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Shareholders' Equity
 12 Months Ended
Dec. 31, 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.

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. At December 31, 2021, there were 2.7 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plans.

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:
SharesAverage
Grant Date
Fair Value
Outstanding at January 1, 2021818,233 $101.65 
Granted207,020 $111.13 
Vested(252,654)$95.69 
Forfeited(120,753)$103.70 
Outstanding at December 31, 2021651,846 $106.59 

The total fair value of restricted stock that vested during 2021, 2020 and 2019 was $28 million, $19 million and $11 million, respectively.

AFG has not granted any stock options since 2015. Options granted in prior years have an exercise price equal to the market price of AFG Common Stock at the date of grant. Options generally became exercisable at the rate of 20% per year commencing one year after grant and expire ten years after the date of grant.

Data for stock options issued under AFG’s stock incentive plans is presented below:
SharesAverage
Exercise
Price		Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 20211,589,094 $52.43 
Exercised(1,208,964)$48.93 
Special dividend adjustment36,169 n/a
Forfeited/Cancelled(1,554)$58.36 
Outstanding at December 31, 2021414,745 $46.04 2.1 years$38 
Options exercisable at December 31, 2021414,745 $46.04 2.1 years$38 

The total intrinsic value of options exercised during 2021, 2020 and 2019 was $88 million, $17 million and $46 million, respectively. During 2021, 2020 and 2019, AFG received $58 million, $14 million and $31 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was $14 million, $3 million and $8 million during those years, respectively.

Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $16 million for 2021, $20 million for 2020 and $23 million for 2019. AFG’s provision for income tax includes tax benefits of $19 million in 2021, $9 million in 2020 and $13 million in 2019 related to AFG’s stock incentive plans. At December 31, 2021, there was $30 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.5 years. At December 31, 2021, there was no unrecognized compensation expense related to unvested stock options.

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
Year ended December 31, 2021
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period$(275)$57 $(218)$— $(218)
Reclassification adjustment for realized (gains) losses included in net earnings (*)(22)5 (17)— (17)
Reclassification for unrealized gains of subsidiaries sold
(1,119)235 (884)— (884)
Total net unrealized gains (losses) on securities$1,255 (1,416)297 (1,119)— (1,119)$— $136 
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)(2)— (2)— (2)— (18)
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 $(1,460)$306 $(1,154)$— $(1,154)$— $119 
Other Comprehensive Income (Loss)
AOCI
Beginning
Balance		PretaxTaxNet
of
tax		Attributable to
noncontrolling
interests 		Attributable to
shareholders 		OtherAOCI
Ending
Balance
Year ended December 31, 2020
Net unrealized gains on securities:
Unrealized holding gains on securities arising during the period$887 $(187)$700 $— $700 
Reclassification adjustment for realized (gains) losses included in net earnings (*)(389)82 (307)— (307)
Total net unrealized gains on securities$862 498 (105)393 — 393 $— $1,255 
Net unrealized gains on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period$70 $(14)$56 $— $56 
Reclassification adjustment for investment income included in net earnings from discontinued operations(40)8 (32)— (32)
Total net unrealized gains on cash flow hedges17 30 (6)24 — 24 — 41 
Foreign currency translation adjustments(9)(1)— (1)(2)(3)(4)(16)
Pension and other postretirement plans adjustments(7)— — — — — — (7)
Total$863 $527 $(111)$416 $(2)$414 $(4)$1,273 
Year ended December 31, 2019
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period$997 $(209)$788 $— $788 
Reclassification adjustment for realized (gains) losses included in net earnings (*)(11)2 (9)— (9)
Total net unrealized gains on securities$83 986 (207)779 — 779 $— $862 
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains on cash flow hedges arising during the period$39 $(8)$31 $— $31 
Reclassification adjustment for investment income included in net earnings from discontinued operations(3)— (3)— (3)
Total net unrealized gains (losses) on cash flow hedges(11)36 (8)28 — 28 — 17 
Foreign currency translation adjustments(16)7 — 7 — 7 — (9)
Pension and other postretirement plans adjustments(8)1 — 1 — 1 — (7)
Total$48 $1,030 $(215)$815 $— $815 $— $863 
(*)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
PretaxRealized gains (losses) on securities
TaxProvision for income taxes