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Fair Value Measurements - Narrative (Details)
$ in Millions
3 Months Ended
Mar. 31, 2017
USD ($)
professional
stock
Mar. 31, 2016
USD ($)
stock
Dec. 31, 2016
USD ($)
Fair Value Measurements (Textual) [Abstract]      
AFG's internal investment professionals | professional 25    
Number of stocks transferred from Level 1 to Level 2 | stock 0    
Number of stocks transferred from Level 2 to Level 1 | stock 0    
Level 3 assets as a percentage of total assets measured at fair value 4.00%    
Percentage of level 3 assets that were priced using non-binding broker quotes 75.00%    
Level 3 assets that were priced using non-binding broker quotes $ 1,490    
Life contingent annuities $ 203   $ 204
Maximum      
Fair Value Measurements (Textual) [Abstract]      
Percentage of internally developed Level 3 asset fair values to Shareholders' equity (are less than) 10.00%    
Fixed-indexed annuties (embedded derivative), majority of future years | Minimum      
Fair Value Measurements (Textual) [Abstract]      
Unobservable input surrenders used in Level 3 fair value determination 6.00%    
Fixed-indexed annuties (embedded derivative), majority of future years | Maximum      
Fair Value Measurements (Textual) [Abstract]      
Unobservable input surrenders used in Level 3 fair value determination 10.00%    
Fixed-indexed annuities (embedded derivative)      
Fair Value Measurements (Textual) [Abstract]      
Fair value of derivatives in annuity benefits accumulated measured using a discounted cash flow approach $ 1,960    
Fixed-indexed annuities (embedded derivative) | Minimum      
Fair Value Measurements (Textual) [Abstract]      
Unobservable input surrenders used in Level 3 fair value determination 3.00%    
Fixed-indexed annuities (embedded derivative) | Maximum      
Fair Value Measurements (Textual) [Abstract]      
Unobservable input surrenders used in Level 3 fair value determination 21.00%    
Perpetual preferred stocks      
Fair Value Measurements (Textual) [Abstract]      
Number of stocks transferred from Level 1 to Level 2 | stock   3  
Number of stocks transferred from Level 2 to Level 1 | stock   1  
Fair value of assets transferred from Level 2 to Level 1, during the first three months   $ 8  
Fair value of assets transferred from Level 1 to Level 2, during the first three months   $ 6