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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives included in Balance Sheet at fair value
The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions):
  
 
 
 
March 31, 2015
 
December 31, 2014
Derivative
 
Balance Sheet Line
 
Asset
 
Liability
 
Asset
 
Liability
MBS with embedded derivatives
 
Fixed maturities
 
$
164

 
$
—

 
$
158

 
$
—

Public company warrants
 
Equity securities
 
—

 
—

 
19

 
—

Interest rate swaptions
 
Other investments
 
—

 
—

 
—

 
—

Fixed-indexed annuities (embedded derivative)
 
Annuity benefits accumulated
 
—

 
1,243

 
—

 
1,160

Equity index call options
 
Other investments
 
316

 
—

 
322

 
—

Reinsurance contracts (embedded derivative)
 
Other liabilities
 
—

 
13

 
—

 
13

 
 
 
 
$
480

 
$
1,256

 
$
499

 
$
1,173
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives
The following table summarizes the gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for the first three months of 2015 and 2014 (in millions): 
 
 
 
 
Three months ended March 31,
Derivative
 
Statement of Earnings Line
 
2015
 
2014
MBS with embedded derivatives
 
Realized gains on securities
 
$
(2
)
 
$
3

Public company warrants
 
Realized gains on securities
 
—

 
(2
)
Interest rate swaptions
 
Realized gains on securities
 
—

 
(1
)
Fixed-indexed annuities (embedded derivative)
 
Annuity benefits
 
(50
)
 
(54
)
Equity index call options
 
Annuity benefits
 
20

 
30

Reinsurance contracts (embedded derivative)
 
Net investment income
 
—

 
(2
)
 
 
 
 
$
(32
)
 
$
(26
)