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Subsequent Event (Tables) | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Schedule of Subsequent Events | The Annuity subsidiaries to be sold impacted AFG’s Balance Sheet at December 31, 2020 as follows (in millions):
Assets of businesses to be sold: |
Cash and cash equivalents | $ | 1,679 |
Fixed maturities, available for sale | 34,123 |
Fixed maturities, trading at fair value | 42 |
Equity securities | 774 |
Investments accounted for using the equity method | 646 |
Mortgage loans | 1,251 |
Policy loans | 151 |
Equity index call options | 825 |
Other investments | 199 |
Total cash and investments | 39,690 |
Recoverables from reinsurers | 6,804 |
Agents’ balances and premiums receivable | 5 |
Deferred policy acquisition costs | 303 |
Variable annuity assets (separate accounts) | 664 |
Other assets | 968 |
Total assets | 48,434 |
Liabilities of businesses to be sold: |
Annuity benefits accumulated | 42,573 |
Life, accident and health reserves | 607 |
Variable annuity liabilities (separate accounts) | 664 |
Other liabilities | 620 |
Total liabilities | 44,464 |
Reclassify AOCI | (1,071) |
Equity of annuity businesses to be sold excluding AOCI | $ | 2,899 |
The fair value of the available for sale fixed maturities owned by the Annuity subsidiaries to be sold at December 31, 2020 is detailed below.
US Government and government agencies | $ | 44 |
States, municipalities and political subdivisions | 3,421 |
Foreign government | 35 |
Residential mortgage-backed securities | 2,140 |
Commercial mortgage-backed securities | 698 |
Collateralized loan obligations | 3,491 |
Other asset-backed securities | 5,176 |
Corporate and other bonds | 19,118 |
| $ | 34,123 |
Results for the Annuity subsidiaries to be sold were (in millions):
| Year ended December 31,
| 2020 |  | 2019 |  | 2018
Net investment income | $ | 1,670 |  |  | $ | 1,774 |  |  | $ | 1,618 |
Realized gains (losses) on securities | 364 |  |  | 132 |  |  | (105) |
Other income | 126 |  |  | 136 |  |  | 139 |
Total revenues | 2,160 |  |  | 2,042 |  |  | 1,652 |
Annuity benefits | 1,192 |  |  | 1,151 |  |  | 998 |
Annuity and supplemental insurance acquisition expenses | 306 |  |  | 253 |  |  | 260 |
Other expenses | 181 |  |  | 180 |  |  | 177 |
Total costs and expenses | 1,679 |  |  | 1,584 |  |  | 1,435 |
Earnings before income taxes | 481 |  |  | 458 |  |  | 217 |
Provision for income taxes | 97 |  |  | 94 |  |  | 39 |
Net earnings | $ | 384 |  |  | $ | 364 |  |  | $ | 178 |

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- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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- References No definition available. + Details
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