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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) April 26, 2004

Allstate Life Insurance Company
(Exact Name of Registrant as Specified in Charter)

Illinois
(State or Other Jurisdiction
of Incorporation)		   0-31248
(Commission
File Number)		   36-2554642
(IRS Employer
Identification Number)


3100 Sanders Road, Northbrook, Illinois
(Address of Principal Executive Offices)
 

60062
(Zip Code)

Registrant's telephone number, including area code (847) 402-5000

Item 9.    Regulation FD Disclosure

        The registrant furnishes below its Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2004 and 2003 and Condensed Consolidated Statements of Financial Position as of March 31, 2004 and December 31, 2003, prepared in conformity with accounting principles generally accepted in the United States of America:

ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 
   Three Months Ended
March 31,
  
(in millions)

   2004
   2003
  
 
   Est.
   
  
Revenues              
Premiums   $ 151   $ 317  
Contract charges     234     209  
Net investment income     783     760  
Realized capital gains and losses     (27 )   (42 )
   
 
 
      1,141     1,244  
Costs and expenses              
Contract benefits     336     467  
Interest credited to contractholder funds     449     432  
Amortization of deferred policy acquisition costs     115     172  
Operating costs and expenses     102     121  
   
 
 
      1,002     1,192  
Loss on disposition of operations     (3 )   —  
   
 
 
Income from operations before income tax expense and cumulative effect of change in accounting principle, after-tax     136     52  
Income tax expense     45     13  
   
 
 

Income before cumulative effect of change in accounting principle, after-tax
 
 
91
 
 
39
 

Cumulative effect of change in accounting principle, after-tax
 
 
(175
)
 
—
 
   
 
 
Net (loss) income   $ (84 ) $ 39  
   
 
 

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ALLSTATE LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 
   March 31,
2004
   December 31,
2003
(in millions, except par value data)

   Est.

    
Assets            
Investments            
  Fixed income securities, at fair value (amortized cost $50,198 and $48,401)   $ 54,317   $ 51,578
  Mortgage loans     6,573     6,354
  Equity securities     260     164
  Short-term     1,319     765
  Policy loans     682     686
  Other     443     442
   
 
  Total investments     63,594     59,989

Cash
 
 
152
 
 
121
Deferred policy acquisition costs     2,672     3,202
Reinsurance recoverables, net     1,310     1,185
Accrued investment income     591     567
Other assets     351     323
Separate Accounts     13,550     13,425
   
 
  Total assets   $ 82,220   $ 78,812
   
 
Liabilities            
Contractholder funds   $ 46,997   $ 44,914
Reserve for life-contingent contract benefits     10,919     10,480
Unearned premiums     29     32
Payable to affiliates, net     112     114
Other liabilities and accrued expenses     3,462     2,594
Deferred income taxes     623     779
Long-term debt     45     45
Separate Accounts     13,550     13,425
   
 
  Total liabilities     75,737     72,383
   
 
Shareholder's Equity            
Redeemable preferred stock—series A, $100 par value, 1,500,000 shares authorized, 815,460 issued and outstanding     82     82
Common stock, $227 par value, 23,800 shares authorized and outstanding     5     5
Additional capital paid-in     1,067     1,067
Retained income     4,113     4,222
Accumulated other comprehensive income:            
  Unrealized net capital gains and losses and net gains and losses on derivative financial instruments     1,216     1,053
   
 
  Total accumulated other comprehensive income     1,216     1,053
   
 
  Total shareholder's equity     6,483     6,429
   
 
  Total liabilities and shareholder's equity   $ 82,220   $ 78,812
   
 

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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, thereunto duly authorized.

    ALLSTATE LIFE INSURANCE COMPANY

 
 
By
/s/  SAMUEL H. PILCH      
    Name: Samuel H. Pilch
    Title: Controller
April 26, 2004      

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