Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings

The following is a reconciliation of income taxes on continuing operations at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):

	Three months ended March 31,
	2021				2020
	Amount		% of EBT		Amount		% of EBT
Earnings (loss) from continuing operations before income taxes (“EBT”)	$	335			$	(185)
Income taxes at statutory rate	$	70	21	%	$	(39)	21	%
Effect of:
Tax exempt interest	(2)		(1	%)	(2)		1	%
Stock-based compensation	(2)		(1	%)	(3)		2	%
Dividends received deduction	—		—	%	(1)		1	%
Foreign operations	(1)		—	%	1		(1	%)
Nondeductible expenses	2		1	%	1		(1	%)
Change in valuation allowance	—		—	%	2		(1	%)
Other	1		—	%	—		—	%
Provision (credit) for income taxes as shown in the statement of earnings	$	68	20	%	$	(41)	22	%