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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Available for sale fixed maturities and equity securities
Available for sale fixed maturities at December 31 consisted of the following (in millions):
Amortized
Cost		Allowance for Expected Credit LossesGross UnrealizedNet
Unrealized		Fair
Value
GainsLosses
December 31, 2024
Fixed maturities:
U.S. Government and government agencies$176 $— $— $(3)$(3)$173 
States, municipalities and political subdivisions905 — 3 (49)(46)859 
Foreign government236 — 2 (1)1 237 
Residential MBS2,122 1 22 (154)(132)1,989 
Commercial MBS51 — — — — 51 
Collateralized loan obligations1,243 4 10 (12)(2)1,237 
Other asset-backed securities2,412 6 19 (69)(50)2,356 
Corporate and other3,542 23 42 (65)(23)3,496 
Total fixed maturities$10,687 $34 $98 $(353)$(255)$10,398 
December 31, 2023
Fixed maturities:
U.S. Government and government agencies$243 $— $1 $(8)$(7)$236 
States, municipalities and political subdivisions1,014 — 8 (38)(30)984 
Foreign government236 — 1 (7)(6)230 
Residential MBS1,788 1 26 (155)(129)1,658 
Commercial MBS75 — — (1)(1)74 
Collateralized loan obligations1,709 3 9 (28)(19)1,687 
Other asset-backed securities2,477 5 10 (120)(110)2,362 
Corporate and other3,210 3 52 (113)(61)3,146 
Total fixed maturities$10,752 $12 $107 $(470)$(363)$10,377 
Equity securities reported at fair value
Equity securities which are reported at fair value with holding gains and losses recognized in net earnings, consisted of the following at December 31 (in millions):
20242023
Actual CostFair Value
Fair Value Over Cost
Actual CostFair Value
Fair Value Over Cost
Common stocks$304 $336 $32 $512 $586 $74 
Perpetual preferred stocks380 415 35 422 432 10 
Total equity securities carried at fair value
$684 $751 $67 $934 $1,018 $84 
Equity method investments
The following table summarizes investments accounted for using the equity method, by strategy (in millions):
Carrying ValueNet Investment Income
December 31, 2024December 31, 2023202420232022
Real estate-related investments (*)$1,392 $1,320 $8 $85 $233 
Private equity804 457 32 9 32 
Private debt81 37 6 5 2 
Total investments accounted for using the equity method$2,277 $1,814 $46 $99 $267 
(*)88% and 92% of the carrying value relates to underlying investments in multi-family properties as of December 31, 2024 and December 31, 2023, respectively.
Gross unrealized losses on securities by investment category and length of time that have been in a continuous unrealized loss position
The following table shows gross unrealized losses (dollars in millions) on available for sale fixed maturities by investment category and length of time that individual securities have been in a continuous unrealized loss position at the following balance sheet dates.
  
Less Than Twelve MonthsTwelve Months or More
Unrealized
Loss		Fair
Value		Fair Value as
% of Cost		Unrealized
Loss		Fair
Value		Fair Value as
% of Cost
December 31, 2024
Fixed maturities:
U.S. Government and government agencies
$— $35 100 %$(3)$105 97 %
States, municipalities and political subdivisions
(5)256 98 %(44)470 91 %
Foreign government— 98 100 %(1)50 98 %
Residential MBS(6)452 99 %(148)916 86 %
Commercial MBS— 14 100 %— 16 100 %
Collateralized loan obligations— — — %(12)247 95 %
Other asset-backed securities(4)318 99 %(65)1,201 95 %
Corporate and other(10)605 98 %(55)1,151 95 %
Total fixed maturities$(25)$1,778 99 %$(328)$4,156 93 %
December 31, 2023
Fixed maturities:
U.S. Government and government agencies
$— $11 100 %$(8)$191 96 %
States, municipalities and political subdivisions
(1)76 99 %(37)526 93 %
Foreign government— — — %(7)207 97 %
Residential MBS(1)42 98 %(154)1,089 88 %
Commercial MBS— — — %(1)61 98 %
Collateralized loan obligations— 25 100 %(28)807 97 %
Other asset-backed securities(1)151 99 %(119)1,663 93 %
Corporate and other(4)123 97 %(109)1,455 93 %
Total fixed maturities$(7)$428 98 %$(463)$5,999 93 %
Roll forward of allowance for credit losses on fixed maturity securities
A progression of the allowance for expected credit losses on available for sale fixed maturity securities is shown below (in millions):
Structured securities (*)Corporate and otherTotal
Balance at December 31, 2021$8 $1 $9 
Provision for expected credit losses on securities with no previous allowance4 1 5 
Reductions to previously recognized expected credit losses(2)— (2)
Reductions due to sales or redemptions— (1)(1)
Balance at December 31, 202210 1 11 
Provision for expected credit losses on securities with no previous allowance1 8 9 
Additions (reductions) to previously recognized expected credit losses
2 (1)1 
Reductions due to sales or redemptions(4)(5)(9)
Balance at December 31, 20239 3 12 
Provision for expected credit losses on securities with no previous allowance1 25 26 
Additions to previously recognized expected credit losses
1 — 1 
Reductions due to sales or redemptions— (5)(5)
Balance at December 31, 2024$11 $23 $34 
(*)Includes MBS, collateralized loan obligations and other asset-backed securities (“ABS”).
Available for sale fixed maturity securities by contractual maturity date
The table below sets forth the scheduled maturities of AFG’s available for sale fixed maturities as of December 31, 2024 (dollars in millions). Securities with sinking funds are reported at average maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers.
  
Amortized Cost, net (*)
Fair Value
Amount%
Maturity
One year or less$552 $540 5 %
After one year through five years2,738 2,704 26 %
After five years through ten years1,296 1,286 12 %
After ten years250 235 2 %
4,836 4,765 45 %
Collateralized loan obligations and other ABS (average life of approximately 3 years)
3,645 3,593 35 %
MBS (average life of approximately 6 years)
2,172 2,040 20 %
Total$10,653 $10,398 100 %
(*)Amortized cost, net of allowance for expected credit losses.
Net investment income earned and investment expenses incurred The following table shows (in millions) investment income earned and investment expenses incurred.
202420232022
Investment income:
Fixed maturities:
Interest and amortization
$544 $502 $376 
Change in fair value (*)
17 (3)— 
Equity securities:
Dividends
29 34 39 
Change in fair value
57 36 (2)
Equity in earnings of partnerships and similar investments
46 99 267 
Cash and cash equivalents
56 43 11 
Other53 47 42 
Gross investment income802 758 733 
Investment expenses(22)(16)(16)
Net investment income
$780 $742 $717 
(*)The change in the fair value of fixed maturities classified as trading and derivatives embedded in convertible fixed maturities related to limited partnerships and similar investments.
Realized gains (losses) and changes in unrealized appreciation (depreciation) related to fixed maturity and equity security investments
Realized gains (losses) and changes in unrealized appreciation (depreciation) included in AOCI related to fixed maturity securities are summarized as follows (in millions):
20242023
Realized gains (losses)Realized gains (losses)
Before ImpairmentsImpairment AllowanceTotalChange in UnrealizedBefore ImpairmentsImpairment AllowanceTotalChange in Unrealized
Fixed maturities$(5)$(27)$(32)$108 $(35)$(10)$(45)$267 
Equity securities32 — 32 — 10 — 10 — 
Mortgage loans and other investments— — — — — (1)(1)— 
Total pretax27 (27)— 108 (25)(11)(36)267 
Tax effects(6)6 — (23)5 3 8 (57)
Net of tax$21 $(21)$— $85 $(20)$(8)$(28)$210 
2022
Realized gains (losses)
Before ImpairmentsImpairment AllowanceTotalChange in Unrealized
Fixed maturities$(27)$(3)$(30)$(803)
Equity securities(96)— (96)— 
Mortgage loans and other investments10 — 10 — 
Total pretax(113)(3)(116)(803)
Tax effects23 1 24 170 
Net of tax$(90)$(2)$(92)$(633)
Holding gains (losses) on equity securities still held AFG recorded net holding gains (losses) on equity securities during 2024, 2023 and 2022 on securities that were still owned at December 31 of each year presented as follows (in millions):
202420232022
Included in realized gains (losses)$24 $(2)$(95)
Included in net investment income56 36 5 
$80 $34 $(90)
Gross realized gains and losses on available for sale fixed maturity and equity security investments
Gross realized gains and losses (excluding changes in impairment allowance and mark-to-market of derivatives) on available for sale fixed maturity investment transactions consisted of the following (in millions):
202420232022
Gross gains$1 $5 $3 
Gross losses(5)(38)(18)