Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

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,
	2022				2021
	Amount		% of EBT		Amount		% of EBT
Earnings from continuing operations before income taxes (“EBT”)	$	361			$	335
Income taxes at statutory rate	$	76	21	%	$	70	21	%
Effect of:
Stock-based compensation	(2)		(1	%)	(2)		(1	%)
Employee stock ownership plan dividend paid deduction	(2)		(1	%)	—		—	%
Tax exempt interest	(2)		(1	%)	(2)		(1	%)
Change in valuation allowance	(2)		(1	%)	—		—	%
Dividends received deduction	(1)		—	%	—		—	%
Foreign operations	5		2	%	(1)		—	%
Nondeductible expenses	2		1	%	2		1	%
Other	(3)		—	%	1		—	%
Provision for income taxes as shown in the statement of earnings	$	71	20	%	$	68	20	%