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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the carrying value of goodwill during 2023 and 2024 are presented in the following table (in millions):
Balance at December 31, 2022 | $ | 246 |
Purchase of CRS | 85 |
Goodwill impairment charge related to investment in Verikai | (26) |
Balance at December 31, 2023 and 2024 | $ | 305 |
AFG recorded a goodwill impairment charge of $26 million in 2023 related to its investment in Verikai (included in the property and casualty insurance segment). The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note D — “Fair Value Measurements”) are included in realized loss on subsidiaries in AFG’s Statement of Earnings. Included in other assets in AFG’s Balance Sheet is $203 million at December 31, 2024 and $213 million at December 31, 2023 of amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $59 million and $39 million, respectively. Amortization of intangibles was $20 million in 2024, $15 million in 2023 and $11 million in 2022. The decrease in amortizable intangible assets during 2024 is a result of the amortization discussed previously, partially offset by an increase in amortizable intangible assets related to the fair value of the customer bases of AFG’s acquisitions in the fourth quarter of 2024 (see Note B — “Acquisitions of Businesses”). Future amortization of intangibles (weighted average amortization period of 5 years is estimated to be $20 million per year in 2025 and 2026, $21 million in 2027, $18 million in 2028, $17 million in 2029 and $107 million thereafter.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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