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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-11840
allstatebrandcolora36.jpg
THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
36-3871531
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
2775 Sanders Road, Northbrook, Illinois    60062
(Address of principal executive offices)    (Zip Code)
Registrant’s telephone number, including area code: (847) 402-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols
Name of each exchange
on which registered
Common Stock, par value $.01 per share
ALL
New York Stock Exchange
Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
ALL.PR.B
New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G
ALL PR G
New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
ALL PR H
New York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
ALL PR I
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
 
 
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of April 20, 2020, the registrant had 314,116,095 common shares, $.01 par value, outstanding.



The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2020
Part I Financial Information
Page
 
 
 
 
 
 
 
Condensed Consolidated Statements of Operations for the Three Month Periods Ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Comprehensive Income for the Three Month Periods Ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Financial Position as of March 31, 2020 and December 31, 2019 (unaudited)
 
Condensed Consolidated Statements of Shareholders’ Equity for the Three Month Periods Ended March 31, 2020 and 2019 (unaudited)
 
Condensed Consolidated Statements of Cash Flows for the Three Month Periods Ended March 31, 2020 and 2019 (unaudited)
 
 
 
 
 
 
 
 
 
 
Highlights
 
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Allstate brand
Esurance brand
Encompass brand
Discontinued Lines and Coverages
Service Businesses
Allstate Life
Allstate Benefits
Allstate Annuities
 
 
 
 
 
 
Part II Other Information


Condensed Consolidated Financial Statements

Part I. Financial Information
Item 1. Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
($ in millions, except per share data)
 
Three months ended March 31,
 
2020
 
2019
Revenues
 
 

 
 

Property and casualty insurance premiums
 
$
9,235

 
$
8,802

Life premiums and contract charges
 
617

 
628

Other revenue
 
265

 
250

Net investment income
 
421

 
648

Realized capital gains (losses)
 
(462
)
 
662

Total revenues
 
10,076

 
10,990

 
 
 
 
 
Costs and expenses
 
 

 
 

Property and casualty insurance claims and claims expense
 
5,341

 
5,820

Shelter-in-Place Payback expense
 
210

 

Life contract benefits
 
501

 
497

Interest credited to contractholder funds
 
132

 
162

Amortization of deferred policy acquisition costs
 
1,401

 
1,364

Operating costs and expenses
 
1,399

 
1,380

Pension and other postretirement remeasurement (gains) losses
 
318

 
15

Restructuring and related charges
 
5

 
18

Amortization of purchased intangibles
 
28

 
32

Interest expense
 
81

 
83

Total costs and expenses
 
9,416

 
9,371

 
 
 
 
 
Gain on disposition of operations
 
1

 
1

 
 
 
 
 
Income from operations before income tax expense
 
661

 
1,620

 
 
 
 
 
Income tax expense
 
112

 
328

 
 
 
 
 
Net income
 
549

 
1,292

 
 
 
 
 
Preferred stock dividends
 
36

 
31

 
 
 
 
 
Net income applicable to common shareholders
 
$
513

 
$
1,261

 
 
 
 
 
Earnings per common share
 
 

 
 

Net income applicable to common shareholders per common share - Basic
 
$
1.62

 
$
3.79

Weighted average common shares - Basic
 
317.4

 
332.6

Net income applicable to common shareholders per common share - Diluted
 
$
1.59

 
$
3.74

Weighted average common shares - Diluted
 
322.4

 
337.5














See notes to condensed consolidated financial statements.

First Quarter 2020 Form 10-Q 1

Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)
($ in millions)
 
Three months ended March 31,
 
2020
 
2019
Net income
 
$
549

 
$
1,292

 
 
 
 
 
Other comprehensive (loss) income, after-tax
 
 

 
 

Changes in:
 
 

 
 

Unrealized net capital gains and losses
 
(1,357
)
 
974

Unrealized foreign currency translation adjustments
 
(39
)
 
5

Unamortized pension and other postretirement prior service credit
 
4

 
(12
)
Other comprehensive (loss) income, after-tax
 
(1,392
)
 
967

 
 
 
 
 
Comprehensive (loss) income
 
$
(843
)
 
$
2,259

 
































See notes to condensed consolidated financial statements.

2 allstatelogohandsa61.jpg www.allstate.com

Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data)
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
Investments
 
 

 
 

Fixed income securities, at fair value (amortized cost, net $58,945 and $56,293)
 
$
59,857

 
$
59,044

Equity securities, at fair value (cost $3,631 and $6,568)
 
3,701

 
8,162

Mortgage loans, net
 
4,759

 
4,817

Limited partnership interests
 
7,087

 
8,078

Short-term, at fair value (amortized cost $5,671 and $4,256)
 
5,671

 
4,256

Other, net
 
3,767

 
4,005

Total investments
 
84,842

 
88,362

Cash
 
338

 
338

Premium installment receivables, net
 
6,401

 
6,472

Deferred policy acquisition costs
 
4,742

 
4,699

Reinsurance and indemnification recoverables, net
 
9,214

 
9,211

Accrued investment income
 
593

 
600

Property and equipment, net
 
1,123

 
1,145

Goodwill
 
2,544

 
2,545

Other assets, net
 
3,876

 
3,534

Separate Accounts
 
2,434

 
3,044

Total assets
 
$
116,107

 
$
119,950

Liabilities
 
 

 
 

Reserve for property and casualty insurance claims and claims expense
 
$
27,148

 
$
27,712

Reserve for life-contingent contract benefits
 
12,244

 
12,300

Contractholder funds
 
17,404

 
17,692

Unearned premiums
 
14,999

 
15,343

Claim payments outstanding
 
892

 
929

Deferred income taxes
 
331

 
1,154

Other liabilities and accrued expenses
 
9,849

 
9,147

Long-term debt
 
6,633

 
6,631

Separate Accounts
 
2,434

 
3,044

Total liabilities
 
91,934

 
93,952

Commitments and Contingent Liabilities (Note 12)
 


 


Shareholders’ equity
 
 

 
 

Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference
 
1,970

 
2,248

Common stock, $.01 par value, 3.0 billion shares authorized and 900 million issued, 315 million and 319 million shares outstanding
 
9

 
9

Additional capital paid-in
 
3,519

 
3,463

Retained income
 
48,326

 
48,074

Treasury stock, at cost (585 million and 581 million shares)
 
(30,209
)
 
(29,746
)
Accumulated other comprehensive income:
 
 

 
 

Unrealized net capital gains and losses on fixed income securities with credit losses
 

 
70

Other unrealized net capital gains and losses
 
714

 
2,094

Unrealized adjustment to DAC, DSI and insurance reserves
 
(184
)
 
(277
)
Total unrealized net capital gains and losses
 
530

 
1,887

Unrealized foreign currency translation adjustments
 
(98
)
 
(59
)
Unamortized pension and other postretirement prior service credit
 
126

 
122

Total accumulated other comprehensive income (“AOCI”)
 
558

 
1,950

Total shareholders’ equity
 
24,173

 
25,998

Total liabilities and shareholders’ equity
 
$
116,107

 
$
119,950




See notes to condensed consolidated financial statements.

First Quarter 2020 Form 10-Q 3

Condensed Consolidated Financial Statements

The Allstate Corporate and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
($ in millions, except per share data)
 
Three months ended March 31,
 
2020
 
2019
Preferred stock par value
 
$

 
$

Preferred stock additional capital paid-in
 
 
 
 
Balance, beginning of period
 
2,248

 
1,930

Preferred stock redemption
 
(278
)
 

Balance, end of period
 
1,970

 
1,930

 
 
 
 
 
Common stock par value
 
9

 
9

Common stock additional capital paid-in
 
 
 
 
Balance, beginning of period
 
3,463

 
3,310

Forward contract on accelerated share repurchase agreement
 
75

 

Equity incentive plans activity
 
(19
)
 
(19
)
Balance, end of period
 
3,519

 
3,291

 
 
 
 
 
Retained income
 
 
 
 
Balance, beginning of period
 
48,074

 
44,033

Cumulative effect of change in accounting principle
 
(88
)
 
21

Net income
 
549

 
1,292

Dividends on common stock (declared per share of $0.54 and $0.50)
 
(173
)
 
(167
)
Dividends on preferred stock
 
(36
)
 
(31
)
Balance, end of period
 
48,326

 
45,148

 
 
 
 
 
Deferred ESOP expense
 

 
(3
)
 
 
 
 
 
Treasury stock
 
 
 
 
Balance, beginning of period
 
(29,746
)
 
(28,085
)
Shares acquired
 
(511
)
 

Shares reissued under equity incentive plans, net
 
48

 
43

Balance, end of period
 
(30,209
)
 
(28,042
)
 
 
 
 
 
Accumulated other comprehensive income
 
 
 
 
Balance, beginning of period
 
1,950

 
118

Change in unrealized net capital gains and losses
 
(1,357
)
 
974

Change in unrealized foreign currency translation adjustments
 
(39
)
 
5

Change in unamortized pension and other postretirement prior service credit
 
4

 
(12
)
Balance, end of period
 
558

 
1,085

Total shareholders’ equity
 
$
24,173

 
$
23,418

 










See notes to condensed consolidated financial statements.

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Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions)
 
Three months ended March 31,
 
2020
 
2019
Cash flows from operating activities
 
 
Net income
 
$
549

 
$
1,292

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation, amortization and other non-cash items
 
155

 
157

Realized capital (gains) losses
 
462

 
(662
)
Pension and other postretirement remeasurement (gains) losses
 
318

 
15

Gain on disposition of operations
 
(1
)
 
(1
)
Interest credited to contractholder funds
 
132

 
162

Changes in:
 
 

 
 

Policy benefits and other insurance reserves
 
(654
)
 
(114
)
Unearned premiums
 
(272
)
 
(201
)
Deferred policy acquisition costs
 
38

 
33

Premium installment receivables, net
 
26

 
(39
)
Reinsurance recoverables, net
 
24

 
179

Income taxes
 
28

 
303

Other operating assets and liabilities
 
222

 
(410
)
Net cash provided by operating activities
 
1,027

 
714

Cash flows from investing activities
 
 

 
 

Proceeds from sales
 
 

 
 

Fixed income securities
 
12,114

 
9,034

Equity securities
 
5,250

 
633

Limited partnership interests
 
749

 
241

Other investments
 
116

 
44

Investment collections
 
 

 
 

Fixed income securities
 
555

 
628

Mortgage loans
 
118

 
104

Other investments
 
61

 
68

Investment purchases
 
 

 
 

Fixed income securities
 
(14,667
)
 
(9,056
)
Equity securities
 
(1,619
)
 
(871
)
Limited partnership interests
 
(357
)
 
(282
)
Mortgage loans
 
(142
)
 
(114
)
Other investments
 
(129
)
 
(89
)
Change in short-term investments, net
 
(1,953
)
 
(552
)
Change in other investments, net
 
37

 
47

Purchases of property and equipment, net
 
(65
)
 
(80
)
Acquisition of operations
 

 
(18
)
Net cash provided by (used in) investing activities
 
68

 
(263
)
Cash flows from financing activities
 
 

 
 

Redemption of preferred stock
 
(288
)
 

Contractholder fund deposits
 
246

 
254

Contractholder fund withdrawals
 
(471
)
 
(458
)
Dividends paid on common stock
 
(159
)
 
(158
)
Dividends paid on preferred stock
 
(29
)
 
(31
)
Treasury stock purchases
 
(414
)
 

Shares reissued under equity incentive plans, net
 
8

 
(5
)
Other
 
12

 
(1
)
Net cash used in financing activities
 
(1,095
)
 
(399
)
Net increase in cash
 

 
52

Cash at beginning of period
 
338

 
499

Cash at end of period
 
$
338

 
$
551

See notes to condensed consolidated financial statements.

First Quarter 2020 Form 10-Q 5

Notes to Condensed Consolidated Financial Statements


The Allstate Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1
General
Basis of presentation
The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company with various property and casualty and life and investment subsidiaries, including Allstate Life Insurance Company (“ALIC”) (collectively referred to as the “Company” or “Allstate”). These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
The condensed consolidated financial statements and notes as of March 31, 2020 and for the three month periods ended March 31, 2020 and 2019 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods.
These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
Recent development
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel restrictions, government-imposed shelter-in-place orders, quarantine periods and social distancing, have caused material disruption to businesses globally resulting in increased unemployment, a potential recession and increased economic uncertainty.
Depending on its length and severity, the Coronavirus and the related containment actions may significantly affect the Company’s results of operations, financial condition and liquidity, including sales of new policies and shared economy demand, retention, supply chain disruption and severity costs, life insurance mortality and hospital and outpatient claim costs, annuity reserves, lower investment valuations and returns and increases in credit allowance exposure. In addition, the actions may impact the Company’s operations.
The magnitude and duration of the global pandemic and the impact of actions taken by
 
governmental authorities, businesses and consumers to mitigate health risks create significant uncertainty. The Company will continue to closely monitor and proactively adapt to developments and changing conditions. Currently, it is not possible to reliably estimate the length and severity of the pandemic or its impact to the Company’s operations, but the effects could be material and may continue, emerge or accelerate into 2021.
Adopted accounting standard
Measurement of Credit Losses on Financial Instruments Effective January 1, 2020 the Company adopted new Financial Accounting Standards Board (“FASB”) guidance related to the measurement of credit losses on financial instruments that primarily affected mortgage loans, bank loans and reinsurance recoverables.
Upon adoption of the guidance, the Company recorded a total allowance for expected credit losses of $289 million, pre-tax. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses to conform to the new requirements which resulted in recognizing a cumulative effect decrease in retained income of $88 million, after-tax, at the date of adoption. The measurement of credit losses for available-for-sale fixed income securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the credit loss adjustment is recognized through a valuation allowance which may change over time but once recorded cannot subsequently be reduced to an amount below zero. Previously these credit loss adjustments were recorded as other-than-temporary-impairments (“OTTI”) and were not reversed once recorded.
Changes to significant accounting policies
newa04.jpg Measurement of credit losses The Company carries an allowance for expected credit losses for all financial assets measured at amortized cost and considers past events, current conditions, and reasonable and supportable forecasts and reports the financial assets on the Condensed Consolidated Statements of Financial Position at amortized cost, net of credit loss allowances (“amortized cost, net”). The Company also carries a credit loss allowance for fixed income securities where applicable and, when amortized cost is reported, it is net of credit loss allowances. For additional information, refer to the Investments, Reinsurance recoverables, Indemnification recoverables, or Premium installment receivable topics of this section.

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Notes to Condensed Consolidated Financial Statements


The Company also estimates a credit loss allowance for commitments to fund mortgage loans, bank loans and agent loans unless they are unconditionally cancellable by the Company. The
 
related allowance is reported in other liabilities and accrued expenses.
Allowance for credit losses
 
 
 
 
($ in millions)
 
March 31, 2020
 
January 1, 2020
Fixed income securities
 
$
4

 
$

Mortgage loans
 
85

 
45

Other investments
 
 
 
 
Bank loans
 
79

 
53

Agent loans
 
5

 
5

Investments
 
173

 
103

Premium installment receivables
 
96

 
91

Reinsurance recoverables
 
74

 
74

Other assets
 
18

 
18

Assets
 
361

 
286

 
 
 
 
 
Commitments to fund mortgage loans, bank loans and agent loans
 
4

 
3

Liabilities
 
4

 
3

Total
 
$
365

 
$
289


Investments Fixed income securities include bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). MBS includes residential and commercial mortgage-backed securities. Fixed income securities, which may be sold prior to their contractual maturity, are designated as available-for-sale (“AFS”) and are carried at fair value. The difference between amortized cost, net and fair value, net of deferred income taxes and related life and annuity deferred policy acquisition costs (“DAC”), deferred sales inducement costs (“DSI”) and reserves for life-contingent contract benefits, is reflected as a component of AOCI. The Company excludes accrued interest receivable from the amortized cost basis of its AFS fixed income securities. Net investment income for AFS fixed income securities includes the impact of accreting the credit loss allowance for the time value of money.
Mortgage loans, bank loans and agent loans are carried at amortized cost, net, which represent the amount expected to be collected. The Company excludes accrued interest receivable from the amortized cost basis of its mortgage, bank and agent loans. Credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, and consider all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of an asset. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually.
The changes in the credit loss allowances related to fixed income securities, mortgage loans, bank loans and agent loans are reported in realized capital gains and losses. Realized capital gains and losses on investment sales are determined on a specific identification basis and exclude credit losses already recognized through an allowance.
Reinsurance recoverables The Company evaluates reinsurer counterparty credit risk and records
 
reinsurance recoverables net of credit loss allowances. The Company assesses counterparty credit risk for individual reinsurers separately when more relevant or on a pooled basis when shared risk characteristics exist. The evaluation considers the credit quality of the reinsurer and the period over which the recoverable balances are expected to be collected. The Company considers factors including past events, current conditions and reasonable and supportable forecasts in the development of the estimate of credit loss allowances.
Allowances for property and casualty and life reinsurance recoverables are established primarily through risk-based evaluations.
The property and casualty recoverable evaluation considers the credit rating of the reinsurer, the period over which the reinsurance recoverable balances are expected to be recovered and other relevant factors including historical experience of reinsurer failures. Reinsurers in liquidation or in default status are evaluated individually using the Company’s historical liquidation recovery assumptions and any other relevant information available including the most recent public information related to the financial condition or liquidation status of the reinsurer.
For life reinsurance recoverables, the Company uses a probability of default and loss given default model developed independently of the Company to estimate current expected credit losses. The life recoverable evaluation utilizes factors including historical industry factors based on the probability of liquidation, and incorporates current loss given default factors reflective of the industry.
The Company monitors the credit ratings of reinsurer counterparties and evaluates the circumstances surrounding credit rating changes as inputs into its credit loss assessments. Uncollectible reinsurance recoverable balances are written off against the allowances when there is no reasonable expectation of recovery.

First Quarter 2020 Form 10-Q 7

Notes to Condensed Consolidated Financial Statements


The changes in the allowances are reported in property and casualty insurance claims and claims expense and life contract benefits.
Indemnification recoverables The Company participates in various indemnification programs, including industry pools and facilities which are reimbursement mechanisms that assess participating insurers for expected insured claims, reimburse participating insurers for qualifying paid claims and permit participating insurers to recoup amounts assessed directly from insureds. The amounts reported as indemnification recoverables include amounts billed to indemnitors on losses paid as well as estimates of amounts expected to be recovered from indemnitors on insurance liabilities that have been incurred but not yet paid. The design and function of these indemnification programs does not result in the retention of insurance or reinsurance risk by the indemnitor. Based on the Company’s evaluation of these programs on an individual basis, the establishment of credit loss allowances is not warranted at this time. The Company has not experienced any historical credit losses related to its indemnification programs. The Company continues to monitor these programs to determine whether any changes from historical experience have emerged or are expected to emerge or whether there have been any changes in the design or administration of the programs that would require establishment of credit loss allowances.
Premium installment receivables Premium installment receivables represent premiums written and not yet collected, net of the credit loss allowance for uncollectible premiums. These receivables are primarily outstanding for one year or less. The Company utilizes historical internal data including aging analyses to estimate allowances under current conditions and for the forecast period. The Company regularly evaluates and updates the data and adjusts its allowance as appropriate. As of March 31, 2020, the credit loss allowance for premium installment receivables increased to $96 million from $91 million as of January 1, 2020, primarily due to a $42 million increase in the provision for credit losses, partially offset by a $37 million decrease in the allowance due to the write-off of uncollectible premium installment receivable amounts during the period.
Pending accounting standards
Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify certain disclosure requirements for defined benefit plans. New disclosures include the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation during the reporting period. Disclosures to be eliminated include amounts expected to be reclassified out of AOCI and into the income statement in the coming year and the anticipated impact of a one-percentage point change in the assumed health care cost trend rate on service and interest cost and on the accumulated benefit
 
obligation. The amendments are effective for annual reporting periods beginning after December 15, 2020. The impacts of adoption are to the Company’s disclosures only.
Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. The new guidance introduces material changes to the measurement of the Company’s reserves for traditional life, life-contingent immediate annuities and certain voluntary accident and health insurance products.
Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed and updated at least annually. The effect of updating measurement assumptions other than the discount rate are required to be measured on a retrospective basis and reported in net income. In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through OCI at each reporting date. Current GAAP requires reserves to utilize assumptions set at policy issuance unless updated current assumptions indicate that recorded reserves are deficient.
The new guidance also requires DAC and other capitalized balances currently amortized in proportion to premiums or gross profits to be amortized on a constant level basis over the expected term for all long-duration insurance contracts. DAC will not be subject to loss recognition testing but will be reduced when actual lapse experience exceeds expected experience. The new guidance will no longer require adjustments to DAC and DSI related to unrealized gains and losses on investment securities supporting the related business.
All market risk benefit product features will be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to changes in the reporting entity’s own credit risk, which are required to be recognized in OCI. Substantially all of the Company’s market risk benefits are reinsured and therefore these impacts are not expected to be material to the Company.
The new guidance is effective for financial statements issued for reporting periods beginning after December 15, 2021, thereby requiring restatement of prior periods presented. Early adoption is permitted. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented or retrospectively using actual historical experience as of contract inception. The new guidance for market risk benefits is required to be adopted retrospectively.
The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI. The requirements of the new guidance represent a material change from existing GAAP, however, the underlying economics of the business and related cash flows are unchanged. The

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Notes to Condensed Consolidated Financial Statements


Company is evaluating the specific impacts of adopting the new guidance and anticipates the financial statement impact of adopting the new guidance to be material, largely attributed to the impact of transitioning to a discount rate based on an upper-medium grade fixed income investment yield and updates to mortality assumptions. The Company expects the most significant impacts will occur in the run-off annuity segment. The revised accounting for DAC will be applied prospectively using the new model and any DAC effects existing in AOCI as a result of applying existing GAAP at the date of adoption will be eliminated.
Simplifications to the Accounting for Income Taxes In December 2019, the FASB issued amendments to simplify the accounting for income taxes. The amendments eliminate certain exceptions in the existing guidance including those related to
 
intraperiod tax allocation and deferred tax liability recognition when a subsidiary meets the criteria to apply the equity method of accounting. The amendments require recognition of the effect of an enacted change in tax la