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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2018, 2019 and 2020, by reporting segment, are presented in the following table (in millions):
| Property and Casualty |  | Annuity |  | Total
Balance at January 1, 2018 | $ | 168 |  |  | $ | 31 |  |  | $ | 199 |
Acquisition of subsidiary in 2018 | 8 |  |  | — |  |  | 8 |
Balance at December 31, 2018, 2019 and 2020 | $ | 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 $34 million at December 31, 2020 and $43 million at December 31, 2019 of amortizable intangible assets related to property and casualty insurance acquisitions. These amounts are net of accumulated amortization of $62 million and $50 million, respectively. Amortization of intangibles was $12 million in 2020, $11 million in 2019 and $9 million in 2018. Future amortization of intangibles (weighted average amortization period of 3 years) is estimated to be $6 million in 2021, $4 million per year in 2022, 2023, 2024 and 2025 and $12 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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