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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
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)202420232022
Revenues
Investment income, less investment expense$49 $45 $59 
Net gains (losses) on investments and derivatives(9)(28)(34)
Total revenues40 17 25 
Expenses
Interest expense411 396 351 
Pension and other postretirement remeasurement (gains) losses(21)12 179 
Pension and other postretirement (benefit) expense(36)55 (98)
Other operating expenses70 142 56 
Total expenses424 605 488 
Loss from operations before income tax benefit and equity in net income of subsidiaries(384)(588)(463)
Income tax benefit(97)(143)(103)
Loss before equity in net income of subsidiaries(287)(445)(360)
Equity in net income (loss) of subsidiaries
4,954 257 (929)
Net income (loss)4,667 (188)(1,289)
Preferred stock dividends117 128 105 
Net income (loss) applicable to common shareholders4,550 (316)(1,394)
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses(167)1,651 (2,853)
Unrealized foreign currency translation adjustments(47)67 (150)
Unamortized pension and other postretirement prior service credit(2)(16)(43)
Discount rate for reserve for future policy benefits
27 (10)228 
Other comprehensive (loss) income, after-tax(189)1,692 (2,818)
Less: change in unrealized net capital gains and losses related to noncontrolling interest
10 10 (20)
Comprehensive income (loss)$4,468 $1,494 $(4,087)
















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)20242023
Assets
Investments in subsidiaries$28,684 $24,388 
Fixed income securities, at fair value (amortized cost, net $639 and $1,027)
635 1,003 
Equity securities, at fair value (cost $1 and $0)
1 — 
Short-term investments, at fair value (amortized cost, net $507 and $297)
507 297 
Cash1 — 
Receivable from subsidiaries748 359 
Deferred income taxes48 90 
Other assets149 233 
Total assets30,773 26,370 
Liabilities
Debt8,085 7,585 
Pension and other postretirement benefit obligations170 237 
Deferred compensation360 341 
Notes due to subsidiaries350 — 
Dividends payable to shareholders281 270 
Other liabilities85 167 
Total liabilities9,331 8,600 
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 82.0 thousand shares issued and outstanding, $2,050 aggregate liquidation preference
2,001 2,001 
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 265 million and 262 million shares outstanding
9 9 
Additional capital paid-in4,029 3,854 
Retained income53,288 49,716 
Treasury stock, at cost (635 million and 638 million shares)
(36,996)(37,110)
Accumulated other comprehensive income:
Unrealized net capital gains and losses(771)(604)
Unrealized foreign currency translation adjustments(145)(98)
Unamortized pension and other postretirement prior service credit11 13 
Discount rate for reserve for future policy benefits
16 (11)
Total accumulated other comprehensive loss(889)(700)
Total Allstate shareholders’ equity21,442 17,770 
Total liabilities and equity$30,773 $26,370 














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)202420232022
Cash flows from operating activities
Net income (loss)$4,667 $(188)$(1,289)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net (income) loss of subsidiaries
(4,954)(257)929 
Dividends received from subsidiaries130 250 3,396 
Net (gains) losses on investments and derivatives9 28 34 
Pension and other postretirement remeasurement (gains) losses(21)12 179 
Changes in:
Pension and other postretirement benefits(36)55 (98)
Income taxes29 (78)(14)
Operating assets and liabilities109 43 76 
Net cash (used in) provided by operating activities(67)(135)3,213 
Cash flows from investing activities
Proceeds from sales of investments411 1,427 2,572 
Investment purchases(405)(50)(2,507)
Investment collections374 85 39 
Capital contribution or return of capital from subsidiaries325 975 145 
Disbursements for loans to subsidiaries
(380)— — 
Proceeds from loans to subsidiaries
26 — — 
Change in short-term investments, net(209)(7)6 
Net cash provided by investing activities142 2,430 255 
Cash flows from financing activities
Proceeds from borrowings from subsidiaries 350 — 1,000 
Repayment of notes due to subsidiaries— (1,000)(1,000)
Proceeds from issuance of debt495 743 — 
Redemption of preferred stock— (575)— 
Redemption and repayment of debt— (750)— 
Proceeds from issuance of preferred stock— 587 — 
Dividends paid on common stock(962)(925)(926)
Dividends paid on preferred stock(117)(107)(105)
Treasury stock purchases(2)(335)(2,520)
Shares reissued under equity incentive plans, net163 73 82 
Other(1)(6)— 
Net cash used in financing activities(74)(2,295)(3,469)
Net increase (decrease) in cash1 — (1)
Cash at beginning of year— — 1 
Cash at end of year$1 $— $— 








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 Securities and Exchange Commission, 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 14 “Capital Structure” are direct obligations of or guaranteed by the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 19 “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 May 14, 2024, the Registrant issued $350 million notes, with a rate of 5.57% due on May 14, 2025, to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes.
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 June 9, 2023, the Registrant repaid $1.00 billion to Kennett Capital Inc.
On June 18, 2021, the Registrant issued $1.00 billion notes, with a rate of 0.20%, due on June 18, 2022 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 17, 2022, the Registrant repaid $1.00 billion to Kennett Capital Inc.
3.    Supplemental Disclosures of Cash Flow Information
The Registrant paid $395 million, $355 million and $323 million of interest on debt in 2024, 2023 and 2022, respectively.