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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives included in Balance Sheet at fair value | The following derivatives are included in AFG’s Balance Sheet at fair value (in millions):
|  |  |  | June 30, 2014 |  | December 31, 2013
Derivative |  | Balance Sheet Line |  | Asset |  | Liability |  | Asset |  | Liability
MBS with embedded derivatives |  | Fixed maturities |  | $ | 159 |  |  | $ | — |  |  | $ | 140 |  |  | $ | — |
Public company warrants |  | Equity securities |  | 17 |  |  | — |  |  | 19 |  |  | — |
Interest rate swaptions |  | Other investments |  | — |  |  | — |  |  | 2 |  |  | — |
Fixed-indexed annuities (embedded derivative) |  | Annuity benefits accumulated |  | — |  |  | 1,026 |  |  | — |  |  | 804 |
Equity index call options |  | Other investments |  | 313 |  |  | — |  |  | 272 |  |  | — |
Reinsurance contracts (embedded derivative) |  | Other liabilities |  | — |  |  | 13 |  |  | — |  |  | 10 |
|  |  |  | $ | 489 |  |  | $ | 1,039 |  |  | $ | 433 |  |  | $ | 814 |
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives | The following table summarizes the gain (loss) included in the Statement of Earnings for changes in the fair value of these derivatives for the second quarter and first six months of 2014 and 2013 (in millions):
|  |  |  | Three months ended June 30, |  | Six months ended June 30,
Derivative |  | Statement of Earnings Line |  | 2014 |  | 2013 |  | 2014 |  | 2013
MBS with embedded derivatives |  | Realized gains on securities |  | $ | 4 |  |  | $ | (3 | ) |  | $ | 7 |  |  | $ | (1 | )
Public company warrants |  | Realized gains on securities |  | — |  |  | (1 | ) |  | (2 | ) |  | 1 |
Interest rate swaptions |  | Realized gains on securities |  | (1 | ) |  | 1 |  |  | (2 | ) |  | 1 |
Fixed-indexed annuities (embedded derivative) |  | Annuity benefits |  | (78 | ) |  | 3 |  |  | (132 | ) |  | (77 | )
Equity index call options |  | Annuity benefits |  | 63 |  |  | 16 |  |  | 93 |  |  | 93 |
Reinsurance contracts (embedded derivative) |  | Net investment income |  | (1 | ) |  | 4 |  |  | (3 | ) |  | 5 |
|  |  |  | $ | (13 | ) |  | $ | 20 |  |  | $ | (39 | ) |  | $ | 22 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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