Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 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
Three months ended March 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	78	$	(17)	$	61
Reclassification adjustment for realized (gains) losses included in net earnings (*)			29		(6)		23
Total net unrealized gains (losses) on securities	$	(497)	107		(23)		84		$	(413)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			5		(1)		4
Reclassification adjustment for investment income included in net earnings			5		(1)		4
Total net unrealized gains (losses) on cash flow hedges	(29)		10		(2)		8		(21)
Foreign currency translation adjustments	(20)		—		—		—		(20)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(543)	$	117	$	(25)	$	92	$	(451)
Three months ended March 31, 2022
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(313)	$	66	$	(247)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			2		—		2
Total net unrealized gains (losses) on securities	$	136	(311)		66		(245)		$	(109)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(4)		1		(3)
Reclassification adjustment for investment income included in net earnings			(1)		—		(1)
Total net unrealized gains (losses) on cash flow hedges	—		(5)		1		(4)		(4)
Foreign currency translation adjustments	(18)		(2)		1		(1)		(19)
Pension and other postretirement plan adjustments	1		—		—		—		1
Total	$	119	$	(318)	$	68	$	(250)	$	(131)

The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:

OCI component	Affected line in the statement of earnings
Pretax	Realized gains (losses) on securities
Tax	Provision for income taxes