000089905112/312023Q1FALSEhttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://fasb.org/us-gaap/2022#NetInvestmentIncomehttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperationshttp://www.allstate.com/20230331#RealizedInvestmentGainsLossesContinuingOperations00008990512023-01-012023-03-310000899051exch:XCHIus-gaap:CommonStockMember2023-01-012023-03-310000899051exch:XNYSus-gaap:CommonStockMember2023-01-012023-03-310000899051exch:XNYSall:SubordinatedDebenturesDue2053At5.10PercentMember2023-01-012023-03-310000899051exch:XNYSus-gaap:SeriesHPreferredStockMember2023-01-012023-03-310000899051exch:XNYSall:SeriesIPreferredStockMember2023-01-012023-03-3100008990512023-04-17xbrli:shares0000899051us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-01-012023-03-31iso4217:USD0000899051us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2022-01-012022-03-310000899051all:AccidentHealthAndLifeInsuranceProductLineMember2023-01-012023-03-310000899051all:AccidentHealthAndLifeInsuranceProductLineMember2022-01-012022-03-3100008990512022-01-012022-03-31iso4217:USDxbrli:shares00008990512023-03-3100008990512022-12-310000899051us-gaap:PreferredStockMember2023-03-310000899051us-gaap:PreferredStockMember2022-03-310000899051us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-03-310000899051us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2022-03-310000899051us-gaap:CommonStockMember2023-03-310000899051us-gaap:CommonStockMember2022-03-310000899051us-gaap:AdditionalPaidInCapitalMember2022-12-310000899051us-gaap:AdditionalPaidInCapitalMember2021-12-310000899051us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000899051us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000899051us-gaap:AdditionalPaidInCapitalMember2023-03-310000899051us-gaap:AdditionalPaidInCapitalMember2022-03-310000899051us-gaap:RetainedEarningsMember2022-12-310000899051us-gaap:RetainedEarningsMember2021-12-310000899051us-gaap:RetainedEarningsMember2023-01-012023-03-310000899051us-gaap:RetainedEarningsMember2022-01-012022-03-310000899051us-gaap:RetainedEarningsMember2023-03-310000899051us-gaap:RetainedEarningsMember2022-03-310000899051us-gaap:TreasuryStockCommonMember2022-12-310000899051us-gaap:TreasuryStockCommonMember2021-12-310000899051us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000899051us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000899051us-gaap:TreasuryStockCommonMember2023-03-310000899051us-gaap:TreasuryStockCommonMember2022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-3100008990512022-03-310000899051us-gaap:NoncontrollingInterestMember2022-12-310000899051us-gaap:NoncontrollingInterestMember2021-12-310000899051us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000899051us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000899051us-gaap:NoncontrollingInterestMember2023-03-310000899051us-gaap:NoncontrollingInterestMember2022-03-3100008990512021-12-310000899051us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000899051srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310000899051all:AllstateAccidentAndHealthMembersrt:ScenarioPreviouslyReportedMember2020-12-310000899051srt:ScenarioPreviouslyReportedMemberall:TraditionalLifeInsuranceMember2020-12-310000899051srt:ScenarioPreviouslyReportedMember2020-12-310000899051all:AllstateAccidentAndHealthMemberall:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfTheRemeasurementOfTheReserveAtUpperMediumGradeFixedIncomeBasedRateMember2020-12-310000899051all:TraditionalLifeInsuranceMemberall:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfTheRemeasurementOfTheReserveAtUpperMediumGradeFixedIncomeBasedRateMember2020-12-310000899051all:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfTheRemeasurementOfTheReserveAtUpperMediumGradeFixedIncomeBasedRateMember2020-12-310000899051all:AllstateAccidentAndHealthMemberall:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForContractsMember2020-12-310000899051all:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForContractsMemberall:TraditionalLifeInsuranceMember2020-12-310000899051all:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForContractsMember2020-12-310000899051srt:RestatementAdjustmentMemberall:AllstateAccidentAndHealthMember2020-12-310000899051srt:RestatementAdjustmentMemberall:TraditionalLifeInsuranceMember2020-12-310000899051srt:RestatementAdjustmentMember2020-12-310000899051all:AllstateAccidentAndHealthMember2020-12-310000899051all:TraditionalLifeInsuranceMember2020-12-3100008990512020-12-310000899051all:TraditionalLifeInsuranceReclassifiedFromContractholderFundsMember2020-12-310000899051all:AllstateAccidentAndHealthMemberall:EffectOfApplicationOfAccountingStandardsUpdate201812EffectOfTheRemeasurementOfTheReserveAtUpperMediumGradeFixedIncomeBasedRateMember2022-03-310000899051all:AllstateAccidentAndHealthMemberall:EffectOfApplicationOfAccountingStandardsUpdate201812AdjustmentsForContractsMember2022-03-310000899051us-gaap:InterestSensitiveLifeMembersrt:ScenarioPreviouslyReportedMember2020-12-310000899051us-gaap:InterestSensitiveLifeMembersrt:RestatementAdjustmentMember2020-12-310000899051us-gaap:InterestSensitiveLifeMember2020-12-310000899051all:AccidentHealthAndLifeInsuranceProductLineMembersrt:ScenarioPreviouslyReportedMember2022-01-012022-03-310000899051all:AccidentHealthAndLifeInsuranceProductLineMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-03-310000899051srt:ScenarioPreviouslyReportedMember2022-01-012022-03-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-03-310000899051srt:ScenarioPreviouslyReportedMember2022-12-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-12-310000899051us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2021-12-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberus-gaap:RetainedEarningsMember2021-12-310000899051us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2022-01-012022-03-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberus-gaap:RetainedEarningsMember2022-01-012022-03-310000899051us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2022-03-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMemberus-gaap:RetainedEarningsMember2022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2021-12-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2021-12-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2022-01-012022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-01-012022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2022-03-310000899051us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-03-310000899051srt:ScenarioPreviouslyReportedMember2022-03-310000899051srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2022-03-310000899051us-gaap:OperatingSegmentsMemberall:AllstateProtectionMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberall:AllstateProtectionMember2022-01-012022-03-310000899051all:RunOffPropertyLiabilityMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000899051all:RunOffPropertyLiabilityMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000899051us-gaap:OperatingSegmentsMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051us-gaap:OperatingSegmentsMemberall:ProtectionServicesMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberall:ProtectionServicesMember2022-01-012022-03-310000899051us-gaap:OperatingSegmentsMemberall:AllstateHealthAndBenefitsMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberall:AllstateHealthAndBenefitsMember2022-01-012022-03-310000899051us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2022-01-012022-03-310000899051all:PropertyLiabilityMemberus-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310000899051all:PropertyLiabilityMemberus-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310000899051us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310000899051us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310000899051all:PropertyLiabilityMember2023-01-012023-03-310000899051all:PropertyLiabilityMember2022-01-012022-03-310000899051all:AutoMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051all:AutoMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051all:HomeOwnersMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051all:HomeOwnersMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051all:OtherPersonalLinesMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051all:OtherPersonalLinesMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051all:OtherBusinessLinesMemberall:PropertyLiabilityMember2023-01-012023-03-310000899051all:OtherBusinessLinesMemberall:PropertyLiabilityMember2022-01-012022-03-310000899051all:AllStateProtectionMember2023-01-012023-03-310000899051all:AllStateProtectionMember2022-01-012022-03-310000899051all:RunOffPropertyLiabilityMember2023-01-012023-03-310000899051all:RunOffPropertyLiabilityMember2022-01-012022-03-310000899051all:ProtectionPlansMemberall:ServiceBusinessMember2023-01-012023-03-310000899051all:ProtectionPlansMemberall:ServiceBusinessMember2022-01-012022-03-310000899051all:RoadsideAssistanceMemberall:ServiceBusinessMember2023-01-012023-03-310000899051all:RoadsideAssistanceMemberall:ServiceBusinessMember2022-01-012022-03-310000899051all:FinanceAndInsuranceProductsMemberall:ServiceBusinessMember2023-01-012023-03-310000899051all:FinanceAndInsuranceProductsMemberall:ServiceBusinessMember2022-01-012022-03-310000899051all:ServiceBusinessMember2023-01-012023-03-310000899051all:ServiceBusinessMember2022-01-012022-03-310000899051us-gaap:OperatingSegmentsMemberall:ServiceBusinessMember2023-01-012023-03-310000899051us-gaap:OperatingSegmentsMemberall:ServiceBusinessMember2022-01-012022-03-310000899051all:EmployerVoluntaryBenefitsMemberall:AllstateHealthAndBenefitsMember2023-01-012023-03-310000899051all:EmployerVoluntaryBenefitsMemberall:AllstateHealthAndBenefitsMember2022-01-012022-03-310000899051all:GroupHealthMemberall:AllstateHealthAndBenefitsMember2023-01-012023-03-310000899051all:GroupHealthMemberall:AllstateHealthAndBenefitsMember2022-01-012022-03-310000899051all:IndividualHealthMemberall:AllstateHealthAndBenefitsMember2023-01-012023-03-310000899051all:IndividualHealthMemberall:AllstateHealthAndBenefitsMember2022-01-012022-03-310000899051all:AllstateHealthAndBenefitsMember2023-01-012023-03-310000899051all:AllstateHealthAndBenefitsMember2022-01-012022-03-310000899051us-gaap:IntersegmentEliminationMember2023-01-012023-03-310000899051us-gaap:IntersegmentEliminationMember2022-01-012022-03-310000899051us-gaap:USTreasuryAndGovernmentMember2023-03-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000899051us-gaap:CorporateDebtSecuritiesMember2023-03-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMember2023-03-310000899051us-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:USTreasuryAndGovernmentMember2022-12-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000899051us-gaap:CorporateDebtSecuritiesMember2022-12-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMember2022-12-310000899051us-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:FixedIncomeSecuritiesMember2023-01-012023-03-310000899051us-gaap:FixedIncomeSecuritiesMember2022-01-012022-03-310000899051us-gaap:EquitySecuritiesMember2023-01-012023-03-310000899051us-gaap:EquitySecuritiesMember2022-01-012022-03-310000899051us-gaap:MortgagesMember2023-01-012023-03-310000899051us-gaap:MortgagesMember2022-01-012022-03-310000899051srt:PartnershipInterestMember2023-01-012023-03-310000899051srt:PartnershipInterestMember2022-01-012022-03-310000899051us-gaap:ShortTermInvestmentsMember2023-01-012023-03-310000899051us-gaap:ShortTermInvestmentsMember2022-01-012022-03-310000899051us-gaap:OtherThanSecuritiesInvestmentMember2023-01-012023-03-310000899051us-gaap:OtherThanSecuritiesInvestmentMember2022-01-012022-03-310000899051us-gaap:DerivativeMember2023-01-012023-03-310000899051us-gaap:DerivativeMember2022-01-012022-03-310000899051us-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000899051us-gaap:CorporateDebtSecuritiesMember2022-01-012022-03-310000899051all:BankLoansMember2023-01-012023-03-310000899051all:BankLoansMember2022-01-012022-03-310000899051us-gaap:EquityMethodInvestmentsMember2023-01-012023-03-310000899051all:PrivateEquityMemberus-gaap:EquityMethodInvestmentsMember2023-03-310000899051srt:PartnershipInterestMemberall:PrivateEquityMember2023-03-310000899051all:PrivateEquityMember2023-03-310000899051all:PrivateEquityMemberus-gaap:EquityMethodInvestmentsMember2022-12-310000899051srt:PartnershipInterestMemberall:PrivateEquityMember2022-12-310000899051all:PrivateEquityMember2022-12-310000899051us-gaap:RealEstateLoanMemberus-gaap:EquityMethodInvestmentsMember2023-03-310000899051srt:PartnershipInterestMemberus-gaap:RealEstateLoanMember2023-03-310000899051us-gaap:RealEstateLoanMember2023-03-310000899051us-gaap:RealEstateLoanMemberus-gaap:EquityMethodInvestmentsMember2022-12-310000899051srt:PartnershipInterestMemberus-gaap:RealEstateLoanMember2022-12-310000899051us-gaap:RealEstateLoanMember2022-12-310000899051us-gaap:OtherInvestmentsMemberus-gaap:EquityMethodInvestmentsMember2023-03-310000899051srt:PartnershipInterestMemberus-gaap:OtherInvestmentsMember2023-03-310000899051us-gaap:OtherInvestmentsMember2023-03-310000899051us-gaap:OtherInvestmentsMemberus-gaap:EquityMethodInvestmentsMember2022-12-310000899051srt:PartnershipInterestMemberus-gaap:OtherInvestmentsMember2022-12-310000899051us-gaap:OtherInvestmentsMember2022-12-310000899051us-gaap:EquityMethodInvestmentsMember2023-03-310000899051srt:PartnershipInterestMember2023-03-310000899051us-gaap:EquityMethodInvestmentsMember2022-12-310000899051srt:PartnershipInterestMember2022-12-310000899051all:BankLoansMember2023-03-310000899051all:BankLoansMember2022-12-310000899051us-gaap:PolicyLoansMember2023-03-310000899051us-gaap:PolicyLoansMember2022-12-310000899051us-gaap:DerivativeMember2023-03-310000899051us-gaap:DerivativeMember2022-12-310000899051us-gaap:FixedIncomeSecuritiesMember2023-03-310000899051us-gaap:FixedIncomeSecuritiesMember2022-12-310000899051us-gaap:FixedIncomeSecuritiesMember2021-12-310000899051us-gaap:FixedIncomeSecuritiesMember2022-03-310000899051us-gaap:CorporateDebtSecuritiesMember2022-03-310000899051us-gaap:AssetBackedSecuritiesMember2022-03-31all:contract0000899051all:InvestmentGradeFixedIncomeSecuritiesMember2023-03-310000899051all:BelowInvestmentGradeFixedIncomeSecuritiesMember2023-03-310000899051all:InvestmentGradeFixedIncomeSecuritiesMember2022-12-310000899051all:BelowInvestmentGradeFixedIncomeSecuritiesMember2022-12-310000899051us-gaap:MortgagesMember2023-03-310000899051us-gaap:MortgagesMember2022-12-310000899051all:BankLoansMember2023-03-310000899051all:BankLoansMember2022-12-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Memberall:Acquisition2018AndPriorMember2023-03-310000899051all:Acquisition2019Memberus-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Memberall:Acquisition2020Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Memberall:Acquisition2021Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Memberall:Acquisition2022Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Memberall:AcquisitionCurrentMember2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1Member2022-12-310000899051us-gaap:MortgagesMemberall:Acquisition2018AndPriorMemberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051all:Acquisition2019Memberus-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2020Memberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2021Memberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2022Memberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:AcquisitionCurrentMemberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1To1.25Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1To1.25Member2022-12-310000899051us-gaap:MortgagesMemberall:Acquisition2018AndPriorMemberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051all:Acquisition2019Memberus-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2020Memberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2021Memberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2022Memberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:AcquisitionCurrentMemberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1.26To1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioBelow1.26To1.5Member2022-12-310000899051us-gaap:MortgagesMemberall:Acquisition2018AndPriorMemberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051all:Acquisition2019Memberus-gaap:MortgagesMemberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2020Memberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2021Memberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2022Memberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:AcquisitionCurrentMemberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioabove1.5Member2023-03-310000899051us-gaap:MortgagesMemberall:DebtServiceCoverageRatioabove1.5Member2022-12-310000899051us-gaap:MortgagesMemberall:Acquisition2018AndPriorMember2023-03-310000899051all:Acquisition2019Memberus-gaap:MortgagesMember2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2020Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2021Member2023-03-310000899051us-gaap:MortgagesMemberall:Acquisition2022Member2023-03-310000899051us-gaap:MortgagesMemberall:AcquisitionCurrentMember2023-03-310000899051us-gaap:MortgagesMember2023-03-310000899051us-gaap:MortgagesMember2022-12-310000899051us-gaap:MortgagesMember2021-12-310000899051us-gaap:MortgagesMember2022-03-310000899051all:BankLoansMemberall:Acquisition2018AndPriorMembersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2019Membersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2020Membersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2021Membersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2022Membersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMemberall:AcquisitionCurrentMembersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBBBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBBBRatingMember2022-12-310000899051all:BankLoansMemberall:Acquisition2018AndPriorMembersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBBRatingMemberall:Acquisition2019Member2023-03-310000899051all:BankLoansMemberall:Acquisition2020Membersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2021Membersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2022Membersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMemberall:AcquisitionCurrentMembersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBBRatingMember2022-12-310000899051all:BankLoansMemberall:Acquisition2018AndPriorMembersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBRatingMemberall:Acquisition2019Member2023-03-310000899051all:BankLoansMemberall:Acquisition2020Membersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2021Membersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2022Membersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMemberall:AcquisitionCurrentMembersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsBRatingMember2022-12-310000899051all:BankLoansMemberall:Acquisition2018AndPriorMembersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsCCCMinusRatingMemberall:Acquisition2019Member2023-03-310000899051all:BankLoansMemberall:Acquisition2020Membersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2021Membersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMemberall:Acquisition2022Membersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMemberall:AcquisitionCurrentMembersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsCCCMinusRatingMember2023-03-310000899051all:BankLoansMembersrt:StandardPoorsCCCMinusRatingMember2022-12-310000899051all:BankLoansMemberall:Acquisition2018AndPriorMember2023-03-310000899051all:BankLoansMemberall:Acquisition2019Member2023-03-310000899051all:BankLoansMemberall:Acquisition2020Member2023-03-310000899051all:BankLoansMemberall:Acquisition2021Member2023-03-310000899051all:Acquisition2022Memberall:BankLoansMember2023-03-310000899051all:BankLoansMemberall:AcquisitionCurrentMember2023-03-310000899051all:BankLoansMember2021-12-310000899051all:BankLoansMember2023-01-012023-03-310000899051all:BankLoansMember2022-01-012022-03-310000899051all:BankLoansMember2022-03-310000899051srt:MinimumMembersrt:PartnershipInterestMember2023-01-012023-03-310000899051srt:PartnershipInterestMembersrt:MaximumMember2023-01-012023-03-310000899051srt:PartnershipInterestMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2023-03-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMember2023-03-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-03-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-03-310000899051us-gaap:FairValueMeasurementsNonrecurringMember2023-03-310000899051us-gaap:FairValueInputsLevel1Member2023-03-310000899051us-gaap:FairValueInputsLevel2Member2023-03-310000899051us-gaap:FairValueInputsLevel3Member2023-03-31xbrli:pure0000899051us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310000899051us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-03-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051all:CorporateDebtSecuritiesPublicMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2022-12-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberall:CorporateDebtSecuritiesPrivatePlacementMember2022-12-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:FairValueMeasurementsRecurringMember2022-12-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000899051us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000899051us-gaap:FairValueMeasurementsNonrecurringMember2022-12-310000899051us-gaap:FairValueInputsLevel1Member2022-12-310000899051us-gaap:FairValueInputsLevel2Member2022-12-310000899051us-gaap:FairValueInputsLevel3Member2022-12-310000899051us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000899051us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-12-310000899051all:FixedIncomeSecuritiesValuedBasedOnNonbindingBrokerQuotesMember2023-03-310000899051all:FixedIncomeSecuritiesValuedBasedOnNonbindingBrokerQuotesMember2022-12-310000899051all:MunicipalNotRatedByThirdPartyCreditRatingAgenciesMember2023-03-310000899051all:MunicipalNotRatedByThirdPartyCreditRatingAgenciesMember2022-12-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-03-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000899051all:CorporateDebtSecuritiesPublicMember2022-12-310000899051all:CorporateDebtSecuritiesPublicMember2023-01-012023-03-310000899051all:CorporateDebtSecuritiesPublicMember2023-03-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2022-12-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2023-01-012023-03-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2023-03-310000899051us-gaap:AssetBackedSecuritiesMember2022-12-310000899051us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000899051us-gaap:AssetBackedSecuritiesMember2023-03-310000899051us-gaap:FixedIncomeSecuritiesMember2022-12-310000899051us-gaap:FixedIncomeSecuritiesMember2023-01-012023-03-310000899051us-gaap:FixedIncomeSecuritiesMember2023-03-310000899051us-gaap:EquitySecuritiesMember2022-12-310000899051us-gaap:EquitySecuritiesMember2023-01-012023-03-310000899051us-gaap:EquitySecuritiesMember2023-03-310000899051us-gaap:ShortTermInvestmentsMember2022-12-310000899051us-gaap:ShortTermInvestmentsMember2023-01-012023-03-310000899051us-gaap:ShortTermInvestmentsMember2023-03-310000899051us-gaap:OtherInvestmentsMember2023-01-012023-03-310000899051us-gaap:OtherAssetsMember2022-12-310000899051us-gaap:OtherAssetsMember2023-01-012023-03-310000899051us-gaap:OtherAssetsMember2023-03-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2022-01-012022-03-310000899051us-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-310000899051all:CorporateDebtSecuritiesPublicMember2021-12-310000899051all:CorporateDebtSecuritiesPublicMember2022-01-012022-03-310000899051all:CorporateDebtSecuritiesPublicMember2022-03-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2021-12-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2022-01-012022-03-310000899051all:CorporateDebtSecuritiesPrivatePlacementMember2022-03-310000899051us-gaap:AssetBackedSecuritiesMember2021-12-310000899051us-gaap:AssetBackedSecuritiesMember2022-01-012022-03-310000899051us-gaap:AssetBackedSecuritiesMember2022-03-310000899051us-gaap:FixedIncomeSecuritiesMember2021-12-310000899051us-gaap:FixedIncomeSecuritiesMember2022-01-012022-03-310000899051us-gaap:FixedIncomeSecuritiesMember2022-03-310000899051us-gaap:EquitySecuritiesMember2021-12-310000899051us-gaap:EquitySecuritiesMember2022-01-012022-03-310000899051us-gaap:EquitySecuritiesMember2022-03-310000899051us-gaap:ShortTermInvestmentsMember2021-12-310000899051us-gaap:ShortTermInvestmentsMember2022-01-012022-03-310000899051us-gaap:ShortTermInvestmentsMember2022-03-310000899051us-gaap:OtherInvestmentsMember2021-12-310000899051us-gaap:OtherInvestmentsMember2022-01-012022-03-310000899051us-gaap:OtherInvestmentsMember2022-03-310000899051us-gaap:OtherAssetsMember2021-12-310000899051us-gaap:OtherAssetsMember2022-01-012022-03-310000899051us-gaap:OtherAssetsMember2022-03-310000899051all:NetInvestmentIncomeMember2023-01-012023-03-310000899051all:NetInvestmentIncomeMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMember2023-01-012023-03-3100008990512021-01-012021-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000899051us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-03-310000899051us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000899051us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310000899051us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-03-310000899051us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000899051us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-12-310000899051all:InterestRateFinancialFuturesContractsMemberus-gaap:NondesignatedMember2023-03-310000899051us-gaap:NondesignatedMemberall:EquityAndIndexContractsFinancialFuturesContractsMember2023-03-310000899051us-gaap:NondesignatedMemberall:ForeignCurrencyForwardsMember2023-03-310000899051all:ContingentConsiderationDerivativeMemberus-gaap:NondesignatedMember2023-03-310000899051us-gaap:CreditDefaultSwapBuyingProtectionMemberus-gaap:NondesignatedMember2023-03-310000899051all:InterestRateFinancialFuturesContractsMemberus-gaap:NondesignatedMember2022-12-310000899051us-gaap:NondesignatedMemberall:EquityAndIndexContractsFinancialFuturesContractsMember2022-12-310000899051us-gaap:NondesignatedMemberall:ForeignCurrencyForwardsMember2022-12-310000899051all:ContingentConsiderationDerivativeMemberus-gaap:NondesignatedMember2022-12-310000899051us-gaap:CreditDefaultSwapBuyingProtectionMemberus-gaap:NondesignatedMember2022-12-310000899051us-gaap:OverTheCounterMember2023-03-310000899051us-gaap:OverTheCounterMember2022-12-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:InterestRateContractMember2023-01-012023-03-310000899051us-gaap:InterestRateContractMemberall:OtherCostAndExpenseOperatingMember2023-01-012023-03-310000899051us-gaap:InterestRateContractMember2023-01-012023-03-310000899051all:RealizedCapitalGainsAndLossesMemberall:EquityAndIndexContractMember2023-01-012023-03-310000899051all:OtherCostAndExpenseOperatingMemberall:EquityAndIndexContractMember2023-01-012023-03-310000899051all:EquityAndIndexContractMember2023-01-012023-03-310000899051all:RealizedCapitalGainsAndLossesMemberall:ContingentConsiderationDerivativeMember2023-01-012023-03-310000899051all:ContingentConsiderationDerivativeMemberall:OtherCostAndExpenseOperatingMember2023-01-012023-03-310000899051all:ContingentConsiderationDerivativeMember2023-01-012023-03-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-03-310000899051all:OtherCostAndExpenseOperatingMemberus-gaap:ForeignExchangeContractMember2023-01-012023-03-310000899051us-gaap:ForeignExchangeContractMember2023-01-012023-03-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:CreditDefaultSwapMember2023-01-012023-03-310000899051us-gaap:CreditDefaultSwapMemberall:OtherCostAndExpenseOperatingMember2023-01-012023-03-310000899051us-gaap:CreditDefaultSwapMember2023-01-012023-03-310000899051all:OtherCostAndExpenseOperatingMember2023-01-012023-03-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:InterestRateContractMember2022-01-012022-03-310000899051us-gaap:InterestRateContractMemberall:OtherCostAndExpenseOperatingMember2022-01-012022-03-310000899051us-gaap:InterestRateContractMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMemberall:EquityAndIndexContractMember2022-01-012022-03-310000899051all:OtherCostAndExpenseOperatingMemberall:EquityAndIndexContractMember2022-01-012022-03-310000899051all:EquityAndIndexContractMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMemberall:ContingentConsiderationDerivativeMember2022-01-012022-03-310000899051all:ContingentConsiderationDerivativeMemberall:OtherCostAndExpenseOperatingMember2022-01-012022-03-310000899051all:ContingentConsiderationDerivativeMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-03-310000899051all:OtherCostAndExpenseOperatingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-03-310000899051us-gaap:ForeignExchangeContractMember2022-01-012022-03-310000899051all:RealizedCapitalGainsAndLossesMemberus-gaap:CreditDefaultSwapMember2022-01-012022-03-310000899051us-gaap:CreditDefaultSwapMemberall:OtherCostAndExpenseOperatingMember2022-01-012022-03-310000899051us-gaap:CreditDefaultSwapMember2022-01-012022-03-310000899051all:OtherCostAndExpenseOperatingMember2022-01-012022-03-310000899051srt:StandardPoorsAPlusRatingMember2023-03-31all:counter-party0000899051srt:StandardPoorsAPlusRatingMember2022-12-310000899051srt:StandardPoorsARatingMember2023-03-310000899051srt:StandardPoorsARatingMember2022-12-310000899051us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310000899051us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000899051us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberall:AllstateProtectionMember2023-01-012023-03-310000899051us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberall:AllstateProtectionMember2022-01-012022-03-310000899051all:PropertyAndCasualtyMember2022-12-310000899051all:PropertyAndCasualtyMember2021-12-310000899051all:PropertyAndCasualtyMember2023-01-012023-03-310000899051all:PropertyAndCasualtyMember2022-01-012022-03-310000899051all:PropertyAndCasualtyMember2023-03-310000899051all:PropertyAndCasualtyMember2022-03-310000899051us-gaap:CatastropheMember2023-01-012023-03-310000899051us-gaap:CatastropheMember2022-01-012022-03-310000899051all:AutoMemberall:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:AutoMemberall:NonCatastropheReestimatesMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberall:AutoMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberall:AutoMember2022-01-012022-03-310000899051all:AutoMember2023-01-012023-03-310000899051all:AutoMember2022-01-012022-03-310000899051all:HomeOwnersMemberall:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:HomeOwnersMemberall:NonCatastropheReestimatesMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberall:HomeOwnersMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberall:HomeOwnersMember2022-01-012022-03-310000899051all:HomeOwnersMember2023-01-012023-03-310000899051all:HomeOwnersMember2022-01-012022-03-310000899051all:OtherPersonalLinesMemberall:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:OtherPersonalLinesMemberall:NonCatastropheReestimatesMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberall:OtherPersonalLinesMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberall:OtherPersonalLinesMember2022-01-012022-03-310000899051all:OtherPersonalLinesMember2023-01-012023-03-310000899051all:OtherPersonalLinesMember2022-01-012022-03-310000899051all:NonCatastropheReestimatesMemberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-01-012023-03-310000899051all:NonCatastropheReestimatesMemberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberus-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-01-012022-03-310000899051us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2023-01-012023-03-310000899051us-gaap:PropertyAndCasualtyCommercialInsuranceProductLineMember2022-01-012022-03-310000899051all:OtherBusinessLinesMemberall:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:OtherBusinessLinesMemberall:NonCatastropheReestimatesMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberall:OtherBusinessLinesMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberall:OtherBusinessLinesMember2022-01-012022-03-310000899051all:OtherBusinessLinesMember2023-01-012023-03-310000899051all:OtherBusinessLinesMember2022-01-012022-03-310000899051all:RunOffPropertyLiabilityMemberall:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:RunOffPropertyLiabilityMemberall:NonCatastropheReestimatesMember2022-01-012022-03-310000899051us-gaap:CatastropheMemberall:RunOffPropertyLiabilityMember2023-01-012023-03-310000899051us-gaap:CatastropheMemberall:RunOffPropertyLiabilityMember2022-01-012022-03-310000899051all:RunOffPropertyLiabilityMember2023-01-012023-03-310000899051all:RunOffPropertyLiabilityMember2022-01-012022-03-310000899051all:NonCatastropheReestimatesMember2023-01-012023-03-310000899051all:NonCatastropheReestimatesMember2022-01-012022-03-310000899051all:AllstateAccidentAndHealthMember2022-12-310000899051all:AllstateAccidentAndHealthMember2021-12-310000899051all:TraditionalLifeInsuranceMember2022-12-310000899051all:TraditionalLifeInsuranceMember2021-12-310000899051all:AllstateAccidentAndHealthMember2023-01-012023-03-310000899051all:AllstateAccidentAndHealthMember2022-01-012022-03-310000899051all:TraditionalLifeInsuranceMember2023-01-012023-03-310000899051all:TraditionalLifeInsuranceMember2022-01-012022-03-310000899051all:AllstateAccidentAndHealthMember2023-03-310000899051all:AllstateAccidentAndHealthMember2022-03-310000899051all:TraditionalLifeInsuranceMember2023-03-310000899051all:TraditionalLifeInsuranceMember2022-03-310000899051all:AllstateAccidentAndHealthMemberus-gaap:MeasurementInputLapseRateMember2023-03-310000899051all:AllstateAccidentAndHealthMemberus-gaap:MeasurementInputLapseRateMember2022-03-310000899051us-gaap:MeasurementInputLapseRateMemberall:TraditionalLifeInsuranceMember2023-03-310000899051us-gaap:MeasurementInputLapseRateMemberall:TraditionalLifeInsuranceMember2022-03-310000899051us-gaap:InterestSensitiveLifeMember2023-03-310000899051us-gaap:InterestSensitiveLifeMember2022-03-310000899051us-gaap:FixedAnnuityMember2023-03-310000899051us-gaap:FixedAnnuityMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MinimumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membersrt:MaximumMember2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Membersrt:MaximumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2023-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Membersrt:MaximumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2023-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Membersrt:MaximumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Membersrt:MinimumMember2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Membersrt:MaximumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2023-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Membersrt:MaximumMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2023-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Membersrt:MaximumMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromLessThan0300Member2022-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Membersrt:MaximumMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0349Member2022-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Membersrt:MaximumMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0350To0399Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Membersrt:MinimumMember2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Membersrt:MaximumMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400To0449Member2022-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Membersrt:MaximumMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0450To0499Member2022-03-310000899051srt:MinimumMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0500AndGreaterMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberall:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2022-03-310000899051all:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromNonAccountBalancesMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2022-03-310000899051us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2022-03-310000899051us-gaap:AccidentAndHealthInsuranceSegmentMember2023-01-012023-03-310000899051us-gaap:AccidentAndHealthInsuranceSegmentMember2022-01-012022-03-310000899051all:PropertyLiabilityInsuranceClaimsAndClaimsExpenseMember2023-01-012023-03-310000899051all:PropertyLiabilityInsuranceClaimsAndClaimsExpenseMember2022-01-012022-03-310000899051all:AccidentHealthAndOtherMember2023-01-012023-03-310000899051all:AccidentHealthAndOtherMember2022-01-012022-03-310000899051all:AllstateAccidentAndHealthMember2023-03-310000899051all:AllstateAccidentAndHealthMember2022-12-310000899051all:AllstateAccidentAndHealthMember2021-12-310000899051all:AllstateAccidentAndHealthMember2023-01-012023-03-310000899051all:AllstateAccidentAndHealthMember2022-01-012022-03-310000899051all:AllstateAccidentAndHealthMember2022-03-310000899051us-gaap:InterestSensitiveLifeMember2022-12-310000899051us-gaap:InterestSensitiveLifeMember2023-01-012023-03-310000899051us-gaap:InterestSensitiveLifeMember2021-12-310000899051us-gaap:InterestSensitiveLifeMember2022-01-012022-03-310000899051us-gaap:SeniorNotesMember2023-03-292023-03-290000899051us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:SeniorNotesMember2023-03-292023-03-290000899051all:SeniorNotesDue2033At525PercentMemberus-gaap:SeniorNotesMember2023-03-310000899051us-gaap:SeniorNotesMember2023-03-312023-03-310000899051us-gaap:SubsequentEventMemberall:SeriesGNoncumulativePreferredStockMember2023-04-172023-04-170000899051us-gaap:SubsequentEventMemberall:SeriesGNoncumulativePreferredStockMember2023-04-170000899051us-gaap:SubsequentEventMember2023-04-172023-04-170000899051us-gaap:EmployeeSeveranceMember2022-12-310000899051us-gaap:FacilityClosingMember2022-12-310000899051us-gaap:EmployeeSeveranceMember2023-01-012023-03-310000899051us-gaap:FacilityClosingMember2023-01-012023-03-310000899051us-gaap:EmployeeSeveranceMember2023-03-310000899051us-gaap:FacilityClosingMember2023-03-310000899051srt:MinimumMember2023-01-012023-03-310000899051srt:MaximumMember2023-01-012023-03-310000899051all:HollandHewittVAllstateLifeInsuranceCompanyMember2023-03-31all:claim0000899051us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000899051us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000899051us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000899051us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000899051us-gaap:PensionPlansDefinedBenefitMember2023-03-310000899051us-gaap:PensionPlansDefinedBenefitMember2022-12-310000899051us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000899051us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000899051us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310000899051us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310000899051us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000899051us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000899051all:AccumulatedFuturePolicyBenefitAdjustmentDiscountRateParentMember2023-01-012023-03-310000899051all:AccumulatedFuturePolicyBenefitAdjustmentDiscountRateParentMember2022-01-012022-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 1-11840
all_line_ver_notag_rgb_pos.jpg

THE ALLSTATE CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
36-3871531
 
 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 
 
3100 Sanders Road, Northbrook, Illinois    60062
(Address of principal executive offices)    (Zip Code)
Registrant’s telephone number, including area code: (847) 402-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange
on which registered
Common Stock, par value $.01 per shareALL
New York Stock Exchange
Chicago Stock Exchange
5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053ALL.PR.BNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series HALL PR HNew York Stock Exchange
Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series IALL PR INew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of April 17, 2023, the registrant had 262,851,915 common shares, $.01 par value, outstanding.


The Allstate Corporation
Index to Quarterly Report on Form 10-Q
March 31, 2023
Part I Financial Information
Page
   
Item 1. Financial Statements (unaudited) as of March 31, 2023 and December 31, 2022 and for the Three Month Periods Ended March 31, 2023 and 2022
 
 
 
 
 
 
Segment results
 
 
   
Part II Other Information

Condensed Consolidated Financial Statements
Part I. Financial Information
Item 1. Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
($ in millions, except per share data)Three months ended
March 31,
20232022
Revenues  
Property and casualty insurance premiums$12,173 $10,981 
Accident and health insurance premiums and contract charges463 468 
Other revenue561 560 
Net investment income575 594 
Net gains (losses) on investments and derivatives14 (267)
Total revenues13,786 12,336 
Costs and expenses  
Property and casualty insurance claims and claims expense10,326 7,822 
Accident, health and other policy benefits265 268 
Amortization of deferred policy acquisition costs1,744 1,608 
Operating costs and expenses1,716 1,902 
Pension and other postretirement remeasurement (gains) losses(53)(247)
Restructuring and related charges27 12 
Amortization of purchased intangibles81 87 
Interest expense86 83 
Total costs and expenses14,192 11,535 
(Loss) income from operations before income tax expense(406)801 
Income tax (benefit) expense(85)151 
Net (loss) income(321)650 
Less: Net loss attributable to noncontrolling interest(1)(10)
Net (loss) income attributable to Allstate(320)660 
Less: Preferred stock dividends26 26 
Net (loss) income applicable to common shareholders$(346)$634 
Earnings per common share:  
Net (loss) income applicable to common shareholders per common share - Basic$(1.31)$2.28 
Weighted average common shares - Basic263.5 278.1 
Net (loss) income applicable to common shareholders per common share - Diluted$(1.31)$2.25 
Weighted average common shares - Diluted263.5 281.8 


















See notes to condensed consolidated financial statements.
First Quarter 2023 Form 10-Q 1
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
($ in millions)Three months ended March 31,
20232022
Net (loss) income$(321)$650 
Other comprehensive income (loss), after-tax  
Changes in:  
Unrealized net capital gains and losses682 (1,594)
Unrealized foreign currency translation adjustments50 — 
Unamortized pension and other postretirement prior service credit(4)(15)
Discount rate for reserve for future policy benefits
(9)95 
Other comprehensive income (loss), after-tax719 (1,514)
Comprehensive income (loss)398 (864)
Less: Comprehensive income (loss) attributable to noncontrolling interest4 (22)
Comprehensive income (loss) attributable to Allstate$394 $(842)
 






























See notes to condensed consolidated financial statements.
2 www.allstate.com
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Financial Position (unaudited)
($ in millions, except par value data)March 31, 2023December 31, 2022
Assets
Investments  
Fixed income securities, at fair value (amortized cost, net $46,120 and $45,370)
$44,103 $42,485 
Equity securities, at fair value (cost $2,147 and $4,253)
2,174 4,567 
Mortgage loans, net781 762 
Limited partnership interests7,971 8,114 
Short-term, at fair value (amortized cost $6,722 and $4,174)
6,722 4,173 
Other investments, net1,724 1,728 
Total investments63,475 61,829 
Cash662 736 
Premium installment receivables, net9,483 9,165 
Deferred policy acquisition costs5,471 5,442 
Reinsurance and indemnification recoverables, net9,528 9,619 
Accrued investment income436 423 
Deferred income taxes345 382 
Property and equipment, net971 987 
Goodwill3,502 3,502 
Other assets, net5,758 5,904 
Total assets99,631 97,989 
Liabilities  
Reserve for property and casualty insurance claims and claims expense38,644 37,541 
Reserve for future policy benefits1,338 1,322 
Contractholder funds878 879 
Unearned premiums22,499 22,299 
Claim payments outstanding1,333 1,268 
Other liabilities and accrued expenses9,114 9,353 
Debt8,452 7,964 
Total liabilities82,258 80,626 
Commitments and Contingent Liabilities (Note 14)
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 263 million shares outstanding
9 9 
Additional capital paid-in3,780 3,788 
Retained income50,388 50,970 
Treasury stock, at cost (637 million and 637 million shares)
(36,980)(36,857)
Accumulated other comprehensive income:  
Unrealized net capital gains and losses(1,573)(2,255)
Unrealized foreign currency translation adjustments(115)(165)
Unamortized pension and other postretirement prior service credit25 29 
Discount rate for reserve for future policy benefits
(10)(1)
Total accumulated other comprehensive income(1,673)(2,392)
Total Allstate shareholders’ equity17,494 17,488 
Noncontrolling interest(121)(125)
Total equity17,373 17,363 
Total liabilities and equity$99,631 $97,989 



See notes to condensed consolidated financial statements.
First Quarter 2023 Form 10-Q 3
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
($ in millions, except per share data)Three months ended March 31,
20232022
Preferred stock par value$— $— 
Preferred stock additional capital paid-in1,970 1,970 
Common stock par value9 9 
Common stock additional capital paid-in
Balance, beginning of period3,788 3,722 
Equity incentive plans activity(8)(16)
Balance, end of period3,780 3,706 
Retained income
Balance, beginning of period50,970 53,288 
Net (loss) income(320)660 
Dividends on common stock (declared per share of $0.89 and $0.85)
(236)(236)
Dividends on preferred stock(26)(26)
Balance, end of period50,388 53,686 
Treasury stock
Balance, beginning of period(36,857)(34,471)
Shares acquired(153)(794)
Shares reissued under equity incentive plans, net30 57 
Balance, end of period(36,980)(35,208)
Accumulated other comprehensive income
Balance, beginning of period(2,392)426 
Change in unrealized net capital gains and losses682 (1,594)
Change in unrealized foreign currency translation adjustments50 — 
Change in unamortized pension and other postretirement prior service credit(4)(15)
Change in discount rate for reserve for future policy benefits
(9)95 
Balance, end of period(1,673)(1,088)
Total Allstate shareholders’ equity17,494 23,075 
Noncontrolling interest
Balance, beginning of period(125)(52)
Change in unrealized net capital gains and losses5 (12)
Noncontrolling loss(1)(10)
Balance, end of period(121)(74)
Total equity$17,373 $23,001 
 See notes to condensed consolidated financial statements.
4 www.allstate.com
Condensed Consolidated Financial Statements
The Allstate Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in millions)Three months ended March 31,
20232022
Cash flows from operating activities
Net (loss) income$(321)$650 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation, amortization and other non-cash items177 236 
Net (gains) losses on investments and derivatives(14)267 
Pension and other postretirement remeasurement (gains) losses(53)(247)
Changes in:  
Policy benefits and other insurance reserves1,080 (111)
Unearned premiums199 390 
Deferred policy acquisition costs(29)(103)
Premium installment receivables, net(317)(502)
Reinsurance recoverables, net91 333 
Income taxes(125)93 
Other operating assets and liabilities(87)(574)
Net cash provided by operating activities601 432 
Cash flows from investing activities  
Proceeds from sales  
Fixed income securities7,008 12,400 
Equity securities3,739 5,216 
Limited partnership interests414 300 
Other investments55 208 
Investment collections  
Fixed income securities646 104 
Mortgage loans22 3 
Other investments25 49 
Investment purchases  
Fixed income securities(8,424)(13,220)
Equity securities(1,187)(3,624)
Limited partnership interests(226)(216)
Mortgage loans(41)(37)
Other investments(73)(186)
Change in short-term and other investments, net(2,675)114 
Purchases of property and equipment, net(79)(130)
Net cash (used in) provided by investing activities(796)981 
Cash flows from financing activities  
Proceeds from issuance of long-term debt744 — 
Redemption and repayment of debt(250)— 
Contractholder fund deposits33 34 
Contractholder fund withdrawals(9)(9)
Dividends paid on common stock(224)(230)
Dividends paid on preferred stock(26)(26)
Treasury stock purchases(153)(802)
Shares reissued under equity incentive plans, net6 17 
Other— (30)
Net cash provided by (used in) financing activities121 (1,046)
Net (decrease) increase in cash(74)367 
Cash at beginning of period736 763 
Cash at end of period$662 $1,130 
See notes to condensed consolidated financial statements.
First Quarter 2023 Form 10-Q 5
Notes to Condensed Consolidated Financial Statements

The Allstate Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1General
Basis of presentation
The accompanying condensed consolidated financial statements include the accounts of The Allstate Corporation (the “Corporation”) and its wholly owned subsidiaries, primarily Allstate Insurance Company (“AIC”), a property and casualty insurance company (collectively referred to as the “Company” or “Allstate”) and variable interest entities (“VIEs”) in which the Company is considered a primary beneficiary. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
The condensed consolidated financial statements and notes as of March 31, 2023 and for the three month periods ended March 31, 2023 and 2022 are unaudited. The condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring accruals) which are, in the opinion of management, necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods.
These condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. All significant intercompany accounts and transactions have been eliminated.
To reflect the application of the new guidance to all in-scope long-duration insurance contracts, certain amounts in the condensed consolidated financial statements and notes for 2022 have been recast.
Macroeconomic impacts
The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) and subsequent U.S. government fiscal and monetary policies have and may continue to effect economic activity through longer-term impacts such as supply chain disruptions, labor shortages and other macroeconomic factors that have increased inflation and affected our operations. These factors may continue to significantly affect results of operations, financial condition and liquidity. The impact from the pandemic and the ongoing effects should be considered when comparing the current period to prior periods.

Adopted accounting standard
Accounting for Long-Duration Insurance Contracts Effective January 1, 2023, the Company adopted the Financial Accounting Standards Board (”FASB”) guidance revising the accounting for certain long-duration insurance contracts using the modified retrospective approach to the transition date of January 1, 2021.
Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy lapses, are required to be reviewed at least annually, and updated as appropriate. In addition, reserves under the new guidance are required to be discounted using an upper-medium grade fixed income instrument yield that is updated through other comprehensive income (“OCI”) at each reporting date. Additionally, deferred policy acquisition costs (“DAC”) for all long-duration products will be amortized on a simplified basis. Also, the Company’s reserve for future policy benefits and DAC will be subject to new disclosure guidance.
In addition, the Company met the conditions included in Accounting Standards Update No. 2022-05, Transition for Sold Contracts, and elected to not apply the new guidance for contracts that were part of the 2021 sales of Allstate Life Insurance Company (“ALIC”) and Allstate Life Insurance Company of New York (“ALNY”).
After-tax cumulative effect of change in accounting principle on transition date
($ in millions)January 1, 2021
Decrease in retained income$21 
Decrease in accumulated other comprehensive income (“AOCI”)277 
Total decrease in equity$298 
The decrease in AOCI is primarily attributable to a change in the discount rate used in measuring the reserve for future policy benefits for traditional life contracts and other long-term products with guaranteed terms from a portfolio-based rate at contract issuance to an upper-medium grade fixed income-based rate at the reporting date. The decrease in retained income primarily relates to certain cohorts of long-term contracts whose expected net premiums exceeded expected gross premiums which resulted in an increase in reserves and a decrease in retained income equal to the present value of expected future benefits less the present value of expected future premiums at the transition date.
6 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Transition disclosures The following tables summarize the balance of and changes in the reserve for future policy benefits and DAC on January 1, 2021 upon the adoption of the guidance.
Impact of adoption for reserve for future policy benefits
( $ in millions)Accident and healthTraditional lifeTotal
Pre-adoption 12/31/2020 balance (1)
$728 $311 $1,039 
Adjustments:
Effect of the remeasurement of the reserve at upper-medium grade fixed income-based rate (2)
232 153 385 
Adjustments for contracts with net premiums in excess of gross premiums (3)
77 — 77 
Total adjustments309 153 462 
Post-adoption 1/1/2021 balance1,037 464 1,501 
Less: reinsurance recoverables (4)
159 3 162 
Post-adoption 1/1/2021 balance, after reinsurance recoverables$878 $461 $1,339 
(1)Traditional life includes $11 million in reserves related to riders of traditional life insurance products reclassified from contractholder funds.
(2)Adjustment reflected with a corresponding decrease to AOCI.
(3)Adjustment reflected with a corresponding decrease to retained income.
(4)Represents post-adoption January 1, 2021 balance of reinsurance recoverables. Adjustments to reinsurance recoverables for accident and health products increased January 1, 2021 AOCI by $33 million due to the remeasurement of the reserve at upper-medium grade fixed income based rate and increased January 1, 2021 retained income by $51 million due to adjustments for contracts with net premiums in excess of gross premiums.
Impact of adoption for DAC
( $ in millions)Accident and healthTraditional lifeInterest- sensitive lifeTotal
Pre-adoption 12/31/2020 balance$343 $32 $95 $470 
Adjustment for removal of impact of unrealized gains or losses (1)
— — 2 2 
Post-adoption 1/1/2021 balance$343 $32 $97 $472 
(1)Adjustment reflected with a corresponding increase to AOCI.
Impacts of the adoption on the financial statements
Consolidated Statements of Operations
Three months ended March 31, 2022
($ in millions, except per share data)As reportedImpact of changeAs adjusted
Revenues
Accident and health insurance premiums and contract charges$469 $(1)$468 
Total revenues12,337 (1)12,336 
Costs and expenses
Accident, health and other policy benefits269 (1)268 
Amortization of deferred policy acquisition costs1,612 (4)1,608 
Total costs and expenses11,540 (5)11,535 
Income from operations before income tax expense797 4 801 
Income tax expense151 — 151 
Net income646 4 650 
Net income attributable to Allstate656 4 660 
Net income applicable to common shareholders$630 $4 $634 
Earnings per common share:
Net income applicable to common shareholders per common share - Basic$2.27 $0.01 $2.28 
Net income applicable to common shareholders per common share - Diluted$2.24 $0.01 $2.25 
First Quarter 2023 Form 10-Q 7
Notes to Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Comprehensive Income (unaudited)
Three months ended March 31, 2022
($ in millions)As reportedImpact of changeAs adjusted
Net income$646 $4 $650 
Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses(1,593)(1)(1,594)
Discount rate for reserve for future policy benefits
— 95 95 
Other comprehensive loss, after-tax(1,608)94 (1,514)
Comprehensive loss(962)98 (864)
Comprehensive loss attributable to Allstate$(940)$98 $(842)
Condensed Consolidated Statements of Financial Position (unaudited)
December 31, 2022
($ in millions)As reportedImpact of changeAs adjusted
Assets
Deferred policy acquisition costs$5,418 $24 $5,442 
Reinsurance and indemnification recoverables, net9,606 13 9,619 
Deferred income taxes386 (4)382 
Other assets, net5,905 (1)5,904 
Total assets97,957 32 97,989 
Liabilities
Reserve for future policy benefits1,273 49 1,322 
Contractholder funds897 (18)879 
Unearned premiums22,311 (12)22,299 
Total liabilities80,607 19 80,626 
Equity
Retained income50,954 16 50,970 
Accumulated other comprehensive income:
Unrealized net capital gains and losses(2,253)(2)(2,255)
Discount rate for reserve for future policy benefits
— (1)(1)
Total AOCI(2,389)(3)(2,392)
Total Allstate shareholders’ equity17,475 13 17,488 
Total equity17,350 13 17,363 
Total liabilities and equity$97,957 $32 $97,989 
8 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
Three months ended March 31, 2022
($ in millions)As reportedImpact of changeAs adjusted
Retained income
Balance, beginning of period$53,294 $(6)$53,288 
Net income656 4 660 
Balance, end of period53,688 (2)53,686 
Accumulated other comprehensive income (loss)
Balance, beginning of period655 (229)426 
Change in unrealized net capital gains and losses(1,593)(1)(1,594)
Change in discount rate for reserve for future policy benefits
— 95 95 
Balance, end of period(953)(135)(1,088)
Total Allstate shareholders’ equity23,212 (137)23,075 
Total equity$23,138 $(137)$23,001 
Condensed Consolidated Statements of Cash Flows (unaudited)
Three months ended March 31, 2022
($ in millions)As reportedImpact of changeAs adjusted
Cash flows from operating activities
Net income$646 $4 $650 
Adjustments to reconcile net income to net cash provided by operating activities:
Changes in:
Policy benefits and other insurance reserves(113)2 (111)
Unearned premiums392 (2)390 
Deferred policy acquisition costs(99)(4)(103)
Reinsurance recoverables, net334 (1)333 
Income taxes92 1 93 
Other operating assets and liabilities(574)— (574)
Net cash provided by operating activities$432 $— $432 
Changes to significant accounting policies
Reserve for future policy benefits
Long-duration voluntary accident and health insurance and traditional life insurance contracts The reserve for future policy benefits (“RFPB”) is calculated using the net premium reserving model, which uses the present value of insurance contract benefits less the present value of net premiums. Under the net premium reserving model, the Company computes a net premium ratio which is the present value of insurance contract benefits divided by the present value of gross premiums. The present value of contract benefits and gross premiums are determined using the discount rate at contract inception. The net premium ratio is applied to premiums due on a periodic basis to compute the RFPB. The net premium ratio is recomputed at least annually using both actual historical cash flows and future cash flows anticipated over the life of cohort of contracts subject to measurement. Assumptions including mortality, morbidity, and lapses affect the timing and amount of estimated cash flows used to calculate the RFPB.
The Company has grouped contracts into cohorts based on product type and issue year. Examples of insurance product types include whole life, term life, critical illness and disability. Issue year is based on the issuance date of the contract to the policyholder,
except in the case of contracts acquired in a business combination, where the issue date is based on the acquisition date of the business combination. The RFPB is calculated for contracts in force at the end of each period, which results in the Company recognizing the effects of actual experience in the period it occurs.
Annually, in the third quarter, the Company obtains historical premiums and benefits information and evaluates future cash flow assumptions that include mortality, morbidity, and terminations, and updates cash flow assumptions as necessary. The Company has elected to not update the expense assumption when annually reviewing and updating future cash flow assumptions. Actual premiums and benefits and any updates to future cash flow assumptions are incorporated into the calculation of an updated net premium ratio. Updates for actual premiums and benefits and changes to future cash flow assumptions will result in a liability remeasurement gain or loss that is recognized in net income. The first step to determining the liability remeasurement gain or loss is to calculate the RFPB using revised net premiums discounted at the locked-in discount rate set at contract issuance. The result of the first step is then compared to the carrying amount of the RFPB before the updates for actual experience and changes to future cash flow assumptions. The decrease (gain) or increase (loss) in the RFPB is reported as liability
First Quarter 2023 Form 10-Q 9
Notes to Condensed Consolidated Financial Statements

remeasurement gain or loss in net income and presented parenthetically as part of Accident, health and other policy benefits on the Consolidated Statements of Operations. The updated net premium ratio is used in future quarters to measure the RFPB until the next annual update or an earlier date if the Company determines it is necessary to revise future cash flow assumptions based on available evidence, including actual experience.
The discount rate assumption is determined using a yield curve approach. The yield curve consists of U.S. dollar-denominated senior unsecured fixed-income securities issued by U.S. companies that have an A credit rating based on the ratings provided by nationally recognized rating agencies that include Moody’s, Standard & Poor’s, and Fitch. For points on the yield curve that do not have observable yields, the Company uses linear interpolation which calculates the unobservable yield based on the two nearest observable yields, except for any points beyond the last observable yield at 30 years, where interest rates are held constant with the last observable point on the yield curve. The Company updates the current discount rate quarterly and the change in the RFPB resulting from the updated current discount rate is recognized in OCI.
Deferred policy acquisition costs
Deferred policy acquisition costs are related directly to the successful acquisition of new or renewal insurance contracts and are deferred and recognized as an expense over the life of the related contracts. These costs are principally agent and broker remuneration, premium taxes and certain underwriting expenses. All other acquisition costs are expensed as incurred and included in operating costs and expenses.


Long-duration voluntary accident and health insurance, traditional life insurance contracts, and interest-sensitive life insurance contracts Voluntary accident and health insurance and traditional life insurance contracts are grouped by product and issue year into cohorts consistent with the cohorts used to calculate the RFPB. Interest-sensitive life insurance contracts are grouped into cohorts by issue year, and the issue year is determined based on contract issue date. DAC is amortized on a constant level basis over the expected contract term and is included in Amortization of deferred policy acquisition costs on the Consolidated Statements of Operations. The constant level basis used for all cohorts is based on policies-in-force. The expected contract term and mortality, morbidity, and termination assumptions are used to calculate both DAC amortization and the RFPB. If actual contract terminations are greater than expected terminations for any cohort, each affected cohort’s DAC balance will be reduced in the current period based on the difference between the actual and expected terminations. No adjustments to DAC amortization are recorded if actual contract terminations are less than expected terminations for any cohort. If the Company makes an update to any of its mortality, morbidity, or termination assumptions, the Company will use the assumptions prospectively to amortize any cohort’s remaining DAC over the remaining expected contract term.
The costs assigned to the right to receive future cash flows from certain business purchased from other insurers are also classified as DAC in the Consolidated Statements of Financial Position. The costs capitalized represent the present value of future profits expected to be earned over the lives of the contracts acquired. The Company amortizes the present value of future profits using the same methodology and assumptions as the amortization of DAC. The present value of future profits is subject to premium deficiency testing.
10 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Note 2Earnings per Common Share
Basic earnings per common share is computed using the weighted average number of common shares outstanding, including vested unissued participating restricted stock units. Diluted earnings per common share is computed using the weighted average number of common and dilutive potential common shares outstanding.
For the Company, dilutive potential common shares consist of outstanding stock options, unvested
non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include the effect of options with an anti-dilutive effect on earnings per common share because their exercise prices exceed the average market price of Allstate common shares during the period or for which the unrecognized compensation cost would have an anti-dilutive effect.
Computation of basic and diluted earnings per common share
(In millions, except per share data)Three months ended March 31,
20232022
Numerator:
 
 
Net (loss) income$(321)$650 
Less: Net loss attributable to noncontrolling interest(1)(10)
Net (loss) income attributable to Allstate(320)660 
Less: Preferred stock dividends
26 26 
Net (loss) income applicable to common shareholders$(346)$634 
Denominator:
 
 
Weighted average common shares outstanding
263.5 278.1 
Effect of dilutive potential common shares (1):
  
Stock options
— 2.6 
Restricted stock units (non-participating) and performance stock awards
— 1.1 
Weighted average common and dilutive potential common shares outstanding
263.5 281.8 
Earnings per common share - Basic$(1.31)$2.28 
Earnings per common share - Diluted (1)
$(1.31)$2.25 
Anti-dilutive options excluded from diluted earnings per common share
1.1 1.2 
Weighted average dilutive potential common shares excluded due to net loss applicable to common shareholders (1)
2.6 — 
(1)As a result of the net loss reported for the three month period ended March 31, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because all dilutive potential common shares are anti-dilutive and are therefore excluded from the calculation.
Note 3Reportable Segments
Measuring segment profit or loss
The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services, Allstate Health and Benefits and Corporate and Other segments.
Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses (“losses”), amortization of DAC, operating costs and expenses, amortization or impairment of purchased intangibles and restructuring and related charges as determined using GAAP.

Adjusted net income is net income (loss) applicable to common shareholders, excluding:
•Net gains and losses on investments and derivatives
•Pension and other postretirement remeasurement gains and losses
•Amortization or impairment of purchased intangibles
•Gain or loss on disposition
•Adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years
•Income tax expense or benefit on reconciling items
A reconciliation of these measures to net income (loss) applicable to common shareholders is provided below.
First Quarter 2023 Form 10-Q 11
Notes to Condensed Consolidated Financial Statements

Reportable segments financial performance
Three months ended March 31,
($ in millions)20232022
Underwriting income (loss) by segment
Allstate Protection$(998)$282 
Run-off Property-Liability
(3)(2)
Total Property-Liability (1,001)280 
Adjusted net income (loss) by segment, after-tax
Protection Services34 53 
Allstate Health and Benefits
56 57 
Corporate and Other(89)(111)
Reconciling items
Property-Liability net investment income509 558 
Net gains (losses) on investments and derivatives14 (267)
Pension and other postretirement remeasurement gains (losses)53 247 
Amortization of purchased intangibles (1)
(24)(29)
Gain (loss) on disposition 9 (16)
Income tax benefit (expense) on reconciling items92 (148)
Total reconciling items653 345 
Less: Net loss attributable to noncontrolling interest (2)
(1)(10)
Net (loss) income applicable to common shareholders$(346)$634 
(1)Excludes amortization of purchased intangibles in Property-Liability, which is included above in underwriting income.
(2)Reflects net loss attributable to noncontrolling interest in Property-Liability.
12 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Reportable segments revenue information
($ in millions)Three months ended March 31,
20232022
Property-Liability  
Insurance premiums  
Auto$7,908 $7,081 
Homeowners2,810 2,490 
Other personal lines562 531 
Commercial lines232 283 
Other business lines123 113 
Allstate Protection11,635 10,498 
Run-off Property-Liability
— — 
Total Property-Liability insurance premiums11,635 10,498 
Other revenue353 347 
Net investment income509 558 
Net gains (losses) on investments and derivatives12 (203)
Total Property-Liability12,509 11,200 
Protection Services
Protection plans361 313 
Roadside assistance49 53 
Finance and insurance products128 117 
Intersegment premiums and service fees (1)
33 41 
Other revenue84 94 
Net investment income16 9 
Net gains (losses) on investments and derivatives(1)(13)
Total Protection Services670 614 
Allstate Health and Benefits
Employer voluntary benefits255 263 
Group health107 94 
Individual health101 111 
Other revenue101 95 
Net investment income19 17 
Net gains (losses) on investments and derivatives2 (7)
Total Allstate Health and Benefits
585 573 
Corporate and Other  
Other revenue23 24 
Net investment income31 10 
Net gains (losses) on investments and derivatives1 (44)
Total Corporate and Other55 (10)
Intersegment eliminations (1)
(33)(41)
Consolidated revenues$13,786 $12,336 
(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the condensed consolidated financial statements.


First Quarter 2023 Form 10-Q 13
Notes to Condensed Consolidated Financial Statements

Note 4Investments
Portfolio composition
($ in millions)March 31, 2023December 31, 2022
Fixed income securities, at fair value$44,103 $42,485 
Equity securities, at fair value2,174 4,567 
Mortgage loans, net781 762 
Limited partnership interests 7,971 8,114 
Short-term investments, at fair value6,722 4,173 
Other investments, net1,724 1,728 
Total$63,475 $61,829 
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions)Amortized cost, netGross unrealized
Fair
value
GainsLosses
March 31, 2023    
U.S. government and agencies$7,826 $21 $(152)$7,695 
Municipal6,499 65 (240)6,324 
Corporate29,705 118 (1,787)28,036 
Foreign government1,112 3 (24)1,091 
ABS978 4 (25)957 
Total fixed income securities$46,120 $211 $(2,228)$44,103 
December 31, 2022    
U.S. government and agencies$8,123 $6 $(231)$7,898 
Municipal6,500 36 (326)6,210 
Corporate28,562 46 (2,345)26,263 
Foreign government997 — (40)957 
ABS1,188 4 (35)1,157 
Total fixed income securities$45,370 $92 $(2,977)$42,485 
Scheduled maturities for fixed income securities
($ in millions)March 31, 2023December 31, 2022
Amortized cost, net Fair valueAmortized cost, netFair value
Due in one year or less$3,754 $3,697 $2,870 $2,836 
Due after one year through five years24,766 23,771 26,546 25,217 
Due after five years through ten years11,461 10,697 11,035 9,870 
Due after ten years5,161 4,981 3,731 3,405 
 45,142 43,146 44,182 41,328 
ABS978 957 1,188 1,157 
Total$46,120 $44,103 $45,370 $42,485 
Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS is shown separately because of potential prepayment of principal prior to contractual maturity dates.
Net investment income
($ in millions)Three months ended March 31,
20232022
Fixed income securities$390 $267 
Equity securities11 36 
Mortgage loans8 8 
Limited partnership interests134 292 
Short-term investments66 2 
Other investments41 40 
Investment income, before expense650 645 
Investment expense(75)(51)
Net investment income
$575 $594 
14 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Net gains (losses) on investments and derivatives by asset type
($ in millions)Three months ended March 31,
20232022
Fixed income securities$(136)$(152)
Equity securities167 (347)
Mortgage loans— (1)
Limited partnership interests22 (101)
Derivatives(52)318 
Other investments13 16 
Net gains (losses) on investments and derivatives$14 $(267)
Net gains (losses) on investments and derivatives by transaction type
($ in millions)
Three months ended March 31,
20232022
Sales$(120)$(127)
Credit losses(12)(11)
Valuation change of equity investments (1)
198 (447)
Valuation change and settlements of derivatives(52)318 
Net gains (losses) on investments and derivatives$14 $(267)
(1)Includes valuation change of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities
($ in millions)Three months ended March 31,
20232022
Gross realized gains$46 $66 
Gross realized losses (173)(218)
Net appreciation (decline) recognized in net income for assets that are still held
($ in millions)Three months ended March 31,
20232022
Equity securities$20 $(92)
Limited partnership interests carried at fair value
16 38 
Total$36 $(54)
Credit losses recognized in net income
($ in millions)Three months ended March 31,
20232022
Assets
Fixed income securities:  
Corporate$(9)$— 
Total fixed income securities(9)— 
Mortgage loans— (1)
Other investments
Bank loans(3)(10)
Total credit losses by asset type$(12)$(11)
Liabilities
Commitments to fund commercial mortgage loans and bank loans— — 
Total $(12)$(11)
First Quarter 2023 Form 10-Q 15
Notes to Condensed Consolidated Financial Statements

Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealized
Unrealized net
gains (losses)
March 31, 2023GainsLosses
Fixed income securities$44,103 $211 $(2,228)$(2,017)
Short-term investments6,722 — — — 
Derivative instruments— — (2)(2)
Limited partnership interests (1)
   4 
Unrealized net capital gains and losses, pre-tax   (2,015)
Other unrealized net capital gains and losses, pre-tax (2)
   18 
Deferred income taxes   424 
Unrealized net capital gains and losses, after-tax   $(1,573)
December 31, 2022
Fixed income securities$42,485 $92 $(2,977)$(2,885)
Short-term investments4,173 — (1)(1)
Derivative instruments — — (3)(3)
Limited partnership interests (1)
 
 
 
2 
Unrealized net capital gains and losses, pre-tax   (2,887)
Other unrealized net capital gains and losses, pre-tax (2)
   23 
Deferred income taxes   609 
Unrealized net capital gains and losses, after-tax   $(2,255)
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of the equity method of accounting (“EMA”) limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)Includes amounts recognized for the reclassification of unrealized gains and losses related to noncontrolling interest.
Change in unrealized net capital gains (losses)
($ in millions)Three months ended March 31, 2023
Fixed income securities$868 
Short-term investments1 
Derivative instruments1 
Limited partnership interests2 
Total872 
Other unrealized net capital gains and losses, pre-tax(5)
Deferred income taxes(185)
Increase in unrealized net capital gains and losses, after-tax$682 
Carrying value for limited partnership interests
($ in millions)March 31, 2023December 31, 2022
EMAFair ValueTotalEMAFair ValueTotal
Private equity$5,546 $1,199 $6,745 $5,372 $1,217 $6,589 
Real estate1,019 29 1,048 1,013 29 1,042 
Other (1)
178 — 178 483 — 483 
Total$6,743 $1,228 $7,971 $6,868 $1,246 $8,114 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Short-term investments Short-term investments, including money market funds, commercial paper, U.S. Treasury bills and other short-term investments, are carried at fair value. As of March 31, 2023 and December 31, 2022, the fair value of short-term investments totaled $6.72 billion and $4.17 billion, respectively.
16 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Other investments Other investments primarily consist of bank loans, real estate, policy loans and derivatives. Bank loans are primarily senior secured corporate loans and are carried at amortized cost, net. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Derivatives are carried at fair value.
Other investments by asset type
($ in millions)March 31, 2023December 31, 2022
Bank loans, net$698 $686 
Real estate790 813 
Policy loans120 120 
Derivatives10 1 
Other106 108 
Total$1,724 $1,728 
Portfolio monitoring and credit losses
Fixed income securities The Company has a comprehensive portfolio monitoring process to identify and evaluate each fixed income security that may require a credit loss allowance.
For each fixed income security in an unrealized loss position, the Company assesses whether management with the appropriate authority has made the decision to sell or whether it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If a security meets either of these criteria, any existing credit loss allowance would be written-off against the amortized cost basis of the asset along with any remaining unrealized losses, with incremental losses recorded in earnings.
If the Company has not made the decision to sell the fixed income security and it is not more likely than not the Company will be required to sell the fixed income security before recovery of its amortized cost basis, the Company evaluates whether it expects to receive cash flows sufficient to recover the entire amortized cost basis of the security. The Company calculates the estimated recovery value based on the best estimate of future cash flows considering past events, current conditions and reasonable and supportable forecasts. The estimated future cash flows are discounted at the security’s current effective rate and is compared to the amortized cost of the security.
The determination of cash flow estimates is inherently subjective, and methodologies may vary depending on facts and circumstances specific to the security. All reasonably available information relevant to the collectability of the security is considered when developing the estimate of cash flows expected to be collected. That information generally includes, but is not limited to, the remaining payment terms of the security, prepayment speeds, the financial condition and future earnings potential of the issue or issuer, expected defaults, expected recoveries, the value of underlying collateral, origination vintage year, geographic concentration of underlying collateral, available reserves or escrows, current subordination levels, third-party guarantees and other credit enhancements. Other information, such as industry analyst reports and forecasts, credit ratings, financial condition of the bond insurer for insured fixed income
securities, and other market data relevant to the realizability of contractual cash flows, may also be considered. The estimated fair value of collateral will be used to estimate recovery value if the Company determines that the security is dependent on the liquidation of collateral for ultimate settlement.
If the Company does not expect to receive cash flows sufficient to recover the entire amortized cost basis of the fixed income security, a credit loss allowance is recorded in earnings for the shortfall in expected cash flows; however, the amortized cost, net of the credit loss allowance, may not be lower than the fair value of the security. The portion of the unrealized loss related to factors other than credit remains classified in AOCI. If the Company determines that the fixed income security does not have sufficient cash flow or other information to estimate a recovery value for the security, the Company may conclude that the entire decline in fair value is deemed to be credit related and the loss is recorded in earnings.
When a security is sold or otherwise disposed or when the security is deemed uncollectible and written off, the Company removes amounts previously recognized in the credit loss allowance. Recoveries after write-offs are recognized when received. Accrued interest excluded from the amortized cost of fixed income securities totaled $400 million and $389 million as of March 31, 2023 and December 31, 2022, respectively, and is reported within the accrued investment income line of the Condensed Consolidated Statements of Financial Position. The Company monitors accrued interest and writes off amounts when they are not expected to be received.
The Company’s portfolio monitoring process includes a quarterly review of all securities to identify instances where the fair value of a security compared to its amortized cost is below internally established thresholds. The process also includes the monitoring of other credit loss indicators such as ratings, ratings downgrades and payment defaults. The securities identified, in addition to other securities for which the Company may have a concern, are evaluated for potential credit losses using all reasonably available information relevant to the collectability or recovery of the security. Inherent in the Company’s evaluation of credit losses for these securities are assumptions and estimates about the financial condition and future earnings potential of the issue or issuer. Some of the factors that may be considered in evaluating whether a
First Quarter 2023 Form 10-Q 17
Notes to Condensed Consolidated Financial Statements

decline in fair value requires a credit loss allowance are: 1) the financial condition, near-term and long-term prospects of the issue or issuer, including relevant industry specific market conditions and trends, geographic location and implications of rating agency actions and offering prices; 2) the specific reasons that
a security is in an unrealized loss position, including overall market conditions which could affect liquidity; and 3) the extent to which the fair value has been less than amortized cost.
Rollforward of credit loss allowance for fixed income securities
Three months ended March 31,
($ in millions)20232022
Beginning balance$(13)$(6)
Credit losses on securities for which credit losses not previously reported— — 
Net increases related to credit losses previously reported(9)— 
Reduction of allowance related to sales— — 
Write-offs— — 
Ending balance$(22)$(6)
Components of credit loss allowance
Corporate bonds$(20)$(6)
ABS(2)— 
Total$(22)$(6)
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
($ in millions)Less than 12 months12 months or more
Total
unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
Number
of 
issues
Fair
value
Unrealized
losses
March 31, 2023       
Fixed income securities       
U.S. government and agencies70 $2,576 $(41)104 $3,216 $(111)$(152)
Municipal1,183 1,632 (27)1,860 2,376 (213)(240)
Corporate970 8,673 (286)1,777 14,543 (1,501)(1,787)
Foreign government15 197 (1)87 452 (23)(24)
ABS74 160 (5)152 669 (20)(25)
Total fixed income securities2,312 $13,238 $(360)3,980 $21,256 $(1,868)$(2,228)
Investment grade fixed income securities2,132 $12,415 $(313)3,601 $18,633 $(1,509)$(1,822)
Below investment grade fixed income securities180 823 (47)379 2,623 (359)(406)
Total fixed income securities2,312 $13,238 $(360)3,980 $21,256 $(1,868)$(2,228)
December 31, 2022       
Fixed income securities       
U.S. government and agencies112 $4,900 $(138)75 $2,393 $(93)$(231)
Municipal3,015 3,944 (215)507 740 (111)(326)
Corporate2,085 18,072 (1,389)845 6,105 (956)(2,345)
Foreign government74 739 (22)42 200 (18)(40)
ABS194 874 (27)83 109 (8)(35)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
Investment grade fixed income securities4,959 $25,487 $(1,409)1,437 $8,791 $(1,009)$(2,418)
Below investment grade fixed income securities521 3,042 (382)115 756 (177)(559)
Total fixed income securities5,480 $28,529 $(1,791)1,552 $9,547 $(1,186)$(2,977)
18 www.allstate.com
Notes to Condensed Consolidated Financial Statements

Gross unrealized losses by unrealized loss position and credit quality as of March 31, 2023
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(1,669)$(296)$(1,965)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(153)(110)(263)
Total unrealized losses$(1,822)$(406)$(2,228)
(1)Below investment grade fixed income securities include $41 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)Below investment grade fixed income securities include $104 million that have been in an unrealized loss position for a period of twelve or more consecutive months.