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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule II — Condensed Financial Information of Registrant
Schedule II — Condensed Financial Information of Registrant Statement of Operations
Year Ended December 31,
($ in millions)202020192018
Revenues
Investment income, less investment expense$12 $35 $25 
Realized capital gains (losses)33 9 (10)
Other income— 41 3 
Total revenues45 85 18 
Expenses
Interest expense328 355 337 
Pension and other postretirement remeasurement (gains) losses(73)103 454 
Pension and other postretirement benefit(168)(122)(116)
Other operating expenses73 49 50 
Total expenses160 385 725 
Loss from operations before income tax benefit and equity in net income of subsidiaries(115)(300)(707)
Income tax benefit(26)(75)(136)
Loss before equity in net income of subsidiaries(89)(225)(571)
Equity in net income of subsidiaries5,665 5,072 2,731 
Net income5,576 4,847 2,160 
Preferred stock dividends115 169 148 
Net income applicable to common shareholders5,461 4,678 2,012 
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses1,293 1,889 (754)
Unrealized foreign currency translation adjustments52 (10)(48)
Unamortized pension and other postretirement prior service credit9 (47)(59)
Other comprehensive income (loss), after-tax1,354 1,832 (861)
Comprehensive income$6,930 $6,679 $1,299 

















See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position
December 31,
($ in millions, except par value data)20202019
Assets
Investments in subsidiaries$35,603 $33,428 
Fixed income securities, at fair value (amortized cost, net zero and $458)
— 466 
Short-term investments, at fair value (amortized cost, net $4,479 and $702)
4,479 702 
Cash— 2 
Receivable from subsidiaries524 448 
Deferred income taxes187 230 
Other assets87 86 
Total assets$40,880 $35,362 
Liabilities
Long-term debt$7,825 $6,631 
Pension and other postretirement benefit obligations874 1,081 
Deferred compensation351 327 
Payable to subsidiaries— 14 
Notes due to subsidiaries1,250 1,000 
Dividends payable to shareholders201 199 
Other liabilities162 112 
Total liabilities10,663 9,364 
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, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding
9 9 
Additional capital paid-in3,498 3,463 
Retained income52,767 48,074 
Treasury stock, at cost (596 million and 581 million shares)
(31,331)(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses3,180 1,887 
Unrealized foreign currency translation adjustments(7)(59)
Unamortized pension and other postretirement prior service credit131 122 
Total accumulated other comprehensive income3,304 1,950 
Total shareholders’ equity30,217 25,998 
Total liabilities and shareholders’ equity$40,880 $35,362 













See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows
Years Ended December 31,
($ in millions)202020192018
Cash flows from operating activities
Net income$5,576 $4,847 $2,160 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries(5,665)(5,072)(2,731)
Dividends received from subsidiaries4,157 2,434 2,059 
Realized capital (gains) losses(33)(9)10 
Pension and other postretirement remeasurement (gains) losses(73)103 454 
Changes in:
Pension and other postretirement benefits(168)(122)(116)
Income taxes54 13 (28)
Operating assets and liabilities110 111 160 
Net cash provided by operating activities3,958 2,305 1,968 
Cash flows from investing activities
Proceeds from sales of investments1,251 1,094 1,370 
Proceeds from sales of investments to subsidiaries— — 390 
Investment purchases(402)(892)(1,037)
Investment collections16 65 108 
Capital contribution or return of capital from subsidiaries251 43 (975)
Change in short-term investments, net(3,777)(417)(115)
Net cash used in investing activities(2,661)(107)(259)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries 1,250 1,000 1,250 
Repayment of notes due to subsidiaries(1,000)(1,250)(250)
Proceeds from issuance of long-term debt1,189 491 498 
Redemption of preferred stock(288)(1,132)(385)
Redemption and repayment of long-term debt— (317)(400)
Proceeds from issuance of preferred stock— 1,414 557 
Dividends paid on common stock(668)(653)(614)
Dividends paid on preferred stock(108)(134)(134)
Treasury stock purchases(1,737)(1,735)(2,303)
Shares reissued under equity incentive plans, net63 120 73 
Other— — (1)
Net cash used in financing activities(1,299)(2,196)(1,709)
Net (decrease) increase in cash(2)2 — 
Cash at beginning of year2 — — 
Cash at end of year$— $2 $— 










See accompanying notes to condensed financial information and notes to consolidated financial statements.
The Allstate Corporation and Subsidiaries
Schedule II (Continued) — Condensed Financial Information of Registrant
Notes to Condensed Financial Information
1.     General
Pursuant to rules and regulations of the SEC, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8.
The long-term debt presented in Note 12 “Capital Structure” are direct obligations of the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant.
Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities.
2.   Notes due to subsidiaries
On June 18, 2020 and December 29, 2020, the Registrant issued $1.00 billion and $250 million notes, with rates of 0.43% and 0.33%, due on June 18, 2021 and December 29, 2021, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes.
On June 19, 2019, the Registrant issued a $1.00 billion note, with a rate of 2.63% due on June 19, 2020 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 18, 2020, the Registrant repaid $1.00 billion to Kennett Capital Inc.
3.    Supplemental Disclosures of Cash Flow Information
The Registrant paid $311 million, $312 million and $330 million of interest on debt in 2020, 2019 and 2018, respectively.