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Acquisitions and Sale of Businesses (Tables) | 3 Months Ended
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Mar. 31, 2015
Business Combinations [Abstract] |
Summarized financial information | The estimated impact of the third quarter sale of the run-off long-term care insurance business on AFG’s financial statements is shown below (in millions):
| March 31, 2015
Estimated sale proceeds (*) | $ | 14 |
Assets of businesses sold: |
Cash and investments | $ | 1,397 |
Recoverables from reinsurers | 603 |
Deferred policy acquisition costs | 15 |
Other receivables | 14 |
Other assets | 7 |
Goodwill | 2 |
Total assets | 2,038 |
Liabilities of businesses sold: |
Annuity benefits accumulated | 270 |
Life, accident and health reserves | 1,537 |
Other liabilities | 27 |
Total liabilities | 1,834 |
Reclassify net unrealized gain on marketable securities | 28 |
Net assets of businesses sold | $ | 176 |
Pretax loss on subsidiaries | $ | (162 | )
(*) | Includes fair value of the potential additional consideration and is shown net of estimated expenses.
Revenues, costs and expenses, and earnings before income taxes for the subsidiaries to be sold were (in millions):
| Three months ended March 31,
| 2015 |  | 2014
Life, accident and health net earned premiums: |  |  |
Long-term care | $ | 17 |  |  | $ | 19 |
Life operations | 3 |  |  | 3 |
Net investment income | 18 |  |  | 21 |
Realized gains (losses) on securities and other income | (2 | ) |  | 1 |
Total revenues | 36 |  |  | 44 |
Annuity benefits | 2 |  |  | 2 |
Life, accident and health benefits: |  |  |
Long-term care | 21 |  |  | 29 |
Life operations | 3 |  |  | 3 |
Annuity and supplemental insurance acquisition expenses | 3 |  |  | 3 |
Other expenses | 4 |  |  | 4 |
Total costs and expenses | 33 |  |  | 41 |
Earnings before income taxes | $ | 3 |  |  | $ | 3 |

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- Definition Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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