Acquisitions and Sale of Businesses (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of estimated fair values of assets acquired and liabilities assumed

The purchase price was allocated to the acquired assets and liabilities of CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).

	July 3, 2023
Cash paid at purchase	$	234
Tangible assets acquired:
Cash and cash equivalents	$	26
Agents’ balances and premiums receivable	164
Other assets	3
Total tangible assets acquired	$	193
Liabilities acquired:
Other liabilities	$	169
Total liabilities acquired	169
Net tangible assets acquired, at fair value	24
Excess purchase price over net tangible assets acquired	$	210
Allocation of excess purchase price:
Intangible assets acquired (*)	$	124
Deferred tax asset (*)	1
Goodwill	85
	$	210

(*)Included in Other assets in AFG’s Balance Sheet.

The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).

	December 6, 2021
Purchase price:
Cash	$	120
Fair value of contingent consideration	23
Total purchase price	143
Tangible assets acquired	16
Liabilities acquired	3
Net tangible assets acquired, at fair value	13
Excess purchase price over net tangible assets acquired	$	130
Allocation of excess purchase price:
Intangible assets acquired (*)	$	76
Deferred tax on intangible assets acquired (*)	(16)
Goodwill	70
	$	130

(*)Included in Other assets in AFG’s Balance Sheet.