Insurance (Tables)

12 Months Ended

Dec. 31, 2020

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 over the past three years (in millions):

	2020		2019		2018
Balance at beginning of period	$	10,232	$	9,741	$	9,678
Less reinsurance recoverables, net of allowance	3,024		2,942		2,957
Net liability at beginning of period	7,208		6,799		6,721
Provision for losses and LAE occurring in the current year	3,398		3,414		3,195
Net increase (decrease) in the provision for claims of prior years:
Special A&E charges	47		18		18
Neon exited lines	19		7		—
Other	(193)		(168)		(210)
Total losses and LAE incurred	3,271		3,271		3,003
Payments for losses and LAE of:
Current year	(990)		(1,076)		(963)
Prior years	(1,766)		(1,790)		(1,639)
Total payments	(2,756)		(2,866)		(2,602)
Reserves of businesses disposed (*)	(449)		—		(319)
Foreign currency translation and other	1		4		(4)
Net liability at end of period	7,275		7,208		6,799
Add back reinsurance recoverables, net of allowance	3,117		3,024		2,942
Gross unpaid losses and LAE included in the balance sheet	$	10,392	$	10,232	$	9,741

(*)Reflects the December 31, 2020 sale of Neon (see Note B — “Acquisitions and Sale of Businesses”) and the reinsurance to close transactions at Neon, which settled in early 2018 (discussed below).

Short-duration insurance contracts, reconciliation of claims development to liability

A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions):

	2020
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,196
Specialty casualty	4,302
Specialty financial	247
Other specialty	377
Total Specialty (excluding foreign reserves)	6,122
Other reserves
Reserves for foreign operations	314
A&E reserves	422
Unallocated LAE	361
Other	56
Total other reserves	1,153
Total reserves, net of reinsurance	7,275
Add back reinsurance recoverables, net of allowance	3,117
Gross unpaid losses and LAE included in the balance sheet	$	10,392

Short-duration insurance contracts, claims development

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.

Property and transportation
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	811	$	799	$	813	$	827	$	837	$	850	$	846	$	844	$	843	$	843	$	4	138,334
2012			864		857		871		883		894		890		886		881		879		4		143,151
2013					882		870		872		878		878		877		873		871		7		138,925
2014							844		828		817		820		815		808		804		8		133,182
2015									818		784		779		777		777		772		15		134,875
2016											746		716		714		706		694		25		121,116
2017													889		847		843		823		39		140,549
2018															932		902		886		69		129,891
2019																	1,111		1,058		125		152,304
2020																			1,043		349		109,446
																	Total		$	8,673

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	365	$	667	$	727	$	771	$	803	$	821	$	829	$	833	$	834	$	835	99.1	%
2012			572		708		772		816		842		856		882		869		872		99.2	%
2013					438		702		760		804		831		847		858		860		98.7	%
2014							329		632		693		744		770		783		789		98.1	%
2015									359		582		667		707		736		744		96.4	%
2016											294		521		577		618		640		92.2	%
2017													379		640		696		735		89.3	%
2018															396		676		738		83.3	%
2019																	527		823		77.8	%
2020																			461		44.2	%
																	Total		$	7,497
							Unpaid losses and LAE — years 2011 through 2020												1,176
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																20
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,196

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	47.3	%	30.2	%	7.7	%	5.3	%	3.3	%	1.6	%	1.5	%	(0.3	%)	0.2	%	0.1	%
Cumulative	47.3	%	77.5	%	85.2	%	90.5	%	93.8	%	95.4	%	96.9	%	96.6	%	96.8	%	96.9	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Specialty casualty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	852	$	849	$	839	$	848	$	834	$	828	$	826	$	817	$	810	$	808	$	29	54,961
2012			901		892		885		885		883		877		849		842		833		35		54,752
2013					968		949		945		940		945		926		916		905		53		55,063
2014							1,035		1,008		1,008		1,006		982		967		952		71		56,669
2015									1,081		1,043		1,041		1,042		1,024		1,021		99		57,745
2016											1,131		1,122		1,116		1,101		1,090		164		56,169
2017													1,211		1,221		1,204		1,189		275		56,558
2018															1,277		1,307		1,302		416		58,079
2019																	1,308		1,311		571		56,950
2020																			1,352		844		48,294
																	Total		$	10,763

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	174	$	383	$	522	$	612	$	662	$	694	$	714	$	731	$	745	$	755	93.4	%
2012			173		385		516		621		684		723		745		761		775		93.0	%
2013					182		396		554		666		729		766		797		820		90.6	%
2014							190		412		574		680		755		801		829		87.1	%
2015									178		411		577		702		792		844		82.7	%
2016											186		418		584		713		806		73.9	%
2017													200		422		612		755		63.5	%
2018															210		475		649		49.8	%
2019																	212		455		34.7	%
2020																			188		13.9	%
																	Total		$	6,876
							Unpaid losses and LAE — years 2011 through 2020												3,887
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																415
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,302

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	18.0	%	22.2	%	16.0	%	11.9	%	7.7	%	4.5	%	2.9	%	2.2	%	1.7	%	1.2	%
Cumulative	18.0	%	40.2	%	56.2	%	68.1	%	75.8	%	80.3	%	83.2	%	85.4	%	87.1	%	88.3	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Specialty financial
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	138	$	157	$	155	$	153	$	147	$	144	$	143	$	139	$	137	$	137	$	—	16,371
2012			163		163		151		139		137		135		132		127		126		2		21,092
2013					140		145		137		131		127		126		122		122		4		28,475
2014							146		157		156		153		147		142		137		2		29,458
2015									156		160		158		153		145		138		4		37,615
2016											179		184		187		182		174		8		45,125
2017													212		215		212		208		15		48,692
2018															212		217		219		27		46,487
2019																	194		198		37		41,175
2020																			231		115		24,479
																	Total		$	1,690

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	58	$	111	$	115	$	123	$	130	$	131	$	131	$	132	$	132	$	133	97.1	%
2012			71		104		109		117		121		126		128		126		125		99.2	%
2013					70		100		107		113		117		117		118		118		96.7	%
2014							62		109		125		128		137		139		141		102.9	%
2015									72		110		129		133		132		134		97.1	%
2016											88		141		158		161		163		93.7	%
2017													120		169		186		194		93.3	%
2018															112		163		187		85.4	%
2019																	99		146		73.7	%
2020																			100		43.3	%
																	Total		$	1,441
							Unpaid losses and LAE — years 2011 through 2020												249
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																(2)
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	247

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	50.6	%	28.0	%	8.4	%	4.0	%	3.1	%	1.5	%	1.0	%	(0.3	%)	(0.4	%)	0.7	%
Cumulative	50.6	%	78.6	%	87.0	%	91.0	%	94.1	%	95.6	%	96.6	%	96.3	%	95.9	%	96.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Other specialty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	39	$	43	$	42	$	43	$	43	$	44	$	44	$	43	$	42	$	41	$	2	—
2012			42		40		39		40		41		39		39		36		37		2		—
2013					46		47		46		47		50		53		58		58		1		—
2014							58		57		59		59		60		61		64		7		—
2015									59		60		63		66		76		82		7		—
2016											61		61		65		71		76		16		—
2017													63		65		70		81		13		—
2018															86		90		92		40		—
2019																	108		107		64		—
2020																			122		102		—
																	Total		$	760

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (b)
2011	$	12	$	20	$	25	$	28	$	34	$	36	$	37	$	38	$	39	$	39	95.1	%
2012			8		17		21		25		28		30		30		32		33		89.2	%
2013					7		16		22		34		37		44		51		53		91.4	%
2014							13		21		30		36		43		50		53		82.8	%
2015									10		26		31		50		62		69		84.1	%
2016											9		19		31		47		53		69.7	%
2017													10		19		30		52		64.2	%
2018															12		23		32		34.8	%
2019																	9		24		22.4	%
2020																			9		7.4	%
																	Total		$	417
							Unpaid losses and LAE — years 2011 through 2020												343
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																34
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	377

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	14.8	%	15.7	%	11.6	%	17.1	%	10.2	%	8.4	%	4.8	%	3.8	%	2.6	%	—	%
Cumulative	14.8	%	30.5	%	42.1	%	59.2	%	69.4	%	77.8	%	82.6	%	86.4	%	89.0	%	89.0	%

(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Total Specialty Group
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	1,840	$	1,848	$	1,849	$	1,871	$	1,861	$	1,866	$	1,859	$	1,843	$	1,832	$	1,829	$	35	209,666
2012			1,970		1,952		1,946		1,947		1,955		1,941		1,906		1,886		1,875		43		218,995
2013					2,036		2,011		2,000		1,996		2,000		1,982		1,969		1,956		65		222,463
2014							2,083		2,050		2,040		2,038		2,004		1,978		1,957		88		219,309
2015									2,114		2,047		2,041		2,038		2,022		2,013		125		230,235
2016											2,117		2,083		2,082		2,060		2,034		213		222,410
2017													2,375		2,348		2,329		2,301		342		245,799
2018															2,507		2,516		2,499		552		234,457
2019																	2,721		2,674		797		250,429
2020																			2,748		1,410		182,219
																	Total		$	21,886

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	609	$	1,181	$	1,389	$	1,534	$	1,629	$	1,682	$	1,711	$	1,734	$	1,750	$	1,762	96.3	%
2012			824		1,214		1,418		1,579		1,675		1,735		1,785		1,788		1,805		96.3	%
2013					697		1,214		1,443		1,617		1,714		1,774		1,824		1,851		94.6	%
2014							594		1,174		1,422		1,588		1,705		1,773		1,812		92.6	%
2015									619		1,129		1,404		1,592		1,722		1,791		89.0	%
2016											577		1,099		1,350		1,539		1,662		81.7	%
2017													709		1,250		1,524		1,736		75.4	%
2018															730		1,337		1,606		64.3	%
2019																	847		1,448		54.2	%
2020																			758		27.6	%
																	Total		$	16,231
							Unpaid losses and LAE — years 2011 through 2020												5,655
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																467
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	6,122

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	32.2	%	25.5	%	11.9	%	8.8	%	5.6	%	3.2	%	2.2	%	0.9	%	0.9	%	0.7	%
Cumulative	32.2	%	57.7	%	69.6	%	78.4	%	84.0	%	87.2	%	89.4	%	90.3	%	91.2	%	91.9	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Short-duration insurance contracts, schedule of historical claims duration

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.

Property and transportation
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	811	$	799	$	813	$	827	$	837	$	850	$	846	$	844	$	843	$	843	$	4	138,334
2012			864		857		871		883		894		890		886		881		879		4		143,151
2013					882		870		872		878		878		877		873		871		7		138,925
2014							844		828		817		820		815		808		804		8		133,182
2015									818		784		779		777		777		772		15		134,875
2016											746		716		714		706		694		25		121,116
2017													889		847		843		823		39		140,549
2018															932		902		886		69		129,891
2019																	1,111		1,058		125		152,304
2020																			1,043		349		109,446
																	Total		$	8,673

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	365	$	667	$	727	$	771	$	803	$	821	$	829	$	833	$	834	$	835	99.1	%
2012			572		708		772		816		842		856		882		869		872		99.2	%
2013					438		702		760		804		831		847		858		860		98.7	%
2014							329		632		693		744		770		783		789		98.1	%
2015									359		582		667		707		736		744		96.4	%
2016											294		521		577		618		640		92.2	%
2017													379		640		696		735		89.3	%
2018															396		676		738		83.3	%
2019																	527		823		77.8	%
2020																			461		44.2	%
																	Total		$	7,497
							Unpaid losses and LAE — years 2011 through 2020												1,176
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																20
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,196

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	47.3	%	30.2	%	7.7	%	5.3	%	3.3	%	1.6	%	1.5	%	(0.3	%)	0.2	%	0.1	%
Cumulative	47.3	%	77.5	%	85.2	%	90.5	%	93.8	%	95.4	%	96.9	%	96.6	%	96.8	%	96.9	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Specialty casualty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	852	$	849	$	839	$	848	$	834	$	828	$	826	$	817	$	810	$	808	$	29	54,961
2012			901		892		885		885		883		877		849		842		833		35		54,752
2013					968		949		945		940		945		926		916		905		53		55,063
2014							1,035		1,008		1,008		1,006		982		967		952		71		56,669
2015									1,081		1,043		1,041		1,042		1,024		1,021		99		57,745
2016											1,131		1,122		1,116		1,101		1,090		164		56,169
2017													1,211		1,221		1,204		1,189		275		56,558
2018															1,277		1,307		1,302		416		58,079
2019																	1,308		1,311		571		56,950
2020																			1,352		844		48,294
																	Total		$	10,763

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	174	$	383	$	522	$	612	$	662	$	694	$	714	$	731	$	745	$	755	93.4	%
2012			173		385		516		621		684		723		745		761		775		93.0	%
2013					182		396		554		666		729		766		797		820		90.6	%
2014							190		412		574		680		755		801		829		87.1	%
2015									178		411		577		702		792		844		82.7	%
2016											186		418		584		713		806		73.9	%
2017													200		422		612		755		63.5	%
2018															210		475		649		49.8	%
2019																	212		455		34.7	%
2020																			188		13.9	%
																	Total		$	6,876
							Unpaid losses and LAE — years 2011 through 2020												3,887
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																415
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,302

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	18.0	%	22.2	%	16.0	%	11.9	%	7.7	%	4.5	%	2.9	%	2.2	%	1.7	%	1.2	%
Cumulative	18.0	%	40.2	%	56.2	%	68.1	%	75.8	%	80.3	%	83.2	%	85.4	%	87.1	%	88.3	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Specialty financial
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	138	$	157	$	155	$	153	$	147	$	144	$	143	$	139	$	137	$	137	$	—	16,371
2012			163		163		151		139		137		135		132		127		126		2		21,092
2013					140		145		137		131		127		126		122		122		4		28,475
2014							146		157		156		153		147		142		137		2		29,458
2015									156		160		158		153		145		138		4		37,615
2016											179		184		187		182		174		8		45,125
2017													212		215		212		208		15		48,692
2018															212		217		219		27		46,487
2019																	194		198		37		41,175
2020																			231		115		24,479
																	Total		$	1,690

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	58	$	111	$	115	$	123	$	130	$	131	$	131	$	132	$	132	$	133	97.1	%
2012			71		104		109		117		121		126		128		126		125		99.2	%
2013					70		100		107		113		117		117		118		118		96.7	%
2014							62		109		125		128		137		139		141		102.9	%
2015									72		110		129		133		132		134		97.1	%
2016											88		141		158		161		163		93.7	%
2017													120		169		186		194		93.3	%
2018															112		163		187		85.4	%
2019																	99		146		73.7	%
2020																			100		43.3	%
																	Total		$	1,441
							Unpaid losses and LAE — years 2011 through 2020												249
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																(2)
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	247

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	50.6	%	28.0	%	8.4	%	4.0	%	3.1	%	1.5	%	1.0	%	(0.3	%)	(0.4	%)	0.7	%
Cumulative	50.6	%	78.6	%	87.0	%	91.0	%	94.1	%	95.6	%	96.6	%	96.3	%	95.9	%	96.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Other specialty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	39	$	43	$	42	$	43	$	43	$	44	$	44	$	43	$	42	$	41	$	2	—
2012			42		40		39		40		41		39		39		36		37		2		—
2013					46		47		46		47		50		53		58		58		1		—
2014							58		57		59		59		60		61		64		7		—
2015									59		60		63		66		76		82		7		—
2016											61		61		65		71		76		16		—
2017													63		65		70		81		13		—
2018															86		90		92		40		—
2019																	108		107		64		—
2020																			122		102		—
																	Total		$	760

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (b)
2011	$	12	$	20	$	25	$	28	$	34	$	36	$	37	$	38	$	39	$	39	95.1	%
2012			8		17		21		25		28		30		30		32		33		89.2	%
2013					7		16		22		34		37		44		51		53		91.4	%
2014							13		21		30		36		43		50		53		82.8	%
2015									10		26		31		50		62		69		84.1	%
2016											9		19		31		47		53		69.7	%
2017													10		19		30		52		64.2	%
2018															12		23		32		34.8	%
2019																	9		24		22.4	%
2020																			9		7.4	%
																	Total		$	417
							Unpaid losses and LAE — years 2011 through 2020												343
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																34
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	377

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	14.8	%	15.7	%	11.6	%	17.1	%	10.2	%	8.4	%	4.8	%	3.8	%	2.6	%	—	%
Cumulative	14.8	%	30.5	%	42.1	%	59.2	%	69.4	%	77.8	%	82.6	%	86.4	%	89.0	%	89.0	%

(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Total Specialty Group
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2020
	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
2011	$	1,840	$	1,848	$	1,849	$	1,871	$	1,861	$	1,866	$	1,859	$	1,843	$	1,832	$	1,829	$	35	209,666
2012			1,970		1,952		1,946		1,947		1,955		1,941		1,906		1,886		1,875		43		218,995
2013					2,036		2,011		2,000		1,996		2,000		1,982		1,969		1,956		65		222,463
2014							2,083		2,050		2,040		2,038		2,004		1,978		1,957		88		219,309
2015									2,114		2,047		2,041		2,038		2,022		2,013		125		230,235
2016											2,117		2,083		2,082		2,060		2,034		213		222,410
2017													2,375		2,348		2,329		2,301		342		245,799
2018															2,507		2,516		2,499		552		234,457
2019																	2,721		2,674		797		250,429
2020																			2,748		1,410		182,219
																	Total		$	21,886

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2011–2019 is Supplementary Information and Unaudited)
	2011		2012		2013		2014		2015		2016		2017		2018		2019		2020		% (a)
2011	$	609	$	1,181	$	1,389	$	1,534	$	1,629	$	1,682	$	1,711	$	1,734	$	1,750	$	1,762	96.3	%
2012			824		1,214		1,418		1,579		1,675		1,735		1,785		1,788		1,805		96.3	%
2013					697		1,214		1,443		1,617		1,714		1,774		1,824		1,851		94.6	%
2014							594		1,174		1,422		1,588		1,705		1,773		1,812		92.6	%
2015									619		1,129		1,404		1,592		1,722		1,791		89.0	%
2016											577		1,099		1,350		1,539		1,662		81.7	%
2017													709		1,250		1,524		1,736		75.4	%
2018															730		1,337		1,606		64.3	%
2019																	847		1,448		54.2	%
2020																			758		27.6	%
																	Total		$	16,231
							Unpaid losses and LAE — years 2011 through 2020												5,655
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																467
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	6,122

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	32.2	%	25.5	%	11.9	%	8.8	%	5.6	%	3.2	%	2.2	%	0.9	%	0.9	%	0.7	%
Cumulative	32.2	%	57.7	%	69.6	%	78.4	%	84.0	%	87.2	%	89.4	%	90.3	%	91.2	%	91.9	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2020).

Statutory information

Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):

	Net Earnings						Capital and Surplus
	2020		2019		2018		2020		2019
Property and casualty companies	$	481	$	584	$	546	$	3,643	$	3,342
Life (annuity) insurance companies	209		34		802		2,897		2,868

Reinsurance information

The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.

	2020		2019		2018
Direct premiums written	$	6,862	$	7,044	$	6,626
Reinsurance assumed	225		255		214
Reinsurance ceded	(2,074)		(1,957)		(1,817)
Net written premiums	$	5,013	$	5,342	$	5,023
Direct premiums earned	$	6,846	$	6,848	$	6,472
Reinsurance assumed	237		226		204
Reinsurance ceded	(1,984)		(1,889)		(1,811)
Net earned premiums	$	5,099	$	5,185	$	4,865
Reinsurance recoveries	$	1,522	$	1,404	$	1,249

Reinsurance Recoverable and Premiums Receivable, Allowance for Credit Loss

Progressions of the 2020 allowance for expected credit losses are shown below (in millions):

	Recoverables from Reinsurers								Premiums Receivable
	Property and Casualty		Fixed & Indexed Annuities		Other		Total		Property and Casualty
Balance at January 1	$	18	$	—	$	—	$	18	$	13
Impact of adoption of new accounting policy	(11)		—		5		(6)		(3)
Provision for expected credit losses	—		—		2		2		1
Write-offs charged against the allowance	—		—		—		—		(1)
Businesses disposed	(1)		—		—		(1)		—
Balance at December 31	$	6	$	—	$	7	$	13	$	10

Schedule of reserve liabilities for annuity benefits accumulated

The liabilities included in AFG’s Balance Sheet for these benefits, excluding the impact of unrealized gains on securities, were as follows at December 31 (in millions):

	2020		2019
Expected death and annuitization	$	260	$	232
Guaranteed withdrawal benefits	817		625
Accrued persistency and premium bonuses	—		1