Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

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
Quarter ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(16)	$	3	$	(13)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			1		—		1
Total net unrealized gains (losses) on securities	$	(278)	(15)		3		(12)		$	(290)
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 (*)			7		(1)		6
Total net unrealized gains (losses) on cash flow hedges	(22)		2		—		2		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(315)	$	(18)	$	2	$	(16)	$	(331)
Quarter ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(66)	$	14	$	(52)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			2		(1)		1
Total net unrealized gains (losses) on securities	$	(413)	(64)		13		(51)		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(21)		4		(17)
Reclassification adjustment for investment income included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on cash flow hedges	(21)		(15)		3		(12)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(451)	$	(77)	$	17	$	(60)	$	(511)

			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Six months ended June 30, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	(10)	$	2	$	(8)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			6		(1)		5
Total net unrealized gains (losses) on securities	$	(287)	(4)		1		(3)		$	(290)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(18)		4		(14)
Reclassification adjustment for investment income included in net earnings (*)			14		(3)		11
Total net unrealized gains (losses) on cash flow hedges	(17)		(4)		1		(3)		(20)
Foreign currency translation adjustments	(17)		(5)		(1)		(6)		(23)
Pension and other postretirement plan adjustments	2		—		—		—		2
Total	$	(319)	$	(13)	$	1	$	(12)	$	(331)
Six months ended June 30, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period			$	12	$	(3)	$	9
Reclassification adjustment for realized (gains) losses included in net earnings (*)			31		(7)		24
Total net unrealized gains (losses) on securities	$	(497)	43		(10)		33		$	(464)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period			(16)		3		(13)
Reclassification adjustment for investment income included in net earnings (*)			11		(2)		9
Total net unrealized gains (losses) on cash flow hedges	(29)		(5)		1		(4)		(33)
Foreign currency translation adjustments	(20)		2		1		3		(17)
Pension and other postretirement plan adjustments	3		—		—		—		3
Total	$	(543)	$	40	$	(8)	$	32	$	(511)

(*)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
Tax	Provision for income taxes