Condensed Consolidating Information (Tables)

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Information [Abstract]

Condensed Consolidating Balance Sheet

	AFG		GAFRI		AAG Holding		All Other Subs		Consol. Entries			Consolidated
MARCH 31, 2012
Assets:
Cash and investments	$	419	$	25	$	—	$	26,035	($	1	)	$	26,478
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,093		—			3,093
Agents’ balances and premiums receivable		—		—		—		550		—			550
Deferred policy acquisition costs		—		—		—		916		—			916
Assets of managed investment entities		—		—		—		2,952		—			2,952
Other assets		120		8		8		2,121		(35	)		2,222
Investment in subsidiaries and affiliates		4,931		2,169		2,254		640		(9,994	)		—
Total assets	$	5,470	$	2,202	$	2,262	$	36,307	($	10,030	)	$	36,211
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	7,613	$	—		$	7,613
Annuity, life, accident and health benefits and reserves		—		—		—		17,815		(12	)		17,803
Liabilities of managed investment entities		—		—		—		2,672		—			2,672
Long-term debt		600		—		219		112		—			931
Other liabilities		290		20		109		2,247		(206	)		2,460
Total liabilities		890		20		328		30,459		(218	)		31,479
Total shareholders’ equity		4,580		2,182		1,934		5,696		(9,812	)		4,580
Noncontrolling interests		—		—		—		152		—			152
Total liabilities and equity	$	5,470	$	2,202	$	2,262	$	36,307	($	10,030	)	$	36,211
DECEMBER 31, 2011
Assets:
Cash and investments	$	456	$	32	$	—	$	25,090	($	1	)	$	25,577
Recoverables from reinsurers and prepaid reinsurance premiums		—		—		—		3,351		—			3,351
Agents’ balances and premiums receivable		—		—		—		565		—			565
Deferred policy acquisition costs		—		—		—		901		—			901
Assets of managed investment entities		—		—		—		3,058		—			3,058
Other assets		105		5		5		2,309		(38	)		2,386
Investment in subsidiaries and affiliates		4,732		2,015		2,107		643		(9,497	)		—
Total assets	$	5,293	$	2,052	$	2,112	$	35,917	($	9,536	)	$	35,838
Liabilities and Equity:
Unpaid losses and loss adjustment expenses and unearned premiums	$	—	$	—	$	—	$	8,004	$	—		$	8,004
Annuity, life, accident and health benefits and reserves		—		—		—		17,148		(1	)		17,147
Liabilities of managed investment entities		—		—		—		2,787		—			2,787
Long-term debt		600		—		220		115		(1	)		934
Other liabilities		282		20		109		2,196		(198	)		2,409
Total liabilities		882		20		329		30,250		(200	)		31,281
Total shareholders’ equity		4,411		2,032		1,783		5,521		(9,336	)		4,411
Noncontrolling interests		—		—		—		146		—			146
Total liabilities and equity	$	5,293	$	2,052	$	2,112	$	35,917	($	9,536	)	$	35,838

Condensed Consolidating Statement of Earnings

	AFG		GAFRI		AAG Holding		All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2012
Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	603		$	—		$	603
Life, accident and health premiums		—		—		—		105			—			105
Realized gains (losses)		—		—		—		45			(1	)		44
Income of managed investment entities		—		—		—		—			—			—
Investment and other income		2		2		—		362			(5	)		361
Equity in earnings of subsidiaries		203		78		84		—			(365	)		—
Total revenues		205		80		84		1,115			(371	)		1,113
Costs and Expenses:
Insurance benefits and expenses		—		—		—		824			—			824
Interest charges on borrowed money		16		—		6		4			(5	)		21
Expenses of managed investment entities		—		—		—		19			—			19
Other operating and general expenses		18		4		2		80			(1	)		103
Total costs and expenses		34		4		8		927			(6	)		967
Operating earnings before income taxes		171		76		76		188			(365	)		146
Provision (credit) for income taxes		58		27		27		72			(126	)		58
Net earnings, including noncontrolling interests		113		49		49		116			(239	)		88
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(25	)		—			(25	)
Net Earnings Attributable to Shareholders	$	113	$	49	$	49	$	141		($	239	)	$	113
	AFG		GAFRI		AAG Holding		All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2011
Revenues:
Property and casualty insurance premiums	$	—	$	—	$	—	$	599		$	—		$	599
Life, accident and health premiums		—		—		—		110			—			110
Realized gains (losses)		—		—		—		(3	)		—			(3	)
Income of managed investment entities		—		—		—		(8	)		—			(8	)
Investment and other income		2		3		—		343			(7	)		341
Equity in earnings of subsidiaries		167		47		55		—			(269	)		—
Total revenues		169		50		55		1,041			(276	)		1,039
Costs and Expenses:
Insurance benefits and expenses		—		—		—		806			—			806
Interest charges on borrowed money		16		—		6		4			(5	)		21
Expenses of managed investment entities		—		—		—		18			—			18
Other operating and general expenses		17		3		1		72			(1	)		92
Total costs and expenses		33		3		7		900			(6	)		937
Operating earnings before income taxes		136		47		48		141			(270	)		102
Provision (credit) for income taxes		48		17		17		60			(94	)		48
Net earnings, including noncontrolling interests		88		30		31		81			(176	)		54
Less: Net earnings (loss) attributable to noncontrolling interests		—		—		—		(34	)		—			(34	)
Net Earnings Attributable to Shareholders	$	88	$	30	$	31	$	115		($	176	)	$	88

Condensed Consolidating Statement Of Comprehensive Income

	AFG		GAFRI		AAG Holding		All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2012
Net earnings, including noncontrolling interests	$	113	$	49	$	49	$	116		($	239	)	$	88
Other comprehensive income, net of tax		134		119		117		138			(370	)		138
Total comprehensive income, net of tax		247		168		166		254			(609	)		226
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		—		(21	)		—			(21	)
Comprehensive income attributable to shareholders	$	247	$	168	$	166	$	275		($	609	)	$	247

	AFG		GAFRI		AAG Holding		All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2011
Net earnings, including noncontrolling interests	$	88	$	30	$	31	$	81		($	176	)	$	54
Other comprehensive income, net of tax		25		18		18		24			(60	)		25
Total comprehensive income, net of tax		113		48		49		105			(236	)		79
Less: Comprehensive income (loss) attributable to noncontrolling interests		—		—		—		(34	)		—			(34	)
Comprehensive income attributable to shareholders	$	113	$	48	$	49	$	139		($	236	)	$	113

Condensed Consolidating Statement of Cash Flows

	AFG			GAFRI			AAG Holding			All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2012
Operating Activities:
Net earnings, including noncontrolling interests	$	113		$	49		$	49		$	116		($	239	)	$	88
Adjustments:
Equity in net earnings of subsidiaries		(134	)		(51	)		(54	)		—			239			—
Dividends from subsidiaries		55			—			—			—			(55	)		—
Other operating activities, net		—			(2	)		(3	)		(73	)		—			(78	)
Net cash provided by (used in) operating activities		34			(4	)		(8	)		43			(55	)		10
Investing Activities:
Purchases of investments, property and equipment		(8	)		—			—			(1,085	)		—			(1,093	)
Capital contributions to subsidiaries		(4	)		(8	)		—			—			12			—
Proceeds from maturities and redemptions of investments		—			—			—			516			—			516
Proceeds from sales of investments, property and equipment		—			—			—			196			—			196
Managed investment entities:
Purchases of investments		—			—			—			(566	)		—			(566	)
Proceeds from sales and redemptions of investments		—			—			—			774			—			774
Other investing activities, net		—			—			—			(10	)		—			(10	)
Net cash provided by (used in) investing activities		(12	)		(8	)		—			(175	)		12			(183	)
Financing Activities:
Annuity receipts		—			—			—			804			—			804
Annuity surrenders, benefits and withdrawals		—			—			—			(348	)		—			(348	)
Issuances of managed investment entities’ liabilities		—			—			—			359			—			359
Retirement of managed investment entities’ liabilities		—			—			—			(489	)		—			(489	)
Issuances of Common Stock		14			—			—			—			—			14
Capital contributions from parent		—			4			8			—			(12	)		—
Repurchases of Common Stock		(56	)		—			—			—			—			(56	)
Cash dividends paid		(17	)		—			—			(55	)		55			(17	)
Other financing activities, net		—			—			—			4			—			4
Net cash provided by (used in) financing activities		(59	)		4			8			275			43			271
Net change in cash and cash equivalents		(37	)		(8	)		—			143			—			98
Cash and cash equivalents at beginning of period		415			19			—			890			—			1,324
Cash and cash equivalents at end of period	$	378		$	11		$	—		$	1,033		$	—		$	1,422

	AFG			GAFRI			AAG Holding			All Other Subs			Consol. Entries			Consolidated
FOR THE THREE MONTHS ENDED
MARCH 31, 2011
Operating Activities:
Net earnings, including noncontrolling interests	$	88		$	30		$	31		$	81		($	176	)	$	54
Adjustments:
Equity in net earnings of subsidiaries		(110	)		(30	)		(36	)		—			176			—
Dividends from subsidiaries		105			—			—			—			(105	)		—
Other operating activities, net		(23	)		(2	)		(2	)		362			—			335
Net cash provided by (used in) operating activities		60			(2	)		(7	)		443			(105	)		389
Investing Activities:
Purchases of investments, property and equipment		(7	)		—			—			(1,182	)		—			(1,189	)
Capital contributions to subsidiaries		(5	)		(8	)		(1	)		—			14			—
Proceeds from maturities and redemptions of investments		2			2			—			596			—			600
Proceeds from sales of investments, property and equipment		—			—			—			297			—			297
Managed investment entities:
Purchases of investments		—			—			—			(352	)		—			(352	)
Proceeds from sales and redemptions of investments		—			—			—			400			—			400
Other investing activities, net		—			—			—			(13	)		—			(13	)
Net cash provided by (used in) investing activities		(10	)		(6	)		(1	)		(254	)		14			(257	)
Financing Activities:
Annuity receipts		—			—			—			672			—			672
Annuity surrenders, benefits and withdrawals		—			—			—			(311	)		—			(311	)
Retirement of managed investment entities’ liabilities		—			—			—			(4	)		—			(4	)
Issuances of Common Stock		10			—			—			1			—			11
Capital contributions from parent		—			4			8			2			(14	)		—
Repurchases of Common Stock		(84	)		—			—			—			—			(84	)
Cash dividends paid		(16	)		—			—			(105	)		105			(16	)
Net cash provided by (used in) financing activities		(90	)		4			8			255			91			268
Net change in cash and cash equivalents		(40	)		(4	)		—			444			—			400
Cash and cash equivalents at beginning of period		370			20			—			709			—			1,099
Cash and cash equivalents at end of period	$	330		$	16		$	—		$	1,153		$	—		$	1,499