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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2017, 2018 and 2019, by reporting segment, are presented in the following table (in millions):
| Property and Casualty |  | Annuity |  | Total
Balance at January 1, 2017 and December 31, 2017 | $ | 168 |  |  | $ | 31 |  |  | $ | 199 |
Acquisition of subsidiary in 2018 | 8 |  |  | — |  |  | 8 |
Balance at December 31, 2018 and December 31, 2019 | $ | 176 |  |  | $ | 31 |  |  | $ | 207 |
Goodwill increased by $8 million in the fourth quarter of 2018 due to the purchase of ABAIS as discussed in Note B — “Acquisitions and Sale of Businesses.” Included in other assets in AFG’s Balance Sheet is $43 million at December 31, 2019 and $54 million at December 31, 2018 of amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $50 million and $39 million, respectively. The increase in amortizable intangible assets in 2018 relates to the November 2018 acquisition of ABAIS (discussed in Note B — “Acquisitions and Sale of Businesses”) and a renewal rights intangible asset established in connection with the acquisition of a small property and casualty book of business in January 2018. Amortization of intangibles was $11 million in 2019, $9 million in 2018 and $8 million in 2017. Future amortization of intangibles (weighted average amortization period of 4 years) is estimated to be $12 million in 2020, $6 million in 2021, $4 million per year in 2022, 2023 and 2024 and $13 million thereafter.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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