UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 3, 2004
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Allstate Life Insurance Company |
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(Exact Name of Registrant as Specified in Charter) |
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Illinois |
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0-31248 |
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36-2554642 |
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(State or Other |
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(Commission |
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(IRS Employer |
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3100 Sanders Road, Northbrook, Illinois |
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60062 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code (847) 402-5000 |
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Item 9. Regulation FD Disclosure
The registrant furnishes below its Consolidated Statements of Operations for the three years ended December 31, 2003, 2002 and 2001 and Consolidated Statements of Financial Position as of December 31, 2003 and 2002, prepared in conformity with accounting principles generally accepted in the United States of America.
ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
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Year Ended December 31, |
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(in millions) |
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2003 |
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2002 |
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2001 |
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Est. |
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Revenues |
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Premiums (net of reinsurance ceded of $418, $393 and $323) |
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$ |
959 |
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$ |
1,023 |
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$ |
1,046 |
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Contract charges |
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872 |
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853 |
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821 |
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Net investment income |
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3,082 |
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2,978 |
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2,833 |
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Realized capital gains and losses |
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(84 |
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(422 |
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(207 |
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4,829 |
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4,432 |
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4,493 |
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Costs and expenses |
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Life and annuity contract benefits (net of reinsurance recoverable of $336, $387 and $277) |
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1,595 |
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1,543 |
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1,485 |
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Interest credited to contractholder funds |
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1,764 |
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1,691 |
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1,670 |
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Amortization of deferred policy acquisition costs |
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479 |
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418 |
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365 |
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Operating costs and expenses |
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493 |
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475 |
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416 |
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4,331 |
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4,127 |
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3,936 |
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Loss on disposition of operations |
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(45 |
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(3 |
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(4 |
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Income from operations before income tax expense and cumulative effect of change in accounting principle, after-tax |
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453 |
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302 |
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553 |
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Income tax expense |
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162 |
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57 |
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179 |
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Income before cumulative effect of change in accounting principle, after-tax |
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291 |
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245 |
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374 |
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Cumulative effect of change in accounting principle, after-tax |
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(13 |
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(6 |
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Net income |
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$ |
278 |
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$ |
245 |
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$ |
368 |
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2
ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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December 31, |
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(in millions, except par value data) |
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2003 |
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2002 |
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Est. |
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Assets |
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Investments |
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Fixed income securities, at fair value (amortized cost $48,401 and $41,723) |
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$ |
51,578 |
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$ |
44,805 |
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Mortgage loans |
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6,354 |
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5,883 |
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Equity securities |
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164 |
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183 |
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Short-term |
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765 |
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839 |
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Policy loans |
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686 |
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692 |
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Other |
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442 |
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268 |
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Total investments |
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59,989 |
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52,670 |
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Cash |
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121 |
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252 |
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Deferred policy acquisition costs |
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3,202 |
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2,915 |
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Reinsurance recoverables, net |
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1,185 |
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1,046 |
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Accrued investment income |
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567 |
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534 |
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Other assets |
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323 |
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304 |
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Separate Accounts |
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13,425 |
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11,125 |
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Total assets |
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$ |
78,812 |
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$ |
68,846 |
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Liabilities |
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Contractholder funds |
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$ |
44,914 |
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$ |
38,858 |
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Reserve for life-contingent contract benefits |
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10,480 |
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9,733 |
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Unearned premiums |
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32 |
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24 |
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Payable to affiliates, net |
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114 |
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80 |
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Other liabilities and accrued expenses |
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2,594 |
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1,956 |
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Deferred income taxes |
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779 |
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708 |
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Long-term debt |
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45 |
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— |
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Separate Accounts |
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13,425 |
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11,125 |
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Total liabilities |
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72,383 |
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62,484 |
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Shareholder’s Equity |
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Redeemable preferred stock – series A, $100 par value, 1,500,000 shares authorized, 815,460 and 930,650 shares issued and outstanding |
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82 |
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93 |
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Redeemable preferred stock – series A subscriptions receivable |
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— |
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— |
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Common stock, $227 par value, 23,800 shares authorized and outstanding |
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5 |
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5 |
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Additional capital paid-in |
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1,067 |
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1,067 |
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Retained income |
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4,222 |
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4,145 |
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Accumulated other comprehensive income: |
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Unrealized net capital gains and losses and net gains and losses on derivative financial instruments |
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1,053 |
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1,052 |
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Total accumulated other comprehensive income |
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1,053 |
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1,052 |
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Total shareholder’s equity |
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6,429 |
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6,362 |
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Total liabilities and shareholder’s equity |
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$ |
78,812 |
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$ |
68,846 |
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3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ALLSTATE LIFE INSURANCE COMPANY |
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By |
/s/ Samuel H. Pilch |
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Name: Samuel H. Pilch |
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Title: Controller |
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March 3, 2004
4