Income Taxes (Tables)

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings

The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):


			Three months ended September 30,																								Nine months ended September 30,
			2026												2025												2026												2025
			Amount						% of EBT						Amount						% of EBT						Amount						% of EBT						Amount						% of EBT
Earnings before income taxes (“EBT”)			$	359											$	268											$	914											$	694

Income taxes at statutory rate			$	75					21		%				$	57					21		%				$	192					21		%				$	146					21		%
Effect of:
State and local income taxes, net of federal income tax effect			2						1		%				—						—		%				7						1		%				10						1		%
Foreign tax effects			(1)						(1		%)				(1)						—		%				(1)						—		%				(1)						—		%

Cross-border tax laws			—						—		%				(2)						—		%				—						—		%				(2)						—		%
Income tax credits			(2)						(1		%)				(3)						(1		%)				(7)						(1		%)				(3)						—		%
Changes in valuation allowance			—						—		%				(5)						(2		%)				—						—		%				(5)						—		%
Impact of nontaxable or nondeductible items:
Tax preference investments			(1)						(1		%)				(3)						(1		%)				(3)						(1		%)				(5)						(1		%)
Other			2						1		%				4						1		%				6						1		%				5						1		%
Changes in unrecognized income tax benefits			—						—		%				3						1		%				—						—		%				3						—		%
Other adjustments			2						1		%				3						1		%				(1)						—		%				3						—		%
Provision for income taxes as shown in the statement of earnings			$	77					21		%				$	53					20		%				$	193					21		%				$	151					22		%