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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2021
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):
|  |  |  | March 31, 2021 |  | December 31, 2020
Derivative |  | Balance Sheet Line |  | Asset |  | Liability |  | Asset |  | Liability
MBS with embedded derivatives |  | Fixed maturities |  | $ | 67 |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |
Discontinued Annuity Operations: |  |  |  |  |  |  |  |  |  |
MBS with embedded derivatives |  | Assets of discontinued annuity operations |  | 152 |  |  | — |  |  | 137 |  |  | — |
Fixed-indexed and variable-indexed annuities (embedded derivative) |  | Liabilities of discontinued annuity operations |  | — |  |  | 3,954 |  |  | — |  |  | 3,933 |
Equity index call options |  | Assets of discontinued annuity operations |  | 813 |  |  | — |  |  | 825 |  |  | — |
Equity index put options |  | Liabilities of discontinued annuity operations |  | — |  |  | 6 |  |  | — |  |  | 5 |
Reinsurance contract (embedded derivative) |  | Liabilities of discontinued annuity operations |  | — |  |  | 4 |  |  | — |  |  | 5 |
|  |  |  | $ | 1,032 |  |  | $ | 3,964 |  |  | $ | 999 |  |  | $ | 3,943 |
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 first three months of 2021 and 2020 (in millions):
|  |  |  |  |  | Three months ended March 31,
Derivative |  | Statement of Earnings Line |  |  |  |  |  | 2021 |  | 2020
MBS with embedded derivatives |  | Realized gains (losses) on securities |  |  |  |  |  | $ | (2) |  |  | $ | 1 |
Discontinued Annuity Operations: |  |  |  |  |  |  |  |  |  |
MBS with embedded derivatives - discontinued operations |  | Net earnings (loss) from discontinued operations |  |  |  |  |  | — |  |  | 3 |
Fixed-indexed and variable-indexed annuities (embedded derivative) |  | Net earnings (loss) from discontinued operations |  |  |  |  |  | (40) |  |  | 647 |
Equity index call options |  | Net earnings (loss) from discontinued operations |  |  |  |  |  | 114 |  |  | (628) |
Equity index put options |  | Net earnings (loss) from discontinued operations |  |  |  |  |  | 2 |  |  | (6) |
Reinsurance contract (embedded derivative) |  | Net earnings (loss) from discontinued operations |  |  |  |  |  | 1 |  |  | 2 |
|  |  |  |  |  |  |  | $ | 75 |  |  | $ | 19 |

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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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