Insurance (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Reconciliation of beginning and ending liability for unpaid losses and loss adjustment expenses

The following table provides an analysis of changes in the liability for losses and loss adjustment expenses over the past three years (in millions):

	2023		2022		2021
Balance at beginning of period	$	11,974	$	11,074	$	10,392
Less reinsurance recoverables, net of allowance	3,767		3,419		3,117
Net liability at beginning of period	8,207		7,655		7,275
Provision for losses and LAE occurring in the current year	4,256		3,914		3,436
Net decrease in the provision for claims of prior years	(223)		(285)		(279)
Total losses and LAE incurred	4,033		3,629		3,157
Payments for losses and LAE of:
Current year	(1,261)		(1,212)		(1,024)
Prior years	(2,181)		(1,870)		(1,753)
Total payments	(3,442)		(3,082)		(2,777)
Foreign currency translation and other	1		5		—
Net liability at end of period	8,799		8,207		7,655
Add back reinsurance recoverables, net of allowance	4,288		3,767		3,419
Gross unpaid losses and LAE included in the balance sheet	$	13,087	$	11,974	$	11,074

Short-duration insurance contracts, reconciliation of claims development to liability

A reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for unpaid losses and LAE, with separate disclosure of reinsurance recoverables on unpaid claims is shown below (in millions):

	2023
Unpaid losses and allocated LAE, net of reinsurance:
Specialty
Property and transportation	$	1,636
Specialty casualty	4,984
Specialty financial	328
Other specialty	580
Total Specialty (excluding foreign reserves)	7,528
Other reserves
Foreign operations	396
A&E reserves	370
Unallocated LAE	448
Other	57
Total other reserves	1,271
Total reserves, net of reinsurance	8,799
Add back reinsurance recoverables, net of allowance	4,288
Gross unpaid losses and LAE included in the balance sheet	$	13,087

Short-duration insurance contracts, claims development

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences

between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.

Property and transportation
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	844	$	828	$	817	$	820	$	815	$	808	$	804	$	802	$	800	$	800	$	5	133,284
2015			818		784		779		777		777		772		768		769		769		4		135,083
2016					746		716		714		706		694		688		689		689		8		121,400
2017							889		847		843		823		816		820		820		11		140,998
2018									932		902		886		876		882		876		15		130,721
2019											1,111		1,058		1,051		1,055		1,057		26		154,248
2020													1,043		974		957		949		39		122,112
2021															1,119		1,023		1,022		69		123,416
2022																	1,393		1,316		157		136,540
2023																			1,472		432		127,664
																	Total		$	9,770

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	329	$	632	$	693	$	744	$	770	$	783	$	789	$	791	$	792	$	793	99.1	%
2015			359		582		667		707		736		744		750		755		761		99.0	%
2016					294		521		577		618		640		656		665		672		97.5	%
2017							379		640		696		735		755		783		794		96.8	%
2018									396		676		738		781		824		838		95.7	%
2019											527		823		904		959		998		94.4	%
2020													461		726		804		857		90.3	%
2021															449		767		867		84.8	%
2022																	587		1,018		77.4	%
2023																			562		38.2	%
																	Total		$	8,160
							Unpaid losses and LAE — years 2014 through 2023												1,610
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																26
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,636

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.7	%	31.5	%	8.3	%	5.4	%	3.5	%	2.0	%	1.0	%	0.6	%	0.5	%	0.1	%
Cumulative	44.7	%	76.2	%	84.5	%	89.9	%	93.4	%	95.4	%	96.4	%	97.0	%	97.5	%	97.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Specialty casualty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,035	$	1,008	$	1,008	$	1,006	$	982	$	967	$	952	$	950	$	955	$	951	$	28	57,373
2015			1,081		1,043		1,041		1,042		1,024		1,021		1,015		1,007		1,002		36		58,456
2016					1,131		1,122		1,116		1,101		1,090		1,069		1,046		1,036		63		56,695
2017							1,211		1,221		1,204		1,189		1,162		1,139		1,139		110		57,386
2018									1,277		1,307		1,302		1,262		1,269		1,264		169		59,456
2019											1,308		1,311		1,322		1,280		1,284		230		59,684
2020													1,352		1,329		1,258		1,232		313		54,129
2021															1,384		1,389		1,342		497		55,962
2022																	1,475		1,503		697		56,742
2023																			1,648		1,035		53,352
																	Total		$	12,401

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	190	$	412	$	574	$	680	$	755	$	801	$	829	$	862	$	881	$	899	94.5	%
2015			178		411		577		702		792		844		888		913		934		93.2	%
2016					186		418		584		713		806		870		906		938		90.5	%
2017							200		422		612		755		833		902		959		84.2	%
2018									210		475		649		794		901		991		78.4	%
2019											212		455		651		795		913		71.1	%
2020													188		446		613		757		61.4	%
2021															191		438		625		46.6	%
2022																	198		507		33.7	%
2023																			248		15.0	%
																	Total		$	7,771
							Unpaid losses and LAE — years 2014 through 2023												4,630
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																354
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,984

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	16.4	%	20.9	%	15.4	%	11.9	%	8.4	%	5.9	%	4.0	%	3.0	%	2.0	%	1.9	%
Cumulative	16.4	%	37.3	%	52.7	%	64.6	%	73.0	%	78.9	%	82.9	%	85.9	%	87.9	%	89.8	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Specialty financial
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	146	$	157	$	156	$	153	$	147	$	142	$	137	$	136	$	135	$	134	$	—	29,471
2015			156		160		158		153		145		138		136		135		133		—		37,629
2016					179		184		187		182		174		170		173		172		1		45,185
2017							212		215		212		208		203		202		210		5		48,840
2018									212		217		219		207		201		198		6		46,805
2019											194		198		191		186		182		9		41,939
2020													231		215		202		193		15		29,732
2021															223		201		187		25		27,355
2022																	243		234		54		23,638
2023																			310		127		20,542
																	Total		$	1,953

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	62	$	109	$	125	$	128	$	137	$	139	$	141	$	140	$	141	$	141	105.2	%
2015			72		110		129		133		132		134		134		134		133		100.0	%
2016					88		141		158		161		163		164		171		172		100.0	%
2017							120		169		186		194		193		192		194		92.4	%
2018									112		163		187		188		192		193		97.5	%
2019											99		146		164		168		170		93.4	%
2020													100		144		159		162		83.9	%
2021															98		136		146		78.1	%
2022																	108		164		70.1	%
2023																			150		48.4	%
																	Total		$	1,625
							Unpaid losses and LAE — years 2014 through 2023												328
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																—
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	328

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	51.8	%	26.3	%	9.9	%	2.2	%	1.6	%	0.7	%	1.6	%	(0.1	%)	—	%	—	%
Cumulative	51.8	%	78.1	%	88.0	%	90.2	%	91.8	%	92.5	%	94.1	%	94.0	%	94.0	%	94.0	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Other specialty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	58	$	57	$	59	$	59	$	60	$	61	$	64	$	66	$	68	$	72	$	3	—
2015			59		60		63		66		76		82		84		87		87		5		—
2016					61		61		65		71		76		77		78		77		8		—
2017							63		65		70		81		88		95		97		8		—
2018									86		90		92		94		100		111		21		—
2019											108		107		108		111		119		21		—
2020													122		117		129		126		39		—
2021															135		141		138		69		—
2022																	159		152		92		—
2023																			201		137		—
																	Total		$	1,180

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (b)
2014	$	13	$	21	$	30	$	36	$	43	$	50	$	53	$	54	$	56	$	60	83.3	%
2015			10		26		31		50		62		69		75		76		81		93.1	%
2016					9		19		31		47		53		60		64		66		85.7	%
2017							10		19		30		52		63		76		83		85.6	%
2018									12		23		32		44		60		77		69.4	%
2019											9		24		49		61		79		66.4	%
2020													9		21		44		66		52.4	%
2021															8		27		49		35.5	%
2022																	11		35		23.0	%
2023																			29		14.4	%
																	Total		$	625
							Unpaid losses and LAE — years 2014 through 2023												555
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																25
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	580

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	10.5	%	12.6	%	13.6	%	16.0	%	12.0	%	11.1	%	5.9	%	1.7	%	4.3	%	5.6	%
Cumulative	10.5	%	23.1	%	36.7	%	52.7	%	64.7	%	75.8	%	81.7	%	83.4	%	87.7	%	93.3	%

(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Total Specialty Group
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,083	$	2,050	$	2,040	$	2,038	$	2,004	$	1,978	$	1,957	$	1,954	$	1,958	$	1,957	$	36	220,128
2015			2,114		2,047		2,041		2,038		2,022		2,013		2,003		1,998		1,991		45		231,168
2016					2,117		2,083		2,082		2,060		2,034		2,004		1,986		1,974		80		223,280
2017							2,375		2,348		2,329		2,301		2,269		2,256		2,266		134		247,224
2018									2,507		2,516		2,499		2,439		2,452		2,449		211		236,982
2019											2,721		2,674		2,672		2,632		2,642		286		255,871
2020													2,748		2,635		2,546		2,500		406		205,973
2021															2,861		2,754		2,689		660		206,733
2022																	3,270		3,205		1,000		216,920
2023																			3,631		1,731		201,558
																	Total		$	25,304

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	594	$	1,174	$	1,422	$	1,588	$	1,705	$	1,773	$	1,812	$	1,847	$	1,870	$	1,893	96.7	%
2015			619		1,129		1,404		1,592		1,722		1,791		1,847		1,878		1,909		95.9	%
2016					577		1,099		1,350		1,539		1,662		1,750		1,806		1,848		93.6	%
2017							709		1,250		1,524		1,736		1,844		1,953		2,030		89.6	%
2018									730		1,337		1,606		1,807		1,977		2,099		85.7	%
2019											847		1,448		1,768		1,983		2,160		81.8	%
2020													758		1,337		1,620		1,842		73.7	%
2021															746		1,368		1,687		62.7	%
2022																	904		1,724		53.8	%
2023																			989		27.2	%
																	Total		$	18,181
							Unpaid losses and LAE — years 2014 through 2023												7,123
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																405
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	7,528

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.7	%	25.0	%	12.2	%	8.9	%	6.2	%	4.2	%	2.8	%	1.8	%	1.4	%	1.2	%
Cumulative	29.7	%	54.7	%	66.9	%	75.8	%	82.0	%	86.2	%	89.0	%	90.8	%	92.2	%	93.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Short-duration insurance contracts, schedule of historical claims duration

The following claims development tables and associated disclosures related to short-duration insurance contracts are prepared by sub-segment within the property and casualty insurance business for the most recent 10 accident years. AFG determines its claim counts at the claimant or policy feature level depending on the particular facts and circumstances of the underlying claim. While the methodology is generally consistent within each sub-segment, there are minor differences

between and within the sub-segments. The methods used to summarize claim counts have not changed significantly over the time periods reported in the tables below.

Property and transportation
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	844	$	828	$	817	$	820	$	815	$	808	$	804	$	802	$	800	$	800	$	5	133,284
2015			818		784		779		777		777		772		768		769		769		4		135,083
2016					746		716		714		706		694		688		689		689		8		121,400
2017							889		847		843		823		816		820		820		11		140,998
2018									932		902		886		876		882		876		15		130,721
2019											1,111		1,058		1,051		1,055		1,057		26		154,248
2020													1,043		974		957		949		39		122,112
2021															1,119		1,023		1,022		69		123,416
2022																	1,393		1,316		157		136,540
2023																			1,472		432		127,664
																	Total		$	9,770

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	329	$	632	$	693	$	744	$	770	$	783	$	789	$	791	$	792	$	793	99.1	%
2015			359		582		667		707		736		744		750		755		761		99.0	%
2016					294		521		577		618		640		656		665		672		97.5	%
2017							379		640		696		735		755		783		794		96.8	%
2018									396		676		738		781		824		838		95.7	%
2019											527		823		904		959		998		94.4	%
2020													461		726		804		857		90.3	%
2021															449		767		867		84.8	%
2022																	587		1,018		77.4	%
2023																			562		38.2	%
																	Total		$	8,160
							Unpaid losses and LAE — years 2014 through 2023												1,610
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																26
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	1,636

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	44.7	%	31.5	%	8.3	%	5.4	%	3.5	%	2.0	%	1.0	%	0.6	%	0.5	%	0.1	%
Cumulative	44.7	%	76.2	%	84.5	%	89.9	%	93.4	%	95.4	%	96.4	%	97.0	%	97.5	%	97.6	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Specialty casualty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	1,035	$	1,008	$	1,008	$	1,006	$	982	$	967	$	952	$	950	$	955	$	951	$	28	57,373
2015			1,081		1,043		1,041		1,042		1,024		1,021		1,015		1,007		1,002		36		58,456
2016					1,131		1,122		1,116		1,101		1,090		1,069		1,046		1,036		63		56,695
2017							1,211		1,221		1,204		1,189		1,162		1,139		1,139		110		57,386
2018									1,277		1,307		1,302		1,262		1,269		1,264		169		59,456
2019											1,308		1,311		1,322		1,280		1,284		230		59,684
2020													1,352		1,329		1,258		1,232		313		54,129
2021															1,384		1,389		1,342		497		55,962
2022																	1,475		1,503		697		56,742
2023																			1,648		1,035		53,352
																	Total		$	12,401

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	190	$	412	$	574	$	680	$	755	$	801	$	829	$	862	$	881	$	899	94.5	%
2015			178		411		577		702		792		844		888		913		934		93.2	%
2016					186		418		584		713		806		870		906		938		90.5	%
2017							200		422		612		755		833		902		959		84.2	%
2018									210		475		649		794		901		991		78.4	%
2019											212		455		651		795		913		71.1	%
2020													188		446		613		757		61.4	%
2021															191		438		625		46.6	%
2022																	198		507		33.7	%
2023																			248		15.0	%
																	Total		$	7,771
							Unpaid losses and LAE — years 2014 through 2023												4,630
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																354
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	4,984

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	16.4	%	20.9	%	15.4	%	11.9	%	8.4	%	5.9	%	4.0	%	3.0	%	2.0	%	1.9	%
Cumulative	16.4	%	37.3	%	52.7	%	64.6	%	73.0	%	78.9	%	82.9	%	85.9	%	87.9	%	89.8	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Specialty financial
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	146	$	157	$	156	$	153	$	147	$	142	$	137	$	136	$	135	$	134	$	—	29,471
2015			156		160		158		153		145		138		136		135		133		—		37,629
2016					179		184		187		182		174		170		173		172		1		45,185
2017							212		215		212		208		203		202		210		5		48,840
2018									212		217		219		207		201		198		6		46,805
2019											194		198		191		186		182		9		41,939
2020													231		215		202		193		15		29,732
2021															223		201		187		25		27,355
2022																	243		234		54		23,638
2023																			310		127		20,542
																	Total		$	1,953

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	62	$	109	$	125	$	128	$	137	$	139	$	141	$	140	$	141	$	141	105.2	%
2015			72		110		129		133		132		134		134		134		133		100.0	%
2016					88		141		158		161		163		164		171		172		100.0	%
2017							120		169		186		194		193		192		194		92.4	%
2018									112		163		187		188		192		193		97.5	%
2019											99		146		164		168		170		93.4	%
2020													100		144		159		162		83.9	%
2021															98		136		146		78.1	%
2022																	108		164		70.1	%
2023																			150		48.4	%
																	Total		$	1,625
							Unpaid losses and LAE — years 2014 through 2023												328
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																—
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	328

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	51.8	%	26.3	%	9.9	%	2.2	%	1.6	%	0.7	%	1.6	%	(0.1	%)	—	%	—	%
Cumulative	51.8	%	78.1	%	88.0	%	90.2	%	91.8	%	92.5	%	94.1	%	94.0	%	94.0	%	94.0	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Other specialty
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims (a)
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	58	$	57	$	59	$	59	$	60	$	61	$	64	$	66	$	68	$	72	$	3	—
2015			59		60		63		66		76		82		84		87		87		5		—
2016					61		61		65		71		76		77		78		77		8		—
2017							63		65		70		81		88		95		97		8		—
2018									86		90		92		94		100		111		21		—
2019											108		107		108		111		119		21		—
2020													122		117		129		126		39		—
2021															135		141		138		69		—
2022																	159		152		92		—
2023																			201		137		—
																	Total		$	1,180

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (b)
2014	$	13	$	21	$	30	$	36	$	43	$	50	$	53	$	54	$	56	$	60	83.3	%
2015			10		26		31		50		62		69		75		76		81		93.1	%
2016					9		19		31		47		53		60		64		66		85.7	%
2017							10		19		30		52		63		76		83		85.6	%
2018									12		23		32		44		60		77		69.4	%
2019											9		24		49		61		79		66.4	%
2020													9		21		44		66		52.4	%
2021															8		27		49		35.5	%
2022																	11		35		23.0	%
2023																			29		14.4	%
																	Total		$	625
							Unpaid losses and LAE — years 2014 through 2023												555
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																25
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	580

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	10.5	%	12.6	%	13.6	%	16.0	%	12.0	%	11.1	%	5.9	%	1.7	%	4.3	%	5.6	%
Cumulative	10.5	%	23.1	%	36.7	%	52.7	%	64.7	%	75.8	%	81.7	%	83.4	%	87.7	%	93.3	%

(a)The amounts shown in Other specialty represent business assumed by AFG’s internal reinsurance program from the operations that make up AFG’s other Specialty property and casualty insurance sub-segments. Accordingly, the liability for incurred claims and allocated LAE represents additional reserves held on claims counted in the tables provided for the other sub-segments (above).

(b)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Total Specialty Group
(Dollars in Millions)
	Incurred Claims and Allocated LAE, Net of Reinsurance																				As of December 31, 2023
	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)																				Total IBNR Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	2,083	$	2,050	$	2,040	$	2,038	$	2,004	$	1,978	$	1,957	$	1,954	$	1,958	$	1,957	$	36	220,128
2015			2,114		2,047		2,041		2,038		2,022		2,013		2,003		1,998		1,991		45		231,168
2016					2,117		2,083		2,082		2,060		2,034		2,004		1,986		1,974		80		223,280
2017							2,375		2,348		2,329		2,301		2,269		2,256		2,266		134		247,224
2018									2,507		2,516		2,499		2,439		2,452		2,449		211		236,982
2019											2,721		2,674		2,672		2,632		2,642		286		255,871
2020													2,748		2,635		2,546		2,500		406		205,973
2021															2,861		2,754		2,689		660		206,733
2022																	3,270		3,205		1,000		216,920
2023																			3,631		1,731		201,558
																	Total		$	25,304

	Cumulative Paid Claims and Allocated LAE, Net of Reinsurance
Accident Year	For the Years Ended (2014–2022 is Supplementary Information and Unaudited)
	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		% (a)
2014	$	594	$	1,174	$	1,422	$	1,588	$	1,705	$	1,773	$	1,812	$	1,847	$	1,870	$	1,893	96.7	%
2015			619		1,129		1,404		1,592		1,722		1,791		1,847		1,878		1,909		95.9	%
2016					577		1,099		1,350		1,539		1,662		1,750		1,806		1,848		93.6	%
2017							709		1,250		1,524		1,736		1,844		1,953		2,030		89.6	%
2018									730		1,337		1,606		1,807		1,977		2,099		85.7	%
2019											847		1,448		1,768		1,983		2,160		81.8	%
2020													758		1,337		1,620		1,842		73.7	%
2021															746		1,368		1,687		62.7	%
2022																	904		1,724		53.8	%
2023																			989		27.2	%
																	Total		$	18,181
							Unpaid losses and LAE — years 2014 through 2023												7,123
			Unpaid losses and LAE — 11th year and prior (excluding unallocated LAE)																405
			Unpaid losses and LAE, net of reinsurance (excluding unallocated LAE)																$	7,528

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Supplementary Information and Unaudited)
	Year 1		Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10
Annual	29.7	%	25.0	%	12.2	%	8.9	%	6.2	%	4.2	%	2.8	%	1.8	%	1.4	%	1.2	%
Cumulative	29.7	%	54.7	%	66.9	%	75.8	%	82.0	%	86.2	%	89.0	%	90.8	%	92.2	%	93.4	%

(a)Represents the cumulative percentage paid of incurred claims and allocated LAE (net of reinsurance, as estimated at December 31, 2023).

Statutory information

Net earnings and capital and surplus on a statutory basis for the insurance subsidiaries were as follows (in millions):

	Net Earnings						Capital and Surplus
	2023		2022		2021		2023		2022
Property and casualty companies	$	1,004	$	912	$	1,007	$	4,436	$	4,356

Reinsurance information

The following table shows (in millions) (i) amounts deducted from property and casualty written and earned premiums in connection with reinsurance ceded, (ii) written and earned premiums included in income for reinsurance assumed and (iii) reinsurance recoveries, which represent ceded losses and loss adjustment expenses.

	2023		2022		2021
Direct premiums written	$	9,309	$	8,774	$	7,700
Reinsurance assumed	347		283		246
Reinsurance ceded	(2,964)		(2,851)		(2,373)
Net written premiums	$	6,692	$	6,206	$	5,573
Direct premiums earned	$	9,133	$	8,582	$	7,462
Reinsurance assumed	321		274		249
Reinsurance ceded	(2,923)		(2,771)		(2,307)
Net earned premiums	$	6,531	$	6,085	$	5,404
Reinsurance recoveries	$	2,336	$	2,065	$	1,478

Reinsurance recoverable and premiums receivable, allowance for credit loss

Progressions of the allowance for expected credit losses on recoverables from reinsurers and premiums receivable are shown below (in millions):

	Recoverables from Reinsurers						Premiums Receivable
	2023		2022		2021		2023		2022		2021
Balance at January 1	$	8	$	8	$	6	$	8	$	8	$	10
Increase in allowance from acquisition of CRS	—		—		—		4		—		—
Provision for expected credit losses	2		—		2		3		—		(2)
Write-offs charged against the allowance	—		—		—		—		—		—
Balance at December 31	$	10	$	8	$	8	$	15	$	8	$	8