Goodwill and Other Intangibles

Changes in the carrying value of goodwill during 2016, 2017 and 2018, by reporting segment, are presented in the following table (in millions):



	Property and Casualty		Annuity		Total
Balance at January 1, 2016, December 31, 2016 and December 31, 2017	$	168	$	31	$	199
Acquisition of subsidiary in 2018	8		—		8
Balance at December 31, 2018	$	176	$	31	$	207

Goodwill increased by $8 million in the fourth quarter of 2018 due to the purchase of ABAIS as discussed in Note B — “Acquisitions and Sale of Businesses.”

Included in other assets in AFG’s Balance Sheet is $54 million at December 31, 2018 and $26 million at December 31, 2017 of amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $39 million and $30 million, respectively. The increase in amortizable intangible assets in 2018 relates to the November 2018 acquisition of ABAIS (discussed in Note B — “Acquisitions and Sale of Businesses”) and a renewal rights intangible asset established in connection with the acquisition of a small property and casualty book of business in January 2018. Amortization of intangibles was $9 million in 2018 and $8 million in both 2017 and 2016. Future amortization of intangibles (weighted average amortization period of 7 years) is estimated to be $12 million per year in 2019 and 2020, $6 million in 2021, $4 million per year in 2022 and 2023 and $16 million thereafter.