v3.25.2
Derivatives (Tables)
 6 Months Ended
Jun. 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):
June 30, 2025December 31, 2024
Balance Sheet LineAssetLiabilityAssetLiability
Derivatives designated and qualifying as cash flow hedges:
Interest rate swapsOther assets/Other liabilities$1 $7 $1 $14 
Derivatives not designated as hedging instruments:
Fixed maturities with embedded derivativesFixed maturities75 — 81 — 
Total return swapOther assets/Other liabilities5 — — 4 
$81 $7 $82 $18 
Summary of gain (loss) included in the Statement of Earnings for changes in the fair value of derivatives
The following table summarizes the gains (losses) included in AFG’s Statement of Earnings for changes in the fair value of derivatives (in millions):
Three months ended June 30,Six months ended June 30,
Statement of Earnings Line2025202420252024
Qualifying cash flow hedges:
Interest rate swapsNet investment income$(2)$(7)$(5)$(14)
Non-designated hedges:
Fixed maturities with embedded derivatives
Realized gains (losses) on securities
— — 1 (1)
Fixed maturities with embedded derivativesNet investment income7 1 2 1 
Total return swapOther expenses9 — 6 6 
Earnings (losses) on non-designated hedges16 1 9 6 
Total earnings (losses) on derivatives$14 $(6)$4 $(8)