Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings

The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):

	Three months ended March 31,
	2023				2022
	Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	264			$	361
Income taxes at statutory rate	$	55	21	%	$	76	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	(3)		(1	%)	(2)		(1	%)
Stock-based compensation	(2)		(1	%)	(2)		(1	%)
Tax exempt interest	(1)		—	%	(2)		(1	%)
Dividends received deduction	(1)		—	%	(1)		—	%
Nondeductible expenses	3		1	%	2		1	%
Foreign operations	2		1	%	5		2	%
Change in valuation allowance	—		—	%	(2)		(1	%)
Other	(1)		(1	%)	(3)		—	%
Provision for income taxes as shown in the statement of earnings	$	52	20	%	$	71	20	%