XML 201 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2022
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)202220212020
Revenues
Investment income, less investment expense$59 $13 $12 
Net gains (losses) on investments and derivatives(34)12 33 
Total revenues25 25 45 
Expenses
Interest expense351 328 328 
Pension and other postretirement remeasurement (gains) losses179 (611)(73)
Pension and other postretirement (benefit) expense(98)(218)(168)
Other operating expenses56 71 73 
Total expenses488 (430)160 
(Loss) gain from operations before income tax benefit and equity in net income of subsidiaries(463)455 (115)
Income tax (benefit) expense(103)93 (26)
(Loss) gain before equity in net income of subsidiaries(360)362 (89)
Equity in net income of subsidiaries (1)
(951)1,237 5,665 
Net (loss) income(1,311)1,599 5,576 
Preferred stock dividends105 114 115 
Net (loss) income applicable to common shareholders(1,416)1,485 5,461 
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses(2,851)(2,582)1,293 
Unrealized foreign currency translation adjustments(150)(8)52 
Unamortized pension and other postretirement prior service credit(43)(59)9 
Other comprehensive (loss) income, after-tax(3,044)(2,649)1,354 
Comprehensive (loss) income$(4,355)$(1,050)$6,930 
(1)2021 and 2020 include results of operations for the life and annuity business held for sale reported as discontinued operations in the Consolidated Statements of Operations.















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)20222021
Assets
Investments in subsidiaries$23,698 $32,058 
Fixed income securities, at fair value (amortized cost, net $2,513 and $1,708)
2,422 1,718 
Short-term investments, at fair value (amortized cost, net $291 and $297)
291 297 
Cash— 1 
Receivable from subsidiaries341 504 
Deferred income taxes59 22 
Other assets108 222 
Total assets26,919 34,822 
Liabilities
Debt7,588 7,581 
Pension and other postretirement benefit obligations180 211 
Deferred compensation320 383 
Notes due to subsidiaries1,000 1,000 
Dividends payable to shareholders260 269 
Other liabilities96 199 
Total liabilities9,444 9,643 
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand shares issued and outstanding, $2,025 aggregate liquidation preference
1,970 1,970 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 263 million and 281 million shares outstanding
9 9 
Additional capital paid-in3,788 3,722 
Retained income50,954 53,294 
Treasury stock, at cost (637 million and 619 million shares)
(36,857)(34,471)
Accumulated other comprehensive income:
Unrealized net capital gains and losses(2,253)598 
Unrealized foreign currency translation adjustments(165)(15)
Unamortized pension and other postretirement prior service credit29 72 
Total accumulated other comprehensive (loss) income(2,389)655 
Total Allstate shareholders’ equity17,475 25,179 
Total liabilities and equity$26,919 $34,822 














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)202220212020
Cash flows from operating activities
Net (loss) income$(1,311)$1,599 $5,576 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries (1)
951 (1,237)(5,665)
Dividends received from subsidiaries3,396 5,112 4,157 
Net (gains) losses on investments and derivatives34 (12)(33)
Pension and other postretirement remeasurement (gains) losses179 (611)(73)
Changes in:
Pension and other postretirement benefits(98)(218)(168)
Income taxes(14)177 54 
Operating assets and liabilities76 158 110 
Net cash provided by operating activities3,213 4,968 3,958 
Cash flows from investing activities
Proceeds from sales of investments2,572 1,743 1,251 
Investment purchases(2,507)(2,673)(402)
Investment collections39 38 16 
Capital contribution or return of capital from subsidiaries145 383 251 
Change in short-term investments, net6 4,182 (3,777)
Acquisition of subsidiaries— (4,144)— 
Net cash provided by (used in) investing activities255 (471)(2,661)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries 1,000 2,200 1,250 
Repayment of notes due to subsidiaries(1,000)(2,450)(1,000)
Proceeds from issuance of debt— — 1,189 
Redemption of preferred stock— — (288)
Redemption and repayment of debt— (250)— 
Dividends paid on common stock(926)(885)(668)
Dividends paid on preferred stock(105)(105)(108)
Treasury stock purchases(2,520)(3,120)(1,737)
Shares reissued under equity incentive plans, net82 114 63 
Net cash used in financing activities(3,469)(4,496)(1,299)
Net (decrease) increase in cash(1)1 (2)
Cash at beginning of year1 — 2 
Cash at end of year$— $1 $— 
(1)2021 and 2020 results include operations for the life and annuity business held for sale reported as discontinued operations in the Consolidated Statements of Operations.










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 debt presented in Note 13 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 18 “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 17, 2022, the Registrant issued $1.00 billion notes, with a rate of 1.63% due on June 17, 2023, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes.
On March 1, 2021 and June 18, 2021, the Registrant issued $200 million and $1.00 billion notes, with rates of 0.21% and 0.20%, due on March 1, 2022 and June 18, 2022, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes. On April 5, 2021, the Registrant repaid $200 million to Kennett Capital Inc. On June 17, 2022, the Registrant repaid $1.00 billion to Kennett Capital Inc.
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 April 5, 2021 and June 18, 2021, the Registrant repaid $250 million and $1.00 billion, respectively, to Kennett Capital Inc.
3.    Supplemental Disclosures of Cash Flow Information
The Registrant paid $323 million, $321 million and $311 million of interest on debt in 2022, 2021 and 2020, respectively.