Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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 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 June 30,								Six months ended June 30,
	2023				2022				2023				2022
	Amount		% of EBT		Amount		% of EBT		Amount		% of EBT		Amount		% of EBT
Earnings before income taxes (“EBT”)	$	255			$	206			$	519			$	567
Income taxes at statutory rate	$	54	21	%	$	43	21	%	$	109	21	%	$	119	21	%
Effect of:
Employee stock ownership plan dividend paid deduction	—		—	%	(4)		(2	%)	(3)		(1	%)	(6)		(1	%)
Stock-based compensation	—		—	%	(2)		(1	%)	(2)		—	%	(4)		(1	%)
Tax exempt interest	(1)		—	%	(2)		(1	%)	(2)		—	%	(4)		(1	%)
Dividends received deduction	—		—	%	—		—	%	(1)		—	%	(1)		—	%
Nondeductible expenses	2		1	%	1		—	%	5		1	%	3		1	%
Foreign operations	2		1	%	—		—	%	4		1	%	5		1	%
Change in valuation allowance	—		—	%	1		—	%	—		—	%	(1)		—	%
Other	(2)		(1	%)	2		2	%	(3)		(1	%)	(1)		(1	%)
Provision for income taxes as shown in the statement of earnings	$	55	22	%	$	39	19	%	$	107	21	%	$	110	19	%