Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Components of accumulated other comprehensive income (loss)

The progression of the components of accumulated other comprehensive income (loss) follows (in millions):

			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Quarter ended September 30, 2022
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period			$	(292)	$	61	$	(231)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			4		(1)		3
Total net unrealized losses on securities	$	(326)	(288)		60		(228)		$	(554)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding losses on cash flow hedges arising during the period			$	(26)	$	5	$	(21)
Reclassification adjustment for investment income included in net earnings			(1)		1		—
Net unrealized losses on cash flow hedges	(8)		(27)		6		(21)		(29)
Foreign currency translation adjustments	(15)		(4)		(1)		(5)		(20)
Pension and other postretirement plans adjustments (“OPRP”)	1		—		—		—		1
Total	$	(348)	$	(319)	$	65	$	(254)	$	(602)
Quarter ended September 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period			$	(37)	$	8	$	(29)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			2		—		2
Total net unrealized gains (losses) on securities	$	205	(35)		8		(27)		$	178
Foreign currency translation adjustments	(16)		(3)		—		(3)		(19)
Pension and other postretirement plans adjustments (“OPRP”)	1		—		—		—		1
Total	$	190	$	(38)	$	8	$	(30)	$	160

			Other Comprehensive Income (Loss)
	AOCI Beginning Balance		Pretax		Tax		Net of tax		AOCI Ending Balance
Nine months ended September 30, 2022
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period			$	(884)	$	186	$	(698)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			10		(2)		8
Total net unrealized gains (losses) on securities	$	136	(874)		184		(690)		$	(554)
Net unrealized gains (losses) on cash flow hedges:									—
Unrealized holding losses on cash flow hedges arising during the period			(34)		7		(27)
Reclassification adjustment for investment income included in net earnings			(3)		1		(2)
Net unrealized losses on cash flow hedges	—		(37)		8		(29)		(29)
Foreign currency translation adjustments	(18)		(1)		(1)		(2)		(20)
Pension and other postretirement plan adjustments	1		—		—		—		1
Total	$	119	$	(912)	$	191	$	(721)	$	(602)
Nine months ended September 30, 2021
Net unrealized gains (losses) on securities:
Unrealized holding losses on securities arising during the period			$	(224)	$	47	$	(177)
Reclassification adjustment for realized (gains) losses included in net earnings (*)			(21)		5		(16)
Reclassification for unrealized gains on securities of subsidiaries sold			(1,119)		235		(884)
Total net unrealized gains (losses) on securities	$	1,255	(1,364)		287		(1,077)		$	178
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding losses on cash flow hedges arising during the period			(1)		—		(1)
Reclassification adjustment for investment income included in net earnings from discontinued operations			(14)		3		(11)
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold			(37)		8		(29)
Total net unrealized gains (losses) on cash flow hedges	41		(52)		11		(41)		—
Foreign currency translation adjustments	(16)		(3)		—		(3)		(19)
Pension and OPRP adjustments:
Unrealized holding losses on pension and OPRP arising during the period			(1)		—		(1)
Reclassification adjustment for pension settlement loss included in other expense in net earnings			11		(2)		9
Total pension and OPRP adjustments	(7)		10		(2)		8		1
Total	$	1,273	$	(1,409)	$	296	$	(1,113)	$	160

(*)The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:

OCI component	Affected line in the statement of earnings
Pretax	Realized gains (losses) on securities
Tax	Provision for income taxes