Great American Life Insurance S-1/A 24 Apr 19 IPO registration (amended) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018
Document and Entity Information [Abstract]
Document Type	S-1/A
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Entity Registrant Name	GREAT AMERICAN LIFE INSURANCE CO.
Entity Central Index Key	0000723258
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 329	$ 611
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $34,024 and $30,058)	34,132	31,223
Fixed maturities, trading at fair value	55	116
Equity securities, at fair value	743	593
Investments accounted for using the equity method	817	595
Mortgage loans	783	820
Policy loans	174	184
Real estate and other investments	323	358
Total cash and investments	37,356	34,500
Recoverables from reinsurers	298	312
Deferred policy acquisition costs (including the impact of unrealized gains on securities of $42 and $433)	1,381	943
Accrued investment income	326	291
Equity index call options	184	701
Variable annuity assets (separate accounts)	557	644
Funds held as collateral	103	389
Net deferred tax assets	168	0
Other assets	428	340
Total assets	40,801	38,120
Liabilities and Equity:
Annuity benefits accumulated (including the impact of unrealized gains on securities of $14 and $137)	36,616	33,316
Life, accident and health reserves	635	658
Variable annuity liabilities (separate accounts)	557	644
Liability for funds held as collateral	103	389
Net deferred tax liabilities	0	33
Other liabilities	351	272
Total liabilities	38,262	35,312
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	970	953
Retained earnings	1,488	1,248
Accumulated other comprehensive income, net of tax	31	557
Total shareholder’s equity	2,492	2,761
Noncontrolling interests	47	47
Total equity	2,539	2,808
Total liabilities and equity	$ 40,801	$ 38,120

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Fixed maturities, available for sale at amortized cost	$ 34,024	$ 30,058
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ 53	$ 722
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	$ (42)	$ (433)
Annuity benefits accumulated
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ (14)	$ (137)

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Net investment income	$ 1,657	$ 1,478	$ 1,376
Realized losses on securities	(105)	(13)	(9)
Life, accident and health net earned premiums	24	22	24
Policy charges and other income	115	111	108
Total revenues	1,691	1,598	1,499
Costs and Expenses:
Annuity benefits	998	892	800
Life, accident and health benefits	37	23	29
Insurance acquisition expenses, net	260	172	185
Other expenses	140	130	118
Total costs and expenses	1,435	1,217	1,132
Earnings before income taxes	256	381	367
Provision for income taxes	47	105	127
Net earnings, including noncontrolling interests	209	276	240
Less: Net earnings attributable to noncontrolling interests	2	6	4
Net Earnings Attributable to Shareholder	207	270	236
Supplemental disclosure of Realized gains on securities:
Realized gains (losses) before impairments	(91)	16	42
Losses on securities with impairment	(14)	(30)	(51)
Non-credit portion recognized in other comprehensive income (loss)	0	1	0
Impairment charges recognized in earnings	(14)	(29)	(51)
Total realized losses on securities	$ (105)	$ (13)	$ (9)

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 209	$ 276	$ 240
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(443)	194	76
Reclassification adjustment for realized (gains) losses included in net earnings	5	2	6
Total net unrealized gains (losses) on securities	(438)	196	82
Net unrealized gains (losses) on cash flow hedges	2	(4)	(8)
Other comprehensive income (loss), net of tax	(436)	192	74
Total comprehensive income (loss), net of tax	(227)	468	314
Less: Comprehensive income attributable to noncontrolling interests	2	6	4
Comprehensive income (loss) attributable to shareholder	$ (229)	$ 462	$ 310

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, 2015			201,000
Beginning Balance at Dec. 31, 2015	$ 2,348	$ 2,293		$ 895	$ 1,206	$ 192	$ 55
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	240	236			236		4
Other comprehensive income (loss)	74	74				74	0
Capital contributions from parent	45	45		45
Dividends	(140)	(140)			(140)
Other	0	1		1	0		(1)
Ending Balance, shares at Dec. 31, 2016			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 US Corporate Tax Rate Change on AOCI	0	0			(99)	99	0
Capital contributions from parent	14	14		14
Dividends	(225)	(225)			(225)
Other	$ (16)	1		1	0	0	(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
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Cumulative effect of accounting change	3	3			93	(90)
Net earnings	209	207			207		2
Other comprehensive income (loss)	(436)	(436)				(436)	0
Capital contributions from parent	17	17		17
Dividends	(60)	(60)			(60)
Other	$ (2)						(2)
Ending Balance, shares at Dec. 31, 2018	201,000		201,000
Ending Balance at Dec. 31, 2018	$ 2,539	$ 2,492		$ 973	$ 1,488	$ 31	$ 47

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net earnings, including noncontrolling interests	$ 209	$ 276	$ 240
Adjustments:
Depreciation and amortization	(67)	(80)	(75)
Annuity benefits	998	892	800
Realized (gains) losses on investing activities	105	13	9
Net (purchases) sales of trading securities	59	3	(2)
Deferred annuity and life policy acquisition costs	(263)	(225)	(229)
Amortization of insurance acquisition costs	215	133	152
Change in:
Recoverables from reinsurers	14	16	12
Accrued investment income	(35)	(29)	(20)
Funds held as collateral	286	(9)	(169)
Other assets	(71)	(25)	(57)
Life, accident and health reserves	(23)	(33)	(14)
Liability for funds held as collateral	(286)	9	169
Other liabilities	11	(106)	(83)
Other operating activities, net	(84)	(39)	(34)
Net cash provided by operating activities	1,068	796	699
Investing Activities:
Purchases of fixed maturities	(7,898)	(7,062)	(6,186)
Purchases of equity securities	(326)	(128)	(72)
Purchases of mortgage loans	(142)	(130)	(213)
Purchases of equity options — fixed indexed annuities	(567)	(432)	(358)
Purchases of other investments	(296)	(409)	(320)
Purchases of real estate, property and equipment	(15)	(10)	(16)
Proceeds from maturities and redemptions of fixed maturities	3,551	4,247	3,259
Proceeds from repayments of mortgage loans	155	156	203
Proceeds from sales of fixed maturities	447	315	528
Proceeds from sales of equity securities	121	82	96
Proceeds from exercise of equity options — fixed indexed annuities	786	717	248
Proceeds from sales of other investments	122	186	171
Proceeds from sales of real estate, property and equipment	0	27	14
Other investing activities, net	10	8	(41)
Net cash used in investing activities	(4,052)	(2,433)	(2,687)
Financing Activities:
Annuity receipts	5,407	4,341	4,435
Annuity surrenders, benefits and withdrawals	(2,916)	(2,341)	(2,275)
Net transfers from variable annuity assets	47	54	42
Advances from Federal Home Loan Bank	225	0	150
Repayments to Federal Home Loan Bank	0	(64)	0
Capital contributions from parent	0	0	15
Cash dividends paid	(60)	(225)	(140)
Other financing activities, net	(1)	(16)	(2)
Net cash provided by (used in) financing activities	2,702	1,749	2,225
Net Change in Cash and Cash Equivalents	(282)	112	237
Cash and cash equivalents at beginning of period	611	499	262
Cash and cash equivalents at end of period	$ 329	$ 611	$ 499

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2018
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, 2018 , and prior to April 22, 2019 , 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 2018 or 2017 . Investments On January 1, 2018, GALIC adopted Accounting Standards Update (“ASU”) 2016-01, which requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At December 31, 2017, GALIC had $593 million in equity securities classified as “available for sale” under the prior guidance with holding gains and losses included in accumulated other comprehensive income (“AOCI”) instead of net earnings. At the date of adoption, the $90 million net unrealized gain on equity securities included in AOCI was reclassified to retained earnings as the cumulative effect of an accounting change. The cumulative effect of the accounting change also includes the net unrealized gain on GALIC’s small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under the new guidance ( $3 million net of tax at the date of adoption). Holding gains and losses on equity securities carried at fair value under ASU 2016-01 are generally recorded in realized gains (losses) on securities. However, GALIC records holding gains and losses on a small portfolio of limited partnerships and similar investments carried at fair value under the new guidance as “fair value through net investment income” in net investment income. Under the new guidance, GALIC recorded holding losses of $97 million on equity securities in net earnings during 2018 on securities that were still owned at December 31, 2018 . Under the prior guidance, these holding losses would have been recorded in AOCI (with the exception of any impairment charge that may have been recorded). Because almost all of the equity securities impacted by the new guidance were carried at fair value through AOCI under the prior guidance, the adoption of the new guidance did not have a material impact on GALIC’s financial position. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in 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. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, GALIC records its share of the earnings or losses of the investee based on when they are reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. GALIC’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. GALIC’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Gains or losses on fixed maturity 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 and principal-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index 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 certain counterparties to support its purchased equity index call option assets (net of collateral required under put option contracts with the same counterparties). 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 traditional fixed annuities, the liability for annuity benefits accumulated represents the account value that has accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities, the liability for annuity benefits accumulated includes an embedded derivative that represents the estimated fair value of the index participation with the remaining component representing the discounted value of the guaranteed minimum contract benefits. 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. 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. Revenue Recognition Guidance Effective in 2018 On January 1, 2018, GALIC adopted ASU 2014-09, which provides guidance on recognizing revenue when (or as) performance obligations under the contract are satisfied. The new guidance also updates the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires certain new disclosures. Because revenue recognition for insurance contracts and financial instruments (GALIC’s primary sources of revenue) were excluded from the scope of the new guidance, the adoption of ASU 2014-09 did not have a material impact on GALIC’s results of operations or financial position. Lease Accounting Guidance Effective in 2019 In February 2016, the FASB issued ASU 2016-02, which requires entities that lease assets for terms longer than one year to recognize assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. Qualitative and quantitative disclosures of the amount, timing and uncertainty of cash flows arising from leases will also be required. GALIC will adopt the updated guidance effective January 1, 2019. Management evaluated the impact of this guidance as of December 31, 2018 and does not expect it to have a material effect on the Company’s results of operations or financial position.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2018
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, fixed-indexed and variable-indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. GALIC’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show GALIC’s assets, revenues and earnings before income taxes by segment. December 31, 2018 2017 2016 Assets Annuity $ 40,115 $ 37,392 $ 33,607 Run-off life 686 728 755 Total assets $ 40,801 $ 38,120 $ 34,362 Year ended December 31, 2018 2017 2016 Revenues Annuity: Net investment income $ 1,638 $ 1,458 $ 1,355 Other income 108 106 104 Total annuity 1,746 1,564 1,459 Run-off life 50 47 49 Total revenues before realized gains (losses) 1,796 1,611 1,508 Realized losses on securities (105 ) (13 ) (9 ) Total revenues $ 1,691 $ 1,598 $ 1,499 Earnings Before Income Taxes Annuity $ 363 $ 385 $ 371 Run-off life (2 ) 9 5 Total earnings before realized gains (losses) and income taxes 361 394 376 Realized gains (losses) on securities (105 ) (13 ) (9 ) Total earnings before income taxes $ 256 $ 381 $ 367

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2018
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 (“ABS”), mortgage-backed securities (“MBS”), non-affiliated common stocks and equity index 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, 2018 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 6 $ 25 $ 8 $ 39 States, municipalities and political subdivisions — 4,238 59 4,297 Foreign government — 13 — 13 Residential MBS — 1,787 161 1,948 Commercial MBS — 788 48 836 Asset-backed securities — 6,925 628 7,553 Corporate and other 14 17,713 1,719 19,446 Total AFS fixed maturities 20 31,489 2,623 34,132 Trading fixed maturities — 55 — 55 Equity securities 493 38 212 743 Equity index call options — 184 — 184 Variable annuity assets (separate accounts) (*) — 557 — 557 Other assets — derivatives — 16 — 16 Total assets accounted for at fair value $ 513 $ 32,339 $ 2,835 $ 35,687 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 2,720 $ 2,720 Other liabilities — derivatives — 49 — 49 Total liabilities accounted for at fair value $ — $ 49 $ 2,720 $ 2,769 December 31, 2017 Assets: Available for sale 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 — 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 Equity index call options — 701 — 701 Variable annuity assets (separate accounts) (*) — 644 — 644 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 (*) 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, 2018 , 2017 and 2016 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 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Perpetual preferred stocks — 1 — $ — $ 1 $ — — 1 1 $ — $ 1 $ 1 Common stocks — — 2 — — — — — 2 — — — Transfers between Level 1 and Level 2 for all periods presented were a result of increases or decreases in observable trade activity. Approximately 8% of the total assets carried at fair value on December 31, 2018 were Level 3 assets. Approximately 71% ( $2.00 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. Internally developed Level 3 asset fair values represent approximately $794 million at December 31, 2018 . Of this amount, approximately $440 million relates to fixed maturity securities that were priced using management’s best estimate of an appropriate credit spread over the treasury yield (of a similar duration) to discount future expected cash flows using a third party model. The credit spread applied by management is the significant unobservable input. For this group of approximately 100 securities, the average spread used was 584 basis points over the reference treasury yield and the spreads ranged from 131 basis points to 2,966 basis points (approximately 80% of the spreads were between 400 and 700 basis points). Had management used higher spreads, the fair value of this group of securities would have been lower. Conversely, if the spreads used were lower, the fair values would have been higher. For the remainder of the internally developed prices, any justifiable changes in unobservable inputs used to determine fair value would not have resulted in a material change in GALIC’s financial position. The derivatives embedded in GALIC’s fixed-indexed and variable-indexed annuity liabilities are measured using a discounted cash flow approach and had a fair value of $2.72 billion at December 31, 2018 . The following table presents information about the unobservable inputs used by management in determining fair value of these Level 3 liabilities. See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.6% – 2.1% over the risk free rate Risk margin for uncertainty in cash flows 0.73% reduction in the discount rate Surrenders 3% – 23% of indexed account value Partial surrenders 2% – 9% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.5% – 9.5% of indexed account value Budgeted option costs 2.6% – 3.6% of indexed account value The range of adjustments for credit risk is based on the Moody’s corporate A2 bond index and 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 and variable-indexed annuity products with an expected range of 7% to 11% 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 and variable-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 2018 , 2017 and 2016 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $20 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” 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, 2017 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, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 72 — (3 ) — (2 ) — (8 ) 59 Residential MBS 99 (5 ) (4 ) — (18 ) 106 (17 ) 161 Commercial MBS 34 — — 14 — — — 48 Asset-backed securities 540 (2 ) (10 ) 316 (182 ) 71 (105 ) 628 Corporate and other 941 (9 ) (18 ) 986 (148 ) 26 (59 ) 1,719 Total AFS fixed maturities 1,694 (16 ) (35 ) 1,316 (350 ) 203 (189 ) 2,623 Equity securities 105 (4 ) — 106 (4 ) 20 (11 ) 212 Total Level 3 assets $ 1,799 $ (20 ) $ (35 ) $ 1,422 $ (354 ) $ 223 $ (200 ) $ 2,835 Embedded derivatives (*) $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) Total Level 3 liabilities $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $44 million in 2018 . 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 . 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, 2018 Financial assets: Cash and cash equivalents $ 329 $ 329 $ 329 $ — $ — Mortgage loans 783 772 — — 772 Policy loans 174 174 — — 174 Total financial assets not accounted for at fair value $ 1,286 $ 1,275 $ 329 $ — $ 946 Financial liabilities: Annuity benefits accumulated (*) $ 36,384 $ 34,765 $ — $ — $ 34,765 Total financial liabilities not accounted for at fair value $ 36,384 $ 34,765 $ — $ — $ 34,765 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 (*) Excludes $232 million and $206 million of life contingent annuities in the payout phase at December 31, 2018 and 2017 , 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, 2018
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, 2018 Fixed maturities $ 34,024 $ 108 $ 34,132 Deferred policy acquisition costs 1,423 (42 ) 1,381 Annuity benefits accumulated (36,602 ) (14 ) (36,616 ) Unearned revenue (included in other liabilities) (29 ) 1 (28 ) Net unrealized gain, pretax 53 Deferred tax on unrealized gain (11 ) Net unrealized gain, after tax (included in AOCI) $ 42 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 (*) As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities other than those accounted for under the equity method are carried at fair value through net earnings.

Investments

Investments	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at December 31 consisted of the following (in millions): 2018 2017 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 $ 41 $ 1 $ (3 ) $ (2 ) $ 39 $ 48 $ 1 $ (3 ) $ (2 ) $ 46 States, municipalities and political subdivisions 4,195 130 (28 ) 102 4,297 4,147 190 (12 ) 178 4,325 Foreign government 11 2 — 2 13 11 2 — 2 13 Residential MBS 1,749 203 (4 ) 199 1,948 2,040 259 (2 ) 257 2,297 Commercial MBS 822 16 (2 ) 14 836 835 33 — 33 868 Asset-backed securities 7,507 122 (76 ) 46 7,553 6,120 130 (13 ) 117 6,237 Corporate and other 19,699 158 (411 ) (253 ) 19,446 16,857 614 (34 ) 580 17,437 Total fixed maturities $ 34,024 $ 632 $ (524 ) $ 108 $ 34,132 $ 30,058 $ 1,229 $ (64 ) $ 1,165 $ 31,223 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, 2018 and December 31, 2017 , respectively, were $112 million and $127 million . Gross unrealized gains on such securities at December 31, 2018 and December 31, 2017 were $89 million and $103 million , respectively. Gross unrealized losses on such securities at December 31, 2018 and December 31, 2017 were $5 million and $4 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. As discussed in Note A — “ Accounting Policies — Investments ,” GALIC implemented new accounting guidance effective on January 1, 2018, which required all equity securities previously classified as “available for sale” to be reported at fair value, with holding gains and losses recognized in net earnings. Equity securities reported at fair value consisted of the following at December 31, 2018 (in millions): Fair Value over (under) Actual Cost Fair Value Cost Common stocks $ 562 $ 518 $ (44 ) Perpetual preferred stocks 236 225 (11 ) Total equity securities carried at fair value $ 798 $ 743 $ (55 ) 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, 2018 Fixed maturities: U.S. Government and government agencies $ — $ 1 100 % $ (3 ) $ 11 79 % States, municipalities and political subdivisions (12 ) 773 98 % (16 ) 471 97 % Residential MBS (3 ) 203 99 % (1 ) 32 97 % Commercial MBS (1 ) 117 99 % (1 ) 30 97 % Asset-backed securities (60 ) 4,038 99 % (16 ) 440 96 % Corporate and other (294 ) 9,616 97 % (117 ) 1,761 94 % Total fixed maturities $ (370 ) $ 14,748 98 % $ (154 ) $ 2,745 95 % 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 % At December 31, 2018 , the gross unrealized losses on fixed maturities of $524 million relate to 1,758 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 91% of the gross unrealized loss and 96% 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 interest 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 2018 , GALIC recorded other-than-temporary impairment charges related to its residential MBS of $5 million . In 2018 , GALIC recorded approximately $16 million in other-than-temporary impairment charges related to fixed maturities other than residential MBS, including $11 million related to aircraft financing. Other-than-temporary impairment charges on fixed maturities other than residential MBS were $13 million in 2017 and $24 million in 2016 . In addition, GALIC recorded $2 million in other-than-temporary impairment charges in 2017 on investments that are included in other investments on the balance sheet. 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, 2018 . As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities previously classified as “available for sale” are required to be carried at fair value through net earnings instead of accumulated other comprehensive income and therefore are no longer be evaluated for other-than-temporary impairment. In 2017 and 2016, GALIC recorded other-than-temporary impairment charges on equity securities classified as available for sale of $27 million and $41 million , respectively. 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): 2018 2017 2016 Balance at January 1 $ 99 $ 104 $ 110 Additional credit impairments on: Previously impaired securities — 1 1 Securities without prior impairments 1 2 — Reductions due to sales or redemptions (3 ) (8 ) (7 ) Balance at December 31 $ 97 $ 99 $ 104 The table below sets forth the scheduled maturities of available for sale fixed maturities (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. December 31, 2018 Amortized Fair Value Cost Amount % Maturity One year or less $ 868 $ 875 3 % After one year through five years 6,055 6,099 18 % After five years through ten years 13,246 13,057 38 % After ten years 3,777 3,764 11 % 23,946 23,795 70 % ABS (average life of approximately 5 years) 7,507 7,553 22 % MBS (average life of approximately 4.5 years) 2,571 2,784 8 % Total $ 34,024 $ 34,132 100 % 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, 2018 or 2017 . Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred: 2018 2017 2016 Investment income: Fixed maturities $ 1,450 $ 1,342 $ 1,248 Equity securities: Dividends 30 21 24 Change in fair value (*) 13 — — Equity in earnings of partnerships and similar investments 96 37 22 Mortgage loans 45 46 47 Policy loans 10 11 11 Real estate and other 26 31 34 Gross investment income 1,670 1,488 1,386 Investment expenses (13 ) (10 ) (10 ) Net investment income $ 1,657 $ 1,478 $ 1,376 (*) As discussed in Note A — “ Accounting Policies — Investments ,” GALIC adopted guidance in January 2018 that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. Although the change in the fair value of the majority of GALIC’s equity securities is recorded in realized gains (losses) on securities, GALIC records holding gains and losses in net investment income on equity securities classified as “trading” under the previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting. GALIC’s investment portfolio is managed by a subsidiary of AFG. Investment expenses, which included investment management fees charged by this subsidiary, were $7 million for the year ended December 31, 2018 and $5 million for both the years ended December 31, 2017 and 2016 . Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity and equity security investments are summarized as follows (in millions): 2018 2017 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 5 $ (21 ) $ (16 ) $ (1,057 ) $ 15 $ (14 ) $ 1 $ 455 Equity securities (107 ) — (107 ) — 12 (27 ) (15 ) 66 Mortgage loans and other investments — — — — (8 ) (2 ) (10 ) — Other (*) 11 7 18 502 (3 ) 14 11 (219 ) Total pretax (91 ) (14 ) (105 ) (555 ) 16 (29 ) (13 ) 302 Tax effects: Reclassify impact of U.S. corporate tax rate change — — — — — — — 101 Other 19 3 22 117 (6 ) 10 4 (106 ) Total tax effects 19 3 22 117 (6 ) 10 4 (5 ) Net of tax $ (72 ) $ (11 ) $ (83 ) $ (438 ) $ 10 $ (19 ) $ (9 ) $ 297 2016 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (25 ) $ 7 $ 127 Equity securities 17 (41 ) (24 ) 51 Mortgage loans and other investments — — — — Other (*) (7 ) 15 8 (52 ) Total pretax 42 (51 ) (9 ) 126 Tax effects (15 ) 18 3 (44 ) Net of tax $ 27 $ (33 ) $ (6 ) $ 82 (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business. As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities other than those accounted for under the equity method are carried at fair value through net earnings. GALIC recorded net holding gains (losses) on equity securities during 2018 on securities that were still owned at December 31, 2018 as follows (in millions): 2018 Included in realized gains (losses) $ (110 ) Included in net investment income 13 $ (97 ) Gross realized gains and losses (excluding impairment write-downs and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): 2018 2017 2016 Fixed maturities: Gross gains $ 17 $ 37 $ 45 Gross losses (12 ) (19 ) (6 ) During 2017 and 2016, GALIC recorded gross gains of $23 million and $19 million and gross losses of $11 million and $2 million , respectively, on available for sale equity securities.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 84 $ — $ 80 $ — Public company warrants Equity securities — — 4 — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 2,720 — 2,542 Equity index call options Equity index call options 184 — 701 — Equity index put options Other liabilities — 1 — — Reinsurance contract (embedded derivative) Other liabilities — 2 — 4 $ 268 $ 2,723 $ 785 $ 2,546 The MBS with embedded derivatives consist of primarily interest-only and principal-only MBS. 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 and variable-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 and sale of call and put options on the appropriate index. GALIC receives collateral from certain counterparties to support its purchased call option assets (net of collateral required under put option contracts with the same counterparties). This collateral ( $103 million at December 31, 2018 and $389 million at December 31, 2017 ) 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 and put options 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 and put 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 gains (losses) included in GALIC’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (in millions): Derivative Statement of Earnings Line 2018 2017 2016 MBS with embedded derivatives Realized losses on securities $ (4 ) $ (3 ) $ (7 ) Public company warrants Realized losses on securities (3 ) — — Fixed-indexed and variable-indexed annuities (embedded derivative) (*) Annuity benefits 204 (589 ) (211 ) Equity index call options Annuity benefits (298 ) 494 141 Equity index put options Annuity benefits (1 ) — — Reinsurance contract (embedded derivative) Net investment income 2 (2 ) (1 ) $ (100 ) $ (100 ) $ (78 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $44 million in 2018 , $25 million in 2017 and $17 million in 2016 . Derivatives Designated and Qualifying as Cash Flow Hedges As of December 31, 2018 , GALIC has entered into sixteen 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 increased to $2.35 billion at December 31, 2018 compared to $1.58 billion at December 31, 2017 , reflecting six new swaps with an aggregate notional amount at issuance of $911 million entered into in 2018 , 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 $16 million at December 31, 2018 and less than $1 million at December 31, 2017 . The fair value of the effective portion of interest rate swaps in a liability position and included in other liabilities was $46 million at December 31, 2018 and $31 million at December 31, 2017 . 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 losses of $3 million in 2018 compared to income of $6 million in 2017 and $7 million in 2016 . There was no ineffectiveness recorded in net earnings during these periods. A collateral receivable supporting these swaps of $135 million at December 31, 2018 and $70 million at December 31, 2017 is included in other assets in GALIC’s Balance Sheet.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2018
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, 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 Additions 263 2 — 265 — 265 Amortization: Periodic amortization (237 ) (19 ) (7 ) (263 ) — (263 ) Annuity unlocking 29 — — 29 — 29 Included in realized gains 14 1 — 15 — 15 Change in unrealized — — — — 392 392 Balance at December 31, 2018 1,283 86 42 1,411 (30 ) 1,381 (*) Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges. The present value of future profits (“PVFP”) amounts in the table above are net of $148 million and $141 million of accumulated amortization at December 31, 2018 and 2017 , 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, 2018
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 $17 million in 2018 , $14 million in 2017 and $30 million in 2016 . 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, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (561 ) $ 118 $ (443 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 6 (1 ) 5 Total net unrealized gains (losses) on securities (b) $ 570 (555 ) 117 (438 ) $ (90 ) $ 42 Net unrealized gains (losses) on cash flow hedges (13 ) 2 — 2 — (11 ) Total $ 557 $ (553 ) $ 117 $ (436 ) $ (90 ) $ 31 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 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes (b) Includes net unrealized gains of $33 million , $42 million and $34 million at December 31, 2018 , 2017 and 2016 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) On January 1, 2018, GALIC adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $90 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change. Other also includes 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, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate ( 21% in 2018 and 35% in both 2017 and 2016 ) to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2018 2017 2016 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 256 $ 381 $ 367 Income taxes at statutory rate $ 54 21 % $ 133 35 % $ 128 35 % Effect of permanent items (7 ) (3 %) (4 ) (1 %) (1 ) — % Effect of change in U.S. corporate tax rate — — % (24 ) (6 %) — — % Provision for income taxes as shown in the statement of earnings $ 47 18 % $ 105 28 % $ 127 35 % The Tax Cuts and Jobs Act of 2017 (“TCJA”), which was enacted on December 22, 2017, lowered the U.S corporate tax rate to 21% and made other widespread changes to the U.S. tax code effective in 2018. 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. At the time it was enacted, the TCJA was subject to further clarification and interpretation by the U.S. Treasury Department and the Internal Revenue Service. The resulting transitional deferred tax liability (taxes payable over eight years under the TCJA) was recorded at December 31, 2017 using reasonable estimates based on available information and was considered provisional in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 118 (“SAB 118”). Because the established transition liability was completely offset by an increase in related deferred tax assets, the adjustment to the final amount when the factors were published in 2018 did not impact GALIC’s effective tax rate. In accordance with SAB 118, the transitional deferred tax liability (and offsetting adjustment to the related deferred tax assets) and all other changes in deferred taxes resulting from clarification and interpretation of the TCJA were recorded in 2018 in the period in which the guidance was published and did not have a material impact on GALIC’s effective tax rate. As a result, GALIC’s implementation of the TCJA is complete as of December 31, 2018. GALIC’s 2012 — 2018 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, 2018 , 2017 and 2016 . The total income tax provision (credit) consists of (in millions): 2018 2017 2016 Current taxes: Federal $ 130 $ 183 $ 185 State 3 3 4 Deferred taxes: Federal (86 ) (57 ) (62 ) Impact of change in U.S. corporate tax rate — (24 ) — Provision for income taxes $ 47 $ 105 $ 127 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): 2018 2017 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 521 $ 3 $ 524 $ 447 $ 29 $ 476 Other, net 8 — 8 15 (3 ) 12 Total deferred tax assets 529 3 532 462 26 488 Deferred tax liabilities: Investment securities (23 ) (22 ) (45 ) (9 ) (269 ) (278 ) Deferred policy acquisition costs (248 ) 8 (240 ) (243 ) 91 (152 ) Insurance claims and reserves transition liability (79 ) — (79 ) (91 ) — (91 ) Total deferred tax liabilities (350 ) (14 ) (364 ) (343 ) (178 ) (521 ) Net deferred tax asset (liability) $ 179 $ (11 ) $ 168 $ 119 $ (152 ) $ (33 ) The likelihood of realizing deferred tax assets is reviewed periodically. There was no valuation allowance against deferred tax assets as of December 31, 2018 and 2017 . GALIC did not have a liability for uncertain tax positions during 2018 , 2017 or 2016 . Cash payments for income taxes, net of refunds, were $106 million , $217 million and $236 million for 2018 , 2017 and 2016 , respectively.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2018
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, 2018
Insurance [Abstract]
Insurance	Insurance Securities owned by GALIC, having a carrying value of approximately $26 million at December 31, 2018 , 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 $47 million investment in FHLB capital stock at December 31, 2018 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 2018, GALIC refinanced the terms on a $40 million advance to extend the maturity and the FHLB advanced GALIC $225 million , increasing the total amount advanced to $1.10 billion (included in annuity benefits accumulated) at December 31, 2018 . In 2017, GALIC refinanced the terms on advances totaling $831 million , which lowered the weighted average spread over LIBOR. Interest rates under the various funding agreements on the advances range from 0.15% to 0.24% over LIBOR (average rate of 2.68% at December 31, 2018 ). While these advances must be repaid between 2019 and 2021 ( $445 million in 2019, $40 million in 2020 and $611 million in 2021), 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 $1.28 billion (included in available for sale fixed maturity securities) at December 31, 2018 . Interest credited on the funding agreements, which is included in annuity benefits, was $20 million in 2018 , $14 million in 2017 and $8 million in 2016 . 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 2018 2017 2016 2018 2017 GALIC consolidated life insurance companies $ 802 $ 286 $ 167 $ 2,701 $ 2,132 In the fourth quarter of 2018, GALIC entered into a reinsurance treaty with Hannover Life Reassurance Company of America that transfers the risk of certain surrender activity in GALIC’s fixed-indexed annuity business. This treaty meets the statutory risk transfer rules and resulted in a $510 million increase in statutory surplus (through an after-tax reserve credit), which is reflected in the life insurance companies capital and surplus in the table above. Under GAAP, this transaction does not meet the GAAP insurance risk transfer criteria and did not have a material impact on GALIC’s financial statements. 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, 2018 and 2017 , 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, 2018 or 2017 . GALIC paid dividends to GAFRI totaling $60 million , $225 million and $140 million in 2018 , 2017 and 2016 , respectively. The maximum amount of dividends that can be paid to shareholders in 2019 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 2019 by GALIC without prior approval is $768 million , based on net earnings. The maximum amount of dividends receivable from GALIC’s subsidiaries in 2019 without prior approval is $36 million . Reinsurance GALIC has reinsured approximately $7.69 billion of its $10.82 billion in face amount of life insurance at December 31, 2018 compared to $8.32 billion of its $12.05 billion in face amount of life insurance at December 31, 2017 . Life written premiums ceded were $22 million , $28 million and $31 million for 2018 , 2017 and 2016 , respectively. Reinsurance recoveries on ceded life policies were $41 million , $38 million and $44 million for 2018 , 2017 and 2016 , 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): 2018 2017 Expected death and annuitization $ 229 $ 228 Guaranteed withdrawal benefits 472 357 Accrued persistency and premium bonuses 1 3 Variable Annuities At December 31, 2018 , 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 $35 million , compared to $15 million at December 31, 2017 . 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, 2018 , 2017 and 2016 .

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2018
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 2018 , 2017 and 2016 , GALIC paid GAFRI $43 million , $40 million and $32 million , respectively, for such services. Operating Leases Total rental expense for leases of office space was $4 million in 2018 , 2017 and 2016 . 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, 2018 , GALIC had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $634 million . Benefit Plans GALIC expensed approximately $2 million in 2018 , 2017 and 2016 related to the retirement and employee savings plans.

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	GREAT AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION THREE YEARS ENDED DECEMBER 31, 2018 (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 2018 Annuity $ 1,358 $ 36,616 $ — $ 1,638 $ 998 $ 211 $ 174 Run-off life 23 635 24 19 37 4 11 Total $ 1,381 $ 37,251 $ 24 $ 1,657 $ 1,035 $ 215 $ 185 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

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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, 2018 , and prior to April 22, 2019 , 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 estimate
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 2018 or 2017 .
Investments	Investments On January 1, 2018, GALIC adopted Accounting Standards Update (“ASU”) 2016-01, which requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At December 31, 2017, GALIC had $593 million in equity securities classified as “available for sale” under the prior guidance with holding gains and losses included in accumulated other comprehensive income (“AOCI”) instead of net earnings. At the date of adoption, the $90 million net unrealized gain on equity securities included in AOCI was reclassified to retained earnings as the cumulative effect of an accounting change. The cumulative effect of the accounting change also includes the net unrealized gain on GALIC’s small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under the new guidance ( $3 million net of tax at the date of adoption). Holding gains and losses on equity securities carried at fair value under ASU 2016-01 are generally recorded in realized gains (losses) on securities. However, GALIC records holding gains and losses on a small portfolio of limited partnerships and similar investments carried at fair value under the new guidance as “fair value through net investment income” in net investment income. Under the new guidance, GALIC recorded holding losses of $97 million on equity securities in net earnings during 2018 on securities that were still owned at December 31, 2018 . Under the prior guidance, these holding losses would have been recorded in AOCI (with the exception of any impairment charge that may have been recorded). Because almost all of the equity securities impacted by the new guidance were carried at fair value through AOCI under the prior guidance, the adoption of the new guidance did not have a material impact on GALIC’s financial position. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in 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. Premiums and discounts on fixed maturity securities are amortized using the effective interest method. Mortgage-backed securities (“MBS”) are amortized over a period based on estimated future principal payments, including prepayments. Prepayment assumptions are reviewed periodically and adjusted to reflect actual prepayments and changes in expectations. Limited partnerships and similar investments are generally accounted for using the equity method of accounting. Under the equity method, GALIC records its share of the earnings or losses of the investee based on when they are reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. GALIC’s share of the earnings or losses from equity method investments is generally recorded on a quarter lag due to the timing of the receipt of the investee’s financial statements. GALIC’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Gains or losses on fixed maturity 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 and principal-only MBS) and (ii) the equity-based component of certain annuity products (included in annuity benefits accumulated) and related equity index 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 certain counterparties to support its purchased equity index call option assets (net of collateral required under put option contracts with the same counterparties). 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 traditional fixed annuities, the liability for annuity benefits accumulated represents the account value that has accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities, the liability for annuity benefits accumulated includes an embedded derivative that represents the estimated fair value of the index participation with the remaining component representing the discounted value of the guaranteed minimum contract benefits. 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. 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.
Revenue Recognition Guidance Effective in 2018	Revenue Recognition Guidance Effective in 2018 On January 1, 2018, GALIC adopted ASU 2014-09, which provides guidance on recognizing revenue when (or as) performance obligations under the contract are satisfied. The new guidance also updates the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires certain new disclosures. Because revenue recognition for insurance contracts and financial instruments (GALIC’s primary sources of revenue) were excluded from the scope of the new guidance, the adoption of ASU 2014-09 did not have a material impact on GALIC’s results of operations or financial position. Lease Accounting Guidance Effective in 2019 In February 2016, the FASB issued ASU 2016-02, which requires entities that lease assets for terms longer than one year to recognize assets and liabilities for the rights and obligations created by those leases on the balance sheet based on the present value of contractual cash flows. Qualitative and quantitative disclosures of the amount, timing and uncertainty of cash flows arising from leases will also be required. GALIC will adopt the updated guidance effective January 1, 2019. Management evaluated the impact of this guidance as of December 31, 2018 and does not expect it to have a material effect on the Company’s results of operations or financial position.

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment reporting information, by segment	The following tables (in millions) show GALIC’s assets, revenues and earnings before income taxes by segment. December 31, 2018 2017 2016 Assets Annuity $ 40,115 $ 37,392 $ 33,607 Run-off life 686 728 755 Total assets $ 40,801 $ 38,120 $ 34,362 Year ended December 31, 2018 2017 2016 Revenues Annuity: Net investment income $ 1,638 $ 1,458 $ 1,355 Other income 108 106 104 Total annuity 1,746 1,564 1,459 Run-off life 50 47 49 Total revenues before realized gains (losses) 1,796 1,611 1,508 Realized losses on securities (105 ) (13 ) (9 ) Total revenues $ 1,691 $ 1,598 $ 1,499 Earnings Before Income Taxes Annuity $ 363 $ 385 $ 371 Run-off life (2 ) 9 5 Total earnings before realized gains (losses) and income taxes 361 394 376 Realized gains (losses) on securities (105 ) (13 ) (9 ) Total earnings before income taxes $ 256 $ 381 $ 367

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 6 $ 25 $ 8 $ 39 States, municipalities and political subdivisions — 4,238 59 4,297 Foreign government — 13 — 13 Residential MBS — 1,787 161 1,948 Commercial MBS — 788 48 836 Asset-backed securities — 6,925 628 7,553 Corporate and other 14 17,713 1,719 19,446 Total AFS fixed maturities 20 31,489 2,623 34,132 Trading fixed maturities — 55 — 55 Equity securities 493 38 212 743 Equity index call options — 184 — 184 Variable annuity assets (separate accounts) (*) — 557 — 557 Other assets — derivatives — 16 — 16 Total assets accounted for at fair value $ 513 $ 32,339 $ 2,835 $ 35,687 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 2,720 $ 2,720 Other liabilities — derivatives — 49 — 49 Total liabilities accounted for at fair value $ — $ 49 $ 2,720 $ 2,769 December 31, 2017 Assets: Available for sale 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 — 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 Equity index call options — 701 — 701 Variable annuity assets (separate accounts) (*) — 644 — 644 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 (*) 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, 2018 , 2017 and 2016 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 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 Perpetual preferred stocks — 1 — $ — $ 1 $ — — 1 1 $ — $ 1 $ 1 Common stocks — — 2 — — — — — 2 — — —
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 Level 3 liabilities. See Note F — “ Derivatives .” Unobservable Input Range Adjustment for credit risk 0.6% – 2.1% over the risk free rate Risk margin for uncertainty in cash flows 0.73% reduction in the discount rate Surrenders 3% – 23% of indexed account value Partial surrenders 2% – 9% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.5% – 9.5% of indexed account value Budgeted option costs 2.6% – 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 2018 , 2017 and 2016 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $20 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” 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, 2017 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, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 72 — (3 ) — (2 ) — (8 ) 59 Residential MBS 99 (5 ) (4 ) — (18 ) 106 (17 ) 161 Commercial MBS 34 — — 14 — — — 48 Asset-backed securities 540 (2 ) (10 ) 316 (182 ) 71 (105 ) 628 Corporate and other 941 (9 ) (18 ) 986 (148 ) 26 (59 ) 1,719 Total AFS fixed maturities 1,694 (16 ) (35 ) 1,316 (350 ) 203 (189 ) 2,623 Equity securities 105 (4 ) — 106 (4 ) 20 (11 ) 212 Total Level 3 assets $ 1,799 $ (20 ) $ (35 ) $ 1,422 $ (354 ) $ 223 $ (200 ) $ 2,835 Embedded derivatives (*) $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) Total Level 3 liabilities $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $44 million in 2018 . 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 .
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2018 , 2017 and 2016 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs and $20 million of equity securities transferred into Level 3 in the first quarter of 2018 related to a small number of limited partnerships and similar investments carried at cost under the prior guidance that are carried at fair value through net earnings under new guidance adopted on January 1, 2018, as discussed in Note A — “ Accounting Policies — Investments .” 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, 2017 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, 2018 AFS fixed maturities: U.S. government agency $ 8 $ — $ — $ — $ — $ — $ — $ 8 State and municipal 72 — (3 ) — (2 ) — (8 ) 59 Residential MBS 99 (5 ) (4 ) — (18 ) 106 (17 ) 161 Commercial MBS 34 — — 14 — — — 48 Asset-backed securities 540 (2 ) (10 ) 316 (182 ) 71 (105 ) 628 Corporate and other 941 (9 ) (18 ) 986 (148 ) 26 (59 ) 1,719 Total AFS fixed maturities 1,694 (16 ) (35 ) 1,316 (350 ) 203 (189 ) 2,623 Equity securities 105 (4 ) — 106 (4 ) 20 (11 ) 212 Total Level 3 assets $ 1,799 $ (20 ) $ (35 ) $ 1,422 $ (354 ) $ 223 $ (200 ) $ 2,835 Embedded derivatives (*) $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) Total Level 3 liabilities $ (2,542 ) $ 204 $ — $ (545 ) $ 163 $ — $ — $ (2,720 ) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $44 million in 2018 . 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 .
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, 2018 Financial assets: Cash and cash equivalents $ 329 $ 329 $ 329 $ — $ — Mortgage loans 783 772 — — 772 Policy loans 174 174 — — 174 Total financial assets not accounted for at fair value $ 1,286 $ 1,275 $ 329 $ — $ 946 Financial liabilities: Annuity benefits accumulated (*) $ 36,384 $ 34,765 $ — $ — $ 34,765 Total financial liabilities not accounted for at fair value $ 36,384 $ 34,765 $ — $ — $ 34,765 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 (*) Excludes $232 million and $206 million of life contingent annuities in the payout phase at December 31, 2018 and 2017 , respectively.

Balance Sheet Impact of Net U_2

Balance Sheet Impact of Net Unrealized Gains on Securities (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 Fixed maturities $ 34,024 $ 108 $ 34,132 Deferred policy acquisition costs 1,423 (42 ) 1,381 Annuity benefits accumulated (36,602 ) (14 ) (36,616 ) Unearned revenue (included in other liabilities) (29 ) 1 (28 ) Net unrealized gain, pretax 53 Deferred tax on unrealized gain (11 ) Net unrealized gain, after tax (included in AOCI) $ 42 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 (*) As discussed in Note A — “ Accounting Policies — Investments ,” effective January 1, 2018, all equity securities other than those accounted for under the equity method are carried at fair value through net earnings.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities and equity securities	Available for sale fixed maturities at December 31 consisted of the following (in millions): 2018 2017 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 $ 41 $ 1 $ (3 ) $ (2 ) $ 39 $ 48 $ 1 $ (3 ) $ (2 ) $ 46 States, municipalities and political subdivisions 4,195 130 (28 ) 102 4,297 4,147 190 (12 ) 178 4,325 Foreign government 11 2 — 2 13 11 2 — 2 13 Residential MBS 1,749 203 (4 ) 199 1,948 2,040 259 (2 ) 257 2,297 Commercial MBS 822 16 (2 ) 14 836 835 33 — 33 868 Asset-backed securities 7,507 122 (76 ) 46 7,553 6,120 130 (13 ) 117 6,237 Corporate and other 19,699 158 (411 ) (253 ) 19,446 16,857 614 (34 ) 580 17,437 Total fixed maturities $ 34,024 $ 632 $ (524 ) $ 108 $ 34,132 $ 30,058 $ 1,229 $ (64 ) $ 1,165 $ 31,223
Equity securities reported at fair value	Equity securities reported at fair value consisted of the following at December 31, 2018 (in millions): Fair Value over (under) Actual Cost Fair Value Cost Common stocks $ 562 $ 518 $ (44 ) Perpetual preferred stocks 236 225 (11 ) Total equity securities carried at fair value $ 798 $ 743 $ (55 )
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, 2018 Fixed maturities: U.S. Government and government agencies $ — $ 1 100 % $ (3 ) $ 11 79 % States, municipalities and political subdivisions (12 ) 773 98 % (16 ) 471 97 % Residential MBS (3 ) 203 99 % (1 ) 32 97 % Commercial MBS (1 ) 117 99 % (1 ) 30 97 % Asset-backed securities (60 ) 4,038 99 % (16 ) 440 96 % Corporate and other (294 ) 9,616 97 % (117 ) 1,761 94 % Total fixed maturities $ (370 ) $ 14,748 98 % $ (154 ) $ 2,745 95 % 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 %
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): 2018 2017 2016 Balance at January 1 $ 99 $ 104 $ 110 Additional credit impairments on: Previously impaired securities — 1 1 Securities without prior impairments 1 2 — Reductions due to sales or redemptions (3 ) (8 ) (7 ) Balance at December 31 $ 97 $ 99 $ 104
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of available for sale fixed maturities (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. December 31, 2018 Amortized Fair Value Cost Amount % Maturity One year or less $ 868 $ 875 3 % After one year through five years 6,055 6,099 18 % After five years through ten years 13,246 13,057 38 % After ten years 3,777 3,764 11 % 23,946 23,795 70 % ABS (average life of approximately 5 years) 7,507 7,553 22 % MBS (average life of approximately 4.5 years) 2,571 2,784 8 % Total $ 34,024 $ 34,132 100 %
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred: 2018 2017 2016 Investment income: Fixed maturities $ 1,450 $ 1,342 $ 1,248 Equity securities: Dividends 30 21 24 Change in fair value (*) 13 — — Equity in earnings of partnerships and similar investments 96 37 22 Mortgage loans 45 46 47 Policy loans 10 11 11 Real estate and other 26 31 34 Gross investment income 1,670 1,488 1,386 Investment expenses (13 ) (10 ) (10 ) Net investment income $ 1,657 $ 1,478 $ 1,376 (*) As discussed in Note A — “ Accounting Policies — Investments ,” GALIC adopted guidance in January 2018 that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. Although the change in the fair value of the majority of GALIC’s equity securities is recorded in realized gains (losses) on securities, GALIC records holding gains and losses in net investment income on equity securities classified as “trading” under the previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting.
Real estate and other investments included on the Balance Sheet	Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity and equity security investments are summarized as follows (in millions): 2018 2017 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 5 $ (21 ) $ (16 ) $ (1,057 ) $ 15 $ (14 ) $ 1 $ 455 Equity securities (107 ) — (107 ) — 12 (27 ) (15 ) 66 Mortgage loans and other investments — — — — (8 ) (2 ) (10 ) — Other (*) 11 7 18 502 (3 ) 14 11 (219 ) Total pretax (91 ) (14 ) (105 ) (555 ) 16 (29 ) (13 ) 302 Tax effects: Reclassify impact of U.S. corporate tax rate change — — — — — — — 101 Other 19 3 22 117 (6 ) 10 4 (106 ) Total tax effects 19 3 22 117 (6 ) 10 4 (5 ) Net of tax $ (72 ) $ (11 ) $ (83 ) $ (438 ) $ 10 $ (19 ) $ (9 ) $ 297 2016 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 32 $ (25 ) $ 7 $ 127 Equity securities 17 (41 ) (24 ) 51 Mortgage loans and other investments — — — — Other (*) (7 ) 15 8 (52 ) Total pretax 42 (51 ) (9 ) 126 Tax effects (15 ) 18 3 (44 ) Net of tax $ 27 $ (33 ) $ (6 ) $ 82 (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.
Holding gains (losses) on equity securities still held	GALIC recorded net holding gains (losses) on equity securities during 2018 on securities that were still owned at December 31, 2018 as follows (in millions): 2018 Included in realized gains (losses) $ (110 ) Included in net investment income 13 $ (97 )
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 investment transactions consisted of the following (in millions): 2018 2017 2016 Fixed maturities: Gross gains $ 17 $ 37 $ 45 Gross losses (12 ) (19 ) (6 ) During 2017 and 2016, GALIC recorded gross gains of $23 million and $19 million and gross losses of $11 million and $2 million , respectively, on available for sale equity securities.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 December 31, 2017 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 84 $ — $ 80 $ — Public company warrants Equity securities — — 4 — Fixed-indexed and variable-indexed annuities (embedded derivative) Annuity benefits accumulated — 2,720 — 2,542 Equity index call options Equity index call options 184 — 701 — Equity index put options Other liabilities — 1 — — Reinsurance contract (embedded derivative) Other liabilities — 2 — 4 $ 268 $ 2,723 $ 785 $ 2,546
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives	The following table summarizes the gains (losses) included in GALIC’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting (in millions): Derivative Statement of Earnings Line 2018 2017 2016 MBS with embedded derivatives Realized losses on securities $ (4 ) $ (3 ) $ (7 ) Public company warrants Realized losses on securities (3 ) — — Fixed-indexed and variable-indexed annuities (embedded derivative) (*) Annuity benefits 204 (589 ) (211 ) Equity index call options Annuity benefits (298 ) 494 141 Equity index put options Annuity benefits (1 ) — — Reinsurance contract (embedded derivative) Net investment income 2 (2 ) (1 ) $ (100 ) $ (100 ) $ (78 ) (*) The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $44 million in 2018 , $25 million in 2017 and $17 million in 2016 .

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2018
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, 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 Additions 263 2 — 265 — 265 Amortization: Periodic amortization (237 ) (19 ) (7 ) (263 ) — (263 ) Annuity unlocking 29 — — 29 — 29 Included in realized gains 14 1 — 15 — 15 Change in unrealized — — — — 392 392 Balance at December 31, 2018 1,283 86 42 1,411 (30 ) 1,381 (*) Adjustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges.

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ (561 ) $ 118 $ (443 ) Reclassification adjustment for realized (gains) losses included in net earnings (a) 6 (1 ) 5 Total net unrealized gains (losses) on securities (b) $ 570 (555 ) 117 (438 ) $ (90 ) $ 42 Net unrealized gains (losses) on cash flow hedges (13 ) 2 — 2 — (11 ) Total $ 557 $ (553 ) $ 117 $ (436 ) $ (90 ) $ 31 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 (a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes (b) Includes net unrealized gains of $33 million , $42 million and $34 million at December 31, 2018 , 2017 and 2016 , respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings. (c) On January 1, 2018, GALIC adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $90 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change. Other also includes 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, 2018
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 ( 21% in 2018 and 35% in both 2017 and 2016 ) to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2018 2017 2016 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 256 $ 381 $ 367 Income taxes at statutory rate $ 54 21 % $ 133 35 % $ 128 35 % Effect of permanent items (7 ) (3 %) (4 ) (1 %) (1 ) — % Effect of change in U.S. corporate tax rate — — % (24 ) (6 %) — — % Provision for income taxes as shown in the statement of earnings $ 47 18 % $ 105 28 % $ 127 35 %
Components of income tax provision (credit)	The total income tax provision (credit) consists of (in millions): 2018 2017 2016 Current taxes: Federal $ 130 $ 183 $ 185 State 3 3 4 Deferred taxes: Federal (86 ) (57 ) (62 ) Impact of change in U.S. corporate tax rate — (24 ) — Provision for income taxes $ 47 $ 105 $ 127
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): 2018 2017 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 521 $ 3 $ 524 $ 447 $ 29 $ 476 Other, net 8 — 8 15 (3 ) 12 Total deferred tax assets 529 3 532 462 26 488 Deferred tax liabilities: Investment securities (23 ) (22 ) (45 ) (9 ) (269 ) (278 ) Deferred policy acquisition costs (248 ) 8 (240 ) (243 ) 91 (152 ) Insurance claims and reserves transition liability (79 ) — (79 ) (91 ) — (91 ) Total deferred tax liabilities (350 ) (14 ) (364 ) (343 ) (178 ) (521 ) Net deferred tax asset (liability) $ 179 $ (11 ) $ 168 $ 119 $ (152 ) $ (33 )

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 2018 2017 GALIC consolidated life insurance companies $ 802 $ 286 $ 167 $ 2,701 $ 2,132
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): 2018 2017 Expected death and annuitization $ 229 $ 228 Guaranteed withdrawal benefits 472 357 Accrued persistency and premium bonuses 1 3

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change		$ 3		$ 3
Impact of US Corporate Tax Rate Change on AOCI				0
Maturities of short term investments			3 months
Equity securities
Significant Accounting Policies [Line Items]
Available-for-sale Securities, Equity Securities	[1]	593		$ 593
Accounting Standards Update 2016-01 | Equity securities
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change					$ (90)
Tax Cuts and Jobs Act of 2017 | Accounting Standards Update 2018-02
Significant Accounting Policies [Line Items]
Impact of US Corporate Tax Rate Change on AOCI		$ 99
Equity securities still owned | Accounting Standards Update 2016-01 | Equity securities
Significant Accounting Policies [Line Items]
Net holding gains (losses) on equity securities			$ (97)
Limited partnerships and similar investments | Accounting Standards Update 2016-01
Significant Accounting Policies [Line Items]
Cumulative effect of accounting change					$ (3)
[1]	As discussed in Note A — “Accounting Policies — Investments,” effective January 1, 2018, all equity securities other than those accounted for under the equity method are carried at fair value through net earnings.

Segments of Operations - Narrat

Segments of Operations - Narrative (Details)	12 Months Ended
	Dec. 31, 2018segment
Segment Reporting [Abstract]
Number of segments	2

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total assets	$ 40,801	$ 38,120	$ 34,362
Annuity
Segment Reporting Information [Line Items]
Total assets	40,115	37,392	33,607
Run-off Life
Segment Reporting Information [Line Items]
Total assets	$ 686	$ 728	$ 755

Segments of Operations - Revenu

Segments of Operations - Revenues by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net investment income	$ 1,657	$ 1,478	$ 1,376
Other income	115	111	108
Revenues before realized gains	1,796	1,611	1,508
Realized losses on securities	(105)	(13)	(9)
Total revenues	1,691	1,598	1,499
Annuity
Segment Reporting Information [Line Items]
Net investment income	1,638	1,458	1,355
Other income	108	106	104
Revenues before realized gains	1,746	1,564	1,459
Run-off Life
Segment Reporting Information [Line Items]
Revenues before realized gains	$ 50	$ 47	$ 49

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 361	$ 394	$ 376
Realized losses on securities	(105)	(13)	(9)
Earnings before income taxes	256	381	367
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	363	385	371
Run-off Life
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ (2)	$ 9	$ 5

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)basispointprofessionalsecurity	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals | professional		25
Level 3 assets as a percentage of total assets measured at fair value		8.00%
Percentage of level 3 assets that were priced using non-binding broker quotes		71.00%
Level 3 assets that were priced using non-binding broker quotes		$ 2,000
Percent of Spreads Used in Third-Party Pricing Model		80.00%
Fair value of equity securities transferred into level 3		$ 223	$ 219	$ 109
Life contingent annuities		$ 232	206
Fixed-indexed annuities (embedded derivative), majority of future years | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination		7.00%
Fixed-indexed annuities (embedded derivative), majority of future years | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination		11.00%
Fixed-indexed and variable-indexed annuities (embedded derivative)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach		$ 2,720
Fixed-indexed and variable-indexed annuities (embedded derivative) | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination		3.00%
Fixed-indexed and variable-indexed annuities (embedded derivative) | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input surrenders used in Level 3 fair value determination		23.00%
Not designated as hedging instrument | Annuity benefits | Fixed-indexed and variable-indexed annuities (embedded derivative)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized/unrealized gains (losses) included in net income for the embedded derivatives related to the unlocking of actuarial assumptions		$ (44)	(25)	(17)
Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities transferred into level 3		203	219	100
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of equity securities transferred into level 3	$ 20	20	$ 0	$ 9
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internally Developed Level 3 Assets		794
Third party pricing model | Level 3 | Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internally Developed Level 3 Assets		$ 440
Securities Priced Using Third-Party Model | security		100
Debt Securities, Available-for-sale, Measurement Input | basispoint		584
Third party pricing model | Level 3 | Fixed maturities | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input | basispoint		131
Third party pricing model | Level 3 | Fixed maturities | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input | basispoint		2,966
Minimum | Third party pricing model | Level 3 | Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input | basispoint		400
Maximum | Third party pricing model | Level 3 | Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Measurement Input | basispoint		700

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, 2018	Dec. 31, 2017
Assets:
Fixed maturities, Available for sale, Fair Value		$ 34,132	$ 31,223
Fixed maturities, Trading, Fair Value		55	116
Equity securities, at fair value		743	593
Other assets — derivatives		184	701
Variable annuity assets (separate accounts)	[1]	557	644
Total assets accounted for at fair value		35,687	33,277
Liabilities:
Total liabilities accounted for at fair value		2,769	2,577
Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		2,720	2,542
Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		49	35
Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		34,132	31,223
Fixed maturities, Trading, Fair Value		55	116
U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		39	46
States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,297	4,325
Foreign government
Assets:
Fixed maturities, Available for sale, Fair Value		13	13
Residential MBS
Assets:
Fixed maturities, Available for sale, Fair Value		1,948	2,297
Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		836	868
Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		7,553	6,237
Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		19,446	17,437
Equity securities
Assets:
Equity securities, at fair value		743	593
Other assets — derivatives
Assets:
Other assets — derivatives		16	0
Level 1
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		513	474
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		20	24
Fixed maturities, Trading, Fair Value		0	0
Level 1 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		6	8
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		14	16
Level 1 | Equity securities
Assets:
Equity securities, at fair value		493	450
Level 1 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Level 2
Assets:
Variable annuity assets (separate accounts)	[1]	557	644
Total assets accounted for at fair value		32,339	31,004
Liabilities:
Total liabilities accounted for at fair value		49	35
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		49	35
Level 2 | Fixed maturities
Assets:
Fixed maturities, Available for sale, Fair Value		31,489	29,505
Fixed maturities, Trading, Fair Value		55	116
Level 2 | U.S. Government and government agencies
Assets:
Fixed maturities, Available for sale, Fair Value		25	30
Level 2 | States, municipalities and political subdivisions
Assets:
Fixed maturities, Available for sale, Fair Value		4,238	4,253
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		1,787	2,198
Level 2 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		788	834
Level 2 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		6,925	5,697
Level 2 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		17,713	16,480
Level 2 | Equity securities
Assets:
Equity securities, at fair value		38	38
Level 2 | Other assets — derivatives
Assets:
Other assets — derivatives		16	0
Level 3
Assets:
Variable annuity assets (separate accounts)	[1]	0	0
Total assets accounted for at fair value		2,835	1,799
Liabilities:
Total liabilities accounted for at fair value		2,720	2,542
Level 3 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities		2,720	2,542
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		2,623	1,694
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		59	72
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		161	99
Level 3 | Commercial MBS
Assets:
Fixed maturities, Available for sale, Fair Value		48	34
Level 3 | Asset-backed securities
Assets:
Fixed maturities, Available for sale, Fair Value		628	540
Level 3 | Corporate and other
Assets:
Fixed maturities, Available for sale, Fair Value		1,719	941
Level 3 | Equity securities
Assets:
Equity securities, at fair value		212	105
Level 3 | Other assets — derivatives
Assets:
Other assets — derivatives		0	0
Equity index call options | Other investments
Assets:
Other assets — derivatives		184	701
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		184	701
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, 2018USD ($)stock	Dec. 31, 2017USD ($)stock	Dec. 31, 2016USD ($)stock
Perpetual preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of stocks transferred from Level 2 to Level 1 | stock	0	1	0
Fair value of assets transferred from Level 2 to Level 1 | $	$ 0	$ 1	$ 0
Number of stocks transferred from Level 1 to Level 2 | stock	0	1	1
Fair value of assets transferred from Level 1 to Level 2 | $	$ 0	$ 1	$ 1
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	0	2
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	0	2
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, 2018
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.73%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	0.60%
Surrenders	3.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.50%
Budgeted option costs	2.60%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	2.10%
Surrenders	23.00%
Partial surrenders	9.00%
Annuitizations	1.00%
Deaths	9.50%
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	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,799	$ 1,799	$ 1,377	$ 1,263
Total realized/unrealized gains (losses) included in Net income		(20)	(20)	(19)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(35)	13	10
Purchases and issuances		1,422	774	245
Sales and settlements		(354)	(263)	(126)
Transfer into Level 3		223	219	109
Transfer out of Level 3		(200)	(301)	(105)
Financial assets, Ending Balance		2,835	1,799	1,377
Total fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,694	1,694	1,267	1,180
Total realized/unrealized gains (losses) included in Net income		(16)	(6)	(13)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(35)	6	(13)
Purchases and issuances		1,316	749	217
Sales and settlements		(350)	(253)	(111)
Transfer into Level 3		203	219	100
Transfer out of Level 3		(189)	(288)	(93)
Financial assets, Ending Balance		2,623	1,694	1,267
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	8	8	8	15
Total realized/unrealized gains (losses) included in Net income		0	0	(7)
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	8
States, municipalities and political subdivisions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	72	72	75	32
Total realized/unrealized gains (losses) included in Net income		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(3)	1	(3)
Purchases and issuances		0	0	47
Sales and settlements		(2)	(2)	(1)
Transfer into Level 3		0	0	0
Transfer out of Level 3		(8)	(2)	0
Financial assets, Ending Balance		59	72	75
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	99	99	148	184
Total realized/unrealized gains (losses) included in Net income		(5)	(3)	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(4)	1	(2)
Purchases and issuances		0	1	6
Sales and settlements		(18)	(26)	(26)
Transfer into Level 3		106	32	29
Transfer out of Level 3		(17)	(54)	(40)
Financial assets, Ending Balance		161	99	148
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	34	34	25	36
Total realized/unrealized gains (losses) included in Net income		0	2	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		14	13	0
Sales and settlements		0	(10)	(6)
Transfer into Level 3		0	4	0
Transfer out of Level 3		0	0	(4)
Financial assets, Ending Balance		48	34	25
Asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	540	540	359	333
Total realized/unrealized gains (losses) included in Net income		(2)	0	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(10)	1	1
Purchases and issuances		316	295	30
Sales and settlements		(182)	(95)	(20)
Transfer into Level 3		71	154	49
Transfer out of Level 3		(105)	(174)	(33)
Financial assets, Ending Balance		628	540	359
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	941	941	652	580
Total realized/unrealized gains (losses) included in Net income		(9)	(5)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(18)	3	(9)
Purchases and issuances		986	440	134
Sales and settlements		(148)	(120)	(58)
Transfer into Level 3		26	29	22
Transfer out of Level 3		(59)	(58)	(16)
Financial assets, Ending Balance		1,719	941	652
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	105	105	110	83
Total realized/unrealized gains (losses) included in Net income		(4)	(14)	(6)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	7	23
Purchases and issuances		106	25	28
Sales and settlements		(4)	(10)	(15)
Transfer into Level 3	$ 20	20	0	9
Transfer out of Level 3		(11)	(13)	(12)
Financial assets, Ending Balance		$ 212	$ 105	$ 110

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (2,542)		$ (1,759)		$ (1,369)
Total realized/unrealized gains (losses) included in Net income	204		(589)		(211)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(545)		(300)		(277)
Sales and settlements	163		106		98
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	(2,720)		(2,542)		(1,759)
Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(2,542)		(1,759)		(1,369)
Total realized/unrealized gains (losses) included in Net income	204	[1]	(589)	[2]	(211)	[3]
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0		0		0
Purchases and issuances	(545)		(300)		(277)
Sales and settlements	163		106		98
Transfers into Level 3	0		0		0
Transfers out of Level 3	0		0		0
Financial liabilities, Ending Balance	$ (2,720)		$ (2,542)		$ (1,759)
[1]	Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects losses related to the unlocking of actuarial assumptions of $44 million in 2018.
[2]	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.
[3]	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.

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Financial assets:
Mortgage loans		$ 783	$ 820
Policy loans		174	184
Level 1
Financial assets:
Cash and cash equivalents		329	611
Mortgage loans		0	0
Policy loans		0	0
Total financial assets not accounted for at fair value		329	611
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		772	814
Policy loans		174	184
Total financial assets not accounted for at fair value		946	998
Financial liabilities:
Annuity benefits accumulated	[1]	34,765	32,461
Total financial liabilities not accounted for at fair value		34,765	32,461
Carrying Value
Financial assets:
Cash and cash equivalents		329	611
Mortgage loans		783	820
Policy loans		174	184
Total financial assets not accounted for at fair value		1,286	1,615
Financial liabilities:
Annuity benefits accumulated	[1]	36,384	33,110
Total financial liabilities not accounted for at fair value		36,384	33,110
Fair Value
Financial assets:
Cash and cash equivalents		329	611
Mortgage loans		772	814
Policy loans		174	184
Total financial assets not accounted for at fair value		1,275	1,609
Financial liabilities:
Annuity benefits accumulated	[1]	34,765	32,461
Total financial liabilities not accounted for at fair value		$ 34,765	$ 32,461
[1]	Excludes $232 million and $206 million of life contingent annuities in the payout phase at December 31, 2018 and 2017, respectively.

Balance Sheet Impact of Net U_3

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, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, Available for sale, Amortized Cost		$ 34,024	$ 30,058
Fixed maturities, Available for sale, Fair Value		34,132	31,223
Deferred policy acquisition costs		1,381	943	$ 997	$ 954
Annuity benefits accumulated		(36,616)	(33,316)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax		53	722
Deferred tax on unrealized gain		(11)	(152)
Net unrealized gain, after tax (included in AOCI)		42	570
Fixed maturities
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, Available for sale, Amortized Cost		34,024	30,058
Fixed maturities, Available for sale, Fair Value		34,132	31,223
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax		108	1,165
Equity securities
Debt Securities, Available-for-sale [Abstract]
Available-for-sale Securities, Equity Securities	[1]		593
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	[1]		114
Deferred policy acquisition costs
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs		1,381	943
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax		(42)	(433)
Annuity benefits accumulated
Debt Securities, Available-for-sale [Abstract]
Annuity benefits accumulated		(36,616)	(33,316)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax		(14)	(137)
Unearned revenue (included in other liabilities)
Debt Securities, Available-for-sale [Abstract]
Unearned revenue (included in other liabilities)		(28)	(20)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax		1	13
Excluding Unrealized Gains
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs		1,411	1,365	$ 1,262	$ 1,188
Excluding Unrealized Gains | Fixed maturities
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, Available for sale, Amortized Cost		34,024	30,058
Excluding Unrealized Gains | Equity securities
Debt Securities, Available-for-sale [Abstract]
Equity securities, Available for sale, Amortized Cost	[1]		479
Excluding Unrealized Gains | Deferred policy acquisition costs
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs		1,423	1,376
Excluding Unrealized Gains | Annuity benefits accumulated
Debt Securities, Available-for-sale [Abstract]
Annuity benefits accumulated		(36,602)	(33,179)
Excluding Unrealized Gains | Unearned revenue (included in other liabilities)
Debt Securities, Available-for-sale [Abstract]
Unearned revenue (included in other liabilities)		$ (29)	$ (33)
[1]	As discussed in Note A — “Accounting Policies — Investments,” effective January 1, 2018, all equity securities other than those accounted for under the equity method are carried at fair value through net earnings.

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)security	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
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	91.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	96.00%
Other than temporary impairment charges	$ 14	$ 29	$ 51
Investment management charges	$ 7	5	5
Average life of ABS	5 years
Average life of MBS	4 years 6 months
Residential MBS
Investment [Line Items]
Non-credit related portion of other-than-temporary impairment charges taken for securities still owned	$ 112	127
Fixed maturities, Gross Unrealized, Losses	(4)	(2)
Other than temporary impairment charges	5
Fixed maturities - all other
Investment [Line Items]
Other than temporary impairment charges	16
Fixed maturities excluding residential mortgage backed securities
Investment [Line Items]
Other than temporary impairment charges		13	24
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	89	103
Gross Unrealized, Losses	(5)	(4)
Fixed maturities
Investment [Line Items]
Fixed maturities, Gross Unrealized, Losses	$ (524)	(64)
Number of available for sale securities in an unrealized loss position | security	1,758
Other than temporary impairment charges	$ 21	14	25
Available-for-sale Securities, Gross Realized Gains	17	37	45
Available-for-sale Securities, Gross Realized Losses	12	19	6
Equity securities
Investment [Line Items]
Other than temporary impairment charges	0	27	41
Available-for-sale Securities, Gross Realized Gains		23	19
Available-for-sale Securities, Gross Realized Losses		11	2
Available-for-sale securities | Equity securities
Investment [Line Items]
Other than temporary impairment charges		$ 27	$ 41
Aircraft financing | Fixed maturities excluding residential mortgage backed securities
Investment [Line Items]
Other than temporary impairment charges	$ 11

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	$ 34,024	$ 30,058
Fixed maturities, Available for sale, Fair Value	34,132	31,223
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	34,024	30,058
Fixed maturities, Available for sale, Gross Unrealized, Gains	632	1,229
Fixed maturities, Available for sale, Gross Unrealized, Losses	(524)	(64)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	108	1,165
Fixed maturities, Available for sale, Fair Value	34,132	31,223
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	41	48
Fixed maturities, Available for sale, Gross Unrealized, Gains	1	1
Fixed maturities, Available for sale, Gross Unrealized, Losses	(3)	(3)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	(2)	(2)
Fixed maturities, Available for sale, Fair Value	39	46
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	4,195	4,147
Fixed maturities, Available for sale, Gross Unrealized, Gains	130	190
Fixed maturities, Available for sale, Gross Unrealized, Losses	(28)	(12)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	102	178
Fixed maturities, Available for sale, Fair Value	4,297	4,325
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	11	11
Fixed maturities, Available for sale, Gross Unrealized, Gains	2	2
Fixed maturities, Available for sale, Gross Unrealized, Losses	0	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	2	2
Fixed maturities, Available for sale, Fair Value	13	13
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	1,749	2,040
Fixed maturities, Available for sale, Gross Unrealized, Gains	203	259
Fixed maturities, Available for sale, Gross Unrealized, Losses	(4)	(2)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	199	257
Fixed maturities, Available for sale, Fair Value	1,948	2,297
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	822	835
Fixed maturities, Available for sale, Gross Unrealized, Gains	16	33
Fixed maturities, Available for sale, Gross Unrealized, Losses	(2)	0
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	14	33
Fixed maturities, Available for sale, Fair Value	836	868
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	7,507	6,120
Fixed maturities, Available for sale, Gross Unrealized, Gains	122	130
Fixed maturities, Available for sale, Gross Unrealized, Losses	(76)	(13)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	46	117
Fixed maturities, Available for sale, Fair Value	7,553	6,237
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, Available for sale, Amortized Cost	19,699	16,857
Fixed maturities, Available for sale, Gross Unrealized, Gains	158	614
Fixed maturities, Available for sale, Gross Unrealized, Losses	(411)	(34)
Fixed maturities, Available for sale, Net Unrealized, Gains (Losses)	(253)	580
Fixed maturities, Available for sale, Fair Value	$ 19,446	$ 17,437

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at fair value	$ 743	$ 593
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	798
Equity securities, at fair value	743
Equity securities, fair value in excess of cost	(55)
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	562
Equity securities, at fair value	518
Equity securities, fair value in excess of cost	(44)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	236
Equity securities, at fair value	225
Equity securities, fair value in excess of cost	$ (11)

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, 2018	Dec. 31, 2017
Total fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (370)	$ (28)
Fair Value - Less than twelve months	$ 14,748	$ 3,115
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (154)	$ (36)
Fair Value - Twelve months or more	$ 2,745	$ 1,057
Fair Value as % of Cost - Twelve months or more	95.00%	97.00%
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	$ 1	$ 4
Fair Value as % of Cost - Less than twelve months	100.00%	100.00%
Unrealized Loss - Twelve months or more	$ (3)	$ (3)
Fair Value - Twelve months or more	$ 11	$ 10
Fair Value as % of Cost - Twelve months or more	79.00%	77.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (12)	$ (4)
Fair Value - Less than twelve months	$ 773	$ 396
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (16)	$ (8)
Fair Value - Twelve months or more	$ 471	$ 273
Fair Value as % of Cost - Twelve months or more	97.00%	97.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (3)	$ 0
Fair Value - Less than twelve months	$ 203	$ 29
Fair Value as % of Cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (2)
Fair Value - Twelve months or more	$ 32	$ 33
Fair Value as % of Cost - Twelve months or more	97.00%	94.00%
Commercial MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (1)	$ 0
Fair Value - Less than twelve months	$ 117	$ 65
Fair Value as % of Cost - Less than twelve months	99.00%	100.00%
Unrealized Loss - Twelve months or more	$ (1)	$ 0
Fair Value - Twelve months or more	$ 30	$ 0
Fair Value as % of Cost - Twelve months or more	97.00%	0.00%
Asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (60)	$ (6)
Fair Value - Less than twelve months	$ 4,038	$ 876
Fair Value as % of Cost - Less than twelve months	99.00%	99.00%
Unrealized Loss - Twelve months or more	$ (16)	$ (7)
Fair Value - Twelve months or more	$ 440	$ 217
Fair Value as % of Cost - Twelve months or more	96.00%	97.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (294)	$ (18)
Fair Value - Less than twelve months	$ 9,616	$ 1,745
Fair Value as % of Cost - Less than twelve months	97.00%	99.00%
Unrealized Loss - Twelve months or more	$ (117)	$ (16)
Fair Value - Twelve months or more	$ 1,761	$ 524
Fair Value as % of Cost - Twelve months or more	94.00%	97.00%
Total equity securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months		$ (10)
Fair Value - Less than twelve months		$ 111
Fair Value as % of Cost - Less than twelve months		92.00%
Unrealized Loss - Twelve months or more		$ 0
Fair Value - Twelve months or more		$ 10
Fair Value as % of Cost - Twelve months or more		100.00%
Common stocks
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months		$ (10)
Fair Value - Less than twelve months		$ 58
Fair Value as % of Cost - Less than twelve months		85.00%
Unrealized Loss - Twelve months or more		$ 0
Fair Value - Twelve months or more		$ 0
Fair Value as % of Cost - Twelve months or more		0.00%
Perpetual preferred stocks
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months		$ 0
Fair Value - Less than twelve months		$ 53
Fair Value as % of Cost - Less than twelve months		100.00%
Unrealized Loss - Twelve months or more		$ 0
Fair Value - Twelve months or more		$ 10
Fair Value as % of Cost - Twelve months or more		100.00%

Investments - Credit portion of

Investments - Credit portion of other-than-temporary impairments on fixed maturities for which the non-credit portion of an impairment has been recognized in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance at January 1	$ 99	$ 104	$ 110
Additional credit impairments on:
Previously impaired securities	0	1	1
Securities without prior impairments	1	2	0
Reductions due to sales or redemptions	(3)	(8)	(7)
Balance at December 31	$ 97	$ 99	$ 104

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - Fixed maturities $ in Millions	Dec. 31, 2018USD ($)
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 868
After one year through five years	6,055
After five years through ten years	13,246
After ten years	3,777
Fixed maturities amortized cost, Subtotal	23,946
ABS (average life of approximately 5 years)	7,507
MBS (average life of approximately 4.5 years)	2,571
Amortized Cost	34,024
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	875
After one year through five years	6,099
After five years through ten years	13,057
After ten years	3,764
Fixed maturities fair value, Subtotal	23,795
ABS (average life of approximately 5 years)	7,553
MBS (average life of approximately 4.5 years)	2,784
Fair Value	$ 34,132
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	3.00%
After one year through five years	18.00%
After five years through ten years	38.00%
After ten years	11.00%
Fixed maturities fair value, Subtotal, Percent	70.00%
ABS (average life of approximately 5 years)	22.00%
MBS (average life of approximately 4.5 years)	8.00%
Fair value, Total, Percent	100.00%

Investments - Investment income

Investments - Investment income earned and investment expenses incurred (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Investment Income [Line Items]
Gross investment income		$ 1,670	$ 1,488	$ 1,386
Investment expenses		(13)	(10)	(10)
Net investment income		1,657	1,478	1,376
Fixed maturities
Net Investment Income [Line Items]
Gross investment income		1,450	1,342	1,248
Equity securities
Net Investment Income [Line Items]
Gross investment income		30	21	24
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Gross investment income		96	37	22
Mortgage loans
Net Investment Income [Line Items]
Gross investment income		45	46	47
Policy loans
Net Investment Income [Line Items]
Gross investment income		10	11	11
Real estate and other
Net Investment Income [Line Items]
Gross investment income		26	31	34
Accounting Standards Update 2016-01 | Equity securities
Net Investment Income [Line Items]
Gross investment income	[1]	$ 13	$ 0	$ 0
[1]	As discussed in Note A — “Accounting Policies — Investments,” GALIC adopted guidance in January 2018 that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. Although the change in the fair value of the majority of GALIC’s equity securities is recorded in realized gains (losses) on securities, GALIC records holding gains and losses in net investment income on equity securities classified as “trading” under the previous guidance and on a small portfolio of limited partnership and similar investments that do not qualify for the equity method of accounting.

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		$ (91)	$ 16	$ 42
Realized - impairments		(14)	(29)	(51)
Realized losses on securities		(105)	(13)	(9)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(72)	10	27
Realized - impairments		(11)	(19)	(33)
Realized losses on securities		(83)	(9)	(6)
Change in Unrealized		(438)	297	82
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(91)	16	42
Realized - impairments		(14)	(29)	(51)
Realized losses on securities		(105)	(13)	(9)
Change in Unrealized		(555)	302	126
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		5	15	32
Realized - impairments		(21)	(14)	(25)
Realized losses on securities		(16)	1	7
Change in Unrealized		(1,057)	455	127
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		(107)	12	17
Realized - impairments		0	(27)	(41)
Realized losses on securities		(107)	(15)	(24)
Change in Unrealized		0	66	51
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		0	(8)	0
Realized - impairments		0	(2)	0
Realized losses on securities		0	(10)	0
Change in Unrealized		0	0	0
Other, Including DPAC and reserves on annuity and long-term care
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	[1]	11	(3)	(7)
Realized - impairments	[1]	7	14	15
Realized losses on securities	[1]	18	11	8
Change in Unrealized	[1]	502	(219)	(52)
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		19	(6)	(15)
Realized - impairments		3	10	(18)
Realized losses on securities		22	4	3
Change in Unrealized		117	(5)	$ (44)
Effects of Tax Cuts And Jobs Act Of 2017
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		0	0
Realized - impairments		0	0
Realized losses on securities		0	0
Change in Unrealized		0	101
Other tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments		19	(6)
Realized - impairments		3	10
Realized losses on securities		22	4
Change in Unrealized		$ 117	$ (106)
[1]	Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business.

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	$ (105)	$ (13)	$ (9)
Included in net investment income	1,670	1,488	1,386
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	(107)	$ (15)	$ (24)
Accounting Standards Update 2016-01 | Equity securities | Equity securities still owned
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Net holding gains (losses) on equity securities	(97)
Accounting Standards Update 2016-01 | Realized gains (losses) on securities | Equity securities | Equity securities still owned
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	(110)
Accounting Standards Update 2016-01 | Investment income | Equity securities | Equity securities still owned
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Included in net investment income	$ 13

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 17	$ 37	$ 45
Gross losses	$ (12)	$ (19)	$ (6)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	12 Months Ended
	Dec. 31, 2018USD ($)swap	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options	$ 103,000,000	$ 389,000,000
Not designated as hedging instrument | Annuity benefits | Fixed-indexed and variable-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	$ (44,000,000)	(25,000,000)	$ (17,000,000)
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Number of interest rate swaps designated and qualifying as a cash flow hedges | swap	16
Notional amount of derivative instrument outstanding	$ 2,350,000,000	1,580,000,000
Number of interest rate swaps entered into during the period | swap	6
Gain (loss) reclassified from AOCI into net investment income	$ (3,000,000)	6,000,000	7,000,000
Gain (loss) on cash flow hedge ineffectiveness recorded in Net Earnings	0	0	$ 0
Collateral receivable supporting interest rate swaps	135,000,000	70,000,000
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	911,000,000
Other assets — derivatives | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value	16,000,000
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	$ (46,000,000)	$ (31,000,000)

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, 2018	Dec. 31, 2017
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 268	$ 785
Derivative liability, at fair value	2,723	2,546
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	84	80
Public company warrants | Equity securities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	0	4
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits accumulated
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	2,720	2,542
Equity index call options | Equity index call options
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	184	701
Equity index put options | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	1	0
Reinsurance contract (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 2	$ 4

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		$ (100)	$ (100)	$ (78)
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		(4)	(3)	(7)
Public company warrants | Realized losses on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(3)	0	0
Fixed-indexed and variable-indexed annuities (embedded derivative) | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	[1]	204	(589)	(211)
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(298)	494	141
Equity index put options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(1)	0	0
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	$ (2)	$ (1)
[1]	The change in fair value of the embedded derivative includes losses related to unlocking of actuarial assumptions of $44 million in 2018, $25 million in 2017 and $17 million in 2016.

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 148	$ 141
Approximate annual rate of decrease in present value of future profits during next five years	12.50%

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance		$ 1,214	$ 1,106	$ 1,014
Deferred policy acquisition costs, additions		263	225	229
Deferred policy acquisition costs, periodic amortization		(237)	(160)	(168)
Deferred policy acquisition costs, annuity unlocking		29	34	25
Deferred policy acquisition costs, change included in realized gains		14	9	6
Deferred policy acquisition costs, ending balance		1,283	1,214	1,106
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance		102	110	119
Deferred sales inducements, additions		2	4	9
Deferred sales inducements, periodic amortization		(19)	(19)	(24)
Deferred sales inducements, annuity unlocking		0	6	4
Deferred sales inducements, change included in realized gains		1	1	2
Deferred sales inducements, ending balance		86	102	110
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance		49	46	55
Present value of future profits, periodic amortization		(7)	(8)	(9)
Present value of future profits, annuity unlocking		0	1	0
Present value of future profits, other			10
Present value of future profits, ending balance		42	49	46
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]	(422)	(265)	(234)
Unrealized investment gains (losses), change in unrealized	[1]	392	(157)	(31)
Unrealized investment gains (losses), ending balance	[1]	(30)	(422)	(265)
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		943	997	954
Deferred policy acquisition costs and present value of future profits, additions		265	229	238
Deferred policy acquisition costs and present value of future profits, periodic amortization		(263)	(187)	(201)
Deferred policy acquisition costs and present value of future profits, annuity unlocking		29	41	29
Deferred policy acquisition costs and present value of future profits, change included in realized gains		15	10	8
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		392	(157)	(31)
Deferred policy acquisition costs and present value of future profits, ending balance		1,381	943	997
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		1,365	1,262	1,188
Deferred policy acquisition costs and present value of future profits, ending balance		$ 1,411	$ 1,365	$ 1,262
[1]	djustments to DPAC related to net unrealized gains/losses on securities and cash flow hedges.

Shareholder's Equity - Narrativ

Shareholder's Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
Components of accumulated other comprehensive income
Cash capital contributions from parent	$ 0	$ 0	$ 15
Non-cash capital contributions from parent	17	14	30
Net of tax unrealized gains (losses) related to credit-only impaired securities	$ 33	42	$ 34
Cumulative effect of accounting change		3
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
Equity securities | Accounting Standards Update 2016-01
Components of accumulated other comprehensive income
Cumulative effect of accounting change				$ (90)

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, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2018
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		$ 557
Other comprehensive income (loss), net of tax		(436)	$ 192	$ 74
Cumulative effect of accounting change			3
AOCI ending balance		31	557
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		(561)	299	117
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax		118	(105)	(41)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax		(443)	194	76
Reclassification from accumulated other comprehensive income, pretax	[1]	6	3	9
Reclassification from accumulated other comprehensive income, tax	[1]	(1)	(1)	(3)
Reclassification from accumulated other comprehensive income, net of tax		5	2	6
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		(555)	302	126
Other comprehensive income (loss), tax		117	(106)	(44)
Other comprehensive income (loss), net of tax		(438)	196	82
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	[2]	570	273	191
Cumulative effect of accounting change	[3]				$ (90)
Impact of the U.S. corporate tax rate change on AOCI	[3]		101	0
AOCI ending balance	[2]	42	570	273
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		2	(6)	(12)
Other comprehensive income (loss), tax		0	2	4
Other comprehensive income (loss), net of tax		2	(4)	(8)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		(13)	(7)	1
Cumulative effect of accounting change	[3]				0
Impact of the U.S. corporate tax rate change on AOCI	[3]		(2)	0
AOCI ending balance		(11)	(13)	(7)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax		(553)	296	114
Other comprehensive income (loss), tax		117	(104)	(40)
Other comprehensive income (loss), net of tax		(436)	192	74
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance		557	266	192
Other comprehensive income (loss), net of tax		(436)	192	74
Cumulative effect of accounting change			(90)		$ (90)	[3]
Impact of the U.S. corporate tax rate change on AOCI	[3]		99	0
AOCI ending balance		$ 31	$ 557	$ 266
[1]	The reclassification adjustment out of net unrealized gains on securities affected the following lines in GALIC’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax Realized gains (losses) on securities Tax Provision for income taxes
[2]	Includes net unrealized gains of $33 million, $42 million and $34 million at December 31, 2018, 2017 and 2016, respectively, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.
[3]	On January 1, 2018, GALIC adopted new guidance that requires all equity securities other than those accounted for under the equity method to be reported at fair value with holding gains and losses recognized in net earnings. At the date of adoption, the $90 million net unrealized gain on equity securities classified as available for sale (with unrealized holding gains and losses reported in AOCI) under the prior guidance was reclassified from AOCI to retained earnings as the cumulative effect of an accounting change. Other also includes 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, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes		21.00%	35.00%	35.00%
Decrease in net deferred tax liability resulting from the changes in the Tax Cuts and Jobs Act of 2017		$ 0	$ 24,000,000	$ 0
Cash payments for income taxes		$ 106,000,000	217,000,000	$ 236,000,000
Tax Cuts and Jobs Act, Accounting Complete		true
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
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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 256	$ 381	$ 367
Income taxes at statutory rate	54	133	128
Effect of permanent items	(7)	(4)	(1)
Effect of change in U.S. corporate tax rate	0	(24)	0
Provision for income taxes as shown in the statement of earnings	$ 47	$ 105	$ 127
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	35.00%	35.00%
Effect of permanent items as a percentage of EBT	(3.00%)	(1.00%)	0.00%
Effect of change in U.S. corporate tax rate as a percentage of EBT	0.00%	(6.00%)	0.00%
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	18.00%	28.00%	35.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current taxes:
Federal	$ 130	$ 183	$ 185
State	3	3	4
Deferred taxes:
Federal	(86)	(57)	(62)
Impact of change in U.S. corporate tax rate	0	(24)	0
Provision for income taxes as shown in the statement of earnings	$ 47	$ 105	$ 127

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Insurance claims and reserves	$ 524	$ 476
Other, net	8	12
Total deferred tax assets	532	488
Deferred tax liabilities:
Investment securities	(45)	(278)
Deferred policy acquisition costs	(240)	(152)
Insurance claims and reserves transition liability	(79)	(91)
Total deferred tax liabilities	(364)	(521)
Net deferred tax asset (liability)	168
Net deferred tax asset (liability)	0	(33)
Excluding Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	521	447
Other, net	8	15
Total deferred tax assets	529	462
Deferred tax liabilities:
Investment securities	(23)	(9)
Deferred policy acquisition costs	(248)	(243)
Insurance claims and reserves transition liability	(79)	(91)
Total deferred tax liabilities	(350)	(343)
Net deferred tax asset (liability)	179	119
Impact of Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	3	29
Other, net	0	(3)
Total deferred tax assets	3	26
Deferred tax liabilities:
Investment securities	(22)	(269)
Deferred policy acquisition costs	8	91
Insurance claims and reserves transition liability	0	0
Total deferred tax liabilities	(14)	(178)
Net deferred tax asset (liability)	$ (11)	$ (152)

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	47	47
Advances from Federal Home Loan Bank	1,100	1,100
Advances from Federal Home Loan Bank	225	$ 225	$ 0	$ 150
Description of variable rate basis		LIBOR
Repayments of advances from Federal Home Loan Bank due in next twelve months	445	$ 445
Repayments of advances from Federal Home Loan Bank due in year two	40	40
Repayments of advances from Federal Home Loan Bank due in year four	611	611
Fair value of mortgage-backed securities held as collateral by the Federal Home Loan Bank	1,280	1,280
Interest on advances from Federal Home Loan Bank		20	14	8
Dividends		$ (60)	(225)	(140)
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	768	$ 768
Maximum amount of dividends available to be received by parent from insurance subsidiaries without prior approval of regulatory authorities	36	36
Aggregate guaranteed minimum death benefit value on variable annuity polices in force	35	$ 35	15
Statutory Dividend Payment Restrictions Disclosure		The maximum amount of dividends that can be paid to shareholders in 2019 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.
Minimum | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.15%
Maximum | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		0.24%
Average | LIBOR
Insurance [Line Items]
FHLB advances, basis spread on variable rate		2.68%
Life insurance
Insurance [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	2,701	$ 2,701	2,132
Life insurance in force, ceded premiums	7,690	7,690	8,320
Life insurance in force, direct premiums	10,820	10,820	12,050
Life written premiums ceded		22	28	31
Reinsurance recoveries		41	38	44
Variable annuities | Maximum
Insurance [Line Items]
Death benefits paid in excess of the variable annuity account balances (are less than in 2016, 2017 and 2018)		1	1	1
Federal Home Loan Banks, advances, refinanced terms
Insurance [Line Items]
Advances from Federal Home Loan Bank	40	40	831
Retained Earnings
Insurance [Line Items]
Dividends		(60)	$ (225)	$ (140)
Great American Life Insurance Company | Life insurance
Insurance [Line Items]
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 510	$ 510

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Statutory information
Net Earnings	$ 802	$ 286	$ 167
Capital and Surplus	$ 2,701	$ 2,132

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, 2018	Dec. 31, 2017
Insurance [Abstract]
Expected death and annuitization	$ 229	$ 228
Guaranteed withdrawal benefits	472	357
Accrued persistency and premium bonuses	$ 1	$ 3

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Additional Information [Abstract]
General and administrative costs paid to parent	$ 43	$ 40	$ 32
Total rental expense	4	4	4
Commitments to fund limited partnerships	634
Retirement and employee savings plan expense	$ 2	$ 2	$ 2

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 1,381	$ 943	$ 997
Reserves for future policy benefits and claims	37,251	33,974	30,598
Net earned premiums	24	22	24
Net investment income	1,657	1,478	1,376
Benefits, claims, losses and settlement expenses	1,035	915	829
Amortization of deferred policy acquisition costs	215	133	152
Other operating expenses	185	169	151
Annuity
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	1,358	917	977
Reserves for future policy benefits and claims	36,616	33,316	29,907
Net investment income	1,638	1,458	1,355
Benefits, claims, losses and settlement expenses	998	892	800
Amortization of deferred policy acquisition costs	211	129	147
Other operating expenses	174	158	141
Run-off Life
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	23	26	20
Reserves for future policy benefits and claims	635	658	691
Net earned premiums	24	22	24
Net investment income	19	20	21
Benefits, claims, losses and settlement expenses	37	23	29
Amortization of deferred policy acquisition costs	4	4	5
Other operating expenses	$ 11	$ 11	$ 10