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Discontinued Operations | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Annuity Business Effective May 31, 2021, AFG completed the sale of its Annuity business to Massachusetts Mutual Life Insurance Company (“MassMutual”). MassMutual acquired Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. In addition to AFG’s annuity operations, these subsidiaries included AFG’s run-off life and long-term care operations. Proceeds from the sale were $3.57 billion and AFG realized a $656 million net gain on the sale in 2021. Details of the assets and liabilities of the Annuity subsidiaries sold were as follows (in millions):
| May 31, 2021
Assets of businesses sold: |
Cash and cash equivalents | $ | 2,060 |
Investments | 38,323 |
Recoverables from reinsurers | 6,748 |
Other assets | 2,152 |
Total assets of discontinued annuity operations | 49,283 |
Liabilities of businesses sold: |
Annuity benefits accumulated | 43,690 |
Other liabilities | 1,813 |
Total liabilities of discontinued annuity operations | 45,503 |
Reclassify AOCI | (913) |
Net investment in annuity businesses sold, excluding AOCI | $ | 2,867 |
Details of the results of operations for the discontinued annuity operations were (in millions):
| Year Ended December 31, 2021 (*)
Net investment income | $ | 746 |
Realized gains on securities | 112 |
Other income | 52 |
Total revenues | 910 |
Annuity benefits | 377 |
Annuity and supplemental insurance acquisition expenses | 136 |
Other expenses | 73 |
Total costs and expenses | 586 |
Earnings before income taxes from discontinued operations | 324 |
Provision for income taxes on discontinued operations | 66 |
Net earnings from discontinued operations, net of tax | 258 |
Gain on sale of discontinued operations, net of tax | 656 |
Net earnings from discontinued operations | $ | 914 |
(*)Results through the May 31, 2021 effective date of the sale. The impact of the sale of the annuity business is shown below (in millions):
| May 31, 2021
Cash proceeds | $ | 3,571 |
Sale related expenses | (8) |
Total net proceeds | 3,563 |
Net investment in annuity businesses sold, excluding AOCI | 2,867 |
Reclassify net deferred tax asset | (199) |
Pretax gain on sale | 895 |
Income tax expense: |
Reclassify net deferred tax asset | 199 |
Tax liabilities triggered by the sale | 41 |
Other | (1) |
Total income tax expense | 239 |
Net gain on sale | $ | 656 |
Summarized cash flows for the discontinued annuity operations were (in millions):
| Year Ended December 31, 2021 (*)
Net cash provided by operating activities | $ | 67 |
Net cash used in investing activities | (1,689) |
Net cash provided by financing activities | 477 |
(*)Through the May 31, 2021 effective date of the sale.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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