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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) February 6, 2017

ALLSTATE LIFE INSURANCE COMPANY
(Exact name of registrant as specified in charter)

Illinois
0-31248
36-2554642
(State or other
jurisdiction of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
 
 
3075 Sanders Road, Northbrook, Illinois
60062
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code  (847) 402-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





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Section 2 – Financial Information

Item 2.02.    Results of Operations and Financial Condition.

The Registrant furnishes below its Consolidated Statements of Operations for the three years ended December 31, 2016, 2015 and 2014 and Consolidated Statements of Financial Position as of December 31, 2016 and 2015, prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”):

ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions)
Year Ended December 31,
 
2016
 
2015
 
2014
Revenues
(unaudited)

 
 
 
 
Premiums
$
592

 
$
600

 
$
589

Contract charges
717

 
738

 
847

Net investment income
1,659

 
1,819

 
2,081

Realized capital gains and losses:
 
 
 
 
 
    Total other-than-temporary impairment (“OTTI”) losses
(120
)
 
(144
)
 
(54
)
    OTTI losses reclassified to (from) other comprehensive income
7

 
16

 
(1
)
Net OTTI losses recognized in earnings
(113
)
 
(128
)
 
(55
)
    Sales and other realized capital gains and losses
36

 
393

 
198

       Total realized capital gains and losses
(77
)
 
265

 
143

 
2,891

 
3,422

 
3,660

 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
Contract benefits
1,387

 
1,406

 
1,452

Interest credited to contractholder funds
677

 
717

 
891

Amortization of deferred policy acquisition costs
134

 
151

 
162

Operating costs and expenses
219

 
273

 
310

Restructuring and related charges
1

 
—

 
2

Interest expense
15

 
16

 
16

 
2,433

 
2,563

 
2,833

 
 
 
 
 
 
Gain (loss) on disposition of operations
5

 
3

 
(68
)
 
 
 
 
 
 
Income from operations before income tax expense
463

 
862

 
759

 
 
 
 
 
 
Income tax expense
144

 
301

 
233

 
 
 
 
 
 
Net income
$
319

 
$
561

 
$
526



2

ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

($ in millions, except par value data)
December 31,
 
2016
 
2015
Assets
(unaudited)
 
 
Investments
 
 
 
Fixed income securities, at fair value (amortized cost $23,112 and $23,770)
$
24,222

 
$
24,629

Mortgage loans
3,938

 
3,781

Equity securities, at fair value (cost $1,429 and $1,526)
1,511

 
1,542

Limited partnership interests
2,776

 
2,295

Short-term, at fair value (amortized cost $566 and $816)
566

 
816

Policy loans
563

 
572

Other
1,491

 
1,327

Total investments
35,067

 
34,962

Cash
138

 
104

Deferred policy acquisition costs
1,187

 
1,314

Reinsurance recoverable from non-affiliates
2,339

 
2,407

Reinsurance recoverable from affiliates
452

 
464

Accrued investment income
273

 
278

Other assets
410

 
510

Separate Accounts
3,373

 
3,639

Total assets
$
43,239

 
$
43,678

Liabilities
 
 
 
Contractholder funds
$
19,470

 
$
20,542

Reserve for life-contingent contract benefits
11,322

 
11,394

Unearned premiums
5

 
5

Payable to affiliates, net
52

 
55

Other liabilities and accrued expenses
952

 
849

Deferred income taxes
1,191

 
986

Notes due to related parties
465

 
275

Separate Accounts
3,373

 
3,639

Total liabilities
36,830

 
37,745

Shareholder’s Equity
 
 
 
Redeemable preferred stock - series A, $100 par value, 1,500,000 shares authorized, none issued
—

 
—

Redeemable preferred stock - series B, $100 par value, 1,500,000 shares authorized, none issued
—

 
—

Common stock, $227 par value, 23,800 shares authorized and outstanding
5

 
5

Additional capital paid-in
1,990

 
1,990

Retained income
3,736

 
3,417

Accumulated other comprehensive income:
 
 
 
Unrealized net capital gains and losses:
 
 
 
Unrealized net capital gains and losses on fixed income securities with OTTI
39

 
41

Other unrealized net capital gains and losses
733

 
527

Unrealized adjustment to DAC, DSI and insurance reserves
(91
)
 
(40
)
Total unrealized net capital gains and losses
681

 
528

Unrealized foreign currency translation adjustments
(3
)
 
(7
)
     Total accumulated other comprehensive income
678

 
521

Total shareholder’s equity
6,409

 
5,933

Total liabilities and shareholder’s equity
$
43,239

 
$
43,678




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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 hereunto duly authorized.


 
ALLSTATE LIFE INSURANCE COMPANY
 
(Registrant)
 
 
 
 
 
By:
/s/ Samuel H. Pilch
 
 
Name: Samuel H. Pilch
 
Title: Senior Group Vice President and Controller
 
 
Date: February 6, 2017


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