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v3.23.2

Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings | The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings before income taxes (“EBT”) | $ | 255 |  |  |  |  | $ | 206 |  |  |  |  | $ | 519 |  |  |  |  | $ | 567 |  |  |
Income taxes at statutory rate | $ | 54 |  |  | 21 | % |  | $ | 43 |  |  | 21 | % |  | $ | 109 |  |  | 21 | % |  | $ | 119 |  |  | 21 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee stock ownership plan dividend paid deduction | — |  |  | — | % |  | (4) |  |  | (2 | %) |  | (3) |  |  | (1 | %) |  | (6) |  |  | (1 | %)
Stock-based compensation | — |  |  | — | % |  | (2) |  |  | (1 | %) |  | (2) |  |  | — | % |  | (4) |  |  | (1 | %)
Tax exempt interest | (1) |  |  | — | % |  | (2) |  |  | (1 | %) |  | (2) |  |  | — | % |  | (4) |  |  | (1 | %)
Dividends received deduction | — |  |  | — | % |  | — |  |  | — | % |  | (1) |  |  | — | % |  | (1) |  |  | — | %
Nondeductible expenses | 2 |  |  | 1 | % |  | 1 |  |  | — | % |  | 5 |  |  | 1 | % |  | 3 |  |  | 1 | %
Foreign operations | 2 |  |  | 1 | % |  | — |  |  | — | % |  | 4 |  |  | 1 | % |  | 5 |  |  | 1 | %
Change in valuation allowance | — |  |  | — | % |  | 1 |  |  | — | % |  | — |  |  | — | % |  | (1) |  |  | — | %
Other | (2) |  |  | (1 | %) |  | 2 |  |  | 2 | % |  | (3) |  |  | (1 | %) |  | (1) |  |  | (1 | %)
Provision for income taxes as shown in the statement of earnings | $ | 55 |  |  | 22 | % |  | $ | 39 |  |  | 19 | % |  | $ | 107 |  |  | 21 | % |  | $ | 110 |  |  | 19 | %

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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