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Derivatives (Tables)
 12 Months Ended
Dec. 31, 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):
December 31, 2025December 31, 2024
Balance Sheet LineAssetLiabilityAssetLiability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swaps
Other assets/Other liabilities
$1 $3 $1 $14 
Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivatives
Fixed maturities53 — 81 — 
Total return swap
Other assets/Other liabilities— — — 4 
$54 $3 $82 $18 
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives
The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives for 2025, 2024 and 2023 (in millions):
Statement of Earnings Line202520242023
Qualifying cash flow hedges:
Interest rate swapsNet investment income$(9)$(24)$(26)
Non-designated hedges:
Fixed maturities with embedded derivatives
Realized gains (losses) on securities
2 (1)(2)
Fixed maturities with embedded derivativesNet investment income6 17 (4)
Total return swapOther expenses14 9 13 
Earnings (losses) on non-designated hedges22 25 7 
Total earnings (losses) on derivatives$13 $1 $(19)