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Acquisitions and Sale of Businesses (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
Schedule of estimated fair values of assets acquired and liabilities assumed | The purchase price was allocated to the acquired assets and liabilities of Verikai based on management’s best estimate of fair value as of the acquisition date. The preliminary purchase price allocation shown below (in millions) is subject to refinement during 2022.
| December 6, 2021
Purchase price: |
Cash | $ | 120 |
Fair value of contingent consideration | 23 |
Total purchase price | 143 |
Tangible assets acquired | 16 |
Liabilities acquired | 3 |
Net tangible assets acquired, at fair value | 13 |
Excess purchase price over net tangible assets acquired | $ | 130 |
Allocation of excess purchase price: |
Intangible assets acquired (*) | $ | 76 |
Deferred tax on intangible assets acquired (*) | (16) |
Goodwill | 70 |
| $ | 130 |
(*)Included in Other assets in AFG’s Balance Sheet.
Schedule of disposal groups that are not discontinued operations, disclosures | 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 |
In the second quarter of 2021, AFG received an additional $10 million of cash proceeds and recognized a pretax gain of $4 million related to contingent consideration received on the sale of Neon. Revenues, costs and expenses, and earnings before income taxes for the subsidiaries sold were (in millions):
| Year ended December 31,
| 2020 |  | 2019
Net earned premiums | $ | 200 |  |  | $ | 384 |
Loss and loss adjustment expenses | 218 |  |  | 225 |
Commissions and other underwriting expenses | 117 |  |  | 195 |
Underwriting loss | (135) |  |  | (36) |
Net investment income (loss) | (5) |  |  | 6 |
Other income and expenses, net | (5) |  |  | (10) |
Loss before income taxes and noncontrolling interests | $ | (145) |  |  | $ | (40) |
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 Schedule of disposal groups not part of a a discontinued operations, income statement and additional disclosures + References No definition available. + 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=123413009&loc=d3e4845-128472 + Details
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