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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Disclosure of supplemental Balance Sheet information related to leases
AFG’s operating lease right-of-use asset and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions):
20242023
Right-of-use asset$212 $176 
Lease liability232 198 
Lease activity
The following table details AFG’s lease activity for the years ended December 31, 2024, 2023 and 2022 (in millions):
202420232022
Operating lease expense included in other expenses$41 $36 $36 
Sublease income (*)— — (2)
Total lease expense, net of sublease income$41 $36 $34 
(*)Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings.
Other operating lease liability information
Other operating lease information for the years ended December 31, 2024, 2023 and 2022 (in millions):
202420232022
Cash paid for lease liabilities reported in operating cash flows$40 $38 $38 
Right-of-use assets obtained under new leases68 102 11 
Undiscounted contractual maturities of operating lease liabilities
The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2024 (in millions):
Operating lease payments:
2025$40 
202637 
202734 
202829 
202924 
Thereafter164 
Total lease payments328 
Impact of discounting(96)
Operating lease liability$232 
Schedule of weighted-average remaining lease term and weighted-average discount rate
Weighted-average remaining lease term12.6 years
Weighted-average discount rate5.3 %