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Acquisitions and Sale of Businesses (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of estimated fair values of assets acquired and liabilities assumed | The allocation of the purchase price is shown in the table below (in millions):
| November 30, 2018
Total purchase price | $ | 30 |
Tangible assets acquired | 28 |
Liabilities acquired | 26 |
Net tangible assets acquired, at fair value | 2 |
Excess purchase price over net tangible assets acquired | $ | 28 |
Allocation of excess purchase price: |
Intangible assets acquired (*) | $ | 25 |
Deferred tax on intangible assets acquired (*) | (5) |
Goodwill | 8 |
| $ | 28 |
(*)Included in Other assets in AFG’s Balance Sheet.
Disposal Groups, Including Discontinued Operations | The gain on the sale of Neon, which was recorded in AFG’s financial statements as of December 31, 2020, is shown below (in millions):
Sale proceeds, net of expenses | $ | 3 |
Assets of businesses to be sold: |
Cash and investments | $ | 453 |
Recoverables from reinsurers | 224 |
Prepaid reinsurance premiums | 8 |
Agents’ balances and premiums receivable | 42 |
Other assets | 60 |
Total assets | 787 |
Liabilities of businesses to be sold: |
Unpaid losses and loss adjustment expenses | 640 |
Unearned premiums | 49 |
Payable to reinsurers | 19 |
Other liabilities | 92 |
Total liabilities | 800 |
Reclassify accumulated other comprehensive income | (7) |
Net liabilities of businesses sold | $ | (20) |
Pretax gain on subsidiaries recorded in 2020 | $ | 23 |
Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions):
| Year ended December 31,
| 2020 |  | 2019 |  | 2018
Net earned premiums | $ | 200 |  |  | $ | 384 |  |  | $ | 306 |
Loss and loss adjustment expenses | 218 |  |  | 225 |  |  | 204 |
Commissions and other underwriting expenses | 117 |  |  | 195 |  |  | 165 |
Underwriting loss | (135) |  |  | (36) |  |  | (63) |
Net investment income (loss) | (5) |  |  | 6 |  |  | 10 |
Other income and expenses, net | (5) |  |  | (10) |  |  | (5) |
Loss before income taxes and noncontrolling interests | $ | (145) |  |  | $ | (40) |  |  | $ | (58) |
The impact of Neon exited lines on AFG’s net earnings for the year ended December 31, 2020 is shown below (in millions):
Underwriting loss | $ | (135) |
Net investment income (loss) | (5) |
Other income and expenses, net | (5) |
Loss before income taxes and noncontrolling interests | (145) |
Pretax gain on sale of subsidiaries | 23 |
Total pretax loss from Neon exited lines | (122) |
Tax benefit related to sale of subsidiaries | 72
Less: Net loss attributable to noncontrolling interests | (11) |
Net loss from Neon exited lines attributable to shareholders | $ | (39) |

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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