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Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.

Stock Incentive Plan   Under AFG’s stock incentive plan, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. At December 31, 2025, there were 2.2 million shares of AFG Common Stock reserved for issuance under AFG’s stock incentive plan.

The restricted Common Stock that AFG has granted generally vests over a four-year period. Data relating to grants of restricted stock is presented below:
SharesAverage
Grant Date
Fair Value
Outstanding at January 1, 2025566,364 $125.61 
Granted166,297 $121.89 
Vested(135,042)$111.95 
Forfeited(21,437)$128.19 
Outstanding at December 31, 2025576,182 $127.65 

The total fair value of restricted stock that vested during 2025, 2024 and 2023 was $16 million, $19 million and $25 million, respectively.

AFG does not have any stock options outstanding at December 31, 2025 and has not granted any stock options since 2015. The total intrinsic value of options exercised during 2025, 2024 and 2023 was $1 million, $10 million and $8 million, respectively. During 2025, 2024 and 2023, AFG received $1 million, $6 million and $4 million, respectively, in cash from the exercise of stock options. The total tax benefit related to the exercises was less than $1 million, $2 million and $1 million during those years, respectively.

Total compensation expense related to the stock incentive plan was $18 million for 2025, 2024 and 2023. AFG’s provision for income tax includes tax benefits of $5 million in 2025, $7 million in 2024 and $6 million in 2023 related to AFG’s stock incentive plan. At December 31, 2025, there was $32 million of unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted average of 2.4 years.
Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)   Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income (loss), which consists primarily of changes in net unrealized gains or losses on available for sale fixed maturity securities.

The progression of the components of accumulated other comprehensive income (loss) follows (in millions):
Other Comprehensive Income (Loss)
AOCI Beginning BalancePretaxTaxNet of taxAOCI Ending Balance
Year ended December 31, 2025
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period$206 $(42)$164 
Reclassification adjustment for realized (gains) losses included in net earnings (*)21 (5)16 
Total net unrealized gains (losses) on securities$(202)227 (47)180 $(22)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period1 — 1 
Reclassification adjustment for investment income included in net earnings (*)9 (2)7 
Total net unrealized gains (losses) on cash flow hedges(10)10 (2)8 (2)
Foreign currency translation adjustments(30)2 — 2 (28)
Pension and other postretirement plan adjustments2 — — — 2 
Total$(240)$239 $(49)$190 $(50)
Other Comprehensive Income (Loss)
AOCI Beginning BalancePretaxTaxNet of taxAOCI Ending Balance
Year ended December 31, 2024
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period$77 $(16)$61 
Reclassification adjustment for realized (gains) losses included in net earnings (*)31 (7)24 
Total net unrealized gains (losses) on securities$(287)108 (23)85 $(202)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period(16)4 (12)
Reclassification adjustment for investment income included in net earnings (*)24 (5)19 
Total net unrealized gains (losses) on cash flow hedges(17)8 (1)7 (10)
Foreign currency translation adjustments(17)(12)(1)(13)(30)
Pension and other postretirement plan adjustments2 — — — 2 
Total$(319)$104 $(25)$79 $(240)
Year ended December 31, 2023
Net unrealized gains (losses) on securities:
Unrealized holding gains (losses) on securities arising during the period$224 $(48)$176 
Reclassification adjustment for realized (gains) losses included in net earnings (*)43 (9)34 
Total net unrealized gains (losses) on securities$(497)267 (57)210 $(287)
Net unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) on cash flow hedges arising during the period(11)2 (9)
Reclassification adjustment for investment income included in net earnings (*)
26 (5)21 
Total net unrealized gains (losses) on cash flow hedges
(29)15 (3)12 (17)
Foreign currency translation adjustments(20)2 1 3 (17)
Pension and other postretirement plan adjustments3 (1)— (1)2 
Total$(543)$283 $(59)$224 $(319)
(*)The reclassification adjustments affected the following lines in AFG’s Statement of Earnings:
OCI componentAffected line in the statement of earnings
Pretax - Net unrealized gains (losses) on securities
Realized gains (losses) on securities
Pretax - Net unrealized gains (losses) on cash flow hedges
Net investment income
Pretax - Net unrealized gains (losses) on pension and other postretirement plans
Other expenses
TaxProvision for income taxes