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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
Summary of stock options activity
Data for stock options issued under AFG’s stock incentive plans is presented below:
 
Shares
 
Average
Exercise
Price
 
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 2013
7,219,742

 
$
29.40

 
 
 
 
Granted
1,037,665

 
$
44.01

 
 
 
 
Exercised
(1,625,023
)
 
$
27.39

 
 
 
 
Forfeited/Cancelled
(23,770
)
 
$
37.85

 
 
 
 
Outstanding at December 31, 2013
6,608,614

 
$
32.16

 
5.6 years
 
$
169

 
 
 
 
 
 
 
 
Options exercisable at December 31, 2013
3,834,299

 
$
28.81

 
4.0 years
 
$
111
Assumptions used in estimating weighted average fair value of options on grant date

 
2013
 
2012
 
2011
Exercise price
$
44.01

 
$
38.10

 
$
34.34

Expected dividend yield
1.8
%
 
1.8
%
 
1.9
%
Expected volatility
39
%
 
39
%
 
38
%
Expected term (in years)
7.25

 
7.25

 
7.30

Risk-free rate
1.36
%
 
1.40
%
 
3.04
%
 
 
 
 
 
 
Grant date fair value
$
15.10

 
$
13.02

 
$
12.49
Summary of restricted stock awards activity
The restricted Common Stock that AFG has granted generally vests over a three or four year period. Data relating to grants of restricted stock is presented below:
 
Shares
 
Average
Grant Date
Fair Value
Outstanding at January 1, 2013
445,249

 
$
30.65

Granted
249,411

 
$
44.01

Vested
(142,091
)
 
$
26.32

Outstanding at December 31, 2013
552,569

 
$
37.79
Accumulated other comprehensive income (loss), net of tax
The progression of the components of accumulated other comprehensive income follows (in millions):
 
 
 
Other Comprehensive Income
 
 
 
 
 
AOCI
Beginning
Balance
 
Pretax
 
Tax
 
Net
of
tax
 
Attributable to
noncontrolling
interests
 
Attributable to
shareholders
 
Other (c)
 
AOCI
Ending
Balance
Year ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains on securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) on securities arising during the period
 
 
$
(188
)
 
$
66

 
$
(122
)
 
$
4

 
$
(118
)
 
 
 
 
Reclassification adjustment for realized gains (losses) included in net earnings (a)
 
 
(222
)
 
78

 
(144
)
 
2

 
(142
)
 
 
 
 
Total net unrealized gains on securities (b)
$
823

 
(410
)
 
144

 
(266
)
 
6

 
(260
)
 
$
—

 
$
563

Foreign currency translation adjustments
14

 
(13
)
 
—

 
(13
)
 
—

 
(13
)
 
—

 
1

Pension and other postretirement plans adjustments
(6
)
 
3

 
(1
)
 
2

 
—

 
2

 
—

 
(4
)
Total
$
831

 
$
(420
)
 
$
143

 
$
(277
)
 
$
6

 
$
(271
)
 
$
—

 
$
560

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains on securities (b)
$
578

 
$
388

 
$
(136
)
 
$
252

 
$
(7
)
 
$
245

 
$
—

 
$
823

Foreign currency translation adjustments
10

 
6

 
—

 
6

 
(1
)
 
5

 
(1
)
 
14

Pension and other postretirement plans adjustments
(8
)
 
2

 
—

 
2

 
—

 
2

 
—

 
(6
)
Total
$
580

 
$
396

 
$
(136
)
 
$
260

 
$
(8
)
 
$
252

 
$
(1
)
 
$
831

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains on securities (b)
$
491

 
$
141

 
$
(49
)
 
$
92

 
$
(5
)
 
$
87

 
$
—

 
$
578

Foreign currency translation adjustments
12

 
(1
)
 
—

 
(1
)
 
(1
)
 
(2
)
 
—

 
10

Pension and other postretirement plans adjustments
(8
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(8
)
Total
$
495

 
$
140

 
$
(49
)
 
$
91

 
$
(6
)
 
$
85

 
$
—

 
$
580

 

(a)
The reclassification adjustment out of net unrealized gains on securities affected the following lines in AFG’s Consolidated Statement of Earnings:
 
OCI component
 
Affected line in the Consolidated Statement of Earnings
 
 
Pretax
 
Realized gains on securities
 
 
Tax
 
Provision for income taxes
 
 
Attributable to noncontrolling interests
 
Net earnings (loss) attributable to noncontrolling interests
 


(b)
Includes net unrealized gains of $54 million at December 31, 2013 compared to net unrealized gains of $33 million at December 31, 2012 and net unrealized losses of $16 million at December 31, 2011, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.

(c)
Other relates to the 2012 acquisition of noncontrolling interest in a subsidiary.