American Financial (AFG) 10-Q3 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 01, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-13653
Entity Registrant Name	AMERICAN FINANCIAL GROUP, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	31-1544320
Entity Address, Address Line One	301 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	513
Local Phone Number	579-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,777,809
Entity Central Index Key	0001042046
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AFG
Security Exchange Name	NYSE
5.875% Subordinated Debentures due March 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Subordinated Debentures due March 30, 2059
Trading Symbol	AFGB
Security Exchange Name	NYSE
5.625% Subordinated Debentures due June 2060
Entity Information [Line Items]
Title of 12(b) Security	5.625% Subordinated Debentures due June 1, 2060
Trading Symbol	AFGD
Security Exchange Name	NYSE
5.125% Subordinated Debentures due December 2059
Entity Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Debentures due December 15, 2059
Trading Symbol	AFGC
Security Exchange Name	NYSE
4.50% Subordinated Debentures due September 2060
Entity Information [Line Items]
Title of 12(b) Security	4.50% Subordinated Debentures due September 15, 2060
Trading Symbol	AFGE
Security Exchange Name	NYSE

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 1,221	$ 872
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $10,610 and $10,736; allowance for expected credit losses of $20 and $11)	9,931	10,095
Fixed maturities, trading at fair value	51	32
Equity securities, at fair value	1,007	1,010
Investments accounted for using the equity method	1,807	1,700
Mortgage loans	644	676
Real estate and other investments	133	127
Total cash and investments	14,794	14,512
Recoverables from reinsurers	4,421	3,977
Prepaid reinsurance premiums	1,223	917
Agents’ balances and premiums receivable	2,088	1,339
Deferred policy acquisition costs	324	288
Assets of managed investment entities	4,871	5,447
Other receivables	1,377	886
Other assets	1,422	1,219
Goodwill	305	246
Total assets	30,825	28,831
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	12,891	11,974
Unearned premiums	3,997	3,246
Payable to reinsurers	1,398	1,035
Liabilities of managed investment entities	4,728	5,332
Long-term debt	1,474	1,496
Other liabilities	2,356	1,696
Total liabilities	26,844	24,779
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 84,135,710 and 85,204,006 shares outstanding	84	85
Capital surplus	1,372	1,368
Retained earnings	3,095	3,142
Accumulated other comprehensive income (loss), net of tax	(570)	(543)
Total shareholders’ equity	3,981	4,052
Total liabilities and shareholders’ equity	$ 30,825	$ 28,831

Consolidated Balance Sheet (U_2

Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 10,610	$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	$ 20	$ 11
Common Stock, par value (USD per share)	$ 0	$ 0
Common Stock, shares authorized (shares)	200,000,000	200,000,000
Common Stock, shares outstanding (shares)	84,135,710	85,204,006

Consolidated Statement of Earni

Consolidated Statement of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Property and casualty insurance net earned premiums	$ 1,855	$ 1,767	$ 4,799	$ 4,462
Net investment income	168	151	583	549
Realized gains (losses) on:
Securities	(19)	(35)	(67)	(143)
Subsidiary	(4)	0	(4)	0
Income of managed investment entities:
Investment income	105	75	321	175
Gain (loss) on change in fair value of assets/liabilities	16	(5)	12	(25)
Other income	43	31	100	93
Total revenues	2,164	1,984	5,744	5,111
Property and casualty insurance:
Losses and loss adjustment expenses	1,239	1,176	2,964	2,643
Commissions and other underwriting expenses	497	445	1,455	1,291
Interest charges on borrowed money	19	19	57	65
Expenses of managed investment entities	105	62	303	148
Other expenses	85	72	227	187
Total costs and expenses	1,945	1,774	5,006	4,334
Earnings before income taxes	219	210	738	777
Provision for income taxes	42	45	149	155
Net Earnings	$ 177	$ 165	$ 589	$ 622
Earnings per Common Share:
Basic (USD per share)	$ 2.10	$ 1.93	$ 6.93	$ 7.30
Diluted (USD per share)	$ 2.09	$ 1.93	$ 6.93	$ 7.29
Average number of Common Shares:
Basic (shares)	84.6	85.2	85	85.1
Diluted (shares)	84.7	85.4	85.1	85.3

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 177	$ 165	$ 589	$ 622
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period	(64)	(231)	(55)	(698)
Reclassification adjustment for realized (gains) losses included in net earnings	7	3	31	8
Total net unrealized gains (losses) on securities	(57)	(228)	(24)	(690)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period	(7)	(21)	(20)	(27)
Reclassification adjustment for investment income included in net earnings	6	0	15	(2)
Total net unrealized gains (losses) on cash flow hedges	(1)	(21)	(5)	(29)
Foreign currency translation adjustments	(1)	(5)	2	(2)
Other comprehensive loss, net of tax	(59)	(254)	(27)	(721)
Comprehensive income (loss)	$ 118	$ (89)	$ 562	$ (99)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Total	Common Shares	Common Stock and Capital Surplus	Retained Earnings	Accumulated Other Comp. Income Loss
Beginning Balance (shares) at Dec. 31, 2021			84,920,965
Beginning Balance at Dec. 31, 2021		$ 5,012		$ 1,415	$ 3,478	$ 119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 622	622			622
Other comprehensive loss		(721)				(721)
Dividends		(993)			(993)
Shares issued:
Exercise of stock options (shares)			138,498
Exercise of stock options		5		5
Restricted stock awards (shares)			151,080
Other benefit plans (shares)			54,171
Other benefit plans		7		7
Dividend reinvestment plan (shares)			27,518
Dividend reinvestment plan		4		4
Stock-based compensation expense		14		14
Shares acquired and retired (shares)			(80,701)
Shares acquired and retired		(10)		(1)	(9)
Shares exchanged — benefit plans (shares)			(57,195)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock (shares)			(13,815)
Ending Balance (shares) at Sep. 30, 2022			85,140,521
Ending Balance at Sep. 30, 2022		3,932		1,443	3,091	(602)
Beginning Balance (shares) at Jun. 30, 2022			85,154,263
Beginning Balance at Jun. 30, 2022		4,067		1,436	2,979	(348)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 165	165			165
Other comprehensive loss		(254)				(254)
Dividends		(48)			(48)
Shares issued:
Exercise of stock options (shares)			14,553
Exercise of stock options		0		0
Restricted stock awards (shares)			0
Other benefit plans (shares)			19,220
Other benefit plans		2		2
Dividend reinvestment plan (shares)			1,328
Dividend reinvestment plan		1		1
Stock-based compensation expense		4		4
Shares acquired and retired (shares)			(45,500)
Shares acquired and retired		(5)		0	(5)
Shares exchanged — benefit plans (shares)			(886)
Shares exchanged — benefit plans		0		0	0
Forfeitures of restricted stock (shares)			(2,457)
Ending Balance (shares) at Sep. 30, 2022			85,140,521
Ending Balance at Sep. 30, 2022		3,932		1,443	3,091	(602)
Beginning Balance (shares) at Dec. 31, 2022	85,204,006		85,204,006
Beginning Balance at Dec. 31, 2022		4,052		1,453	3,142	(543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 589	589			589
Other comprehensive loss		(27)				(27)
Dividends		(500)			(500)
Shares issued:
Exercise of stock options (shares)			83,631
Exercise of stock options		3		3
Restricted stock awards (shares)			165,513
Other benefit plans (shares)			71,499
Other benefit plans		9		9
Dividend reinvestment plan (shares)			14,159
Dividend reinvestment plan		2		2
Stock-based compensation expense		14		14
Shares acquired and retired (shares)			(1,329,831)
Shares acquired and retired		(153)		(24)	(129)
Shares exchanged — benefit plans (shares)			(56,629)
Shares exchanged — benefit plans		(8)		(1)	(7)
Forfeitures of restricted stock (shares)			(16,638)
Ending Balance (shares) at Sep. 30, 2023	84,135,710		84,135,710
Ending Balance at Sep. 30, 2023		3,981		1,456	3,095	(570)
Beginning Balance (shares) at Jun. 30, 2023			84,858,528
Beginning Balance at Jun. 30, 2023		3,993		1,462	3,042	(511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 177	177			177
Other comprehensive loss		(59)				(59)
Dividends		(52)			(52)
Shares issued:
Exercise of stock options (shares)			6,230
Restricted stock awards (shares)			0
Other benefit plans (shares)			25,212
Other benefit plans		3		3
Dividend reinvestment plan (shares)			1,696
Dividend reinvestment plan		0		0
Stock-based compensation expense		5		5
Shares acquired and retired (shares)			(755,111)
Shares acquired and retired		(86)		(14)	(72)
Shares exchanged — benefit plans (shares)			(193)
Shares exchanged — benefit plans				0	0
Forfeitures of restricted stock (shares)			(652)
Ending Balance (shares) at Sep. 30, 2023	84,135,710		84,135,710
Ending Balance at Sep. 30, 2023		$ 3,981		$ 1,456	$ 3,095	$ (570)

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per Common Share (USD per share)	$ 0.63	$ 0.56	$ 5.89	$ 11.68

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net earnings	$ 589	$ 622
Adjustments:
Depreciation and amortization	60	78
Realized (gains) losses on investing activities	69	136
Net purchases of trading securities	(3)	(2)
Change in:
Reinsurance and other receivables	(1,799)	(1,830)
Other assets	(63)	(163)
Insurance claims and reserves	1,668	1,737
Payable to reinsurers	363	446
Other liabilities	357	16
Managed investment entities’ assets/liabilities	26	133
Other operating activities, net	(53)	(130)
Net cash provided by operating activities	1,214	1,043
Purchases of:
Fixed maturities	(1,463)	(3,733)
Equity securities	(101)	(194)
Mortgage loans	0	(273)
Other investments	(109)	(96)
Real estate, property and equipment	(40)	(72)
Businesses	(234)	(10)
Proceeds from:
Maturities and redemptions of fixed maturities	1,047	2,126
Repayments of mortgage loans	33	117
Sales of fixed maturities	551	1,068
Sales of equity securities	95	112
Sales of other investments	49	128
Sales of real estate, property and equipment	2	31
Cash and cash equivalents of businesses acquired	26	0
Managed investment entities:
Purchases of investments	(1,223)	(1,061)
Proceeds from sales and redemptions of investments	1,832	801
Other investing activities, net	(6)	(6)
Net cash provided by (used in) investing activities	459	(1,062)
Financing Activities:
Reductions of long-term debt	(21)	(436)
Issuances of Common Stock	11	12
Repurchases of Common Stock	(153)	(10)
Cash dividends paid on Common Stock	(498)	(989)
Issuances of managed investment entities’ liabilities	621	666
Retirements of managed investment entities’ liabilities	(1,284)	(561)
Net cash used in financing activities	(1,324)	(1,318)
Net Change in Cash and Cash Equivalents	349	(1,337)
Cash and cash equivalents at beginning of period	872	2,131
Cash and cash equivalents at end of period	$ 1,221	$ 794

Accounting Policies

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods 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. Events or transactions occurring subsequent to September 30, 2023, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements 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 AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. In the third quarter of 2023, AFG had nonrecurring fair value measurements for the preliminary purchase price allocation related to its acquisition of Crop Risk Services (see Note B — “Acquisition of Businesses” ) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note H — “Goodwill and Other Intangibles” ). These fair value measurements were based on significant inputs that are unobservable (Level 3).There were no other material nonrecurring fair value measurements in the first nine months of 2023. Investments Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore 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 accumulated other comprehensive income (“AOCI”) in AFG’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) are carried primarily at the aggregate unpaid balance. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. 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, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’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. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income. Credit Losses on Fixed Maturity Investments 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 is separated into two components: (i) the allowance 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. The allowance is limited to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). 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. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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. Derivatives Derivatives included in AFG’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. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (convertible fixed maturities and interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. To qualify for hedge accounting, at the inception of a derivative contract, AFG 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 is evaluated at the inception date and over the life of the derivative. 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. AFG 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. Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount. Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers applicable to the unexpired terms of policies in force. Payable to reinsurers includes ceded premiums due to reinsurers, as well as ceded premiums retained by AFG under contracts to fund ceded losses as they become due. AFG also assumes reinsurance from other companies. Earnings on reinsurance assumed is recognized based on information received from ceding companies. 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 is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses and unamortized acquisition costs exceed the related unearned premiums. A premium deficiency is first recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency is greater than unamortized acquisition costs, a liability is accrued for the excess deficiency and reported with unpaid losses and loss adjustment expenses. Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At September 30, 2023, assets and liabilities of managed investment entities included $120 million in assets and $97 million in liabilities of a temporary warehousing entity that was established to provide AFG the ability to form a new CLO. At closing, all warehoused assets will be transferred to the new CLO and the liabilities will be repaid. Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate and reasonable. Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the effective interest method as a component of interest expense. Debt issuance costs related to AFG’s revolving credit facilities are included in other assets in AFG’s Balance Sheet. Leases Leases for terms of longer than one year are recognized as 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. At September 30, 2023 AFG has a $189 million lease liability included in other liabilities other assets Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations. Income Taxes 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. AFG 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 AFG’s reserve for uncertain tax positions are recognized as a component of tax expense. Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur. Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: third quarter 2023 and 2022 — 0.1 million and 0.2 million; first nine months of 2023 and 2022 — 0.1 million and 0.2 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2023 or 2022. 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, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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.

Acquisition of Businesses

Acquisition of Businesses	9 Months Ended
Acquisition of Businesses	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition of Business	Acquisition of Businesses Crop Risk Services On July 3, 2023, AFG completed the acquisition of Crop Risk Services (“CRS”) from American International Group (“AIG”). CRS is a primary crop insurance general agent based in Decatur, Illinois, with crop year 2022 gross written premiums of approximately $1.2 billion and was the seventh largest provider of multi-peril crop insurance in the United States based on 2022 premiums. At closing, AFG paid AIG $234 million (based on an estimated $24 million in net tangible assets) using cash on hand. The purchase is subject to post closing adjustments, which are not expected to be material and will be finalized in the fourth quarter of 2023. AFG expensed the $3 million in acquisition expenses incurred. The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The preliminary purchase price allocation is shown below (in millions). July 3, 2023 Cash paid at purchase $ 234 Tangible assets acquired: Cash and cash equivalents $ 26 Agents’ balances and premiums receivable 164 Other assets 3 Total tangible assets acquired $ 193 Liabilities acquired: Other liabilities $ 169 Total liabilities acquired 169 Net tangible assets acquired, at fair value 24 Excess purchase price over net tangible assets acquired $ 210 Allocation of excess purchase price: Intangible assets acquired () $ 124 Deferred tax asset () 1 Goodwill 85 $ 210 (*) Included in Other assets in AFG’s Balance Sheet. In the preliminary purchase price allocation, $124 million of the purchase price was recognized as finite lived intangible assets primarily related to existing agency relationships, which will be amortized over an average estimated life of approximately 14 years. The acquisition resulted in the recognition of $85 million in GAAP basis goodwill based on the excess of the purchase price over the fair value of the net assets acquired. The acquisition resulted in $79 million of tax basis goodwill which is deductible for tax purposes. In the third quarter of 2022, AFG acquired an insurance agency business for $12 million, including $10 million in cash. Virtually all of the purchase price was recorded as an amortizing intangible asset representing the fair value of the agency’s customer base at acquisition.

Segments of Operations

Segments of Operations	9 Months Ended
Segments of Operations	Sep. 30, 2023
Segment Reporting [Abstract]
Segments of Operations	Segments of Operations AFG manages its business as two segments: Property and casualty insurance and Other, which includes holding company costs and operations attributable to the noncontrolling interests of the managed investment entities. AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services. The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 828 $ 857 $ 1,837 $ 1,805 Specialty casualty 734 677 2,149 1,973 Specialty financial 232 171 623 505 Other specialty 61 62 190 179 Total premiums earned 1,855 1,767 4,799 4,462 Net investment income 170 145 568 524 Other income 5 2 13 12 Total property and casualty insurance 2,030 1,914 5,380 4,998 Other 157 105 435 256 Total revenues before realized gains (losses) 2,187 2,019 5,815 5,254 Realized gains (losses) on securities (19) (35) (67) (143) Realized loss on subsidiary (4) — (4) — Total revenues $ 2,164 $ 1,984 $ 5,744 $ 5,111 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 42 $ 39 $ 117 $ 140 Specialty casualty 78 118 261 372 Specialty financial 29 15 65 81 Other specialty (6) (14) (22) (30) Other lines (1) (3) (1) (5) Total underwriting 142 155 420 558 Investment and other income, net 156 134 527 498 Total property and casualty insurance 298 289 947 1,056 Other () (56) (44) (138) (136) Total earnings (loss) before realized gains (losses) and income taxes 242 245 809 920 Realized gains (losses) on securities (19) (35) (67) (143) Realized loss on subsidiary (4) — (4) — Total earnings before income taxes $ 219 $ 210 $ 738 $ 777 () Includes holding company interest and expenses, which includes gains/(losses) on retirement of debt as follows: zero and $1 million in the third quarters of 2023 and 2022, respectively; $1 million and ($10) million in the first nine months of 2023 and 2022, respectively. Also includes a special charge of $15 million in the third quarter of 2023 to increase A&E reserves related to AFG’s former railroad and manufacturing operations.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
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). AFG’s Level 1 financial instruments consist primarily of publicly traded equity securities, highly liquid government bonds for which quoted market prices in active markets are available and short-term investments of managed investment entities. 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. AFG’s Level 2 financial instruments include corporate and municipal fixed maturity securities, asset-backed securities (“ABS”), mortgage-backed securities (“MBS”), certain non-affiliated common stocks and investments of managed investment entities 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. The contingent consideration liability related to the 2021 acquisition of Verikai ($22 million at December 31, 2022) was measured using a weighted probability-based income approach, which includes significant unobservable inputs and is classified as Level 3, and represents the fair value of the up to $50 million in potential acquisition-related contingent consideration tied to performance measures over a specific time period. Due to slower than anticipated growth in the business supported by the Verikai technology, the fair value of this liability was reduced to zero in the third quarter of 2023. The $22 million gain from this change in fair value and a goodwill impairment charge of $26 million related to Verikai (see Note H — “Goodwill and Other Intangibles” ) is included in realized loss on subsidiary in AFG’s Statement of Earnings. As discussed in Note A — “Accounting Policies — Managed Investment Entities,” AFG has set the carrying value of its CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at separately measured fair values. As a result, the CLO liabilities are categorized within the fair value hierarchy on the same basis (proportionally) as the related CLO assets. Since the portion of the CLO liabilities allocated to Level 3 is derived from the fair value of the CLO assets, these amounts are excluded from the progression of Level 3 financial instruments. 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. AFG’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, AFG 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 September 30, 2023 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 228 $ 1 $ — $ 229 States, municipalities and political subdivisions — 909 2 911 Foreign government — 218 — 218 Residential MBS — 1,614 5 1,619 Commercial MBS — 76 — 76 Collateralized loan obligations — 1,722 1 1,723 Other asset-backed securities — 1,947 330 2,277 Corporate and other 9 2,517 352 2,878 Total AFS fixed maturities 237 9,004 690 9,931 Trading fixed maturities — 51 — 51 Equity securities 521 32 454 1,007 Assets of managed investment entities (“MIE”) 674 4,187 10 4,871 Total assets accounted for at fair value $ 1,432 $ 13,274 $ 1,154 $ 15,860 Liabilities: Contingent consideration — acquisitions $ — $ — $ 2 $ 2 Liabilities of managed investment entities 654 4,064 10 4,728 Other liabilities — derivatives — 48 — 48 Total liabilities accounted for at fair value $ 654 $ 4,112 $ 12 $ 4,778 December 31, 2022 Assets: Available for sale fixed maturities: U.S. government and government agencies $ 219 $ — $ — $ 219 States, municipalities and political subdivisions — 1,181 5 1,186 Foreign government — 226 — 226 Residential MBS — 1,589 9 1,598 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,919 2 1,921 Other asset-backed securities — 1,916 329 2,245 Corporate and other 8 2,288 319 2,615 Total AFS fixed maturities 227 9,204 664 10,095 Trading fixed maturities — 32 — 32 Equity securities 556 27 427 1,010 Assets of managed investment entities 659 4,777 11 5,447 Total assets accounted for at fair value $ 1,442 $ 14,040 $ 1,102 $ 16,584 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 645 4,676 11 5,332 Other liabilities — derivatives — 42 — 42 Total liabilities accounted for at fair value $ 645 $ 4,718 $ 36 $ 5,399 Approximately 7% of the total assets carried at fair value at September 30, 2023, were Level 3 assets. Approximately 10% ($113 million) of those 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 AFG. Approximately 1% ($13 million) 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 be classified as Level 3 assets. Approximately 28% ($322 million) of the Level 3 assets were equity investments in limited partnerships and similar investments that do not qualify for equity method accounting whose prices were determined based on financial information provided by the limited partnerships. Internally developed prices for fixed maturities are estimated 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 Level 3 asset fair values represent approximately 61% ($706 million) of the total fair value of Level 3 assets at September 30, 2023. Approximately 68% ($481 million) of these internally developed Level 3 assets are priced using a pricing model that uses a discounted cash flow approach to estimate the fair value of fixed maturity securities. The credit spread applied by management is the significant unobservable input of the pricing model. In instances where the security is currently callable at par value and the pricing model suggests a higher price, management caps the fair value at par value. Approximately 18% ($124 million) of the internally developed Level 3 assets are equity securities which are priced primarily using internal models with some inputs that are not market observable. 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 AFG’s financial position. Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) 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 Value Fair Value Total Level 1 Level 2 Level 3 September 30, 2023 Financial assets: Cash and cash equivalents $ 1,221 $ 1,221 $ 1,221 $ — $ — Mortgage loans 644 590 — — 590 Total financial assets not accounted for at fair value $ 1,865 $ 1,811 $ 1,221 $ — $ 590 Long-term debt $ 1,474 $ 1,213 $ — $ 1,210 $ 3 Total financial liabilities not accounted for at fair value $ 1,474 $ 1,213 $ — $ 1,210 $ 3 December 31, 2022 Financial assets: Cash and cash equivalents $ 872 $ 872 $ 872 $ — $ — Mortgage loans 676 626 — — 626 Total financial assets not accounted for at fair value $ 1,548 $ 1,498 $ 872 $ — $ 626 Long-term debt $ 1,496 $ 1,302 $ — $ 1,299 $ 3 Total financial liabilities not accounted for at fair value $ 1,496 $ 1,302 $ — $ 1,299 $ 3

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available for sale fixed maturities at September 30, 2023 and December 31, 2022, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2023 Fixed maturities: U.S. government and government agencies $ 240 $ — $ — $ (11) $ (11) $ 229 States, municipalities and political subdivisions 986 — 1 (76) (75) 911 Foreign government 228 — — (10) (10) 218 Residential MBS 1,816 3 18 (212) (194) 1,619 Commercial MBS 78 — — (2) (2) 76 Collateralized loan obligations 1,756 2 8 (39) (31) 1,723 Other asset-backed securities 2,443 7 2 (161) (159) 2,277 Corporate and other 3,063 8 3 (180) (177) 2,878 Total fixed maturities $ 10,610 $ 20 $ 32 $ (691) $ (659) $ 9,931 December 31, 2022 Fixed maturities: U.S. government and government agencies $ 233 $ — $ — $ (14) $ (14) $ 219 States, municipalities and political subdivisions 1,234 — 3 (51) (48) 1,186 Foreign government 240 — — (14) (14) 226 Residential MBS 1,757 2 23 (180) (157) 1,598 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,988 1 1 (67) (66) 1,921 Other asset-backed securities 2,435 7 1 (184) (183) 2,245 Corporate and other 2,761 1 11 (156) (145) 2,615 Total fixed maturities $ 10,736 $ 11 $ 39 $ (669) $ (630) $ 10,095 Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 December 31, 2022 Actual Cost Fair Value Fair Value Over (Under) Cost Actual Cost Fair Value Fair Value Over (Under) Cost Common stocks $ 562 $ 588 $ 26 $ 556 $ 553 $ (3) Perpetual preferred stocks 419 419 — 436 457 21 Total equity securities carried at fair value $ 981 $ 1,007 $ 26 $ 992 $ 1,010 $ 18 The following table shows the carrying value and net investment income from investments accounted for using the equity method (in millions): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2023 December 31, 2022 2023 2022 2023 2022 Real estate-related investments () $ 1,321 $ 1,229 $ 11 $ 40 $ 86 $ 209 Private equity 451 438 5 (2) 12 36 Private debt 35 33 1 (1) 4 1 Total investments accounted for using the equity method $ 1,807 $ 1,700 $ 17 $ 37 $ 102 $ 246 () 92% of the carrying value relates to underlying investments in multi-family properties at both September 30, 2023 and December 31, 2022. The earnings (losses) from these investments are generally reported on a quarter lag due to the timing required to obtain the necessary information from the funds. AFG regularly reviews and discusses fund performance with the fund managers to corroborate the reasonableness of the underlying reported asset values and to assess whether any events have occurred within the lag period that may materially affect the valuation of these investments. With respect to partnerships and similar investments, AFG had unfunded commitments of $437 million and $396 million as of September 30, 2023 and December 31, 2022, respectively. The following table shows 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 September 30, 2023 Fixed maturities: U.S. government and government agencies $ — $ 36 100 % $ (11) $ 192 95 % States, municipalities and political subdivisions (12) 232 95 % (64) 565 90 % Foreign government — 7 100 % (10) 211 95 % Residential MBS (7) 318 98 % (205) 1,121 85 % Commercial MBS — — — % (2) 63 97 % Collateralized loan obligations — 39 100 % (39) 1,026 96 % Other asset-backed securities (6) 402 99 % (155) 1,677 92 % Corporate and other (34) 1,085 97 % (146) 1,473 91 % Total fixed maturities $ (59) $ 2,119 97 % $ (632) $ 6,328 91 % December 31, 2022 Fixed maturities: U.S. government and government agencies $ (4) $ 111 97 % $ (10) $ 107 91 % States, municipalities and political subdivisions (50) 967 95 % (1) 15 94 % Foreign government (5) 90 95 % (9) 134 94 % Residential MBS (115) 1,078 90 % (65) 315 83 % Commercial MBS (2) 44 96 % (1) 33 97 % Collateralized loan obligations (44) 1,224 97 % (23) 587 96 % Other asset-backed securities (100) 1,361 93 % (84) 740 90 % Corporate and other (105) 1,665 94 % (51) 413 89 % Total fixed maturities $ (425) $ 6,540 94 % $ (244) $ 2,344 91 % At September 30, 2023, the gross unrealized losses on fixed maturities of $691 million relate to approximately 1,900 securities. Investment grade securities (as determined by nationally recognized rating agencies) represented approximately 95% of the gross unrealized loss and 95% of the fair value of securities with unrealized losses. 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. AFG analyzes its MBS 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 AFG will recover its cost basis (net of any allowance) in the securities with unrealized losses and that AFG has the ability to hold the securities until they recover in value and had no intent to sell them at September 30, 2023. A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2023 $ 11 $ 5 $ 16 Provision for expected credit losses on securities with no previous allowance — 3 3 Additions (reductions) to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at June 30, 2022 $ 7 $ — $ 7 Provision for expected credit losses on securities with no previous allowance 2 — 2 Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2022 $ 9 $ — $ 9 Balance at January 1, 2023 $ 10 $ 1 $ 11 Provision for expected credit losses on securities with no previous allowance 1 8 9 Additions (reductions) to previously recognized expected credit losses 1 (1) — Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at January 1, 2022 $ 8 $ 1 $ 9 Provision for expected credit losses on securities with no previous allowance 3 — 3 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at September 30, 2022 $ 9 $ — $ 9 () Includes mortgage-backed securities, collateralized loan obligations and other asset-backed securities. In the first nine months of 2023 and 2022, AFG did not purchase any securities with expected credit losses. The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of September 30, 2023 (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 $ 413 $ 404 4 % After one year through five years 2,649 2,495 25 % After five years through ten years 1,099 1,022 11 % After ten years 348 315 3 % 4,509 4,236 43 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,190 4,000 40 % MBS (average life of approximately 6.5 years) 1,891 1,695 17 % Total $ 10,590 $ 9,931 100 % (*) 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 shareholders’ equity at September 30, 2023 or December 31, 2022. Net Investment Income The following table shows (in millions) investment income earned and investment expenses incurred. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Investment income: Fixed maturities: Interest and amortization $ 126 $ 98 $ 369 $ 263 Change in fair value (a) (11) — (1) — Equity securities: Dividends 8 9 26 24 Change in fair value (b) 7 (6) 36 (8) Equity in earnings of partnerships and similar investments 17 37 102 246 Other 24 17 64 37 Gross investment income 171 155 596 562 Investment expenses (3) (4) (13) (13) Net investment income $ 168 $ 151 $ 583 $ 549 (a) The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments. (b) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on limited partnerships and similar investments that do not qualify for equity method accounting and related investments. Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended September 30, 2023 Three months ended September 30, 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (7) $ (4) $ (11) $ (72) $ (6) $ (2) $ (8) $ (288) Equity securities (8) — (8) — (27) — (27) — Mortgage loans and other investments — — — — — — — — Total pretax (15) (4) (19) (72) (33) (2) (35) (288) Tax effects 3 1 4 15 7 — 7 60 Net of tax $ (12) $ (3) $ (15) $ (57) $ (26) $ (2) $ (28) $ (228) Nine months ended September 30, 2023 Nine months ended September 30, 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (35) $ (9) $ (44) $ (29) $ (20) $ (1) $ (21) $ (874) Equity securities (23) — (23) — (122) — (122) — Mortgage loans and other investments — — — — — — — — Total pretax (58) (9) (67) (29) (142) (1) (143) (874) Tax effects 12 2 14 5 30 — 30 184 Net of tax $ (46) $ (7) $ (53) $ (24) $ (112) $ (1) $ (113) $ (690) All equity securities other than those accounted for under the equity method are carried at fair value through net earnings. AFG recorded net holding gains (losses) on equity securities during the third quarter and first nine months of 2023 and 2022 on securities that were still owned at September 30, 2023 and September 30, 2022 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Included in realized gains (losses) $ (8) $ (26) $ (31) $ (119) Included in net investment income 7 (7) 36 (4) $ (1) $ (33) $ 5 $ (123) Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): Nine months ended September 30, 2023 2022 Gross gains $ 2 $ 2 Gross losses (33) (11)

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives As discussed under “ Derivatives ” in Note A — “Accounting Policies ,” AFG uses derivatives to mitigate certain market risks related to its investment portfolio and deferred compensation obligations to employees. The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions): September 30, 2023 December 31, 2022 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ — $ 43 $ — $ 37 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 80 — 40 — Total return swap Other assets/Other liabilities — 5 — 5 $ 80 $ 48 $ 40 $ 42 AFG’s interest rate swaps are designated and qualify as highly effective cash flow hedges to mitigate interest rate risk related to certain floating-rate securities included in AFG’s portfolio of fixed maturity securities. The purpose of each of these swaps is to effectively convert a portion of AFG’s floating-rate fixed maturity securities to fixed rates by offsetting the variability in cash flows attributable to changes in the applicable Secured Overnight Financing Rate (“SOFR”). Under the terms of the swaps, AFG receives fixed-rate interest payments in exchange for variable interest payments based on SOFR (previously based on LIBOR). The notional amounts of the interest rate swaps generally decline over each swap’s respective life (the swaps expire between July 2024 and July 2028) in anticipation of the expected decline in AFG’s portfolio of fixed maturity securities with floating interest rates based on SOFR. The total outstanding notional amount of AFG’s interest rate swaps was $1.33 billion at September 30, 2023 compared to $1.25 billion at December 31, 2022, reflecting the issuance of five new swaps with a total notional amount of $200 million in the first nine months of 2023, partially offset by scheduled amortization. In the third quarter of 2023 and 2022, a loss of $7 million and income of $1 million, respectively, and in the first nine months of 2023 and 2022, a loss of $19 million and income of $3 million, respectively, were reclassified from AOCI to net earnings. Based on forward interest rate curves at September 30, 2023, management estimates that it will reclassify approximately $27 million of pre-tax net losses on interest rate swaps in AOCI to net investment income over the next twelve months. The actual amount will vary based on changes in SOFR. A collateral receivable supporting these swaps of $69 million and $62 million at September 30, 2023 and December 31, 2022, respectively, is included in other assets in AFG’s Balance Sheet. The fixed maturities with embedded derivatives consist of convertible fixed maturity securities and interest-only and principal-only MBS. AFG records the change in the fair value of these securities in net earnings. These investments are part of AFG’s overall investment strategy and represent a small component of AFG’s overall investment portfolio. AFG is exposed to fair value changes from certain equity and fixed maturity market-based exposures related to its deferred compensation obligations to certain employees. To mitigate this risk, AFG entered into a total return swap in 2022. A collateral receivable of $5 million and $7 million supporting this swap is included in other assets in AFG’s Balance Sheet at September 30, 2023 and December 31, 2022, respectively. The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for the third quarter and nine months ended September 30, 2023 and 2022 (in millions): Three months ended September 30, Nine months ended September 30, Statement of Earnings Line 2023 2022 2023 2022 Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings: Interest rate swaps Net investment income $ (7) $ 1 $ (19) $ 3 Non-designated hedges - gains (losses) included in net earnings: Fixed maturities with embedded derivatives Realized gains (losses) on securities (1) (3) (4) (11) Fixed maturities with embedded derivatives Net investment income (11) — (1) — Total return swap Other expenses (6) (6) 3 (10) Earnings (losses) on non-designated hedges (18) (9) (2) (21) Total earnings (losses) on derivatives $ (25) $ (8) $ (21) $ (18)

Managed Investment Entities

Managed Investment Entities	9 Months Ended
Managed Investment Entities	Sep. 30, 2023
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Managed Investment Entities	Managed Investment Entities AFG is the investment manager and it has investments ranging from 7.4% to 100% of the most subordinate debt tranche of sixteen active collateralized loan obligation entities (“CLOs”), which are considered variable interest entities. AFG also owns portions of the senior debt tranches of certain of these CLOs. Upon formation between 2012 and 2023, these entities issued securities in various senior and subordinate classes and invested the proceeds primarily in secured bank loans, which serve as collateral for the debt securities issued by each CLO. None of the collateral was purchased from AFG. AFG’s investments in the subordinate debt tranches of these entities receive residual income from the CLOs only after the CLOs pay expenses (including management fees to AFG) and interest on and returns of capital to senior levels of debt securities. There are no contractual requirements for AFG to provide additional funding for these entities. AFG has not provided and does not intend to provide any financial support to these entities. AFG’s maximum exposure to economic loss on the CLOs that it manages is limited to its investment in those CLOs, which had an aggregate fair value of $143 million (including $88 million invested in the most subordinate tranches and $23 million invested in a temporary warehousing entity) at September 30, 2023, and $115 million at December 31, 2022. In March 2023, AFG formed one new CLO, which issued $407 million face amount of liabilities (including $16 million face amount purchased by AFG). In May 2022, AFG formed one new CLO, which issued $404 million face amount of liabilities (including $13 million face amount purchased by AFG). The following table shows a progression of the fair value of AFG's investment in CLO tranches (in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 117 $ 85 $ 112 $ 76 Purchases — — 11 33 Sales — — — — Distributions (9) (4) (21) (13) Change in fair value 12 4 18 (11) Balance at end of period () $ 120 $ 85 $ 120 $ 85 () Excludes $23 million and $12 million invested in temporary warehousing entities at September 30, 2023 and September 30, 2022, respectively, that were established to provide AFG the ability to form new CLOs. The revenues and expenses of the CLOs are separately identified in AFG’s Statement of Earnings, after the elimination of management fees and earnings attributable to AFG as measured by the change in the fair value of AFG’s investments in the CLOs. Selected financial information related to the CLOs is shown below (in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Gains (losses) on change in fair value of assets/liabilities (): Assets $ 50 $ 7 $ 116 $ (297) Liabilities (34) (12) (104) 272 Management fees paid to AFG 4 4 12 12 CLO earnings (losses) attributable to AFG 12 4 18 (10) () Included in revenues in AFG’s Statement of Earnings. The aggregate unpaid principal balance of the CLOs’ fixed maturity investments exceeded the fair value of the investments by $143 million and $339 million at September 30, 2023 and December 31, 2022, respectively. The aggregate unpaid principal balance of the CLOs’ debt exceeded its carrying value by $319 million and $413 million at those dates. The CLO assets include loans with an aggregate fair value of $5 million at September 30, 2023 and $4 million at December 31, 2022, for which the CLOs are not accruing interest because the loans are in default (aggregate unpaid principal balance of $13 million at September 30, 2023 and $17 million at December 31, 2022). In addition to the CLOs that it manages, AFG had investments in CLOs that are managed by third parties (therefore not consolidated), which are included in available for sale fixed maturity securities and had a fair value of $1.72 billion at September 30, 2023 and $1.92 billion at December 31, 2022.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
Goodwill and Other Intangibles	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles The carrying value of goodwill was $305 million at September 30, 2023 and $246 million at December 31, 2022, an increase of $59 million due primarily to the July 3, 2023 acquisition of CRS (see Note B — “Acquisition of Businesses”). Additionally, during the third quarter of 2023, AFG recorded a goodwill impairment charge of $26 million related to its investment in Verikai. The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note D — “Fair Value Measurements” ) are included in realized loss on subsidiary in AFG’s Statement of Earnings. Included in other assets in AFG’s Balance Sheet is $217 million at September 30, 2023 and $108 million at December 31, 2022 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $35 million and $24 million, respectively. The increase in amortizable intangible assets in the first nine months of 2023 reflects the acquisition of CRS in July 2023 (see Note B — “Acquisition of Businesses” ). Amortization of intangibles was $5 million and $2 million in the third quarter of 2023 and 2022, respectively, and $11 million and $7 million in the first nine months of 2023 and 2022, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following (in millions): September 30, 2023 December 31, 2022 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 567 $ (1) $ 566 $ 582 $ (1) $ 581 5.25% Senior Notes due April 2030 253 (4) 249 261 (5) 256 Other 3 — 3 3 — 3 823 (5) 818 846 (6) 840 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 200 (5) 195 5.125% Subordinated Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 150 (4) 146 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 675 (19) 656 675 (19) 656 $ 1,498 $ (24) $ 1,474 $ 1,521 $ (25) $ 1,496 Scheduled principal payments on debt for the balance of 2023, the subsequent five years and thereafter are as follows: 2023 — none; 2024 — none; 2025 — none; 2026 — none; 2027 — none; 2028 — none and thereafter — $1.50 billion. In the first six months of 2023, AFG repurchased $15 million principal amount of its 4.50% Senior Notes due in June 2047 for $13 million and $8 million principal amount of its 5.25% Senior Notes due in April 2030 for $8 million in open market transactions. In the first six months of 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 in open market transactions for $51 million. In June 2022, AFG redeemed the remaining $376 million of outstanding 3.50% Senior Notes due August 2026 for $382 million (including a $6 million make-whole call premium). In the third quarter of 2022, AFG repurchased $4 million principal amount of its 4.50% Senior Notes due in June 2047 for $3 million and repurchased $5 million principal amount of its 5.25% Senior Notes due in April 2030 for $5 million in open market transactions (a portion of these repurchases settled in the first few days of October 2022). In June 2023, AFG replaced its existing credit facility with a new five-year, $450 million revolving credit facility, which expires in June 2028. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.75% (based on AFG’s credit rating, currently 1.25%) over a SOFR-based floating rate. No amounts were borrowed under this facility at September 30, 2023 or under AFG’s previous credit facility at December 31, 2022.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities. The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (81) $ 17 $ (64) Reclassification adjustment for realized (gains) losses included in net earnings () 9 (2) 7 Total net unrealized gains (losses) on securities $ (464) (72) 15 (57) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (9) 2 (7) Reclassification adjustment for investment income included in net earnings () 8 (2) 6 Total net unrealized gains (losses) on cash flow hedges (33) (1) — (1) (34) Foreign currency translation adjustments (17) — (1) (1) (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (511) $ (73) $ 14 $ (59) $ (570) Quarter ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (292) $ 61 $ (231) Reclassification adjustment for realized (gains) losses included in net earnings () 4 (1) 3 Total net unrealized gains (losses) on securities $ (326) (288) 60 (228) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (26) 5 (21) Reclassification adjustment for investment income included in net earnings () (1) 1 — Total net unrealized gains (losses) on cash flow hedges (8) (27) 6 (21) (29) Foreign currency translation adjustments (15) (4) (1) (5) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ (348) $ (319) $ 65 $ (254) $ (602) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (69) $ 14 $ (55) Reclassification adjustment for realized (gains) losses included in net earnings () 40 (9) 31 Total net unrealized gains (losses) on securities $ (497) (29) 5 (24) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (25) 5 (20) Reclassification adjustment for investment income included in net earnings () 19 (4) 15 Total net unrealized gains (losses) on cash flow hedges (29) (6) 1 (5) (34) Foreign currency translation adjustments (20) 2 — 2 (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (543) $ (33) $ 6 $ (27) $ (570) Nine months ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (884) $ 186 $ (698) Reclassification adjustment for realized (gains) losses included in net earnings () 10 (2) 8 Total net unrealized gains (losses) on securities $ 136 (874) 184 (690) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (34) 7 (27) Reclassification adjustment for investment income included in net earnings () (3) 1 (2) Total net unrealized gains (losses) on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ 119 $ (912) $ 191 $ (721) $ (602) (*) The reclassification adjustments affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax - Net unrealized gains (losses) on securities Realized gains (losses) on securities Pretax - Net unrealized gains (losses) on cash flow hedges Net investment income Tax Provision for income taxes Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first nine months of 2023, AFG issued 165,513 shares of restricted Common Stock (fair value of $130.52 per share) under the Stock Incentive Plan. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $5 million and $4 million in the third quarter of 2023 and 2022, respectively, and $14 million in the first nine months of 2023 and 2022.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 219 $ 210 $ 738 $ 777 Income taxes at statutory rate $ 46 21 % $ 44 21 % $ 155 21 % $ 163 21 % Effect of: Adjustment to prior year taxes (5) (2 %) (3) (2 %) (5) (1 %) (3) — % Tax exempt interest (2) (1 %) (1) — % (4) (1 %) (5) (1 %) Employee stock ownership plan dividend paid deduction — — % (1) — % (3) — % (7) (1 %) Stock-based compensation — — % — — % (2) — % (4) (1 %) Change in valuation allowance (2) (1 %) 2 1 % (2) — % 1 — % Dividends received deduction — — % — — % (1) — % (1) — % Nondeductible expenses 3 1 % 2 1 % 8 1 % 5 1 % Foreign operations 2 1 % 1 — % 6 1 % 6 1 % Other — — % 1 — % (3) (1 %) — — % Provision for income taxes as shown in the statement of earnings $ 42 19 % $ 45 21 % $ 149 20 % $ 155 20 %

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies There have been no significant changes to the matters discussed and referred to in Note N — “Contingencies” of AFG’s 2022 Form 10-K, which covers property and casualty insurance reserves for claims related to environmental exposures, asbestos and other mass tort claims and environmental and occupational injury and disease claims of subsidiaries’ former railroad and manufacturing operations.

Insurance

Insurance	9 Months Ended
Insurance	Sep. 30, 2023
Insurance [Abstract]
Insurance	Insurance Property and Casualty Insurance Reserves The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2023 and 2022 (in millions): Nine months ended September 30, 2023 2022 Balance at beginning of year $ 11,974 $ 11,074 Less reinsurance recoverables, net of allowance 3,767 3,419 Net liability at beginning of year 8,207 7,655 Provision for losses and LAE occurring in the current period 3,132 2,869 Net decrease in the provision for claims of prior years (168) (226) Total losses and LAE incurred 2,964 2,643 Payments for losses and LAE of: Current year (743) (667) Prior years (1,745) (1,501) Total payments (2,488) (2,168) Foreign currency translation and other 1 1 Net liability at end of period 8,684 8,131 Add back reinsurance recoverables, net of allowance 4,207 3,936 Gross unpaid losses and LAE included in the balance sheet at end of period $ 12,891 $ 12,067 The net decrease in the provision for claims of prior years during the first nine months of 2023 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency and severity across the transportation businesses and lower than anticipated claim frequency in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability and environmental businesses and favorable reserve development related to COVID-19 losses across several businesses (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the trade credit and financial institutions businesses and lower than expected claim frequency and severity in the surety business (within the Specialty financial sub-segment). This favorable development was partially offset by higher than anticipated claim severity in the public sector and excess liability businesses (within the Specialty casualty sub-segment). The net decrease in the provision for claims of prior years during the first nine months of 2022 reflects (i) lower than anticipated losses in the crop business, lower than expected claim frequency in the trucking and ocean marine businesses and in the Singapore operations, lower than expected claim frequency and severity in the aviation business and lower than anticipated claim severity in the property and inland marine business (within the Property and transportation sub-segment), (ii) lower than anticipated claim severity in the workers’ compensation businesses, lower than expected claim frequency in the executive liability business and lower than anticipated claim frequency and severity in the excess and surplus business (within the Specialty casualty sub-segment) and (iii) lower than anticipated claim frequency in the surety, trade credit and financial institutions businesses (within the Specialty financial sub-segment). This favorable development was partially offset by (i) higher than anticipated claim severity in the targeted markets and excess liability businesses (within the Specialty casualty sub-segment) and (ii) net adverse development associated with AFG’s internal reinsurance program (within Other specialty). Recoverables from Reinsurers and Premiums Receivable Progressions of the 2023 and 2022 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2023 2022 2023 2022 Balance at June 30 $ 9 $ 7 $ 9 $ 9 Increase in allowance from acquisition of CRS — — 4 — Provision (credit) for expected credit losses 2 1 — (1) Write-offs charged against the allowance — — — — Balance at September 30 $ 11 $ 8 $ 13 $ 8 Balance at January 1 $ 8 $ 8 $ 8 $ 8 Increase in allowance from acquisition of CRS — — 4 — Provision (credit) for expected credit losses 3 — 1 — Write-offs charged against the allowance — — — — Balance at September 30 $ 11 $ 8 $ 13 $ 8

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net earnings	$ 177	$ 165	$ 589	$ 622

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements for American Financial Group, Inc. and its subsidiaries (“AFG”) are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes necessary to be in conformity with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications have been made to prior periods 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. Events or transactions occurring subsequent to September 30, 2023, and prior to the filing of this Form 10-Q, have been evaluated for potential recognition or disclosure herein. The preparation of the financial statements 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 AFG’s assumptions about the assumptions market participants would use in pricing the asset or liability. In the third quarter of 2023, AFG had nonrecurring fair value measurements for the preliminary purchase price allocation related to its acquisition of Crop Risk Services (see Note B — “Acquisition of Businesses” ) and the write-off of a portion of goodwill related to AFG’s investment in Verikai (see Note H — “Goodwill and Other Intangibles” ). These fair value measurements were based on significant inputs that are unobservable (Level 3).There were no other material nonrecurring fair value measurements in the first nine months of 2023.
Investments	Investments Equity securities other than those accounted for under the equity method are reported at fair value with holding gains and losses generally recorded in realized gains (losses) on securities. However, AFG records holding gains and losses on limited partnerships and similar investments that do not qualify for equity method accounting (and are therefore 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 accumulated other comprehensive income (“AOCI”) in AFG’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) are carried primarily at the aggregate unpaid balance. Realized gains or losses on the disposal of fixed maturity securities are determined on the specific identification basis. 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, AFG records its share of the earnings or losses of the investee based on when it is reported by the investee in its financial statements rather than in the period in which the investee declares a dividend. AFG’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. AFG’s equity in the earnings (losses) of limited partnerships and similar investments is included in net investment income.
Credit Losses on Financial Instruments	Credit Losses on Fixed Maturity Investments 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 is separated into two components: (i) the allowance 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. The allowance is limited to the difference between a security’s amortized cost basis and its fair value. Subsequent increases or decreases in expected credit losses are recorded immediately in net earnings through realized gains (losses). 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. Credit Losses on Financial Instruments Measured at Amortized Cost Credit-related impairments for financial instruments measured at amortized cost (mortgage loans, premiums receivable and reinsurance recoverables) reflect estimated 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.
Derivatives	Derivatives Derivatives included in AFG’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. AFG’s derivatives that do not qualify for hedge accounting under GAAP consist primarily of components of certain fixed maturity securities (convertible fixed maturities and interest-only and principal-only MBS) and a total return swap related to its deferred compensation obligations to employees. To qualify for hedge accounting, at the inception of a derivative contract, AFG 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 is evaluated at the inception date and over the life of the derivative. 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. AFG 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.
Goodwill	Goodwill Goodwill represents the excess of cost of subsidiaries over AFG’s equity in their underlying net assets at the date of acquisition. Goodwill is not amortized, but is subject to an impairment test at least annually. An entity is not required to complete the quantitative annual goodwill impairment test on a reporting unit if the entity elects to perform a qualitative analysis and determines that it is more likely than not that the reporting unit’s fair value exceeds its carrying amount.
Reinsurance	Reinsurance Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFG reports as assets (i) the estimated reinsurance recoverable on paid and unpaid losses, including an estimate for losses incurred but not reported, and (ii) amounts paid or due to reinsurers
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 is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. A premium deficiency is recognized if the sum of expected claims costs, claims adjustment expenses and unamortized acquisition costs exceed the related unearned premiums. A premium deficiency is first recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency is greater than unamortized acquisition costs, a liability is accrued for the excess deficiency and reported with unpaid losses and loss adjustment expenses.
Managed Investment Entities	Managed Investment Entities A company is considered the primary beneficiary of, and therefore must consolidate, a variable interest entity (“VIE”) based primarily on its ability to direct the activities of the VIE that most significantly impact that entity’s economic performance and the obligation to absorb losses of, or receive benefits from, the entity that could potentially be significant to the VIE. AFG manages, and has investments in, collateralized loan obligations (“CLOs”) that are VIEs (see Note G — “Managed Investment Entities” ). AFG has determined that it is the primary beneficiary of these CLOs because (i) its role as asset manager gives it the power to direct the activities that most significantly impact the economic performance of the CLOs and (ii) through its investment in the CLO debt tranches, it has exposure to CLO losses (limited to the amount AFG invested) and the right to receive CLO benefits that could potentially be significant to the CLOs. Because AFG has no right to use the CLO assets and no obligation to pay the CLO liabilities, the assets and liabilities of the CLOs are shown separately in AFG’s Balance Sheet. AFG has elected the fair value option for reporting on the CLO assets and liabilities to improve the transparency of financial reporting related to the CLOs. The net gain or loss from accounting for the CLO assets and liabilities at fair value is presented separately in AFG’s Statement of Earnings. The fair values of a CLO’s assets may differ from the separately measured fair values of its liabilities even though the CLO liabilities only have recourse to the CLO assets. AFG has set the carrying value of the CLO liabilities equal to the fair value of the CLO assets (which have more observable fair values) as an alternative to reporting those liabilities at a separately measured fair value. CLO earnings attributable to AFG’s shareholders are measured by the change in the fair value of AFG’s investments in the CLOs and management fees earned. At September 30, 2023, assets and liabilities of managed investment entities included $120 million in assets and $97 million in liabilities of a temporary warehousing entity that was established to provide AFG the ability to form a new CLO. At closing, all warehoused assets will be transferred to the new CLO and the liabilities will be repaid.
Unpaid Losses and Loss Adjustment Expenses	Unpaid Losses and Loss Adjustment Expenses The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims represent management’s best estimate and are based upon (i) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (ii) estimates received from ceding reinsurers and insurance pools and associations; (iii) estimates of unreported losses (including possible development on known claims) based on past experience; (iv) estimates based on experience of expenses for investigating and adjusting claims; and (v) the current state of the law and coverage litigation. Establishing reserves for asbestos, environmental and other mass tort claims involves considerably more judgment than other types of claims due to, among other things, inconsistent court decisions, an increase in bankruptcy filings as a result of asbestos-related liabilities, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. Loss reserve liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the statement of earnings in the period in which determined. Despite the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate and reasonable.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to AFG’s outstanding debt are presented in its Balance Sheet as a direct reduction in the carrying value of long-term debt and are amortized over the life of the related debt using the
Leases	Leases Leases for terms of longer than one year are recognized as 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. At September 30, 2023 AFG has a $189 million lease liability included in other liabilities other assets
Premium Recognition	Premium Recognition Property and casualty premiums are earned generally over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written, which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on information received from such companies and organizations.
Income Taxes	Income Taxes 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. AFG 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 AFG’s reserve for uncertain tax positions are recognized as a component of tax expense.
Stock-Based Compensation	Stock-Based Compensation All share-based grants are recognized as compensation expense on a straight-line basis over their vesting periods based on their calculated fair value at the date of grant. AFG records excess tax benefits or deficiencies for share-based payments through income tax expense in the statement of earnings. In addition, AFG accounts for forfeitures of awards when they occur.
Benefit Plans	Benefit Plans AFG provides retirement benefits to qualified employees of participating companies through the AFG 401(k) Retirement and Savings Plan, a defined contribution plan. AFG makes all contributions to the retirement fund portion of the plan and matches a percentage of employee contributions to the savings fund. Company contributions are expensed in the year for which they are declared. AFG and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFG also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits.
Earnings Per Share	Earnings Per Share Although basic earnings per share only considers shares of common stock outstanding during the period, the calculation of diluted earnings per share includes the following adjustments to weighted average common shares related to stock-based compensation plans: third quarter 2023 and 2022 — 0.1 million and 0.2 million; first nine months of 2023 and 2022 — 0.1 million and 0.2 million. There were no anti-dilutive potential common shares for the third quarter or the first nine months of 2023 or 2022.
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, property and equipment and businesses. “Financing activities” include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. 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	AFG reports its property and casualty insurance business in the following Specialty sub-segments: (i) Property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverages, (ii) Specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance, and (iii) Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance. Premiums and underwriting profit included under Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty sub-segments and amortization of a deferred gain on a retroactive reinsurance transaction related to the sale of a business. AFG’s reportable segments and their components were determined based primarily upon similar economic characteristics, products and services.
Accumulated Other Comprehensive Income, Net of Tax ("AOCI")	Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

Acquisition of Businesses (Tabl

Acquisition of Businesses (Tables)	9 Months Ended
Acquisition of Businesses (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of estimated fair values of assets acquired and liabilities assumed	The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The preliminary purchase price allocation is shown below (in millions). July 3, 2023 Cash paid at purchase $ 234 Tangible assets acquired: Cash and cash equivalents $ 26 Agents’ balances and premiums receivable 164 Other assets 3 Total tangible assets acquired $ 193 Liabilities acquired: Other liabilities $ 169 Total liabilities acquired 169 Net tangible assets acquired, at fair value 24 Excess purchase price over net tangible assets acquired $ 210 Allocation of excess purchase price: Intangible assets acquired () $ 124 Deferred tax asset () 1 Goodwill 85 $ 210

Segments of Operations (Tables)

Segments of Operations (Tables)	9 Months Ended
Segments of Operations (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Segment reporting information, by segment	The following tables (in millions) show AFG’s revenues and earnings before income taxes by segment and sub-segment. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenues Property and casualty insurance: Premiums earned: Specialty Property and transportation $ 828 $ 857 $ 1,837 $ 1,805 Specialty casualty 734 677 2,149 1,973 Specialty financial 232 171 623 505 Other specialty 61 62 190 179 Total premiums earned 1,855 1,767 4,799 4,462 Net investment income 170 145 568 524 Other income 5 2 13 12 Total property and casualty insurance 2,030 1,914 5,380 4,998 Other 157 105 435 256 Total revenues before realized gains (losses) 2,187 2,019 5,815 5,254 Realized gains (losses) on securities (19) (35) (67) (143) Realized loss on subsidiary (4) — (4) — Total revenues $ 2,164 $ 1,984 $ 5,744 $ 5,111 Earnings Before Income Taxes Property and casualty insurance: Underwriting: Specialty Property and transportation $ 42 $ 39 $ 117 $ 140 Specialty casualty 78 118 261 372 Specialty financial 29 15 65 81 Other specialty (6) (14) (22) (30) Other lines (1) (3) (1) (5) Total underwriting 142 155 420 558 Investment and other income, net 156 134 527 498 Total property and casualty insurance 298 289 947 1,056 Other () (56) (44) (138) (136) Total earnings (loss) before realized gains (losses) and income taxes 242 245 809 920 Realized gains (losses) on securities (19) (35) (67) (143) Realized loss on subsidiary (4) — (4) — Total earnings before income taxes $ 219 $ 210 $ 738 $ 777 () Includes holding company interest and expenses, which includes gains/(losses) on retirement of debt as follows: zero and $1 million in the third quarters of 2023 and 2022, respectively; $1 million and ($10) million in the first nine months of 2023 and 2022, respectively. Also includes a special charge of $15 million in the third quarter of 2023 to increase A&E reserves related to AFG’s former railroad and manufacturing operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
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 September 30, 2023 Assets: Available for sale (“AFS”) fixed maturities: U.S. government and government agencies $ 228 $ 1 $ — $ 229 States, municipalities and political subdivisions — 909 2 911 Foreign government — 218 — 218 Residential MBS — 1,614 5 1,619 Commercial MBS — 76 — 76 Collateralized loan obligations — 1,722 1 1,723 Other asset-backed securities — 1,947 330 2,277 Corporate and other 9 2,517 352 2,878 Total AFS fixed maturities 237 9,004 690 9,931 Trading fixed maturities — 51 — 51 Equity securities 521 32 454 1,007 Assets of managed investment entities (“MIE”) 674 4,187 10 4,871 Total assets accounted for at fair value $ 1,432 $ 13,274 $ 1,154 $ 15,860 Liabilities: Contingent consideration — acquisitions $ — $ — $ 2 $ 2 Liabilities of managed investment entities 654 4,064 10 4,728 Other liabilities — derivatives — 48 — 48 Total liabilities accounted for at fair value $ 654 $ 4,112 $ 12 $ 4,778 December 31, 2022 Assets: Available for sale fixed maturities: U.S. government and government agencies $ 219 $ — $ — $ 219 States, municipalities and political subdivisions — 1,181 5 1,186 Foreign government — 226 — 226 Residential MBS — 1,589 9 1,598 Commercial MBS — 85 — 85 Collateralized loan obligations — 1,919 2 1,921 Other asset-backed securities — 1,916 329 2,245 Corporate and other 8 2,288 319 2,615 Total AFS fixed maturities 227 9,204 664 10,095 Trading fixed maturities — 32 — 32 Equity securities 556 27 427 1,010 Assets of managed investment entities 659 4,777 11 5,447 Total assets accounted for at fair value $ 1,442 $ 14,040 $ 1,102 $ 16,584 Liabilities: Contingent consideration — acquisitions $ — $ — $ 25 $ 25 Liabilities of managed investment entities 645 4,676 11 5,332 Other liabilities — derivatives — 42 — 42 Total liabilities accounted for at fair value $ 645 $ 4,718 $ 36 $ 5,399
Changes in balances of Level 3 financial assets	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25)
Changes in balances of Level 3 financial liabilities	Changes in balances of Level 3 financial assets and liabilities carried at fair value during the third quarter and first nine months of 2023 and 2022 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period. Total realized/unrealized Balance at June 30, 2023 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 5 — — — — — — 5 Commercial MBS — — — — — — — — Collateralized loan obligations 1 (1) 1 — — — — 1 Other asset-backed securities 321 — (4) 28 (3) — (12) 330 Corporate and other 369 (14) — 11 (12) 5 (7) 352 Total AFS fixed maturities 701 (15) (3) 39 (16) 5 (21) 690 Equity securities 448 4 — 23 (4) — (17) 454 Assets of MIE 11 (1) — — — — — 10 Total Level 3 assets $ 1,160 $ (12) $ (3) $ 62 $ (20) $ 5 $ (38) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at June 30, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 1 — — — — — — 1 Residential MBS 8 — — — — 4 (4) 8 Commercial MBS — — — — — — — — Collateralized loan obligations 2 — — — — — — 2 Other asset-backed securities 313 — (8) 5 (9) — — 301 Corporate and other 269 (1) (12) 45 (5) — (1) 295 Total AFS fixed maturities 593 (1) (20) 50 (14) 4 (5) 607 Equity securities 378 (2) — 24 (15) — (1) 384 Assets of MIE 12 (1) — — — — — 11 Total Level 3 assets $ 983 $ (4) $ (20) $ 74 $ (29) $ 4 $ (6) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total realized/unrealized Balance at December 31, 2022 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2023 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 5 — — — (1) — (2) 2 Residential MBS 9 — — — (3) 4 (5) 5 Commercial MBS — — — — — — — — Collateralized loan obligations 2 (1) 1 — — — (1) 1 Other asset-backed securities 329 (2) — 38 (34) 31 (32) 330 Corporate and other 319 (13) 10 67 (25) 7 (13) 352 Total AFS fixed maturities 664 (16) 11 105 (63) 42 (53) 690 Equity securities 427 11 — 84 (29) — (39) 454 Assets of MIE 11 (3) — 2 — — — 10 Total Level 3 assets $ 1,102 $ (8) $ 11 $ 191 $ (92) $ 42 $ (92) $ 1,154 Contingent consideration — acquisitions $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total Level 3 liabilities $ (25) $ 23 $ — $ — $ — $ — $ — $ (2) Total realized/unrealized Balance at December 31, 2021 Net Other comprehensive income (loss) Purchases Sales and Transfer Transfer Balance at September 30, 2022 AFS fixed maturities: U.S. government agency $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 41 — (3) — (1) — (36) 1 Residential MBS 14 — — — (1) 4 (9) 8 Commercial MBS — — — — — — — — Collateralized loan obligations — — — — — 2 — 2 Other asset-backed securities 278 2 (24) 62 (51) 34 — 301 Corporate and other 267 (1) (26) 105 (15) — (35) 295 Total AFS fixed maturities 600 1 (53) 167 (68) 40 (80) 607 Equity securities 313 20 — 75 (20) 3 (7) 384 Assets of MIE 13 (3) — 1 — — — 11 Total Level 3 assets $ 926 $ 18 $ (53) $ 243 $ (88) $ 43 $ (87) $ 1,002 Contingent consideration — acquisitions $ (23) $ — $ — $ (2) $ — $ — $ — $ (25) Total Level 3 liabilities $ (23) $ — $ — $ (2) $ — $ — $ — $ (25)
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 Value Fair Value Total Level 1 Level 2 Level 3 September 30, 2023 Financial assets: Cash and cash equivalents $ 1,221 $ 1,221 $ 1,221 $ — $ — Mortgage loans 644 590 — — 590 Total financial assets not accounted for at fair value $ 1,865 $ 1,811 $ 1,221 $ — $ 590 Long-term debt $ 1,474 $ 1,213 $ — $ 1,210 $ 3 Total financial liabilities not accounted for at fair value $ 1,474 $ 1,213 $ — $ 1,210 $ 3 December 31, 2022 Financial assets: Cash and cash equivalents $ 872 $ 872 $ 872 $ — $ — Mortgage loans 676 626 — — 626 Total financial assets not accounted for at fair value $ 1,548 $ 1,498 $ 872 $ — $ 626 Long-term debt $ 1,496 $ 1,302 $ — $ 1,299 $ 3 Total financial liabilities not accounted for at fair value $ 1,496 $ 1,302 $ — $ 1,299 $ 3

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Available for sale fixed maturities	Available for sale fixed maturities at September 30, 2023 and December 31, 2022, consisted of the following (in millions): Amortized Allowance for Expected Credit Losses Gross Unrealized Net Fair Gains Losses September 30, 2023 Fixed maturities: U.S. government and government agencies $ 240 $ — $ — $ (11) $ (11) $ 229 States, municipalities and political subdivisions 986 — 1 (76) (75) 911 Foreign government 228 — — (10) (10) 218 Residential MBS 1,816 3 18 (212) (194) 1,619 Commercial MBS 78 — — (2) (2) 76 Collateralized loan obligations 1,756 2 8 (39) (31) 1,723 Other asset-backed securities 2,443 7 2 (161) (159) 2,277 Corporate and other 3,063 8 3 (180) (177) 2,878 Total fixed maturities $ 10,610 $ 20 $ 32 $ (691) $ (659) $ 9,931 December 31, 2022 Fixed maturities: U.S. government and government agencies $ 233 $ — $ — $ (14) $ (14) $ 219 States, municipalities and political subdivisions 1,234 — 3 (51) (48) 1,186 Foreign government 240 — — (14) (14) 226 Residential MBS 1,757 2 23 (180) (157) 1,598 Commercial MBS 88 — — (3) (3) 85 Collateralized loan obligations 1,988 1 1 (67) (66) 1,921 Other asset-backed securities 2,435 7 1 (184) (183) 2,245 Corporate and other 2,761 1 11 (156) (145) 2,615 Total fixed maturities $ 10,736 $ 11 $ 39 $ (669) $ (630) $ 10,095
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 September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 December 31, 2022 Actual Cost Fair Value Fair Value Over (Under) Cost Actual Cost Fair Value Fair Value Over (Under) Cost Common stocks $ 562 $ 588 $ 26 $ 556 $ 553 $ (3) Perpetual preferred stocks 419 419 — 436 457 21 Total equity securities carried at fair value $ 981 $ 1,007 $ 26 $ 992 $ 1,010 $ 18
Investments accounted for using the equity method	The following table shows the carrying value and net investment income from investments accounted for using the equity method (in millions): Net Investment Income Carrying Value Three months ended September 30, Nine months ended September 30, September 30, 2023 December 31, 2022 2023 2022 2023 2022 Real estate-related investments () $ 1,321 $ 1,229 $ 11 $ 40 $ 86 $ 209 Private equity 451 438 5 (2) 12 36 Private debt 35 33 1 (1) 4 1 Total investments accounted for using the equity method $ 1,807 $ 1,700 $ 17 $ 37 $ 102 $ 246 () 92% of the carrying value relates to underlying investments in multi-family properties at both September 30, 2023 and December 31, 2022.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position	The following table shows 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 September 30, 2023 Fixed maturities: U.S. government and government agencies $ — $ 36 100 % $ (11) $ 192 95 % States, municipalities and political subdivisions (12) 232 95 % (64) 565 90 % Foreign government — 7 100 % (10) 211 95 % Residential MBS (7) 318 98 % (205) 1,121 85 % Commercial MBS — — — % (2) 63 97 % Collateralized loan obligations — 39 100 % (39) 1,026 96 % Other asset-backed securities (6) 402 99 % (155) 1,677 92 % Corporate and other (34) 1,085 97 % (146) 1,473 91 % Total fixed maturities $ (59) $ 2,119 97 % $ (632) $ 6,328 91 % December 31, 2022 Fixed maturities: U.S. government and government agencies $ (4) $ 111 97 % $ (10) $ 107 91 % States, municipalities and political subdivisions (50) 967 95 % (1) 15 94 % Foreign government (5) 90 95 % (9) 134 94 % Residential MBS (115) 1,078 90 % (65) 315 83 % Commercial MBS (2) 44 96 % (1) 33 97 % Collateralized loan obligations (44) 1,224 97 % (23) 587 96 % Other asset-backed securities (100) 1,361 93 % (84) 740 90 % Corporate and other (105) 1,665 94 % (51) 413 89 % Total fixed maturities $ (425) $ 6,540 94 % $ (244) $ 2,344 91 %
Roll forward of allowance for credit losses on fixed maturity securities	A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions): Structured Corporate and Other Total Balance at June 30, 2023 $ 11 $ 5 $ 16 Provision for expected credit losses on securities with no previous allowance — 3 3 Additions (reductions) to previously recognized expected credit losses 1 — 1 Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at June 30, 2022 $ 7 $ — $ 7 Provision for expected credit losses on securities with no previous allowance 2 — 2 Additions (reductions) to previously recognized expected credit losses — — — Reductions due to sales or redemptions — — — Balance at September 30, 2022 $ 9 $ — $ 9 Balance at January 1, 2023 $ 10 $ 1 $ 11 Provision for expected credit losses on securities with no previous allowance 1 8 9 Additions (reductions) to previously recognized expected credit losses 1 (1) — Reductions due to sales or redemptions — — — Balance at September 30, 2023 $ 12 $ 8 $ 20 Balance at January 1, 2022 $ 8 $ 1 $ 9 Provision for expected credit losses on securities with no previous allowance 3 — 3 Additions (reductions) to previously recognized expected credit losses (2) — (2) Reductions due to sales or redemptions — (1) (1) Balance at September 30, 2022 $ 9 $ — $ 9 (*) 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 AFG’s available for sale fixed maturities as of September 30, 2023 (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 $ 413 $ 404 4 % After one year through five years 2,649 2,495 25 % After five years through ten years 1,099 1,022 11 % After ten years 348 315 3 % 4,509 4,236 43 % Collateralized loan obligations and other ABS (average life of approximately 3 years) 4,190 4,000 40 % MBS (average life of approximately 6.5 years) 1,891 1,695 17 % Total $ 10,590 $ 9,931 100 % () 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. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Investment income: Fixed maturities: Interest and amortization $ 126 $ 98 $ 369 $ 263 Change in fair value (a) (11) — (1) — Equity securities: Dividends 8 9 26 24 Change in fair value (b) 7 (6) 36 (8) Equity in earnings of partnerships and similar investments 17 37 102 246 Other 24 17 64 37 Gross investment income 171 155 596 562 Investment expenses (3) (4) (13) (13) Net investment income $ 168 $ 151 $ 583 $ 549 (a) The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments. (b) Although the change in the fair value of the majority of AFG’s equity securities is recorded in realized gains (losses) on securities, AFG records holding gains and losses in net investment income on limited partnerships and similar investments that do not qualify for equity method accounting and related investments.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments	Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions): Three months ended September 30, 2023 Three months ended September 30, 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (7) $ (4) $ (11) $ (72) $ (6) $ (2) $ (8) $ (288) Equity securities (8) — (8) — (27) — (27) — Mortgage loans and other investments — — — — — — — — Total pretax (15) (4) (19) (72) (33) (2) (35) (288) Tax effects 3 1 4 15 7 — 7 60 Net of tax $ (12) $ (3) $ (15) $ (57) $ (26) $ (2) $ (28) $ (228) Nine months ended September 30, 2023 Nine months ended September 30, 2022 Realized gains (losses) Realized gains (losses) Before Impairments Impairment Allowance Total Change in Unrealized Before Impairments Impairment Allowance Total Change in Unrealized Fixed maturities $ (35) $ (9) $ (44) $ (29) $ (20) $ (1) $ (21) $ (874) Equity securities (23) — (23) — (122) — (122) — Mortgage loans and other investments — — — — — — — — Total pretax (58) (9) (67) (29) (142) (1) (143) (874) Tax effects 12 2 14 5 30 — 30 184 Net of tax $ (46) $ (7) $ (53) $ (24) $ (112) $ (1) $ (113) $ (690)
Holding gains (losses) on equity securities still held	AFG recorded net holding gains (losses) on equity securities during the third quarter and first nine months of 2023 and 2022 on securities that were still owned at September 30, 2023 and September 30, 2022 as follows (in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Included in realized gains (losses) $ (8) $ (26) $ (31) $ (119) Included in net investment income 7 (7) 36 (4) $ (1) $ (33) $ 5 $ (123)
Gross realized gains and losses on available for sale fixed maturity and equity security investments	Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions): Nine months ended September 30, 2023 2022 Gross gains $ 2 $ 2 Gross losses (33) (11)

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives included in the Balance Sheet at fair value	The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions): September 30, 2023 December 31, 2022 Balance Sheet Line Asset Liability Asset Liability Derivatives designated and qualifying as cash flow hedges: Interest rate swaps Other assets/Other liabilities $ — $ 43 $ — $ 37 Derivatives not designated as hedging instruments: Fixed maturities with embedded derivatives Fixed maturities 80 — 40 — Total return swap Other assets/Other liabilities — 5 — 5 $ 80 $ 48 $ 40 $ 42
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 AFG’s Statement of Earnings for changes in the fair value of derivatives for the third quarter and nine months ended September 30, 2023 and 2022 (in millions): Three months ended September 30, Nine months ended September 30, Statement of Earnings Line 2023 2022 2023 2022 Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings: Interest rate swaps Net investment income $ (7) $ 1 $ (19) $ 3 Non-designated hedges - gains (losses) included in net earnings: Fixed maturities with embedded derivatives Realized gains (losses) on securities (1) (3) (4) (11) Fixed maturities with embedded derivatives Net investment income (11) — (1) — Total return swap Other expenses (6) (6) 3 (10) Earnings (losses) on non-designated hedges (18) (9) (2) (21) Total earnings (losses) on derivatives $ (25) $ (8) $ (21) $ (18)

Managed Investment Entities (Ta

Managed Investment Entities (Tables)	9 Months Ended
Managed Investment Entities (Tables)	Sep. 30, 2023
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Selected financial information related to collateralized loan obligations	The following table shows a progression of the fair value of AFG's investment in CLO tranches (in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 117 $ 85 $ 112 $ 76 Purchases — — 11 33 Sales — — — — Distributions (9) (4) (21) (13) Change in fair value 12 4 18 (11) Balance at end of period () $ 120 $ 85 $ 120 $ 85 () Excludes $23 million and $12 million invested in temporary warehousing entities at September 30, 2023 and September 30, 2022, respectively, that were established to provide AFG the ability to form new CLOs. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Gains (losses) on change in fair value of assets/liabilities (): Assets $ 50 $ 7 $ 116 $ (297) Liabilities (34) (12) (104) 272 Management fees paid to AFG 4 4 12 12 CLO earnings (losses) attributable to AFG 12 4 18 (10) () Included in revenues in AFG’s Statement of Earnings.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Long-term debt consisted of the following (in millions): September 30, 2023 December 31, 2022 Principal Discount and Issue Costs Carrying Value Principal Discount and Issue Costs Carrying Value Direct Senior Obligations of AFG: 4.50% Senior Notes due June 2047 $ 567 $ (1) $ 566 $ 582 $ (1) $ 581 5.25% Senior Notes due April 2030 253 (4) 249 261 (5) 256 Other 3 — 3 3 — 3 823 (5) 818 846 (6) 840 Direct Subordinated Obligations of AFG: 4.50% Subordinated Debentures due September 2060 200 (5) 195 200 (5) 195 5.125% Subordinated Debentures due December 2059 200 (6) 194 200 (6) 194 5.625% Subordinated Debentures due June 2060 150 (4) 146 150 (4) 146 5.875% Subordinated Debentures due March 2059 125 (4) 121 125 (4) 121 675 (19) 656 675 (19) 656 $ 1,498 $ (24) $ 1,474 $ 1,521 $ (25) $ 1,496

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
Shareholders' Equity (Tables)	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Components of accumulated other comprehensive income (loss)	The progression of the components of accumulated other comprehensive income (loss) follows (in millions): Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Quarter ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (81) $ 17 $ (64) Reclassification adjustment for realized (gains) losses included in net earnings () 9 (2) 7 Total net unrealized gains (losses) on securities $ (464) (72) 15 (57) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (9) 2 (7) Reclassification adjustment for investment income included in net earnings () 8 (2) 6 Total net unrealized gains (losses) on cash flow hedges (33) (1) — (1) (34) Foreign currency translation adjustments (17) — (1) (1) (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (511) $ (73) $ 14 $ (59) $ (570) Quarter ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (292) $ 61 $ (231) Reclassification adjustment for realized (gains) losses included in net earnings () 4 (1) 3 Total net unrealized gains (losses) on securities $ (326) (288) 60 (228) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (26) 5 (21) Reclassification adjustment for investment income included in net earnings () (1) 1 — Total net unrealized gains (losses) on cash flow hedges (8) (27) 6 (21) (29) Foreign currency translation adjustments (15) (4) (1) (5) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ (348) $ (319) $ 65 $ (254) $ (602) Other Comprehensive Income (Loss) AOCI Beginning Balance Pretax Tax Net of tax AOCI Ending Balance Nine months ended September 30, 2023 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (69) $ 14 $ (55) Reclassification adjustment for realized (gains) losses included in net earnings () 40 (9) 31 Total net unrealized gains (losses) on securities $ (497) (29) 5 (24) $ (521) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (25) 5 (20) Reclassification adjustment for investment income included in net earnings () 19 (4) 15 Total net unrealized gains (losses) on cash flow hedges (29) (6) 1 (5) (34) Foreign currency translation adjustments (20) 2 — 2 (18) Pension and other postretirement plan adjustments 3 — — — 3 Total $ (543) $ (33) $ 6 $ (27) $ (570) Nine months ended September 30, 2022 Net unrealized gains (losses) on securities: Unrealized holding gains (losses) on securities arising during the period $ (884) $ 186 $ (698) Reclassification adjustment for realized (gains) losses included in net earnings () 10 (2) 8 Total net unrealized gains (losses) on securities $ 136 (874) 184 (690) $ (554) Net unrealized gains (losses) on cash flow hedges: Unrealized holding gains (losses) on cash flow hedges arising during the period (34) 7 (27) Reclassification adjustment for investment income included in net earnings () (3) 1 (2) Total net unrealized gains (losses) on cash flow hedges — (37) 8 (29) (29) Foreign currency translation adjustments (18) (1) (1) (2) (20) Pension and other postretirement plan adjustments 1 — — — 1 Total $ 119 $ (912) $ 191 $ (721) $ (602) (*) The reclassification adjustments affected the following lines in AFG’s Statement of Earnings: OCI component Affected line in the statement of earnings Pretax - Net unrealized gains (losses) on securities Realized gains (losses) on securities Pretax - Net unrealized gains (losses) on cash flow hedges Net investment income Tax Provision for income taxes

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings	The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions): Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Amount % of EBT Amount % of EBT Amount % of EBT Amount % of EBT Earnings before income taxes (“EBT”) $ 219 $ 210 $ 738 $ 777 Income taxes at statutory rate $ 46 21 % $ 44 21 % $ 155 21 % $ 163 21 % Effect of: Adjustment to prior year taxes (5) (2 %) (3) (2 %) (5) (1 %) (3) — % Tax exempt interest (2) (1 %) (1) — % (4) (1 %) (5) (1 %) Employee stock ownership plan dividend paid deduction — — % (1) — % (3) — % (7) (1 %) Stock-based compensation — — % — — % (2) — % (4) (1 %) Change in valuation allowance (2) (1 %) 2 1 % (2) — % 1 — % Dividends received deduction — — % — — % (1) — % (1) — % Nondeductible expenses 3 1 % 2 1 % 8 1 % 5 1 % Foreign operations 2 1 % 1 — % 6 1 % 6 1 % Other — — % 1 — % (3) (1 %) — — % Provision for income taxes as shown in the statement of earnings $ 42 19 % $ 45 21 % $ 149 20 % $ 155 20 %

Insurance (Tables)

Insurance (Tables)	9 Months Ended
Insurance (Tables)	Sep. 30, 2023
Insurance [Abstract]
Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses	The following table provides an analysis of changes in the liability for losses and loss adjustment expenses during the first nine months of 2023 and 2022 (in millions): Nine months ended September 30, 2023 2022 Balance at beginning of year $ 11,974 $ 11,074 Less reinsurance recoverables, net of allowance 3,767 3,419 Net liability at beginning of year 8,207 7,655 Provision for losses and LAE occurring in the current period 3,132 2,869 Net decrease in the provision for claims of prior years (168) (226) Total losses and LAE incurred 2,964 2,643 Payments for losses and LAE of: Current year (743) (667) Prior years (1,745) (1,501) Total payments (2,488) (2,168) Foreign currency translation and other 1 1 Net liability at end of period 8,684 8,131 Add back reinsurance recoverables, net of allowance 4,207 3,936 Gross unpaid losses and LAE included in the balance sheet at end of period $ 12,891 $ 12,067
Reinsurance recoverable and premiums receivable, allowance for credit loss	Progressions of the 2023 and 2022 allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions): Recoverables from Reinsurers Premiums Receivable 2023 2022 2023 2022 Balance at June 30 $ 9 $ 7 $ 9 $ 9 Increase in allowance from acquisition of CRS — — 4 — Provision (credit) for expected credit losses 2 1 — (1) Write-offs charged against the allowance — — — — Balance at September 30 $ 11 $ 8 $ 13 $ 8 Balance at January 1 $ 8 $ 8 $ 8 $ 8 Increase in allowance from acquisition of CRS — — 4 — Provision (credit) for expected credit losses 3 — 1 — Write-offs charged against the allowance — — — — Balance at September 30 $ 11 $ 8 $ 13 $ 8

Accounting Policies - Narrative

Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Total assets	$ 30,825		$ 30,825			$ 28,831
Total liabilities	26,844		26,844			24,779
Operating lease liability	$ 189		$ 189			$ 116
Operating lease liability, current, Statement of Financial Position	Other Liabilities		Other Liabilities			Other Liabilities
Operating lease right-of-use asset	$ 167		$ 167			$ 103
Operating lease, right-of-use asset, Statement of Financial Position	Other Assets		Other Assets			Other Assets
Operating lease, renewal term					10 years
Weighted average common shares adjustment related to stock-based compensation (shares)	100,000	200,000	100,000	200,000
Anti-dilutive potential common shares related to stock-based compensation plans (shares)	0	0	0	0
Maturities of short term investments			3 months
New collateralized loan obligation temporary warehousing entities
Significant Accounting Policies [Line Items]
Total assets	$ 120		$ 120
Total liabilities	$ 97		$ 97

Acquisition of Businesses - Nar

Acquisition of Businesses - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jul. 03, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Payments to acquire subsidiaries			$ 234	$ 10
Crop Risk Services
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 234
Net tangible assets acquired, at fair value	24
Acquisition expenses incurred	3
Goodwill recorded	85
Amount of goodwill expected to be tax deductible	79
Crop Risk Services \| Customer relationships
Business Acquisition [Line Items]
Intangible assets acquired	124
Finite-lived intangible assets useful life			14 years
Crop Risk Services \| Crop year 2022
Business Acquisition [Line Items]
Gross written premiums	$ 1,200
Insurance Agency
Business Acquisition [Line Items]
Payments to acquire subsidiaries		$ 10
Consideration transferred		$ 12

Acquisition of Businesses - All

Acquisition of Businesses - Allocation of purchase price of subsidiary (Details) - USD ($) $ in Millions		9 Months Ended
	Jul. 03, 2023	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Payments to acquire subsidiaries		$ 234	$ 10
Crop Risk Services
Business Acquisition [Line Items]
Payments to acquire subsidiaries	$ 234
Tangible assets acquired:
Cash and cash equivalents	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	193
Liabilities acquired:
Other liabilities	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	210
Deferred tax asset acquired	1
Goodwill recorded	85
Crop Risk Services \| Customer relationships
Liabilities acquired:
Intangible assets acquired	$ 124

Segments of Operations - Narrat

Segments of Operations - Narrative (Details)	3 Months Ended		9 Months Ended
Segments of Operations - Narrative (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of segments \| segment			2
Other
Segment Reporting Information [Line Items]
Loss on retirement of debt	$ 0	$ 1,000,000	$ 1,000,000	$ (10,000,000)
Special charge to increase asbestos and environmental reserves	$ 15,000,000

Segments of Operations - Revenu

Segments of Operations - Revenues by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total premiums earned	$ 1,855	$ 1,767	$ 4,799	$ 4,462
Net investment income	168	151	583	549
Other income	43	31	100	93
Revenues before realized gains (losses)	2,187	2,019	5,815	5,254
Realized gains (losses) on securities	(19)	(35)	(67)	(143)
Realized loss on subsidiary	(4)	0	(4)	0
Total revenues	2,164	1,984	5,744	5,111
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	1,855	1,767	4,799	4,462
Net investment income	170	145	568	524
Other income	5	2	13	12
Revenues before realized gains (losses)	2,030	1,914	5,380	4,998
Other
Segment Reporting Information [Line Items]
Revenues before realized gains (losses)	157	105	435	256
Property and transportation \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	828	857	1,837	1,805
Specialty casualty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	734	677	2,149	1,973
Specialty financial \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	232	171	623	505
Other specialty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Total premiums earned	$ 61	$ 62	$ 190	$ 179

Segments of Operations - Earnin

Segments of Operations - Earnings before income taxes by segment and sub-segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	$ 242	$ 245	$ 809	$ 920
Realized gains (losses) on securities	(19)	(35)	(67)	(143)
Realized loss on subsidiary	(4)	0	(4)	0
Earnings before income taxes	219	210	738	777
Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	142	155	420	558
Investment and other income, net	156	134	527	498
Earnings before realized gains (losses) and income taxes	298	289	947	1,056
Other
Segment Reporting Information [Line Items]
Earnings before realized gains (losses) and income taxes	(56)	(44)	(138)	(136)
Property and transportation \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	42	39	117	140
Specialty casualty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	78	118	261	372
Specialty financial \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	29	15	65	81
Other specialty \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	(6)	(14)	(22)	(30)
Other lines \| Property and Casualty Insurance
Segment Reporting Information [Line Items]
Property and casualty insurance underwriting	$ (1)	$ (3)	$ (1)	$ (5)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 30, 2023 USD ($) professional	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment loss	$ 26,000,000
AFG's internal investment professionals \| professional	20
Percentage of level three assets that were priced using a discounted cash flow approach	68%
Level three assets that were priced using a discounted cash flow approach	$ 481,000,000
Percentage of level three assets, equity securities, priced using broker quotes and internal models	18%
Level three assets, equity securities, priced using broker quotes and internal models	$ 124,000,000
Verikai, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration possible to be paid, maximum			$ 50,000,000
Contingent consideration — acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of potential contingent consideration	2,000,000	$ 25,000,000
Contingent consideration — acquisitions \| Verikai, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of potential contingent consideration	0	22,000,000
Change in fair value of contingent consideration liability	$ 22,000,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level 3 assets as a percentage of total assets measured at fair value	7%
Percentage of level 3 assets that were priced using non-binding broker quotes	10%
Level 3 assets that were priced using non-binding broker quotes	$ 113,000,000
Percentage of level 3 assets that were priced by pricing services	1%
Level 3 assets that were priced by pricing services.	$ 13,000,000
Percentage of level 3 equity investments that do not qualify for equity accounting	28%
Level 3 assets that are equity securities that do not qualify for equity accounting	$ 322,000,000
Percentage of internally developed level 3 assets compared to total level 3 assets	61%
Internally developed level 3 assets	$ 706,000,000
Level 3 \| Contingent consideration — acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of potential contingent consideration	$ 2,000,000	$ 25,000,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Available for sale (AFS) fixed maturities	$ 9,931	$ 10,095
Trading fixed maturities	51	32
Equity securities	1,007	1,010
Total assets	30,825	28,831
Total assets accounted for at fair value	15,860	16,584
Liabilities:
Total liabilities	26,844	24,779
Derivative liability	48	42
Total liabilities accounted for at fair value	4,778	5,399
Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	2	25
Other liabilities — derivatives
Liabilities:
Derivative liability	48	42
Variable interest entity, primary beneficiary
Assets:
Total assets	4,871	5,447
Liabilities:
Total liabilities	4,728	5,332
Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	9,931	10,095
Trading fixed maturities	51	32
U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	229	219
States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	911	1,186
Foreign government
Assets:
Available for sale (AFS) fixed maturities	218	226
Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,619	1,598
Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	76	85
Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,723	1,921
Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	2,277	2,245
Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,878	2,615
Equity securities
Assets:
Equity securities	1,007	1,010
Level 1
Assets:
Total assets accounted for at fair value	1,432	1,442
Liabilities:
Total liabilities accounted for at fair value	654	645
Level 1 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 1 \| Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 1 \| Variable interest entity, primary beneficiary
Assets:
Total assets	674	659
Liabilities:
Total liabilities	654	645
Level 1 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	237	227
Trading fixed maturities	0	0
Level 1 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	228	219
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	9	8
Level 1 \| Equity securities
Assets:
Equity securities	521	556
Level 2
Assets:
Total assets accounted for at fair value	13,274	14,040
Liabilities:
Total liabilities accounted for at fair value	4,112	4,718
Level 2 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	0	0
Level 2 \| Other liabilities — derivatives
Liabilities:
Derivative liability	48	42
Level 2 \| Variable interest entity, primary beneficiary
Assets:
Total assets	4,187	4,777
Liabilities:
Total liabilities	4,064	4,676
Level 2 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	9,004	9,204
Trading fixed maturities	51	32
Level 2 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	1	0
Level 2 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	909	1,181
Level 2 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	218	226
Level 2 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	1,614	1,589
Level 2 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	76	85
Level 2 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1,722	1,919
Level 2 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	1,947	1,916
Level 2 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	2,517	2,288
Level 2 \| Equity securities
Assets:
Equity securities	32	27
Level 3
Assets:
Total assets accounted for at fair value	1,154	1,102
Liabilities:
Total liabilities accounted for at fair value	12	36
Level 3 \| Contingent consideration — acquisitions
Liabilities:
Fair value of potential contingent consideration	2	25
Level 3 \| Other liabilities — derivatives
Liabilities:
Derivative liability	0	0
Level 3 \| Variable interest entity, primary beneficiary
Assets:
Total assets	10	11
Liabilities:
Total liabilities	10	11
Level 3 \| Fixed maturities:
Assets:
Available for sale (AFS) fixed maturities	690	664
Trading fixed maturities	0	0
Level 3 \| U.S. government and government agencies
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| States, municipalities and political subdivisions
Assets:
Available for sale (AFS) fixed maturities	2	5
Level 3 \| Foreign government
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Residential MBS
Assets:
Available for sale (AFS) fixed maturities	5	9
Level 3 \| Commercial MBS
Assets:
Available for sale (AFS) fixed maturities	0	0
Level 3 \| Collateralized loan obligations
Assets:
Available for sale (AFS) fixed maturities	1	2
Level 3 \| Other asset-backed securities
Assets:
Available for sale (AFS) fixed maturities	330	329
Level 3 \| Corporate and other
Assets:
Available for sale (AFS) fixed maturities	352	319
Level 3 \| Equity securities
Assets:
Equity securities	$ 454	$ 427

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	$ 1,160	$ 983	$ 1,102	$ 926
Total realized/unrealized gains (losses) included in Net income	(12)	(4)	(8)	18
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(3)	(20)	11	(53)
Purchases and issuances	62	74	191	243
Sales and settlements	(20)	(29)	(92)	(88)
Transfer into Level 3	5	4	42	43
Transfer out of Level 3	(38)	(6)	(92)	(87)
Financial assets, Ending Balance	1,154	1,002	1,154	1,002
Contingent consideration - acquisitions, Total Level 3 liabilities	(2)	(25)	(2)	(25)	$ (25)	$ (25)	$ (23)	$ (23)
Contingent consideration — acquisitions
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Contingent consideration - acquisitions, Total Level 3 liabilities	(2)	(25)	(2)	(25)	$ (25)	$ (25)	$ (23)	$ (23)
Fixed maturities:
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	701	593	664	600
Total realized/unrealized gains (losses) included in Net income	(15)	(1)	(16)	1
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(3)	(20)	11	(53)
Purchases and issuances	39	50	105	167
Sales and settlements	(16)	(14)	(63)	(68)
Transfer into Level 3	5	4	42	40
Transfer out of Level 3	(21)	(5)	(53)	(80)
Financial assets, Ending Balance	690	607	690	607
U.S. government agency
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
State and municipal
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	5	1	5	41
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	(3)
Purchases and issuances	0	0	0	0
Sales and settlements	(1)	0	(1)	(1)
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	(2)	0	(2)	(36)
Financial assets, Ending Balance	2	1	2	1
Residential MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	5	8	9	14
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	(3)	(1)
Transfer into Level 3	0	4	4	4
Transfer out of Level 3	0	(4)	(5)	(9)
Financial assets, Ending Balance	5	8	5	8
Commercial MBS
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	0	0	0	0
Total realized/unrealized gains (losses) included in Net income	0	0	0	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	0	0	0	0
Collateralized loan obligations
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	1	2	2	0
Total realized/unrealized gains (losses) included in Net income	(1)	0	(1)	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	1	0	1	0
Purchases and issuances	0	0	0	0
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	2
Transfer out of Level 3	0	0	(1)	0
Financial assets, Ending Balance	1	2	1	2
Other asset-backed securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	321	313	329	278
Total realized/unrealized gains (losses) included in Net income	0	0	(2)	2
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	(4)	(8)	0	(24)
Purchases and issuances	28	5	38	62
Sales and settlements	(3)	(9)	(34)	(51)
Transfer into Level 3	0	0	31	34
Transfer out of Level 3	(12)	0	(32)	0
Financial assets, Ending Balance	330	301	330	301
Corporate and other
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	369	269	319	267
Total realized/unrealized gains (losses) included in Net income	(14)	(1)	(13)	(1)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	(12)	10	(26)
Purchases and issuances	11	45	67	105
Sales and settlements	(12)	(5)	(25)	(15)
Transfer into Level 3	5	0	7	0
Transfer out of Level 3	(7)	(1)	(13)	(35)
Financial assets, Ending Balance	352	295	352	295
Equity securities
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	448	378	427	313
Total realized/unrealized gains (losses) included in Net income	4	(2)	11	20
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	23	24	84	75
Sales and settlements	(4)	(15)	(29)	(20)
Transfer into Level 3	0	0	0	3
Transfer out of Level 3	(17)	(1)	(39)	(7)
Financial assets, Ending Balance	454	384	454	384
Assets of MIE
Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Financial assets, Beginning Balance	11	12	11	13
Total realized/unrealized gains (losses) included in Net income	(1)	(1)	(3)	(3)
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	0	2	1
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial assets, Ending Balance	$ 10	$ 11	$ 10	$ 11

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in balances of Level 3 financial liabilities carried at fair value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	$ (25)	$ (23)	$ (25)	$ (23)
Total realized/unrealized gains (losses) included in Net income	23	0	23	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	(2)	0	(2)
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	(2)	(25)	(2)	(25)
Contingent consideration — acquisitions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial liabilities, Beginning Balance	(25)	(23)	(25)	(23)
Total realized/unrealized gains (losses) included in Net income	23	0	23	0
Total realized/unrealized gains (losses) included in other comprehensive income (loss)	0	0	0	0
Purchases and issuances	0	(2)	0	(2)
Sales and settlements	0	0	0	0
Transfer into Level 3	0	0	0	0
Transfer out of Level 3	0	0	0	0
Financial liabilities, Ending Balance	$ (2)	$ (25)	$ (2)	$ (25)

Fair Value Measurements - The c

Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financial assets:
Mortgage loans	$ 644	$ 676
Long-term debt	1,474	1,496
Level 1
Financial assets:
Cash and cash equivalents	1,221	872
Mortgage loans	0	0
Total financial assets not accounted for at fair value	1,221	872
Long-term debt	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
Total financial assets not accounted for at fair value	0	0
Long-term debt	1,210	1,299
Total financial liabilities not accounted for at fair value	1,210	1,299
Level 3
Financial assets:
Cash and cash equivalents	0	0
Mortgage loans	590	626
Total financial assets not accounted for at fair value	590	626
Long-term debt	3	3
Total financial liabilities not accounted for at fair value	3	3
Carrying Value
Financial assets:
Cash and cash equivalents	1,221	872
Mortgage loans	644	676
Total financial assets not accounted for at fair value	1,865	1,548
Long-term debt	1,474	1,496
Total financial liabilities not accounted for at fair value	1,474	1,496
Fair Value
Financial assets:
Cash and cash equivalents	1,221	872
Mortgage loans	590	626
Total financial assets not accounted for at fair value	1,811	1,498
Long-term debt	1,213	1,302
Total financial liabilities not accounted for at fair value	$ 1,213	$ 1,302

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Schedule of Investments [Line Items]
Unfunded commitments to limited partnerships	$ 437	$ 396
Percentage (based on amount of unrealized loss) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	95%
Percentage (based on fair value) of available for sale fixed maturities that are in an unrealized loss position and rated investment grade	95%
Multifamily
Schedule of Investments [Line Items]
Percent of real-estate related investments by property type	92%	92%
Fixed maturities:
Schedule of Investments [Line Items]
Gross unrealized losses on fixed maturities	$ 691	$ 669
Number of fixed maturity securities in an unrealized loss position \| security	1,900

Investments - Available for sal

Investments - Available for sale fixed maturities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	$ 10,610		$ 10,736
Fixed maturities, available for sale, allowance for expected credit losses	20	$ 16	11	$ 9	$ 7	$ 9
Available for sale (AFS) fixed maturities	9,931		10,095
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	10,610		10,736
Fixed maturities, available for sale, allowance for expected credit losses	20		11
Fixed maturities, available for sale, gross unrealized, gains	32		39
Fixed maturities, available for sale, gross unrealized, losses	(691)		(669)
Available for sale (AFS) fixed maturities	9,931		10,095
Total fixed maturities \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(659)		(630)
U.S. government and government agencies
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	240		233
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	(11)		(14)
Available for sale (AFS) fixed maturities	229		219
U.S. government and government agencies \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(11)		(14)
States, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	986		1,234
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	1		3
Fixed maturities, available for sale, gross unrealized, losses	(76)		(51)
Available for sale (AFS) fixed maturities	911		1,186
States, municipalities and political subdivisions \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(75)		(48)
Foreign government
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	228		240
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	(10)		(14)
Available for sale (AFS) fixed maturities	218		226
Foreign government \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(10)		(14)
Residential MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,816		1,757
Fixed maturities, available for sale, allowance for expected credit losses	3		2
Fixed maturities, available for sale, gross unrealized, gains	18		23
Fixed maturities, available for sale, gross unrealized, losses	(212)		(180)
Available for sale (AFS) fixed maturities	1,619		1,598
Residential MBS \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(194)		(157)
Commercial MBS
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	78		88
Fixed maturities, available for sale, allowance for expected credit losses	0		0
Fixed maturities, available for sale, gross unrealized, gains	0		0
Fixed maturities, available for sale, gross unrealized, losses	(2)		(3)
Available for sale (AFS) fixed maturities	76		85
Commercial MBS \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(2)		(3)
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	1,756		1,988
Fixed maturities, available for sale, allowance for expected credit losses	2		1
Fixed maturities, available for sale, gross unrealized, gains	8		1
Fixed maturities, available for sale, gross unrealized, losses	(39)		(67)
Available for sale (AFS) fixed maturities	1,723		1,921
Collateralized loan obligations \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(31)		(66)
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	2,443		2,435
Fixed maturities, available for sale, allowance for expected credit losses	7		7
Fixed maturities, available for sale, gross unrealized, gains	2		1
Fixed maturities, available for sale, gross unrealized, losses	(161)		(184)
Available for sale (AFS) fixed maturities	2,277		2,245
Other asset-backed securities \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	(159)		(183)
Corporate and other
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available for sale, amortized cost	3,063		2,761
Fixed maturities, available for sale, allowance for expected credit losses	8	$ 5	1	$ 0	$ 0	$ 1
Fixed maturities, available for sale, gross unrealized, gains	3		11
Fixed maturities, available for sale, gross unrealized, losses	(180)		(156)
Available for sale (AFS) fixed maturities	2,878		2,615
Corporate and other \| Debt Securities
Debt Securities, Available-for-sale [Line Items]
Fixed maturities, available-for-sale securities, accumulated gross unrealized gain (loss), before tax	$ (177)		$ (145)

Investments - Equity securities

Investments - Equity securities reported at fair value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 1,007	$ 1,010
Common stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	562	556
Equity securities	588	553
Equity securities, fair value in excess of cost	26	(3)
Perpetual preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	419	436
Equity securities	419	457
Equity securities, fair value in excess of cost	0	21
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, at cost	981	992
Equity securities	1,007	1,010
Equity securities, fair value in excess of cost	$ 26	$ 18

Investments - Detail of equity

Investments - Detail of equity method investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments accounted for using the equity method	$ 1,807		$ 1,807		$ 1,700
Equity in earnings of partnerships and similar investments	17	$ 37	102	$ 246
Real estate-related investments
Schedule of Investments [Line Items]
Investments accounted for using the equity method	1,321		1,321		1,229
Equity in earnings of partnerships and similar investments	11	40	86	209
Private equity
Schedule of Investments [Line Items]
Investments accounted for using the equity method	451		451		438
Equity in earnings of partnerships and similar investments	5	(2)	12	36
Private debt
Schedule of Investments [Line Items]
Investments accounted for using the equity method	35		35		$ 33
Equity in earnings of partnerships and similar investments	$ 1	$ (1)	$ 4	$ 1

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	Sep. 30, 2023	Dec. 31, 2022
Total fixed maturities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (59)	$ (425)
Fair value - less than twelve months	$ 2,119	$ 6,540
Fair value as percentage of cost - Less than twelve months	97%	94%
Unrealized Loss - Twelve months or more	$ (632)	$ (244)
Fair Value - Twelve months or more	$ 6,328	$ 2,344
Fair value as percentage of cost - Twelve months or more	91%	91%
U.S. government and government agencies
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (4)
Fair value - less than twelve months	$ 36	$ 111
Fair value as percentage of cost - Less than twelve months	100%	97%
Unrealized Loss - Twelve months or more	$ (11)	$ (10)
Fair Value - Twelve months or more	$ 192	$ 107
Fair value as percentage of cost - Twelve months or more	95%	91%
States, municipalities and political subdivisions
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (12)	$ (50)
Fair value - less than twelve months	$ 232	$ 967
Fair value as percentage of cost - Less than twelve months	95%	95%
Unrealized Loss - Twelve months or more	$ (64)	$ (1)
Fair Value - Twelve months or more	$ 565	$ 15
Fair value as percentage of cost - Twelve months or more	90%	94%
Foreign government
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (5)
Fair value - less than twelve months	$ 7	$ 90
Fair value as percentage of cost - Less than twelve months	100%	95%
Unrealized Loss - Twelve months or more	$ (10)	$ (9)
Fair Value - Twelve months or more	$ 211	$ 134
Fair value as percentage of cost - Twelve months or more	95%	94%
Residential MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (7)	$ (115)
Fair value - less than twelve months	$ 318	$ 1,078
Fair value as percentage of cost - Less than twelve months	98%	90%
Unrealized Loss - Twelve months or more	$ (205)	$ (65)
Fair Value - Twelve months or more	$ 1,121	$ 315
Fair value as percentage of cost - Twelve months or more	85%	83%
Commercial MBS
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (2)
Fair value - less than twelve months	$ 0	$ 44
Fair value as percentage of cost - Less than twelve months	0%	96%
Unrealized Loss - Twelve months or more	$ (2)	$ (1)
Fair Value - Twelve months or more	$ 63	$ 33
Fair value as percentage of cost - Twelve months or more	97%	97%
Collateralized loan obligations
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ 0	$ (44)
Fair value - less than twelve months	$ 39	$ 1,224
Fair value as percentage of cost - Less than twelve months	100%	97%
Unrealized Loss - Twelve months or more	$ (39)	$ (23)
Fair Value - Twelve months or more	$ 1,026	$ 587
Fair value as percentage of cost - Twelve months or more	96%	96%
Other asset-backed securities
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (6)	$ (100)
Fair value - less than twelve months	$ 402	$ 1,361
Fair value as percentage of cost - Less than twelve months	99%	93%
Unrealized Loss - Twelve months or more	$ (155)	$ (84)
Fair Value - Twelve months or more	$ 1,677	$ 740
Fair value as percentage of cost - Twelve months or more	92%	90%
Corporate and other
Available for sale securities in a continuous unrealized loss position
Unrealized loss - less than twelve months	$ (34)	$ (105)
Fair value - less than twelve months	$ 1,085	$ 1,665
Fair value as percentage of cost - Less than twelve months	97%	94%
Unrealized Loss - Twelve months or more	$ (146)	$ (51)
Fair Value - Twelve months or more	$ 1,473	$ 413
Fair value as percentage of cost - Twelve months or more	91%	89%

Investments - Allowance for cre

Investments - Allowance for credit losses on fixed maturities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 16	$ 7	$ 11	$ 9
Provision for expected credit losses on securities with no previous allowance	3	2	9	3
Additions (reductions) to previously recognized expected credit losses	1	0	0	(2)
Reductions due to sales or redemptions	0	0	0	(1)
Ending balance	20	9	20	9
Structured securities
Allowance for Credit Losses [Roll Forward]
Beginning balance	11	7	10	8
Provision for expected credit losses on securities with no previous allowance	0	2	1	3
Additions (reductions) to previously recognized expected credit losses	1	0	1	(2)
Reductions due to sales or redemptions	0	0	0	0
Ending balance	12	9	12	9
Corporate and other
Allowance for Credit Losses [Roll Forward]
Beginning balance	5	0	1	1
Provision for expected credit losses on securities with no previous allowance	3	0	8	0
Additions (reductions) to previously recognized expected credit losses	0	0	(1)	0
Reductions due to sales or redemptions	0	0	0	(1)
Ending balance	$ 8	$ 0	$ 8	$ 0

Investments - Scheduled maturit

Investments - Scheduled maturities of available for sale fixed maturities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Fiscal Year Maturity [Abstract]
Available for sale (AFS) fixed maturities	$ 9,931	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
Average life of ABS	3 years
Average life of MBS	6 years 6 months
Fixed maturities:
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
One year or less	$ 413
After one year through five years	2,649
After five years through ten years	1,099
After ten years	348
Fixed maturities amortized cost, Subtotal	4,509
Amortized Cost	10,590
Fair Value, Fiscal Year Maturity [Abstract]
One year or less	404
After one year through five years	2,495
After five years through ten years	1,022
After ten years	315
Fixed maturities fair value, Subtotal	4,236
Available for sale (AFS) fixed maturities	$ 9,931	$ 10,095
Fair Value Percent, Fiscal Year Maturity [Abstract]
One year or less	4%
After one year through five years	25%
After five years through ten years	11%
After ten years	3%
Fixed maturities fair value, Subtotal, Percent	43%
Fair value, Total, Percent	100%
Collateralized loan obligations and other asset backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 4,190
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 4,000
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	40%
Mortgage-backed securities
Amortized Cost Basis, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,891
Fair Value, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	$ 1,695
Fair Value Percent, Fiscal Year Maturity [Abstract]
Fixed maturities without single maturity date	17%

Investments - Schedule of sourc

Investments - Schedule of sources of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment income	$ 171	$ 155	$ 596	$ 562
Equity in earnings of partnerships and similar investments	17	37	102	246
Investment expenses	(3)	(4)	(13)	(13)
Net investment income	168	151	583	549
Fixed maturities: \| Net investment income
Net Investment Income [Line Items]
Investment income	126	98	369	263
Fixed maturities: \| Net investment income
Net Investment Income [Line Items]
Change in fair value	(11)	0	(1)	0
Equity securities \| Net investment income
Net Investment Income [Line Items]
Change in fair value of equity securities	7	(6)	36	(8)
Other
Net Investment Income [Line Items]
Investment income	24	17	64	37
Net investment income \| Equity securities
Net Investment Income [Line Items]
Investment income	$ 8	$ 9	$ 26	$ 24

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	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) on securities	$ (19)	$ (35)	$ (67)	$ (143)
Net of tax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(12)	(26)	(46)	(112)
Realized — impairments	(3)	(2)	(7)	(1)
Realized gains (losses) on securities	(15)	(28)	(53)	(113)
Change in unrealized	(57)	(228)	(24)	(690)
Total pretax
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(15)	(33)	(58)	(142)
Realized — impairments	(4)	(2)	(9)	(1)
Realized gains (losses) on securities	(19)	(35)	(67)	(143)
Change in unrealized	(72)	(288)	(29)	(874)
Fixed maturities:
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(7)	(6)	(35)	(20)
Realized — impairments	(4)	(2)	(9)	(1)
Realized gains (losses) on securities	(11)	(8)	(44)	(21)
Change in unrealized	(72)	(288)	(29)	(874)
Equity securities
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	(8)	(27)	(23)	(122)
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	(8)	(27)	(23)	(122)
Change in unrealized	0	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	0	0	0	0
Realized — impairments	0	0	0	0
Realized gains (losses) on securities	0	0	0	0
Change in unrealized	0	0	0	0
Tax effects
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized before impairments	3	7	12	30
Realized — impairments	1	0	2	0
Realized gains (losses) on securities	4	7	14	30
Change in unrealized	$ 15	$ 60	$ 5	$ 184

Investments - Holding gains (lo

Investments - Holding gains (losses) on equity securities still held (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ (1)	$ (33)	$ 5	$ (123)
Securities
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	(8)	(26)	(31)	(119)
Net investment income
Holding Gains (Losses) on Equity Securities Still Held [Line Items]
Holding gains (losses) on equity securities	$ 7	$ (7)	$ 36	$ (4)

Investments - Gross realized ga

Investments - Gross realized gains and losses on available for sale fixed maturity investment transactions (Details) - Fixed maturities: - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Gross realized gains and losses on the sale of available for sale fixed maturity and equity security investments
Gross gains	$ 2	$ 2
Gross losses	$ (33)	$ (11)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	9 Months Ended
Derivatives - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) swap	Dec. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps entered during the period \| swap	5
Gains (losses) on interest rate swaps expected to be reclassified from AOCI to net earnings over the next 12 months.	$ (27)
Interest rate swaps \| Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,330	$ 1,250
Receivable for collateral posted related to swaps	69	62
New interest rate swaps entered during the period \| Cash flow hedging \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	200
Total return swap \| Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Receivable for collateral posted related to swaps	$ 5	$ 7

Derivatives - Derivatives inclu

Derivatives - Derivatives included in the Balance Sheet at fair value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative asset	$ 80	$ 40
Derivative liability	48	42
Interest rate swaps \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	0	0
Derivative liability	$ 43	$ 37
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Fixed maturities with embedded derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	$ 80	$ 40
Derivative liability	$ 0	0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Available for sale (AFS) fixed maturities
Total return swap \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	0
Derivative liability	$ 5	$ 5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Derivatives - Gains (losses) in

Derivatives - Gains (losses) included in the Statement of Earnings for changes in the fair value of derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	$ (18)	$ (9)	$ (2)	$ (21)
Earnings (losses) on derivatives	(25)	(8)	(21)	(18)
Fixed maturities with embedded derivatives \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	(11)	0	(1)	0
Fixed maturities with embedded derivatives \| Securities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	(1)	(3)	(4)	(11)
Total return swap \| Other expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedges, gains (losses) included in net earnings	(6)	(6)	3	(10)
Designated as hedging instrument \| Interest rate swaps \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from accumulated other comprehensive income	$ (7)	$ 1	$ (19)	$ 3

Managed Investment Entities - N

Managed Investment Entities - Narrative (Details) $ in Millions	1 Months Ended		9 Months Ended
	Mar. 31, 2023 USD ($) collateralized_loan_obligation	May 31, 2022 USD ($) collateralized_loan_obligation	Sep. 30, 2023 USD ($) collateralized_loan_obligation	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Percentage of investment of most subordinate debt tranche, Minimum			7.40%
Percentage of investment of most subordinate debt tranche, Maximum			100%
Number of collateralized loan obligation entities \| collateralized_loan_obligation			16
Number of collateralized loan obligation entities formed during the period \| collateralized_loan_obligation	1	1
Difference between aggregate unpaid principal balance and fair value of CLOs' fixed maturity investments			$ 143		$ 339
Difference between aggregate unpaid principal balance and carrying value of CLOs' debt			319		413
Carrying amount of CLO loans in default			5		4
Aggregate unpaid principal balance of variable interest entity loans in default			13		17
Available for sale (AFS) fixed maturities			9,931		10,095
Collateralized loan obligations
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities			1,723		1,921
Collateralized loan obligations \| Managed by third parties
Variable Interest Entity [Line Items]
Available for sale (AFS) fixed maturities			1,720		1,920
Variable interest entity, primary beneficiary
Variable Interest Entity [Line Items]
Investment in CLO tranches			143		115
Amount invested in a temporary warehousing entity			120	$ 117	$ 112	$ 85	$ 85	$ 76
Variable interest entity, primary beneficiary \| Subordinated Debt Obligations
Variable Interest Entity [Line Items]
Investment in CLO tranches			88
New collateralized loan obligation temporary warehousing entities
Variable Interest Entity [Line Items]
Amount invested in a temporary warehousing entity			$ 23			$ 12
New Collateralized Loan Obligation Entities
Variable Interest Entity [Line Items]
Face value of liabilities issued by managed investment entities on issuance date	$ 407	$ 404
Face amount of managed investment entities liabilities purchased at issuance date	$ 16	$ 13

Managed Investment Entities - P

Managed Investment Entities - Progression of investment in CLO tranches (Details) - Variable interest entity, primary beneficiary - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Variable Interest Entity, Ownership [Roll Forward]
Balance at beginning of period of ownership of CLO tranches	$ 117	$ 85	$ 112	$ 76
Purchases	0	0	11	33
Sales	0	0	0	0
Distributions	(9)	(4)	(21)	(13)
Change in fair value	12	4	18	(11)
Balance at end of period of ownership of CLO tranches	$ 120	$ 85	$ 120	$ 85

Managed Investment Entities - S

Managed Investment Entities - Selected financial information related to CLOs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gains (losses) on change in fair value of assets/liabilities:
Assets	$ 50	$ 7	$ 116	$ (297)
Liabilities	(34)	(12)	(104)	272
Management fees paid to AFG	4	4	12	12
Variable interest entity, primary beneficiary
Gains (losses) on change in fair value of assets/liabilities:
CLO earnings (losses) attributable to AFG	$ 12	$ 4	$ 18	$ (10)

Goodwill and Other Intangibles

Goodwill and Other Intangibles - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 305,000,000		$ 305,000,000		$ 246,000,000
Changes in the goodwill			59,000,000
Goodwill impairment loss	26,000,000
Amortizable intangible assets related to property and casualty insurance acquisitions	217,000,000		217,000,000		108,000,000
Accumulated amortization	35,000,000		35,000,000		$ 24,000,000
Amortization of intangible assets	$ 5,000,000	$ 2,000,000	$ 11,000,000	$ 7,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 03, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
Scheduled principal payments on debt remainder of fiscal year			$ 0
Scheduled principal payments on debt in year one			0
Scheduled principal payments on debt in year two			0
Scheduled principal payments on debt in year three			0
Scheduled principal payments on debt in year four			0
Scheduled principal payments on debt in year five			0
Scheduled principal payments on debt thereafter			1,500,000,000
Reductions of long-term debt			21,000,000	$ 436,000,000
3.50% Senior Notes due August 2026 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Loss on retirement of debt		$ (6,000,000)
AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Revolving credit facility term	5 years
Revolving credit line			450,000,000
Amount borrowed under revolving credit facility			$ 0		$ 0
AFG \| 4.50% Senior Notes due June 2047 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased	$ 15,000,000			$ 4,000,000
Interest rate on debt instruments	4.50%		4.50%	4.50%
Amount of debt repurchased	$ 13,000,000			$ 3,000,000
AFG \| 5.25% Senior Notes due April 2030 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased	$ 8,000,000			$ 5,000,000
Interest rate on debt instruments	5.25%		5.25%	5.25%
Amount of debt repurchased	$ 8,000,000			$ 5,000,000
AFG \| 3.50% Senior Notes due August 2026 \| Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
Face amount of debt repurchased		$ 49,000,000				$ 376,000,000
Interest rate on debt instruments		3.50%
Amount of debt repurchased		$ 51,000,000
Reductions of long-term debt		$ 382,000,000
SOFR \| AFG
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility			1.25%
SOFR \| AFG \| Minimum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1%
SOFR \| AFG \| Maximum
Long-term Debt, Fiscal Year Maturity [Abstract]
Interest rate on revolving debt facility	1.75%

Long-Term Debt - Schedule of lo

Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Summary of Carrying value of long-term debt
Principal	$ 1,498		$ 1,521
Discount and Issue Costs	(24)		(25)
Carrying Value	1,474		1,496
Senior Notes \| AFG
Summary of Carrying value of long-term debt
Principal	823		846
Discount and Issue Costs	(5)		(6)
Carrying Value	$ 818		840
Senior Notes \| 4.50% Senior Notes due June 2047 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%	4.50%		4.50%
Summary of Carrying value of long-term debt
Principal	$ 567		582
Discount and Issue Costs	(1)		(1)
Carrying Value	$ 566		581
Senior Notes \| 5.25% Senior Notes due April 2030 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.25%	5.25%		5.25%
Summary of Carrying value of long-term debt
Principal	$ 253		261
Discount and Issue Costs	(4)		(5)
Carrying Value	249		256
Senior Notes \| Other \| AFG
Summary of Carrying value of long-term debt
Principal	3		3
Discount and Issue Costs	0		0
Carrying Value	3		3
Subordinated Debentures \| AFG
Summary of Carrying value of long-term debt
Principal	675		675
Discount and Issue Costs	(19)		(19)
Carrying Value	$ 656		656
Subordinated Debentures \| 4.50% Subordinated Debentures due September 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	4.50%
Summary of Carrying value of long-term debt
Principal	$ 200		200
Discount and Issue Costs	(5)		(5)
Carrying Value	$ 195		195
Subordinated Debentures \| 5.125% Subordinated Debentures due December 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.125%
Summary of Carrying value of long-term debt
Principal	$ 200		200
Discount and Issue Costs	(6)		(6)
Carrying Value	$ 194		194
Subordinated Debentures \| 5.625% Subordinated Debentures due June 2060 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.625%
Summary of Carrying value of long-term debt
Principal	$ 150		150
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 146		146
Subordinated Debentures \| 5.875% Subordinated Debentures due March 2059 \| AFG
Debt Instrument [Line Items]
Interest rate on debt instruments	5.875%
Summary of Carrying value of long-term debt
Principal	$ 125		125
Discount and Issue Costs	(4)		(4)
Carrying Value	$ 121		$ 121

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred stock authorized for issuance (Details)	Sep. 30, 2023 $ / shares shares
Voting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) \| shares	12,500,000
Preferred Stock, par value (USD per share) \| $ / shares	$ 0
Nonvoting Preferred Stock
Class of Stock [Line Items]
Preferred Stock, shares authorized (shares) \| shares	12,500,000
Preferred Stock, par value (USD per share) \| $ / shares	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Common Stock, shares issued (shares)			165,513
Fair value per share of restricted common stock issued under Stock Incentive Plan			$ 130.52
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to stock incentive plans	$ 5	$ 4	$ 14	$ 14

Shareholders' Equity - Progress

Shareholders' Equity - Progression of the components of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance			$ (543)
Other comprehensive income (loss), pretax	$ (73)	$ (319)	(33)	$ (912)
Other comprehensive income (loss), tax	14	65	6	191
Other comprehensive income (loss)	(59)	(254)	(27)	(721)
AOCI ending balance	(570)		(570)
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period, pretax	(81)	(292)	(69)	(884)
Unrealized holding gains (losses) on securities arising during the period, tax	17	61	14	186
Unrealized holding gains (losses) on securities arising during the period, after tax	(64)	(231)	(55)	(698)
Reclassification adjustment for realized (gains) losses included in net earnings, pretax	9	4	40	10
Reclassification adjustment for realized (gains) losses included in net earnings, tax	(2)	(1)	(9)	(2)
Reclassification adjustment for realized (gains) losses included in net earnings, after tax	7	3	31	8
Total net unrealized gains (losses) on securities, pretax	(72)	(288)	(29)	(874)
Total net unrealized gains (losses) on securities, tax	15	60	5	184
Total net unrealized gains (losses) on securities	(57)	(228)	(24)	(690)
Reclassification of Cash Flow Hedge Gain (Loss) [Abstract]
Unrealized holding gains (losses) on cash flow hedges arising during the period, pretax	(9)	(26)	(25)	(34)
Unrealized holding gains (losses) on cash flow hedges arising during the period, tax	2	5	5	7
Unrealized holding gains (losses) on cash flow hedges arising during the period, after tax	(7)	(21)	(20)	(27)
Reclassification adjustment for investment income included in net earnings, pretax	8	(1)	19	(3)
Reclassification adjustment for investment income included in net earnings, tax	(2)	1	(4)	1
Reclassification adjustment for investment income included in net earnings from discontinued operations, after tax	6	0	15	(2)
Total net unrealized gains (losses) on cash flow hedges, pretax	(1)	(27)	(6)	(37)
Total net unrealized gains (losses) on cash flow hedges, tax	0	6	1	8
Total net unrealized gains (losses) on cash flow hedges	(1)	(21)	(5)	(29)
Foreign currency translation adjustments, pretax	0	(4)	2	(1)
Foreign currency translation adjustments, tax	(1)	(1)	0	(1)
Foreign currency translation adjustments	(1)	(5)	2	(2)
Total pension and OPRP adjustments, pretax	0	0	0	0
Total pension and OPRP adjustments, tax	0	0	0	0
Pension and OPRP adjustments	0	0	0	0
Accumulated net investment gain (loss) attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(464)	(326)	(497)	136
AOCI ending balance	(521)	(554)	(521)	(554)
Accumulated gain (loss), net, cash flow hedge, parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(33)	(8)	(29)	0
AOCI ending balance	(34)	(29)	(34)	(29)
Accumulated foreign currency adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(17)	(15)	(20)	(18)
AOCI ending balance	(18)	(20)	(18)	(20)
Accumulated defined benefit plans adjustment attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	3	1	3	1
AOCI ending balance	3	1	3	1
AOCI attributable to parent
Accumulated Other Comprehensive Income [Roll Forward]
AOCI beginning balance	(511)	(348)	(543)	119
AOCI ending balance	$ (570)	$ (602)	$ (570)	$ (602)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Statutory rate of income taxes	21%	21%	21%	21%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income taxes at the statutory rate to the provision for income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings before income taxes (“EBT”)	$ 219	$ 210	$ 738	$ 777
Income taxes at statutory rate	46	44	155	163
Effect of prior year income taxes	(5)	(3)	(5)	(3)
Effect of tax exempt interest	(2)	(1)	(4)	(5)
Effect of ESOP dividend paid deduction	0	(1)	(3)	(7)
Effect of stock-based compensation	0	0	(2)	(4)
Effect of change in valuation allowance	(2)	2	(2)	1
Effect of dividends received deduction	0	0	(1)	(1)
Effect of nondeductible expenses	3	2	8	5
Effect of foreign operations	2	1	6	6
Effect of other income	0	1	(3)	0
Provision for income taxes as shown on the Statement of Earnings	$ 42	$ 45	$ 149	$ 155
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory rate as a percentage of EBT	21%	21%	21%	21%
Effect of prior year income taxes as a percentage of EBT	(2.00%)	(2.00%)	(1.00%)	0%
Effect of tax exempt interest as a percentage of EBT	(1.00%)	0%	(1.00%)	(1.00%)
Effect of ESOP dividend paid deduction as a percentage of EBT	0%	0%	0%	(1.00%)
Effect of stock-based compensation as a percentage of EBT	0%	0%	0%	(1.00%)
Effect of change in valuation allowance as a percentage of EBT	(1.00%)	1%	0%	0%
Effect of dividends received deduction as a percentage of EBT	0%	0%	0%	0%
Effect of nondeductible expenses as a percentage of EBT	1%	1%	1%	1%
Effect of foreign operations as a percentage of EBT	1%	0%	1%	1%
Effect of other income tax reconciliation as a percentage of EBT	0%	0%	(1.00%)	0%
Provision for income taxes as shown on the Statement of Earnings as a percentage of EBT	19%	21%	20%	20%

Insurance - Analysis of changes

Insurance - Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Analysis of changes in the liability for losses and loss adjustment expenses, net of reinsurance
Balance at beginning of year	$ 11,974	$ 11,074
Less reinsurance recoverables, net of allowance	3,767	3,419
Net liability at beginning of year	8,207	7,655
Provision for losses and LAE occurring in the current period	3,132	2,869
Net decrease in the provision for claims of prior years	(168)	(226)
Total losses and LAE incurred	2,964	2,643
Payments for losses and LAE of:
Current year	(743)	(667)
Prior years	(1,745)	(1,501)
Total payments	(2,488)	(2,168)
Foreign currency translation and other	1	1
Net liability at end of period	8,684	8,131
Add back reinsurance recoverables, net of allowance	4,207	3,936
Gross unpaid losses and LAE included in the balance sheet at end of period	$ 12,891	$ 12,067

Insurance - Recoverables from r

Insurance - Recoverables from reinsurance, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 9	$ 7	$ 8	$ 8
Provision (credit) for expected credit losses	2	1	3	0
Write-offs charged against the allowance	0	0	0	0
Ending Balance	11	8	11	8
Crop Risk Services
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 0	$ 0	$ 0	$ 0

Insurance - Premiums receivable

Insurance - Premiums receivable, progression of allowance for expected credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 9	$ 9	$ 8	$ 8
Provision (credit) for expected credit losses	0	(1)	1	0
Write-offs charged against the allowance	0	0	0	0
Ending Balance	13	8	13	8
Crop Risk Services
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Increase in allowance from acquisition of CRS	$ 4	$ 0	$ 4	$ 0