Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Changes in the carrying value of goodwill during 2018, 2019 and 2020, by reporting segment, are presented in the following table (in millions):

	Property and Casualty		Annuity		Total
Balance at January 1, 2018	$	168	$	31	$	199
Acquisition of subsidiary in 2018	8		—		8
Balance at December 31, 2018, 2019 and 2020	$	176	$	31	$	207

Goodwill increased by $8 million in the fourth quarter of 2018 due to the purchase of ABAIS as discussed in Note B — “Acquisitions and Sale of Businesses.”

Included in other assets in AFG’s Balance Sheet is $34 million at December 31, 2020 and $43 million at December 31, 2019 of amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $62 million and $50 million, respectively. Amortization of intangibles was $12 million in 2020,

$11 million in 2019 and $9 million in 2018. Future amortization of intangibles (weighted average amortization period of 3 years) is estimated to be $6 million in 2021, $4 million per year in 2022, 2023, 2024 and 2025 and $12 million thereafter.