Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,								Six months ended June 30,
	2024				2023				2024				2023
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	271			$	255			$	575			$	519
Income taxes at statutory rate	$	57	21	%	$	54	21	%	$	121	21	%	$	109	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	—		—	%	—		—	%	(2)		—	%	(3)		(1	%)
Stock-based compensation	—		—	%	—		—	%	(2)		—	%	(2)		—	%
Tax exempt interest	(1)		—	%	(1)		—	%	(2)		(1	%)	(2)		—	%
Dividends received deduction	(1)		—	%	—		—	%	(1)		—	%	(1)		—	%
Nondeductible expenses	2		1	%	2		1	%	4		1	%	5		1	%
Adjustment related to sale of subsidiary	4		1	%	—		—	%	4		1	%	—		—	%
Foreign operations	—		—	%	2		1	%	—		—	%	4		1	%
Other	1		—	%	(2)		(1	%)	2		—	%	(3)		(1	%)
Provision for income taxes as shown in the statement of earnings	$	62	23	%	$	55	22	%	$	124	22	%	$	107	21	%