Subsequent Event (Tables)

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Schedule of Subsequent Events

The Annuity subsidiaries to be sold impacted AFG’s Balance Sheet at December 31, 2020 as follows (in millions):

Assets of businesses to be sold:
Cash and cash equivalents	$	1,679
Fixed maturities, available for sale	34,123
Fixed maturities, trading at fair value	42
Equity securities	774
Investments accounted for using the equity method	646
Mortgage loans	1,251
Policy loans	151
Equity index call options	825
Other investments	199
Total cash and investments	39,690
Recoverables from reinsurers	6,804
Agents’ balances and premiums receivable	5
Deferred policy acquisition costs	303
Variable annuity assets (separate accounts)	664
Other assets	968
Total assets	48,434
Liabilities of businesses to be sold:
Annuity benefits accumulated	42,573
Life, accident and health reserves	607
Variable annuity liabilities (separate accounts)	664
Other liabilities	620
Total liabilities	44,464
Reclassify AOCI	(1,071)
Equity of annuity businesses to be sold excluding AOCI	$	2,899

The fair value of the available for sale fixed maturities owned by the Annuity subsidiaries to be sold at December 31, 2020 is detailed below.

US Government and government agencies	$	44
States, municipalities and political subdivisions	3,421
Foreign government	35
Residential mortgage-backed securities	2,140
Commercial mortgage-backed securities	698
Collateralized loan obligations	3,491
Other asset-backed securities	5,176
Corporate and other bonds	19,118
	$	34,123

Results for the Annuity subsidiaries to be sold were (in millions):

	Year ended December 31,
	2020		2019		2018
Net investment income	$	1,670	$	1,774	$	1,618
Realized gains (losses) on securities	364		132		(105)
Other income	126		136		139
Total revenues	2,160		2,042		1,652
Annuity benefits	1,192		1,151		998
Annuity and supplemental insurance acquisition expenses	306		253		260
Other expenses	181		180		177
Total costs and expenses	1,679		1,584		1,435
Earnings before income taxes	481		458		217
Provision for income taxes	97		94		39
Net earnings	$	384	$	364	$	178