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Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Schedule of quarterly operating results | The following are quarterly results of consolidated operations for the two years ended December 31, 2020 (in millions, except per share amounts). Quarterly earnings per share do not add to year-to-date amounts due to changes in shares outstanding.
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 |  |  |  |  |  |  |  |  |
Revenues | $ | 1,275 |  |  | $ | 1,951 |  |  | $ | 2,060 |  |  | $ | 2,623 |  |  | $ | 7,909 |
Net earnings (loss), including noncontrolling interests | (304) |  |  | 167 |  |  | 164 |  |  | 694 |  |  | 721 |
Net earnings (loss) attributable to shareholders | (301) |  |  | 177 |  |  | 164 |  |  | 692 |  |  | 732 |
Earnings (loss) attributable to shareholders per Common Share: |  |  |  |  |  |  |  |  |
Basic | $ | (3.34) |  |  | $ | 1.98 |  |  | $ | 1.86 |  |  | $ | 7.99 |  |  | $ | 8.25 |
Diluted | (3.34) |  |  | 1.97 |  |  | 1.86 |  |  | 7.93 |  |  | 8.20 |
Average number of Common Shares: |  |  |  |  |  |  |  |  |
Basic | 90.3 |  |  | 89.7 |  |  | 88.2 |  |  | 86.6 |  |  | 88.7 |
Diluted | 90.3 |  |  | 90.0 |  |  | 88.5 |  |  | 87.2 |  |  | 89.2 |
2019 |  |  |  |  |  |  |  |  |
Revenues | $ | 2,024 |  |  | $ | 1,960 |  |  | $ | 2,123 |  |  | $ | 2,130 |  |  | $ | 8,237 |
Net earnings (losses), including noncontrolling interests | 326 |  |  | 209 |  |  | 143 |  |  | 191 |  |  | 869 |
Net earnings (losses) attributable to shareholders | 329 |  |  | 210 |  |  | 147 |  |  | 211 |  |  | 897 |
Earnings (losses) attributable to shareholders per Common Share: |  |  |  |  |  |  |  |  |
Basic | $ | 3.68 |  |  | $ | 2.34 |  |  | $ | 1.64 |  |  | $ | 2.33 |  |  | $ | 9.98 |
Diluted | 3.63 |  |  | 2.31 |  |  | 1.62 |  |  | 2.31 |  |  | 9.85 |
Average number of Common Shares: |  |  |  |  |  |  |  |  |
Basic | 89.4 |  |  | 89.7 |  |  | 90.0 |  |  | 90.2 |  |  | 89.9 |
Diluted | 90.7 |  |  | 91.0 |  |  | 91.1 |  |  | 91.3 |  |  | 91.0 |
Quarterly information on realized gains (losses) | Pretax realized gains (losses) on securities were as follows (in millions):
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 — change in fair value of equity securities | $ | (535) |  |  | $ | 202 |  |  | $ | 30 |  |  | $ | 207 |  |  | $ | (96) |
2020 — other realized gains (losses) | (16) |  |  | 2 |  |  | 15 |  |  | 384 |  |  | 385 |
2019 — change in fair value of equity securities | 182 |  |  | 44 |  |  | (15) |  |  | 67 |  |  | 278 |
2019 — other realized gains (losses) | 2 |  |  | 12 |  |  | (3) |  |  | (2) |  |  | 9 |
Quarterly Information on Net Investment Income | Net investment income, which includes mark-to-market income/(losses) on alternative investments (partnerships and similar investments), was as follows (in millions):
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 — net investment income before alternative investments | $ | 511 |  |  | $ | 520 |  |  | $ | 511 |  |  | $ | 465 |  |  | $ | 2,007 |
2020 — alternative investments | 33 |  |  | (52) |  |  | 61 |  |  | 83 |  |  | 125 |
2019 — net investment income before alternative investments | 516 |  |  | 531 |  |  | 531 |  |  | 545 |  |  | 2,123 |
2019 — alternative investments | 26 |  |  | 49 |  |  | 57 |  |  | 48 |  |  | 180 |
Quarterly information on the impact of items on fair value accounting for annuities | The impact of unlocking, changes in the fair value of derivatives related to FIAs, and other impacts of changes in the stock market and interest rates on the accounting for FIAs over or under the cost of the equity index options purchased to mitigate the risk in the index-based component of those FIAs, and beginning with the fourth quarter of 2020, the impact of the block reinsurance transaction entered into in October 2020 were as follows, net of the related acceleration/deceleration of the amortization of deferred policy acquisition costs and deferred sales inducements (in millions):
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 | $ | (38) |  |  | $ | (59) |  |  | $ | (43) |  |  | $ | (48) |  |  | $ | (188) |
2019 | (11) |  |  | (33) |  |  | (27) |  |  | 24 |  |  | (47) |
Quarterly information on favorable (adverse) development on unpaid loss and loss adjustment expenses | Favorable prior year development of AFG’s liability for property and casualty losses and loss adjustment expenses (”LAE”) was as follows (in millions):
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 | $ | 42 |  |  | $ | 77 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 127 |
2019 | 45 |  |  | 41 |  |  | 12 |  |  | 45 |  |  | 143 |
Quarterly information on catastrophe losses | AFG’s property and casualty operations recorded catastrophe losses, including reinstatement premiums, as follows (in millions):
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter |  | Total Year
2020 | $ | (9) |  |  | $ | (26) |  |  | $ | (57) |  |  | $ | (38) |  |  | $ | (130) |
2019 | (12) |  |  | (12) |  |  | (22) |  |  | (15) |  |  | (61) |

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