Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

Assets and liabilities recognized in the National General acquisition (1)
($ in millions)	January 4, 2021
Assets
Investments	$	4,962
Cash	400
Premiums and other receivables, net	1,539
Deferred acquisition costs (value of business acquired)	317
Reinsurance recoverables, net	1,212
Intangible assets	1,199
Other assets	734
Goodwill (2)	1,038
Total assets	11,401
Liabilities
Reserve for property and casualty insurance claims and claims expense	2,765
Reserve for future policy benefits	186
Unearned premiums	2,245
Reinsurance payable	363
Debt (3)	593
Deferred tax liabilities	162
Other liabilities	776
Total liabilities	$	7,090

(1)The amounts reflect allocation of assets acquired and liabilities assumed.

(2)$675 million, $20 million and $343 million of goodwill were allocated to the Allstate Protection, Protection Services and Allstate Health and Benefits segments, respectively, and is non-deductible for income tax purposes. Goodwill is primarily attributable to expected synergies and future growth opportunities.

(3)Subsequent to the acquisition, the Company repaid $100 million of 7.625% Subordinated Notes and $72 million of Subordinated Debentures on February 3, 2021 and March 15, 2021, respectively. As of December 31, 2022, the Company had principal balance remaining of $350 million 6.750% Senior Notes due 2024, with a fair value adjustment of $26 million.

Schedule of indefinite-lived intangible assets

Intangible assets by type
($ in millions)	January 4, 2021
Distribution and customer relationships	$	795
Trade names	102
Licenses	97
Technology	205
Total	$	1,199

Schedule of disposal groups, including discontinued operations

Financial results from discontinued operations
	For the years ended December 31,
($ in millions)		2021		2020
Revenues
Life premiums and contract charges		$	1,109	$	1,350
Net investment income		1,336		1,262
Net gains (losses) on investments and derivatives		195		269
Total revenues		2,640		2,881
Costs and expenses
Life contract benefits		1,315		1,726
Interest credited to contractholder funds		414		605
Amortization of DAC		87		153
Operating costs and expenses		163		238
Restructuring and related charges		31		7
Total costs and expenses		2,010		2,729
Amortization of deferred gain on reinsurance		4		4
Income from discontinued operations before income tax expense		634		156
Income tax expense		136		9
Income from discontinued operations, net of tax		498		147
Loss on disposition of operations		(4,315)		—
Income tax benefit		(224)		—
Loss on disposition of operations, net of tax		(4,091)		—
(Loss) income from discontinued operations, net of tax		$	(3,593)	$	147

Major classes of assets and liabilities disposed in transactions
($ in millions)	Closing (1)
Assets
Investments
Fixed income securities, at fair value	$	26,425
Equity securities, at fair value	11
Mortgage loans, net	2,662
Limited partnership interests	1,624
Short-term, at fair value	643
Other investments, net	690
Total investments	$	32,055
Cash	1,081
Deferred policy acquisitions costs	996
Reinsurance recoverables, net	1,979
Accrued investment income	240
Other assets	536
Separate accounts	3,465
Total assets	$	40,352
Liabilities
Reserve for future policy benefits	$	11,573
Contractholder funds	15,880
Deferred income taxes	834
Other liabilities and accrued expenses	452
Separate accounts	3,465
Total liabilities	$	32,204

(1)The Company closed the sales of Allstate Life Insurance Company of New York and Allstate Life Insurance Company and certain affiliates on October 1, 2021 and November 1, 2021, respectively.

Cash flows from discontinued operations
	For the years ended December 31,
($ in millions)		2021		2020
Net cash provided by operating activities from discontinued operations		$	634	$	311
Net cash provided by investing activities from discontinued operations		984		330