securities 359 — 1 295 (95 ) 154 (174 ) 540 Corporate and other 652 (5 ) 3 440 (120 ) 29 (58 ) 941 Total AFS fixed maturities 1,267 (6 ) 6 749 (253 ) 219 (288 ) 1,694 Equity securities 110 (14 ) 7 25 (10 ) — (13 ) 105 Total Level 3 assets $ 1,377 $ (20 ) $ 13 $ 774 $ (263 ) $ 219 $ (301 ) $ 1,799 Embedded derivatives (*) $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) Total Level 3 liabilities $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $25 million in 2017 . Total realized/unrealized gains (losses) included in Balance at December 31, 2015 Net earnings 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 earnings 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 earnings 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 earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 . 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, 2017 Financial assets: Cash and cash equivalents $ 611 $ 611 $ 611 $ — $ — Mortgage loans 820 814 — — 814 Policy loans 184 184 — — 184 Total financial assets not accounted for at fair value $ 1,615 $ 1,609 $ 611 $ — $ 998 Financial liabilities: Annuity benefits accumulated (*) $ 33,110 $ 32,461 $ — $ — $ 32,461 Total financial liabilities not accounted for at fair value $ 33,110 $ 32,461 $ — $ — $ 32,461 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 (*) Excludes $206 million and $204 million of life contingent annuities in the payout phase at December 31, 2017 and 2016 , 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, 2017
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 fixed maturity securities and equity 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, 2017 Fixed maturities $ 30,058 $ 1,165 $ 31,223 Equity securities (*) 479 114 593 Deferred policy acquisition costs 1,376 (433 ) 943 Annuity benefits accumulated (33,179 ) (137 ) (33,316 ) Unearned revenue (included in other liabilities) (33 ) 13 (20 ) Net unrealized gain, pretax 722 Deferred tax on unrealized gain (152 ) Net unrealized gain, after tax (included in AOCI) $ 570 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 (*) As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities currently classified as “available for sale” will be required to be carried at fair value through net earnings instead of AOCI.

Investments

Investments	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities and equity securities at December 31 consisted of the following (in millions): 2017 2016 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 $ 48 $ 1 $ (3 ) $ (2 ) $ 46 $ 51 $ 2 $ (3 ) $ (1 ) $ 50 States, municipalities and political subdivisions 4,147 190 (12 ) 178 4,325 4,063 155 (42 ) 113 4,176 Foreign government 11 2 — 2 13 12 1 — 1 13 Residential MBS 2,040 259 (2 ) 257 2,297 2,388 216 (7 ) 209 2,597 Commercial MBS 835 33 — 33 868 1,304 46 (1 ) 45 1,349 Asset-backed securities 6,120 130 (13 ) 117 6,237 4,517 37 (35 ) 2 4,519 Corporate and other 16,857 614 (34 ) 580 17,437 14,975 448 (107 ) 341 15,316 Total fixed maturities $ 30,058 $ 1,229 $ (64 ) $ 1,165 $ 31,223 $ 27,310 $ 905 $ (195 ) $ 710 $ 28,020 Equity securities: Common stocks $ 366 $ 117 $ (10 ) $ 107 $ 473 $ 391 $ 55 $ (9 ) $ 46 $ 437 Perpetual preferred stocks 113 7 — 7 120 56 3 (1 ) 2 58 Total equity securities $ 479 $ 124 $ (10 ) $ 114 $ 593 $ 447 $ 58 $ (10 ) $ 48 $ 495 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, 2017 and December 31, 2016 , respectively, were $127 million and $149 million . Gross unrealized gains on such securities at December 31, 2017 and December 31, 2016 were $103 million and $101 million , respectively. Gross unrealized losses on such securities at December 31, 2017 and December 31, 2016 were $4 million and $2 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 primarily to residential MBS. The following tables show gross unrealized losses (dollars in millions) on available for sale 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, 2017 Fixed maturities: U.S. Government and government agencies $ — $ 4 100 % $ (3 ) $ 10 77 % States, municipalities and political subdivisions (4 ) 396 99 % (8 ) 273 97 % Residential MBS — 29 100 % (2 ) 33 94 % Commercial MBS — 65 100 % — — — % Asset-backed securities (6 ) 876 99 % (7 ) 217 97 % Corporate and other (18 ) 1,745 99 % (16 ) 524 97 % Total fixed maturities $ (28 ) $ 3,115 99 % $ (36 ) $ 1,057 97 % Equity securities: Common stocks $ (10 ) $ 58 85 % $ — $ — — % Perpetual preferred stocks — 53 100 % — 10 100 % Total equity securities $ (10 ) $ 111 92 % $ — $ 10 100 % 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 % At December 31, 2017 , the gross unrealized losses on fixed maturities of $64 million relate to 539 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 74% of the gross unrealized loss and 89% 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 2017 , GALIC recorded $1 million in other-than-temporary impairment charges related to its residential MBS. In 2017 , GALIC recorded approximately $13 million and $2 million in other-than-temporary impairment charges related to other fixed maturities (other than residential MBS securities) and other investments, respectively. GALIC recorded $21 million in other-than-temporary impairment charges on common stocks in 2017 . At December 31, 2017 , the gross unrealized losses on common stocks of $10 million relate to 14 securities, none of which has been in an unrealized loss position for more than 12 months. GALIC recorded $6 million in other-than-temporary impairment charges on preferred stocks in 2017 . At December 31, 2017 , the gross unrealized losses on preferred stocks of less than $1 million relate to 6 securities. One preferred stock has been in an unrealized loss position for 12 months or more and it is investment grade rated. 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, 2017 . As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities currently classified as “available for sale” will be required to be carried at fair value through net earnings instead of accumulated other comprehensive income and will therefore no longer be evaluated for other-than-temporary impairment. 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): 2017 2016 2015 Balance at January 1 $ 104 $ 110 $ 115 Additional credit impairments on: Previously impaired securities 1 1 — Securities without prior impairments 2 — 1 Reductions due to sales or redemptions (8 ) (7 ) (6 ) Balance at December 31 $ 99 $ 104 $ 110 The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2017 (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 $ 434 $ 443 1 % After one year through five years 4,683 4,870 16 % After five years through ten years 12,156 12,558 40 % After ten years 3,790 3,950 13 % 21,063 21,821 70 % ABS (average life of approximately 5 years) 6,120 6,237 20 % MBS (average life of approximately 4.5 years) 2,875 3,165 10 % Total $ 30,058 $ 31,223 100 % 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, 2017 or 2016 . Real Estate and Other Investments Real estate and other investments on GALIC’s Balance Sheet includes the following at December 31 (in millions): 2017 2016 Limited partnerships and similar investments accounted for using the equity method $ 595 $ 385 AFG-managed collateralized loan obligations 150 148 Directly owned real estate 136 160 Other investments 72 70 Total real estate and other investments $ 953 $ 763 Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred: 2017 2016 2015 Investment income: Fixed maturities $ 1,342 $ 1,248 $ 1,138 Equity securities 21 24 21 Equity in earnings of partnerships and similar investments 37 22 16 Mortgage loans 46 47 45 Policy loans 11 11 12 Real estate and other 31 34 7 Gross investment income 1,488 1,386 1,239 Investment expenses (10 ) (10 ) (9 ) Net investment income $ 1,478 $ 1,376 $ 1,230 GALIC’s investment portfolio is managed by a subsidiary of AFG. Investment expenses, which included investment management fees charged by this subsidiary, were $5 million for both the years ended December 31, 2017 and 2016 and $6 million for the year ended December 31, 2015 . Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows (in millions): 2017 2016 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 15 $ (14 ) $ 1 $ 455 $ 32 $ (25 ) $ 7 $ 127 Equity securities 12 (27 ) (15 ) 66 17 (41 ) (24 ) 51 Mortgage loans and other investments (8 ) (2 ) (10 ) — — — — — Other (*) (3 ) 14 11 (219 ) (7 ) 15 8 (52 ) Total pretax 16 (29 ) (13 ) 302 42 (51 ) (9 ) 126 Tax effects (6 ) 10 4 (5 ) (15 ) 18 3 (44 ) Net of tax $ 10 $ (19 ) $ (9 ) $ 297 $ 27 $ (33 ) $ (6 ) $ 82 2015 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 24 $ (28 ) $ (4 ) $ (698 ) Equity securities 17 (36 ) (19 ) (49 ) Mortgage loans and other investments (1 ) (2 ) (3 ) — Other (*) (5 ) 15 10 320 Total pretax 35 (51 ) (16 ) (427 ) Tax effects (12 ) 18 6 149 Net of tax $ 23 $ (33 ) $ (10 ) $ (278 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business. 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 consisted of the following (in millions): 2017 2016 2015 Fixed maturities: Gross gains $ 37 $ 45 $ 31 Gross losses (19 ) (6 ) (5 ) Equity securities: Gross gains 23 19 18 Gross losses (11 ) (2 ) (1 )

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “ Accounting Policies ,” 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, 2017 December 31, 2016 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 80 $ — $ 82 $ — Public company warrants Equity securities 4 — 4 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 2,542 — 1,759 Equity index call options Equity options — fixed-indexed annuities 701 — 492 — Reinsurance contract (embedded derivative) Other liabilities — 4 — 8 $ 785 $ 2,546 $ 578 $ 1,767 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’s fixed-indexed annuities provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market or other financial 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 certain of its counterparties to support its purchased call option assets. This collateral ( $389 million at December 31, 2017 and $380 million at December 31, 2016 ) 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 , GALIC has a reinsurance contract that is considered to contain an embedded derivative. 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 for 2017 , 2016 and 2015 (in millions): Derivative Statement of Earnings Line 2017 2016 2015 MBS with embedded derivatives Realized losses on securities $ (3 ) $ (7 ) $ (5 ) Public company warrants Realized losses on securities — — — Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (589 ) (211 ) (17 ) Equity index call options Annuity benefits 494 141 (56 ) Reinsurance contracts (embedded derivative) Net investment income (2 ) (1 ) 6 $ (100 ) $ (78 ) $ (72 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $25 million in 2017 compared to $17 million in 2016 and $28 million in 2015 . Derivatives Designated and Qualifying as Cash Flow Hedges As of December 31, 2017 , GALIC has entered into ten 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 generally decline 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 was $1.58 billion at December 31, 2017 compared to $1.08 billion at December 31, 2016 , reflecting three new swaps with an aggregate notional amount at issuance of $663 million entered into in 2017 , 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 less than $1 million at December 31, 2017 and $1 million at December 31, 2016 . The fair value of the effective portion of interest rate swaps in a liability position and included in other liabilities was $31 million at December 31, 2017 and $22 million at December 31, 2016 . 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 $6 million in 2017 , $7 million in 2016 and $6 million in 2015 . There was no ineffectiveness recorded in net earnings during these periods. A collateral receivable supporting these swaps of $70 million at December 31, 2017 and $60 million at December 31, 2016 is included in other assets in GALIC’s Balance Sheet.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2017
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, 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 Additions 225 4 — 229 — 229 Amortization: Periodic amortization (160 ) (19 ) (8 ) (187 ) — (187 ) Annuity unlocking 34 6 1 41 — 41 Included in realized gains 9 1 — 10 — 10 Other — — 10 10 — 10 Change in unrealized — — — — (157 ) (157 ) Balance at December 31, 2017 $ 1,214 $ 102 $ 49 $ 1,365 $ (422 ) $ 943 (*) Unrealized adjustments to DPAC include net unrealized gains/losses 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 $141 million and $134 million of accumulated amortization at December 31, 2017 and 2016 , respectively. During each of the next five years, the PVFP is expected to decrease at a rate of approximately one-eighth of the balance at the beginning of each respective year.

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Dec. 31, 2017
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 $14 million in 2017 , $30 million in 2016 and $24 million in 2015 . 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 Other (c) AOCI Ending Balance Year ended December 31, 2017 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 299 $ (105 ) $ 194 Reclassification adjustment for realized (gains) losses included in net earnings (a) 3 (1 ) 2 Total net unrealized gains on securities (b) $ 273 302 (106 ) 196 $ 101 $ 570 Net unrealized losses on cash flow hedges (7 ) (6 ) 2 (4 ) (2 ) (13 ) Total $ 266 $ 296 $ (104 ) $ 192 $ 99 $ 557 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 (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 losses on securities Tax Provision for income taxes (b) Includes net unrealized gains of $42 million at December 31, 2017 compared to net unrealized gains of $34 million and $33 million at December 31, 2016 and 2015 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) Other represents the December 2017 reclassification of $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings (see Note A — “ Accounting Policies — Income Taxes ”).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
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): 2017 2016 2015 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 381 $ 367 $ 319 Income taxes at statutory rate $ 133 35 % $ 128 35 % $ 112 35 % Effect of permanent items (4 ) (1 %) (1 ) — % (4 ) (1 %) Effect of change in U.S. corporate tax rate (24 ) (6 %) — — % — — % Provision for income taxes as shown in the statement of earnings $ 105 28 % $ 127 35 % $ 108 34 % The Tax Cuts and Jobs Act of 2017 (“TCJA”), which lowers the U.S corporate tax rate to 21% and makes other widespread changes to the U.S. tax code beginning in 2018, was enacted on December 22, 2017. Because the TCJA was enacted in December 2017, GALIC recorded the $24 million decrease in its net deferred tax liability resulting from the changes in the tax code (primarily the lower corporate tax rate applicable to 2018 and future years) in the fourth quarter of 2017. The TCJA is subject to further clarification and interpretation by the U.S. Treasury Department and the Internal Revenue Service. Accordingly, the adjustment recorded to GALIC’s deferred taxes for the impact of the TCJA should be considered provisional in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 118 (“SAB 118”). Under SAB 118, any changes in deferred taxes resulting from further clarification and interpretation of the TCJA provided during 2018 will be recorded in the period in which the guidance is published. GALIC’s 2012 — 2017 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, 2017 , 2016 and 2015 . The total income tax provision (credit) consists of (in millions): 2017 2016 2015 Current taxes: Federal $ 183 $ 185 $ 133 State 3 4 2 Deferred taxes: Federal (57 ) (62 ) (27 ) Impact of change in U.S. corporate tax rate (24 ) — — Provision for income taxes $ 105 $ 127 $ 108 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): 2017 2016 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 447 $ 29 $ 476 $ 489 $ 27 $ 516 Other, net 15 (3 ) 12 19 (5 ) 14 Total deferred tax assets 462 26 488 508 22 530 Deferred tax liabilities: Investment securities (9 ) (269 ) (278 ) 4 (265 ) (261 ) Deferred policy acquisition costs (243 ) 91 (152 ) (375 ) 96 (279 ) Insurance claims and reserves transition liability (91 ) — (91 ) — — — Total deferred tax liabilities (343 ) (178 ) (521 ) (371 ) (169 ) (540 ) Net deferred tax asset (liability) $ 119 $ (152 ) $ (33 ) $ 137 $ (147 ) $ (10 ) The likelihood of realizing deferred tax assets is reviewed periodically. There was no valuation allowance against deferred tax assets as of December 31, 2017 and 2016 . GALIC did not have a liability for uncertain tax positions during 2017 , 2016 or 2015 . Cash payments for income taxes, net of refunds, were $217 million , $236 million and $100 million for 2017 , 2016 and 2015 , respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
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, 2017
Insurance [Abstract]
Insurance	Insurance Securities owned by GALIC, having a carrying value of approximately $26 million at December 31, 2017 , 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, 2017 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 the fourth quarter of 2017 , GALIC refinanced the terms on advances totaling $831 million , which lowered the spread over LIBOR. In the fourth quarter of 2017 , GALIC also repaid $64 million to the FHLB, decreasing the total amount advanced to $871 million (included in annuity benefits accumulated) at December 31, 2017 . Interest rates under the various funding agreements on the advances range from 0.03% to 0.35% over LIBOR (average rate of 1.75% at December 31, 2017 ). While these advances must be repaid between 2018 and 2020 ( $285 million in 2018 and $586 million in 2020), GALIC has the option to prepay all or a portion of the advances. GALIC has invested the proceeds from the advances in fixed maturity securities with similar expected lives as the advances for the purpose of earning a spread over the interest payments due to the FHLB. The advances on these agreements are collateralized by fixed maturity investments, which have a total fair value of $1.04 billion (included in available for sale fixed maturity securities) at December 31, 2017 . Interest credited on the funding agreements, which is included in annuity benefits, was $14 million in 2017 , $8 million in 2016 and $3 million in 2015 . 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 2017 2016 2015 2017 2016 GALIC consolidated life insurance companies $ 286 $ 167 $ 399 $ 2,132 $ 1,976 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, 2017 and 2016 , 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, 2017 or 2016 . GALIC paid dividends to GAFRI totaling $225 million , $140 million and $110 million in 2017 , 2016 and 2015 , respectively. The maximum amount of dividends that can be paid to shareholders in 2018 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 earnings 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 2018 by GALIC without prior approval is $263 million , based on net earnings. The maximum amount of dividends receivable from GALIC’s subsidiaries in 2018 without prior approval is $29 million . Reinsurance GALIC has reinsured approximately $8.32 billion of its $12.05 billion in face amount of life insurance at December 31, 2017 compared to $10.22 billion of its $13.49 billion in face amount of life insurance at December 31, 2016 . Life written premiums ceded were $28 million , $31 million and $34 million for 2017 , 2016 and 2015 , respectively. Reinsurance recoveries on ceded life policies were $38 million , $44 million and $45 million for 2017 , 2016 and 2015 , respectively. GALIC would remain liable to its insureds regardless of whether a reinsurer is able to meet its obligations. 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): 2017 2016 Expected death and annuitization $ 228 $ 223 Guaranteed withdrawal benefits 357 278 Accrued persistency and premium bonuses 3 6 Variable Annuities At December 31, 2017 , 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 $15 million , compared to $20 million at December 31, 2016 . Death benefits paid in excess of the variable annuity account balances were less than $1 million in each of the last three years ended December 31, 2017 , 2016 and 2015 .

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2017
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 2017 , 2016 and 2015 , GALIC paid GAFRI $40 million , $32 million and $27 million , respectively, for such services. Operating Leases Total rental expense for leases of office space was $4 million in 2017 , 2016 and 2015 . 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, 2017 , GALIC had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $231 million . Benefit Plans GALIC expensed approximately $2 million in both 2017 and 2016 and $1 million in 2015 related to the retirement and employee savings plans.

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2017
Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	GREAT AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2017 (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 2017 Annuity $ 917 $ 33,316 $ — $ 1,458 $ 892 $ 129 $ 158 Run-off life 26 658 22 20 23 4 11 Total $ 943 $ 33,974 $ 22 $ 1,478 $ 915 $ 133 $ 169 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

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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, 2017 , and prior to April 13, 2018 , 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 2017 or 2016 .
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 earnings, instead of AOCI. GALIC will be required to adopt this guidance effective January 1, 2018. At the date of adoption, the $90 million net unrealized gain on equity securities included in AOCI as of December 31, 2017 will be reclassified to retained earnings as the cumulative effect of an accounting change. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. 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 annuity policy charges are recorded as 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 (losses) 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 represent 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. The effect of a change in tax rates on deferred tax assets and liabilities is recorded in net earnings in the period that includes the enactment date. This includes the impact on deferred tax assets or liabilities established through AOCI, which results in an amount equal to the difference between the deferred tax at the historical corporate rate and the newly enacted rate stranded in AOCI. As permitted under guidance adopted effective December 31, 2017 (ASU 2018-02), GALIC reclassified the $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings at December 31, 2017. See Note I — “ Income Taxes ” for further information.
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 would have applied to less than 3% of GALIC’s 2017 consolidated revenues and the impact of the new guidance on the recognition of those revenues would not have been material, management does not expect the new guidance to have a material impact on GALIC’s results of operations and financial position.

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2017
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. 2017 2016 2015 Assets Annuity $ 37,392 $ 33,607 $ 30,055 Run-off life 728 755 773 Total assets $ 38,120 $ 34,362 $ 30,828 Revenues Annuity: Net investment income $ 1,458 $ 1,355 $ 1,211 Other income 106 104 100 Total annuity 1,564 1,459 1,311 Run-off life 47 49 45 Total revenues before realized losses 1,611 1,508 1,356 Realized losses on securities (13 ) (9 ) (16 ) Total revenues $ 1,598 $ 1,499 $ 1,340 Earnings Before Income Taxes Annuity $ 385 $ 371 $ 333 Run-off life 9 5 2 Total earnings before realized losses and income taxes 394 376 335 Realized losses on securities (13 ) (9 ) (16 ) Total earnings before income taxes $ 381 $ 367 $ 319

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 8 $ 30 $ 8 $ 46 States, municipalities and political subdivisions — 4,253 72 4,325 Foreign government — 13 — 13 Residential MBS — 2,198 99 2,297 Commercial MBS — 834 34 868 Asset-backed securities (“ABS”) — 5,697 540 6,237 Corporate and other 16 16,480 941 17,437 Total AFS fixed maturities 24 29,505 1,694 31,223 Trading fixed maturities — 116 — 116 Equity securities 450 38 105 593 Variable annuity assets (separate accounts) (*) — 644 — 644 Equity options — fixed-indexed annuities — 701 — 701 Other assets — derivatives — — — — Total assets accounted for at fair value $ 474 $ 31,004 $ 1,799 $ 33,277 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 2,542 $ 2,542 Other liabilities — derivatives — 35 — 35 Total liabilities accounted for at fair value $ — $ 35 $ 2,542 $ 2,577 December 31, 2016 Assets: Available for sale 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 — 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 (*) 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, 2017 , 2016 and 2015 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 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 Perpetual preferred stocks 1 — — $ 1 $ — $ — 1 1 — $ 1 $ 1 $ — Common stocks — 2 1 — — — — 2 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, 2017 . See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.2% – 2.0% over the risk free rate Risk margin for uncertainty in cash flows 0.70% reduction in the discount rate Surrenders 3% – 23% of indexed account value Partial surrenders 2% – 10% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.6% – 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 2017 , 2016 and 2015 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, 2016 Net earnings Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2017 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 75 — 1 — (2 ) — (2 ) 72 Residential MBS 148 (3 ) 1 1 (26 ) 32 (54 ) 99 Commercial MBS 25 2 — 13 (10 ) 4 — 34 Asset-backed securities 359 — 1 295 (95 ) 154 (174 ) 540 Corporate and other 652 (5 ) 3 440 (120 ) 29 (58 ) 941 Total AFS fixed maturities 1,267 (6 ) 6 749 (253 ) 219 (288 ) 1,694 Equity securities 110 (14 ) 7 25 (10 ) — (13 ) 105 Total Level 3 assets $ 1,377 $ (20 ) $ 13 $ 774 $ (263 ) $ 219 $ (301 ) $ 1,799 Embedded derivatives (*) $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) Total Level 3 liabilities $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $25 million in 2017 . Total realized/unrealized gains (losses) included in Balance at December 31, 2015 Net earnings 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 earnings 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 earnings 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 earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 .
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2017 , 2016 and 2015 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, 2016 Net earnings Other comprehensive income (loss) Purchases and issuances Sales and settlements Transfer into Level 3 Transfer out of Level 3 Balance at December 31, 2017 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 75 — 1 — (2 ) — (2 ) 72 Residential MBS 148 (3 ) 1 1 (26 ) 32 (54 ) 99 Commercial MBS 25 2 — 13 (10 ) 4 — 34 Asset-backed securities 359 — 1 295 (95 ) 154 (174 ) 540 Corporate and other 652 (5 ) 3 440 (120 ) 29 (58 ) 941 Total AFS fixed maturities 1,267 (6 ) 6 749 (253 ) 219 (288 ) 1,694 Equity securities 110 (14 ) 7 25 (10 ) — (13 ) 105 Total Level 3 assets $ 1,377 $ (20 ) $ 13 $ 774 $ (263 ) $ 219 $ (301 ) $ 1,799 Embedded derivatives (*) $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) Total Level 3 liabilities $ (1,759 ) $ (589 ) $ — $ (300 ) $ 106 $ — $ — $ (2,542 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $25 million in 2017 . Total realized/unrealized gains (losses) included in Balance at December 31, 2015 Net earnings 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 earnings 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 earnings 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 earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015 .
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, 2017 Financial assets: Cash and cash equivalents $ 611 $ 611 $ 611 $ — $ — Mortgage loans 820 814 — — 814 Policy loans 184 184 — — 184 Total financial assets not accounted for at fair value $ 1,615 $ 1,609 $ 611 $ — $ 998 Financial liabilities: Annuity benefits accumulated (*) $ 33,110 $ 32,461 $ — $ — $ 32,461 Total financial liabilities not accounted for at fair value $ 33,110 $ 32,461 $ — $ — $ 32,461 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 (*) Excludes $206 million and $204 million of life contingent annuities in the payout phase at December 31, 2017 and 2016 , respectively.

Balance Sheet Impact of Net U24

Balance Sheet Impact of Net Unrealized Gains on Securities (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 Fixed maturities $ 30,058 $ 1,165 $ 31,223 Equity securities (*) 479 114 593 Deferred policy acquisition costs 1,376 (433 ) 943 Annuity benefits accumulated (33,179 ) (137 ) (33,316 ) Unearned revenue (included in other liabilities) (33 ) 13 (20 ) Net unrealized gain, pretax 722 Deferred tax on unrealized gain (152 ) Net unrealized gain, after tax (included in AOCI) $ 570 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 (*) As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities currently classified as “available for sale” will be required to be carried at fair value through net earnings instead of AOCI.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities and equity securities at December 31 consisted of the following (in millions): 2017 2016 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 $ 48 $ 1 $ (3 ) $ (2 ) $ 46 $ 51 $ 2 $ (3 ) $ (1 ) $ 50 States, municipalities and political subdivisions 4,147 190 (12 ) 178 4,325 4,063 155 (42 ) 113 4,176 Foreign government 11 2 — 2 13 12 1 — 1 13 Residential MBS 2,040 259 (2 ) 257 2,297 2,388 216 (7 ) 209 2,597 Commercial MBS 835 33 — 33 868 1,304 46 (1 ) 45 1,349 Asset-backed securities 6,120 130 (13 ) 117 6,237 4,517 37 (35 ) 2 4,519 Corporate and other 16,857 614 (34 ) 580 17,437 14,975 448 (107 ) 341 15,316 Total fixed maturities $ 30,058 $ 1,229 $ (64 ) $ 1,165 $ 31,223 $ 27,310 $ 905 $ (195 ) $ 710 $ 28,020 Equity securities: Common stocks $ 366 $ 117 $ (10 ) $ 107 $ 473 $ 391 $ 55 $ (9 ) $ 46 $ 437 Perpetual preferred stocks 113 7 — 7 120 56 3 (1 ) 2 58 Total equity securities $ 479 $ 124 $ (10 ) $ 114 $ 593 $ 447 $ 58 $ (10 ) $ 48 $ 495
Available for sale securities in a continuous unrealized loss position	The following tables show gross unrealized losses (dollars in millions) on available for sale 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, 2017 Fixed maturities: U.S. Government and government agencies $ — $ 4 100 % $ (3 ) $ 10 77 % States, municipalities and political subdivisions (4 ) 396 99 % (8 ) 273 97 % Residential MBS — 29 100 % (2 ) 33 94 % Commercial MBS — 65 100 % — — — % Asset-backed securities (6 ) 876 99 % (7 ) 217 97 % Corporate and other (18 ) 1,745 99 % (16 ) 524 97 % Total fixed maturities $ (28 ) $ 3,115 99 % $ (36 ) $ 1,057 97 % Equity securities: Common stocks $ (10 ) $ 58 85 % $ — $ — — % Perpetual preferred stocks — 53 100 % — 10 100 % Total equity securities $ (10 ) $ 111 92 % $ — $ 10 100 % 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 %
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): 2017 2016 2015 Balance at January 1 $ 104 $ 110 $ 115 Additional credit impairments on: Previously impaired securities 1 1 — Securities without prior impairments 2 — 1 Reductions due to sales or redemptions (8 ) (7 ) (6 ) Balance at December 31 $ 99 $ 104 $ 110
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, 2017 (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 $ 434 $ 443 1 % After one year through five years 4,683 4,870 16 % After five years through ten years 12,156 12,558 40 % After ten years 3,790 3,950 13 % 21,063 21,821 70 % ABS (average life of approximately 5 years) 6,120 6,237 20 % MBS (average life of approximately 4.5 years) 2,875 3,165 10 % Total $ 30,058 $ 31,223 100 %
Real estate and other investments included on the Balance Sheet	Real estate and other investments on GALIC’s Balance Sheet includes the following at December 31 (in millions): 2017 2016 Limited partnerships and similar investments accounted for using the equity method $ 595 $ 385 AFG-managed collateralized loan obligations 150 148 Directly owned real estate 136 160 Other investments 72 70 Total real estate and other investments $ 953 $ 763
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred: 2017 2016 2015 Investment income: Fixed maturities $ 1,342 $ 1,248 $ 1,138 Equity securities 21 24 21 Equity in earnings of partnerships and similar investments 37 22 16 Mortgage loans 46 47 45 Policy loans 11 11 12 Real estate and other 31 34 7 Gross investment income 1,488 1,386 1,239 Investment expenses (10 ) (10 ) (9 ) Net investment income $ 1,478 $ 1,376 $ 1,230
Real estate and other investments included on the Balance Sheet	Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments are summarized as follows (in millions): 2017 2016 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 15 $ (14 ) $ 1 $ 455 $ 32 $ (25 ) $ 7 $ 127 Equity securities 12 (27 ) (15 ) 66 17 (41 ) (24 ) 51 Mortgage loans and other investments (8 ) (2 ) (10 ) — — — — — Other (*) (3 ) 14 11 (219 ) (7 ) 15 8 (52 ) Total pretax 16 (29 ) (13 ) 302 42 (51 ) (9 ) 126 Tax effects (6 ) 10 4 (5 ) (15 ) 18 3 (44 ) Net of tax $ 10 $ (19 ) $ (9 ) $ 297 $ 27 $ (33 ) $ (6 ) $ 82 2015 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 24 $ (28 ) $ (4 ) $ (698 ) Equity securities 17 (36 ) (19 ) (49 ) Mortgage loans and other investments (1 ) (2 ) (3 ) — Other (*) (5 ) 15 10 320 Total pretax 35 (51 ) (16 ) (427 ) Tax effects (12 ) 18 6 149 Net of tax $ 23 $ (33 ) $ (10 ) $ (278 ) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.
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 consisted of the following (in millions): 2017 2016 2015 Fixed maturities: Gross gains $ 37 $ 45 $ 31 Gross losses (19 ) (6 ) (5 ) Equity securities: Gross gains 23 19 18 Gross losses (11 ) (2 ) (1 )

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 December 31, 2016 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 80 $ — $ 82 $ — Public company warrants Equity securities 4 — 4 — Fixed-indexed annuities (embedded derivative) Annuity benefits accumulated — 2,542 — 1,759 Equity index call options Equity options — fixed-indexed annuities 701 — 492 — Reinsurance contract (embedded derivative) Other liabilities — 4 — 8 $ 785 $ 2,546 $ 578 $ 1,767
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 for 2017 , 2016 and 2015 (in millions): Derivative Statement of Earnings Line 2017 2016 2015 MBS with embedded derivatives Realized losses on securities $ (3 ) $ (7 ) $ (5 ) Public company warrants Realized losses on securities — — — Fixed-indexed annuities (embedded derivative) (*) Annuity benefits (589 ) (211 ) (17 ) Equity index call options Annuity benefits 494 141 (56 ) Reinsurance contracts (embedded derivative) Net investment income (2 ) (1 ) 6 $ (100 ) $ (78 ) $ (72 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $25 million in 2017 compared to $17 million in 2016 and $28 million in 2015 .

Deferred Policy Acquisition C27

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2017
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, 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 Additions 225 4 — 229 — 229 Amortization: Periodic amortization (160 ) (19 ) (8 ) (187 ) — (187 ) Annuity unlocking 34 6 1 41 — 41 Included in realized gains 9 1 — 10 — 10 Other — — 10 10 — 10 Change in unrealized — — — — (157 ) (157 ) Balance at December 31, 2017 $ 1,214 $ 102 $ 49 $ 1,365 $ (422 ) $ 943 (*) Unrealized adjustments to DPAC include net unrealized gains/losses on securities and net unrealized gains/losses on cash flow hedges.

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2017
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 Other (c) AOCI Ending Balance Year ended December 31, 2017 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 299 $ (105 ) $ 194 Reclassification adjustment for realized (gains) losses included in net earnings (a) 3 (1 ) 2 Total net unrealized gains on securities (b) $ 273 302 (106 ) 196 $ 101 $ 570 Net unrealized losses on cash flow hedges (7 ) (6 ) 2 (4 ) (2 ) (13 ) Total $ 266 $ 296 $ (104 ) $ 192 $ 99 $ 557 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 (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 losses on securities Tax Provision for income taxes (b) Includes net unrealized gains of $42 million at December 31, 2017 compared to net unrealized gains of $34 million and $33 million at December 31, 2016 and 2015 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) Other represents the December 2017 reclassification of $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings (see Note A — “ Accounting Policies — Income Taxes ”).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
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): 2017 2016 2015 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 381 $ 367 $ 319 Income taxes at statutory rate $ 133 35 % $ 128 35 % $ 112 35 % Effect of permanent items (4 ) (1 %) (1 ) — % (4 ) (1 %) Effect of change in U.S. corporate tax rate (24 ) (6 %) — — % — — % Provision for income taxes as shown in the statement of earnings $ 105 28 % $ 127 35 % $ 108 34 %
Components of income tax provision (credit)	The total income tax provision (credit) consists of (in millions): 2017 2016 2015 Current taxes: Federal $ 183 $ 185 $ 133 State 3 4 2 Deferred taxes: Federal (57 ) (62 ) (27 ) Impact of change in U.S. corporate tax rate (24 ) — — Provision for income taxes $ 105 $ 127 $ 108
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): 2017 2016 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 447 $ 29 $ 476 $ 489 $ 27 $ 516 Other, net 15 (3 ) 12 19 (5 ) 14 Total deferred tax assets 462 26 488 508 22 530 Deferred tax liabilities: Investment securities (9 ) (269 ) (278 ) 4 (265 ) (261 ) Deferred policy acquisition costs (243 ) 91 (152 ) (375 ) 96 (279 ) Insurance claims and reserves transition liability (91 ) — (91 ) — — — Total deferred tax liabilities (343 ) (178 ) (521 ) (371 ) (169 ) (540 ) Net deferred tax asset (liability) $ 119 $ (152 ) $ (33 ) $ 137 $ (147 ) $ (10 )

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2017
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 2017 2016 2015 2017 2016 GALIC consolidated life insurance companies $ 286 $ 167 $ 399 $ 2,132 $ 1,976
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): 2017 2016 Expected death and annuitization $ 228 $ 223 Guaranteed withdrawal benefits 357 278 Accrued persistency and premium bonuses 3 6

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Net unrealized gain on equity securities included in AOCI	$ 570	$ 273
Impact of the U.S. corporate tax rate change on AOCI	$ 0
Maturities of short term investments	3 months
Accounting Standards Update 2016-01 | Total equity securities
Variable Interest Entity [Line Items]
Net unrealized gain on equity securities included in AOCI	$ 90
Tax Cuts and Jobs Act of 2017 | Accounting Standards Update 2018-02
Variable Interest Entity [Line Items]
Impact of the U.S. corporate tax rate change on AOCI	$ 99

Accounting Policies - Narrati32

Accounting Policies - Narrative on Revenue Recognition Guidance (Details)	12 Months Ended
	Dec. 31, 2017
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, 2017segment
Segment Reporting [Abstract]
Number of segments	2

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 38,120	$ 34,362	$ 30,828
Annuity
Segment Reporting Information [Line Items]
Total assets	37,392	33,607	30,055
Run-off Life
Segment Reporting Information [Line Items]
Total assets	$ 728	$ 755	$ 773

Segments of Operations - Revenu

Segments of Operations - Revenues by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net investment income	$ 1,478	$ 1,376	$ 1,230
Other income	111	108	105
Revenues before realized gains	1,611	1,508	1,356
Realized losses on securities	(13)	(9)	(16)
Total revenues	1,598	1,499	1,340
Annuity
Segment Reporting Information [Line Items]
Net investment income	1,458	1,355	1,211
Other income	106	104	100
Revenues before realized gains	1,564	1,459	1,311
Run-off Life
Segment Reporting Information [Line Items]
Revenues before realized gains	$ 47	$ 49	$ 45

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 394	$ 376	$ 335
Realized losses on securities	(13)	(9)	(16)
Earnings before income taxes	381	367	319
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	385	371	333
Run-off Life
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 9	$ 5	$ 2

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)stockprofessional	Dec. 31, 2016USD ($)stock	Dec. 31, 2015USD ($)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	$ 1,440
Percentage of internally developed Level 3 asset fair values to total assets (approximately)	1.00%
Life contingent annuities	$ 206	$ 204
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%
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	$ 2,540
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	23.00%
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	$ (25)	$ (17)	$ (28)
Perpetual preferred stocks
Fair Value Measurements (Textual) [Abstract]
Number of stocks transferred from Level 2 to Level 1 | stock	1	0	0
Number of stocks transferred from Level 1 to Level 2 | stock	1	1	0
Fair value of assets transferred from Level 2 to Level 1	$ 1	$ 0	$ 0
Fair value of assets transferred from Level 1 to Level 2	$ 1	$ 1	$ 0
Common stocks
Fair Value Measurements (Textual) [Abstract]
Number of stocks transferred from Level 2 to Level 1 | stock	0	2	1
Number of stocks transferred from Level 1 to Level 2 | stock	0	2	1
Fair value of assets transferred from Level 2 to Level 1	$ 0	$ 0	$ 0
Fair value of assets transferred from Level 1 to Level 2	$ 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, 2017	Dec. 31, 2016
Assets:
Fixed maturities, Available for sale, Fair Value		$ 31,223	$ 28,020
Fixed maturities, Trading, Fair Value		116	117
Equity securities, Available for sale, Fair Value		593	495
Variable annuity assets (separate accounts)	[1]	644	600
Other assets — derivatives		701	492
Total assets accounted for at fair value		33,277	29,725
Liabilities:
Total liabilities accounted for at fair value		2,577	1,789
Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		2,542	1,759
Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		35	30
Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		31,223	28,020
Fixed maturities, Trading, Fair Value		116	117
U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		46	50
States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,325	4,176
Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		13	13
Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		2,297	2,597
Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		868	1,349
Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		6,237	4,519
Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		17,437	15,316
Equity securities
Assets:
Equity securities, Available for sale, Fair Value		593	495
Other assets — derivatives
Assets:
Other assets — derivatives		0	1
Level 1
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		474	385
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		24	25
Fixed maturities, Trading, Fair Value		0	0
Level 1 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		8	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		16	15
Level 1 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		450	360
Level 1 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Level 2
Assets:
Variable annuity assets (separate accounts)	[1]	644	600
Total assets accounted for at fair value		31,004	27,963
Liabilities:
Total liabilities accounted for at fair value		35	30
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		35	30
Level 2 | Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		29,505	26,728
Fixed maturities, Trading, Fair Value		116	117
Level 2 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		30	32
Level 2 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,253	4,101
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		2,198	2,449
Level 2 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		834	1,324
Level 2 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		5,697	4,160
Level 2 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		16,480	14,649
Level 2 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		38	25
Level 2 | Other assets — derivatives
Assets:
Other assets — derivatives		0	1
Level 3
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		1,799	1,377
Liabilities:
Total liabilities accounted for at fair value		2,542	1,759
Level 3 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		2,542	1,759
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		1,694	1,267
Fixed maturities, Trading, Fair Value		0	0
Level 3 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		8	8
Level 3 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		72	75
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		99	148
Level 3 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		34	25
Level 3 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		540	359
Level 3 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		941	652
Level 3 | Equity securities
Assets:
Equity securities, Available for sale, Fair Value		105	110
Level 3 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Equity index call options | Other investments
Assets:
Other assets — derivatives		701	492
Equity index call options | Level 1 | Other investments
Assets:
Other assets — derivatives		0	0
Equity index call options | Level 2 | Other investments
Assets:
Other assets — derivatives		701	492
Equity index call options | 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, 2017USD ($)stock	Dec. 31, 2016USD ($)stock	Dec. 31, 2015USD ($)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	1	0	0
Fair value of assets transferred from Level 2 to Level 1 | $	$ 1	$ 0	$ 0
Number of stocks transferred from Level 1 to Level 2 | stock	1	1	0
Fair value of assets transferred from Level 1 to Level 2 | $	$ 1	$ 1	$ 0
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	0	2	1
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	0	2	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, 2017
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.70%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary's credit risk	0.20%
Surrenders	3.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.60%
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	2.00%
Surrenders	23.00%
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,377	$ 1,263	$ 1,017
Total realized/unrealized gains (losses) included in Net income	(20)	(19)	(9)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	13	10	(23)
Purchases and issuances	774	245	391
Sales and settlements	(263)	(126)	(122)
Transfer into Level 3	219	109	89
Transfer out of Level 3	(301)	(105)	(80)
Financial assets, Ending Balance	1,799	1,377	1,263
Total fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,267	1,180	970
Total realized/unrealized gains (losses) included in Net income	(6)	(13)	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	6	(13)	(17)
Purchases and issuances	749	217	340
Sales and settlements	(253)	(111)	(122)
Transfer into Level 3	219	100	89
Transfer out of Level 3	(288)	(93)	(74)
Financial assets, Ending Balance	1,694	1,267	1,180
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	8	15	15
Total realized/unrealized gains (losses) included in Net income	0	(7)	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	8	15
States, municipalities and political subdivisions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	75	32	24
Total realized/unrealized gains (losses) included in Net income	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	(3)	0
Purchases and issuances	0	47	9
Sales and settlements	(2)	(1)	(1)
Transfer into Level 3	0	0	0
Transfer out of Level 3	(2)	0	0
Financial assets, Ending Balance	72	75	32
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	148	184	235
Total realized/unrealized gains (losses) included in Net income	(3)	(3)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	(2)	(2)
Purchases and issuances	1	6	0
Sales and settlements	(26)	(26)	(32)
Transfer into Level 3	32	29	48
Transfer out of Level 3	(54)	(40)	(63)
Financial assets, Ending Balance	99	148	184
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	25	36	37
Total realized/unrealized gains (losses) included in Net income	2	(1)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	(1)
Purchases and issuances	13	0	0
Sales and settlements	(10)	(6)	(2)
Transfer into Level 3	4	0	4
Transfer out of Level 3	0	(4)	(1)
Financial assets, Ending Balance	34	25	36
Asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	359	333	175
Total realized/unrealized gains (losses) included in Net income	0	(1)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	1	(5)
Purchases and issuances	295	30	184
Sales and settlements	(95)	(20)	(40)
Transfer into Level 3	154	49	28
Transfer out of Level 3	(174)	(33)	(10)
Financial assets, Ending Balance	540	359	333
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	652	580	484
Total realized/unrealized gains (losses) included in Net income	(5)	(1)	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	3	(9)	(9)
Purchases and issuances	440	134	147
Sales and settlements	(120)	(58)	(47)
Transfer into Level 3	29	22	9
Transfer out of Level 3	(58)	(16)	0
Financial assets, Ending Balance	941	652	580
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	110	83	47
Total realized/unrealized gains (losses) included in Net income	(14)	(6)	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	7	23	(6)
Purchases and issuances	25	28	51
Sales and settlements	(10)	(15)	0
Transfer into Level 3	0	9	0
Transfer out of Level 3	(13)	(12)	(6)
Financial assets, Ending Balance	$ 105	$ 110	$ 83

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, 2017		Dec. 31, 2016		Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (1,759)		$ (1,369)		$ (1,160)
Total realized/unrealized gains (losses) included in Net income	(589)		(211)		(17)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(300)		(277)		(257)
Sales and settlements	106		98		65
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	(2,542)		(1,759)		(1,369)
Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(1,759)		(1,369)		(1,160)
Total realized/unrealized gains (losses) included in Net income	(589)	[1]	(211)	[2]	(17)	[3]
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(300)		(277)		(257)
Sales and settlements	106		98		65
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	$ (2,542)		$ (1,759)		$ (1,369)
[1]	Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $25 million in 2017.
[2]	Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $17 million in 2016.
[3]	Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $28 million in 2015.

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2016
Financial assets:
Mortgage loans		$ 820	$ 890
Policy loans		184	192
Level 1
Financial assets:
Cash and cash equivalents		611	499
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		611	499
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		814	887
Policy loans		184	192
Total financial assets not accounted for at fair value		998	1,079
Financial liabilities:
Annuity benefits accumulated	[1]	32,461	28,932
Total financial liabilities not accounted for at fair value		32,461	28,932
Carrying Value
Financial assets:
Cash and cash equivalents		611	499
Mortgage loans		820	890
Policy loans		184	192
Total financial assets not accounted for at fair value		1,615	1,581
Financial liabilities:
Annuity benefits accumulated	[1]	33,110	29,703
Total financial liabilities not accounted for at fair value		33,110	29,703
Fair Value
Financial assets:
Cash and cash equivalents		611	499
Mortgage loans		814	887
Policy loans		184	192
Total financial assets not accounted for at fair value		1,609	1,578
Financial liabilities:
Annuity benefits accumulated	[1]	32,461	28,932
Total financial liabilities not accounted for at fair value		$ 32,461	$ 28,932
[1]	Excludes $206 million and $204 million of life contingent annuities in the payout phase at December 31, 2017 and 2016, 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, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	$ 30,058	$ 27,310
Equity securities, Available for sale, Amortized Cost	479	447
Fixed maturities, Available for sale, Fair Value	31,223	28,020
Equity securities, Available for sale, Fair Value	593	495
Deferred policy acquisition costs	943	997	$ 954	$ 580
Annuity benefits accumulated	(33,316)	(29,907)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	722	420
Deferred tax on unrealized gain	(152)	(147)
Net unrealized gain, after tax (included in AOCI)	570	273
Fixed maturities
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	30,058	27,310
Fixed maturities, Available for sale, Fair Value	31,223	28,020
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	1,165	710
Equity securities
Available-for-sale Securities [Abstract]
Equity securities, Available for sale, Amortized Cost	479	447
Equity securities, Available for sale, Fair Value	593	495
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	114	48
Deferred policy acquisition costs
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	943	997
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(433)	(273)
Annuity benefits accumulated
Available-for-sale Securities [Abstract]
Annuity benefits accumulated	(33,316)	(29,907)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(137)	(78)
Unearned revenue (included in other liabilities)
Available-for-sale Securities [Abstract]
Unearned revenue (included in other liabilities)	(20)	(23)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	13	13
Excluding Unrealized Gains
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	1,365	1,262	$ 1,188	$ 1,105
Excluding Unrealized Gains | Fixed maturities
Available-for-sale Securities [Abstract]
Fixed maturities, Available for sale, Amortized Cost	30,058	27,310
Excluding Unrealized Gains | Equity securities
Available-for-sale Securities [Abstract]
Equity securities, Available for sale, Amortized Cost	479	447
Excluding Unrealized Gains | Deferred policy acquisition costs
Available-for-sale Securities [Abstract]
Deferred policy acquisition costs	1,376	1,270
Excluding Unrealized Gains | Annuity benefits accumulated
Available-for-sale Securities [Abstract]
Annuity benefits accumulated	(33,179)	(29,829)
Excluding Unrealized Gains | Unearned revenue (included in other liabilities)
Available-for-sale Securities [Abstract]
Unearned revenue (included in other liabilities)	$ (33)	$ (36)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)security	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
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	74.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	89.00%
Other than temporary impairment charges	$ 29	$ 51	$ 51
Average life of ABS	5 years
Average life of MBS	4 years 6 months
Investment management charges	$ 5	5	6
Residential MBS
Investment [Line Items]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	127	149
Fixed maturities, Gross Unrealized, Losses	(2)	(7)
Other than temporary impairment charges	1
Fixed maturities - all other
Investment [Line Items]
Other than temporary impairment charges	13
Other investments
Investment [Line Items]
Other than temporary impairment charges	2
Securities with non-credit other-than-temporary impairment charges
Investment [Line Items]
Gross Unrealized, Gains	103	101
Gross Unrealized, Losses	(4)	(2)
Fixed maturities
Investment [Line Items]
Fixed maturities, Gross Unrealized, Losses	$ (64)	(195)
Number of available for sale securities in an unrealized loss position | security	539
Other than temporary impairment charges	$ 14	25	$ 28
Common stocks
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	14
Other than temporary impairment charges	$ 21
Equity securities, Gross Unrealized, Losses	$ (10)	(9)
Preferred stocks
Investment [Line Items]
Number of available for sale securities in an unrealized loss position | security	6
Other than temporary impairment charges	$ 6
Equity securities, Gross Unrealized, Losses	0	$ (1)
Maximum | Preferred stocks
Investment [Line Items]
Equity securities, Gross Unrealized, Losses	$ (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	0
Number of available for sale securities in an unrealized loss position for twelve months or longer | Preferred 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, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	$ 30,058	$ 27,310
Fixed maturities, Available for sale, Fair Value	31,223	28,020
Equity securities, Available for sale, Amortized Cost	479	447
Equity securities, Available for sale, Fair Value	593	495
Total fixed maturities
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	30,058	27,310
Fixed maturities, Available for sale, Gross Unrealized, Gains	1,229	905
Fixed maturities, Available for sale, Gross Unrealized, Losses	(64)	(195)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	1,165	710
Fixed maturities, Available for sale, Fair Value	31,223	28,020
U.S. Government and government agencies
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	48	51
Fixed maturities, Available for sale, Gross Unrealized, Gains	1	2
Fixed maturities, Available for sale, Gross Unrealized, Losses	(3)	(3)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	(2)	(1)
Fixed maturities, Available for sale, Fair Value	46	50
States, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	4,147	4,063
Fixed maturities, Available for sale, Gross Unrealized, Gains	190	155
Fixed maturities, Available for sale, Gross Unrealized, Losses	(12)	(42)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	178	113
Fixed maturities, Available for sale, Fair Value	4,325	4,176
Foreign government
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	11	12
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	1
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	2	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	2,040	2,388
Fixed maturities, Available for sale, Gross Unrealized, Gains	259	216
Fixed maturities, Available for sale, Gross Unrealized, Losses	(2)	(7)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	257	209
Fixed maturities, Available for sale, Fair Value	2,297	2,597
Commercial MBS
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	835	1,304
Fixed maturities, Available for sale, Gross Unrealized, Gains	33	46
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	(1)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	33	45
Fixed maturities, Available for sale, Fair Value	868	1,349
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	6,120	4,517
Fixed maturities, Available for sale, Gross Unrealized, Gains	130	37
Fixed maturities, Available for sale, Gross Unrealized, Losses	(13)	(35)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	117	2
Fixed maturities, Available for sale, Fair Value	6,237	4,519
Corporate and other
Schedule of Available-for-sale Securities [Line Items]
Fixed maturities, Available for sale, Amortized Cost	16,857	14,975
Fixed maturities, Available for sale, Gross Unrealized, Gains	614	448
Fixed maturities, Available for sale, Gross Unrealized, Losses	(34)	(107)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	580	341
Fixed maturities, Available for sale, Fair Value	17,437	15,316
Total equity securities
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	479	447
Equity securities, Available for sale, Gross Unrealized, Gains	124	58
Equity securities, Available for sale, Gross Unrealized, Losses	(10)	(10)
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	114	48
Equity securities, Available for sale, Fair Value	593	495
Common stocks
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	366	391
Equity securities, Available for sale, Gross Unrealized, Gains	117	55
Equity securities, Available for sale, Gross Unrealized, Losses	(10)	(9)
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	107	46
Equity securities, Available for sale, Fair Value	473	437
Perpetual preferred stocks
Schedule of Available-for-sale Securities [Line Items]
Equity securities, Available for sale, Amortized Cost	113	56
Equity securities, Available for sale, Gross Unrealized, Gains	7	3
Equity securities, Available for sale, Gross Unrealized, Losses	0	(1)
Equity securities, Available for sale, Net Unrealized, Gains (Losses)	7	2
Equity securities, Available for sale, Fair Value	$ 120	$ 58

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, 2017	Dec. 31, 2016
Total fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (28)	$ (148)
Fair Value - Less than twelve months	$ 3,115	$ 6,618
Fair Value as % of Cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (36)	$ (47)
Fair Value - Twelve months or more	$ 1,057	$ 1,001
Fair Value as % of Cost - Twelve months or more	97.00%	96.00%
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	$ 4	$ 8
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	$ 10	$ 7
Fair Value as % of Cost - Twelve months or more	77.00%	70.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (4)	$ (38)
Fair Value - Less than twelve months	$ 396	$ 1,288
Fair Value as % of Cost - Less than twelve months	99.00%	97.00%
Unrealized Loss - Twelve months or more	$ (8)	$ (4)
Fair Value - Twelve months or more	$ 273	$ 12
Fair Value as % of Cost - Twelve months or more	97.00%	75.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (4)
Fair Value - Less than twelve months	$ 29	$ 298
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ (2)	$ (3)
Fair Value - Twelve months or more	$ 33	$ 91
Fair Value as % of Cost - Twelve months or more	94.00%	97.00%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 65	$ 93
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
Asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (6)	$ (18)
Fair Value - Less than twelve months	$ 876	$ 1,295
Fair Value as % of Cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (7)	$ (17)
Fair Value - Twelve months or more	$ 217	$ 551
Fair Value as % of Cost - Twelve months or more	97.00%	97.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (18)	$ (87)
Fair Value - Less than twelve months	$ 1,745	$ 3,636
Fair Value as % of Cost - Less than twelve months	99.00%	98.00%
Unrealized Loss - Twelve months or more	$ (16)	$ (20)
Fair Value - Twelve months or more	$ 524	$ 340
Fair Value as % of Cost - Twelve months or more	97.00%	94.00%
Total equity securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (10)	$ (10)
Fair Value - Less than twelve months	$ 111	$ 123
Fair Value as % of Cost - Less than twelve months	92.00%	92.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 10	$ 3
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	$ (10)	$ (9)
Fair Value - Less than twelve months	$ 58	$ 91
Fair Value as % of Cost - Less than twelve months	85.00%	91.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 3
Fair Value as % of Cost - Twelve months or more	0.00%	100.00%
Perpetual preferred stocks
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ 0	$ (1)
Fair Value - Less than twelve months	$ 53	$ 32
Fair Value as % of Cost - Less than twelve months	100.00%	97.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 10	$ 0
Fair Value as % of Cost - Twelve months or more	100.00%	0.00%

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at January 1	$ 104	$ 110	$ 115
Additional credit impairments on:
Previously impaired securities	1	1	0
Securities without prior impairments	2	0	1
Reductions due to sales or redemptions	(8)	(7)	(6)
Balance at December 31	$ 99	$ 104	$ 110

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - Fixed maturities $ in Millions	Dec. 31, 2017USD ($)
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 434
After one year through five years	4,683
After five years through ten years	12,156
After ten years	3,790
Fixed maturities amortized cost, Subtotal	21,063
ABS (average life of approximately 5 years)	6,120
MBS (average life of approximately 4.5 years)	2,875
Amortized Cost	30,058
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	443
After one year through five years	4,870
After five years through ten years	12,558
After ten years	3,950
Fixed maturities fair value, Subtotal	21,821
ABS (average life of approximately 5 years)	6,237
MBS (average life of approximately 4.5 years)	3,165
Fair Value	$ 31,223
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	1.00%
After one year through five years	16.00%
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)	20.00%
MBS (average life of approximately 4.5 years)	10.00%
Fair value, Total, Percent	100.00%

Investments - Real estate and o

Investments - Real estate and other investments included on the Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Investment [Line Items]
Limited partnerships and similar investments accounted for using the equity method	$ 595	$ 385
Directly owned real estate	136	160
Other investments	953	763
Other Investments
Investment [Line Items]
Other investments	72	70
Collateralized Loan Obligations
Investment [Line Items]
Other investments	$ 150	$ 148

Investments - Investment income

Investments - Investment income earned and investment expenses incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Investment Income [Line Items]
Gross investment income	$ 1,488	$ 1,386	$ 1,239
Investment expenses	(10)	(10)	(9)
Net investment income	1,478	1,376	1,230
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	1,342	1,248	1,138
Equity securities
Net Investment Income [Line Items]
Gross investment income	21	24	21
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Gross investment income	37	22	16
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	46	47	45
Policy loans
Net Investment Income [Line Items]
Gross investment income	11	11	12
Real estate and other
Net Investment Income [Line Items]
Gross investment income	$ 31	$ 34	$ 7

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		$ 16	$ 42	$ 35
Realized - impairments		(29)	(51)	(51)
Realized losses on securities		(13)	(9)	(16)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		10	27	23
Realized - impairments		(19)	(33)	(33)
Realized losses on securities		(9)	(6)	(10)
Change in Unrealized		297	82	(278)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		16	42	35
Realized - impairments		(29)	(51)	(51)
Realized losses on securities		(13)	(9)	(16)
Change in Unrealized		302	126	(427)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		15	32	24
Realized - impairments		(14)	(25)	(28)
Realized losses on securities		1	7	(4)
Change in Unrealized		455	127	(698)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		12	17	17
Realized - impairments		(27)	(41)	(36)
Realized losses on securities		(15)	(24)	(19)
Change in Unrealized		66	51	(49)
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		(8)	0	(1)
Realized - impairments		(2)	0	(2)
Realized losses on securities		(10)	0	(3)
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	[1]	(3)	(7)	(5)
Realized - impairments	[1]	14	15	15
Realized losses on securities	[1]	11	8	10
Change in Unrealized	[1]	(219)	(52)	320
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(6)	(15)	(12)
Realized - impairments		10	18	18
Realized losses on securities		4	3	6
Change in Unrealized		$ (5)	$ (44)	$ 149
[1]	Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Fixed maturities
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 37	$ 45	$ 31
Gross losses	(19)	(6)	(5)
Equity securities
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	23	19	18
Gross losses	$ (11)	$ (2)	$ (1)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)swap	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options	$ 389,000,000	$ 380,000,000
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	$ (25,000,000)	(17,000,000)	$ (28,000,000)
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of Interest Rate Derivatives Held | swap	10
Notional amount of derivative instrument outstanding	$ 1,580,000,000	1,080,000,000
Number Of Interest Rate Swaps Entered During The Period | swap	3
Gain (loss) reclassified from AOCI into net investment income	$ 6,000,000	7,000,000	6,000,000
Gain (loss) on cash flow hedge ineffectiveness recorded in Net Earnings	0	0	$ 0
Collateral receivable supporting interest rate swaps	70,000,000	60,000,000
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	663,000,000
Other assets — derivatives | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value		1,000,000
Other assets — derivatives | Maximum | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	1,000,000
Other liabilities | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	$ (31,000,000)	$ (22,000,000)

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, 2017	Dec. 31, 2016
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 785	$ 578
Derivative liability, at fair value	2,546	1,767
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	80	82
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	2,542	1,759
Equity index call options | Equity options — fixed-indexed annuities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	701	492
Reinsurance contract (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 4	$ 8

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (100)	$ (78)	$ (72)
MBS with embedded derivatives | Realized losses on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(3)	(7)	(5)
Public company warrants | Realized losses on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	0	0
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]	(589)	(211)	(17)
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		494	141	(56)
Reinsurance contract (embedded derivative) | Net investment income
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (2)	$ (1)	$ 6
[1]	The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $25 million in 2017 compared to $17 million in 2016 and $28 million in 2015.

Deferred Policy Acquisition C57

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 141	$ 134
Approximate annual rate of decrease in present value of future profits during next five years	12.50%

Deferred Policy Acquisition C58

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance		$ 1,106	$ 1,014	$ 910
Deferred policy acquisition costs, additions		225	229	224
Deferred policy acquisition costs, periodic amortization		(160)	(168)	(159)
Deferred policy acquisition costs, annuity unlocking		34	25	31
Deferred policy acquisition costs, change included in realized gains		9	6	8
Deferred policy acquisition costs, ending balance		1,214	1,106	1,014
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance		110	119	129
Deferred sales inducements, additions		4	9	11
Deferred sales inducements, periodic amortization		(19)	(24)	(26)
Deferred sales inducements, annuity unlocking		6	4	4
Deferred sales inducements, change included in realized gains		1	2	1
Deferred sales inducements, ending balance		102	110	119
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance		46	55	66
Present value of future profits, periodic amortization		(8)	(9)	(11)
Present value of future profits, annuity unlocking		1	0	0
Present value of future profits, other		10
Present value of future profits, ending balance		49	46	55
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	[1]	(265)	(234)	(525)
Unrealized investment gains (losses), change in unrealized	[1]	(157)	(31)	291
Unrealized investment gains (losses), ending balance	[1]	(422)	(265)	(234)
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		997	954	580
Deferred policy acquisition costs and present value of future profits, additions		229	238	235
Deferred policy acquisition costs and present value of future profits, periodic amortization		(187)	(201)	(196)
Deferred policy acquisition costs and present value of future profits, annuity unlocking		41	29	35
Deferred policy acquisition costs and present value of future profits, change included in realized gains		10	8	9
Deferred policy acquisition costs and present value of future profits, other		10
Deferred policy acquisition costs and present value of future profits, change in unrealized		(157)	(31)	291
Deferred policy acquisition costs and present value of future profits, ending balance		943	997	954
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		1,262	1,188	1,105
Deferred policy acquisition costs and present value of future profits, ending balance		$ 1,365	$ 1,262	$ 1,188
[1]	Unrealized adjustments to DPAC include net unrealized gains/losses 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact of the U.S. corporate tax rate change on AOCI	$ 0
Components of accumulated other comprehensive income
Cash capital contributions from parent	0	$ 15	$ 0
Non-cash capital contributions from parent	14	30	24
Net of tax unrealized gains (losses) related to credit-only impaired securities	42	$ 34	$ 33
Accounting Standards Update 2018-02 | Tax Cuts and Jobs Act of 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Impact of the U.S. corporate tax rate change on AOCI	$ 99

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		$ 266
Other comprehensive income (loss), net of tax		192	$ 74	$ (277)
Impact of the U.S. corporate tax rate change on AOCI		0
AOCI ending balance		557	266
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		299	117	(440)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax		(105)	(41)	154
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		194	76	(286)
Reclassification from accumulated other comprehensive income, pretax	[1]	3	9	13
Reclassification from accumulated other comprehensive income, tax	[1]	(1)	(3)	(5)
Reclassification from accumulated other comprehensive income, net of tax		2	6	8
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		302	126	(427)
Other comprehensive income (loss), tax		(106)	(44)	149
Other comprehensive income (loss), net of tax		196	82	(278)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	[2]	273	191	469
Impact of the U.S. corporate tax rate change on AOCI	[3]	101	0	0
AOCI ending balance	[2]	570	273	191
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		(6)	(12)	1
Other comprehensive income (loss), tax		2	4	0
Other comprehensive income (loss), net of tax		(4)	(8)	1
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(7)	1	0
Impact of the U.S. corporate tax rate change on AOCI	[3]	(2)	0	0
AOCI ending balance		(13)	(7)	1
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		296	114	(426)
Other comprehensive income (loss), tax		(104)	(40)	149
Other comprehensive income (loss), net of tax		192	74	(277)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		266	192	469
Other comprehensive income (loss), net of tax		192	74	(277)
Impact of the U.S. corporate tax rate change on AOCI	[3]	99	0	0
AOCI ending balance		$ 557	$ 266	$ 192
[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 losses on securities Tax Provision for income taxes
[2]	Includes net unrealized gains of $42 million at December 31, 2017 compared to net unrealized gains of $34 million and $33 million at December 31, 2016 and 2015, respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.
[3]	Other represents the December 2017 reclassification of $99 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings (see Note A — “Accounting Policies — Income Taxes”).

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes		35.00%	35.00%	35.00%
Decrease in net deferred tax liability resulting from the changes in the Tax Cuts and Jobs Act of 2017		$ 24,000,000	$ 0	$ 0
Cash payments for income taxes		217,000,000	236,000,000	$ 100,000,000
Charge for valuation allowance
Income Tax Reconciliation [Line Items]
Charge for valuation allowance against deferred tax assets		0	$ 0
Tax Cuts and Jobs Act of 2017
Income Tax Reconciliation [Line Items]
Decrease in net deferred tax liability resulting from the changes in the Tax Cuts and Jobs Act of 2017		$ 24,000,000
Tax Cuts and Jobs Act of 2017 | Subsequent Event [Member]
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 381	$ 367	$ 319
Income taxes at statutory rate	133	128	112
Effect of permanent items	(4)	(1)	(4)
Effect of change in U.S. corporate tax rate	(24)	0	0
Provision for income taxes as shown in the statement of earnings	$ 105	$ 127	$ 108
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 permanent items as a percentage of EBT	(1.00%)	0.00%	(1.00%)
Effect of change in U.S. corporate tax rate as a percentage of EBT	(0.06)	0	0
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	28.00%	35.00%	34.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current taxes:
Federal	$ 183	$ 185	$ 133
State	3	4	2
Deferred taxes:
Federal	(57)	(62)	(27)
Impact of change in U.S. corporate tax rate	(24)	0	0
Provision for income taxes as shown in the statement of earnings	$ 105	$ 127	$ 108

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Insurance claims and reserves	$ 476	$ 516
Other, net	12	14
Total deferred tax assets	488	530
Deferred tax liabilities:
Investment securities	(278)	(261)
Deferred policy acquisition costs	(152)	(279)
Insurance claims and reserves transition liability	(91)	0
Total deferred tax liabilities	(521)	(540)
Net deferred tax asset (liability)	(33)	(10)
Excluding Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	447	489
Other, net	15	19
Total deferred tax assets	462	508
Deferred tax liabilities:
Investment securities	(9)	4
Deferred policy acquisition costs	(243)	(375)
Insurance claims and reserves transition liability	(91)	0
Total deferred tax liabilities	(343)	(371)
Net deferred tax asset (liability)	119	137
Impact of Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	29	27
Other, net	(3)	(5)
Total deferred tax assets	26	22
Deferred tax liabilities:
Investment securities	(269)	(265)
Deferred policy acquisition costs	91	96
Insurance claims and reserves transition liability	0	0
Total deferred tax liabilities	(178)	(169)
Net deferred tax asset (liability)	$ (152)	$ (147)

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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
Advances from Federal Home Loan Bank	871	871
Payments for Federal Home Loan Bank Advances	64	$ 64	$ 0	$ 0
Description of variable rate basis		LIBOR
Repayments of advances from Federal Home Loan Bank due in next twelve months	285	$ 285
Repayments of advances from Federal Home Loan Bank due in year three	586	586
Fair value of mortgage-backed securities held as collateral by the Federal Home Loan Bank	1,040	1,040
Interest on advances from Federal Home Loan Bank		14	8	3
Dividends		$ (225)	(140)	(110)
Statutory restrictions on dividends		The maximum amount of dividends that can be paid to shareholders in 2018 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 earnings 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	263	$ 263
Maximum amount of dividends available to be received by parent from insurance subsidiaries without prior approval of regulatory authorities	29	29
Aggregate guaranteed minimum death benefit value on variable annuity polices in force	15	$ 15	20
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		0.35%
Average | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		1.75%
Life insurance
Insurance [Line Items]
Life insurance in force, ceded premiums	8,320	$ 8,320	10,220
Life insurance in force, direct premiums	12,050	12,050	13,490
Life written premiums ceded		28	31	34
Reinsurance recoveries		38	44	45
Variable annuities | Maximum
Insurance [Line Items]
Death benefits paid in excess of the variable annuity account balances (are less than in 2015, 2016 and 2017)		1	$ 1	$ 1
Federal Home Loan Banks, Advances, Refinanced Terms [Member]
Insurance [Line Items]
Advances from Federal Home Loan Bank	$ 831	$ 831

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, 2017	Dec. 31, 2016	Dec. 31, 2015
Statutory information
Net Earnings	$ 286	$ 167	$ 399
Capital and Surplus	$ 2,132	$ 1,976

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, 2017	Dec. 31, 2016
Insurance [Abstract]
Expected death and annuitization	$ 228	$ 223
Guaranteed withdrawal benefits	357	278
Accrued persistency and premium bonuses	$ 3	$ 6

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Additional Information [Abstract]
General and administrative costs paid to parent	$ 40	$ 32	$ 27
Total rental expense	4	4	4
Commitments to fund limited partnerships	231
Retirement and employee savings plan expense	$ 2	$ 2	$ 1

Supplementary Insurance Infor69

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 943	$ 997	$ 954
Reserves for future policy benefits and claims	33,974	30,598	27,327
Net earned premiums	22	24	21
Net investment income	1,478	1,376	1,230
Benefits, claims, losses and settlement expenses	915	829	753
Amortization of deferred policy acquisition costs	133	152	139
Other operating expenses	169	151	129
Annuity
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	917	977	930
Reserves for future policy benefits and claims	33,316	29,907	26,622
Net investment income	1,458	1,355	1,211
Benefits, claims, losses and settlement expenses	892	800	724
Amortization of deferred policy acquisition costs	129	147	134
Other operating expenses	158	141	120
Run-off Life
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	26	20	24
Reserves for future policy benefits and claims	658	691	705
Net earned premiums	22	24	21
Net investment income	20	21	19
Benefits, claims, losses and settlement expenses	23	29	29
Amortization of deferred policy acquisition costs	4	5	5
Other operating expenses	$ 11	$ 10	$ 9