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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2025
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):
September 30, 2025December 31, 2024
Balance Sheet LineAssetLiabilityAssetLiability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swapsOther assets/Other liabilities$1 $5 $1 $14 
Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivativesFixed maturities51 — 81 — 
Total return swapOther assets/Other liabilities3 — — 4 
$55 $5 $82 $18 
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives
The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives (in millions):
Three months ended September 30,Nine months ended September 30,
Statement of Earnings Line2025202420252024
Qualifying cash flow hedges:
Interest rate swapsNet investment income$(3)$(6)$(8)$(20)
Non-designated hedges:
Fixed maturities with embedded derivatives
Realized gains (losses) on securities
1 3 2 2 
Fixed maturities with embedded derivativesNet investment income4 6 6 7 
Total return swapOther expenses6 5 12 11 
Earnings (losses) on non-designated hedges11 14 20 20 
Total earnings (losses) on derivatives$8 $8 $12 $—