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Shareholders' Equity
 9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.

Accumulated Other Comprehensive Income, Net of Tax (“AOCI”)   Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities.

The progression of the components of accumulated other comprehensive income follows (in millions):
Other Comprehensive Income (Loss)
AOCI
Beginning
Balance		PretaxTaxNet
of
tax		Attributable to
noncontrolling
interests 		Attributable to
shareholders 		OtherAOCI
Ending
Balance
Quarter ended September 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period$(37)$8 $(29)$— $(29)
Reclassification adjustment for realized (gains) losses included in net earnings (*)2 — 2 — 2 
Total net unrealized gains (losses) on securities
$205 (35)8 (27)— (27)$— $178 
Foreign currency translation adjustments(16)(3)— (3)— (3)— (19)
Pension and other postretirement plans adjustments (“OPRP”)1 — — — — — — 1 
Total$190 $(38)$8 $(30)$— $(30)$— $160 
Quarter ended September 30, 2020
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period
$245 $(51)$194 $— $194 
Reclassification adjustment for realized (gains) losses included in net earnings (*)(15)3 (12)— (12)
Total net unrealized gains on securities$1,030 230 (48)182 — 182 $— $1,212 
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period1 — 1 — 1 
Reclassification adjustment for investment income included in net earnings from discontinued operations(8)1 (7)— (7)
Total net unrealized gains (losses) on cash flow hedges47 (7)1 (6)— (6)— 41 
Foreign currency translation adjustments(17)— — — — — 4 (13)
Pension and other postretirement plans adjustments
(7)— — — — — — (7)
Total
$1,053 $223 $(47)$176 $— $176 $4 $1,233 
Other Comprehensive Income (Loss)
AOCI
Beginning
Balance		PretaxTaxNet
of
tax		Attributable to
noncontrolling
interests 		Attributable to
shareholders 		OtherAOCI
Ending
Balance
Nine months ended September 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period$(224)$47 $(177)$— $(177)
Reclassification adjustment for realized (gains) losses included in net earnings (*)(21)5 (16)— (16)
Reclassification for unrealized gains of subsidiaries sold
(1,119)235 (884)— (884)
Total net unrealized gains (losses) on securities
$1,255 (1,364)287 (1,077)— (1,077)$— $178 
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding losses on cash flow hedges arising during the period(1)— (1)— (1)
Reclassification adjustment for investment income included in net earnings from discontinued operations(14)3 (11)— (11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold
(37)8 (29)— (29)
Total net unrealized gains (losses) on cash flow hedges41 (52)11 (41)— (41)— — 
Foreign currency translation adjustments
(16)(3)— (3)— (3)— (19)
Pension and OPRP adjustments:
Unrealized holding losses on pension and OPRP arising during the period(1)— (1)— (1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings11 (2)9 — 9 
Total pension and OPRP adjustments(7)10 (2)8 — 8 — 1 
Total$1,273 $(1,409)$296 $(1,113)$— $(1,113)$— $160 
Nine months ended September 30, 2020
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period$443 $(93)$350 $— $350 
Reclassification adjustment for realized (gains) losses included in net earnings (*)— — — — — 
Total net unrealized gains on securities$862 443 (93)350 — 350 $— $1,212 
Net unrealized gains on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period62 (13)49 — 49 
Reclassification adjustment for investment income included in net earnings from discontinued operations(31)6 (25)— (25)
Total net unrealized gains on cash flow hedges1731 (7)24 — 24 — 41 
Foreign currency translation adjustments
(9)(6)— (6)(2)(8)4 (13)
Pension and other postretirement plans adjustments
(7)— — — — — — (7)
Total
$863 $468 $(100)$368 $(2)$366 $4 $1,233 
(*)The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:
OCI componentAffected line in the statement of earnings
Pretax - continuing operationsRealized gains (losses) on securities
Pretax - discontinued operationsNet earnings (loss) from discontinued operations
Tax - continuing operationsProvision (credit) for income taxes
Tax - discontinued operationsNet earnings (loss) from discontinued operations

Stock Incentive Plans   Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first nine months of 2021, AFG issued 207,020 shares of restricted Common Stock (fair value of $111.13 per share) under the Stock Incentive Plan.

Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $4 million and $5 million in the third quarter of 2021 and 2020 and $11 million and $15 million in the first nine months of 2021 and 2020.