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Quarterly Operating Results (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly operating results
The following are quarterly results of consolidated operations for the two years ended December 31, 2019 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding.
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total
Year
2019
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
2,024

 
$
1,960

 
$
2,123

 
$
2,130

 
$
8,237

Net earnings, including noncontrolling interests
 
326

 
209

 
143

 
191

 
869

Net earnings attributable to shareholders
 
329

 
210

 
147

 
211

 
897

Earnings attributable to shareholders per Common Share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
3.68

 
$
2.34

 
$
1.64

 
$
2.33

 
$
9.98

Diluted
 
3.63

 
2.31

 
1.62

 
2.30

 
9.85

Average number of Common Shares:
 
 
 
 
 
 
 
 
 
 
Basic
 
89.4

 
89.7

 
90.0

 
90.2

 
89.9

Diluted
 
90.7

 
91.0

 
91.1

 
91.3

 
91.0

2018
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
1,619

 
$
1,833

 
$
2,008

 
$
1,690

 
$
7,150

Net earnings (losses), including noncontrolling interests
 
141

 
208

 
203

 
(35
)
 
517

Net earnings (losses) attributable to shareholders
 
145

 
210

 
204

 
(29
)
 
530

Earnings (losses) attributable to shareholders per Common Share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.64

 
$
2.36

 
$
2.30

 
$
(0.33
)
 
$
5.95

Diluted
 
1.60

 
2.31

 
2.26

 
(0.33
)
 
5.85

Average number of Common Shares:
 
 
 
 
 
 
 
 
 
 
Basic
 
88.6

 
89.0

 
89.1

 
89.3

 
89.0

Diluted
 
90.4

 
90.7

 
90.7

 
89.3

 
90.6
Quarterly information on realized gains (losses)
Pretax realized gains (losses) on securities, which resulted primarily from changes in the fair value of equity securities, were as follows (in millions):
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total
Year
2019 — change in fair value of equity securities
 
$
182

 
$
44

 
$
(15
)
 
$
67

 
$
278

2019 — other realized gains (losses)
 
2

 
12

 
(3
)
 
(2
)
 
9

2018 — change in fair value of equity securities
 
(95
)
 
23

 
33

 
(223
)
 
(262
)
2018 — other realized gains (losses)
 
2

 
8

 
1

 
(15
)
 
(4
)
Quarterly information on the impact of items on fair value accounting for annuities
The impact of unlocking, changes in the fair value of derivatives related to FIAs, and other impacts of changes in the stock market and interest rates on the accounting for FIAs over or under the cost of the equity index options purchased to mitigate the risk in the index-based component of those FIAs were as follows, net of the related acceleration/deceleration of the amortization of deferred policy acquisition costs and deferred sales inducements (in millions):
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total
Year
2019
 
$
(11
)
 
$
(33
)
 
$
(27
)
 
$
24

 
$
(47
)
2018
 
15

 
(14
)
 
17

 
(66
)
 
(48
)
Quarterly information on favorable (adverse) development on unpaid loss and loss adjustment expenses
Favorable prior year development of AFG’s liability for property and casualty losses and loss adjustment expenses (”LAE”) was as follows (in millions):
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total
Year
2019
 
$
45

 
$
41

 
$
12

 
$
45

 
$
143

2018
 
56

 
44

 
31

 
61

 
192
Quarterly information on catastrophe losses
AFG’s property and casualty operations recorded catastrophe losses, including reinstatement premiums, as follows (in millions):
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
4th
Quarter
 
Total
Year
2019
 
$
(12
)
 
$
(12
)
 
$
(22
)
 
$
(15
)
 
$
(61
)
2018
 
(13
)
 
(16
)
 
(38
)
 
(38
)
 
(105
)