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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
AFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance or short-term leases at December 31, 2025 or December 31, 2024.

AFG’s operating lease right-of-use asset and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions):
20252024
Right-of-use asset$198 $212 
Lease liability216 232 

Operating lease expense was $42 million, $41 million and $36 million in December 31, 2025, 2024 and 2023, respectively.
Other operating lease information for the years ended December 31, 2025, 2024 and 2023 (in millions):
202520242023
Cash paid for lease liabilities reported in operating cash flows$46 $40 $38 
Right-of-use assets obtained under new leases18 68 102 

The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2025 (in millions):
Operating lease payments:
2026$39 
202736 
202831 
202926 
203022 
Thereafter150 
Total lease payments304 
Impact of discounting(88)
Operating lease liability$216 
Weighted-average remaining lease term12.1 years
Weighted-average discount rate5.3%