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Acquisitions and Sale of Businesses (Tables) | 12 Months Ended
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Dec. 31, 2023
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 CRS based on management’s best estimate of fair value as of the acquisition date. The purchase price allocation is shown below (in millions).
| July 3, 2023
Cash paid at purchase | $ | 234 |
Tangible assets acquired: |
Cash and cash equivalents | $ | 26 |
Agents’ balances and premiums receivable | 164 |
Other assets | 3 |
Total tangible assets acquired | $ | 193 |
Liabilities acquired: |
Other liabilities | $ | 169 |
Total liabilities acquired | 169 |
Net tangible assets acquired, at fair value | 24 |
Excess purchase price over net tangible assets acquired | $ | 210 |
Allocation of excess purchase price: |
Intangible assets acquired (*) | $ | 124 |
Deferred tax asset (*) | 1 |
Goodwill | 85 |
| $ | 210 |
(*)Included in Other assets in AFG’s Balance Sheet. 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 purchase price allocation is shown below (in millions).
| 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.

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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