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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives included in the Balance Sheet at fair value | The following table presents the classification of derivative assets and liabilities included in AFG’s Balance Sheet at fair value (in millions):
|  |  | March 31, 2023 |  | December 31, 2022
| Balance Sheet Line |  | Asset |  | Liability |  | Asset |  | Liability
Derivatives designated and qualifying as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate swaps | Other assets/Other liabilities |  | $ | 2 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 37 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
MBS with embedded derivatives | Fixed maturities |  | 40 |  |  | — |  |  | 40 |  |  | — |
Total return swap | Other assets/Other liabilities |  | 2 |  |  | — |  |  | — |  |  | 5 |
|  |  | $ | 44 |  |  | $ | 28 |  |  | $ | 40 |  |  | $ | 42 |
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 for the three months ended March 31, 2023 and 2022 (in millions):
|  |  |  |  |  | Three months ended March 31,
|  | Statement of Earnings Line |  |  |  |  |  | 2023 |  | 2022
Qualifying cash flow hedges - gains (losses) reclassified from AOCI to net earnings: |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Net investment income |  |  |  |  |  | $ | (5) |  |  | $ | 1 |
Non-designated hedges - gains (losses) included in net earnings: |  |  |  |  |  |  |  |  |  |
MBS with embedded derivatives |  | Realized gains (losses) on securities |  |  |  |  |  | $ | 1 |  |  | $ | (5) |
Total return swap |  | Other expenses |  |  |  |  |  | 6 |  |  | — |
Earnings (losses) on non-designated hedges |  |  |  |  |  |  |  | 7 |  |  | (5) |
Total earnings (losses) on derivatives |  |  |  |  |  |  |  | $ | 2 |  |  | $ | (4) |

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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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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