Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Summary of restricted stock awards

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:

	Shares	Average Grant Date Fair Value
Outstanding at January 1, 2023	615,867	$	111.97
Granted	165,513	$	130.52
Vested	(189,606)	$	101.86
Forfeited	(18,882)	$	123.65
Outstanding at December 31, 2023	572,892	$	120.28

Summary of stock options activity

Data for stock options issued under AFG’s stock incentive plans is presented below:

	Shares	Average Exercise Price		Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2023	243,604	$	44.75
Exercised	(96,953)	$	42.46
Forfeited/Cancelled	—	$	—
Outstanding at December 31, 2023	146,651	$	46.26	0.7 years	$	11
Options exercisable at December 31, 2023	146,651	$	46.26	0.7 years	$	11

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
Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	224	$	(48)	$	176
Reclassification adjustment for realized (gains) losses included in net earnings (*)			43		(9)		34
Total net unrealized gains (losses) on securities	$	(497)	267		(57)		210		$	(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(11)		2		(9)
Reclassification adjustment for investment income included in net earnings (*)			26		(5)		21
Total net unrealized gains (losses) on cash flow hedges	(29)		15		(3)		12		(17)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		(1)		—		(1)		2
Total	$	(543)	$	283	$	(59)	$	224	$	(319)
Year ended December 31, 2022
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(821)	$	174	$	(647)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			18		(4)		14
Total net unrealized gains (losses) on securities	$	136	(803)		170		(633)		$	(497)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(37)		8		(29)
Reclassification adjustment for investment income included in net earnings (*)			—		—		—
Total net unrealized gains (losses) on cash flow hedges	—		(37)		8		(29)		(29)
Foreign currency translation adjustments	(18)		(1)		(1)		(2)		(20)
Pension and other postretirement plan adjustments	1		2		—		2		3
Total	$	119	$	(839)	$	177	$	(662)	$	(543)

			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Year ended December 31, 2021
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(275)	$	57	$	(218)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(22)		5		(17)
Reclassification for unrealized gains of subsidiaries sold			(1,119)		235		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,416)		297		(1,119)		$	136
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—
Foreign currency translation adjustments	(16)		(2)		—		(2)		(18)
Pension and other postretirement plan adjustments:
Unrealized holding gains (losses) on pension and other postretirement plans arising during the period			(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9
Total pension and other postretirement plan adjustments	(7)		10		(2)		8		1
Total	$	1,273	$	(1,460)	$	306	$	(1,154)	$	119

(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:

OCI component	Affected line in the statement of earnings
Pretax - Net unrealized gains (losses) on securities	Realized gains (losses) on securities
Pretax - Net unrealized gains (losses) on cash flow hedges	Net investment income
Pretax - Net unrealized gains (losses) on pension and other postretirement plans	Other expenses
Tax	Provision for income taxes