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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Volume and Fair Value Positions of Derivative Instruments
Summary of the volume and fair value positions of derivative instruments as of September 30, 2023
($ in millions, except number of contracts) 
Volume (1)
   
Balance sheet locationNotional amountNumber of contractsFair value, netGross assetGross liability
Asset derivatives      
Derivatives not designated as accounting hedging instruments   
 
 
Interest rate contracts    
 
 
FuturesOther assetsn/a10,126 $1 $1 $— 
Equity and index contracts    
 
 
FuturesOther assetsn/a1,451 1 1 — 
Foreign currency contracts    
 
 
Foreign currency forwardsOther investments$267 n/a3 5 (2)
Contingent consideration Other assets250 n/a113 113 — 
Credit default contracts    
 
 
Credit default swaps – buying protectionOther investments37 n/a— — — 
Total asset derivatives $554 11,577 $118 $120 $(2)
Liability derivatives      
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
FuturesOther liabilities & accrued expensesn/a5,312 $(2)$— $(2)
Equity and index contracts      
FuturesOther liabilities & accrued expensesn/a1,995 (1)— (1)
Foreign currency contracts      
Foreign currency forwardsOther liabilities & accrued expenses$354 n/a12 14 (2)
Credit default contracts      
Credit default swaps – buying protectionOther liabilities & accrued expenses567 n/a(5)1 (6)
Total liability derivatives 921 7,307 4 $15 $(11)
Total derivatives $1,475 18,884 $122   
(1)    Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Summary of the volume and fair value positions of derivative instruments as of December 31, 2022
($ in millions, except number of contracts) 
Volume (1)
   
Balance sheet locationNotional amountNumber of contractsFair value, netGross assetGross liability
Asset derivatives      
Derivatives not designated as accounting hedging instruments    
 
Interest rate contracts     
 
FuturesOther assetsn/a24,380 $3 $3 $— 
Equity and index contracts     
 
Futures Other assetsn/a343 — — — 
Foreign currency contracts     
 
Foreign currency forwardsOther investments$354 n/a1 14 (13)
Contingent considerationOther assets250 n/a103 103 — 
Credit default contracts    
 
Credit default swaps – buying protectionOther investments24 n/a— 1 (1)
Total asset derivatives $628 24,723 $107 $121 $(14)
Liability derivatives      
Derivatives not designated as accounting hedging instruments     
Interest rate contracts      
FuturesOther liabilities & accrued expensesn/a1,624 $— $— $— 
Equity and index contracts      
FuturesOther liabilities & accrued expensesn/a1,229 (1)— (1)
Foreign currency contracts      
Foreign currency forwardsOther liabilities & accrued expenses$283 n/a— 7 (7)
Credit default contracts      
Credit default swaps – buying protectionOther liabilities & accrued expenses525 n/a(3)1 (4)
Total liability derivatives 808 2,853 (4)$8 $(12)
Total derivatives $1,436 27,576 $103   
(1)    Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)
Schedule of Gross and Net Amounts for OTC Derivatives
Gross and net amounts for OTC derivatives (1)
($ in millions) Offsets   
Gross amountCounter-party nettingCash collateral (received) pledgedNet amount on balance sheetSecurities collateral (received) pledgedNet amount
September 30, 2023      
Asset derivatives$20 $(17)$1 $4 $— $4 
Liability derivatives(5)17 (13)(1)— (1)
December 31, 2022      
Asset derivatives$23 $(22)$— $1 $— $1 
Liability derivatives(22)22 (1)(1)— (1)
(1)All OTC derivatives are subject to enforceable master netting agreements.
Schedule of Gains (Losses) from Valuation and Settlements Reported on Derivatives Not Designated as Accounting Hedges
Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges
($ in millions)Net gains (losses) on investments and derivativesOperating costs and expensesTotal gain (loss) recognized in net income on derivatives
Three months ended September 30, 2023   
Interest rate contracts$5 $— $5 
Equity and index contracts10 (10)— 
Contingent consideration— 9 9 
Foreign currency contracts17 — 17 
Credit default contracts(1)— (1)
Total$31 $(1)$30 
Nine months ended September 30, 2023   
Interest rate contracts$(12)$— $(12)
Equity and index contracts(6)8 2 
Contingent consideration— 10 10 
Foreign currency contracts6 — 6 
Credit default contracts(16)— (16)
Total$(28)$18 $(10)
Three months ended September 30, 2022   
Interest rate contracts$260 $— $260 
Equity and index contracts9 (8)1 
Contingent consideration— (4)(4)
Foreign currency contracts40 (6)34 
Credit default contracts(10)— (10)
Other contracts— (1)(1)
Total$299 $(19)$280 
Nine months ended September 30, 2022   
Interest rate contracts$734 $— $734 
Equity and index contracts65 (55)10 
Contingent consideration— 39 39 
Foreign currency contracts84 (8)76 
Credit default contracts6 — 6 
Other contracts— (1)(1)
Total$889 $(25)$864 
Schedule of OTC Cash and Securities Collateral Pledged
OTC cash and securities collateral pledged
($ in millions)September 30, 2023
Pledged by the Company$4 
Pledged to the Company (1)
16 
(1) No collateral was posted under MNAs for contracts containing credit-risk-contingent provisions that are in a liability provision.
Schedule of OTC Derivatives Counterparty Credit Exposure by Counterparty Credit Rating
OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)September 30, 2023December 31, 2022
Rating (1)
Number of
counter-
parties
Notional
amount (2)
Credit
exposure (2)
Exposure, net of collateral (2)
Number of
counter-
parties
Notional
amount (2)
Credit
exposure (2)
Exposure, net of collateral (2)
A+4 $672 $15 $— 1 $128 $5 $— 
A— — — — 1 192 7 — 
Total4 $672 $15 $— 2 $320 $12 $— 
(1)    Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings.
(2)    Only OTC derivatives with a net positive fair value are included for each counterparty.
Schedule of Exchange Traded and Cleared Margin Deposits
Exchange traded and cleared margin deposits
($ in millions)September 30, 2023
Pledged by the Company$178 
Received by the Company
— 
Schedule of Fair Value of Instruments with Credit-Risk-Contingent Features The following table summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs.
($ in millions)September 30, 2023December 31, 2022
Gross liability fair value of contracts containing credit-risk-contingent features$4 $21 
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs(4)(11)
Collateral posted under MNAs for contracts containing credit-risk-contingent features— (10)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently$— $—