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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives included in Balance Sheet at fair value | The following derivatives that do not qualify for hedge accounting under GAAP are included in AFG’s Balance Sheet at fair value (in millions):
|  |  |  | September 30, 2020 |  | December 31, 2019
Derivative |  | Balance Sheet Line |  | Asset |  | Liability |  | Asset |  | Liability
MBS with embedded derivatives |  | Fixed maturities |  | $ | 172 |  |  | $ | — |  |  | $ | 102 |  |  | $ | — |
Public company warrants |  | Equity securities |  | — |  |  | — |  |  | — |  |  | — |
Fixed-indexed and variable-indexed annuities (embedded derivative) |  | Annuity benefits accumulated |  | — |  |  | 3,657 |  |  | — |  |  | 3,730 |
Equity index call options |  | Equity index call options |  | 697 |  |  | — |  |  | 924 |  |  | — |
Equity index put options |  | Other liabilities |  | — |  |  | 4 |  |  | — |  |  | 1 |
Reinsurance contracts (embedded derivative) |  | Other liabilities |  | — |  |  | 4 |  |  | — |  |  | 4 |
|  |  |  | $ | 869 |  |  | $ | 3,665 |  |  | $ | 1,026 |  |  | $ | 3,735 |
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives | The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives that do not qualify for hedge accounting for the third quarter and first nine months of 2020 and 2019 (in millions):
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
Derivative |  | Statement of Earnings Line |  | 2020 |  | 2019 |  | 2020 |  | 2019
MBS with embedded derivatives |  | Realized gains (losses) on securities |  | $ | (5) |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 15 |
Public company warrants |  | Realized gains (losses) on securities |  | — |  |  | (1) |  |  | — |  |  | (1) |
Fixed-indexed and variable-indexed annuities (embedded derivative) (*) |  | Annuity benefits |  | (5) |  |  | 70 |  |  | 41 |  |  | (643) |
Equity index call options |  | Annuity benefits |  | 203 |  |  | 30 |  |  | (42) |  |  | 544 |
Equity index put options |  | Annuity benefits |  | 2 |  |  | — |  |  | 1 |  |  | 1 |
Reinsurance contract (embedded derivative) |  | Net investment income |  | 1 |  |  | — |  |  | — |  |  | (2) |
|  |  |  | $ | 196 |  |  | $ | 102 |  |  | $ | 2 |  |  | $ | (86) |
(*)The change in fair value of the embedded derivative includes a favorable adjustment related to the unlocking of actuarial assumptions of $240 million in the third quarter of 2020 and $181 million in the third quarter of 2019.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
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