Great American Life Insurance S-1/A 26 Apr 21 IPO registration (amended) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020
Document and Entity Information [Abstract]
Document Type	S-1/A
Amendment Flag	false
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, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 1,151	$ 734
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $31,598 and $36,144; allowance for expected credit losses of $28 at December 31, 2020)	34,123	37,899
Fixed maturities, trading at fair value	42	54
Equity securities, at fair value	773	809
Investments accounted for using the equity method	1,075	985
Mortgage loans	1,251	1,072
Policy loans	151	164
Real estate and other investments	341	311
Total cash and investments	38,907	42,028
Deferred policy acquisition costs (including the impact of unrealized gains on securities of $934 and $681)	302	713
Accrued investment income	278	335
Equity index call options	825	924
Variable annuity assets (separate accounts)	664	628
Funds held as collateral	351	577
Net deferred tax assets	0	44
Other assets	438	362
Total assets	48,571	45,893
Liabilities and Equity:
Annuity benefits accumulated (including the impact of unrealized gains on securities of $324 and $220)	42,573	40,406
Life, accident and health reserves	610	612
Variable annuity liabilities (separate accounts)	664	628
Liability for funds held as collateral	351	577
Net deferred tax liabilities	99	0
Other liabilities	279	189
Total liabilities	44,576	42,412
Shareholder’s equity:
Common stock and capital surplus — Par value — $7.50 per share: — 1,200,000 shares authorized — 201,000 shares issued and outstanding	1,004	992
Retained earnings	1,874	1,741
Accumulated other comprehensive income, net of tax	1,070	700
Total shareholder’s equity	3,948	3,433
Noncontrolling interests	47	48
Total equity	3,995	3,481
Total liabilities and equity	48,571	45,893
Annuity
Investments:
Recoverables from reinsurers	6,539	0
Total assets	47,886	45,217
Other Lines
Investments:
Recoverables from reinsurers	$ 267	$ 282

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fixed maturities, available for sale at amortized cost	$ 31,598	$ 36,144
Fixed maturities, available for sale, allowance for expected credit losses	28	0
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ 1,303	$ 865
Common Stock, par value (USD per share)	$ 7.50	$ 7.50
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	$ (934)	$ (681)
Annuity benefits accumulated
Unrealized gains (losses) included in Balance Sheet line items related to the impact of unrealized gains on securities	$ (324)	$ (220)

Consolidated Statement of Earni

Consolidated Statement of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Net investment income	$ 1,717	$ 1,813	$ 1,657
Realized gains (losses) on securities	365	132	(105)
Life, accident and health net earned premiums	22	22	24
Policy charges and other income	104	114	115
Total revenues	2,208	2,081	1,691
Costs and Expenses:
Annuity benefits	1,192	1,151	998
Life, accident and health benefits	40	36	37
Insurance acquisition expenses, net	306	253	260
Other expenses	141	144	140
Total costs and expenses	1,679	1,584	1,435
Earnings before income taxes	529	497	256
Provision for income taxes	107	102	47
Net earnings, including noncontrolling interests	422	395	209
Less: Net earnings attributable to noncontrolling interests	(1)	2	2
Net Earnings Attributable to Shareholder	$ 423	$ 393	$ 207

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net earnings, including noncontrolling interests	$ 422	$ 395	$ 209
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	659	654	(443)
Reclassification adjustment for realized (gains) losses included in net earnings	(313)	(13)	5
Total net unrealized gains (losses) on securities	346	641	(438)
Net unrealized gains on cash flow hedges	24	28	2
Other comprehensive income (loss), net of tax	370	669	(436)
Total comprehensive income (loss), net of tax	792	1,064	(227)
Less: Comprehensive income (loss) attributable to noncontrolling interests	(1)	2	2
Comprehensive income (loss) attributable to shareholder	$ 793	$ 1,062	$ (229)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Total	TotalCumulative Effect, Period of Adoption, Adjustment	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Inc. (Loss)	Accumulated Other Comprehensive Inc. (Loss)Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Beginning Balance, shares at Dec. 31, 2017					201,000
Beginning Balance at Dec. 31, 2017	$ 2,808	$ 3	$ 2,761	$ 3		$ 956	$ 1,248	$ 93	$ 557	$ (90)	$ 47
Increase (Decrease) in Stockholder's Equity [Roll Forward]
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)		0			0	0		0		(2)
Ending Balance, shares at Dec. 31, 2018					201,000
Ending Balance at Dec. 31, 2018	2,539		2,492			973	1,488		31		47
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	395		393				393				2
Other comprehensive income (loss)	669		669						669		0
Capital contributions from parent	19		19			19
Dividends	(140)		(140)				(140)
Other	$ (1)										(1)
Ending Balance, shares at Dec. 31, 2019	201,000				201,000
Ending Balance at Dec. 31, 2019	$ 3,481		3,433			992	1,741	$ (5)	700		48
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Net earnings	422		423				423				(1)
Other comprehensive income (loss)	370		370						370		0
Capital contributions from parent	12		12			12
Dividends	(285)		(285)				(285)
Other	$ 0										0
Ending Balance, shares at Dec. 31, 2020	201,000				201,000
Ending Balance at Dec. 31, 2020	$ 3,995		$ 3,948			$ 1,004	$ 1,874		$ 1,070		$ 47

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net earnings, including noncontrolling interests	$ 422	$ 395	$ 209
Adjustments:
Depreciation and amortization	(68)	(59)	(67)
Annuity benefits	1,192	1,151	998
Realized (gains) losses on investing activities	(363)	(132)	105
Net sales of trading securities	12	3	59
Deferred annuity and life policy acquisition costs	(155)	(206)	(263)
Amortization of insurance acquisition costs	250	202	215
Change in:
Recoverables from reinsurers	(67)	16	14
Accrued investment income	57	(9)	(35)
Funds held as collateral	226	(474)	286
Other assets	(64)	112	(71)
Life, accident and health reserves	(4)	(23)	(23)
Liability for funds held as collateral	(226)	474	(286)
Other liabilities	51	(42)	11
Other operating activities, net	58	(74)	(84)
Net cash provided by operating activities	1,321	1,334	1,068
Investing Activities:
Purchases of fixed maturities	(7,615)	(6,177)	(7,898)
Purchases of equity securities	(229)	(126)	(326)
Purchases of mortgage loans	(243)	(407)	(142)
Purchases of equity options — indexed annuities	(544)	(600)	(567)
Purchases of other investments	(249)	(220)	(296)
Purchases of real estate, property and equipment	(8)	(8)	(15)
Proceeds from maturities and redemptions of fixed maturities	4,100	3,215	3,551
Proceeds from repayments of mortgage loans	68	118	155
Proceeds from sales of fixed maturities	3,065	801	447
Proceeds from sales of equity securities	284	214	121
Proceeds from settlement of equity options — fixed indexed annuities	873	666	786
Proceeds from sales of other investments	79	65	122
Other investing activities, net	3	10	10
Net cash used in investing activities	(416)	(2,449)	(4,052)
Financing Activities:
Annuity receipts	4,087	4,960	5,407
Ceded annuity receipts	(492)	0	0
Annuity surrenders, benefits and withdrawals	(3,546)	(3,358)	(2,916)
Ceded annuity surrenders, benefits and withdrawals	206	0	0
Net transfers from variable annuity assets	61	60	47
Cash transferred in reinsurance	(554)	0	0
Advances from Federal Home Loan Bank	200	0	225
Repayments to Federal Home Loan Bank	(165)	0	0
Cash dividends paid	(285)	(140)	(60)
Other financing activities, net	0	(2)	(1)
Net cash provided by (used in) financing activities	(488)	1,520	2,702
Net Change in Cash and Cash Equivalents	417	405	(282)
Cash and cash equivalents at beginning of period	734	329	611
Cash and cash equivalents at end of period	$ 1,151	$ 734	$ 329

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2020
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, 2020, and prior to April 26, 2021, 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 material nonrecurring fair value measurements in 2020 or 2019. Credit Losses on Financial Instruments On January 1, 2020, GALIC adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. GALIC’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in GALIC’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting GALIC’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($5 million decrease in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses will be recorded immediately in net earnings through realized gains (losses). Investments On January 1, 2018, GALIC adopted 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 are generally recorded in realized gains (losses) on securities. However, GALIC records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in 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 loans (net of any allowance) 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance 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 is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020. 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. 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. Certain reinsurance arrangements in GALIC’s fixed and indexed annuity operations do not transfer significant insurance risk and are therefore accounted for using the deposit method. This accounting treatment results in amounts paid by GALIC to the reinsurer to be recorded as a deposit asset. The reinsurance deposit asset (reinsurance recoverable) is adjusted as amounts are paid or received under the underlying contracts. GALIC’s reinsurance partner posts collateral in excess of amounts due to GALIC under these contracts. Under reinsurance accounting guidance on transactions involving annuities, the gain or loss is deferred and recognized over the expected life of the underlying annuity contracts (using methods similar to those used to amortize 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 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 had accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities (“FIAs”), 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 and long-term care 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. Leases On January 1, 2019, GALIC adopted 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. As permitted under the ASU, GALIC adopted the guidance on a modified retrospective basis (comparative periods were not adjusted) and elected the following accounting policies and practical expedients: • exclude leases with a term of 12 months or less from the calculation of lease assets and liabilities, • not separate lease and non-lease components except for buildings (office space and storage facilities), • for contracts existing at the date of adoption — not reassess whether a contract is a lease or contains a lease, how initial direct costs were accounted for or whether the lease is an operating or finance lease, and • use hindsight to determine the lease term for leases existing at the date of adoption. GALIC did not have any material leases at December 31, 2020 or 2019. 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. 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. 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. 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. GALIC recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on GALIC’s reserve for uncertain tax positions are recognized as a component of tax expense. Benefit Plans GALIC provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG and its subsidiaries make all contributions to the retirement fund portion of the plan and match a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Segments of Operations

Segments of Operations	12 Months Ended
	Dec. 31, 2020
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 sells traditional fixed and 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. 2020 2019 2018 Assets Annuity $ 47,886 $ 45,217 $ 40,115 Run-off life 685 676 686 Total assets $ 48,571 $ 45,893 $ 40,801 Revenues Annuity: Net investment income $ 1,699 $ 1,792 $ 1,638 Other income 97 108 108 Total annuity 1,796 1,900 1,746 Run-off life 47 49 50 Total revenues before realized gains (losses) 1,843 1,949 1,796 Realized gains (losses) on securities 365 132 (105) Total revenues $ 2,208 $ 2,081 $ 1,691 Earnings Before Income Taxes Annuity $ 170 $ 363 $ 363 Run-off life (6) 2 (2) Total earnings before realized gains (losses) and income taxes 164 365 361 Realized gains (losses) on securities 365 132 (105) Total earnings before income taxes $ 529 $ 497 $ 256

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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”), certain 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. Financial instruments whose fair value is estimated based on non-binding broker quotes or internally developed using significant inputs not based on, or corroborated by, observable market information are classified as Level 3. 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 20 investment professionals whose primary responsibility is to manage AFG’s investment portfolio. These professionals monitor individual investments as well as overall industries and are active in the financial markets on a daily basis. The group is led by AFG’s chief investment officer, who reports directly to one of AFG’s Co-CEOs. Valuation techniques utilized by pricing services and prices obtained from external sources are reviewed by AFG’s internal investment professionals who are familiar with the securities being priced and the markets in which they trade to ensure the fair value determination is representative of an exit price. To validate the appropriateness of the prices obtained, these investment managers consider widely published indices (as benchmarks), recent trades, changes in interest rates, general economic conditions and the credit quality of the specific issuers. In addition, 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, 2020 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 6 $ 23 $ 15 $ 44 States, municipalities and political subdivisions — 3,358 64 3,422 Foreign government — 34 — 34 Residential MBS — 2,013 127 2,140 Commercial MBS — 688 10 698 Collateralized loan obligations — 3,443 48 3,491 Other asset-backed securities — 4,107 1,069 5,176 Corporate and other 41 17,733 1,344 19,118 Total AFS fixed maturities 47 31,399 2,677 34,123 Trading fixed maturities — 42 — 42 Equity securities 431 49 293 773 Equity index call options — 825 — 825 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets accounted for at fair value $ 478 $ 33,081 $ 2,970 $ 36,529 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,933 $ 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ — $ 10 $ 3,933 $ 3,943 December 31, 2019 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 24 $ 15 $ 45 States, municipalities and political subdivisions — 4,284 65 4,349 Foreign government — 34 — 34 Residential MBS — 1,971 128 2,099 Commercial MBS — 806 29 835 Collateralized loan obligations — 3,365 14 3,379 Other asset-backed securities — 4,357 1,030 5,387 Corporate and other 16 20,220 1,535 21,771 Total AFS fixed maturities 22 35,061 2,816 37,899 Trading fixed maturities — 54 — 54 Equity securities 492 41 276 809 Equity index call options — 924 — 924 Variable annuity assets (separate accounts) (*) — 628 — 628 Other assets — derivatives — 50 — 50 Total assets accounted for at fair value $ 514 $ 36,758 $ 3,092 $ 40,364 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,730 $ 3,730 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ — $ 10 $ 3,730 $ 3,740 (*) Variable annuity liabilities equal the fair value of variable annuity assets. Approximately 8% of the total assets carried at fair value on December 31, 2020 were Level 3 assets. Approximately 46% ($1.37 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. Approximately $394 million (13%) of the Level 3 assets were priced by pricing services where either a single price was not corroborated, prices varied enough among the providers or other market factors led management to determine these securities should be classified as Level 3 assets. Internally developed Level 3 asset fair values represent approximately $1.21 billion (41%) of the total fair value of Level 3 assets at December 31, 2020. The fixed maturities are priced using a variety of inputs, including appropriate credit spreads over the treasury yield (of a similar duration), trade information and prices of comparable securities and other security specific features (such as optional early redemption). Internally developed prices for equity securities are based primarily on financial information of the entities invested in and sales of comparable companies. Management believes that any justifiable changes in unobservable inputs used to determine internally developed fair values would not have resulted in a material change in GALIC’s financial position. The derivatives embedded in GALIC’s fixed-indexed and registered index-linked annuity liabilities are measured using a discounted cash flow approach and had a fair value of $3.93 billion at December 31, 2020. 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 insurance subsidiary’s credit risk 0.2% – 2.2% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 13.9% of indexed account value Budgeted option costs 2.2% – 2.9% 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 registered index-linked annuity products with an expected range of 8% to 11% in the majority of future calendar years (4% 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 registered index-linked 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 2020, 2019 and 2018 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 3 $ (3) $ — $ — $ — $ — $ 15 State and municipal 65 — 4 — (3) — (2) 64 Residential MBS 128 (6) (7) — (13) 49 (24) 127 Commercial MBS 29 — — — (3) 1 (17) 10 Collateralized loan obligations 14 (5) 17 — — 135 (113) 48 Other asset-backed securities 1,030 (10) 14 296 (282) 173 (152) 1,069 Corporate and other 1,535 2 34 227 (130) 128 (452) 1,344 Total AFS fixed maturities 2,816 (16) 59 523 (431) 486 (760) 2,677 Equity securities 276 (1) — 35 (12) 9 (14) 293 Total Level 3 assets $ 3,092 $ (17) $ 59 $ 558 $ (443) $ 495 $ (774) $ 2,970 Embedded derivatives (*) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 8 $ — $ 7 $ — $ — $ — $ — $ 15 State and municipal 59 — 6 — (3) 10 (7) 65 Residential MBS 161 3 (3) — (18) 36 (51) 128 Commercial MBS 48 2 — — (13) 3 (11) 29 Collateralized loan obligations 85 (4) 4 — — 14 (85) 14 Other asset-backed securities 543 — 5 727 (162) 23 (106) 1,030 Corporate and other 1,719 (1) 53 378 (250) 28 (392) 1,535 Total AFS fixed maturities 2,623 — 72 1,105 (446) 114 (652) 2,816 Equity securities 212 8 — 36 (2) 22 — 276 Total Level 3 assets $ 2,835 $ 8 $ 72 $ 1,141 $ (448) $ 136 $ (652) $ 3,092 Embedded derivatives (*) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer 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 Collateralized loan obligations 142 (2) (9) 24 (11) 2 (61) 85 Other asset-backed securities 398 — (1) 292 (171) 69 (44) 543 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 includes losses related to the unlocking of actuarial assumptions of $44 million in 2018. 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, 2020 Financial assets: Cash and cash equivalents $ 1,151 $ 1,151 $ 1,151 $ — $ — Mortgage loans 1,251 1,271 — — 1,271 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 2,553 $ 2,573 $ 1,151 $ — $ 1,422 Financial liabilities: Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Total financial liabilities not accounted for at fair value $ 41,460 $ 43,081 $ — $ — $ 43,081 December 31, 2019 Financial assets: Cash and cash equivalents $ 734 $ 734 $ 734 $ — $ — Mortgage loans 1,072 1,081 — — 1,081 Policy loans 164 164 — — 164 Total financial assets not accounted for at fair value $ 1,970 $ 1,979 $ 734 $ — $ 1,245 Financial liabilities: Annuity benefits accumulated (*) $ 40,160 $ 40,182 $ — $ — $ 40,182 Total financial liabilities not accounted for at fair value $ 40,160 $ 40,182 $ — $ — $ 40,182 (*) Excludes $1.11 billion and $247 million of life contingent annuities in the payout phase at December 31, 2020 and 2019, respectively.

Balance Sheet Impact of Net Unr

Balance Sheet Impact of Net Unrealized Gains on Securities	12 Months Ended
	Dec. 31, 2020
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 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 on securities that is included in AOCI in GALIC’s Balance Sheet. Asset Impact of Carrying December 31, 2020 Fixed maturities $ 31,570 $ 2,553 $ 34,123 Deferred policy acquisition costs 1,236 (934) 302 Annuity benefits accumulated (42,249) (324) (42,573) Life, accident and health reserves (607) (3) (610) Unearned revenue (included in other liabilities) (26) 11 (15) Net unrealized gain, pretax 1,303 Deferred tax on unrealized gain (274) Net unrealized gain, after tax (included in AOCI) $ 1,029 December 31, 2019 Fixed maturities $ 36,144 $ 1,755 $ 37,899 Deferred policy acquisition costs 1,394 (681) 713 Annuity benefits accumulated (40,186) (220) (40,406) Unearned revenue (included in other liabilities) (23) 11 (12) Net unrealized gain, pretax 865 Deferred tax on unrealized gain (182) Net unrealized gain, after tax (included in AOCI) $ 683

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at December 31 consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Unrealized Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 40 $ — $ 4 $ — $ 4 $ 44 States, municipalities and political subdivisions 3,053 — 371 (2) 369 3,422 Foreign government 31 — 3 — 3 34 Residential MBS 1,954 3 192 (3) 189 2,140 Commercial MBS 659 — 40 (1) 39 698 Collateralized loan obligations 3,490 10 24 (13) 11 3,491 Other asset-backed securities 5,099 11 142 (54) 88 5,176 Corporate and other 17,272 4 1,874 (24) 1,850 19,118 Total fixed maturities $ 31,598 $ 28 $ 2,650 $ (97) $ 2,553 $ 34,123 December 31, 2019 Fixed maturities: U.S. Government and government agencies $ 38 $ — $ 7 $ — $ 7 $ 45 States, municipalities and political subdivisions 4,080 — 270 (1) 269 4,349 Foreign government 31 — 3 — 3 34 Residential MBS 1,909 — 193 (3) 190 2,099 Commercial MBS 807 — 28 — 28 835 Collateralized loan obligations 3,401 — 8 (30) (22) 3,379 Other asset-backed securities 5,265 — 138 (16) 122 5,387 Corporate and other 20,613 — 1,176 (18) 1,158 21,771 Total fixed maturities $ 36,144 $ — $ 1,823 $ (68) $ 1,755 $ 37,899 Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions): 2020 2019 Fair Value Fair Value over (under) over (under) Actual Cost Fair Value Cost Actual Cost Fair Value Cost Common stocks $ 423 $ 412 $ (11) $ 497 $ 552 $ 55 Perpetual preferred stocks 333 361 28 249 257 8 Total equity securities carried at fair value $ 756 $ 773 $ 17 $ 746 $ 809 $ 63 The following tables show gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ — — % $ — $ — — % States, municipalities and political subdivisions (2) 80 98 % — — — % Residential MBS (2) 124 98 % (1) 23 96 % Commercial MBS (1) 32 97 % — 5 100 % Collateralized loan obligations (2) 496 100 % (11) 1,256 99 % Other asset-backed securities (35) 974 97 % (19) 295 94 % Corporate and other (20) 724 97 % (4) 107 96 % Total fixed maturities $ (62) $ 2,430 98 % $ (35) $ 1,686 98 % December 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ — — % $ — $ — — % States, municipalities and political subdivisions (1) 105 99 % — 5 100 % Residential MBS (2) 315 99 % (1) 15 94 % Commercial MBS — 11 100 % — — — % Collateralized loan obligations (9) 995 99 % (21) 1,363 98 % Other asset-backed securities (11) 838 99 % (5) 91 95 % Corporate and other (11) 937 99 % (7) 202 97 % Total fixed maturities $ (34) $ 3,201 99 % $ (34) $ 1,676 98 % At December 31, 2020, the gross unrealized losses on fixed maturities of $97 million relate to 568 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 76% of the gross unrealized loss and 87% of the fair value. To evaluate fixed maturities for expected credit losses (impairment), management considers whether the unrealized loss is credit-driven or a result of changes in market interest rates, the extent to which fair value is less than cost basis, historical operating, balance sheet and cash flow data from the issuer, third party research and communications with industry specialists and discussions with issuer management. GALIC analyzes its MBS securities for expected credit losses (impairment) each quarter based upon expected future cash flows. Management estimates expected future cash flows based upon its knowledge of the MBS market, cash flow projections (which reflect loan to collateral values, subordination, vintage and geographic concentration) received from independent sources, implied cash flows inherent in security ratings and analysis of historical payment data. Management believes GALIC will recover its cost basis (net of any allowance) 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, 2020. See Note A — “Accounting Policies — Credit Losses on Financial Instruments,” for a discussion of new guidance effective January 1, 2020, which impacts the accounting for expected credit losses (impairments) of fixed maturity securities. Under the new guidance, credit losses on available for sale fixed maturities continue to be measured based on the present value of expected future cash flows compared to amortized cost; however, impairment losses are now recognized through an allowance instead of directly writing down the amortized cost. Under the new guidance, recoveries of previously impaired amounts are recorded as an immediate reversal of all or a portion of the allowance instead of accreted as investment income through a yield adjustment. In addition, the allowance on available for sale fixed maturities cannot cause the amortized cost net of the allowance to be below fair value. Accordingly, future changes in the fair value of an impaired security (when the allowance was limited by the fair value) due to reasons other than issuer credit (e.g. changes in market interest rates) result in increases or decreases in the allowance, which are recorded through realized gains (losses) on securities. A progression of the allowance for expected credit losses on fixed maturity securities is shown below (in millions): Structured Securities (*) Corporate and other Total Balance at January 1 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration 1 — 1 Provision for expected credit losses on securities with no previous allowance 28 23 51 Additions (reductions) to previously recognized expected credit losses (5) (14) (19) Reductions due to sales or redemptions — (5) (5) Balance at December 31 $ 24 $ 4 $ 28 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In 2020, GALIC purchased two residential mortgage-backed securities with expected credit losses. In aggregate at the time of purchase, the par value was $8 million, the purchase price was $6 million and the allowance for credit losses and the discount were each $1 million. The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2020 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 1,975 $ 1,995 6 % After one year through five years 7,761 8,442 25 % After five years through ten years 8,198 9,402 28 % After ten years 2,458 2,779 8 % 20,392 22,618 67 % Collateralized loan obligations and other ABS (average life of approximately 4 years) 8,568 8,667 25 % MBS (average life of approximately 3-1/2 years) 2,610 2,838 8 % Total $ 31,570 $ 34,123 100 % (*) Amortized cost, net of allowance for expected credit losses Certain risks are inherent in fixed maturity securities, including loss upon default, price volatility in reaction to changes in interest rates, and general market factors and risks associated with reinvestment of proceeds due to prepayments or redemptions in a period of declining interest rates. There were no investments in individual issuers that exceeded 10% of shareholder’s equity at December 31, 2020 or 2019. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred. 2020 2019 2018 Investment income: Fixed maturities $ 1,577 $ 1,600 $ 1,450 Equity securities: Dividends 28 34 30 Change in fair value (*) 17 17 13 Equity in earnings of partnerships and similar investments 48 90 96 Mortgage loans 54 43 45 Policy loans 9 9 10 Real estate and other 7 36 26 Gross investment income 1,740 1,829 1,670 Investment expenses (23) (16) (13) Net investment income $ 1,717 $ 1,813 $ 1,657 (*) 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 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, for 2020, 2019 and 2018 were $8 million, $11 million and $7 million, respectively. Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions): 2020 2019 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 461 $ (32) $ 429 $ 798 $ 19 $ (21) $ (2) $ 1,647 Equity securities (27) — (27) — 122 — 122 — Mortgage loans and other investments 3 — 3 — 2 — 2 — Other (*) (51) 11 (40) (360) (1) 11 10 (835) Total pretax 386 (21) 365 438 142 (10) 132 812 Tax effects (81) 4 (77) (92) (30) 2 (28) (171) Net of tax $ 305 $ (17) $ 288 $ 346 $ 112 $ (8) $ 104 $ 641 2018 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 5 $ (21) $ (16) $ (1,057) Equity securities (107) — (107) — Mortgage loans and other investments — — — — Other (*) 11 7 18 502 Total pretax (91) (14) (105) (555) Tax effects 19 3 22 117 Net of tax $ (72) $ (11) $ (83) $ (438) (*) Primarily adjustments to deferred policy acquisition costs and reserves related to the annuity business. 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 2020 and 2019 on securities that were still owned at December 31 as follows (in millions): 2020 2019 Included in realized gains (losses) $ (25) $ 123 Included in net investment income 11 17 $ (14) $ 140 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): 2020 2019 2018 Gross gains $ 514 $ 30 $ 17 Gross losses (51) (16) (12)

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 137 $ — $ 74 $ — Public company warrants Equity securities — — — — Fixed-indexed and registered index-linked annuities (embedded derivative) Annuity benefits accumulated — 3,933 — 3,730 Equity index call options Equity index call options 825 — 924 — Equity index put options Other liabilities — 5 — 1 Reinsurance contract (embedded derivative) Other liabilities — 5 — 4 $ 962 $ 3,943 $ 998 $ 3,735 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 registered index-linked 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 ($351 million at December 31, 2020 and $577 million at December 31, 2019) 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 net change in the fair value of the call and put options will generally offset the economic change in the net liability from the index participation. Both the index-based component of the annuities (an embedded derivative) and the related call and put options are considered derivatives that must be adjusted for changes in fair value through earnings each period. The fair values of these derivatives are impacted by actual and expected stock market performance and interest rates as well as other factors. Fluctuations in certain of these factors, such as changes in interest rates and the performance of the stock market, are not economic in nature for current reporting period but rather impact the timing of reported results. 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 for 2020, 2019, and 2018 (in millions): Derivative Statement of Earnings Line 2020 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ (2) $ 5 $ (4) Public company warrants Realized gains (losses) on securities — — (3) Fixed-indexed and registered index-linked annuities (embedded derivative) (*) Annuity benefits (283) (919) 204 Equity index call options Annuity benefits 223 804 (298) Equity index put options Annuity benefits 3 2 (1) Reinsurance contract (embedded derivative) Net investment income (1) (2) 2 $ (60) $ (110) $ (100) (*) The change in fair value of the embedded derivative includes a favorable adjustment related to unlocking of actuarial assumptions of $240 million in 2020 and $181 million in 2019 and losses of $44 million in 2018. Derivatives Designated and Qualifying as Cash Flow Hedges As of December 31, 2020, GALIC has nine active 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 December 2023 and June 2030) in anticipation of the expected decline in GALIC’s portfolio of fixed maturity securities with floating interest rates based on short-term LIBOR. The total outstanding notional amount of GALIC’s interest rate swaps was $1.63 billion at December 31, 2020 compared to $1.98 billion at December 31, 2019, reflecting the scheduled amortization discussed above, the termination of a swap with a total notional amount of $83 million in the first quarter of 2020, the termination of two swaps with a total notional amount of $166 million in the second quarter of 2020 and the expiration of a swap with a notional amount of $44 million in the second quarter of 2020. The fair value of the interest rate swaps in an asset position and included in other assets was $102 million at December 31, 2020 and $50 million at December 31, 2019. The fair value of the interest rate swaps in a liability position and included in other liabilities was zero at December 31, 2020 and $5 million at December 31, 2019. 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 income of

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2020
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 Sales PVFP Subtotal Unrealized (*) Total 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 Other — — — — — — Change in unrealized — — — — 392 392 Balance at December 31, 2018 1,283 86 42 1,411 (30) 1,381 Additions 206 2 — 208 — 208 Amortization: Periodic amortization (120) (13) (6) (139) — (139) Annuity unlocking (76) (1) — (77) — (77) Included in realized gains 8 1 — 9 — 9 Change in unrealized — — — — (669) (669) Balance at December 31, 2019 1,301 75 36 1,412 (699) 713 Additions 155 2 — 157 — 157 Amortization: Periodic amortization (126) (9) (6) (141) — (141) Annuity unlocking (118) 4 — (114) — (114) Included in realized gains (42) 1 — (41) — (41) Change in unrealized — — — — (272) (272) Balance at December 31, 2020 $ 1,170 $ 73 $ 30 $ 1,273 $ (971) $ 302 (*) 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 $160 million and $154 million of accumulated amortization at December 31, 2020 and 2019, respectively. During each of the next five years, the PVFP is expected to decrease at a rate of approximately one-seventh of the balance at the beginning of each respective year.

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholder's Equity	Shareholder’s Equity Capital Contributions from Parent GALIC received non-cash capital contributions from GAFRI totaling $12 million in 2020, $19 million in 2019 and $17 million in 2018. 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 Pretax Tax Net Other (b) AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 834 $ (175) $ 659 Reclassification adjustment for realized (gains) losses included in net earnings (a) (396) 83 (313) Total net unrealized gains on securities $ 683 438 (92) 346 $ — $ 1,029 Net unrealized gains (losses) on cash flow hedges 17 30 (6) 24 — 41 Total $ 700 $ 468 $ (98) $ 370 $ — $ 1,070 Year ended December 31, 2019 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ 828 $ (174) $ 654 Reclassification adjustment for realized (gains) losses included in net earnings (a) (16) 3 (13) Total net unrealized gains (losses) on securities $ 42 812 (171) 641 $ — $ 683 Net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 17 Total $ 31 $ 848 $ (179) $ 669 $ — $ 700 Year ended December 31, 2018 Net unrealized gains on securities: Unrealized holding gains 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 on securities $ 570 (555) 117 (438) $ (90) $ 42 Net unrealized losses on cash flow hedges (13) 2 — 2 — (11) Total $ 557 $ (553) $ 117 $ (436) $ (90) $ 31 (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) 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate 21% to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2020 2019 2018 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 529 $ 497 $ 256 Income taxes at statutory rate $ 111 21 % $ 104 21 % $ 54 21 % Effect of permanent items (4) (1 %) (2) — % (7) (3 %) Provision for income taxes as shown in the statement of earnings $ 107 20 % $ 102 21 % $ 47 18 % GALIC’s 2013 — 2020 tax years remain subject to examination by the IRS. GALIC did not have any earnings or losses subject to tax in foreign jurisdictions for the years ended December 31, 2020, 2019 and 2018. The total income tax provision consists of (in millions): 2020 2019 2018 Current taxes: Federal $ 60 $ 152 $ 130 State 2 4 3 Deferred taxes: Federal 45 (54) (86) Provision for income taxes $ 107 $ 102 $ 47 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 GALIC’s Balance Sheet at December 31 were as follows (in millions): 2020 2019 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 531 $ 68 $ 599 $ 601 $ 46 $ 647 Other, net 10 (2) 8 7 (2) 5 Total deferred tax assets 541 66 607 608 44 652 Deferred tax liabilities: Investment securities (97) (537) (634) (78) (369) (447) Deferred policy acquisition costs (212) 197 (15) (236) 143 (93) Insurance claims and reserves transition liability (57) — (57) (68) — (68) Total deferred tax liabilities (366) (340) (706) (382) (226) (608) Net deferred tax asset (liability) $ 175 $ (274) $ (99) $ 226 $ (182) $ 44 The likelihood of realizing deferred tax assets is reviewed periodically. There was no valuation allowance against deferred tax assets as of December 31, 2020 and 2019. GALIC did not have a liability for uncertain tax positions during 2020, 2019 or 2018.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies

Insurance

Insurance	12 Months Ended
	Dec. 31, 2020
Insurance [Abstract]
Insurance	Insurance Securities owned by GALIC, having a carrying value of approximately $30 million at December 31, 2020, 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 $56 million investment in FHLB capital stock at December 31, 2020 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 2020, the FHLB advanced GALIC $200 million and GALIC repaid $165 million to the FHLB. In 2019, GALIC refinanced the terms on advances totaling $610 million. At December 31, 2020 and December 31, 2019, GALIC had $1.13 billion and $1.10 billion, respectively, in outstanding advances from the FHLB (included in annuity benefits accumulated), bearing interest at rates ranging from 0.31% to 1.35% (average rate of 0.53% at December 31, 2020). While these advances must be repaid between 2021 and 2025 ($931 million in 2021 and $200 million in 2025), 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 $1.37 billion (included in available for sale fixed maturity securities) at December 31, 2020. Interest credited on the funding agreements, which is included in annuity benefits, was $11 million in 2020, $27 million in 2019 and $20 million in 2018. 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 2020 2019 2018 2020 2019 GALIC consolidated life insurance companies $ 209 $ 34 $ 802 $ 2,897 $ 2,868 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 increases in statutory surplus (through an after-tax reserve credit), of $139 million at December 31, 2020 and $124 million at December 31, 2019 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, 2020 and 2019, 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, 2020 or 2019. GALIC paid dividends to GAFRI totaling $285 million, $140 million and $60 million in 2020, 2019 and 2018, respectively. The maximum amount of dividends that can be paid to shareholders in 2021 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 2021 by GALIC without prior approval is $290 million, based on 10% of statutory surplus. The maximum amount of dividends receivable from GALIC’s subsidiaries in 2021 without prior approval is $34 million. Reinsurance In February 2020, GALIC entered into a flow reinsurance agreement with Commonwealth Annuity and Life Insurance Company (“Commonwealth”), a subsidiary of Global Atlantic Financial Group Limited. Under the terms of the agreement, GALIC cedes certain newly issued traditional fixed and indexed annuities on a quota share coinsurance basis with such quota share percentages being up to 50%. That agreement was effective for policies issued after May 6, 2020. Under reinsurance accounting guidance, this transaction will be accounted for using the deposit method. In the fourth quarter of 2020, GALIC entered into a block reinsurance agreement with Commonwealth. Under the terms of the agreement, GALIC ceded $5.96 billion of in force traditional fixed and indexed annuities, representing approximately 15% of its in force business, and transferred related investments to Commonwealth. The transaction will be accounted for using the deposit method and the $180 million loss on the transaction was deferred and will be recognized over the expected life of the underlying annuity contracts (7-10 years). In the fourth quarter of 2020, $11 million of GALIC’s deferred loss was amortized (and included in annuity benefits expense). Under both the flow and block reinsurance agreements, Commonwealth is required to maintain collateral in trusts in excess of amounts owed to GALIC. Under these agreements, $492 million of gross annuity receipts were ceded and there were $206 million of ceded annuity surrenders, benefits and withdrawals. GALIC received $39 million of commission and expense allowances in 2020 and annuity benefits expense was reduced by $46 million. GALIC has reinsured approximately $5.42 billion of its $8.33 billion in face amount of life insurance at December 31, 2020 compared to $6.23 billion of its $9.53 billion in face amount of life insurance at December 31, 2019. Life written premiums ceded were $19 million, $20 million and $22 million for 2020, 2019 and 2018, respectively. Reinsurance recoveries on ceded life policies were $28 million, $32 million and $41 million for 2020, 2019 and 2018, respectively. GALIC would remain liable to its insureds regardless of whether a reinsurer is able to meet its obligations. Recoverables from Reinsurers and Premiums Receivable See Note A — “Accounting Policies — Credit Losses on Financial Instruments,” for a discussion of new guidance effective January 1, 2020, which impacts the accounting for expected credit losses of recoverables from reinsurers and premiums receivable. GALIC reviews the allowance quarterly and makes adjustments as necessary to reflect changes in expected credit losses. A progression of the 2020 allowance for expected credit losses is shown below (in millions): Recoverables from Reinsurers Balance at January 1 $ — Impact of adoption of new accounting policy 5 Provision for expected credit losses 2 Balance at December 31 $ 7 At December 31, 2020, GALIC had no allowance for expected credit losses on premiums receivable. 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): 2020 2019 Expected death and annuitization $ 260 $ 232 Guaranteed withdrawal benefits 817 625 Accrued persistency and premium bonuses — 1 Variable Annuities At December 31, 2020, 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 $11 million, compared to $13 million at December 31, 2019. 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, 2020, 2019 and 2018.

Additional Information

Additional Information	12 Months Ended
	Dec. 31, 2020
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 2020, 2019 and 2018, GALIC paid GAFRI $45 million, $44 million and $43 million, respectively, for such services. 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, 2020, GALIC had commitments to fund credit facilities and contribute capital to limited partnerships and limited liability corporations of approximately $493 million. Benefit Plans GALIC expensed approximately $2 million in 2020, and $1 million in 2019 and $2 million in 2018 related to the retirement and employee savings plans.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event

Supplementary Insurance Informa

Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2020
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, 2020 (IN MILLIONS) Segment Deferred policy acquisition costs Reserves for future policy benefits and claims Net Net investment income Benefits, claims, Amortization of deferred policy acquisition costs Other operating expenses 2020 Annuity $ 286 $ 42,573 $ — $ 1,700 $ 1,192 $ 246 $ 188 Run-off life 16 610 22 17 40 3 10 Total $ 302 $ 43,183 $ 22 $ 1,717 $ 1,232 $ 249 $ 198 2019 Annuity $ 694 $ 40,406 $ — $ 1,792 $ 1,151 $ 198 $ 188 Run-off life 19 612 22 21 36 4 7 Total $ 713 $ 41,018 $ 22 $ 1,813 $ 1,187 $ 202 $ 195 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

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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, 2020, and prior to April 26, 2021, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates.
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The standards establish a hierarchy of valuation techniques based on whether the assumptions that market participants would use in pricing the asset or liability (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect GALIC’s assumptions about the assumptions market participants would use in pricing the asset or liability. GALIC did not have any material nonrecurring fair value measurements in 2020 or 2019.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments On January 1, 2020, GALIC adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments , which provides a new loss model for determining credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) and requires an entity to estimate the credit losses expected over the life of an exposure or pool of exposures. The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. Expected credit losses, and subsequent increases or decreases in such expected losses, are recorded immediately through net earnings as an allowance that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the balance sheet at the amount expected to be collected. GALIC’s portfolio of mortgage loans crosses a wide variety of commercial properties with very strong loan to value ratios and no credit losses in recent years. In addition, the reinsurance used in GALIC’s insurance operations is purchased from financially strong (highly rated) reinsurers and the Company has a long history of collecting premiums receivable through various economic cycles. At the date of adoption, the impact of adjusting GALIC’s existing allowances for uncollectable mortgage loans, premiums receivable and reinsurance recoverables to the allowances calculated under the new guidance resulted in a reduction in the net allowance, which was recorded as the cumulative effect of an accounting change ($5 million decrease in retained earnings at January 1, 2020). The updated guidance also amended the current other-than-temporary impairment model for available for sale debt securities by requiring the recognition of impairments relating to credit losses through an allowance and limits the amount of credit loss to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses will be recorded immediately in net earnings through realized gains (losses).
Investments	Investments On January 1, 2018, GALIC adopted 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 are generally recorded in realized gains (losses) on securities. However, GALIC records holding gains and losses on securities classified as “trading” under previous guidance, its small portfolio of limited partnerships and similar investments carried at fair value and certain other securities classified at purchase as “fair value through net investment income” in net investment income. Fixed maturity securities classified as “available for sale” are reported at fair value with unrealized gains and losses included in 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 loans (net of any allowance) 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. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. When a decline in the value of an available for sale fixed maturity is considered to be other-than-temporary at the balance sheet date, an allowance for credit losses (impairment), including any write-off of accrued interest, is charged to earnings (included in realized gains (losses) on securities). If management can assert that it does not intend to sell the security and it is not more likely than not that it will have to sell it before recovery of its amortized cost basis (net of allowance), then the impairment allowance 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 is measured by comparing a security’s amortized cost to the present value of its current expected cash flows discounted at its effective yield prior to the charge. If management intends to sell an impaired security, or it is more likely than not that it will be required to sell the security before recovery, an impairment is recorded in earnings to reduce the amortized cost (net of allowance) of that security to fair value. See “Credit Losses on Financial Instruments” above for a discussion of new guidance adopted on January 1, 2020.
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.
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. Certain reinsurance arrangements in GALIC’s fixed and indexed annuity operations do not transfer significant insurance risk and are therefore accounted for using the deposit method. This accounting treatment results in amounts paid by GALIC to the reinsurer to be recorded as a deposit asset. The reinsurance deposit asset (reinsurance recoverable) is adjusted as amounts are paid or received under the underlying contracts. GALIC’s reinsurance partner posts collateral in excess of amounts due to GALIC under these contracts. Under reinsurance accounting guidance on transactions involving annuities, the gain or loss is deferred and recognized over the expected life of the underlying annuity contracts (using methods similar to those used to amortize DPAC).
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 had accrued to the benefit of the policyholder as of the balance sheet date. For fixed-indexed annuities (“FIAs”), 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 and long-term care 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.
Leases	Leases On January 1, 2019, GALIC adopted 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. As permitted under the ASU, GALIC adopted the guidance on a modified retrospective basis (comparative periods were not adjusted) and elected the following accounting policies and practical expedients: • exclude leases with a term of 12 months or less from the calculation of lease assets and liabilities, • not separate lease and non-lease components except for buildings (office space and storage facilities), • for contracts existing at the date of adoption — not reassess whether a contract is a lease or contains a lease, how initial direct costs were accounted for or whether the lease is an operating or finance lease, and • use hindsight to determine the lease term for leases existing at the date of adoption. GALIC did not have any material leases at December 31, 2020 or 2019.
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.
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.
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. 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. GALIC recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained under examination by the appropriate taxing authority. Interest and penalties on GALIC’s reserve for uncertain tax positions are recognized as a component of tax expense.
Benefit Plans	Benefit Plans GALIC provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG and its subsidiaries make all contributions to the retirement fund portion of the plan and match a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared.
Statement of Cash Flows	Statement of Cash Flows For cash flow purposes, “investing activities” are defined as making and collecting loans and acquiring and disposing of debt or equity instruments and property and equipment. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, surrenders, benefits and withdrawals are also reflected as financing activities. All other activities are considered “operating.” Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements.

Segments of Operations (Tables)

Segments of Operations (Tables)	12 Months Ended
	Dec. 31, 2020
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. 2020 2019 2018 Assets Annuity $ 47,886 $ 45,217 $ 40,115 Run-off life 685 676 686 Total assets $ 48,571 $ 45,893 $ 40,801 Revenues Annuity: Net investment income $ 1,699 $ 1,792 $ 1,638 Other income 97 108 108 Total annuity 1,796 1,900 1,746 Run-off life 47 49 50 Total revenues before realized gains (losses) 1,843 1,949 1,796 Realized gains (losses) on securities 365 132 (105) Total revenues $ 2,208 $ 2,081 $ 1,691 Earnings Before Income Taxes Annuity $ 170 $ 363 $ 363 Run-off life (6) 2 (2) Total earnings before realized gains (losses) and income taxes 164 365 361 Realized gains (losses) on securities 365 132 (105) Total earnings before income taxes $ 529 $ 497 $ 256

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 Assets: Available for sale (“AFS”) fixed maturities: U.S. Government and government agencies $ 6 $ 23 $ 15 $ 44 States, municipalities and political subdivisions — 3,358 64 3,422 Foreign government — 34 — 34 Residential MBS — 2,013 127 2,140 Commercial MBS — 688 10 698 Collateralized loan obligations — 3,443 48 3,491 Other asset-backed securities — 4,107 1,069 5,176 Corporate and other 41 17,733 1,344 19,118 Total AFS fixed maturities 47 31,399 2,677 34,123 Trading fixed maturities — 42 — 42 Equity securities 431 49 293 773 Equity index call options — 825 — 825 Variable annuity assets (separate accounts) (*) — 664 — 664 Other assets — derivatives — 102 — 102 Total assets accounted for at fair value $ 478 $ 33,081 $ 2,970 $ 36,529 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,933 $ 3,933 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ — $ 10 $ 3,933 $ 3,943 December 31, 2019 Assets: Available for sale fixed maturities: U.S. Government and government agencies $ 6 $ 24 $ 15 $ 45 States, municipalities and political subdivisions — 4,284 65 4,349 Foreign government — 34 — 34 Residential MBS — 1,971 128 2,099 Commercial MBS — 806 29 835 Collateralized loan obligations — 3,365 14 3,379 Other asset-backed securities — 4,357 1,030 5,387 Corporate and other 16 20,220 1,535 21,771 Total AFS fixed maturities 22 35,061 2,816 37,899 Trading fixed maturities — 54 — 54 Equity securities 492 41 276 809 Equity index call options — 924 — 924 Variable annuity assets (separate accounts) (*) — 628 — 628 Other assets — derivatives — 50 — 50 Total assets accounted for at fair value $ 514 $ 36,758 $ 3,092 $ 40,364 Liabilities: Derivatives in annuity benefits accumulated $ — $ — $ 3,730 $ 3,730 Other liabilities — derivatives — 10 — 10 Total liabilities accounted for at fair value $ — $ 10 $ 3,730 $ 3,740 (*) Variable annuity liabilities equal the fair value of variable annuity assets.
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 insurance subsidiary’s credit risk 0.2% – 2.2% over the risk-free rate Risk margin for uncertainty in cash flows 0.99% reduction in the discount rate Surrenders 4% – 23% of indexed account value Partial surrenders 2% – 11% of indexed account value Annuitizations 0.1% – 1% of indexed account value Deaths 1.7% – 13.9% of indexed account value Budgeted option costs 2.2% – 2.9% 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 2020, 2019 and 2018 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 3 $ (3) $ — $ — $ — $ — $ 15 State and municipal 65 — 4 — (3) — (2) 64 Residential MBS 128 (6) (7) — (13) 49 (24) 127 Commercial MBS 29 — — — (3) 1 (17) 10 Collateralized loan obligations 14 (5) 17 — — 135 (113) 48 Other asset-backed securities 1,030 (10) 14 296 (282) 173 (152) 1,069 Corporate and other 1,535 2 34 227 (130) 128 (452) 1,344 Total AFS fixed maturities 2,816 (16) 59 523 (431) 486 (760) 2,677 Equity securities 276 (1) — 35 (12) 9 (14) 293 Total Level 3 assets $ 3,092 $ (17) $ 59 $ 558 $ (443) $ 495 $ (774) $ 2,970 Embedded derivatives (*) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 8 $ — $ 7 $ — $ — $ — $ — $ 15 State and municipal 59 — 6 — (3) 10 (7) 65 Residential MBS 161 3 (3) — (18) 36 (51) 128 Commercial MBS 48 2 — — (13) 3 (11) 29 Collateralized loan obligations 85 (4) 4 — — 14 (85) 14 Other asset-backed securities 543 — 5 727 (162) 23 (106) 1,030 Corporate and other 1,719 (1) 53 378 (250) 28 (392) 1,535 Total AFS fixed maturities 2,623 — 72 1,105 (446) 114 (652) 2,816 Equity securities 212 8 — 36 (2) 22 — 276 Total Level 3 assets $ 2,835 $ 8 $ 72 $ 1,141 $ (448) $ 136 $ (652) $ 3,092 Embedded derivatives (*) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer 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 Collateralized loan obligations 142 (2) (9) 24 (11) 2 (61) 85 Other asset-backed securities 398 — (1) 292 (171) 69 (44) 543 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 includes losses related to the unlocking of actuarial assumptions of $44 million in 2018.
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during 2020, 2019 and 2018 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 Balance at December 31, 2019 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2020 AFS fixed maturities: U.S. government agency $ 15 $ 3 $ (3) $ — $ — $ — $ — $ 15 State and municipal 65 — 4 — (3) — (2) 64 Residential MBS 128 (6) (7) — (13) 49 (24) 127 Commercial MBS 29 — — — (3) 1 (17) 10 Collateralized loan obligations 14 (5) 17 — — 135 (113) 48 Other asset-backed securities 1,030 (10) 14 296 (282) 173 (152) 1,069 Corporate and other 1,535 2 34 227 (130) 128 (452) 1,344 Total AFS fixed maturities 2,816 (16) 59 523 (431) 486 (760) 2,677 Equity securities 276 (1) — 35 (12) 9 (14) 293 Total Level 3 assets $ 3,092 $ (17) $ 59 $ 558 $ (443) $ 495 $ (774) $ 2,970 Embedded derivatives (*) $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) Total Level 3 liabilities $ (3,730) $ (283) $ — $ (242) $ 322 $ — $ — $ (3,933) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives reflects a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in 2020. Total realized/unrealized Balance at December 31, 2018 Net Other Purchases Sales and Transfer Transfer Balance at December 31, 2019 AFS fixed maturities: U.S. government agency $ 8 $ — $ 7 $ — $ — $ — $ — $ 15 State and municipal 59 — 6 — (3) 10 (7) 65 Residential MBS 161 3 (3) — (18) 36 (51) 128 Commercial MBS 48 2 — — (13) 3 (11) 29 Collateralized loan obligations 85 (4) 4 — — 14 (85) 14 Other asset-backed securities 543 — 5 727 (162) 23 (106) 1,030 Corporate and other 1,719 (1) 53 378 (250) 28 (392) 1,535 Total AFS fixed maturities 2,623 — 72 1,105 (446) 114 (652) 2,816 Equity securities 212 8 — 36 (2) 22 — 276 Total Level 3 assets $ 2,835 $ 8 $ 72 $ 1,141 $ (448) $ 136 $ (652) $ 3,092 Embedded derivatives (*) $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) Total Level 3 liabilities $ (2,720) $ (919) $ — $ (333) $ 242 $ — $ — $ (3,730) (*) Total realized/unrealized gains (losses) included in net earnings for the embedded derivatives includes a favorable adjustment related to the unlocking of actuarial assumptions of $181 million in 2019. Total realized/unrealized Balance at December 31, 2017 Net Other Purchases Sales and Transfer Transfer 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 Collateralized loan obligations 142 (2) (9) 24 (11) 2 (61) 85 Other asset-backed securities 398 — (1) 292 (171) 69 (44) 543 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 includes losses related to the unlocking of actuarial assumptions of $44 million in 2018.
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, 2020 Financial assets: Cash and cash equivalents $ 1,151 $ 1,151 $ 1,151 $ — $ — Mortgage loans 1,251 1,271 — — 1,271 Policy loans 151 151 — — 151 Total financial assets not accounted for at fair value $ 2,553 $ 2,573 $ 1,151 $ — $ 1,422 Financial liabilities: Annuity benefits accumulated (*) $ 41,460 $ 43,081 $ — $ — $ 43,081 Total financial liabilities not accounted for at fair value $ 41,460 $ 43,081 $ — $ — $ 43,081 December 31, 2019 Financial assets: Cash and cash equivalents $ 734 $ 734 $ 734 $ — $ — Mortgage loans 1,072 1,081 — — 1,081 Policy loans 164 164 — — 164 Total financial assets not accounted for at fair value $ 1,970 $ 1,979 $ 734 $ — $ 1,245 Financial liabilities: Annuity benefits accumulated (*) $ 40,160 $ 40,182 $ — $ — $ 40,182 Total financial liabilities not accounted for at fair value $ 40,160 $ 40,182 $ — $ — $ 40,182 (*) Excludes $1.11 billion and $247 million of life contingent annuities in the payout phase at December 31, 2020 and 2019, respectively.

Balance Sheet Impact of Net U_2

Balance Sheet Impact of Net Unrealized Gains on Securities (Tables)	12 Months Ended
	Dec. 31, 2020
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 on securities that is included in AOCI in GALIC’s Balance Sheet. Asset Impact of Carrying December 31, 2020 Fixed maturities $ 31,570 $ 2,553 $ 34,123 Deferred policy acquisition costs 1,236 (934) 302 Annuity benefits accumulated (42,249) (324) (42,573) Life, accident and health reserves (607) (3) (610) Unearned revenue (included in other liabilities) (26) 11 (15) Net unrealized gain, pretax 1,303 Deferred tax on unrealized gain (274) Net unrealized gain, after tax (included in AOCI) $ 1,029 December 31, 2019 Fixed maturities $ 36,144 $ 1,755 $ 37,899 Deferred policy acquisition costs 1,394 (681) 713 Annuity benefits accumulated (40,186) (220) (40,406) Unearned revenue (included in other liabilities) (23) 11 (12) Net unrealized gain, pretax 865 Deferred tax on unrealized gain (182) Net unrealized gain, after tax (included in AOCI) $ 683

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
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): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Unrealized Fair Gains Losses December 31, 2020 Fixed maturities: U.S. Government and government agencies $ 40 $ — $ 4 $ — $ 4 $ 44 States, municipalities and political subdivisions 3,053 — 371 (2) 369 3,422 Foreign government 31 — 3 — 3 34 Residential MBS 1,954 3 192 (3) 189 2,140 Commercial MBS 659 — 40 (1) 39 698 Collateralized loan obligations 3,490 10 24 (13) 11 3,491 Other asset-backed securities 5,099 11 142 (54) 88 5,176 Corporate and other 17,272 4 1,874 (24) 1,850 19,118 Total fixed maturities $ 31,598 $ 28 $ 2,650 $ (97) $ 2,553 $ 34,123 December 31, 2019 Fixed maturities: U.S. Government and government agencies $ 38 $ — $ 7 $ — $ 7 $ 45 States, municipalities and political subdivisions 4,080 — 270 (1) 269 4,349 Foreign government 31 — 3 — 3 34 Residential MBS 1,909 — 193 (3) 190 2,099 Commercial MBS 807 — 28 — 28 835 Collateralized loan obligations 3,401 — 8 (30) (22) 3,379 Other asset-backed securities 5,265 — 138 (16) 122 5,387 Corporate and other 20,613 — 1,176 (18) 1,158 21,771 Total fixed maturities $ 36,144 $ — $ 1,823 $ (68) $ 1,755 $ 37,899
Equity securities reported at fair value	Equity securities, which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions): 2020 2019 Fair Value Fair Value over (under) over (under) Actual Cost Fair Value Cost Actual Cost Fair Value Cost Common stocks $ 423 $ 412 $ (11) $ 497 $ 552 $ 55 Perpetual preferred stocks 333 361 28 249 257 8 Total equity securities carried at fair value $ 756 $ 773 $ 17 $ 746 $ 809 $ 63
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 by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates. Less Than Twelve Months Twelve Months or More Unrealized Fair Fair Value as Unrealized Fair Fair Value as December 31, 2020 Fixed maturities: U.S. Government and government agencies $ — $ — — % $ — $ — — % States, municipalities and political subdivisions (2) 80 98 % — — — % Residential MBS (2) 124 98 % (1) 23 96 % Commercial MBS (1) 32 97 % — 5 100 % Collateralized loan obligations (2) 496 100 % (11) 1,256 99 % Other asset-backed securities (35) 974 97 % (19) 295 94 % Corporate and other (20) 724 97 % (4) 107 96 % Total fixed maturities $ (62) $ 2,430 98 % $ (35) $ 1,686 98 % December 31, 2019 Fixed maturities: U.S. Government and government agencies $ — $ — — % $ — $ — — % States, municipalities and political subdivisions (1) 105 99 % — 5 100 % Residential MBS (2) 315 99 % (1) 15 94 % Commercial MBS — 11 100 % — — — % Collateralized loan obligations (9) 995 99 % (21) 1,363 98 % Other asset-backed securities (11) 838 99 % (5) 91 95 % Corporate and other (11) 937 99 % (7) 202 97 % Total fixed maturities $ (34) $ 3,201 99 % $ (34) $ 1,676 98 %
Debt Securities, Available-for-sale, Allowance for Credit Loss	A progression of the allowance for expected credit losses on fixed maturity securities is shown below (in millions): Structured Securities (*) Corporate and other Total Balance at January 1 $ — $ — $ — Impact of adoption of new accounting policy — — — Initial allowance for purchased securities with credit deterioration 1 — 1 Provision for expected credit losses on securities with no previous allowance 28 23 51 Additions (reductions) to previously recognized expected credit losses (5) (14) (19) Reductions due to sales or redemptions — (5) (5) Balance at December 31 $ 24 $ 4 $ 28 (*) Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities.
Available for sale fixed maturity securities by contractual maturity date	The table below sets forth the scheduled maturities of available for sale fixed maturities as of December 31, 2020 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Amortized Fair Value Cost, net (*) Amount % Maturity One year or less $ 1,975 $ 1,995 6 % After one year through five years 7,761 8,442 25 % After five years through ten years 8,198 9,402 28 % After ten years 2,458 2,779 8 % 20,392 22,618 67 % Collateralized loan obligations and other ABS (average life of approximately 4 years) 8,568 8,667 25 % MBS (average life of approximately 3-1/2 years) 2,610 2,838 8 % Total $ 31,570 $ 34,123 100 % (*) Amortized cost, net of allowance for expected credit losses
Net investment income earned and investment expenses incurred	The following table shows (in millions) investment income earned and investment expenses incurred. 2020 2019 2018 Investment income: Fixed maturities $ 1,577 $ 1,600 $ 1,450 Equity securities: Dividends 28 34 30 Change in fair value (*) 17 17 13 Equity in earnings of partnerships and similar investments 48 90 96 Mortgage loans 54 43 45 Policy loans 9 9 10 Real estate and other 7 36 26 Gross investment income 1,740 1,829 1,670 Investment expenses (23) (16) (13) Net investment income $ 1,717 $ 1,813 $ 1,657 (*) 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 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 securities are summarized as follows (in millions): 2020 2019 Realized gains (losses) Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 461 $ (32) $ 429 $ 798 $ 19 $ (21) $ (2) $ 1,647 Equity securities (27) — (27) — 122 — 122 — Mortgage loans and other investments 3 — 3 — 2 — 2 — Other (*) (51) 11 (40) (360) (1) 11 10 (835) Total pretax 386 (21) 365 438 142 (10) 132 812 Tax effects (81) 4 (77) (92) (30) 2 (28) (171) Net of tax $ 305 $ (17) $ 288 $ 346 $ 112 $ (8) $ 104 $ 641 2018 Realized gains (losses) Before Impairments Impairments Total Change in Unrealized Fixed maturities $ 5 $ (21) $ (16) $ (1,057) Equity securities (107) — (107) — Mortgage loans and other investments — — — — Other (*) 11 7 18 502 Total pretax (91) (14) (105) (555) Tax effects 19 3 22 117 Net of tax $ (72) $ (11) $ (83) $ (438) (*) 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 2020 and 2019 on securities that were still owned at December 31 as follows (in millions): 2020 2019 Included in realized gains (losses) $ (25) $ 123 Included in net investment income 11 17 $ (14) $ 140
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): 2020 2019 2018 Gross gains $ 514 $ 30 $ 17 Gross losses (51) (16) (12)

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 Derivative Balance Sheet Line Asset Liability Asset Liability MBS with embedded derivatives Fixed maturities $ 137 $ — $ 74 $ — Public company warrants Equity securities — — — — Fixed-indexed and registered index-linked annuities (embedded derivative) Annuity benefits accumulated — 3,933 — 3,730 Equity index call options Equity index call options 825 — 924 — Equity index put options Other liabilities — 5 — 1 Reinsurance contract (embedded derivative) Other liabilities — 5 — 4 $ 962 $ 3,943 $ 998 $ 3,735
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 for 2020, 2019, and 2018 (in millions): Derivative Statement of Earnings Line 2020 2019 2018 MBS with embedded derivatives Realized gains (losses) on securities $ (2) $ 5 $ (4) Public company warrants Realized gains (losses) on securities — — (3) Fixed-indexed and registered index-linked annuities (embedded derivative) (*) Annuity benefits (283) (919) 204 Equity index call options Annuity benefits 223 804 (298) Equity index put options Annuity benefits 3 2 (1) Reinsurance contract (embedded derivative) Net investment income (1) (2) 2 $ (60) $ (110) $ (100)

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Policy Acquisition Costs Disclosures [Abstract]
Deferred policy acquisition costs details	A progression of deferred policy acquisition costs is presented below (in millions): Deferred Sales PVFP Subtotal Unrealized (*) Total 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 Other — — — — — — Change in unrealized — — — — 392 392 Balance at December 31, 2018 1,283 86 42 1,411 (30) 1,381 Additions 206 2 — 208 — 208 Amortization: Periodic amortization (120) (13) (6) (139) — (139) Annuity unlocking (76) (1) — (77) — (77) Included in realized gains 8 1 — 9 — 9 Change in unrealized — — — — (669) (669) Balance at December 31, 2019 1,301 75 36 1,412 (699) 713 Additions 155 2 — 157 — 157 Amortization: Periodic amortization (126) (9) (6) (141) — (141) Annuity unlocking (118) 4 — (114) — (114) Included in realized gains (42) 1 — (41) — (41) Change in unrealized — — — — (272) (272) Balance at December 31, 2020 $ 1,170 $ 73 $ 30 $ 1,273 $ (971) $ 302 (*) 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, 2020
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 Pretax Tax Net Other (b) AOCI Year ended December 31, 2020 Net unrealized gains on securities: Unrealized holding gains on securities arising during the period $ 834 $ (175) $ 659 Reclassification adjustment for realized (gains) losses included in net earnings (a) (396) 83 (313) Total net unrealized gains on securities $ 683 438 (92) 346 $ — $ 1,029 Net unrealized gains (losses) on cash flow hedges 17 30 (6) 24 — 41 Total $ 700 $ 468 $ (98) $ 370 $ — $ 1,070 Year ended December 31, 2019 Net unrealized gains (losses) on securities: Unrealized holding losses on securities arising during the period $ 828 $ (174) $ 654 Reclassification adjustment for realized (gains) losses included in net earnings (a) (16) 3 (13) Total net unrealized gains (losses) on securities $ 42 812 (171) 641 $ — $ 683 Net unrealized gains (losses) on cash flow hedges (11) 36 (8) 28 — 17 Total $ 31 $ 848 $ (179) $ 669 $ — $ 700 Year ended December 31, 2018 Net unrealized gains on securities: Unrealized holding gains 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 on securities $ 570 (555) 117 (438) $ (90) $ 42 Net unrealized losses on cash flow hedges (13) 2 — 2 — (11) Total $ 557 $ (553) $ 117 $ (436) $ (90) $ 31 (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) 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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
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% to the provision for income taxes as shown in GALIC’s Statement of Earnings (dollars in millions): 2020 2019 2018 Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 529 $ 497 $ 256 Income taxes at statutory rate $ 111 21 % $ 104 21 % $ 54 21 % Effect of permanent items (4) (1 %) (2) — % (7) (3 %) Provision for income taxes as shown in the statement of earnings $ 107 20 % $ 102 21 % $ 47 18 %
Components of income tax provision (credit)	The total income tax provision consists of (in millions): 2020 2019 2018 Current taxes: Federal $ 60 $ 152 $ 130 State 2 4 3 Deferred taxes: Federal 45 (54) (86) Provision for income taxes $ 107 $ 102 $ 47
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 GALIC’s Balance Sheet at December 31 were as follows (in millions): 2020 2019 Excluding Unrealized Gains Impact of Unrealized Gains Total Excluding Unrealized Gains Impact of Unrealized Gains Total Deferred tax assets: Insurance claims and reserves $ 531 $ 68 $ 599 $ 601 $ 46 $ 647 Other, net 10 (2) 8 7 (2) 5 Total deferred tax assets 541 66 607 608 44 652 Deferred tax liabilities: Investment securities (97) (537) (634) (78) (369) (447) Deferred policy acquisition costs (212) 197 (15) (236) 143 (93) Insurance claims and reserves transition liability (57) — (57) (68) — (68) Total deferred tax liabilities (366) (340) (706) (382) (226) (608) Net deferred tax asset (liability) $ 175 $ (274) $ (99) $ 226 $ (182) $ 44

Insurance (Tables)

Insurance (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 2019 2018 2020 2019 GALIC consolidated life insurance companies $ 209 $ 34 $ 802 $ 2,897 $ 2,868
Reinsurance Recoverable, Allowance for Credit Loss	A progression of the 2020 allowance for expected credit losses is shown below (in millions): Recoverables from Reinsurers Balance at January 1 $ — Impact of adoption of new accounting policy 5 Provision for expected credit losses 2 Balance at December 31 $ 7
Schedule of reserve liabilities for annuity benefits accumulated	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): 2020 2019 Expected death and annuitization $ 260 $ 232 Guaranteed withdrawal benefits 817 625 Accrued persistency and premium bonuses — 1

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ (3,995)	$ (3,481)	$ (2,539)		$ (2,808)
Maturities of short term investments	3 months
AOCI Attributable to Parent
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ (1,070)	(700)	(31)	$ 90	(557)
Retained Earnings
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ (1,874)	(1,741)	$ (1,488)		(1,248)
Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					(3)
Cumulative Effect, Period of Adoption, Adjustment | AOCI Attributable to Parent
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					90
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		5			(93)
Equity securities
Significant Accounting Policies [Line Items]
Available-for-sale securities, equity securities					593
Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment | AOCI Attributable to Parent
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					(90)
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		$ 5
Limited partnerships and similar investments | Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment
Significant Accounting Policies [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					$ 3

Segments of Operations - Narrat

Segments of Operations - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of segments	2

Segments of Operations - Assets

Segments of Operations - Assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 48,571	$ 45,893	$ 40,801
Annuity
Segment Reporting Information [Line Items]
Total assets	47,886	45,217	40,115
Run-off Life
Segment Reporting Information [Line Items]
Total assets	$ 685	$ 676	$ 686

Segments of Operations - Revenu

Segments of Operations - Revenues by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net investment income	$ 1,717	$ 1,813	$ 1,657
Other income	104	114	115
Revenues before realized gains	1,843	1,949	1,796
Realized gains (losses) on securities	365	132	(105)
Total revenues	2,208	2,081	1,691
Annuity
Segment Reporting Information [Line Items]
Net investment income	1,699	1,792	1,638
Other income	97	108	108
Revenues before realized gains	1,796	1,900	1,746
Run-off Life
Segment Reporting Information [Line Items]
Revenues before realized gains	$ 47	$ 49	$ 50

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ 164	$ 365	$ 361
Realized gains (losses) on securities	365	132	(105)
Earnings before income taxes	529	497	256
Annuity
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	170	363	363
Run-off Life
Segment Reporting Information [Line Items]
Earnings before realized gains and income taxes	$ (6)	$ 2	$ (2)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2020USD ($)professional	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AFG's internal investment professionals | professional		20
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		46.00%
Level 3 assets that were priced using non-binding broker quotes		$ 1,370
Level three assets that were priced by pricing services.		$ 394
Percentage Of Level Three Assets That Were Priced By Pricing Services		13.00%
Percentage Of Internally Developed Level Three Assets Compared to Total Level 3 Assets		41.00%
Fair value of equity securities transferred into level 3		$ 495	$ 136	$ 223
Life contingent annuities		$ 1,110	247
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		8.00%
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 registered index-linked 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		$ 3,930
Fixed-indexed and registered index-linked 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		4.00%
Fixed-indexed and registered index-linked 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 registered index-linked 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		$ 240	181	(44)
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	9	$ 22	$ 20
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internally developed Level 3 assets		$ 1,210

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, 2020	Dec. 31, 2019
Assets:
Available for sale (AFS) fixed maturities	$ 34,123	$ 37,899
Trading fixed maturities	42	54
Equity securities, at fair value	773	809
Derivatives including equity index call options and other assets	825	924
Variable annuity assets (separate accounts)	664	628
Total assets accounted for at fair value	36,529	40,364
Liabilities:
Total liabilities accounted for at fair value	3,943	3,740
Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities	3,933	3,730
Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities	10	10
Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	34,123	37,899
Trading fixed maturities	42	54
U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	44	45
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	3,422	4,349
Foreign government
Assets:
Available for sale (AFS) fixed maturities	34	34
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2,140	2,099
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	698	835
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	3,491	3,379
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	5,176	5,387
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	19,118	21,771
Equity securities
Assets:
Equity securities, at fair value	773	809
Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	102	50
Level 1
Assets:
Variable annuity assets (separate accounts)	0	0
Total assets accounted for at fair value	478	514
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:
Available for sale (AFS) fixed maturities	47	22
Trading fixed maturities	0	0
Level 1 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	6	6
Level 1 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 1 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	41	16
Level 1 | Equity securities
Assets:
Equity securities, at fair value	431	492
Level 1 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	0	0
Level 2
Assets:
Variable annuity assets (separate accounts)	664	628
Total assets accounted for at fair value	33,081	36,758
Liabilities:
Total liabilities accounted for at fair value	10	10
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	10	10
Level 2 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	31,399	35,061
Trading fixed maturities	42	54
Level 2 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	23	24
Level 2 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	3,358	4,284
Level 2 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	34	34
Level 2 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	2,013	1,971
Level 2 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	688	806
Level 2 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	3,443	3,365
Level 2 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	4,107	4,357
Level 2 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	17,733	20,220
Level 2 | Equity securities
Assets:
Equity securities, at fair value	49	41
Level 2 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	102	50
Level 3
Assets:
Variable annuity assets (separate accounts)	0	0
Total assets accounted for at fair value	2,970	3,092
Liabilities:
Total liabilities accounted for at fair value	3,933	3,730
Level 3 | Annuity benefits accumulated
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities	3,933	3,730
Level 3 | Other liabilities
Liabilities:
Derivatives included in annuity benefits accumulated and other liabilities	0	0
Level 3 | Fixed maturities
Assets:
Available for sale (AFS) fixed maturities	2,677	2,816
Trading fixed maturities	0	0
Level 3 | U.S. Government and government agencies
Assets:
Available for sale (AFS) fixed maturities	15	15
Level 3 | States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	64	65
Level 3 | Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 | Residential MBS
Assets:
Available for sale (AFS) fixed maturities	127	128
Level 3 | Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	10	29
Level 3 | Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	48	14
Level 3 | Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,069	1,030
Level 3 | Corporate and other
Assets:
Available for sale (AFS) fixed maturities	1,344	1,535
Level 3 | Equity securities
Assets:
Equity securities, at fair value	293	276
Level 3 | Other assets — derivatives
Assets:
Derivatives including equity index call options and other assets	0	0
Equity index call options | Equity index call options
Assets:
Derivatives including equity index call options and other assets	825	924
Equity index call options | Level 1 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	0	0
Equity index call options | Level 2 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	825	924
Equity index call options | Level 3 | Equity index call options
Assets:
Derivatives including equity index call options and other assets	$ 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, 2020
Unobservable inputs used by management in determining fair value of embedded derivatives
Risk margin for uncertainty in cash flows	0.99%
Minimum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	0.20%
Surrenders	4.00%
Partial surrenders	2.00%
Annuitizations	0.10%
Deaths	1.70%
Budgeted option costs	2.20%
Maximum
Unobservable inputs used by management in determining fair value of embedded derivatives
Adjustment for insurance subsidiary’s credit risk	2.20%
Surrenders	23.00%
Partial surrenders	11.00%
Annuitizations	1.00%
Deaths	13.90%
Budgeted option costs	2.90%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,799	$ 3,092	$ 2,835	$ 1,799
Total realized/unrealized gains (losses) included in Net income		(17)	8	(20)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		59	72	(35)
Purchases and issuances		558	1,141	1,422
Sales and settlements		(443)	(448)	(354)
Transfer into Level 3		495	136	223
Transfer out of Level 3		(774)	(652)	(200)
Financial assets, Ending Balance		2,970	3,092	2,835
Total fixed maturities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1,694	2,816	2,623	1,694
Total realized/unrealized gains (losses) included in Net income		(16)	0	(16)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		59	72	(35)
Purchases and issuances		523	1,105	1,316
Sales and settlements		(431)	(446)	(350)
Transfer into Level 3		486	114	203
Transfer out of Level 3		(760)	(652)	(189)
Financial assets, Ending Balance		2,677	2,816	2,623
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	8	15	8	8
Total realized/unrealized gains (losses) included in Net income		3	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(3)	7	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		15	15	8
States, municipalities and political subdivisions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	72	65	59	72
Total realized/unrealized gains (losses) included in Net income		0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		4	6	(3)
Purchases and issuances		0	0	0
Sales and settlements		(3)	(3)	(2)
Transfer into Level 3		0	10	0
Transfer out of Level 3		(2)	(7)	(8)
Financial assets, Ending Balance		64	65	59
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	99	128	161	99
Total realized/unrealized gains (losses) included in Net income		(6)	3	(5)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		(7)	(3)	(4)
Purchases and issuances		0	0	0
Sales and settlements		(13)	(18)	(18)
Transfer into Level 3		49	36	106
Transfer out of Level 3		(24)	(51)	(17)
Financial assets, Ending Balance		127	128	161
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	34	29	48	34
Total realized/unrealized gains (losses) included in Net income		0	2	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		0	0	14
Sales and settlements		(3)	(13)	0
Transfer into Level 3		1	3	0
Transfer out of Level 3		(17)	(11)	0
Financial assets, Ending Balance		10	29	48
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	142	14	85	142
Total realized/unrealized gains (losses) included in Net income		(5)	(4)	(2)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		17	4	(9)
Purchases and issuances		0	0	24
Sales and settlements		0	0	(11)
Transfer into Level 3		135	14	2
Transfer out of Level 3		(113)	(85)	(61)
Financial assets, Ending Balance		48	14	85
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	398	1,030	543	398
Total realized/unrealized gains (losses) included in Net income		(10)	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		14	5	(1)
Purchases and issuances		296	727	292
Sales and settlements		(282)	(162)	(171)
Transfer into Level 3		173	23	69
Transfer out of Level 3		(152)	(106)	(44)
Financial assets, Ending Balance		1,069	1,030	543
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	941	1,535	1,719	941
Total realized/unrealized gains (losses) included in Net income		2	(1)	(9)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		34	53	(18)
Purchases and issuances		227	378	986
Sales and settlements		(130)	(250)	(148)
Transfer into Level 3		128	28	26
Transfer out of Level 3		(452)	(392)	(59)
Financial assets, Ending Balance		1,344	1,535	1,719
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	105	276	212	105
Total realized/unrealized gains (losses) included in Net income		(1)	8	(4)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)		0	0	0
Purchases and issuances		35	36	106
Sales and settlements		(12)	(2)	(4)
Transfer into Level 3	$ 20	9	22	20
Transfer out of Level 3		(14)	0	(11)
Financial assets, Ending Balance		$ 293	$ 276	$ 212

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (3,730)	$ (2,720)	$ (2,542)
Total realized/unrealized gains (losses) included in Net income	(283)	(919)	204
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(242)	(333)	(545)
Sales and settlements	322	242	163
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Financial liabilities, Ending Balance	(3,933)	(3,730)	(2,720)
Embedded derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(3,730)	(2,720)	(2,542)
Total realized/unrealized gains (losses) included in Net income	(283)	(919)	204
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0
Purchases and issuances	(242)	(333)	(545)
Sales and settlements	322	242	163
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Financial liabilities, Ending Balance	$ (3,933)	$ (3,730)	$ (2,720)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Mortgage loans	$ 1,251	$ 1,072
Policy loans	151	164
Level 1
Financial assets:
Cash and cash equivalents	1,151	734
Mortgage loans	0	0
Policy loans	0	0
Total financial assets not accounted for at fair value	1,151	734
Financial liabilities:
Annuity benefits accumulated	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	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	1,271	1,081
Policy loans	151	164
Total financial assets not accounted for at fair value	1,422	1,245
Financial liabilities:
Annuity benefits accumulated	43,081	40,182
Total financial liabilities not accounted for at fair value	43,081	40,182
Carrying Value
Financial assets:
Cash and cash equivalents	1,151	734
Mortgage loans	1,251	1,072
Policy loans	151	164
Total financial assets not accounted for at fair value	2,553	1,970
Financial liabilities:
Annuity benefits accumulated	41,460	40,160
Total financial liabilities not accounted for at fair value	41,460	40,160
Fair Value
Financial assets:
Cash and cash equivalents	1,151	734
Mortgage loans	1,271	1,081
Policy loans	151	164
Total financial assets not accounted for at fair value	2,573	1,979
Financial liabilities:
Annuity benefits accumulated	43,081	40,182
Total financial liabilities not accounted for at fair value	$ 43,081	$ 40,182

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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, available for sale at amortized cost	$ 31,598	$ 36,144
Available for sale (AFS) fixed maturities	34,123	37,899
Deferred policy acquisition costs	302	713	$ 1,381	$ 943
Annuity benefits accumulated	(42,573)	(40,406)
Life, accident and health reserves	(610)	(612)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	1,303	865
Deferred tax on unrealized gain	(274)	(182)
Net unrealized gain, after tax (included in AOCI)	1,029	683
Fixed maturities
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, available for sale at amortized cost	31,598	36,144
Available for sale (AFS) fixed maturities	34,123	37,899
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	2,553	1,755
Deferred policy acquisition costs
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs	302	713
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(934)	(681)
Annuity benefits accumulated
Debt Securities, Available-for-sale [Abstract]
Annuity benefits accumulated	(42,573)	(40,406)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(324)	(220)
Life, accident and health reserves
Debt Securities, Available-for-sale [Abstract]
Life, accident and health reserves	(610)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	(3)
Unearned revenue (included in other liabilities)
Debt Securities, Available-for-sale [Abstract]
Unearned revenue (included in other liabilities)	(15)	(12)
Components of the net unrealized gain on securities, included in Accumulated Other Comprehensive Income
Net unrealized gain, pretax	11	11
Excluding unrealized gains
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs	1,273	1,412	$ 1,411	$ 1,365
Excluding unrealized gains | Fixed maturities
Debt Securities, Available-for-sale [Abstract]
Fixed maturities, available for sale at amortized cost	31,570	36,144
Excluding unrealized gains | Deferred policy acquisition costs
Debt Securities, Available-for-sale [Abstract]
Deferred policy acquisition costs	1,236	1,394
Excluding unrealized gains | Annuity benefits accumulated
Debt Securities, Available-for-sale [Abstract]
Annuity benefits accumulated	(42,249)	(40,186)
Excluding unrealized gains | Life, accident and health reserves
Debt Securities, Available-for-sale [Abstract]
Life, accident and health reserves	(607)
Excluding unrealized gains | Unearned revenue (included in other liabilities)
Debt Securities, Available-for-sale [Abstract]
Unearned revenue (included in other liabilities)	$ (26)	$ (23)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)security	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Schedule of Investments [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	76.00%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	87.00%
Average life of ABS	4 years
Average life of MBS	3 years 6 months
Investment management charges	$ 8	$ 11	$ 7
Total fixed maturities
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 97	68
Number of fixed maturities in an unrealized loss position | security	568
Residential Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 3	$ 3
Number of securities purchased with credit deterioration | security	2
Aggregate par value of securities purchased with credit deterioration, at time of purchase	$ 8
Aggregate purchase price of securities purchased with credit deterioration, at time of purchase	6
Initial allowance for purchased securities with credit deterioration	1
Initial discount for purchased securities with credit deterioration	$ 1,000

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	$ 31,598		$ 36,144
Fixed maturities, available for sale, allowance for expected credit losses	28		0
Available for sale (AFS) fixed maturities	34,123		37,899
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	31,598		36,144
Fixed maturities, available for sale, allowance for expected credit losses	28		0
Gross unrealized gains on fixed maturities	2,650		1,823
Gross unrealized losses on fixed maturities	(97)		(68)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	2,553		1,755
Available for sale (AFS) fixed maturities	34,123		37,899
U.S. Government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	40		38
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Gross unrealized gains on fixed maturities	4		7
Gross unrealized losses on fixed maturities	0		0
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	4		7
Available for sale (AFS) fixed maturities	44		45
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	3,053		4,080
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Gross unrealized gains on fixed maturities	371		270
Gross unrealized losses on fixed maturities	(2)		(1)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	369		269
Available for sale (AFS) fixed maturities	3,422		4,349
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	31		31
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Gross unrealized gains on fixed maturities	3		3
Gross unrealized losses on fixed maturities	0		0
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	3		3
Available for sale (AFS) fixed maturities	34		34
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	1,954		1,909
Fixed maturities, available for sale, allowance for expected credit losses	3		0
Gross unrealized gains on fixed maturities	192		193
Gross unrealized losses on fixed maturities	(3)		(3)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	189		190
Available for sale (AFS) fixed maturities	2,140		2,099
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	659		807
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Gross unrealized gains on fixed maturities	40		28
Gross unrealized losses on fixed maturities	(1)		0
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	39		28
Available for sale (AFS) fixed maturities	698		835
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	3,490		3,401
Fixed maturities, available for sale, allowance for expected credit losses	10		0
Gross unrealized gains on fixed maturities	24		8
Gross unrealized losses on fixed maturities	(13)		(30)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	11		(22)
Available for sale (AFS) fixed maturities	3,491		3,379
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	5,099		5,265
Fixed maturities, available for sale, allowance for expected credit losses	11		0
Gross unrealized gains on fixed maturities	142		138
Gross unrealized losses on fixed maturities	(54)		(16)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	88		122
Available for sale (AFS) fixed maturities	5,176		5,387
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale at amortized cost	17,272		20,613
Fixed maturities, available for sale, allowance for expected credit losses	4	$ 0	0
Gross unrealized gains on fixed maturities	1,874		1,176
Gross unrealized losses on fixed maturities	(24)		(18)
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	1,850		1,158
Available for sale (AFS) fixed maturities	$ 19,118		$ 21,771

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at fair value	$ 773	$ 809
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	756	746
Equity securities, at fair value	773	809
Equity securities, fair value in excess of cost	17	63
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	423	497
Equity securities, at fair value	412	552
Equity securities, fair value in excess of cost	(11)	55
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	333	249
Equity securities, at fair value	361	257
Equity securities, fair value in excess of cost	$ 28	$ 8

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, 2020	Dec. 31, 2019
Total fixed maturities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (62)	$ (34)
Fair Value - Less than twelve months	$ 2,430	$ 3,201
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (35)	$ (34)
Fair Value - Twelve months or more	$ 1,686	$ 1,676
Fair Value as % of Cost - Twelve months or more	98.00%	98.00%
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	$ 0	$ 0
Fair Value as % of Cost - Less than twelve months	0.00%	0.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 0
Fair Value as % of Cost - Twelve months or more	0.00%	0.00%
States, municipalities and political subdivisions
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (2)	$ (1)
Fair Value - Less than twelve months	$ 80	$ 105
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 0	$ 5
Fair Value as % of Cost - Twelve months or more	0.00%	100.00%
Residential MBS
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (2)	$ (2)
Fair Value - Less than twelve months	$ 124	$ 315
Fair Value as % of Cost - Less than twelve months	98.00%	99.00%
Unrealized Loss - Twelve months or more	$ (1)	$ (1)
Fair Value - Twelve months or more	$ 23	$ 15
Fair Value as % of Cost - Twelve months or more	96.00%	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	$ 32	$ 11
Fair Value as % of Cost - Less than twelve months	97.00%	100.00%
Unrealized Loss - Twelve months or more	$ 0	$ 0
Fair Value - Twelve months or more	$ 5	$ 0
Fair Value as % of Cost - Twelve months or more	100.00%	0.00%
Collateralized loan obligations
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (2)	$ (9)
Fair Value - Less than twelve months	$ 496	$ 995
Fair Value as % of Cost - Less than twelve months	100.00%	99.00%
Unrealized Loss - Twelve months or more	$ (11)	$ (21)
Fair Value - Twelve months or more	$ 1,256	$ 1,363
Fair Value as % of Cost - Twelve months or more	99.00%	98.00%
Other asset-backed securities
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (35)	$ (11)
Fair Value - Less than twelve months	$ 974	$ 838
Fair Value as % of Cost - Less than twelve months	97.00%	99.00%
Unrealized Loss - Twelve months or more	$ (19)	$ (5)
Fair Value - Twelve months or more	$ 295	$ 91
Fair Value as % of Cost - Twelve months or more	94.00%	95.00%
Corporate and other
Available-for-sale securities in a continuous unrealized loss position
Unrealized Loss - Less than twelve months	$ (20)	$ (11)
Fair Value - Less than twelve months	$ 724	$ 937
Fair Value as % of Cost - Less than twelve months	97.00%	99.00%
Unrealized Loss - Twelve months or more	$ (4)	$ (7)
Fair Value - Twelve months or more	$ 107	$ 202
Fair Value as % of Cost - Twelve months or more	96.00%	97.00%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 0
Impact of adoption of new accounting policy	0
Initial allowance for purchased securities with credit deterioration	1
Provision for expected credit losses on securities with no previous allowance	51
Additions (reductions) to previously recognized expected credit losses	(19)
Reductions due to sales or redemptions	5
Ending balance	28
Accounting Standards Update 2016-13
Allowance for Credit Losses [Roll Forward]
Impact of adoption of new accounting policy		$ 0
Structured Securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	24	0
Initial allowance for purchased securities with credit deterioration	1
Provision for expected credit losses on securities with no previous allowance	28
Additions (reductions) to previously recognized expected credit losses	(5)
Reductions due to sales or redemptions	0
Ending balance	24
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	0
Impact of adoption of new accounting policy	0	$ 0
Initial allowance for purchased securities with credit deterioration	0
Provision for expected credit losses on securities with no previous allowance	23
Additions (reductions) to previously recognized expected credit losses	(14)
Reductions due to sales or redemptions	5
Ending balance	$ 4

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - Fixed maturities $ in Millions	Dec. 31, 2020USD ($)
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 1,975
After one year through five years	7,761
After five years through ten years	8,198
After ten years	2,458
Fixed maturities amortized cost, Subtotal	20,392
Collateralized loan obligations and other ABS (average life of approximately 4 years)	8,568
MBS (average life of approximately 3-1/2 years)	2,610
Amortized Cost	31,570
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	1,995
After one year through five years	8,442
After five years through ten years	9,402
After ten years	2,779
Fixed maturities fair value, Subtotal	22,618
Collateralized loan obligations and other ABS (average life of approximately 4 years)	8,667
MBS (average life of approximately 3-1/2 years)	2,838
Fair Value	$ 34,123
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	6.00%
After one year through five years	25.00%
After five years through ten years	28.00%
After ten years	8.00%
Fixed maturities fair value, Subtotal, Percent	67.00%
Collateralized loan obligations and other ABS (average life of approximately 4 years)	25.00%
MBS (average life of approximately 3-1/2 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Gross investment income	$ 1,740	$ 1,829	$ 1,670
Investment expenses	(23)	(16)	(13)
Net investment income	1,717	1,813	1,657
Fixed maturities
Net Investment Income [Line Items]
Gross investment income	1,577	1,600	1,450
Equity securities
Net Investment Income [Line Items]
Gross investment income	28	34	30
Equity in earnings of partnerships and similar investments
Net Investment Income [Line Items]
Gross investment income	48	90	96
Mortgage loans
Net Investment Income [Line Items]
Gross investment income	54	43	45
Policy loans
Net Investment Income [Line Items]
Gross investment income	9	9	10
Real estate and other
Net Investment Income [Line Items]
Gross investment income	7	36	26
Accounting Standards Update 2016-01 | Equity securities
Net Investment Income [Line Items]
Gross investment income	$ 17	$ 17	$ 13

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ 365	$ 132	$ (105)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	305	112	(72)
Realized - impairments	(17)	(8)	(11)
Realized gains (losses) on securities	288	104	(83)
Change in Unrealized	346	641	(438)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	386	142	(91)
Realized - impairments	(21)	(10)	(14)
Realized gains (losses) on securities	365	132	(105)
Change in Unrealized	438	812	(555)
Fixed maturities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	461	19	5
Realized - impairments	(32)	(21)	(21)
Realized gains (losses) on securities	429	(2)	(16)
Change in Unrealized	798	1,647	(1,057)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(27)	122	(107)
Realized - impairments	0	0	0
Realized gains (losses) on securities	(27)	122	(107)
Change in Unrealized	0	0	0
Mortgage loans and other investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	3	2	0
Realized - impairments	0	0	0
Realized gains (losses) on securities	3	2	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	(51)	(1)	11
Realized - impairments	11	11	7
Realized gains (losses) on securities	(40)	10	18
Change in Unrealized	(360)	(835)	502
Total tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(81)	(30)	19
Realized - impairments	4	2	3
Realized gains (losses) on securities	(77)	(28)	22
Change in Unrealized	$ (92)	$ (171)	$ 117

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	$ 365	$ 132	$ (105)
Included in net investment income	1,740	1,829	1,670
Equity securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Realized gains (losses) on securities still owned	(27)	122	$ (107)
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	(14)	140
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	(25)	123
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	$ 11	$ 17

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 514	$ 30	$ 17
Gross losses	$ (51)	$ (16)	$ (12)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)swap	Mar. 31, 2020USD ($)swap	Dec. 31, 2020USD ($)swap	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Carrying value of collateral received to support purchased call options			$ 351,000,000	$ 577,000,000
Annuity benefits | Not designated as hedging instrument | Fixed-indexed and registered index-linked 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			$ 240,000,000	181,000,000	$ (44,000,000)
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			9
Derivative, notional amount			$ 1,630,000,000	1,980,000,000
Gain (loss) reclassified from AOCI into net investment income			40,000,000	3,000,000	$ (3,000,000)
Collateral receivable supporting interest rate swaps			2,000,000	20,000,000
Other assets — derivatives | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value			102,000,000	50,000,000
Other liabilities | Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives, at fair value			$ 0	$ (5,000,000)
Contract termination | Cash Flow Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 166,000,000	$ 83,000,000
Number of interest rate swaps terminated | swap	2	1
Facility closing | Cash Flow Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 44,000,000
Number of interest rate swaps expired during the period | swap	1

Derivatives - Derivatives that

Derivatives - Derivatives that do not qualify for hedge accounting under GAAP included in the Balance Sheet at fair value (Details) - Not designated as hedging instrument - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	$ 962	$ 998
Derivative liability, at fair value	3,943	3,735
MBS with embedded derivatives | Fixed maturities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	137	74
Public company warrants | Equity securities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	0	0
Fixed-indexed and registered index-linked annuities (embedded derivative) | Annuity benefits accumulated
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	3,933	3,730
Equity index call options | Equity index call options
Derivatives included in AFG' s Balance Sheet at fair value
Derivative asset, at fair value	825	924
Equity index put options | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	5	1
Reinsurance contract (embedded derivative) | Other liabilities
Derivatives included in AFG' s Balance Sheet at fair value
Derivative liability, at fair value	$ 5	$ 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	$ (60)	$ (110)	$ (100)
MBS with embedded derivatives | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	(2)	5	(4)
Public company warrants | Realized gains (losses) on securities
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	0	0	(3)
Fixed-indexed and registered index-linked annuities (embedded derivative) | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	(283)	(919)	204
Equity index call options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	223	804	(298)
Equity index put options | Annuity benefits
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	3	2	(1)
Reinsurance contract (embedded derivative) | Net investment income
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Net gain (loss) on derivatives not designated as hedging instruments	$ (1)	$ (2)	$ 2

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Policy Acquisition Costs Disclosures [Abstract]
Accumulated amortization of present value of future profits	$ 160	$ 154
Approximate annual rate of decrease in present value of future profits during next five years	14.29%

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs - Progression of deferred policy acquisition costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Deferred policy acquisition costs, beginning balance	$ 1,301	$ 1,283	$ 1,214
Deferred policy acquisition costs, additions	155	206	263
Deferred policy acquisition costs, periodic amortization	(126)	(120)	(237)
Deferred policy acquisition costs, annuity unlocking	(118)	(76)	29
Deferred policy acquisition costs, change included in realized gains	(42)	8	14
Deferred policy acquisition costs, ending balance	1,170	1,301	1,283
Movement in Deferred Sales Inducements [Roll Forward]
Deferred sales inducements, beginning balance	75	86	102
Deferred sales inducements, additions	2	2	2
Deferred sales inducements, periodic amortization	(9)	(13)	(19)
Deferred sales inducements, annuity unlocking	4	(1)	0
Deferred sales inducements, change included in realized gains	1	1	1
Deferred sales inducements, ending balance	73	75	86
Movement in Present Value of Future Insurance Profits [Roll Forward]
Present value of future profits, beginning balance	36	42	49
Present value of future profits, periodic amortization	(6)	(6)	(7)
Present value of future profits, annuity unlocking	0	0	0
Present value of future profits, other			0
Present value of future profits, ending balance	30	36	42
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	(699)	(30)	(422)
Unrealized investment gains (losses), change in unrealized	(272)	(669)	392
Unrealized investment gains (losses), ending balance	(971)	(699)	(30)
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	713	1,381	943
Deferred policy acquisition costs and present value of future profits, additions	157	208	265
Deferred policy acquisition costs and present value of future profits, periodic amortization	(141)	(139)	(263)
Deferred policy acquisition costs and present value of future profits, annuity unlocking	(114)	(77)	29
Deferred policy acquisition costs and present value of future profits, change included in realized gains	(41)	9	15
Deferred policy acquisition costs and present value of future profits, other			0
Deferred policy acquisition costs and present value of future profits, change in unrealized	(272)	(669)	392
Deferred policy acquisition costs and present value of future profits, ending balance	302	713	1,381
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	1,412	1,411	1,365
Deferred policy acquisition costs and present value of future profits, ending balance	$ 1,273	$ 1,412	$ 1,411

Shareholder's Equity - Narrativ

Shareholder's Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 3,995	$ 3,481	$ 2,539		$ 2,808
Components of accumulated other comprehensive income
Non-cash capital contributions from parent	$ 12	$ 19	$ 17
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest				$ (90)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					$ 3
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest				$ (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, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	$ 700
Other comprehensive income (loss), net of tax	370	$ 669	$ (436)
Stockholders' equity, including portion attributable to noncontrolling interest	3,995	3,481	2,539		$ 2,808
AOCI ending balance	1,070	700
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	834	828	(561)
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, tax	(175)	(174)	118
Other comprehensive income (loss), unrealized holding gains on securities arising during the period, net of tax	659	654	(443)
Reclassification from accumulated other comprehensive income, pretax	(396)	(16)	6
Reclassification from accumulated other comprehensive income, tax	83	3	(1)
Reclassification from accumulated other comprehensive income, net of tax	(313)	(13)	5
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	438	812	(555)
Other comprehensive income (loss), tax	(92)	(171)	117
Other comprehensive income (loss), net of tax	346	641	(438)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	683	42	570
Stockholders' equity, including portion attributable to noncontrolling interest				$ (90)
AOCI ending balance	1,029	683	42
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	30	36	2
Other comprehensive income (loss), tax	(6)	(8)	0
Other comprehensive income (loss), net of tax	24	28	2
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	17	(11)	(13)
Stockholders' equity, including portion attributable to noncontrolling interest				0
AOCI ending balance	41	17	(11)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss), pretax	468	848	(553)
Other comprehensive income (loss), tax	(98)	(179)	117
Other comprehensive income (loss), net of tax	370	669	(436)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	700	31	557
Other comprehensive income (loss), net of tax	370	669	(436)
Stockholders' equity, including portion attributable to noncontrolling interest	1,070	700	31	$ (90)	$ 557
AOCI ending balance	$ 1,070	$ 700	$ 31

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Reconciliation [Line Items]
Statutory rate of income taxes	21.00%	21.00%	21.00%
Cash payments for income taxes	$ 90,000,000	$ 163,000,000	$ 106,000,000
Charge for valuation allowance
Income Tax Reconciliation [Line Items]
Charge for valuation allowance against deferred tax assets	$ 0	$ 0

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 529	$ 497	$ 256
Income taxes at statutory rate	111	104	54
Effect of permanent items	(4)	(2)	(7)
Provision for income taxes as shown in the statement of earnings	$ 107	$ 102	$ 47
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21.00%	21.00%	21.00%
Effect of permanent items as a percentage of EBT	(1.00%)	0.00%	(3.00%)
Provision for income taxes as shown in the Statement of Earnings as a percentage of EBT	20.00%	21.00%	18.00%

Income Taxes - Total income tax

Income Taxes - Total income tax provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current taxes:
Federal	$ 60	$ 152	$ 130
State	2	4	3
Deferred taxes:
Federal	45	(54)	(86)
Provision for income taxes as shown in the statement of earnings	$ 107	$ 102	$ 47

Income Taxes - Significant comp

Income Taxes - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Insurance claims and reserves	$ 599	$ 647
Other, net	8	5
Total deferred tax assets	607	652
Deferred tax liabilities:
Investment securities	(634)	(447)
Deferred policy acquisition costs	(15)	(93)
Insurance claims and reserves transition liability	(57)	(68)
Total deferred tax liabilities	(706)	(608)
Net deferred tax asset (liability)		44
Net deferred tax asset (liability)	(99)
Excluding unrealized gains
Deferred tax assets:
Insurance claims and reserves	531	601
Other, net	10	7
Total deferred tax assets	541	608
Deferred tax liabilities:
Investment securities	(97)	(78)
Deferred policy acquisition costs	(212)	(236)
Insurance claims and reserves transition liability	(57)	(68)
Total deferred tax liabilities	(366)	(382)
Net deferred tax asset (liability)	175	226
Impact of Unrealized Gains
Deferred tax assets:
Insurance claims and reserves	68	46
Other, net	(2)	(2)
Total deferred tax assets	66	44
Deferred tax liabilities:
Investment securities	(537)	(369)
Deferred policy acquisition costs, impact of unrealized gains	197	143
Insurance claims and reserves transition liability	0	0
Total deferred tax liabilities	(340)	(226)
Net deferred tax asset (liability)	$ (274)	$ (182)

Insurance - Narrative (Details)

Insurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Insurance [Line Items]
Carrying value of securities owned by U.S.-based insurance subsidiaries on deposit	$ 30	$ 30
Investment in Federal Home Loan Bank capital stock	56	56
Proceeds advanced from Federal Home Loan Bank		200	$ 0	$ 225
Payments for FHLBank Advance, Investing Activities		165	0	0
Advances from Federal Home Loan Bank	1,130	1,130	$ 1,100	1,100
Statutory Dividend Payment Restrictions Disclosure			The maximum amount of dividends that can be paid to shareholders in 2021 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.
Repayments of advances from Federal Home Loan Bank due in next twelve months	931	931
Fair value of mortgage-backed securities held as collateral by the Federal Home Loan Bank	1,370	1,370
Interest on advances from Federal Home Loan Bank		11	$ 27	20
Dividends		$ (285)	(140)	(60)
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	290	$ 290
Maximum amount of dividends available to be received by parent from insurance subsidiaries without prior approval of regulatory authorities	34	34
Ceded annuity receipts		492	0	0
Ceded annuity surrenders, benefits and withdrawals		206	0	0
Aggregate guaranteed minimum death benefit value on variable annuity polices in force	11	11	13
Life insurance
Insurance [Line Items]
Life insurance in force, ceded premiums	5,420	5,420	6,230
Life insurance in force, direct premiums	8,330	8,330	9,530
Life written premiums ceded		19	20	22
Reinsurance recoveries		28	32	41
Great American Life Insurance Company
Insurance [Line Items]
Proceeds advanced from Federal Home Loan Bank		200
Payments for FHLBank Advance, Investing Activities		165
Repayments of advances from Federal Home Loan Bank due in year five	$ 200	$ 200
Quota share coinsurance percentage		0.50
Inforce annuity business ceded, as a percent of total inforce	15.00%
Deferred loss on ceded reserves	$ 180
Amortization of deferred loss on reinsurance	11
Ceded annuity receipts		$ 492
Ceded annuity surrenders, benefits and withdrawals		206
Commission and expense allowances		39
Reduction of annuity benefits		46
Great American Life Insurance Company | Life insurance
Insurance [Line Items]
Increases in statutory surplus from reinsurance treaty		$ 139	124
Great American Life Insurance Company | Block Reinsurance
Insurance [Line Items]
Ceded inforce annuity business	$ 5,960
Minimum | Great American Life Insurance Company
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	0.31%	0.31%
Expected life of ceded reserves	7 years
Average | Great American Life Insurance Company
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	0.53%	0.53%
Maximum [Member] | Variable annuities
Insurance [Line Items]
Liabilities for Guarantees on Long-Duration Contracts, Payment for Benefits		$ 1	1,000	1,000
Maximum [Member] | Great American Life Insurance Company
Insurance [Line Items]
Interest rates on Federal Home Loan Bank advances	1.35%	1.35%
Expected life of ceded reserves	10 years
Retained Earnings
Insurance [Line Items]
Dividends		$ (285)	(140)	$ (60)
Federal Home Loan Banks, advances, refinanced terms
Insurance [Line Items]
Advances from Federal Home Loan Bank			$ 610

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Statutory information
Net Earnings	$ 209	$ 34	$ 802
Capital and Surplus	$ 2,897	$ 2,868

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Impact of adoption of new accounting policy	(7)
Provision for expected credit losses	2
Ending balance	7
Cumulative Effect, Period of Adoption, Adjustment
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(5)
Impact of adoption of new accounting policy	$ 5

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, 2020	Dec. 31, 2019
Insurance [Abstract]
Expected death and annuitization	$ 260	$ 232
Guaranteed withdrawal benefits	817	625
Accrued persistency and premium bonuses	$ 0	$ 1

Additional Information - Narrat

Additional Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Additional Information [Abstract]
General and administrative costs paid to parent	$ 45	$ 44	$ 43
Commitments to fund limited partnerships	493
Retirement and employee savings plan expense	$ 2	$ 1	$ 2

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Investments accounted for using the equity method	$ 1,075	$ 985
Equity in earnings of partnerships and similar investments
Subsequent Event [Line Items]
Investments accounted for using the equity method	430
Real Estate
Subsequent Event [Line Items]
Other Real Estate	$ 97

Supplementary Insurance Infor_2

Supplementary Insurance Information - Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 302	$ 713	$ 1,381
Reserves for future policy benefits and claims	43,183	41,018	37,251
Net earned premiums	22	22	24
Net investment income	1,717	1,813	1,657
Benefits, claims, losses and settlement expenses	1,232	1,187	1,035
Amortization of deferred policy acquisition costs	249	202	215
Other operating expenses	198	195	185
Annuity
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	286	694	1,358
Reserves for future policy benefits and claims	42,573	40,406	36,616
Net investment income	1,700	1,792	1,638
Benefits, claims, losses and settlement expenses	1,192	1,151	998
Amortization of deferred policy acquisition costs	246	198	211
Other operating expenses	188	188	174
Run-off Life
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	16	19	23
Reserves for future policy benefits and claims	610	612	635
Net earned premiums	22	22	24
Net investment income	17	21	19
Benefits, claims, losses and settlement expenses	40	36	37
Amortization of deferred policy acquisition costs	3	4	4
Other operating expenses	$ 10	$ 7	$ 11