0000899051-21-000011 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Jan. 29, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-11840
Entity Registrant Name	ALLSTATE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3871531
Entity Address, Address Line One	2775 Sanders Road
Entity Address, City or Town	Northbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	402-5000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 29,940
Entity Common Stock, Shares Outstanding		302,873,426
Documents Incorporated by Reference	Documents Incorporated By Reference Portions of the following documents are incorporated herein by reference as follows: Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for its annual stockholders meeting to be held on May 25, 2021, (the “Proxy Statement”) to be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.
Entity Central Index Key	0000899051
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Common stock par value \| CHICAGO STOCK EXCHANGE, INC
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALL
Security Exchange Name	CHX
Common stock par value \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALL
Security Exchange Name	NYSE
5.100% Subordinated Debentures, due 2053 \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053
Trading Symbol	ALL.PR.B
Security Exchange Name	NYSE
Series G Preferred Stock \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.625% Noncumulative Preferred Stock, Series G
Trading Symbol	ALL PR G
Security Exchange Name	NYSE
Series H \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 5.100% Noncumulative Preferred Stock, Series H
Trading Symbol	ALL PR H
Security Exchange Name	NYSE
Series I \| NEW YORK STOCK EXCHANGE, INC.
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares represent 1/1,000th of a share of 4.750% Noncumulative Preferred Stock, Series I
Trading Symbol	ALL PR I
Security Exchange Name	NYSE

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016)	$ 39,517	$ 38,577	$ 36,513
Net investment income	2,853	3,159	3,240
Realized capital gains (losses)	1,356	1,885	(877)
Total revenues	44,791	44,675	39,815
Costs and expenses
Property and casualty insurance claims and claims expense (net of reinsurance ceded and indemnification programs of $530, $524 and $1,378)	22,001	23,976	22,778
Shelter-in-Place Payback expense	948	0	0
Life contract benefits (net of reinsurance ceded of $155, $165 and $240)	2,243	2,039	1,973
Interest credited to contractholder funds (net of reinsurance ceded of $27, $20 and $24)	638	640	654
Amortization of deferred policy acquisition costs	5,630	5,533	5,222
Operating costs and expenses	5,732	5,690	5,594
Pension and other postretirement remeasurement (gains) losses	(51)	114	468
Restructuring and related charges	259	41	67
Amortization of purchased intangibles	118	126	105
Impairment of purchased intangibles	0	106	0
Interest expense	318	327	332
Total costs and expenses	37,836	38,592	37,193
Gain on disposition of operations	4	6	6
Income from operations before income tax expense	6,959	6,089	2,628
Income tax expense	1,383	1,242	468
Net income	5,576	4,847	2,160
Preferred stock dividends	115	169	148
Net income applicable to common shareholders	$ 5,461	$ 4,678	$ 2,012
Earnings per common share:
Net income applicable to common shareholders earnings per common share - Basic (in dollars per share)	$ 17.53	$ 14.25	$ 5.78
Weighted average common shares - Basic (in shares)	311.6	328.2	347.8
Net income applicable to common shareholders earnings per common share - Diluted (in dollars per share)	$ 17.31	$ 14.03	$ 5.70
Weighted average common shares - Diluted (in shares)	315.5	333.5	353.2
Property and casualty insurance premiums
Revenues
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016)	$ 37,073	$ 36,076	$ 34,048
Life insurance
Revenues
Property and casualty insurance premiums (net of reinsurance ceded and indemnification programs of $1,141, $1,122 and $1,016)	1,516	1,512	1,482
Insurance premiums, commissions and fees	2,444	2,501	2,465
Other revenue
Revenues
Insurance premiums, commissions and fees	$ 1,065	$ 1,054	$ 939

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property-liability insurance premiums earned	$ 1,383	$ 1,407	$ 1,306
Property and casualty insurance claims and claims expense
Reinsurance ceded amount	530	524	1,378
Life contract benefits
Reinsurance ceded amount	155	165	240
Interest credited to contractholder funds
Reinsurance ceded amount	27	20	24
Property and casualty insurance premiums
Property-liability insurance premiums earned	1,141	1,122	1,016
Reinsurance ceded
Life and annuity premiums and contract charges	$ 242	$ 285	$ 290

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 5,576	$ 4,847	$ 2,160
Changes in:
Unrealized net capital gains and losses	1,293	1,889	(754)
Unrealized foreign currency translation adjustments	52	(10)	(48)
Unamortized pension and other postretirement prior service credit	9	(47)	(59)
Other comprehensive income (loss), after-tax	1,354	1,832	(861)
Comprehensive income	$ 6,930	$ 6,679	$ 1,299

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments
Fixed income securities, at fair value (amortized cost, net $61,451 and $56,293)	$ 66,354	$ 59,044
Equity securities, at fair value (cost $3,853 and $6,568)	4,710	8,162
Mortgage loans, net	4,075	4,817
Limited partnership interests	7,609	8,078
Short-term investments	7,800	4,256
Other, net	3,689	4,005
Total investments	94,237	88,362
Cash	377	338
Premium installment receivables, net	6,479	6,472
Deferred policy acquisition costs	4,700	4,699
Reinsurance and indemnification recoverables, net	9,220	9,211
Accrued investment income	600	600
Property and equipment, net	1,057	1,145
Goodwill	2,544	2,545
Other assets, net	3,429	3,534
Separate Accounts	3,344	3,044
Total assets	125,987	119,950
Liabilities
Reserve for property and casualty insurance claims and claims expense	27,610	27,712
Reserve for life-contingent contract benefits	12,768	12,300
Contractholder funds	17,213	17,692
Unearned premiums	15,949	15,343
Claim payments outstanding	957	929
Deferred income taxes	1,355	1,154
Other liabilities and accrued expenses	8,749	9,147
Long-term debt	7,825	6,631
Separate Accounts	3,344	3,044
Total liabilities	95,770	93,952
Commitments and Contingent Liabilities (Note 7, 8 and 14)
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970	2,248
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding	9	9
Additional capital paid-in	3,498	3,463
Retained income	52,767	48,074
Treasury stock, at cost (596 million and 581 million shares)	(31,331)	(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses on fixed income securities with credit losses	0	70
Other unrealized net capital gains and losses	3,860	2,094
Unrealized adjustment to DAC, DSI and insurance reserves	(680)	(277)
Total unrealized net capital gains and losses	3,180	1,887
Unrealized foreign currency translation adjustments	(7)	(59)
Unamortized pension and other postretirement prior service credit	131	122
Total accumulated other comprehensive income ("AOCI")	3,304	1,950
Total shareholders’ equity	30,217	25,998
Total liabilities and shareholders’ equity	$ 125,987	$ 119,950

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Amortized cost, net	$ 61,451	$ 56,293
Equity securities, at fair value, cost	3,853	6,568
Other short term Investments, amortized cost	$ 7,800	$ 4,256
Preferred stock, par or stated value per share (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	81,000	92,500
Preferred stock, shares outstanding (in shares)	81,000.0	92,500
Preferred Stock, liquidation preference	$ 2,025	$ 2,313
Common stock, par or stated value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000.0	2,000,000,000.0
Common stock, shares, issued (in shares)	900,000,000	900,000,000
Common stock, shares, outstanding (in shares)	304,000,000	319,000,000
Treasury stock, shares (in shares)	596,000,000	581,000,000

Consolidated Statements of Shareholders’ Equity - USD ($) $ in Millions	Total	Preferred stock par value	Preferred stock additional capital paid-in	Common stock par value	Common stock additional capital paid-in	Retained income	Retained income Cumulative effect of change in accounting principle	Deferred Employee Stock Ownership Plan (“ESOP”) expense	Treasury stock	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) Cumulative effect of change in accounting principle
Balance, beginning of year at Dec. 31, 2017			$ 1,746		$ 3,313	$ 41,579	$ 1,088	$ (3)	$ (25,982)	$ 1,889	$ (910)
Increase (decrease) in equity [Roll forward]
Preferred stock issuance, net of issuance costs			557
Preferred stock redemption			(373)
Forward contract on accelerated share repurchase agreement					(105)
Equity incentive plans activity					102
Net income	$ 2,160					2,160
Dividends on common stock (declared per share of $2.16, $2.00 and $1.84)						(646)
Dividends on preferred stock						(148)
Payments	0
Shares acquired									(2,198)
Shares reissued under equity incentive plans, net									95
Change in unrealized net capital gains and losses	(754)									(754)
Change in unrealized foreign currency translation adjustments	(48)									(48)
Change in unamortized pension and other postretirement prior service credit	(59)									(59)
Balance, end of year at Dec. 31, 2018	21,312	$ 0	1,930	$ 9	3,310	44,033	21	(3)	(28,085)	118	0
Increase (decrease) in equity [Roll forward]
Preferred stock issuance, net of issuance costs			1,414
Preferred stock redemption			(1,096)
Forward contract on accelerated share repurchase agreement					75
Equity incentive plans activity					78
Net income	4,847					4,847
Dividends on common stock (declared per share of $2.16, $2.00 and $1.84)						(658)
Dividends on preferred stock						(169)
Payments	3
Shares acquired									(1,810)
Shares reissued under equity incentive plans, net									149
Change in unrealized net capital gains and losses	1,889									1,889
Change in unrealized foreign currency translation adjustments	(10)									(10)
Change in unamortized pension and other postretirement prior service credit	(47)									(47)
Balance, end of year at Dec. 31, 2019	25,998	0	2,248	9	3,463	48,074	$ (88)	0	(29,746)	1,950	$ 0
Increase (decrease) in equity [Roll forward]
Preferred stock issuance, net of issuance costs			0
Preferred stock redemption			(278)
Forward contract on accelerated share repurchase agreement					(38)
Equity incentive plans activity					73
Net income	5,576					5,576
Dividends on common stock (declared per share of $2.16, $2.00 and $1.84)						(680)
Dividends on preferred stock						(115)
Payments	0
Shares acquired									(1,700)
Shares reissued under equity incentive plans, net									115
Change in unrealized net capital gains and losses	1,293									1,293
Change in unrealized foreign currency translation adjustments	52									52
Change in unamortized pension and other postretirement prior service credit	9									9
Balance, end of year at Dec. 31, 2020	$ 30,217	$ 0	$ 1,970	$ 9	$ 3,498	$ 52,767		$ 0	$ (31,331)	$ 3,304

Consolidated Statements of Shareholders’ Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 2.16	$ 2.00	$ 1.84

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 5,576	$ 4,847	$ 2,160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	686	647	511
Realized capital gains (losses)	(1,356)	(1,885)	877
Pension and other postretirement remeasurement (gains) losses	(51)	114	468
Gain on disposition of operations	(4)	(6)	(6)
Interest credited to contractholder funds	638	640	654
Impairment of purchased intangibles	0	106	0
Changes in:
Policy benefits and other insurance reserves	(682)	(508)	469
Unearned premiums	598	801	915
Deferred policy acquisition costs	(125)	(85)	(296)
Premium installment receivables, net	(3)	(299)	(396)
Reinsurance recoverables, net	(11)	320	(656)
Income taxes	(232)	487	(380)
Other operating assets and liabilities	457	(50)	855
Net cash provided by operating activities	5,491	5,129	5,175
Proceeds from sales
Fixed income securities	31,950	29,849	33,183
Equity securities	8,405	5,277	6,859
Limited partnership interests	1,350	756	764
Mortgage loans	230	0	0
Other investments	340	303	533
Investment collections
Fixed income securities	2,235	2,570	3,466
Mortgage loans	626	695	529
Other investments	209	254	488
Investment purchases
Fixed income securities	(38,121)	(31,317)	(36,960)
Equity securities	(4,648)	(7,176)	(5,936)
Limited partnership interests	(1,265)	(1,332)	(1,679)
Mortgage loans	(203)	(844)	(664)
Other investments	(371)	(666)	(864)
Change in short-term and other investments, net	(3,871)	(725)	(603)
Purchases of property and equipment, net	(308)	(433)	(277)
Acquisition of operations	1	(18)	(558)
Net cash used in investing activities	(3,441)	(2,807)	(1,719)
Cash flows from financing activities
Proceeds from issuance of long-term debt	1,189	491	498
Redemption and repayment of long-term debt	0	(317)	(400)
Proceeds from issuance of preferred stock	0	1,414	557
Redemption of preferred stock	(288)	(1,132)	(385)
Contractholder fund deposits	991	996	1,010
Contractholder fund withdrawals	(1,494)	(1,662)	(1,967)
Dividends paid on common stock	(668)	(653)	(614)
Dividends paid on preferred stock	(108)	(134)	(134)
Treasury stock purchases	(1,737)	(1,735)	(2,303)
Shares reissued under equity incentive plans, net	63	120	73
Other	41	129	91
Net cash used in financing activities	(2,011)	(2,483)	(3,574)
Net increase (decrease) in cash	39	(161)	(118)
Cash at beginning of year	338	499	617
Cash at end of year	$ 377	$ 338	$ 499

General

12 Months Ended

Dec. 31, 2020

General

General


Note 1			General

Basis of presentation

The accompanying 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 with various property and casualty and life and investment subsidiaries, including Allstate Life Insurance Company (“ALIC”) (collectively referred to as the “Company” or “Allstate”). These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All significant intercompany accounts and transactions have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Nature of operations

Allstate is engaged, principally in the United States, in the property and casualty insurance and life insurance businesses. Allstate is one of the country’s largest personal property and casualty insurers and is organized into seven reportable segments: Allstate Protection, Discontinued Lines and Coverages, Protection Services (previously Service Businesses), Allstate Life, Allstate Benefits, Allstate Annuities, and Corporate and Other.

Allstate’s primary business is the sale of private passenger auto and homeowners insurance. The Company also offers several other personal property and casualty insurance products, select commercial property and casualty coverages, consumer product protection plans, device and mobile data collection services and analytic solutions using automotive telematics information, roadside assistance, finance and insurance products, life insurance, voluntary accident and health insurance and identity protection. Allstate primarily distributes its products through exclusive agents, financial specialists, independent agents and brokers, major retailers, contact centers and the internet.

Risks and uncertainties

Allstate has exposure to catastrophic events, including wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, volcanic eruptions, terrorism and industrial accidents.

Catastrophes, an inherent risk of the property and casualty insurance business, have contributed, and will continue to contribute, to material year-to-year fluctuations in the Company’s results of operations and financial position (see Note 8). The nature and level of catastrophic loss experienced in any period cannot be

predicted and could be material to results of operations and financial position.

The Company considers the following categories and locations to be the greatest areas of potential catastrophe losses:

•Wildfires — California, Oregon, Colorado, and Texas

•Hurricanes — Major metropolitan centers in counties along the eastern and gulf coasts of the United States

•Wind/Hail, Rain and Tornado — Texas, Illinois, Georgia and Colorado

•Earthquakes and fires following earthquakes —Major metropolitan areas near fault lines in the states of California, Oregon, Washington, South Carolina, Missouri, Kentucky and Tennessee

Recent development

The Novel Coronavirus Pandemic or COVID-19 (“Coronavirus”) resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which have included the implementation of travel restrictions, government-imposed shelter-in-place orders, quarantine periods, social distancing, and restrictions on large gatherings, have caused material disruption to businesses globally, resulting in increased unemployment, a recession and increased economic uncertainty. Additionally, there is no way of predicting with certainty how long the pandemic might last, including the potential for restrictions being restored or new restrictions being implemented that could result in further economic volatility.

The magnitude and duration of the global pandemic and the impact of actions taken by governmental authorities, businesses and consumers, including timing of vaccine distribution, to mitigate health risks create significant uncertainty. The Company will continue to closely monitor and proactively adapt to developments and changing conditions. Currently, it is not possible to reliably estimate the length and severity of the pandemic or its impact to the Company’s operations, but the effects could be material and may continue, emerge, evolve or accelerate in 2021.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


Note 2			Summary of Significant Accounting Policies

Investments

Fixed income securities include bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). MBS includes residential and commercial mortgage-backed securities. Fixed income securities, which may be sold prior to their contractual maturity, are designated as available-for-sale (“AFS”) and are carried at fair value. The difference between amortized cost, net of credit loss allowances (“amortized cost, net”) and fair value, net of deferred income taxes and related life and annuity deferred policy acquisition costs (“DAC”), deferred sales inducement costs (“DSI”) and reserves for life-contingent contract benefits, is reflected as a component of AOCI. The Company excludes accrued interest receivable from the amortized cost basis of its AFS fixed income securities. Cash received from calls and make-whole payments is reflected as a component of proceeds from sales and cash received from maturities and pay-downs is reflected as a component of investment collections within the Consolidated Statements of Cash Flows.

Equity securities primarily include common stocks, exchange traded and mutual funds, non-redeemable preferred stocks and real estate investment trust equity investments. Certain exchange traded and mutual funds have fixed income securities as their underlying investments. Equity securities are carried at fair value. Equity securities without readily determinable or estimable fair values are measured using the measurement alternative, which is cost less impairment, if any, and adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

Mortgage loans and loans reported in other investments (bank loans and agent loans) are carried at amortized cost, net, which represent the amount expected to be collected. The Company excludes accrued interest receivable from the amortized cost basis of its mortgage, bank and agent loans. Credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, and are established considering all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of the loans. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually.

Investments in limited partnership interests are primarily accounted for in accordance with the equity method of accounting (“EMA”) and include interests in private equity funds, real estate funds and other funds. Investments in limited partnership interests purchased prior to January 1, 2018, where the Company’s interest is so minor that it exercises virtually no influence over operating and financial policies, are accounted for at fair value primarily utilizing the net asset value (“NAV”) as a practical expedient to determine fair value.

Short-term investments, including money market funds, commercial paper, U.S. Treasury bills and other

short-term investments, are carried at fair value. Other investments primarily consist of bank loans, policy loans, real estate, agent loans and derivatives. Bank loans are primarily senior secured corporate loans. Policy loans are carried at unpaid principal balances. Real estate is carried at cost less accumulated depreciation. Agent loans are loans issued to exclusive Allstate agents. Derivatives are carried at fair value.

Investment income primarily consists of interest, dividends, income from limited partnership interests, rental income from real estate, and income from certain derivative transactions. Interest is recognized on an accrual basis using the effective yield method and dividends are recorded at the ex-dividend date. Interest income for ABS and MBS is determined considering estimated pay-downs, including prepayments, obtained from third-party data sources and internal estimates. Actual prepayment experience is periodically reviewed, and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. For ABS and MBS of high credit quality with fixed interest rates, the effective yield is recalculated on a retrospective basis. For all others, the effective yield is generally recalculated on a prospective basis. Net investment income for AFS fixed income securities includes the impact of accreting the credit loss allowance for the time value of money. Accrual of income is suspended for fixed income securities when the timing and amount of cash flows expected to be received is not reasonably estimable. Accrual of income is suspended for mortgage loans, bank loans and agent loans that are in default or when full and timely collection of principal and interest payments is not probable. Accrued income receivable is monitored for recoverability and when not expected to be collected is written off through net investment income. Cash receipts on investments on nonaccrual status are generally recorded as a reduction of amortized cost. Income from limited partnership interests carried at fair value is recognized based upon the changes in fair value of the investee’s equity primarily determined using NAV. Income from EMA limited partnership interests is recognized based on the Company’s share of the partnerships’ earnings. Income from EMA limited partnership interests is generally recognized on a three month delay due to the availability of the related financial statements from investees.

Realized capital gains and losses include gains and losses on investment sales, changes in the credit loss allowances related to fixed income securities, mortgage loans, bank loans and agent loans, impairments, valuation changes of equity investments, including equity securities and certain limited partnerships where the underlying assets are predominately public equity securities, and periodic changes in fair value and settlements of certain derivatives, including hedge ineffectiveness. Realized capital gains and losses on investment sales are determined on a specific identification basis and are

net of credit losses already recognized through an allowance.

Derivative and embedded derivative financial instruments

Derivative financial instruments include interest rate swaps, credit default swaps, futures (interest rate and equity), options (including swaptions), interest rate caps, warrants and rights, foreign currency swaps, foreign currency forwards, total return swaps and certain investment risk transfer reinsurance agreements. Derivatives required to be separated from the host instrument and accounted for as derivative financial instruments (“subject to bifurcation”) are embedded in equity-indexed life and annuity contracts and reinsured variable annuity contracts.

All derivatives are accounted for on a fair value basis and reported as other investments, other assets, other liabilities and accrued expenses or contractholder funds. Embedded derivative instruments subject to bifurcation are also accounted for on a fair value basis and are reported together with the host contract. The change in fair value of derivatives embedded in life and annuity product contracts and subject to bifurcation is reported in life and annuity contract benefits or interest credited to contractholder funds. Cash flows from embedded derivatives subject to bifurcation and derivatives receiving hedge accounting are reported consistently with the host contracts and hedged risks, respectively, within the Consolidated Statements of Cash Flows. Cash flows from other derivatives are reported in cash flows from investing activities within the Consolidated Statements of Cash Flows.

When derivatives meet specific criteria, they may be designated as accounting hedges and accounted for as fair value, cash flow, foreign currency fair value or foreign currency cash flow hedges. The hedged item may be either all or a specific portion of a recognized asset, liability or an unrecognized firm commitment attributable to a particular risk for fair value hedges. At the inception of the hedge, the Company formally documents the hedging relationship and risk management objective and strategy. The documentation identifies the hedging instrument, the hedged item, the nature of the risk being hedged and the methodology used to assess the effectiveness of the hedging instrument in offsetting the exposure to changes in the hedged item’s fair value attributable to the hedged risk. For a cash flow hedge, this documentation includes the exposure to changes in the variability in cash flows attributable to the hedged risk. The Company does not exclude any component of the change in fair value of the hedging instrument from the effectiveness assessment. At each reporting date, the Company confirms that the hedging instrument continues to be highly effective in offsetting the hedged risk.

Fair value hedges The change in fair value of hedging instruments used in fair value hedges of investment assets or a portion thereof is reported in net investment income, together with the change in

fair value of the hedged items. The change in fair value of hedging instruments used in fair value hedges of contractholder funds liabilities or a portion thereof is reported in interest credited to contractholder funds, together with the change in fair value of the hedged items. Accrued periodic settlements on swaps are reported together with the changes in fair value of the related swaps in net investment income or interest credited to contractholder funds. The amortized cost, net for fixed income securities or the carrying value of a designated hedged liability is adjusted for the change in fair value of the hedged risk.

Cash flow hedges For hedging instruments used in cash flow hedges, the changes in fair value of the derivatives are reported in AOCI. Amounts are reclassified to net investment income, realized capital gains and losses or interest expense as the hedged or forecasted transaction affects income. Accrued periodic settlements on derivatives used in cash flow hedges are reported in net investment income. The amount reported in AOCI for a hedged transaction is the cumulative gain or loss on the derivative instrument from inception of the hedge less gains or losses previously reclassified from AOCI into income. If the Company expects at any time that the loss reported in AOCI would lead to a net loss on the combination of the hedging instrument and the hedged transaction which may not be recoverable, a loss is recognized immediately in realized capital gains and losses. If an impairment loss is recognized on an asset or an additional obligation is incurred on a liability involved in a hedge transaction, any offsetting gain in AOCI is reclassified and reported together with the impairment loss or recognition of the obligation.

Termination of hedge accounting If, subsequent to entering into a hedge transaction, the derivative becomes ineffective (including if the hedged item is sold or otherwise extinguished, the occurrence of a hedged forecasted transaction is no longer probable or the hedged asset has a credit loss), the Company may terminate the derivative position. The Company may also terminate derivative instruments or redesignate them as non-hedge as a result of other events or circumstances. If the derivative instrument is not terminated when a fair value hedge is no longer effective, the future gains and losses recognized on the derivative are reported in realized capital gains and losses. When a fair value hedge is no longer effective, is redesignated as non-hedge or when the derivative has been terminated, the fair value gain or loss on the hedged asset, liability or portion thereof previously recognized in income while the hedge was in place and used to adjust the amortized cost, net of hedged fixed income securities or mortgage loans or carrying value of a hedged liability, is amortized over the remaining life of the hedged asset, liability or portion thereof, and reflected in net investment income or interest credited to contractholder funds beginning in the period that hedge accounting is no longer applied.

When a derivative instrument used in a cash flow hedge of an existing asset or liability is no longer effective or is terminated, the gain or loss recognized on the derivative is reclassified from AOCI to income as

the hedged risk impacts income. If the derivative instrument is not terminated when a cash flow hedge is no longer effective, future gains and losses recognized on the derivative are reported in realized capital gains and losses. When a derivative instrument used in a cash flow hedge of a forecasted transaction is terminated because it is probable the forecasted transaction will not occur, the gain or loss recognized on the derivative is immediately reclassified from AOCI to realized capital gains and losses in the period that hedge accounting is no longer applied.

Non-hedge derivative financial instruments For derivatives for which hedge accounting is not applied, the income statement effects, including fair value gains and losses and accrued periodic settlements, are reported either in realized capital gains and losses or in a single line item together with the results of the associated asset or liability for which risks are being managed.

Securities loaned

The Company’s business activities include securities lending transactions, which are used primarily to generate net investment income. The proceeds received in conjunction with securities lending transactions can be reinvested in short-term investments or fixed income securities. These transactions are short-term in nature, usually 30 days or less.

The Company receives cash collateral for securities loaned in an amount generally equal to 102% and 105% of the fair value of domestic and foreign securities, respectively, and records the related obligations to return the collateral in other liabilities and accrued expenses. The carrying value of these obligations approximates fair value because of their relatively short-term nature. The Company monitors the market value of securities loaned on a daily basis and obtains additional collateral as necessary under the terms of the agreements to mitigate counterparty credit risk. The Company maintains the right and ability to repossess the securities loaned on short notice.

Recognition of premium revenues and contract charges, and related benefits and interest credited

Property and casualty insurance premiums include premiums from personal lines policies, protection plans, other contracts (primarily finance and insurance products) and roadside assistance.

Personal lines insurance premiums are deferred and earned on a pro-rata basis over the terms of the policies, typically periods of six or twelve months.

Revenues related to protection plans, other contracts (primarily finance and insurance products) and roadside assistance are deferred and earned over the term of the contract in a manner that recognizes revenue as obligations under the contracts are performed. Revenues from these products are classified as premiums as the products are backed by insurance. Protection plans and finance and insurance premiums are recognized using a cost-based incurrence method over the term of the contracts, which is generally over one to five years. Roadside

assistance premiums are recognized evenly over the term of the contract as performance obligations are fulfilled.

The portion of premiums written applicable to the unexpired terms of the policies is recorded as unearned premiums.


Unearned premiums
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	12,772	$	12,567
Protection Services	3,167		2,765
Total	$	15,939	$	15,332

For the year ended December 31, 2020, the Company recognized $1.11 billion of Property and casualty insurance premiums for Protection Services that were included in the unearned premium balance as of December 31, 2019.

For the year ended December 31, 2019, the Company recognized $996 million of Property and casualty insurance premiums for Protection Services that were included in the unearned premium balance as of December 31, 2018.

The Company expects to recognize approximately $1.30 billion, $861 million and $1.00 billion of the December 31, 2020 the unearned premium balance in 2021, 2022 and thereafter, respectively.

Premium installment receivables represent premiums written and not yet collected, net of the credit loss allowance for uncollectible premiums. These receivables are primarily outstanding for one year or less. The Company utilizes historical internal data including aging analyses to estimate allowances under current conditions and for the forecast period. The Company regularly evaluates and updates the data and adjusts its allowance as appropriate.

The increase in the provision for credit losses primarily related to customer enrollment in the Allstate Special Payment plan implemented in response to the Coronavirus, starting in March 2020.


Rollforward of credit loss allowance for premium installment receivables
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(91)
Increase in the provision for credit losses	(223)
Write-off of uncollectible premium installment receivable amounts	161
Ending balance	$	(153)

Traditional life insurance products consist principally of products with fixed and guaranteed premiums and benefits, primarily term and whole life insurance products. Voluntary accident and health insurance products are expected to remain in force for an extended period and therefore are primarily classified as long-duration contracts. Premiums from these products are recognized as revenue when due from policyholders, net of any credit loss allowance for uncollectible premiums. Benefits are reflected in

contract benefits and recognized over the life of the policy in relation to premiums.

Immediate annuities with life contingencies, including certain structured settlement annuities, provide benefits over a period that extends beyond the period during which premiums are collected. Premiums from these products are recognized as revenue when received at the inception of the contract. Benefits are recognized in relation to premiums with the establishment of a reserve. The change in reserve over time is recorded in contract benefits and primarily relates to accumulation at the discount rate and annuitant mortality. Profits from these policies come primarily from investment income, which is recognized over the life of the contract.

Interest-sensitive life contracts, such as universal life and single premium life, are insurance contracts whose terms are not fixed and guaranteed. The terms that may be changed include premiums paid by the contractholder, interest credited to the contractholder account balance and contract charges assessed against the contractholder account balance. Premiums from these contracts are reported as contractholder fund deposits. Contract charges consist of fees assessed against the contractholder account balance for the cost of insurance (mortality risk), contract administration and surrender of the contract prior to contractually specified dates. These contract charges are recognized as revenue when assessed against the contractholder account balance. Contract benefits include life-contingent benefit payments in excess of the contractholder account balance.

Contracts that do not subject the Company to significant risk arising from mortality or morbidity are referred to as investment contracts. Fixed annuities, including market value adjusted annuities, equity-indexed annuities and immediate annuities without life contingencies, are considered investment contracts. Consideration received for such contracts is reported as contractholder fund deposits. Contract charges for investment contracts consist of fees assessed against the contractholder account balance for maintenance, administration and surrender of the contract prior to contractually specified dates, and are recognized when assessed against the contractholder account balance.

Interest credited to contractholder funds represents interest accrued or paid on interest-sensitive life and investment contracts. Crediting rates for certain fixed annuities and interest-sensitive life contracts are adjusted periodically by the Company to reflect current market conditions subject to contractually guaranteed minimum rates. Crediting rates for indexed life and annuities are generally based on a specified interest rate index or an equity index, such as the Standard & Poor’s 500 Index (“S&P 500”). Interest credited also includes amortization of DSI expenses. DSI is amortized into interest credited using the same method used to amortize DAC.

Contract charges for variable life and variable annuity products consist of fees assessed against the contractholder account balances for contract maintenance, administration, mortality, expense and

surrender of the contract prior to contractually specified dates. Contract benefits incurred for variable annuity products include guaranteed minimum death, income, withdrawal and accumulation benefits. Substantially all of the Company’s variable annuity business is ceded through reinsurance agreements and the contract charges and contract benefits related thereto are reported net of reinsurance ceded.

Other revenue

Other revenue represents fees collected from policyholders relating to premium installment payments, commissions on sales of non-proprietary products, sales of identity protection services, fee-based services and other revenue transactions. Other revenue is recognized when performance obligations are fulfilled.

Deferred policy acquisition and sales inducement costs

Costs that are related directly to the successful acquisition of new or renewal insurance policies and investment contracts are deferred and recorded as DAC. These costs are principally agent and broker remuneration, premium taxes and certain underwriting expenses. DSI costs, which are deferred and recorded as other assets, relate to sales inducements offered on sales to new customers, principally on fixed annuity and interest-sensitive life contracts. These sales inducements are primarily in the form of additional credits to the customer’s account balance or enhancements to interest credited for a specified period which are in excess of the rates currently being credited to similar contracts without sales inducements. DSI is amortized into income using the same methodology and assumptions as DAC and is included in interest credited to contractholder funds. All other acquisition costs are expensed as incurred and included in operating costs and expenses.

For property and casualty insurance, DAC is amortized into income as premiums are earned, typically over periods of six or twelve months for personal lines policies or generally one to five years for protection plans and other contracts (primarily related to finance and insurance products), and is included in amortization of deferred policy acquisition costs. DAC associated with property and casualty insurance is periodically reviewed for recoverability and adjusted if necessary. Future investment income is considered in determining the recoverability of DAC.

For traditional life and voluntary accident and health insurance, DAC is amortized over the premium paying period of the related policies in proportion to the estimated revenues on such business. Assumptions used in the amortization of DAC and reserve calculations are established at the time the policy is issued and are generally not revised during the life of the policy. Any deviations from projected business in force resulting from actual policy terminations differing from expected levels and any estimated premium deficiencies may result in a change to the rate of amortization in the period such events occur. Generally, the amortization periods for these policies approximates the estimated lives of the

policies. The Company periodically reviews the recoverability of DAC using actual experience and current assumptions. Traditional life insurance products, immediate annuities with life contingencies, and voluntary accident and health insurance products are reviewed individually. If actual experience and current assumptions are adverse compared to the original assumptions and a premium deficiency is determined to exist, any remaining unamortized DAC balance would be expensed to the extent not recoverable and the establishment of a premium deficiency reserve may be required for any remaining deficiency.

For interest-sensitive life insurance, DAC and DSI are amortized in proportion to the incidence of the total present value of gross profits, which includes both actual historical gross profits (“AGP”) and estimated future gross profits (“EGP”) expected to be earned over the estimated lives of the contracts. The amortization is net of interest on the prior period DAC balance using rates established at the inception of the contracts. Actual amortization periods generally range from 15-30 years; however, incorporating estimates of the rate of customer surrenders, partial withdrawals and deaths generally results in the majority of the DAC being amortized during the surrender charge period, which is typically 10-20 years for interest-sensitive life. The rate of DAC and DSI amortization is reestimated and adjusted by a cumulative charge or credit to income when there is a difference between the incidence of actual versus expected gross profits in a reporting period or when there is a change in total EGP. When DAC or DSI amortization or a component of gross profits for a quarterly period is potentially negative (which would result in an increase of the DAC or DSI balance) as a result of negative AGP, the specific facts and circumstances surrounding the potential negative amortization are considered to determine whether it is appropriate for recognition in the consolidated financial statements. Negative amortization is only recorded when the increased DAC or DSI balance is determined to be recoverable based on facts and circumstances. Recapitalization of DAC and DSI is limited to the originally deferred costs plus interest.

AGP and EGP primarily consist of the following components: contract charges for the cost of insurance less mortality costs and other benefits; investment income and realized capital gains and losses less interest credited; and surrender and other contract charges less maintenance expenses. The principal assumptions for determining the amount of EGP are mortality, persistency, expenses, investment returns, including capital gains and losses on assets supporting contract liabilities, interest crediting rates to contractholders, and the effects of any hedges. For products whose supporting investments are exposed to capital losses in excess of the Company’s expectations which may cause periodic AGP to become temporarily negative, EGP and AGP utilized in DAC and DSI amortization may be modified to exclude the excess capital losses.

The Company performs quarterly reviews of DAC and DSI recoverability for interest-sensitive life and fixed annuity contracts using current assumptions. If a change in the amount of EGP is significant, it could result in the unamortized DAC or DSI not being recoverable, resulting in a charge which is included as a component of amortization of deferred policy acquisition costs or interest credited to contractholder funds, respectively.

The DAC and DSI balances presented include adjustments to reflect the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized capital gains or losses in the respective product investment portfolios were actually realized. The adjustments are recorded net of tax in AOCI. DAC, DSI and deferred income taxes determined on unrealized capital gains and losses and reported in AOCI recognize the impact on shareholders’ equity consistently with the amounts that would be recognized in the income statement on realized capital gains and losses.

Customers of the Company may exchange one insurance policy or investment contract for another offered by the Company, or make modifications to an existing investment, life or property and casualty contract issued by the Company. These transactions are identified as internal replacements for accounting purposes. Internal replacement transactions determined to result in replacement contracts that are substantially unchanged from the replaced contracts are accounted for as continuations of the replaced contracts. Unamortized DAC and DSI related to the replaced contracts continue to be deferred and amortized in connection with the replacement contracts. For interest-sensitive life and investment contracts, the EGP of the replacement contracts are treated as a revision to the EGP of the replaced contracts in the determination of amortization of DAC and DSI. For traditional life and property and casualty insurance policies, any changes to unamortized DAC that result from replacement contracts are treated as prospective revisions. Any costs associated with the issuance of replacement contracts are characterized as maintenance costs and expensed as incurred. Internal replacement transactions determined to result in a substantial change to the replaced contracts are accounted for as an extinguishment of the replaced contracts, and any unamortized DAC and DSI related to the replaced contracts are eliminated with a corresponding charge to amortization of deferred policy acquisition costs or interest credited to contractholder funds, respectively.

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. These costs are amortized as profits emerge over the lives of the acquired business and are periodically evaluated for recoverability. The present value of future profits was $25 million and $39 million as of December 31, 2020 and 2019, respectively.

Amortization expense of the present value of future profits was $14 million, $6 million and $2 million in 2020, 2019 and 2018, respectively.

Reinsurance and Indemnification

Reinsurance In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on large risks by purchasing reinsurance. The Company has also used reinsurance to affect the disposition of certain blocks of business. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, in addition to establishing allowances as appropriate after evaluating reinsurers’ activities related to claims settlement practices and commutations, the Company evaluates reinsurer counterparty credit risk and records reinsurance recoverables net of credit loss allowances. The Company assesses counterparty credit risk for individual reinsurers separately when more relevant or on a pooled basis when shared risk characteristics exist. The evaluation considers the credit quality of the reinsurer and the period over which the recoverable balances are expected to be collected. The Company considers factors including past events, current conditions and reasonable and supportable forecasts in the development of the estimate of credit loss allowances.

Allowances for property and casualty and life reinsurance recoverables are established primarily through risk-based evaluations.

The property and casualty recoverable evaluation considers the credit rating of the reinsurer, the period over which the reinsurance recoverable balances are expected to be recovered and other relevant factors including historical experience of reinsurer failures. Reinsurers in liquidation or in default status are evaluated individually using the Company’s historical liquidation recovery assumptions and any other relevant information available including the most recent public information related to the financial condition or liquidation status of the reinsurer.

For life reinsurance recoverables, the Company uses a probability of default and loss given default model developed independently of the Company to estimate current expected credit losses. The life reinsurance recoverable evaluation utilizes factors including historical industry factors based on the probability of liquidation, and incorporates current loss given default factors reflective of the industry.

The Company monitors the credit ratings of reinsurer counterparties and evaluates the circumstances surrounding credit rating changes as inputs into its credit loss assessments. Uncollectible reinsurance recoverable balances are written off against the allowances when there is no reasonable expectation of recovery.

The changes in the allowances are reported in property and casualty insurance claims and claims expense and life contract benefits.

Indemnification The Company also participates in various indemnification mechanisms, including industry pools and facilities, which are reimbursement

The amounts reported as indemnification recoverables include amounts paid and due from indemnitors as well as estimates of amounts expected to be recovered from indemnitors on insurance liabilities that have been incurred but not yet paid. The design and function of these indemnification programs does not result in the retention of insurance or reinsurance risk by the indemnitor. Based on the Company’s evaluation of these programs on an individual basis, the establishment of credit loss allowances is not warranted at this time. The Company has not experienced any historical credit losses related to its indemnification programs. The Company continues to monitor these programs to determine whether any changes from historical experience have emerged or are expected to emerge or whether there have been any changes in the design or administration of the programs that would require establishment of credit loss allowances.

Goodwill

Goodwill represents the excess of amounts paid for acquiring businesses over the fair value of the net assets acquired, less any impairment of goodwill recognized. The Company’s goodwill reporting units are equivalent to its reportable segments, Allstate Protection, Protection Services, Allstate Life and Allstate Benefits to which goodwill has been assigned.


Goodwill by reporting unit
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	810	$	810

Protection Services	1,463		1,464
Allstate Life	175		175
Allstate Benefits	96		96


Total	$	2,544	$	2,545

Goodwill is recognized when acquired and allocated to reporting units based on which unit is expected to benefit from the synergies of the business combination. Goodwill is not amortized but is tested for impairment at least annually. The Company performs its annual goodwill impairment testing during the fourth quarter of each year based upon data as of the close of the third quarter. Goodwill impairment is measured and recognized as the amount by which a reporting unit’s carrying value, including goodwill, exceeds its fair value, not to exceed the carrying amount of goodwill allocated to the reporting unit. The Company also reviews goodwill for impairment whenever events or changes in circumstances, such as deteriorating or adverse market conditions, indicate that it is more likely than not that the carrying amount of the reporting unit including goodwill may exceed the fair value of the reporting unit. The goodwill impairment analysis is performed at the reporting unit level.

As of December 31, 2020 and 2019, the fair value of the Company’s goodwill reporting units exceeded their carrying values.

On January 26, 2021 the Company announced an agreement to sell ALIC and certain affiliates involving business in both the Allstate Life and Allstate Annuities segments. As a result of the pending sale of ALIC and certain affiliates, the Company’s goodwill will be reduced by $175 million.

Intangible assets

Intangible assets (reported in other assets) consist of capitalized costs primarily related to acquired customer relationships, trade names and licenses, technology and other assets. The estimated useful lives of customer relationships, technology and other intangible assets are generally 10 years, 5 years and 7 years, respectively. Intangible assets are carried at cost less accumulated amortization. Amortization expense is calculated using an accelerated amortization method. Amortization expense on intangible assets was $118 million, $126 million and $105 million in 2020, 2019 and 2018, respectively.


Amortization expense of intangible assets for the next five years and thereafter
($ in millions)
2021	$	91
2022	74
2023	60
2024	45
2025	33
Thereafter	31
Total amortization	$	334

Accumulated amortization on intangible assets was $751 million and $633 million as of December 31, 2020 and 2019, respectively. Trade names and licenses are considered to have an indefinite useful life and are reviewed for impairment at least annually or more frequent if circumstances arise that indicate an impairment may have occurred. An impairment is recognized if the carrying amount of the asset exceeds its estimated fair value.


Intangible assets by type
	As of December 31,
($ in millions)	2020		2019
Customers relationships	$	322	$	419
Trade names and licenses	37		38

Technology and other	94		24
Total	$	453	$	481

During second quarter 2019, the Company made the decision to phase-out the use of the SquareTrade trade name in the United States and sell consumer protection plans under the Allstate Protection Plans name. The SquareTrade trade name will continue to be used outside of the United States. The change required an impairment evaluation of the indefinite-lived intangible asset recognized in the Protection Services segment for SquareTrade’s trade name recorded when SquareTrade was acquired in 2017.

During fourth quarter 2019, the Company made the decision to integrate Esurance into the Allstate brand as part of Transformative Growth. This required an impairment evaluation of the indefinite-lived intangible asset recognized in the Allstate Protection segment for the Esurance trade name recorded when Esurance was acquired in 2011.

As a result of these actions, the Company recognized total impairment charges of $106 million pre-tax during 2019.

Property and equipment

Property and equipment is carried at cost less accumulated depreciation. Included in property and equipment are capitalized costs related to computer software licenses and software developed for internal use. These costs generally consist of certain external payroll and payroll related costs. Property and equipment depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally 3 to 10 years for equipment and 40 years for real property. Depreciation expense is reported in operating costs and expenses. Accumulated depreciation on property and equipment was $2.81 billion and $2.60 billion as of December 31, 2020 and 2019, respectively. Depreciation expense on property and equipment was $353 million, $326 million and $299 million in 2020, 2019 and 2018, respectively. The Company reviews its property and equipment for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Income taxes

Income taxes are accounted for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are DAC, unearned premiums, investments (including unrealized capital gains and losses) and insurance reserves. A deferred tax asset valuation allowance is established when it is more likely than not such assets will not be realized. The Company recognizes interest expense related to income tax matters in income tax expense and penalties in other expense.

Reserve for property and casualty insurance claims and claims expense

The reserve for property and casualty insurance claims and claims expense is the estimate of amounts necessary to settle all reported and unreported incurred claims for the ultimate cost of insured property and casualty losses, based upon the facts of each case and the Company’s experience with similar cases. Estimated amounts of salvage and subrogation are deducted from the reserve for claims and claims expense. The establishment of appropriate reserves, including reserves for catastrophe losses, is an inherently uncertain and complex process. Reserve estimates are primarily derived using an actuarial estimation process in which historical loss patterns are applied to actual paid losses and reported losses (paid

losses plus individual case reserves established by claim adjusters) for an accident or report year to create an estimate of how losses are likely to develop over time. Development factors are calculated quarterly and periodically throughout the year for data elements such as claims reported and settled, paid losses, and paid losses combined with case reserves. The historical development patterns for these data elements are used as the assumptions to calculate reserve estimates, including the reserves for reported and unreported claims. Reserve estimates are regularly reviewed and updated, using the most current information available. Any resulting reestimates are reflected in current results of operations.

Reserve for life-contingent contract benefits

The reserve for life-contingent contract benefits payable under insurance policies, including traditional life insurance, life-contingent immediate annuities and voluntary accident and health insurance products, is computed on the basis of long-term actuarial assumptions of future investment yields, mortality, morbidity, policy terminations and expenses. These assumptions, which for traditional life insurance are applied using the net level premium method, include provisions for adverse deviation and generally vary by characteristics such as type of coverage, year of issue and policy duration. The assumptions are established at the time the policy is issued and are generally not changed during the life of the policy. The Company periodically reviews the adequacy of reserves using actual experience and current assumptions. If actual experience and current assumptions are adverse compared to the original assumptions and a premium deficiency is determined to exist, any remaining unamortized DAC balance would be expensed to the extent not recoverable and the establishment of a premium deficiency reserve may be required for any remaining deficiency. Traditional life insurance products, immediate annuities with life contingencies, and voluntary accident and health insurance are reviewed individually. The Company also reviews these policies for circumstances where projected profits would be recognized in early years followed by projected losses in later years. If this circumstance exists, the Company will accrue a liability, during the period of profits, to offset the losses at such time as the future losses are expected to commence using a method updated prospectively over time. To the extent that unrealized gains on fixed income securities would result in a premium deficiency if those gains were realized, the related increase in reserves for certain immediate annuities with life contingencies is recorded net of tax as a reduction of unrealized net capital gains included in AOCI.

Contractholder funds

Contractholder funds represent interest-bearing liabilities arising from the sale of products such as interest-sensitive life insurance and fixed annuities. Contractholder funds primarily comprise cumulative deposits received and interest credited to the contractholder less cumulative contract benefits, surrenders, withdrawals and contract charges for

mortality or administrative expenses. Contractholder funds also include reserves for secondary guarantees on interest-sensitive life insurance and certain fixed annuity contracts and reserves for certain guarantees on reinsured variable annuity contracts.

Pension and other postretirement remeasurement gains and losses

Pension and other postretirement gains and losses represent the remeasurement of projected benefit obligation and plan assets, which are immediately recognized in earnings and are referred to as pension and other postretirement remeasurement gains and losses on the Consolidated Statements of Operations. The Company’s policy is to remeasure its pension and postretirement plans on a quarterly basis.

Differences between expected and actual returns and changes in assumptions affect our pension and other postretirement obligations, plan assets and expenses.

The primary factors contributing to pension and postretirement remeasurement gains and losses are:


• Changes in the discount rate used to value pension and postretirement obligations as of the measurement date
• Differences between the expected and the actual return on plan assets
• Changes in demographic assumptions, including mortality and participant experience

Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credits are allocated to the Company’s reportable segments. The pension and other postretirement remeasurement gains and losses are reported in the Corporate and Other segment.

Separate accounts

Separate accounts assets are carried at fair value. The assets of the separate accounts are legally segregated and available only to settle separate accounts contract obligations. Separate accounts liabilities represent the contractholders’ claims to the related assets and are carried at an amount equal to the separate accounts assets. Investment income and realized capital gains and losses of the separate accounts accrue directly to the contractholders and therefore are not included in the Company’s Consolidated Statements of Operations. Deposits to and surrenders and withdrawals from the separate accounts are reflected in separate accounts liabilities and are not included in consolidated cash flows.

Absent any contract provision wherein the Company provides a guarantee, variable annuity and variable life insurance contractholders bear the investment risk that the separate accounts’ funds may not meet their stated investment objectives. Substantially all of the Company’s variable annuity business was reinsured beginning in 2006.

Legal contingencies

The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis. The Company establishes accruals for such

matters at management’s best estimate when the Company assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company’s assessment of whether a loss is reasonably possible or probable is based on its assessment of the ultimate outcome of the matter following all appeals. The Company does not include potential recoveries in its estimates of reasonably possible or probable losses. Legal fees are expensed as incurred.

Long-term debt

Long-term debt includes senior notes, senior debentures, subordinated debentures and junior subordinated debentures issued by the Corporation. Unamortized debt issuance costs are reported in long-term debt and are amortized over the expected period the debt will remain outstanding.

Equity incentive plans

The Company has equity incentive plans under which it grants nonqualified stock options, restricted stock units and performance stock awards (“equity awards”) to certain employees and directors of the Company. The Company measures the fair value of equity awards at the grant date and recognizes the expense over the shorter of the period in which the requisite service is rendered or retirement eligibility is attained. The expense for performance stock awards with no market condition is adjusted each period to reflect the performance factor most likely to be achieved at the end of the performance period. The

expense for performance stock awards with a market condition is based on the fair value of the awards at the grant date which incorporates the probability of achieving the market condition. In the event the market condition is not met, any previously recognized expense is not reversed. The Company uses a binomial lattice model to determine the fair value of employee stock options. The Company uses a Monte Carlo simulation model to determine the fair value of performance stock awards with market condition.

Measurement of credit losses

The Company carries an allowance for expected credit losses for all financial assets measured at amortized cost on the Consolidated Statements of Financial Position. The Company considers past events, current conditions, and reasonable and supportable forecasts in estimating an allowance for credit losses. The Company also carries a credit loss allowance for fixed income securities where applicable and, when amortized cost is reported, it is net of credit loss allowances. For additional information, refer to the Investments, Reinsurance, Indemnification or Recognition of premium revenues and contract charges, topics of this section.

The Company also estimates a credit loss allowance for commitments to fund mortgage loans, bank loans and agent loans unless they are unconditionally cancellable by the Company. The related allowance is reported in other liabilities and accrued expenses.


Allowance for credit losses
($ in millions)	December 31, 2020		January 1, 2020
Fixed income securities	$	3	$	—
Mortgage loans	67		45
Other investments
Bank loans	67		53
Agent loans	5		5
Investments	142		103
Premium installment receivables	153		91
Reinsurance recoverables	74		74
Other assets	23		18
Assets	392		286

Commitments to fund mortgage loans, bank loans and agent loans	1		3
Liabilities	1		3
Total	$	393	$	289

Leases

The Company has certain operating leases for office facilities, computer and office equipment, and vehicles. The Company’s leases have remaining lease terms of 1 year to 9 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the leases within 60 days.

The Company determines if an arrangement is a lease at inception. Leases with an initial term less than one year are not recorded on the balance sheet and the lease costs for these leases are recorded as an expense on a straight-line basis over the lease term.

Operating leases with terms greater than one year result in a lease liability recorded in other liabilities with a corresponding right-of-use (“ROU”) asset recorded in other assets. As of December 31, 2020 and 2019, the Company had $511 million and $586 million in lease liabilities and $393 million and $483 million in ROU assets, respectively.

Operating lease liabilities are recognized at the commencement date based on the present value of future minimum lease payments over the lease term. ROU assets are recognized based on the corresponding lease liabilities adjusted for qualifying initial direct costs, prepaid or accrued lease payments and unamortized lease incentives. As most of the

Company’s leases do not disclose the implicit interest rate, the Company uses collateralized incremental borrowing rates based on information available at lease commencement when determining the present value of future lease payments. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease. Lease terms may include options to extend or terminate the lease which are incorporated into the Company’s measurements when it is reasonably certain that the Company will exercise the option.

Operating lease costs are recognized on a straight-line basis over the lease term and include interest expense on the lease liability and amortization of the ROU asset. Variable lease costs are expensed as incurred and include maintenance costs and real estate taxes. Lease costs are reported in operating costs and expenses and totaled $166 million and $171 million, including $30 million of variable lease costs in both 2020 and 2019.


Other information related to operating leases
	As of December 31,
	2020		2019
Weighted average remaining lease term (years)	5		6
Weighted average discount rate	3.10	%	3.15	%


Maturity of lease liabilities
($ in millions)	Operating leases
2021	$	120
2022	116
2023	95
2024	77
2025	63
Thereafter	84
Total lease payments	$	555
Less: interest	(44)
Present value of lease liabilities	$	511

Off-balance sheet financial instruments

Commitments to invest, commitments to purchase private placement securities, commitments to fund loans, financial guarantees and credit guarantees have off-balance sheet risk because their contractual amounts are not recorded in the Company’s Consolidated Statements of Financial Position (see Notes 7 and 14).

Consolidation of variable interest entities (“VIEs”)

The Company consolidates VIEs when it is the primary beneficiary. A primary beneficiary is the variable interest holder in a VIE with both the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE.

Foreign currency translation

The local currency of the Company’s foreign subsidiaries is deemed to be the functional currency of the country in which these subsidiaries operate. The financial statements of the Company’s foreign subsidiaries are translated into U.S. dollars at the exchange rate in effect at the end of a reporting period for assets and liabilities and at average exchange rates during the period for results of operations.

The unrealized gains and losses from the translation of the net assets are recorded as unrealized foreign currency translation adjustments and included in AOCI. Changes in unrealized foreign currency translation adjustments are included in OCI. Gains and losses from foreign currency transactions are reported in operating costs and expenses and have not been material.

Earnings 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 and unvested non-participating restricted stock units and contingently issuable performance stock awards. The effect of dilutive potential common shares does not include 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
	For the years ended December 31,
($ in millions, except per share data)	2020		2019		2018
Numerator:
Net income	$	5,576	$	4,847	$	2,160
Less: Preferred stock dividends	115		169		148
Net income applicable to common shareholders (1)	$	5,461	$	4,678	$	2,012

Denominator:
Weighted average common shares outstanding	311.6		328.2		347.8
Effect of dilutive potential common shares:
Stock options	2.2		3.2		3.6
Restricted stock units (non-participating) and performance stock awards	1.7		2.1		1.8
Weighted average common and dilutive potential common shares outstanding	315.5		333.5		353.2

Earnings per common share – Basic	$	17.53	$	14.25	$	5.78
Earnings per common share – Diluted	$	17.31	$	14.03	$	5.70

Anti-dilutive options excluded from diluted earnings per common share	2.9		3.7		2.0

Adopted accounting standard

Measurement of Credit Losses on Financial Instruments Effective January 1, 2020, the Company adopted new Financial Accounting Standards Board (“FASB”) guidance related to the measurement of credit losses on financial instruments that primarily affected mortgage loans, bank loans and reinsurance recoverables.

Upon adoption of the guidance, the Company recorded a total allowance for expected credit losses of $289 million, pre-tax. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses to conform to the new requirements which resulted in recognizing a cumulative effect decrease in retained income of $88 million, after-tax, at the date of adoption.

The measurement of credit losses for AFS fixed income securities measured at fair value is not affected except that credit losses recognized are limited to the amount by which fair value is below amortized cost and the credit loss adjustment is recognized through a valuation allowance which may change over time but once recorded cannot subsequently be reduced to an amount below zero. Previously these credit loss adjustments were recorded as other-than-temporary impairments and were not reversed once recorded.

Pending accounting standards

Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amendments to modify certain disclosure requirements for defined benefit plans. New disclosures include the weighted-average interest crediting rates for cash balance plans and other plans with interest crediting rates and explanations for significant gains and losses related to changes in the benefit obligation during the reporting period. Disclosures to be eliminated include amounts expected to be reclassified out of AOCI and into the income statement in the coming year and the anticipated impact of a one-percentage point change in the assumed health care cost trend rate on service and interest cost and on the accumulated benefit obligation. The amendments are effective for annual reporting periods beginning after December 15, 2020. The impacts of adoption are to the Company’s disclosures only.

Accounting for Long-Duration Insurance Contracts In August 2018, the FASB issued guidance revising the accounting for certain long-duration insurance contracts. The new guidance introduces material changes to the measurement of the Company’s reserves for traditional life, life-contingent immediate annuities and certain voluntary accident and health insurance products.

Under the new guidance, measurement assumptions, including those for mortality, morbidity and policy terminations, will be required to be reviewed and updated at least annually. The effect of updating measurement assumptions other than the discount rate are required to be measured on a retrospective

basis and reported in net income. 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 OCI at each reporting date. Current GAAP requires the measurement of reserves to utilize assumptions set at policy issuance unless updated current assumptions indicate that recorded reserves are deficient.

The new guidance also requires DAC and other capitalized balances currently amortized in proportion to premiums or gross profits to be amortized on a constant level basis over the expected term for all long-duration insurance contracts. DAC will not be subject to loss recognition testing but will be reduced when actual lapse experience exceeds expected experience. The new guidance will no longer require adjustments to DAC and deferred sales inducement costs (“DSI”) related to unrealized gains and losses on investment securities supporting the related business.

All market risk benefit product features will be measured at fair value with changes in fair value recorded in net income with the exception of changes in the fair value attributable to changes in the reporting entity’s own credit risk, which are required to be recognized in OCI. Substantially all of the Company’s market risk benefits relate to variable annuities that are reinsured and therefore these impacts are not expected to be material to the Company.

The new guidance is effective for financial statements issued for reporting periods beginning after December 15, 2022 and restatement of prior periods presented is required. Early adoption is permitted and if elected, restatement of only one prior period is required. The new guidance will be applied to affected contracts and DAC on the basis of existing carrying amounts at the earliest period presented or retrospectively using actual historical experience as of contract inception. The new guidance for market risk benefits is required to be adopted retrospectively.

The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI.

As disclosed in Note 3, the Company entered into an agreement to sell ALIC and certain affiliates.

The requirements of the new guidance represent a material change from existing GAAP, however, the underlying economics of the business and related cash flows are unchanged. The Company anticipates the financial statement impact of adopting the new guidance to be material with respect to Allstate Life Insurance Company of New York’s (“ALNY”) run-off annuity business, largely attributed to the impact of transitioning to a discount rate based on an upper-medium grade fixed income investment yield.

The revised accounting for DAC will be applied prospectively using the new model and any DAC effects existing in AOCI as a result of applying existing GAAP at the date of adoption will be eliminated.

Simplifications to the Accounting for Income Taxes In December 2019, the FASB issued amendments to simplify the accounting for income taxes. The amendments eliminate certain exceptions in the existing guidance including those related to intraperiod tax allocation and deferred tax liability recognition when a subsidiary meets the criteria to apply the equity method of accounting. The amendments require recognition of the effect of an enacted change in tax laws or rates in the interim period that includes the enactment date, provide an option to not allocate taxes to a legal entity that is not subject to tax as well as other minor changes. The amendments are effective for interim and annual reporting periods beginning after December 15, 2020. The new guidance specifies which amendments should be applied prospectively, retrospectively or on a modified retrospective basis through a cumulative-effect adjustment to retained income as of the beginning of the year of adoption. The impact of adoption is not expected to be material to the Company’s results of operations or financial position.

Acquisitions and Disposition	12 Months Ended
Acquisitions and Disposition	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions and Disposition	National General On July 7, 2020, the Company entered into a definitive agreement to acquire National General Holdings Corp. (“National General”), an insurance holding company serving customers through independent agents for property and casualty and accident and health products, for approximately $4 billion in cash. National General provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed property, supplemental health and other niche insurance products. This acquisition will increase the Company’s market share in personal property-liability and expand its independent agent distribution. On September 30, 2020, National General's shareholders voted to approve the definitive agreement. On November 19, 2020, the Company issued $600 million of 0.750% Senior Notes due 2025 and $600 million of 1.450% Senior Notes due 2030 to partially fund the acquisition. The transaction closed on January 4, 2021 and National General shareholders received $32.00 per share in cash from the Company, plus a closing dividend of $2.50 per share, providing $34.50 in total value per share. Due to the limited time since the closing date, the initial accounting for the acquisition is incomplete. As a result, the Company is unable to provide amounts recognized as of the closing date for the major classes of assets acquired and liabilities assumed. The Company will include this information in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021. iCracked On February 12, 2019, the Company acquired iCracked Inc. (“iCracked”) which offers on-site, on-demand repair services for smartphones and tablets in North America, supporting Allstate Protection Plans' (formerly known as SquareTrade) operations. In conjunction with the iCracked acquisition, the Company recorded goodwill of $17 million. Subsequent event On January 26, 2021, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Antelope US Holdings Company, an affiliate of an investment fund associated with The Blackstone Group Inc. to sell ALIC and certain affiliates for approximately $2.8 billion in cash. Allstate will retain ownership of ALNY while pursuing alternatives to sell or otherwise transfer risk to a third party. A loss on disposition estimated at $3 billion, after-tax, will be recorded in the first quarter of 2021. The loss on disposition is related to the run-off annuity segment, whose returns have been low. The ultimate amount of the loss on sale will be impacted by purchase price adjustments associated with certain pre-close transactions specified in the stock purchase agreement, changes in statutory capital and surplus prior to the closing date and the closing date equity of ALIC determined under GAAP, excluding unrealized gains and losses. The transaction is expected to close in the second half of 2021, subject to regulatory approvals and other customary closing conditions. In the first quarter of 2021, the assets and liabilities of the business will be reclassified as held-for-sale and results will be presented as discontinued operations. This change will be applied on a retrospective basis.

Reportable Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reportable Segments


Note 4			Reportable Segments

The Company’s chief operating decision maker reviews financial performance and makes decisions about the allocation of resources for the seven reportable segments. These segments are described below and align with the Company’s key product and service offerings.

Allstate Protection principally offers private passenger auto and homeowners insurance in the United States and Canada, with earned premiums accounting for 79.4% of Allstate’s 2020 consolidated revenues. Allstate Protection primarily operates in the U.S. (all 50 states and the District of Columbia (“D.C.”)) and Canada. For 2020, the top U.S. geographic locations for premiums earned by the Allstate Protection segment were Texas, California, New York and Florida. No other jurisdiction accounted for more than 5% of premium earned for Allstate Protection. Revenues from external customers generated outside the United States were $1.57 billion, $1.37 billion and $1.20 billion in 2020, 2019 and 2018, respectively.

Discontinued Lines and Coverages includes property and casualty insurance coverage that

primarily relates to policies written during the 1960s through the mid-1980s. Our exposure to asbestos, environmental and other discontinued lines claims arises principally from direct excess commercial insurance, assumed reinsurance coverage, direct primary commercial insurance and other businesses in run-off.

Protection Services comprise Allstate Protection Plans, Allstate Dealer Services, Allstate Roadside, Arity and Allstate Identity Protection. Protection Services offer consumer product protection plans, finance and insurance products (including vehicle service contracts, guaranteed asset protection waivers, road hazard tire and wheel and paintless dent repair protection), roadside assistance, device and mobile data collection services and analytic solutions using automotive telematics information and identity protection. Protection Services primarily operate in the U.S. and Canada, with Allstate Protection Plans also offering services in Europe and Japan. Revenues from external customers generated outside the United States relate to consumer product protection plans sold primarily in

the European Union and were $188 million, $95 million and $61 million in 2020, 2019 and 2018, respectively.

Allstate Life consists of traditional, interest-sensitive and variable life insurance products. Allstate Life primarily operates in the U.S. (all 50 states and D.C.). For 2020, the top geographic locations for statutory direct life insurance premiums were New York, California, Texas, Florida and Illinois. No other jurisdiction accounted for more than 5% of statutory direct life insurance premiums.

Allstate Benefits offers voluntary benefits products, including life, accident, critical illness, hospital, short-term disability and other health products. Allstate Benefits primarily operates in the U.S. (all 50 states and D.C.) and Canada. For 2020, the top geographic locations for statutory direct accident and health insurance premiums were Florida, Texas, North Carolina, and California. No other jurisdiction accounted for more than 5% of statutory direct accident and health insurance premiums. Revenues from external customers generated outside the United States relate to voluntary accident and health insurance sold in Canada and were not material.

Allstate Annuities consists primarily of deferred fixed annuities and immediate annuities (including standard and sub-standard structured settlements). This segment is in run-off.

Corporate and Other comprises holding company activities and certain non-insurance operations, including expenses associated with strategic initiatives.

Allstate Protection and Discontinued Lines and Coverages segments comprise Property-Liability. The Company does not allocate investment income, realized capital gains and losses, or assets to the Allstate Protection and Discontinued Lines and Coverages segments. Management reviews assets at the Property-Liability, Protection Services, Allstate Life, Allstate Benefits, Allstate Annuities, and Corporate and Other levels for decision-making purposes.

The accounting policies of the reportable segments are the same as those described in Note 2. The effects of intersegment transactions are eliminated in the consolidated results. For segment

results, services provided by Protection Services to Allstate Protection are not eliminated as management considers those transactions in assessing the results of the respective 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 Discontinued Lines and Coverages segments and adjusted net income for the Protection Services, Allstate Life, Allstate Benefits, Allstate Annuities, and Corporate and Other segments. A reconciliation of these measures to net income applicable to common shareholders is provided below.

Underwriting income is calculated as premiums earned and other revenue, less claims and claims expenses (“losses”), Shelter-in-Place Payback expense, 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 applicable to common shareholders, excluding:


• Realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in adjusted net income
• Pension and other postretirement remeasurement gains and losses, after-tax
• Valuation changes on embedded derivatives that are not hedged, after-tax
• Amortization of DAC and DSI, to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged, after-tax
• Business combination expenses and the amortization or impairment of purchased intangibles, after-tax
• Gain (loss) on disposition of operations, after-tax
• 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


Reportable segments revenue information
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property-Liability
Insurance premiums
Auto	$	24,640	$	24,188	$	22,970
Homeowners	8,254		7,912		7,517
Other personal lines	1,919		1,861		1,808
Commercial lines	767		882		655

Allstate Protection	35,580		34,843		32,950
Discontinued Lines and Coverages	—		—		—
Total Property-Liability insurance premiums	35,580		34,843		32,950
Other revenue	736		741		738
Net investment income	1,421		1,533		1,464
Realized capital gains (losses)	990		1,470		(639)
Total Property-Liability	38,727		38,587		34,513

Protection Services
Consumer product protection plans	909		633		503
Roadside assistance	188		238		263
Finance and insurance products	396		362		332
Intersegment premiums and service fees (1)	147		154		122
Other revenue (2)	208		188		82
Net investment income	44		42		27
Realized capital gains (losses)	30		32		(11)
Total Protection Services	1,922		1,649		1,318

Allstate Life
Traditional life insurance premiums	633		630		600
Accident and health insurance premiums	2		2		2
Interest-sensitive life insurance contract charges	705		711		713
Other revenue	121		125		119
Net investment income	502		514		505
Realized capital gains (losses)	(10)		1		(14)
Total Allstate Life	1,953		1,983		1,925

Allstate Benefits
Traditional life insurance premiums	46		43		44
Accident and health insurance premiums	926		988		980
Interest-sensitive life insurance contract charges	122		114		111
Net investment income	78		83		77
Realized capital gains (losses)	8		12		(9)
Total Allstate Benefits	1,180		1,240		1,203

Allstate Annuities
Fixed annuities contract charges	10		13		15
Net investment income	761		917		1,096
Realized capital gains (losses)	279		346		(166)
Total Allstate Annuities	1,050		1,276		945

Corporate and Other

Net investment income	47		70		71
Realized capital gains (losses)	59		24		(38)



Total Corporate and Other	106		94		33
Intersegment eliminations (1)	(147)		(154)		(122)
Consolidated revenues	$	44,791	$	44,675	$	39,815

(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the consolidated financial statements.

(2)Other revenue is primarily related to Allstate Identity Protection, Allstate Dealer Services, and Allstate Protection Plans.


Reportable segments financial performance
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property-Liability
Allstate Protection	$	4,566	$	2,912	$	2,343
Discontinued Lines and Coverages	(144)		(108)		(90)
Total underwriting income	4,422		2,804		2,253
Net investment income	1,421		1,533		1,464
Income tax expense on operations	(1,166)		(887)		(747)
Realized capital gains (losses), after-tax	774		1,161		(500)

Tax Legislation expense	—		—		(5)
Property-Liability net income applicable to common shareholders	5,451		4,611		2,465

Protection Services
Adjusted net income	153		38		8
Realized capital gains (losses), after-tax	23		25		(9)
Amortization of purchased intangibles, after-tax	(84)		(97)		(74)
Impairment of purchased intangibles, after-tax	—		(43)		—
Tax Legislation expense	—		—		(4)
Protection Services net income (loss) applicable to common shareholders	92		(77)		(79)

Allstate Life
Adjusted net income	194		261		295
Realized capital gains (losses), after-tax	(9)		—		(11)
Valuation changes on embedded derivatives that are not hedged, after-tax	(34)		(9)		—
DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax	8		(5)		(8)


Tax Legislation expense	—		—		(16)
Allstate Life net income applicable to common shareholders	159		247		260

Allstate Benefits
Adjusted net income	96		115		124
Realized capital gains (losses), after-tax	7		9		(7)
DAC and DSI amortization related to realized capital gains and losses, after-tax	—		—		1

Tax Legislation benefit	—		—		—
Allstate Benefits net income applicable to common shareholders	103		124		118

Allstate Annuities
Adjusted net (loss) income	(53)		10		131
Realized capital gains (losses), after-tax	221		274		(131)
Valuation changes on embedded derivatives that are not hedged, after-tax	(2)		(6)		3

Premium deficiency for immediate annuities, after-tax (1)	(178)		—		—
Gain on disposition of operations, after-tax	3		4		4

Tax Legislation benefit	—		—		69
Allstate Annuities net (loss) income applicable to common shareholders	(9)		282		76

Corporate and Other
Adjusted net loss	(428)		(438)		(406)
Realized capital gains (losses), after-tax	47		19		(30)
Pension and other postretirement remeasurement gains (losses), after-tax	39		(90)		(370)

Curtailment gain, after-tax	7		—		—
Business combination expenses, after-tax	—		—		(7)
Tax Legislation expense	—		—		(15)
Corporate and Other net loss applicable to common shareholders	(335)		(509)		(828)

Consolidated net income applicable to common shareholders	$	5,461	$	4,678	$	2,012

(1) Contract benefits increased by $225 million, pre-tax, for premium deficiency on immediate annuities with life contingencies due to updated investment and actuarial assumptions in the third quarter of 2020.


Additional significant financial performance data
	For the years ended December 31,
($ in millions)	2020		2019		2018
Amortization of DAC
Property-Liability	$	4,642	$	4,649	$	4,475
Protection Services	658		543		463
Allstate Life	149		173		132
Allstate Benefits	177		161		145
Allstate Annuities	4		7		7
Consolidated	$	5,630	$	5,533	$	5,222


Income tax expense (benefit)
Property-Liability	$	1,382	$	1,196	$	613
Protection Services	26		(18)		(19)
Allstate Life	17		53		75
Allstate Benefits	28		35		32
Allstate Annuities	(7)		73		(66)
Corporate and Other	(63)		(97)		(167)
Consolidated	$	1,383	$	1,242	$	468

Interest expense is primarily incurred in the Corporate and Other segment. Capital expenditures for long-lived assets are generally made in Property-Liability as the Company does not allocate assets to the Allstate Protection and Discontinued Lines and Coverages segments. A portion of these long-lived assets are used by entities included in the Protection Services, Allstate Life, Allstate Benefits, Allstate Annuities and Corporate and Other segments and, accordingly, are charged to expenses in proportion to their use.


Reportable segment total assets, investments and deferred policy acquisition costs (1)
	As of December 31,
($ in millions)	2020		2019
Assets
Property-Liability	$	69,171	$	67,243
Protection Services	6,177		5,746
Allstate Life	15,051		14,771
Allstate Benefits	2,905		2,915
Allstate Annuities	27,080		26,914
Corporate and Other	5,603		2,361
Consolidated	$	125,987	$	119,950


Investments
Property-Liability	$	50,134	$	48,414
Protection Services	1,822		1,544
Allstate Life	12,406		11,914
Allstate Benefits	2,012		1,941
Allstate Annuities	22,291		22,221
Corporate and Other	5,572		2,328
Consolidated	$	94,237	$	88,362

Deferred policy acquisition costs
Property-Liability	$	1,608	$	1,624
Protection Services	1,696		1,448
Allstate Life	909		1,079
Allstate Benefits	470		527
Allstate Annuities	17		21
Consolidated	$	4,700	$	4,699

(1)The balances reflect the elimination of related party investments between segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Investments

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investments


Note 5			Investments


Portfolio composition
	As of December 31,
($ in millions)	2020		2019
Fixed income securities, at fair value	$	66,354	$	59,044
Equity securities, at fair value	4,710		8,162
Mortgage loans, net	4,075		4,817
Limited partnership interests	7,609		8,078
Short-term investments, at fair value	7,800		4,256
Other, net	3,689		4,005
Total	$	94,237	$	88,362


Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
	Amortized cost, net		Gross unrealized				Fair value
($ in millions)			Gains		Losses
December 31, 2020
U.S. government and agencies	$	3,129	$	94	$	(1)	$	3,222
Municipal	8,752		837		(2)		9,587
Corporate	47,226		3,981		(65)		51,142
Foreign government	1,013		42		—		1,055
ABS	1,260		15		(5)		1,270
MBS	71		7		—		78
Total fixed income securities	$	61,451	$	4,976	$	(73)	$	66,354

December 31, 2019
U.S. government and agencies	$	4,971	$	141	$	(26)	$	5,086
Municipal	8,080		551		(11)		8,620
Corporate	41,090		2,035		(47)		43,078
Foreign government	968		16		(5)		979
ABS	860		8		(6)		862
MBS	324		96		(1)		419
Total fixed income securities	$	56,293	$	2,847	$	(96)	$	59,044


Scheduled maturities for fixed income securities
	As of December 31, 2020
($ in millions)	Amortized cost, net		Fair value
Due in one year or less	$	3,092	$	3,136
Due after one year through five years	24,271		25,587
Due after five years through ten years	22,000		24,018
Due after ten years	10,757		12,265
	60,120		65,006
ABS and MBS	1,331		1,348
Total	$	61,451	$	66,354

Actual maturities may differ from those scheduled as a result of calls and make-whole payments by the issuers. ABS and MBS are shown separately because of potential prepayment of principal prior to contractual maturity dates.


Net investment income
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	2,136	$	2,175	$	2,077
Equity securities	98		206		170
Mortgage loans	220		220		217
Limited partnership interests	338		471		705
Short-term investments	23		102		73
Other	251		262		272
Investment income, before expense	3,066		3,436		3,514
Investment expense	(213)		(277)		(274)
Net investment income	$	2,853	$	3,159	$	3,240


Realized capital gains (losses) by asset type
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	983	$	461	$	(237)
Equity securities	346		1,210		(594)
Mortgage loans	(47)		—		2
Limited partnership interests	24		200		(101)
Derivatives	53		(15)		46
Other	(3)		29		7
Realized capital gains (losses)	$	1,356	$	1,885	$	(877)


Realized capital gains (losses) by transaction type
	For the years ended December 31,
($ in millions)	2020		2019		2018
Sales	$	1,017	$	575	$	(215)
Credit losses (1)	(80)		(47)		(14)
Valuation of equity investments (2)	366		1,372		(691)
Valuation and settlements of derivative instruments	53		(15)		43
Realized capital gains (losses)	$	1,356	$	1,885	$	(877)

(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses.

(2)Includes valuation 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
	For the years ended December 31,
($ in millions)	2020		2019		2018
Gross realized gains	$	1,209	$	607	$	120
Gross realized losses	(221)		(132)		(347)

The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of December 31, 2020 and 2019, respectively.


Net appreciation (decline) recognized in net income
	For the years ended December 31,
($ in millions)	2020		2019
Equity securities	$	478	$	1,073
Limited partnership interests carried at fair value	250		149
Total	$	728	$	1,222


Credit losses recognized in net income (1)
	For the years ended December 31,
($ in millions)		2020		2019		2018
Assets
Fixed income securities:

Corporate		$	(1)	$	(7)	$	(2)
ABS		(2)		(4)		(3)
MBS		(2)		(3)		(5)
Total fixed income securities		(5)		(14)		(10)
Mortgage loans		(39)		—		—
Limited partnership interests		(10)		(6)		(3)
Other investments
Bank loans		(28)		(26)		—
Agent loans		—		(1)		(1)
Total credit losses by asset type		$	(82)	$	(47)	$	(14)

Liabilities
Commitments to fund commercial mortgage loans, bank loans and agent loans		2		—		—
Total		$	(80)	$	(47)	$	(14)

(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, realized capital losses previously reported as other-than-temporary impairment write-downs are now presented as credit losses.


Unrealized net capital gains and losses included in AOCI
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
December 31, 2020			Gains		Losses
Fixed income securities	$	66,354	$	4,976	$	(73)	$	4,903
Short-term investments	7,800		—		—		—
Derivative instruments	—		—		(3)		(3)
EMA limited partnerships (1)							(4)
Unrealized net capital gains and losses, pre-tax							4,896
Amounts recognized for:
Insurance reserves (2)							(496)
DAC and DSI (3)							(364)
Amounts recognized							(860)
Deferred income taxes							(856)
Unrealized net capital gains and losses, after-tax							$	3,180

December 31, 2019
Fixed income securities	$	59,044	$	2,847	$	(96)	$	2,751
Short-term investments	4,256		—		—		—
Derivative instruments	—		—		(3)		(3)
EMA limited partnerships							(4)

Unrealized net capital gains and losses, pre-tax							2,744
Amounts recognized for:
Insurance reserves							(126)
DAC and DSI							(224)
Amounts recognized							(350)
Deferred income taxes							(507)
Unrealized net capital gains and losses, after-tax							$	1,887

(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.

(2)The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity).

(3)The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.


Change in unrealized net capital gains (losses)
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	2,152	$	2,715	$	(1,431)

Short-term investments	—		—		—
Derivative instruments	—		—		(2)
EMA limited partnerships	—		(4)		(1)

Total	2,152		2,711		(1,434)
Amounts recognized for:
Insurance reserves	(370)		(126)		315
DAC and DSI	(140)		(191)		163
Amounts recognized	(510)		(317)		478
Deferred income taxes	(349)		(505)		202
Increase (decrease) in unrealized net capital gains and losses, after-tax	$	1,293	$	1,889	$	(754)

Mortgage loans The Company’s mortgage loans are commercial mortgage loans collateralized by a variety of commercial real estate property types located across the United States and totaled $4.08 billion and $4.82 billion, net of credit loss allowance, as of December 31, 2020 and 2019, respectively. Substantially all of the commercial mortgage loans are non-recourse to the borrower.


Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2020		2019
Texas	20.6	%	16.9	%
California	14.6		15.1
Florida	6.8		6.4
Illinois	6.1		7.1
North Carolina	5.1		4.5
New Jersey	3.5		5.6


Types of properties collateralizing the mortgage loan portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2020		2019
Apartment complex	37.8	%	36.8	%
Office buildings	23.2		22.6
Warehouse	14.6		16.8
Retail	13.9		13.4
Other	10.5		10.4
Total	100.0	%	100.0	%


Contractual maturities of the mortgage loan portfolio
	As of December 31, 2020
($ in millions)	Number of loans	Amortized cost, net		Percent
2021	28	$	277	6.8	%
2022	25	388		9.5
2023	42	556		13.7
2024	27	637		15.6
Thereafter	124	2,217		54.4
Total	246	$	4,075	100.0	%

Limited partnerships Investments in limited partnership interests include interests in private equity funds, real estate funds and other funds. Principal factors influencing carrying value appreciation or decline include operating performance, comparable public company earnings multiples, capitalization rates and the economic environment. For equity method limited partnerships, the Company recognizes an impairment loss when evidence demonstrates that the loss is other than temporary. Evidence of a loss in value that is other than temporary may include the absence of an ability to recover the carrying amount of the investment or the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. Changes in fair value limited partnerships are recorded through net investment income and therefore are not tested for impairment.


Carrying value for limited partnership interests
	As of December 31, 2020						As of December 31, 2019
($ in millions)	EMA		Fair Value		Total		EMA		Fair Value		Total
Private equity	$	4,417	$	1,708	$	6,125	$	4,463	$	1,668	$	6,131
Real estate	958		116		1,074		899		142		1,041
Other (1)	410		—		410		902		4		906
Total	$	5,785	$	1,824	$	7,609	$	6,264	$	1,814	$	8,078

(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.

Municipal bonds The Company maintains a diversified portfolio of municipal bonds, including tax exempt and taxable securities, which totaled $9.59 billion and $8.62 billion as of December 31, 2020 and 2019, respectively.

The municipal bond portfolio includes general obligations of state and local issuers and revenue bonds (including pre-refunded bonds, which are bonds for which an irrevocable trust has been established to fund the remaining payments of principal and interest).


Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
	As of December 31,
(% of municipal bond portfolio carrying value)	2020		2019
California	12.8	%	8.6	%
Texas	11.0		12.7
New York	5.3		3.7
Colorado	4.8		5.8
Washington	4.0		5.5

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 December 31, 2020 and 2019, the fair value of short-term investments totaled $7.80 billion and $4.26 billion, respectively.

Other investments Other investments primarily consist of bank loans, real estate, policy loans, agent 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. Agent loans are loans issued to exclusive Allstate agents and are carried at amortized cost, net. Derivatives are carried at fair value.


Other investments by asset type
	As of December 31,
($ in millions)	2020		2019
Bank loans, net	$	1,018	$	1,204
Real estate	974		1,005
Policy loans	754		894
Agent loans, net	631		666
Derivatives and other	312		236
Total	$	3,689	$	4,005

Concentration of credit risk As of December 31, 2020, the Company is not exposed to any credit concentration risk of a single issuer and its affiliates greater than 10% of the Company’s shareholders’ equity, other than the U.S. government and its agencies and one government money market fund.

Securities loaned The Company’s business activities include securities lending programs with third parties, mostly large banks. As of December 31, 2020 and 2019, fixed income and equity securities with a carrying value of $1.19 billion and $1.74 billion, respectively, were on loan under these agreements. Interest income on collateral, net of fees, was $3 million, $5 million and $4 million in 2020, 2019 and 2018, respectively.

Other investment information Included in fixed income securities are below investment grade assets totaling $9.00 billion and $7.15 billion as of December 31, 2020 and 2019, respectively.

As of December 31, 2020, fixed income securities and short-term investments with a carrying value of $141 million were on deposit with regulatory authorities as required by law.

As of December 31, 2020, the carrying value of fixed income securities and other investments that were non-income producing was $80 million.

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 $548 million as of December 31, 2020 and is reported within the accrued investment income line of the 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 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
	For the year ended
($ in millions)	December 31, 2020
Beginning balance	$	—
Credit losses on securities for which credit losses not previously reported	(5)

Reduction of allowance related to sales	2
Write-offs	—



Ending balance (1)	$	(3)

(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position

	Less than 12 months					12 months or more
($ in millions)	Number of issues	Fair value		Unrealized losses		Number of issues	Fair value		Unrealized losses		Total unrealized losses
December 31, 2020
Fixed income securities
U.S. government and agencies	23	$	185	$	(1)	—	$	—	$	—	$	(1)
Municipal	47	148		(2)		—	—		—		(2)
Corporate	127	1,229		(39)		27	187		(26)		(65)
Foreign government	7	7		—		—	—		—		—
ABS	22	160		(2)		13	49		(3)		(5)
MBS	14	—		—		67	—		—		—
Total fixed income securities	240	$	1,729	$	(44)	107	$	236	$	(29)	$	(73)
Investment grade fixed income securities	163	$	1,193	$	(13)	84	$	117	$	(17)	$	(30)
Below investment grade fixed income securities	77	536		(31)		23	119		(12)		(43)
Total fixed income securities	240	$	1,729	$	(44)	107	$	236	$	(29)	$	(73)

December 31, 2019
Fixed income securities
U.S. government and agencies	31	$	1,713	$	(26)	10	$	26	$	—	$	(26)
Municipal	307	576		(9)		1	14		(2)		(11)
Corporate	186	1,392		(20)		65	485		(27)		(47)
Foreign government	55	412		(4)		6	102		(1)		(5)
ABS	36	193		(2)		23	160		(4)		(6)
MBS	27	15		—		123	14		(1)		(1)
Total fixed income securities	642	$	4,301	$	(61)	228	$	801	$	(35)	$	(96)
Investment grade fixed income securities	581	$	3,878	$	(41)	185	$	594	$	(20)	$	(61)
Below investment grade fixed income securities	61	423		(20)		43	207		(15)		(35)
Total fixed income securities	642	$	4,301	$	(61)	228	$	801	$	(35)	$	(96)


Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2020
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	$	(15)	$	(24)	$	(39)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)	(15)		(19)		(34)
Total unrealized losses	$	(30)	$	(43)	$	(73)

(1)Below investment grade fixed income securities include $17 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)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.

(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations

Investment grade is defined as a security having a rating of Aaa, Aa, A or Baa from Moody’s, a rating of AAA, AA, A or BBB from S&P Global Ratings (“S&P”), a comparable rating from another nationally recognized rating agency, or a comparable internal rating if an externally provided rating is not available. Market prices for certain securities may have credit spreads which imply higher or lower credit quality than the current third-party rating. Unrealized losses on investment grade securities are principally related to an increase in market yields which may include increased risk-free interest rates or wider credit spreads since the time of initial purchase. The unrealized losses are expected to reverse as the securities approach maturity.

ABS and MBS in an unrealized loss position were evaluated based on actual and projected collateral losses relative to the securities’ positions in the respective securitization trusts, security specific expectations of cash flows, and credit ratings. This evaluation also takes into consideration credit enhancement, measured in terms of (i) subordination from other classes of securities in the trust that are contractually obligated to absorb losses before the class of security the Company owns, and (ii) the expected impact of other structural features embedded in the securitization trust beneficial to the class of securities the Company owns, such as overcollateralization and excess spread. Municipal bonds in an unrealized loss position were evaluated based on the underlying credit quality of the primary obligor, obligation type and quality of the underlying assets.

As of December 31, 2020, the Company has not made the decision to sell and it is not more likely than not the Company will be required to sell fixed income securities with unrealized losses before recovery of the amortized cost basis.

Loans The Company establishes a credit loss allowance for mortgage loans, bank loans and agent loans when they are originated or purchased, and for unfunded commitments unless they are unconditionally cancellable by the Company. The Company uses a probability of default and loss given default model for mortgage loans and bank loans to estimate current expected credit losses that considers all relevant information available including past events, current conditions, and reasonable and supportable forecasts over the life of an asset. The Company also considers such factors as historical losses, expected prepayments and various economic factors. For mortgage loans the Company considers origination vintage year and property level information such as debt service coverage, property type, property location and collateral value. For bank loans the Company considers the credit rating of the borrower, credit spreads and type of loan. After the reasonable and supportable forecast period, the Company’s model reverts to historical loss trends. Given the less complex and homogenous nature of agent loans, the Company estimates current expected credit losses using historical loss experience over the estimated life of the loans, adjusted for current conditions, reasonable and supportable forecasts and expected prepayments.

Loans are evaluated on a pooled basis when they share similar risk characteristics. The Company monitors loans through a quarterly credit monitoring process to determine when they no longer share similar risk characteristics and are to be evaluated individually when estimating credit losses.

Loans are written off against their corresponding allowances when there is no reasonable expectation of recovery. If a loan recovers after a write-off, the estimate of expected credit losses includes the expected recovery.

Accrual of income is suspended for loans that are in default or when full and timely collection of principal and interest payments is not probable. Accrued income receivable is monitored for recoverability and when not expected to be collected is written off through net investment income. Cash receipts on

loans on non-accrual status are generally recorded as a reduction of amortized cost.

Accrued interest is excluded from the amortized cost of loans and is reported within the accrued investment income line of the Consolidated Statements of Financial Position. As of December 31, 2020, accrued interest totaled $15 million, $4 million and $2 million for mortgage loans, bank loans and agent loans, respectively.

Mortgage loans When it is determined a mortgage loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as using collateral value less estimated costs to sell where applicable, including when foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. When collateral value is used, the mortgage loans may not have a credit loss allowance when the fair value of the collateral exceeds the loan’s

amortized cost. An alternative approach may be utilized to estimate credit losses using the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate.

Individual loan credit loss allowances are adjusted for subsequent changes in the fair value of the collateral less costs to sell, when applicable, or present value of the loan’s expected future repayment cash flows.

Debt service coverage ratio is considered a key credit quality indicator when mortgage loan credit loss allowances are estimated. Debt service coverage ratio represents the amount of estimated cash flow from the property available to the borrower to meet principal and interest payment obligations. Debt service coverage ratio estimates are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process.


Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
	December 31, 2020														December 31, 2019
($ in millions)	2015 and prior		2016		2017		2018		2019		Current		Total		Total
Below 1.0	$	15	$	—	$	—	$	—	$	—	$	—	$	15	$	56
1.0 - 1.25	133		27		36		70		48		24		338		225
1.26 - 1.50	378		41		144		187		333		6		1,089		1,237
Above 1.50	1,037		396		283		373		499		112		2,700		3,302
Amortized cost before allowance	$	1,563	$	464	$	463	$	630	$	880	$	142	$	4,142	$	4,820
Allowance (1)													(67)		(3)
Amortized cost, net													$	4,075	$	4,817

(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses.

Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to situations where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable term, the decrease in cash flows from the properties is considered temporary, or there are other risk mitigating factors such as additional collateral, escrow balances or

borrower guarantees. Payments on all mortgage loans were current as of December 31, 2020, 2019 and 2018. During the fourth quarter of 2020, the Company sold $234 million of mortgage loans, net of a $17 million credit loss allowance, resulting in a net realized capital loss of $4 million.


Rollforward of credit loss allowance for mortgage loans
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(3)
Cumulative effect of change in accounting principle	(42)
Net increases related to credit losses	(39)
Reduction of allowance related to sales	17
Write-offs	—
Ending balance	$	(67)

Bank loans When it is determined a bank loan shall be evaluated individually, the Company uses various methods to estimate credit losses on individual loans such as the present value of the loan’s expected future repayment cash flows discounted at the loan’s current effective interest rate.

Credit ratings of the borrower are considered a key credit quality indicator when bank loan credit loss allowances are estimated. The ratings are updated quarterly and are either received from a nationally recognized rating agency or

a comparable internal rating is derived if an externally provided rating is not available. The year of origination is determined to be the year in which the asset is acquired.


Bank loans amortized cost by credit rating and year of origination
($ in millions)	As of December 31, 2020
	2015 and prior		2016		2017		2018		2019		Current		Total
BBB	$	—	$	—	$	9	$	7	$	14	$	13	$	43
BB	20		2		25		58		53		54		212
B	11		23		115		141		122		195		607
CCC and below	7		16		44		50		74		32		223
Amortized cost before allowance	$	38	$	41	$	193	$	256	$	263	$	294	$	1,085
Allowance													(67)
Amortized cost, net													$	1,018


Rollforward of credit loss allowance for bank loans
	For the year ended December 31, 2020
($ in millions)
Beginning balance	$	—
Cumulative effect of change in accounting principle	(53)
Net increases related to credit losses	(28)
Reduction of allowance related to sales	9
Write-offs	5
Ending balance	$	(67)

Agent loans The Company monitors agent loans to determine when they should be removed from the pool and assessed for credit losses individually by using internal credit risk grades that classify the loans into risk categories. The categorization is based on relevant information about the ability of borrowers to service their debt, such as historical payment experience, current business trends, cash flow coverage and collateral quality. Internal credit risk grades are updated annually or more frequently if conditions are warranted based on the Company’s credit monitoring process.

As of December 31, 2020, 85% of agent loans balance represents the top three highest credit quality categories. The allowance for agent loans totaled $5 million as of December 31, 2020 and did not change from January 1, 2020.

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities


Note 6			Fair Value of Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Consolidated Statements of Financial Position at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

Level 2: Assets and liabilities whose values are based on the following:

(a)Quoted prices for similar assets or liabilities in active markets;

(b)Quoted prices for identical or similar assets or liabilities in markets that are not active; or

(c)Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the assets and liabilities.

The availability of observable inputs varies by instrument. In situations where fair value is based on internally developed pricing models or inputs that are unobservable in the market, the determination of fair value requires more judgment. The degree of judgment exercised by the Company in determining fair value is typically greatest for instruments categorized in Level 3. In many instances, valuation inputs used to measure fair value fall into different levels of the fair value hierarchy. The category level in the fair value hierarchy is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In

periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments.

The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company gains assurance that assets and liabilities are appropriately valued through the execution of various processes and controls designed to ensure the overall reasonableness and consistent application of valuation methodologies, including inputs and assumptions, and compliance with accounting standards. For fair values received from third parties or internally estimated, the Company’s processes and controls are designed to ensure that the valuation methodologies are appropriate and consistently applied, the inputs and assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded. For example, on a continuing basis, the Company assesses the reasonableness of individual fair values that have stale security prices or that exceed certain thresholds as compared to previous fair values received from valuation service providers or brokers or derived from internal models. The Company performs procedures to understand and assess the methodologies, processes and controls of valuation service providers. In addition, the Company may validate the reasonableness of fair values by comparing information obtained from valuation service providers or brokers to other third-party valuation sources for selected securities. The Company performs ongoing price validation procedures such as back-testing of actual sales, which corroborate the various inputs used in internal models to market observable data. When fair value determinations are expected to be more variable, the Company validates them through reviews by members of management who have relevant expertise and who are independent of those charged with executing investment transactions.

The Company has two types of situations where investments are classified as Level 3 in the fair value hierarchy:

(1)Specific inputs significant to the fair value estimation models are not market observable. This primarily occurs in the Company’s use of broker quotes to value certain securities where the inputs have not been corroborated to be market observable, and the use of valuation models that use significant non-market observable inputs.

(2)Quotes continue to be received from independent third-party valuation service providers and all significant inputs are market observable; however, there has been a significant decrease in the volume and level of activity for the asset when compared to normal market activity such that the degree of market observability has declined to a point where categorization as a Level 3 measurement is considered appropriate. The indicators considered in determining whether a significant decrease in the volume and level of activity for a specific asset has occurred include

the level of new issuances in the primary market, trading volume in the secondary market, the level of credit spreads over historical levels, applicable bid-ask spreads, and price consensus among market participants and other pricing sources.

Certain assets are not carried at fair value on a recurring basis, including mortgage loans, bank loans, agent loans and policy loans and are only included in the fair value hierarchy disclosure when the individual investment is reported at fair value.

In determining fair value, the Company principally uses the market approach which generally utilizes market transaction data for the same or similar instruments. To a lesser extent, the Company uses the income approach which involves determining fair values from discounted cash flow methodologies. For the majority of Level 2 and Level 3 valuations, a combination of the market and income approaches is used.

Summary of significant inputs and valuation techniques for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis

Level 2 measurements

•Fixed income securities:

U.S. government and agencies, municipal, corporate - public and foreign government: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads.

Corporate - privately placed: Privately placed are valued using a discounted cash flow model that is widely accepted in the financial services industry and uses market observable inputs and inputs derived principally from, or corroborated by, observable market data. The primary inputs to the discounted cash flow model include an interest rate yield curve, as well as published credit spreads for similar assets in markets that are not active that incorporate the credit quality and industry sector of the issuer.

Corporate - privately placed also includes redeemable preferred stock that are valued using quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, underlying stock prices and credit spreads.

ABS and MBS: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, collateral performance, and credit spreads. Certain ABS are valued based on non-binding broker quotes whose inputs have been corroborated to be market observable. Residential MBS include prepayment speeds as a primary input for valuation.

•Equity securities: The primary inputs to the valuation include quoted prices or quoted net

asset values for identical or similar assets in markets that are not active.

•Short-term: The primary inputs to the valuation include quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields and credit spreads.

•Other investments: Free-standing exchange listed derivatives that are not actively traded are valued based on quoted prices for identical instruments in markets that are not active.

Over-the-counter (“OTC”) derivatives, including interest rate swaps, foreign currency swaps, total return swaps, foreign exchange forward contracts, certain options and certain credit default swaps, are valued using models that rely on inputs such as interest rate yield curves, implied volatilities, index price levels, currency rates, and credit spreads that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

Level 3 measurements

•Fixed income securities:

Municipal: Comprise municipal bonds that are not rated by third-party credit rating agencies. The primary inputs to the valuation of these municipal bonds include quoted prices for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements, contractual cash flows, benchmark yields and credit spreads. Also included are municipal bonds valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable and municipal bonds in default valued based on the present value of expected cash flows.

Corporate - public and privately placed, ABS and MBS: Primarily valued based on non-binding broker quotes where the inputs have not been corroborated to be market observable. Other inputs for corporate fixed income securities include an interest rate yield curve, as well as published credit spreads for similar assets that incorporate the credit quality and industry sector of the issuer.

•Equity securities: The primary inputs to the valuation include quoted prices or quoted net asset values for identical or similar assets in markets that exhibit less liquidity relative to those markets supporting Level 2 fair value measurements.

•Short-term: For certain short-term investments, amortized cost is used as the best estimate of fair value.

•Other investments: Certain OTC derivatives, such as interest rate caps, certain credit default swaps and certain options (including swaptions), are valued using models that are widely accepted in the financial services industry. These are categorized as Level 3 as a result of the significance of non-market observable inputs such as volatility. Other primary inputs include interest rate yield curves and credit spreads.

•Contractholder funds: Derivatives embedded in certain life and annuity contracts are valued internally using models widely accepted in the financial services industry that determine a single best estimate of fair value for the embedded derivatives within a block of contractholder liabilities. The models primarily use stochastically determined cash flows based on the contractual elements of embedded derivatives, projected option cost and applicable market data, such as interest rate yield curves and equity index volatility assumptions. These are categorized as Level 3 as a result of the significance of non-market observable inputs.

Investments excluded from the fair value hierarchy

Limited partnerships carried at fair value, which do not have readily determinable fair values, use NAV provided by the investees and are excluded from the fair value hierarchy. These investments are generally not redeemable by the investees and generally cannot be sold without approval of the general partner. The Company receives distributions of income and proceeds from the liquidation of the underlying assets of the investees, which usually takes place in years 4-9 of the typical contractual life of 10-12 years. As of December 31, 2020, the Company has commitments to invest $395 million in these limited partnership interests.


Assets and liabilities measured at fair value
	As of December 31, 2020
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	2,863		$	359		$	—					$	3,222
Municipal	—			9,520			67						9,587
Corporate - public	—			36,346			98						36,444
Corporate - privately placed	—			14,568			130						14,698
Foreign government	—			1,055			—						1,055
ABS	—			1,213			57						1,270
MBS	—			51			27						78



Total fixed income securities	2,863			63,112			379						66,354
Equity securities	3,882			410			418						4,710
Short-term investments	7,477			288			35						7,800
Other investments: Free-standing derivatives	—			219			—			$	(15)		204
Separate account assets	3,344			—			—						3,344
Other assets	1			—			—						1


Total recurring basis assets	17,567			64,029			832			(15)			82,413
Total assets at fair value	$	17,567		$	64,029		$	832		$	(15)		$	82,413
% of total assets at fair value	21.3		%	77.7		%	1.0		%	—		%	100.0		%

Investments reported at NAV													1,824
Total													$	84,237

Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	—		$	—		$	(516)					$	(516)
Other liabilities: Free-standing derivatives	—			(153)			—			$	27		(126)
Total recurring basis liabilities	$	—		$	(153)		$	(516)		$	27		$	(642)
% of total liabilities at fair value	—		%	23.8		%	80.4		%	(4.2)		%	100.0		%


Assets and liabilities measured at fair value
	As of December 31, 2019
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	4,689		$	397		$	—					$	5,086
Municipal	—			8,558			62						8,620
Corporate - public	—			30,819			61						30,880
Corporate - privately placed	—			12,084			114						12,198
Foreign government	—			979			—						979
ABS	—			797			65						862
MBS	—			379			40						419



Total fixed income securities	4,689			54,013			342						59,044
Equity securities	7,407			384			371						8,162
Short-term investments	1,940			2,291			25						4,256
Other investments: Free-standing derivatives	—			180			—			$	(40)		140
Separate account assets	3,044			—			—						3,044
Other assets	1			—			—						1

Total recurring basis assets	17,081			56,868			738			(40)			74,647

Total assets at fair value	$	17,081		$	56,868		$	738		$	(40)		$	74,647
% of total assets at fair value	22.9		%	76.2		%	1.0		%	(0.1)		%	100.0		%

Investments reported at NAV													1,814
Total													$	76,461
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	—		$	—		$	(462)					$	(462)
Other liabilities: Free-standing derivatives	—			(84)			—			$	12		(72)



Total recurring basis liabilities	$	—		$	(84)		$	(462)		$	12		$	(534)
% of total liabilities at fair value	—		%	15.7		%	86.5		%	(2.2)		%	100.0		%

Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements

($ in millions)

Fair value

Valuation

technique

Unobservable

input

Range

Weighted

average

December 31, 2020

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options

(483)

Stochastic cash flow model

Projected option cost

1.0% - 4.2%

2.80%

December 31, 2019

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options

(430)

Stochastic cash flow model

Projected option cost

1.0% - 4.2%

2.67%

The embedded derivatives are equity-indexed and forward starting options in certain life and annuity products that provide customers with interest crediting rates based on the performance of the S&P 500. If the projected option cost increased (decreased), it would result in a higher (lower) liability fair value.

As of December 31, 2020 and 2019, Level 3 fair value measurements of fixed income securities total $379 million and $342 million, respectively, and include $93 million and $50 million, respectively, of securities valued based on non-binding broker quotes where the inputs have not been corroborated to be market

observable and $35 million and $36 million, respectively, of municipal fixed income securities that are not rated by third-party credit rating agencies. As the Company does not develop the Level 3 fair value unobservable inputs for these fixed income securities, they are not included in the table above. However, an increase (decrease) in credit spreads for fixed income securities valued based on non-binding broker quotes would result in a lower (higher) fair value, and an increase (decrease) in the credit rating of municipal bonds that are not rated by third-party credit rating agencies would result in a higher (lower) fair value.


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020
	Balance as of December 31, 2019		Total gains (losses) included in:				Transfers												Balance as of December 31, 2020
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	62	$	1	$	2	$	20	$	(11)	$	—	$	(4)	$	—	$	(3)	$	67
Corporate - public	61		(1)		1		2		—		55		(19)		—		(1)		98
Corporate - privately placed	114		2		(12)		52		(31)		25		(17)		—		(3)		130
ABS	65		—		(1)		54		(49)		48		(32)		—		(28)		57
MBS	40		1		(2)		—		—		11		(7)		—		(16)		27
Total fixed income securities	342		3		(12)		128		(91)		139		(79)		—		(51)		379
Equity securities	371		(3)		—		—		—		66		(16)		—		—		418
Short-term investments	25		—		—		—		(25)		35		—		—		—		35


Total recurring Level 3 assets	738		—		(12)		128		(116)		240		(95)		—		(51)		832
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(462)		(43)		—		—		—		—		—		(34)		23		(516)
Total recurring Level 3 liabilities	$	(462)	$	(43)	$	—	$	—	$	—	$	—	$	—	$	(34)	$	23	$	(516)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2020
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	(23)	$	23	$	(1)	$	(42)	$	(43)


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019
	Balance as of December 31, 2018		Total gains (losses) included in:				Transfers												Balance as of December 31, 2019
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:

Municipal	$	70	$	1	$	4	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	62
Corporate - public	70		—		3		30		(113)		86		(11)		—		(4)		61
Corporate - privately placed	90		(1)		2		43		(2)		4		(13)		—		(9)		114
ABS	69		1		(1)		76		(210)		159		(22)		—		(7)		65
MBS	26		—		(2)		9		—		9		—		—		(2)		40



Total fixed income securities	325		1		6		158		(330)		258		(51)		—		(25)		342
Equity securities	341		30		—		—		—		82		(82)		—		—		371
Short-term investments	30		—		—		—		—		35		(40)		—		—		25
Free-standing derivatives, net	1		(1)		—		—		—		—		—		—		—		—

Total recurring Level 3 assets	697		30		6		158		(330)		375		(173)		—		(25)		738
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(224)		(61)		—		(175)		—		—		—		(16)		14		(462)
Total recurring Level 3 liabilities	$	(224)	$	(61)	$	—	$	(175)	$	—	$	—	$	—	$	(16)	$	14	$	(462)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2019
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	(2)	$	32	$	7	$	(68)	$	(31)


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2018
	Balance as of December 31, 2017		Total gains (losses) included in:				Transfers												Balance as of December 31, 2018
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	101	$	1	$	(2)	$	—	$	(26)	$	10	$	(8)	$	—	$	(6)	$	70
Corporate - public	108		—		(3)		17		(21)		10		(38)		—		(3)		70
Corporate - privately placed	224		(1)		(3)		20		(119)		22		(5)		—		(48)		90
ABS	147		—		2		42		(159)		160		(97)		—		(26)		69
MBS	26		—		—		—		—		1		—		—		(1)		26
Total fixed income securities	606		—		(6)		79		(325)		203		(148)		—		(84)		325
Equity securities	210		37		—		—		—		109		(15)		—		—		341
Short-term investments	20		—		—		—		—		55		(45)		—		—		30
Free-standing derivatives, net	1		—		—		—		—		—		—		—		—		1

Total recurring Level 3 assets	837		37		(6)		79		(325)		367		(208)		—		(84)		697
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(286)		58		—		—		—		—		—		(2)		6		(224)
Total recurring Level 3 liabilities	$	(286)	$	58	$	—	$	—	$	—	$	—	$	—	$	(2)	$	6	$	(224)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2018
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	—	$	37	$	(5)	$	63	$	95

Transfers into Level 3 during 2020, 2019 and 2018 included situations where a quote was not provided by the Company’s independent third-party valuation service provider and as a result the price was stale or had been replaced with a broker quote where the inputs had not been corroborated to be market observable resulting in the security being classified as Level 3. Transfers into Level 3 during 2019 also included derivatives embedded in equity-indexed universal life contracts due to refinements in the valuation modeling resulting in an increase in significance of non-market observable inputs.

Transfers out of Level 3 during 2020, 2019 and 2018 included situations where a broker quote was used in the prior period and a quote became available from the Company’s independent third-party valuation service provider in the current period. A quote utilizing the new pricing source was not available as of the prior period, and any gains or losses related to the change in valuation source for individual securities were not significant.


Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2020		2019		2018
Assets
Fixed income securities:
Municipal	$	1	$	1	$	—
Corporate - public	(2)		—		—
Corporate - privately placed	2		—		—



Total fixed income securities	1		1		—
Equity securities	(3)		6		36
Free-standing derivatives, net	—		(1)		—


Total recurring Level 3 assets	$	(2)	$	6	$	36
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	(43)	$	(61)	$	58

Total recurring Level 3 liabilities	(43)		(61)		58
Total included in net income	$	(45)	$	(55)	$	94

Components of net income
Net investment income	$	(24)	$	(2)	$	—
Realized capital gains (losses)	22		8		36
Life contract benefits	(1)		7		(5)
Interest credited to contractholder funds	(42)		(68)		63
Total included in net income	$	(45)	$	(55)	$	94

Assets
Municipal	$	2
Corporate - public	1
Corporate - privately placed	(11)
ABS	(1)
Changes in unrealized net capital gains and losses reported in OCI (1)	$	(9)

(1)Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI.


Financial instruments not carried at fair value
($ in millions)		December 31, 2020				December 31, 2019
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value

Mortgage loans	Level 3	$	4,075	$	4,348	$	4,817	$	5,012
Bank loans	Level 3	1,018		1,053		1,204		1,185
Agent loans	Level 3	631		634		666		664


Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	7,795	$	9,089	$	8,438	$	9,158
Long-term debt	Level 2	7,825		9,489		6,631		7,738
Liability for collateral	Level 2	1,249		1,249		1,829		1,829

(1)Represents the amounts reported on the Consolidated Statements of Financial Position.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments and Off-balance sheet Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Financial Instruments and Off-balance sheet Financial Instruments

Derivative Financial Instruments and Off-balance sheet Financial Instruments


Note 7			Derivative Financial Instruments and Off-balance Sheet Financial Instruments

The Company uses derivatives for risk reduction and to increase investment portfolio returns through asset replication. Risk reduction activity is focused on managing the risks with certain assets and liabilities arising from the potential adverse impacts from changes in risk-free interest rates, changes in equity market valuations, increases in credit spreads and foreign currency fluctuations.

Asset replication refers to the “synthetic” creation of assets through the use of derivatives. The Company replicates fixed income securities using a combination of a credit default swap, index total return swap,

options, or a foreign currency forward contract and one or more highly rated fixed income securities, primarily investment grade host bonds, to synthetically replicate the economic characteristics of one or more cash market securities. The Company replicates equity securities using futures, index total return swaps, and options to increase equity exposure.

Property-Liability may use interest rate swaps, swaptions, futures and options to manage the interest rate risks of existing investments. These instruments are utilized to change the duration of the portfolio in order to offset the economic effect that interest rates

would otherwise have on the fair value of its fixed income securities. Fixed income index total return swaps are used to offset valuation losses in the fixed income portfolio during periods of declining market values. Credit default swaps are typically used to mitigate the credit risk within the Property-Liability fixed income portfolio. Equity index total return swaps, futures and options are used by Property-Liability to offset valuation losses in the equity portfolio during periods of declining equity market values. In addition, equity futures are used to hedge the market risk related to deferred compensation liability contracts. Forward contracts are primarily used by Property-Liability to hedge foreign currency risk associated with holding foreign currency denominated investments and foreign operations.

Asset-liability management is a risk management practice that is principally employed by Allstate Life and Allstate Annuities to balance the respective interest-rate sensitivities of its assets and liabilities. Depending upon the attributes of the assets acquired and liabilities issued, derivative instruments such as interest rate swaps, caps, swaptions and futures are utilized to change the interest rate characteristics of existing assets and liabilities to ensure the relationship is maintained within specified ranges and to reduce exposure to rising or falling interest rates. Fixed income index total return swaps are used to offset valuation losses in the portfolio during periods of declining market values. Credit default swaps are typically used to mitigate the credit risk within the Allstate Life and Allstate Annuities fixed income portfolios. Futures and options are used for hedging the equity exposure contained in equity indexed life and annuity product contracts that offer equity returns to contractholders. In addition, the Company uses equity index total return swaps, options and futures to offset valuation losses in the equity portfolio during periods of declining equity market values. Foreign currency swaps and forwards are primarily used to reduce the foreign currency risk associated with holding foreign currency denominated investments.

The Company also has derivatives embedded in non-derivative host contracts that are required to be separated from the host contracts and accounted for at fair value with changes in fair value of embedded derivatives reported in net income. The Company’s primary embedded derivatives are equity options in life and annuity product contracts, which provide returns linked to equity indices to contractholders.

When derivatives meet specific criteria, they may be designated as accounting hedges and accounted

for as fair value, cash flow, foreign currency fair value or foreign currency cash flow hedges. The Company designates certain investment risk transfer reinsurance agreements as fair value hedges when the hedging instrument is highly effective in offsetting the risk of changes in the fair value of the hedged item. The fair value of the hedged liability is reported in contractholder funds in the Consolidated Statements of Financial Position. The impact from results of the fair value hedge is reported in interest credited to contractholder funds in the Consolidated Statements of Operations.

The notional amounts specified in the contracts are used to calculate the exchange of contractual payments under the agreements and are generally not representative of the potential for gain or loss on these agreements. However, the notional amounts specified in credit default swaps where the Company has sold credit protection represent the maximum amount of potential loss, assuming no recoveries.

Fair value, which is equal to the carrying value, is the estimated amount that the Company would receive or pay to terminate the derivative contracts at the reporting date. The carrying value amounts for OTC derivatives are further adjusted for the effects, if any, of enforceable master netting agreements and are presented on a net basis, by counterparty agreement, in the Consolidated Statements of Financial Position.

For those derivatives which qualify and have been designated as fair value accounting hedges, net income includes the changes in the fair value of both the derivative instrument and the hedged risk. For cash flow hedges, gains and losses are amortized from AOCI and are reported in net income in the same period the forecasted transactions being hedged impact net income.

Non-hedge accounting is generally used for “portfolio” level hedging strategies where the terms of the individual hedged items do not meet the strict homogeneity requirements to permit the application of hedge accounting. For non-hedge derivatives, net income includes changes in fair value and accrued periodic settlements, when applicable. With the exception of non-hedge derivatives used for asset replication and non-hedge embedded derivatives, all of the Company’s derivatives are evaluated for their ongoing effectiveness as either accounting hedge or non-hedge derivative financial instruments on at least a quarterly basis.


Summary of the volume and fair value positions of derivative instruments as of December 31, 2020
		Volume (1)
($ in millions, except number of contracts)	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives
Derivatives designated as fair value accounting hedging instruments
Other	Other assets	$	3	n/a	$	—	$	—	$	—

Derivatives not designated as accounting hedging instruments
Interest rate contracts
Interest rate cap agreements	Other investments	13		n/a	—		—		—

Futures	Other assets	n/a		602	—		—		—
Equity and index contracts
Options	Other investments	n/a		2,887	190		190		—
Futures	Other assets	n/a		951	1		1		—
Total return index contracts

Total return swap agreements - equity index	Other investments	8		n/a	1		1		—
Foreign currency contracts
Foreign currency forwards	Other investments	404		n/a	5		13		(8)
Embedded derivative financial instruments
Other embedded derivative financial instruments	Other investments	750		n/a	—		—		—
Credit default contracts
Credit default swaps – buying protection	Other investments	77		n/a	(4)		—		(4)
Credit default swaps – selling protection	Other investments	754		n/a	13		13		—



Subtotal		2,006		4,440	206		218		(12)
Total asset derivatives		$	2,009	4,440	$	206	$	218	$	(12)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts

Interest rate cap agreements	Other liabilities & accrued expenses	$	19	n/a	$	—	$	—	$	—

Futures	Other liabilities & accrued expenses	n/a		730	—		—		—
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		2,712	(110)		—		(110)
Futures	Other liabilities & accrued expenses	n/a		666	—		—		—
Total return index contracts
Total return swap agreements - fixed income	Other liabilities & accrued expenses	50		n/a	—		—		—

Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	367		n/a	(13)		2		(15)
Embedded derivative financial instruments
Guaranteed accumulation benefits	Contractholder funds	128		n/a	(18)		—		(18)
Guaranteed withdrawal benefits	Contractholder funds	190		n/a	(15)		—		(15)
Equity-indexed and forward starting options in life and annuity product contracts	Contractholder funds	1,785		n/a	(483)		—		(483)

Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	638		n/a	(16)		—		(16)
Credit default swaps – selling protection	Other liabilities & accrued expenses	5		n/a	—		—		—

Total liability derivatives		3,182		4,108	(655)		$	2	$	(657)
Total derivatives		$	5,191	8,548	$	(449)

(1)Volume for OTC and cleared derivative contracts is represented by their notional amounts. Volume for exchange traded derivatives is represented by the number of contracts, which is the basis on which they are traded. (n/a = not applicable)


Summary of the volume and fair value positions of derivative instruments as of December 31, 2019
		Volume
($ in millions, except number of contracts)	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives
Derivatives designated as fair value accounting hedging instruments
Other	Other assets	$	2	n/a	$	—	$	—	$	—

Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other assets	n/a		3,668	—		—		—
Equity and index contracts
Options	Other investments	n/a		5,539	140		140		—
Futures	Other assets	n/a		1,533	1		1		—
Total return index contracts

Total return swap agreements - fixed income	Other investments	56		n/a	1		1		—





Credit default contracts
Credit default swaps – buying protection	Other investments	17		n/a	—		—		—



Subtotal		73		10,740	142		142		—
Total asset derivatives		$	75	10,740	$	142	$	142	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Interest rate cap agreements	Other liabilities & accrued expenses	$	34	n/a	$	—	$	—	$	—
Futures	Other liabilities & accrued expenses	n/a		1,089	—		—		—
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		5,400	(68)		—		(68)
Futures	Other liabilities & accrued expenses	n/a		3	—		—		—
Total return index contracts
Total return swap agreements - fixed income	Other liabilities & accrued expenses	119		n/a	—		—		—
Total return swap agreements - equity index	Other liabilities & accrued expenses	187		n/a	11		11		—
Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	745		n/a	19		28		(9)
Embedded derivative financial instruments
Guaranteed accumulation benefits	Contractholder funds	161		n/a	(18)		—		(18)
Guaranteed withdrawal benefits	Contractholder funds	205		n/a	(14)		—		(14)
Equity-indexed and forward starting options in life and annuity product contracts	Contractholder funds	1,791		n/a	(430)		—		(430)

Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	152		n/a	(7)		—		(7)
Credit default swaps – selling protection	Other liabilities & accrued expenses	9		n/a	—		—		—

Total liability derivatives		3,403		6,492	(507)		$	39	$	(546)
Total derivatives		$	3,478	17,232	$	(365)


Gross and net amounts for OTC derivatives (1)
			Offsets
($ in millions)	Gross amount		Counter- party netting		Cash collateral (received) pledged		Net amount on balance sheet		Securities collateral (received) pledged		Net amount
December 31, 2020
Asset derivatives	$	16	$	(14)	$	(1)	$	1	$	—	$	1
Liability derivatives	(28)		14		13		(1)		—		(1)

December 31, 2019
Asset derivatives	$	40	$	(39)	$	(1)	$	—	$	—	$	—
Liability derivatives	(16)		39		(27)		(4)		—		(4)

(1)All OTC derivatives are subject to enforceable master netting agreements.


Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges
($ in millions)	Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
2020
Interest rate contracts	$	40	$	—	$	—	$	—	$	40
Equity and index contracts	21		—		22		29		72
Embedded derivative financial instruments	—		(1)		(53)		—		(54)
Foreign currency contracts	(20)		—		—		—		(20)
Credit default contracts	7		—		—		—		7
Total return swaps - fixed income	1		—		—		—		1
Total return swaps - equity index	4		—		—		—		4

Total	$	53	$	(1)	$	(31)	$	29	$	50

2019
Interest rate contracts	$	51	$	—	$	—	$	—	$	51
Equity and index contracts	(116)		—		63		40		(13)
Embedded derivative financial instruments	—		7		(70)		—		(63)
Foreign currency contracts	8		—		—		—		8
Credit default contracts	(8)		—		—		—		(8)
Total return swaps - fixed income	14		—		—		—		14
Total return swaps - equity index	36		—		—		—		36

Total	$	(15)	$	7	$	(7)	$	40	$	25

2018
Interest rate contracts	$	(2)	$	—	$	—	$	—	$	(2)
Equity and index contracts	21		—		(24)		(21)		(24)
Embedded derivative financial instruments	—		(5)		67		—		62
Foreign currency contracts	29		—		—		(1)		28
Credit default contracts	2		—		—		—		2
Total return swaps - fixed income	(1)		—		—		—		(1)
Total return swaps - equity	(6)		—		—		—		(6)

Total	$	43	$	(5)	$	43	$	(22)	$	59

The Company manages its exposure to credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master netting agreements (“MNAs”) and obtaining collateral where appropriate. The Company uses MNAs for OTC derivative transactions that permit either party to net payments due for transactions and collateral is either pledged or obtained when certain predetermined exposure limits are exceeded. As of December 31, 2020, counterparties pledged $7 million in collateral to the Company, and the Company pledged $19 million in cash and securities to counterparties which includes $17 million of collateral posted under MNAs for contracts containing credit-risk contingent provisions that are in a liability position.

The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance. Other derivatives, including futures and certain option contracts, are traded on organized exchanges which require margin deposits and guarantee the execution of trades, thereby mitigating any potential credit risk.

Counterparty credit exposure represents the Company’s potential loss if all of the counterparties concurrently fail to perform under the contractual terms of the contracts and all collateral, if any, becomes worthless.

This exposure is measured by the fair value of OTC derivative contracts with a positive fair value at the reporting date reduced by the effect, if any, of legally enforceable master netting agreements.


OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)	2020							2019
Rating (1)	Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)		Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)

A+	3	$	280	$	7	$	—	6	$	868	$	29	$	—




Total	3	$	280	$	7	$	—	6	$	868	$	29	$	—

(1)Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings.

(2)Only OTC derivatives with a net positive fair value are included for each counterparty.

For certain exchange traded and cleared derivatives, margin deposits are required as well as daily cash settlements of margin accounts. As of December 31, 2020, the Company pledged $60 million and received $12 million in the form of margin deposits.

Market risk is the risk that the Company will incur losses due to adverse changes in market rates and prices. Market risk exists for all of the derivative financial instruments the Company currently holds, as these instruments may become less valuable due to adverse changes in market conditions. To limit this risk, the Company’s senior management has established risk control limits. In addition, changes in fair value of the derivative financial instruments that the Company uses for risk management purposes are generally offset by the change in the fair value or cash flows of the hedged risk component of the related assets, liabilities or forecasted transactions.

Certain of the Company’s derivative transactions contain credit-risk-contingent termination events and cross-default provisions. Credit-risk-contingent termination events allow the counterparties to terminate the derivative agreement or a specific trade on certain dates if AIC’s financial strength credit ratings by Moody’s or S&P fall below a certain level. Credit-risk-contingent cross-default provisions allow the counterparties to terminate the derivative agreement if the Company defaults by pre-determined threshold amounts on certain debt instruments.

The following summarizes the fair value of derivative instruments with termination, cross-default or collateral credit-risk-contingent features that are in a liability position as of December 31, as well as the fair value of assets and collateral that are netted against the liability in accordance with provisions within legally enforceable MNAs.




($ in millions)	2020		2019
Gross liability fair value of contracts containing credit-risk-contingent features	$	27	$	16
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(9)		(11)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(17)		(3)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	1	$	2

Credit derivatives - selling protection

A credit default swap (“CDS”) is a derivative instrument, representing an agreement between two parties to exchange the credit risk of a specified entity (or a group of entities), or an index based on the credit risk of a group of entities (all commonly referred to as the “reference entity” or a portfolio of “reference entities”), in return for a periodic premium.

In selling protection, CDS are used to replicate fixed income securities and to complement the cash market when credit exposure to certain issuers is not available or when the derivative alternative is less expensive than the cash market alternative. CDS typically have a five-year term.


CDS notional amounts by credit rating and fair value of protection sold
	Notional amount
($ in millions)	AAA		AA		A		BBB		BB and lower		Total		Fair value
December 31, 2020
Single name
Corporate debt	$	—	$	—	$	—	$	—	$	9	$	9	$	—
Index
Corporate debt	6		12		156		492		84		750		13
Total	$	6	$	12	$	156	$	492	$	93	$	759	$	13

December 31, 2019
Single name
Corporate debt	$	—	$	—	$	—	$	—	$	9	$	9	$	—
Total	$	—	$	—	$	—	$	—	$	9	$	9	$	—

In selling protection with CDS, the Company sells credit protection on an identified single name, a basket of names in a first-to-default (“FTD”) structure or credit derivative index (“CDX”) that is generally investment grade, and in return receives periodic premiums through expiration or termination of the agreement. With single name CDS, this premium or credit spread generally corresponds to the difference between the yield on the reference entity’s public fixed maturity cash instruments and swap rates at the time the agreement is executed. With a FTD basket, because of the additional credit risk inherent in a basket of named reference entities, the premium generally corresponds to a high proportion of the sum of the credit spreads of the names in the basket and the correlation between the names. CDX is utilized to take a position on multiple (generally 125) reference entities. Credit events are typically defined as bankruptcy, failure to pay, or restructuring, depending on the nature of the reference entities. If a credit event occurs, the Company settles with the counterparty, either through physical settlement or cash settlement. In a physical settlement, a reference asset is delivered by the buyer

of protection to the Company, in exchange for cash payment at par, whereas in a cash settlement, the Company pays the difference between par and the prescribed value of the reference asset. When a credit event occurs in a single name or FTD basket (for FTD, the first credit event occurring for any one name in the basket), the contract terminates at the time of settlement. For CDX, the reference entity’s name incurring the credit event is removed from the index while the contract continues until expiration. The maximum payout on a CDS is the contract notional amount. A physical settlement may afford the Company with recovery rights as the new owner of the asset.

The Company monitors risk associated with credit derivatives through individual name credit limits at both a credit derivative and a combined cash instrument/credit derivative level. The ratings of individual names for which protection has been sold are also monitored.

Off-balance sheet financial instruments


Contractual amounts of off-balance sheet financial instruments
	As of December 31,
($ in millions)	2020		2019
Commitments to invest in limited partnership interests	$	2,933	$	2,837
Private placement commitments	36		68
Other loan commitments	92		189

In the preceding table, the contractual amounts represent the amount at risk if the contract is fully drawn upon, the counterparty defaults and the value of any underlying security becomes worthless. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk.

Commitments to invest in limited partnership interests represent agreements to acquire new or additional participation in certain limited partnership investments. The Company enters into these agreements in the normal course of business. Because the investments in limited partnerships are not actively traded, it is not practical to estimate the fair value of these commitments.

Private placement commitments represent commitments to purchase private placement debt and private equity securities at a future date. The Company enters into these agreements in the normal course of business. The fair value of the debt commitments generally cannot be estimated on the date the commitment is made as the terms and conditions of the underlying private placement securities are not yet final. Because the private equity securities are not actively traded, it is not practical to estimate fair value of the commitments.

Other loan commitments are agreements to lend to a borrower provided there is no violation of any condition established in the contract. The Company enters into these agreements to commit to future loan fundings at predetermined interest rates. Unless unconditionally cancellable, the Company recognizes a credit loss allowance on such commitments. Commitments have either fixed or varying expiration dates or other termination clauses. The fair value of these commitments is insignificant.

Reserve for Property and Casualty Insurance Claims and Claims Expense

12 Months Ended

Dec. 31, 2020

Reserve for Property-Liability Insurance Claims and Claims Expense

Reserve for Property and Casualty Insurance Claims and Claims Expense


Note 8			Reserve for Property and Casualty Insurance Claims and Claims Expense

The Company establishes reserves for claims and claims expense on reported and unreported claims of insured losses. The Company’s reserving process takes into account known facts and interpretations of circumstances and factors including the Company’s experience with similar cases, actual claims paid, historical trends involving claim payment patterns and pending levels of unpaid claims, loss management programs, product mix and contractual terms, changes in law and regulation, judicial decisions, and economic conditions.

When the Company experiences changes in the mix or type of claims or changing claim settlement patterns, it may need to apply actuarial judgment in the determination and selection of development factors to be more reflective of the new trends. For example, the Coronavirus has had a significant impact on driving patterns and auto frequency that may lead to historical development trends being less predictive of future loss development, potentially creating additional reserve variability. Generally, the initial reserves for a new accident year are established based on actual claim frequency and severity assumptions for different business segments, lines and coverages based on historical relationships to relevant inflation indicators. Reserves for prior accident years are statistically determined using several different actuarial estimation methods. Changes in auto claim frequency may result from changes in mix of business, the rate of distracted driving, miles driven or other macroeconomic factors. Changes in auto current year claim severity are generally influenced by inflation in the medical and auto repair sectors of the economy and the effectiveness and efficiency of claim practices. The Company mitigates these effects through various loss management programs. When such changes in claim data occur, actuarial judgment is used to determine appropriate development factors to establish reserves.

As part of the reserving process, the Company may also supplement its claims processes by utilizing third-party adjusters, appraisers, engineers, inspectors, and other professionals and information sources to assess and settle catastrophe and non-catastrophe related claims. The effects of inflation are implicitly considered in the reserving process.

Because reserves are estimates of unpaid portions of losses that have occurred, including incurred but not reported (“IBNR”) losses, the establishment of appropriate reserves, including reserves for catastrophes, Discontinued Lines and Coverages and reinsurance and indemnification recoverables, is an inherently uncertain and complex process. The ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimates.

The highest degree of uncertainty is associated with reserves for losses incurred in the initial reporting period as it contains the greatest proportion of losses that have not been reported or settled. The Company also has uncertainty in the Discontinued Lines and Coverages reserves that are based on events long since passed and are complicated by lack of historical data, legal interpretations, unresolved legal issues and legislative intent based on establishment of facts.

The Company regularly updates its reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported in property and casualty insurance claims and claims expense in the Consolidated Statements of Operations in the period such changes are determined.


Rollforward of reserve for property and casualty insurance claims and claims expense
($ in millions)	2020		2019		2018
Balance as of January 1	$	27,712	$	27,423	$	26,325
Less recoverables (1)	(6,912)		(7,155)		(6,471)
Net balance as of January 1	20,800		20,268		19,854
Incurred claims and claims expense related to:
Current year	22,437		24,106		23,033
Prior years	(436)		(130)		(255)
Total incurred	22,001		23,976		22,778
Claims and claims expense paid related to:
Current year	(14,245)		(15,160)		(14,877)
Prior years	(7,979)		(8,284)		(7,487)
Total paid	(22,224)		(23,444)		(22,364)
Net balance as of December 31	20,577		20,800		20,268
Plus recoverables	7,033		6,912		7,155
Balance as of December 31	$	27,610	$	27,712	$	27,423

(1) Recoverables comprises reinsurance and indemnification recoverables. See Note 10 for further details.


Reconciliation of total claims and claims expense incurred and paid by coverage
	December 31, 2020
($ in millions)	Incurred		Paid
Allstate Protection
Auto insurance - liability coverage	$	7,629	$	(7,939)
Auto insurance - physical damage coverage	4,817		(4,716)
Homeowners insurance	4,889		(4,731)
Total auto and homeowners insurance	17,335		(17,386)
Other personal lines	1,015		(1,007)
Commercial lines	585		(463)
Protection Services	319		(326)
Discontinued Lines and Coverages	132		(88)
Unallocated loss adjustment expenses (“ULAE”)	2,681		(2,590)
Claims incurred and paid from before 2016	(32)		(423)
Other	(34)		59
Total	$	22,001	$	(22,224)

Incurred claims and claims expense represents the sum of paid losses, claim adjustment expenses and reserve changes in the calendar year. This expense includes losses from catastrophes of $2.81 billion, $2.56 billion and $2.86 billion in 2020, 2019 and 2018, respectively, net of recoverables. Catastrophes are an inherent risk of the property and casualty insurance business that have contributed to, and will continue to contribute to, material year-to-year fluctuations in the Company’s results of operations and financial position.

The Company calculates and records a single best reserve estimate for losses from catastrophes, in conformance with generally accepted actuarial standards. As a result, management believes that no other estimate is better than the recorded amount. Due to the uncertainties involved, including the factors described above, the ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimates. Accordingly, management believes that it is not practical to develop a meaningful range for any such changes in losses incurred.


Prior year reserve reestimates included in claims and claims expense (1)
	Twelve months ended December 31,
($ in millions)	Non-catastrophe losses						Catastrophe losses						Total
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Auto	$	(63)	$	(306)	$	(416)	$	(44)	$	(17)	$	(39)	$	(107)	$	(323)	$	(455)
Homeowners	(17)		(1)		(51)		(422)		66		65		(439)		65		14
Other personal lines	(27)		8		(6)		(39)		—		(1)		(66)		8		(7)
Commercial lines	34		18		108		2		(1)		—		36		17		108
Discontinued Lines and Coverages (2)	141		105		87		—		—		—		141		105		87
Protection Services	(1)		(2)		(2)		—		—		—		(1)		(2)		(2)
Total prior year reserve reestimates	$	67	$	(178)	$	(280)	$	(503)	$	48	$	25	$	(436)	$	(130)	$	(255)

(1)Favorable reserve reestimates are shown in parentheses.

(2)The Company’s 2020 annual reserve review, using established industry and actuarial best practices, resulted in unfavorable reestimates of $132 million.

In the third quarter of 2020, the Company recognized favorable prior year catastrophe reserve reestimates of approximately $495 million, net of expenses and adjustments to reinsurance, related to two subrogation settlements, which is reflected as a reduction of claims and claims expense in the Consolidated Statements of Operations.

PG&E settlement On June 20, 2020, the United States Bankruptcy Court for the Northern District of California confirmed PG&E Corporation’s and Pacific Gas and Electric Company’s (together, "PG&E") Chapter 11 Plan of Reorganization. The Plan of Reorganization included an agreement to resolve insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire for $11 billion. Allstate was party to the agreement.

On July 1, 2020, PG&E emerged from Chapter 11 and funded the subrogation trust from which distributions will be made to the insurers. Insurers have five years from the effective date of the Plan of Reorganization to submit proof of paid losses to the trust prior to the final distribution.

Allstate recognized a favorable impact of approximately $450 million. To date, the Company has received distributions from the trust representing approximately 80% of the expected recovery.

Southern California Edison settlement On September 14, 2020, Southern California Edison reached a $1.16 billion settlement agreement with insurance companies, resolving all insurance subrogation claims arising from the December 2017 Thomas and Koenigstein Wildfires and January 2018 Montecito Mudslides litigation. Allstate was party to the agreement and recognized a favorable impact of approximately $45 million. The Company has received substantially all distributions from the trust for its expected recovery.

Subsequent event On January 22, 2021, Southern California Edison reached a $2.20 billion settlement agreement with insurance companies, resolving subrogation claims arising from the Woolsey wildfire. Allstate is party to the agreement and expects to recognize a favorable impact of approximately $110 million in the first quarter of 2021.

The following presents information about incurred and paid claims development as of December 31, 2020, net of recoverables, as well as the cumulative number of reported claims and the total of IBNR reserves plus expected development on reported claims included in the net incurred claims amounts. See Note 2 for the accounting policy and methodology for determining reserves for claims and claims expense, including both reported and IBNR claims. The cumulative number of reported claims is identified by coverage and excludes reported claims for industry pools and facilities where information is not available. The information about incurred and paid claims development for the 2016 to 2020 years, and the average annual percentage payout of incurred claims by age as of December 31, 2020, is presented as required supplementary information.

Auto insurance – liability coverage


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	9,038	$	8,841	$	8,740	$	8,690	$	8,709	$	19	$	554	2,400,904
2017	—		8,465		8,396		8,312		8,330		18		1,017		2,217,132
2018	—		—		8,734		8,715		8,731		16		1,846		2,180,275
2019	—		—		—		9,341		9,295		(46)		3,064		2,205,813
2020	—		—		—		—		7,622				4,919		1,500,921
							Total		$	42,687	$	7
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(20)
Prior year reserve reestimates for ULAE											23
Other											(3)
Total prior year reserve reestimates											$	7

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	3,487	$	5,772	$	6,853	$	7,700	$	8,155
2017	—		3,151		5,333		6,532		7,313
2018	—		—		3,231		5,618		6,885
2019	—		—		—		3,498		6,231
2020	—		—		—		—		2,703
							Total		$	31,287
All outstanding liabilities before 2016, net of recoverables									1,389
Liabilities for claims and claim adjustment expenses, net of recoverables									$	12,789


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Auto insurance – liability coverage	39.4	%	27.5	%	13.1	%	8.4	%	4.9	%

Auto insurance – physical damage coverage


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	5,128	$	5,054	$	5,027	$	5,023	$	5,022	$	(1)	$	5	4,432,048
2017	—		5,121		5,039		5,028		5,027		(1)		1		4,237,772
2018	—		—		5,219		5,157		5,108		(49)		9		4,310,750
2019	—		—		—		5,662		5,606		(56)		26		4,469,473
2020	—		—		—		—		4,924				324		3,493,530
							Total		$	25,687	$	(107)
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(1)
Prior year reserve reestimates for ULAE											(5)
Other											(1)
Total prior year reserve reestimates											$	(114)

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	4,890	$	5,033	$	5,022	$	5,018	$	5,017
2017	—		4,847		5,039		5,030		5,026
2018	—		—		4,971		5,140		5,099
2019	—		—		—		5,418		5,580
2020	—		—		—		—		4,600
							Total		$	25,322
All outstanding liabilities before 2016, net of recoverables									8
Liabilities for claims and claim adjustment expenses, net of recoverables									$	373


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Auto insurance – physical damage coverage	96.9	%	3.0	%	(0.3)	%	(0.1)	%	—	%

Homeowners insurance


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	3,961	$	3,995	$	3,958	$	3,953	$	3,948	$	(5)	$	43	814,026
2017	—		4,477		4,619		4,614		4,390		(224)		61		908,714
2018	—		—		4,749		4,854		4,551		(303)		182		811,046
2019	—		—		—		4,549		4,601		52		301		784,257
2020	—		—		—		—		5,369				1,398		838,829
							Total		$	22,859	$	(480)
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(11)
Prior year reserve reestimates for ULAE											52
Other											—
Total prior year reserve reestimates											$	(439)

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	2,949	$	3,680	$	3,811	$	3,876	$	3,905
2017	—		3,228		4,249		4,437		4,329
2018	—		—		3,491		4,514		4,369
2019	—		—		—		3,316		4,300
2020	—		—		—		—		3,971
							Total		$	20,874
All outstanding liabilities before 2016, net of recoverables									119
Liabilities for claims and claim adjustment expenses, net of recoverables									$	2,104


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Homeowners insurance	75.2	%	19.4	%	2.5	%	0.9	%	0.7	%


Reconciliation of the net incurred and paid claims development tables above to the reserve for property and casualty insurance claims and claims expense
($ in millions)	As of December 31, 2020
Net outstanding liabilities
Allstate Protection
Auto insurance - liability coverage	$	12,789
Auto insurance - physical damage coverage	373
Homeowners insurance	2,104
Other personal lines	1,335
Commercial lines	1,132
Protection Services	30
Discontinued Lines and Coverages (1)	1,330
ULAE	1,484
Net reserve for property and casualty insurance claims and claims expense	20,577

Recoverables
Allstate Protection
Auto insurance - liability coverage	5,979
Auto insurance - physical damage coverage	4
Homeowners insurance	171
Other personal lines	153
Commercial lines	196
Protection Services	10
Discontinued Lines and Coverages	479
ULAE	41
Total recoverables	7,033
Gross reserve for property and casualty insurance claims and claims expense	$	27,610

(1)Discontinued Lines and Coverages includes business in run-off with most of the claims related to accident years more than 30 years ago. IBNR reserves represent $695 million of the total reserves as of December 31, 2020.

Management believes that the reserve for property and casualty insurance claims and claims expense, net of recoverables, is appropriately established in the aggregate and adequate to cover the ultimate net cost of reported and unreported claims arising from losses which had occurred by the date of the Consolidated Statements of Financial Position based on available facts, technology, laws and regulations.


Reserves for asbestos, environmental and other discontinued lines claims before and after the effects of reinsurance
($ in millions)	December 31, 2020		December 31, 2019
Asbestos claims (1)
Gross reserves	$	1,204	$	1,172
Reinsurance	(377)		(362)
Net reserves	827		810
Environmental claims (1)
Gross reserves	249		219
Reinsurance	(43)		(40)
Net reserves	206		179
Other discontinued lines
Gross reserves	435		427
Reinsurance	(60)		(51)
Net reserves	375		376
Total
Gross reserves	1,888		1,818
Reinsurance	(480)		(453)
Net reserves	$	1,408	$	1,365

(1) For further discussion of asbestos and environmental reserves, see Note 14.

Reserve for Life-Contingent Contract Benefits and Contractholder Funds

12 Months Ended

Dec. 31, 2020

Reserve for Life-Contingent Contract Benefits and Contractholder Funds

Reserve for Life-Contingent Contract Benefits and Contractholder Funds


Note 9			Reserve for Life-Contingent Contract Benefits and Contractholder Funds


Reserve for life-contingent contract benefits
	As of December 31,
($ in millions)	2020		2019
Immediate fixed annuities:
Structured settlement annuities	$	7,407	$	6,840
Other immediate fixed annuities	1,511		1,612
Traditional life insurance	2,942		2,897
Accident and health insurance	841		873
Other	67		78
Total reserve for life-contingent contract benefits	$	12,768	$	12,300

Key assumptions generally used in calculating the reserve for life-contingent contract benefits

Product

Mortality

Interest rate

Estimation method

Structured settlement annuities

Actual company experience with projected calendar year improvements

4.7%

Present value of contractually specified future benefits and expenses

Other immediate fixed annuities

Actual company experience with projected calendar year improvements

4.7%

Present value of expected future benefits and expenses

Traditional life insurance

Actual company experience plus loading

Interest rate assumptions range from 2.5% to 11.3%

Net level premium reserve method using the Company’s withdrawal experience rates; includes reserves for unpaid claims

Accident and health insurance

Actual company experience plus loading

Interest rate assumptions range from 3.0% to 7.0%

Unearned premium; additional contract reserves for mortality risk and unpaid claims

Other:

Variable annuity guaranteed minimum death benefits (1)

Annuity 2012 mortality table with internal modifications

Interest rate assumptions range from 1.4% to 5.8%

Projected benefit ratio applied to cumulative assessments

(1)In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (collectively “Prudential”).

In the third quarter of 2020, the premium deficiency evaluation of the Company’s immediate annuities with life contingencies resulted in a premium deficiency reserve of $225 million, pre-tax. The long-term investment yield assumption was lowered, which resulted in the prior sufficiency changing to a deficiency. The deficiency was recognized as an increase in the reserve for life contingent contract benefits. The original assumptions used to establish reserves were updated to reflect current assumptions, and the primary changes included mortality expectations, where annuitants are living longer than originally anticipated, and long-term investment yields. In 2019, the Company’s reviews concluded that no premium deficiency adjustments were necessary.

The Company records an adjustment to the reserve for life-contingent contract benefits that represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product investment portfolios were realized and reinvested at current lower interest rates, resulting in a premium deficiency. The offset to this liability is recorded as a reduction of the unrealized net capital gains included in AOCI. This liability was $496 million and $126 million as of December 31, 2020 and 2019, respectively.


Contractholder funds
	As of December 31,
($ in millions)	2020		2019
Interest-sensitive life insurance	$	8,493	$	8,384
Investment contracts:
Fixed annuities	8,196		8,845

Other investment contracts	524		463
Total contractholder funds	$	17,213	$	17,692

Key contract provisions of contractholder funds

Product

Interest rate

Withdrawal/surrender charges

Interest-sensitive life insurance

Interest rates credited range from 0.0% to 9.0% for equity-indexed life (whose returns are indexed to the S&P 500) and 1.0% to 6.0% for all other products

Either a percentage of account balance or dollar amount grading off generally over 20 years

Fixed annuities

Interest rates credited range from 0.5% to 7.5% for immediate annuities; (8.0)% to 9.0% for equity-indexed annuities (whose returns are indexed to the S&P 500); and 0.1% to 5.0% for all other products

Either a declining or a level percentage charge generally over ten years or less. Additionally, approximately 11.0% of fixed annuities are subject to market value adjustment for discretionary withdrawals

Other investment contracts:

Guaranteed minimum income, accumulation and withdrawal benefits on variable (1) and fixed annuities and secondary guarantees on interest-sensitive life insurance and fixed annuities

Interest rates used in establishing reserves range from 1.7% to 10.3%

Withdrawal and surrender charges are based on the terms of the related interest-sensitive life insurance or fixed annuity contract

(1)In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with Prudential.


Contractholder funds activity
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	17,692	$	18,371	$	19,434


Deposits	1,062		1,091		1,109
Interest credited	633		636		650
Benefits	(775)		(791)		(844)
Surrenders and partial withdrawals	(728)		(884)		(1,135)

Contract charges	(836)		(825)		(824)
Net transfers from separate accounts	5		10		6
Other adjustments	160		84		(25)


Balance, end of year	$	17,213	$	17,692	$	18,371

The Company offered various guarantees to variable annuity contractholders. In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with Prudential. Liabilities for variable contract guarantees related to death benefits are included in the reserve for life-contingent contract benefits and the liabilities related to the income, withdrawal and accumulation benefits are included in contractholder funds. All liabilities for variable contract guarantees are reported on a gross basis on the balance sheet with a corresponding reinsurance recoverable asset for those contracts subject to reinsurance.

Absent any contract provision wherein the Company guarantees either a minimum return or account value upon death, a specified contract anniversary date, partial withdrawal or annuitization, variable annuity and variable life insurance contractholders bear the investment risk that the separate accounts’ funds may not meet their stated investment objectives. The account balances of variable annuity contracts’ separate accounts with guarantees included $2.96 billion and $2.68 billion of equity, fixed income and balanced mutual funds and $238 million and $253 million of money market mutual funds as of December 31, 2020 and 2019, respectively.

The table below presents information regarding the Company’s variable annuity contracts with guarantees. The Company’s variable annuity contracts may offer more than one type of guarantee in each contract; therefore, the sum of amounts listed exceeds the total account balances of variable annuity contracts’ separate accounts with guarantees.


($ in millions)	As of December 31,
	2020		2019
In the event of death
Separate account value	$	3,197	$	2,928
Net amount at risk (1)	$	308	$	373
Average attained age of contractholders	72 years		71 years
At annuitization (includes income benefit guarantees)
Separate account value	$	925	$	848
Net amount at risk (2)	$	140	$	173
Weighted average waiting period until annuitization options available	None		None
For cumulative periodic withdrawals
Separate account value	$	178	$	190
Net amount at risk (3)	$	12	$	13
Accumulation at specified dates
Separate account value	$	93	$	123
Net amount at risk (4)	$	11	$	15
Weighted average waiting period until guarantee date	3 years		4 years

(1)Defined as the estimated current guaranteed minimum death benefit in excess of the current account balance as of the balance sheet date.

(2)Defined as the estimated present value of the guaranteed minimum annuity payments in excess of the current account balance.

(3)Defined as the estimated current guaranteed minimum withdrawal balance (initial deposit) in excess of the current account balance as of the balance sheet date.

(4)Defined as the estimated present value of the guaranteed minimum accumulation balance in excess of the current account balance.

The liability for death and income benefit guarantees is equal to a benefit ratio multiplied by the cumulative contract charges earned, plus accrued interest less contract excess guarantee benefit payments. The benefit ratio is calculated as the estimated present value of all expected contract excess guarantee benefits divided by the present value of all expected contract charges. The establishment of reserves for these guarantees requires the projection of future fund values, mortality, persistency and customer benefit utilization rates. These assumptions are periodically reviewed and updated. For guarantees related to death benefits, benefits represent the projected excess guaranteed minimum death benefit payments. For guarantees related to income benefits, benefits represent the present value of the minimum guaranteed annuitization benefits in excess of the projected account balance at the time of annuitization.

Projected benefits and contract charges used in determining the liability for certain guarantees are developed using models and stochastic scenarios that are also used in the development of estimated expected gross profits. Underlying assumptions for the liability related to income benefits include assumed future annuitization elections based on factors such as the extent of benefit to the potential annuitant, eligibility conditions and the annuitant’s attained age. The liability for guarantees is re-evaluated periodically, and adjustments are made to the liability balance through a charge or credit to life and annuity contract benefits.

Guarantees related to the majority of withdrawal and accumulation benefits are considered to be derivative financial instruments; therefore, the liability for these benefits is established based on its fair value.


Summary of liabilities for guarantees
($ in millions)	Liability for guarantees related to death benefits and interest-sensitive life products		Liability for guarantees related to income benefits		Liability for guarantees related to accumulation and withdrawal benefits		Total
Balance, December 31, 2019	$	293	$	24	$	102	$	419
Less reinsurance recoverables	81		20		32		133
Net balance as of December 31, 2019	212		4		70		286
Incurred guarantee benefits	50		—		18		68
Paid guarantee benefits	(2)		—		—		(2)
Net change	48		—		18		66
Net balance as of December 31, 2020	260		4		88		352
Plus reinsurance recoverables	69		23		33		125
Balance, December 31, 2020	$	329	$	27	$	121	$	477

Balance, December 31, 2018	$	308	$	39	$	97	$	444
Less reinsurance recoverables	111		35		39		185
Net balance as of December 31, 2018	197		4		58		259
Incurred guarantee benefits	18		—		12		30
Paid guarantee benefits	(3)		—		—		(3)
Net change	15		—		12		27
Net balance as of December 31, 2019	212		4		70		286
Plus reinsurance recoverables	81		20		32		133
Balance, December 31, 2019	$	293	$	24	$	102	$	419


Reserves included in total liability balance for guarantees, as of December 31, by type of benefit
($ in millions)	2020		2019		2018
Variable annuity
Death benefits	$	67	$	78	$	109
Income benefits	24		21		36
Accumulation benefits	18		18		25
Withdrawal benefits	15		14		14
Other guarantees	353		288		260
Total	$	477	$	419	$	444

Reinsurance and Indemnification

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Reinsurance and Indemnification


Note 10			Reinsurance and Indemnification


Effects of reinsurance and indemnification on property and casualty premiums written and earned and life premiums and contract charges
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property and casualty insurance premiums written
Direct	$	38,695	$	37,976	$	35,895
Assumed	105		95		99
Ceded	(1,142)		(1,117)		(1,008)
Property and casualty insurance premiums written, net of recoverables	$	37,658	$	36,954	$	34,986

Property and casualty insurance premiums earned
Direct	$	38,115	$	37,104	$	34,977
Assumed	99		94		87
Ceded	(1,141)		(1,122)		(1,016)
Property and casualty insurance premiums earned, net of recoverables	$	37,073	$	36,076	$	34,048

Life premiums and contract charges
Direct	$	2,001	$	2,074	$	2,001
Assumed	685		712		754
Ceded	(242)		(285)		(290)
Life premiums and contract charges, net of recoverables	$	2,444	$	2,501	$	2,465

Reinsurance and indemnification recoverables


Reinsurance and indemnification recoverables, net
	As of December 31,
($ in millions)	2020		2019
Property and casualty
Paid and due from reinsurers and indemnitors	$	101	$	112
Unpaid losses estimated (including IBNR)	7,033		6,912
Total property and casualty	$	7,134	$	7,024

Allstate Annuities (1)	$	1,293	$	1,305
Allstate Life (1)	712		794
Allstate Benefits (1)	81		88
Total	$	9,220	$	9,211

(1)As of December 31, 2020 and 2019, approximately 94% and 93%, respectively, of the reinsurance recoverables are due from companies rated A- or better by S&P.


Rollforward of credit loss allowance for reinsurance recoverables
	For the year ended
($ in millions)	December 31, 2020
Property and casualty (1) (2)
Beginning balance	$	(60)
Decrease in the provision for credit losses	1
Write-offs	—
Ending balance	$	(59)

Allstate Annuities, Allstate Life and Allstate Benefits
Beginning balance	$	(3)
Cumulative effect of change in accounting principle	(11)
Increase in the provision for credit losses	(1)
Write-offs	—
Ending Balance	$	(15)

(1)Primarily related to discontinued lines and coverages reinsurance ceded.

(2)Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.

Property and casualty

Property and casualty programs are grouped by the following characteristics:

1.Indemnification programs - industry pools, facilities or associations that are governed by state insurance statutes or regulations or the federal government.

2.Catastrophe reinsurance programs - reinsurance protection for catastrophe exposure nationwide and by specific states, as applicable.

3.Other reinsurance programs - reinsurance protection for asbestos, environmental and other liability exposures as well as commercial lines, including shared economy.

Property and casualty reinsurance is in place for the Allstate Protection, Discontinued Lines and Coverages and Protection Services segments. The Company purchases reinsurance after evaluating the financial condition of the reinsurer as well as the terms and price of coverage.

Indemnification programs

The Company participates in state-based industry pools or facilities mandating participation by insurers offering certain coverage in their state, including the Michigan Catastrophic Claims Association (“MCCA”), the New Jersey Property-Liability Insurance Guaranty Association (“PLIGA”), the North Carolina Reinsurance Facility (“NCRF”) and the Florida Hurricane Catastrophe Fund (“FHCF”). When the Company pays qualifying claims under the coverage indemnified by a state’s pool or facility, the Company is reimbursed for the qualifying claim losses or expenses. Each state pool or facility may assess participating companies to collect sufficient amounts to meet its total indemnification requirements. The enabling legislation for each state’s pool or facility compels the pool or facility only to indemnify participating companies for qualifying claim losses or expenses; the state pool or facility does not underwrite the coverage or take on the ultimate risk of the indemnified business. As a pass through, these pools or facilities manage the receipt of assessments paid by participating companies and payment of indemnified amounts for covered claims presented by participating companies. The Company has not had any credit losses related to these indemnification programs.

State-based industry pools or facilities

Michigan Catastrophic Claims Association The MCCA is a statutory indemnification mechanism for member insurers’ qualifying personal injury protection claims paid for the unlimited lifetime medical benefits above the applicable retention level for qualifying injuries from automobile, motorcycle and commercial vehicle accidents. Indemnification recoverables on paid and unpaid claims, including IBNR, as of December 31, 2020 and 2019 include $5.65 billion and $5.50 billion, respectively, from the MCCA for its indemnification obligation.

The MCCA is funded by annually assessing participating member companies actively writing motor vehicle coverage in Michigan on a per vehicle basis that is currently $100 per vehicle insured. The MCCA’s calculation of the annual assessment is based upon the total of members’ actuarially determined present value of expected payments on lifetime claims by all persons expected to be catastrophically injured in that year and ultimately qualify for MCCA reimbursement, its operating expenses, and adjustments for the amount of excesses or deficiencies in prior assessments. The MCCA has also included its calculation of the impacts of the auto insurance reforms which have begun to phase in since their passage in June 2019, including the personal injury protection medical fee schedule that becomes effective July 2, 2021. The assessment is incurred by the Company as policies are written and recovered as a component of premiums from the Company’s customers.

The MCCA indemnifies qualifying claims of all current and former member companies (whether or not actively writing motor vehicle coverage in Michigan) for qualifying claims and claims expenses incurred while the member companies were actively writing the mandatory personal injury protection coverage in Michigan. Member companies actively writing automobile coverage in Michigan include the MCCA annual assessments in determining the level of premiums to charge insureds in the state.

As required for member companies by the MCCA, the Company reports covered paid and unpaid claims to the MCCA when estimates of loss for a reported claim are expected to exceed the retention level, the claims involve certain types of severe injuries, or there are litigation demands received suggesting the claim value exceeds certain thresholds. The retention level is adjusted upward every other MCCA fiscal year by the lesser of 6% or the increase in the Consumer Price Index. The retention level will be $600 thousand per claim for the fiscal two-years ending June 30, 2022 compared to $580 thousand per claim for the fiscal two-years ending June 30, 2020.

The MCCA is obligated to fund the ultimate liability of member companies’ qualifying claims and claim expenses. The MCCA does not underwrite the insurance coverage or hold any underwriting risk.

The MCCA indemnifies members as qualifying claims are paid and billed by members to the MCCA. Unlimited lifetime covered losses result in significant levels of ultimate incurred claim reserves being recorded by member companies along with offsetting indemnification recoverables. Disputes with claimants over coverage on certain reported claims can result in additional losses, which may be recoverable from the MCCA, excluding litigation expenses. There is currently no method by which insurers are able to obtain the benefit of managed care programs to reduce claims costs through the MCCA.

The MCCA annual assessments fund current operations and member company reimbursements. The MCCA prepares statutory-basis financial

statements in conformity with accounting practices prescribed or permitted by the State of Michigan Department of Insurance and Financial Services (“MI DOI”). The MI DOI has granted the MCCA a statutory permitted practice that expires in June 30, 2022 to discount its liabilities for loss and loss adjustment expense. As of June 30, 2020, the date of its most recent annual financial report, the MCCA had cash and invested assets of $23.41 billion and an accumulated surplus of $2.44 billion. The permitted practice reduced the accumulated deficit by $34.73 billion.

New Jersey Property-Liability Insurance Guaranty Association PLIGA serves as the statutory administrator of the Unsatisfied Claim and Judgment Fund (“UCJF”), Workers’ Compensation Security Fund and the New Jersey Surplus Lines Insurance Guaranty Fund.

In addition to its insolvency protection responsibilities, PLIGA reimburses insurers for unlimited excess medical benefits (“EMBs”) paid in connection with personal injury protection claims in excess of $75,000 for policies issued or renewed prior to January 1, 1991, and limited EMB claims in excess of $75,000 and capped at $250,000 for policies issued or renewed on or after January 1, 1991, to December 31, 2003.

A significant portion of the incurred claim reserves and the recoverables can be attributed to a small number of catastrophic claims. Assessments paid to PLIGA for the EMB program totaled $7 million in 2020. The amounts of paid and unpaid recoverables as of December 31, 2020 and 2019 were $389 million and $446 million, respectively.

PLIGA annually assesses all admitted property and casualty insurers writing covered lines in New Jersey for PLIGA indemnification and expenses. PLIGA assessments may be recouped as a surcharge on premiums collected. PLIGA does not ultimately retain underwriting risk as it assesses member companies for their expected qualifying losses to provide funding for payment of its indemnification obligation to member companies for their actual losses. As a pass through, PLIGA facilitates these transactions of receipt of assessments paid by member companies and payment to member companies for covered claims presented by them for indemnification. As of December 31, 2019, the date of its most recent annual financial report, PLIGA had a fund balance of $248 million.

As statutory administrator of the UCJF, PLIGA provides compensation to qualified claimants for personal injury protection, bodily injury, or death caused by private passenger automobiles operated by uninsured or “hit and run” drivers. The UCJF also provides private passenger pedestrian personal injury protection benefits when no other coverage is available.

PLIGA annually collects a UCJF assessment from all admitted property and casualty insurers writing motor vehicle liability insurance in New Jersey for UCJF indemnification and expenses. UCJF assessments can be expensed as losses recoverable in rates as

appropriate. As of December 31, 2019, the date of its most recent annual financial report, the UCJF fund had a balance of $50 million.

North Carolina Reinsurance Facility The NCRF provides automobile liability insurance to drivers that insurers are not otherwise willing to insure. All insurers licensed to write automobile insurance in North Carolina are members of the NCRF. Premiums, losses and expenses are assigned to the NCRF. North Carolina law allows the NCRF to recoup operating losses for certain insureds through a surcharge to policyholders. As of September 30, 2020, the NCRF reported a deficit of $125 million in members’ equity. The NCRF implemented a loss recoupment surcharge on all private passenger and commercial fleet policies effective October 1, 2020, through September 30, 2021. Member companies are assessed the recoupment surcharge. The loss recoupment surcharge will be adjusted on October 1, 2021 and discontinued once losses are recovered. The NCRF results are shared by the member companies in proportion to their respective North Carolina automobile liability writings. For the fiscal year ending September 30, 2020, net loss was $15 million, including $1.10 billion of earned premiums, $170 million of certain private passenger auto risk recoupment and $69.7 million of member loss recoupments. As of December 31, 2020, the NCRF recoverables on paid claims is $8.6 million and recoverables on unpaid claims is $58.4 million. Paid recoverable balances, if covered, are typically settled within sixty days of monthly filing.

Florida Hurricane Catastrophe Fund Allstate subsidiaries Castle Key Insurance Company (“CKIC”) and Castle Key Indemnity Company (“CKI”, and together with CKIC, “Castle Key”) participate in the mandatory coverage provided by the FHCF and therefore have access to reimbursement for certain qualifying Florida hurricane losses from the FHCF. Castle Key has exposure to assessments and pays annual premiums to the FHCF for this reimbursement protection. The FHCF has the authority to issue bonds to pay its obligations to participating insurers in excess of its capital balances. Payment of these bonds is funded by emergency assessments on all property and casualty premiums in the state, except workers’ compensation, medical malpractice, accident and health insurance and policies written under the National Flood Insurance Program (“NFIP”). The FHCF emergency assessments are limited to 6% of premiums per year beginning the first year in which reimbursements require bonding, and up to a total of 10% of premiums per year for assessments in the second and subsequent years, if required to fund additional bonding. The FHCF issued $2.00 billion in pre-event bonds in 2013 to build its capacity to reimburse member companies’ claims. The FHCF plans to fund these pre-event bonds through current FHCF cash flows. Pursuant to an Order issued by the Florida Office of Insurance Regulation, the emergency assessment is zero for all policies issued or renewed on or after January 1, 2015.

Annual premiums earned and paid under the FHCF agreement were $9 million, $9 million and $10 million in

2020, 2019 and 2018, respectively. Qualifying losses were $15 million, $33 million and $143 million in 2020, 2019 and 2018, respectively. The Company has access to reimbursement provided by the FHCF for 90% of qualifying personal property losses that exceed its current retention of $58 million for the two largest hurricanes and $19 million for other hurricanes, up to a maximum total of $146 million, effective from June 1, 2020 to May 31, 2021. The amounts recoverable from the FHCF totaled $32 million and $52 million as of December 31, 2020 and 2019, respectively.

Federal Government - National Flood Insurance Program NFIP is a program administered by the Federal Emergency Management Agency (“FEMA”) whereby the Company sells and services NFIP flood insurance policies as an agent of FEMA and receives fees for its services. The Company is fully indemnified for claims and claim expenses and does not retain any ultimate risk for the indemnified business. The federal government is obligated to pay all claims and certain allocated loss adjustment expenses in accordance with the arrangement.

Congressional authorization for the NFIP is periodically evaluated and may be subjected to freezes, including when the federal government experiences a shutdown. FEMA has a NFIP reinsurance program to manage the future exposure of the NFIP through the transfer of risk to private reinsurance companies and capital market investors. Congress is evaluating the funding of the program as well as considering reforms to the program that would be incorporated in legislation to reauthorize the NFIP.

The amounts recoverable as of December 31, 2020 and 2019 were $30 million and $25 million, respectively. Premiums earned under the NFIP include $261 million, $258 million and $258 million in 2020, 2019 and 2018, respectively. Qualifying losses incurred include $87 million, $150 million and $118 million in 2020, 2019 and 2018, respectively.

Catastrophe reinsurance

The Company’s reinsurance program is designed to provide reinsurance protection for catastrophes resulting from multiple perils including hurricanes, windstorms, hail, tornadoes, earthquakes, wildfires, and fires following earthquakes.

•The majority of the Company’s program comprises multi-year contracts, primarily placed in the traditional reinsurance market, such that generally one-third of the program is renewed every year.

•Coverage is generally purchased on a broad geographic, product line and multiple peril loss basis.

•The Company purchases reinsurance from traditional reinsurance companies as well as the insurance linked securities market.

•Florida personal lines property is covered by a separate agreement, as the risk of loss is different and the Company’s subsidiaries operating in this state are separately capitalized.

•A portion of New Jersey personal lines property and automobile remains covered by a separate standalone agreement.

The Company’s current catastrophe reinsurance program supports the Company’s risk tolerance framework that targets less than a 1% likelihood of annual aggregate catastrophe losses from hurricanes and earthquakes, excluding other catastrophe losses and, net of reinsurance, exceeding $2 billion.

The program includes coverage for losses to personal lines property, personal lines automobile, commercial lines property or commercial lines automobile arising out of multiple perils, in addition to hurricanes and earthquakes. These reinsurance agreements are part of the catastrophe management strategy, which is intended to provide shareholders an acceptable return on the risks assumed in the property business, and to reduce variability of earnings, while providing protection to customers. The Company has the following catastrophe reinsurance agreements in effect as of December 31, 2020.

The June 1, 2020 Nationwide Excess Catastrophe Reinsurance Program (the “Nationwide Program”) provides coverage up to $4.98 billion of loss less a $500 million retention, and is subject to the percentage of reinsurance placed in each of its agreements. Personal lines property business in the state of Florida is excluded from this program. New Jersey personal lines property and automobile are covered under portions of this program, in addition to a separate standalone agreement. Separate reinsurance agreements address the distinct needs of separately capitalized legal entities. The Nationwide Program includes reinsurance agreements with both the traditional and insurance linked securities (“ILS”) markets as described below:

•The traditional market placement provides limits totaling $3.00 billion for losses arising out of multiple perils and is comprised of $2.25 billion of limits with 1 annual reinstatement of limits; two contracts combining $462 million of limits with one reinstatement of limits over a seven-year term; and two single-year term contracts combining $284 million of limits with no reinstatements.

•ILS placements provide $1.53 billion of reinsurance limits for qualifying losses in all states except Florida caused by “Named Peril Basis” events with no reinstatement of the limits. ILS placements are comprised of $150 million and $375 million placements providing occurrence only coverage; and $100 million, $400 million and $500 million placements providing occurrence and aggregate protection. Allstate declared catastrophes to personal lines property and automobile business can be aggregated to erode the aggregate retention and qualify for coverage under the aggregate limit. Recoveries are limited to our ultimate net loss from the reinsured event.

The New Jersey standalone agreement comprises two contracts that reinsure personal lines property and automobile catastrophe losses caused by multiple perils in New Jersey and provides 63% of $400 million

of limits in excess of provisional retentions of $150 million. Each contract includes one annual reinstatement of limits. The New Jersey contracts inure to portions of the Nationwide Program.

The Kentucky earthquake agreement comprises a three-year term contract that reinsures personal lines property losses caused by earthquakes and fire following earthquakes in Kentucky and provides $28 million of limits, 95% placed, in excess of a $2 million retention.

The 2020 Florida program provides coverage up to $633 million of loss less a $20 million retention. The Florida program includes reinsurance agreements placed with the traditional market, the Florida Hurricane Catastrophe Fund (“FHCF”), and the Insurance Linked Securities (“ILS”) market as follows:

• The traditional market placement comprises $295 million of reinsurance limits for losses to personal lines property in Florida arising out of multiple perils. The Excess contract, which forms a part of the traditional market placement, with $264 million of limits, subject to a $20 million retention, provides coverage for perils not covered by the FHCF contracts, which only cover hurricanes.

• The FHCF contracts provide approximately $118 million of limits for qualifying losses to personal lines property in Florida caused by storms the National Hurricane Center declares to be hurricanes.

• The ILS placement provides $200 million of reinsurance limits for qualifying losses to personal lines property in Florida caused by a named storm event, a severe weather event, an earthquake event, a fire event, a volcanic eruption event, or a meteorite impact event.

The Company has not experienced credit losses on its catastrophe reinsurance programs. The total cost of the property catastrophe reinsurance program was $425 million, $386 million and $343 million in 2020, 2019 and 2018, respectively.

Other reinsurance programs

The Company’s other reinsurance programs relate to asbestos, environmental, and other liability exposures and commercial lines, including shared economy. These programs include reinsurance recoverables of $166 million and $158 million from Lloyd’s of London as of December 31, 2020 and 2019, respectively. Excluding Lloyd’s of London, the largest reinsurance recoverable balance the Company had outstanding was $165 million and $115 million from Aleka Insurance Inc. as of December 31, 2020 and 2019, respectively.

Lloyd’s of London, through the creation of Equitas Limited (“Equitas”), implemented a restructuring to solidify its capital base and to segregate claims for years prior to 1993. In 2007, Berkshire Hathaway’s subsidiary, National Indemnity Company, assumed responsibility for the Equitas’ claim liabilities through a loss portfolio transfer reinsurance agreement and continues to runoff the Equitas’ claims.

Life and annuity reinsurance recoverables

The Company reinsures certain life insurance and annuity risks to other insurers primarily under yearly renewable term, coinsurance, modified coinsurance and coinsurance with funds withheld agreements. These agreements result in a passing of the agreed-upon percentage of risk to the reinsurer in exchange for negotiated reinsurance premium payments. Modified coinsurance and coinsurance with funds withheld are similar to coinsurance, except that the cash and investments that support the liability for contract benefits are not transferred to the assuming company and settlements are made on a net basis between the companies.

For certain term life insurance policies issued prior to October 2009, the Company ceded up to 90% of the mortality risk depending on the year of policy issuance under coinsurance agreements to a pool of fourteen unaffiliated reinsurers. Effective October 2009, mortality risk on term business is ceded under yearly renewable term agreements under which the Company cedes mortality in excess of its retention, which is consistent with how the Company generally reinsures its permanent life insurance business.


Retention limits by period of policy issuance
Period						Retention limits
April 2015 through current						Single life: $2 million per life Joint life: no longer offered
April 2011 through March 2015						Single life: $5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria Joint life: $8 million per life, and $10 million for contracts that meet specific criteria
July 2007 through March 2011						$5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria
September 1998 through June 2007						$2 million per life, in 2006 the limit was increased to $5 million for instances when specific criteria were met
August 1998 and prior						Up to $1 million per life

In addition, the Company has used reinsurance to effect the disposition of certain blocks of business. The Company had reinsurance recoverables of $1.28 billion and $1.29 billion as of December 31, 2020 and 2019, respectively, due from Prudential related to the disposal of substantially all of its variable annuity business that was effected through reinsurance agreements.


Amounts ceded to Prudential
	December 31,
($ in millions)	2020		2019		2018
Premiums and contract charges	$	64	$	65	$	72
Contract benefits	46		(4)		87
Interest credited to contractholder funds	20		19		20
Operating costs and expenses	12		12		14

As of December 31, 2020 and 2019, the Company had reinsurance recoverables of $99 million and $112 million, respectively, due from subsidiaries of Citigroup (Triton Insurance and American Health and Life Insurance) and Scottish Re (U.S.), Inc. in connection with the disposition of substantially all of the direct response distribution business in 2003.

As of December 31, 2020 and 2019, the Company had $66 million and $73 million of reinsurance recoverables related to Scottish Re (U.S.), Inc. On December 14, 2018, the Delaware Insurance Commissioner placed Scottish Re (U.S.), Inc. under regulatory supervision. On March 6, 2019, the Chancery Court of the State of Delaware entered a Rehabilitation and Injunction Order (the “Rehabilitation Order”) in response to a petition filed by the Insurance Commissioner (the “Petition”).

The Company joined in a joint motion filed on behalf of several affected parties asking the court to allow a specified amount of offsetting claim payments and losses against premiums remitted to Scottish Re (U.S.), Inc. The Company also filed a separate motion related to the reimbursement of claim payments where Scottish Re (U.S.), Inc. is also acting as administrator. The Court has not yet ruled on either of these motions. In the interim, the Company and several other affected parties have been permitted to exercise certain setoff rights while the parties address any potential disputes. On June 30, 2020, pursuant to the Petition, Scottish Re (U.S.), Inc. submitted a proposed Plan of Rehabilitation (“Plan”) for consideration by the Court. On November 2, 2020, the Court issued a Third Amended Order to Show Cause scheduling a hearing on the Petition and Plan for May 25, 2021. The Company continues to monitor Scottish Re (U.S.), Inc. for future developments and will reevaluate its allowance for expected credit losses as new information becomes available.

The Company is the assuming reinsurer for Lincoln Benefit Life Company’s (“LBL’s”) life insurance business sold through the Allstate agency channel and LBL’s payout annuity business in force prior to the sale of LBL on April 1, 2014. Under the terms of the reinsurance agreement, the Company is required to have a trust with assets greater than or equal to the statutory reserves ceded by LBL to the Company, measured on a monthly basis. As of December 31, 2020, the trust held $6.29 billion of investments, which are reported in the Consolidated Statement of Financial Position.

As of December 31, 2020, the gross life insurance in force was $425.44 billion of which $67.32 billion was ceded to the unaffiliated reinsurers.

Deferred Policy Acquisition and Sales Inducement Costs

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition and Sales Inducement Costs

Deferred Policy Acquisition and Sales Inducement Costs


Note 11			Deferred Policy Acquisition and Sales Inducement Costs


Deferred policy acquisition costs activity
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	4,699	$	4,784	$	4,191

Acquisition costs deferred	5,758		5,622		5,663
Amortization charged to income	(5,630)		(5,533)		(5,222)
Effect of unrealized gains and losses	(127)		(174)		152
Balance, end of year	$	4,700	$	4,699	$	4,784


Deferred sales inducement costs activity (1)
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	27	$	34	$	36



Amortization charged to income	(5)		(5)		(4)
Effect of unrealized gains and losses	3		(2)		2


Balance, end of year	$	25	$	27	$	34

(1)Deferred sales inducement costs primarily relate to fixed annuities and interest-sensitive life contracts and are recorded as part of other assets on the Consolidated Statements of Financial Position.

Capital Structure

12 Months Ended

Dec. 31, 2020

Capital Structure

Capital Structure


Note 12			Capital Structure


Total debt outstanding
	As of December 31,
($ in millions)	2020		2019
Floating Rate Senior Notes, due 2021 (1)	$	250	$	250
Floating Rate Senior Notes, due 2023 (1)	250		250
3.150% Senior Notes, due 2023 (2)	500		500
0.750% Senior Notes, due 2025 (2)	600		—
Due after one year through five years	1,600		1,000
3.280% Senior Notes, due 2026 (2)	550		550
1.450% Senior Notes, due 2030 (2)	600		—
Due after five years through ten years	1,150		550
6.125% Senior Notes, due 2032 (2)	159		159
5.350% Senior Notes due 2033 (2)	323		323
5.550% Senior Notes due 2035 (2)	546		546
5.950% Senior Notes, due 2036 (2)	386		386
6.900% Senior Debentures, due 2038	165		165
5.200% Senior Notes, due 2042 (2)	62		62
4.500% Senior Notes, due 2043 (2)	500		500
4.200% Senior Notes, due 2046 (2)	700		700
3.850% Senior Notes, due 2049 (2)	500		500
5.100% Subordinated Debentures, due 2053	500		500
5.750% Subordinated Debentures, due 2053	800		800

6.500% Junior Subordinated Debentures, due 2067	500		500

Due after ten years	5,141		5,141

Long-term debt total principal	7,891		6,691
Debt issuance costs	(66)		(60)
Total long-term debt	7,825		6,631
Short-term debt (3)	—		—
Total debt	$	7,825	$	6,631

(1)2021 and 2023 Floating Rate Senior Notes are not redeemable prior to the applicable maturity dates and bear interest at a floating rate equal to three-month LIBOR, reset quarterly on each interest reset date, plus 0.43% and 0.63% per year, respectively.

(2)Senior Notes are subject to redemption at the Company’s option in whole or in part at any time at the greater of either 100% of the principal amount plus accrued and unpaid interest to the redemption date or the discounted sum of the present values of the remaining scheduled payments of principal and interest and accrued and unpaid interest to the redemption date.

(3)The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.


Debt maturities for each of the next five years and thereafter
($ in millions)
2021	$	250
2022	—
2023	750
2024	—
2025	600
Thereafter	6,291
Total long-term debt principal	$	7,891

On November 19, 2020, the Company issued $600 million of 0.750% Senior Notes due 2025 and $600 million of 1.450% Senior Notes due 2030. Interest on the Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. The Senior Notes are redeemable at any time at the applicable redemption price prior to the maturity date. The net proceeds of this issuance were used to partially fund the acquisition of National General.

The Subordinated Debentures may be redeemed (i) in whole at any time or in part from time to time on or after January 15, 2023 for the 5.100% Subordinated Debentures and August 15, 2023 for the 5.750% Subordinated Debentures at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the Subordinated Debentures are not redeemed in whole, at least $25 million aggregate principal amount must remain outstanding, or (ii) in whole, but not in part, prior to January 15, 2023 for the 5.100% Subordinated Debentures and August 15, 2023 for the 5.750% Subordinated Debentures, within 90 days after the occurrence of certain tax and rating agency events, at their principal amount or, if greater, a make-whole redemption price, plus accrued and unpaid interest to, but excluding, the date of redemption. The 5.750% Subordinated Debentures have this make-whole redemption price provision only when a reduction of equity credit assigned by a rating agency has occurred.

Interest on the 5.100% Subordinated Debentures is payable quarterly at the stated fixed annual rate to January 14, 2023, or any earlier redemption date, and then at an annual rate equal to the three-month LIBOR plus 3.165%. Interest on the 5.750% Subordinated Debentures is payable semi-annually at the stated fixed annual rate to August 14, 2023, or any earlier redemption date, and then quarterly at an annual rate equal to the three-month LIBOR plus 2.938%. The Company may elect to defer payment of interest on the Subordinated Debentures for one or more consecutive interest periods that do not exceed five years. During a deferral period, interest will continue to accrue on the Subordinated Debentures at the then-applicable rate and deferred interest will compound on each interest payment date. If all deferred interest on the Subordinated Debentures is paid, the Company can again defer interest payments.

As of December 31, 2020, the Company had outstanding $500 million of Series A 6.500% Fixed-to-Floating Rate Junior Subordinated Debentures (“Debentures”). The scheduled maturity date for the

Debentures is May 15, 2057 with a final maturity date of May 15, 2067. The Debentures may be redeemed (i) in whole or in part, at any time on or after May 15, 2037 at the principal amount plus accrued and unpaid interest to the date of redemption, or (ii) in certain circumstances, in whole or in part, prior to May 15, 2037 at the principal amount plus accrued and unpaid interest to the date of redemption or, if greater, a make-whole price.

Interest on the Debentures is payable semi-annually at the stated fixed annual rate to May 15, 2037, and then payable quarterly at an annual rate equal to the three-month LIBOR plus 2.120%. The Company may elect at one or more times to defer payment of interest on the Debentures for one or more consecutive interest periods that do not exceed 10 years. Interest compounds during such deferral periods at the rate in effect for each period. The interest deferral feature obligates the Company in certain circumstances to issue common stock or certain other types of securities if it cannot otherwise raise sufficient funds to make the required interest payments. The Company has reserved 75 million shares of its authorized and unissued common stock to satisfy this obligation.

The terms of the Company’s outstanding subordinated debentures prohibit the Company from declaring or paying any dividends or distributions on common or preferred stock or redeeming, purchasing, acquiring, or making liquidation payments on common stock or preferred stock if the Company has elected to defer interest payments on the subordinated debentures, subject to certain limited exceptions.

In connection with the issuance of the Debentures, the Company entered into a replacement capital covenant (“RCC”). This covenant was not intended for the benefit of the holders of the Debentures and could not be enforced by them. Rather, it was for the benefit of holders of one or more other designated series of the Company’s indebtedness (“covered debt”), currently the 5.750% Subordinated Debentures due 2053. Pursuant to the RCC, the Company has agreed that it will not repay, redeem, or purchase the Debentures on or before May 15, 2067 (or such earlier date on which the RCC terminates by its terms) unless, subject to certain limitations, the Company has received net cash proceeds in specified amounts from the sale of common stock or certain other qualifying securities. The promises and covenants contained in the RCC will not apply if (i) S&P upgrades the Company’s issuer credit rating to A or above, (ii) the Company redeems the Debentures due to a tax event, (iii) after notice of redemption has been given by the Company and a market disruption event occurs preventing the Company from raising proceeds in accordance with the RCC, or (iv) the Company repurchases or redeems up to 10% of the outstanding principal of the Debentures in any one-year period, provided that no more than 25% will be so repurchased, redeemed or purchased in any ten-year period.

The RCC terminates in 2067. The RCC will terminate prior to its scheduled termination date if (i) the Debentures are no longer outstanding and the Company has fulfilled its obligations under the RCC or it is no longer applicable, (ii) the holders of a majority of the then-outstanding principal amount of the then-effective series of covered debt consent to agree to the termination of the RCC, (iii) the Company does not have any series of outstanding debt that is eligible to be treated as covered debt under the RCC, (iv) the Debentures are accelerated as a result of an event of default, (v) certain rating agency or change in control events occur, (vi) S&P, or any successor thereto, no longer assigns a solicited rating on senior debt issued or guaranteed by the Company, or (vii) the termination of the RCC would have no effect on the equity credit provided by S&P with respect to the Debentures. An event of default, as defined by the supplemental indenture, includes default in the payment of interest or principal and bankruptcy proceedings.

The administrator of LIBOR has announced it will consult on its intention to cease the publication of the one week and two month U.S. dollar (“USD”) LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. The Subordinated Debentures and the 2023 Floating Rate Senior Notes allow for the use of an alternative methodology to determine the interest rate if LIBOR is no longer available.

To manage short-term liquidity, the Company maintains a commercial paper program and a credit facility as a potential source of funds. The commercial paper program has a borrowing limit of $750 million. In November 2020, the Company entered into a new agreement for a $750 million unsecured revolving credit facility with a maturity date of November 2025. This facility contains an increase provision that would allow up to an additional $500 million of borrowing. This facility has a financial covenant requiring the Company not to exceed a 37.5% debt to capitalization

ratio as defined in the agreement. Although the right to borrow under the facility is not subject to a minimum rating requirement, the costs of maintaining the facility and borrowing under it are based on the ratings of the Company’s senior unsecured, unguaranteed long-term debt. The total amount outstanding at any point in time under the combination of the commercial paper program and the credit facility cannot exceed the amount that can be borrowed under the credit facility. No amounts were outstanding under the credit facility as of December 31, 2020 or 2019. The Company had no commercial paper outstanding as of December 31, 2020 or 2019.

The Company paid $311 million, $312 million and $330 million of interest on debt in 2020, 2019 and 2018, respectively.

The Company had $430 million and $389 million of investment-related debt that is reported in other liabilities and accrued expenses as of December 31, 2020 and 2019, respectively.

During 2018, the Company filed a universal shelf registration statement with the Securities and Exchange Commission (“SEC”) that expires in 2021. The registration statement covers an unspecified amount of securities and can be used to issue debt securities, common stock, preferred stock, depositary shares, warrants, stock purchase contracts, stock purchase units and securities of trust subsidiaries.

Common stock The Company had 900 million shares of issued common stock of which 304 million shares were outstanding and 596 million shares were held in treasury as of December 31, 2020. In 2020, the Company acquired 17 million shares at an average cost of $97.54 and reissued 3 million net shares under equity incentive plans.

Preferred stock All outstanding preferred stock represents noncumulative perpetual preferred stock with a $1.00 par value per share and a liquidation preference of $25,000 per share.


Total preferred stock outstanding
	As of December 31,		Aggregate liquidation preference ($ in millions)						Dividend per depository share (1)						Aggregate dividend payment ($ in millions)
	2020	2019	2020		2019		Dividend rate		2020		2019		2018		2020			2019			2018
Series A	—	11,500	$	—	$	287.5	5.625	%	$	—	$	1.41	$	1.41	$	4	(2)	$	16		$	16
Series C	—	—	—		—		6.750	%	—		—		1.69		—			—			26		(2)
Series D	—	—	—		—		6.625	%	—		1.66		1.66		—			9		(2)	9
Series E	—	—	—		—		6.625	%	—		1.66		1.66		—			49		(2)	49
Series F	—	—	—		—		6.250	%	—		1.56		1.56		—			16		(2)	16
Series G	23,000	23,000	575.0		575.0		5.625	%	1.41		1.41		1.41		32			32			18
Series H	46,000	46,000	1,150.0		1,150.0		5.100	%	1.28		1.28		—		59			12			—
Series I	12,000	12,000	300.0		300.0		4.750	%	1.19		1.19		—		13			—			—
Total	81,000	92,500	$	2,025	$	2,313									$	108		$	134	(2)	$	134	(2)

(1)Each depositary share represents a 1/1,000th interest in a share of preferred stock.

(2)Excludes $10 million, $37 million and $13 million in 2020, 2019 and 2018, respectively, related to original issuance costs in preferred stock dividends on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemptions.

On January 15, 2020, the Company redeemed all 11,500 shares of its Fixed Rate Noncumulative Preferred Stock, Series A, par value $1.00 per share and liquidation preference $25,000 per share and the corresponding depositary shares. The total redemption payment was $288 million, using the proceeds from the issuance of the Fixed Rate Noncumulative Perpetual Preferred Stock, Series I. In the first quarter of 2020, the Company recognized $10 million of original issuance costs in preferred stock dividends on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Equity as a result of the preferred stock redemption.

The preferred stock ranks senior to the Company’s common stock with respect to the payment of dividends and liquidation rights. The Company will pay dividends on the preferred stock on a noncumulative basis only when, as and if declared by the Company’s board of directors (or a duly authorized committee of the board) and to the extent that the Company has legally available funds to pay dividends. If dividends are declared on the preferred stock, they will be payable quarterly in arrears at an annual fixed rate. Dividends on the preferred stock are not cumulative. Accordingly, in the event dividends are not declared on the preferred stock for payment on any dividend payment date, then those dividends will cease to be payable. If the Company has not declared a dividend before the dividend payment date for any dividend period, the Company has no obligation to pay dividends for that dividend period, whether or not dividends are declared for any future dividend period. No dividends may be paid or declared on the Company’s common stock and no shares of the Company’s common stock may be repurchased unless the full dividends for the latest completed dividend period on the preferred stock have been declared and paid or provided for.

The Company is prohibited from declaring or paying dividends on its Series G preferred stock in excess of the amount of net proceeds from an issuance of common stock taking place within 90 days before a dividend declaration date if, on that dividend declaration date, either: (1) the risk-based capital ratios of the largest U.S. property-casualty insurance subsidiaries that collectively account for 80% or more of the net written premiums of U.S. property-casualty insurance business on a weighted average basis were less than 175% of their company action level risk-based capital as of the end of the most recent year; or (2) consolidated net income for the four-quarter period ending on the preliminary quarter end test date (the quarter that is two quarters prior to the most recently

completed quarter) is zero or negative and consolidated shareholders’ equity (excluding AOCI, and subject to certain other adjustments relating to changes in U.S. GAAP) as of each of the preliminary quarter test date and the most recently completed quarter has declined by 20% or more from its level as measured at the end of the benchmark quarter (the date that is ten quarters prior to the most recently completed quarter). If the Company fails to satisfy either of these tests on any dividend declaration date, the restrictions on dividends will continue until the Company is able again to satisfy the test on a dividend declaration date. In addition, in the case of a restriction arising under (2) above, the restrictions on dividends will continue until consolidated shareholders’ equity (excluding AOCI, and subject to certain other adjustments relating to changes in U.S. GAAP) has increased, or has declined by less than 20%, in either case as compared to its level at the end of the benchmark quarter for each dividend payment date as to which dividend restrictions were imposed.

The preferred stock does not have voting rights except with respect to certain changes in the terms of the preferred stock, in the case of certain dividend nonpayments, certain other fundamental corporate events, mergers or consolidations and as otherwise provided by law. If and when dividends have not been declared and paid in full for at least six quarterly dividend periods or their equivalent (whether or not consecutive), the authorized number of directors then constituting our board of directors will be increased by two. The holders of the preferred stock, together with the holders of all other affected classes and series of voting parity stock, voting as a single class, will be entitled to elect the two additional members of the board of directors of the Company, subject to certain conditions. The board of directors shall at no time have more than two preferred stock directors.

The preferred stock is perpetual and has no maturity date. The preferred stock is redeemable at the Company’s option in whole or in part, on or after April 15, 2023 for Series G, October 15, 2024 for Series H and January 15, 2025 for Series I at a redemption price of $25,000 per share of preferred stock, plus declared and unpaid dividends. Prior to April 15, 2023 for Series G, October 15, 2024 for Series H and January 15, 2025 for Series I, the preferred stock is redeemable at the Company’s option, in whole but not in part, within 90 days of the occurrence of certain regulatory capital event at a redemption price equal to $25,000 or $25,500 per share or a certain rating agency event at a redemption price equal to $25,000 or $25,500 per share, plus declared and unpaid dividends for Series G and for Series H and I, respectively.

Company Restructuring

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Company Restructuring


Note 13			Company Restructuring

The Company undertakes various programs to reduce expenses. These programs generally involve a reduction in staffing levels, and in certain cases, office closures. Restructuring and related charges primarily include the following costs related to these programs:

•Employee - severance and relocation benefits

•Exit - contract termination penalties

The expenses related to these activities are included in the Consolidated Statements of Operations as restructuring and related charges and totaled $259 million, $41 million and $67 million in 2020, 2019 and 2018, respectively.

Restructuring expenses in 2020 are primarily due to Transformative Growth to optimize and simplify the Company’s operating model and cost structure. In connection with Transformative Growth, the Company expects to incur restructuring and related charges totaling approximately $290 million, with $238 million recorded in 2020, primarily in the Allstate Protection segment, and the remainder to be recognized in future quarters. The Company expects these actions will be completed in 2021.

Employee costs of this program include severance and employee benefits primarily impacting claims, sales, service and support functions. Exit costs reflect real estate costs primarily related to accelerated amortization of right of use assets and related leasehold improvements at facilities to be vacated.


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2019	$	14	$	8	$	22
Expense incurred	214		46		260
Adjustments to liability	3		(4)		(1)
Payments and non-cash pension settlements	(159)		(50)		(209)
Restructuring liability as of December 31, 2020	$	72	$	—	$	72

As of December 31, 2020, the cumulative amount incurred to date for active programs related to employee severance, relocation benefits and exit expenses totaled $223 million for employee costs and $52 million for exit costs.

Commitments, Guarantees and Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments, Guarantees and Contingent Liabilities


Note 14			Commitments, Guarantees and Contingent Liabilities

Shared markets and state facility assessments

The Company is required to participate in assigned risk plans, reinsurance facilities and joint underwriting associations in various states that provide insurance coverage to individuals or entities that otherwise are unable to purchase such coverage from private insurers.

The Company routinely reviews its exposure to assessments from these plans, facilities and government programs. Underwriting results related to these arrangements, which tend to be adverse, have been immaterial to the Company’s results of operations in the last three years. Because of the Company’s participation, it may be exposed to losses that surpass the capitalization of these facilities or assessments from these facilities.

Florida Citizens Castle Key is subject to assessments from Citizens Property Insurance Corporation in the state of Florida (“FL Citizens”), which was initially created by the state of Florida to provide insurance to property owners unable to obtain coverage in the private insurance market. FL Citizens, at the discretion and direction of its Board of Governors (“FL Citizens Board”), can levy a regular assessment on assessable insurers and assessable insureds for a deficit in any calendar year up to a maximum of the greater of: 2% of the projected deficit or 2% of the aggregate statewide direct written premium for the prior calendar year. The base of assessable insurers includes all property and casualty premiums in the state, except workers’ compensation, medical malpractice, accident and health insurance and policies written under the NFIP. An insurer may recoup a regular assessment through a surcharge to policyholders. In order to recoup this assessment, an insurer must file for a policy surcharge with the Florida Office of Insurance Regulation at least fifteen days prior to imposing the surcharge on policies. If a deficit remains after the regular assessment, FL Citizens can

also levy emergency assessments in the current and subsequent years. Companies are required to collect the emergency assessments directly from residential property policyholders and remit to FL Citizens as collected. Currently, the emergency assessment is zero for all policies issued or renewed on or after July 1, 2015.

Louisiana Citizens Louisiana Citizens Property Insurance Corporation (“LA Citizens”) can levy a regular assessment on participating companies for a deficit in any calendar year up to a maximum of the greater of 10% of the calendar year deficit or 10% of Louisiana direct property premiums industry-wide for the prior calendar year. If the plan year deficit exceeds the amount that can be recovered through Regular Assessments, LA Citizens may fund the remaining deficit by issuing revenue assessment bonds in the capital markets. LA Citizens then declares Emergency Assessments each year to provide debt service on the bonds until they are retired. Companies writing assessable lines must surcharge their policyholders Emergency Assessments in the percentage established annually by LA Citizens and must remit amounts collected to the bond trustee on a quarterly basis. Emergency assessments to pay off bonds issued in 2007 for the hurricanes of 2005 will continue until 2025.

Facilities such as FL Citizens and LA Citizens are generally designed so that the ultimate cost is borne by policyholders; however, the exposure to assessments from these facilities and the availability of recoupments or premium rate increases may not offset each other in the Company’s financial statements. Moreover, even if they do offset each other, they may not offset each other in financial statements for the same fiscal period due to the ultimate timing of the assessments and recoupments or premium rate increases, as well as the possibility of policies not being renewed in subsequent years.

California Earthquake Authority Exposure to certain potential losses from earthquakes in California is limited by the Company’s participation in the California Earthquake Authority (“CEA”), which provides insurance for California earthquake losses. The CEA is a privately-financed, publicly-managed state agency created to provide insurance coverage for earthquake damage. Insurers selling homeowners insurance in California are required to offer earthquake insurance to their customers either through their company or by participation in the CEA. The Company’s homeowners policies continue to include coverages for losses caused by explosions, theft, glass breakage and fires following an earthquake, which are not underwritten by the CEA.

As of October 31, 2020, the CEA’s capital balance was approximately $6.00 billion. Should losses arising from an earthquake cause a deficit in the CEA, an additional $1.10 billion would be obtained from the proceeds of revenue bonds the CEA may issue, an existing $9.50 billion reinsurance layer, $1.00 billion from policy surcharge, and finally, if needed, assessments on participating insurance companies. Participating insurers are required to pay an assessment, currently estimated not to exceed $1.70 billion, if the capital of the CEA falls below $350 million. Within the limits previously described, the assessment could be intended to restore the CEA’s capital to a level of $350 million. There is no provision that allows insurers to recover assessments through a premium surcharge or other mechanism. The CEA’s projected aggregate claim paying capacity is $19.30 billion as of October 31, 2020 and if an event were to result in claims greater than its capacity, affected policyholders may be paid a prorated portion of their covered losses, paid on an installment basis, or no payments may be made if the claim paying capacity of the CEA is insufficient.

All future assessments on participating CEA insurers are based on their CEA insurance market share as of December 31 of the preceding year. As of December 31, 2019, the Company’s market share was 9.3%. The Company does not expect its market share to materially change. At this level, the Company’s maximum possible CEA assessment was $155 million during 2020. These amounts are re-evaluated by the board of directors of the CEA on an annual basis. Accordingly, assessments from the CEA for a particular quarter or annual period may be material to the results of operations and cash flows, but not the financial position of the Company. Management believes the Company’s exposure to earthquake losses in California has been significantly reduced as a result of its participation in the CEA.

Texas Windstorm Insurance Association The Company participates as a member of the Texas Windstorm Insurance Association (“TWIA”), which provides wind and hail property coverage to coastal risks unable to procure coverage in the voluntary market. Wind and hail coverage is written on a TWIA-issued policy. TWIA follows a funding structure first utilizing currently available funds set aside from current and prior years. Under the current law, to the

extent losses exceed premiums received from policyholders, TWIA utilizes a combination of reinsurance, TWIA issued securities, as well as member and policyholder assessments to fund loss payments.

During 2020, the TWIA Board announced additional assessments primarily related to Hurricane Harvey for which the Company’s share was $1 million. These costs were recorded in property and casualty insurance claims and claims expense as catastrophe losses on the Consolidated Statements of Operations. Any assessments from TWIA for a particular quarter or annual period may be material to the results of operations and cash flows, but not to the financial position of the Company.

Texas Fair Plan Association The Company participates as a member of the Texas Fair Plan Association (“FAIR Plan”), which provides residential property insurance to inland areas designated as underserved by the Commissioner of Insurance and the applicant(s) are unable to procure coverage in the voluntary market. The FAIR Plan issues insurance policies, like an insurance company, and it also functions as a pooling mechanism that allocates premiums, claims and expenses back to the insurance industry. As a result of the losses incurred related to Hurricane Harvey, in 2017 the FAIR Plan Board unanimously voted to approve its first ever member assessment of which the Company’s share was $8 million based on total direct premium written in Texas. Insurers are permitted to recover the assessment through either a premium surcharge applied to existing customers over a three-year period or increased rates, but the ability to fully recover the assessment may be impacted by market conditions or other factors.

North Carolina Joint Underwriters Association The North Carolina Joint Underwriters Association (“NCJUA”) was created to provide property insurance for properties (other than the state’s beach and coastal areas) that insurers are not otherwise willing to insure. All insurers licensed to write property insurance in North Carolina are members of the NCJUA. Premiums, losses and expenses of the NCJUA are shared by the member companies in proportion to their respective North Carolina property insurance writings. Member companies participate in plan deficits or surpluses based on their participation ratios, which are determined annually. The Company had a $6 million receivable from the NCJUA at December 31, 2020 representing our participation in the NCJUA’s surplus of $33 million for all open years.

North Carolina Insurance Underwriting Association The North Carolina Insurance Underwriting Association (“NCIUA”) provides windstorm and hail coverage as well as homeowners policies for properties located in the state’s beach and coastal areas that insurers are not otherwise willing to insure. All insurers licensed to write residential and commercial property insurance in North Carolina are members of the NCIUA. Members are assessed in proportion to their North Carolina residential and commercial property insurance writings, which is determined annually and varies by coverage, for plan deficits. As of December 31, 2020,

the NCIUA had a surplus of $555 million. No member company is entitled to the distribution of any portion of the Association’s surplus. The Company does not recognize any interest related to this surplus. Legislation in 2009 capped insurers’ assessments for losses incurred in any calendar year at $1.00 billion. Subsequent to an industry assessment of $1.00 billion, if the plan continues to require funding, it may authorize insurers to assess a 10% catastrophe recovery charge on each property insurance policy statewide to be remitted to the plan.

Other programs The Company is also subject to assessments by the NCRF and the FHCF, which are described in Note 10.

Guaranty funds

Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. Amounts assessed to each company are typically related to its proportion of business written in each state. The Company’s policy is to accrue assessments when the entity for which the insolvency relates has met its state of domicile’s statutory definition of insolvency, the amount of the loss is reasonably estimable and the related premium upon which the assessment is based is written. In most states, the definition is met with a declaration of financial insolvency by a court of competent jurisdiction. In certain states there must also be a final order of liquidation. Since most states allow a credit against premium or other state related taxes for assessments, an asset is recorded based on paid and accrued assessments for the amount the Company expects to recover on the respective state’s tax return and is realized over the period allowed by each state. As of December 31, 2020 and 2019, the liability balance included in other liabilities and accrued expenses was $12 million and $13 million, respectively. The related premium tax offsets included in other assets were $14 million and $15 million as of December 31, 2020 and 2019, respectively.

Guarantees

In the normal course of business, the Company provides standard indemnifications to contractual counterparties in connection with numerous transactions, including acquisitions and divestitures. The types of indemnifications typically provided include indemnifications for breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the maximum amount of the obligation under such indemnifications is not determinable.

Historically, the Company has not made any material payments pursuant to these obligations.

The aggregate liability balance related to all guarantees was not material as of December 31, 2020.

Regulation and compliance

The Company is subject to extensive laws, regulations, administrative directives, and regulatory actions. From time to time, regulatory authorities or legislative bodies seek to influence and restrict premium rates, require premium refunds to policyholders, require reinstatement of terminated policies, prescribe rules or guidelines on how affiliates compete in the marketplace, restrict the ability of insurers to cancel or non-renew policies, require insurers to continue to write new policies or limit their ability to write new policies, limit insurers’ ability to change coverage terms or to impose underwriting standards, impose additional regulations regarding agency and broker compensation, regulate the nature of and amount of investments, impose fines and penalties for unintended errors or mistakes, impose additional regulations regarding cybersecurity and privacy, and otherwise expand overall regulation of insurance products and the insurance industry. In addition, the Company is subject to laws and regulations administered and enforced by federal agencies, international agencies, and other organizations, including but not limited to the SEC, the Financial Industry Regulatory Authority, the U.S. Equal Employment Opportunity Commission, and the U.S. Department of Justice. The Company has established procedures and policies to facilitate compliance with laws and regulations, to foster prudent business operations, and to support financial reporting. The Company routinely reviews its practices to validate compliance with laws and regulations and with internal procedures and policies. As a result of these reviews, from time to time the Company may decide to modify some of its procedures and policies. Such modifications, and the reviews that led to them, may be accompanied by payments being made and costs being incurred. The ultimate changes and eventual effects of these actions on the Company’s business, if any, are uncertain.

Legal and regulatory proceedings and inquiries

The Company and certain subsidiaries are involved in a number of lawsuits, regulatory inquiries, and other legal proceedings arising out of various aspects of its business.

Background These matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities, including the underlying facts of each matter; novel legal issues; variations between jurisdictions in which matters are being litigated, heard, or investigated; changes in assigned judges; differences or developments in applicable laws and judicial interpretations; judges reconsidering prior rulings; the length of time before many of these matters might be resolved by settlement, through litigation, or otherwise; adjustments with respect to anticipated trial schedules

and other proceedings; developments in similar actions against other companies; the fact that some of the lawsuits are putative class actions in which a class has not been certified and in which the purported class may not be clearly defined; the fact that some of the lawsuits involve multi-state class actions in which the applicable law(s) for the claims at issue is in dispute and therefore unclear; and the challenging legal environment faced by corporations and insurance companies.

The outcome of these matters may be affected by decisions, verdicts, and settlements, and the timing of such decisions, verdicts, and settlements, in other individual and class action lawsuits that involve the Company, other insurers, or other entities and by other legal, governmental, and regulatory actions that involve the Company, other insurers, or other entities. The outcome may also be affected by future state or federal legislation, the timing or substance of which cannot be predicted.

In the lawsuits, plaintiffs seek a variety of remedies which may include equitable relief in the form of injunctive and other remedies and monetary relief in the form of contractual and extra-contractual damages. In some cases, the monetary damages sought may include punitive or treble damages. Often specific information about the relief sought, such as the amount of damages, is not available because plaintiffs have not requested specific relief in their pleadings. When specific monetary demands are made, they are often set just below a state court jurisdictional limit in order to seek the maximum amount available in state court, regardless of the specifics of the case, while still avoiding the risk of removal to federal court. In Allstate’s experience, monetary demands in pleadings bear little relation to the ultimate loss, if any, to the Company.

In connection with regulatory examinations and proceedings, government authorities may seek various forms of relief, including penalties, restitution, and changes in business practices. The Company may not be advised of the nature and extent of relief sought until the final stages of the examination or proceeding.

Accrual and disclosure policy The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for such matters at management’s best estimate when the Company assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not establish accruals for such matters when the Company does not believe both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company’s assessment of whether a loss is reasonably possible, or probable, is based on its assessment of the ultimate outcome of the matter following all appeals. The Company does not include potential recoveries in its estimates of reasonably possible or probable losses. Legal fees are expensed as incurred.

The Company continues to monitor its lawsuits, regulatory inquiries, and other legal proceedings for further developments that would make the loss contingency both probable and estimable, and accordingly accruable, or that could affect the amount of accruals that have been previously established. There may continue to be exposure to loss in excess of any amount accrued. Disclosure of the nature and amount of an accrual is made when there have been sufficient legal and factual developments such that the Company’s ability to resolve the matter would not be impaired by the disclosure of the amount of accrual.

When the Company assesses it is reasonably possible or probable that a loss has been incurred, it discloses the matter. When it is possible to estimate the reasonably possible loss or range of loss above the amount accrued, if any, for the matters disclosed, that estimate is aggregated and disclosed. Disclosure is not required when an estimate of the reasonably possible loss or range of loss cannot be made.

For certain of the matters described below in the “Claims related proceedings” and “Other proceedings” subsections, the Company is able to estimate the reasonably possible loss or range of loss above the amount accrued, if any. In determining whether it is possible to estimate the reasonably possible loss or range of loss, the Company reviews and evaluates the disclosed matters, in conjunction with counsel, in light of potentially relevant factual and legal developments.

These developments may include information learned through the discovery process, rulings on dispositive motions, settlement discussions, information obtained from other sources, experience from managing these and other matters, and other rulings by courts, arbitrators or others. When the Company possesses sufficient appropriate information to develop an estimate of the reasonably possible loss or range of loss above the amount accrued, if any, that estimate is aggregated and disclosed below. There may be other disclosed matters for which a loss is probable or reasonably possible, but such an estimate is not possible. Disclosure of the estimate of the reasonably possible loss or range of loss above the amount accrued, if any, for any individual matter would only be considered when there have been sufficient legal and factual developments such that the Company’s ability to resolve the matter would not be impaired by the disclosure of the individual estimate.

The Company currently estimates that the aggregate range of reasonably possible loss in excess of the amount accrued, if any, for the disclosed matters where such an estimate is possible is zero to $85 million, pre-tax. This disclosure is not an indication of expected loss, if any. Under accounting guidance, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” This estimate is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimate will

change from time to time, and actual results may vary significantly from the current estimate. The estimate does not include matters or losses for which an estimate is not possible. Therefore, this estimate represents an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum possible loss exposure. Information is provided below regarding the nature of all of the disclosed matters and, where specified, the amount, if any, of plaintiff claims associated with these loss contingencies.

Due to the complexity and scope of the matters disclosed in the “Claims related proceedings” and “Other proceedings” subsections below and the many uncertainties that exist, the ultimate outcome of these matters cannot be predicted and in the Company’s judgment, a loss, in excess of amounts accrued, if any, is not probable. In the event of an unfavorable outcome in one or more of these matters, the ultimate liability may be in excess of amounts currently accrued, if any, and may be material to the Company’s operating results or cash flows for a particular quarterly or annual period. However, based on information currently known to it, management believes that the ultimate outcome of all matters described below, as they are resolved over time, is not likely to have a material effect on the financial position of the Company.

Claims related proceedings The Company is managing various disputes in Florida that raise challenges to the Company’s practices, processes, and procedures relating to claims for personal injury protection benefits under Florida auto policies. Medical providers continue to pursue litigation under various theories that challenge the amounts that the Company pays under the personal injury protection coverage, seeking additional benefit payments, as well as applicable interest, penalties and fees. There are two pending class actions, Pierce v. Allstate Insurance Company, et al. (Broward County, Fla. filed August 2013), the class settlement of which has received final approval, and Revival Chiropractic v. Allstate Insurance Company, et al. (M.D. Fla. filed January 2019), where the court denied class certification and plaintiff’s request to file a renewed motion for class certification. The Company is also defending litigation involving individual plaintiffs. The Company is vigorously asserting both procedural and substantive defenses to these lawsuits.

The Company is defending putative class actions in various courts that raise challenges to the Company’s depreciation practices in homeowner property claims. In these lawsuits, plaintiffs generally allege that, when calculating actual cash value, the costs of “non-materials” such as labor, general contractor’s overhead and profit, and sales tax should not be subject to depreciation. The Company is currently defending the following lawsuits on this issue: Perry v. Allstate Indemnity Company, et al. (N.D. Ohio filed May 2016); Lado v. Allstate Vehicle and Property Insurance Company (S.D. Ohio filed March 2020); Maniaci v. Allstate Insurance Company (N.D. Ohio filed March 2020); Ferguson-Luke et al. v. Allstate Property and Casualty Insurance Company (N.D. Ohio

filed April 2020); Brasher v. Allstate Indemnity Company (N.D. Ala. filed February 2018); Huey v. Allstate Vehicle and Property Insurance Company (N.D. Miss. filed October 2019); Floyd, et al. v. Allstate Indemnity Company et al. (D.S.C. filed January 2020); Clark v. Allstate Vehicle and Property Insurance Company (Circuit Court of Independence Co., Ark. filed February 2016); Thaxton v. Allstate Indemnity Company (Madison Co., Ill. filed July 2020); Hester v. Allstate Vehicle and Property Insurance Company (St. Clair Co., Ill. filed June 2020). The trial court denied class certification in Brasher, and plaintiff’s motion for reconsideration of this ruling was denied. No classes have been certified in any of the other matters.

The Company is defending putative class actions pending in multiple states alleging that the Company underpays total loss vehicle physical damage claims on auto policies. The allegedly systematic underpayments result from one or more of the following theories: (a) the third party valuation tool used by the Company as part of a comprehensive adjustment process is allegedly flawed, biased, or contrary to applicable law; (b) the Company allegedly does not pay sales tax, title fees, registration fees, and/or other specified fees that are allegedly mandatory under policy language or state legal authority; or (c) after paying for the value of the loss vehicle, then the Company allegedly is not entitled to retain the residual salvage value, and the Company allegedly must pay salvage value to the owner (or if the loss vehicle is retained by the owner, then the Company allegedly may not apply any offset for the salvage value).

The following cases are currently pending against the Company: Olberg v. Allstate Insurance Company, Allstate Fire and Casualty Insurance Company, and CCC Information Services, Inc. (W.D. Wash., filed April 2018); Bloomgarden v. Allstate Fire and Casualty Insurance Company (S.D. Fla., filed July 2018, dismissed August 2019, refiled on September 2019, remanded to 17th Judicial Circuit, Broward County October 2020); Erby v. Allstate Fire and Casualty Insurance Company (E.D. Pa., filed October 2018); Kronenberg v. Allstate Insurance Company and Allstate Fire and Casualty Insurance Company (E.D. N.Y., filed December 2018); Ryan v. Allstate Fire and Casualty Insurance Company (7th Judicial Circuit, Volusia County, Fla.; filed May 2019, dismissed and refiled October 2019); Durgin v. Allstate Property and Casualty Insurance Company (W.D. LA, filed June 7, 2019); Anderson v. Allstate Insurance Company (20th Judicial Circuit, Collier County, Fla.; filed August 2019); Cody v. Allstate Fire and Casualty Insurance Company and Allstate County Mutual Insurance Company (N.D. Tex., filed August 2019); Williams v. Esurance Property and Casualty Insurance Company (C.D. Cal,; filed September 2020); Cotton v. Allstate Fire and Casualty Insurance Company (Cir. Ct. of Cook County, Chancery Div., Ill.; filed October 2020); Romaniak v. Esurance Property and Casualty Insurance Company (N.D. Ohio, filed December 2020); Gosa v. Esurance Property and Casualty Insurance Company (S.D. Ill., filed December 2020).

None of the courts in any of the pending matters has ruled on class certification.

Other proceedings The stockholder derivative actions described below are disclosed pursuant to SEC disclosure requirements for these types of matters. The putative class action alleging violations of the federal securities laws is disclosed because it involves similar allegations to those made in the stockholder derivative actions.

Biefeldt / IBEW Consolidated Action. Two separately filed stockholder derivative actions have been consolidated into a single proceeding that is pending in the Circuit Court for Cook County, Illinois, Chancery Division. The original complaint in the first-filed of those actions, Biefeldt v. Wilson, et al., was filed on August 3, 2017, in that court by a plaintiff alleging that she is a stockholder of the Company. On June 29, 2018, the court granted defendants’ motion to dismiss that complaint for failure to make a pre-suit demand on the Allstate Board but granted plaintiff permission to file an amended complaint. The original complaint in IBEW Local No. 98 Pension Fund v. Wilson, et al., was filed on April 12, 2018, in the same court by another plaintiff alleging to be a stockholder of the Company. After the court issued its dismissal decision in the Biefeldt action, plaintiffs agreed to consolidate the two actions and filed a consolidated amended complaint naming as defendants the Company’s chairman, president and chief executive officer, its former president, and certain present or former members of the board of directors. In that complaint, plaintiffs allege that the directors and officer defendants breached their fiduciary duties to the Company in connection with allegedly material misstatements or omissions concerning the Company’s automobile insurance claim frequency statistics and the reasons for a claim frequency increase for Allstate brand auto insurance between October 2014 and August 3, 2015. The factual allegations are substantially similar to those at issue in In re The Allstate Corp. Securities Litigation. Plaintiffs further allege that a senior officer and several outside directors engaged in stock option exercises allegedly while in possession of material nonpublic information. Plaintiffs seek, on behalf of the Company, an unspecified amount of damages and various forms of equitable relief. Defendants moved to dismiss the consolidated complaint on September 24, 2018 for failure to make a demand on the Allstate Board. On May 14, 2019, the court granted defendants’ motion to dismiss the complaint, but allowed plaintiffs leave to file a second consolidated amended complaint which they filed on September 17, 2019. Defendants moved to dismiss the complaint on November 1, 2019 for failure to make a demand on the Allstate Board. The court subsequently requested supplemental briefing on the motion which concluded on February 1, 2021. A ruling is expected at a status conference scheduled for February 24, 2021.

In Sundquist v. Wilson, et al., another plaintiff alleging to be a stockholder of the Company filed a stockholder derivative complaint in the United States District Court for the Northern District of Illinois on May 21, 2018. Plaintiff seeks, on behalf of the Company, an

unspecified amount of damages and various forms of equitable relief. The complaint names as defendants the Company’s chairman, president and chief executive officer, its former president, its former vice chairman, and certain present or former members of the board of directors.

The complaint alleges breaches of fiduciary duty based on allegations similar to those asserted in In re The Allstate Corp. Securities Litigation as well as state law “misappropriation” claims based on stock option transactions by the Company’s chairman, president and chief executive officer, its former vice chairman, and certain members of the board of directors. Defendants moved to dismiss and/or stay the complaint on August 7, 2018. On December 4, 2018, the court granted defendants’ motion and stayed the case pending the final resolution of the consolidated Biefeldt/IBEW matter.

Mims v. Wilson, et al., is an additional stockholder derivative action filed on February 12, 2020 in the United States District Court for the Northern District of Illinois. Plaintiff alleges that she previously made a demand on the Allstate board of directors and seeks, on behalf of the Company, an unspecified amount of damages and various forms of equitable relief. The complaint names as defendants the Company’s chairman, president and chief executive officer, its former president, its former vice chairman, and certain present or former members of the board of directors. The complaint alleges breaches of fiduciary duty and unjust enrichment based on allegations similar to those asserted in In re The Allstate Corp. Securities Litigation. On February 20, 2020, the Allstate board of directors appointed a special committee to investigate the allegations in plaintiff’s demand. The Company moved to dismiss the complaint on August 24, 2020 and on December 8, 2020, the court granted defendants’ motion, and dismissed the complaint with prejudice. On January 5, 2021, plaintiff filed a motion to alter the judgment and requested leave to file an amended complaint. Briefing is expected to be completed on February 5, 2021.

In re The Allstate Corp. Securities Litigation is a certified class action filed on November 11, 2016 in the United States District Court for the Northern District of Illinois against the Company and two of its officers asserting claims under the federal securities laws. Plaintiffs allege that they purchased Allstate common stock during the class period and suffered damages as the result of the conduct alleged. Plaintiffs seek an unspecified amount of damages, costs, attorney’s fees, and other relief as the court deems appropriate. Plaintiffs allege that the Company and certain senior officers made allegedly material misstatements or omissions concerning claim frequency statistics and the reasons for a claim frequency increase for Allstate brand auto insurance between October 2014 and August 3, 2015.

Plaintiffs further allege that a senior officer engaged in stock option exercises during that time allegedly while in possession of material nonpublic information about Allstate brand auto insurance claim frequency. The Company, its chairman, president and chief executive

officer, and its former president are the named defendants. After the court denied their motion to dismiss on February 27, 2018, defendants answered the complaint, denying plaintiffs’ allegations that there was any misstatement or omission or other misconduct. On June 22, 2018, plaintiffs filed their motion for class certification. The court allowed the lead plaintiffs to amend their complaint to add the City of Providence Employee Retirement System as a proposed class representative and on September 12, 2018, the amended complaint was filed. On March 26, 2019, the court granted plaintiffs’ motion for class certification and certified a class consisting of all persons who purchased Allstate common stock between October 29, 2014 and August 3, 2015. On April 9, 2019, defendants filed with the U.S. Court of Appeals for the Seventh Circuit a petition for permission to appeal this ruling and the Seventh Circuit granted that petition on April 25, 2019. On July 16, 2020, the Seventh Circuit vacated the class certification order and remanded the matter for further consideration by the district court. Discovery in this matter concluded on October 5, 2020. On December 21, 2020, the district court again granted plaintiffs’ motion for class certification and certified a class consisting of all persons who purchased Allstate common stock between October 29, 2014 and August 3, 2015. On January 4, 2021, defendants filed with the Seventh Circuit a petition for permission to appeal this ruling. The petition was denied on January 28, 2021.

Asbestos and environmental

Management believes its net loss reserves for asbestos, environmental and other discontinued lines exposures are appropriately established based on available facts, technology, laws and regulations. However, establishing net loss reserves for asbestos, environmental and other discontinued lines claims is subject to uncertainties that are much greater than those presented by other types of claims. The ultimate cost of losses may vary materially from recorded amounts, which are based on management’s best estimate. Among the complications are lack of historical data, long reporting delays, uncertainty as to the number and identity of insureds with potential exposure and unresolved legal issues regarding policy coverage; unresolved legal issues regarding the determination, availability and timing of exhaustion of policy limits; plaintiffs’ evolving and expanding theories of liability; availability and collectability of recoveries from reinsurance; retrospectively determined premiums and other contractual agreements; estimates of the extent and timing of any contractual liability; the impact of bankruptcy protection sought by various asbestos producers and other asbestos defendants; and other uncertainties.

There are also complex legal issues concerning the interpretation of various insurance policy provisions and whether those losses are covered, or were ever intended to be covered, and could be recoverable through retrospectively determined premium, reinsurance or other contractual agreements. Courts have reached different and sometimes inconsistent conclusions as to when losses are deemed to have occurred and which policies provide coverage; what

types of losses are covered; whether there is an insurer obligation to defend; how policy limits are determined; how policy exclusions and conditions are applied and interpreted; and whether clean-up costs represent insured property damage. Further, insurers and claims administrators acting on behalf of insurers are increasingly pursuing evolving and expanding theories of reinsurance coverage for asbestos and environmental losses.

Adjudication of reinsurance coverage is predominately decided in confidential arbitration proceedings which may have limited precedential or predictive value further complicating management’s ability to estimate probable loss for reinsured asbestos and environmental claims. Management believes these issues are not likely to be resolved in the near future, and the ultimate costs may vary materially from the amounts currently recorded resulting in material changes in loss reserves. In addition, while the Company believes that improved actuarial techniques and databases have assisted in its ability to estimate asbestos, environmental, and other discontinued lines net loss reserves, these refinements may subsequently prove to be inadequate indicators of the extent of probable losses. Due to the uncertainties and factors described above, management believes it is not practicable to develop a meaningful range for any such additional net loss reserves that may be required.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes


Note 15			Income Taxes

The Company and its domestic subsidiaries file a consolidated federal income tax return. Tax liabilities and benefits realized by the consolidated group are allocated as generated by the respective entities.

Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are adjusted through income tax expense as changes in tax laws or rates are enacted.

Regulatory tax examinations The Internal Revenue Service (“IRS”) has completed its exam of the

Company’s 2013 through 2016 federal income tax returns. The 2017 and 2018 audit cycle is expected to begin in the first quarter of 2021. Any adjustments that may result from IRS examinations of the Company’s tax returns are not expected to have a material effect on the consolidated financial statements.

Unrecognized tax benefits The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements.


Reconciliation of the change in the amount of unrecognized tax benefits
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance – beginning of year	$	70	$	70	$	55
Increase for tax positions taken in a prior year	—		—		3

Increase for tax positions taken in the current year	—		—		12

Decrease for settlements	(58)		—		—

Balance – end of year	$	12	$	70	$	70

The Company believes that the unrecognized tax benefits balance will not materially change within the next twelve months.


Components of the deferred income tax assets and liabilities
	As of December 31,
($ in millions)	2020		2019
Deferred tax assets
Unearned premium reserves	$	659	$	642
Pension	161		197
Accrued compensation	139		147
Discount on loss reserves	79		78

Other postretirement benefits	36		49
Net operating loss carryover	23		26
Other assets	68		54

Total deferred tax assets	1,165		1,193
Deferred tax liabilities
DAC	(858)		(847)
Unrealized net capital gains	(856)		(507)
Investments	(394)		(567)
Life and annuity reserves	(216)		(222)

Intangible assets	(87)		(98)
Other liabilities	(109)		(106)
Total deferred tax liabilities	(2,520)		(2,347)
Net deferred tax liability	$	(1,355)	$	(1,154)

Although realization is not assured, management believes it is more likely than not that the deferred tax assets will be realized based on the Company’s assessment that the deductions ultimately recognized for tax purposes will be fully utilized. As of December 31, 2020, the Company has U.S. federal and foreign net operating loss carryforwards of $44 million and $68 million, respectively.

The provisions of the Tax Cuts and Jobs Act of 2017 eliminated the 20-year carryforward period and made it indefinite for federal net operating losses generated in tax years after December 31, 2017. For such amounts generated prior to 2018, the 20-year carryforward period continues to apply.


Components of the net operating loss carryforwards as of December 31, 2020
($ in millions)	20-Year Carryforward Expires in 2025-2037		Indefinite Carryforward Period		Total
US Federal	$	36	$	8	$	44
Foreign	—		68		68
Total	$	36	$	76	$	112


Components of income tax expense
	For the years ended December 31,
($ in millions)	2020		2019		2018
Current	$	1,499	$	991	$	704
Deferred	(116)		251		(236)
Total income tax expense	$	1,383	$	1,242	$	468

The Company paid income taxes of $1.48 billion, $648 million and $731 million in 2020, 2019 and 2018, respectively.

The Company had current income tax payable of $84 million and $124 million as of December 31, 2020 and 2019, respectively.


Reconciliation of the statutory federal income tax rate to the effective income tax rate
	For the years ended December 31,
($ in millions)	2020				2019				2018
Income before income taxes	$	6,959			$	6,089			$	2,628

Statutory federal income tax rate on income from operations	1,461		21.0	%	1,279		21.0	%	552		21.0	%
Tax credits	(45)		(0.7)		(33)		(0.5)		(34)		(1.3)
Share-based payments	(30)		(0.4)		(24)		(0.4)		(16)		(0.6)
Tax-exempt income	(24)		(0.3)		(27)		(0.4)		(24)		(0.9)
State income taxes	35		0.5		41		0.7		27		1.0
Tax Legislation benefit	—		—		—		—		(29)		(1.1)


Other	(14)		(0.2)		6		—		(8)		(0.3)
Effective income tax rate on income from operations	$	1,383	19.9	%	$	1,242	20.4	%	$	468	17.8	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Statutory Financial Information and Dividend Limitations

12 Months Ended

Dec. 31, 2020

Statutory Financial Information and Dividend Limitations [Abstract]

Statutory Financial Information and Dividend Limitations


Note 16			Statutory Financial Information and Dividend Limitations

Allstate’s domestic property and casualty and life insurance subsidiaries prepare their statutory-basis financial statements in conformity with accounting practices prescribed or permitted by the insurance department of the applicable state of domicile. Prescribed statutory accounting practices include a variety of publications of the National Association of Insurance Commissioners (“NAIC”), as well as state laws, regulations and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

All states require domiciled insurance companies to prepare statutory-basis financial statements in conformity with the NAIC Accounting Practices and Procedures Manual, subject to any deviations prescribed or permitted by the applicable insurance commissioner or director. Statutory accounting practices differ from GAAP primarily since they require charging policy acquisition and certain sales inducement costs to expense as incurred, establishing life insurance reserves based on different actuarial assumptions, and valuing certain investments and establishing deferred taxes on a different basis.


Statutory net income (loss) and capital and surplus of Allstate’s domestic insurance subsidiaries
	Net income (loss)						Capital and surplus
($ in millions)	2020		2019		2018		2020		2019
Amounts by major business type:
Property and casualty insurance	$	6,232	$	3,989	$	2,939	$	17,128	$	16,192
Life insurance, annuities and voluntary accident and health insurance	14		422		465		4,255		4,208
Amount per statutory accounting practices	$	6,246	$	4,411	$	3,404	$	21,383	$	20,400

Dividend Limitations

There are no regulatory restrictions that limit the payment of dividends by the Corporation, except those generally applicable to corporations incorporated in Delaware. Dividends are payable only out of certain components of shareholders’ equity as permitted by Delaware law. However, the ability of the Corporation to pay dividends is dependent on business conditions, income, cash requirements of the Company, receipt of dividends from AIC and other relevant factors.

The payment of shareholder dividends by AIC without the prior approval of the Illinois Department of Insurance (“IL DOI”) is limited to formula amounts based on net income and capital and surplus, determined in conformity with statutory accounting practices, as well as the timing and amount of dividends paid in the preceding twelve months. AIC paid dividends of $4.44 billion in 2020. The maximum amount of dividends AIC will be able to pay without prior IL DOI approval at a given point in time during 2021 is $5.95 billion, less dividends paid during the preceding twelve months measured at that point in time. The payment of a dividend in excess of this amount requires 30 days advance written notice to the IL DOI. The dividend is deemed approved, unless the IL DOI disapproves it within the 30-day notice period. Additionally, any dividend must be paid out of unassigned surplus excluding unrealized appreciation from investments, which for AIC totaled $13.52 billion as of December 31, 2020, and cannot result in capital and surplus being less than the minimum amount required by law.

Under state insurance laws, insurance companies are required to maintain paid up capital of not less than the minimum capital requirement applicable to the types of insurance they are authorized to write. Insurance companies are also subject to risk-based capital (“RBC”) requirements adopted by state insurance regulators. A company’s “authorized control

level RBC” is calculated using various factors applied to certain financial balances and activity. Companies that do not maintain adjusted statutory capital and surplus at a level in excess of the company action level RBC, which is two times authorized control level RBC, are required to take specified actions. Company action level RBC is significantly in excess of the minimum capital requirements. Total adjusted statutory capital and surplus and authorized control level RBC of AIC were $20.54 billion and $2.92 billion, respectively, as of December 31, 2020. Most of the Corporation’s insurance subsidiaries are subsidiaries of or reinsure all of their business to AIC, including ALIC. AIC’s subsidiaries are included as a component of AIC’s total statutory capital and surplus.

The amount of restricted net assets, as represented by the Corporation’s investment in its insurance subsidiaries, was $31.03 billion as of December 31, 2020.

Intercompany transactions

Notification and approval of intercompany lending activities is also required by the IL DOI for transactions that exceed a level that is based on a formula using statutory admitted assets and statutory surplus.

Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Benefit Plans


Note 17			Benefit Plans

Pension and other postretirement plans

Defined benefit pension plans cover most full-time employees, certain part-time employees and employee-agents. Benefits under the pension plans are based upon the employee’s length of service, eligible annual compensation and, prior to January 1, 2014, either a cash balance or final average pay formula. A cash balance formula applies to all eligible employees hired after August 1, 2002. Eligible employees hired before August 1, 2002 chose between the cash balance formula and the final average pay formula. In July 2013, the Company amended its primary plans effective January 1, 2014 to introduce a new cash balance formula to replace the previous formulas (including the final average pay formula and the previous cash balance formula) under which eligible employees accrue benefits. The Company merged two of its qualified pension plans effective March 31, 2019.

The Company also provides a medical coverage subsidy for eligible employees hired before January 1, 2003, including their eligible dependents, when they retire and certain life insurance benefits for eligible retirees (“postretirement benefits”). In September 2020, the Company announced it will eliminate the medical coverage subsidy effective January 1, 2021 for employees who are not eligible to retire as of December 31, 2020.

Qualified employees may become eligible for a medical subsidy if they retire in accordance with the terms of the applicable plans and are continuously insured under the Company’s group plans or other approved plans in accordance with the plan’s participation requirements. The Company shares the cost of retiree medical benefits with non Medicare-eligible retirees based on years of service, with the Company’s share being subject to a 5% limit on future annual medical cost inflation after retirement. For Medicare-eligible retirees, the Company provides a fixed Company contribution based on years of service and other factors, which is not subject to adjustments for inflation.

In July 2013, the Company amended the plan to eliminate the life insurance benefits effective January 1, 2014 for current eligible employees and effective January 1, 2016 for eligible retirees who retired after 1989. Subject to a court order, the Company paid life insurance premiums for certain retiree plaintiffs until their lawsuit seeking to keep their life insurance benefits intact was resolved. In September 2020, the court entered summary judgment in favor of the Company and dismissed the action, releasing the Company from the order requiring the continued payment of premiums for certain retirees. The judgment in favor of the Company is currently on appeal.

The Company has reserved the right to modify or terminate its benefit plans at any time and for any reason.

Obligations and funded status

The Company calculates benefit obligations based upon generally accepted actuarial methodologies using the projected benefit obligation (“PBO”) for pension plans and the accumulated postretirement benefit obligation (“APBO”) for other postretirement plans. Pension costs and other postretirement obligations are determined using a December 31 measurement date. The benefit obligations represent the actuarial present value of all benefits attributed to employee service rendered as of the measurement date. The PBO is measured using the pension benefit formulas and assumptions. A plan’s funded status is calculated as the difference between the benefit obligation and the fair value of plan assets. The Company’s funding policy for the pension plans is to make contributions at a level in accordance with regulations under the Internal Revenue Code (“IRC”) and generally accepted actuarial principles. The Company’s other postretirement benefit plans are not funded.


Change in projected benefit obligation, plan assets and funded status
	As of December 31,
	Pension benefits				Postretirement benefits
($ in millions)	2020		2019		2020		2019
Change in projected benefit obligation
Benefit obligation, beginning of year	$	7,139	$	6,224	$	397	$	375
Service cost	104		117		4		8
Interest cost	210		240		11		14
Participant contributions	—		—		14		15
Actuarial losses (gains)	813		927		22		19
Benefits paid	(522)		(356)		(37)		(39)
Plan amendments	—		—		(102)		—
Translation adjustment and other	(1)		(13)		(1)		5
Curtailment losses (gains)	20		—		10		—
Benefit obligation, end of year	$	7,763	$	7,139	$	318	$	397

Change in plan assets
Fair value of plan assets, beginning of year	$	6,192	$	5,299
Actual return on plan assets	1,300		1,235
Employer contribution	18		27
Benefits paid	(522)		(356)
Translation adjustment and other	(1)		(13)
Fair value of plan assets, end of year	$	6,987	$	6,192

Funded status (1)	$	(776)	$	(947)	$	(318)	$	(397)







Amounts recognized in AOCI
Unamortized pension and other postretirement prior service credit	$	(78)	$	(142)	$	(89)	$	(13)

(1)The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.


Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions)	Pension benefits		Postretirement benefits
Items not yet recognized as a component of net cost – December 31, 2019	$	(142)	$	(13)


Prior service credit arising during the period	—		(102)
Prior service credit recognized during the period due to curtailment	10		18
Prior service credit amortized to net cost	54		10
Translation adjustment and other	—		(2)
Items not yet recognized as a component of net cost – December 31, 2020	$	(78)	$	(89)

The prior service credit is recognized as a component of net cost for pension and other postretirement plans amortized over the average remaining service period of active employees expected to receive benefits. The prior service credit that will be amortized to net cost for pension and postretirement plans in 2021 is estimated to be $50 million and $25 million, respectively.

The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $7.55 billion and $7.02 billion as of December 31, 2020 and 2019, respectively. The ABO is the actuarial present value of all benefits attributed by the pension benefit formula

to employee service rendered at the measurement date. However, it differs from the PBO due to the exclusion of an assumption as to future compensation levels.

The PBO, ABO and fair value of plan assets for the Company’s pension plans with an ABO in excess of plan assets were $7.33 billion, $7.13 billion and $6.56 billion, respectively, as of December 31, 2020 and $6.73 billion, $6.62 billion and $5.79 billion, respectively, as of December 31, 2019. Included in the accrued benefit cost of the pension benefits are certain unfunded non-qualified plans with accrued benefit costs of $139 million and $137 million for 2020 and 2019, respectively.


Components of net cost (benefit) for pension and other postretirement plans
	For the years ended December 31,
	Pension benefits						Postretirement benefits						Total Pension and Postretirement Benefits
($ in millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Service cost	$	104	$	117	$	110	$	4	$	8	$	7	$	108	$	125	$	117
Interest cost	210		240		255		11		14		15		221		254		270
Expected return on plan assets	(414)		(403)		(427)		—		—		—		(414)		(403)		(427)
Amortization of prior service credit	(54)		(56)		(56)		(10)		(3)		(21)		(64)		(59)		(77)
Curtailment losses (gains)	10		—		—		(8)		—		—		2		—		—
Costs and expenses	(144)		(102)		(118)		(3)		19		1		(147)		(83)		(117)
Remeasurement of projected benefit obligation	813		927		(255)		22		19		(4)		835		946		(259)
Remeasurement of plan assets	(886)		(832)		727		—		—		—		(886)		(832)		727
Remeasurement (gains) losses	(73)		95		472		22		19		(4)		(51)		114		468
Total net (benefit) cost	$	(217)	$	(7)	$	354	$	19	$	38	$	(3)	$	(198)	$	31	$	351

The service cost component is the actuarial present value of the benefits attributed by the plans’ benefit formula to services rendered by the employees during the period.

Interest cost is the increase in the PBO in the period due to the passage of time at the discount rate.

Interest cost fluctuates as the discount rate changes and is also impacted by the related change in the size of the PBO.

The expected return on plan assets is determined as the product of the expected long-term rate of return on plan assets and the fair value of plan assets.

Pension and other postretirement service cost,

interest cost, expected return on plan assets, amortization of prior service credit and curtailment gains and losses are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Consolidated Statements of Operations.

Remeasurement gains and losses relate to changes in discount rates, the differences between actual return on plan assets and the expected long-term rate of return on plan assets, and differences between actual plan experience and actuarial assumptions.


Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
	For the years ended December 31,
	Pension benefits						Postretirement benefits
	2020		2019		2018		2020		2019		2018
Discount rate	3.00	%	3.70	%	4.06	%	2.99	%	3.61	%	3.95	%

Expected long-term rate of return on plan assets	7.08		7.34		7.33		n/a		n/a		n/a


Weighted average assumptions used to determine benefit obligations
	For the years ended December 31,
	Pension benefits				Postretirement benefits
	2020		2019		2020		2019
Discount rate	2.51	%	3.31	%	2.39	%	3.27	%

The weighted average health care cost trend rate used in measuring the accumulated postretirement benefit cost is 6.8% for 2021, gradually declining to 4.5% in 2035 and remaining at that level thereafter.

Pension plan assets In general, the Company’s pension plan assets are managed in accordance with investment policies approved by pension investment committees. The purpose of the policies is to ensure the plans’ long-term ability to meet benefit obligations by prudently investing plan assets and Company contributions, while taking into consideration regulatory and legal requirements and current market conditions. The investment policies are reviewed periodically and specify target plan asset allocation by asset category. In addition, the policies specify various asset allocation and other risk limits. The target asset allocation takes the plans’ funding status into

consideration, among other factors, including anticipated demographic changes or liquidity requirements that may affect the funding status such as the potential impact of lump sum settlements as well as existing or expected market conditions. In general, the allocation has a lower overall investment risk when a plan is in a stronger funded status position since there is less economic incentive to take risk to increase the expected returns on the plan assets. The pension plans’ asset exposure within each asset category is tracked against widely accepted established benchmarks for each asset class with limits on variation from the benchmark established in the investment policy. Pension plan assets are regularly monitored for compliance with these limits and other risk limits specified in the investment policies.


Weighted average target asset allocation and actual percentage of plan assets by asset category
	As of December 31, 2020
	Target asset allocation (1)	Actual percentage of plan assets
Pension plan’s asset category	2020	2020		2019
Equity securities (2)	43 - 62%	50	%	50	%
Fixed income securities	33 - 45	38		38
Limited partnership interests	— - 15	10		10
Short-term investments and other	—	2		2
Total without securities lending (3)		100	%	100	%

(1)The target asset allocation considers risk-based exposure while the actual percentage of plan assets utilizes a financial reporting view excluding exposure provided through derivatives.

(2)The actual percentage of plan assets for equity securities includes zero and 1% of private equity investments in 2020 and 2019, respectively, that are subject to the limited partnership interests target allocation and 1% and zero of fixed income mutual funds in 2020 and 2019, respectively, that are subject to the fixed income securities target allocation.

(3)Securities lending collateral reinvestment of $101 million and $258 million is excluded from the table above in 2020 and 2019, respectively.

The target asset allocation for an asset category may be achieved either through direct investment holdings, through replication using derivative instruments (e.g., futures or swaps) or net of hedges using derivative instruments to reduce exposure to an asset category. The net notional amount of derivatives used for replication and non-hedging strategies is limited to 115% of total plan assets. Market performance of the different asset categories may, from time to time, cause deviation from the target

asset allocation. The asset allocation mix is reviewed on a periodic basis and rebalanced to bring the allocation within the target ranges.

Outside the target asset allocation, the pension plans participate in a securities lending program to enhance returns. As of December 31, 2020, fixed income and equity securities are lent out and cash collateral is invested in short-term investments.


Fair values of pension plan assets as of December 31, 2020

($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Balance as of December 31, 2020
Equity securities	$	227		$	42		$	—		$	269
Fixed income securities:
U.S. government and agencies	32			865			—			897


Corporate	—			1,709			2			1,711

Short-term investments	210			35			—			245





Free-standing derivatives:
Assets	—			21			—			21
Liabilities	(2)			(21)			—			(23)
Other assets	2			—			—			2
Total plan assets at fair value	$	469		$	2,651		$	2		3,122
% of total plan assets at fair value	15.0		%	84.9		%	0.1		%	100.0		%

Investments measured using the net asset value practical expedient										3,908
Securities lending obligation (1)										(101)
Derivatives counterparty and cash collateral netting										(19)
Other net plan assets (2)										77
Total reported plan assets										$	6,987

(1)The securities lending obligation represents the plan’s obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value.

(2)Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.


Fair values of pension plan assets as of December 31, 2019

($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Balance as of December 31, 2019
Equity securities	$	216		$	45		$	—		$	261
Fixed income securities:
U.S. government and agencies	237			1,096			—			1,333


Corporate	—			1,060			—			1,060

Short-term investments	128			252			—			380





Free-standing derivatives:
Assets	—			5			—			5
Liabilities	(2)			(17)			—			(19)
Total plan assets at fair value	$	579		$	2,441		$	—		3,020
% of total plan assets at fair value	19.2		%	80.8		%	—		%	100.0		%

Investments measured using the net asset value practical expedient										3,418
Securities lending obligation										(272)
Derivatives counterparty and cash collateral netting										9
Other net plan assets										17
Total reported plan assets										$	6,192

The fair values of pension plan assets are estimated using the same methodologies and inputs as those used to determine the fair values for the respective asset category of the Company. These methodologies and inputs are disclosed in Note 6.


Rollforward of Level 3 plan assets during December 31, 2020
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2019		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2020

Fixed income securities:

Corporate	$	—	$	—	$	—	$	2	$	—	$	2




Total Level 3 plan assets	$	—	$	—	$	—	$	2	$	—	$	2


Rollforward of Level 3 plan assets during December 31, 2019
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2018		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2019

Fixed income securities:

Corporate	$	5	$	—	$	—	$	(5)	$	—	$	—




Total Level 3 plan assets	$	5	$	—	$	—	$	(5)	$	—	$	—


Rollforward of Level 3 plan assets during December 31, 2018
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2017		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2018
Equity securities	$	29	$	—	$	3	$	—	$	(32)	$	—
Fixed income securities:

Corporate	10		—		—		(5)		—		5




Total Level 3 plan assets	$	39	$	—	$	3	$	(5)	$	(32)	$	5

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on plan assets. The Company’s assumption for the expected long-term rate of return on plan assets is evaluated annually giving consideration to appropriate data including, but not limited to, the plan asset allocation, forward-looking expected returns for the period over which benefits will be paid, historical returns on plan assets and other relevant market data. Given the long-term forward-looking nature of this assumption, the actual returns in any one year do not immediately result in a change to the expected long-term rate of return on plan assets. In consideration of the targeted plan asset allocation, the Company evaluated expected returns using sources including historical average asset class returns from independent nationally recognized providers of this type of data blended together using the asset allocation policy weights for the Company’s pension plans; asset class return forecasts developed by employees with relevant expertise in such forecasts and who are independent from those charged with managing the pension plan assets; and expected portfolio returns from a proprietary simulation methodology of a widely recognized external

investment consulting firm that performs asset allocation and actuarial services for corporate pension plan sponsors. The above sources support the Company’s weighted average long-term rate of return on plan assets assumption of 7.08% used for 2020 and an estimate of 7.06% that will be used for 2021. As of the 2020 measurement date, the arithmetic average of the annual actual return on plan assets for the most recent 10 and 5 years was 11.1% and 14.4%, respectively.

Cash flows There was no required cash contribution necessary to satisfy the minimum funding requirement under the IRC for the tax qualified pension plan for the year ended December 31, 2020.

The Company currently plans to contribute $24 million to its unfunded non-qualified plans and zero and $4 million to its primary and other qualified funded pension plans, respectively, in 2021.

The Company contributed $23 million and $24 million to the postretirement benefit plans in 2020 and 2019, respectively. Contributions by participants were $14 million and $15 million in 2020 and 2019, respectively.


Estimated future benefit payments expected to be paid in the next 10 years
	As of December 31, 2020
($ in millions)	Pension benefits		Postretirement benefits
2021	$	710	$	25
2022	741		27
2023	733		27
2024	726		27
2025	694		26
2026-2030	2,320		98
Total benefit payments	$	5,924	$	230

Allstate 401(k) Savings Plan

Employees of the Company, with the exception of those employed by the Company’s international, SquareTrade and InfoArmor subsidiaries, are eligible to become members of the Allstate 401(k) Savings Plan (“Allstate Plan”). The Company’s contributions are based on the Company’s matching obligation. The Company is responsible for funding its contribution to the Allstate Plan.

The Company’s contribution to the Allstate Plan was $103 million, $93 million and $89 million in 2020, 2019 and 2018, respectively. In 2019 and 2018, these amounts were reduced by $41 million and $2 million of ESOP benefit, respectively.

Prior to 2020, the Allstate Plan had a leveraged ESOP to fund a portion of the anticipated contribution. The ESOP note matured on December 31, 2019 and the remaining principal balance of $2 million was repaid and all shares held by the ESOP have been released.Allstate’s Canadian, SquareTrade and InfoArmor subsidiaries sponsor defined contribution plans for their eligible employees. Effective January 1, 2020 and July 10, 2020, Answer Financial and Esurance employees are included in the Allstate Plan, respectively. Expense for subsidiary sponsored defined contribution plans was $13 million, $15 million and $15 million in 2020, 2019 and 2018, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plans

12 Months Ended

Dec. 31, 2020

Equity Incentive Plans [Abstract]

Equity Incentive Plans


Note 18			Equity Incentive Plans

The Company currently has equity incentive plans under which it grants nonqualified stock options, restricted stock units and performance stock awards to certain employees and directors of the Company.


Equity awards
($ in millions)	2020		2019		2018
Compensation expense	$	124	$	105	$	125
Income tax benefits	18		17		22
Cash received from exercise of options	111		154		92
Tax benefit realized on options exercised and release of stock restrictions	53		43		28

The Company records compensation expense related to awards under these plans over the shorter of the period in which the requisite service is rendered or retirement eligibility is attained. Compensation expense for performance stock awards with no market condition is based on the probable number of awards expected to vest using the performance level most likely to be achieved at the end of the performance period. Compensation expense for performance stock awards with a market condition is based on the number of awards expected to vest as estimated at the grant date and does not change if the market condition is not met.

Nonvested awards as of December 31, 2020

($ in millions)

Unrecognized compensation

Weighted average vesting period

Nonqualified stock options

1.49 years

Restricted stock units

1.85 years

Performance stock awards

1.44 years

Total

Options are granted to employees with exercise prices equal to the closing share price of the Company’s common stock on the applicable grant date. Options granted to employees on or after February 18, 2014 vest ratably over a three-year period. Options granted prior to February 18, 2014 vest 50% on the second anniversary of the grant date and 25% on each of the third and fourth anniversaries of the grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. Options may be exercised once vested and will expire no later than ten years after the date of grant.

Restricted stock units for directors vest immediately and convert into shares of stock on the earlier of the day of the third anniversary of the grant

date or the date the director’s service terminates, unless a deferred period of restriction is elected. Restricted stock units granted to directors prior to June 1, 2016 convert upon leaving the board. Restricted stock units granted to employees prior to February 19, 2020 vest on the day prior to the third anniversary of the grant date. Restricted stock units granted to employees on or after February 19, 2020 vest ratably over a three-year period. Restricted stock units granted to employees subsequently convert into shares of stock on the day of the respective anniversary of the grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances.

Performance stock awards vest into shares of stock based on achieving established company-specific performance goals. Performance stock awards granted prior to February 19, 2020 vest into shares of stock on the day prior to the third anniversary of the grant date. Performance stock awards granted on or after February 19, 2020 vest into shares of stock on the third anniversary of the grant date.

The numbers of shares earned upon vesting of the performance stock awards is based on the attainment of performance goals for each of the performance periods, subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances.

Since 2001, a total of 110.8 million shares of common stock were authorized to be used for awards under the plans, subject to adjustment in accordance with the plans’ terms. As of December 31, 2020, 20.9 million shares were reserved and remained available for future issuance under these plans. The Company uses its treasury shares for these issuances.

The fair value of each option grant is estimated on the date of grant using a binomial lattice model. The Company uses historical data to estimate option exercise and employee termination within the valuation model. In addition, separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from the output of the binomial lattice model and represents the period of time that options granted are expected to be outstanding. The expected volatility of the price of the underlying shares is implied based on traded options and historical volatility of the Company’s common stock. The expected dividends were based on the current dividend yield of the Company’s stock as of the date of the grant. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.


Option grant assumptions
	2020		2019		2018
Weighted average expected term	6.1 years		5.8 years		5.7 years
Expected volatility	16.3% - 37.1%		15.6% - 28.9%		15.6% - 30.7%
Weighted average volatility	17.6	%	18.4	%	19.8	%
Expected dividends	1.6% - 2.4%		1.9% - 2.2%		1.5% - 2.2%
Weighted average expected dividends	1.8	%	2.2	%	2.0	%
Risk-free rate	0.1% - 1.8%		1.3% - 2.7%		1.3% - 3.2%


Summary of option activity
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average exercise price		Aggregate intrinsic value (in 000s)		Weighted average remaining contractual term (years)
Outstanding as of January 1, 2020	11,671	$	73.40
Granted	1,555	123.43
Exercised	(2,201)	53.75
Forfeited	(394)	104.18
Expired	(14)	81.21
Outstanding as of December 31, 2020	10,617	83.65		$	298,537	6.1
Outstanding, net of expected forfeitures	10,543	83.46		297,990		6.1
Outstanding, exercisable (“vested”)	6,907	72.51		258,510		5.0

The weighted average grant date fair value of options granted was $18.17, $14.96 and $17.03 during 2020, 2019 and 2018, respectively. The intrinsic value, which is the difference between the fair value and the exercise price, of options exercised was $119 million, $114 million and $72 million during 2020, 2019 and 2018, respectively.


Changes in restricted stock units
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average grant date fair value
Nonvested as of January 1, 2020	877	$	83.87
Granted	407	118.61
Vested	(278)	80.10
Forfeited	(58)	105.03
Nonvested as of December 31, 2020	948	98.61

The fair value of restricted stock units is based on the market value of the Company’s stock as of the date of the grant. The market value in part reflects the payment of future dividends expected. The weighted average grant date fair value of restricted stock units granted was $118.61, $92.97 and $93.16 during 2020, 2019 and 2018, respectively. The total fair value of restricted stock units vested was $32 million, $29 million and $47 million during 2020, 2019 and 2018, respectively.


Changes in performance stock awards
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average grant date fair value
Nonvested as of January 1, 2020	1,181	$	87.78
Granted	282	123.48
Adjustment for performance achievement	408	78.49
Vested	(816)	78.49
Forfeited	(104)	101.10
Nonvested as of December 31, 2020	951	100.89

The change in performance stock awards comprises those initially granted in 2020 and the adjustment to previously granted performance stock awards for performance achievement.

The fair value of performance stock awards that do not include a market condition is based on the market value of the Company’s stock as of the date of the grant.

Starting with the February 2020 award, the fair value of performance stock awards includes a component with market-based condition measured on the grant date using a Monte Carlo simulation model. Market-based condition measures the Company’s total shareholder return (“TSR”) relative to the TSR of peer companies, expressed in terms of the Company’s TSR percentile rank among the peer companies, over a three-calendar-year performance period. The Monte Carlo simulation model uses a risk-neutral framework to model future stock price movements based upon the risk-free rate of return at the time of grant,

volatilities of the Company and the peer companies, and expected term assumed to be equal to the remaining measurement period. The market value in part reflects the payment of future dividends expected.

For the year ended December 31, 2020, the 2020 performance stock awards with market-based condition assumes a risk-free rate of 1.4%, volatility of 16.9%, average peer volatility of 35.1% and an expected term of 2.9 years.

The weighted average grant date fair value of performance stock awards granted was $123.48, $92.49 and $92.88 during 2020, 2019 and 2018, respectively. The total fair value of performance stock awards vested was $101 million, $65 million and $15 million during 2020, 2019 and 2018, respectively.

The Company recognizes all tax effects related to share-based payments at settlement or expiration through the income statement.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


Note 19			Supplemental Cash Flow Information

Non-cash investing activities include $61 million, $198 million and $94 million related to mergers and exchanges completed with equity securities, fixed income securities and limited partnerships, and modifications of certain mortgage loans and other investments in 2020, 2019 and 2018, respectively.

Non-cash financing activities include $56 million, $50 million and $32 million related to the issuance of Allstate common shares for vested equity awards in 2020, 2019 and 2018, respectively.

Cash flows used in operating activities in the Consolidated Statements of Cash Flows include cash paid for operating leases related to amounts included in the measurement of lease liabilities of $156 million and $155 million for the twelve months ended December 31, 2020 and 2019, respectively. Non-cash operating activities include $51 million and $604 million

related to ROU assets obtained in exchange for lease obligations for the twelve months ended December 31, 2020 and 2019, respectively. Non-cash operating activities related to ROU assets obtained in exchange for lease obligations for twelve months ended December 31, 2019 include the impact of $488 million related to the adoption of the accounting for leases standard.

Liabilities for collateral received in conjunction with the Company’s securities lending program and OTC and cleared derivatives are reported in other liabilities and accrued expenses or other investments. The accompanying cash flows are included in cash flows from operating activities in the Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds as follows:


	For the years ended December 31,
($ in millions)	2020		2019		2018

Net change in proceeds managed
Net change in fixed income securities	$	—	$	80	$	234
Net change in short-term investments	592		(451)		(568)
Operating cash flow provided (used)	592		(371)		(334)
Net change in cash	(12)		—		—
Net change in proceeds managed	$	580	$	(371)	$	(334)


Net change in liabilities
Liabilities for collateral, beginning of year	$	(1,829)	$	(1,458)	$	(1,124)
Liabilities for collateral, end of year	(1,249)		(1,829)		(1,458)
Operating cash flow (used) provided	$	(580)	$	371	$	334

Other Comprehensive Income

12 Months Ended

Dec. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Income


Note 20			Other Comprehensive Income


Components of other comprehensive income (loss) on a pre-tax and after-tax basis
	For the years ended December 31,
	2020						2019						2018
($ in millions)	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	2,512	$	(532)	$	1,980	$	2,807	$	(592)	$	2,215	$	(1,142)	$	241	$	(901)
Less: reclassification adjustment of realized capital gains and losses	870		(183)		687		413		(87)		326		(186)		39		(147)
Unrealized net capital gains and losses	1,642		(349)		1,293		2,394		(505)		1,889		(956)		202		(754)
Unrealized foreign currency translation adjustments	66		(14)		52		(13)		3		(10)		(61)		13		(48)


Unamortized pension and other postretirement prior service credit (1)	12		(3)		9		(59)		12		(47)		(77)		18		(59)
Other comprehensive income (loss)	$	1,720	$	(366)	$	1,354	$	2,322	$	(490)	$	1,832	$	(1,094)	$	233	$	(861)

(1)Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

Quarterly Results (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (unaudited)


Note 21			Quarterly Results (unaudited)


	First Quarter				Second Quarter				Third Quarter				Fourth Quarter
($ in millions, except per share data)	2020		2019		2020		2019		2020		2019		2020		2019
Revenues	$	10,076	$	10,990	$	11,197	$	11,144	$	11,500	$	11,069	$	12,018	$	11,472
Net income (loss) applicable to common shareholders	513		1,261		1,224		821		1,126		889		2,598		1,707
Earnings per common share - Basic	1.62		3.79		3.90		2.47		3.62		2.71		8.54		5.32
Earnings per common share - Diluted	1.59		3.74		3.86		2.44		3.58		2.67		8.45		5.23

Schedule I - Summary of Investments Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I — Summary of Investments Other than Investments in Related Parties


	As of December 31, 2020
($ in millions)	Cost/amortized cost, net		Fair value (if applicable)		Amount shown in the Balance Sheet
Type of investment
Fixed maturities:
Bonds:
United States government, government agencies and authorities	$	3,129	$	3,222	$	3,222
States, municipalities and political subdivisions	8,752		9,587		9,587
Foreign governments	1,013		1,055		1,055
Public utilities	5,948		6,564		6,564

All other corporate bonds	41,278		44,578		44,578
Asset-backed securities	1,260		1,270		1,270
Mortgage-backed securities	71		78		78



Total fixed maturities	61,451		66,354		66,354

Equity securities:
Common stocks:
Public utilities	34		46		46
Banks, trusts and insurance companies	174		255		255
Industrial, miscellaneous and all other	3,393		4,087		4,087
Nonredeemable preferred stocks	252		322		322
Total equity securities	3,853		4,710		4,710

Mortgage loans on real estate	4,075		4,348		4,075
Real estate (none acquired in satisfaction of debt)	974				974
Policy loans	754				754
Derivative instruments	204		204		204
Limited partnership interests	7,609				7,609
Other long-term investments	1,757				1,757
Short-term investments	7,800		7,800		7,800
Total investments	$	88,477			$	94,237

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule II — Condensed Financial Information of Registrant

Schedule II — Condensed Financial Information of Registrant Statement of Operations


	Year Ended December 31,
($ in millions)	2020		2019		2018
Revenues
Investment income, less investment expense	$	12	$	35	$	25
Realized capital gains (losses)	33		9		(10)
Other income	—		41		3
Total revenues	45		85		18

Expenses
Interest expense	328		355		337

Pension and other postretirement remeasurement (gains) losses	(73)		103		454
Pension and other postretirement benefit	(168)		(122)		(116)
Other operating expenses	73		49		50
Total expenses	160		385		725

Loss from operations before income tax benefit and equity in net income of subsidiaries	(115)		(300)		(707)

Income tax benefit	(26)		(75)		(136)
Loss before equity in net income of subsidiaries	(89)		(225)		(571)

Equity in net income of subsidiaries	5,665		5,072		2,731
Net income	5,576		4,847		2,160

Preferred stock dividends	115		169		148

Net income applicable to common shareholders	5,461		4,678		2,012

Other comprehensive income (loss), after-tax
Changes in:
Unrealized net capital gains and losses	1,293		1,889		(754)
Unrealized foreign currency translation adjustments	52		(10)		(48)
Unamortized pension and other postretirement prior service credit	9		(47)		(59)
Other comprehensive income (loss), after-tax	1,354		1,832		(861)
Comprehensive income	$	6,930	$	6,679	$	1,299

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Financial Position


	December 31,
($ in millions, except par value data)	2020		2019
Assets
Investments in subsidiaries	$	35,603	$	33,428
Fixed income securities, at fair value (amortized cost, net zero and $458)	—		466
Short-term investments, at fair value (amortized cost, net $4,479 and $702)	4,479		702
Cash	—		2
Receivable from subsidiaries	524		448

Deferred income taxes	187		230
Other assets	87		86
Total assets	$	40,880	$	35,362

Liabilities

Long-term debt	$	7,825	$	6,631
Pension and other postretirement benefit obligations	874		1,081
Deferred compensation	351		327
Payable to subsidiaries	—		14
Notes due to subsidiaries	1,250		1,000
Dividends payable to shareholders	201		199

Other liabilities	162		112
Total liabilities	10,663		9,364

Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970		2,248
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding	9		9
Additional capital paid-in	3,498		3,463
Retained income	52,767		48,074

Treasury stock, at cost (596 million and 581 million shares)	(31,331)		(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	3,180		1,887
Unrealized foreign currency translation adjustments	(7)		(59)
Unamortized pension and other postretirement prior service credit	131		122
Total accumulated other comprehensive income	3,304		1,950
Total shareholders’ equity	30,217		25,998
Total liabilities and shareholders’ equity	$	40,880	$	35,362

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant Statement of Cash Flows


	Years Ended December 31,
($ in millions)	2020		2019		2018
Cash flows from operating activities
Net income	$	5,576	$	4,847	$	2,160
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries	(5,665)		(5,072)		(2,731)
Dividends received from subsidiaries	4,157		2,434		2,059
Realized capital (gains) losses	(33)		(9)		10

Pension and other postretirement remeasurement (gains) losses	(73)		103		454
Changes in:
Pension and other postretirement benefits	(168)		(122)		(116)
Income taxes	54		13		(28)
Operating assets and liabilities	110		111		160
Net cash provided by operating activities	3,958		2,305		1,968

Cash flows from investing activities
Proceeds from sales of investments	1,251		1,094		1,370
Proceeds from sales of investments to subsidiaries	—		—		390
Investment purchases	(402)		(892)		(1,037)
Investment collections	16		65		108
Capital contribution or return of capital from subsidiaries	251		43		(975)

Change in short-term investments, net	(3,777)		(417)		(115)
Net cash used in investing activities	(2,661)		(107)		(259)

Cash flows from financing activities
Proceeds from borrowings from subsidiaries	1,250		1,000		1,250
Repayment of notes due to subsidiaries	(1,000)		(1,250)		(250)
Proceeds from issuance of long-term debt	1,189		491		498
Redemption of preferred stock	(288)		(1,132)		(385)
Redemption and repayment of long-term debt	—		(317)		(400)
Proceeds from issuance of preferred stock	—		1,414		557
Dividends paid on common stock	(668)		(653)		(614)
Dividends paid on preferred stock	(108)		(134)		(134)
Treasury stock purchases	(1,737)		(1,735)		(2,303)
Shares reissued under equity incentive plans, net	63		120		73

Other	—		—		(1)
Net cash used in financing activities	(1,299)		(2,196)		(1,709)

Net (decrease) increase in cash	(2)		2		—
Cash at beginning of year	2		—		—
Cash at end of year	$	—	$	2	$	—

See accompanying notes to condensed financial information and notes to consolidated financial statements.

The Allstate Corporation and Subsidiaries

Schedule II (Continued) — Condensed Financial Information of Registrant

Notes to Condensed Financial Information

1. General

Pursuant to rules and regulations of the SEC, the unconsolidated condensed financial statements of the Parent Company do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP. Therefore, these condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8.

The long-term debt presented in Note 12 “Capital Structure” are direct obligations of the Registrant. A majority of the pension and other postretirement benefits plans presented in Note 17 “Benefit Plans” are direct obligations of the Registrant.

Participating subsidiaries fund the pension plans contributions under a master services cost sharing agreement. In addition, as a result of joint and several pension liability rules under the Internal Revenue Code and the Employee Retirement Income Security Act of 1974, as amended, many liabilities that arise in connection with pension plans are joint and several across all members of a controlled group of entities.

2. Notes due to subsidiaries

On June 18, 2020 and December 29, 2020, the Registrant issued $1.00 billion and $250 million notes, with rates of 0.43% and 0.33%, due on June 18, 2021 and December 29, 2021, respectively, to Kennett Capital Inc. The proceeds of these issuances were used for cash management purposes.

On June 19, 2019, the Registrant issued a $1.00 billion note, with a rate of 2.63% due on June 19, 2020 to Kennett Capital Inc. The proceeds of this issuance were used for cash management purposes. On June 18, 2020, the Registrant repaid $1.00 billion to Kennett Capital Inc.

3. Supplemental Disclosures of Cash Flow Information

The Registrant paid $311 million, $312 million and $330 million of interest on debt in 2020, 2019 and 2018, respectively.

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III — Supplementary Insurance Information


($ in millions)	As of December 31,						For the years ended December 31,
Segment	Deferred policy acquisition costs		Reserves for claims and claims expense, contract benefits and contractholder funds		Unearned premiums		Premium revenue and contract charges		Net investment income (1)		Claims and claims expense, contract benefits and interest credited to contractholders		Amortization of deferred policy acquisition costs		Other operating costs and expenses		Premiums written (excluding life)
2020
Property-Liability
Allstate Protection	$	1,608	$	25,679	$	12,772	$	35,580			$	21,485	$	4,642	$	5,623	$	35,768
Discontinued Lines and Coverages	—		1,888		—		—				141		—		3		—
Total Property-Liability	1,608		27,567		12,772		35,580		$	1,421	21,626		4,642		5,626		35,768
Protection Services (2)	1,696		43		3,167		1,640		44		386		658		760		1,890
Allstate Life	909		10,768		3		1,340		502		1,293		149		335		—
Allstate Benefits	470		1,885		7		1,094		78		549		177		323		926
Allstate Annuities	17		17,328		—		10		761		1,039		4		27		—
Corporate and Other	—		—		—		—		47		—		—		389		—
Intersegment Eliminations (2)	—		—		—		(147)		—		(11)		—		(136)		—
Total	$	4,700	$	57,591	$	15,949	$	39,517	$	2,853	$	24,882	$	5,630	$	7,324	$	38,584
2019
Property-Liability
Allstate Protection	$	1,624	$	25,843	$	12,567	$	34,843			$	23,517	$	4,649	$	4,506	$	35,419
Discontinued Lines and Coverages	—		1,818		—		—				105		—		3		—
Total Property-Liability	1,624		27,661		12,567		34,843		$	1,533	23,622		4,649		4,509		35,419
Protection Services (2)	1,449		51		2,765		1,387		42		363		543		838		1,535
Allstate Life	1,079		10,541		3		1,343		514		1,154		173		356		—
Allstate Benefits	527		1,950		8		1,145		83		635		161		285		988
Allstate Annuities	20		17,501		—		13		917		890		7		30		—
Corporate and Other	—		—		—		—		70		—		—		531		—
Intersegment Eliminations (2)	—		—		—		(154)		—		(9)		—		(145)		—
Total	$	4,699	$	57,704	$	15,343	$	38,577	$	3,159	$	26,655	$	5,533	$	6,404	$	37,942
2018
Property-Liability
Allstate Protection	$	1,618	$	25,495	$	11,953	$	32,950			$	22,348	$	4,475	$	4,522	$	33,555
Discontinued Lines and Coverages	—		1,864		—		—				87		—		3		—
Total Property-Liability	1,618		27,359		11,953		32,950		$	1,464	22,435		4,475		4,525		33,555
Protection Services (2)	1,290		64		2,546		1,220		27		350		463		603		1,431
Allstate Life	1,300		10,333		3		1,315		505		1,094		132		364		—
Allstate Benefits	549		1,905		8		1,135		77		630		145		278		980
Allstate Annuities	27		18,341		—		15		1,096		903		7		31		—
Corporate and Other	—		—		—		—		71		—		—		880		—
Intersegment Eliminations (2)	—		—		—		(122)		—		(7)		—		(115)		—
Total	$	4,784	$	58,002	$	14,510	$	36,513	$	3,240	$	25,405	$	5,222	$	6,566	$	35,966

(1)A single investment portfolio supports both Allstate Protection and Discontinued Lines and Coverages segments.

(2)Includes intersegment premiums and service fees and the related incurred losses and expenses that are eliminated in the consolidated financial statements.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV — Reinsurance


($ in millions)	Gross amount		Ceded to other companies (1)		Assumed from other companies		Net amount		Percentage of amount assumed to net
Year ended December 31, 2020
Life insurance in force	$	208,417	$	67,319	$	217,020	$	358,118	60.6	%
Premiums and contract charges:
Life insurance	$	1,053	$	222	$	685	$	1,516	45.2	%
Accident and health insurance	948		20		—		928		—	%
Property and casualty insurance	38,115		1,141		99		37,073		0.3	%
Total premiums and contract charges	$	40,116	$	1,383	$	784	$	39,517	2.0	%
Year ended December 31, 2019
Life insurance in force	$	219,785	$	74,021	$	229,419	$	375,183	61.1	%
Premiums and contract charges:
Life insurance	$	1,062	$	262	$	712	$	1,512	47.1	%
Accident and health insurance	1,012		23		—		989		—	%
Property and casualty insurance	37,104		1,122		94		36,076		0.3	%
Total premiums and contract charges	$	39,178	$	1,407	$	806	$	38,577	2.1	%
Year ended December 31, 2018
Life insurance in force	$	207,434	$	81,186	$	243,161	$	369,409	65.8	%
Premiums and contract charges:
Life insurance	$	994	$	266	$	754	$	1,482	50.9	%
Accident and health insurance	1,007		24		—		983		—	%
Property and casualty insurance	34,977		1,016		87		34,048		0.3	%
Total premiums and contract charges	$	36,978	$	1,306	$	841	$	36,513	2.3	%

(1)No reinsurance or coinsurance income was netted against premium ceded in 2020, 2019 or 2018.

Schedule V - Valuation Allowances and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V — Valuation Allowances and Qualifying Accounts


($ in millions)			Additions
Description	Balance as of beginning of period (1)		Charged to costs and expenses		Other additions		Deductions		Balance as of end of period
Year ended December 31, 2020
Fixed income securities	$	—	$	5	$	—	$	2	$	3
Mortgage loans	45		39		—		17		67
Other investments
Bank loans	53		28		—		14		67
Agent loans	5		—		—		—		5
Investments	103		72		—		33		142
Premium installment receivable	91		223		—		161		153
Reinsurance recoverables	74		—		—		—		74
Other assets	18		5		—		—		23
Assets	286		300		—		194		392
Commitments to fund mortgage loans, bank loans and agent loans	3		—		—		2		1
Liabilities	3		—		—		2		1
Total	$	289	$	300	$	—	$	196	$	393






Year ended December 31, 2019
Reinsurance recoverables	$	65	$	(2)	$	—	$	—	$	63
Premium installment receivable	77		137		—		124		90
Deferred tax assets	—		—		—		—		—
Mortgage loans	3		—		—		—		3
Agent loans	2		1		—		—		3

Year ended December 31, 2018
Reinsurance recoverables	$	70	$	(5)	$	—	$	—	$	65
Premium installment receivable	77		118		—		118		77
Deferred tax assets	—		—		—		—		—
Mortgage loans	3		—		—		—		3
Agent loans	2		—		—		—		2

(1)Effective January 1, 2020, the Company adopted the measurement of credit losses on financial instruments accounting standard that primarily affected mortgage loans, bank loans and reinsurance recoverables. After consideration of existing valuation allowances maintained prior to adopting the new guidance, the Company increased its valuation allowances for credit losses at January 1, 2020 to conform to the new requirements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of presentation

Risks and uncertainties

Allstate has exposure to catastrophic events, including wind and hail, wildfires, tornadoes, hurricanes, tropical storms, earthquakes, volcanic eruptions, terrorism and industrial accidents.

predicted and could be material to results of operations and financial position.

The Company considers the following categories and locations to be the greatest areas of potential catastrophe losses:

•Wildfires — California, Oregon, Colorado, and Texas

•Hurricanes — Major metropolitan centers in counties along the eastern and gulf coasts of the United States

•Wind/Hail, Rain and Tornado — Texas, Illinois, Georgia and Colorado

•Earthquakes and fires following earthquakes —Major metropolitan areas near fault lines in the states of California, Oregon, Washington, South Carolina, Missouri, Kentucky and Tennessee

Investments

Short-term investments, including money market funds, commercial paper, U.S. Treasury bills and other

net of credit losses already recognized through an allowance.

Derivative and embedded derivative financial instruments

Fair value hedges The change in fair value of hedging instruments used in fair value hedges of investment assets or a portion thereof is reported in net investment income, together with the change in

Securities loaned

Recognition of premium revenues and contract charges, and related benefits and interest credited

Property and casualty insurance premiums include premiums from personal lines policies, protection plans, other contracts (primarily finance and insurance products) and roadside assistance.

Personal lines insurance premiums are deferred and earned on a pro-rata basis over the terms of the policies, typically periods of six or twelve months.

assistance premiums are recognized evenly over the term of the contract as performance obligations are fulfilled.

The portion of premiums written applicable to the unexpired terms of the policies is recorded as unearned premiums.


Unearned premiums
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	12,772	$	12,567
Protection Services	3,167		2,765
Total	$	15,939	$	15,332

The Company expects to recognize approximately $1.30 billion, $861 million and $1.00 billion of the December 31, 2020 the unearned premium balance in 2021, 2022 and thereafter, respectively.

The increase in the provision for credit losses primarily related to customer enrollment in the Allstate Special Payment plan implemented in response to the Coronavirus, starting in March 2020.


Rollforward of credit loss allowance for premium installment receivables
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(91)
Increase in the provision for credit losses	(223)
Write-off of uncollectible premium installment receivable amounts	161
Ending balance	$	(153)

contract benefits and recognized over the life of the policy in relation to premiums.

Contract charges for variable life and variable annuity products consist of fees assessed against the contractholder account balances for contract maintenance, administration, mortality, expense and

Deferred policy acquisition and sales inducement costs

Reinsurance and Indemnification

Allowances for property and casualty and life reinsurance recoverables are established primarily through risk-based evaluations.

The changes in the allowances are reported in property and casualty insurance claims and claims expense and life contract benefits.

Indemnification The Company also participates in various indemnification mechanisms, including industry pools and facilities, which are reimbursement

mechanisms that assess participating insurers for expected insured claims, reimburse participating insurers for qualifying paid claims and permit participating insurers to recoup amounts assessed directly from insureds. Indemnification recoverables are backed by the financial resources of the property and casualty insurance company market participants.The amounts reported as indemnification recoverables include amounts paid and due from indemnitors as well as estimates of amounts expected to be recovered from indemnitors on insurance liabilities that have been incurred but not yet paid. The design and function of these indemnification programs does not result in the retention of insurance or reinsurance risk by the indemnitor. Based on the Company’s evaluation of these programs on an individual basis, the establishment of credit loss allowances is not warranted at this time. The Company has not experienced any historical credit losses related to its indemnification programs. The Company continues to monitor these programs to determine whether any changes from historical experience have emerged or are expected to emerge or whether there have been any changes in the design or administration of the programs that would require establishment of credit loss allowances.

Goodwill


Goodwill by reporting unit
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	810	$	810

Protection Services	1,463		1,464
Allstate Life	175		175
Allstate Benefits	96		96


Total	$	2,544	$	2,545

As of December 31, 2020 and 2019, the fair value of the Company’s goodwill reporting units exceeded their carrying values.

Intangible assets, finite-lived

Intangible assetsIntangible assets (reported in other assets) consist of capitalized costs primarily related to acquired customer relationships, trade names and licenses, technology and other assets. The estimated useful lives of customer relationships, technology and other intangible assets are generally 10 years, 5 years and 7 years, respectively. Intangible assets are carried at cost less accumulated amortization. Amortization expense is calculated using an accelerated amortization method.

Intangible assets, indefinite-lived

Trade names and licenses are considered to have an indefinite useful life and are reviewed for impairment at least annually or more frequent if circumstances arise that indicate an impairment may have occurred. An impairment is recognized if the carrying amount of the asset exceeds its estimated fair value.

Property and equipment

Income taxes

Income taxesIncome taxes are accounted for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are DAC, unearned premiums, investments (including unrealized capital gains and losses) and insurance reserves. A deferred tax asset valuation allowance is established when it is more likely than not such assets will not be realized.

Reserves for property-liability insurance claims and claims expense and life-contingent contract benefits

Reserve for property and casualty insurance claims and claims expense

Reserve for life-contingent contract benefits

Contractholder funds

Separate accounts

Legal contingencies

The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis. The Company establishes accruals for such

Equity incentive plans

Measurement of credit losses


Allowance for credit losses
($ in millions)	December 31, 2020		January 1, 2020
Fixed income securities	$	3	$	—
Mortgage loans	67		45
Other investments
Bank loans	67		53
Agent loans	5		5
Investments	142		103
Premium installment receivables	153		91
Reinsurance recoverables	74		74
Other assets	23		18
Assets	392		286

Commitments to fund mortgage loans, bank loans and agent loans	1		3
Liabilities	1		3
Total	$	393	$	289

Consolidation of variable interest entities ("VIEs")

Consolidation of variable interest entities (“VIEs”)

Foreign currency translation

Earnings per common share

Off-balance sheet financial instruments

Accounting standards

Adopted accounting standard

Pending accounting standards

The Company is evaluating the anticipated impacts of applying the new guidance to both retained income and AOCI.

As disclosed in Note 3, the Company entered into an agreement to sell ALIC and certain affiliates.

The revised accounting for DAC will be applied prospectively using the new model and any DAC effects existing in AOCI as a result of applying existing GAAP at the date of adoption will be eliminated.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of unearned premiums

The portion of premiums written applicable to the unexpired terms of the policies is recorded as unearned premiums.


Unearned premiums
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	12,772	$	12,567
Protection Services	3,167		2,765
Total	$	15,939	$	15,332

Allowance for credit loss


Rollforward of credit loss allowance for premium installment receivables
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(91)
Increase in the provision for credit losses	(223)
Write-off of uncollectible premium installment receivable amounts	161
Ending balance	$	(153)


Allowance for credit losses
($ in millions)	December 31, 2020		January 1, 2020
Fixed income securities	$	3	$	—
Mortgage loans	67		45
Other investments
Bank loans	67		53
Agent loans	5		5
Investments	142		103
Premium installment receivables	153		91
Reinsurance recoverables	74		74
Other assets	23		18
Assets	392		286

Commitments to fund mortgage loans, bank loans and agent loans	1		3
Liabilities	1		3
Total	$	393	$	289


Rollforward of credit loss allowance for fixed income securities
	For the year ended
($ in millions)	December 31, 2020
Beginning balance	$	—
Credit losses on securities for which credit losses not previously reported	(5)

Reduction of allowance related to sales	2
Write-offs	—



Ending balance (1)	$	(3)

(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.


Rollforward of credit loss allowance for mortgage loans
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(3)
Cumulative effect of change in accounting principle	(42)
Net increases related to credit losses	(39)
Reduction of allowance related to sales	17
Write-offs	—
Ending balance	$	(67)


Rollforward of credit loss allowance for bank loans
	For the year ended December 31, 2020
($ in millions)
Beginning balance	$	—
Cumulative effect of change in accounting principle	(53)
Net increases related to credit losses	(28)
Reduction of allowance related to sales	9
Write-offs	5
Ending balance	$	(67)

Schedule of goodwill by reporting unit

The Company’s goodwill reporting units are equivalent to its reportable segments, Allstate Protection, Protection Services, Allstate Life and Allstate Benefits to which goodwill has been assigned.


Goodwill by reporting unit
	As of December 31,
($ in millions)	2020		2019
Allstate Protection	$	810	$	810

Protection Services	1,463		1,464
Allstate Life	175		175
Allstate Benefits	96		96


Total	$	2,544	$	2,545

Future amortization expense


Amortization expense of intangible assets for the next five years and thereafter
($ in millions)
2021	$	91
2022	74
2023	60
2024	45
2025	33
Thereafter	31
Total amortization	$	334

Schedule of indefinite-lived intangible assets


Intangible assets by type
	As of December 31,
($ in millions)	2020		2019
Customers relationships	$	322	$	419
Trade names and licenses	37		38

Technology and other	94		24
Total	$	453	$	481

Schedule of finite-lived intangible assets


Intangible assets by type
	As of December 31,
($ in millions)	2020		2019
Customers relationships	$	322	$	419
Trade names and licenses	37		38

Technology and other	94		24
Total	$	453	$	481

Other information related to operating leases


Other information related to operating leases
	As of December 31,
	2020		2019
Weighted average remaining lease term (years)	5		6
Weighted average discount rate	3.10	%	3.15	%

Maturity of lease liabilities


Maturity of lease liabilities
($ in millions)	Operating leases
2021	$	120
2022	116
2023	95
2024	77
2025	63
Thereafter	84
Total lease payments	$	555
Less: interest	(44)
Present value of lease liabilities	$	511

Computation of basic and diluted earnings per common share


Computation of basic and diluted earnings per common share
	For the years ended December 31,
($ in millions, except per share data)	2020		2019		2018
Numerator:
Net income	$	5,576	$	4,847	$	2,160
Less: Preferred stock dividends	115		169		148
Net income applicable to common shareholders (1)	$	5,461	$	4,678	$	2,012

Denominator:
Weighted average common shares outstanding	311.6		328.2		347.8
Effect of dilutive potential common shares:
Stock options	2.2		3.2		3.6
Restricted stock units (non-participating) and performance stock awards	1.7		2.1		1.8
Weighted average common and dilutive potential common shares outstanding	315.5		333.5		353.2

Earnings per common share – Basic	$	17.53	$	14.25	$	5.78
Earnings per common share – Diluted	$	17.31	$	14.03	$	5.70

Anti-dilutive options excluded from diluted earnings per common share	2.9		3.7		2.0

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of business segments revenue disclosures


Reportable segments revenue information
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property-Liability
Insurance premiums
Auto	$	24,640	$	24,188	$	22,970
Homeowners	8,254		7,912		7,517
Other personal lines	1,919		1,861		1,808
Commercial lines	767		882		655

Allstate Protection	35,580		34,843		32,950
Discontinued Lines and Coverages	—		—		—
Total Property-Liability insurance premiums	35,580		34,843		32,950
Other revenue	736		741		738
Net investment income	1,421		1,533		1,464
Realized capital gains (losses)	990		1,470		(639)
Total Property-Liability	38,727		38,587		34,513

Protection Services
Consumer product protection plans	909		633		503
Roadside assistance	188		238		263
Finance and insurance products	396		362		332
Intersegment premiums and service fees (1)	147		154		122
Other revenue (2)	208		188		82
Net investment income	44		42		27
Realized capital gains (losses)	30		32		(11)
Total Protection Services	1,922		1,649		1,318

Allstate Life
Traditional life insurance premiums	633		630		600
Accident and health insurance premiums	2		2		2
Interest-sensitive life insurance contract charges	705		711		713
Other revenue	121		125		119
Net investment income	502		514		505
Realized capital gains (losses)	(10)		1		(14)
Total Allstate Life	1,953		1,983		1,925

Allstate Benefits
Traditional life insurance premiums	46		43		44
Accident and health insurance premiums	926		988		980
Interest-sensitive life insurance contract charges	122		114		111
Net investment income	78		83		77
Realized capital gains (losses)	8		12		(9)
Total Allstate Benefits	1,180		1,240		1,203

Allstate Annuities
Fixed annuities contract charges	10		13		15
Net investment income	761		917		1,096
Realized capital gains (losses)	279		346		(166)
Total Allstate Annuities	1,050		1,276		945

Corporate and Other

Net investment income	47		70		71
Realized capital gains (losses)	59		24		(38)



Total Corporate and Other	106		94		33
Intersegment eliminations (1)	(147)		(154)		(122)
Consolidated revenues	$	44,791	$	44,675	$	39,815

(1)Intersegment insurance premiums and service fees are primarily related to Arity and Allstate Roadside and are eliminated in the consolidated financial statements.

(2)Other revenue is primarily related to Allstate Identity Protection, Allstate Dealer Services, and Allstate Protection Plans.

Schedule of business segments net income disclosures


Reportable segments financial performance
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property-Liability
Allstate Protection	$	4,566	$	2,912	$	2,343
Discontinued Lines and Coverages	(144)		(108)		(90)
Total underwriting income	4,422		2,804		2,253
Net investment income	1,421		1,533		1,464
Income tax expense on operations	(1,166)		(887)		(747)
Realized capital gains (losses), after-tax	774		1,161		(500)

Tax Legislation expense	—		—		(5)
Property-Liability net income applicable to common shareholders	5,451		4,611		2,465

Protection Services
Adjusted net income	153		38		8
Realized capital gains (losses), after-tax	23		25		(9)
Amortization of purchased intangibles, after-tax	(84)		(97)		(74)
Impairment of purchased intangibles, after-tax	—		(43)		—
Tax Legislation expense	—		—		(4)
Protection Services net income (loss) applicable to common shareholders	92		(77)		(79)

Allstate Life
Adjusted net income	194		261		295
Realized capital gains (losses), after-tax	(9)		—		(11)
Valuation changes on embedded derivatives that are not hedged, after-tax	(34)		(9)		—
DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax	8		(5)		(8)


Tax Legislation expense	—		—		(16)
Allstate Life net income applicable to common shareholders	159		247		260

Allstate Benefits
Adjusted net income	96		115		124
Realized capital gains (losses), after-tax	7		9		(7)
DAC and DSI amortization related to realized capital gains and losses, after-tax	—		—		1

Tax Legislation benefit	—		—		—
Allstate Benefits net income applicable to common shareholders	103		124		118

Allstate Annuities
Adjusted net (loss) income	(53)		10		131
Realized capital gains (losses), after-tax	221		274		(131)
Valuation changes on embedded derivatives that are not hedged, after-tax	(2)		(6)		3

Premium deficiency for immediate annuities, after-tax (1)	(178)		—		—
Gain on disposition of operations, after-tax	3		4		4

Tax Legislation benefit	—		—		69
Allstate Annuities net (loss) income applicable to common shareholders	(9)		282		76

Corporate and Other
Adjusted net loss	(428)		(438)		(406)
Realized capital gains (losses), after-tax	47		19		(30)
Pension and other postretirement remeasurement gains (losses), after-tax	39		(90)		(370)

Curtailment gain, after-tax	7		—		—
Business combination expenses, after-tax	—		—		(7)
Tax Legislation expense	—		—		(15)
Corporate and Other net loss applicable to common shareholders	(335)		(509)		(828)

Consolidated net income applicable to common shareholders	$	5,461	$	4,678	$	2,012

Additional significant financial performance data


Additional significant financial performance data
	For the years ended December 31,
($ in millions)	2020		2019		2018
Amortization of DAC
Property-Liability	$	4,642	$	4,649	$	4,475
Protection Services	658		543		463
Allstate Life	149		173		132
Allstate Benefits	177		161		145
Allstate Annuities	4		7		7
Consolidated	$	5,630	$	5,533	$	5,222


Income tax expense (benefit)
Property-Liability	$	1,382	$	1,196	$	613
Protection Services	26		(18)		(19)
Allstate Life	17		53		75
Allstate Benefits	28		35		32
Allstate Annuities	(7)		73		(66)
Corporate and Other	(63)		(97)		(167)
Consolidated	$	1,383	$	1,242	$	468

Summarized data for total assets and investments


Reportable segment total assets, investments and deferred policy acquisition costs (1)
	As of December 31,
($ in millions)	2020		2019
Assets
Property-Liability	$	69,171	$	67,243
Protection Services	6,177		5,746
Allstate Life	15,051		14,771
Allstate Benefits	2,905		2,915
Allstate Annuities	27,080		26,914
Corporate and Other	5,603		2,361
Consolidated	$	125,987	$	119,950


Investments
Property-Liability	$	50,134	$	48,414
Protection Services	1,822		1,544
Allstate Life	12,406		11,914
Allstate Benefits	2,012		1,941
Allstate Annuities	22,291		22,221
Corporate and Other	5,572		2,328
Consolidated	$	94,237	$	88,362

Deferred policy acquisition costs
Property-Liability	$	1,608	$	1,624
Protection Services	1,696		1,448
Allstate Life	909		1,079
Allstate Benefits	470		527
Allstate Annuities	17		21
Consolidated	$	4,700	$	4,699

(1)The balances reflect the elimination of related party investments between segments.

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Portfolio composition


Portfolio composition
	As of December 31,
($ in millions)	2020		2019
Fixed income securities, at fair value	$	66,354	$	59,044
Equity securities, at fair value	4,710		8,162
Mortgage loans, net	4,075		4,817
Limited partnership interests	7,609		8,078
Short-term investments, at fair value	7,800		4,256
Other, net	3,689		4,005
Total	$	94,237	$	88,362

Schedule of amortized cost, gross unrealized gains (losses) and fair value for fixed income securities


Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
	Amortized cost, net		Gross unrealized				Fair value
($ in millions)			Gains		Losses
December 31, 2020
U.S. government and agencies	$	3,129	$	94	$	(1)	$	3,222
Municipal	8,752		837		(2)		9,587
Corporate	47,226		3,981		(65)		51,142
Foreign government	1,013		42		—		1,055
ABS	1,260		15		(5)		1,270
MBS	71		7		—		78
Total fixed income securities	$	61,451	$	4,976	$	(73)	$	66,354

December 31, 2019
U.S. government and agencies	$	4,971	$	141	$	(26)	$	5,086
Municipal	8,080		551		(11)		8,620
Corporate	41,090		2,035		(47)		43,078
Foreign government	968		16		(5)		979
ABS	860		8		(6)		862
MBS	324		96		(1)		419
Total fixed income securities	$	56,293	$	2,847	$	(96)	$	59,044

Schedule for fixed income securities based on contractual maturities


Scheduled maturities for fixed income securities
	As of December 31, 2020
($ in millions)	Amortized cost, net		Fair value
Due in one year or less	$	3,092	$	3,136
Due after one year through five years	24,271		25,587
Due after five years through ten years	22,000		24,018
Due after ten years	10,757		12,265
	60,120		65,006
ABS and MBS	1,331		1,348
Total	$	61,451	$	66,354

Realized gain (loss) on investments


Net investment income
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	2,136	$	2,175	$	2,077
Equity securities	98		206		170
Mortgage loans	220		220		217
Limited partnership interests	338		471		705
Short-term investments	23		102		73
Other	251		262		272
Investment income, before expense	3,066		3,436		3,514
Investment expense	(213)		(277)		(274)
Net investment income	$	2,853	$	3,159	$	3,240


Gross realized gains (losses) on sales of fixed income securities
	For the years ended December 31,
($ in millions)	2020		2019		2018
Gross realized gains	$	1,209	$	607	$	120
Gross realized losses	(221)		(132)		(347)


Net appreciation (decline) recognized in net income
	For the years ended December 31,
($ in millions)	2020		2019
Equity securities	$	478	$	1,073
Limited partnership interests carried at fair value	250		149
Total	$	728	$	1,222

Schedule of realized capital gains and losses by asset type


Realized capital gains (losses) by asset type
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	983	$	461	$	(237)
Equity securities	346		1,210		(594)
Mortgage loans	(47)		—		2
Limited partnership interests	24		200		(101)
Derivatives	53		(15)		46
Other	(3)		29		7
Realized capital gains (losses)	$	1,356	$	1,885	$	(877)

Schedule of realized capital gains and losses by transaction type


Realized capital gains (losses) by transaction type
	For the years ended December 31,
($ in millions)	2020		2019		2018
Sales	$	1,017	$	575	$	(215)
Credit losses (1)	(80)		(47)		(14)
Valuation of equity investments (2)	366		1,372		(691)
Valuation and settlements of derivative instruments	53		(15)		43
Realized capital gains (losses)	$	1,356	$	1,885	$	(877)

(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses.

(2)Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.

Schedule of other-than-temporary impairment losses by asset type


Credit losses recognized in net income (1)
	For the years ended December 31,
($ in millions)		2020		2019		2018
Assets
Fixed income securities:

Corporate		$	(1)	$	(7)	$	(2)
ABS		(2)		(4)		(3)
MBS		(2)		(3)		(5)
Total fixed income securities		(5)		(14)		(10)
Mortgage loans		(39)		—		—
Limited partnership interests		(10)		(6)		(3)
Other investments
Bank loans		(28)		(26)		—
Agent loans		—		(1)		(1)
Total credit losses by asset type		$	(82)	$	(47)	$	(14)

Liabilities
Commitments to fund commercial mortgage loans, bank loans and agent loans		2		—		—
Total		$	(80)	$	(47)	$	(14)

Schedule of unrealized net capital gains and losses


Unrealized net capital gains and losses included in AOCI
($ in millions)	Fair value		Gross unrealized				Unrealized net gains (losses)
December 31, 2020			Gains		Losses
Fixed income securities	$	66,354	$	4,976	$	(73)	$	4,903
Short-term investments	7,800		—		—		—
Derivative instruments	—		—		(3)		(3)
EMA limited partnerships (1)							(4)
Unrealized net capital gains and losses, pre-tax							4,896
Amounts recognized for:
Insurance reserves (2)							(496)
DAC and DSI (3)							(364)
Amounts recognized							(860)
Deferred income taxes							(856)
Unrealized net capital gains and losses, after-tax							$	3,180

December 31, 2019
Fixed income securities	$	59,044	$	2,847	$	(96)	$	2,751
Short-term investments	4,256		—		—		—
Derivative instruments	—		—		(3)		(3)
EMA limited partnerships							(4)

Unrealized net capital gains and losses, pre-tax							2,744
Amounts recognized for:
Insurance reserves							(126)
DAC and DSI							(224)
Amounts recognized							(350)
Deferred income taxes							(507)
Unrealized net capital gains and losses, after-tax							$	1,887

Schedule of change in unrealized net capital gains and losses


Change in unrealized net capital gains (losses)
	For the years ended December 31,
($ in millions)	2020		2019		2018
Fixed income securities	$	2,152	$	2,715	$	(1,431)

Short-term investments	—		—		—
Derivative instruments	—		—		(2)
EMA limited partnerships	—		(4)		(1)

Total	2,152		2,711		(1,434)
Amounts recognized for:
Insurance reserves	(370)		(126)		315
DAC and DSI	(140)		(191)		163
Amounts recognized	(510)		(317)		478
Deferred income taxes	(349)		(505)		202
Increase (decrease) in unrealized net capital gains and losses, after-tax	$	1,293	$	1,889	$	(754)


Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2020		2019
Texas	20.6	%	16.9	%
California	14.6		15.1
Florida	6.8		6.4
Illinois	6.1		7.1
North Carolina	5.1		4.5
New Jersey	3.5		5.6


Types of properties collateralizing the mortgage loan portfolio
	As of December 31,
(% of mortgage loan portfolio carrying value)	2020		2019
Apartment complex	37.8	%	36.8	%
Office buildings	23.2		22.6
Warehouse	14.6		16.8
Retail	13.9		13.4
Other	10.5		10.4
Total	100.0	%	100.0	%


Contractual maturities of the mortgage loan portfolio
	As of December 31, 2020
($ in millions)	Number of loans	Amortized cost, net		Percent
2021	28	$	277	6.8	%
2022	25	388		9.5
2023	42	556		13.7
2024	27	637		15.6
Thereafter	124	2,217		54.4
Total	246	$	4,075	100.0	%

Carrying value for limited partnership interests


Carrying value for limited partnership interests
	As of December 31, 2020						As of December 31, 2019
($ in millions)	EMA		Fair Value		Total		EMA		Fair Value		Total
Private equity	$	4,417	$	1,708	$	6,125	$	4,463	$	1,668	$	6,131
Real estate	958		116		1,074		899		142		1,041
Other (1)	410		—		410		902		4		906
Total	$	5,785	$	1,824	$	7,609	$	6,264	$	1,814	$	8,078

(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.

Principal geographic distribution of municipal bond


Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
	As of December 31,
(% of municipal bond portfolio carrying value)	2020		2019
California	12.8	%	8.6	%
Texas	11.0		12.7
New York	5.3		3.7
Colorado	4.8		5.8
Washington	4.0		5.5

Schedule of other investments, by type


Other investments by asset type
	As of December 31,
($ in millions)	2020		2019
Bank loans, net	$	1,018	$	1,204
Real estate	974		1,005
Policy loans	754		894
Agent loans, net	631		666
Derivatives and other	312		236
Total	$	3,689	$	4,005

Allowance for credit loss


Rollforward of credit loss allowance for premium installment receivables
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(91)
Increase in the provision for credit losses	(223)
Write-off of uncollectible premium installment receivable amounts	161
Ending balance	$	(153)


Allowance for credit losses
($ in millions)	December 31, 2020		January 1, 2020
Fixed income securities	$	3	$	—
Mortgage loans	67		45
Other investments
Bank loans	67		53
Agent loans	5		5
Investments	142		103
Premium installment receivables	153		91
Reinsurance recoverables	74		74
Other assets	23		18
Assets	392		286

Commitments to fund mortgage loans, bank loans and agent loans	1		3
Liabilities	1		3
Total	$	393	$	289


Rollforward of credit loss allowance for fixed income securities
	For the year ended
($ in millions)	December 31, 2020
Beginning balance	$	—
Credit losses on securities for which credit losses not previously reported	(5)

Reduction of allowance related to sales	2
Write-offs	—



Ending balance (1)	$	(3)

(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.


Rollforward of credit loss allowance for mortgage loans
($ in millions)	For the year ended December 31, 2020
Beginning balance	$	(3)
Cumulative effect of change in accounting principle	(42)
Net increases related to credit losses	(39)
Reduction of allowance related to sales	17
Write-offs	—
Ending balance	$	(67)


Rollforward of credit loss allowance for bank loans
	For the year ended December 31, 2020
($ in millions)
Beginning balance	$	—
Cumulative effect of change in accounting principle	(53)
Net increases related to credit losses	(28)
Reduction of allowance related to sales	9
Write-offs	5
Ending balance	$	(67)

Schedule of gross unrealized losses and fair value of available for sale securities by length of time


Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position

	Less than 12 months					12 months or more
($ in millions)	Number of issues	Fair value		Unrealized losses		Number of issues	Fair value		Unrealized losses		Total unrealized losses
December 31, 2020
Fixed income securities
U.S. government and agencies	23	$	185	$	(1)	—	$	—	$	—	$	(1)
Municipal	47	148		(2)		—	—		—		(2)
Corporate	127	1,229		(39)		27	187		(26)		(65)
Foreign government	7	7		—		—	—		—		—
ABS	22	160		(2)		13	49		(3)		(5)
MBS	14	—		—		67	—		—		—
Total fixed income securities	240	$	1,729	$	(44)	107	$	236	$	(29)	$	(73)
Investment grade fixed income securities	163	$	1,193	$	(13)	84	$	117	$	(17)	$	(30)
Below investment grade fixed income securities	77	536		(31)		23	119		(12)		(43)
Total fixed income securities	240	$	1,729	$	(44)	107	$	236	$	(29)	$	(73)

December 31, 2019
Fixed income securities
U.S. government and agencies	31	$	1,713	$	(26)	10	$	26	$	—	$	(26)
Municipal	307	576		(9)		1	14		(2)		(11)
Corporate	186	1,392		(20)		65	485		(27)		(47)
Foreign government	55	412		(4)		6	102		(1)		(5)
ABS	36	193		(2)		23	160		(4)		(6)
MBS	27	15		—		123	14		(1)		(1)
Total fixed income securities	642	$	4,301	$	(61)	228	$	801	$	(35)	$	(96)
Investment grade fixed income securities	581	$	3,878	$	(41)	185	$	594	$	(20)	$	(61)
Below investment grade fixed income securities	61	423		(20)		43	207		(15)		(35)
Total fixed income securities	642	$	4,301	$	(61)	228	$	801	$	(35)	$	(96)

Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution


Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2020
($ in millions)	Investment grade		Below investment grade		Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)	$	(15)	$	(24)	$	(39)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)	(15)		(19)		(34)
Total unrealized losses	$	(30)	$	(43)	$	(73)

(1)Below investment grade fixed income securities include $17 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)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.


Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
	December 31, 2020														December 31, 2019
($ in millions)	2015 and prior		2016		2017		2018		2019		Current		Total		Total
Below 1.0	$	15	$	—	$	—	$	—	$	—	$	—	$	15	$	56
1.0 - 1.25	133		27		36		70		48		24		338		225
1.26 - 1.50	378		41		144		187		333		6		1,089		1,237
Above 1.50	1,037		396		283		373		499		112		2,700		3,302
Amortized cost before allowance	$	1,563	$	464	$	463	$	630	$	880	$	142	$	4,142	$	4,820
Allowance (1)													(67)		(3)
Amortized cost, net													$	4,075	$	4,817

(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses.

Bank loans amortized cost by credit quality and year of origination


Bank loans amortized cost by credit rating and year of origination
($ in millions)	As of December 31, 2020
	2015 and prior		2016		2017		2018		2019		Current		Total
BBB	$	—	$	—	$	9	$	7	$	14	$	13	$	43
BB	20		2		25		58		53		54		212
B	11		23		115		141		122		195		607
CCC and below	7		16		44		50		74		32		223
Amortized cost before allowance	$	38	$	41	$	193	$	256	$	263	$	294	$	1,085
Allowance													(67)
Amortized cost, net													$	1,018

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis


Assets and liabilities measured at fair value
	As of December 31, 2020
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	2,863		$	359		$	—					$	3,222
Municipal	—			9,520			67						9,587
Corporate - public	—			36,346			98						36,444
Corporate - privately placed	—			14,568			130						14,698
Foreign government	—			1,055			—						1,055
ABS	—			1,213			57						1,270
MBS	—			51			27						78



Total fixed income securities	2,863			63,112			379						66,354
Equity securities	3,882			410			418						4,710
Short-term investments	7,477			288			35						7,800
Other investments: Free-standing derivatives	—			219			—			$	(15)		204
Separate account assets	3,344			—			—						3,344
Other assets	1			—			—						1


Total recurring basis assets	17,567			64,029			832			(15)			82,413
Total assets at fair value	$	17,567		$	64,029		$	832		$	(15)		$	82,413
% of total assets at fair value	21.3		%	77.7		%	1.0		%	—		%	100.0		%

Investments reported at NAV													1,824
Total													$	84,237

Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	—		$	—		$	(516)					$	(516)
Other liabilities: Free-standing derivatives	—			(153)			—			$	27		(126)
Total recurring basis liabilities	$	—		$	(153)		$	(516)		$	27		$	(642)
% of total liabilities at fair value	—		%	23.8		%	80.4		%	(4.2)		%	100.0		%


Assets and liabilities measured at fair value
	As of December 31, 2019
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	4,689		$	397		$	—					$	5,086
Municipal	—			8,558			62						8,620
Corporate - public	—			30,819			61						30,880
Corporate - privately placed	—			12,084			114						12,198
Foreign government	—			979			—						979
ABS	—			797			65						862
MBS	—			379			40						419



Total fixed income securities	4,689			54,013			342						59,044
Equity securities	7,407			384			371						8,162
Short-term investments	1,940			2,291			25						4,256
Other investments: Free-standing derivatives	—			180			—			$	(40)		140
Separate account assets	3,044			—			—						3,044
Other assets	1			—			—						1

Total recurring basis assets	17,081			56,868			738			(40)			74,647

Total assets at fair value	$	17,081		$	56,868		$	738		$	(40)		$	74,647
% of total assets at fair value	22.9		%	76.2		%	1.0		%	(0.1)		%	100.0		%

Investments reported at NAV													1,814
Total													$	76,461
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	—		$	—		$	(462)					$	(462)
Other liabilities: Free-standing derivatives	—			(84)			—			$	12		(72)



Total recurring basis liabilities	$	—		$	(84)		$	(462)		$	12		$	(534)
% of total liabilities at fair value	—		%	15.7		%	86.5		%	(2.2)		%	100.0		%

Summary of quantitative information about the significant unobservable inputs

Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements

($ in millions)

Fair value

Valuation

technique

Unobservable

input

Range

Weighted

average

December 31, 2020

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options

(483)

Stochastic cash flow model

Projected option cost

1.0% - 4.2%

2.80%

December 31, 2019

Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options

(430)

Stochastic cash flow model

Projected option cost

1.0% - 4.2%

2.67%

Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020
	Balance as of December 31, 2019		Total gains (losses) included in:				Transfers												Balance as of December 31, 2020
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	62	$	1	$	2	$	20	$	(11)	$	—	$	(4)	$	—	$	(3)	$	67
Corporate - public	61		(1)		1		2		—		55		(19)		—		(1)		98
Corporate - privately placed	114		2		(12)		52		(31)		25		(17)		—		(3)		130
ABS	65		—		(1)		54		(49)		48		(32)		—		(28)		57
MBS	40		1		(2)		—		—		11		(7)		—		(16)		27
Total fixed income securities	342		3		(12)		128		(91)		139		(79)		—		(51)		379
Equity securities	371		(3)		—		—		—		66		(16)		—		—		418
Short-term investments	25		—		—		—		(25)		35		—		—		—		35


Total recurring Level 3 assets	738		—		(12)		128		(116)		240		(95)		—		(51)		832
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(462)		(43)		—		—		—		—		—		(34)		23		(516)
Total recurring Level 3 liabilities	$	(462)	$	(43)	$	—	$	—	$	—	$	—	$	—	$	(34)	$	23	$	(516)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2020
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	(23)	$	23	$	(1)	$	(42)	$	(43)


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019
	Balance as of December 31, 2018		Total gains (losses) included in:				Transfers												Balance as of December 31, 2019
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:

Municipal	$	70	$	1	$	4	$	—	$	(5)	$	—	$	(5)	$	—	$	(3)	$	62
Corporate - public	70		—		3		30		(113)		86		(11)		—		(4)		61
Corporate - privately placed	90		(1)		2		43		(2)		4		(13)		—		(9)		114
ABS	69		1		(1)		76		(210)		159		(22)		—		(7)		65
MBS	26		—		(2)		9		—		9		—		—		(2)		40



Total fixed income securities	325		1		6		158		(330)		258		(51)		—		(25)		342
Equity securities	341		30		—		—		—		82		(82)		—		—		371
Short-term investments	30		—		—		—		—		35		(40)		—		—		25
Free-standing derivatives, net	1		(1)		—		—		—		—		—		—		—		—

Total recurring Level 3 assets	697		30		6		158		(330)		375		(173)		—		(25)		738
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(224)		(61)		—		(175)		—		—		—		(16)		14		(462)
Total recurring Level 3 liabilities	$	(224)	$	(61)	$	—	$	(175)	$	—	$	—	$	—	$	(16)	$	14	$	(462)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2019
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	(2)	$	32	$	7	$	(68)	$	(31)


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2018
	Balance as of December 31, 2017		Total gains (losses) included in:				Transfers												Balance as of December 31, 2018
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	101	$	1	$	(2)	$	—	$	(26)	$	10	$	(8)	$	—	$	(6)	$	70
Corporate - public	108		—		(3)		17		(21)		10		(38)		—		(3)		70
Corporate - privately placed	224		(1)		(3)		20		(119)		22		(5)		—		(48)		90
ABS	147		—		2		42		(159)		160		(97)		—		(26)		69
MBS	26		—		—		—		—		1		—		—		(1)		26
Total fixed income securities	606		—		(6)		79		(325)		203		(148)		—		(84)		325
Equity securities	210		37		—		—		—		109		(15)		—		—		341
Short-term investments	20		—		—		—		—		55		(45)		—		—		30
Free-standing derivatives, net	1		—		—		—		—		—		—		—		—		1

Total recurring Level 3 assets	837		37		(6)		79		(325)		367		(208)		—		(84)		697
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(286)		58		—		—		—		—		—		(2)		6		(224)
Total recurring Level 3 liabilities	$	(286)	$	58	$	—	$	—	$	—	$	—	$	—	$	(2)	$	6	$	(224)


Total Level 3 gains (losses) included in net income for the year ended December 31, 2018
($ in millions)	Net investment income		Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Total
Components of net income	$	—	$	37	$	(5)	$	63	$	95

Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date


Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2020		2019		2018
Assets
Fixed income securities:
Municipal	$	1	$	1	$	—
Corporate - public	(2)		—		—
Corporate - privately placed	2		—		—



Total fixed income securities	1		1		—
Equity securities	(3)		6		36
Free-standing derivatives, net	—		(1)		—


Total recurring Level 3 assets	$	(2)	$	6	$	36
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	$	(43)	$	(61)	$	58

Total recurring Level 3 liabilities	(43)		(61)		58
Total included in net income	$	(45)	$	(55)	$	94

Components of net income
Net investment income	$	(24)	$	(2)	$	—
Realized capital gains (losses)	22		8		36
Life contract benefits	(1)		7		(5)
Interest credited to contractholder funds	(42)		(68)		63
Total included in net income	$	(45)	$	(55)	$	94

Assets
Municipal	$	2
Corporate - public	1
Corporate - privately placed	(11)
ABS	(1)
Changes in unrealized net capital gains and losses reported in OCI (1)	$	(9)

(1)Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI.

Schedule of carrying values and fair value estimates of financial instruments not carried at fair value


Financial instruments not carried at fair value
($ in millions)		December 31, 2020				December 31, 2019
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value

Mortgage loans	Level 3	$	4,075	$	4,348	$	4,817	$	5,012
Bank loans	Level 3	1,018		1,053		1,204		1,185
Agent loans	Level 3	631		634		666		664


Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	7,795	$	9,089	$	8,438	$	9,158
Long-term debt	Level 2	7,825		9,489		6,631		7,738
Liability for collateral	Level 2	1,249		1,249		1,829		1,829

(1)Represents the amounts reported on the Consolidated Statements of Financial Position.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Derivative Financial Instruments and Off-balance sheet Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Financial Instruments and Off-balance sheet Financial Instruments

Volume and fair value positions of derivative instruments and location in the Consolidated Statement of Financial Position


Summary of the volume and fair value positions of derivative instruments as of December 31, 2020
		Volume (1)
($ in millions, except number of contracts)	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives
Derivatives designated as fair value accounting hedging instruments
Other	Other assets	$	3	n/a	$	—	$	—	$	—

Derivatives not designated as accounting hedging instruments
Interest rate contracts
Interest rate cap agreements	Other investments	13		n/a	—		—		—

Futures	Other assets	n/a		602	—		—		—
Equity and index contracts
Options	Other investments	n/a		2,887	190		190		—
Futures	Other assets	n/a		951	1		1		—
Total return index contracts

Total return swap agreements - equity index	Other investments	8		n/a	1		1		—
Foreign currency contracts
Foreign currency forwards	Other investments	404		n/a	5		13		(8)
Embedded derivative financial instruments
Other embedded derivative financial instruments	Other investments	750		n/a	—		—		—
Credit default contracts
Credit default swaps – buying protection	Other investments	77		n/a	(4)		—		(4)
Credit default swaps – selling protection	Other investments	754		n/a	13		13		—



Subtotal		2,006		4,440	206		218		(12)
Total asset derivatives		$	2,009	4,440	$	206	$	218	$	(12)

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts

Interest rate cap agreements	Other liabilities & accrued expenses	$	19	n/a	$	—	$	—	$	—

Futures	Other liabilities & accrued expenses	n/a		730	—		—		—
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		2,712	(110)		—		(110)
Futures	Other liabilities & accrued expenses	n/a		666	—		—		—
Total return index contracts
Total return swap agreements - fixed income	Other liabilities & accrued expenses	50		n/a	—		—		—

Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	367		n/a	(13)		2		(15)
Embedded derivative financial instruments
Guaranteed accumulation benefits	Contractholder funds	128		n/a	(18)		—		(18)
Guaranteed withdrawal benefits	Contractholder funds	190		n/a	(15)		—		(15)
Equity-indexed and forward starting options in life and annuity product contracts	Contractholder funds	1,785		n/a	(483)		—		(483)

Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	638		n/a	(16)		—		(16)
Credit default swaps – selling protection	Other liabilities & accrued expenses	5		n/a	—		—		—

Total liability derivatives		3,182		4,108	(655)		$	2	$	(657)
Total derivatives		$	5,191	8,548	$	(449)


Summary of the volume and fair value positions of derivative instruments as of December 31, 2019
		Volume
($ in millions, except number of contracts)	Balance sheet location	Notional amount		Number of contracts	Fair value, net		Gross asset		Gross liability
Asset derivatives
Derivatives designated as fair value accounting hedging instruments
Other	Other assets	$	2	n/a	$	—	$	—	$	—

Derivatives not designated as accounting hedging instruments
Interest rate contracts


Futures	Other assets	n/a		3,668	—		—		—
Equity and index contracts
Options	Other investments	n/a		5,539	140		140		—
Futures	Other assets	n/a		1,533	1		1		—
Total return index contracts

Total return swap agreements - fixed income	Other investments	56		n/a	1		1		—





Credit default contracts
Credit default swaps – buying protection	Other investments	17		n/a	—		—		—



Subtotal		73		10,740	142		142		—
Total asset derivatives		$	75	10,740	$	142	$	142	$	—

Liability derivatives


Derivatives not designated as accounting hedging instruments
Interest rate contracts


Interest rate cap agreements	Other liabilities & accrued expenses	$	34	n/a	$	—	$	—	$	—
Futures	Other liabilities & accrued expenses	n/a		1,089	—		—		—
Equity and index contracts
Options	Other liabilities & accrued expenses	n/a		5,400	(68)		—		(68)
Futures	Other liabilities & accrued expenses	n/a		3	—		—		—
Total return index contracts
Total return swap agreements - fixed income	Other liabilities & accrued expenses	119		n/a	—		—		—
Total return swap agreements - equity index	Other liabilities & accrued expenses	187		n/a	11		11		—
Foreign currency contracts
Foreign currency forwards	Other liabilities & accrued expenses	745		n/a	19		28		(9)
Embedded derivative financial instruments
Guaranteed accumulation benefits	Contractholder funds	161		n/a	(18)		—		(18)
Guaranteed withdrawal benefits	Contractholder funds	205		n/a	(14)		—		(14)
Equity-indexed and forward starting options in life and annuity product contracts	Contractholder funds	1,791		n/a	(430)		—		(430)

Credit default contracts
Credit default swaps – buying protection	Other liabilities & accrued expenses	152		n/a	(7)		—		(7)
Credit default swaps – selling protection	Other liabilities & accrued expenses	9		n/a	—		—		—

Total liability derivatives		3,403		6,492	(507)		$	39	$	(546)
Total derivatives		$	3,478	17,232	$	(365)

Schedule of gross and net amount for the Company's OTC derivatives subject to enforceable master netting arrangements


Gross and net amounts for OTC derivatives (1)
			Offsets
($ in millions)	Gross amount		Counter- party netting		Cash collateral (received) pledged		Net amount on balance sheet		Securities collateral (received) pledged		Net amount
December 31, 2020
Asset derivatives	$	16	$	(14)	$	(1)	$	1	$	—	$	1
Liability derivatives	(28)		14		13		(1)		—		(1)

December 31, 2019
Asset derivatives	$	40	$	(39)	$	(1)	$	—	$	—	$	—
Liability derivatives	(16)		39		(27)		(4)		—		(4)

(1)All OTC derivatives are subject to enforceable master netting agreements.

Gains and losses from valuation, settlements, and hedge ineffectiveness, fair value hedges and derivatives not designated as hedges


Gains (losses) from valuation and settlements reported on derivatives not designated as accounting hedges
($ in millions)	Realized capital gains (losses)		Life contract benefits		Interest credited to contractholder funds		Operating costs and expenses		Total gain (loss) recognized in net income on derivatives
2020
Interest rate contracts	$	40	$	—	$	—	$	—	$	40
Equity and index contracts	21		—		22		29		72
Embedded derivative financial instruments	—		(1)		(53)		—		(54)
Foreign currency contracts	(20)		—		—		—		(20)
Credit default contracts	7		—		—		—		7
Total return swaps - fixed income	1		—		—		—		1
Total return swaps - equity index	4		—		—		—		4

Total	$	53	$	(1)	$	(31)	$	29	$	50

2019
Interest rate contracts	$	51	$	—	$	—	$	—	$	51
Equity and index contracts	(116)		—		63		40		(13)
Embedded derivative financial instruments	—		7		(70)		—		(63)
Foreign currency contracts	8		—		—		—		8
Credit default contracts	(8)		—		—		—		(8)
Total return swaps - fixed income	14		—		—		—		14
Total return swaps - equity index	36		—		—		—		36

Total	$	(15)	$	7	$	(7)	$	40	$	25

2018
Interest rate contracts	$	(2)	$	—	$	—	$	—	$	(2)
Equity and index contracts	21		—		(24)		(21)		(24)
Embedded derivative financial instruments	—		(5)		67		—		62
Foreign currency contracts	29		—		—		(1)		28
Credit default contracts	2		—		—		—		2
Total return swaps - fixed income	(1)		—		—		—		(1)
Total return swaps - equity	(6)		—		—		—		(6)

Total	$	43	$	(5)	$	43	$	(22)	$	59

Counterparty credit exposure by counterparty credit rating


OTC derivatives counterparty credit exposure by counterparty credit rating
($ in millions)	2020							2019
Rating (1)	Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)		Number of counter-parties	Notional amount (2)		Credit exposure (2)		Exposure, net of collateral (2)

A+	3	$	280	$	7	$	—	6	$	868	$	29	$	—




Total	3	$	280	$	7	$	—	6	$	868	$	29	$	—

(1)Allstate uses the lower of S&P’s or Moody’s long-term debt issuer ratings.

(2)Only OTC derivatives with a net positive fair value are included for each counterparty.

Derivative instruments with credit features in a liability position, including fair value of assets and collateral netted against the liability




($ in millions)	2020		2019
Gross liability fair value of contracts containing credit-risk-contingent features	$	27	$	16
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(9)		(11)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(17)		(3)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$	1	$	2

Schedule of derivative CDS notional amount by credit rating and fair value of protection sold


CDS notional amounts by credit rating and fair value of protection sold
	Notional amount
($ in millions)	AAA		AA		A		BBB		BB and lower		Total		Fair value
December 31, 2020
Single name
Corporate debt	$	—	$	—	$	—	$	—	$	9	$	9	$	—
Index
Corporate debt	6		12		156		492		84		750		13
Total	$	6	$	12	$	156	$	492	$	93	$	759	$	13

December 31, 2019
Single name
Corporate debt	$	—	$	—	$	—	$	—	$	9	$	9	$	—
Total	$	—	$	—	$	—	$	—	$	9	$	9	$	—

Contractual amounts of off-balance-sheet financial instruments


Contractual amounts of off-balance sheet financial instruments
	As of December 31,
($ in millions)	2020		2019
Commitments to invest in limited partnership interests	$	2,933	$	2,837
Private placement commitments	36		68
Other loan commitments	92		189

Reserve for Property and Casualty Insurance Claims and Claims Expense (Tables)

12 Months Ended

Dec. 31, 2020

Reserve for Property-Liability Insurance Claims and Claims Expense

Activity in the reserve for property-liability insurance claims and claims expense


Rollforward of reserve for property and casualty insurance claims and claims expense
($ in millions)	2020		2019		2018
Balance as of January 1	$	27,712	$	27,423	$	26,325
Less recoverables (1)	(6,912)		(7,155)		(6,471)
Net balance as of January 1	20,800		20,268		19,854
Incurred claims and claims expense related to:
Current year	22,437		24,106		23,033
Prior years	(436)		(130)		(255)
Total incurred	22,001		23,976		22,778
Claims and claims expense paid related to:
Current year	(14,245)		(15,160)		(14,877)
Prior years	(7,979)		(8,284)		(7,487)
Total paid	(22,224)		(23,444)		(22,364)
Net balance as of December 31	20,577		20,800		20,268
Plus recoverables	7,033		6,912		7,155
Balance as of December 31	$	27,610	$	27,712	$	27,423

(1) Recoverables comprises reinsurance and indemnification recoverables. See Note 10 for further details.


Reconciliation of total claims and claims expense incurred and paid by coverage
	December 31, 2020
($ in millions)	Incurred		Paid
Allstate Protection
Auto insurance - liability coverage	$	7,629	$	(7,939)
Auto insurance - physical damage coverage	4,817		(4,716)
Homeowners insurance	4,889		(4,731)
Total auto and homeowners insurance	17,335		(17,386)
Other personal lines	1,015		(1,007)
Commercial lines	585		(463)
Protection Services	319		(326)
Discontinued Lines and Coverages	132		(88)
Unallocated loss adjustment expenses (“ULAE”)	2,681		(2,590)
Claims incurred and paid from before 2016	(32)		(423)
Other	(34)		59
Total	$	22,001	$	(22,224)


Prior year reserve reestimates included in claims and claims expense (1)
	Twelve months ended December 31,
($ in millions)	Non-catastrophe losses						Catastrophe losses						Total
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Auto	$	(63)	$	(306)	$	(416)	$	(44)	$	(17)	$	(39)	$	(107)	$	(323)	$	(455)
Homeowners	(17)		(1)		(51)		(422)		66		65		(439)		65		14
Other personal lines	(27)		8		(6)		(39)		—		(1)		(66)		8		(7)
Commercial lines	34		18		108		2		(1)		—		36		17		108
Discontinued Lines and Coverages (2)	141		105		87		—		—		—		141		105		87
Protection Services	(1)		(2)		(2)		—		—		—		(1)		(2)		(2)
Total prior year reserve reestimates	$	67	$	(178)	$	(280)	$	(503)	$	48	$	25	$	(436)	$	(130)	$	(255)

(1)Favorable reserve reestimates are shown in parentheses.

(2)The Company’s 2020 annual reserve review, using established industry and actuarial best practices, resulted in unfavorable reestimates of $132 million.


Reserves for asbestos, environmental and other discontinued lines claims before and after the effects of reinsurance
($ in millions)	December 31, 2020		December 31, 2019
Asbestos claims (1)
Gross reserves	$	1,204	$	1,172
Reinsurance	(377)		(362)
Net reserves	827		810
Environmental claims (1)
Gross reserves	249		219
Reinsurance	(43)		(40)
Net reserves	206		179
Other discontinued lines
Gross reserves	435		427
Reinsurance	(60)		(51)
Net reserves	375		376
Total
Gross reserves	1,888		1,818
Reinsurance	(480)		(453)
Net reserves	$	1,408	$	1,365

(1) For further discussion of asbestos and environmental reserves, see Note 14.

Short-duration insurance contracts, claims development

The information about incurred and paid claims development for the 2016 to 2020 years, and the average annual percentage payout of incurred claims by age as of December 31, 2020, is presented as required supplementary information.

Auto insurance – liability coverage


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	9,038	$	8,841	$	8,740	$	8,690	$	8,709	$	19	$	554	2,400,904
2017	—		8,465		8,396		8,312		8,330		18		1,017		2,217,132
2018	—		—		8,734		8,715		8,731		16		1,846		2,180,275
2019	—		—		—		9,341		9,295		(46)		3,064		2,205,813
2020	—		—		—		—		7,622				4,919		1,500,921
							Total		$	42,687	$	7
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(20)
Prior year reserve reestimates for ULAE											23
Other											(3)
Total prior year reserve reestimates											$	7

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	3,487	$	5,772	$	6,853	$	7,700	$	8,155
2017	—		3,151		5,333		6,532		7,313
2018	—		—		3,231		5,618		6,885
2019	—		—		—		3,498		6,231
2020	—		—		—		—		2,703
							Total		$	31,287
All outstanding liabilities before 2016, net of recoverables									1,389
Liabilities for claims and claim adjustment expenses, net of recoverables									$	12,789

Auto insurance – physical damage coverage


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	5,128	$	5,054	$	5,027	$	5,023	$	5,022	$	(1)	$	5	4,432,048
2017	—		5,121		5,039		5,028		5,027		(1)		1		4,237,772
2018	—		—		5,219		5,157		5,108		(49)		9		4,310,750
2019	—		—		—		5,662		5,606		(56)		26		4,469,473
2020	—		—		—		—		4,924				324		3,493,530
							Total		$	25,687	$	(107)
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(1)
Prior year reserve reestimates for ULAE											(5)
Other											(1)
Total prior year reserve reestimates											$	(114)

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	4,890	$	5,033	$	5,022	$	5,018	$	5,017
2017	—		4,847		5,039		5,030		5,026
2018	—		—		4,971		5,140		5,099
2019	—		—		—		5,418		5,580
2020	—		—		—		—		4,600
							Total		$	25,322
All outstanding liabilities before 2016, net of recoverables									8
Liabilities for claims and claim adjustment expenses, net of recoverables									$	373

Homeowners insurance


($ in millions, except number of reported claims)	Incurred claims and allocated claim adjustment expenses, net of recoverables												IBNR reserves plus expected development on reported claims		Cumulative number of reported claims
	For the years ended December 31,										Prior year reserve reestimates		As of December 31, 2020
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	3,961	$	3,995	$	3,958	$	3,953	$	3,948	$	(5)	$	43	814,026
2017	—		4,477		4,619		4,614		4,390		(224)		61		908,714
2018	—		—		4,749		4,854		4,551		(303)		182		811,046
2019	—		—		—		4,549		4,601		52		301		784,257
2020	—		—		—		—		5,369				1,398		838,829
							Total		$	22,859	$	(480)
Reconciliation to total prior year reserve reestimates recognized by line
Prior year reserve reestimates for pre-2016 accident years											(11)
Prior year reserve reestimates for ULAE											52
Other											—
Total prior year reserve reestimates											$	(439)

	Cumulative paid claims and allocated claims adjustment expenses, net of recoverables
	For the years ended December 31,
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Accident year	2016		2017		2018		2019		2020
2016	$	2,949	$	3,680	$	3,811	$	3,876	$	3,905
2017	—		3,228		4,249		4,437		4,329
2018	—		—		3,491		4,514		4,369
2019	—		—		—		3,316		4,300
2020	—		—		—		—		3,971
							Total		$	20,874
All outstanding liabilities before 2016, net of recoverables									119
Liabilities for claims and claim adjustment expenses, net of recoverables									$	2,104

Average annual percentage payout of incurred claims by age, net of reinsurance


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Auto insurance – liability coverage	39.4	%	27.5	%	13.1	%	8.4	%	4.9	%


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Auto insurance – physical damage coverage	96.9	%	3.0	%	(0.3)	%	(0.1)	%	—	%


Average annual percentage payout of incurred claims by age, net of recoverables, as of December 31, 2020
	1 year		2 years		3 years		4 years		5 years
Homeowners insurance	75.2	%	19.4	%	2.5	%	0.9	%	0.7	%

Reconciliation of the net incurred claims and claims expense development


Reconciliation of the net incurred and paid claims development tables above to the reserve for property and casualty insurance claims and claims expense
($ in millions)	As of December 31, 2020
Net outstanding liabilities
Allstate Protection
Auto insurance - liability coverage	$	12,789
Auto insurance - physical damage coverage	373
Homeowners insurance	2,104
Other personal lines	1,335
Commercial lines	1,132
Protection Services	30
Discontinued Lines and Coverages (1)	1,330
ULAE	1,484
Net reserve for property and casualty insurance claims and claims expense	20,577

Recoverables
Allstate Protection
Auto insurance - liability coverage	5,979
Auto insurance - physical damage coverage	4
Homeowners insurance	171
Other personal lines	153
Commercial lines	196
Protection Services	10
Discontinued Lines and Coverages	479
ULAE	41
Total recoverables	7,033
Gross reserve for property and casualty insurance claims and claims expense	$	27,610

Reserve for Life-Contingent Contract Benefits and Contractholder Funds (Tables)

12 Months Ended

Dec. 31, 2020

Reserve for Life-Contingent Contract Benefits and Contractholder Funds

Reserve for life-contingent contract benefits


Reserve for life-contingent contract benefits
	As of December 31,
($ in millions)	2020		2019
Immediate fixed annuities:
Structured settlement annuities	$	7,407	$	6,840
Other immediate fixed annuities	1,511		1,612
Traditional life insurance	2,942		2,897
Accident and health insurance	841		873
Other	67		78
Total reserve for life-contingent contract benefits	$	12,768	$	12,300

Key assumptions generally used in calculating the reserve for life-contingent contract benefits

Product

Mortality

Interest rate

Estimation method

Structured settlement annuities

Actual company experience with projected calendar year improvements

4.7%

Present value of contractually specified future benefits and expenses

Other immediate fixed annuities

Actual company experience with projected calendar year improvements

4.7%

Present value of expected future benefits and expenses

Traditional life insurance

Actual company experience plus loading

Interest rate assumptions range from 2.5% to 11.3%

Net level premium reserve method using the Company’s withdrawal experience rates; includes reserves for unpaid claims

Accident and health insurance

Actual company experience plus loading

Interest rate assumptions range from 3.0% to 7.0%

Unearned premium; additional contract reserves for mortality risk and unpaid claims

Other:

Variable annuity guaranteed minimum death benefits (1)

Annuity 2012 mortality table with internal modifications

Interest rate assumptions range from 1.4% to 5.8%

Projected benefit ratio applied to cumulative assessments

Contractholder funds


Contractholder funds
	As of December 31,
($ in millions)	2020		2019
Interest-sensitive life insurance	$	8,493	$	8,384
Investment contracts:
Fixed annuities	8,196		8,845

Other investment contracts	524		463
Total contractholder funds	$	17,213	$	17,692

Key contract provisions relating to contractholder funds

Key contract provisions of contractholder funds

Product

Interest rate

Withdrawal/surrender charges

Interest-sensitive life insurance

Interest rates credited range from 0.0% to 9.0% for equity-indexed life (whose returns are indexed to the S&P 500) and 1.0% to 6.0% for all other products

Either a percentage of account balance or dollar amount grading off generally over 20 years

Fixed annuities

Other investment contracts:

Guaranteed minimum income, accumulation and withdrawal benefits on variable (1) and fixed annuities and secondary guarantees on interest-sensitive life insurance and fixed annuities

Interest rates used in establishing reserves range from 1.7% to 10.3%

Withdrawal and surrender charges are based on the terms of the related interest-sensitive life insurance or fixed annuity contract

(1)In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with Prudential.

Contractholder funds activity


Contractholder funds activity
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	17,692	$	18,371	$	19,434


Deposits	1,062		1,091		1,109
Interest credited	633		636		650
Benefits	(775)		(791)		(844)
Surrenders and partial withdrawals	(728)		(884)		(1,135)

Contract charges	(836)		(825)		(824)
Net transfers from separate accounts	5		10		6
Other adjustments	160		84		(25)


Balance, end of year	$	17,213	$	17,692	$	18,371

Variable annuity contracts with guarantees


($ in millions)	As of December 31,
	2020		2019
In the event of death
Separate account value	$	3,197	$	2,928
Net amount at risk (1)	$	308	$	373
Average attained age of contractholders	72 years		71 years
At annuitization (includes income benefit guarantees)
Separate account value	$	925	$	848
Net amount at risk (2)	$	140	$	173
Weighted average waiting period until annuitization options available	None		None
For cumulative periodic withdrawals
Separate account value	$	178	$	190
Net amount at risk (3)	$	12	$	13
Accumulation at specified dates
Separate account value	$	93	$	123
Net amount at risk (4)	$	11	$	15
Weighted average waiting period until guarantee date	3 years		4 years

(1)Defined as the estimated current guaranteed minimum death benefit in excess of the current account balance as of the balance sheet date.

(2)Defined as the estimated present value of the guaranteed minimum annuity payments in excess of the current account balance.

(3)Defined as the estimated current guaranteed minimum withdrawal balance (initial deposit) in excess of the current account balance as of the balance sheet date.

(4)Defined as the estimated present value of the guaranteed minimum accumulation balance in excess of the current account balance.

Liabilities for guarantees


Summary of liabilities for guarantees
($ in millions)	Liability for guarantees related to death benefits and interest-sensitive life products		Liability for guarantees related to income benefits		Liability for guarantees related to accumulation and withdrawal benefits		Total
Balance, December 31, 2019	$	293	$	24	$	102	$	419
Less reinsurance recoverables	81		20		32		133
Net balance as of December 31, 2019	212		4		70		286
Incurred guarantee benefits	50		—		18		68
Paid guarantee benefits	(2)		—		—		(2)
Net change	48		—		18		66
Net balance as of December 31, 2020	260		4		88		352
Plus reinsurance recoverables	69		23		33		125
Balance, December 31, 2020	$	329	$	27	$	121	$	477

Balance, December 31, 2018	$	308	$	39	$	97	$	444
Less reinsurance recoverables	111		35		39		185
Net balance as of December 31, 2018	197		4		58		259
Incurred guarantee benefits	18		—		12		30
Paid guarantee benefits	(3)		—		—		(3)
Net change	15		—		12		27
Net balance as of December 31, 2019	212		4		70		286
Plus reinsurance recoverables	81		20		32		133
Balance, December 31, 2019	$	293	$	24	$	102	$	419

Reserves included in total liability balance for guarantees


Reserves included in total liability balance for guarantees, as of December 31, by type of benefit
($ in millions)	2020		2019		2018
Variable annuity
Death benefits	$	67	$	78	$	109
Income benefits	24		21		36
Accumulation benefits	18		18		25
Withdrawal benefits	15		14		14
Other guarantees	353		288		260
Total	$	477	$	419	$	444

Reinsurance and Indemnification (Tables)

12 Months Ended

Dec. 31, 2020

Reinsurance Disclosures [Abstract]

Effects of reinsurance on property-liability insurance premiums written and earned and life and annuity premiums and contract charges


Effects of reinsurance and indemnification on property and casualty premiums written and earned and life premiums and contract charges
	For the years ended December 31,
($ in millions)	2020		2019		2018
Property and casualty insurance premiums written
Direct	$	38,695	$	37,976	$	35,895
Assumed	105		95		99
Ceded	(1,142)		(1,117)		(1,008)
Property and casualty insurance premiums written, net of recoverables	$	37,658	$	36,954	$	34,986

Property and casualty insurance premiums earned
Direct	$	38,115	$	37,104	$	34,977
Assumed	99		94		87
Ceded	(1,141)		(1,122)		(1,016)
Property and casualty insurance premiums earned, net of recoverables	$	37,073	$	36,076	$	34,048

Life premiums and contract charges
Direct	$	2,001	$	2,074	$	2,001
Assumed	685		712		754
Ceded	(242)		(285)		(290)
Life premiums and contract charges, net of recoverables	$	2,444	$	2,501	$	2,465

Summary of reinsurance recoverables on paid and unpaid benefits


Reinsurance and indemnification recoverables, net
	As of December 31,
($ in millions)	2020		2019
Property and casualty
Paid and due from reinsurers and indemnitors	$	101	$	112
Unpaid losses estimated (including IBNR)	7,033		6,912
Total property and casualty	$	7,134	$	7,024

Allstate Annuities (1)	$	1,293	$	1,305
Allstate Life (1)	712		794
Allstate Benefits (1)	81		88
Total	$	9,220	$	9,211

(1)As of December 31, 2020 and 2019, approximately 94% and 93%, respectively, of the reinsurance recoverables are due from companies rated A- or better by S&P.

Rollforward of credit loss allowance for reinsurance recoverables


Rollforward of credit loss allowance for reinsurance recoverables
	For the year ended
($ in millions)	December 31, 2020
Property and casualty (1) (2)
Beginning balance	$	(60)
Decrease in the provision for credit losses	1
Write-offs	—
Ending balance	$	(59)

Allstate Annuities, Allstate Life and Allstate Benefits
Beginning balance	$	(3)
Cumulative effect of change in accounting principle	(11)
Increase in the provision for credit losses	(1)
Write-offs	—
Ending Balance	$	(15)

(1)Primarily related to discontinued lines and coverages reinsurance ceded.

(2)Indemnification recoverables are considered collectible based on the industry pool and facility enabling legislation.

Summary of retention limits by period of policy issuance


Retention limits by period of policy issuance
Period						Retention limits
April 2015 through current						Single life: $2 million per life Joint life: no longer offered
April 2011 through March 2015						Single life: $5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria Joint life: $8 million per life, and $10 million for contracts that meet specific criteria
July 2007 through March 2011						$5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria
September 1998 through June 2007						$2 million per life, in 2006 the limit was increased to $5 million for instances when specific criteria were met
August 1998 and prior						Up to $1 million per life

Schedule of reinsurance premium ceded


Amounts ceded to Prudential
	December 31,
($ in millions)	2020		2019		2018
Premiums and contract charges	$	64	$	65	$	72
Contract benefits	46		(4)		87
Interest credited to contractholder funds	20		19		20
Operating costs and expenses	12		12		14

Deferred Policy Acquisition and Sales Inducement Costs (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition and Sales Inducement Costs

Schedule of deferred policy acquisition costs


Deferred policy acquisition costs activity
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	4,699	$	4,784	$	4,191

Acquisition costs deferred	5,758		5,622		5,663
Amortization charged to income	(5,630)		(5,533)		(5,222)
Effect of unrealized gains and losses	(127)		(174)		152
Balance, end of year	$	4,700	$	4,699	$	4,784

Schedule of DSI activity for Allstate Financial


Deferred sales inducement costs activity (1)
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance, beginning of year	$	27	$	34	$	36



Amortization charged to income	(5)		(5)		(4)
Effect of unrealized gains and losses	3		(2)		2


Balance, end of year	$	25	$	27	$	34

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2020

Capital Structure

Total debt outstanding


Total debt outstanding
	As of December 31,
($ in millions)	2020		2019
Floating Rate Senior Notes, due 2021 (1)	$	250	$	250
Floating Rate Senior Notes, due 2023 (1)	250		250
3.150% Senior Notes, due 2023 (2)	500		500
0.750% Senior Notes, due 2025 (2)	600		—
Due after one year through five years	1,600		1,000
3.280% Senior Notes, due 2026 (2)	550		550
1.450% Senior Notes, due 2030 (2)	600		—
Due after five years through ten years	1,150		550
6.125% Senior Notes, due 2032 (2)	159		159
5.350% Senior Notes due 2033 (2)	323		323
5.550% Senior Notes due 2035 (2)	546		546
5.950% Senior Notes, due 2036 (2)	386		386
6.900% Senior Debentures, due 2038	165		165
5.200% Senior Notes, due 2042 (2)	62		62
4.500% Senior Notes, due 2043 (2)	500		500
4.200% Senior Notes, due 2046 (2)	700		700
3.850% Senior Notes, due 2049 (2)	500		500
5.100% Subordinated Debentures, due 2053	500		500
5.750% Subordinated Debentures, due 2053	800		800

6.500% Junior Subordinated Debentures, due 2067	500		500

Due after ten years	5,141		5,141

Long-term debt total principal	7,891		6,691
Debt issuance costs	(66)		(60)
Total long-term debt	7,825		6,631
Short-term debt (3)	—		—
Total debt	$	7,825	$	6,631

(3)The Company classifies any borrowings which have a maturity of twelve months or less at inception as short-term debt.

Schedule of debt maturities for each of the next five years and thereafter


Debt maturities for each of the next five years and thereafter
($ in millions)
2021	$	250
2022	—
2023	750
2024	—
2025	600
Thereafter	6,291
Total long-term debt principal	$	7,891

Schedule of noncumulative outstanding preferred stock


Total preferred stock outstanding
	As of December 31,		Aggregate liquidation preference ($ in millions)						Dividend per depository share (1)						Aggregate dividend payment ($ in millions)
	2020	2019	2020		2019		Dividend rate		2020		2019		2018		2020			2019			2018
Series A	—	11,500	$	—	$	287.5	5.625	%	$	—	$	1.41	$	1.41	$	4	(2)	$	16		$	16
Series C	—	—	—		—		6.750	%	—		—		1.69		—			—			26		(2)
Series D	—	—	—		—		6.625	%	—		1.66		1.66		—			9		(2)	9
Series E	—	—	—		—		6.625	%	—		1.66		1.66		—			49		(2)	49
Series F	—	—	—		—		6.250	%	—		1.56		1.56		—			16		(2)	16
Series G	23,000	23,000	575.0		575.0		5.625	%	1.41		1.41		1.41		32			32			18
Series H	46,000	46,000	1,150.0		1,150.0		5.100	%	1.28		1.28		—		59			12			—
Series I	12,000	12,000	300.0		300.0		4.750	%	1.19		1.19		—		13			—			—
Total	81,000	92,500	$	2,025	$	2,313									$	108		$	134	(2)	$	134	(2)

(1)Each depositary share represents a 1/1,000th interest in a share of preferred stock.

Company Restructuring (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of changes in the restructuring liability


Restructuring activity during the period
($ in millions)	Employee costs		Exit costs		Total liability
Restructuring liability as of December 31, 2019	$	14	$	8	$	22
Expense incurred	214		46		260
Adjustments to liability	3		(4)		(1)
Payments and non-cash pension settlements	(159)		(50)		(209)
Restructuring liability as of December 31, 2020	$	72	$	—	$	72

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of the change in the amount of unrecognized tax benefits


Reconciliation of the change in the amount of unrecognized tax benefits
	For the years ended December 31,
($ in millions)	2020		2019		2018
Balance – beginning of year	$	70	$	70	$	55
Increase for tax positions taken in a prior year	—		—		3

Increase for tax positions taken in the current year	—		—		12

Decrease for settlements	(58)		—		—

Balance – end of year	$	12	$	70	$	70

Components of the deferred income tax assets and liabilities


Components of the deferred income tax assets and liabilities
	As of December 31,
($ in millions)	2020		2019
Deferred tax assets
Unearned premium reserves	$	659	$	642
Pension	161		197
Accrued compensation	139		147
Discount on loss reserves	79		78

Other postretirement benefits	36		49
Net operating loss carryover	23		26
Other assets	68		54

Total deferred tax assets	1,165		1,193
Deferred tax liabilities
DAC	(858)		(847)
Unrealized net capital gains	(856)		(507)
Investments	(394)		(567)
Life and annuity reserves	(216)		(222)

Intangible assets	(87)		(98)
Other liabilities	(109)		(106)
Total deferred tax liabilities	(2,520)		(2,347)
Net deferred tax liability	$	(1,355)	$	(1,154)

Components of the net operating loss carryforwards


Components of the net operating loss carryforwards as of December 31, 2020
($ in millions)	20-Year Carryforward Expires in 2025-2037		Indefinite Carryforward Period		Total
US Federal	$	36	$	8	$	44
Foreign	—		68		68
Total	$	36	$	76	$	112

Components of income tax expense


Components of income tax expense
	For the years ended December 31,
($ in millions)	2020		2019		2018
Current	$	1,499	$	991	$	704
Deferred	(116)		251		(236)
Total income tax expense	$	1,383	$	1,242	$	468

Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations


Reconciliation of the statutory federal income tax rate to the effective income tax rate
	For the years ended December 31,
($ in millions)	2020				2019				2018
Income before income taxes	$	6,959			$	6,089			$	2,628

Statutory federal income tax rate on income from operations	1,461		21.0	%	1,279		21.0	%	552		21.0	%
Tax credits	(45)		(0.7)		(33)		(0.5)		(34)		(1.3)
Share-based payments	(30)		(0.4)		(24)		(0.4)		(16)		(0.6)
Tax-exempt income	(24)		(0.3)		(27)		(0.4)		(24)		(0.9)
State income taxes	35		0.5		41		0.7		27		1.0
Tax Legislation benefit	—		—		—		—		(29)		(1.1)


Other	(14)		(0.2)		6		—		(8)		(0.3)
Effective income tax rate on income from operations	$	1,383	19.9	%	$	1,242	20.4	%	$	468	17.8	%

Statutory Financial Information and Dividend Limitations (Tables)

12 Months Ended

Dec. 31, 2020

Statutory Financial Information and Dividend Limitations [Abstract]

Statutory net income and capital and surplus


Statutory net income (loss) and capital and surplus of Allstate’s domestic insurance subsidiaries
	Net income (loss)						Capital and surplus
($ in millions)	2020		2019		2018		2020		2019
Amounts by major business type:
Property and casualty insurance	$	6,232	$	3,989	$	2,939	$	17,128	$	16,192
Life insurance, annuities and voluntary accident and health insurance	14		422		465		4,255		4,208
Amount per statutory accounting practices	$	6,246	$	4,411	$	3,404	$	21,383	$	20,400

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Components of the plans' funded status reflected in the Consolidated Statements of Financial Position


Change in projected benefit obligation, plan assets and funded status
	As of December 31,
	Pension benefits				Postretirement benefits
($ in millions)	2020		2019		2020		2019
Change in projected benefit obligation
Benefit obligation, beginning of year	$	7,139	$	6,224	$	397	$	375
Service cost	104		117		4		8
Interest cost	210		240		11		14
Participant contributions	—		—		14		15
Actuarial losses (gains)	813		927		22		19
Benefits paid	(522)		(356)		(37)		(39)
Plan amendments	—		—		(102)		—
Translation adjustment and other	(1)		(13)		(1)		5
Curtailment losses (gains)	20		—		10		—
Benefit obligation, end of year	$	7,763	$	7,139	$	318	$	397

Change in plan assets
Fair value of plan assets, beginning of year	$	6,192	$	5,299
Actual return on plan assets	1,300		1,235
Employer contribution	18		27
Benefits paid	(522)		(356)
Translation adjustment and other	(1)		(13)
Fair value of plan assets, end of year	$	6,987	$	6,192

Funded status (1)	$	(776)	$	(947)	$	(318)	$	(397)







Amounts recognized in AOCI
Unamortized pension and other postretirement prior service credit	$	(78)	$	(142)	$	(89)	$	(13)

(1)The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.

Change during the period in items not yet recognized as a component of net periodic cost


Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions)	Pension benefits		Postretirement benefits
Items not yet recognized as a component of net cost – December 31, 2019	$	(142)	$	(13)


Prior service credit arising during the period	—		(102)
Prior service credit recognized during the period due to curtailment	10		18
Prior service credit amortized to net cost	54		10
Translation adjustment and other	—		(2)
Items not yet recognized as a component of net cost – December 31, 2020	$	(78)	$	(89)

Components of net periodic cost


Components of net cost (benefit) for pension and other postretirement plans
	For the years ended December 31,
	Pension benefits						Postretirement benefits						Total Pension and Postretirement Benefits
($ in millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Service cost	$	104	$	117	$	110	$	4	$	8	$	7	$	108	$	125	$	117
Interest cost	210		240		255		11		14		15		221		254		270
Expected return on plan assets	(414)		(403)		(427)		—		—		—		(414)		(403)		(427)
Amortization of prior service credit	(54)		(56)		(56)		(10)		(3)		(21)		(64)		(59)		(77)
Curtailment losses (gains)	10		—		—		(8)		—		—		2		—		—
Costs and expenses	(144)		(102)		(118)		(3)		19		1		(147)		(83)		(117)
Remeasurement of projected benefit obligation	813		927		(255)		22		19		(4)		835		946		(259)
Remeasurement of plan assets	(886)		(832)		727		—		—		—		(886)		(832)		727
Remeasurement (gains) losses	(73)		95		472		22		19		(4)		(51)		114		468
Total net (benefit) cost	$	(217)	$	(7)	$	354	$	19	$	38	$	(3)	$	(198)	$	31	$	351

Weighted average assumptions used to determine for pension plans and postretirement benefits plans the net benefit cost and benefit obligation


Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
	For the years ended December 31,
	Pension benefits						Postretirement benefits
	2020		2019		2018		2020		2019		2018
Discount rate	3.00	%	3.70	%	4.06	%	2.99	%	3.61	%	3.95	%

Expected long-term rate of return on plan assets	7.08		7.34		7.33		n/a		n/a		n/a


Weighted average assumptions used to determine benefit obligations
	For the years ended December 31,
	Pension benefits				Postretirement benefits
	2020		2019		2020		2019
Discount rate	2.51	%	3.31	%	2.39	%	3.27	%

Pension plans' weighted average target asset allocation and the actual percentage of plan assets


Weighted average target asset allocation and actual percentage of plan assets by asset category
	As of December 31, 2020
	Target asset allocation (1)	Actual percentage of plan assets
Pension plan’s asset category	2020	2020		2019
Equity securities (2)	43 - 62%	50	%	50	%
Fixed income securities	33 - 45	38		38
Limited partnership interests	— - 15	10		10
Short-term investments and other	—	2		2
Total without securities lending (3)		100	%	100	%

(1)The target asset allocation considers risk-based exposure while the actual percentage of plan assets utilizes a financial reporting view excluding exposure provided through derivatives.

(3)Securities lending collateral reinvestment of $101 million and $258 million is excluded from the table above in 2020 and 2019, respectively.

Fair values of pension plan assets


Fair values of pension plan assets as of December 31, 2020

($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Balance as of December 31, 2020
Equity securities	$	227		$	42		$	—		$	269
Fixed income securities:
U.S. government and agencies	32			865			—			897


Corporate	—			1,709			2			1,711

Short-term investments	210			35			—			245





Free-standing derivatives:
Assets	—			21			—			21
Liabilities	(2)			(21)			—			(23)
Other assets	2			—			—			2
Total plan assets at fair value	$	469		$	2,651		$	2		3,122
% of total plan assets at fair value	15.0		%	84.9		%	0.1		%	100.0		%

Investments measured using the net asset value practical expedient										3,908
Securities lending obligation (1)										(101)
Derivatives counterparty and cash collateral netting										(19)
Other net plan assets (2)										77
Total reported plan assets										$	6,987

(2)Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.


Fair values of pension plan assets as of December 31, 2019

($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Balance as of December 31, 2019
Equity securities	$	216		$	45		$	—		$	261
Fixed income securities:
U.S. government and agencies	237			1,096			—			1,333


Corporate	—			1,060			—			1,060

Short-term investments	128			252			—			380





Free-standing derivatives:
Assets	—			5			—			5
Liabilities	(2)			(17)			—			(19)
Total plan assets at fair value	$	579		$	2,441		$	—		3,020
% of total plan assets at fair value	19.2		%	80.8		%	—		%	100.0		%

Investments measured using the net asset value practical expedient										3,418
Securities lending obligation										(272)
Derivatives counterparty and cash collateral netting										9
Other net plan assets										17
Total reported plan assets										$	6,192

Rollforward of Level 3 plan assets


Rollforward of Level 3 plan assets during December 31, 2020
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2019		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2020

Fixed income securities:

Corporate	$	—	$	—	$	—	$	2	$	—	$	2




Total Level 3 plan assets	$	—	$	—	$	—	$	2	$	—	$	2


Rollforward of Level 3 plan assets during December 31, 2019
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2018		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2019

Fixed income securities:

Corporate	$	5	$	—	$	—	$	(5)	$	—	$	—




Total Level 3 plan assets	$	5	$	—	$	—	$	(5)	$	—	$	—


Rollforward of Level 3 plan assets during December 31, 2018
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2017		Relating to assets sold during the period		Relating to assets still held at the reporting date		Purchases, sales and settlements, net		Net transfers in (out) of Level 3		Balance as of December 31, 2018
Equity securities	$	29	$	—	$	3	$	—	$	(32)	$	—
Fixed income securities:

Corporate	10		—		—		(5)		—		5




Total Level 3 plan assets	$	39	$	—	$	3	$	(5)	$	(32)	$	5

Estimated future benefit payments expected to be paid


Estimated future benefit payments expected to be paid in the next 10 years
	As of December 31, 2020
($ in millions)	Pension benefits		Postretirement benefits
2021	$	710	$	25
2022	741		27
2023	733		27
2024	726		27
2025	694		26
2026-2030	2,320		98
Total benefit payments	$	5,924	$	230

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Equity Incentive Plans [Abstract]

Equity Awards


Equity awards
($ in millions)	2020		2019		2018
Compensation expense	$	124	$	105	$	125
Income tax benefits	18		17		22
Cash received from exercise of options	111		154		92
Tax benefit realized on options exercised and release of stock restrictions	53		43		28

Nonvested Awards

Nonvested awards as of December 31, 2020

($ in millions)

Unrecognized compensation

Weighted average vesting period

Nonqualified stock options

1.49 years

Restricted stock units

1.85 years

Performance stock awards

1.44 years

Total

Assumptions used to determine the fair value of options granted


Option grant assumptions
	2020		2019		2018
Weighted average expected term	6.1 years		5.8 years		5.7 years
Expected volatility	16.3% - 37.1%		15.6% - 28.9%		15.6% - 30.7%
Weighted average volatility	17.6	%	18.4	%	19.8	%
Expected dividends	1.6% - 2.4%		1.9% - 2.2%		1.5% - 2.2%
Weighted average expected dividends	1.8	%	2.2	%	2.0	%
Risk-free rate	0.1% - 1.8%		1.3% - 2.7%		1.3% - 3.2%

Summary of option activity


Summary of option activity
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average exercise price		Aggregate intrinsic value (in 000s)		Weighted average remaining contractual term (years)
Outstanding as of January 1, 2020	11,671	$	73.40
Granted	1,555	123.43
Exercised	(2,201)	53.75
Forfeited	(394)	104.18
Expired	(14)	81.21
Outstanding as of December 31, 2020	10,617	83.65		$	298,537	6.1
Outstanding, net of expected forfeitures	10,543	83.46		297,990		6.1
Outstanding, exercisable (“vested”)	6,907	72.51		258,510		5.0

Changes in restricted stock units


Changes in restricted stock units
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average grant date fair value
Nonvested as of January 1, 2020	877	$	83.87
Granted	407	118.61
Vested	(278)	80.10
Forfeited	(58)	105.03
Nonvested as of December 31, 2020	948	98.61

Changes in performance stock units


Changes in performance stock awards
	For the year ended December 31, 2020
	Number (in 000s)	Weighted average grant date fair value
Nonvested as of January 1, 2020	1,181	$	87.78
Granted	282	123.48
Adjustment for performance achievement	408	78.49
Vested	(816)	78.49
Forfeited	(104)	101.10
Nonvested as of December 31, 2020	951	100.89

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Schedule of supplemental cash flow information from collateralized securities received

The accompanying cash flows are included in cash flows from operating activities in the Consolidated Statements of Cash Flows along with the activities resulting from management of the proceeds as follows:


	For the years ended December 31,
($ in millions)	2020		2019		2018

Net change in proceeds managed
Net change in fixed income securities	$	—	$	80	$	234
Net change in short-term investments	592		(451)		(568)
Operating cash flow provided (used)	592		(371)		(334)
Net change in cash	(12)		—		—
Net change in proceeds managed	$	580	$	(371)	$	(334)


Net change in liabilities
Liabilities for collateral, beginning of year	$	(1,829)	$	(1,458)	$	(1,124)
Liabilities for collateral, end of year	(1,249)		(1,829)		(1,458)
Operating cash flow (used) provided	$	(580)	$	371	$	334

Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income (loss) on a pre-tax and after-tax basis


Components of other comprehensive income (loss) on a pre-tax and after-tax basis
	For the years ended December 31,
	2020						2019						2018
($ in millions)	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	$	2,512	$	(532)	$	1,980	$	2,807	$	(592)	$	2,215	$	(1,142)	$	241	$	(901)
Less: reclassification adjustment of realized capital gains and losses	870		(183)		687		413		(87)		326		(186)		39		(147)
Unrealized net capital gains and losses	1,642		(349)		1,293		2,394		(505)		1,889		(956)		202		(754)
Unrealized foreign currency translation adjustments	66		(14)		52		(13)		3		(10)		(61)		13		(48)


Unamortized pension and other postretirement prior service credit (1)	12		(3)		9		(59)		12		(47)		(77)		18		(59)
Other comprehensive income (loss)	$	1,720	$	(366)	$	1,354	$	2,322	$	(490)	$	1,832	$	(1,094)	$	233	$	(861)

(1)Represents prior service credits reclassified out of other comprehensive income and amortized into operating costs and expenses.

Quarterly Results (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly results


	First Quarter				Second Quarter				Third Quarter				Fourth Quarter
($ in millions, except per share data)	2020		2019		2020		2019		2020		2019		2020		2019
Revenues	$	10,076	$	10,990	$	11,197	$	11,144	$	11,500	$	11,069	$	12,018	$	11,472
Net income (loss) applicable to common shareholders	513		1,261		1,224		821		1,126		889		2,598		1,707
Earnings per common share - Basic	1.62		3.79		3.90		2.47		3.62		2.71		8.54		5.32
Earnings per common share - Diluted	1.59		3.74		3.86		2.44		3.58		2.67		8.45		5.23

General (Details)	12 Months Ended
General (Details)	Dec. 31, 2020 segment
General
Number of reportable segments	7

Summary of Significant Accounting Policies - Securities loaned and Recognition of premium revenues and contract charges, and related benefits and interest credited (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Securities loaned
Cash collateral received as percentage of fair value of domestic securities loaned	102.00%
Cash collateral received as a percent of fair value of foreign securities loaned	105.00%
Deferred Policy Acquisition and Sales Inducement Costs
Unearned premiums	$ 15,949,000,000	$ 15,343,000,000
Decrease in unearned premiums	(598,000,000)	(801,000,000)	$ (915,000,000)
Unearned premium, year one	1,300,000,000
Unearned premium, year two	861,000,000
Unearned premium, thereafter	1,000,000,000.00
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(91,000,000)
Increase in the provision for credit losses	(223,000,000)
Write-off of uncollectible premium installment receivable amounts	161,000,000
Ending balance	(153,000,000)	(91,000,000)
Present value of future profits	25,000,000	39,000,000
Amortization expense of present value of future profits	14,000,000	6,000,000	$ 2,000,000
Allstate Protection
Deferred Policy Acquisition and Sales Inducement Costs
Unearned premiums	12,772,000,000	12,567,000,000
Protection Services
Deferred Policy Acquisition and Sales Inducement Costs
Unearned premiums	3,167,000,000	2,765,000,000
Allstate Protection and Protection Services
Deferred Policy Acquisition and Sales Inducement Costs
Unearned premiums	$ 15,939,000,000	15,332,000,000
Minimum
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Period for amortization of DAC and DSI for interest-sensitive life, fixed annuities and other investment contracts	15 years
Maximum
Securities loaned
Securities lending transactions length	30 days
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Period for amortization of DAC and DSI for interest-sensitive life, fixed annuities and other investment contracts	30 years
Personal Lines \| Minimum
Deferred Policy Acquisition and Sales Inducement Costs
Property and casualty insurance contract, terms	6 months
Period for amortization of DAC for property-liability insurance	6 months
Personal Lines \| Maximum
Deferred Policy Acquisition and Sales Inducement Costs
Property and casualty insurance contract, terms	12 months
Period for amortization of DAC for property-liability insurance	12 months
Protection Plans and Other Contracts \| Minimum
Deferred Policy Acquisition and Sales Inducement Costs
Period for amortization of DAC for property-liability insurance	1 year
Protection Plans and Other Contracts \| Maximum
Deferred Policy Acquisition and Sales Inducement Costs
Period for amortization of DAC for property-liability insurance	5 years
Interest-sensitive life insurance contract charges \| Minimum
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Period for amortization of DAC and DSI for interest-sensitive life, fixed annuities and other investment contracts	10 years
Interest-sensitive life insurance contract charges \| Maximum
Premium Receivable, Allowance for Credit Loss [Roll Forward]
Period for amortization of DAC and DSI for interest-sensitive life, fixed annuities and other investment contracts	20 years
Property and casualty insurance premiums \| Protection Services
Deferred Policy Acquisition and Sales Inducement Costs
Decrease in unearned premiums	$ 1,110,000,000	$ 996,000,000

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Goodwill allocated to segments		$ 2,544	$ 2,545
Forecast
Goodwill
Goodwill, written off	$ 175
Allstate Protection
Goodwill
Goodwill allocated to segments		810	810
Protection Services
Goodwill
Goodwill allocated to segments		1,463	1,464
Allstate Life
Goodwill
Goodwill allocated to segments		175	175
Allstate Benefits
Goodwill
Goodwill allocated to segments		$ 96	$ 96

Summary of Significant Accounting Policies - Intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 118	$ 126	$ 105
2021	91
2022	74
2023	60
2024	45
2025	33
Thereafter	31
Total amortization	334
Accumulated amortization on intangible assets	751	633
Intangible assets by type	$ 453	481
Impairment of intangible assets (Excluding Goodwill)		106
Customers relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	10 years
Intangible assets by type	$ 322	419
Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	5 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	7 years
Technology and other
Finite-Lived Intangible Assets [Line Items]
Intangible assets by type	$ 94	24
Trade names and licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets by type	$ 37	$ 38

Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and equipment
Accumulated depreciation on property and equipment	$ 2,810	$ 2,600
Depreciation expense on property and equipment	$ 353	$ 326	$ 299
Equipment \| Minimum
Property and equipment
Property and equipment, estimated useful life	3 years
Equipment \| Maximum
Property and equipment
Property and equipment, estimated useful life	10 years
Real property
Property and equipment
Property and equipment, estimated useful life	40 years

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Renewal term	20 years
Lease, option to terminate	60 days
Operating lease, liability	us-gaap:OtherLiabilities
Operating lease, right-of-use asset,	us-gaap:OtherAssets
Lease liability	$ 511
Lease, cost	166	$ 171
Variable lease, cost	$ 30	$ 30
Weighted average remaining lease term (years)	5 years	6 years
Weighted average discount rate	3.10%	3.15%
2021	$ 120
2022	116
2023	95
2024	77
2025	63
Thereafter	84
Total lease payments	555
Less: interest	(44)
Present value of lease liabilities	511
Other liabilities & accrued expenses
Lessee, Lease, Description [Line Items]
Lease liability	511	$ 586
Present value of lease liabilities	511	586
Other assets
Lessee, Lease, Description [Line Items]
Right of use asset	$ 393	$ 483
Minimum
Lessee, Lease, Description [Line Items]
Lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, term of contract	9 years

Summary of Significant Accounting Policies - Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income									$ 5,576	$ 4,847	$ 2,160
Less: Preferred stock dividends									115	169	148
Net income applicable to common shareholders	$ 2,598	$ 1,126	$ 1,224	$ 513	$ 1,707	$ 889	$ 821	$ 1,261	$ 5,461	$ 4,678	$ 2,012
Denominator:
Weighted average common shares outstanding (in shares)									311.6	328.2	347.8
Effect of dilutive potential common shares:
Stock options (in shares)									2.2	3.2	3.6
Restricted stock units (non-participating) and performance stock awards (in shares)									1.7	2.1	1.8
Weighted average common and dilutive potential common shares outstanding (in shares)									315.5	333.5	353.2
Earnings per common share - Basic (in dollars per share)	$ 8.54	$ 3.62	$ 3.90	$ 1.62	$ 5.32	$ 2.71	$ 2.47	$ 3.79	$ 17.53	$ 14.25	$ 5.78
Earnings per common share - Diluted (in dollars per share)	$ 8.45	$ 3.58	$ 3.86	$ 1.59	$ 5.23	$ 2.67	$ 2.44	$ 3.74	$ 17.31	$ 14.03	$ 5.70
Other Earnings Per Share Disclosures
Antidilutive stock options, exercise price exceeds market price (in shares)									2.9	3.7	2.0

Summary of Significant Accounting Policies - Accounting standards (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total allowance for expected credit losses	$ 393	$ 289
Total shareholders’ equity	30,217		$ 25,998	$ 21,312
Retained income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholders’ equity	$ 52,767		48,074	44,033	$ 41,579
Retained income \| Cumulative effect of change in accounting principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholders’ equity			$ (88)	$ 21	$ 1,088
Retained income \| Accounting Standards Update 2016-13 \| Cumulative effect of change in accounting principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total shareholders’ equity		$ 88

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Summary of Significant Accounting Policies - Allowance For Credit Loss (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments	$ 142	$ 103
Premium installment receivables	153	91	$ 91
Reinsurance recoverables	74	74
Other assets	23	18
Assets	392	286
Commitments to fund mortgage loans, bank loans and agent loans	1	3
Liabilities	1	3
Total	393	289
Fixed income securities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fixed income securities	3	0	0
Mortgage loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance credit losses	67	45	$ 3
Bank loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance credit losses	67	53
Agent loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance credit losses	$ 5	$ 5

Acquisitions and Disposition - Narrative (Details) - USD ($)			3 Months Ended
	Jan. 26, 2021	Jan. 04, 2021	Mar. 31, 2021	Dec. 31, 2020	Nov. 19, 2020	Dec. 31, 2019	Feb. 12, 2019
Business Acquisition [Line Items]
Long-term debt				$ 7,825,000,000		$ 6,631,000,000
Goodwill				$ 2,544,000,000		$ 2,545,000,000
Forecast
Business Acquisition [Line Items]
Loss on disposition			$ 3,000,000,000
Subsequent Event
Business Acquisition [Line Items]
Proceeds from affiliates	$ 2,800,000,000
Senior Notes Due 2025 at 0.750 Percent
Business Acquisition [Line Items]
Long-term debt					$ 600,000,000
Note stated interest rate (as a percent)				0.75%	0.75%
Senior Notes Due 2030 at 1.45 Percent
Business Acquisition [Line Items]
Long-term debt					$ 600,000,000
Note stated interest rate (as a percent)				1.45%	1.45%
National General \| Subsequent Event
Business Acquisition [Line Items]
Consideration transferred		$ 4,000,000,000
Share price, cash (in shares)		$ 32.00
Share price, dividend (in USD per share)		2.50
Share price (in USD per share)		$ 34.50
iCracked
Business Acquisition [Line Items]
Goodwill							$ 17,000,000

Reportable Segments - Narrative (Details) $ in Millions	12 Months Ended
Reportable Segments - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($) segment state	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information
Number of reportable segments \| segment	7
Allstate Protection
Segment Reporting Information
Premium earned as percentage of consolidated revenues	79.40%
Number of states in which entity operates \| state	50
Minimum percentage of premiums to be considered as significant	5.00%
Revenues from external customers generated outside the United States	$ 1,570	$ 1,370	$ 1,200
Allstate Life
Segment Reporting Information
Number of states in which entity operates \| state	50
Minimum percentage of premiums to be considered as significant	5.00%
Consumer product protection plans \| Protection Services
Segment Reporting Information
Insurance premiums, commissions and fees	$ 909	633	503
Consumer product protection plans \| Protection Services \| Non-US
Segment Reporting Information
Insurance premiums, commissions and fees	$ 188	$ 95	$ 61

Reportable Segments - Reportable segments revenue information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Insurance premiums									$ 39,517	$ 38,577	$ 36,513
Net investment income									2,853	3,159	3,240
Realized capital gains (losses)	$ 4								1,356	1,885	(877)
Total revenues	$ 12,018	$ 11,500	$ 11,197	$ 10,076	$ 11,472	$ 11,069	$ 11,144	$ 10,990	44,791	44,675	39,815
Allstate Protection
Segment Reporting Information
Insurance premiums									35,580	34,843	32,950
Discontinued Lines and Coverages
Segment Reporting Information
Insurance premiums									0	0	0
Property-Liability
Segment Reporting Information
Insurance premiums									35,580	34,843	32,950
Net investment income									1,421	1,533	1,464
Realized capital gains (losses)									990	1,470	(639)
Total revenues									38,727	38,587	34,513
Property-Liability \| Auto
Segment Reporting Information
Insurance premiums									24,640	24,188	22,970
Property-Liability \| Homeowners
Segment Reporting Information
Insurance premiums									8,254	7,912	7,517
Property-Liability \| Other personal lines
Segment Reporting Information
Insurance premiums									1,919	1,861	1,808
Property-Liability \| Commercial lines
Segment Reporting Information
Insurance premiums									767	882	655
Protection Services
Segment Reporting Information
Intersegment premiums and service fees									147	154	122
Net investment income									44	42	27
Realized capital gains (losses)									30	32	(11)
Total revenues									1,922	1,649	1,318
Protection Services \| Consumer product protection plans
Segment Reporting Information
Insurance premiums, commissions and fees									909	633	503
Protection Services \| Roadside assistance
Segment Reporting Information
Insurance premiums, commissions and fees									188	238	263
Protection Services \| Finance and insurance products
Segment Reporting Information
Insurance premiums, commissions and fees									396	362	332
Allstate Life
Segment Reporting Information
Net investment income									502	514	505
Realized capital gains (losses)									(10)	1	(14)
Total revenues									1,953	1,983	1,925
Allstate Life \| Traditional life insurance
Segment Reporting Information
Insurance premiums, commissions and fees									633	630	600
Allstate Life \| Accident and health insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees									2	2	2
Allstate Life \| Interest-sensitive life insurance contract charges
Segment Reporting Information
Insurance premiums, commissions and fees									705	711	713
Allstate Benefits
Segment Reporting Information
Net investment income									78	83	77
Realized capital gains (losses)									8	12	(9)
Total revenues									1,180	1,240	1,203
Allstate Benefits \| Traditional life insurance
Segment Reporting Information
Insurance premiums, commissions and fees									46	43	44
Allstate Benefits \| Accident and health insurance premiums
Segment Reporting Information
Insurance premiums, commissions and fees									926	988	980
Allstate Benefits \| Interest-sensitive life insurance contract charges
Segment Reporting Information
Insurance premiums, commissions and fees									122	114	111
Allstate Annuities
Segment Reporting Information
Net investment income									761	917	1,096
Realized capital gains (losses)									279	346	(166)
Total revenues									1,050	1,276	945
Allstate Annuities \| Fixed annuities contract charges
Segment Reporting Information
Insurance premiums, commissions and fees									10	13	15
Corporate and Other
Segment Reporting Information
Net investment income									47	70	71
Realized capital gains (losses)									59	24	(38)
Total revenues									106	94	33
Other revenue \| Property-Liability
Segment Reporting Information
Insurance premiums, commissions and fees									736	741	738
Other revenue \| Protection Services
Segment Reporting Information
Insurance premiums, commissions and fees									208	188	82
Other revenue \| Allstate Life
Segment Reporting Information
Insurance premiums, commissions and fees									121	125	119
Intersegment eliminations
Segment Reporting Information
Total revenues									$ (147)	$ (154)	$ (122)

Reportable Segments - Reportable segments financial performance (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Net investment income									$ 2,853	$ 3,159	$ 3,240
Net income applicable to common shareholders	$ 2,598	$ 1,126	$ 1,224	$ 513	$ 1,707	$ 889	$ 821	$ 1,261	5,461	4,678	2,012
Allstate Protection
Segment Reporting Information
Underwriting income									4,566	2,912	2,343
Discontinued Lines and Coverages
Segment Reporting Information
Underwriting income									(144)	(108)	(90)
Property-Liability
Segment Reporting Information
Underwriting income									4,422	2,804	2,253
Net investment income									1,421	1,533	1,464
Income tax expense on operations									(1,166)	(887)	(747)
Realized capital gains (losses), after-tax									774	1,161	(500)
Tax Legislation expense (benefit)									0	0	(5)
Net income applicable to common shareholders									5,451	4,611	2,465
Protection Services
Segment Reporting Information
Net investment income									44	42	27
Adjusted net income									153	38	8
Realized capital gains (losses), after-tax									23	25	(9)
Amortization of purchased intangibles, after-tax									(84)	(97)	(74)
Impairment of purchased intangibles, after-tax									0	(43)	0
Tax Legislation expense (benefit)									0	0	(4)
Net income applicable to common shareholders									92	(77)	(79)
Allstate Life
Segment Reporting Information
Net investment income									502	514	505
Adjusted net income									194	261	295
Realized capital gains (losses), after-tax									(9)	0	(11)
Valuation changes on embedded derivatives that are not hedged, after-tax									(34)	(9)	0
DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax									8	(5)	(8)
Tax Legislation expense (benefit)									0	0	(16)
Net income applicable to common shareholders									159	247	260
Allstate Benefits
Segment Reporting Information
Net investment income									78	83	77
Adjusted net income									96	115	124
Realized capital gains (losses), after-tax									7	9	(7)
DAC and DSI amortization related to realized capital gains and losses and valuation changes on embedded derivatives that are not hedged, after-tax									0	0	1
Tax Legislation expense (benefit)									0	0	0
Net income applicable to common shareholders									103	124	118
Allstate Annuities
Segment Reporting Information
Net investment income									761	917	1,096
Adjusted net income									(53)	10	131
Realized capital gains (losses), after-tax									221	274	(131)
Valuation changes on embedded derivatives that are not hedged, after-tax									(2)	(6)	3
Premium deficiency for immediate annuities, after tax									(178)	0	0
Gain on disposition of operations, after-tax									3	4	4
Tax Legislation expense (benefit)									0	0	69
Net income applicable to common shareholders									(9)	282	76
Allstate Annuities \| Reinsurance ceded
Segment Reporting Information
Premium deficiency for immediate annuities, after tax		$ 225
Corporate and Other
Segment Reporting Information
Net investment income									47	70	71
Adjusted net income									(428)	(438)	(406)
Realized capital gains (losses), after-tax									47	19	(30)
Pension and other postretirement remeasurement gains (losses), after-tax									39	(90)	(370)
Curtailment gain, after-tax									7	0	0
Business combination expenses, after-tax									0	0	(7)
Tax Legislation expense (benefit)									0	0	(15)
Net income applicable to common shareholders									$ (335)	$ (509)	$ (828)

Reportable Segments - Performance data and tax items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Amortization of DAC	$ 5,630	$ 5,533	$ 5,222
Income tax expense (benefit)	1,383	1,242	468
Property-Liability
Segment Reporting Information
Amortization of DAC	4,642	4,649	4,475
Income tax expense (benefit)	1,382	1,196	613
Protection Services
Segment Reporting Information
Amortization of DAC	658	543	463
Income tax expense (benefit)	26	(18)	(19)
Allstate Life
Segment Reporting Information
Amortization of DAC	149	173	132
Income tax expense (benefit)	17	53	75
Allstate Benefits
Segment Reporting Information
Amortization of DAC	177	161	145
Income tax expense (benefit)	28	35	32
Allstate Annuities
Segment Reporting Information
Amortization of DAC	4	7	7
Income tax expense (benefit)	(7)	73	(66)
Corporate and Other
Segment Reporting Information
Income tax expense (benefit)	$ (63)	$ (97)	$ (167)

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Reportable Segments - Total assets and investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information
Assets	$ 125,987	$ 119,950
Investments	94,237	88,362
Deferred policy acquisition costs	4,700	4,699	$ 4,784	$ 4,191
Property-Liability
Segment Reporting Information
Assets	69,171	67,243
Investments	50,134	48,414
Deferred policy acquisition costs	1,608	1,624
Protection Services
Segment Reporting Information
Assets	6,177	5,746
Investments	1,822	1,544
Deferred policy acquisition costs	1,696	1,448
Allstate Life
Segment Reporting Information
Assets	15,051	14,771
Investments	12,406	11,914
Deferred policy acquisition costs	909	1,079
Allstate Benefits
Segment Reporting Information
Assets	2,905	2,915
Investments	2,012	1,941
Deferred policy acquisition costs	470	527
Allstate Annuities
Segment Reporting Information
Assets	27,080	26,914
Investments	22,291	22,221
Deferred policy acquisition costs	17	21
Corporate and Other
Segment Reporting Information
Assets	5,603	2,361
Investments	$ 5,572	$ 2,328

Investments - Portfolio composition (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments [Abstract]
Fixed income securities, at fair value	$ 66,354	$ 59,044
Equity securities, at fair value	4,710	8,162
Mortgage loans, net	4,075	4,817
Limited partnership interests	7,609	8,078
Short-term investments, at fair value	7,800	4,256
Other, net	3,689	4,005
Total investments	$ 94,237	$ 88,362

Investments - Amortized cost, gross unrealized gains and losses and fair value for fixed income securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Schedule of Available for Sale Securities
Amortized cost, net	$ 61,451	$ 56,293
Gross unrealized gains	4,976	2,847
Gross unrealized losses	(73)	(96)
Fixed income securities	66,354	59,044
U.S. government and agencies
Schedule of Available for Sale Securities
Amortized cost, net	3,129	4,971
Gross unrealized gains	94	141
Gross unrealized losses	(1)	(26)
Fixed income securities	3,222	5,086
Municipal
Schedule of Available for Sale Securities
Amortized cost, net	8,752	8,080
Gross unrealized gains	837	551
Gross unrealized losses	(2)	(11)
Fixed income securities	9,587	8,620
Corporate
Schedule of Available for Sale Securities
Amortized cost, net	47,226	41,090
Gross unrealized gains	3,981	2,035
Gross unrealized losses	(65)	(47)
Fixed income securities	51,142	43,078
Foreign government
Schedule of Available for Sale Securities
Amortized cost, net	1,013	968
Gross unrealized gains	42	16
Gross unrealized losses	0	(5)
Fixed income securities	1,055	979
ABS
Schedule of Available for Sale Securities
Amortized cost, net	1,260	860
Gross unrealized gains	15	8
Gross unrealized losses	(5)	(6)
Fixed income securities	1,270	862
MBS
Schedule of Available for Sale Securities
Amortized cost, net	71	324
Gross unrealized gains	7	96
Gross unrealized losses	0	(1)
Fixed income securities	$ 78	$ 419

Investments - Scheduled maturities for fixed Income securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Amortized cost, net
Due in one year or less	$ 3,092
Due after one year through five years	24,271
Due after five years through ten years	22,000
Due after ten years	10,757
Subtotal	60,120
ABS and MBS	1,331
Amortized cost, net	61,451	$ 56,293
Fair value
Due in one year or less	3,136
Due after one year through five years	25,587
Due after five years through ten years	24,018
Due after ten years	12,265
Subtotal	65,006
ABS and MBS	1,348
Fair value	$ 66,354	$ 59,044

Investments - Net investment income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Investment income, before expense	$ 3,066	$ 3,436	$ 3,514
Investment expense	(213)	(277)	(274)
Net investment income	2,853	3,159	3,240
Fixed income securities
Net Investment Income [Line Items]
Investment income, before expense	2,136	2,175	2,077
Equity securities
Net Investment Income [Line Items]
Investment income, before expense	98	206	170
Mortgage loans
Net Investment Income [Line Items]
Investment income, before expense	220	220	217
Limited partnership interests
Net Investment Income [Line Items]
Investment income, before expense	338	471	705
Short-term investments
Net Investment Income [Line Items]
Investment income, before expense	23	102	73
Other
Net Investment Income [Line Items]
Investment income, before expense	$ 251	$ 262	$ 272

Investments - Realized capital gains and losses by asset type (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Realized capital gains and losses by asset type
Realized capital gains (losses)	$ 4	$ 1,356	$ 1,885	$ (877)
Fixed income securities
Realized capital gains and losses by asset type
Realized capital gains (losses)		983	461	(237)
Equity securities
Realized capital gains and losses by asset type
Realized capital gains (losses)		346	1,210	(594)
Mortgage loans
Realized capital gains and losses by asset type
Realized capital gains (losses)		(47)	0	2
Limited partnership interests
Realized capital gains and losses by asset type
Realized capital gains (losses)		24	200	(101)
Derivatives
Realized capital gains and losses by asset type
Realized capital gains (losses)		53	(15)	46
Other
Realized capital gains and losses by asset type
Realized capital gains (losses)		$ (3)	$ 29	$ 7

Investments - Realized capital gains and losses by transaction type (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Sales		$ 1,017	$ 575	$ (215)
Credit losses		(80)	(47)	(14)
Valuation of equity investments		366	1,372	(691)
Valuation and settlements of derivative instruments		53	(15)	43
Realized capital gains (losses)	$ 4	1,356	1,885	(877)
Fixed income and equity securities
Schedule of Available for Sale Securities
Gross realized gains		1,209	607	120
Gross realized losses		$ (221)	$ (132)	$ (347)

Investments - Net appreciation (decline) recognized in net income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 728	$ 1,222
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Total	478	1,073
Limited partnership interests carried at fair value
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 250	$ 149

Investments - OTTI losses by asset type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other-than-temporary impairment losses by asset type
Fixed income securities	$ (80)	$ (47)	$ (14)
Total credit losses by asset type	(82)	(47)	(14)
Commitments to fund commercial mortgage loans, bank loans and agent loans	2	0	0
Fixed income securities
Other-than-temporary impairment losses by asset type
Fixed income securities	(5)	(14)	(10)
Corporate
Other-than-temporary impairment losses by asset type
Fixed income securities	(1)	(7)	(2)
ABS
Other-than-temporary impairment losses by asset type
Fixed income securities	(2)	(4)	(3)
MBS
Other-than-temporary impairment losses by asset type
Fixed income securities	(2)	(3)	(5)
Mortgage loans
Other-than-temporary impairment losses by asset type
Net increases related to credit losses	(39)	0	0
Limited partnership interests
Other-than-temporary impairment losses by asset type
Limited partnership interests	(10)	(6)	(3)
Bank loans
Other-than-temporary impairment losses by asset type
Net increases related to credit losses	(28)	(26)	0
Agent loans
Other-than-temporary impairment losses by asset type
Net increases related to credit losses	$ 0	$ (1)	$ (1)

Investments - Unrealized net capital gains and losses included in AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair value
Fixed income securities	$ 66,354	$ 59,044
Short-term investments	7,800	4,260
Derivative instruments	0	0
Gross unrealized Gains
Fixed income securities	4,976	2,847
Short-term investments	0	0
Derivative instruments	0	0
Gross unrealized Losses
Fixed income securities	(73)	(96)
Short-term investments	0	0
Derivative instruments	(3)	(3)
Unrealized net gains (losses)
Fixed income securities	4,903	2,751
Short-term investments	0	0
Derivative instruments	(3)	(3)
EMA limited partnerships	(4)	(4)
Unrealized net capital gains and losses, pre-tax	4,896	2,744
Amounts recognized for:
Insurance reserves	(496)	(126)
DAC and DSI	(364)	(224)
Amounts recognized	(860)	(350)
Deferred income taxes	(856)	(507)
Total unrealized net capital gains and losses	$ 3,180	$ 1,887

Investments - Change in unrealized net capital gains and losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 2,152	$ 2,711	$ (1,434)
Amounts recognized for:
Insurance reserves	(370)	(126)	315
DAC and DSI	(140)	(191)	163
Amounts recognized	(510)	(317)	478
Deferred income taxes	(349)	(505)	202
Increase (decrease) in unrealized net capital gains and losses, after-tax	1,293	1,889	(754)
EMA limited partnerships
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	0	(4)	(1)
Fixed income securities
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	2,152	2,715	(1,431)
Short-term investments
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	0	0	0
Derivatives
Change in Unrealized Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss)
Change in unrealized net capital gains and losses	$ 0	$ 0	$ (2)

Investments - Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio (Details) $ in Millions	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)
Schedule of Available for Sale Securities
Number of loans \| loan	246
Mortgage loans, net \| $	$ 4,075	$ 4,817
Mortgage loans on real estate, carrying value (percentage)	100.00%	100.00%
2021 \| Mortgage loans
Schedule of Available for Sale Securities
Number of loans \| loan	28
Mortgage loans, net \| $	$ 277
Mortgage loans on real estate, carrying value (percentage)	6.80%
2022 \| Mortgage loans
Schedule of Available for Sale Securities
Number of loans \| loan	25
Mortgage loans, net \| $	$ 388
Mortgage loans on real estate, carrying value (percentage)	9.50%
2023 \| Mortgage loans
Schedule of Available for Sale Securities
Number of loans \| loan	42
Mortgage loans, net \| $	$ 556
Mortgage loans on real estate, carrying value (percentage)	13.70%
2024 \| Mortgage loans
Schedule of Available for Sale Securities
Number of loans \| loan	27
Mortgage loans, net \| $	$ 637
Mortgage loans on real estate, carrying value (percentage)	15.60%
Thereafter \| Mortgage loans
Schedule of Available for Sale Securities
Number of loans \| loan	124
Mortgage loans, net \| $	$ 2,217
Mortgage loans on real estate, carrying value (percentage)	54.40%
Apartment complex
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	37.80%	36.80%
Office buildings
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	23.20%	22.60%
Warehouse
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	14.60%	16.80%
Retail
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	13.90%	13.40%
Other
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	10.50%	10.40%
Texas
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	20.60%	16.90%
California
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	14.60%	15.10%
Florida
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	6.80%	6.40%
Illinois
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	6.10%	7.10%
North Carolina
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	5.10%	4.50%
New Jersey
Schedule of Available for Sale Securities
Mortgage loans on real estate, carrying value (percentage)	3.50%	5.60%

Investments - Carrying value for limited partnership interests (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 7,609	$ 8,078
EMA
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	5,785	6,264
Fair Value
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,824	1,814
Private equity
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	6,125	6,131
Private equity \| EMA
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	4,417	4,463
Private equity \| Fair Value
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,708	1,668
Real estate
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	1,074	1,041
Real estate \| EMA
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	958	899
Real estate \| Fair Value
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	116	142
Other investments
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	410	906
Other investments \| EMA
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	410	902
Other investments \| Fair Value
Debt and Equity Securities, FV-NI [Line Items]
Limited partnership interests	$ 0	$ 4

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Fixed income securities	$ 66,354	$ 59,044
Short-term investments	7,800	4,260
Fixed income and equity securities carrying value	1,190	1,740
Interest income on collateral, net of fees	3	5	$ 4
Debt Securities below Investment Grade	9,000	7,150
Fixed income and short-term investments carrying value	141
Non-income producing fixed income securities	80
Accrued investment income	600	600
Mortgage loans, net	$ 4,075	4,817
Percentage of credit concentration risk of single issuer and affiliates of shareholder's equity	10.00%
Fixed income securities
Investment [Line Items]
Accrued investment income	$ 548
Mortgage loans on real estate
Investment [Line Items]
Accrued investment income	15
Agent loans
Investment [Line Items]
Accrued investment income	$ 2
High credit quality, percentage	85.00%
Allowance	$ (5)
Bank loans
Investment [Line Items]
Accrued investment income	4
Municipal
Investment [Line Items]
Fixed income securities	9,587	8,620
Mortgage loans on real estate
Investment [Line Items]
Mortgage loans, net	4,075	4,817
Allowance	$ (67)	$ (3)

Investments - Principal geographic distribution of municipal bonds (Details)	Dec. 31, 2020	Dec. 31, 2019
Texas
Municipal Bonds
Percentage of municipal bonds carrying value	11.00%	12.70%
California
Municipal Bonds
Percentage of municipal bonds carrying value	12.80%	8.60%
Colorado
Municipal Bonds
Percentage of municipal bonds carrying value	4.80%	5.80%
Washington
Municipal Bonds
Percentage of municipal bonds carrying value	4.00%	5.50%
New York
Municipal Bonds
Percentage of municipal bonds carrying value	5.30%	3.70%

Investments - Other investments by type (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investment [Line Items]
Other, net	$ 3,689	$ 4,005
Bank loans
Investment [Line Items]
Other, net	1,018	1,204
Real estate
Investment [Line Items]
Other, net	974	1,005
Policy loans
Investment [Line Items]
Other, net	754	894
Agent loans
Investment [Line Items]
Other, net	631	666
Derivatives and other
Investment [Line Items]
Other, net	$ 312	$ 236

Investments - Rollforward of credit loss allowance for fixed income securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020
Fixed income securities
Credit Losses on Fixed Income Securities [Roll Forward]
Beginning balance	$ 0
Credit losses on securities for which credit losses not previously reported	(5)
Reduction of allowance related to sales	2
Write-offs	0
Ending balance	(3)
Fixed income securities	0	$ 0
Corporate
Credit Losses on Fixed Income Securities [Roll Forward]
Ending balance	(1)
Fixed income securities	1
ABS
Credit Losses on Fixed Income Securities [Roll Forward]
Ending balance	(2)
Fixed income securities	$ 2

Investments - Gross unrealized losses and fair value by the type and length of time held in continuous unrealized loss position (Details) $ in Millions	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($) contract
Total unrealized losses
Total unrealized losses	$ (1)
U.S. government and agencies
Less than 12 months
Number of issues \| contract	23	31
Fair value	$ 185	$ 1,713
Unrealized losses	$ (1)	$ (26)
12 months or more
Number of issues \| contract	0	10
Fair value	$ 0	$ 26
Unrealized losses	$ 0	0
Total unrealized losses
Total unrealized losses		$ (26)
Municipal
Less than 12 months
Number of issues \| contract	47	307
Fair value	$ 148	$ 576
Unrealized losses	$ (2)	$ (9)
12 months or more
Number of issues \| contract	0	1
Fair value	$ 0	$ 14
Unrealized losses	0	(2)
Total unrealized losses
Total unrealized losses	$ (2)	$ (11)
Corporate
Less than 12 months
Number of issues \| contract	127	186
Fair value	$ 1,229	$ 1,392
Unrealized losses	$ (39)	$ (20)
12 months or more
Number of issues \| contract	27	65
Fair value	$ 187	$ 485
Unrealized losses	(26)	(27)
Total unrealized losses
Total unrealized losses	$ (65)	$ (47)
Foreign government
Less than 12 months
Number of issues \| contract	7	55
Fair value	$ 7	$ 412
Unrealized losses	$ 0	$ (4)
12 months or more
Number of issues \| contract	0	6
Fair value	$ 0	$ 102
Unrealized losses	0	(1)
Total unrealized losses
Total unrealized losses	$ 0	$ (5)
ABS
Less than 12 months
Number of issues \| contract	22	36
Fair value	$ 160	$ 193
Unrealized losses	$ (2)	$ (2)
12 months or more
Number of issues \| contract	13	23
Fair value	$ 49	$ 160
Unrealized losses	(3)	(4)
Total unrealized losses
Total unrealized losses	$ (5)	$ (6)
Mortgage-backed securities
Less than 12 months
Number of issues \| contract	14	27
Fair value	$ 0	$ 15
Unrealized losses	$ 0	$ 0
12 months or more
Number of issues \| contract	67	123
Fair value	$ 0	$ 14
Unrealized losses	0	(1)
Total unrealized losses
Total unrealized losses	$ 0	$ (1)
Fixed income securities
Less than 12 months
Number of issues \| contract	240	642
Fair value	$ 1,729	$ 4,301
Unrealized losses	$ (44)	$ (61)
12 months or more
Number of issues \| contract	107	228
Fair value	$ 236	$ 801
Unrealized losses	(29)	(35)
Total unrealized losses
Total unrealized losses	$ (73)	$ (96)
Investment grade fixed income securities
Less than 12 months
Number of issues \| contract	163	581
Fair value	$ 1,193	$ 3,878
Unrealized losses	$ (13)	$ (41)
12 months or more
Number of issues \| contract	84	185
Fair value	$ 117	$ 594
Unrealized losses	(17)	(20)
Total unrealized losses
Total unrealized losses	$ (30)	$ (61)
Below investment grade fixed income securities
Less than 12 months
Number of issues \| contract	77	61
Fair value	$ 536	$ 423
Unrealized losses	$ (31)	$ (20)
12 months or more
Number of issues \| contract	23	43
Fair value	$ 119	$ 207
Unrealized losses	(12)	(15)
Total unrealized losses
Total unrealized losses	$ (43)	$ (35)

Investments - Gross unrealized losses by unrealized loss position and credit quality (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Investment [Line Items]
Total unrealized losses	$ 1,000,000
Investment grade
Investment [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(15,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(15,000,000)
Total unrealized losses	30,000,000	$ 61,000,000
Below investment grade
Investment [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(24,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(19,000,000)
Total unrealized losses	43,000,000	35,000,000
Available for sale securities, unrealized losses having loss of less than twenty percent, less than 12 months	(17,000,000)
Unrealized losses related to securities with unrealized loss position greater than 20% of cost or amortized cost, unrealized loss position of 12 or more consecutive months	0
Fixed income securities
Investment [Line Items]
Fixed income securities with unrealized loss position less than 20% of amortized cost, net	(39,000,000)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net	(34,000,000)
Total unrealized losses	$ 73,000,000	$ 96,000,000

Investments - Mortgage loans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Realized capital gains (losses)	$ 4	$ 1,356	$ 1,885	$ (877)
Mortgage loans
Investment [Line Items]
Payments to acquire investments	234
Reduction of allowance related to sales	$ 17

Investments - Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Mortgage loans, net	$ 4,075	$ 4,817
Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	4,142	4,820
Allowance	(67)	(3)
Mortgage loans, net	4,075	4,817
Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	15	56
1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	338	225
1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	1,089	1,237
Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	2,700	$ 3,302
2015 and prior \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	1,563
2015 and prior \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	15
2015 and prior \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	133
2015 and prior \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	378
2015 and prior \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	1,037
2016 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	464
2016 \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2016 \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	27
2016 \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	41
2016 \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	396
2017 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	463
2017 \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2017 \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	36
2017 \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	144
2017 \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	283
2018 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	630
2018 \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2018 \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	70
2018 \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	187
2018 \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	373
2019 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	880
2019 \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
2019 \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	48
2019 \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	333
2019 \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	499
Current \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	142
Current \| Below 1.0 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	0
Current \| 1.0 - 1.25 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	24
Current \| 1.26 - 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	6
Current \| Above 1.50 \| Mortgage loans on real estate
Debt and Equity Securities, FV-NI [Line Items]
Amortized cost before allowance	$ 112

Investments - Rollforward of credit loss allowance for mortgage loans (Details) - Mortgage loans on real estate - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (3)
Net increases related to credit losses	(39)	$ 0	$ 0
Reduction of allowance related to sales	17
Write-offs	0
Ending balance	(67)	(3)
Cumulative effect of change in accounting principle
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (42)
Ending balance		$ (42)

Investments - Bank loans amortized cost by credit quality and year of acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Schedule of Available for Sale Securities
Mortgage loans, net	$ 4,075	$ 4,817
Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	1,085
Allowance	(67)
Mortgage loans, net	1,018
2015 and prior \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	38
2016 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	41
2017 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	193
2018 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	256
2019 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	263
Current \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	294
BBB \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	43
BBB \| 2015 and prior \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	0
BBB \| 2016 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	0
BBB \| 2017 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	9
BBB \| 2018 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	7
BBB \| 2019 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	14
BBB \| Current \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	13
BB \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	212
BB \| 2015 and prior \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	20
BB \| 2016 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	2
BB \| 2017 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	25
BB \| 2018 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	58
BB \| 2019 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	53
BB \| Current \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	54
B \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	607
B \| 2015 and prior \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	11
B \| 2016 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	23
B \| 2017 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	115
B \| 2018 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	141
B \| 2019 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	122
B \| Current \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	195
CCC and below \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	223
CCC and below \| 2015 and prior \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	7
CCC and below \| 2016 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	16
CCC and below \| 2017 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	44
CCC and below \| 2018 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	50
CCC and below \| 2019 \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	74
CCC and below \| Current \| Bank loans
Schedule of Available for Sale Securities
Amortized cost before allowance	$ 32

Investments - Rollforward of credit loss allowance for bank loans (Details) - Bank loans $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Beginning balance	$ 0
Net increases related to credit losses	(28)
Reduction of allowance related to sales	9
Write-offs	5
Ending balance	(67)
Cumulative effect of change in accounting principle
Debt and Equity Securities, FV-NI [Line Items]
Beginning balance	$ (53)
Ending balance

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 2,933	$ 2,837
Fixed income securities	66,354	59,044
Fair Value
Fair value of assets and liabilities measured on recurring and non-recurring basis
Commitments to invest in limited partnership interests	$ 395
Fair Value \| Minimum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life	10 years
Fair Value \| Maximum
Fair value of assets and liabilities measured on recurring and non-recurring basis
Investment assets, useful life	12 years
Fixed Income Securities Valued Based on Nonbinding Broker Quotes
Fair value of assets and liabilities measured on recurring and non-recurring basis
Total assets at fair value	$ 93	50
Municipal Not Rated by Third Party Credit Rating Agencies
Fair value of assets and liabilities measured on recurring and non-recurring basis
Total assets at fair value	35	36
Significant unobservable inputs (Level 3)
Fair value of assets and liabilities measured on recurring and non-recurring basis
Total assets at fair value	832	738
Significant unobservable inputs (Level 3) \| Recurring
Fair value of assets and liabilities measured on recurring and non-recurring basis
Fixed income securities	$ 379	342
Total assets at fair value		$ 738

Fair Value of Assets and Liabilities - Assets and liabilities measured at fair value on a recurring and non-recurring basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Fixed income securities	$ 66,354	$ 59,044
Equity securities	4,710	8,162
Short-term investments	7,800	4,256
Separate account assets	3,344	3,044
Counterparty and cash collateral netting	(15)
Assets at fair value counterparty and cash collateral netting	$ (15)	$ (40)
Assets as a percent of assets measured at fair value	0.00%	(0.10%)
Total	$ 84,237	$ 76,461
Liabilities
Liabilities as a percent of liabilities measured at fair value	(4.20%)	(2.20%)
U.S. government and agencies
Assets
Fixed income securities	$ 3,222	$ 5,086
Municipal
Assets
Fixed income securities	9,587	8,620
Foreign government
Assets
Fixed income securities	1,055	979
ABS
Assets
Fixed income securities	1,270	862
MBS
Assets
Fixed income securities	78	419
Quoted prices in active markets for identical assets (Level 1)
Assets
Total assets at fair value	$ 17,567	$ 17,081
Assets as a percent of assets measured at fair value	21.30%	22.90%
Liabilities
Liabilities as a percent of liabilities measured at fair value	0.00%	0.00%
Significant other observable inputs (Level 2)
Assets
Total assets at fair value	$ 64,029	$ 56,868
Assets as a percent of assets measured at fair value	77.70%	76.20%
Liabilities
Liabilities as a percent of liabilities measured at fair value	23.80%	15.70%
Significant unobservable inputs (Level 3)
Assets
Total assets at fair value	$ 832	$ 738
Assets as a percent of assets measured at fair value	1.00%	1.00%
Liabilities
Liabilities as a percent of liabilities measured at fair value	80.40%	86.50%
Investments reported at NAV
Assets
Investments measured using the net asset value practical expedient	$ 1,824	$ 1,814
Recurring
Assets
Other investments: Free-standing derivatives, Counterparty and cash collateral netting	(15)	(40)
Counterparty and cash collateral netting		(40)
Liabilities
Counterparty and cash collateral netting	27	12
Recurring \| Quoted prices in active markets for identical assets (Level 1)
Assets
Fixed income securities	2,863	4,689
Equity securities	3,882	7,407
Short-term investments	7,477	1,940
Other investments: Free-standing derivatives	0	0
Separate account assets	3,344	3,044
Other assets	1	1
Total assets at fair value		17,081
Liabilities
Other liabilities: Free-standing derivatives	0	0
Total liabilities at fair value	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| U.S. government and agencies
Assets
Fixed income securities	2,863	4,689
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| Municipal
Assets
Fixed income securities	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| Corporate - public
Assets
Fixed income securities	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| Corporate - privately placed
Assets
Fixed income securities	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| Foreign government
Assets
Fixed income securities	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| ABS
Assets
Fixed income securities	0	0
Recurring \| Quoted prices in active markets for identical assets (Level 1) \| MBS
Assets
Fixed income securities	0	0
Recurring \| Significant other observable inputs (Level 2)
Assets
Fixed income securities	63,112	54,013
Equity securities	410	384
Short-term investments	288	2,291
Other investments: Free-standing derivatives	219	180
Separate account assets	0	0
Other assets	0	0
Total assets at fair value		56,868
Liabilities
Other liabilities: Free-standing derivatives	(153)	(84)
Total liabilities at fair value	(153)	(84)
Recurring \| Significant other observable inputs (Level 2) \| Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	0	0
Recurring \| Significant other observable inputs (Level 2) \| U.S. government and agencies
Assets
Fixed income securities	359	397
Recurring \| Significant other observable inputs (Level 2) \| Municipal
Assets
Fixed income securities	9,520	8,558
Recurring \| Significant other observable inputs (Level 2) \| Corporate - public
Assets
Fixed income securities	36,346	30,819
Recurring \| Significant other observable inputs (Level 2) \| Corporate - privately placed
Assets
Fixed income securities	14,568	12,084
Recurring \| Significant other observable inputs (Level 2) \| Foreign government
Assets
Fixed income securities	1,055	979
Recurring \| Significant other observable inputs (Level 2) \| ABS
Assets
Fixed income securities	1,213	797
Recurring \| Significant other observable inputs (Level 2) \| MBS
Assets
Fixed income securities	51	379
Recurring \| Significant unobservable inputs (Level 3)
Assets
Fixed income securities	379	342
Equity securities	418	371
Short-term investments	35	25
Other investments: Free-standing derivatives	0	0
Separate account assets	0	0
Other assets	0	0
Total assets at fair value		738
Liabilities
Other liabilities: Free-standing derivatives	0	0
Total liabilities at fair value	(516)	(462)
Recurring \| Significant unobservable inputs (Level 3) \| Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(516)	(462)
Recurring \| Significant unobservable inputs (Level 3) \| U.S. government and agencies
Assets
Fixed income securities	0	0
Recurring \| Significant unobservable inputs (Level 3) \| Municipal
Assets
Fixed income securities	67	62
Recurring \| Significant unobservable inputs (Level 3) \| Corporate - public
Assets
Fixed income securities	98	61
Recurring \| Significant unobservable inputs (Level 3) \| Corporate - privately placed
Assets
Fixed income securities	130	114
Recurring \| Significant unobservable inputs (Level 3) \| Foreign government
Assets
Fixed income securities		0
Fair value
Assets
Total assets at fair value	$ 82,413	$ 74,647
Assets as a percent of assets measured at fair value	100.00%	100.00%
Liabilities
Liabilities as a percent of liabilities measured at fair value	100.00%	100.00%
Fair value \| Recurring
Assets
Fixed income securities	$ 66,354	$ 59,044
Equity securities	4,710	8,162
Short-term investments	7,800	4,256
Other investments: Free-standing derivatives	204	140
Separate account assets	3,344	3,044
Other assets	1	1
Total assets at fair value		74,647
Liabilities
Other liabilities: Free-standing derivatives	(126)	(72)
Total liabilities at fair value	(642)	(534)
Fair value \| Recurring \| Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Contractholder funds: Derivatives embedded in life and annuity contracts	(516)	(462)
Fair value \| Recurring \| U.S. government and agencies
Assets
Fixed income securities	3,222	5,086
Fair value \| Recurring \| Municipal
Assets
Fixed income securities	9,587	8,620
Fair value \| Recurring \| Corporate - public
Assets
Fixed income securities	36,444	30,880
Fair value \| Recurring \| Corporate - privately placed
Assets
Fixed income securities	14,698	12,198
Fair value \| Recurring \| Foreign government
Assets
Fixed income securities	1,055	979
Fair value \| Recurring \| ABS
Assets
Fixed income securities	1,270	862
Fair value \| Recurring \| MBS
Assets
Fixed income securities	78	419
Fair value \| Recurring \| Significant unobservable inputs (Level 3) \| Foreign government
Assets
Fixed income securities	0
Fair value \| Recurring \| Significant unobservable inputs (Level 3) \| ABS
Assets
Fixed income securities	57	65
Fair value \| Recurring \| Significant unobservable inputs (Level 3) \| MBS
Assets
Fixed income securities	$ 27	$ 40

Fair Value of Assets and Liabilities - Quantitative information about Level 3 instruments (Details) - Equity-indexed and forward starting options in life and annuity product contracts - Significant unobservable inputs (Level 3) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Quantitative information about the significant unobservable inputs
Fair value	$ (483)	$ (430)
Projected option cost \| Minimum
Quantitative information about the significant unobservable inputs
Weighted average	0.010	0.010
Projected option cost \| Maximum
Quantitative information about the significant unobservable inputs
Weighted average	0.042	0.042
Projected option cost \| Weighted Average
Quantitative information about the significant unobservable inputs
Weighted average	0.0280	0.0267

Fair Value of Assets and Liabilities - Rollforward of level 3 assets and liabilities held at fair value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Balance at beginning of period	$ 738	$ 697	$ 837
Total gains (losses) included in: net income	0	30	37
Total gains (losses) included in: OCI	(12)	6	(6)
Transfers into Level 3	128	158	79
Transfers out of Level 3	(116)	(330)	(325)
Purchases	240	375	367
Sales	(95)	(173)	(208)
Issues	0	0	0
Settlements	(51)	(25)	(84)
Balance at end of period	832	738	697
Liabilities
Balance at beginning of period	(462)	(224)	(286)
Total gains (losses) included in: net income	(43)	(61)	58
Total gains (losses) included in: OCI	0	0	0
Transfers into Level 3	0	(175)	0
Transfers out of Level 3	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(34)	(16)	(2)
Settlements	23	14	6
Balance at end of period	(516)	(462)	(224)
Fair value assets and liabilities measured on recurring basis, gain (loss) included in earnings
Gain (loss) included in earnings	(43)	(31)	95
Net investment income
Assets
Total gains (losses) included in: net income	(23)	(2)	0
Realized capital gains (losses)
Assets
Total gains (losses) included in: net income	23	32	37
Life contract benefits
Assets
Total gains (losses) included in: net income	(1)	7	(5)
Interest credited to contractholder funds
Assets
Total gains (losses) included in: net income	(42)	(68)	63
Contractholder funds: Derivatives embedded in life and annuity contracts
Liabilities
Balance at beginning of period	(462)	(224)	(286)
Total gains (losses) included in: net income	(43)	(61)	58
Total gains (losses) included in: OCI	0	0	0
Transfers into Level 3	0	(175)	0
Transfers out of Level 3	0	0	0
Purchases	0	0	0
Sales	0	0	0
Issues	(34)	(16)	(2)
Settlements	23	14	6
Balance at end of period	(516)	(462)	(224)
Municipal
Assets
Balance at beginning of period	62	70	101
Total gains (losses) included in: net income	1	1	1
Total gains (losses) included in: OCI	2	4	(2)
Transfers into Level 3	20	0	0
Transfers out of Level 3	(11)	(5)	(26)
Purchases	0	0	10
Sales	(4)	(5)	(8)
Issues	0	0	0
Settlements	(3)	(3)	(6)
Balance at end of period	67	62	70
Corporate - public
Assets
Balance at beginning of period	61	70	108
Total gains (losses) included in: net income	(1)	0	0
Total gains (losses) included in: OCI	1	3	(3)
Transfers into Level 3	2	30	17
Transfers out of Level 3	0	(113)	(21)
Purchases	55	86	10
Sales	(19)	(11)	(38)
Issues	0	0	0
Settlements	(1)	(4)	(3)
Balance at end of period	98	61	70
Corporate - privately placed
Assets
Balance at beginning of period	114	90	224
Total gains (losses) included in: net income	2	(1)	(1)
Total gains (losses) included in: OCI	(12)	2	(3)
Transfers into Level 3	52	43	20
Transfers out of Level 3	(31)	(2)	(119)
Purchases	25	4	22
Sales	(17)	(13)	(5)
Issues	0	0	0
Settlements	(3)	(9)	(48)
Balance at end of period	130	114	90
ABS
Assets
Balance at beginning of period	65	69	147
Total gains (losses) included in: net income	0	1	0
Total gains (losses) included in: OCI	(1)	(1)	2
Transfers into Level 3	54	76	42
Transfers out of Level 3	(49)	(210)	(159)
Purchases	48	159	160
Sales	(32)	(22)	(97)
Issues	0	0	0
Settlements	(28)	(7)	(26)
Balance at end of period	57	65	69
MBS
Assets
Balance at beginning of period	40	26	26
Total gains (losses) included in: net income	1	0	0
Total gains (losses) included in: OCI	(2)	(2)	0
Transfers into Level 3	0	9	0
Transfers out of Level 3	0	0	0
Purchases	11	9	1
Sales	(7)	0	0
Issues	0	0	0
Settlements	(16)	(2)	(1)
Balance at end of period	27	40	26
Fixed income securities
Assets
Balance at beginning of period	342	325	606
Total gains (losses) included in: net income	3	1	0
Total gains (losses) included in: OCI	(12)	6	(6)
Transfers into Level 3	128	158	79
Transfers out of Level 3	(91)	(330)	(325)
Purchases	139	258	203
Sales	(79)	(51)	(148)
Issues	0	0	0
Settlements	(51)	(25)	(84)
Balance at end of period	379	342	325
Equity securities
Assets
Balance at beginning of period	371	341	210
Total gains (losses) included in: net income	(3)	30	37
Total gains (losses) included in: OCI	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	0	0	0
Purchases	66	82	109
Sales	(16)	(82)	(15)
Issues	0	0	0
Settlements	0	0	0
Balance at end of period	418	371	341
Short-term investments
Assets
Balance at beginning of period	25	30	20
Total gains (losses) included in: net income	0	0	0
Total gains (losses) included in: OCI	0	0	0
Transfers into Level 3	0	0	0
Transfers out of Level 3	(25)	0	0
Purchases	35	35	55
Sales	0	(40)	(45)
Issues	0	0	0
Settlements	0	0	0
Balance at end of period	35	25	30
Free-standing derivatives, net
Assets
Balance at beginning of period	$ 0	1	1
Total gains (losses) included in: net income		(1)	0
Total gains (losses) included in: OCI		0	0
Transfers into Level 3		0	0
Transfers out of Level 3		0	0
Purchases		0	0
Sales		0	0
Issues		0	0
Settlements		0	0
Balance at end of period		$ 0	$ 1

Fair Value of Assets and Liabilities - Change in level 3 assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	$ (2)	$ 6	$ 36
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	(43)	(61)	58
Gains (losses) for Level 3 assets and liabilities still held at the balance sheet date, included in earnings	(45)	(55)	94
Changes in unrealized net capital gains and losses reported in OCI	(9)
Net investment income
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	(24)	(2)	0
Realized capital gains (losses)
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	22	8	36
Life contract benefits
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	(1)	7	(5)
Interest credited to contractholder funds
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 assets still held at the balance sheet date	(42)	(68)	63
Contractholder funds: Derivatives embedded in life and annuity contracts
Gains (losses) included in net income for Level 3 assets and liabilities:
Gains (losses) for Level 3 liabilities still held at the balance sheet date, included in earnings	(43)	(61)	58
Municipal
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	1	1	0
Changes in unrealized net capital gains and losses reported in OCI	2
Fixed income securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	1	1	0
Equity securities
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	(3)	6	36
Free-standing derivatives, net
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	0	(1)	0
Corporate - public
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	(2)	0	0
Changes in unrealized net capital gains and losses reported in OCI	1
Corporate - privately placed
Gains (losses) included in net income for Level 3 assets and liabilities:
Fair value assets measured on recurring basis, change in unrealized gain (loss) included in earnings	2	$ 0	$ 0
Changes in unrealized net capital gains and losses reported in OCI	(11)
ABS
Gains (losses) included in net income for Level 3 assets and liabilities:
Changes in unrealized net capital gains and losses reported in OCI	$ (1)

Fair Value of Assets and Liabilities - Carrying values and fair value estimates (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial assets
Mortgage loans, net	$ 4,075	$ 4,817
Financial liabilities
Long-term debt	7,825	6,631
Liability for collateral	1,249	1,829	$ 1,458	$ 1,124
Significant unobservable inputs (Level 3) \| Amortized cost, net
Financial assets
Mortgage loans, net	4,075	4,817
Bank loans	1,018	1,204
Agent loans	631	666
Financial liabilities
Contractholder funds on investment contracts	7,795	8,438
Significant unobservable inputs (Level 3) \| Fair value
Financial assets
Mortgage loans, net	4,348	5,012
Bank loans	1,053	1,185
Agent loans	634	664
Financial liabilities
Contractholder funds on investment contracts	9,089	9,158
Significant other observable inputs (Level 2) \| Amortized cost, net
Financial liabilities
Long-term debt	7,825	6,631
Liability for collateral	1,249	1,829
Significant other observable inputs (Level 2) \| Fair value
Financial liabilities
Long-term debt	9,489	7,738
Liability for collateral	$ 1,249	$ 1,829

Derivative Financial Instruments and Off-balance sheet Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Financial Instruments and Off-balance sheet Financial Instruments
Potential recoveries	$ 0
Cash and securities pledged as collateral, from counterparties	7,000,000
Securities pledged as collateral to counterparties	19,000,000
Collateral posted	17,000,000	$ 3,000,000
Margin deposits	60,000,000
Margin deposit liabilities	$ 12,000,000

Derivative Financial Instruments and Off-balance sheet Financial Instruments - Summary of the volume and fair value positions (Details) $ in Millions	Dec. 31, 2020 USD ($) contract	Dec. 31, 2019 USD ($) contract
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 2,009	$ 75
Total liability derivatives, notional amount	3,182	3,403
Total derivatives, notional amount	$ 5,191	$ 3,478
Total asset derivatives, number of contracts \| contract	4,440	10,740
Total liability derivatives, number of contracts \| contract	4,108	6,492
Total derivatives, number of contracts \| contract	8,548	17,232
Net amount on balance sheet	$ 206	$ 142
Net amount on balance sheet	(655)	(507)
Total derivatives, fair value, net	(449)	(365)
Asset derivatives, gross asset	218	142
Liability derivatives, gross asset	2	39
Asset derivatives, gross liability	(12)	0
Liability derivatives, gross liability	(657)	(546)
Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	$ 2,006	$ 73
Total asset derivatives, number of contracts \| contract	4,440	10,740
Net amount on balance sheet	$ 206	$ 142
Asset derivatives, gross asset	218	142
Asset derivatives, gross liability	(12)	$ 0
Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, number of contracts \| contract		1,089
Net amount on balance sheet		$ 0
Liability derivatives, gross asset		0
Liability derivatives, gross liability		0
Other \| Other assets \| Derivatives designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	3	2
Net amount on balance sheet	0	0
Asset derivatives, gross asset	0	0
Asset derivatives, gross liability	0	0
Interest rate cap agreements \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	13
Net amount on balance sheet	0
Asset derivatives, gross asset	0
Asset derivatives, gross liability	0
Interest rate cap agreements \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	19	34
Net amount on balance sheet	0	0
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	$ 0	$ 0
Futures \| Other assets \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	602	3,668
Net amount on balance sheet	$ 0	$ 0
Asset derivatives, gross asset	0	0
Asset derivatives, gross liability	$ 0	$ 0
Futures \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, number of contracts \| contract	730
Net amount on balance sheet	$ 0
Liability derivatives, gross asset	0
Liability derivatives, gross liability	$ 0
Options \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	2,887	5,539
Net amount on balance sheet	$ 190	$ 140
Asset derivatives, gross asset	190	140
Asset derivatives, gross liability	$ 0	$ 0
Options \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, number of contracts \| contract	2,712	5,400
Net amount on balance sheet	$ (110)	$ (68)
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	$ (110)	$ (68)
Futures \| Other assets \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, number of contracts \| contract	951	1,533
Net amount on balance sheet	$ 1	$ 1
Asset derivatives, gross asset	1	1
Asset derivatives, gross liability	$ 0	$ 0
Futures \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, number of contracts \| contract	666	3
Net amount on balance sheet	$ 0	$ 0
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	0	0
Total return swap agreements - fixed income \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount		56
Net amount on balance sheet		1
Asset derivatives, gross asset		1
Asset derivatives, gross liability		0
Total return swap agreements - fixed income \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	50	119
Net amount on balance sheet	0	0
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	0	0
Total return swap agreements - equity index \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	8
Net amount on balance sheet	1
Asset derivatives, gross asset	1
Asset derivatives, gross liability	0
Total return swap agreements - equity index \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount		187
Net amount on balance sheet		11
Liability derivatives, gross asset		11
Liability derivatives, gross liability		0
Foreign currency forwards \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	404
Net amount on balance sheet	5
Asset derivatives, gross asset	13
Asset derivatives, gross liability	(8)
Foreign currency forwards \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	367	745
Net amount on balance sheet	(13)	19
Liability derivatives, gross asset	2	28
Liability derivatives, gross liability	(15)	(9)
Embedded derivative financial instruments \| Other investments
Derivatives, Fair Value
Total asset derivatives, notional amount	750
Net amount on balance sheet	0
Asset derivatives, gross asset	0
Asset derivatives, gross liability	0
Guaranteed accumulation benefits \| Contractholder funds \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	128	161
Net amount on balance sheet	(18)	(18)
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	(18)	(18)
Guaranteed withdrawal benefits \| Contractholder funds \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	190	205
Net amount on balance sheet	(15)	(14)
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	(15)	(14)
Equity-indexed and forward starting options in life and annuity product contracts \| Contractholder funds \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	1,785	1,791
Net amount on balance sheet	(483)	(430)
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	(483)	(430)
Credit default swaps – buying protection \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	77	17
Net amount on balance sheet	(4)	0
Asset derivatives, gross asset	0	0
Asset derivatives, gross liability	(4)	0
Credit default swaps – buying protection \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	638	152
Net amount on balance sheet	(16)	(7)
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	(16)	(7)
Credit default swaps – selling protection \| Other investments \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total asset derivatives, notional amount	754
Net amount on balance sheet	13
Asset derivatives, gross asset	13
Asset derivatives, gross liability	0
Credit default swaps – selling protection \| Other liabilities & accrued expenses \| Derivatives not designated as accounting hedging instruments
Derivatives, Fair Value
Total liability derivatives, notional amount	5	9
Net amount on balance sheet	0	0
Liability derivatives, gross asset	0	0
Liability derivatives, gross liability	$ 0	$ 0

Derivative Financial Instruments and Off-balance sheet Financial Instruments - Gross and net amounts for OTC derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Asset derivatives
Gross amount	$ 218	$ 142
Derivative asset, counterparty netting	(12)	0
Net amount on balance sheet	206	142
Liability derivatives
Gross amount	(657)	(546)
Derivative liability, counterparty netting	2	39
Net amount on balance sheet	(655)	(507)
OTC derivatives
Asset derivatives
Gross amount	16	40
Derivative asset, counterparty netting	(14)	(39)
Derivative asset, cash collateral (received) pledged	(1)	(1)
Net amount on balance sheet	1	0
Securities collateral (received) pledged	0	0
Net amount	1	0
Liability derivatives
Gross amount	(28)	(16)
Derivative liability, counterparty netting	14	39
Derivative liability, cash collateral (received) pledged	13	(27)
Net amount on balance sheet	(1)	(4)
Securities collateral (received) pledged	0	0
Net amount	$ (1)	$ (4)

Derivative Financial Instruments and Off-balance sheet Financial Instruments - OTC derivatives counterparty credit exposure (Details) $ in Millions	Dec. 31, 2020 USD ($) counter-party	Dec. 31, 2019 USD ($) counter-party
Credit Derivatives
Number of counter-parties \| counter-party	3	6
Notional amount	$ 280	$ 868
Credit exposure	7	29
Exposure, net of collateral	0	0
Gross liability fair value of contracts containing credit-risk-contingent features	27	16
Gross asset fair value of contracts containing credit-risk-contingent features and subject to MNAs	(9)	(11)
Collateral posted under MNAs for contracts containing credit-risk-contingent features	(17)	(3)
Maximum amount of additional exposure for contracts with credit-risk-contingent features if all features were triggered concurrently	$ 1	$ 2
A plus
Credit Derivatives
Number of counter-parties \| counter-party	3	6
Notional amount	$ 280	$ 868
Credit exposure	7	29
Exposure, net of collateral	$ 0	$ 0

Derivative Financial Instruments and Off-balance sheet Financial Instruments - CDS notional amounts by credit rating (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Financial Instruments and Off-balance sheet Financial Instruments
Term of credit default swaps	5 years
Credit Derivatives
Derivative, notional amount	$ 5,191	$ 3,478
Credit default contracts
Credit Derivatives
Derivative, notional amount	759	9
Fair value	13	0
Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	9	9
Fair value	0	0
Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	750
Fair value	13
AAA \| Credit default contracts
Credit Derivatives
Derivative, notional amount	6	0
AAA \| Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	0	0
AAA \| Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	6
AA \| Credit default contracts
Credit Derivatives
Derivative, notional amount	12	0
AA \| Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	0	0
AA \| Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	12
A \| Credit default contracts
Credit Derivatives
Derivative, notional amount	156	0
A \| Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	0	0
A \| Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	156
BBB \| Credit default contracts
Credit Derivatives
Derivative, notional amount	492	0
BBB \| Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	0	0
BBB \| Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	492
BB and lower \| Credit default contracts
Credit Derivatives
Derivative, notional amount	93	9
BB and lower \| Credit default contracts \| Single name \| Corporate
Credit Derivatives
Derivative, notional amount	9	$ 9
BB and lower \| Credit default contracts \| Index \| Corporate
Credit Derivatives
Derivative, notional amount	$ 84

Derivative Financial Instruments and Off-balance sheet Financial Instruments - Off balance sheet financial instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Financial Instruments and Off-balance sheet Financial Instruments
Commitments to invest in limited partnership interests	$ 2,933	$ 2,837
Private placement commitments	36	68
Other loan commitments	$ 92	$ 189

Reserve for Property and Casualty Insurance Claims and Claims Expense - Rollforward of reserve for property and casualty insurance claims and claims expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Activity in the reserve for property-liability insurance claims and claims expense:
Balance as of January 1	$ 27,712	$ 27,423
Net balance as of January 1	20,800	20,268	$ 19,854
Incurred claims and claims expense related to:
Prior years	(436)	(130)	(255)
Total incurred	22,001	23,976	22,778
Claims and claims expense paid related to:
Total paid	(22,224)	(23,444)	(22,364)
Net balance as of December 31	20,577	20,800	20,268
Balance as of December 31	27,610	27,712	27,423
Property and casualty
Activity in the reserve for property-liability insurance claims and claims expense:
Balance as of January 1	27,712	27,423	26,325
Less recoverables	(6,912)	(7,155)	(6,471)
Incurred claims and claims expense related to:
Current year	22,437	24,106	23,033
Prior years	(436)	(130)	(255)
Claims and claims expense paid related to:
Current year	(14,245)	(15,160)	(14,877)
Prior years	(7,979)	(8,284)	(7,487)
Plus recoverables	$ (7,033)	(6,912)	(7,155)
Balance as of December 31		$ 27,712	$ 27,423

Reserve for Property and Casualty Insurance Claims and Claims Expense - Reconciliation of total claims and claims expense incurred and paid by coverage (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Increase (decrease) in claims and claims expense
Incurred	$ 22,001	$ 23,976	$ 22,778
Paid	(22,224)	(23,444)	(22,364)
Claims incurred and paid from before 2016
Increase (decrease) in claims and claims expense
Incurred	(32)
Paid	(423)
Auto insurance - liability coverage
Increase (decrease) in claims and claims expense
Incurred	7,629
Paid	(7,939)
Auto insurance - physical damage coverage
Increase (decrease) in claims and claims expense
Incurred	4,817
Paid	(4,716)
Homeowners
Increase (decrease) in claims and claims expense
Incurred	4,889
Paid	(4,731)
Total auto and homeowners insurance
Increase (decrease) in claims and claims expense
Incurred	17,335
Paid	(17,386)
Other personal lines
Increase (decrease) in claims and claims expense
Incurred	1,015
Paid	(1,007)
Commercial lines
Increase (decrease) in claims and claims expense
Incurred	585
Paid	(463)
Protection Services
Increase (decrease) in claims and claims expense
Incurred	319
Paid	(326)
Unallocated loss adjustment expenses (“ULAE”)
Increase (decrease) in claims and claims expense
Incurred	2,681
Paid	(2,590)
Other
Increase (decrease) in claims and claims expense
Incurred	(34)
Paid	59
Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Incurred	132
Paid	(88)
Catastrophe losses
Increase (decrease) in claims and claims expense
Incurred	$ 2,810	$ 2,560	$ 2,860

Reserve for Property and Casualty Insurance Claims and Claims Expense - Incurred and claims expense (Details) $ in Millions			3 Months Ended		12 Months Ended
	Sep. 14, 2020 USD ($)	Jul. 01, 2020 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($) settlement	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 22, 2021 USD ($)	Jun. 20, 2020 USD ($)
Increase (decrease) in claims and claims expense
Prior years					$ (436)	$ (130)	$ (255)
Reinsurance expected recovery percentage		80.00%
Auto
Increase (decrease) in claims and claims expense
Prior years					(107)	(323)	(455)
Homeowners
Increase (decrease) in claims and claims expense
Prior years					(439)	65	14
Other personal lines
Increase (decrease) in claims and claims expense
Prior years					(66)	8	(7)
Commercial lines
Increase (decrease) in claims and claims expense
Prior years					36	17	108
Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years					141	105	87
Protection Services
Increase (decrease) in claims and claims expense
Prior years					(1)	(2)	(2)
Catastrophe losses
Increase (decrease) in claims and claims expense
Prior years				$ (495)	(503)	48	25
Number of settlements \| settlement				2
Catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years					(44)	(17)	(39)
Catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years					(422)	66	65
Catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years					(39)	0	(1)
Catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years					2	(1)	0
Catastrophe losses \| Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years					0	0	0
Catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years					0	0	0
Fire \| Pacific Gas And Electric
Increase (decrease) in claims and claims expense
Prior years		$ (450)
Catastrophe reinsurance settlement amount									$ 11,000
Fire \| Southern California Edison
Increase (decrease) in claims and claims expense
Prior years	$ (45)
Catastrophe reinsurance settlement amount	$ 1,160
Fire \| Southern California Edison \| Forecast
Increase (decrease) in claims and claims expense
Prior years			$ (110)
Fire \| Southern California Edison \| Subsequent Event
Increase (decrease) in claims and claims expense
Catastrophe reinsurance settlement amount								$ 2,200
Non-catastrophe losses
Increase (decrease) in claims and claims expense
Prior years					67	(178)	(280)
Non-catastrophe losses \| Auto
Increase (decrease) in claims and claims expense
Prior years					(63)	(306)	(416)
Non-catastrophe losses \| Homeowners
Increase (decrease) in claims and claims expense
Prior years					(17)	(1)	(51)
Non-catastrophe losses \| Other personal lines
Increase (decrease) in claims and claims expense
Prior years					(27)	8	(6)
Non-catastrophe losses \| Commercial lines
Increase (decrease) in claims and claims expense
Prior years					34	18	108
Non-catastrophe losses \| Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years					141	105	87
Non-catastrophe losses \| Protection Services
Increase (decrease) in claims and claims expense
Prior years					(1)	$ (2)	$ (2)
Annual reserve review \| Discontinued Lines and Coverages
Increase (decrease) in claims and claims expense
Prior years					$ 132

Reserve for Property and Casualty Insurance Claims and Claims Expense - Claims and allocated claim adjustment expenses, net of reinsurance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) claim	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Increase (decrease) in claims and claims expense
Liabilities for claims and claim adjustment expenses, net of recoverables	$ 20,577
Auto insurance - liability coverage
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	42,687
Prior year reserve reestimates	7
Prior year reserve reestimates	7
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	31,287
All outstanding liabilities before 2016, net of recoverables	1,389
Liabilities for claims and claim adjustment expenses, net of recoverables	12,789
Auto insurance - liability coverage \| Accident Year 2016
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	8,709	$ 8,690	$ 8,740	$ 8,841	$ 9,038
Prior year reserve reestimates	19
IBNR reserves plus expected development on reported claims	$ 554
Cumulative number of reported claims \| claim	2,400,904
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 8,155	7,700	6,853	5,772	3,487
Auto insurance - liability coverage \| Accident Year 2017
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	8,330	8,312	8,396	8,465
Prior year reserve reestimates	18
IBNR reserves plus expected development on reported claims	$ 1,017
Cumulative number of reported claims \| claim	2,217,132
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 7,313	6,532	5,333	3,151
Auto insurance - liability coverage \| Accident Year 2018
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	8,731	8,715	8,734
Prior year reserve reestimates	16
IBNR reserves plus expected development on reported claims	$ 1,846
Cumulative number of reported claims \| claim	2,180,275
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 6,885	5,618	3,231
Auto insurance - liability coverage \| Accident Year 2019
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	9,295	9,341
Prior year reserve reestimates	(46)
IBNR reserves plus expected development on reported claims	$ 3,064
Cumulative number of reported claims \| claim	2,205,813
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 6,231	3,498
Auto insurance - liability coverage \| Accident Year 2020
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	7,622
IBNR reserves plus expected development on reported claims	$ 4,919
Cumulative number of reported claims \| claim	1,500,921
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 2,703
Auto insurance - liability coverage \| Prior year reserve reestimates for pre-2016 accident years
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(20)
Auto insurance - liability coverage \| Prior year reserve reestimates for ULAE
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	23
Auto insurance - physical damage coverage
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	25,687
Prior year reserve reestimates	(107)
Prior year reserve reestimates	(114)
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	25,322
All outstanding liabilities before 2016, net of recoverables	8
Liabilities for claims and claim adjustment expenses, net of recoverables	373
Auto insurance - physical damage coverage \| Accident Year 2016
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	5,022	5,023	5,027	5,054	5,128
Prior year reserve reestimates	(1)
IBNR reserves plus expected development on reported claims	$ 5
Cumulative number of reported claims \| claim	4,432,048
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 5,017	5,018	5,022	5,033	4,890
Auto insurance - physical damage coverage \| Accident Year 2017
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	5,027	5,028	5,039	5,121
Prior year reserve reestimates	(1)
IBNR reserves plus expected development on reported claims	$ 1
Cumulative number of reported claims \| claim	4,237,772
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 5,026	5,030	5,039	4,847
Auto insurance - physical damage coverage \| Accident Year 2018
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	5,108	5,157	5,219
Prior year reserve reestimates	(49)
IBNR reserves plus expected development on reported claims	$ 9
Cumulative number of reported claims \| claim	4,310,750
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 5,099	5,140	4,971
Auto insurance - physical damage coverage \| Accident Year 2019
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	5,606	5,662
Prior year reserve reestimates	(56)
IBNR reserves plus expected development on reported claims	$ 26
Cumulative number of reported claims \| claim	4,469,473
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 5,580	5,418
Auto insurance - physical damage coverage \| Accident Year 2020
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	4,924
IBNR reserves plus expected development on reported claims	$ 324
Cumulative number of reported claims \| claim	3,493,530
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 4,600
Auto insurance - physical damage coverage \| Prior year reserve reestimates for pre-2016 accident years
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(1)
Auto insurance - physical damage coverage \| Prior year reserve reestimates for ULAE
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(5)
Homeowners
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	22,859
Prior year reserve reestimates	(480)
Prior year reserve reestimates	(439)
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	20,874
All outstanding liabilities before 2016, net of recoverables	119
Liabilities for claims and claim adjustment expenses, net of recoverables	2,104
Homeowners \| Accident Year 2016
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	3,948	3,953	3,958	3,995	3,961
Prior year reserve reestimates	(5)
IBNR reserves plus expected development on reported claims	$ 43
Cumulative number of reported claims \| claim	814,026
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 3,905	3,876	3,811	3,680	$ 2,949
Homeowners \| Accident Year 2017
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	4,390	4,614	4,619	4,477
Prior year reserve reestimates	(224)
IBNR reserves plus expected development on reported claims	$ 61
Cumulative number of reported claims \| claim	908,714
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 4,329	4,437	4,249	$ 3,228
Homeowners \| Accident Year 2018
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	4,551	4,854	4,749
Prior year reserve reestimates	(303)
IBNR reserves plus expected development on reported claims	$ 182
Cumulative number of reported claims \| claim	811,046
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 4,369	4,514	$ 3,491
Homeowners \| Accident Year 2019
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	4,601	4,549
Prior year reserve reestimates	52
IBNR reserves plus expected development on reported claims	$ 301
Cumulative number of reported claims \| claim	784,257
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 4,300	$ 3,316
Homeowners \| Accident Year 2020
Increase (decrease) in claims and claims expense
Incurred claims and allocated claim adjustment expenses, net of recoverables	5,369
IBNR reserves plus expected development on reported claims	$ 1,398
Cumulative number of reported claims \| claim	838,829
Cumulative paid claims and allocated claims adjustment expenses, net of recoverables	$ 3,971
Homeowners \| Prior year reserve reestimates for pre-2016 accident years
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(11)
Homeowners \| Prior year reserve reestimates for ULAE
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	52
Other \| Auto insurance - liability coverage
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(3)
Other \| Auto insurance - physical damage coverage
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	(1)
Other \| Homeowners
Increase (decrease) in claims and claims expense
Prior year reserve reestimates	$ 0

Reserve for Property and Casualty Insurance Claims and Claims Expense - Average annual percentage payout of incurred claims by age, net of reinsurance (Details)	Dec. 31, 2020
Auto insurance – liability coverage
Claims Development [Line Items]
1 year	39.40%
2 years	27.50%
3 years	13.10%
4 years	8.40%
5 years	4.90%
Auto insurance - physical damage coverage
Claims Development [Line Items]
1 year	96.90%
2 years	3.00%
3 years	(0.30%)
4 years	(0.10%)
5 years	0.00%
Homeowners
Claims Development [Line Items]
1 year	75.20%
2 years	19.40%
3 years	2.50%
4 years	0.90%
5 years	0.70%

Reserve for Property and Casualty Insurance Claims and Claims Expense - Reconciliation of the net incurred and paid claims development (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Claims Development [Line Items]
Net outstanding liabilities	$ 20,577
ULAE	1,484
Recoverables	7,033
ULAE	41
Gross reserve for property and casualty insurance claims and claims expense	27,610	$ 27,712	$ 27,423
Discontinued Lines and Coverages
Claims Development [Line Items]
Net outstanding liabilities	1,330
Recoverables	479
Gross reserve for property and casualty insurance claims and claims expense	695
Auto insurance - liability coverage
Claims Development [Line Items]
Net outstanding liabilities	12,789
Recoverables	5,979
Auto insurance - physical damage coverage
Claims Development [Line Items]
Net outstanding liabilities	373
Recoverables	4
Homeowners insurance
Claims Development [Line Items]
Net outstanding liabilities	2,104
Recoverables	171
Other personal lines
Claims Development [Line Items]
Net outstanding liabilities	1,335
Recoverables	153
Commercial lines
Claims Development [Line Items]
Net outstanding liabilities	1,132
Recoverables	196
Protection Services
Claims Development [Line Items]
Net outstanding liabilities	30
Recoverables	$ 10

Reserve for Property and Casualty Insurance Claims and Claims Expense - Reserves for asbestos, environmental and other discontinued lines claims before and after the effects of reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Asbestos claims
Gross reserves	$ 1,204	$ 1,172
Reinsurance	(377)	(362)
Net reserves	827	810
Environmental claims
Gross reserves	249	219
Reinsurance	(43)	(40)
Net reserves	206	179
Other discontinued lines
Gross reserves	435	427
Reinsurance	(60)	(51)
Net reserves	375	376
Total
Gross reserves	1,888	1,818
Reinsurance	(480)	(453)
Net reserves	$ 1,408	$ 1,365

Reserve for Life-Contingent Contract Benefits and Contractholder Funds - Reserve for life-contingent contract benefits (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 12,768	$ 12,300
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Premium deficiency reserve		496	126
Allstate Annuities
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Premium deficiency for immediate annuities, after tax		(178)	0	$ 0
Structured settlement annuities
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 7,407	6,840
Structured settlement annuities \| Minimum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		4.70%
Other immediate fixed annuities
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 1,511	1,612
Other immediate fixed annuities \| Minimum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		4.70%
Traditional life insurance
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 2,942	2,897
Traditional life insurance \| Minimum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		2.50%
Traditional life insurance \| Maximum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		11.30%
Accident and health insurance
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 841	873
Accident and health insurance \| Minimum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		3.00%
Accident and health insurance \| Maximum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		7.00%
Other
Reserve for life-contingent benefits:
Total reserve for life-contingent contract benefits		$ 67	$ 78
Other \| Minimum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		1.40%
Other \| Maximum
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Life contingent contract benefits, interest rate assumptions (as a percent)		5.80%
Reinsurance ceded \| Allstate Annuities
Key assumptions generally used in calculating the reserve for life-contingent contract benefits:
Premium deficiency for immediate annuities, after tax	$ 225

Reserve for Life-Contingent Contract Benefits and Contractholder Funds - Contractholder funds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Key contract provisions relating to contractholder funds:
Total contractholder funds	$ 17,213	$ 17,692	$ 18,371	$ 19,434
Interest-sensitive life insurance contract charges
Key contract provisions relating to contractholder funds:
Total contractholder funds	8,493	8,384
Fixed annuities contract charges
Key contract provisions relating to contractholder funds:
Total contractholder funds	8,196	8,845
Other investment contracts
Key contract provisions relating to contractholder funds:
Total contractholder funds	$ 524	$ 463
Other investment contracts \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	1.70%
Other investment contracts \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	10.30%
Equity indexed life insurance \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	0.00%
Equity indexed life insurance \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	9.00%
Other life insurance \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	1.00%
Other life insurance \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	6.00%
Immediate fixed annuities \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	0.50%
Immediate fixed annuities \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	7.50%
Equity indexed fixed annuities \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	(8.00%)
Equity indexed fixed annuities \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	9.00%
Other fixed annuities \| Minimum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	0.10%
Other fixed annuities \| Maximum
Key contract provisions relating to contractholder funds:
Contractholder funds, interest rate assumptions (as a percent)	5.00%

Reserve for Life-Contingent Contract Benefits and Contractholder Funds - Contractholder funds activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contractholder funds activity
Balance, beginning of year	$ 17,692	$ 18,371	$ 19,434
Deposits	1,062	1,091	1,109
Interest credited	633	636	650
Benefits	(775)	(791)	(844)
Surrenders and partial withdrawals	(728)	(884)	(1,135)
Contract charges	(836)	(825)	(824)
Net transfers from separate accounts	5	10	6
Other adjustments	160	84	(25)
Balance, end of year	$ 17,213	$ 17,692	$ 18,371

Reserve for Life-Contingent Contract Benefits and Contractholder Funds - Variable annuity contracts with guarantees (Details) - Variable annuities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Variable annuity contracts with guarantees
Account balances of separate accounts with guarantees, invested in equity, fixed income and balanced mutual funds	$ 2,960	$ 2,680
Account balances of separate accounts with guarantees, invested in money market mutual funds	238	253
In the event of death
Variable annuity contracts with guarantees
Separate account value	3,197	2,928
Net amount at risk	$ 308	$ 373
Weighted average attained age	72 years	71 years
At annuitization (includes income benefit guarantees)
Variable annuity contracts with guarantees
Separate account value	$ 925	$ 848
Net amount at risk	140	173
For cumulative periodic withdrawals
Variable annuity contracts with guarantees
Separate account value	178	190
Net amount at risk	12	13
Accumulation at specified dates
Variable annuity contracts with guarantees
Separate account value	93	123
Net amount at risk	$ 11	$ 15
Weighted average waiting period until guarantee date	3 years	4 years

Reserve for Life-Contingent Contract Benefits and Contractholder Funds - Summary of liabilities for guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	$ 419	$ 444
Less reinsurance recoverables	133	185
Net balance at beginning of period	286	259
Incurred guarantee benefits	68	30
Paid guarantee benefits	(2)	(3)
Net change	66	27
Net balance at end of period	352	286
Plus reinsurance recoverables	125	133
Balance at end of period	477	419
Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	419	444
Balance at end of period	477	419
Death benefits \| Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	78	109
Balance at end of period	67	78
At annuitization (includes income benefit guarantees) \| Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	21	36
Balance at end of period	24	21
Accumulation at specified dates \| Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	18	25
Balance at end of period	18	18
Withdrawal benefits \| Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	14	14
Balance at end of period	15	14
Other guarantees \| Variable annuities
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	288	260
Balance at end of period	353	288
Liability for guarantees related to death benefits and interest-sensitive life products
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	293	308
Less reinsurance recoverables	81	111
Net balance at beginning of period	212	197
Incurred guarantee benefits	50	18
Paid guarantee benefits	(2)	(3)
Net change	48	15
Net balance at end of period	260	212
Plus reinsurance recoverables	69	81
Balance at end of period	329	293
At annuitization (includes income benefit guarantees)
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	24	39
Less reinsurance recoverables	20	35
Net balance at beginning of period	4	4
Incurred guarantee benefits	0	0
Paid guarantee benefits	0	0
Net change	0	0
Net balance at end of period	4	4
Plus reinsurance recoverables	23	20
Balance at end of period	27	24
Liability for guarantees related to accumulation and withdrawal benefits
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of period	102	97
Less reinsurance recoverables	32	39
Net balance at beginning of period	70	58
Incurred guarantee benefits	18	12
Paid guarantee benefits	0	0
Net change	18	12
Net balance at end of period	88	70
Plus reinsurance recoverables	33	32
Balance at end of period	$ 121	$ 102

Reinsurance and Indemnification - Effects of reinsurance on property and casualty premiums (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property and casualty insurance premiums earned
Direct	$ 40,116	$ 39,178	$ 36,978
Assumed	784	806	841
Ceded	(1,383)	(1,407)	(1,306)
Net amount	39,517	38,577	36,513
Property and casualty insurance premiums
Property and casualty insurance premiums written
Direct	38,695	37,976	35,895
Assumed	105	95	99
Ceded	(1,142)	(1,117)	(1,008)
Property and casualty insurance premiums written, net of recoverables	37,658	36,954	34,986
Property and casualty insurance premiums earned
Direct	38,115	37,104	34,977
Assumed	99	94	87
Ceded	(1,141)	(1,122)	(1,016)
Net amount	37,073	36,076	34,048
Reinsurance ceded
Life premiums and contract charges
Direct	2,001	2,074	2,001
Assumed	685	712	754
Ceded	(242)	(285)	(290)
Life premiums and contract charges, net of recoverables	$ 2,444	$ 2,501	$ 2,465

Reinsurance and Indemnification - Reinsurance recoverables on paid and unpaid benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reinsurance Retention Policy [Line Items]
Recoverables	$ 7,033
Reinsurance and indemnification recoverables, net	$ 9,220	$ 9,211
A- \| Reinsurer Concentration Risk
Reinsurance Retention Policy [Line Items]
Concentration risk, percentage	94.00%	93.00%
Property and casualty
Reinsurance Retention Policy [Line Items]
Paid	$ 101	$ 112
Recoverables	7,033	6,912
Reinsurance and indemnification recoverables, net	7,134	7,024
Allstate Annuities
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net	1,293	1,305
Allstate Life
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net	712	794
Allstate Benefits
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net	$ 81	$ 88

Reinsurance and Indemnification - Rollforward of Credit Loss Allowance for Reinsurance Recoverables (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Reinsurance
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance	$ (74)
Property and casualty
Reinsurance
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	(60)
Increase (decrease) in the provision for credit losses	1
Write-offs	0
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance	(59)
Allstate Annuities, Allstate Life and Allstate Benefits
Reinsurance
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	(3)
Increase (decrease) in the provision for credit losses	(1)
Write-offs	0
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance	(15)
Allstate Annuities, Allstate Life and Allstate Benefits \| Cumulative effect of change in accounting principle
Reinsurance
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance	$ (11)

Reinsurance and Indemnification - Michigan Catastrophic Claims Association (Details) - USD ($)	6 Months Ended	12 Months Ended	24 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2020	Dec. 31, 2019
Reinsurance Retention Policy [Line Items]
Assets		$ 125,987,000,000			$ 119,950,000,000
Retained income		52,767,000,000			48,074,000,000
Michigan Catastrophic Claim Association
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net		5,650,000,000			$ 5,500,000,000
Program funding, per vehicle annual assessment		$ 100
Reinsurance increase, percentage		6.00%
Retention level per claim				$ 580,000
Term of catastrophe reinsurance agreement contract				2 years
Assets	$ 23,410,000,000			$ 23,410,000,000
Retained income	2,440,000,000			$ 2,440,000,000
Retained earnings accumulated deficit decrease	$ 34,730,000,000
Subsequent Event \| Michigan Catastrophic Claim Association
Reinsurance Retention Policy [Line Items]
Retention level per claim			$ 600,000
Term of catastrophe reinsurance agreement contract			2 years

Reinsurance and Indemnification - New Jersey Property-Liability Insurance Guaranty Association (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
New Jersey Unsatisfied Claim and Judgment Fund
Reinsurance Retention Policy [Line Items]
Minimum medical benefits portion of personal injury protection coverage for reimbursement to insurers for policies issued or renewed prior to January 1, 1991	$ 75,000
Minimum medical benefits portion of personal injury protection coverage for reimbursement to insurers for policies issued or renewed from January 1, 1991 to December 31, 2004	75,000
Maximum reimbursement to insurers for medical benefits paid under personal injury protection coverage.	250,000
Reinsurance, administration assessments paid	7,000,000
Reinsurance and indemnification recoverables, net	389,000,000	$ 446,000,000
Insurance fund balance	50,000,000
PLGIA
Reinsurance Retention Policy [Line Items]
Insurance fund balance	$ 248,000,000

Reinsurance and Indemnification - North Carolina Reinsurance Facility (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Insurance premiums	$ 39,517.0		$ 38,577.0	$ 36,513.0
Recoverables	7,033.0
North Carolina Reinsurance Facility
Reinsurance Retention Policy [Line Items]
Funds deficit in member's equity		$ 125.0
Net income		15.0
Insurance premiums		1,100.0
Paid	8.6
Recoverables	$ 58.4
Private Passenger Auto Risk Recoupment \| North Carolina Reinsurance Facility
Reinsurance Retention Policy [Line Items]
Insurance premiums		170.0
Member Loss Recoupments \| North Carolina Reinsurance Facility
Reinsurance Retention Policy [Line Items]
Insurance premiums		$ 69.7

Reinsurance and Indemnification - Florida Hurricane Catastrophe Fund (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($) hurricane	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Reinsurance Retention Policy [Line Items]
Property-liability insurance premiums earned	$ 1,383,000,000		$ 1,407,000,000	$ 1,306,000,000
Florida Hurricane Catastrophe Fund
Reinsurance Retention Policy [Line Items]
Emergency assessment maximum percentage of premiums first year	6.00%
Emergency assessment maximum percentage of premiums subsequent years	10.00%
Emergency assessment, bonds issued				2,000,000,000.00
Emergency assessment maximum percentage of premiums subsequent years, FL OIR	0.00%
Florida Hurricane Catastrophe Fund
Reinsurance Retention Policy [Line Items]
Property-liability insurance premiums earned	$ 9,000,000		9,000,000	10,000,000
Reinsurance recoverable, qualifying losses, amount	15,000,000		33,000,000	$ 143,000,000
Reinsurance ceded amount	118,000,000
Percent of losses in excess of retention level to be reimbursed		90.00%
Retention level for losses related to 2 largest hurricanes		$ 58,000,000
Number of storms \| hurricane		2
Retention level for losses related to other hurricanes		$ 19,000,000
Maximum Retention level for losses related to hurricanes		$ 146,000,000
Reinsurance and indemnification recoverables, net	$ 32,000,000		$ 52,000,000

Reinsurance and Indemnification - National Flood Insurance Program (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Property-liability insurance premiums earned	$ 1,383	$ 1,407	$ 1,306
National Flood Insurance Program
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net	30	25
Property-liability insurance premiums earned	261	258	258
Reinsurance ceded amount	$ 87	$ 150	$ 118

Reinsurance and Indemnification - Catastrophe reinsurance (Details) - Catastrophe Reinsurance Program $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) contract reinstatement
Ceded Credit Risk [Line Items]
Catastrophe reinsurance loss amount	$ 2,000
Catastrophe reinsurance aggregate loss limit	4,980
Retention amount for catastrophe reinsurance agreement contracts	500
Limit of aggregate losses under aggregate excess agreement	400
Loss from catastrophes	$ 2,250
Number of reinstatements each year for each contract \| reinstatement	1
Contracts number \| contract	2
Traditional Market
Ceded Credit Risk [Line Items]
Limit of aggregate losses under aggregate excess agreement	$ 3,000
Insurance Linked Securities (ILS)
Ceded Credit Risk [Line Items]
Limit of aggregate losses under aggregate excess agreement	1,530
Contract One
Ceded Credit Risk [Line Items]
Loss from catastrophes	$ 462
Term of catastrophe reinsurance agreement contract	7 years
Contract Two
Ceded Credit Risk [Line Items]
Loss from catastrophes	$ 284
Contracts number \| contract	2
Term of catastrophe reinsurance agreement contract	1 year
Minimum
Ceded Credit Risk [Line Items]
Retention amount for catastrophe reinsurance agreement contracts	$ 100
Reinsurance ceded amount	150
Maximum
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	$ 375

Reinsurance and Indemnification - FHCF Contract (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Property-liability insurance premiums earned	$ 1,383	$ 1,407	$ 1,306
Florida Hurricane Catastrophe Fund
Reinsurance Retention Policy [Line Items]
Limit of aggregate losses under aggregate excess agreement	295
Retention amount for catastrophe reinsurance agreement contracts	20
Reinsurance ceded amount	118
Property-liability insurance premiums earned	9	9	10
Catastrophe Reinsurance Program
Reinsurance Retention Policy [Line Items]
Limit of aggregate losses under aggregate excess agreement	400
Retention amount for catastrophe reinsurance agreement contracts	500
Property-liability insurance premiums earned	$ 425	$ 386	$ 343

Reinsurance and Indemnification - New Jersey Excess Catastrophe Reinsurance Agreement (Details) - New Jersey Agreement $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) contract reinstatement
Reinsurance Retention Policy [Line Items]
Contracts number \| contract	2
Retention percentage of reinsurance limit	63.00%
Limit of aggregate losses under aggregate excess agreement	$ 400
Retention amount for catastrophe reinsurance agreement contracts	$ 150
Number of reinstatements each year for each contract \| reinstatement	1

Reinsurance and Indemnification - Kentucky Earthquake Excess Catastrophe Reinsurance Contract (Details) - Kentucky Agreement $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Reinsurance Retention Policy [Line Items]
Term of catastrophe reinsurance agreement contract	3 years
Limit of aggregate losses under aggregate excess agreement	$ 28
Retention percentage of reinsurance limit	95.00%
Retention amount for catastrophe reinsurance agreement contracts	$ 2

Reinsurance and Indemnification- Florida Hurricane Catastrophe Fund (“FHCF”), Insurance Linked Securities (“ILS”) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Property-liability insurance premiums earned	$ 1,383	$ 1,407	$ 1,306
Florida Hurricane Catastrophe Fund
Ceded Credit Risk [Line Items]
Catastrophe reinsurance aggregate loss limit	633
Retention amount for catastrophe reinsurance agreement contracts	20
Limit of aggregate losses under aggregate excess agreement	295
Catastrophe reinsurance loss amount	264
Reinsurance ceded amount	118
Property-liability insurance premiums earned	9	9	10
Florida Hurricane Catastrophe Fund \| Insurance Linked Securities (ILS)
Ceded Credit Risk [Line Items]
Limit of aggregate losses under aggregate excess agreement	200
Catastrophe Reinsurance Program
Ceded Credit Risk [Line Items]
Catastrophe reinsurance aggregate loss limit	4,980
Retention amount for catastrophe reinsurance agreement contracts	500
Limit of aggregate losses under aggregate excess agreement	400
Catastrophe reinsurance loss amount	2,000
Property-liability insurance premiums earned	425	$ 386	$ 343
Catastrophe Reinsurance Program \| Insurance Linked Securities (ILS)
Ceded Credit Risk [Line Items]
Limit of aggregate losses under aggregate excess agreement	$ 1,530

Reinsurance and Indemnification - Other reinsurance programs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lloyds of London
Reinsurance Retention Policy [Line Items]
Reinsurance and indemnification recoverables, net	$ 166	$ 158
Aleka Insurance Inc
Reinsurance Retention Policy [Line Items]
Largest reinsurance recoverable from a single reinsurer	$ 165	$ 115

Reinsurance and Indemnification - Life and annuity reinsurance recoverables (Details) - Allstate Annuities	12 Months Ended
	Dec. 31, 2020 reinsurer
Reinsurance Retention Policy [Line Items]
Percent of morbidity risk ceded for term-life insurance policies	90.00%
Number of unaffiliated reinsurers	14

Reinsurance and Indemnification - Retention limits by period of policy issuance (Details) - Allstate Annuities - USD ($) $ in Millions	1 Months Ended	45 Months Ended	48 Months Ended	69 Months Ended	106 Months Ended
	Aug. 31, 1998	Mar. 31, 2011	Mar. 31, 2015	Dec. 31, 2020	Jun. 30, 2007
Reinsurance Retention Policy [Line Items]
Retention level per claim	$ 1	$ 5			$ 2
Retention level for contracts issued to individuals age 70 and over		3
Retention level for certain large contracts meeting specific criteria		$ 10			$ 5
Single life
Reinsurance Retention Policy [Line Items]
Retention level per claim			$ 5	$ 2
Retention level for contracts issued to individuals age 70 and over			3
Retention level for certain large contracts meeting specific criteria			10
Joint life
Reinsurance Retention Policy [Line Items]
Retention level per claim			8
Retention level for certain large contracts meeting specific criteria			$ 10

Reinsurance and Indemnification - Other Reinsurance Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables	$ 66	$ 73
Life insurance in force ceded to unaffiliated reinsurers	67,319	74,021	$ 81,186
Allstate Annuities
Reinsurance Retention Policy [Line Items]
Gross life insurance in force	425,440
Life insurance in force ceded to unaffiliated reinsurers	67,320
Prudential \| Allstate Annuities
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables	1,280	1,290
Citigroup Subsidiaries and Scottish Re \| Operating costs and expenses \| Allstate Annuities
Reinsurance Retention Policy [Line Items]
Reinsurance recoverables	99	$ 112
Lincoln Benefit Life Company
Reinsurance Retention Policy [Line Items]
Investments held by trust	$ 6,290

Reinsurance and Indemnification - Amounts Ceded to Prudential (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract benefits
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	$ 155	$ 165	$ 240
Interest credited to contractholder funds
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	27	20	24
Prudential \| Premiums and contract charges \| Allstate Financial
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	64	65	72
Prudential \| Contract benefits \| Allstate Financial
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	46	(4)	87
Prudential \| Interest credited to contractholder funds \| Allstate Financial
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	20	19	20
Prudential \| Operating costs and expenses \| Allstate Financial
Ceded Credit Risk [Line Items]
Reinsurance ceded amount	$ 12	$ 12	$ 14

Deferred Policy Acquisition and Sales Inducement Costs -Deferred policy acquisition costs activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred policy acquisition costs activity
Balance, beginning of year	$ 4,699	$ 4,784	$ 4,191
Acquisition costs deferred	5,758	5,622	5,663
Amortization charged to income	(5,630)	(5,533)	(5,222)
Effect of unrealized gains and losses	(127)	(174)	152
Balance, end of year	$ 4,700	$ 4,699	$ 4,784

Deferred Policy Acquisition and Sales Inducement Costs - Deferred sales inducement costs activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred sales inducement costs activity
Balance, beginning of year	$ 27	$ 34	$ 36
Amortization charged to income	(5)	(5)	(4)
Effect of unrealized gains and losses	3	(2)	2
Balance, end of year	$ 25	$ 27	$ 34

Capital Structure - Total debt outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Nov. 19, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Due after one year through five years	$ 1,600,000,000		$ 1,000,000,000
Due after five years through ten years	1,150,000,000		550,000,000
Due after ten years	5,141,000,000		5,141,000,000
Total long-term debt principal	7,891,000,000		6,691,000,000
Debt issuance costs	(66,000,000)		(60,000,000)
Total long-term debt	7,825,000,000		6,631,000,000
Short-term debt	0		0
Total debt	$ 7,825,000,000		6,631,000,000
Redemption price as percentage of principal amount plus accrued and unpaid interest	100.00%
Floating Rate Senior Notes, due 2021
Debt Instrument [Line Items]
Due after one year through five years	$ 250,000,000		250,000,000
Interest rate spread over LIBOR (as a percent)	0.43%
Floating Rate Senior Notes, due 2023
Debt Instrument [Line Items]
Due after one year through five years	$ 250,000,000		250,000,000
Interest rate spread over LIBOR (as a percent)	0.63%
3.15% Senior Notes, due 2023
Debt Instrument [Line Items]
Due after one year through five years	$ 500,000,000		500,000,000
Note stated interest rate (as a percent)	3.15%
0.75% Senior Notes, due 2025
Debt Instrument [Line Items]
Due after one year through five years	$ 600,000,000		0
Total long-term debt		$ 600,000,000
Note stated interest rate (as a percent)	0.75%	0.75%
3.28% Senior Notes, due 2026
Debt Instrument [Line Items]
Due after five years through ten years	$ 550,000,000		550,000,000
Note stated interest rate (as a percent)	3.28%
1.45% Senior Notes, due 2030
Debt Instrument [Line Items]
Due after five years through ten years	$ 600,000,000		0
Total long-term debt		$ 600,000,000
Note stated interest rate (as a percent)	1.45%	1.45%
6.125% Senior Notes, due 2032
Debt Instrument [Line Items]
Due after ten years	$ 159,000,000		159,000,000
Note stated interest rate (as a percent)	6.125%
5.35% Senior Notes due 2033
Debt Instrument [Line Items]
Due after ten years	$ 323,000,000		323,000,000
Note stated interest rate (as a percent)	5.35%
5.55% Senior Notes due 2035
Debt Instrument [Line Items]
Due after ten years	$ 546,000,000		546,000,000
Note stated interest rate (as a percent)	5.55%
5.95% Senior Notes, due 2036
Debt Instrument [Line Items]
Due after ten years	$ 386,000,000		386,000,000
Note stated interest rate (as a percent)	5.95%
6.900% Senior Debentures, due 2038
Debt Instrument [Line Items]
Due after ten years	$ 165,000,000		165,000,000
Note stated interest rate (as a percent)	6.90%
5.20% Senior Notes due 2042
Debt Instrument [Line Items]
Due after ten years	$ 62,000,000		62,000,000
Note stated interest rate (as a percent)	5.20%
4.50% Senior Notes, due 2043
Debt Instrument [Line Items]
Due after ten years	$ 500,000,000		500,000,000
Note stated interest rate (as a percent)	4.50%
4.20% Senior Notes, due 2046
Debt Instrument [Line Items]
Due after ten years	$ 700,000,000		700,000,000
Note stated interest rate (as a percent)	4.20%
3.85% Senior Notes, due 2049
Debt Instrument [Line Items]
Due after ten years	$ 500,000,000		500,000,000
Note stated interest rate (as a percent)	3.85%
5.100% Subordinated Debentures, due 2053
Debt Instrument [Line Items]
Due after ten years	$ 500,000,000		500,000,000
Note stated interest rate (as a percent)	5.10%
5.750% Subordinated Debentures, due 2053
Debt Instrument [Line Items]
Due after ten years	$ 800,000,000		800,000,000
Note stated interest rate (as a percent)	5.75%
6.500% Junior Subordinated Debentures, due 2067
Debt Instrument [Line Items]
Due after ten years	$ 500,000,000		$ 500,000,000
Total long-term debt	$ 500,000,000
Note stated interest rate (as a percent)	6.50%

Capital Structure - Debt maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Total debt outstanding by maturity:
2021	$ 250
2022	0
2023	750
2024	0
2025	600
Thereafter	6,291
Total long-term debt principal	$ 7,891	$ 6,691

Capital Structure - Narrative (Details)		12 Months Ended
Capital Structure - Narrative (Details)	Jan. 15, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) director $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Nov. 30, 2020 USD ($)	Nov. 19, 2020 USD ($)
Class of Stock [Line Items]
Long-term debt		$ 7,825,000,000	$ 6,631,000,000
Unsecured revolving credit facility					$ 750,000,000
Additional borrowing capacity under credit facility increase provision		$ 500,000,000
Maximum debt to capital ratio allowed under credit facility covenant (as a percent)		37.50%
Credit facility, amount outstanding		$ 0	0
Interest paid on debt		311,000,000	312,000,000	$ 330,000,000
Other liabilities and accrued expenses		$ 430,000,000	$ 389,000,000
Common stock
Common stock, shares, issued (in shares) \| shares		900,000,000	900,000,000
Common stock, shares, outstanding (in shares) \| shares		304,000,000	319,000,000
Treasury stock, shares (in shares) \| shares		596,000,000	581,000,000
Reacquired shares (in shares) \| shares		17,000,000
Average cost of reacquired shares (in dollars per share) \| $ / shares		$ 97.54
Reissued net shares under equity incentive plans (in shares) \| shares		3,000,000
Preferred stock
Preferred stock, par or stated value per share (in USD per share) \| $ / shares		$ 1	$ 1
Redemption of preferred stock	$ 288,000,000
Preferred stock redemption premium	$ 10,000,000
Period of issuance of common stock prior to dividend declaration date during which dividend declaration is prohibited		90 days
Noncumulative Perpetual Preferred Stock
Class of Stock [Line Items]
Period after occurrence of certain tax and rating agency events in which redemption of debt in whole permissible		90 days
Preferred stock
Preferred stock, par or stated value per share (in USD per share) \| $ / shares		$ 1.00
Preferred stock, shares liquidation preference (in dollars per share) \| $ / shares		25,000
Preferred stock, redemption price (in dollars per share) \| $ / shares		$ 25,000
Series A Preferred Stock
Preferred stock
Preferred stock, par or stated value per share (in USD per share) \| $ / shares	$ 1.00
Preferred stock, shares liquidation preference (in dollars per share) \| $ / shares	$ 25,000
Stock redeemed (in shares) \| shares	11,500
Minimum
Preferred stock
Collective risk-based capital ratios of subsidiaries as a percentage of net written premiums of insurance business		80.00%
Percentage of decline in consolidated shareholders' equity from benchmark quarter		20.00%
Minimum \| Noncumulative Perpetual Preferred Stock
Preferred stock
Preferred stock, redemption price (in dollars per share) \| $ / shares		$ 25,000
Maximum
Preferred stock
Risk-based capital ratios as a percentage of action level risk-based capital		175.00%
Percentage by which consolidated shareholders' equity should increase or decrease to avoid restriction on dividends		20.00%
Maximum \| Noncumulative Perpetual Preferred Stock
Preferred stock
Additional members of the board of directors \| director		2
Preferred stock, redemption price (in dollars per share) \| $ / shares		$ 25,500
Commercial Paper
Class of Stock [Line Items]
Commercial Paper maximum borrowing capacity		$ 750,000,000
Amount of commercial paper outstanding		$ 0	$ 0
Senior Notes Due 2025 at 0.750 Percent
Class of Stock [Line Items]
Debt instrument, face amount						$ 600,000,000
Note stated interest rate (as a percent)		0.75%				0.75%
Long-term debt						$ 600,000,000
Senior Notes Due 2030 at 1.45 Percent
Class of Stock [Line Items]
Debt instrument, face amount						$ 600,000,000
Note stated interest rate (as a percent)		1.45%				1.45%
Long-term debt						$ 600,000,000
7.45% Senior Notes, due 2019
Class of Stock [Line Items]
Threshold percentage of repurchase or redemption of outstanding principal debentures for non applicability of promises and covenants contained in the new RCC		10.00%
Period within which threshold percentage of outstanding principal of debentures is to be purchased for non applicability of promises and covenants contained in the new RCC		1 year
Specified period within which percentage of outstanding principal of debentures is to be purchased for non applicability of promises and covenants contained in the new RCC		10 years
7.45% Senior Notes, due 2019 \| Maximum
Class of Stock [Line Items]
Percentage of repurchase or redemption of outstanding principal debentures within specified period for non applicability of promises and covenants contained in the new RCC		25.00%
5.100% Subordinated Debentures, due 2053
Class of Stock [Line Items]
Note stated interest rate (as a percent)		5.10%
5.100% Subordinated Debentures, due 2053 \| London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Interest rate spread over LIBOR (as a percent)		3.165%
5.750% Subordinated Debentures, due 2053
Class of Stock [Line Items]
Note stated interest rate (as a percent)		5.75%
5.750% Subordinated Debentures, due 2053 \| London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Interest rate spread over LIBOR (as a percent)		2.938%
Subordinated Debentures
Class of Stock [Line Items]
Minimum principal outstanding amount for redemption of debt in whole or in part		$ 25,000,000
Period after occurrence of certain tax and rating agency events in which redemption of debt in whole permissible		90 days
Maximum period for deferment of interest payment		5 years
6.500% Junior Subordinated Debentures, due 2067
Class of Stock [Line Items]
Note stated interest rate (as a percent)		6.50%
Long-term debt		$ 500,000,000
6.500% Junior Subordinated Debentures, due 2067 \| London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Interest rate spread over LIBOR (as a percent)		2.12%
The Debentures
Class of Stock [Line Items]
Maximum period for deferment of interest payment		10 years
Reserved common stock authorized and unissued for debentures obligations (in shares) \| shares		75,000,000

Capital Structure - Outstanding preferred stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	81,000	92,500
Proceeds from issuance of preferred stock, gross	$ 2,025.0	$ 2,313.0
Aggregate dividend payment	108.0	134.0	$ 134.0
Excess redemption price over carrying value	$ 10.0	$ 37.0	$ 13.0
Series A
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	11,500
Proceeds from issuance of preferred stock, gross	$ 0.0	$ 287.5
Dividend rate	5.625%
Dividends payable, amount per share (in usd per share)	$ 0	$ 1.41	$ 1.41
Aggregate dividend payment	$ 4.0	$ 16.0	$ 16.0
Series C
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	0
Proceeds from issuance of preferred stock, gross	$ 0.0	$ 0.0
Dividend rate	6.75%
Dividends payable, amount per share (in usd per share)	$ 0	$ 0	$ 1.69
Aggregate dividend payment	$ 0.0	$ 0.0	$ 26.0
Series D
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	0
Proceeds from issuance of preferred stock, gross	$ 0.0	$ 0.0
Dividend rate	6.625%
Dividends payable, amount per share (in usd per share)	$ 0	$ 1.66	$ 1.66
Aggregate dividend payment	$ 0.0	$ 9.0	$ 9.0
Series E
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	0
Proceeds from issuance of preferred stock, gross	$ 0.0	$ 0.0
Dividend rate	6.625%
Dividends payable, amount per share (in usd per share)	$ 0	$ 1.66	$ 1.66
Aggregate dividend payment	$ 0.0	$ 49.0	$ 49.0
Series F
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	0	0
Proceeds from issuance of preferred stock, gross	$ 0.0	$ 0.0
Dividend rate	6.25%
Dividends payable, amount per share (in usd per share)	$ 0	$ 1.56	$ 1.56
Aggregate dividend payment	$ 0.0	$ 16.0	$ 16.0
Series G
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	23,000	23,000
Proceeds from issuance of preferred stock, gross	$ 575.0	$ 575.0
Dividend rate	5.625%
Dividends payable, amount per share (in usd per share)	$ 1.41	$ 1.41	$ 1.41
Aggregate dividend payment	$ 32.0	$ 32.0	$ 18.0
Series H
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	46,000	46,000
Proceeds from issuance of preferred stock, gross	$ 1,150.0	$ 1,150.0
Dividend rate	5.10%
Dividends payable, amount per share (in usd per share)	$ 1.28	$ 1.28	$ 0
Aggregate dividend payment	$ 59.0	$ 12.0	$ 0.0
Series I
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	12,000	12,000
Proceeds from issuance of preferred stock, gross	$ 300.0	$ 300.0
Dividend rate	4.75%
Dividends payable, amount per share (in usd per share)	$ 1.19	$ 1.19	$ 0
Aggregate dividend payment	$ 13.0	$ 0.0	$ 0.0

Company Restructuring - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges		$ 259	$ 41	$ 67
Transformative Growth Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges		238
Transformative Growth Plan \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges	$ 290
Employee costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs		223
Exit costs
Restructuring Cost and Reserve [Line Items]
Cumulative amount incurred to date for active programs		$ 52

Company Restructuring - Changes in the restructuring liability (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Reserve
Restructuring liability as of December 31, 2019	$ 22
Expense incurred	260
Adjustments to liability	(1)
Payments and non-cash pension settlements	(209)
Restructuring liability as of December 31, 2020	72
Employee costs
Restructuring Reserve
Restructuring liability as of December 31, 2019	14
Expense incurred	214
Adjustments to liability	3
Payments and non-cash pension settlements	(159)
Restructuring liability as of December 31, 2020	72
Exit costs
Restructuring Reserve
Restructuring liability as of December 31, 2019	8
Expense incurred	46
Adjustments to liability	(4)
Payments and non-cash pension settlements	(50)
Restructuring liability as of December 31, 2020	$ 0

Commitments, Guarantees and Contingent Liabilities - Florida and Louisiana Citizens (Details)	12 Months Ended
	Dec. 31, 2020
FL Citizens
Loss Contingencies
Assessment rate, percent of deficit or prior year premiums	2.00%
Surcharge on policies, deadline for filing prior to imposing	15 days
Emergency assessment maximum percentage of premiums subsequent years, FL OIR	0.00%
LA Citizens
Loss Contingencies
Assessment rate, percent of deficit or prior year premiums	10.00%

Commitments, Guarantees and Contingent Liabilities - Florida Hurricane Catastrophe Fund and California Earthquake Authority (Details) - California Earthquake Authority - USD ($) $ in Millions	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies
CEA capital balance	$ 6,000
Proceeds of revenue bonds	1,100
CEA existing reinsurance layer	9,500
Policy holder surcharge	1,000
Current estimated maximum CEA assessment	1,700
CEA capital balance threshold	350
CEA capital balance to be restored	350
Projected aggregate claim paying capacity	$ 19,300
Share of the CEA (as a percent)			9.30%
Maximum possible assessment		$ 155

Commitments, Guarantees and Contingent Liabilities - Texas Associations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies
Portion of assessment	$ 1
Liability for claims	27,610	$ 27,712
Texas Fair Plan Association
Loss Contingencies
Liability for claims	$ 8

Commitments, Guarantees and Contingent Liabilities - New Jersey and North Carolina (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
North Carolina Joint Underwriters Association
Loss Contingencies
Plan surplus receivable	$ 6
Funds surplus in member's equity	33
North Carolina Insurance Underwriting Association
Loss Contingencies
Funds surplus in member's equity	555
Maximum possible assessment	$ 1,000
Percentage of surcharge on property insurance policy statewide to be remitted to the plan	10.00%

Commitments, Guarantees and Contingent Liabilities - Guaranty funds and Guarantees (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Guaranty Funds
Loss Contingencies
Liability for insurance assessments	$ 12,000,000	$ 13,000,000
Insurance assessments, premium tax offsets	14,000,000	$ 15,000,000
Minimum
Loss Contingencies
Reasonably possible additional losses	0
Maximum
Loss Contingencies
Reasonably possible additional losses	$ 85,000,000

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 112
Income tax paid	1,480	$ 648	$ 731
Current income tax payable	84	$ 124
US Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	44
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 68

Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of the change in the amount of unrecognized tax benefits
Balance – beginning of year	$ 70	$ 70	$ 55
Increase for tax positions taken in a prior year	0	0	3
Increase for tax positions taken in the current year	0	0	12
Decrease for settlements	(58)	0	0
Balance – end of year	$ 12	$ 70	$ 70

Income Taxes - Components of the deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Unearned premium reserves	$ 659	$ 642
Pension	161	197
Accrued compensation	139	147
Discount on loss reserves	79	78
Other postretirement benefits	36	49
Net operating loss carryover	23	26
Other assets	68	54
Total deferred tax assets	1,165	1,193
Deferred tax liabilities
DAC	(858)	(847)
Unrealized net capital gains	(856)	(507)
Investments	(394)	(567)
Life and annuity reserves	(216)	(222)
Intangible assets	(87)	(98)
Other liabilities	(109)	(106)
Total deferred tax liabilities	(2,520)	(2,347)
Net deferred tax liability	$ (1,355)	$ (1,154)

Income Taxes - Components of the net operating loss carryforwards (Details) $ in Millions	Dec. 31, 2020 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 112
20-Year Carryforward Expires in 2025-2037
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	36
Indefinite Carryforward Period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	76
US Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	44
US Federal \| 20-Year Carryforward Expires in 2025-2037
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	36
US Federal \| Indefinite Carryforward Period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	8
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	68
Foreign \| 20-Year Carryforward Expires in 2025-2037
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	0
Foreign \| Indefinite Carryforward Period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 68

Income Taxes - Components of income tax expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of income tax expense (benefit)
Current	$ 1,499	$ 991	$ 704
Deferred	(116)	251	(236)
Total income tax expense	$ 1,383	$ 1,242	$ 468

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Reconciliation of income tax rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income before income taxes	$ 6,959	$ 6,089	$ 2,628
Statutory federal income tax rate on income from operations	1,461	1,279	552
Tax credits	(45)	(33)	(34)
Share-based payments	(30)	(24)	(16)
Tax-exempt income	(24)	(27)	(24)
State income taxes	35	41	27
Tax Legislation benefit	0	0	(29)
Other	(14)	6	(8)
Total income tax expense	$ 1,383	$ 1,242	$ 468
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation
Statutory federal income tax rate on income from operations	21.00%	21.00%	21.00%
Tax credits	(0.70%)	(0.50%)	(1.30%)
Share-based payments	(0.40%)	(0.40%)	(0.60%)
Tax-exempt income	(0.30%)	(0.40%)	(0.90%)
State income taxes	0.50%	0.70%	1.00%
Tax Legislation benefit	0.00%	0.00%	(1.10%)
Other	(0.20%)	0.00%	(0.30%)
Effective income tax rate on income from operations	19.90%	20.40%	17.80%

Statutory Financial Information and Dividend Limitations - Allstates domestic insurance subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount per statutory accounting practices
Net income (loss)	$ 6,246	$ 4,411	$ 3,404
Capital and surplus	21,383	20,400
Property and casualty
Amount per statutory accounting practices
Net income (loss)	6,232	3,989	2,939
Capital and surplus	17,128	16,192
Allstate Annuities
Amount per statutory accounting practices
Net income (loss)	14	422	$ 465
Capital and surplus	$ 4,255	$ 4,208

Statutory Financial Information and Dividend Limitations - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Dividend Limitations
Action level RBC expressed as a multiplier of authorized control level RBC, which if not achieved would require specific actions to be taken	2
Capital and surplus	$ 21,383	$ 20,400
Restricted net assets	31,030
Allstate Insurance Company
Dividend Limitations
Dividends paid	4,440
Maximum amount of dividends without prior approval	$ 5,950
Advance notice period required for payment of dividend in excess of amount available for distribution without prior approval	30 days
Unassigned surplus excluding unrealized appreciation from investments	$ 13,520
Capital and surplus	20,540
Authorized control level RBC	$ 2,920

Benefit Plans - Future amortization amounts (Details) $ in Millions	Dec. 31, 2020 USD ($)
Pension benefits
Estimates of the net actuarial loss (gain) and prior service credit expected to be recognized as a component of net periodic benefit cost during 2015
Prior service credit	$ 50
Postretirement benefits
Estimates of the net actuarial loss (gain) and prior service credit expected to be recognized as a component of net periodic benefit cost during 2015
Prior service credit	$ 25

Benefit Plans - Changes in benefit obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation
Service cost	$ 108	$ 125	$ 117
Interest cost	221	254	270
Pension benefits
Change in benefit obligation
Benefit obligation, beginning of year	7,139	6,224
Service cost	104	117	110
Interest cost	210	240	255
Participant contributions	0	0
Actuarial losses (gains)	813	927
Benefits paid	(522)	(356)
Plan amendments	0	0
Translation adjustment and other	(1)	(13)
Curtailment losses (gains)	20	0
Benefit obligation, end of year	7,763	7,139	6,224
Change in plan assets
Fair value of plan assets, beginning of year	6,192	5,299
Actual return on plan assets	1,300	1,235
Employer contribution	18	27
Benefits paid	(522)	(356)
Translation adjustment and other	(1)	(13)
Fair value of plan assets, end of year	6,987	6,192	5,299
Funded status	(776)	(947)
Prior service credit	(78)
Unamortized pension and other postretirement prior service credit	(78)	(142)
Postretirement benefits
Change in benefit obligation
Benefit obligation, beginning of year	397	375
Service cost	4	8	7
Interest cost	11	14	15
Participant contributions	14	15
Actuarial losses (gains)	22	19
Benefits paid	(37)	(39)
Plan amendments	(102)	0
Translation adjustment and other	(1)	5
Curtailment losses (gains)	10	0
Benefit obligation, end of year	318	397	$ 375
Change in plan assets
Fair value of plan assets, beginning of year
Employer contribution	23	24
Fair value of plan assets, end of year
Funded status	(318)	(397)
Prior service credit	(89)
Unamortized pension and other postretirement prior service credit	$ (89)	$ (13)

Benefit Plans - Changes not yet recognized (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Pension benefits
Change in items not yet recognized as a component of defined benefit plans, net periodic cost
Items not yet recognized as a component of net cost – December 31, 2019	$ (142)
Prior service credit arising during the period	0
Prior service credit recognized during the period due to curtailment	10
Prior service credit amortized to net cost	54
Translation adjustment and other	0
Items not yet recognized as a component of net cost – December 31, 2020	(78)
Postretirement benefits
Change in items not yet recognized as a component of defined benefit plans, net periodic cost
Items not yet recognized as a component of net cost – December 31, 2019	(13)
Prior service credit arising during the period	(102)
Prior service credit recognized during the period due to curtailment	18
Prior service credit amortized to net cost	10
Translation adjustment and other	(2)
Items not yet recognized as a component of net cost – December 31, 2020	$ (89)

Benefit Plans - Obligations and funded status narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019 pension_plan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Retirement Benefits [Abstract]
Number of pension plans \| pension_plan	2
Maximum annual medical cost inflation after retirement for Company's share of retiree medical benefits cost for non Medicare-eligible retirees (as a percent)		5.00%
Pension benefits
Components of net periodic cost
Accumulated benefit obligation (ABO)		$ 7,550	$ 7,020
Company's Pension Plans with an ABO in excess of plan assets
Company's pension plans with ABO in excess of plan assets, aggregate projected benefit obligation		7,330	6,730
Company's pension plans with ABO in excess of plan assets, aggregate accumulated benefit obligation		7,130	6,620
Company's pension plans with ABO in excess of plan assets, aggregate fair value of plan assets		6,560	5,790
Defined benefit plans' accrued benefit costs related to certain unfunded and non-qualified plans		$ 139	$ 137
Postretirement benefits
Defined benefit plan, assumed health care cost trend rates
Weighted average health care cost trend rate		6.80%
Ultimate health care cost trend rate in 2038 and thereafter		4.50%

Benefit Plans - Components of net periodic cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of net periodic cost
Service cost	$ 108	$ 125	$ 117
Interest cost	221	254	270
Expected return on plan assets	(414)	(403)	(427)
Amortization of prior service credit	(64)	(59)	(77)
Curtailment losses (gains)	2	0	0
Costs and expenses	(147)	(83)	(117)
Remeasurement of projected benefit obligation	835	946	(259)
Remeasurement of plan assets	(886)	(832)	727
Remeasurement (gains) losses	(51)	114	468
Total net (benefit) cost	(198)	31	351
Pension benefits
Components of net periodic cost
Service cost	104	117	110
Interest cost	210	240	255
Expected return on plan assets	(414)	(403)	(427)
Amortization of prior service credit	(54)	(56)	(56)
Curtailment losses (gains)	10	0	0
Costs and expenses	(144)	(102)	(118)
Remeasurement of projected benefit obligation	813	927	(255)
Remeasurement of plan assets	(886)	(832)	727
Remeasurement (gains) losses	(73)	95	472
Total net (benefit) cost	(217)	(7)	354
Postretirement benefits
Components of net periodic cost
Service cost	4	8	7
Interest cost	11	14	15
Expected return on plan assets	0	0	0
Amortization of prior service credit	(10)	(3)	(21)
Curtailment losses (gains)	(8)	0	0
Costs and expenses	(3)	19	1
Remeasurement of projected benefit obligation	22	19	(4)
Remeasurement of plan assets	0	0	0
Remeasurement (gains) losses	22	19	(4)
Total net (benefit) cost	$ 19	$ 38	$ (3)

Benefit Plans - Weighted average assumptions used (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension benefits
Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
Discount rate	3.00%	3.70%	4.06%
Expected long-term rate of return on plan assets	7.08%	7.34%	7.33%
Weighted average assumptions used to determine benefit obligations
Discount rate	2.51%	3.31%
Postretirement benefits
Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
Discount rate	2.99%	3.61%	3.95%
Weighted average assumptions used to determine benefit obligations
Discount rate	2.39%	3.27%

Benefit Plans - Weighted average target allocation and actual percentage (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Private equity funds
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Actual percentage of plan assets	0.00%	1.00%
Mutual funds
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	1.00%	0.00%
Pension benefits
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Actual percentage of plan assets	100.00%	100.00%
Fair value of plan assets	$ 6,987	$ 6,192	$ 5,299
Pension benefits \| Equity securities
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Actual percentage of plan assets	50.00%	50.00%
Pension benefits \| Equity securities \| Minimum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	43.00%
Pension benefits \| Equity securities \| Maximum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	62.00%
Pension benefits \| Fixed income securities
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Actual percentage of plan assets	38.00%	38.00%
Pension benefits \| Fixed income securities \| Minimum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	33.00%
Pension benefits \| Fixed income securities \| Maximum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	45.00%
Pension benefits \| Limited partnership interests
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Actual percentage of plan assets	10.00%	10.00%
Pension benefits \| Limited partnership interests \| Minimum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	0.00%
Pension benefits \| Limited partnership interests \| Maximum
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	15.00%
Pension benefits \| Short-term investments and other
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Target asset allocation	0.00%
Actual percentage of plan assets	2.00%	2.00%
Pension benefits \| Securities pledged as collateral
Pension plans' weighted average target percentage of plan assets and the actual percentage of plan assets
Fair value of plan assets	$ 101	$ 258

Benefit Plans - Fair Value of pension plan assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Free Standing Derivative Liabilities \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value		$ (2)
Free Standing Derivative Liabilities \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value		(17)
Free Standing Derivative Liabilities \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value		0
Pension benefits
Components of net periodic cost
Total plan assets at fair value	$ 3,122	$ 3,020
Total plan assets at fair value, allocation (as a percent)	100.00%	100.00%
Investments measured using the net asset value practical expedient	$ 3,908	$ 3,418
Securities lending obligation	(101)	(272)
Derivatives counterparty and cash collateral netting	(19)	9
Other net plan assets	77	17
Fair value of plan assets	6,987	6,192	$ 5,299
Pension benefits \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	$ 469	$ 579
Total plan assets at fair value, allocation (as a percent)	15.00%	19.20%
Pension benefits \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	$ 2,651	$ 2,441
Total plan assets at fair value, allocation (as a percent)	84.90%	80.80%
Pension benefits \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	$ 2	$ 0
Total plan assets at fair value, allocation (as a percent)	0.10%	0.00%
Fair value of plan assets	$ 2	$ 0	5	$ 39
Pension benefits \| Equity securities
Components of net periodic cost
Total plan assets at fair value	269	261
Pension benefits \| Equity securities \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	227	216
Pension benefits \| Equity securities \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	42	45
Pension benefits \| Equity securities \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	0	0
Fair value of plan assets			0	29
Pension benefits \| U.S. government and agencies
Components of net periodic cost
Total plan assets at fair value	897	1,333
Pension benefits \| U.S. government and agencies \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	32	237
Pension benefits \| U.S. government and agencies \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	865	1,096
Pension benefits \| U.S. government and agencies \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	0	0
Pension benefits \| Corporate
Components of net periodic cost
Total plan assets at fair value	1,711	1,060
Pension benefits \| Corporate \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	0	0
Pension benefits \| Corporate \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	1,709	1,060
Pension benefits \| Corporate \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	2	0
Fair value of plan assets	2	0	$ 5	$ 10
Pension benefits \| Short-term investments
Components of net periodic cost
Total plan assets at fair value	245	380
Pension benefits \| Short-term investments \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	210	128
Pension benefits \| Short-term investments \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	35	252
Pension benefits \| Short-term investments \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	0	0
Pension benefits \| Free Standing Derivative Assets
Components of net periodic cost
Total plan assets at fair value	21	5
Pension benefits \| Free Standing Derivative Assets \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	0	0
Pension benefits \| Free Standing Derivative Assets \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	21	5
Pension benefits \| Free Standing Derivative Assets \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	0	0
Pension benefits \| Free Standing Derivative Liabilities
Components of net periodic cost
Total plan assets at fair value	(23)	$ (19)
Pension benefits \| Free Standing Derivative Liabilities \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	(2)
Pension benefits \| Free Standing Derivative Liabilities \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	(21)
Pension benefits \| Free Standing Derivative Liabilities \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	0
Pension benefits \| Free Standing Derivative Other Assets
Components of net periodic cost
Total plan assets at fair value	2
Pension benefits \| Free Standing Derivative Other Assets \| Quoted prices in active markets for identical assets (Level 1)
Components of net periodic cost
Total plan assets at fair value	2
Pension benefits \| Free Standing Derivative Other Assets \| Significant other observable inputs (Level 2)
Components of net periodic cost
Total plan assets at fair value	0
Pension benefits \| Free Standing Derivative Other Assets \| Significant unobservable inputs (Level 3)
Components of net periodic cost
Total plan assets at fair value	$ 0

Benefit Plans - Rollforward of level 3 plan assets (Details) - Pension benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets
Fair value of plan assets, beginning of year	$ 6,192	$ 5,299
Fair value of plan assets, end of year	6,987	6,192	$ 5,299
Significant unobservable inputs (Level 3)
Change in plan assets
Fair value of plan assets, beginning of year	0	5	39
Actual return on plan assets: Relating to assets sold during the period	0	0	0
Actual return on plan assets: Relating to assets still held at the reporting date	0	0	3
Purchases, sales and settlements, net	2	(5)	(5)
Net transfers in (out) of Level 3	0	0	(32)
Fair value of plan assets, end of year	2	0	5
Significant unobservable inputs (Level 3) \| Equity securities
Change in plan assets
Fair value of plan assets, beginning of year		0	29
Actual return on plan assets: Relating to assets sold during the period			0
Actual return on plan assets: Relating to assets still held at the reporting date			3
Purchases, sales and settlements, net			0
Net transfers in (out) of Level 3			(32)
Fair value of plan assets, end of year			0
Significant unobservable inputs (Level 3) \| Corporate
Change in plan assets
Fair value of plan assets, beginning of year	0	5	10
Actual return on plan assets: Relating to assets sold during the period	0	0	0
Actual return on plan assets: Relating to assets still held at the reporting date	0	0	0
Purchases, sales and settlements, net	2	(5)	(5)
Net transfers in (out) of Level 3	0	0	0
Fair value of plan assets, end of year	$ 2	$ 0	$ 5

Benefit Plans - Pension plan assets narrative (Details)	12 Months Ended
Benefit Plans - Pension plan assets narrative (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans' assets
Expected weighted average long-term rate of return on primary employee plan assets for the next fiscal year	10 years
Expected weighted average long-term rate of return on employee-agent plan assets for the next fiscal year	5 years
Pension benefits
Pension plans' assets
Notional amount of derivatives, minimum percentage of plan assets	115.00%
Expected weighted average long-term rate of return on plan assets	7.08%	7.34%	7.33%
Expected weighted average long-term rate of return on plan assets for the next fiscal year	7.06%
Arithmetic average of the annual actual return on plan assets for the last 10 years	11.10%
Arithmetic average of the annual actual return on plan assets for the last 5 years	14.40%

Benefit Plans - Cash flows narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension benefits
Components of net periodic cost
Defined benefit pension plans, estimated employer contributions in next fiscal year	$ 24
Employer contribution	18	$ 27
Postretirement benefits
Components of net periodic cost
Defined benefit pension plans, estimated employer contributions in next fiscal year	0
Employer contribution	23	24
Participant contributions	14	$ 15
Other Pension Plan
Components of net periodic cost
Defined benefit pension plans, estimated employer contributions in next fiscal year	$ 4

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Benefit Plans - Estimated future benefit payments (Details) $ in Millions	Dec. 31, 2020 USD ($)
Pension benefits
Estimated future benefit payments
2021	$ 710
2022	741
2023	733
2024	726
2025	694
2026-2030	2,320
Total benefit payments	5,924
Postretirement benefits
Estimated future benefit payments
2021	25
2022	27
2023	27
2024	27
2025	26
2026-2030	98
Total benefit payments	$ 230

Benefit Plans - Allstate 401(k) savings plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Company's contribution to the Allstate Plan	$ 103	$ 93	$ 89
ESOP benefit		(41)	(2)
Principal balance of note from ESOP		2
Defined contribution plan expense for eligible employees of Canadian insurance subsidiaries and Sterling	$ 13	$ 15	$ 15

Equity Incentive Plans - Equity Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity Incentive Plans [Abstract]
Compensation expense	$ 124	$ 105	$ 125
Income tax benefits	18	17	22
Cash received from exercise of options	111	154	92
Tax benefit realized on options exercised and release of stock restrictions	$ 53	$ 43	$ 28

Equity Incentive Plans- Nonvested awards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Equity Incentive Plans
Unrecognized compensation	$ 82
Nonqualified stock options
Equity Incentive Plans
Unrecognized compensation	$ 21
Weighted average vesting period	1 year 5 months 26 days
Restricted stock units
Equity Incentive Plans
Unrecognized compensation	$ 33
Weighted average vesting period	1 year 10 months 6 days
Performance stock awards
Equity Incentive Plans
Unrecognized compensation	$ 28
Weighted average vesting period	1 year 5 months 8 days

Equity Incentive Plans - Narrative (Details) - shares shares in Millions		12 Months Ended
	Feb. 17, 2014	Dec. 31, 2020
Equity Incentive Plans
Common stock authorized for stock-based awards (in shares)		110.8
Common stock reserved for further issuance (in shares)		20.9
Stock options
Equity Incentive Plans
Vesting period of options granted		3 years
Portion of awards vesting and unrestricting on second anniversary of grant date (as a percent)	50.00%
Portion of awards vesting and unrestricting on third and fourth anniversaries of grant date (as a percent)	25.00%
Expiration term for options		10 years

Equity Incentive Plans - Option grant assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assumptions used to determine fair value of options granted
Weighted average expected term	6 years 1 month 6 days	5 years 9 months 18 days	5 years 8 months 12 days
Expected volatility, low end of the range (as a percent)	16.30%	15.60%	15.60%
Expected volatility, high end of the range (as a percent)	37.10%	28.90%	30.70%
Weighted average volatility (as a percent)	17.60%	18.40%	19.80%
Expected dividends, minimum range (as a percent)	1.60%	1.90%	1.50%
Expected dividends, maximum range (as a percent)	2.40%	2.20%	2.20%
Weighted average expected dividends (as a percent)	1.80%	2.20%	2.00%
Risk-free rate, low end of the range (as a percent)	0.10%	1.30%	1.30%
Risk-free rate, high end of the range (as a percent)	1.80%	2.70%	3.20%

Equity Incentive Plans - Summary of option activity (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock option activity
Outstanding at the beginning of the period (in shares)	11,671
Granted (in shares)	1,555
Exercised (in shares)	(2,201)
Forfeited (in shares)	(394)
Expired (in shares)	(14)
Outstanding at the end of the period (in shares)	10,617	11,671
Outstanding, net of expected forfeitures (in shares)	10,543
Outstanding, exercisable ("vested") (in shares)	6,907
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at the beginning of the period (in dollars per share)	$ 73.40
Granted (in dollars per share)	123.43
Exercised (in dollars per share)	53.75
Forfeited (in dollars per share)	104.18
Expired (in dollars per share)	81.21
Outstanding at the end of the period (in dollars per share)	83.65	$ 73.40
Outstanding, net of expected forfeitures (in dollars per share)	83.46
Outstanding, exercisable ("vested") (in dollars per share)	$ 72.51
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Aggregate intrinsic value, Outstanding	$ 298,537
Aggregate intrinsic value, net of expected forfeitures, outstanding	297,990
Aggregate intrinsic value, exercisable ("vested"), outstanding	$ 258,510
Weighted average remaining contractual term, Outstanding	6 years 1 month 6 days
Weighted average remaining contractual term, net of expected forfeitures, outstanding	6 years 1 month 6 days
Weighted average remaining contractual term, exercisable ("vested"), outstanding	5 years
Weighted average grant date fair value of options granted (in dollars per share)	$ 18.17	$ 14.96	$ 17.03
Intrinsic value of options exercised	$ 119,000	$ 114,000	$ 72,000

Equity Incentive Plans - Changes in restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock units activity
Outstanding at the beginning of the period (in shares)	877
Granted (in shares)	407
Vested (in shares)	(278)
Forfeited (in shares)	(58)
Outstanding at the end of the period (in shares)	948	877
Weighted average grant date fair value
Weighted average grant date fair value, nonvested at the beginning of the period (in dollars per share)	$ 83.87
Weighted average grant date fair value, granted (in dollars per share)	118.61	$ 92.97	$ 93.16
Weighted average grant date fair value, vested (in dollars per share)	80.10
Weighted average grant date fair value, forfeited (in dollars per share)	105.03
Weighted average grant date fair value, nonvested at the end of the period (in dollars per share)	$ 98.61	$ 83.87
Total fair value of restricted stock and restricted stock units vested	$ 32	$ 29	$ 47

Equity Incentive Plans - Changes in performance stock awards (Details) - Performance stock awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock units activity
Outstanding at the beginning of the period (in shares)	1,181
Granted (in shares)	282
Adjustment for performance achievement (in shares)	408
Vested (in shares)	(816)
Forfeited (in shares)	(104)
Outstanding at the end of the period (in shares)	951	1,181
Weighted average grant date fair value
Weighted average grant date fair value, nonvested at the beginning of the period (in dollars per share)	$ 87.78
Weighted average grant date fair value, granted (in dollars per share)	123.48	$ 92.49	$ 92.88
Weighted average grant date fair value, adjustment for performance achievement (in dollars per share)	78.49
Weighted average grant date fair value, vested (in dollars per share)	78.49
Weighted average grant date fair value, forfeited (in dollars per share)	101.10
Weighted average grant date fair value, nonvested at the end of the period (in dollars per share)	$ 100.89	$ 87.78
Risk-free rate, high end of the range (as a percent)	1.40%
Expected volatility rate (as a percent)	16.90%
Weighted average volatility (as a percent)	35.10%
Weighted average expected term	2 years 10 months 24 days
Total fair value of restricted stock and restricted stock units vested	$ 101	$ 65	$ 15

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplementary Insurance Information
Non-cash modifications of certain mortgage loans, fixed income securities, limited partnership interests and other investments, as well as mergers completed with equity securities	$ 61	$ 198	$ 94
Non-cash financing activities related to the issuance of shares for vested restricted stock units	56	50	$ 32
Operating lease, payments	156	155
Right-of-use asset obtained in exchange for operating lease liability	$ 51	604
Accounting Standards Update 2016-02
Supplementary Insurance Information
Right-of-use asset obtained in exchange for operating lease liability		$ 488

Supplemental Cash Flow Information - Net change (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net change in proceeds managed
Net change in fixed income securities	$ 0	$ 80	$ 234
Net change in short-term investments	592	(451)	(568)
Operating cash flow provided (used)	592	(371)	(334)
Net change in cash	(12)	0	0
Net change in proceeds managed	580	(371)	(334)
Net change in liabilities
Liabilities for collateral, beginning of year	(1,829)	(1,458)	(1,124)
Liabilities for collateral, end of year	(1,249)	(1,829)	(1,458)
Operating cash flow (used) provided	$ (580)	$ 371	$ 334

Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pre-tax
Other comprehensive income (loss)	$ 1,720	$ 2,322	$ (1,094)
Tax
Other comprehensive income (loss)	(366)	(490)	233
After-tax
Other comprehensive income (loss)	1,354	1,832	(861)
Unrealized net capital gains and losses
Pre-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	2,512	2,807	(1,142)
Less: reclassification adjustment of realized capital gains and losses	870	413	(186)
Other comprehensive income (loss)	1,642	2,394	(956)
Tax
Unrealized net holding gains and losses arising during the period, net of related offsets	(532)	(592)	241
Less: reclassification adjustment of realized capital gains and losses	(183)	(87)	39
Other comprehensive income (loss)	(349)	(505)	202
After-tax
Unrealized net holding gains and losses arising during the period, net of related offsets	1,980	2,215	(901)
Less: reclassification adjustment of realized capital gains and losses	687	326	(147)
Other comprehensive income (loss)	1,293	1,889	(754)
Unrealized foreign currency translation adjustments
Pre-tax
Other comprehensive income (loss)	66	(13)	(61)
Tax
Other comprehensive income (loss)	(14)	3	13
After-tax
Other comprehensive income (loss)	52	(10)	(48)
Unamortized pension and other postretirement prior service credit
Pre-tax
Other comprehensive income (loss)	12	(59)	(77)
Tax
Other comprehensive income (loss)	(3)	12	18
After-tax
Other comprehensive income (loss)	$ 9	$ (47)	$ (59)

Quarterly Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 12,018	$ 11,500	$ 11,197	$ 10,076	$ 11,472	$ 11,069	$ 11,144	$ 10,990	$ 44,791	$ 44,675	$ 39,815
Net income (loss) applicable to common shareholders	$ 2,598	$ 1,126	$ 1,224	$ 513	$ 1,707	$ 889	$ 821	$ 1,261	$ 5,461	$ 4,678	$ 2,012
Earnings per common share - Basic (in dollars per share)	$ 8.54	$ 3.62	$ 3.90	$ 1.62	$ 5.32	$ 2.71	$ 2.47	$ 3.79	$ 17.53	$ 14.25	$ 5.78
Earnings per common share - Diluted (in dollars per share)	$ 8.45	$ 3.58	$ 3.86	$ 1.59	$ 5.23	$ 2.67	$ 2.44	$ 3.74	$ 17.31	$ 14.03	$ 5.70

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Schedule I - Summary of Investments Other than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2020 USD ($)
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	$ 88,477
Amount shown in the Balance Sheet	94,237
United States government, government agencies and authorities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	3,129
Fair value (if applicable)	3,222
Amount shown in the Balance Sheet	3,222
States, municipalities and political subdivisions
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	8,752
Fair value (if applicable)	9,587
Amount shown in the Balance Sheet	9,587
Foreign governments
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	1,013
Fair value (if applicable)	1,055
Amount shown in the Balance Sheet	1,055
Public utilities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	5,948
Fair value (if applicable)	6,564
Amount shown in the Balance Sheet	6,564
All other corporate bonds
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	41,278
Fair value (if applicable)	44,578
Amount shown in the Balance Sheet	44,578
Asset-backed securities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	1,260
Fair value (if applicable)	1,270
Amount shown in the Balance Sheet	1,270
Mortgage-backed securities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	71
Fair value (if applicable)	78
Amount shown in the Balance Sheet	78
Total fixed maturities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	61,451
Fair value (if applicable)	66,354
Amount shown in the Balance Sheet	66,354
Public utilities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	34
Fair value (if applicable)	46
Amount shown in the Balance Sheet	46
Banks, trusts and insurance companies
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	174
Fair value (if applicable)	255
Amount shown in the Balance Sheet	255
Industrial, miscellaneous and all other
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	3,393
Fair value (if applicable)	4,087
Amount shown in the Balance Sheet	4,087
Nonredeemable preferred stocks
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	252
Fair value (if applicable)	322
Amount shown in the Balance Sheet	322
Total equity securities
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	3,853
Fair value (if applicable)	4,710
Amount shown in the Balance Sheet	4,710
Mortgage loans on real estate
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	4,075
Fair value (if applicable)	4,348
Amount shown in the Balance Sheet	4,075
Real estate (none acquired in satisfaction of debt)
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	974
Amount shown in the Balance Sheet	974
Policy loans
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	754
Amount shown in the Balance Sheet	754
Derivative instruments
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	204
Fair value (if applicable)	204
Amount shown in the Balance Sheet	204
Limited partnership interests
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	7,609
Amount shown in the Balance Sheet	7,609
Other long-term investments
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	1,757
Amount shown in the Balance Sheet	1,757
Short-term investments
Summary of Investments Other Than Investments in Related Parties
Cost/amortized cost, net	7,800
Fair value (if applicable)	7,800
Amount shown in the Balance Sheet	$ 7,800

Schedule II - Condensed Financial Information of Registrant - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Investment income, less investment expense									$ 2,853	$ 3,159	$ 3,240
Realized capital gains (losses)	$ 4								1,356	1,885	(877)
Total revenues	12,018	$ 11,500	$ 11,197	$ 10,076	$ 11,472	$ 11,069	$ 11,144	$ 10,990	44,791	44,675	39,815
Expenses
Interest expense									318	327	332
Pension and other postretirement remeasurement (gains) losses									(51)	114	468
Other operating expenses									5,732	5,690	5,594
Total costs and expenses									37,836	38,592	37,193
Income tax expense (benefit)									1,383	1,242	468
Net income									5,576	4,847	2,160
Preferred stock dividends									115	169	148
Net income (loss) applicable to common shareholders	$ 2,598	$ 1,126	$ 1,224	$ 513	$ 1,707	$ 889	$ 821	$ 1,261	5,461	4,678	2,012
Other comprehensive income (loss), after-tax
Unrealized net capital gains and losses									1,293	1,889	(754)
Unrealized foreign currency translation adjustments									52	(10)	(48)
Unamortized pension and other postretirement prior service credit									9	(47)	(59)
Other comprehensive income (loss), after-tax									1,354	1,832	(861)
Comprehensive income									6,930	6,679	1,299
Allstate Corporation
Revenues
Investment income, less investment expense									12	35	25
Realized capital gains (losses)									33	9	(10)
Other income									0	41	3
Total revenues									45	85	18
Expenses
Interest expense									328	355	337
Pension and other postretirement remeasurement (gains) losses									(73)	103	454
Pension and other postretirement benefit									(168)	(122)	(116)
Other operating expenses									73	49	50
Total costs and expenses									160	385	725
Loss from operations before income tax benefit and equity in net income of subsidiaries									(115)	(300)	(707)
Income tax expense (benefit)									(26)	(75)	(136)
Loss before equity in net income of subsidiaries									(89)	(225)	(571)
Equity in net income of subsidiaries									5,665	5,072	2,731
Net income									5,576	4,847	2,160
Preferred stock dividends									115	169	148
Net income (loss) applicable to common shareholders									5,461	4,678	2,012
Other comprehensive income (loss), after-tax
Unrealized net capital gains and losses									1,293	1,889	(754)
Unrealized foreign currency translation adjustments									52	(10)	(48)
Unamortized pension and other postretirement prior service credit									9	(47)	(59)
Other comprehensive income (loss), after-tax									1,354	1,832	(861)
Comprehensive income									$ 6,930	$ 6,679	$ 1,299

Schedule II - Condensed Financial Information of Registrant - Financial Position (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Fixed income securities	$ 66,354	$ 59,044
Short-term investments	7,800	4,256
Cash	377	338
Total assets	125,987	119,950
Liabilities
Long-term debt	7,825	6,631
Total liabilities	95,770	93,952
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970	2,248
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding	9	9
Additional capital paid-in	3,498	3,463
Retained income	52,767	48,074
Treasury Stock, Value	(31,331)	(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	3,180	1,887
Unrealized foreign currency translation adjustments	(7)	(59)
Unamortized pension and other postretirement prior service credit	131	122
Total accumulated other comprehensive income	3,304	1,950
Total shareholders’ equity	30,217	25,998	$ 21,312
Total liabilities and shareholders’ equity	125,987	119,950
Additional balance sheet disclosures:
Other short term Investments, amortized cost	$ 7,800	$ 4,256
Preferred stock, par or stated value per share (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	81,000	92,500
Preferred stock, shares outstanding (in shares)	81,000.0	92,500
Preferred Stock, liquidation preference	$ 2,025	$ 2,313
Common stock, par or stated value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000.0	2,000,000,000.0
Common stock, shares, issued (in shares)	900,000,000	900,000,000
Common stock, shares, outstanding (in shares)	304,000,000	319,000,000
Treasury stock, shares (in shares)	596,000,000	581,000,000
Allstate Corporation
Assets
Investments in subsidiaries	$ 35,603	$ 33,428
Fixed income securities	0	466
Short-term investments	4,479	702
Cash	0	2	$ 0	$ 0
Receivable from subsidiaries	524	448
Deferred income taxes	187	230
Other assets	87	86
Total assets	40,880	35,362
Liabilities
Long-term debt	7,825	6,631
Pension and other postretirement benefit obligations	874	1,081
Deferred compensation	351	327
Payable to subsidiaries	0	14
Notes due to subsidiaries	1,250	1,000
Dividends payable to shareholders	201	199
Other liabilities	162	112
Total liabilities	10,663	9,364
Shareholders’ equity
Preferred stock and additional capital paid-in, $1 par value, 25 million shares authorized, 81.0 thousand and 92.5 thousand shares issued and outstanding, $2,025 and $2,313 aggregate liquidation preference	1,970	2,248
Common stock, $.01 par value, 2.0 billion shares authorized and 900 million issued, 304 million and 319 million shares outstanding	9	9
Additional capital paid-in	3,498	3,463
Retained income	52,767	48,074
Treasury Stock, Value	(31,331)	(29,746)
Accumulated other comprehensive income:
Unrealized net capital gains and losses	3,180	1,887
Unrealized foreign currency translation adjustments	(7)	(59)
Unamortized pension and other postretirement prior service credit	131	122
Total accumulated other comprehensive income	3,304	1,950
Total shareholders’ equity	30,217	25,998
Total liabilities and shareholders’ equity	40,880	35,362
Additional balance sheet disclosures:
AFSs, debt securities, amortized cost	0	458
Other short term Investments, amortized cost	$ 4,479	$ 702
Preferred stock, par or stated value per share (in USD per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	81,000.0	92,500
Preferred stock, shares outstanding (in shares)	81,000.0	92,500
Preferred Stock, liquidation preference	$ 2,025	$ 2,313
Common stock, par or stated value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000.0	2,000,000,000.0
Common stock, shares, issued (in shares)	900,000,000	900,000,000
Common stock, shares, outstanding (in shares)	304,000,000	319,000,000
Treasury stock, shares (in shares)	596,000,000	581,000,000

Schedule II - Condensed Financial Information of Registrant - Cash Flows (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 15, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income			$ 5,576	$ 4,847	$ 2,160
Adjustments to reconcile net income to net cash provided by operating activities:
Realized capital gains (losses)		$ (4)	(1,356)	(1,885)	877
Pension and other postretirement remeasurement (gains) losses			51	(114)	(468)
Changes in:
Net cash provided by operating activities			5,491	5,129	5,175
Cash flows from investing activities
Change in short-term and other investments, net			(3,871)	(725)	(603)
Net cash used in investing activities			(3,441)	(2,807)	(1,719)
Cash flows from financing activities
Proceeds from issuance of long-term debt			1,189	491	498
Redemption of preferred stock	$ (288)
Redemption and repayment of long-term debt			0	(317)	(400)
Proceeds from issuance of preferred stock			0	1,414	557
Dividends paid on common stock			(668)	(653)	(614)
Dividends paid on preferred stock			(108)	(134)	(134)
Treasury stock purchases			(1,737)	(1,735)	(2,303)
Shares reissued under equity incentive plans, net			63	120	73
Other			41	129	91
Net cash used in financing activities			(2,011)	(2,483)	(3,574)
Cash at beginning of year			338
Cash at end of year		377	377	338
Allstate Corporation
Cash flows from operating activities
Net income			5,576	4,847	2,160
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries			(5,665)	(5,072)	(2,731)
Dividends received from subsidiaries			4,157	2,434	2,059
Realized capital gains (losses)			(33)	(9)	10
Pension and other postretirement remeasurement (gains) losses			(73)	103	454
Changes in:
Pension and other postretirement benefits			(168)	(122)	(116)
Income taxes			54	13	(28)
Operating assets and liabilities			110	111	160
Net cash provided by operating activities			3,958	2,305	1,968
Cash flows from investing activities
Proceeds from sales of investments			1,251	1,094	1,370
Proceeds from sales of investments to subsidiaries			0	0	390
Investment purchases			(402)	(892)	(1,037)
Investment collections			16	65	108
Capital contribution or return of capital from subsidiaries			251	43	(975)
Change in short-term and other investments, net			(3,777)	(417)	(115)
Net cash used in investing activities			(2,661)	(107)	(259)
Cash flows from financing activities
Proceeds from borrowings from subsidiaries			1,250	1,000	1,250
Repayment of notes due to subsidiaries			(1,000)	(1,250)	(250)
Proceeds from issuance of long-term debt			1,189	491	498
Redemption of preferred stock			(288)	(1,132)	(385)
Redemption and repayment of long-term debt			0	(317)	(400)
Proceeds from issuance of preferred stock			0	1,414	557
Dividends paid on common stock			(668)	(653)	(614)
Dividends paid on preferred stock			(108)	(134)	(134)
Treasury stock purchases			(1,737)	(1,735)	(2,303)
Shares reissued under equity incentive plans, net			63	120	73
Other			0	0	(1)
Net cash used in financing activities			(1,299)	(2,196)	(1,709)
Net (decrease) increase in cash			(2)	2	0
Cash at beginning of year			2	0	0
Cash at end of year		$ 0	$ 0	$ 2	$ 0

Schedule II - Condensed Financial Information of Registrant - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 18, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 29, 2020	Jun. 19, 2019
Condensed Financial Information of Registrant
Interest paid on debt		$ 311	$ 312	$ 330
Allstate Corporation
Condensed Financial Information of Registrant
Notes due to subsidiaries		1,250	1,000
Repayment of notes due to subsidiaries		1,000	1,250	250
Interest paid on debt		$ 311	$ 312	$ 330
Kennett Capital Inc \| Subsidiaries \| Allstate Corporation
Condensed Financial Information of Registrant
Notes due to subsidiaries	$ 1,000				$ 250	$ 1,000
Note stated interest rate (as a percent)	0.43%				0.33%	2.63%
Repayment of notes due to subsidiaries	$ 1,000

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplementary Insurance Information
Deferred policy acquisition costs	$ 4,700	$ 4,699	$ 4,784
Reserves for claims and claims expense, contract benefits and contractholder funds	57,591	57,704	58,002
Unearned premiums	15,949	15,343	14,510
Premium revenue and contract charges	39,517	38,577	36,513
Net investment income	2,853	3,159	3,240
Claims and claims expense, contract benefits and interest credited to contractholders	24,882	26,655	25,405
Amortization of deferred policy acquisition costs	5,630	5,533	5,222
Other operating costs and expenses	7,324	6,404	6,566
Premiums written (excluding life)	38,584	37,942	35,966
Intersegment Eliminations
Supplementary Insurance Information
Deferred policy acquisition costs	0	0	0
Reserves for claims and claims expense, contract benefits and contractholder funds	0	0	0
Unearned premiums	0	0	0
Premium revenue and contract charges	(147)	(154)	(122)
Net investment income	0	0	0
Claims and claims expense, contract benefits and interest credited to contractholders	(11)	(9)	(7)
Amortization of deferred policy acquisition costs	0	0	0
Other operating costs and expenses	(136)	(145)	(115)
Premiums written (excluding life)	0	0	0
Allstate Protection \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	1,608	1,624	1,618
Reserves for claims and claims expense, contract benefits and contractholder funds	25,679	25,843	25,495
Unearned premiums	12,772	12,567	11,953
Premium revenue and contract charges	35,580	34,843	32,950
Claims and claims expense, contract benefits and interest credited to contractholders	21,485	23,517	22,348
Amortization of deferred policy acquisition costs	4,642	4,649	4,475
Other operating costs and expenses	5,623	4,506	4,522
Premiums written (excluding life)	35,768	35,419	33,555
Discontinued Lines and Coverages \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	0	0	0
Reserves for claims and claims expense, contract benefits and contractholder funds	1,888	1,818	1,864
Unearned premiums	0	0	0
Premium revenue and contract charges	0	0	0
Claims and claims expense, contract benefits and interest credited to contractholders	141	105	87
Amortization of deferred policy acquisition costs	0	0	0
Other operating costs and expenses	3	3	3
Premiums written (excluding life)	0	0	0
Property and casualty \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	1,608	1,624	1,618
Reserves for claims and claims expense, contract benefits and contractholder funds	27,567	27,661	27,359
Unearned premiums	12,772	12,567	11,953
Premium revenue and contract charges	35,580	34,843	32,950
Net investment income	1,421	1,533	1,464
Claims and claims expense, contract benefits and interest credited to contractholders	21,626	23,622	22,435
Amortization of deferred policy acquisition costs	4,642	4,649	4,475
Other operating costs and expenses	5,626	4,509	4,525
Premiums written (excluding life)	35,768	35,419	33,555
Protection Services \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	1,696	1,449	1,290
Reserves for claims and claims expense, contract benefits and contractholder funds	43	51	64
Unearned premiums	3,167	2,765	2,546
Premium revenue and contract charges	1,640	1,387	1,220
Net investment income	44	42	27
Claims and claims expense, contract benefits and interest credited to contractholders	386	363	350
Amortization of deferred policy acquisition costs	658	543	463
Other operating costs and expenses	760	838	603
Premiums written (excluding life)	1,890	1,535	1,431
Allstate Life \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	909	1,079	1,300
Reserves for claims and claims expense, contract benefits and contractholder funds	10,768	10,541	10,333
Unearned premiums	3	3	3
Premium revenue and contract charges	1,340	1,343	1,315
Net investment income	502	514	505
Claims and claims expense, contract benefits and interest credited to contractholders	1,293	1,154	1,094
Amortization of deferred policy acquisition costs	149	173	132
Other operating costs and expenses	335	356	364
Premiums written (excluding life)	0	0	0
Allstate Benefits \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	470	527	549
Reserves for claims and claims expense, contract benefits and contractholder funds	1,885	1,950	1,905
Unearned premiums	7	8	8
Premium revenue and contract charges	1,094	1,145	1,135
Net investment income	78	83	77
Claims and claims expense, contract benefits and interest credited to contractholders	549	635	630
Amortization of deferred policy acquisition costs	177	161	145
Other operating costs and expenses	323	285	278
Premiums written (excluding life)	926	988	980
Allstate Annuities \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	17	20	27
Reserves for claims and claims expense, contract benefits and contractholder funds	17,328	17,501	18,341
Unearned premiums	0	0	0
Premium revenue and contract charges	10	13	15
Net investment income	761	917	1,096
Claims and claims expense, contract benefits and interest credited to contractholders	1,039	890	903
Amortization of deferred policy acquisition costs	4	7	7
Other operating costs and expenses	27	30	31
Premiums written (excluding life)	0	0	0
Corporate and Other \| Other revenue
Supplementary Insurance Information
Deferred policy acquisition costs	0	0	0
Reserves for claims and claims expense, contract benefits and contractholder funds	0	0	0
Unearned premiums	0	0	0
Premium revenue and contract charges	0	0	0
Net investment income	47	70	71
Claims and claims expense, contract benefits and interest credited to contractholders	0	0	0
Amortization of deferred policy acquisition costs	0	0	0
Other operating costs and expenses	389	531	880
Premiums written (excluding life)	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Details) - USD ($)	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Life insurance in force
Gross amount	$ 208,417,000,000	$ 219,785,000,000	$ 207,434,000,000
Ceded to other companies	67,319,000,000	74,021,000,000	81,186,000,000
Assumed from other companies	217,020,000,000	229,419,000,000	243,161,000,000
Net amount	$ 358,118,000,000	$ 375,183,000,000	$ 369,409,000,000
Percentage of amount assumed to net	60.60%	61.10%	65.80%
Premiums and contract charges:
Property and casualty insurance	$ 40,116,000,000	$ 39,178,000,000	$ 36,978,000,000
Ceded to other companies	1,383,000,000	1,407,000,000	1,306,000,000
Assumed from other companies	784,000,000	806,000,000	841,000,000
Net amount	$ 39,517,000,000	$ 38,577,000,000	$ 36,513,000,000
Percentage of amount assumed to net	2.00%	2.10%	2.30%
Reinsurance or coinsurance income netted against premium ceded	$ 0	$ 0	$ 0
Life insurance
Premiums and contract charges:
Property and casualty insurance	1,053,000,000	1,062,000,000	994,000,000
Ceded to other companies	222,000,000	262,000,000	266,000,000
Assumed from other companies	685,000,000	712,000,000	754,000,000
Net amount	$ 1,516,000,000	$ 1,512,000,000	$ 1,482,000,000
Percentage of amount assumed to net	45.20%	47.10%	50.90%
Accident and health insurance
Premiums and contract charges:
Property and casualty insurance	$ 948,000,000	$ 1,012,000,000	$ 1,007,000,000
Ceded to other companies	20,000,000	23,000,000	24,000,000
Assumed from other companies	0	0	0
Net amount	$ 928,000,000	$ 989,000,000	$ 983,000,000
Percentage of amount assumed to net	0.00%	0.00%	0.00%
Property and casualty insurance
Premiums and contract charges:
Property and casualty insurance	$ 38,115,000,000	$ 37,104,000,000	$ 34,977,000,000
Ceded to other companies	1,141,000,000	1,122,000,000	1,016,000,000
Assumed from other companies	99,000,000	94,000,000	87,000,000
Net amount	$ 37,073,000,000	$ 36,076,000,000	$ 34,048,000,000
Percentage of amount assumed to net	0.30%	0.30%	0.30%

Schedule V - Valuation Allowances and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	$ 300
Additions, Other additions	0
Deductions	196
Balance as of end of period	393
Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	289
Balance as of end of period		$ 289
Fixed income securities
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	5
Additions, Other additions	0
Deductions	2
Balance as of end of period	3
Fixed income securities \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	0
Balance as of end of period		0
Mortgage loans
Valuation allowances and qualifying accounts
Balance as of beginning of period	3	3	$ 3
Additions, Charged to costs and expenses	39	0	0
Additions, Other additions	0	0	0
Deductions	17	0	0
Balance as of end of period	67	3	3
Mortgage loans \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	45
Balance as of end of period		45
Bank loans
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	28
Additions, Other additions	0
Deductions	14
Balance as of end of period	67
Bank loans \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	53
Balance as of end of period		53
Agent loans
Valuation allowances and qualifying accounts
Balance as of beginning of period	3	2	2
Additions, Charged to costs and expenses	0	1	0
Additions, Other additions	0	0	0
Deductions	0	0	0
Balance as of end of period	5	3	2
Agent loans \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	5
Balance as of end of period		5
Investments
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	72
Additions, Other additions	0
Deductions	33
Balance as of end of period	142
Investments \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	103
Balance as of end of period		103
Premium installment receivable
Valuation allowances and qualifying accounts
Balance as of beginning of period	90	77	77
Additions, Charged to costs and expenses	223	137	118
Additions, Other additions	0	0	0
Deductions	161	124	118
Balance as of end of period	153	90	77
Premium installment receivable \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	91
Balance as of end of period		91
Reinsurance recoverables
Valuation allowances and qualifying accounts
Balance as of beginning of period	63	65	70
Additions, Charged to costs and expenses	0	(2)	(5)
Additions, Other additions	0	0	0
Deductions	0	0	0
Balance as of end of period	74	63	65
Reinsurance recoverables \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	74
Balance as of end of period		74
Other assets
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	5
Additions, Other additions	0
Deductions	0
Balance as of end of period	23
Other assets \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	18
Balance as of end of period		18
Assets
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	300
Additions, Other additions	0
Deductions	194
Balance as of end of period	392
Assets \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	286
Balance as of end of period		286
Commitments to fund mortgage loans, bank loans and agent loans
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	0
Additions, Other additions	0
Deductions	2
Balance as of end of period	1
Commitments to fund mortgage loans, bank loans and agent loans \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	3
Balance as of end of period		3
Liabilities
Valuation allowances and qualifying accounts
Additions, Charged to costs and expenses	0
Additions, Other additions	0
Deductions	2
Balance as of end of period	1
Liabilities \| Cumulative Effect, Period of Adoption, Adjusted Balance
Valuation allowances and qualifying accounts
Balance as of beginning of period	3
Balance as of end of period		3
Deferred tax assets
Valuation allowances and qualifying accounts
Balance as of beginning of period	$ 0	0	0
Additions, Charged to costs and expenses		0	0
Additions, Other additions		0	0
Deductions		0	0
Balance as of end of period		$ 0	$ 0